Filed under: bailout, bank bailout, Barack Obama, Big Banks, chris dodd, Dictatorship, dodd bill, Economic Collapse, economic crisis, Economy, Empire, Goldman Sachs, government regulation, Great Depression, job market, obama, obama deception, SEC, small business, Taxpayers, unemployment, US Economy, Wall Street | Tags: bailout authority, brad sherman, David Vitter, small business, startups, venture capital investing
Dodd Bill KILLS Jobs, Creates Permanent Bailout
NoWorldSystem.com
April 21, 2010
Today, Obama promoted another government takeover bill, this time the financial sector is the target. The bill is basically a sweetheart deal for the banking industry, much like how ObamaCare was a bailout for the insurance companies. The 1,408 page bill includes many provisions like the creation of a permanent and unlimited bailout authority for Wall Street and has the potential for making it difficult for small businesses to succeed.
Obama claims the bill will “put a stop to tax-payer-funded bailouts” when in reality the bill will create a permanent and unlimited bailout mechanism for the big banks and companies that are ‘too big to fail’. “If you liked the bailouts in 2008, you’ll love the Dodd bill,” said Republican Senator David Vitter. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”
Democrat Congressman Brad Sherman agrees: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”
The rhetoric by Obama today is just another example of how he slaps the hands of Wall Street to only make sure they prosper on tax-payer-funded bailouts by giving them complete authority. Not only that, but this bill will break the back of small business by placing restrictions on venture capital investing making it harder for small startup businesses to succeed.
Here are a few quotes from a Venture Beat article:
- “First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.”
“Obviously, I’m deeply concerned about Senator Dodd’s proposal to place these restrictions on angel investing. I think angel investing is undeniably one of the largest engines for job creation as well as innovation and competitiveness on the global scale for the United States. There’s no doubt about it that the restrictions that he’s proposing would absolutely chill investing.
“Specifically, one of the things we need to take into account is while 10 years ago it may have taken years to build a company, companies are now built in a matter of weeks. So this 120-day waiting period is frankly ridiculous. I have companies with tens of thousands and hundreds of thousands of users that are built in a matter of weeks. They’re generating actual dollars of revenue, creating jobs, investing in real estate office space, capital equipment, etc. If they had to wait 120 days to actually apply for the ability to obtain financing it would absolutely just crush that market.”
Obama is one of the biggest puppets for Wall Street, despite all the rhetoric he uses against them. Obama’s greatest allies are the big banks and most of his important constituents are wall street financiers. In 2008, Obama’s campaign was mostly funded by Wall Street, banks like AIG, JPMorgan and Goldman Sachs all played a major financial role for his presidency taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.
Obama and the Democrats in Congress will try to rush this bill in before the American people have the chance to find out what’s in it. Just like ObamaCare, they will use non-transparent and secretive tactics to make sure it becomes law. The bill is likely to hit the floor of the Senate as early as next week.
Why The Dodd Finance Bill Is Bad For America
Is Goldman Obama’s Enron? No, it’s worse
Will Obama Return $994,795 In Goldman Sachs Campaign Contributions?
Obama Now Pushing Sneaky Wall Street Bailout
Obama-Dodd financial bill would further enrich Goldman Sachs
Filed under: Big Banks, central bank, Credit Crisis, DEBT, depression, despotism, Dictatorship, Economic Collapse, economic depression, Economy, Empire, Great Depression, housing bubble, housing market, hyperinflation, Inflation, job market, main street, middle class, mortgage crisis, Stock Market, unemployment, US Economy, Wall Street
No Jobs for The Next Ten Years?
Daily Bell
December 30, 2009
The decade ahead could be a brutal one for America’s unemployed – and for people with jobs hoping for pay raises. At best, it could take until the middle of the decade for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there. At worst, that won’t happen until much later – perhaps not until the next decade. The deepest and most enduring recession since the 1930s has battered America’s work force. The unemployed number 15.4 million. The jobless rate is 10 percent. More than 7 million jobs have vanished. People out of work at least six months number a record 5.9 million. And household income, adjusted for inflation, has shrunk in the past decade. Most economists say it could take until at least until 2015 for the unemployment rate to drop down to a historically more normal 5.5 percent. And with the job market likely to stay weak, some also foresee another decade of wage stagnation. Even though the economy will likely keep growing, the pace is expected to be plodding. That will make employers reluctant to hire. Further contributing to high unemployment is the likelihood of more people competing for jobs, baby boomers delaying retirement and interest rates edging higher. All this would come after a decade that created relatively few jobs: a net total of just 464,000. By contrast, 21.7 million new jobs were generated between 1989 and 1999. – Huffington Post
Dominant Social Theme: It’s looking grim?
Free-Market Analysis: There are a lot of statistics cited in this article but like many articles with a mainstream tone, most of them are besides-the-point or shed little illumination about what is going on. First of all the jobless rate in America is closer to 20-30 percent, we figure, when you throw in everyone who wants to work but can’t find work, even part-time work. And second, we distrust the other unemployment figures cited in this article. Finally, we look in vain for a reason as to why all this is happening. Can we find it somewhere else in the body of the article? Here’s some more:
That’s mainly because the economy’s recovery, sluggish by historical standards, isn’t expected to regain its vigor over the next few years. As a result, companies will be in no rush to ramp up hiring. Other analysts think the economy will recover the jobs wiped out by the recession by 2013 or 2014 but that the unemployment rate will stay high. They note that the healing economy will cause more people to stream back into the labor force, vying for too-few jobs.
In addition, baby boomers whose retirement accounts have shrunk could put off retiring and stay in the work force longer. That would leave fewer positions available for the unemployed. Other contributing forces – businesses squeezing more work from employees they still have and relying more on part-time and overseas help – have intensified. And record-high federal budget deficits and the threat of inflation could drive up interest rates, which could hobble growth and restrict job creation. All those factors could combine to keep unemployment high.
“It will be the mother of all jobless recoveries,” predicts economic historian John Steel Gordon. On the other hand, it’s possible some technological innovation not yet envisioned could generate a wave of jobs. Yet at the moment, most economists aren’t betting that any such breakthroughs will rescue the labor market.
The last time the jobless rate reached double digits, in the early 1980s, it took six years to bring it down to normal levels.
Unemployment hit a post-World War II high of 10.8 percent at the end of 1982 as the country was emerging from a severe recession. The rate fell to around 5 percent in 1988. It took less than two years for the number of jobs to return to its pre-recession level. In this recovery, the economy is far more fragile. Hard-to-get credit is exerting a drag. Wounds from the banking system’s worst crisis since the Great Depression will take years to fully heal. People and companies, scarred by the crisis, are likely to restrain borrowing, spending and investing.
From our perspective this article does what all such articles do, it describes what’s going on without explaining anything. You can read the whole article, and you’ll never come up with a reason why 20 percent or more of America is unemployed. Is it because people are lazy? They don’t want jobs even though they pretend they do?
We would write the article differently. We would start by explaining that for the past 100 years America’s manufacturing might has been disintegrating even though the country has looked relatively healthy. But the combination of the income tax and central banking, introduced in the ‘teens, has robbed the country of its industrial muscle. Many big companies have moved away rather than be subject to the income tax. And employees have given up productive trade and agricultural jobs to chase after the latest Fed-stimulated bubble. The tech sector looked attractive in the 1990s, and the mortgage business was great during the 2000s. But neither business lasted because they weren’t real. They were the chaff of central bank monetary stimulation.
The income tax and central banking have hollowed out American industrial capacity. This is the reason that jobs will not return to America – and the world – for a long time. It wasn’t enough by the way that all this happened over a period of nearly 100 years now, but every time there’s a cyclical bust, the West stimulates – throws good money after bad that only prolongs the agony by confusing the market signals that the economy would otherwise present to rational investors.
Conclusion: Deprived of market signals, investors have a hard time determining what’s an efficient business and what is not. They’ve decided, with considerable reason, that too-big-too-fail banks are probably a good investment. Well, this may be so, but it does nothing for the larger economy. Putting good money after bad into these large fiat-money sinkholes only retards real innovation and sets the economy up for another bout of inflationary bleeding and boom-bust madness. What’s needed is a return to a private market gold-and-silver standard that will provide real feedback to those who want to purchase equity in winning entrepreneurial companies. See, it’s not hard to explain, but for some reason, the story just doesn’t get told, certainly not in the mainstream press.
