03 January 2009
Chicago Fed Says Take Interest Rates "Below Zero" and Monetize Debt (to Devalue Dollar)
Quantitative easing to mimic interest rates 'below zero' effectively penalizes the buyers of US bonds and dollar savings by providing a negative rate of return after inflation.
Inflation is desirable if you are a net debtor and you control the value of the method of your payment, ie. cheaper dollars to pay off service your debt.
We have to wonder how well negative real interest rates will support the enormous increase in the supply of Treasury debt that is coming to market this year because of a soaring national debt of about two trillion dollars.
The obvious target buyers are the exporting countries such as OPEC, Japan and China. We also suspect the Fed will start buying the yield curve, quietly and indirectly if not transparently.
Other central banks, such as Europe, will be expected to follow suit and devalue their own currencies through lower rates, to decrease the perceived impact of a dollar devaluation, in a group 'ratcheting down' of the developed nations' currencies.
This will require 'management' of the price of real things like commodities. Fortunately the price for most of them is set in London and New York. Life is tough for an exporting nation when you are riding the dollar reserve currency regime and an industrial policy of 'beggar your people' to support it.
The boundary constraint on the Fed in a purely fiat regime is the value of the US dollar and the Treasury debt. Greenspan's Fed managed to inflate its way out of the tech crash of 2000-2 with bubbles in equities and housing prices, a significant dollar devaluation, but an amazingly resilient bond thanks to official buying by a few foreign central banks.
Alan Greenspan famously stated, in a repudiation of his earlier views while responding to Congressman Ron Paul, that a fiat dollar as the reserve currency is viable because "the Federal Reserve does a good job of essentially mimicking a gold standard and...the Fed does not facilitate government expansion and deficit spending."
We expect to see Bernanke and the Congress test the limits of monetary and Keynesian economic theory again this year, and the acceptance of the US dollar and fiat currencies as a faux gold standard, as being of the utmost integrity and impartiality, immutable and nationless.
We tend to remain skeptical of the outcome however, keeping in mind the words of George Bernard Shaw, "You have a choice between the natural stability of gold and the honesty and intelligence of the members of government. And with all due respect for those gentlemen, I advise you, as long as the capitalist system lasts, vote for gold."
The major challenge for the governments of the world for the remainder of this decade, other than blowing us all to pieces, will be to create a viable alternative to the US dollar as the world's reserve currency and a major vehicle for international trade.
This could be one for the record books.
Evans says Fed needs to mimic below-zero rates
By Ros Krasny
Sat Jan 3, 2009 8:18pm EST
SAN FRANCISCO (Reuters) - A grim economic outlook highlights the need for the Federal Reserve to step up quantitative measures to boost growth, with official interest rates already effectively at zero, Charles Evans, president of the Chicago Fed, said on Saturday.
Evans said that based on the outlook for rising unemployment, falling industrial production and a wider output gap, economic models suggest rates should be below zero.
"If it were not constrained by zero, those models would want to push it below zero, but that's not possible," Evans told reporters after a panel at the American Economic Association's meeting in San Francisco.
Quantitative easing, a way to flood the banking system with large amounts of money, "is a way to mimic below-zero rates and provide support to the economy," he said. (They would intend to create a monetary inflation to take the 'real rate' below zero. "Quantitative Easing" is Fedspeak for "printing money." - Jesse)
The process often involves buying up large quantities of assets from banks, such as the Fed's latest programs to buy mortgage-backed securities. (This is known as "monetizing debt." - Jesse)
In December, the Federal Open Market Committee, the Fed's policy-setting body, took the surprising step of lowering the federal funds rate to a range of zero to 0.25 percent. Cash fed funds had been trading below the previous 1 percent target rate for several weeks.
In his remarks, Evans, who is a voting member of the FOMC in 2009, said the Fed's various lending programs should help cushion the impact of the year-old U.S. recession but a large traditional fiscal stimulus plan is also needed, even with the problems it could create over the longer term.
"I believe a big stimulus is appropriate," Evans said. "But it is sobering to be deploying large amounts of taxpayer funds at a time when our fiscal balance sheet is already coming under significant stress."
Without the Fed's programs to help unfreeze credit markets and to-the-bone rate cuts, "the downturn -- and its costs to society -- would be even more severe than what we are currently facing," said Evans.
Since the financial market crisis erupted, the Fed has created several new programs aimed at bypassing the traditional banking system and smashing through the credit-market logjam, including the direct purchase of mortgage-backed securities.
Even so, the U.S. jobless rate appears on pace to exceed 8 percent in 2009, from the most recent reading of 6.7 percent in November, Evans said.
Although the current recession started with the collapse of the U.S. housing market, Evans said many non-financial industries now face the risk of "long-term structural impairment." (It was the Fed's reflationary effort after the Crash of 2000-2 that created the housing bubble. - Jesse)
Evans said fiscal programs to support growth "must be large in order to be effective and to instill badly needed confidence" given the severity of the downturn. (We have an intuition that the Congress will meaningfully explore the concept of 'large' government programs - Jesse)
President-elect Barack Obama has said that signing a major economic stimulus package will be his first priority when he takes office on January 20, with a goal of creating 3 million jobs over two years.
Evans also said the market crisis that erupted in 2007 showed huge holes in financial regulation.
"Significant weaknesses have been revealed in our system of financial regulation. ... These failures call for a reassessment of the roles of market discipline and our regulatory structures," he said
Posted by Jesse at 9:24 PM :verbeug
A New Year's Resolution on US Financial Markets from the Incoming Administration
These are strong, almost startling words from Bart Chilton, part of Obama's incoming administration, currently on the CFTC.
The message is good and to the point. The illustration of the performance of the regulators over the past ten (not eight) years is remarkable, an indictment of the existing Federal regulatory system as a whole.
