June 29, 2008
Elaine Meinel Supkis
Good old boy Flat Earth We Shall Win In Two Months Friedman of the NYT is concerned about...global inflation! Wow! He also notices the US is deep in the red thanks to the flat earth free trade he promotes and pushes! Will he commit suicide like a good Japanese Samurai who screws up so badly? Nope! He wants us to shift gears and do alternative energy! Buy solar panels and wind mills from China, I suppose? Or Japan? Or how about Europe? They have them! And again, we look at charts that clearly show how demented prognosticators for peering into the future really are. Demented, to say the least. And the NYT frets about nations hoarding food and fuel when there is raging inflation. Duh. And the rich guy who owns Pimco sent a letter to Obama warning him to not spend too much money. Too bad Gross didn't send Bush a warning, too, 7 years ago.
Anxious in America By THOMAS L. FRIEDMAN
My fellow Americans: We are a country in debt and in decline — not terminal, not irreversible, but in decline. Our political system seems incapable of producing long-range answers to big problems or big opportunities. We are the ones who need a better-functioning democracy — more than the Iraqis and Afghans. We are the ones in need of nation-building. It is our political system that is not working.I continue to be appalled at the gap between what is clearly going to be the next great global industry — renewable energy and clean power — and the inability of Congress and the administration to put in place the bold policies we need to ensure that America leads that industry.
“America and its political leaders, after two decades of failing to come together to solve big problems, seem to have lost faith in their ability to do so,” Wall Street Journal columnist Gerald Seib noted last week. “A political system that expects failure doesn’t try very hard to produce anything else.”
So many people trust this con artist. Why are we 'a country in debt and in decline' in the first place? Before 'free trade' took over, we had no trade deficit. As I showed clearly in this week's articles detailing past Federal Reserve speeches, the US decided to cope with suppressing inflation by the neat trick of devaluing the currency abroad while simultaneously opening up the US to 'foreign competition' that was designed to force prices downwards via dropping union wages. To clinch the deal, the US media had to herd the voters into backing anti-unionist Ronald Reagan who cheerfully destroyed the right to strike. Now, strike breakers can replace striking workers permanently so no one dares to really strike anymore. Unions have had severely declining membership since Ronald Reagan's rule and now are utterly vanishing as the Old Guard are bought out with bribes and replaced with non-unionized, weaker workers who have far less pricing power and much, much lower wages and virtually no benefits.
Namely, the workers ate inflation. Free trade benefited Asia and Europe. Both saw huge trade surpluses with the US. Both saw their important industries grow massively. Both saw their sovereign wealth increase. Meanwhile, the US had little inflation but rising debts, loss of good industrial jobs, and the de-industrialization of this nation. If WWII were looming, we would have to surrender to Japan since we can't manufacture much of anything to keep ourselves going. We can make weapons but what if we have virtually no steel mills? Most of our ball bearings, fasteners and other vital things are made in Japan, China and Germany! The materials that make the wings of our fancy jets so fancy are made in Japan, not the US.
Friedman encouraged and enabled all this. For years and years, this Zionist who dreams of making Israel super-strong made America super-weak. We have to talk about this business because when we see treason, we have to answer the question, 'Which nation does this guy really work for, anyway?' Suspicions have to be aired. Of course, if anyone does this, they get censored or shoved aside in the US. We are not supposed to ask this vital question. When writers consistently push for things that destroy America, we must explore the question, 'Why?' Some time ago, I showed that Israel, Friedman's home away from home, has enjoyed an international trade surplus. This is due nearly entirely because the US has a huge trade deficit with Israel. On top of paying for Israel's military, all peace initiatives and other hand outs. Israel is by far and away, the #1 recipient of US public largess. Friedman never complains about all this. He is very jolly well overjoyed about this. This is for him, good news, not bad news.
