Japan Abandons America
Japan might prove dollar's nemesis, not China
Germany Declares Economic War
US dollar seen caught in G20 meeting's crosshairs
Retirements in Peril: US System Full of Holes
FDIC is Broke, Taxpayers at Risk
Mission Accomplished: Part 1, Wrecking of the World's Greatest Economy
Sweet Spots (The Mogambo Guru)
FOREX-Dollar slides to 1-year low vs euro before Fed, G20
UK: Investors "Panic Buy" Other Currencies as Sterling Slides
When Housing is Priced in Gold
Dollar under scrutiny at G20 summit
House Passes Bill To Prevent Government Shutdown
Bailout Money for Smaller Banks Being Weighed
G-20 Leaders Declare Summit a Success
Lost Vegas: Living Underground in Flood Tunnels
Long-Term Prospects Good for Gold Bugs
Tuesday, September 29, 2009
Unemploymet Among Young Americans
Unemployment Among Young Americans Hits 52.2% - -- a post-World War II high, according to the Labor Dept.-- And worse, without a clear economic recovery plan aimed at creating entry-level jobs, the odds of many of these young adults -- aged 16 to 24, excluding students -- getting a job and moving out of their parents' houses are long.
Marc Faber on the future: Wars, massive government debt defaults, and the impoverishment of large segments of Western society.
Sugar's 'Perfect Storm' May Triple Price by June
What if everyone in the world wanted a 1oz Gold Coin?
Tidal Wave of Homeless Kids Hits Schools
35 Million Americans on Foodstamps
Karl Denninger: Deflationary Collapse Dead Ahead - The battle over whether the collapse will be deflationary or inflationary doesn't negate the fact that both lead to collapse.
World Bank: US Should Not Take Dollar's Place for Granted World Bank President Robert Zoellick: “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency.”
The Shadow Foreclosure Industry
Fed’s Alvarez Threatens Congress With Higher Rates if Fed is Audited
A Rich Uncle (Sam) is Picking Up the Borrowing Slack
Food Police Turns Liberals towards Libertarianism
The Dark Years Are Here
Marc Faber on the future: Wars, massive government debt defaults, and the impoverishment of large segments of Western society.
Sugar's 'Perfect Storm' May Triple Price by June
What if everyone in the world wanted a 1oz Gold Coin?
Tidal Wave of Homeless Kids Hits Schools
35 Million Americans on Foodstamps
Karl Denninger: Deflationary Collapse Dead Ahead - The battle over whether the collapse will be deflationary or inflationary doesn't negate the fact that both lead to collapse.
World Bank: US Should Not Take Dollar's Place for Granted World Bank President Robert Zoellick: “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency.”
The Shadow Foreclosure Industry
Fed’s Alvarez Threatens Congress With Higher Rates if Fed is Audited
A Rich Uncle (Sam) is Picking Up the Borrowing Slack
Food Police Turns Liberals towards Libertarianism
The Dark Years Are Here
Friday, September 25, 2009
Buying our own debt and printing 1.45 trillion??
Gold $990 - there's that sell-off we talked about. :-) Now, to the horror show that is our economy...
Federal Reserve Accounts For 50% of Second Quarter Treasury Purchases -- This is pure desperation on the part of our government. We're buying our own debt?
Orders for durable goods drop unexpectedly – New York Times
"Termites in the attic": is it time to panic about America's soaring debt? – Yahoo! Finance
Desperately seeking an exit strategy. (Roubini says debt monetization and inflation "the path of least resistance") - In all honesty, there's just no way out now. The US lacks the unity and honesty to get out of the situation we're in. Corruption at all levels will be our undoing.
Lehman Brothers Revisited - Strong words from Peter Schiff: "If the current policies continue, the America we know – for which our forebears risked so much – will cease to exist. "
UK: Crude Price "Shock" Next Threat to Recovery - "Soaring energy prices could fuel inflation and derail economic recovery, one of the Bank of England's most senior policymakers warned yesterday."
UK: Markets in Government-Fueled Bubble Says Hedge Fund Manager
US Debt Crisis May Cause "Fall Of Rome" Scenario - “The bad news is at the end of a 10-year period we’re still not going to have fixed the problem,” Duncan said in an interview in Hong Kong yesterday. “Eventually it will lead to high rates of inflation well down the line and really destabilize things to the point where there may be irreparable damage. A kind of ‘Fall of Rome’ scenario."
Things are Getting Better? - Basically, the "recovery" that has been touted has only been for the elite bankers and a few corporate bigwigs. From the middle class on down, there has been no recovery. Unemployment continues to climb.
Thank The Fed for Your Lack of Purchasing Power (The Mogambo Guru)
US new home sales rise - This headline should really read like this: The People who still have some money left have bought into the positive spin put out by the mainstream media, and mistakenly believing that the housing market has bottomed, purchased a new home.
FROM A MARTIN WEISS NEWSLETTER:
It’s starting to look like the Fed’s going to need a skyscraper-full of new printing presses ...
In a statement released yesterday, the Federal Reserve said,
“To provide support to mortgage lending and housing markets, and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt.”
That’s a total of $1.45 trillion! Where’s the Fed going to get the money? Simple: They’ll have to PRINT it — create it out of thin air!
Plus, even former Fed Chairman Alan Greenspan is beginning to panic about the dollar’s decline, warning that total U.S. private and public debt — now at 84% of GDP and still soaring — is “very dangerous” and threatens both long-term Treasuries and the dollar.
Federal Reserve Accounts For 50% of Second Quarter Treasury Purchases -- This is pure desperation on the part of our government. We're buying our own debt?
Orders for durable goods drop unexpectedly – New York Times
"Termites in the attic": is it time to panic about America's soaring debt? – Yahoo! Finance
Desperately seeking an exit strategy. (Roubini says debt monetization and inflation "the path of least resistance") - In all honesty, there's just no way out now. The US lacks the unity and honesty to get out of the situation we're in. Corruption at all levels will be our undoing.
Lehman Brothers Revisited - Strong words from Peter Schiff: "If the current policies continue, the America we know – for which our forebears risked so much – will cease to exist. "
UK: Crude Price "Shock" Next Threat to Recovery - "Soaring energy prices could fuel inflation and derail economic recovery, one of the Bank of England's most senior policymakers warned yesterday."
UK: Markets in Government-Fueled Bubble Says Hedge Fund Manager
US Debt Crisis May Cause "Fall Of Rome" Scenario - “The bad news is at the end of a 10-year period we’re still not going to have fixed the problem,” Duncan said in an interview in Hong Kong yesterday. “Eventually it will lead to high rates of inflation well down the line and really destabilize things to the point where there may be irreparable damage. A kind of ‘Fall of Rome’ scenario."
Things are Getting Better? - Basically, the "recovery" that has been touted has only been for the elite bankers and a few corporate bigwigs. From the middle class on down, there has been no recovery. Unemployment continues to climb.
Thank The Fed for Your Lack of Purchasing Power (The Mogambo Guru)
US new home sales rise - This headline should really read like this: The People who still have some money left have bought into the positive spin put out by the mainstream media, and mistakenly believing that the housing market has bottomed, purchased a new home.
FROM A MARTIN WEISS NEWSLETTER:
It’s starting to look like the Fed’s going to need a skyscraper-full of new printing presses ...
In a statement released yesterday, the Federal Reserve said,
“To provide support to mortgage lending and housing markets, and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt.”
That’s a total of $1.45 trillion! Where’s the Fed going to get the money? Simple: They’ll have to PRINT it — create it out of thin air!