Actions will speak louder than words. We will all look forward to seeing what happens in Washington over the next few months, and in particular, what is done by the CFTC and the SEC in reforming US financial markets.
Time to restore mission of regulators
By Bart Chilton
January 1, 2009
In the building that currently houses the president-elect's transition team, there used to be an imposing bronze plaque with the visage of the Securities and Exchange Commission's redoubtable third chairman, William O. Douglas. It was emblazoned with the inspiring legend, "We are the Investor's Advocate."
For many decades, the SEC enjoyed the reputation of living up to the noble standard of public service. The plaque no longer graces the entryway of the SEC's new quarters, and with the recent revelations of failure to detect and prosecute incidents of egregious securities fraud and abuse, both internally and externally, the agency's reputation has been severely tarnished.
These types of disclosures make us as public servants ask some fundamental questions: Why are we here? The Founding Fathers had the answer: We are employed to protect the common wealth and serve the public good. We are not here to serve amorphous philosophical, economic or ideological concepts such as "financial markets" or "economies."........
full story: http://jessescrossroadscafe.blogspo...-financial.html
04 January 2009
Caveat Emptor - Buyer Beware - In Times of General Corruption
Here are some excerpts from the Op-Ed piece by Michael Lewis and David Einhorn that appeared in the NY Times on Saturday.
It is a general indictment of a government in partnership with a corrupt financial system in a remarkably cynical and materialistic age, generally ignored by a frightened and complacent people.
And where was the outrage? Where was the rest of the world? Turning a blind eye to the corruption and enjoying the returns. Like many of Madoff's enablers and investors they thought they were insiders, the smart ones, and saw only the gains, ignoring the rest, the eventual outcome.
This is not an historical review, as the problems still remain, a little exhausted, but largely uncorrected. No confessions of guilt, just denials, excuses, diversions and coverups.
Caveat Emptor. Buyer beware.
The End of the Financial World as We Know It
By MICHAEL LEWIS and DAVID EINHORN
January 3, 2009
AMERICANS enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them: for a long time now half the planet’s college graduates seemed to want nothing more out of life than a job on Wall Street...
full story: http://jessescrossroadscafe.blogspo...yer-beware.html
Enlarge This Image
Op-Ed Contributors: How to Repair a Broken Financial World (January 4, 2009)
Nur wenige sind ihr Geld wert
Von Nadine Oberhuber
05. Januar 2009 Wie sagen Optimisten? Man soll sich auch an Kleinigkeiten erfreuen. Zum Beispiel an den elf Prozent, die manche große Aktienfonds im vergangenen Jahr besser waren als der Durchschnitt.
Nun sind elf Prozent Differenz in der Wertentwicklung beileibe keine Kleinigkeit. In gewöhnlichen Jahren hätte man laut gejubelt, wenn der Manager eines Publikumsfonds am Jahresende verkündet hätte, er habe elf Prozent mehr erwirtschaftet als der Marktschnitt.
Aber 2008 war vieles anders. Da bedeuten solche Zahlen nicht mehr Rendite, sondern: Es gab Fonds, mit denen machten Anleger elf Prozent weniger Verlust als mit den meisten anderen.
„Von Normalität kann derzeit keine Rede sein“, stöhnten Analysten großer Ratingagenturen in den vergangenen Tagen. Die Agentur Morningstar hat für diese Zeitung die Entwicklung der beliebtesten Fonds ausgewertet. Die Bilanz der meisten Aktienfonds war verheerend: Europäisch anlegende Fonds fuhren im Schnitt 43 Prozent Verlust ein, weltweit investierende immerhin noch 38 Prozent.....
ganzer Artikel: http://www.faz.net/s/Rub645F7F43865344D198A672E313F3D2C3/Doc~E4D4ED56DF9604F3D9D6296B27493EA06~ATpl~Ecommon~Scontent.html
Letter From Apple CEO Steve Jobs
Monday January 5, 8:30 am ET
Dear Apple Community,For the first time in a decade, I'm getting to spend the holiday season with my family, rather than intensely preparing for a Macworld keynote.
Unfortunately, my decision to have Phil deliver the Macworld keynote set off another flurry of rumors about my health, with some even publishing stories of me on my deathbed.
I've decided to share something very personal with the Apple community so that we can all relax and enjoy the show tomorrow.
As many of you know, I have been losing weight throughout 2008. The reason has been a mystery to me and my doctors. A few weeks ago, I decided that getting to the root cause of this and reversing it needed to become my #1 priority.
Fortunately, after further testing, my doctors think they have found the cause -- a hormone imbalance that has been "robbing" me of the proteins my body needs to be healthy. Sophisticated blood tests have confirmed this diagnosis.
The remedy for this nutritional problem is relatively simple and straightforward, and I've already begun treatment. But, just like I didn't lose this much weight and body mass in a week or a month, my doctors expect it will take me until late this Spring to regain it. I will continue as Apple's CEO during my recovery.
I have given more than my all to Apple for the past 11 years now. I will be the first one to step up and tell our Board of Directors if I can no longer continue to fulfill my duties as Apple's CEO. I hope the Apple community will support me in my recovery and know that I will always put what is best for Apple first.
So now I've said more than I wanted to say, and all that I am going to say, about this.
Mon 5 Jan 2009
Hampton Harbor’s Protest-In-Microcosm
Posted by alyx under fail
Give me Tetley or give me death? Folks everywhere are less than thrilled that the market value of their houses has gone down while their property taxes are going up, and they are letting the politicians know.
