Filed under: Ahmadinejad, airstrikes, Big Banks, Britain, Congress, Coup, Credit Crisis, DEBT, Dick Cheney, dollar peg, Economic Collapse, economic depression, Economy, Europe, european union, False Flag, food crisis, food prices, France, gas prices, George Bush, gold, gordon brown, Great Depression, Greenback, Hugo Chavez, Inflation, Iran, Israel, military strike, north korea, Nuke, Oil, OPEC, Petrol, Preemptive Strike, preemptive war, Propaganda, Russia, Sanctions, Saudi Arabia, Shock and Awe, Tehran, UN, United Kingdom, US Economy, Venezuela, War On Terror, wheat, WMD, WW3, ww4 | Tags: Mohsen Talaie, OFID
Britain To Freeze Iranian Bank Assets
AP
June 16, 2008
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.
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.
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§ionid=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
Filed under: Africa, asia, biofuels, brent scowcroft, bush senior, central bank, CIA, colombia, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, ethiopia, Eugenics, famine, food prices, GAO, gas prices, Genocide, global elite, Globalism, Great Depression, Greenback, Henry Kissinger, imf, Inflation, Iraq, malthusian catastrophe, Mexico, neocons, Nigeria, Peru, Petrol, philippines, Population Control, riot, riots, Stock Market, tuckey, UN, US Economy, wheat, World Bank | Tags: corn, grains, rice, Robert Zoellick, yemen
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.
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.
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
Filed under: amazon, biofuels, BP, brazil, carlyle group, ethanol, famine, food crisis, food market, food prices, gas prices, GE, George Bush, george soros, health and environment, malthusian catastrophe, Mexico, Oil, Pakistan, Petrol, shell, UN, washington, wheat | Tags: corn, grain, grasslands, malaysia, rain forest, rainforest, soybean, wetlands
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.
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
Filed under: Africa, asia, brent scowcroft, bush senior, central bank, CIA, colombia, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, ethiopia, Eugenics, famine, food prices, GAO, Genocide, global elite, Great Depression, Greenback, Henry Kissinger, Inflation, malthusian catastrophe, Mexico, neocons, Nigeria, Peru, philippines, Population Control, riot, riots, Stock Market, tuckey, UN, US Economy, wheat | Tags: grain, Guinea, King George VI, Mauritania, Morocco, rice, rice shortage, soybean shortage, thailand, yemen
Rice Prices Soar Globally Leading To Food Riots
CSM
March 26, 2008
Bangkok, Thailand – – 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.”
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.
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.
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
Filed under: Bank of England, Bear Stearns, Big Banks, BOE, California, central bank, Credit Crisis, DEBT, Dow, Economic Collapse, economic depression, Economy, Euro, food prices, gas prices, George Bush, global economy, gold, Great Depression, Greenback, henry paulson, Inflation, interest rate cut, interest rate cuts, Iraq, nymex, Oil, Paulson, Petrol, rate cut, silver, Stock Market, US Economy, Wall Street, wheat
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:
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
Filed under: Alan Greenspan, bear sterns, bernanke, Big Banks, Bill Clinton, catastrophic event, China, Credit Crisis, DEBT, Dictatorship, Economic Collapse, economic depression, Economy, Federal Reserve, food prices, gas prices, George Bush, global elite, gold, Goldman Sachs, Great Depression, Greenback, Hillary Clinton, House, housing market, imf, Inflation, interest rate cut, interest rate cuts, Japan, new zealand, Northern Rock, Oil, OPEC, peter schiff, Petrol, rate cut, real estate, robert reich, Russia, Saudi Arabia, Senate, Stock Market, tax, US Economy, wheat, WW2 | Tags: Larry Elliott
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.
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.
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
Filed under: Alan Greenspan, Bear Stearns, bernanke, Big Banks, Britain, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Europe, Federal Reserve, food prices, gas prices, George Bush, global economy, gold, Great Depression, Greenback, imf, Income Tax, Inflation, interest rate cut, interest rate cuts, JP Morgan, Oil, Petrol, rate cut, Ron Paul, Stock Market, tax, United Kingdom, US Economy, US Treasury, wheat, WW2
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.
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.