Lehman's Damocles index points to trouble for Israel
Lehman Brothers' Damocles is an external-crisis measure that looks at ten monthly indicators that are often recognized as possible predictors of external financial crises. The investment bank gives Israel a positive Damocles score of 28, the first time in five years that the country's is positive. Generally, a higher figure implies a higher risk of "external financial crisis".Lehman Brothers notes that Israel's current account is still in surplus but looks set to move into the red by next year if not earlier. Foreign direct investment flows have slowed compared with last year but the basic balance is still relatively strong. However, the strength of domestic demand is reflected in the ever widening trade deficit that is gradually eroding Israel’s current account surplus. The key risk to the balance of payments is a prolonged and broader weakness in US growth, continued strength of domestic demand given the buoyant labor market and the sharp appreciation of the shekel. The rate differential versus the US has been a key driver of the shekel, so Fed policy in the second half of the year will be crucial for shekel-dollar exchange rate.
As the US dies, the wellspring of free and easy money, easy trade terms that help Israel and harm the US, are in jeopardy. The Jewish bankers in Israel will ask for a favor of their fellow clan members in the US to weaken the shekel so they can undermine US industries further. Since this makes the importation of energy, etc, more expensive, they will probably ask Congress to take care of this detail, too. AIPAC will happily twist arms and pass out bribes to insure this works out. Israel isn't the only nation playing this game. They are just the most blatant and the most occult, being protected by the US media that never, ever discusses all of this. The paper running the above story is from overseas, not the US, just for example. The NYT won't mention this. Nor will Friedman. And both are extremely aware of this business. This isn't due to disinterest or lack of knowledge. This is a conspiracy.
There are a number of leftist web sites that mock Friedman. But none question his patriotism. Or discuss his divided loyalties. But since we see our nation going under due to 'free trade' that is literally eating up our basic infrastructure, society and domestic security, these issues can't be ignored much longer. The longer Friedman gets to play his game whereby he can blow cold on 'free trade' while not mentioning free trade just so he can revert to supporting it later, is a problem for us. He is spread across the nation while people examining his dishonesty are not all over the place. He can lie to his heart's content and no major media will call him on the carpet since most of them are also motivated by treason to ignore important forces destroying America.
This is a problem with all immigrant communities! Germany's rulers tried to appeal to Germans in the US to betray the US and support Germany in WWI and WWII. England did the same! Japan and Russia have done this. They wish to have their 'people' in the US support them in wars that the US gets involved in. The US has to resist this. We didn't enter WWI or WWII immediately due to anger over the idea that people on all sides were eager to exploit us so they could fight wars with each other. This irritation was eliminated in WWII and ever since, we have been at the beck and call of all sorts of minority groups, tribal organizations and religions to intervene and fight physically or to destroy our industries so rival industries in other nations could flourish. We became the all-round sacrificial cow. This is now bankrupting us since we gain nothing from all these battles and alarms. We gain nothing as a nation if we have free trade that runs deep in the red.
Hoarding Nations Drive Food Costs Ever Higher
At least 29 countries have sharply curbed food exports in recent months, to ensure that their own people have enough to eat, at affordable prices.
*snip*
“It’s obvious that these export restrictions fuel the fire of price increases,” said Pascal Lamy, the director general of the World Trade Organization. And by increasing perceptions of shortages, the restrictions have led to hoarding around the world, by farmers, traders and consumers.
*snip*
The Japanese protect their rice industry by making it nearly impossible for imported rice to compete. The European Union severely limits beef and poultry imports, and Poland goes further, barring soybean imports as well.Negotiators have been working for years to free trade in farm goods, but today’s crisis actually makes that more difficult for them. Food protests in places like Haiti and Indonesia that rely heavily on imported food have convinced many nations that it is more important than ever that they grow, and keep, the food their citizens need.
Everyone else protects MANY of their industries, their food, their water, everything. This MAKES PERFECT SENSE! This is sanity! The US which protects virtually nothing, is not sane. We are chumps. And of course, whenever there is inflation, everyone hoards. This is because what you hold today is cheaper than buying tomorrow when the dollar declines further! Since the dollar is the main currency in world trade, its continuing decline since 1969 is a serious cause of global inflation. And it is declining due to war overspending coupled with a huge, huge trade deficit.
Obama May Produce $1 Trillion Deficit, Gross Says
Higher taxes for hedge-fund managers and oil companies will not cover anticipated Obama tax cuts for the poor and middle- class, universal health care and aid to the depressed residential real estate market, said Gross, a long-time Republican.``This economy will need a jolt of $500 billion or so of government spending real quick,'' Gross, co-chief investment officer of Newport Beach, California-based Pimco, said in an open letter to Obama, the likely Democratic presidential nominee, published on the company's Web site today.