My favorite is the town of Hampton, New Hampshire, where houses are inexplicably skyrocketing in value in the eyes of the tax assessor despite their neighborhoods showing typical signs of decline - with, of course, the corresponding jump in property tax assessments:
“Disbelief” is how 55-year-old John Kane, a financial adviser, describes his reaction to the assessed value of his home in Hampton, N.H., which soared 55% to $850,200 recently, from $549,300 in 2007. His annual taxes jumped 30%, to nearly $14,000. “We see empty houses, for-sale signs,” Mr. Kane said. “And they value our houses like this?”It’s not full-on civil disobedience, but it’s a start. Then again, we don’t have taxation without representation - we have taxation with representation we think is less competent than a trained ape.
By the way, that amendment they referenced as lowering property taxes in Florida was immediately countered in almost all cities and counties with an increase in other taxes (example), thus resulting in no difference in your typical homeowners’ burden… which reminds me, I’ve got some Tazo Awake Tea in my desk and I don’t like it very much, so maybe I should throw it at City Hall on the way home.
Calls Grow to Cap Property Taxes
...die Bürger fangen an auf die Strasse zu gehen - wenn auch noch friedlich
05 January 2009
Obama Uses the "S" Word
In a televised interview with House Speaker Nancy Pelosi, president-elect Obama stressed the need to quickly craft an economic recovery plan because "the employment report at the end of this week will be sobering."
The plan to be considered by the new Congress, which will be sworn in tomorrow, is expected to include middle class and small business tax cuts.
A small group of Republicans will continue to oppose any aid not directed at wealthy individuals and large corporations in a histrionic show of newly-discovered indignant fiscal responsibility.
The resultant plan will be a band-aid on a gaping wound. The work of substance is yet to be seen.
Posted by Jesse at 11:28 AM :verbeug
Paulson Hitting a High Note in Treasury Debt Issuance
One might surmise that Treasury is hitting a hard high note on the Three Year Treasury issuance because this is the preferred duration of the central banks of China, Saudi Arabia and Japan among others, on behalf of their people.
At some point the Ten Year Note may become the favorite product of Mr. Bernanke, our own central banker, as a chaser to the the junk bond cocktails he is chugging down now.
As an aside, check out the action on the long end of the curve today in Big Daddy, the 30 Year Bond.
Across the Curve
By John Jansen
January 5th, 2009
Henry Paulson is not following the sage counsel of TS Eliot and is instead going out with a bang rather than Eliot’s whimper.
The Treasury announced today that they will auction $30 billion 3 year notes on Wednesday. The increase in issuance here is stunning. The 3 year was reintroduced in November at $25 billion. In its previous reincarnation it was a quarterly issue.
The US government has a desperate need for cash and in their infinite wisdom the debt managers chose to place this bond on a monthly cycle. In the span of two months they have bumped the total from $25 billion to $30 billion. If we start with the November issue and make the poor assumption that they will not tweak this again, the Treasury will raise an incredible $353 billion the 3 year sector in the year that ends October 31 2009.
The Treasury also announced the reopening of the 10 year note for a second time. Treasury issued $20 billion in November and $16 billion when they reopened it in December.
Prior to November the 10 year auction occurred eight times each year. This is the first announcement of the expanded monthly cycle for that issue and they will sell $16 billion this time. That means that the taxpayers have issued $52 billion to the public of this mega issue.
Previously the Treasury had announced that it would sell $8 billion TIPS tomorrow.
I rarely wade into the bill pit but to make the point I would be remiss if I did not note the supply in that market.
Each Monday since time immemorial Treasury has issued three month bills and six month bills. Today is no different and they will raise in total $53 billion in those auctions.
I do not have the auction dates but the Treasury will also sell $24 billion four week bills and $35 billion special 70 day bulls this week.
Sister Consolata taught me very well in grammar school ( they taught grammar in the 1950s. We would diagram sentences) and the sum of those numbers is $166 billion.
Against that background, I suggest that Hank Paulson is leaving a blazing trail of glory in his wake.
Posted by Jesse at 1:38 PM :verbeug
Comments: http://acrossthecurve.com/?p=2379 -
8 Responses to “Treasury Supply”
JP Morgan's Forecast of Commodity Price Changes From Index Rebalancing
You may click on the link as usual for the full story and a detailed breakdown of the analysis.
In summary JP Morgan's forecast of the commodity index rebalancing which will done around January 8-9th is:
...we expect the rebalancing to have the greatest impact in gold, COMEX copper, crude oil, gold, and live cattle. We estimate that the rebalancing of the two indices is expected to result in $877 million of selling in gold, $699 million of buying in COMEX copper, $528 million of selling in live cattle, and $523 million of buying in crude oil.We would expect the impact of the index rebalancing to be felt this week because of 'frontrunning' of the index changes by the big commodity trading desks. Indeed we may find that by the time the changes are realized, the impact may be significantly discounted.
Financial Times - Alphaville
Beware, commodity index rebalancing ahead
By Izabella Kaminska
Jan 05 15:34
The major commodity indices rebalance their respective asset weightings once a year (or occasionally more) — and with that comes a mass dose of buying and selling. The 2009 rebalancing is expected to start sometime this week.
Luckily, JP Morgan has produced its best guess of how the 2009 reweightings of the DJ AIGCI and the S&P GSCI indices will impact the market.
The weightings for both indices are released ahead of time, but begin to kick in the first few working days of the new year. In the case of the DJ-AIGCI — which JP Morgan estimates has $25bn in funds tracking it — the new weightings come into force during the roll period that begins January 9th. The S&P GSCI index weightings kick-in after its January roll which commences January 8th. JP Morgan estimates about $50 bn of investment into that index...
Posted by Jesse at 2:32 PM
Mon 5 Jan 2009
Citi Never Flies? Some Of The “Exec Comp” Restriction Provisions
Posted by alyx under bailout , bandit
We blogged last week that Citi was going to issue an 8-K with some restrictions on executive compensation, and that document was filed on New Year’s Eve. We knew going in that Bandit and Company were giving up their bonuses, and probably expected clawback provisions and the elimination of golden parachutes.