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
Filed under: Britain, comex, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Europe, food prices, foreclosure, gas prices, George Bush, global economy, gold, Great Depression, Greenback, housing market, Inflation, interest rate cut, interest rate cuts, jim rogers, nymex, Oil, palladium, Petrol, platinum, rate cut, S&P, silver, Stock Market, subprime, subprime lending, tax, United Kingdom, US Economy, Wall Street, wheat, White House, Yen
Gold hits new record at $1,009
Bloomberg
March 14, 2008
Gold surged to a record $1,009 an ounce in New York as the Bear Stearns Cos. bailout and a plunging dollar increased demand for the precious metal. Silver also gained.
Bear Stearns got emergency funding from JPMorgan Chase & Co. and the New York Federal Reserve. The securities firm said its cash position had “significantly deteriorated.” The dollar fell to a record against the euro and a 12-year low against the yen. Gold has jumped 19 percent this year, while the Standard & Poor’s 500 Index fell 13 percent.
“Gold’s assault on $1,000 is happening for a good reason,” said James Turk, founder of GoldMoney.com, which had $337 million in gold and silver in storage for investors at the end of February. “Gold is not only an inflation hedge, it’s a catastrophe hedge. Gold is becoming increasingly important as the credit crunch continues to spiral out of control.”
Gold futures for April delivery rose $5.70, or 0.6 percent, to $999.50 an ounce on the Comex division of the New York Mercantile Exchange. The price reached the highest ever for a most-active contract at 10:45 a.m., topping yesterday’s record of $1,001.50. The metal has tripled in the past five years.
Silver futures for May delivery climbed 23.5 cents, or 1.2 percent, to $20.655 an ounce. The price has gained 38 percent this year.
“Gold at $1,000 is a clear sign of a lack of confidence in the dollar and the Fed’s handling of monetary affairs,” said Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland.
Oil Hits Record $111, Euro Reaches $1.56
AFP
March 14, 2008
The dollar struck a fresh all-time low against the euro Friday as gold prices traded close to record highs a day after topping 1,000 dollars for the first time on US economic woes.
Oil prices fell on profit-taking after striking an historic peak of 111 dollars per barrel Thursday.
The European single currency reached a record high of 1.5651 dollars in Asian trade Friday, prompting the EU presidency to voice deep concern.
In later European trading the euro stood at 1.5566 dollars, down from 1.5624 late on Thursday in New York.
Jim Rogers: Abolish The Federal Reserve
http://video.google.com/videoplay?docid=-6046520409389956642&hl=en
Recent News:
http://business.timesonline.co.uk/tol/business/economics/article3542775.eceNew dollar low is ‘not good tidings’: Bush
http://rawstory.com/news/afp/New_dollar_low_is_not_good_tidings__03122008.html
White House Urges Consumers To Spend
http://rawstory.com/news/afp/White_House_urges_US_consumers_to_s_03132008.html
Macy’s Grocery Store: Wheat Shortage is Here
http://www.nationalexpositor.com/News/1083.html
New Purple 5 Dollar Bill Goes Into Circulation
http://www.latimes.com/news/nationwo..a-na-fivebill14mar14,1,186638.story
Subprime writedowns could hit $285 billion: S&P; Stocks Fall
http://www.reuters.com/article/gc06/idUSWNA706920080313
Feb. foreclosures up 60 percent over year before
http://www.msnbc.msn.com/id/23601813/
Going, going, gone: a rising auction of scary scenarios
http://www.ft.com/cms/s/0/0e63a..00779fd2ac.html?nclick_check=1
Foreclosure Crisis Has Ripple Effect
http://www.usatoday.com/news/nation/2008-03-11-foreclosures_N.htm
Palladium and Platinum Rise
http://www.bloomberg.com/apps/news?..Uaj5A&refer=commodities
Family forced into bankruptcy by government over unpaid taxes of $1.50
http://www.dailymail.co.uk/pages/li..article_id=528920&in_page_id=1770
Goldcorp Sees Higher Gold Prices
Dollar falls below 100 yen; Euro hits new record high above 1.56 usd
Expert Fears Dollar Crash As Greenback Hits New Lows
Corporate Media Snowjobs Dollar Crisis
Ron Paul: Fed Injection A Disaster
Ron Paul: A Recession is Tough Medicine
Ron Paul Warns Of Economic Worldwide Collapse
$1,000 Gold Has Officially Arrived: A Warning From Ron Paul
Oil price hits new high of $110 a barrel with no sign of a fall
Gas Prices Rise to New National Record
Goldman Sachs: Oil May Reach $200
OPEC: Oil Spike To Last Through 2008
Fed pumps up liquidity in funding markets to ease credit crunch
Dollar Declines, Fed May Cut Rates 75 Points
Faber: Bernanke Will Destroy Dollar
Press Secretary Perino: I’ll Be Fired If I Talk About the Dollar
Filed under: credit cards, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, Federal Reserve, food prices, gas prices, global economy, gold, Great Depression, Greenback, imf, Inflation, interest rate cut, interest rate cuts, Karl Rove, Oil, OPEC, palladium, Petrol, platinum, rate cut, silver, Stock Market, US Economy, Wall Street, Warren Buffett, wheat
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.
