noworldsystem.com


Obama Supports Newspaper Bailout Bill

Obama Supports Newspaper Bailout Bill

Steve Watson
Infowars.net
September 21, 2009

President Obama has stated that he is happy to consider bailing out the corporate media, expressing concerns that alternative internet based news outlets will grow in popularity as a result of the downfall of newspapers.

Obama told editors of the Pittsburgh Post-Gazette and Toledo Blade that preserving the print media is “critical to the health of our democracy”.

“I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding,” Obama said.

He also indicated that readers should be made to pay for online news content in the near future:

“What I hope is that people start understanding if you’re getting your newspaper over the Internet, that’s not free and there’s got to be a way to find a business model that supports that.” he said.

Over the past year, scores of newspapers have gone out of business or shifted to online only output, due to the rise of the alternative media and the resulting loss of ad revenue. Several large newspaper corporations have filed for bankruptcy, including the Tribune Co., owner of the Chicago Tribune and the Los Angeles Times.

Obama said he “would be happy to look at” legislation aimed at providing newspapers tax-breaks if they were to restructure as 50 (c) (3) educational corporations. Democratic Senator Ben Cardin has introduced the bill S.673 in this vain titled “The Newspaper Revitalization Act.”

Critics may point out that, far from being “critical” to democracy, a bailed out government subsidized media is the very antithesis of a “free press”.

Government Banking and Government Motors would effectively be joined by the Government Press if bailouts were to be granted.

Bailing out the corporate media would once again constitute rewarding outdated and failing monopolies with more taxpayer dollars, thus punishing innovative forward thinking competition.

Furthermore, there is absolutely no basis for bailing out the newspapers, given that they employ less than one percent of the labor force in the United States.

The dinosaur corporate media is dying because it has proven itself to be almost wholly untrustworthy, acting as an unquestioning mouthpiece for the establishment.

Denouncing all blog based media as unreliable or without context is laughable in the face of the mainstream media’s recent track record.

 



Taxpayers will lose on auto bailouts

Taxpayers will lose on auto bailouts

CNN Money
September 9, 2009

Much of the money given to General Motors and Chrysler to prevent them from collapsing will never be recovered, according to a report released Wednesday by the Congressional Oversight Panel.

“Although taxpayers may recover some portion of their investment in Chrysler and GM, it is unlikely they will recover the entire amount,” the report says, citing estimates from the Treasury Department and Congressional Budget Office.

The oversight panel, headed by Harvard University professor Elizabeth Warren, was created by Congress last year to oversee the $700 billion Troubled Asset Relief Program.

GM and Chrysler were each teetering on collapse this spring when the Obama administration effectively forced both automakers into bankruptcy, lending them enough to survive. Both have shed billions of dollars in debt and are now rebuilding.

All told, since late last year, the government has provided or pledged the two companies, icons of American manufacturing, more than $60 billion in aid.

Treasury estimates that about $23 billion of initial loans to the two companies “will be subject to ‘much lower recoveries,’ ” the panel’s report says. In particular, $5.4 billion of loans to Chrysler are “highly unlikely to be recovered,” it continued.

“The initial loans made last fall as the industry was imploding and when no restructuring plan was in place are not likely to be repaid in full,” Warren said during a conference call with reporters.

How much of the remaining funds will be recovered is impossible to predict, Warren said, because the loans have been converted to stock.

“The American taxpayer is now an equity investor in Chrysler and GM,” Warren said. “And the return on its investment depends on what those companies are worth in a year or two.”

The government owns 10% of Chrysler and 61% of GM.

Read Full Article Here

 



Bailout Bill Will Help Chinese Banks, Foreign Banks

Bailout Bill Will Help Chinese Banks, Foreign Banks

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

http://www.youtube.com/watch?v=v8Qn4-1q80A

http://www.youtube.com/watch?v=Ek7zc0lJxbM

 

Congress Approves Bailout Bill

AP
October 3, 2008

With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Read Full Article Here

 

Dow plummets when bailout passes

Recent News:

List of Representatives who Switched from “Nay” to “Yea”
http://www.campaignforliberty.com/blog.php?view=1087#.

Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle
http://www.naturalnews.com/024372.html

California may need emergency $7 billion bailout
http://www.reuters.com/article/newsOne/idUSTRE49229820081003

Hoax Bank Closure Story Peddles Bailout Propaganda
http://www.prisonplanet.co..e-story-peddles-bailout-propaganda.html

Fed Officials Considering Further Rate Cuts: Report
http://www.cnbc.com/id/26986621

Former Head of Fed’s Open Market Operations Says Bailout Might Make Things Worse
http://georgewashington2.blogspot.com/2..ad-of-feds-open-market.html

Bailout Would Only Prolong Crisis: Jim Rogers
http://www.youtube.com/watch?v=49SYpcaWHTE

Wells Fargo Buys Wachovia Nixing Citi Deal
http://biz.yahoo.com/..ls_fargo_wachovia.html?.v=8

Report blames U.S. trade gap for 5.6 million lost jobs
http://www.reuters.com/article/ousiv/idUSTRE4913E220081002

Putin blames US for world economy crisis
http://www.presstv.ir/detail.aspx?id=71042&sectionid=351020602

Bailout bill is 451 pages long
http://news.yahoo.com/s/a..cnWOA64ch9GkocOsJ0lJv24cA

Who’s profiting from the crisis? Goldman Sachs, of course
http://www.marketwatch.c..CDCB7}&print=true&dist=printMidSection

Paulson Bank Rescue Proposal Is ’Crazy,’ O’Neill Says
http://www.bloomberg.com/apps/ne..mClVjevU&refer=home

France Wants $500B Rescue For Europe
http://business.timesonline.co.uk/tol/business/markets/article4864032.ece

Faber: U.S. Bailout Won’t Stop Slowdown
http://www.bi-me.com/main.php?id=25070&t=1&c=35&cg=4&mset=1011

IMF Adds Pressure On Congress To Pass Bailout
http://www.guardian.co.uk/business/2008/oct/01/banking.useconomy

Google stock plunges more than 93% in “erroneous trading”
http://www.tgdaily.com/html_tmp/content-view-39543-118.html

Ford & GM Auto Sales Drop
http://news.yahoo.com/s/ap/20081001/ap_o..OmxGcLJO8EjS5v24cA

Chicago woman buys a house for $1.75
http://www.presstv.ir/detail.aspx?id=71130&sectionid=3510213

Ex-bankers on pushing customers to rack up debt
http://www.cnn.com/2008/LIVING/pers..dex.html?iref=mpstoryview

US economic dominance over – Russia
IMF Warned Of Full-Blown Crisis
September’s ISM Manufacturing Index “Screams Recession,” Economists Say
SEC Extends Ban On Short Selling
Brazilian president: Brazilian economy solid, U.S. should do their homework
Western World Will Become Less Wealthy
’Car sleepers’ the new US homeless

U.S. Economy Collapse News Archive

 



Stressed banks borrow record amount from Fed

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.

Read Full Article Here

 

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.

Read Full Article Here

 

Inverview with George Green – (7/16/2008)

http://video.google.com/videoplay?docid=7618947388652774139&hl=en

Recent News:

Bush signs housing bill in private
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

U.S. Economic Collapse News Archive

 



Oil Above $146 in London

Oil Above $146 in London

Fin Facts
July 4, 2008

In thin trading in New York Thursday, with markets closed early at 1:00 pm Eastern for today’s July 4th holiday weekend, the big focus was on the June employment report on a day when crude oil breached the $145 a barrel level in both New York and London.

US nonfarm payrolls fell for a sixth consecutive month, dropping by 62,000 jobs in June. The month’s unemployment rate held at 5.5%, after rising sharply in May. A service-sector report also supported the gloomy outlook.

US lost 62,000 jobs in June – Six straight months of job losses total 438,000

Dr. Peter Morici: Crisis grips US Job Market: Economy sheds 62,000 jobs in June

The Institute of Supply Management said its index of service sector activity fell to a reading of 48.2 in June, below analysts’ expectation for a reading of 51.0. Any reading below 50 indicates contraction.

The Dow Jones Industrial Average closed 73.03 points, or 0.7%, at 11288.54, down 14.9% in 2008. Component General Motors rose 1.4%.