The US economy gets a nice $500+ billion 'jolt' every year. Mr. Gross knows this perfectly well. About $5+ billion of this is a nice jolt for Israel's economy. I suggest all money flowing to Israel be cut. That is a first move in the right direction! Then we cut the future trillions from the occupation of Iraq funds. And then we cut the funds used to patrol Europe, put in missiles there, etc. And ditto, Japan and South Korea. We withdraw our empire to protect our borders which are exposed to alien break ins that are destabilizing our cities. Then we balance our budget and rebuild our industrial base! Wow! Isn't that revolutionary? Will Gross or Friedman exhort their tribal members to support this? I love it when people suggest we cut things for Americans but then disappear when we ask them to fight to cut things going to Israel, for example.
Israel isn't a basket case that needs help! They have surpluses, not deficits! The standard of living for the Jews there is very high! Yet they get the lion's share of US aid and sweetheart contracts and deals that help their own industries before our own industries. And none of the hot shots who talk about cutting money in the US ever mention any of this. Note also that Gross is a Republican supporter who was very involved in creating the fix we are in today. He didn't yell about the Bush tax cuts for the rich. Shame on him. And all who are working in concert with him. He has betrayed America.
U.S. Won't Let Iran Shut Strait of Hormuz, Fleet Says
(Bloomberg) -- The U.S. won't allow Iran to shut the Strait of Hormuz, through which the bulk of Middle East oil is shipped, a spokesman for the Fifth Fleet said.``They will not close it,'' Lieutenant Nate Christensen said in a telephone interview today from Bahrain, where the fleet is based. ``The Strait of Hormuz is vital international waters.'' Vice Admiral Kevin Cosgriff, Fifth Fleet commander, made similar remarks to reporters in Bahrain today, Christensen said.
The push for a war with Iran continues and gets worse and worse. The US navy can't keep the Straits open no matter what we do. The very fragile, very flammable tankers won't be sailing merrily about the Persian bathtub the minute bombs begin flying. The US and Israel plot to do a preemptive strike. This is not only illegal and amoral but will drive the cost of oil through the roof. This lie was told only so the US public will sleepwalk into this war. 'Yup, there will be no stopping them thar oil tankers, Martha. The guys who lost the Vietnam War and are losing the Afghan and Iraq wars tell me this!' Indeed, the chances of ANY tankers sailing ANYWHERE is near zero if a war breaks out. The US hopes to neutralize and destroy all of Iran's defenses in a flash and fury. Probably using nuclear bombs. After all, we used illegal phosphorus bombs on Fallujah and not one General nor was Bush hung after trials at the Hague. After all, these guys are protected by the US media that wants these wars. This is why we have seen a semi-anti-war Obama mutate into a 'obliterate them all' clone of Hillary Clinton, a qhoulish morphing if there ever was one.
G5 Monetary Policy Prescription: Talk Tough But Act Gently
Michael Gregory, CFA, Senior Economist
During the past several weeks, some of these central banks have grabbed the policy gear shift again, largely in response to the upside inflation risks posed by rising commodity prices. Stoking market speculation of renewed tightening campaigns, policy rate hikes are proliferating among other countries (Chart 2). However, it’s important to keep in mind that the credit squeeze was not a major blow to economic momentum in these other nations. And, for many developing economies, inflation is a more serious problem owing to higher CPI food and energy weights (Chart 3).Nevertheless, all central bankers share the same concern that rising commodity prices will pump broader price pressures as firms pass on their higher costs and workers demand higher wages to compensate. As such, damping inflation expectations and ensuring some inflation-absorbing slack in the economy are becoming policy priorities.
The G5 are the beating heart of the G# system. They have to perform cardiac surgery on the US to keep the US heart beating even as they artfully work to keep the US from fixing the trade imbalance. They would far rather have the US not spend money on Americans and thus, like Clinton, balance the budget. Under Clinton, our debt ratios got much, much worse. The US consumer and workers went steeply into debt. Under Bush, this was twice as bad. Now, if Obama takes over, these aliens are very anxious to make this infinitely worse. They do not want the trade imbalance fixed. OK: for propaganda reasons, they will allow us to shrink it from $750 billion a year to a mere $550 billion a year. But this fixes nothing! This is fatal for the US. This is BAD. But they won't admit this because they benefit from this.