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.
http://www.nytimes.com/2008/03/03..slogin&pagewanted=print
The Federal Reserve’s rescue has failed
http://www.telegraph.co.uk/money..008/03/03/ccview103.xml
The Fed Releases Crisis Preparedness Video
http://www.roguegovernment.com/news.php?id=7064
IMF Chief Says Euro Is Overvalued
http://www.ft.com/cms/s/0/d0ce1520-e918-11dc-8365-0000779fd2ac.html
Platinum Rises To Record – Palladium Rallies
http://www.bloomberg.com/apps/ne..GE0YUOiK3xk&refer=commodities
OPEC Expected To Maintain Output
http://www.iht.com/articles/ap/2008/03/03/business/EU-FIN-OPEC-Meeting.php
Karl Rove: Redeployment Would Cause Oil Prices to Skyrocket to $200 a Barrel
http://thinkprogress.org/2008/03/02/rove-oil-iraq/
World Stocks Tumble On U.S. Recession Fears
http://news.yahoo.com/s/afp/2008..80303123807&printer=1
Soaring Food Prices Imperil U.S. Aid
http://www.msnbc.msn.com/id/23418142
Asian Markets Tumble On Wall Street Drop
http://money.aol.com/news/articles..et-drop/n20080302230409990004
Most Americans Using Credit To Stay Afloat
http://www.usatoday.com/money/p..28-credit-cards_N.htm
Stocks fall sharply on economic worries
http://news.yahoo.com/s/ap/20080229/ap_on_bi_st_ma_re/wall_street
U.S. Economy: Spending Eroded By Inflation
http://www.bloomberg.com/apps/new..arFDNXdz_IKY&refer=home
Filed under: bernanke, Credit Crisis, DEBT, ECB, Economic Collapse, economic depression, Economy, Euro, european central bank, Federal Reserve, food prices, foreclosures, gas prices, George Bush, gold, Great Depression, Greenback, housing market, Inflation, interest rate cut, interest rate cuts, Iraq, Oil, palladium, Petrol, platinum, rate cut, silver, south africa, stagflation, sterling, Stock Market, US Economy, wheat
Gold powers to record on oil, eyes $1,000
Reuters
February 29, 2008

Gold powered to a new high near $980 an ounce on Friday after crude oil set an all-time high of above $103 a barrel, igniting inflation worries and another round of buying from investors and speculators.
Palladium jumped to its highest level in more than six years and silver hit a 27-year peak. Platinum rebounded from its lows but given the absence of new developments in South Africa’s supply problems, gains are likely to be capped.
Gold jumped as high as $975.90 an ounce, up from $968.90/969.70 late in New York on Thursday. Gold has gained more than 16 percent this year, and the next upside target pegged by dealers is $1,000.
Record high oil and expectations of more interest rate cuts in the United States add to inflation pressures, elevating gold’s appeal as a hedge against rising prices, while volatile stock markets have encouraged investors to shift some of their money into gold and other precious metals.
“The target is $1,000. I personally hope it will be $1,000 within a month,” said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo, adding that gold was likely be driven by movements in oil in coming weeks. Crude oil rallied to another record above $103 a barrel as Ecuador shut a key export pipeline and a fire hit a major European natural gas plant.
