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Britain To Freeze Iranian Bank Assets

Britain To Freeze Iranian Bank Assets

AP
June 16, 2008

http://www.youtube.com/watch?v=0o064gY3DMU

Britain will freeze assets of Iran’s largest bank in a further move to discourage the country from developing nuclear weapons, Prime Minister Gordon Brown said Monday.

Brown, speaking at a news conference with President Bush, said Britain will work to persuade Europe to follow suit.

The British leader said that assets of Iran’s Bank Melli would be frozen. Last year, the United States accused the bank of providing services to Iran’s nuclear and ballistic missile programs.

“Action will start today in new phase of sanctions on oil and gas,” Brown said. “We will take any necessary action so that Iran is aware of the choice it needs to make.”

The U.S. and some of its allies accuse Iran of trying to develop nuclear weapons. Iran denies that, saying its atomic program is aimed at using nuclear reactors to generate electricity.

The U.N. Security Council has imposed three sets of limited sanctions against Iran for refusing to halt uranium enrichment, a technology that can both produce nuclear fuel and turn out the material needed for nuclear warheads.

The third round of U.N. sanctions passed in March introduced financial monitoring of Bank Melli and another bank with purported links to suspect Iranian nuclear activities, Bank Saderat.

Brown said his government wanted to do all it could to maintain a dialogue with Tehran.

“But we are also clear that if Iran continues to ignore (United Nations) resolutions, to ignore our offers of partnership, we have no choice but to intensify sanctions,” the prime minister said.

“I will repeat that we will take any necessary action so that Iran is aware of the choice it has to make — to start to play its part as a full and respected member of the international community, or face further isolation.”

Bush urged Tehran to accept a new package of incentives and said it should accept a Russian proposal to enrich uranium on Iran’s behalf.

“When the Iranians say we have a sovereign right to have one, the answer is ’You bet you have a sovereign right, absolutely’,” Bush said, referring to a civilian nuclear program.

“But you don’t have the trust of those of us who have watched you carefully when it comes to enriching uranium, because you have declared that you want to destroy democracies in the neighborhood.”

Brown said he will press European colleagues at a summit in Brussels, Belgium later this week to agree a tougher package of European Union sanctions against Iran, including the freezing of Bank Melli’s assets.

The EU imposes its own set of measures against Iran, in addition to U.N.- backed sanctions, which include a total arms embargo and travel bans against a number of named individuals and organizations.

French Foreign Minister Bernard Kouchner has previously called for the EU to target more companies — particularly in the banking sector — and other individuals who do not now face visa bans under current EU penalties.

 

Iran Withdraws $75B From Europe

Reuters
June 16, 2008

Iran has withdrawn around $75 billion from Europe to prevent the assets from being blocked under threatened new sanctions over Tehran’s disputed nuclear ambitions, an Iranian weekly said.

Western powers are warning the Islamic Republic of more punitive measures if it rejects an incentives offer and presses on with sensitive nuclear work, but the world’s fourth-largest oil exporter is showing no sign of backing down.

“Part of Iran’s assets in European banks have been converted to gold and shares and another part has been transferred to Asian banks,” Mohsen Talaie, deputy foreign minister in charge of economic affairs, was quoted as saying.

Iranian officials were not immediately available to comment on the report in Shahrvand-e Emrouz, a moderate weekly, which did not specify the time period for the withdrawals which it said were ordered by President Mahmoud Ahmadinejad.

“About $75 billion of Iran’s foreign assets which were under threat of being blocked were wired back to Iran based on Ahmadinejad’s order,” the weekly said.

Iran’s Etemad-e Melli newspaper, also quoting Talai, last week also reported the country was withdrawing assets from European banks but did not give any figures.

Read Full Article Here

 

Iran Urges OPEC To Dump Dollar

Press TV
June 17, 2008

Iran urges the OPEC member states again to convert their cash reserves into a basket of currencies rather than the tumbling US dollar.