GM fell to a 54-year low on Wednesday and the stock closed Thursday at $10.17, down from $18 just a month ago.

Crude oil rose to a record on concern conflict with Iran over its nuclear program would cut Persian Gulf supplies.

Brent North Sea oil for August delivery surged to a life-time peak of $146.34 per barrel in morning trade. In New York, oil touched a new record of $145.85. On the New York Mercantile Exchange, oil closed at $145.29. Brent closed at $146.08.

Alexei Miller, chief executive of Russia’s gas giant OAO Gazprom, added fuel to the fire by saying that Europeans would soon have to pay much more for imports of natural gas. Miller, who last month forecast that oil would rise to $250 a barrel in the near future, said Russian gas would be sold in Europe for $500 per thousand cubic meters by the end of the year – about a fifth more than the current price.

Read Full Article Here

 

World Must Brace For $150 Oil

AP
July 4, 2008

Oil’s meteoric rise since the start of the year to nearly $150 has distressed consumers and policy makers the world over, but the stark reality is prices are likely to rise higher still.

For two decades, prices were relatively stable, but then they rose seven-fold from a trough below $20 in 2001. Since breaching the $100 mark on the first trading day of this year they have risen around 45 percent.

Given such momentum, politicians’ efforts to bring the price down could well be a waste of energy.

Read Full Article Here

 



Citigroup: Euro May Approach $1.69 by September

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.

Read Full Article Here

 

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.

Read Full Article Here

Recent News:

Soros: “We are in the midst of the worst financial crisis in 30 years”
http://www.stern.de/wirtschaft/unte..orge-Soros-We/625954.html

Shares tumble as global bear market takes grip
http://business.timesonline.co.uk/tol/business/economics/article4272493.ece

Fed Official Admits Inflation Figures Are Cooked
http://www.reuters.com/article/bondsNews/idUSN0332437420080703

U.S. auto sales hit 15-year low
http://www.reuters.com/article/busi..nessNews&rpc=23&sp=true

China should be alert to stagflation risks in fighting inflation
http://english.people.com.cn/90001/90776/90884/6442614.html

Gas Prices Threaten To Shut Down Rural Towns
http://www.usatoday.com/news/nation/2008-07-01-small-town-gas_N.htm

Forclosures will rise no matter who is elected president
http://news.yahoo.com/s/ap/20..OhaMLLr1MN3fQC6hph24cA

L.A., Miami Home Foreclosure Rates More Than Double
http://www.bloomberg.co..=aYchgMdpnpC8&refer=worldwide

U.S. food prices up 8.5 percent from last year
http://www.reuters.com/article/domesticNews/idUSN0236099120080702

US banks lose ’fifth’ of their value
http://www.bloomberg.com/app..BH2KL5bScow&refer=europe

American Airlines to cut 8% of staff
U.S. Economy Loses Jobs For 6th Straight Month
Angry Consumers Flooding Fed With Complaints

 



Fed Auctions $75 Billion to Big Banks

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.

Read Full Article Here

 

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.

Read Full Article Here

 

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.

Read Full Article Here

 

Peter Schiff Demonized On Fox Business

Recent News:

World Bank Chief: World Entering Danger Zone
http://news.xinhuanet.com/english/2008-07/03/content_8478565.htm

Ron Paul Calls For Hearings On Falling Dollar
http://www.fortbendno..t=push&instance=home_news_bullets&open=&

Thieves Stealing Manhole Covers
http://www.usatoday.com/printedition/news/20080630/a_manhole30.art.htm

Bank Giving Debit Cards To 11 Year Olds
http://www.telegraph.co.uk/mone..?xml=/money/2008/06/30/cnvisa130.xml

U.S. Stocks Tumble
http://www.bloomberg.com/a..d=aF4fDOUXmP2k&refer=worldwide

LA Times To Cut 250 Jobs
http://biz.yahoo.com/ap/080702/la_times_cuts.html?.v=1&printer=1

Forecast for U.S. workers: Gloom
http://www.iht.com/articles/2008/07/02/business/02jobs.php