This chart is full of dangerous goodies. Note the projections! The yen gets really weak, you see! And the US trade deficit shrinks????? HAHAHA. How is that? The yuan gets stronger while the yen gets weaker? HAHAHA. Right! In your dreams! l also highlighted the three quarters the US is supposed to shrink in 2008-2009. Then the GDP goes up nearly 5% in one quarter? HAHAHA. Pray, how? Look at the trade deficits! In the entire year of 2009, they are worse than -$500 billion! Nearly -$600 billion! Which is nearly as bad as this year's projections! And we run a -$613 billion deficit with a recession? Note also how this chart hopes that we have a +3% year by December, 2009. I presume this demented chart is assuming there is no massive war in the middle of the Persian Gulf region.
The main thing is, the trade deficits only shrink a fraction but still continue to rack up trillion dollar losses less than every two years. This is ridiculous and no one should put such a futurist chart forwards with a straight face. Either they issue dire warnings that this is an impossible system that is heading straight off a fiscal cliff or they laugh and say, 'Who cares? We can flee the flaming wreck! Ta-ta!' Note the projections here that the dollar will decline to be worth only half a dollar in buying power compared to the euro. I suppose this is the 'fix' that will allow us to export to Europe. Only Europe won't allow this. Germany didn't mind a strong euro while running record export profits. But if there is any hint of negative numbers, they will move swiftly to dump everything onto the US ledgers again. Everyone does this all the time, after all.
What we can do in this dangerous moment
By Lawrence Summers
First, the much debated housing bill should be passed immediately by Congress and signed into law.
*snip*
Second, Congress should move promptly to pass further fiscal measures to respond to our economic difficulties. The economy would be in a far worse state if fiscal stimulus had not come on line two months ago.*snip* Fiscal stimulus measures must be coupled to budget process reform that provides reassurance that, once the crisis passes, the fiscal policy discipline of the 1990s will be re-established.
*snip*
Third, policymakers need to make a clear commitment to addressing the non-monetary factors causing inflation concerns.*snip* Major importance should be attached to encouraging the reduction or elimination of energy subsidies in the developing world.
*snip*
Fourth, it needs to be recognised that in the months ahead there is the real possibility that significant financial institutions will encounter not just liquidity but solvency problems as the economy deteriorates and further writedowns prove necessary. *snip* It was fortunate that a natural merger partner was available when Bear Stearns failed – we may not be so lucky next time.
This poorly thought out Financial Times article refuses to examine why we have global inflation, nor does it mention the trade deficit. The focus is on using some sort of halter and whip method to goad the dying horse that draws the US economy along to take some more steps up the economic mountain of ice. Eventually, the horse will fall to the ground and die. But right now, the financiers want it to go...go...and go some more or else. Some sort of goad, some sort of money can be pumped into the economy that will allow us to stumble along with $500+ billion trade deficits as far as the eye can see. They need this to get rich, themselves. This is a fearful situation. They would all dearly love to simply shower even more Funny Money™ on us so we can spend, spend, spend. And send, send, send more money overseas and give, give, give more market share to all our allies who are our dire trade rivals.
The USA just the other day "Put a Hold" on the entire Solar / Alt Energy Government programs. To "better assess" the situation.
Guess they noticed the huge movement towards Solar, etc. and would like to kill all the fledgling statups and new research.
Dont want anyone to move away from their buddies products now do we?
Posted by: DP | June 30, 2008 at 04:08 PM
If we are to "eat inflation" then maybe,
Mr Flat Earth Friedman can eat his
Lexus, and when he's done with that, he
can go out in his back yard and eat his
olive tree !
Posted by: Gary | June 30, 2008 at 04:19 PM
Gary, I think he's more likely to be bulldozing the olive tree.
Posted by: Bear of Little Brain | June 30, 2008 at 05:14 PM
You know, the giant solar energy farms are not very nice things. I am a huge believer in 'everyone has their own power source' solar systems on all our homes, not these mega-systems in the desert.