Filed under: Credit Crisis, DEBT, depression, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, Great Depression, Greenback, hyperinflation, Inflation, job market, main street, middle class, recession, Stock Market, Taxpayers, unemployment, US Economy, Wall Street
Animated US Map Shows Startling Growth of Unemployment
Filed under: Barack Obama, bernanke, Big Banks, China, Credit Crisis, death of u.s. economy, DEBT, deflation, devaluation, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, economy collapse, Euro, Federal Reserve, fiat currency, food market, global economy, gold, gold standard, Great Depression, Greenback, housing market, hyperinflation, imf, Inflation, interest rate cuts, job market, latin america, liquidity, obama, Oppression, peter schiff, private banks, rate cut, silver, stock exchange, Stock Market, subprime, subprime lending, unemployment, US Economy, Wall Street, weimar republic, World Bank, Yen, Zimbabwe
Peter Schiff: Get out of the U.S. Dollar NOW
Filed under: 2008 Election, Amero, angela merkel, asia, bailout, Bank of America, Big Banks, brad sherman, Britain, C-Span, Canada, Carroll Quigley, central bank, CFR, China, civil liberties, civil rights, CNBC, Congress, corporations, corporatism, Credit Crisis, DEBT, Dictatorship, Dollar, ECB, Economic Collapse, economic depression, Economy, Empire, Europe, european central bank, european union, Fascism, Federal Reserve, France, g8, George Bush, Germany, glenn beck, global economy, global elite, global government, Globalism, gordon brown, Great Depression, Greenback, Habeas Corpus, henry paulson, Hitler, House, hyperinflation, imf, Inflation, interest rate cuts, internationalist, internationalists, job market, John McCain, liquidation, london, Martial Law, Media, middle class, morgan stanley, mortgage, national socialism, Nazi, New World Order, paris, Paulson, peter schiff, Police State, Posse Comitatus, rate cut, Sarkozy, Senate, single currency, socialism, sovereignty, Stock Market, tax, Taxpayers, unemployment, United Kingdom, US Economy, us sovereignty, US Treasury, Wall Street, World Bank, WW2, Zimbabwe | Tags: Ewald Nowotny, fiat currency, global currency, global currency system, global financial order, globalists, globalization, international order, Jean-Claude Trichet, Jeffrey Garten, John Mack, José Manuel Barroso, new global monetary authority, one world currency, Timothy Geithner, weimar republic, world economic crisis, world financial system, world monetary system, world money system, world order
Globalists Exploit Financial Meltdown In Move Towards One World Currency
Paul Joseph Watson & Kurt Nimmo
Prison Planet
October 20, 2008
The swift and ruthless exploitation of the economic meltdown on behalf of globalists and central banks revolves around their drive to move towards a one world currency system and an unprecedented centralization of global financial power.
Statements on behalf of world leaders and central banks over the past two weeks have made it clear that the agenda to further collate economic power and control of currencies into the hands of the few is rapidly accelerating – all in the name of solving a financial crisis that was caused as a result of the same fiat money system that the elite themselves created and maintained.
The original Bretton Woods agreement in 1944, spurred by the depression of the 1930s and the second world war, created the International Monetary Fund, the World Bank and laid down common standards for markets around the world. Now with the current financial crisis EU leaders see another opportunity to impose global regulations on sovereign economies.
As the crisis reached its peak at the end of September, British Prime Minister Gordon Brown led the call for “a new global financial order” in which the world financial system would be built around a centrally coordinated policy of international regulation.
Morgan Stanley Chief Executive John Mack has also called for a new global body to oversee the financial crisis, warning that it is like nothing he’s ever seen before.
The sentiment echoes those of elite figures such as CFR member Jeffrey Garten and Timothy Geithner, president of the Federal Reserve Bank of New York, who have both recently called for a “new global monetary authority”, a de-facto global financial dictatorship, operating across borders and forcing nations and corporations to register and adhere to strict monitoring and regulations.
European Central Bank council member Ewald Nowotny told Bloomberg yesterday that the centrality of the U.S. dollar was in question and that a “tri-polar” global currency system is in development between the U.S., Asia and Europe to replace it.
This followed a call by French President to question whether a “worldwide currency system” should be introduced in response to the financial crisis.
“Another subject in tomorrow’s world is that of the great currencies. How many should there be? What should the agreement between these great currencies be? Should we organize a discussion? Should a country like India one day have a global currency?” Sarkozy told a news conference, reports Reuters.
Any discussion would be purely academic, as the ruling elite long ago decided to force a global currency down our throats. In fact, a global currency is at the very core of their plan to dominate the world. Control money and you control the destiny of states, you eliminate national sovereignty. “The control of money and credit strikes at the very heart of national sovereignty,” A.W. Clausen, president of Bank of America once observed.
As Georgetown professor and CFR historian Carroll Quigley noted, the goal of the banking families and their minions consists of “nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”
It remains to be seen if the EU will realize its “solution” to the world economic crisis. In 2007, Robert Mundell, “the father of the euro,” noted that “international monetary reform usually becomes possible only in response to a felt need and the threat of a global crisis.”
Certainly, the elite cooked up an appropriate global crisis, now they will engage in a full court press to establish a global currency and eventually a global government.
EU Leaders Call for Global Currency
Kurt Nimmo
Infowars
October 18, 2008
If we are to believe the Washington Post, French president and current EU leader Nicolas Sarkozy has pledged to save us from nameless “freewheeling bankers and traders” who get the blame for the current economic crisis.
Sarkozy, Gordon Brown, and EU honcho José Manuel Barroso are talking up an international summit to discuss an “urgent overhaul of the world’s financial architecture,” that is to say a new Bretton Woods to establish a brand spanking new international economic order. Sarkozy has managed to grab George Bush’s ear and he will travel to Washington on Saturday to lay the groundwork for a conference.
In 1944, 44 allied nations met at a resort in Bretton Woods, New Hampshire, to fiddle with monetary standards, fix exchange rates, and create the IMF and World Bank. “Launching a remake of this old model — particularly in such a short time, with so many new participants — would represent a daunting challenge at any time, but particularly during the twilight of the Bush presidency and the crisis that is still jolting banks and stock markets around the world,” reports the Post.
Sarkozy and the EU leaders would have us believe this new Bretton Woods will call for “globally coordinated regulation of the financial industry, elimination of tax havens and a compensation system in which traders are not rewarded for dangerous risk-taking,” among other things.
It was the demise of Bretton Woods in 1971, insists European Central Bank president Jean- Claude Trichet, that led to the abandonment of regulation and subsequent market turmoil. “The explosion of the first Bretton Woods in a way could be interpreted as a rejection of discipline,” said Trichet, reports Bloomberg.
Gordon Brown, the former Chancellor of the Exchequer, wants to fix that turmoil with a new spate of regulations aimed at international finance. On October 13 in London, Brown said “we must devise new rules for a world of global capital flows” just as the founders of Bretton Woods “devised rules for a world of limited capital flows.”
“We now have global financial markets but what we do not have is anything other than national and regional regulation and supervision,” Brown lamented from Brussels.
All of this is nonsense. It should be obvious by now the bankers engineered the current crisis in order to consolidate their hold on the global economy and all the talk about rogue traders, tax havens, and over-compensated executives is merely that — talk, or more specifically a sales pitch, a slick parlor trick devised to fool the commoners.
Glossed over in all the corporate media coverage is the global elite demand that a global currency be established. “Europe wants to present a blueprint for a new worldwide currency system,” reports the AFP in the video here.
“Another subject in tomorrow’s world is that of the great currencies,” Reuters reported Sarkozy musing on October 16. “How many should there be? What should the agreement between these great currencies be? Should we organize a discussion?”
Glenn Beck On One World Currency
“There is a global meltdown coming, it is a global depression, a One World Currency and One World Financial System is the ENDGAME! China said last week said they want One Global Currency, France said yesterday or the day before that they want One World Order a New World Order at the end of this event!” – Glenn Beck
CNBC: The New World Order is in effect on wall street
http://www.prisonplanet.com/calls-for-new-global-financial-order-increase.html
Tri-Polor Global Currency A Possibility
http://www.bloomberg.com/apps..&sid=apjqJKKQvfDc&refer=home
http://www.nationalpost.com/news/story.html?id=885494
G-8 Announces Global Summit On Financial Crisis
http://news.yahoo.com/s/a..t=Ah6wNwIX5KlE5B1m5eFoDXlbbBAF
Bush & Allies Pledge Joint Action On Economy
http://www.youtube.com/watch?v=InFBnX87lzU
Brown: Use This Crisis To Create New Financial World Order
http://www.prisonplanet.com/..new-financial-world-order.html
Filed under: corporations, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, global economy, Globalism, Great Depression, Greenback, hyperinflation, Inflation, job market, Mexico, North American Union, Stock Market, unemployment, US Economy, Vicente Fox
Vicente Fox Tells Unemployed Americans “Get Over It”
An interview with EX president of Mexico Vicente Fox at Wayne State University September 12, 2008 where he tells American workers to “get over it”, that their jobs are gone forever and that they must retrain for GLOBAL work. The news report also calmly mentions that he wants a North American Union (you know, that thing that doesn’t exist) and a single Amero currency – before moving on to the weather and a segment about owning a horse.