U.S. Treasury’s Paulson: Downturn has ’further to go’
http://www.marketwatch.com/news/story/us-trea..7D&dist=msr_6

Starbucks to cut as many as 12,000 positions
http://news.yahoo.com/s/nm/20080701/bs_nm/starbucks_dc_1

Analyst sees ‘ghost town’ in Inland Empire
http://latimesblogs.latimes.com/laland/2008/07/analyst-sees-gh.html

Oil Prices Rise To Record Highs Above $144
http://www.breitbart.com/article.php?id=D91LTE8O0&show_article=1

Utah company puts operations on hold due to food and fuel prices
http://www.ksl.com/?nid=148&sid=3637972

CBS Story On $7 Gas
http://rawstory.com/rawreplay/?p=1365

Dow Has Worst 1st Half Since 1970
http://www.reuters.com/article/newsOne/idUSL1764662020080630?sp=true

Saudi king urges consumers to get used to high oil prices
http://www.breitbart.co..24505.gb3mxog6&show_article=1

Merrill says General Motors bankruptcy possible
Ron Paul On Financial Crisis: Something Big is Going On
Paulson: Banking Regulations Need Overhaul
IndyMac denies that it’s close to collapse
Dow Jones breaks Great Depression record for poor performance
Oil Rises to Record on Concern Iran Supplies May Be Disrupted
Euro Inflation Highest In 16 Years
IMF To Investigate The Federal Reserve

 



Fortis Bank predicts U.S. market meltdown within weeks

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.

Read Full Article Here

 

Faber: Federal Reserve Could Fail, Buy Gold.

Citigroup sinks to 10-year low, Goldman urges short sale
http://www.reuters.com/article/ousiv/idU..Number=2&virtualBrandChannel=0

Intervention Will Not Stop Dollar’s Slide
http://www.321gold.com/editorials/schiff/schiff062708.html

What’s behind the dollar’s decline in value?
http://www.latimes.com/business/inves..ain22-2008jun22,0,6088160.story

Dow Crashes while Gold rises
http://www.gold-eagle.com/editorials_08/wallenwein062808.html

Families’ cash fears worst for 26 years
http://business.timesonline.co.uk/tol/business/economics/article4238319.ece

Family Storms Pittsburgh Bank, Protests Mortgage Crisis
http://www.wpxi.com/news/16727813/detail.html

Biofuel Plants Go Bankrupt on Feedstock Costs
http://moneynews.newsmax.com/headline..y/2008/06/27/107992.html

Tax means fewer travellers at main Dutch airport: report
http://www.breitbart.com/article.php?i..54.yhsfzix8&show_article=1

U.S. Economic Collapse News Archive

 



NOAA: Icecaps Coming Back to Original Levels

NOAA: Icecaps Coming Back to Original Levels

Daily Express
February 19, 2008

Fbiiraqisbein_mnNEW evidence has cast doubt on claims that the world’s ice-caps are melting, it emerged last night.

Satellite data shows that concerns over the levels of sea ice may have been premature.

It was feared that the polar caps were vanishing because of the effects of global warming.

But figures from the respected US National Oceanic and Atmospheric Administration show that almost all the “lost” ice has come back.

Ice levels which had shrunk from 13million sq km in January 2007 to just four million in October, are almost back to their original levels.

Figures show that there is nearly a third more ice in Antarctica than is usual for the time of year.

The data flies in the face of many current thinkers and will be seized on by climate change sceptics who deny that the world is undergoing global warming.

A photograph of polar bears clinging on to a melting iceberg has become one of the most enduring images in the campaign against climate change.

It was used by former US Vice President Al Gore during his Inconvenient Truth lectures about mankind’s impact on the world. But scientists say the northern hemisphere has endured its coldest winter in decades.

They add that snow cover across the area is at its greatest since 1966.

The one exception is Western Europe, which has – until the weekend when temperatures plunged to as low as -10C in some places – been basking in unseasonably warm weather. The UK has reported one of its warmest winters on record.