Posted by: Elaine Meinel Supkis | June 30, 2008 at 05:16 PM
Today is the 30th isn't?
Once the names come out then we need to get the dates - accurately.
Then convict, convict, convict.
Posted by: Buffalo Ken | June 30, 2008 at 05:29 PM
And solar/wind/renewable, etc. is SO the way to go IAH. And I agree that small-scale is the way to go too. I advocate appropriate technology. Small-scale setups that are easy to maintain and keep working efficiently and locally designed.
Peace,
Ken
Posted by: Buffalo Ken | June 30, 2008 at 05:32 PM
Lawrence Summers says "It was fortunate that a natural merger was available when Bear Sterns Failed" What a f**king crock. JPM received a gift of $29 billion from Chopper Bernanke (backed by taxpayers). JPM stocks are now at a three year low and was the worst performer on Friday dropping 3.5%.
There is nothing natural about this, this is a buddie system, who else was approached over that weekend. Nobody, and what is the fed doing in the bailout business. They are all free enterprizers until it is there elite businesses that are in trouble.
Posted by: Patrick O'Meara | June 30, 2008 at 05:57 PM
Iranian drone plane buzzes U.S. aircraft carrier in Persian Gulf
30/05/2006
http://www.abovetopsecret.com/forum/thread210238/pg1
The uninvited guest: Chinese sub pops up in middle of U.S. Navy exercise, leaving military chiefs red-faced
10 November 2007
http://www.dailymail.co.uk/news/article-492804/The-uninvited-guest-Chinese-sub-pops-middle-U-S-Navy-exercise-leaving-military-chiefs-red-faced.html
Silkworm Missile
http://en.wikipedia.org/wiki/Silkworm_missile
http://www.liveleak.com/view?i=37d_1185381858
The US Navy is a sitting duck in the pond they call the Persian Gulf. This is probably the most stupid military engagement in the history of the US military, not a shot fired yet and they have already lost and I reckon the US military commanders know this.
Posted by: paul | June 30, 2008 at 06:56 PM
Yes, it is a cul de sac. And we can't stop anyone from making shipping impossible at the tight southern end.
And oops on the date. I was up late last night dealing with the thunderstorm. I put the date in the story beginning back then. Forgot to change it during the day today. I sometimes have three stories backed up in the system here.
Posted by: Elaine Meinel Supkis | June 30, 2008 at 07:04 PM
Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power.
*snip*
For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.
*snip*
When the final report on the risks of the US financial system is released in 2010 -- and it is likely to cause a stir internationally -- only one of the people in positions of responsiblity today will still be in office: Ben Bernanke.
http://www.spiegel.de/international/world/0,1518,562291,00.html
Posted by: JT | June 30, 2008 at 07:09 PM
ELAINE FOR PRESIDENT !!!!
"I suggest all money flowing to Isreal be cut...Then we cut the future trillions from the occupation of Iraq funds. And then we cut the funds used to patrol Europe, put in missles there, etc. And ditto Japan and South Korea. We withdraw our empire to protect our borders which are exposed to alien break-ins that are destabilizing our cities. Then we balance our budget and rebuild our industrial base!"
ELAINE FOR PRESIDENT !!!!
Now that's a platform I would donate all my funds and all time to support.
As far as Israel goes, my personal view (admitting that I am very fortunate to need almost no petroleum products for my lifestyle) is: If the U.S. could stay out of it (HAHAHA!!) I would be very happy for the Isrealis and Iranians to do all the rest of us a favor and completely wipe each other off the face of the earth.