As FTAlphaville notes, there are some interesting tidbits in the fine print, too:
“The US government has seized control of Citigroup’s staff Christmas party budget and set tight restrictions on the use of its corporate jet.”On the list of things that cannot be done without “prior written consent of the Investor” (read: the US govt), the restrictions include the following, with private jets and holiday parties being the most notable:
(A) the hosting, sponsorship or other payment for conferences and events, (B) the use of corporate aircraft, (C) travel accommodations and expenditures, (D) consulting arrangements with outside service providers, (E) any new lease or acquisition of real estate, (F) expenses relating to office or facility renovations or relocations and (G) expenses relating to entertainment or holiday parties; and (iv) provide for (x) internal reporting and oversight and (y) mechanisms for addressing non-compliance with the Expense Policy.Does A, the restriction on event sponsorship, mean that perhaps next year we’ll all be watching the 2010 Rose Bowl Presented By Nobody In Particular, or does that apply merely to tradeshows and other banalities? There is, natch, no telling whether or not these restrictions are in name only and that anything Citi wants to do will be rubber-stamped, but the thought of the Bandit having to be all “Mother, May I” to Paulson, or Geithner, or whomever for permission to use Citi’s plane is a good one nonetheless.
(Aside: Wonder if this would have been approved. h/t to Caroline B)
The SEC Makes Wall Street More Fraudulent
Daily Article by Robert P. Murphy | Posted on 1/5/2009 12:00:00 AM
The mainstream reaction to the Bernard Madoff scandal was inevitable. Whenever a government regulatory agency proves itself to be incredibly incompetent or corrupt, the respectable media swoop in to declare that the "free market" has failed and the agency in question obviously needs more money and power.
Whether it's the Department of Education's failure to produce kids who can read, the FBI's accusations against innocent people in high-profile cases, or the FDA cracking down on tomatoes, the answer is always the same: proponents of bigger government argue that yes, mistakes were made, but the solution of course is to shovel more taxpayer money into the agencies in question........
.......Conclusion The SEC clearly botched its alleged job in the case of the Madoff Ponzi scheme. Taxpayers are certainly entitled to ask, "What exactly are we getting for our (now) $900 million per year?"
It is not simply that the SEC failed to help. On the contrary, the SEC is actively harmful. For one thing, its implicit blessing of Madoff probably reassured some investors; surely the SEC would have shut him down if his returns were bogus! Beyond that, the SEC has been horrible during the financial crisis. In the summer it engaged in a phony ban on "naked" short selling that was already illegal, and then a few months later it banned short selling outright on hundreds of financial stocks, a move that paralyzed that particular sector even more. And lately, they've decided to launch a witch hunt on Mark Cuban—those 3,000+ employees have to do something.
Democrats should not take away from the Madoff scandal the lesson that Republicans cannot be trusted to regulate financial markets. Even if it were true that Democrats would run it more honorably and competently, eventually another Republican will win the White House.
Rather than pitting each party against the other, it is wiser to conclude that Washington politicians and bureaucrats will never put the average taxpayer or investor's interests above those of billionaire financiers. The SEC should be abolished, and investors should rely on private-sector watchdog groups to spot swindlers.
full story: http://mises.org/story/3273
Best 50 Astronomy Pictures of Year 2008 User Rating: / 173
PoorBest Friday, 26 December 2008 23:12 Astronomy, seems a small word. But this is an word which contains the universe. It is so, I called it seems a small word in the first sentence. Astronomy is beautiful science, it is the thing which attracts everyone. If you think about the solar system, galaxy to the UFO's everything are very interesting. So, I culled these images to make a beautiful post of the beautiful science.
There are sites which releases many of the Images from the space every year, So it is difficult task to choose fifty Images from one year. But I had collected some of the Images which are best in year 2008. Enjoy the images. Here I had inserted the original image link to provide high resolution images. Click on the images and get the high Resolution Images.
bei DU gesehen :)
ozymandius (1000+ posts) Tue Jan-06-09 05:58 AM
Response to Original message 1. Market WrapUp "Damn the Torpedoes, Full Speed Ahead!"
Destination: Japan or Zimbabwe?
BY TONY ALLISON
The famous quotation above comes from the Battle of Mobile Bay in 1864 during the Civil War. Union Admiral David Farragut needed to capture Mobile Bay and Fort Morgan, but was facing a bay strewn with mines (called “torpedo fields” back then) that had already taken down the USS Tecumseh with all 94 men going down with the ship. Coming under fire from both the Confederate fleet and Fort Morgan, Farragut had to decide between retreat or taking on the minefield. Farragut issued his now historic order, eluded the minefield and emerged victorious.
The Federal Reserve and the incoming Obama Administration today face an economic minefield more treacherous than even that faced by Admiral Farragut. They must either charge ahead aggressively with unprecedented spending programs, or retreat and be accused of letting the economy fall off a cliff. One can easily guess which way they will go. Full speed ahead!
It appears fairly certain that the Fed and the new administration will not be incremental. They will “go big” with both monetary and fiscal policy, and not be the least concerned about inflationary effects down the line. The Fed seems to believe it can handle that situation should it arise by draining liquidity out of the economy. We shall see. Economic stimulus and money creation of this massive and historic nature has never been attempted. In a complex global economy, unintended consequences are always a potential risk lurking around the bend. Clearly the Fed is more concerned about the deflationary effects of debt and deleveraging. The Fed has already “leveraged up” its balance sheet to the tune of $1.2 trillion in 2008 and appears to be just getting warmed up. Expect many trillions of new dollars (borrowed or printed) to be thrown into the fray in 2009. This road could eventually lead to Zimbabwe-like inflation.
