noworldsystem.com


Buffett Says Fannie Mae, Freddie Mac ’Game Is Over’

Buffett Says Fannie Mae, Freddie Mac ’Game Is Over’

Bloomberg
August 22, 2008

Fannie Mae and Freddie Mac, the two largest mortgage finance companies, “don’t have any net worth,’’ billionaire investor Warren Buffett said.

“The game is over’’ as independent companies said Buffett, the 77-year-old chairman of Berkshire Hathaway Inc., in an interview on CNBC today. “They were able to borrow without any of the normal restraints. They had a blank check from the federal government.’’

Freddie Mac and Fannie Mae touched 20-year lows yesterday on the New York Stock Exchange on speculation a government bailout will leave the stocks worthless. U.S. Treasury Secretary Henry Paulson won approval from Congress last month to pump emergency capital into the companies, which account for more than half of the $12 trillion U.S. mortgage market.

Fannie and Freddie mispriced their products and “kept existing because they had the federal government behind them,’’ Buffett said. Omaha, Nebraska-based Berkshire had been among the largest holders of Freddie until about 2001, when it became apparent the company wasn’t being run well, he said.

Read Full Article Here

 

Jim Cramer Talks About Market Manipulation

http://www.youtube.com/watch?v=SptB3STL5rs

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Obama’s Economic Advisors Are Former Bush Officials

Obama’s Economic Advisors Are Former Bush Officials

ABC News
July 28, 2008

ABC News has learned that two former administration officials for President George W. Bush will appear with Sen. Barack Obama, D-Illinois, at an economic meeting today, having signed up to be Obama economic advisers.

Bush administration veterans former Treasury Secretary Paul O’Neill and former Securities and Exchange Commissioner William Donaldson will join former Federal Reserve Chairman Paul Volcker, and more traditionally Democratic economic advisers such as former Clinton Treasury Secretary Robert Rubin, billionaire liberal Warren Buffett, AFL-CIO President John Sweeney, and SEIU Secretary-Treasurer Anna Burger.

Donaldson’s tenure at the SEC was notable for his attempts to work with the Democratic Commissioners, for angering the US Chamber of Commerce and Republican legislators, and for abandoning an effort for shareholder proxy access.

O’Neill, the former CEO of Alcoa, had a stormy tenure as Bush’s Treasury Secretary, and revealed his frustrations with the Bush administration — especially over the war in Iraq, economic policy, and the President’s leadership style — in a book written by Ron Suskind, The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O’Neill.

Read Full Article Here

Obama will usher in new Cold War
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Obama’s Berlin Wall Speech Doesn’t Mention The West Bank Wall in Jerusalem
http://www.youtube.com/watch?v=unROatFY7Lc

Obama Heckled on African American Issues
http://www.youtube.com/watch?v=spUu48H3PGc

 



Energy expert: Gas could reach $15 per gallon

Experts Push “Peak Oil” Scam to Predict $15 a Gallon Gas Prices

Infowars
May 26, 2008

Editor’s Note: The following video is a prime example of hysterical “Peak Oil” scaremongering. In fact, there is no shortage of oil — the reserves are increasing, not decreasing. Consider the following examples: In 2006, Chevron announced a huge oil discovery in the the Lower Tertiary zone of the Gulf of Mexico, described as “one of the nation’s biggest oil discoveries in decades,” and Brazil discovered giant new offshore oil fields in 2005 (expected to produce 773 million barrels of oil by 2025). Add to this BP’s discovery of new oil fields near the Shetland Islands, recent discoveries in the Timor Sea, Yemen, Tunisia, Libya, offshore Trinidad, in Pakistan, Angola, in the Ordovician Red River Strata of southeastern Saskatchewan, and elsewhere. Earlier this month, the Kurds of northern Iraq announced a major oil find, estimated at about 2 billion barrels. In the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil alone.