Speaking at a ceremony to open the 29th ministerial meeting of the OPEC Fund for International Development (OFID), Iran’s President Mahmoud Ahmadinejad repeated his proposal made about six months ago in a rare summit of the Organization of Petroleum Exporting Countries’s heads of states.

“The fall in the value of US dollar is one of the pressing problems of the world today,” warned the Iranian president at the conference in Isfahan on Tuesday.

He further expressed concern over the adverse effect of the dollar depreciation on the international community, especially energy exporting countries through increasing the price of commodities like wheat, rice and oilseeds.

Ahmadinejad said he warned six months ago in the summit conference in Riyadh that there were many indications pointing to continued fall in the value of the greenback.

“And we see that this continues to happen and the resources and wealth of OPEC member countries have been hugely damaged.

“I again repeat my previous proposal; we should have a basket of different international hard currencies as the basis or the member countries should come up and produce a new hard currency for petroleum contracts,” he stressed.

“They get our oil and give us a worthless piece of paper,” Ahmadinejad said earlier after the close of the summit in the Saudi capital of Riyadh.

The comments by the Iranian president gained backing from Venezuelan President Hugo Chavez as he said at the same event, “The empire of the dollar has to end.”

On the soaring oil prices, the Iranian president said, “At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed.”

“As you know the decrease in the dollar’s value and the increase in energy prices are two sides of the same coin which are being introduced as factors behind the recent instability,” Ahmadinejad added.

Is a New Congressional Resolution Declaring War with Iran?
http://www.niacouncil.org/index.ph..&task=view&id=1141&Itemid=2

Israeli Ministers Mull Plans for Military Strike against Iran
http://www.spiegel.de/international/world/0,1518,559925,00.html

Iran: No decision for new sanctions
http://www.presstv.ir/detail.aspx?id=60394&sectionid=351020101

EU To Issue Stronger Iran Sanctions
http://news.yahoo.com/s/ap/20..yoz_9cR3Dd4WvnVDpQUewgF

Bush threatens Iran with military action, again
http://www.independent.co.uk/news..an-with-military-action-848488.html

Alert?! Cheney Winning the Inside Battles Again
http://www.thewashingtonnote.com/archives/2008/06/alert_cheney_wi/

Iran and North Korea may have bought nuclear missile blueprints
http://www.timesonline.co.uk/tol/new.._and_americas/article4144317.ece

Iran Nuke Laptop Data Came from Terror Group
http://www.ipsnews.net/news.asp?idnews=41416

Coup on Iran & False Flag News Archive

 



Food prices put fight against poverty back 7 years

World Bank: rocketing food prices have put fight against poverty back 7 years

London Guardian
April 10, 2008

Rocketing global food prices are causing acute problems of hunger in poor countries and have put back the fight against poverty by seven years, the World Bank said today.

Robert Zoellick, the Bank’s president, said that while consumers in rich countries were worried about the cost of filling the fuel tanks in their cars, people in poor countries were “struggling to fill their stomachs. And it’s getting more and more difficult every day.”

Zoellick said the price of wheat has risen by 120% in the past year, more than doubling the cost of a loaf of bread. Rice prices were up by 75%.

“In Bangladesh a two kilogram bag of rice now consumes almost half of the daily income of a poor family. With little margin for survival, rising prices too often means fewer meals.”

Poor people in Yemen, he said, were now spending more than a quarter of their income on bread.

“This is not just about meals foregone today, or about increasing social unrest, it is about lost learning potential for children and adults in the future, stunted intellectual and physical growth. Even more, we estimate that the effect of this food crisis on poverty reduction worldwide is in the order of seven lost years.”

The Bank’s analysis chimes with research from the International Monetary Fund showing that Africa will be the hardest hit continent from rising food prices. More than 20 African countries will see their trade balance worsen by more than 1% of GDP as a result of having to pay more for food.

Read Full Article Here

 

World Bank expects more high food prices

AP News
April 8, 2008

Rising food prices, which have caused social unrest in several countries, are not a temporary phenomenon, but are likely to persist for several years, World Bank President Robert Zoellick says.

Strong demand, change in diet and the use of biofuels as an alternative source of energy have reduced world food stocks to a level bordering on an emergency, he says.