Filed under: Amero, Australia, bailout, Bank of America, Big Banks, BIS, Britain, Canada, China, Congress, corporations, corporatism, Costa Rica, David Rockefeller, Ecuador, energy, Eugenics, Euro, Europe, european union, exxon mobil, fannie mae, FDIC, Federal Reserve, food market, food prices, food shortage, freddie mac, gas prices, general motors, George Bush, Germany, global economy, global elite, global government, Globalism, gold, housing market, hyperinflation, India, indymac, International Bankers, internationalist, Iran, Japan, job market, liquidation, malthusian catastrophe, Martial Law, Mexico, middle class, mortgage companies, mortgage lenders, mugabe, nationalization, neocons, New World Order, North American Union, Oil, Patriot Act, Petrol, Police State, Population Control, Posse Comitatus, private banks, real estate, rockefeller, rothschild, shell, silver, South America, spain, Stephen Harper, subprime, subprime lending, Taxpayers, United Kingdom, Venezuela, wells fargo, Zimbabwe | Tags: Deutsche Bank, george green, k-mart, run on banks, sears, silver shortage, spanish bank, wells fargo
Stressed banks borrow record amount from Fed
Reuters
July 31, 2008
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed on Thursday.
Zimbabwe Devalues Currency
AP
July 30, 2008
Zimbabwe will drop 10 zeros from its hyper-inflated currency — turning 10 billion dollars into one — the country’s reserve bank said Wednesday. President Robert Mugabe threatened a state of emergency if businesses profiteer from the country’s economic and political unraveling.
Shop shelves are empty and there are chronic shortages of everything including medication, food, fuel, power and water. Eighty percent of the work force is unemployed and many who do have jobs don’t earn enough to pay for bus fare.
Inverview with George Green – (7/16/2008)
http://www.politico.com/news/stories/0708/12166.html
Soaring energy bills set to push inflation to 16-year high
http://www.dailymail.co.uk/news/ar..set-push-inflation-16-year-high.html
GM Has $15.5 Billion Loss on U.S. Sales Drop, Leases
http://www.bloomberg.com/apps/news?pid=20601087&sid=agMEuJ_r_yxA&refer=worldwide
Venezuela to Nationalize Spanish Bank
http://english.cri.cn/2947/2008/08/01/1821s388058.htm
IndyMAC Files For Bankruptcy Protection
http://www.nytimes.com/2008..2&ref=business&oref=slogin&oref=slogin
Jobless Claims Up Highest In Five Years
http://www.wnbc.com/news/17049831/detail.html
Inflation Could Hit 6% By Fall?
http://economictimes.indiatimes.com..Economist/articleshow/3307499.cms
Deutsche Bank Writedowns Exceed $11 Billion
http://moneynews.com/financenews/bank_writedowns/2008/07/31/117802.html
Shell reports 33% rise in profit
http://www.iht.com/articles/2008/07/31/business/31shellNEW.php
Exxon posts record $11.68 billion profit
http://money.cnn.com/2008/07/31/news/.._profits/?postversion=2008073109
Britons Skipping Meals Due To Money Worries
http://www.money.co.uk/article/100..-meals-due-to-money-worries.htm
IMF Calls For N. African Economic Integration
Greenspan: Housing No Where Near Bottom
Economic Rebound Not As Energetic As Hoped
Biggest dive for commodities in 28 years
Filed under: Al Gore, antarctica, APS, Australia, Britain, carbon credit, carbon credit system, carbon credits, carbon dioxide, carbon ration, Carbon Tax, China, Co2, earth, Economy, environmental taxation, environmentalist, environmentalists, Eugenics, Europe, european union, false information, gas prices, global cooling, global tax, Global Warming, google, greenland, health and environment, ice age, icecaps, ipcc, Ivar Glaever, job market, jupiter, kyoto protocol, mars, Media Fear, middle class, noaa, Oil, Petrol, polar icecaps, Population Control, Propaganda, Russia, Science and technology, tax, Taxpayers, UN, United Kingdom, US Economy, WW2 | Tags: Dr. Richard Evans, el nino, Freeman Dyson, Fullcam, George Chilingar, Hadley Centre of Britain’s Meteorological Office, Institute of Oceanology of the Russian Academy of Scien, Jeffrey Marque, Leonid Khilyuk, Richard Lindzen, US National Council for Air and Stream Improvement
50,000 Scientists Disbelieve Global Warming
Daily Tech
July 17, 2008
Related: APS warned not to debate global warming
The American Physical Society, an organization representing nearly 50,000 physicists, has reversed its stance on climate change and is now proclaiming that many of its members disbelieve in human-induced global warming. The APS is also sponsoring public debate on the validity of global warming science. The leadership of the society had previously called the evidence for global warming “incontrovertible.”
In a posting to the APS forum, editor Jeffrey Marque explains,”There is a considerable presence within the scientific community of people who do not agree with the IPCC conclusion that anthropogenic CO2 emissions are very probably likely to be primarily responsible for global warming that has occurred since the Industrial Revolution.”
The APS is opening its debate with the publication of a paper by Lord Monckton of Brenchley, which concludes that climate sensitivity — the rate of temperature change a given amount of greenhouse gas will cause — has been grossly overstated by IPCC modeling. A low sensitivity implies additional atmospheric CO2 will have little effect on global climate.
Larry Gould, Professor of Physics at the University of Hartford and Chairman of the New England Section of the APS, called Monckton’s paper an “expose of the IPCC that details numerous exaggerations and “extensive errors”
In an email to DailyTech, Monckton says, “I was dismayed to discover that the IPCC’s 2001 and 2007 reports did not devote chapters to the central ’climate sensitivity’ question, and did not explain in proper, systematic detail the methods by which they evaluated it. When I began to investigate, it seemed that the IPCC was deliberately concealing and obscuring its method.”
According to Monckton, there is substantial support for his results, “in the peer-reviewed literature, most articles on climate sensitivity conclude, as I have done, that climate sensitivity must be harmlessly low.”
Monckton, who was the science advisor to Britain’s Thatcher administration, says natural variability is the cause of most of the Earth’s recent warming. “In the past 70 years the Sun was more active than at almost any other time in the past 11,400 years … Mars, Jupiter, Neptune’s largest moon, and Pluto warmed at the same time as Earth.”
Global Warming Conclusively Debunked As Gore Calls For CO2 Tax
The seven graphs that dispel alarmist claims about climate change
Paul Joseph Watson
Prison Planet
July 18, 2008
Related: Gore lets his mask slip : Tax the poor more than the rich
The world is cooling, sea levels are falling, ice is spreading, there are fewer extreme weather events, and it was hotter 1000 years ago, yet the myth of global warming is providing governments the excuse to micromanage every aspect of our lives, with Al Gore now openly calling for a carbon tax on the energy we use.
Following the end of the Sun’s most active period in over 11,000 years, the last 10 years have displayed a clear cooling trend as temperatures post-1998 leveled out and are now plummeting.
But such figures won’t deter the agenda of control freaks like Al Gore, who last night publicly called for a carbon tax to be imposed on the use of fossil fuels at a time when even middle class families are struggling to pay the bills as a result of a crippled economy, soaring oil prices and inflation.
Andrew Bolt of the Australian Sun-Herald has put together a series of graphs based on numbers from a plethora of scientific bodies to prove that the most alarmist claims about climate change are not only unproven, but in fact the complete opposite of what man-made global warming advocates proclaim is now being observed.
“That’s why 31,000 other scientists, including world figures such as physicist Prof Freeman Dyson, atmospheric physicist Prof Richard Lindzen and climate scientist Prof Fred Singer, issued a joint letter last month warning governments not to jump on board the global warming bandwagon,” writes Bolt.
“There is no convincing scientific evidence that human release of carbon dioxide, methane, or other greenhouse gases is causing or will, in the foreseeable future, cause catastrophic heating of the earth’s atmosphere and disruption of the earth’s climate.”
That’s why Ivar Glaever, who won a Nobel Prize for Physics, this month declared “I am a sceptic”, because “we don’t really know what the actual effect on the climate is”.
And it’s why the American Physical Society this month said “there is a considerable presence within the scientific community of people who do not agree with the (Intergovernmental Panel on Climate Change) conclusion that anthropogenic CO2 emissions are very probably likely to be primarily responsible for the global warming that has occurred since the Industrial Revolution.”
The first graph, obtained from the Hadley Centre of Britain’s Meteorological Office, shows how temperatures dropped, leveled off, and are now displaying a clear cooling trend, since their 1998 peak which was caused by the “El Nino” weather phenomenon, which is completely natural and has nothing to do with CO2 emissions.
Click here for full PDF format.
The figures mesh with anecdotal evidence of a cooling pattern – China recently experienced its coldest winter in 100 years while northeast America was hit by record snow levels and Britain suffered its coldest April in decades as late-blooming daffodils were pounded with hail and snow on an almost daily basis. The British summer has also left many yearning for global warming, with temperatures in June and July rarely struggling to get over 16 degrees and on one occasion even dropping as low as 9 degrees in the middle of the afternoon.
A common claim of behalf of Al Gore and the Church of Environmentalism, and one vividly portrayed in the Hollywood movie The Day After Tomorrow, is a predicted catastrophic rise in sea levels as a result of global warming.
In actual fact, figures from the Colorado Centre For Astrodynamics Research show that global sea levels, after having risen since 2000, have been falling significantly over the last 2 years.
In addition, according to the US National Oceanic and Atmospheric Administration, sea ice has grown rapidly in that same time frame and there is now more ice in the world than usually observed.