Plus, even former Fed Chairman Alan Greenspan is beginning to panic about the dollar’s decline, warning that total U.S. private and public debt — now at 84% of GDP and still soaring — is “very dangerous” and threatens both long-term Treasuries and the dollar.
Business as usual
International Monetary Fund to sell over 403 tons of gold - It will be interesting to see who the buyers are. China has already admitted that they have to buy gold "quietly" since their purchases drive up the price. Also, this quantity will certainly cause a fluctuation in the price simply because there is more gold on the market. At one point this year, American Gold Eagles were very difficult to find.
America armed, but guns not necessarily loaded -- Ammo is hard to find. If that worries politicians, then it's a good thing.
Oil Prices Dip Below $69, Supplies Jump -- Watching oil this close is pointless unless you're a day trader. Once the world unhinges from the US dollar as the reserve currency, the price of oil will rise. The key is to make your investments outside of the US dollar in foreign markets.
IMF: No Full Recovery Until 2015 -- "But....but...........Bernanke said it was over.....", said the disillusioned American.
UK: Jobless Claims Show Demise of Slump May Be Exaggerated -- They deceive us for our own good!
Treasuries Fall After 5-Year-Notes Auction -- Our buyers have apparently gotten a peek behind the curtain.
UK: HSBC Staff Carrying Personal Alarms in Case of Customer Rage -- They know it's coming.
America armed, but guns not necessarily loaded -- Ammo is hard to find. If that worries politicians, then it's a good thing.
Oil Prices Dip Below $69, Supplies Jump -- Watching oil this close is pointless unless you're a day trader. Once the world unhinges from the US dollar as the reserve currency, the price of oil will rise. The key is to make your investments outside of the US dollar in foreign markets.
IMF: No Full Recovery Until 2015 -- "But....but...........Bernanke said it was over.....", said the disillusioned American.
UK: Jobless Claims Show Demise of Slump May Be Exaggerated -- They deceive us for our own good!
Treasuries Fall After 5-Year-Notes Auction -- Our buyers have apparently gotten a peek behind the curtain.
UK: HSBC Staff Carrying Personal Alarms in Case of Customer Rage -- They know it's coming.
One million school children now homeless
The Economy Is A Lie, Too
By Paul Craig Roberts
Global Research, September 22, 2009
Americans cannot get any truth out of their government about anything, the economy included. Americans are being driven into the ground economically, with one million school children now homeless, while Federal Reserve chairman Ben Bernanke announces that the recession is over.
The spin that masquerades as news is becoming more delusional. Consumer spending is 70% of the US economy. It is the driving force, and it has been shut down. Except for the super rich, there has been no growth in consumer incomes in the 21st century. Statistician John Williams of shadowstats.com reports that real household income has never recovered its pre-2001 peak.
The US economy has been kept going by substituting growth in consumer debt for growth in consumer income. Federal Reserve chairman Alan Greenspan encouraged consumer debt with low interest rates. The low interest rates pushed up home prices, enabling Americans to refinance their homes and spend the equity. Credit cards were maxed out in expectations of rising real estate and equity values to pay the accumulated debt. The binge was halted when the real estate and equity bubbles burst.
As consumers no longer can expand their indebtedness and their incomes are not rising, there is no basis for a growing consumer economy. Indeed, statistics indicate that consumers are paying down debt in their efforts to survive financially. In an economy in which the consumer is the driving force, that is bad news.
The banks, now investment banks thanks to greed-driven deregulation that repealed the learned lessons of the past, were even more reckless than consumers and took speculative leverage to new heights. At the urging of Larry Summers and Goldman Sachs’ CEO Henry Paulson, the Securities and Exchange Commission and the Bush administration went along with removing restrictions on debt leverage.
When the bubble burst, the extraordinary leverage threatened the financial system with collapse. The US Treasury and the Federal Reserve stepped forward with no one knows how many trillions of dollars to “save the financial system,” which, of course, meant to save the greed-driven financial institutions that had caused the economic crisis that dispossessed ordinary Americans of half of their life savings.
The consumer has been chastened, but not the banks. Refreshed with the TARP $700 billion and the Federal Reserve’s expanded balance sheet, banks are again behaving like hedge funds. Leveraged speculation is producing another bubble with the current stock market rally, which is not a sign of economic recovery but is the final savaging of Americans’ wealth by a few investment banks and their Washington friends. Goldman Sachs, rolling in profits, announced six figure bonuses to employees.
The rest of America is suffering terribly.
The unemployment rate, as reported, is a fiction and has been since the Clinton administration. The unemployment rate does not include jobless Americans who have been unemployed for more than a year and have given up on finding work. The reported 10% unemployment rate is understated by the millions of Americans who are suffering long-term unemployment and are no longer counted as unemployed. As each month passes, unemployed Americans drop off the unemployment role due to nothing except the passing of time.
The inflation rate, especially “core inflation,” is another fiction. “Core inflation” does not include food and energy, two of Americans’ biggest budget items. The Consumer Price Index (CPI) assumes, ever since the Boskin Commission during the Clinton administration, that if prices of items go up consumers substitute cheaper items. This is certainly the case, but this way of measuring inflation means that the CPI is no longer comparable to past years, because the basket of goods in the index is variable.
The Boskin Commission’s CPI, by lowering the measured rate of inflation, raises the real GDP growth rate. The result of the statistical manipulation is an understated inflation rate, thus eroding the real value of Social Security income, and an overstated growth rate. Statistical manipulation cloaks a declining standard of living.
In bygone days of American prosperity, American incomes rose with productivity. It was the real growth in American incomes that propelled the US economy.
In today’s America, the only incomes that rise are in the financial sector that risks the country’s future on excessive leverage and in the corporate world that substitutes foreign for American labor. Under the compensation rules and emphasis on shareholder earnings that hold sway in the US today, corporate executives maximize earnings and their compensation by minimizing the employment of Americans.
Try to find some acknowledgement of this in the “mainstream media,” or among economists, who suck up to the offshoring corporations for grants.
The worst part of the decline is yet to come. Bank failures and home foreclosures are yet to peak. The commercial real estate bust is yet to hit. The dollar crisis is building.
When it hits, interest rates will rise dramatically as the US struggles to finance its massive budget and trade deficits while the rest of the world tries to escape a depreciating dollar.
Since the spring of this year, the value of the US dollar has collapsed against every currency except those pegged to it. The Swiss franc has risen 14% against the dollar. Every hard currency from the Canadian dollar to the Euro and UK pound has risen at least 13 % against the US dollar since April 2009. The Japanese yen is not far behind, and the Brazilian real has risen 25% against the almighty US dollar. Even the Russian ruble has risen 13% against the US dollar.
What sort of recovery is it when the safest investment is to bet against the US dollar?
The American household of my day, in which the husband worked and the wife provided household services and raised the children, scarcely exists today. Most, if not all, members of a household have to work in order to pay the bills. However, the jobs are disappearing, even the part-time ones.
If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production.
The work has been moved abroad. In the bygone days of American prosperity, CEOs were inculcated with the view that they had equal responsibilities to customers, employees, and shareholders. This view has been exterminated. Pushed by Wall Street and the threat of takeovers promising “enhanced shareholder value,” and incentivized by “performance pay,” CEOs use every means to substitute cheaper foreign employees for Americans .
Despite 20% unemployment and cum laude engineering graduates who cannot find jobs or even job interviews, Congress continues to support 65,000 annual H-1B work visas for foreigners.
In the midst of the highest unemployment since the Great Depression what kind of a fool do you need to be to think that there is a shortage of qualified US workers?
Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He is coauthor of The Tyranny of Good Intentions. His new book, War of the Worlds: How the Economy Was Lost, will be published next month by AK Press/CounterPunch. He can be reached at: PaulCraigRoberts@yahoo.com
Global Research Articles by Paul Craig Roberts
By Paul Craig Roberts
Global Research, September 22, 2009
Americans cannot get any truth out of their government about anything, the economy included. Americans are being driven into the ground economically, with one million school children now homeless, while Federal Reserve chairman Ben Bernanke announces that the recession is over.
The spin that masquerades as news is becoming more delusional. Consumer spending is 70% of the US economy. It is the driving force, and it has been shut down. Except for the super rich, there has been no growth in consumer incomes in the 21st century. Statistician John Williams of shadowstats.com reports that real household income has never recovered its pre-2001 peak.
The US economy has been kept going by substituting growth in consumer debt for growth in consumer income. Federal Reserve chairman Alan Greenspan encouraged consumer debt with low interest rates. The low interest rates pushed up home prices, enabling Americans to refinance their homes and spend the equity. Credit cards were maxed out in expectations of rising real estate and equity values to pay the accumulated debt. The binge was halted when the real estate and equity bubbles burst.
As consumers no longer can expand their indebtedness and their incomes are not rising, there is no basis for a growing consumer economy. Indeed, statistics indicate that consumers are paying down debt in their efforts to survive financially. In an economy in which the consumer is the driving force, that is bad news.
The banks, now investment banks thanks to greed-driven deregulation that repealed the learned lessons of the past, were even more reckless than consumers and took speculative leverage to new heights. At the urging of Larry Summers and Goldman Sachs’ CEO Henry Paulson, the Securities and Exchange Commission and the Bush administration went along with removing restrictions on debt leverage.
When the bubble burst, the extraordinary leverage threatened the financial system with collapse. The US Treasury and the Federal Reserve stepped forward with no one knows how many trillions of dollars to “save the financial system,” which, of course, meant to save the greed-driven financial institutions that had caused the economic crisis that dispossessed ordinary Americans of half of their life savings.
The consumer has been chastened, but not the banks. Refreshed with the TARP $700 billion and the Federal Reserve’s expanded balance sheet, banks are again behaving like hedge funds. Leveraged speculation is producing another bubble with the current stock market rally, which is not a sign of economic recovery but is the final savaging of Americans’ wealth by a few investment banks and their Washington friends. Goldman Sachs, rolling in profits, announced six figure bonuses to employees.
The rest of America is suffering terribly.
The unemployment rate, as reported, is a fiction and has been since the Clinton administration. The unemployment rate does not include jobless Americans who have been unemployed for more than a year and have given up on finding work. The reported 10% unemployment rate is understated by the millions of Americans who are suffering long-term unemployment and are no longer counted as unemployed. As each month passes, unemployed Americans drop off the unemployment role due to nothing except the passing of time.
The inflation rate, especially “core inflation,” is another fiction. “Core inflation” does not include food and energy, two of Americans’ biggest budget items. The Consumer Price Index (CPI) assumes, ever since the Boskin Commission during the Clinton administration, that if prices of items go up consumers substitute cheaper items. This is certainly the case, but this way of measuring inflation means that the CPI is no longer comparable to past years, because the basket of goods in the index is variable.
The Boskin Commission’s CPI, by lowering the measured rate of inflation, raises the real GDP growth rate. The result of the statistical manipulation is an understated inflation rate, thus eroding the real value of Social Security income, and an overstated growth rate. Statistical manipulation cloaks a declining standard of living.
In bygone days of American prosperity, American incomes rose with productivity. It was the real growth in American incomes that propelled the US economy.
In today’s America, the only incomes that rise are in the financial sector that risks the country’s future on excessive leverage and in the corporate world that substitutes foreign for American labor. Under the compensation rules and emphasis on shareholder earnings that hold sway in the US today, corporate executives maximize earnings and their compensation by minimizing the employment of Americans.
Try to find some acknowledgement of this in the “mainstream media,” or among economists, who suck up to the offshoring corporations for grants.
The worst part of the decline is yet to come. Bank failures and home foreclosures are yet to peak. The commercial real estate bust is yet to hit. The dollar crisis is building.
When it hits, interest rates will rise dramatically as the US struggles to finance its massive budget and trade deficits while the rest of the world tries to escape a depreciating dollar.
Since the spring of this year, the value of the US dollar has collapsed against every currency except those pegged to it. The Swiss franc has risen 14% against the dollar. Every hard currency from the Canadian dollar to the Euro and UK pound has risen at least 13 % against the US dollar since April 2009. The Japanese yen is not far behind, and the Brazilian real has risen 25% against the almighty US dollar. Even the Russian ruble has risen 13% against the US dollar.
What sort of recovery is it when the safest investment is to bet against the US dollar?
The American household of my day, in which the husband worked and the wife provided household services and raised the children, scarcely exists today. Most, if not all, members of a household have to work in order to pay the bills. However, the jobs are disappearing, even the part-time ones.
If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production.
The work has been moved abroad. In the bygone days of American prosperity, CEOs were inculcated with the view that they had equal responsibilities to customers, employees, and shareholders. This view has been exterminated. Pushed by Wall Street and the threat of takeovers promising “enhanced shareholder value,” and incentivized by “performance pay,” CEOs use every means to substitute cheaper foreign employees for Americans .
Despite 20% unemployment and cum laude engineering graduates who cannot find jobs or even job interviews, Congress continues to support 65,000 annual H-1B work visas for foreigners.
In the midst of the highest unemployment since the Great Depression what kind of a fool do you need to be to think that there is a shortage of qualified US workers?
Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He is coauthor of The Tyranny of Good Intentions. His new book, War of the Worlds: How the Economy Was Lost, will be published next month by AK Press/CounterPunch. He can be reached at: PaulCraigRoberts@yahoo.com
Global Research Articles by Paul Craig Roberts
Armageddon
US May Face 'Armageddon' If China, Japan Don't Buy Debt
Friday, September 25, 2009 1:14:57 PMFrom: Chris Harper Add to Contacts
To:
--------------------------------------------------------------------------------
US May Face 'Armageddon' If China, Japan Don't Buy Debt
US May Face 'Armageddon' If China, Japan Don't Buy Debt
By: JeeYeon Park
News Associate
The US is too dependent on Japan and China buying up the country's debt and could face severe economic problems if that stops, Tiger Management founder and chairman Julian Robertson told CNBC.
CNBC.com
Julian Robertson, founder of Tiger Management
--------------------------------------------------------------------------------
"It's almost Armageddon if the Japanese and Chinese don't buy our debt,” Robertson said in an interview. "I don't know where we could get the money. I think we've let ourselves get in a terrible situation and I think we ought to try and get out of it."
Robertson said inflation is a big risk if foreign countries were to stop buying bonds.
“If the Chinese and Japanese stop buying our bonds, we could easily see [inflation] go to 15 to 20 percent,” he said. “It's not a question of the economy. It's a question of who will lend us the money if they don't. Imagine us getting ourselves in a situation where we're totally dependent on those two countries. It's crazy.”
Watch the Interview With Julian Robertson (Pt. 2)
Slideshow: The Biggest Holders of US Government Debt
Robertson said while he doesn’t think the Chinese will stop buying US bonds, the Japanese may eventually be forced to sell some of their long-term bonds. [SO OUR FUTURE IS IN CHINA'S HANDS - Yikes.]
“That's much worse than not buying,” he said. “The other thing is, they're buying almost exclusively short-term debt. And that's what we are offering, because we can't sell the long-term debt. And you know, the history has been that people who borrow short term really get burned.”
The only way to avoid the problem, he said, is to "grow and save our way out of it."
"The U.S. has to quit spending, cut back, start saving, and scale backward," Robertson said. "Until that happens, I don't think we're anywhere near out of the woods.”