Speaking to reporters Monday before the bank’s spring meeting this coming weekend, Zoellick said the 185-member World Bank would work with other organizations to deal with the crisis by seeking ways to help farmers, especially in Africa, to increase productivity and improve access to food through schools or workplaces.

“This is not a this-year phenomenon,” he said, referring to the price spike. “I think it is going to continue for some time.”

Zoellick said bank forecasters looking at food prices have concluded that a serious risk exists of a significant increase in poverty, which for some countries will reverse gains made over the past five to 10 years.

Read Full Article Here

Food as a Weapon: The Rape of Iraq
http://mparent7777-1.blogspot.com/2008/04/food-as-weapon-rape-of-iraq.html

UN Chief: Food riots are already being reported across the globe
http://www.guardian.co.uk/environment/2008/apr/09/food.unitednations

Grains Gone Wild
http://www.nytimes.com/2008.._r=1&oref=slogin&pagewanted=print

Food Haitians storm palace in food price riots
http://www.boston.com/news/world/la..rm_palace_in_food_price_riots/

Rice Jumps to Record, Corn Near High as Demand Outpaces Supply
http://www.bloomberg.com/apps/new..&sid=aBPFBEmOgnh8&refer=home

Food riots fear after rice price hits a high
http://www.guardian.co.uk/environ..r/06/food.foodanddrink

Food prices to rise for years, biofuel firms say
http://www.reuters.com/article/reutersEdge/idUSL0324014220080403

Rush to restrict trade in basic foods
http://www.ft.com/cms/s/0/7a4c2b98..77b07658.html?nclick_check=1

 



Destroying the Rainforest to Fight Global Warming

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

Time
March 30, 2008

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

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

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

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

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

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

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

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

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

Read Full Article Here

Biofuel Scam: Ship fuel over the Atlantic twice, pocket US subsidies, undercut local vendors
http://www.guardian.co.uk/environment/2008/apr/01/biofuels.energy

Analyst Predicts Corn Rationing In 2008
http://www.chron.com/disp/story.mpl/ap/fn/5662307.html

 



Rice Prices Soar Globally Leading To Food Riots

CSM

Rice farmers here are staying awake in shifts at night to guard their fields from thieves. In Peru, shortages of wheat flour are prompting the military to make bread with potato flour, a native crop. In Egypt, Cameroon, and Burkina Faso food riots have broken out in the past week.

Around the world, governments and aid groups are grappling with the escalating cost of basic grains. In December, 37 countries faced a food crisis, reports the UN Food and Agricultural Organization (FAO), and 20 nations had imposed some form of food-price controls.

In Asia, where rice is on every plate, prices are shooting up almost daily. Premium Thai fragrant rice now costs $900 per ton, a nearly 30 percent rise from a month ago.

Exporters say the price could eclipse $1,000 per ton by June. Similarly, prices of white rice have climbed about 50 percent since January to $600 per ton and are projected to jump another 40 percent to $800 per ton in April.

The skyrocketing prices have prompted millers to default on rice supply contracts and bandits to steal rice as they aim to hoard the crop, and sell it later, as prices continue to rise.

“The farmers are afraid as their fields have been robbed in the nighttime,” says Sarayouth Phumithon, an official at the Thai government’s Bureau of Rice Strategy and Supply. “This is just the beginning. The problem will get worse if the price keeps increasing.”

Read Full Article Here

 

High Rice Cost Creating Fears of Asia Unrest

NY Times
March 29, 2008

Rising prices and a growing fear of scarcity have prompted some of the world’s largest rice producers to announce drastic limits on the amount of rice they export.

The price of rice, a staple in the diets of nearly half the world’s population, has almost doubled on international markets in the last three months. That has pinched the budgets of millions of poor Asians and raised fears of civil unrest.

Shortages and high prices for all kinds of food have caused tensions and even violence around the world in recent months. Since January, thousands of troops have been deployed in Pakistan to guard trucks carrying wheat and flour. Protests have erupted in Indonesia over soybean shortages, and China has put price controls on cooking oil, grain, meat, milk and eggs.