Click here for full size PDF of all graphs.
Another common cry from the alarmists is the contention that global warming is causing extreme weather events. Despite there having been far more violent and devastating weather events before the post World War 2 rise in CO2 levels, every flood, hurricane, tornado or cyclone is blamed on human-induced climate change.
The facts tell a different story. According to the American Meteorological Society, global warming hasn’t given us more cyclones, hurricanes, or tornados.
Furthermore, scaremongering about droughts attributed the global warming is disproved by the fact that levels of rainfall have increased.
Hysterical phony environmentalists like to imagine that the world has never been hotter, despite the fact that the planet has violently swung between extremes of temperature for eons.
New figures from the US National Council for Air and Stream Improvement debunk the IPCC’s notoriously controversial “hockey stick” graph and illustrate that the earth was a warmer place 1000 years ago. During such times, farmers in Greenland grew crops and even cultivated vineyards on a land mass that is now over 80% ice covered.
Despite evidence pouring in that the planet has naturally turned course and now embarked on a cooling trend, wild rhetoric, fearmongering, lecturing and bullying about the necessity for us to accept intrusions into our rights of mobility, privacy and behavior in the interests of saving the earth is at an all time high.
Global corporations and governments have joined forces to launch a united propaganda assault about how we must turn “green” while all the real environmental crises – deforestation, GM crops, chemtrails, genetic splicing, and cancer-causing cellphone tower radiation – are completely ignored.
Top Rocket Scientist: No Evidence CO2 Causes Global Warming
Paul Joseph Watson
Prison Planet
July 22, 2008
The campaign to force people to accept that “the debate is over” and that man-made CO2 emissions are driving climate change is in deep trouble, with another top global warming advocate – rocket scientist and carbon accounting expert Dr. Richard Evans – completely reversing his position.
Evans was a consultant to the Australian Greenhouse Office from 1999 to 2005 and he wrote the carbon accounting model (FullCAM) that measures Australia’s compliance with the Kyoto Protocol.
In an article for The Australian newspaper, Evans highlights why he was so keen to jump on board the man-made explanation without there being any clear conclusion as to what was driving temperature increases in the period from the end of the 70’s to 1998.
“The evidence was not conclusive, but why wait until we were certain when it appeared we needed to act quickly?” writes Evans. “Soon government and the scientific community were working together and lots of science research jobs were created. We scientists had political support, the ear of government, big budgets, and we felt fairly important and useful (well, I did anyway). It was great. We were working to save the planet.”
“But since 1999 new evidence has seriously weakened the case that carbon emissions are the main cause of global warming, and by 2007 the evidence was pretty conclusive that carbon played only a minor role and was not the main cause of the recent global warming,” he concludes.
Evans points out that the “greenhouse signature” that would indicate CO2 emissions are driving temperature increases – “a hot spot about 10km up in the atmosphere over the tropics” – which would be evident if climate change was man-made, is simply non-existent.
“If there is no hot spot then an increased greenhouse effect is not the cause of global warming. So we know for sure that carbon emissions are not a significant cause of the global warming,” he writes.
Evans highlights data collected from satellites positioned around the globe that indicates temperatures have dropped about 0.6C in the past year – back to 1980 levels. Such figures are complimented by anecdotal evidence of a cooling pattern – China recently experienced its coldest winter in 100 years while northeast America was hit by record snow levels and Britain suffered its coldest April in decades as late-blooming daffodils were pounded with hail and snow on an almost daily basis.
Evans also cites historical climate change and the fact that CO2 does not cause, but in fact lags behind temperature increase by as much as 800 years.
“The new ice cores show that in the past six global warmings over the past half a million years, the temperature rises occurred on average 800 years before the accompanying rise in atmospheric carbon. Which says something important about which was cause and which was effect,” he writes.
“The last point was known and past dispute by 2003, yet Al Gore made his movie in 2005 and presented the ice cores as the sole reason for believing that carbon emissions cause global warming. In any other political context our cynical and experienced press corps would surely have called this dishonest and widely questioned the politician’s assertion,” writes Evans.
Two Peer-Reviewed Scientific Papers Debunk CO2 Myth
Paul Joseph Watson
Prison Planet
July 16, 2008
Three top scientists have once again contradicted the claim that a “consensus” exists about man-made global warming with research that indicates CO2 emissions actually cool the atmosphere, in addition to another peer-reviewed paper that documents how the IPCC overstated CO2’s effect on temperature by as much as 2000 per cent.
Professor George Chilingar and Leonid Khilyuk of the University of Southern California, and Oleg Sorokhtin of the Institute of Oceanology of the Russian Academy of Sciences have released a study that they claim completely contradicts the link between CO2 and global temperature increases.
“The writers investigated the effect of CO2 emission on the temperature of atmosphere. Computations based on the adiabatic theory of greenhouse effect show that increasing CO2 concentration in the atmosphere results in cooling rather than warming of the Earth’s atmosphere,” states the preamble to the paper.
The full study, which appears in the Energy Sources journal, is sure to cause ire amongst climate cult adherants.
No global warming has been observed for the past 10 years as temperatures have gradually declined and studies indicate that there will be no further warming for the next 10 years.
In a related development, the peer-reviewed Physics and Society journal has published evidence proving that the UN IPCC’s 2007 climate summary “overstated CO2’s impact on temperature by 500-2000%.”
According to the paper, “Computer models used by the UN’s climate panel (IPCC) were pre-programmed with overstated values for the three variables whose product is “climate sensitivity” (temperature increase in response to greenhouse-gas increase), resulting in a 500-2000% overstatement of CO2’s effect on temperature in the IPCC’s latest climate assessment report, published in 2007.”
The paper also outlines evidence to confirm that Mars, Jupiter, Neptune’s largest moon, and Pluto warmed at the same time as Earth warmed, a factor attributed to the Sun having been more active than at almost any other time in the past 11,400 years.
The paper concludes, “CO2 enrichment will add little more than 1 °F (0.6 °C) to global mean surface temperature by 2100.”
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Filed under: Britain, central bank, Credit Crisis, DEBT, Dollar, Dow, Economic Collapse, economic depression, Economy, energy, Europe, european union, gas prices, general motors, Great Depression, Greenback, gulf, Inflation, job market, london, New York, nymex, NYSE, Oil, Petrol, Stock Market, United Kingdom, US Economy
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.
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.
Filed under: Alan Greenspan, bernanke, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, energy, Euro, Federal Reserve, GDP, Germany, gold, Great Depression, greece, Greenback, housing market, hyperinflation, Inflation, interest rate cuts, job market, rate cut, silver, Stock Market, US Economy, WW2 | Tags: hennecke
Hennecke Says U.S. Faces ’Hyperinflationary Depression’
Filed under: bernanke, Big Banks, BIS, Britain, central bank, Credit Crisis, DEBT, Dollar, Dow, ECB, Economic Collapse, economic depression, Economy, Euro, Europe, european central bank, european union, Federal Reserve, food prices, Fox News, gas prices, GDP, general motors, global economy, gold, Great Depression, Greenback, imf, Inflation, interest rate cuts, Iran, job market, neil cavuto, Oil, Paulson, peter schiff, Petrol, rate cut, Ron Paul, Saudi Arabia, Stock Market, United Kingdom, US Economy, US Treasury, utah, World Bank | Tags: indymac, inland empire, starbucks
Fed Auctions $75 Billion to Big Banks
AP
July 1, 2008
The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced it will provide a fresh batch of the loans this month.
The central bank on Tuesday released the results of its most recent auction — the 15th since the program began in December. It’s part of an ongoing effort to ease financial turmoil and credit stresses.
In the latest auction, commercial banks paid an interest rate of 2.340 percent for the 28-day loans. There were 77 bidders. The Fed received bids for $90.88 billion worth of the loans. The auction was conducted on Monday with the results made public on Tuesday.
The Fed also said it will conduct two auctions in July. Banks will have an opportunity to bid on a slice of $75 billion in short-term loans in each auction.
In mid-December the Fed announced it was creating an auction program that would give banks a new way to get short-term loans from the central bank and to help them over the credit hump. A global credit crunch has made banks reluctant to lend to each other, which has crimped lending to individuals and businesses.
Europe May Push The Fed To Raise Rates
CNN
July 1, 2008
The fireworks may come a day early for the financial markets if the European Central Bank, as expected, raises interest rates on Thursday.
If the ECB, Europe’s counterpart to the Federal Reserve, hikes rates, that could put even further pressure on the anemic dollar and send commodity prices even higher.
The ECB will announce its decision on interest rates early the morning of July 3 and will hold a press conference shortly thereafter to discuss the decision.
Global economy faces deep slowdown and deflation threat, BIS warns
Telegraph
July 1, 2008
The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world’s biggest economies is now a possibility, according to one of the world’s most highly regarded economic institutions.
The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.
The Swiss institution – known as the central bankers’ bank – issued the alert in its annual report, released today.