GMAC Chairman may finally be dethroned
Posted Jan 2nd 2009 10:40AM by Zac Bissonnette
Filed under: General Motors (GM)
With GMAC Financial Services (NYSE: GKM) having been run into the ground to the point where it required an emergency $6 billion bailout from the federal government, you'd think the chairman of the company's board of directors would have been toast a long time ago. But he's still there: billions of dollars in irresponsible loans apparently aren't enough to get you fired.
Change my be on the way. The bailout makes the federal government the largest shareholder in the company, and according to BusinessWeek, "That means there will be a clean sweep that will likely push out J. Ezra Merkin, along with most of the executives who were appointed to the board by owners General Motors (NYSE: GM) and Cerberus Capital Management, say sources involved with the changeover. Day-to-day management, however, may stay in place."
GMAC's board will be reduced from 12 members to 7 and chairman Merkin is "unlikely" to remain. :rolleyes
Wow. Merkin has presided over a reckless spree of bad loans that culminated in the need for a federal bailout, and, by the way, is being sued by New York University for allegedly concealing Bernard Madoff's fraudulent practices when he funneled NYU money into his investments scheme.
In corporate America, that's apparently only enough to make you unlikely to remain in power. Until that changes, we're probably doomed.
...als Gauner kommt man anscheinend weiter :mad
I am ashamed
January 6, 2009
It took a reader to wake me up to the fact I did something I swore I would never do. First of all, let me say I am under no compunction to provide a fair and balanced point of view on anything. This is my website and I get to post what I want to post. You aren’t paying for it so your choice is to read it or go away, I don’t owe anyone anything, I’m providing it for free.
There is no fair and balanced point of view on some issues. Rape for example. If I were to come out with an article decrying an increase in rape in some American city, should I also post something from a rapist explaining why that’s a good thing? I think not. There are some issues there are not two reasonable sides to.
Torture is one. Anyone can be tortured into confessing to anything. So torture is not a way of gaining information, no matter what the media tells you. And as a former military pilot with two years in combat, it’s my point of view that it’s a bad idea for us to torture because then the enemy of the day might also conclude that should do the same to those Americans they might capture, such as pilots.
I have long been a fan of James Howard Kunstler, author of “The Long Emergency.” Up until today, I have recommended it to everyone I know. We have posted a dozen or so of his pieces, with a link to his site.
I’m sorry I did, it took a reader to point out to me Kunstler is a racist anti-Semitic whining War Criminal.
This is part of what he said, “Until the last few days of the year, that is. I'm sure the ever-growing cohort of American anti-Semites who send me emails will be tickled when I assert that the Hamas rocket attacks against Israel of recent days guaranteed a sharp response from Israel -- and now, of course, Hamas is playing the crybaby card: "... what'd we do to deserve this...?" Well, you fucking fired a bunch rockets into Israel. Did you ever hear of cause-and-effect?”
Well Mr. Kunstler, have you ever heard of cause-and-effect? If the Zionist war criminals running Israel and the American political system stopped stealing land from the original owners, perhaps they would not get rocketed.
The latest war crime on behalf of the whiners in Israel and their blind and ignorant supporters in the US have resulted in the deaths of 531 Palestinians and an additional 2500 wounded. Let me put that into perspective. The US has 200 times the population so for us to experience the same causalities, we would have to have 106,200 deaths and some 500,000 wounded in ten days of massacre.
Let me give you some facts no American media will provide you with. The Gaza Ghetto is 139 square miles, about the size of Philadelphia or Seattle. Within the Ghetto 1.5 million people live in abject poverty with an unemployment rate of 65%. It’s one of the most densely populated areas on earth. Israel maintains a total and complete blockade on the Ghetto (In comparison, the Warsaw Ghetto contained only 500,000 people)
The blockade is illegal but seeing as how Israel has ignored hundreds of UN Resolutions regarding their illegal treatment of Palestinians, it’s just one more war crime on their part.
I called Mr. Kunstler an anti-Semite. I mean exactly what I say, whereas he just used it in the typically whining crybaby Zionist way where anyone who dares criticize Israel is at once denounced as an anti-Semite.
But the Zionists who run Israel are not Semites. The Ashkenazi Jews that rule Israel have no legal, moral, historical or religious ties to Israel. Their origins are in the Kingdom of Khazar, they converted to Judaism in the 8th Century. The Palestinians are Semites; the Ashkenazi Jews are not Semites. So by attacking the Ghetto at Gaza, the Zionists have become the biggest Anti-Semites of all times.
The latest massacre of innocent people in Gaza should be a wakeup call to anyone who possesses a moral compass. Mr. Kunstler obviously does not. The overwhelming firepower, mostly provided by the US Congress that has been bought and paid for by Israel with the money the US sent as military aid, has caused a kill ratio of over 100-1. That’s not warfare, that’s a massacre.
Israel is a failed state. The Zionists have proven beyond question that they cannot live in peace with their neighbors.
Whatever crimes against them were committed in Europe 60 some years ago is not the problem of the Palestinians who have inhabited their country for 5000 years. The Zionists have no right to steal land from Palestinians; they have no legal or moral claim to it. And while everyone else in the world realizes it’s a failed state, only the Zionists ignore the fact that either they learn to live in peace with their neighbors or they will have to become mass murderers on a scale unmatched since WW II.
Anyone not disgusted by the actions of Israel lacks a moral compass or is a victim of the Jewish controlled media in the United States that forbids anything critical of Israel. Or both. These actions of the last 10 days go beyond war crimes.
If Israel is to ever get along with their neighbors, the first thing they need to do is drop the victimhood act and stop whining. Israel is not the victim, they are the criminals.