Robertson is not very optimistic about the short-term.
“We're in for some real rough sledding,” he said. “ I really do think the recession is at least temporarily over. But we haven't addressed so many of our problems and we are borrowing so much money that we can't possibly pay it back, unless the Chinese and Japanese buy our bonds.”
© 2009 CNBC.com
Friday, September 25, 2009 1:14:57 PMFrom: Chris Harper
To:
--------------------------------------------------------------------------------
US May Face 'Armageddon' If China, Japan Don't Buy Debt
US May Face 'Armageddon' If China, Japan Don't Buy Debt
By: JeeYeon Park
News Associate
The US is too dependent on Japan and China buying up the country's debt and could face severe economic problems if that stops, Tiger Management founder and chairman Julian Robertson told CNBC.
CNBC.com
Julian Robertson, founder of Tiger Management
--------------------------------------------------------------------------------
"It's almost Armageddon if the Japanese and Chinese don't buy our debt,” Robertson said in an interview. "I don't know where we could get the money. I think we've let ourselves get in a terrible situation and I think we ought to try and get out of it."
Robertson said inflation is a big risk if foreign countries were to stop buying bonds.
“If the Chinese and Japanese stop buying our bonds, we could easily see [inflation] go to 15 to 20 percent,” he said. “It's not a question of the economy. It's a question of who will lend us the money if they don't. Imagine us getting ourselves in a situation where we're totally dependent on those two countries. It's crazy.”
Watch the Interview With Julian Robertson (Pt. 2)
Slideshow: The Biggest Holders of US Government Debt
Robertson said while he doesn’t think the Chinese will stop buying US bonds, the Japanese may eventually be forced to sell some of their long-term bonds. [SO OUR FUTURE IS IN CHINA'S HANDS - Yikes.]
“That's much worse than not buying,” he said. “The other thing is, they're buying almost exclusively short-term debt. And that's what we are offering, because we can't sell the long-term debt. And you know, the history has been that people who borrow short term really get burned.”
The only way to avoid the problem, he said, is to "grow and save our way out of it."
"The U.S. has to quit spending, cut back, start saving, and scale backward," Robertson said. "Until that happens, I don't think we're anywhere near out of the woods.”
Robertson is not very optimistic about the short-term.
“We're in for some real rough sledding,” he said. “ I really do think the recession is at least temporarily over. But we haven't addressed so many of our problems and we are borrowing so much money that we can't possibly pay it back, unless the Chinese and Japanese buy our bonds.”
© 2009 CNBC.com
Sunday, September 20, 2009
USD reserve status on the chopping block
Most people don't get this kind of information on a daily basis, so the masses are largely unaware of just how dire the situation is. Count yourself lucky if you're reading this. At least you have an idea of what's headed your way. Can you imagine this catching you completely off guard?
U.N. calls for replacement of U.S. dollar; Joins Russia, China and G20 with demands
http://www.wnd.com/index.php?fa=PAGE.view&pageId=109774
IMF step forward - I mentioned this about a week ago. It's still on the table and gaining momentum.
Warning: Deflationary Collapse Ahead.- an Urgent warning from Market Ticker.
Derivatives Still Pose Huge Risk, BIS Says
http://market-ticker.org/archives/1439-WARNING-Deflationary-Collapse-Dead-Ahead.html
How the Collapse of Lehman Bros. Averted a Second Depression - You should replace the word "Averted" with "Postponed" for accuracy.
Geithner Exaggerates US Government Retreat
Natural Gas Prices Spike 12% - Even with warehouse tanks bulging.
Wall Street Crisis One Year Later: Lehman, WaMu Lead List of Biggest Bankruptcies
Wall Street Math Wizards Forgot a Few Variables
http://finance.yahoo.com/banking-budgeting/article/107718/wall-street-crisis-one-year-later.html;
Cautiously, Small Investors Edge Back Into Stocks - They're being set up for the slaughter. All signs are that big investors are getting out.
Job Market Outlook: When Will Companies Start Hiring?
Stiglitz Says Banking Problems are Not Bigger than Pre-Lehman
R.I.P. Zimbabwe Dollar - The ultimate "quantitative easing" country..............next to the US that is.
US Tire Duties Spark Clash with China - "Oh, so that's the way its going to be is it?"
U.N. calls for replacement of U.S. dollar; Joins Russia, China and G20 with demands
http://www.wnd.com/index.php?fa=PAGE.view&pageId=109774
IMF step forward - I mentioned this about a week ago. It's still on the table and gaining momentum.
Warning: Deflationary Collapse Ahead.- an Urgent warning from Market Ticker.
Derivatives Still Pose Huge Risk, BIS Says
http://market-ticker.org/archives/1439-WARNING-Deflationary-Collapse-Dead-Ahead.html
How the Collapse of Lehman Bros. Averted a Second Depression - You should replace the word "Averted" with "Postponed" for accuracy.
Geithner Exaggerates US Government Retreat
Natural Gas Prices Spike 12% - Even with warehouse tanks bulging.
Wall Street Crisis One Year Later: Lehman, WaMu Lead List of Biggest Bankruptcies
Wall Street Math Wizards Forgot a Few Variables
http://finance.yahoo.com/banking-budgeting/article/107718/wall-street-crisis-one-year-later.html;
Cautiously, Small Investors Edge Back Into Stocks - They're being set up for the slaughter. All signs are that big investors are getting out.
Job Market Outlook: When Will Companies Start Hiring?
Stiglitz Says Banking Problems are Not Bigger than Pre-Lehman
R.I.P. Zimbabwe Dollar - The ultimate "quantitative easing" country..............next to the US that is.
US Tire Duties Spark Clash with China - "Oh, so that's the way its going to be is it?"
Destruction of US Empire
VITAL SIGNS FOR 15 SEP 09
GOLD - $1007
SILVER - $17.04
DOLLAR INDEX - 76.51 (When it hits 72 be afraid. When it gets below 70, be very afraid.)
The destruction of the US empire – "Currently, about 20 million people work for government. About 45 million receive Social Security benefits. About 34 million depend on food stamps." CURRENTLY - there are more people working for the Federal government than are employed in industry in the US. The parasite has become larger than its host.
Treasuries decline as retail sales surge most in three years – If you don't know what a "Treasury Bond" is, I'll tell you. It's something that we sell to other countries to pay off our debt. In essence, we are selling our debt and they are investing in them under the guise that we are a strong and powerful nation and a "good bet". A lot of countries have recently stopped buying our treasuries, so the Fed has been picking them up to fill in the gap.
The ugly truth behind retail sales – "Sales have declined 8.3% in the past 12 months. Excluding autos, sales have fallen 8.5% in the past year."
Japan airlines to cut routes and 6,800 jobs – New York Times - Big business is cutting back on their use of airline travel. This economic crunch is global.
China And Gold – What he said about US monetary policy and gold – this bit on the record – would appear to validate the long-held belief of gold bugs that China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation.
He played down other metals such as copper, saying that they could not double as a proxy currency or store of wealth.
“Gold is definitely an alternative, but when we buy, the price goes up. We have to do it carefully so as not stimulate the market,” he said.
Gold surges after Bernanke says recession is over – "However, he and other Fed officials reiterated views that unemployment will remain high and that the economy stay weak well into next year, fueling expectations that the central bank will continue to provide ample liquidity." ALL YOU SHOULD TAKE AWAY from this is that THEY KNOW unemployment will rise, and the economy will stay weak. Saying the recession is over is their way of getting the public to accept it. Gold surged because big investors immediately recognized what I've just told you.