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Filed under: amnesty, Arizona, Atzlan, Border Patrol, brainwashing, California, Canada, colorado, Conditioning, DHS, Globalism, Homeland Security, Illegal Immigration, Immigration, job market, job outsourcing, La Raza, mexican flag, Mexican Trucks, Mexico, new mexico, ohio, Propaganda, Psyops, public relations, subliminal, subliminal messages, Texas, utah | Tags: la-z-boy, whirlpool
Absolut Promotes Mexico Take Over Of U.S.
LA Times
April 4, 2008
The latest advertising campaign in Mexico from Swedish vodka maker Absolut promises to push all the right buttons south of the U.S. border, but it could ruffle a few feathers in El Norte.
The billboard and press campaign, created by advertising agency Teran\TBWA and now running in Mexico, is a colorful map depicting what the Americas might look like in an “Absolut” — i.e., perfect — world.
The U.S.-Mexico border lies where it was before the Mexican-American war of 1848 when California, as we now know it, was Mexican territory and known as Alta California.
Following the war, the Treaty of Guadalupe Hidalgo saw the Mexican territories of Alta California and Santa Fé de Nuevo México ceded to the United States to become modern-day California, Texas, New Mexico, Utah, Colorado and Arizona. (Texas actually split from Mexico several years earlier to form a breakaway republic, and was voluntarily annexed by the United States in 1846.)
The campaign taps into the national pride of Mexicans, according to Favio Ucedo, creative director of leading Latino advertising agency Grupo Gallegos in the U.S.
Ucedo, who is from Argentina, said: “Mexicans talk about how the Americans stole their land, so this is their way of reclaiming it. It’s very relevant and the Mexicans will love the idea.”
But he said that were the campaign to run in the United States, it might fall flat.
“Many people aren’t going to understand it here. Americans in the East and the North or in the center of the county — I don’t know if they know much about the history.
“Probably Americans in Texas and California understand perfectly and I don’t know how they’d take it.”
Meanwhile, the campaign has been circulating on the blogs and generating strong responses from people north of the border.
“I find this ad deeply offensive, and needlessly divisive. I will now make a point of drinking other brands. And ’vodka and tonic’ is my drink,” said one visitor, called New Yorker, on MexicoReporter.com.
Reader Paul Green goes into a discussion on the blog Gateway Pundit of whether the U.S. territories ever belonged to Mexico in the first place, and the News12 Long island site invited people to boycott Absolut, with one user, called LivingSmall, writing: “If you drink Absolut vodka, you can voice your approval or disapproval of this advertising campaign with your purchases. I know I will be switching to Grey Goose or Stoli and will never have another bottle of Absolut in my house.
“Hey Absolut … that’s my form of social commentary.”
La-Z-Boy, Whirlpool Moving Jobs To Mexico
Chattanoogan
April 4, 2008
La-Z-Boy and Whirlpool are moving jobs to new plants in Mexico, bringing job losses to hundreds of workers in Dayton and Cleveland.
La-Z-Boy employees in Dayton were told today that the cutting and sewing operation is being moved to Mexico.
Kathy Liebmann, La-Z-Boy spokesperson, said the Dayton facility has over 2,000 employees, but she did not have a breakdown on those in cutting and sewing. A La-Z-Boy employee said it was around 750.
Ms. Liebmann said La-Z-Boy is closing a plant at Tremonton, Utah, but will keep its other plants open, including the one at Dayton. She said the 400 production jobs at the Utah plant will be spread over the other five plants.
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Filed under: Alan Greenspan, bernanke, Big Banks, BOE, carlyle group, central bank, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, Great Depression, Greenback, henry paulson, imf, Inflation, interest rate cut, interest rate cuts, job market, Karl Rove, Paulson, rate cut, Stock Market, Uncategorized, US Economy, Wall Street
Fed Pumps Another $50 billion Into Banking System
AP
April 8, 2008
The Federal Reserve, still working to combat the effects of a severe credit squeeze, said Tuesday that it had auctioned another $50 billion to cash-strapped banks.
Separately, some Fed officials said they were concerned about a “prolonged and severe” economic downturn when they cut interest rates last month.
The Fed auction marked the ninth in a series that began in December that so far have pumped $310 billion in short-term loans into the nation’s banking system.
Bernanke: “Recession Is Possible”
Reuters
April 4, 2008
For the second time this week, a senior Federal Reserve official conceded the United States economy could slip into recession, but suggested the central bank should wait to see if more rate cuts are needed.
“The economy has all but stalled and could contract over the first half of the year,” San Francisco Federal Reserve President Janet Yellen, who is not a voter on the policy-setting committee in 2008, said on Thursday.
“Current indicators suggest that, starting in the fourth quarter, the economy, at best, slowed to a crawl,” she said, adding later that the Fed is still battling a “negative feedback loop” of tight credit conditions, falling house prices and low consumer confidence.
Yellen’s remarks, in a speech to the Stanford Institute for Economic Policy Research, echoed those from Fed Chairman Ben Bernanke during testimony to a Congressional Joint Economic Committee on Wednesday.
“Recession is possible,” Bernanke said. “There’s a chance that for the first half as a whole, there might be a slight contraction.”
But, like Bernanke, Yellen declined to point the way toward additional interest rate cuts to pull the economy out of its malaise.
Instead, she forecast a minor pickup in growth in the second half on the back of rate cuts already in the pipeline, and “timely” fiscal stimulus checks — even though the drag from falling house prices will linger into 2009.
Fed rate cut plans up on weak jobs
Ros Krasny
Reuters
April 4, 2008
U.S. short-term interest rate futures rose on Friday on news that U.S. firms cut payrolls for a third consecutive month, as dealers raised bets that the Federal Reserve will make an aggressive interest rate cut this month and beyond.
The implied prospects for the Fed to cut its benchmark lending rate by 50 basis points at the April 29-30 policy meeting hit 40 percent against 20 percent late on Thursday.
A smaller, 25 basis point rate cut from the Federal Open Market Committee, which would take the fed funds rate to 2 percent, is fully priced.
More than 50 percent chance of U.S. recession: Greenspan
Sonya Dowsett
Reuters
April 6, 2008
There is more than a 50 percent chance the United States could go into recession, former Federal Reserve chairman Alan Greenspan told El Pais newspaper in an interview published on Sunday.
However, the U.S. has not yet entered recessionary state marked by sharp falls in orders, strong rises in unemployment and intensive weakening of the economy, he said.
“We would have to see signs of this intensification: there are some, but not many yet,” he said. “Therefore … I would not describe the situation we are in as a recession, although the chances that we’ll have one are more than 50 percent.”
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Filed under: bear sterns, bernanke, Big Banks, Britain, central bank, China, Credit Crisis, DEBT, dollar peg, Dow, Economic Collapse, economic depression, Economy, Europe, Federal Reserve, food prices, gas prices, gas tax, global economy, gold, Great Depression, Greenback, housing market, imf, Inflation, interest rate cut, interest rate cuts, job market, Lehman Brothers, Oil, OPEC, Paulson, Petrol, rate cut, Stock Market, subprime, subprime lending, tax, tax rebates, United Kingdom, US Economy, Venezuela, yuan | Tags: John Lipsky, Nigel Gault
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.
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.”
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Three Gulf states cut rates to defend dollar peg
http://www.khaleejtimes.com/DisplayA..March591.xml§ion=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
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
Filed under: Big Banks, Britain, carlyle group, central bank, citigroup, CNN, Credit Crisis, DEBT, ECB, Economic Collapse, economic depression, Economy, Euro, Europe, european central bank, Federal Reserve, food prices, gas prices, global economy, gold, Great Depression, Greenback, housing market, imf, Inflation, interest rate cut, interest rate cuts, job market, JP Morgan, New York, Oil, OPEC, peter schiff, Petrol, rate cut, Stock Market, subprime, subprime lending, trilateral commission, United Kingdom, US Economy
Golds Hit Record $992, Current Price is $979
Goldseek
March 6, 2008
THE PRICE OF PHYSICAL gold bullion moved in a tight 0.8% range early Thursday, re-touching yesterday’s new all-time high above $992 per ounce as the US Dollar sank once again.
As the opening drew near in New York – where a small bomb damaged an army recruitment center in Times Square overnight – crude oil jumped to a new record above $105 per barrel.
European stock markets meantime ticked 0.3% lower as the Euro single currency leapt to a new all-time high of $1.5345 after the central bank in Frankfurt kept its interest rates on hold at 4.0%.
“We could see Gold Prices spike this year and hit $1,500 per ounce,” reckons Jay Taylor, editor of the Gold & Technology Stocks newsletter.
Peter Spina of Goldseek.com, also speaking to Reuters, agrees that $1,500 or even $2,000 gold is “definitely possible” in the next year, while Peter Schiff of Euro Pacific Capital says “gold has a shot at $1,200 or even $1,500 this year.
“It is a measure of the value of currencies and will go up as long as central banks continue to devalue currencies.”
Euro Breaks $1.54 Mark, Drops back to $1.53
AP
March 7, 2008
The euro on Friday exceeded US$1.54 for the first time, after the European Central Bank left its benchmark rate unchanged a day earlier and signaled that rate cuts are not expected in the near term.