Food riots have erupted in recent months in Guinea, Mauritania, Mexico, Morocco, Senegal, Uzbekistan and Yemen. But the moves by rice-exporting nations over the last two days — meant to ensure scarce supplies will meet domestic needs — drove prices on the world market even higher this week.

This has fed the insecurity of rice-importing nations, already increasingly desperate to secure supplies. On Tuesday, President Gloria Macapagal Arroyo of the Philippines, afraid of increasing rice scarcity, ordered government investigators to track down hoarders.

The increase in rice prices internationally promised to put more pressure on prices in the United States, which imports more than 30 percent of the rice Americans consume, according to the United States Rice Producers Association. The price that consumers pay for rice has already increased more than 8 percent over the last year.

But the United States is fortunate in also exporting rice; poor countries ranging from Sengal in West Africa to the Solomon Islands in the South Pacific are heavily dependent on imports and now face higher bills.

Read Full Article Here

 


Kissinger’s Plan For Food Control Genocide

Tehran Times
March 18, 2008

On Dec. 10, 1974, the U.S. National Security Council under Henry Kissinger completed a classified 200-page study, “National Security Study Memorandum 200: Implications of Worldwide Population Growth for U.S. Security and Overseas Interests.” The study falsely claimed that population growth in the so-called Lesser Developed Countries (LDCs) was a grave threat to U.S. national security. Adopted as official policy in November 1975 by President Gerald Ford, NSSM 200 outlined a covert plan to reduce population growth in those countries through birth control, and also, implicitly, war and famine. Brent Scowcroft, who had by then replaced Kissinger as national security adviser (the same post Scowcroft was to hold in the Bush administration), was put in charge of implementing the plan. CIA Director George Bush was ordered to assist Scowcroft, as were the secretaries of state, treasury, defense, and agriculture.

The bogus arguments that Kissinger advanced were not original. One of his major sources was the Royal Commission on Population, which King George VI had created in 1944 “to consider what measures should be taken in the national interest to influence the future trend of population.” The commission found that Britain was gravely threatened by population growth in its colonies, since “a populous country has decided advantages over a sparsely-populated one for industrial production.” The combined effects of increasing population and industrialization in its colonies, it warned, “might be decisive in its effects on the prestige and influence of the West,” especially effecting “military strength and security.”

NSSM 200 similarly concluded that the United States was threatened by population growth in the former colonial sector. It paid special attention to 13 “key countries” in which the United States had a “special political and strategic interest”: India, Bangladesh, Pakistan, Indonesia, Thailand, the Philippines, Turkey, Nigeria, Egypt, Ethiopia, Mexico, Brazil, and Colombia. It claimed that population growth in those states was especially worrisome, since it would quickly increase their relative political, economic, and military strength.

Read Full Article Here

Food crisis being felt around world
http://www.nationalpost.com/news/story.html?id=412984

Imagine you were already slowly starving and food prices suddenly double
http://electronicintifada.net/v2/article9421.shtml

Bread, milk, egg prices spike, draining locals’ wallets
http://www.pressofatlanticcity.com/186/story/119284.html

Food prices rising across the world
http://www.printthis.clickability.com..d.ap%2Findex.html&partnerID=21210

 



Gold Regains $954, Oil $108, Euro $1.58

Update: Gold Regains $954, Oil $108, Euro $1.58

AP
March 27, 2008

Gold prices edged slightly lower Thursday after the dollar gained against the euro, leading investors to sell the precious metal traditionally viewed as a haven against inflation.Other commodities traded mixed, with crude oil briefly rising above $108 a barrel and wheat and soybean futures retreating.

The dollar strengthened against the euro after the U.S. Commerce Department reported that the economy grew slightly in the fourth quarter. The euro bought $1.5766 in Thursday trading, down from $1.5815 in New York late Wednesday.

A stronger greenback often encourages investors to sell hard assets like gold and silver, which are seen as hedge investments during times of economic uncertainty and rising inflation. A stronger dollar also makes dollar-denominated commodities seem more expensive to overseas buyers.