Add to this an “intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates,” writes Chris Bennett (see Lindsey Williams interview below). “Deeply entrenched in our culture is the belief that at some point in the relatively near future we will see the last working pump on the last functioning oil well screech and rattle, and that will be that. The end of the Age of Oil. And unless we find another source of cheap energy, the world will rapidly become a much darker and dangerous place.” It is a meticulously nurtured myth.

Peak Oil takes a page from publicly available CFR and Club of Rome strategy manuals that say global government needs to control the world population through neo-feudalism by creating artificial scarcity that will result in massive social unrest, widespread famine, and endless war. $15 a gallon gas will most certainly help this agenda along.

http://www.youtube.com/watch?v=U7IJEEIBwrE

http://www.youtube.com/watch?v=80XMKbnHuEs

From David Edwards and Raw Story, May 24:

Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “essentially certain” the world has reached the maximum levels of oil production.

“The problem is that there’s not that much oil left in the ground,” Hirsch says. “What we’ve done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we’re reaching a point where we’re about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they’ve been doing recently. So what we’ve got today may be the ‘good old days.’”

Hirsch addressed the timeframe in which the US could see $15/gallon gas: “It could happen within a matter of months. It could happen within a matter of a few years. But it’s essentially certain that we are at the maximum of world oil production. And after that, we’ll go into decline, and when there’s much less oil available, then, of course, the price of oil is going to increase dramatically.”

Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.

Watch The Video Here

 

Oil Expert: By Summer, Oil To Hit $200 Per Barrel
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here, says Davor Stern.

Javno
May 23, 2008

Oil prices have once again crashed through the ceiling with a record price of 135 dollars per barrel because of the concerning fall in American reserves of crude oil with 5.32 million barrels. The fact is that this is only a continuation of the crisis; food is getting more and more expensive, petrol and diesel are rising in price every other week in Croatia (as well as in many countries around the world), and there is no end in sight to the price hikes.

This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here – Davor Stern told us in a telephone conversation. Davor is the former director of Croatia’s largest oil company INA, as well as an oil expert.

Record earnings by oil companies

He added that oil companies earn a lot. Igor Dekanic from the faculty of mining, geology and oil, said that European oil companies are breaking the borders of profitability.

– The largest companies like IBP, Shell, Exxon, the French Total and the Italian Enia have the largest profits in history. That is a general trend with privatized companies in the world – says professor Dekanic.

Stern stresses that the market itself has some sort of logic, however, the current situation is in a state of psychosis.

– By summer we can expect oil prices of 200 dollars per barrel, and that is not the opinion of the trade, but my own prediction. It is impossible to give any projections of the prices, but one thing is certain, the sky is the limit – says Stern.

Read Full Article Here

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Ted Turner Confronted on Population Control


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

Aaron Dykes
Jones Report
April 29, 2008

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Ted Turner Repeats Call For Population Curb

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

Paul Joseph Watson
Prison Planet
April 28, 2008

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Dollar Declines, Fed May Cut Rates 75 Points

Dollar Declines, Fed May Cut Rates 75 Points

Bloomberg
March 10, 2008

The dollar weakened against the euro and approached an eight-year low versus the yen as traders bet the Federal Reserve will lower interest rates by at least 75 basis points to avert a recession.

The currency traded within a cent of a record low against the euro as futures indicated 96 percent odds the Fed will cut its benchmark rate to 2.25 percent on March 18, 175 basis points more than the Bank of Japan’s and 175 basis points less than the European Central Bank’s. The U.S. currency weakened against a basket of major trading partners to near the lowest since the index began in 1973.

“What’s been driving the market is U.S. economic developments and expected interest-rate differentials,” said Thanos Papasavvas, head of currency management at Investec Asset Management in London. “This is a weak-dollar story. We would expect the Japanese yen and euro to continue appreciating.”