That sentiment pushed the euro to a new high in European morning trading; it reached US$1.5429 before dropping back slightly to US$1.5395, above the US$1.5370 it bought in New York late Thursday. It was the latest in a string of records for the 15-nation euro this week.
“The euro-dollar has taken another significant level this morning, having breached US$1.5400, and although this may be initiating a degree of profit-taking in the short term, many will remain mindful of Trichet’s hawkish stance and tacit acceptance of a stronger euro at yesterday’s ECB rate-setting meeting,” said James Hughes of CMC Markets, referring to ECB president Jean-Claude Trichet.
European Union businesses said they were starting to feel the pinch, notably from U.S.-based buyers who assert that the high euro makes European goods more expensive.
Meanwhile, the British pound stayed above the US$2 mark for a second day, buying US$2.0132 in European trading, above the US$2.0092 it bought in late New York trading the night before. Like the euro, it jumped higher after the Bank of England kept its own interest rate unchanged at 5.25 percent.
The dollar drifted lower to 101.96 Japanese yen from 103.09 yen on Wednesday.
Oil Prices Hit Record Near $106, Steadies at $105
AP
March 7, 2008
Oil prices were steady Friday after jumping to a trading record near $106 a barrel in the previous session as the dollar’s slide to new lows prompted investors to pump more money into commodities.
Analysts believe the steadily weakening dollar is the reason oil prices have jumped to a number of new inflation-adjusted record highs this week. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.
“There are expectations that the dollar will go lower, and that’s driving money into commodities,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “Traders now have this mantra: sell the dollar and buy oil, or buy commodities.”
Light, sweet crude for April delivery fell 3 cents to $105.44 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract rose 95 cents Thursday to settle at a record $105.47 a barrel after earlier spiking to a trading record of $105.97.
CNN: A New Depression Might Be Coming
http://www.youtube.com/watch?v=dR7h8NBQU3E
Recent News:
http://www.forex-markets.com/quotes.htm
http://quotes.ino.com/chart/?s=NYBOT_DX&v=s
http://money.cnn.com/data/commodities/
http://www.bloomberg.com/apps/news../ousiv/idUSN0551565020080305
Fed Plans to Cut Rates on March 18th
http://news.yahoo.com/s/ap/20080305/ap_on..omy&printer=1
New Recession Worry: Bank Failures
http://money.cnn.com/2008/03/03/new..dex.htm?postversion=2008030316
Rice Rises To 20 Year Highs
http://www.ft.com/cms/s/0/f40ad5ca-e975-11dc-8365-0000779fd2ac.html
The Fed’s doing more damage than good
http://www.marketwatch.com/n..-4a3c-b756-6fa6fc3c39b1%7D&siteid=rss
Carlyle Group, JPMorgan, and IMF plot strategy to protect wealth funds
http://www.politico.com/news/stories/0308/8813.html
Citigroup To Cut 30,000 Jobs
http://www.cnbc.com/id/23454681
Housing In Deepest Decline Since Depression
http://custom.marketwatch.com..E-D0D3-4AA8-917C-95F7F154AA08}
OPEC Blames Poor U.S. Economy For Oil Prices
http://www.iht.com/articles/2008/03/06/business/06oil.php
Gold Edges Closer to $1,000
Mortgage Foreclosures Rise
Private Sector Sheds 23,000 Jobs
Fed Chief: Mortage Crisis To Continue
Experts Forsee Collapse Of U.S. Economy
Why The Dollar Is So Cheap
Treasury secretary wants to dump pennies
Gold hit record of $989 an ounce, falls back $981
Buffett: US Economy In Recession
Wheat 80% Higher Than A Year Ago
The Federal Reserve’s rescue has failed
The Fed Releases Crisis Preparedness Video
IMF Chief Says Euro Is Overvalued
Platinum Rises To Record – Palladium Rallies
OPEC Expected To Maintain Output
Karl Rove: Redeployment Would Cause Oil Prices to Skyrocket to $200 a Barrel
World Stocks Tumble On U.S. Recession Fears
Soaring Food Prices Imperil U.S. Aid
Asian Markets Tumble On Wall Street Drop
Most Americans Using Credit To Stay Afloat
Stocks fall sharply on economic worries
U.S. Economy: Spending Eroded By Inflation
U.S. Economic Collapse News Archive
Filed under: Alex Jones, bernanke, Big Banks, Britain, central bank, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Europe, european union, Federal Reserve, George Bush, george soros, global economy, Great Depression, Greenback, housing market, India, Inflation, interest rate cut, interest rate cuts, job market, offshoring, Paul Craig Roberts, pound, rate cut, Stock Market, US Economy, Wall Street, WW2
Top Economist Warns Of “Serious Breakdown” In World Financial System
Father of Reaganomics warns that massive interest rate cut could undermine dollar’s status as world reserve currency
Paul Joseph Watson
Prison Planet
January 22, 2008
Father of Reaganomics and former editor of the Wall Street Journal Paul Craig Roberts today warned that the Fed’s shock 75 basis points interest rate cut would only succeed in putting average families through the ringer and could even portend the collapse of the dollar as the world reserve currency.
Speaking on The Alex Jones Show, Roberts said that average hard working families, and not money casino cowboy shareholders, would be the biggest victims of the latest downturn as a recession looms on the back of the surprise rate cut.
“The more important thing is the hardship for the average American family – many of them have not had any real increase in their income for years and they’ve lost jobs to offshoring, they’ve lost jobs to work visas for foreigners and now they’re confronted with losing jobs to recession,” said Roberts.
“They also are heavily indebted and have used up their home equity in consumption and many of them now have mortgages that threaten them with being homeless and so I think the worst part of this will not be felt by Wall Street and banks and shareholders but by the average American family – I think they’re now going to go through the ringer,” he concluded.
Roberts speculated on the impact that today’s rate cut would have on the dollar, further undermining its position as the world reserve currency.
“It is true that in the long run the decline of the dollar could cause it to lose its reserve currency role and if another currency has a rythm to take its place, it would be very hard to conduct international trade on the basis that it is now where you have a reserve currency that one accepts in payment,” said Roberts, adding that the massive interest rate cut today only signalled more inflation despite the tax rebate.
Roberts said that he expected the economic decline to be slow and gradual, but that it was inevitable that the living standards of Americans would drop, similar to when the pound lost 80 per cent of its value during the two world wars and lost its status as a world reserve currency.
Roberts said that the only solution to the current crisis was to cut the current defense budget in half and halt the offshoring of jobs by U.S. corporations.
“If they can’t do anything about that the world is going to conclude that the dollar is not going to be the reserve currency forever and they’ll start getting out from under it in larger ways and then that pressure on the dollar will mount and become stronger and it will completely cancel the ability to do anything about the domestic economy – whether it’s in recession or depression,” said Roberts, adding that a “real serious breakdown,” the likes of which have not been witnessed so far, will occur if these issues are not addressed.
Roberts said that it was difficult for ordinary people to diversify and find a safe haven because if they bought gold they would become a target for government theft just as happened in 1933.
Roberts added that a total breakdown of the global economy would take place, “If the destruction of the dollar’s role as world reserve currency continues and there’s not a clear alternative that arrives to take its place,” warning that it was the biggest danger and there would be “no way to survive” its impact.
Soros Predicts Worst Recession In 50 Years
First Post
January 22, 2008
Amid collapsing stock prices worldwide, the billionaire investor George Soros has told an Austrian daily, the Standard, that the United States is threatened with recession and the world is facing the worst financial crisis in half a century. “The situation is much more serious than any other financial crisis since the end of World War II,” Soros was quoted as saying.
He said over the past few years politics had been guided by some basic misunderstandings stemming from something that he called “market fundamentalism” – the belief that financial markets tended to act as a balance. “This is the wrong idea,” he said. “We really do have a serious financial crisis now.”
He added he was surprised how little it was understood that a US recession was also a threat to Europe. European shares duly fell nearly six per cent on Monday, their biggest one-day slide since 9/11.
Meanwhile in Mumbai, some market analysts are suggesting Soros shorted the Indian markets last week. Over 15 years after he shorted the British pound in September 1992 and earned one billion dollars, local market sources say one of Soros’s funds may have shorted the Nifty last week.