Gold for April delivery inched 40 cents lower to settle $944.20 an ounce on the New York Mercantile Exchange, after earlier trading as low as $940.

“Gold seems to be following the euro,” said Scott Meyers, analyst with Pioneer Futures in New York. “I think it’s a brief pause in the upward trend but we have to keep an eye on the dollar.”

Other precious metals traded higher. Silver for May delivery rose 16.7 cents to settle at $18.55 an ounce on the Nymex, while May copper added 14.80 cents to settle at $3.873 a pound.

Gold had moved higher in the previous two sessions, breaking out of last week’s commodities slump that saw big drops in everything from corn to copper. Gold has gained 12 percent this year, driven up by U.S. interest rate cuts, record-high crude prices and nervousness about the economy. The metal reached a record 1,033.90 this month, and analysts say it could go even higher.

“We’re going to see sustained acceleration in the (gold) market,” Meyers said. “There’s enough nervousness about the dollar and I don’t know if there’s enough bullets in (Federal Reserve Chairman Ben) Bernanke’s gun to keep lowering rates.”

In energy markets, oil futures briefly rose above $108 a barrel after the bombing of a major oil pipeline in Iraq. Dow Jones Newswires reported that the attack cut off exports from the southern city of Basra, although oil officials said exports weren’t affected.

Light, sweet crude for May delivery added $1.68 to settle at $107.58 a barrel on the Nymex after earlier rising as high as $108.22.

Other energy futures traded mixed. April gasoline futures fell 2.66 cents to settle at $2.7163 a gallon, while April heating oil futures rose by 10.45 cents to settle at $3.1483 a gallon.

In agriculture markets, wheat prices fell after the dollar rebounded.

Wheat for May delivery dropped 19 cents to settle at $10.14 a bushel on the Chicago Board of Trade, after earlier falling as low as $10 a bushel.

Other agriculture futures traded mixed. Corn for May delivery added 3.25 cents to settle at $5.55 a bushel on the CBOT, while May soybean futures declined 24.75 cents to settle at $13.2725.

 

BlackRock says gold record high may be challenged

Reuters
March 26, 2008

http://youtube.com/watch?v=OvCVEsahhZo

Investment manager BlackRock expects tight gold supply and a gradual rising trend in the price which could lift the metal to new highs above the record $1,030 per ounce hit last week.

“We expect a gradually rising trend in the gold price and if that happens we will get to a new high. We are expecting that positive trend to continue, with volatility over the short term,” said fund manager Evy Hambro, who runs BlackRock’s $17 billion (8.5 billion pound) World Mining Fund and co-manages the $8.9-billion World Gold Fund.

Gold traded at $931.60 an ounce on Tuesday, well off a high of $1,030.80 hit on March 17.

“We think the replacement cost of gold today is much higher than where the market is right now,” Hambro said, adding that even if the price reached the desired level it would have to be sustained for gold companies to invest.

“Just because it reaches that number doesn’t mean it’s going to change anything. We’re not going to see all gold mining CEOs building new projects. The price needs to average that over a decent period of time for them to start investing shareholder capital into new production assets,” he said.

The Gold fund’s top three holdings as at the end of last month were Australia’s Newcrest Mining (NCM.AX: Quote, Profile, Research), Canada’s Barrick Gold (ABX.TO: Quote, Profile, Research) and Kinross Gold (K.TO: Quote, Profile, Research), which together accounted for over 22 percent of the fund.

“In the gold space we are very much in a situation where production will continue to likely decline. There are not enough new gold discoveries to replace the gold being mined,” Hambro said.

