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I am intrigued, no active German member and no Russian.


Hillary shill Krugman is a member ... quel surprise.

Elaine Meinel Supkis

Volcker heads it. And yes, Krugman is there. He is not a mere professor which is why he has a perch at the Times.


3 newsworthy items from Der Spiegel:

The New Global Hunt for Tax Cheats
By Keith Epstein and Mark Scott

By forming multinational investigative teams, the IRS and other tax collectors are cracking down on evaders and giving new meaning to globalization.
Government authorities from Australia to the US are hunting big game together. Their prey? Wealthy tax evaders -- as well as the asset managers, banks, and accountants who help prosperous people conceal cash in offshore bank accounts. For decades, globalization has afforded an edge to tax cheats. Now it's working for the tax cops, too.
Buoyed by new multinational investigative teams, agreements with banks to open once-secret records.....Most major Swiss banks have signed up with the US to be "qualified intermediaries." The system gives the IRS access to any account containing US securities and requires the filing of tax and other forms with the US. that identify clients and balances --

'We Are Being Punished'
Sheikh Bader al-Saad, head of the Kuwait Investment Authority, discusses Western fears of the increasing power of state-owned sovereign wealth funds, the global finance crisis and mistakes his fund made in investments at Daimler, Citigroup and Merrill Lynch.

The Role of Speculators in the Global Food Crisis
By Beat Balzli and Frank Hornig

Vast amounts of money are flooding the world's commodities markets, driving up prices of staple foods like wheat and rice. Biofuels and droughts can't fully explain the recent food crisis -- hedge funds and small investors bear some responsibility for global hunger.


The Race for the Arctic Seabed Arrives in Greenland
A number of countries want the oil that might lie beneath the floor of the Arctic Ocean. Five of them are meeting this week to establish some ground rules for the land grab.........beneath the ice that still covers much of the Arctic Ocean, up to a quarter of the world's undiscovered oil and gas reserves can be found.

...The talks, hosted by Denmark and attended by Norway, Russia, Canada and the United States, are aimed at beginning a process to settle overlapping and competing claims to bits of seabed.

....and the US is sending Deputy Secretary of State John Negroponte --

IMHO, the theory of Peak Oil is as relevant as the Earth Is Flat belief prior to Columbus.

New "discoveries" from Brazil to Mexico to Russia are indicators of unknown quantities of gas and oil. I wouldn't be surprised if crude oil is similar to underground rivers and aquafiers.


The Group of Thirty, established in 1978, is a "private, nonprofit"...
Isn't that an oxymoron.

"hosted by the central bank in Jerusalem on Sunday"
Ahem, some long-ago prophet in Jerusalem said something about money changers? How apropos.....

Onto good news: 10.3 Billion Trips Taken On Public Transportation Ridership In 2007 -- The Highest Level in 50 Years; Ridership Increased as Gas Prices Remained High

The American Public Transportation Association (APTA) announced today that Americans took 10.3 billion trips on public transportation in 2007, the highest level in 50 years, representing a 2.1% increase over the previous year.

As these statistics are made available to John Q. Public, the speculation in oil will recede.

Californians' gasoline consumption continues to drop
Californians used 4.5 percent less gasoline in January this year than they did a year ago, according to statistics released by the Board of Equalization.

Gasoline consumption has fallen for two years in a row, with seven consecutive quarters of decreased use, BOE officials said Wednesday.

"We have never seen a sustained decline like we've seen in the last couple of years,"

Wall Street was hell bent on raising the price of crude for Labor Day weekend and it....fizzled. And early indicators of people traveling for summers vacations are gonna bite the speculators in the ass as more and more americans are planning "staycations."

Paul S

Elaine: are the ruling elites genuinely afraid of Obama? I know that the corporate fascist/warmonger Sean Hannity, spends GREAT amounts of time on his propaganda show ripping Obama, so Obama must be rattling cages. Also: you mentioned China in the Group of 30. Do you know anything about the Chinese mindset? Are the Chinese generally the "I don't get mad, I get even" personality type, or are the Chinese the type that gets PO'ed, stays PO'ed and then calmly waits for the ideal moment to even the score? In the near future, I fear the answer to this question will become painfully obvious.

hakan with the reindeer

Jeesee.. "Group of thirty".. sounds like something from Kill Bill III.
Crazy 88 was a way cooler name :-)

Thanks for enlighten us Elaine, there are a lot going on behind the curtains.
After I started reading your blog (and a few other) I tend to read the news with new eyes.

Some tips or fellow traveller on the information highways:
John Xenakis: http://www.generationaldynamics.com
Dr Fekete:
Charles Huge:

I you mind me doing commercial for others it is quite alrigth to remove my post Elaine.


Thank you for the links Hakan! They are appreciated.

Elaine Meinel Supkis

We are at the Hubbert Oil Peak. This peak is not a spike, it is a gradual rise in MORE AND MORE oil which switches gears to less and less overall oil as the older, easier to tap wells begin to decrease and the new wells are in much harder, more dangerous climates and in the oceans. These can't quite keep up with the appetite for more oil and we get...a squeeze.

At first, it is gentle as we see today. The oil squeeze is still mostly political: Iran is being kept out of world markets! When Iran reenters the markets, the price of oil will drop very fast and everyone will think 'there is no oil peak' and use will increase only....there is no increase left and prices will then begin the back side of the peak climb. Oil will be slightly less than the year before and competition for it will be very strong.