While oil is at a record price in inflation-adjusted as well as nominal terms, gold has lagged. According to analysts at GFMS gold’s inflation-adjusted record is $2,079 an ounce.
“Most of the funds are buying inflation hedges such as gold, silver and oil. It’s still a bull market, where hedge funds and banks buy precious metals,” said William Kwan, a dealer at Phillip Futures in Singapore.
“I think inflation is really getting out of hand. I am looking at $955 for support and resistance at $985,” said Kwan, who pegged upside target for silver at $20.
Silver rose as high as $19.92 an ounce, its highest in 27 years, up from $19.74/19.79 an ounce in New York.
Oil Tops $103 For The First Time In History
AP
February 29, 2008

Oil prices briefly surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.
Light, sweet crude for April delivery on the New York Mercantile Exchange jumped to a new trading record of $103.05 a barrel in electronic trading before slipping back to $102.02 a barrel, down 57 cents, by midday in Europe.
On Thursday, the contract jumped $2.95 to a record settlement price of $102.59 a barrel.
Prices were supported by comments Thursday from Federal Reserve Chairman Ben Bernanke, who said the American economy is not immediately threatened with stagflation, a combination of economic weakness and rising inflation.
Investors chose to see the comments as confirmation of their beliefs that the Fed will continue cutting interest rates to try to shore up the economy.
“It seems that further interest rate cuts, additional dollar weakness and more investment buying will anchor oil to higher prices,” energy risk management firm Cameron Hanover said in its daily report. “It can’t go on forever, but it looks like it can go on for a while.”
Euro hits fresh high against dollar
Financial Times
February 29, 2008
The dollar hit another record low against the euro on Friday, as data continued to support the view that the European Central Bank will keep interest rates on hold for the foreseeable future.
Headline inflation in the eurozone stood at 3.2 per cent in January, tallying with earlier estimates and market expectations as food and energy prices leapt. Meanwhile, unemployment in the eurozone held at a record low of 7.1 per cent in January.
“With headline inflation running at a 14-year high and the lingering threat of second round effects, it is premature for the ECB to switch to an easing bias in their policy stance just yet,” said Martin van Vliet at ING.
While the ECB remained unlikely to cut eurozone interest rates at its next policy meeting on Thursday, markets were fully pricing in a cut of 50 basis points at the US Federal Reserve’s meeting on March 18.
“Markets are probably wisely bracing themselves for further monetary policy divergence between the US and eurozone over the next few months,” added Mr van Vliet.
The euro rose to a record high of $1.5238, before retreating to $1.5206, little changed on the session.
Recent News:
Sterling falls to all-time low vs. euro
http://uk.reuters.com/article/businessNews/idUKL297106920080229
Bush: U.S. Is Not Headed Into Recession
http://www.roguegovernment.com/news.php?id=6947
U.S. Home Sales At Lowest Levels In 13 Years
http://news.xinhuanet.com/english/2008-02/27/content_7682150.htm
Video: Why the price of wheat has skyrocketed over the past year
http://abcnews.go.com/Video/playerIndex?id=4320837
Bernanke: U.S. Not Facing 1970s-Style Stagflation
http://www.reuters.com/article/reute..0846020080228?sp=true
Bush & Bernanke Lie About Economic Crisis
http://www.roguegovernment.com/news.php?id=6967
Silver Now Outperforming Gold
http://www.321gold.com/editorials/watson/watson022808.html
Iraq war may cost US USD 7 trillion
http://www.presstv.ir/detail.aspx?id=45204§i..3510203
The U.S. Dollar Is Being Destroyed
http://www.roguegovernment.com/news.php?id=6920
Potato growers warn of food shortages unless pay improves
http://www.abc.net.au/news/stories/2008/02/25/2171765.htm
U.S. Home Foreclosures Jump 90% as Mortgages Reset
http://www.bloomberg.com/apps/n..=azx0LzcT19ao&refer=us
Iraq war ’caused slowdown in the US’
http://www.theaustralian.news.com.au/story/0,25197,23286149-2703,00.html
$4 Gasoline By Spring Predicted
http://www.iht.com/articles/2008/02/27/business/26gasweb.php
USD Falls To Record, Jobless Claims Rise
Bernanke Acknowledges Economic Trouble
Government To Lift Fannie & Freddie Limits
City watchdog warns of ‘permanent’ end to easy credit in wake of crunch
Bank Of America Won’t Let You Access Your Money