Recent News:

Bank Of England Won’t Follow Fed Rate Cuts
http://business.timesonline.co..economics/article3624591.ece

Wall Street To Shed 20,000 Jobs
http://www.telegraph.co.uk/money/..money/2008/03/26/bcnjobs126.xml

Paulson Says New Financial Rules Needed
http://news.yahoo.com/s/ap/20080326..4FpI27qGt34XERusSs0NUE

Next Stop $2000 Gold
http://seekingalpha.com/article/69710-next-stop-2-000-gold

Bush Actually Thinks Economy Will Get Stronger
http://www.reuters.com/article/politicsN..=RSS&feedName=politicsNews&rpc=22&sp=true

$5.40 Gasoline Spotted In California
http://www.nbc11.com/news/15701062/detail.html

Paulson: Social Security Unsustainable
http://www.breitbart.com/article.php?id=080325191211.f5erep3w&show_article=1

Banks Want You to Bail Them Out
http://www.ft.com/cms/s/0/a233faa2..0-000077b07658.html?nclick_check=1

Questions abound on Bear Stearns buyout
http://www.reuters.com/article/ousiv/idUSN1438930520080320

Goldman Sees $1.2 Trillion Global Credit Loss
Financial Destruction Of The Average Man
Food Stamp Use Hits All-Time High
Sterling falls as BoE highlights downside risk to pound
New Home Sales Fall To 13-Year Low
Hoarding by banks stokes fears on credit crisis
Gas Prices Skyrocket To All-Time High
Barrick Gold to invest up to $35m in Allied Gold
Chinese banks allowed to trade gold futures
Existing-Home Sales Rise, Prices Fall
Fed May Buy Mortgages Next
The four ‘new sheriffs’ of Wall Street

U.S. Economic Collapse News Archive

 



The Federal Reserve Is Destroying America

The Federal Reserve Is Destroying America

Lee Rogers
Funny Money Report
March 17, 2008

It is incredible to see the rampant devaluation of the U.S. Dollar. The Federal Reserve just hours ago made a rare cut of 25 basis points during the weekend which will cause even more inflation. Gold immediately moved up $20 an ounce and the U.S. Dollar Index plunged under 71 in international trading. If this type of market activity continues the U.S. Dollar will have no value in a few months. While it is probably unlikely that we will see a hyper-inflationary collapse of the U.S. Dollar within the next few months, these policies are entirely unsustainable. If the Federal Reserve does not move to defend the value of the U.S. Dollar we will eventually see a hyper-inflationary collapse and worldwide financial turmoil. This view is also shared by other well respected financial analysts. Peter Schiff recently raised concerns about a hyper-inflationary collapse of the U.S. Dollar, Robert Reich a former Clinton cabinet member believes we are facing a depression and Alan Greenspan the man who caused this whole mess wrote in the Financial Times stating that we are facing the worst financial crisis since World War II. What’s amazing is that the Federal Reserve isn’t even trying to protect the U.S. Dollar because all they care about is saving the power of their private banking cartel. They don’t care about the U.S. Dollar nor do they care about the country itself. They are destroying this country through their actions and there needs to be an investigation into the controllers of this bank.

Read Full Article Here

 

A Time For Caution

321 Gold
March 16, 2008

I wrote a piece 10 days ago suggesting caution on the part of my readers. Gold and silver are at bullish extremes; the dollar is at a bearish extreme. In any normal time, we would expect to see a correction, probably violent. I still believe we will have a correction shortly but we may no longer control anything. While the metals and the dollar are showing extremes of emotion, the shares of mining companies still seem to be very bullish based on my read of the XAU over gold.

My readers are smart enough to realize we are not in normal times. We are in a Domino Depression where we can expect two or three hedge funds to collapse every day, banks to go under on a regular basis. Northern Rock collapsed last fall, I for one, cannot understand how the rest of the banking system has not failed.

It’s starting again; we are in uncharted waters where no one quite understands where we are; we’ve never been here before. Bear Sterns crashed on Friday last. On Monday March 17th, President Bush meets with the infamous Plunge Protection Team. The alternatives are everything from a Bank Holiday to a nuclear attack on Iran to Bush declaring a “National Emergency” and naming himself Fuhrer.

One of the very real alternatives is Weimar style inflation. That’s what the government would like to do; it’s a question of if the rest of the world will go along with it. All it would take for a total and immediate failure would be for China or Russia or Japan or Saudi Arabia to dump the dollar.