Filed under: Alan Greenspan, central bank, China, Credit Crisis, DEBT, ECB, Economic Collapse, economic depression, Economy, european central bank, Federal Reserve, gas prices, gas tax, global economy, gold, Goldman Sachs, Great Depression, Greenback, housing market, Inflation, interest rate cut, interest rate cuts, job market, john paulson, Northern Rock, Oil, Petrol, rate cut, Stock Market, subprime, subprime lending, unemployment, US Economy, US Treasury, Wall Street, Yen
Greenspan joins firm that made billions betting against the housing market
Reuters
January 15, 2008
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.
http://money.cnn.com/200..llar.ap/index.htm?postversion=2008011605
Shares in freefall as recession hits
http://www.financemarkets.c..s-in-freefall-as-recession-hits/
ECB warns crashing dollar may stop Fed cuts
http://www.telegr..14/bcnfedcut114.xml&CMP=ILC-mostviewedbox
Top economist blames Fed for sub-prime crisis
http://www.telegraph.co.u..=/money/2008/01/13/ccschwartz113.xml
Inflation Up by Largest Amount in 17 Years
http://www.foxbusiness.com/mar..se-03-december_438734_3.html
Citigroup May Write Down Up To $24 Billion, Lay Off 20,000 Workers
http://www.cnbc.com/id/22639976/
Wall Street braces for more losses
http://money.cnn.com/..m?postversion=2008011608
Shadow spreads across the US economy
http://www.theaustralian.new..197,23046413-5015025,00.html
Transit Panel Urges Gas Tax Increase
http://news.aol.com/story/_a/tran..rease/n20080115033009990021
Bankers Throw In Towel On Northern Rock
http://www.telegraph.co.u..oney/2008/01/12/cnnrock112.xml
“U.S. Economy Screwed”: Henry Blodget
http://www.alleyinsider.com/2008/01/us-economy-screwedexperts.html
Largest Saudi Bank Urges Dollar Depeg
http://www.ft.com/cms..ac.html?nclick_check=1
Crisis may make 1929 look a ‘walk in the park’
Wholesale Prices Up 6.7% In 2007
Breaking phase ahead for the global financial system in 2008
Traders betting oil will hit $200 a barrel in 2008
Gold Futures Rise to Record $900.10
Weaker dollar likely to push gold over $1,000-mark
Filed under: Bank of America, bernanke, Big Banks, central bank, China, citigroup, countrywide, Credit Crisis, david walker, DEBT, Dow, Economic Collapse, economic depression, Economy, Federal Reserve, food prices, gaza, glenn beck, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, housing market, Inflation, interest rate cut, interest rate cuts, Japan, job market, JP Morgan, Merrill Lynch, rate cut, Ron Paul, Stock Market, subprime, subprime lending, Tony Blair, UN, unemployment, US Economy, US Treasury
Fed Ready To Cut Rates Again
ABC
January 10, 2008
Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.
The Fed chief made clear the central bank was prepared to act aggressively to rescue a weakening economy. “We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks,” he said.
Glenn Beck Interviews U.S. Comptroller General
http://www.youtube.com/watch?v=I-16u9x3tfE
UN: US recession could cause global slowdown
http://rawstory.com/news/200.._global_0110.html
‘Brace yourselves, taxpayers of America. You’re going to help Bank of America finance its $4 billion buyout of Countrywide’
http://mparent7777-2.blogspot.com..urselves-taxpayers-of-america.html
Tony Blair To Join JP Morgan
http://news.yahoo.com/s/nm/2..nm/jpmorgan_blair_dc
Jobless Claims Fell By 15, 000 Last Week
http://www.reuters.com/article/businessN…dName=businessNews
Paulson Sees `No Evidence’ Housing Decline Is Ending
http://www.bloomberg.com/apps/news?p..JukkXAFuWo&refer=home
Japanese Stocks Tumble on Goldman U.S., Domestic Recession Call
http://www.bloomberg.com/apps/news?pid=..LlqAo&refer=japan
Write-down at Merrill Lynch may hit $15 billion
http://www.iht.com/articles/2008/01/11/business/11wall.php
Helicopter Ben About to Shift the Confetti Shredder Into Afterburner
http://blacklistednews.com/view.asp?ID=5243
Food Crisis In Gaza
http://afp.google.com/article/ALeqM5h4RRlEa_z4MbOnNbq_n6O_H8g_Sg
Dow Drops Nearly 250 Points
http://biz.yahoo.com/ap/080111/wall_street.html?.v=40
Gold Hits Record After Bernanke Speech
http://www.breitbart.com/article.php?id=D8U36JQO2&show_article=1
Goldman Sachs sees recession in 2008
http://biz.yahoo.com/rb/080109/usa_economy_goldman.html
Merrill Lynch: Recession “Has Arrived”
http://news.bbc.co.uk/2/hi/business/7176255.stm
Chinese & Kuwaitis Bail Out Citigroup
Ron Paul: Get Back to Gold
‘Shocking’ sales results from M&S deepen fears of recession in UK
National Bureau of Economic Research: “Odds Of Recession More Than 50%”
Jim Rogers Says U.S. to Have Worst Recession `in a While’
Gold futures back off in early U.S., near $900/oz
Gold Forecast for 2008
Filed under: Britain, China, citigroup, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, food prices, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Inflation, job market, Merrill Lynch, Oil, Petrol, platinum, Stock Market, unemployment, US Economy
Gold futures back off in early U.S., near $900/oz
Reuters
January 9, 2008
 |
U.S. gold futures slipped from a record high just shy of $900 an ounce early Wednesday as investors kept buying and strong demand at the debut of China’s first gold futures contract underscored global bullishness.
Gold’s rally comes in the context of explosive fund interest in the commodity sector since the beginning of 2008. Platinum also hit a new high overnight before backing off.
Despite the mild correction as New York traders sat down, upward momentum appeared strong with sentiment underpinned by record oil prices, a weak dollar and the flight from U.S. equity markets into hard assets.
Building on Tuesday’s more than $18 gain, gold for February delivery at the COMEX division of the New York Mercantile Exchange GCG8 rose to $894.40 in electronic trade overnight, more than $10 higher than the previous day’s record and up $28.70 on the week.
Gold Forecast For 2008
Funny Money Report
January 8, 2008
Back in April 2007 we projected a high for the year of $869.64 for gold. Although gold did not hit that level in 2007, the November 8th close was $841.10 and $833.30 at year end. Today’s close on January 2nd, of $856.50 brings us very near our forecasted price.
With gold in all time high territory, oil hitting $100.00 a barrel, enthusiasm does not seem to be overwhelming in the precious metal arena. Gold is still selling for little more than 8 times the price of oil. Based on our analysis we believe gold will hit a high of $1014.00 sometime in 2008.
The Federal Reserve is doing its best to prevent a collapse of the banking system, but in the process will continue to burn the dollar. As the dollar declines gold ascends. Fiat currencies trade against each other, while gold moves higher against them all. The true flight to quality means owning things that are real and liquid. This means gold, silver, and large commodity based equities.
For 2008 we expect precious metal equities to perform better than in 2007. Some of the poor performance was due to the increasing costs of mineral extraction which include higher fuel and material expenses. Higher prices for gold should start to outpace increased costs, leading to improved equity returns.
We expect gold, food, and most basic commodities to move higher throughout 2008. We continue to recommend bullion in your physical possession and cash on hand for emergencies. Pay particular attention to your FDIC coverage, and consider safe alternatives like savings bonds instead of bank CD’s.
For 2008 we think that the economy will continue to deteriorate, with real estate leading the way down. We are in the 2nd inning of a long ugly ballgame where those holding dollars, real estate, and high levels of debt will be praying for the game to end. Those players who are out of debt and holding a commodity based portfolio will be winners in 2008 and years to come.
Gold May Hit $1000 If It Begins Trading At Its Normal Ratio To The Oil Price
http://www.financialpost.com/story.html?id=222354
China’s Stock Market Heading For Crash?
http://news.independent.co.uk/business/news/article3321423.ece
Bush Meets With Plunge Protection Team
http://www.roguegovernment.com/news.php?id=5936
Gold is the new global currency
http://www.ft.com/cms/s/0/301c1..l?nclick_check=1
Collapse of the U.S. Dollar: Gold futures surge to new all-time record high
http://www.marketwatch.com/news/story/gold-futu..e&dist=printTop
Pending Sales of Existing U.S. Homes Fell in November
http://www.bloomberg.com/apps/new..pXVernpcSqw
Bad news piles up for British economy
http://www.businessweek.com/ap/financialnews/D8U16LJO0.htm
No Jobs for the New Economy
http://www.counterpunch.org/roberts01082008.html
Citigroup to Take $16 Billion Writedown, Merrill Says
http://bloomberg.com/apps/news?pid=2..sv8&refer=worldwide
Fed Boosts Next Two Special Auctions to $30 Billion
http://www.bloomberg.com/apps/ne..JoePynybzGg&refer=home
Unemployment Surge Clear Sign U.S. Is Headed For Recession: Economists
http://www.nytimes.com/2008/01/05/..05econ.html?hp
Stephen Roach: America’s inflated asset prices have to fall
Peter Schiff on Cashin’ In – (1/5/2008)
Forget Oil New Crisis Is Food
Recession fears stoke political debate
Jobless Rate Hits Two-Year High; The Last Shoe to Drop in the Unavoidable Recession Ahead
Baltimore Sun asks what will we do if Fannie Mae and Freddie Mac go bust?