Posted by: Michael | June 30, 2008 at 08:37 PM
I posted my estimate of the likely outcome of a war on Iran in a comment on Raw Story yesterday, and the entire thread got wiped. They quickly replaced it with an almost identical thread! My estimate was rather dire. But I saved the comment in advance. Here it is:
Don't Kid Yourselves
I have read as many reports from military and intelligence analysts as I could find. Either the U.S. leaves the Middle East and pursues energy alternatives, it stays in Iraq and tries to steal the oil there, or it attacks yet another Middle East nation. If the U.S., or Israel, attacks Iran, the results would be catastrophic to it, although the nature of the Iranian response would appear to be quite unpredictable. The most obvious scenario would entail Iran sending 500,000 to 2,000,000 commandos into Iraq to obliterate the American supply lines. This would amount to a siege, and nearly all U.S. troops in the Middle East could be lost. It is unlikely that the U.S. could prevent the destruction of most of the oil production facilities in the Middle East. Iraq would probably be able to sink enough oil tankers in the narrow Straits of Hormuz to block it almost permanently (that's 25% of the world's oil). They probably have enough missiles, including surface hugging supersonic stealth Sunburn missiles, to sink 1/3 of U.S. aircraft carrier groups. If the Russians and Chinese provide military intelligence, which they will, they can destroy many of the U.S. military aircraft that attack them, including $2 billion stealth B2 bombers. They also have many, many other asymmetrical options that are even more frightening. They do have biological weapons. This is just for openers. If for any reason the Iranians appear to be losing a war, the Russians would probably assume that they would be losing all of the Iranian and Caspian Sea oil, a good share of which they will need to maintain economic viability. At that point, they would likely mount an all-out nuclear strike at some random moment.
Posted by: blues | June 30, 2008 at 08:51 PM
To Paul, Elaine and all..Heres an incredible story. You may already
know about Van Riper's war game "victory" in a Persian Gulf war scenario......
During the summer of 2002, in the run-up to President Bush's invasion of Iraq, the US military staged the most elaborate and expensive war games ever conceived. Operation Millennium Challenge, as it was called, cost some $250 million, and required two years of planning. The mock war was not aimed at Iraq, at least, not overtly. But it was set in the Persian Gulf, and simulated a conflict with a hypothetical rogue state. The "war" involved heavy use of computers, and was also played out in the field by 13,500 US troops, at 17 different locations and 9 live-force training sites. All of the services participated under a single joint command, known as JOINTFOR. The US forces were designated as "Force Blue," and the enemy as OPFOR, or "Force Red." The "war" lasted three weeks and ended with the overthrow of the dictatorial regime on August 15.
At any rate, that was the official outcome. What actually happened was quite different, and ought to serve up a warning about the grave peril the world will face if the US should become embroiled in a widening conflict in the region.
As the war games were about to commence on July 18 2002, Gen. William "Buck" Kernan, head of the Joint Forces Command, told the press that the operation would test a series of new war-fighting concepts recently developed by the Pentagon, concepts like "rapid decisive operations, effects-based operations, operational net assessments," and the like. Later, at the conclusion of the games, Gen. Kernan insisted that the new concepts had been proved effective. At which point, JOINTFOR drafted recommendations to Gen. Richard Myers, the chairman of the Joint Chiefs of Staff, based on the experiment's satisfactory results in such areas as doctrine, training and procurement.
But not everyone shared Gen. Kernan's rosy assessment. It was sharply criticized by the straight-talking Marine commander who had been brought out of retirement to lead Force Red. His name was Lt. Gen. Paul Van Riper, and he had played the role of the crazed but cunning leader of the hypothetical rogue state. Gen. Van Riper dismissed the new military concepts as empty sloganeering, and he had reason to be skeptical. In the first days of the "war," Van Riper's Force Red sent most of the US fleet to the bottom of the Persian Gulf.
Posted by: Gary | June 30, 2008 at 08:51 PM
They European wants their money back and say enough and enough. They start pulling IMF to do something.
http://business.theage.com.au/imf-finally-knocks-on-uncle-sams-door-20080629-2yui.html?page=fullpage
The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy.
But the news that the US Fed has now lost its last vestige of credibility did not end with the German report.
The Telegraph from London weighed in, following the Royal Bank of Scotland's statement last week (also lost on the US public) that it was time to head for the crags, and reported Barclays Capital's closely watched Global Outlook analysis that said US headline inflation would hit 5.5% by August and the Fed would have to raise interest rates six times by the end of next year to prevent a wage spiral.
If the Fed hesitates, the bond markets will take matters into their own hands. "This is the first test for central banks in 30 years and they have fluffed it," the report found. "They have zero credibility, and the Fed is negative if that's possible. It has lost all credibility."
Der Spiegel reports that the IMF is threatening to seriously study the accounts of America, something President George Bush is determined to prevent at least while he is in the White House, informing the IMF that it can begin its investigation but cannot complete it until he leaves office.