GOLD - $1007
SILVER - $17.04
DOLLAR INDEX - 76.51 (When it hits 72 be afraid. When it gets below 70, be very afraid.)
The destruction of the US empire – "Currently, about 20 million people work for government. About 45 million receive Social Security benefits. About 34 million depend on food stamps." CURRENTLY - there are more people working for the Federal government than are employed in industry in the US. The parasite has become larger than its host.
Treasuries decline as retail sales surge most in three years – If you don't know what a "Treasury Bond" is, I'll tell you. It's something that we sell to other countries to pay off our debt. In essence, we are selling our debt and they are investing in them under the guise that we are a strong and powerful nation and a "good bet". A lot of countries have recently stopped buying our treasuries, so the Fed has been picking them up to fill in the gap.
The ugly truth behind retail sales – "Sales have declined 8.3% in the past 12 months. Excluding autos, sales have fallen 8.5% in the past year."
Japan airlines to cut routes and 6,800 jobs – New York Times - Big business is cutting back on their use of airline travel. This economic crunch is global.
China And Gold – What he said about US monetary policy and gold – this bit on the record – would appear to validate the long-held belief of gold bugs that China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation.
He played down other metals such as copper, saying that they could not double as a proxy currency or store of wealth.
“Gold is definitely an alternative, but when we buy, the price goes up. We have to do it carefully so as not stimulate the market,” he said.
Gold surges after Bernanke says recession is over – "However, he and other Fed officials reiterated views that unemployment will remain high and that the economy stay weak well into next year, fueling expectations that the central bank will continue to provide ample liquidity." ALL YOU SHOULD TAKE AWAY from this is that THEY KNOW unemployment will rise, and the economy will stay weak. Saying the recession is over is their way of getting the public to accept it. Gold surged because big investors immediately recognized what I've just told you.
Recovery or Revolution
Celente thinks we're headed for Revolution. With all that's transpired, it wouldn't surprise me one bit -- and that should scare us all. Keep in mind that the Depression has already started for a lot of people. They already don't have jobs, money, food or any luxuries to speak of. There's no way we will emerge on the other side as what we started out as. On top of that, there are very realistic threats from the outside in the form of catastrophic terroristic acts. These are indeed dire times - too dire to be making dumb financial decisions.
Celente: Revolution Next for US
Poll: 45% of Doctors Would Consider Quitting if Health Care Overhaul is Passed
China Condemns U.S. Tariffs on Tires as 'Protectionism'
In 2009, US public debt will be approximately 90% of GDP
Getting Better Bargains Easier in this Economy
42 States Lose Jobs in August, Up from 29 in July
FDIC Chief Considers Tapping Treasury for Funds
Stocks Advance as Investors Look to Resume Rally
Oil Down to $72 on Concerns Demand Recovery Slow
Gold Industry Faces Reserve Crisis
Volcker Launches Bombshell on Wall Street and D.C.
Celente: Revolution Next for US
Poll: 45% of Doctors Would Consider Quitting if Health Care Overhaul is Passed
China Condemns U.S. Tariffs on Tires as 'Protectionism'
In 2009, US public debt will be approximately 90% of GDP
Getting Better Bargains Easier in this Economy
42 States Lose Jobs in August, Up from 29 in July
FDIC Chief Considers Tapping Treasury for Funds
Stocks Advance as Investors Look to Resume Rally
Oil Down to $72 on Concerns Demand Recovery Slow
Gold Industry Faces Reserve Crisis
Volcker Launches Bombshell on Wall Street and D.C.
Saturday, September 12, 2009
Gold closes at $1005 an oz. - Incredible
You might have noticed that gold set a record weekly closing price on Friday at $1,005 per ounce, and silver closed at $16.70. There should be some profit-taking in the next two weeks, so be ready to buy on the dips. If you are of the mindset that it's crazy to buy gold at prices this "high", be sure to watch the video at the following link if you haven't already.
"US is on the slippery slope to economic collapse"
Treasury sees millions more foreclosures - Millions more people won't be able to hold out much longer and will default on their loans, leaving the banks to foot the bill, and a lot of banks won't survive this round.
Government Paid Dealers $1.2 Billion for "Clunkers" - No, the TAXPAYERS bought the clunkers, not the government.
NYC's Tavern on the Green Files for Chapter 11 Bankruptcy - I guess no one really needs a $25 club sandwich any more.
Trade, Jobless Claims Figures Show Recession Fading -- READ between the lines! What are they really saying with this headline? A: We are still in a recession. B: Trade is down and more people lost jobs, but fewer than last month. -- They never stop trying to outsmart the US public. They have to report what happened in the most positive light. It's all in the marketing.
Money Market Fund Guarantee Program to End - The banks are recognizing that they can no longer keep their promises to their customers. Red flag, much?
Proctor & Gamble Sees Sales Starting to Rise Again in 2Q - If you look at this list of Procter and Gamble Products, you'll see that there's no explanation on why their sales would increase other than the fact that people are stocking up for an economic collapse. Suddenly people need more detergent, deodorant and shampoo?
Seed Company Monsanto Plans to Double Staff Cuts - Here's the way you need to interpret this one. Although survivalists are buying a lot more seeds (>1% of the population), farms that actually grow food for the average consumer are going under because they can't get credit from the banks. If you'll remember, the US Dept. of Agriculture reported that there will be multiple millions of acres of land that won't be planted this year, that historically has been. The end result is that the largest seed supplier in the US is laying off workers. Does this hint at a decrease in food availability in our future? And does that mean that food prices will climb due to lack of availability? Take advantage of this situation and order seeds from this company. You'll need your own garden eventually anyway.
"US is on the slippery slope to economic collapse"
Treasury sees millions more foreclosures - Millions more people won't be able to hold out much longer and will default on their loans, leaving the banks to foot the bill, and a lot of banks won't survive this round.
Government Paid Dealers $1.2 Billion for "Clunkers" - No, the TAXPAYERS bought the clunkers, not the government.
NYC's Tavern on the Green Files for Chapter 11 Bankruptcy - I guess no one really needs a $25 club sandwich any more.
Trade, Jobless Claims Figures Show Recession Fading -- READ between the lines! What are they really saying with this headline? A: We are still in a recession. B: Trade is down and more people lost jobs, but fewer than last month. -- They never stop trying to outsmart the US public. They have to report what happened in the most positive light. It's all in the marketing.
Money Market Fund Guarantee Program to End - The banks are recognizing that they can no longer keep their promises to their customers. Red flag, much?
Proctor & Gamble Sees Sales Starting to Rise Again in 2Q - If you look at this list of Procter and Gamble Products, you'll see that there's no explanation on why their sales would increase other than the fact that people are stocking up for an economic collapse. Suddenly people need more detergent, deodorant and shampoo?
Seed Company Monsanto Plans to Double Staff Cuts - Here's the way you need to interpret this one. Although survivalists are buying a lot more seeds (>1% of the population), farms that actually grow food for the average consumer are going under because they can't get credit from the banks. If you'll remember, the US Dept. of Agriculture reported that there will be multiple millions of acres of land that won't be planted this year, that historically has been. The end result is that the largest seed supplier in the US is laying off workers. Does this hint at a decrease in food availability in our future? And does that mean that food prices will climb due to lack of availability? Take advantage of this situation and order seeds from this company. You'll need your own garden eventually anyway.
Friday, September 11, 2009
Regarding 9/11 - Must Know
Please access the like below:
http://www.deseretnews.com/article/print/705328180/Is-another-911-set-to-unfold.html
Is another 9/11 set to unfold?
By Lee Benson
Deseret News
Published: Saturday, Sept. 5, 2009 9:32 p.m. MDT
Earlier this year, quite by happenstance, I read a book written by Pulitzer Prize-winning reporter James B. Stewart.