Sinking dollar alters the game in 2008
UK: Millions Face Financial Crisis
War on Terror Costs $6,000 Per Second
Gold Peaks Above $861, Oil $100 a Barrel
Oil at $100 not our fault: OPEC
No End In Sight For Dollar Decline
U.S. Federal Reserve Meeting Minutes for December 11, Says Economic Outlook Is “Unusually Uncertain”
Citigroup May Write Down $12 Billion, Bernstein Says
U.S. Manufacturing Fails To Grow
Era Of Cheap Food Is Over
Chinese currency hits new high against U.S. dollar
From the sub-prime to the ridiculous: how $100bn vanished
Wall Street Start To Year Worst In 25 Years
New Year 2008 may destroy USA’s struggling economy
City of debt shows US housing woe
Mortgage Defaults Rise 35%
Top economist says America could plunge into recession
Venezuela Introduces New Currency
Filed under: Big Banks, central bank, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, fannie mae, Federal Reserve, food prices, freddie mac, global economy, Great Depression, Greenback, Inflation, interest rate cuts, job market, peter schiff, rate cut, Stock Market, unemployment, United Kingdom, US Economy
Fed Boosts Next Two Special Auctions to $30 Billion
Bloomberg
January 4, 2008
 |
The Federal Reserve will increase the size of two scheduled auctions of emergency loans by 50 percent to $30 billion as part of a global attempt by central bankers to restore faith in the money markets.
The Fed reiterated that it will continue the loan auctions, designed to increase the amount of cash available in the banking system, “for as long as necessary,” in a statement released today. The third and fourth auctions will be conducted on Jan. 14 and 28. The central bank will announce on Feb. 1 whether further auctions will be conducted.
Since the first of the auctions on Dec. 17, companies’ cost to borrow in dollars for three months has fallen to the lowest in two years, suggesting central banks are succeeding in spurring bank lending.
Unemployment Surge Clear Sign U.S. Is Headed For Recession: Economists
NY Times
January 5, 2008
The unemployment rate surged to 5 percent in December as the economy added a meager 18,000 jobs, the smallest monthly increase in four years, the Labor Department reported on Friday.
Economists viewed the report as the most powerful indication to date that the United States could well be falling into a recessionary downturn. Evidence of widening unemployment heightened anticipation that the Federal Reserve would further cut interest rates this month, perhaps by an unusually large half a percentage point, in a bid to prevent the economy from sliding into the muck.
“This is unambiguously negative,” said Mark Zandi, chief economist at Moody’s Economy.com. “The economy is on the edge of recession, if we’re not already engulfed in one.”
Peter Schiff on Cashin’ In – (1/5/2008)
http://www.youtube.com/watch?v=kr8jkevEBt8
http://www.financialpost.com/story.html?id=213343
Recession fears stoke political debate
http://www.msnbc.msn.com/id/22476544/
Jobless Rate Hits Two-Year High; The Last Shoe to Drop in the Unavoidable Recession Ahead
http://ap.google.com/…anM66tszKz1zFq0LOG4XvWS7zAD8TV57B80
Baltimore Sun asks what will we do if Fannie Mae and Freddie Mac go bust?
http://www.baltimoresun.com/news/opi…an04,0,1654729.story
Sinking dollar alters the game in 2008
http://templewest.wordpress.com/2008/0..he-game-in-2008/
UK: Millions Face Financial Crisis
http://news.independent.co.uk/uk/this_britain/article3300968.ece
War on Terror Costs $6,000 Per Second
http://www.huffingtonpost.com/p..ror-600_b_78800.html
Gold Peaks Above $861, Oil $100 a Barrel
http://www.economist.com/finance/displaystory.cfm?story_id=10436089
Oil at $100 not our fault: OPEC
No End In Sight For Dollar Decline
U.S. Federal Reserve Meeting Minutes for December 11, Says Economic Outlook Is “Unusually Uncertain”
Citigroup May Write Down $12 Billion, Bernstein Says
U.S. Manufacturing Fails To Grow
Era Of Cheap Food Is Over
Chinese currency hits new high against U.S. dollar
From the sub-prime to the ridiculous: how $100bn vanished
Wall Street Start To Year Worst In 25 Years
New Year 2008 may destroy USA’s struggling economy
City of debt shows US housing woe
Mortgage Defaults Rise 35%
Top economist says America could plunge into recession
Venezuela Introduces New Currency
Filed under: Benazir Bhutto, Big Banks, Britain, Canada, canadian dollar, central bank, China, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Europe, Federal Reserve, gold, Great Depression, Greenback, Inflation, interest rate cuts, job market, loonie, Musharraf, Pakistan, platinum, pound, rate cut, Stock Market, US Economy, Yen
Gold nears record-high on dollar, Pakistan turmoil
Reuters
December 30, 2007
Gold rallied to a 7-week high on Monday and close to a record high of $850 on speculative buying driven by a weak U.S. dollar and tensions in Pakistan following the assassination of opposition leader Benazir Bhutto.
But thin trading in Asia ahead of the New Year holidays meant gold and other precious metals were prone to sharp fluctuations. Platinum dropped but held near last week’s record high of $1,542 an ounce.
Spot gold hit an intraday high of $842.90 an ounce before dipping to $842.00/842.80. This was still higher than $837.80/838.50 late in New York on Friday.
“There’s still a potential for further unrest in Pakistan following Bhutto’s assassination. I guess there’s a potential for us to push higher and test the highs around $847 at least,” said Darren Heathcote of Investec Australia in Sydney.
“I think $847 will be the initial technical point to breach. When London comes in, more stops get taken out,” he said.
Gold hit a record high at $850 January 1980 on high inflation linked to high oil prices, Soviet intervention in Afghanistan and the effects of the Iranian revolution. After adjusting for inflation, that level was equal to $2,079 at 2006 prices.
Gold has risen more than 30 percent this year — the biggest annual gain since 1979 — as a number of factors, including a weak U.S. dollar, record-high crude prices, credit market turmoil and falling U.S. rates, boosted its safe-haven appeal.
The latest safe-haven buying was sparked by Bhutto’s killing last week, which plunged Pakistan into crisis. Electoral officials hold an emergency meeting on Monday to decide whether to go ahead with a January election that is aimed at shifting the country from military to civilian rule.
Bhutto’s killing in a suicide attack on Thursday triggered bloodshed across the country and rage against President Pervez Musharraf, casting doubts on nuclear-armed Pakistan’s stability and its transition to civilian rule.
“I think it’s possible to touch $850 in the near term. It moved in a massive range already in the past 24 hours,” said David Moore, a commodity analyst at the Commonwealth Bank of Australia in Sydney.
“It’s possible it might go higher in the near term. It’s obviously been supported by a number factors but probably the thin trading conditions are sort of exacerbating the movements in the gold price at the moment,” he said.
Dollar Heads for Annual Declines Against Euro, Yen on Fed Cuts
Bloomberg
December 31, 2007
The dollar fell for a second year against the euro and declined against the yen, snapping two years of gains, as traders raised bets the Federal Reserve will cut interest rates again to bolster the slowing economy.
The dollar traded at a two-week low versus the euro and yen, after weakening against 14 of the 16 most active currencies this year, as the Fed reduced borrowing costs three times to temper the worst housing slump in 16 years. A U.S. report today may show sales of existing homes held at the lowest since the National Association of Realtors began keeping records in 1999.
“Going into the end of the year, clearly markets have taken another bounce of dollar negativity on board,” said Jeremy Stretch, senior market strategist in London at Rabobank Groep, the third-biggest Dutch bank. “The slowdown in the U.S. economy is clearly going to happen.”
The dollar fell to $1.4712 per euro as of 9:48 a.m. in London from $1.4723 in New York on Dec. 28. It has lost 11.4 percent this year, and reached $1.4967 on Nov. 23, the weakest since the euro began trading in 1999. The dollar slipped to 112.11 yen, from 112.28 on Dec. 28 and 119.05 at the end of 2006.
The British pound headed for a second annual gain versus the U.S. currency, rising 2 percent to $1.9986. The Canadian dollar was poised for its biggest yearly advance since 2003, climbing 16 percent to 97.91 Canadian cents per U.S. dollar.
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Filed under: bernanke, Credit Crisis, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, global currency, Great Depression, Greenback, Inflation, interest rate cut, Japan, job market, Stock Market, subprime, subprime lending, US Economy, Yen, Zimbabwe
Dollar stays near record euro low
BBC
October 19, 2007
The US dollar remained near record lows against the euro in early Friday trading, on growing expectation of a further American interest rate cut.
After disappointing US economic data overnight, one euro was worth $1.4280 by late morning in Europe, just short of Thursday’s all-time $1.4311 low.
Analysts said the rise in US unemployment makes the Federal Reserve more likely to trim rates this month.
Against Japan’s yen, the dollar remained near a three-week low.
The greenback was at 115.05 yen in early Friday trade.
Rejuvenate confidence
Commentators now expect the Fed to trim US interest rates from 4.75% to 4.5% when it next meets later this month.
The dollar has been sliding since the Federal Reserve cut rates from 5.25% to 4.75% in September to help rejuvenate confidence in the world’s largest economy.
This followed a summer of turmoil in the world’s credit markets, sparked by record loan defaults in the US sub-prime mortgage sector.
Since then, a raft of mostly disappointing economic news and soft inflation figures has prompted the anticipation of further rate cuts.
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