Carlyle To Invest $4 Billion In Asian Companies
California City Moves Closer to Bankruptcy Filing
Ron Paul: Bernanke Deliberately Destroying Dollar
Middle Class May Be Subject To Food Rations, Warns UN
Shoppers Warned Food Prices Set To Rise
Traitor Greenspan Urges Gulf States To Abandon Dollar
Stiglitz Blames Greenspan For Recession
Filed under: biofuels, Canada, canadacom, catastrophic event, China, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, ethanol, food crisis, food market, food prices, gold, Great Depression, Greenback, Inflation, Iraq, Mexico, middle class, middle east, NORTHCOM, Oil, ration, Stock Market, Troops, UN, US Economy, USDA, wheat
Middle Class May Be Subject To Food Rations, Warns UN
Experts warn of food riots as foreign troops cleared to patrol American cities
Paul Joseph Watson
Prison Planet
February 25, 2008
The UN is warning of a food shortage crisis and drawing up plans for food rations which will hit even middle-class suburban populations as inflation and economic uncertainty causes the prices of staple food commodities to skyrocket.
The United Nation’s World Food Programme cautions today that if it doesn’t receive more funding, it will have to halt food aid to developing countries like Mexico and China.
“The WFP crisis talks come as the body sees the emergence of a “new area of hunger” in developing countries where even middle-class, urban people are being “priced out of the food market” because of rising food prices,”reports the Financial Times.
The warning coincides with a speech by William Lapp, of US-based consultancy Advanced Economic Solutions, who cautioned that rising agricultural raw material prices would translate this year into sharply higher food inflation.
It also parallels a prediction by Don Coxe, a Chicago-based global portfolio strategist for BMO Financial Group who correctly forecast the fall of the dollar and the rise in price of gold and oil years in advance, who last week spoke of a “global food crisis” which will cause the world to enter into, “A period of food shortages and swiftly rising prices,” leading to government embargoes.
With the U.S. on the verge of a recession and, as many analysts have warned, a potential second great depression, those long scoffed at for hoarding vast quantities of storable food may unfortunately be able to say “I told you so” if the dollar continues to deteriorate and people begin to be priced out of the food market.
Global food prices have skyrocketed by as much as 60 per cent in the past year, while UN officials warn of the likelihood of food riots.
“If prices continue to rise, I would not be surprised if we began to see food riots,” said Jacques Diouf, director-general of the UN’s Food and Agriculture Organisation, last October.
Many see the food shortages, whether real or manufactured, as simply another pretext for the implementation of martial law and the introduction of foreign troops to patrol major U.S. cities.
A recent announcement by Northcom confirmed that U.S. and Canadian troops will be allowed to patrol each other’s countries in the event of a national emergency.
“U.S. Air Force Gen. Gene Renuart, commander of North American Aerospace Defense Command and U.S. Northern Command, and Canadian Air Force Lt.-Gen. Marc Dumais, commander of Canada Command, have signed a Civil Assistance Plan that allows the military from one nation to support the armed forces of the other nation during a civil emergency,” reads a Northcom press release.
Shoppers Warned Food Prices Set To Rise
Financial Times
February 25, 2008
When William Lapp, of US-based consultancy Advanced Economic Solutions, took the podium at the annual US Department of Agriculture conference, the sentiment was already bullish for agricultural commodities boosted by demand from the biofuels industry and emerging countries.
He added a twist – that rising agricultural raw material prices would translate this year into sharply higher food inflation.
“I hope you enjoy your meal,” Mr Lapp told delegates during a luncheon. “It is the cheapest one you are going to have at this forum for a while.”
His warning that a strong wave of food inflation is heading towards the world economy was met by nods from agriculture traders, food industry executives and western’s government officials at the USDA’s annual Agricultural Outlook Forum.
Larry Pope, chief executive of Smithfield Foods, the largest US pork processor, warned delegates of a wave of “real food inflation” just at the time central banks were under pressure to cut interest rates.