It’s a time for caution. We SHOULD have a violent correction in gold and silver and the dollar based on emotion and government intervention but we could see $3,000 gold in a week or the start of a living nightmare brought to you by the Gang of Fools in Washington. No one knows.

I’m tempted to say the government’s ability to deceive is far greater than I ever imagined and the stupidity of Americans equally unimagined. We may well coast into Armageddon at a nice measured rate or we could see a freeze-up next week. The time will come when there is a total freeze-up in the banking system and all the banks will close. I just don’t know if it’s next week or not.

It’s a time to be cautious. We are not entering a recession; it’s a full-blown Domino Depression. It’s not a time to be in CDs or Real Estate or speculating in the stock market. You need to own real things of some real value. Our world is changing at an ever-increasing rate. Own some physical gold and pay attention to what is going on.

 

Leading Economic Writer: Financial Meltdown A “Gigantic Fraud”

Steve Watson
Infowars.net
March 17, 2008

A leading economic journalist has described the current financial crisis as a “gigantic fraud”, the fallout of a deliberate and preconceived profit agenda to enslave the middle classes in a debt bubble.

The economics editor of the London Guardian, Larry Elliott, has hit out at the global financial elite in a refreshing piece that marks a rare shift away from the establishment hackery we are used to from the corporate media.

In an article titled America was conned – who will pay? Elliot writes:

Indeed, it is somewhat surprising that there is not already rioting in the streets, given the gigantic fraud perpetrated by the financial elite at the expense of ordinary Americans.

[…]

Business, of course, needs consumers to carry on spending in order to make money, so a way had to be found to persuade households to do their patriotic duty. The method chosen was simple. Whip up a colossal housing bubble, convince consumers that it makes sense to borrow money against the rising value of their homes to supplement their meagre real wage growth and watch the profits roll in.

As they did – for a while. Now it’s payback time and the mood could get very ugly. Americans, to put it bluntly, have been conned. They have been duped by a bunch of serpent-tongued hucksters who packed up the wagon and made it across the county line before a lynch mob could be formed.

Elliot also states that the debate is now not about whether the US faces a recession, but is about how deep it will be and how long it will last, comparing the downturn to the South Sea Bubble crisis in 1720, and declaring that the “Ponzi securitisation scam has been exposed.”

A Ponzi scheme, named after Charles Ponzi, is one that offers abnormally high short-term returns in order to entice new investors. The high returns that a Ponzi scheme advertises and pays require an ever-increasing flow of money from investors in order to keep the scheme going, meaning it is inevitable that it will eventually collapse.

Read Full Article Here

Stock Guru Granville: We Are In A Crash
http://www.bloomberg.com..p;sid=aMVeMY2hvYUI&refer=home

Not Just Recession, Clinton Appointee Talking ‘Depression’
http://www.businessandmedia.org/articles/2008/20080314131851.aspx

Oil plummets on economy worries
http://news.yahoo.com/s/ap/20080317/ap_on_bi_ge/oil_prices

Bernanke May Run Low on `Ammunition’ for Loans, Rates
http://www.bloomberg.com/apps/news..amp;refer=exclusive

Who Is Responsible for the World Food Shortage?
http://www.larouchepub.com/other/1995/2249_food_intro.html

NZ market hit by US meltdown
http://www.newstalkzb.co.nz/newsdetail1.asp?storyID=134130

House, Senate endorse tax hikes
http://www.rawstory.com/new..enate_endorse_tax_hikes_03132008.html

Dollars Tough To Sell On Amsterdam
http://www.reuters.com/article/ousiv/idUSL1758265520080317

Gulf States Creep Away From Plunging Dollar
http://prisonplanet.com/articles/march2008/031708_creep_away.htm

IMF, OECD hit alarm buttons for crisis-hit global financial system
http://news.yahoo.com/s/afp/200803..Aj6Sk0_nk7A4Wj6bi0U.nq7.ucsA

Goldman Sees $175 Oil & Explosive Commodities
http://www.bloomberg.com/app..newsarchive&sid=aUmQ3MBOkx_0

 