321gold - http://www.321energy.com/editorials...arty010509.html
2009 The Train Wreck
Darryl Robert Schoon
Posted Jan 6, 2009
Change is a constant whether perceived or not; but only when we see it do we believe it has occurred. Then, it is too late.The phrase, speculative bubble, is used to describe the financial tumescence that characterizes the often manic unfounded rise of asset values. The phrase, however, is inadequate for it fails to convey the destructive aftermath that follows; for such purposes, train wreck, is a better description. In 2009, the largest train wreck in economic history is about to occur.
Unfounded manic speculation, e.g. the 2002-2007 real estate bubble, is not new. Similar manic speculation occurred in internet stocks in the 1990s, radio stocks in the 1920s, as it did in railroad stocks in the 19th century and in tulip bulbs in the 17th century. Manic speculation is as human as the markets.
......In 2009, the economic train wreck now in motion will occur. It will not be a one time event. It will be a successive series of protracted crisis in conjunction with continuing breakdowns in access to credit, goods and services, an escalating and cascading series of previously unimaginable events.
In today's monetarily debased markets, credit has become essential for all commercial activity. This dream of bankers is the nightmare of producers and savers. Credit becomes compounding debt which becomes bankers' profits also resulting in increasing defaults and bankruptcies. Modern economics is not rocket science. It's an abomination on the economic body of mankind.......
.....Let us stand aside and help its birth. A new and better world is on its way. Gold and silver will help in the interim.
full story: http://www.321gold.com/editorials/s...hoon010609.html
Quote of the Day: "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." Cicero - 55 BC
We have certainly learned a lot in 2000 years.
Viele Tote bei israelischen Angriffen auf Uno- Schule
Der israelische Angriff auf eine Uno-Schule im Gaza-Streifen hat mehr Opfer gefordert, als zunächst bekannt wurde: Mindestens 40 Menschen sollen ums Leben gekommen sein. Hunderte Palästinenser hatten dort Zuflucht gesucht. mehr... [ Video | Forum ]
International: 6. Januar 2009, 17:41
Tödliche Angriffe auf Uno-Schulen im Gazastreifen
Mehr als 40 Tote – «Niemand ist sicher»
Bei israelischen Angriffen im Gazastreifen sind zwei Schulen der Vereinten Nationen getroffen worden. Dabei kamen bis zu 40 Personen ums Leben. Damit ist die Zahl der Todesopfer unter Palästinensern am 11. Tag der Offensive auf 600 gestiegen. Bei der Schule hielten sich einige hundert Palästinenser auf. ...
Sarkozy: Mission auf eigene Faust
IKRK: Schrecklichste Nacht in Gaza
International: 6. Januar 2009, 18:32
Burris darf Sitz im Senat nicht einnehmen
Streit um Nachfolge Obamas in der Kongresskammer
Der Streit um die Nachfolge des neuen amerikanischen Präsidenten Obama im Senat geht in eine weitere Runde. Seinem möglichen Nachfolger, Robert Burris, ist am Dienstag der Zutritt zum Kongress verwehrt worden. Burris war vom Gouverneur von Illinois, Rod Blagojevich, nominiert worden. Dieser steht im Verdacht, den Senatssitz verkauft zu haben. ...
Obama: In den Fängen der «alten» Politik
Germany warns of imminent gas shortage
Ukraine and Russia to resume talks as deliveries fall across Europe
Russian gas disruption spreads across Europe
By Christian Lowe Christian Lowe – 39 mins ago
Play Video AFP – Gazprom ready to resume gas talks with Ukraine
MOSCOW (Reuters) – Russia sharply cut gas flows to Europe via Ukraine on Tuesday in a dramatic worsening of a pricing dispute with Kiev that threatened to disrupt supplies as far west as Italy and Germany.
Russian export monopoly Gazprom said it supplied some 65 million cubic meters (mcm) to Europe on Tuesday through ex-Soviet neighbor Ukraine, a fall of 78 percent from the 300 mcm it had been shipping since the dispute erupted on January 1....
full story: http://news.yahoo.com/s/nm/20090106...sia_ukraine_gas
Ten Surprises for 2009 (Video)
One of Wall Street's best-known veterans puts out his top ten susprises for 2009, with Byron Wien, Pequot Capital Management chief investment strategist
Last Update: Tues. Jan. 6 2009 | :00:0 09
S+P rise to 1200.....
Gold to $ 1200.....
Oil to $ 80...
GMAC’s Sweet Government Ride
January 5, 2009, 1:09 pm
The government bailout of GMAC is a complicated affair, probably the most intricate government bailout to date — at least until the inevitable future workouts of General Motors and Chrysler.
The rescue of GMAC, which is G.M.’s financing arm, involves a debt exchange and cash offer, the reorganization of GMAC’s ownership structure, the partial severing of the exclusive G.M.-GMAC relationship, a government investment of up to $6 billion, and a redesignation of GMAC as a bank holding company, allowing it to tap into the aforementioned federal bailout funds via the Treasury’s Troubled Asset Relief Program (or more particularly, the freshly minted Automotive Industry Financing Program).
Like the bailout itself, this deal was never going to be pretty, but there are a number of things that taxpayers may find particularly irksome about this latest government action......
1. Easy Terms....
2. Ford’s Penalty....
3. The SUV Sale....
4. Bank Holding Company Status....
5. The Merkin Factor :mad.....
full story: http://dealbook.blogs.nytimes.com/2...overnment-ride/
Apple verabschiedet sich unspektakulär von der MacWorld Expo
Weder ein neues iPhone noch ein neuer Mac Mini: Apple hat sich ohne spektakuläre Produktvorstellungen für immer von der Macworld Expo in San Francisco verabschiedet.
Apple verkauft in seinem Online-Shop iTunes künftig Musik ohne Kopierschutz. Ab sofort seien rund acht Millionen Songs ohne Beschränkungen durch Digital Rights Management (DRM) verfügbar, sagte Marketingchef Phil Schiller. Konzern-Chef Steve Jobs war abwesend.