The dollar fell to 102.33 yen by 7:24 a.m. in New York, from 102.67 yen on March 7, when it slid to 101.43, the lowest since January 2000. It dropped to $1.5364 per euro, from $1.5355 at the end of last week, when it declined to $1.5459 a euro, the weakest level since the European single currency’s debut in 1999.

The yen advanced 0.4 percent to 157.20 per euro as the Cabinet Office said Japan’s equipment orders jumped 19.6 percent in January, the fastest pace in more than seven years.

The U.S. currency declined to $2.0197 against the pound, from $2.0134 on March 7, after a government report showed factory-gate in February inflation matched the fastest annual pace since 1991. The dollar also dropped 0.2 percent to 1.0233 against the Swiss franc and 0.5 percent to 5.1361 Norwegian krone.

Read Full Article Here

 

Faber: Bernanke Will Destroy Dollar

Market Watch
March 9, 2008

Federal Reserve Chairman Ben S. Bernanke will “destroy the U.S. dollar” by cutting interest rates, investor Marc Faber said.

Bernanke’s reduction in the target rate for overnight loans between banks to 3 percent has spurred a rout in U.S. stocks and gains in oil and gold prices, said Faber, the Gloom, Boom & Doom report publisher who told investors to buy gold at the start of its six-year rally.

The U.S. is now in a “de-leveraging” phase where banks make fewer loans, stunting economic growth, Faber said. He estimated that a U.S. recession began two or three months ago.

“In the U.S., they pursue essentially economic policies that target consumption, which in my opinion is misguided,” Faber said in an interview with Bloomberg Television from Chicago. “They should pursue economic policies that stimulate capital investment and capital formation.”

The Standard & Poor’s 500 Index is down 9.7 percent since Sept. 18, when the Fed began cutting the fed funds target to 3 percent from 5.25 percent. The dollar has lost 9.2 percent of its value versus the euro, crude oil futures gained more than 29 percent and gold added 34 percent during that time.

Further interest-rate cuts may spur inflation and reduce the value of 10- and 30-year Treasuries, Faber said, calling the bonds “a disaster waiting to happen.” Ten-year notes fell to a four-year low of 3.44 on Jan. 22.

 

Press Secretary Perino: I’ll Be Fired If I Talk About the Dollar

http://www.youtube.com/watch?v=C-Cvg9deslg

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Gold Hits Record of $989 an Ounce

Gold hit record of $989 an ounce, falls back $981

Bloomberg
March 4, 2008

Gold declined from a record today in Asia as some investors judged the recent rally overdone. Silver also fell.

Gold has gained 19 percent this year to a record $989.54 yesterday, as the U.S. dollar tumbled to record low against the euro at $1.5274 while the crude oil rose to record $103.95. Dollar gained to $1.5187 at 1:41 p.m. Singapore time and crude oil declined to $102.25.

“There’s been some short-term profit-taking going on this afternoon,” Charles Dowsett, head of structuring and trading of precious metals at ABN Amro Holding NV., said by telephone from Sydney today. “But we are seeing support at $980 level.”

Gold for immediate delivery fell $2.36, or 0.2 percent, to $981.34 at 1:42 p.m. Singapore time, after reaching as low as $979.00.

Read Full Article Here

 

Buffett: US Economy In Recession
Economists and business heads agree US is in recession, Federal Reserve is doing nothing to counter

Steve Watson
Infowars.net

March 3, 2008

American investor, businessman and philanthropist Warren Buffett is the latest in a string of notable figures to concede that the US economy is now in recession.

Buffett, the largest shareholder and chief executive officer of Berkshire Hathaway, and the third-richest person in the world, made the comments in an interview with cable network CNBC.

“I would say, by any commonsense definition, we are in a recession,” Buffett said.

His comments come on the back of an annual letter to shareholders (PDF), which he released Friday along with Berkshire’s 2007 financial report, in which he made similar warnings.