"Heart of a Soldier" tells the story of two men who, well before it happened, foretold not only of the terrorist attack of 9/11 but also the 1993 bombing in the World Trade Center parking garage that preceded it.
One of the men, Rick Rescorla, was chief of security for Morgan Stanley with an office in the World Trade Center. He died on 9/11, but not before he shepherded all but six of Morgan Stanley's 2,700 employees to safety because of a well-prepared and well-executed evacuation plan. He'd have made it out, too, had he not gone back in the building looking for those six.
The other man, Daniel J. Hill, is still alive.
With another Sept. 11 approaching I wanted to talk to The Man Who Predicted 9/11.
Although the primary focus in Stewart's book is on Rescorla — a bona fide hero for his actions on 9/11 — I found Hill to be an even more fascinating character.
It was Hill who converted to Islam as a young U.S. Army paratrooper stationed in Beirut in 1958. It was Hill who learned fluent Arabic. It was Hill who joined the Mujahedeen Freedom Fighters in Afghanistan and fought the Soviet invasion there in the 1980s. It was Hill who personally met Osama bin Laden. It was Hill who used information from Islamic extremists to warn Rescorla that terrorists would use the underground parking garage for a car bomb attack on the World Trade Center. It was Hill who asked the U.S. government to assist him in an assassination attempt on bin Laden in 1998 (the request was rejected). And it was Hill who warned the FBI just weeks before Sept. 11, 2001, that his Mideast contacts told him "something big" was about to happen in the United States, in New York, Washington, D.C., or Philadelphia — maybe all three.
Through the Internet I managed to contact Hill at his home in Florida. He's 71 now. I asked him if his reputation as a terrorism prognosticator without parallel has changed his life much.
"Oh, that blew over pretty fast," he said. "Most of the people even in my hometown don't know any of that stuff."
He didn't want to talk about the past. He wanted to talk about the future.
The very near future.
The man who predicted 9/11 is worried that its sequel is imminent.
"Muslims that I talk to say things like, 'America thinks they're safe now. They've forgotten about 9/11. But watch, Daniel. Stay near your TV. It's going to be bigger than 9/11,' " he said.
Hill said the next terrorist attack will involve suitcase nuclear bombs that will be detonated in small, low-flying two-seater private airplanes manned by men hanging onto the belief that, like the 9/11 hijackers, they are about to die as martyrs and enter paradise.
He is not alone in suggesting such a scenario. A 2007 book, "The Day of Islam," spells out the details, as do any number of Internet sites about a plot called "American Hiroshima."
The nukes, he said, will be detonated over New York, Washington, D.C., Chicago, Miami, Houston, Las Vegas and Los Angeles.
I asked Hill, "Why now?"
"Eight years from 1993 to 2001, eight years from that 9/11 to this 9/11," he said. "Symbolism. They're big on symbolism."
"Ramadan started two weeks ago Saturday," he said, referring to the Muslim holy month of fasting. "It always hits around Ramadan."
Eight years ago, Hill predicted the attack would come on Oct. 16 — almost in the middle of that year's Ramadan (the timing of Ramadan varies from year to year). He was about a month off.
"I don't know the second, hour or day. I just know they have the means, will, motivation and desire to do it," he said, noting that it's believed that years ago the suitcase nukes, acquired from former USSR operatives, were smuggled into America across the Mexican border.
Hill said he has warned the FBI, the CIA and others in government. For the past two years, he's sent out proposals for a book on the subject. All he's gotten back are rejections.
"To most people, I am a deviant personality," he said.
But there's no arguing his credentials.
"I'm a Muslim," he says. "I'm a special ops expert, I'm a terrorist and I've lived among Muslims. I fought the Russians with the same guys we're now fighting in Afghanistan. I met Osama. I volunteered to assassinate him. I know (the enemy) so well because I've worked, slept and prayed alongside them for years. I've become one of them. I know their nature, I know their culture, I know how they think. I can quote the Koran like a Southern Baptist minister can quote the New Testament. I know these are people who do not tire, who do not quit. There are odds this won't happen, but they aren't big odds."
"I hope you're wrong," I told him.
"Yeah. I hope so, too," he said.
Lee Benson's column runs Monday, Wednesday, Friday and Sunday. Please send e-mail to benson@desnews.com.
© 2009 Deseret News Publishing Company | All rights reserved
http://www.deseretnews.com/article/print/705328180/Is-another-911-set-to-unfold.html
Is another 9/11 set to unfold?
By Lee Benson
Deseret News
Published: Saturday, Sept. 5, 2009 9:32 p.m. MDT
Earlier this year, quite by happenstance, I read a book written by Pulitzer Prize-winning reporter James B. Stewart.
"Heart of a Soldier" tells the story of two men who, well before it happened, foretold not only of the terrorist attack of 9/11 but also the 1993 bombing in the World Trade Center parking garage that preceded it.
One of the men, Rick Rescorla, was chief of security for Morgan Stanley with an office in the World Trade Center. He died on 9/11, but not before he shepherded all but six of Morgan Stanley's 2,700 employees to safety because of a well-prepared and well-executed evacuation plan. He'd have made it out, too, had he not gone back in the building looking for those six.
The other man, Daniel J. Hill, is still alive.
With another Sept. 11 approaching I wanted to talk to The Man Who Predicted 9/11.
Although the primary focus in Stewart's book is on Rescorla — a bona fide hero for his actions on 9/11 — I found Hill to be an even more fascinating character.
It was Hill who converted to Islam as a young U.S. Army paratrooper stationed in Beirut in 1958. It was Hill who learned fluent Arabic. It was Hill who joined the Mujahedeen Freedom Fighters in Afghanistan and fought the Soviet invasion there in the 1980s. It was Hill who personally met Osama bin Laden. It was Hill who used information from Islamic extremists to warn Rescorla that terrorists would use the underground parking garage for a car bomb attack on the World Trade Center. It was Hill who asked the U.S. government to assist him in an assassination attempt on bin Laden in 1998 (the request was rejected). And it was Hill who warned the FBI just weeks before Sept. 11, 2001, that his Mideast contacts told him "something big" was about to happen in the United States, in New York, Washington, D.C., or Philadelphia — maybe all three.
Through the Internet I managed to contact Hill at his home in Florida. He's 71 now. I asked him if his reputation as a terrorism prognosticator without parallel has changed his life much.
"Oh, that blew over pretty fast," he said. "Most of the people even in my hometown don't know any of that stuff."
He didn't want to talk about the past. He wanted to talk about the future.
The very near future.
The man who predicted 9/11 is worried that its sequel is imminent.
"Muslims that I talk to say things like, 'America thinks they're safe now. They've forgotten about 9/11. But watch, Daniel. Stay near your TV. It's going to be bigger than 9/11,' " he said.
Hill said the next terrorist attack will involve suitcase nuclear bombs that will be detonated in small, low-flying two-seater private airplanes manned by men hanging onto the belief that, like the 9/11 hijackers, they are about to die as martyrs and enter paradise.
He is not alone in suggesting such a scenario. A 2007 book, "The Day of Islam," spells out the details, as do any number of Internet sites about a plot called "American Hiroshima."
The nukes, he said, will be detonated over New York, Washington, D.C., Chicago, Miami, Houston, Las Vegas and Los Angeles.
I asked Hill, "Why now?"
"Eight years from 1993 to 2001, eight years from that 9/11 to this 9/11," he said. "Symbolism. They're big on symbolism."
"Ramadan started two weeks ago Saturday," he said, referring to the Muslim holy month of fasting. "It always hits around Ramadan."