Künstler aller grossen Musikverlage seien an Bord. Zudem können die Plattenfirmen künftig unterschiedliche Preise verlangen. Bislang kosteten alle Songs einen Dollar - die Industrie hatte auf ein differenziertes Modell gedrängt.
Schiller kündigte eine neue Version des Profi-Notebooks MacBook Pro an. Das mit 17 Zoll grösste Gerät des Herstellers sei leichter und flacher als je zuvor. Der Akku habe eine Lebensdauer von bis zu fünf Jahren und sei damit leistungsfähiger als alle Vorgänger.
Neuerungen wurden auch bei der Software angekündigt: Die im Multimedia-Paket iLife enthaltene Foto-Software erkennt künftig automatisch Gesichter und kann so alle Bilder von einer Person per Mausklick anzeigen.
Über eine Landkarte wie Google Maps können Nutzer zudem alle Fotos aus der Umgebung suchen. Kameras mit GPS- Funktion wie das iPhone ergänzen solche Daten bereits bei der Aufnahme. Die Geocodes können jedoch auch manuell vergeben werden.
Musikfans dürften sich über das Update für das in iLife enthaltene Programm GarageBand freuen. Und auch das Büro-Paket iWork erhält ein Update - es ist ab sofort erhältlich.
Apple Announces Its Last Year at Macworld
CUPERTINO, California—December 16, 2008—Apple® today announced that this year is the last year the company will exhibit at Macworld Expo. Philip Schiller, Apple’s senior vice president of Worldwide Product Marketing, will deliver the opening keynote for this year’s Macworld Conference & Expo, and it will be Apple’s last keynote at the show. The keynote address will be held at Moscone West on Tuesday, January 6, 2009 at 9:00 a.m. Macworld will be held at San Francisco’s Moscone Center January 5-9, 2009.
Apple is reaching more people in more ways than ever before, so like many companies, trade shows have become a very minor part of how Apple reaches its customers. The increasing popularity of Apple’s Retail Stores, which more than 3.5 million people visit every week, and the Apple.com website enable Apple to directly reach more than a hundred million customers around the world in innovative new ways.
Apple has been steadily scaling back on trade shows in recent years, including NAB, Macworld New York, Macworld Tokyo and Apple Expo in Paris.
Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.
Report: Al-Qaida No. 2 blames Obama for Gaza fight
By HADEEL AL-SHALCHI, Associated Press Writer Hadeel Al-shalchi, Associated Press Writer – Tue Jan 6, 8:23 pm ET
The recording purportedly by Ayman al-Zawahiri was al-Qaida's first comments on the Gaza crisis since Israel launched its offensive against the Islamic militants of Hamas on Dec. 27.
In the comments, which were posted on a militant Web site and obtained by the SITE Monitoring Service, al-Zawahiri described Israel's actions in Gaza as a "crusade against Islam and Muslims" and called it "Obama's gift to Israel" before he takes office later this month. :kopf
"This is Obama whom the American machine of lies tried to portray as the rescuer who will change the policy of America," al-Zawahiri said, according to SITE. "He kills your brothers and sisters in Gaza mercilessly and without affection."
Al-Zawahiri, who is Egyptian, also criticized Egyptian President Hosni Mubarak, calling him a "traitor" for keeping Egypt's border with the Gaza Strip closed since Hamas seized power.....
full story: http://news.yahoo.com/s/ap/20090107...qaida_tape_gaza
...immmer fleissig Öl ins Feuer giessen :dumm das hilft den Palästinensern auch nicht weiter :(
Chef von führendem US-Immobilienauktionshaus tot aufgefunden
Der Chef eines führenden US-Immobilienauktionshauses, Steven Good, ist nach Behördenangaben tot aufgefunden worden. Der 52-Jährige weise eine Schussverletzung auf, die er sich offenbar selbst beigebracht habe. mehr »
MILLIARDÄR MERCKLE TOT
"Das hat er einfach nicht ertragen"
In Blaubeuren war er ein Idol: Ratiopharm-Gründer Adolf Merckle schien alles zu schaffen, bestieg Sechstausender und war dabei herzlich und hilfsbereit. Jetzt hat er sich selbst getötet. Weil sein Firmenimperium wegen der Finanzkrise vor dem Einsturz steht. Aus Blaubeuren berichtet Anne Seith mehr... [ Video ]
:schwitz ...ob sich die "Richtigen" umbringen :confused:rolleyes ich wüsste da ein paar andere :o
The Treasury Bubble and the Central Banks: Imbalance à Go Go
The astute observer may notice a trend change in the way that foreign central banks choose to deploy their dollar reserves while supporting their industrial policies.
There should be little doubt why there is a bubble in Treasuries, and why the Federal Reserve is in the market buying mortgage debt.
Posted by Jesse at 12:21 PM :verbeug
06 January 2009
A Budget Forecast from President-elect Obama
"Trillion dollar deficits for years to come, even with an economic recovery."
Should we get Bernanke a truss?
Obama Says Deficit Likely to Approach $1 Trillion
By Julianna Goldman and Roger Runningen
Jan. 6 (Bloomberg) -- President-elect Barack Obama said he expects to inherit a $1 trillion budget deficit and that similar shortfalls are in store “for years to come” as the government grapples with a recession and other spending demands.
A “trillion dollar deficit will be here before we even start the next budget,” Obama said after meeting in Washington with his economic advisers, including Peter Orszag, who has been designated as director of the Office of Management and Budget.
“Potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery we are working on...”