It baffles me why people can't understand the concept of a PEAK. We are at the PEAK, not in a VALLEY. We will see many more oil fields open but this won't keep up with the closings. EXCEPT if both Greenland and Antarctica melt totally.

Wow, that will be a great event. Of course, when this happens, many of our cities will be UNDER WATER. A kind of huge problem, I might add. Do we want more oil but lose half of our major cities? Um, I would suggest not.

The links Hakan provides here are good links. I visit those sites regularly. Well recommended.


When Sean Hannity spends time ripping Obama all it does is legitimize him in the eyes of the vast numbers of people who can't wait to replace GWB. When Rev Wright discusses the American government complicity in 9/11 and AIDS this lessons the suspicions of those 'conspiracy theorists' who still vote.

Democracy is not a process of the people electing their leaders. It s a process of manufacturing consent for there leadership.

I fear we are knee deep into the Fascist system and the only way out is for things to get worse so that people will wake up. If Obama were a threat to the elite you would not see or hear him. What he is a threat to is the power hunger of the Clinton crime syndicate.


I have never been the least bit keen on the "it has to get worse before it gets better" notion. How do we know it won't STAY worse?

This is the only blog where people seriously (without mau-mauing) debate things like Peak Oil and the Dark Towers. (Let's not start that again just yet. Anyone starts that I call in a little favor for the Clintons to demand their head.) But seriously, I get around, and this is just about the only one. Possible exceptions would be the Political Flesh Feast and My Left Wing.

Elaine Meinel Supkis

Hey, only happy families argue. And kill each other...wait! Not the picture I want here!

My dream candidate is more like a centaur or a unicorn: scarce and made up of more than one person's body parts.

larry, dfh

Last month I bought 20lbs of medium grain brown rice from the Korean grocer, the price hadn't changed in about a year. She promised me it would increase 20% in a couple of weeks. This rice is grown in the US and packaged in Korean labelled bags, and is obviously under the speculators' radar. Besides, it tastes better, and is more nutritious.
As to obama, isn't he the #1 recipient of goldman-sachs $$? I think that says pretty well what's NOT going to happen in a next administration.

Buffalo Ken

Yeah the democrats and the rebuplicans are no different. They are all about the status quo and they don't even know it.

Suckers. It is going to hit them hard.


I recently bought a bag of brown rice at the Asian grocer during the time period of the dramatic rise mentioned above and we were startled to see that rice had gone up by 33% in price from the last time we were there. We bought brown rice because it was cheaper.

My understanding is that rice is already going down in price because the speculators have moved on to something else. Why do we even allow them to exist? They kill people.

Bear of Little Brain

Just trawled the Group of Thirty site. Not quite the "usual suspects" there. Token woman, token black, a few other non-whites. Nothing unusual. Dear Uncle Merv looking harmless. Geoffrey Bell? Who he? Quick wiki

"In 1978 he founded the influential G30 advisory group, after an invitation from representatives of the Rockefeller Foundation, and today remains that group's executive secretary."

Rockefeller Foundation? Hmmm. Case closed.

List of sponsors? Who's Who of international banks. Nothing to see here. Move along, please.
Looks like another brick in their wall.

Unfortunately, in the course of my brave foray I had to see the loathsome visage of Timothy "The Mouth" Geithner… shudder. Deserve a stiff drink.

Buffalo Ken

Timothy. A bit more info.


Bear of Little Brain


There was a time when I would have agreed with you. My take on it is that speculators exploit a situation, but that they bring forward what is usually a real problem. The spiking price provokes a response. As I said once before, without any alarm a worse situation could occur further down the road. I suggest that more have starved to death as a result of central schemers and their Five Year Plans (and wars) than have even gone hungry from the actions of speculators alone.

So much fiat money sloshing around is likely to be making for exaggerated spikes, though, I grant you that. Nevertheless, it is the speculator that lubricates the mechanism.

If someone can get me a lock of his hair, I'll sew the doll and bring the pins.


The real rulers know the internet has the ability to expose them, so time to throw up a few strawman groups as bones to the howling dogs of the web.


Your holiness


Your holiness posted in a picture with Aum Shinri-kyo, a Japanese cult leader who murdered 12 and injured thousands of Japanese subway commuters. Your holiness called the cult leader his dear student.


On the Obama/Goldman Sachs connection, mentioned by dfh:

Seven of the Obama campaign’s top 14 donors consisted of officers and employees of the same Wall Street firms charged time and again with looting the public and newly implicated in originating and/or bundling fraudulently made mortgages. These latest frauds have left thousands of children in some of our largest minority communities coming home from school to see eviction notices and foreclosure signs nailed to their front doors. Those scars will last a lifetime. These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse.
Elaine Meinel Supkis

Um, the big money guys gave everyone at the top money. They want EVERYONE to be in their grip.

Ron Paul isn't. Neither is Bob Barr. But if they get in the way, they get lead, not gold.

Again: we are herded towards the war mongers, the money changers, the status quo keepers every time. Even so, Obama is so far outside, they are still thinking maybe he should get the lead, too.

Remember: the money guys seek out whoever is ahead and corrupt them. If that fails, they steal the election like with Bush.

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