Eight years ago, Hill predicted the attack would come on Oct. 16 — almost in the middle of that year's Ramadan (the timing of Ramadan varies from year to year). He was about a month off.
"I don't know the second, hour or day. I just know they have the means, will, motivation and desire to do it," he said, noting that it's believed that years ago the suitcase nukes, acquired from former USSR operatives, were smuggled into America across the Mexican border.
Hill said he has warned the FBI, the CIA and others in government. For the past two years, he's sent out proposals for a book on the subject. All he's gotten back are rejections.
"To most people, I am a deviant personality," he said.
But there's no arguing his credentials.
"I'm a Muslim," he says. "I'm a special ops expert, I'm a terrorist and I've lived among Muslims. I fought the Russians with the same guys we're now fighting in Afghanistan. I met Osama. I volunteered to assassinate him. I know (the enemy) so well because I've worked, slept and prayed alongside them for years. I've become one of them. I know their nature, I know their culture, I know how they think. I can quote the Koran like a Southern Baptist minister can quote the New Testament. I know these are people who do not tire, who do not quit. There are odds this won't happen, but they aren't big odds."
"I hope you're wrong," I told him.
"Yeah. I hope so, too," he said.
Lee Benson's column runs Monday, Wednesday, Friday and Sunday. Please send e-mail to benson@desnews.com.
© 2009 Deseret News Publishing Company | All rights reserved
Thursday, September 10, 2009
Economic Recovery In deed?
These are some pretty dismal headlines considering that CNN, Obama and Bernanke keep telling us we're in a "Recovery". Actually, I think the articles below represent the voice that they would love to silence. Unfortunately, it doesn't reach near enough people. There are some heavy-duty ones here. Take your time going through these.
Taxpayers face heavy losses on auto bailout
Clairvoyant economists still pessimistic
The boomers are out of time - and out of money
U.S. consumer credit falls by record amount
Death of the U.S. dollar?
OBAMA OPEN TO 'SODA TAX
Is Buffett worried about stocks?
Currency Crash Possible
Dollar's Fate Written In History
Dollar Falls to Lowest in Almost Year on Borrowing Costs
Wealthy Families Face Bankruptcy on Real Estate Crash
Lew Rockwell: The Great Fakeroo Recovery
Backlash Against Banks Growing over Mortgage Modifications
Study: 2 Out of 5 Working-Age Californians Jobless
Post Office Closures Threats Adds Woes to Property Market
Reality Excluded (The Mogambo Guru)
Taxpayers face heavy losses on auto bailout
Clairvoyant economists still pessimistic
The boomers are out of time - and out of money
U.S. consumer credit falls by record amount
Death of the U.S. dollar?
OBAMA OPEN TO 'SODA TAX
Is Buffett worried about stocks?
Currency Crash Possible
Dollar's Fate Written In History
Dollar Falls to Lowest in Almost Year on Borrowing Costs
Wealthy Families Face Bankruptcy on Real Estate Crash
Lew Rockwell: The Great Fakeroo Recovery
Backlash Against Banks Growing over Mortgage Modifications
Study: 2 Out of 5 Working-Age Californians Jobless
Post Office Closures Threats Adds Woes to Property Market
Reality Excluded (The Mogambo Guru)
Saturday, September 5, 2009
GANI FAWEHINMI PASSES ON AT 71
Fire-eating lawyer and Nigeria’s foremost human rights activist, Chief Ganiyu Oyesola Fawehinmi is dead. The news of the death of the Human Rights crusader hit the Nigerian nation early this morning.
Gani, who has been fighting a terminal illness over a period of time has championed human rights activities in Nigeria for decades and led the legal team in most of the nation’s celebrated cases. He was said to had died last night.
Ganiyu Oyesola Fawehinmi was born in April, 1938, he dedicated his whole life to the defence of human rights and condemnation of all ill government polices, fought the military junta with all that he had.
In 2003 he founded the National Conscience Party in 2003.
What people think of GANI
Joseph Contrears of Newsweek magazine, a leading magazine in the United States in an interview with Fawehinmi in the October 10, 1994 edition at page 56 of the magazine titled “No Freedom without a fight” said of him:
“Gani Fawehinmi is Nigeria’s best-known human-rights attorney. He is also a leader of the pro-democracy movement that is currently protesting the de facto state of emergency imposed by the military regime of Gen. Sani Abacha.”
Catriona Rogan writing in the Washington Times of Thursday, November 23, 1995 titled “Nigeria Outsider who will be Insider” wrote of Gani as follows under the caption “Fawehinmi challenges military in the street.”
“Nigeria’s “Steve Biko”, Chief Fawehinmi is a larger-than-life politician and lawyer with a track record of defending human rights activities, including the ethnic Ogoni, who have fought Shell oil which drills in their home land near the Niger River delta over environment issues”
James Brooke writing for the New York Times of Friday, October 28, 1988 under the heading “A Gleeful David to Face the Goliath that is Nigeria” describes Gani thus:
“Fawehinmi is taking a different strategy to hasten the return of democracy to Nigeria, Africa’s most populous nation. This year, he has emerged as a one-man movement battling Nigeria’s Military Government for more civil freedoms now.”
Education
Chief Gani who was called to the Nigerian Bar on the 15th of January, 1965 had his early education at Ansar-Ud-Deen Primary School, Iyemaja – Ondo from 1947 to 1953 and his secondary school education at Victory College Ikare, a Christian School from 1954 to 1958, under the leadership of the Late Rev. Akinrele.
On the 8th of December 1958, he was given a letter to his late father by the principal of the college, Rev. Akinrele. In it, the principal advised that Gani must be encouraged to study Law as a profession.
While in college, he his passionate interest in national, legal and political affairs earned him the name the “Nation”
On the 29th of April, 1961, he left the shores of Nigeria by Sea with M. V. Aureol Passenger Ship for the United Kingdom. He arrived Liverpool on the 12th of May, 1961. He travelled by train to London arriving Victoria Station in the evening of that day.
Gani the ‘Toilet Cleaner”
On arrival in England, Gani received the result of his General Certificate of Education (G.C.E) Advanced Level which he took shortly before he left Nigeria.
He then enrolled in the Holborn College of Law for the LLB degree of the University of London (External) in September 1961. He was in part II of the three year degree programme when his father died on February 5, 1963 and the source of his finance dried up.
All efforts to secure financial help failed. He was forced by financial circumstance to drop out of the Holborn College as a full time student.
He then took a full time job as a Toilet Cleaner in Russell Square Hotel in Southampton Row, London. He did other cleaning jobs which included working as a sweeper in the old Gatwick Airport between February 1963 and August 1964.
He literally taught himself Law for parts II and III of the LLB degree course and sat for and passed all his examinations. He came back to Nigeria in early September 1964
On his arrival in Lagos, he enrolled in the Nigerian Law School at No. 213A, Igbosere Road, Lagos for the compulsory three months course which he successfully completed.
Gani’s wives & children
Gani is married to Mrs. Ganiat Ibukun Fawehinmi, nee Orebela a native of Ago-Iwoye in Ijebu, in Ogun State. She has eight (8) children for him. Gani has another wife, Mrs. Abike Fawehinmi, nee Ikuomuyilo, from Ondo. She has six (6) children for him.
Pull from: Nigerian Vanguard
Gani, who has been fighting a terminal illness over a period of time has championed human rights activities in Nigeria for decades and led the legal team in most of the nation’s celebrated cases. He was said to had died last night.
Ganiyu Oyesola Fawehinmi was born in April, 1938, he dedicated his whole life to the defence of human rights and condemnation of all ill government polices, fought the military junta with all that he had.