Gold Hit Record $1,033, Oil $112, Euro $1.59

noworldsystem.com note: Immediately after the fed announced the 3.25% cut, gold dramatically hit record lows of around $1004 but the trend right now (Mar 17, 2008 10:57 AM NY Time) is $1013, and is gradually going up, get live quotes for gold! This can get really ugly. . .
Gold futures ease back off $1,033 record

Market Watch
March 17, 2008

Gold futures hit a new record on Monday of nearly $1,034 an ounce before edging back down after the Federal Reserve cut the discount rate by a quarter of a percentage point after JP Morgan Chase & Co. agreed to buy the troubled investment bank, Bear Stearns.

Gold for April delivery stood lately at $1,009.40 in the Comex Division in the New York Mercantile Exchange, after hitting high of $1,033.90 an ounce. Bullion gained 3.4 percent.

The benchmark contract closed Friday’s session at $999.50 an ounce on the New York Mercantile Exchange.

“We believe there is a derivative play being unwound,” said Johnathan Barratt, managing director of Sydney-based Commodity Broking Services.

Read Full Article Here

 

Oil hits record near $112 as dollar slumps

Herald Tribune

March 17, 2008

Oil rose to a record near $112 on Monday as a surprise weekend cut in the Federal Reserve discount rate and the sale of stricken U.S. investment bank Bear Stearns sent the dollar to all-time lows.

U.S. crude for April hit a fresh high of $111.80 a barrel. It was trading $1.15 up at $111.36 a barrel by 9:15 a.m.

May London Brent crude was $1.28 higher at $107.48.

“The recent oil prices have been swayed by the currency moves, including this latest rally to a record,” said Tony Nunan, risk management executive at Tokyo-based Mitsubishi. “The dollar weakness is the factor at the moment.”

 

Euro touches $1.59, Current Price $1.57

RTE Business

March 17, 2008

The dollar plunged to a fresh record low against the euro this morning as fears about the health of the US economy escalated.

Dealers said an emergency rate cut by the US Federal Reserve only added to the sense of crisis after the near-collapse of US bank Bear Stearns.

The euro struck a new peak of $1.5905 in Tokyo, up from $1.5669 late on Friday in New York. It later slipped back to $1.5770 in volatile European trading amid speculation that central banks could step in to halt the dollar’s decline.

The euro also moved above 78p against sterling.

IMF Tells States To Plan For The Worst
http://www.ft.com/cms/s/0/682..00779fd2ac.html?nclick_check=1

Gas Not Alone — Food Prices Way Up, Too
http://www.cbsnews.com/stories/2008/03/..merWatch/main3928372.shtml

Treasury Chief Defends Fed Intervention
http://news.yahoo.com/s/ap/2008..AvVz8_lzJEF1tmFuhLEGyZ6s0NUE

High Wheat Process Rise Grocery Prices
http://news.yahoo.com/s/ap/2008031..e/costly_wheat&printer=1

U.S. Dollar Intervention Madness
http://www.howestreet.com/articles/index.php?article_id=5958

UK: Taxman Given Draconian Powers
http://www.dailymail.co.uk/pages/liv..33629&in_page_id=1770

JP Morgan Closes In On Bear Stearns Buyout
http://online.wsj.com/article..8739825.html?mod=googlenews_wsj

Greenspan: Worst Crisis Since World War II
http://www.ft.com/cms/s/0/e..6bc-0000779fd2ac.html?nclick_check=1

Ron Paul’s Statement On Coinage Debasement
http://pressmediawire.com/article.cfm?articleID=18325

Bush: Economy Is Going Through A ‘Rough Period’
http://wcbstv.com/topstories/Bush.New.York.2.676953.html

U.S. faces severe recession: NBER’s Feldstein
http://biz.yahoo.com..a_economy_feldstein.html?.v=1

What the Price of Gold Is Telling Us
Could we really run out of food?
Fears mount over US economy
Leading Economist: Dollar Faces Outright Collapse
Swiss Franc Rises to Parity With Dollar as Investors Avoid Risk

U.S. Economic Collapse News Archive