“I think we need to tell the American consumer that [prices] are going up,” he said. “We’re seeing cost increases that we’ve never seen in our business.”
The comments highlighted one of the conference’s main concerns – that rising agricultural prices have reached a stage at which the impact will be felt not only on fresh food but will also filter through the supply chain and raise the cost of processed food.
http://business.timesonline.co.uk..tural_resources/article3423734.ece
Fresh records for price of wheat
http://news.bbc.co.uk/1/hi/business/7264239.stm
‘Panic’ wheat buying across the US; World wheat prices surge 5pc overnight
http://nqr.farmonline.com.au/news_daily.asp?ag_id=48992
Iraq to Curb Food Rations, Spurring Fear of Hunger
http://www.uruknet.de/?p=m41486&hd=&size=1&l=e
Inflation Creating Food Riots In Middle East
http://www.nytimes.com/2008/02/25..ogin&ref=world&pagewanted=print
Biofuels Will Not Feed The Hungry
http://www.ft.com/cms/s/0/cfe4dab4-e3d6-11dc-8799-0000779fd2ac.html
Wheat Hits Record Levels On Inventory Report
http://seattletimes.nwsource.com/htm..68_apcommoditiesreview08.html
Filed under: Economic Collapse, economic depression, Economy, energy, ethanol, food prices, Global Warming, Great Depression, House, Inflation, Senate, US Economy, wheat
Ethanol Blamed For Food Price Hikes
NY Times
December 19, 2007
Shopping at a Whole Foods Market in suburban Chicago, Meredith Estes said food prices have jumped so much she has resorted to coupons. Charles T. Rodgers Jr., an Arkansas cattle rancher, said normal feed rations so expensive and scarce he is scrambling for alternatives. In Oregon, Jack Joyce, the owner of Rogue Ales, said the cost of barley malt has soared 88 percent this year.
For years, cheap food and feed were taken for granted in the United States.
But now the price of some foods is rising sharply, and from the corridors of Washington to the aisles of neighborhood supermarkets, a blame alert is under way.
Among the favorite targets is ethanol, especially for food manufacturers and livestock farmers who seethe at government mandates for ethanol production. The ethanol boom, they contend, is raising corn prices, driving up the cost of producing dairy products and meat, and causing farmers to plant so much corn as to crowd out other crops.
The results are working their way through the marketplace, in this view, with overall consumer grocery costs up roughly 5 percent in a year and feed costs up more than 20 percent.
Now, with Congress poised to adopt a new mandate that would double the volume of ethanol made from corn, ethanol skeptics say a fateful moment has arrived, with the nation about to commit itself to decades of competition between food and fuel for the use of agricultural land.
“This is like a runaway freight train,” said Scott Faber, a lobbyist for the Grocery Manufacturers Association, who complained that ethanol has the same “magical effect” on politicians as the tooth fairy and Santa Claus have on children. “It’s great news for corn farmers, but terrible news for consumers.”
But ethanol critics are not getting much traction with their argument. Last week, the Senate voted 86 to 8 for a new energy bill containing expanded ethanol mandates, and the House is expected to follow suit this week.
Filed under: Alan Greenspan, bernanke, central bank, Congress, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Federal Reserve, food prices, foreclosure, gas prices, George Bush, global economy, Great Depression, Greenback, housing market, Inflation, liquidation, Oil, Paulson, Petrol, pound, Stock Market, subprime, subprime lending, UN, US Economy, US Treasury, Wall Street, wheat
Fed Endorses Home Mortgage Protections
AP
December 18, 2007
The Federal Reserve moved Tuesday to protect home buyers from dubious lending practices, its most sweeping response to a mortgage meltdown that has forced record numbers of people from their homes.
The Fed has been under attack for not doing more to stem the crisis as hundreds of thousands of people lost the roof over their head. The situation raised the odds the country will fall into recession, unhinged Wall Street, racked up multibillion losses for financial companies and resulted in political finger-pointing over who was to blame.
The proposed rules, endorsed by the Federal Reserve Board in a 5-0 vote, would crack down on a range of shady lending practices that has burned many of the nation’s riskiest “subprime” borrowers — those with spotty credit or low incomes — who have been hardest hit by the housing and credit debacles. The rules also would curtail misleading ads for many types of mortgages and bolster financial disclosures to borrowers.