Posted by Jesse at 4:50 PM :verbeug
...wer soll das bezahlen :confused:rolleyes:schwitz
Ukraine sperrt alle Gas-Transitleitungen nach Europa
11:05 | 07/ 01/ 2009
BERLIN/KIEW, 07. Januar (RIA Novosti). Der russische Energiekonzern Gazprom wirft der Ukraine vor, alle Gas-Transitleitungen nach Europa gesperrt zu haben. Die Ukraine behauptet, kein Gas mehr aus Russland zu bekommen.
Wie Gazprom-Vizechef Alexander Medwedew mitteilte, hat die Ukraine auch die vierte Transitleitung aus Russland gesperrt. Die ersten drei waren zuvor gesperrt worden.
Der ukrainische Konzern Naftogaz behauptet unterdessen, Russland habe den Gashahn vollständig zugedreht.
„Um 07.44 Uhr (06.44 MEZ) wurden die Lieferungen über die Station Sudscha auf Null reduziert", sagte Naftogaz-Sprecher Walentin Semljanski am Mittwoch zu RIA Novosti.
Am Dienstag waren die russischen Transitlieferungen über die Ukraine an Ungarn, Serbien, Mazedonien, Kroatien, Bulgarien, Polen und die Türkei vollständig eingestellt worden.
:rolleyes :confused :gruebel ....wer sperrt nun was :schwitz
8.2.2009 Das Date der Schweiz?
verfasst von Emerald, 07.01.2009, 03:07
Weil es so brisant ist, vermutlich eine Wiederholung ..............
Sollte, was jetzt immer wahrscheinlicher wird, der Schweizer Bürger am
8.2.2009 das Freizügigkeits-Abkommen mit Rumänien und Bulgarien per
Stimm-Zettel abschmettern, d.h. ablehnen sehe ich stärkere Auswirkungen
auf das kleine Land zukommen.
Am 6.1.2009 wurde eine Schweizer Finanz - Delegation f. Steuerfragen,
in Bruxelles weilend, freundlich nach Hause komplimentiert! Das Communiqué
trocken: Die Gespräche wurden auf ein Datum nach dem 8. Februar 2009
Anzumerken ist, dass Unternehmer aller polit. Schattierungen die Zustimmung
für die erweiterte Freizügkeit par force gutheissen. Dagegen wird eine
täglich ansteigende Wählerschaft aus Gründen der Angst um den Arbeitsplatz-
Verlust eher für ein Nein tendieren.
:schwitz ...da kann man hoffen, dass die SVPler nicht genug Stimmen bekommen :rolleyes
Kampagne mit Krähen: Parteipräsident Toni Brunner und Nationalrätin Yvette Estermann starten die Kampagne gegen Weiterführung und Ausdehung der Personenfreizügigkeit. (Bild: Reuters)
World markets mixed as Indian stocks plunge after head of tech firm admits doctoring books
.....India's Sensex index plunged more than 6 percent to 9,694 after Satyam's chairman, B. Ramalinga Raju, said in a letter to the board released to the stock exchange that the company's balance sheet was loaded with "fictitious" assets and "non-existent cash."Shares of Satyam Computer Services Ltd. crashed 77 percent to 40 rupees. The Securities and Exchange Board of India, the market regulator, said it was investigating the incident....
verfasst von dottore, 07.01.2009, 10:35
......Satyam (Hindi für "Wahrheit") :rolleyes war ein Vorzeige-Unternehmen. Die Aktie ging nach dem Geständnis des Chefs, die Gewinne "aufgepumpt" zu haben um fast 70 % runter.....
Bank of America’s Lewis Urges No Bonus for Himself (Update3)
By David Mildenberg
Jan. 6 (Bloomberg) -- Bank of America Corp. Chief Executive Officer Kenneth Lewis recommended that he and other senior executives not receive bonuses after five straight quarters of declining profit.
The board is likely to accept the recommendation :rolleyes (...ja sollen sie ewa dagegen sein :dumm) according to a memo Lewis sent to employees today. Spokesman Scott Silvestri confirmed the memo’s authenticity.
“This was a difficult decision because we have worked hard and made progress on many projects that will create value for our company in future years,” Lewis said in the memo. “Nonetheless we are a pay-for-performance company.”.....
full story: http://www.bloomberg.com/apps/news?...mwPk&refer=home
Venezuela expels Israeli envoy
Tue, 06 Jan 2009 21:09:22 GMT
Venezuela has expelled the Israeli ambassador to the Latin American country in protest at the ongoing onslaught in the Gaza Strip.
In a statement, the Venezuelan Foreign Ministry said that Caracas had expelled the Israeli envoy to protest the Israeli invasion of Gaza which had killed at least 500 Palestinians.
Arbeitslosenzahl steigt auf 3,1 Millionen
Die Arbeitslosigkeit in Deutschland nimmt wieder zu: Im Dezember waren 3,1 Millionen Menschen ohne Job gemeldet - und Experten erwarten noch Schlimmeres. Die Zahlen spiegeln nicht die wahre Lage wider, denn viele Firmen federten die Auftragsflaute noch ab. mehr...
U.S. Dec. ADP employment index falls 693,000
8:16 AM ET, Jan 07, 2009
Obama has lunch with 4 presidents
By BEN FELLER, Associated Press Writer Ben Feller, Associated Press Writer – 1 min ago
Play Video ABC News – Presidents Helping Presidents :rolleyes
WASHINGTON – President-elect Barack Obama says coming together with all the U.S. presidents is an "extraordinary gathering." Obama stood in the Oval Office on Wednesday with President George W. Bush and three former presidents: Bill Clinton, George H.W. Bush and Jimmy Carter. The president-elect said all of them understand the pressures of the job and he looks forward to sharing time with them.
Bush was hosting a rare lunch for the leaders at the White House. He told Obama that all the presidents want him to succeed.
Obama and Bush held a private meeting before they were joined by the three former presidents.
|Aktuelle Uhrzeit 09:22|
Powered by: vBulletin Version 3.0.3
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.