“It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008,” he said. “Prices are down, and exposures inexorably rise. Even if the U.S. has its third consecutive catastrophe-light year, industry profit margins will probably shrink by 4 percentage points or so.

“If the winds roar or the earth trembles, results could be far worse.”

Buffett is one of the most successful investors in the history and an economic expert.

He has previously warned of the expanding trade deficit’s slow devaluation of the dollar and other U.S. assets.

Buffett is not the only notable figure waving the red flag. A survey released last week by the National Association for Business Economics showed that 45 percent of economists are predicting a recession in 2008.

Indeed, economists everywhere are sounding the alarm and asking why the Federal Reserve continues to do little or nothing to counter the rapid downturn as stocks around the world continue to tumble, inflation spirals and the dollar falls to new lows.

“We are becoming increasingly concerned that the authorities in the world do not get it,” said Bernard Connolly, global strategist at Banque AIG. “The extent of de-leveraging involves a wholesale destruction of credit. The risk is that the ‘shadow banking system’ completely collapses,” he said.

“I never thought I would see anything like this in my life,” said James Steele, an HSBC economist in New York.

“The verdict is in. The Fed’s emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed. As the once unthinkable unfolds, the leaders of global finance dither. For the first time since this Greek tragedy began, I am now really frightened.” writes Ambrose Evans-Pritchard, International Business Editor for the London Telegraph.

Read Full Article Here

Wheat 80% Higher Than A Year Ago
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‘Doomsday’ seeds arrive in Norway
February 13, 2008, 11:57 am
Filed under: Arctic, bill gates, David Rockefeller, Monsanto, norway, rockefeller, UN, Warren Buffett, WHO

‘Doomsday’ seeds arrive in Norway

The first consignment of seeds bound for the “doomsday vault” on Svalbard has arrived in Norway.

Twenty-one boxes containing 7,000 seed samples from 36 African nations were sent by the Nigeria-based International Institute of Tropical Agriculture.

The final leg of the journey will take the seeds to the remote Arctic Island.

The vault is intended to act as insurance so that food production can be restarted anywhere on Earth after a regional or global catastrophe.

Built deep inside a mountain, the structure will eventually house a vast collection of seeds; safeguarding world crops against possible future disasters including nuclear wars and dangerous climate change.

The temperature inside the Svalbard Global Seed Vault will drop to -18C (0F) in order to preserve the seeds.

The Norwegian government is paying the $9m (£4.5m) construction costs of the vault, which will have enough space to house 4.5 million seed samples.

The seeds, weighing 330kg (730lb), are made up of varieties of domesticated and wild cowpea, maize, soybean and bambara groundnut.

“The International Institute of Tropical Agriculture genebank houses the world’s largest collection of cowpeas, with over 15,000 unique varieties from 88 countries around the world,” said Dr Dominique Dumet, the institute’s genebank manager.

During January, other national seed banks supported by the Consultative Group on International Agricultural Research (CGIAR) began packing and shipping duplicate collections that will be stored at Svalbard.

These included collections from Colombia, Ethiopia, India, Kenya, Mexico, Peru, the Philippines and Syria.

Collectively, CGIAR centres maintain 600,000 plant varieties in crop genebanks in a global effort to conserve agricultural biodiversity.

The collection and maintenance of the seeds is being co-ordinated by the Global Crop Diversity Trust, which has responsibility of ensuring the “conservation of crop diversity in perpetuity”.

“The seed vault is the perfect place for keeping seeds safe for centuries,” said Cary Fowler, the Trust’s executive director.

“At these temperatures, seeds for important crops like wheat, barley and peas can last for up to 1,000 years.”

The seed vault has been built 120m (390ft) inside a mountain on Spitsbergen, one of four islands that make up Svalbard.

The site, roughly 1,000km (600 miles) north of mainland Norway, was chosen as the location for the vault because it was very remote and it also offered the level of stability required for the long-term project.

The vault is scheduled to be formally opened on 26 February.

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