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Another Fed Cut May Spur Gold Rally

Another Fed Cut May Spur Gold Rally

Dilip Kumar Jha
Business Standard
February 17, 2008

Fbiiraqisbein_mn

More interest rate cuts by the US Federal Reserve to protect its slowing economy are likely to strengthen gold prices further with the metal being a safe haven for investors having offered handsome returns in the last year-and-a-half.

Additionally, closure of mines in the wake of power shortage in South Africa have affected supplies badly. As a consequence, the metal has enjoyed great support from retail and institutional investors which will continue to boost it in the future.

Thus, gold is set to touch $915 an ounce this week. However, after breaching this level, the metal may take another two to three months to hit the $950 an ounce-mark.

In India, however, standard gold may see good support at the present level of Rs 11,630 per 10 grams and is likely to rally beyond Rs 11,800 per 10 grams this week. The breach of the Rs 12,000-mark is on the cards, too.

The US Federal Reserve cut the key lending rate twice (75 and 50 basis points) last month to 3 per cent, providing fresh funds for the US and world economy.

However, experts believe the rate cuts haven–t help revive the economy. Hence, prospects of a further 50 bps cut looms large.

High prices have dampened demand in India severely as total imports in January were a meagre 4 tonnes from 62.5 tonnes in January 2007.

India, the world–s largest gold consumer, is a market sensitive to price fluctuations. The nominal imports in January were a result of the knee-jerk reaction to volatile and high prices.

–Even if the price moves in the higher range, consumers will get used to it and demand will resume,– said Jayant Manglik, head (commodities) at Religare Enterprises. Manglik believes that both gold demand and prices will continue to go up.

In the last year-and-a-half, gold offered 32 per cent returns which other asset classes failed to achieve. Reportedly, the International Monetary Fund (IMF) is unlikely to offload gold in the physical market before two to three months as it may wait for prices to rise further.

Meanwhile, investors from other classes are gradually shifting their funds towards gold which is evident from the record gold trading in London during January.

Trading volumes in London rose to a 19-month high in January at an estimated average of 25.3 million ounces. Trading volumes in January 2007 stood at 17.1 million ounces.

Gold remained volatile last week in Jhaveri Bazar, a major spot market in Mumbai, with prices touching high of Rs 11,895 per 10 grams on Monday.

However, weak sentiment continued to prevail throughout the week with fresh orders for weddings drying up. The metal ended the week at Rs 11,630 per 10 grams.

 

Oil surges above $96 to one-month high

Randy Fabi
Reuters
February 15, 2008

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Oil rose above $96 a barrel on Friday, surging to a one-month high as investors fixated on the possibility — however slim — of OPEC member Venezuela halting supplies to top consumer the United States.

The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion of Venezuela’s assets.

Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalization of Exxon assets in Venezuela.

U.S. crude CLc1 was up 45 cents at $95.91 by 1015 GMT, after earlier hitting $96.05. London Brent crude LCOc1 rose 25 cents to $95.41.

“I can’t believe the Venezuelans will actually go ahead and do that, but as long as there is this uncertainty it’s going to continue to have a bullish impact,” said Tony Machacek at Bache Commodities.

U.S. Energy Secretary Sam Bodman said on Thursday he did not expect Exxon to have trouble replacing oil supplies from Venezuela, but said the nation’s Strategic Petroleum Reserve would be available if needed. nN13311576

“Venezuela will not affect the crude supply fundamentally. There will be some risk premium but there will not be any natural shortfall in crude,” said Gerard Burg of National Australia Bank in Sydney.

Major oil producers in the Middle East have already assured the United States they could compensate for a supply disruption if Venezuela slows exports.

Read Full Article Here

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Recession to be longer than usual: University of Michigan
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Global Warming Engineered By Chemtrails?

Global Warming Engineered By Chemtrails?

Josh Reeves

Rogue Government

January, 8, 2008


New revelations have revealed startling new evidence concerning the use of a toxic greenhouse gas being sprayed in the atmosphere to modify the weather and create global warming.

Independent studies as well as Department of Energy and Department of Homeland Security websites have stated that SF6 Sulfur Hexafluoride emitted by the electric power industry, paint industry, automobile industry, and is a bi-product of the aluminum industry is now among six greenhouse gases specifically targeted by the international community, through the Kyoto protocol, for emission reductions to control global warming.