Greenspan Urges U.S. To Help In Subprime Mess
NY Times
December 17, 2007
Alan Greenspan, former chairman of the Federal Reserve, said Sunday that the government should provide direct financial assistance to homeowners who are threatened by foreclosure in the worsening credit crisis.
In an interview on “This Week” on ABC, Mr. Greenspan said that helping homeowners directly would create “a short-term fiscal problem” for the government, but that doing so would be more effective than solutions like freezing mortgage rates.
Two ways to help homeowners directly would be to reduce taxes or to give cash grants similar to those given to disaster victims.
Either approach would strain the federal budget, but Mr. Greenspan said, “It’s far less damaging to the economy to create a short-term fiscal problem, which we would, than to try to fix the prices of homes or interest rates.”
Either of those efforts, Mr. Greenspan said, would “drag this process out indefinitely.”
“It’s important to recognize that there are a very large number of people who are in very major stress and having great difficulty in paying off their mortgages,” Mr. Greenspan said.
“Cash is available,” he added, “and we should use that in larger amounts, as necessary, to solve the problems of the stress of this.”
In one step taken by the Bush administration, Henry M. Paulson Jr., the secretary of the Treasury, has negotiated a freeze on interest rates on some subprime mortgages. Mr. Paulson has not called for any government spending to help homeowners or banks.
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http://www.marketwatch.com/n…D&dist=hplatest
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http://www.nytimes.com/2007/12/18/business/18sub..&emc=rss
Wheat markets soar on renewed tight supply fears
http://www.guardian.co.uk/feedarticle?id=7158580
Global food supply is dwindling rapidly, UN agency warns
http://www.iht.com/articles/2007/12/17/europe/food.php
Financial markets struggle as banks keep passing the parcel
http://www.thepost.ie/post/pages/p/story.aspx-qqqt…1.asp
Housing industry looks to Congress for help
http://www.bizjournals.com/extraed….bureau1.html
Shopping giant falls as US crisis hits home
http://business.smh.com.au/sho….1217-1hmh.html
The Cost Of Bush: $32 Trillion
http://andrewsullivan.theatlantic.com/the_d…f-bus.html
Second Wave of Food Price Inflation Coming
http://www.ft.com/cms/s/0/03de75…-0000779fd2ac.html
Central Banks Are Getting Desperate in Dealing with the Liquidity Crunch and Resorting Again to Stealth Reductions in Policy Rates
http://rs.rgemonitor.com/blog/roubini/233120
Bush sees ‘storm clouds’ over US economy
http://afp.google.com/article/AL…l08lQhRi4pqA
Ben Bernanke – Expert on the Great Depression: “I always wondered if this is one of the reasons he was selected to head of the Fed.”
http://commonsenseforecaster.blogspot.com/2007…nke.html
Pound ‘faces a battering by dollar’
http://www.thisismoney.co.uk/invest…._page_id=3
Credit crisis worsens as Alan Greenspan says the Fed is powerless
http://business.timesonline.co.uk/tol/b…_states/article3042940.ece
Greenspan Favors Government Bailout for Homeowners
Economic worry hits Wall St
Dollar advances versus euro on year-end deals
Pound Peak Fuels Pessimism as Currency Mimics Dollar
UK house prices crash in December by on average £7,500
World stocks plummet after global banks take action in bid to avoid recession
Russia to dump waning dollar
U.S. Stocks Decline as Fed Fails to Assuage Recession Concern
Report Says That the Rich Are Getting Richer Faster, Much Faster
LA Times Says Gold For Conspiracy Theorists
Fed To Announce New Mortgage Rules
‘A financial tsunami is upon us’: Schultz sees an apocalypse now
Mortgage Crisis Inflicts Collateral Damage
Schwarzenegger To Declare Fiscal Emergency
Russia may dump weakening US dollar in its energy deals
Money-Market Rates Fail to Respond to Bank Measures
November Consumer Prices Rise More than Forecast
Greenspan: Odds of recession ‘clearly rising’
Central Banks to Pump Billions into World Financial System
GAO: “USA is living beyond its means”