But the reckoning will come and it will shine a light in places where light has been desperately wanted for all too long.
"As part of the assessment," Der Spiegel said, "the Fed, the Securities and Exchange Commission, the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests — worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar."
Posted by: Anthony | June 30, 2008 at 09:30 PM
I wrote about the war games that were 'redone' because the asymmetrical warfare 'warriors' won against the US Navy. The Navy has a glorious history of being caught with the anchors down and no defenses. After experimenting with this concept in Havana, Cuba at the end of the 19th century, this was expanded upon with the WWI sinking of the Lusitania sinking and then the spectacular Pearl Harbor disaster and then to start yet a fourth war, the War in Vietnam, the navy had to BE VERY STUPID AND CRAPPY.
See a pattern here? The navy fouls up and gets sunk and we declare war and hammer someone! This is why our navy is really a bunch of SITTING DUCKS that NEED to be LOUSY FIGHTERS and need to be SUNK first! Then we get to declare war! If we float about the place presenting grand opportunities for sinking, we get goodies!
Then there is the Liberty: this ship was maliciously sunk by Israelis who hoped this could be blamed...when they murder all the sailors...on EGYPT. Like the Vietnam war ship stupidity or the blown up Maine that was probably a boiler blowing up, this could be turned on someone innocent to launch a war.
We are so lucky the US public was sick and tired of wars at that point and also enough sailers survived, they had to be abused and maltreated to shut them up. The captain of this ship died this month, you know!
Bitter as hell over the coverup of the murder of his men. To this day, no US media outlet will interview the survivors or cover this story.
Posted by: Elaine Meinel Supkis | June 30, 2008 at 10:20 PM
As Calculated Risk is covering up for Israeli mega-contributions to U.S. inflation problems, so is Mish's Global by declaring that, given his understanding of our economic statistics, inflation is all but impossible.
So much for arrested development.
Posted by: PLovering | June 30, 2008 at 10:37 PM
"Inflation all but Impossible"
Baby's into runnin' around
Hanging with the crowd
Putting your business in the street talking out loud
Saying you bought her this and that
And how much you done spent
I swear she must believe it's all heaven sent
Hey boy, you better bring the chick around
To the sad, sad truth, the dirty lowdown
(Whooooo, I wonder, wonder, wonder, wonder who)
Taught her how to talk like that
(Whooooo, I wonder, wonder, wonder, wonder who)
Gave her that big idea
Nothing you can't handle, nothing you ain't got
Put the money on the table and drive it off the lot
Turn on that ole lovelight and turn a maybe to a yes
Same old schoolboy game got you into this mess
Hey son, better get on back to town
Face the sad old truth, the dirty lowdown
(Whooooo, I wonder, wonder, wonder, wonder who)
Put those ideas in your head
(Whooooo, I wonder, wonder, wonder, wonder who)
Come on back down earth, son
Dig the low, low, low, low lowdown
You ain't got to be so bad got to be so cold
This dog eat dog existence sure is getting old
Got to have a Jones for this Jones for that
This running with the Joneses boy
Just ain't where it's at
You gonna come back around
To the sad, sad truth, the dirty lowdown
(Whooooo, I wonder, wonder, wonder, wonder who)
Got you thinking like that boy
(Whooooo, I wonder, wonder, wonder, wonder who)
Posted by: G | June 30, 2008 at 11:33 PM
G, can you find that tune on You Tube? I'll post it. :)
Posted by: Elaine Meinel Supkis | June 30, 2008 at 11:56 PM
You remark correctly "The push for a war with Iran continues and gets worse and worse ... This is not only illegal and amoral but will drive the cost of oil through the roof ...."
Yes that is true, but one must look inside their mind ... yes go inside their mind ... to understand them.
Western World Govenment was formed by agreement of European and US leaders on April 30, 2007 and announced at the EU US Summit of April 30, 2007.
The Framework Agreement was based upon success from prior meetings
Sumario: June 23, 2003: EU-US Summit - Washington, 25 June 2003 (Brussels)
Press Release of 6-20-2005 EU-US Summit
Then to top it all off, the Declaration of EU US Summit 2008 of June 10, 2008 announced the leaders unified western world governmental authority to address global security threats.