But according to several government websites, aerosol spraying campaigns that have been admittedly conducted over such places as Salt Lake City, Utah in 2001 and Oklahoma City, Oklahoma in 2003 and 2007 have used SF6 in various operations.

The initial consideration of government operations spraying a compound that is about 23,900 times more destructive, pound for pound, than carbon dioxide over the course of 100 years, would indicate a clear and direct intention to create global warming for the benefit of the oil and energy industry, to enable them to create artificial bottlenecks on oil and usher in a global carbon tax to ensure they maintain the empire for years to come.

According to www.narsto.org some of the agencies involved in these operations include,

Coordinating Research Council Instituto Nacional de Ecologia Environment Canada NASA
National Institute of Standards National Oceanic and Atmospheric Administration
National Oceanic and Atmospheric Administration National Renewable
Energy Laboratory
National Science Foundation Ontario Ministry of the Environment
US Department of Agriculture US Department of Energy
US Department of Interior US Department of Transportation
US EPA/Office of Air & Radiation US EPA/Office of R & D
Instituto Nacional de Ecologia

As well as energy companies,

California Energy Commission Commonwealth of Pennsylvania
Lake Michigan Air Directors Consortium Lousiana Department of Environmental Quality
Maryland Department of the Environment Mass. Dept. of Environ. Protection
Mid-Atlantic Regional Air Mgmt. Association New Jersey Dept. of Envir. Prot.
New York Dept. of Environmental Conservation New York State Energy R&D Authority
Northeast States for Coordinated Air Use Management South Coast Air Quality Management District
Tennessee Valley Authority Texas Natural Resource Cons. Comm.
California Air Resources Board

And private industry,

American Petroleum Institute Dunn-Edwards Corporation
E.I. Dupont de Nemours & Company Eastman Kodak
EPRI Ford Motor Company
General Motors Instituto Mexicano del Petroleo
Penreco PPL Corporation
Public Service Enterprise Group Southern Company
Xcel

So the question that begs to be answered is why are the energy and private industries as well as NASA and the national science foundation who all share a common bond in the fact that they all produce high levels of the greenhouse gas SF6 Sulfur Hexafluoride are funding and being on board with groups like NARSTO who are spraying this gas into the atmosphere creating the phenomenon of “Chemtrails”.

One can only come to the conclusion that the chemtrail operations using SF6 are being conducted in order to keep the myth of man-made global warming afloat in order to allow the energy companies, oil industry, and corporations to not only have a use for their waste SF6 but to also charge exorbitant prices for the products under the guise of environmental safety and the impending doom of the global warming myth.

Readers are encouraged to research SF6, chemtrails, as well as the industries that produce this compound.

http://www.asp.bnl.gov

http://www.narsto.org

http://www.narsto.org/members.src?Type=1

http://ju2003.pnl.gov/default.htm

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Forecast: U.S. Dollar Could Plunge 90 Percent

Forecast: U.S. Dollar Could Plunge 90 Percent

UPI
November 19, 2007

RHINEBECK, N.Y., Nov. 19 (UPI) — A financial crisis will likely send the U.S. dollar into a free fall of as much as 90 percent and gold soaring to $2,000 an ounce, a trends researcher said.

“We are going to see economic times the likes of which no living person has seen,” Trends Research Institute Director Gerald Celente said, forecasting a “Panic of 2008.”

“The bigger they are, the harder they’ll fall,” he said in an interview with New York’s Hudson Valley Business Journal.

Celente — who forecast the subprime mortgage financial crisis and the dollar’s decline a year ago and gold’s current rise in May — told the newspaper the subprime mortgage meltdown was just the first “small, high-risk segment of the market” to collapse.

Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.

Massive corporate losses, such as those recently posted by Citigroup Inc. and General Motors Corp., will also be fairly common “for some time to come,” he said.

He said he would not “be surprised if giants tumble to their deaths,” Celente said.

The Panic of 2008 will lead to a lower U.S. standard of living, he said.

A result will be a drop in holiday spending a year from now, followed by a permanent end of the “retail holiday frenzy” that has driven the U.S. economy since the 1940s, he said.