Elaine, its all in the mind.
Posted by: Richard | July 01, 2008 at 12:59 AM
Elaine....I dont know if that song is
filmed on YouTube..
Its called, "Lowdown" by Boz Scaggs.
He did this song in the early 70's. I saw
him at a triple-bill concert in Schaeffer Stadium along w/Fleetwood Mac and the Eagles.
He's done some other great songs as well.
Posted by: G. | July 01, 2008 at 09:03 AM
G, I will look for it.
Richard: you are right. The G7 want war and will get war. They wanted the Iraq war and got it, too. In spades. Obviously, no lessons were learned there.
The precious oil is bankrupting us!
Posted by: Elaine Meinel Supkis | July 01, 2008 at 09:29 AM
Found it at You Tube: http://www.youtube.com/results?search_query=Low+Down+Boz+Scaggs&search_type=
Posted by: Elaine Meinel Supkis | July 01, 2008 at 10:24 AM
I'll sing you a song about a Persian Gulf - Pearl Harbor,
Our might steamed through the straights led by many a political whore,
First came the scatter shot of media lies,
Herd mentality and fatalism led to many sighs,
Tomorrow's sunrise may shine through a web of silkworms,
Then the squirming will really commence amongst the consumer worms,
Chorus - No body to blame but ourselves,
as we stare at empty shelves,
Posted by: Jojo | July 01, 2008 at 03:31 PM
hell yeah jojo, sing a song...
Posted by: Buffalo Ken | July 01, 2008 at 03:41 PM
This is one of the most essential documents to read IMMEDIATELY!
http://www.larouchepub.com/eiw/public/2008/2008_20-29/2008-27/pdf/64-79_3526.pdf
The British Empire still exists as an active threat to the
world today, though the name has since become taboo. If
you’ve bought in to the media cover stories that history occurs
only as isolated local events and are thinking, “I don’t believe
in conspiracy theories,” then you don’t know history. In reality
the same financier and oligarchical circles which were responsible
for the China opium wars throughout the 18th-19th
centuries, typified by the ancient imperial models of Babylon,
Persia, and Venice, are responsible for creating the current
global financial and economic collapse.
George Soros is one of the main British instruments, carefully
chosen to be a front man of the Empire, covering up for
its disgusting looting policy, now known, euphemistically, as
globalization. Through organizations such as Human Rights
Watch and Open Society, Soros pushes drugs and destroys nations.
Soros says that now, “The United States, like nineteenth-
century Britain, also has an interest in keeping international
markets and global commons, such as the oceans, open
to all.” Just like the British East India Company’s devastation
of India and China through two opium wars and decades of
free trade, the same Empire calls on Soros as the assassin in
the destruction of the United States. It is only through the
obliteration of British hack George Soros and the British
Empire which he represents, that we can hope to sober up the
United States today.
Posted by: GK | July 02, 2008 at 07:12 AM
No.
The US rules the Seven Seas. So we have the burdens of empire and the fate of empires: we go bankrupt trying to do this. Britain went bankrupt. France, ditto. Spain. When the 'seven seas' was control of the Mediterranean Sea, Rome did this. Greece. The Islamic Empires like the Ottoman did this. They succeed and then go bankrupt due to the high costs and the moral turpitude this sort of 'global' rule entails.
England has merely latched onto the US so they can joyride for another 100 years. Both the US and England are going bankrupt for identical reasons.
Posted by: Elaine Meinel Supkis | July 02, 2008 at 07:30 AM
OK, how about this factoid on our buddy Volcker with some Cherry board memberships?
http://www.larouchepub.com/other/1995/2249_windsor_food.html
Nestlé chairman Helmut Maucher is on the board of J.P. Morgan, British intelligence's leading bank in the United States. Its board of directors serves as a retirement home for the world's central bankers: Fritz Leutwiller, former chairman of the Basel, Switzerland Bank for International Settlements, the central bank of central banks, is on Nestlé's board, as is Paul Volcker, who, as chairman of the U.S. Federal Reserve Board in 1979 and the early 1980s, put the world economy through what was referred to as "controlled disintegration."
Posted by: GK | July 02, 2008 at 08:38 AM