In 2003 he founded the National Conscience Party in 2003.
What people think of GANI
Joseph Contrears of Newsweek magazine, a leading magazine in the United States in an interview with Fawehinmi in the October 10, 1994 edition at page 56 of the magazine titled “No Freedom without a fight” said of him:
“Gani Fawehinmi is Nigeria’s best-known human-rights attorney. He is also a leader of the pro-democracy movement that is currently protesting the de facto state of emergency imposed by the military regime of Gen. Sani Abacha.”
Catriona Rogan writing in the Washington Times of Thursday, November 23, 1995 titled “Nigeria Outsider who will be Insider” wrote of Gani as follows under the caption “Fawehinmi challenges military in the street.”
“Nigeria’s “Steve Biko”, Chief Fawehinmi is a larger-than-life politician and lawyer with a track record of defending human rights activities, including the ethnic Ogoni, who have fought Shell oil which drills in their home land near the Niger River delta over environment issues”
James Brooke writing for the New York Times of Friday, October 28, 1988 under the heading “A Gleeful David to Face the Goliath that is Nigeria” describes Gani thus:
“Fawehinmi is taking a different strategy to hasten the return of democracy to Nigeria, Africa’s most populous nation. This year, he has emerged as a one-man movement battling Nigeria’s Military Government for more civil freedoms now.”
Education
Chief Gani who was called to the Nigerian Bar on the 15th of January, 1965 had his early education at Ansar-Ud-Deen Primary School, Iyemaja – Ondo from 1947 to 1953 and his secondary school education at Victory College Ikare, a Christian School from 1954 to 1958, under the leadership of the Late Rev. Akinrele.
On the 8th of December 1958, he was given a letter to his late father by the principal of the college, Rev. Akinrele. In it, the principal advised that Gani must be encouraged to study Law as a profession.
While in college, he his passionate interest in national, legal and political affairs earned him the name the “Nation”
On the 29th of April, 1961, he left the shores of Nigeria by Sea with M. V. Aureol Passenger Ship for the United Kingdom. He arrived Liverpool on the 12th of May, 1961. He travelled by train to London arriving Victoria Station in the evening of that day.
Gani the ‘Toilet Cleaner”
On arrival in England, Gani received the result of his General Certificate of Education (G.C.E) Advanced Level which he took shortly before he left Nigeria.
He then enrolled in the Holborn College of Law for the LLB degree of the University of London (External) in September 1961. He was in part II of the three year degree programme when his father died on February 5, 1963 and the source of his finance dried up.
All efforts to secure financial help failed. He was forced by financial circumstance to drop out of the Holborn College as a full time student.
He then took a full time job as a Toilet Cleaner in Russell Square Hotel in Southampton Row, London. He did other cleaning jobs which included working as a sweeper in the old Gatwick Airport between February 1963 and August 1964.
He literally taught himself Law for parts II and III of the LLB degree course and sat for and passed all his examinations. He came back to Nigeria in early September 1964
On his arrival in Lagos, he enrolled in the Nigerian Law School at No. 213A, Igbosere Road, Lagos for the compulsory three months course which he successfully completed.
Gani’s wives & children
Gani is married to Mrs. Ganiat Ibukun Fawehinmi, nee Orebela a native of Ago-Iwoye in Ijebu, in Ogun State. She has eight (8) children for him. Gani has another wife, Mrs. Abike Fawehinmi, nee Ikuomuyilo, from Ondo. She has six (6) children for him.
Pull from: Nigerian Vanguard
Friday, September 4, 2009
Interpreting the Headlines
When the world starts turning to gold, it's a sign that the economy is worsening, and the US dollar is weakening. This is why the bankers and Feds have been artificially holding the price of gold down for the last year. If you have billions of dollars to shift around, it can be done. They know that society uses it as a health-o-meter for the economy. Just knowing this, a glance at these headlines should be very revealing.
Gold Increases 2.3% as Greenback Drops
Investors Rush into Gold Like 1849
China Pushes Silver and Gold Investment to the Masses
Hong Kong Recalls Gold Reserves, Touts High-Security Vault
Retailers Report Sales Decline for August
More Americans than Anticipated File Jobless Claims
Sugar May Drop 24% as Demand Stalls, Supply Grows - When supply outstrips demand or vice versa, it leads to a lack of supply in the future, that leads to price increases driven by increase in demand. Notice that there was a huge rush for people to buy guns and ammo. Prices went up, but now that the market is saturated and manufacturers have caught up, demand is down and prices are coming down. If you understand the cycles, you can predict them. The hard part is that people are trying to predict a complete stoppage of these products that will come as a result of the dollar collapsing and American buying power being cut in half.
Edinburgh Hedge Fund Feel Madoff Effect as Clients Get Pickier
HSBC Says Switzerland Luring More Rich Foreigners as Taxes Rise - The rich are leaving the US and looking for safer places to put their money.
The $531 Trillion Dollar Derivatives Time Bomb - another "Sword of Damocles" hanging over our head - that the media won't bother to explain to the public.
The Nightmare of Contemplating Global Derivatives
Fed Secretive for Good Reason - A lot of pockets have been lined haven't they?
The Secret That Will Destroy the World's Financial System - If you tell who got the $1.5 tril, you're gonna destroy the world financial system.
"We Spent $13 Trillion And These Banks Are STILL IN THE CR***ER!"
Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
America's Breadbasket Drying Up
Gold Increases 2.3% as Greenback Drops
Investors Rush into Gold Like 1849
China Pushes Silver and Gold Investment to the Masses
Hong Kong Recalls Gold Reserves, Touts High-Security Vault
Retailers Report Sales Decline for August
More Americans than Anticipated File Jobless Claims
Sugar May Drop 24% as Demand Stalls, Supply Grows - When supply outstrips demand or vice versa, it leads to a lack of supply in the future, that leads to price increases driven by increase in demand. Notice that there was a huge rush for people to buy guns and ammo. Prices went up, but now that the market is saturated and manufacturers have caught up, demand is down and prices are coming down. If you understand the cycles, you can predict them. The hard part is that people are trying to predict a complete stoppage of these products that will come as a result of the dollar collapsing and American buying power being cut in half.
Edinburgh Hedge Fund Feel Madoff Effect as Clients Get Pickier
HSBC Says Switzerland Luring More Rich Foreigners as Taxes Rise - The rich are leaving the US and looking for safer places to put their money.
The $531 Trillion Dollar Derivatives Time Bomb - another "Sword of Damocles" hanging over our head - that the media won't bother to explain to the public.
The Nightmare of Contemplating Global Derivatives
Fed Secretive for Good Reason - A lot of pockets have been lined haven't they?
The Secret That Will Destroy the World's Financial System - If you tell who got the $1.5 tril, you're gonna destroy the world financial system.
"We Spent $13 Trillion And These Banks Are STILL IN THE CR***ER!"
Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
America's Breadbasket Drying Up
Wednesday, September 2, 2009
Get Ready for the Worst
Preppers' get ready for the worst; Movement to stockpile for emergency at all-time high
The Farmer's Almanac's Frigid 2010 Forecast. Have you cut and stacked plenty of firewood? Can you survive if the power goes out? A Red Cross volunteer who worked the Kentucky Ice Storm said that anyone with a wood burning stove did just fine.
Quote: "This may be one of the most important pieces of economic news in many months, yet is did not receive much mainstream news coverage when the wire story was circulated yesterday: Beijing's derivative default stance rattles market. The implications of state-owned Chinese industries being given carte blanche to nullify derivatives contracts are enormous."
China Asserts Right to "walk away from bad derivatives contracts"
US Cities Brace for Prolonged Bout of Declining Tax Revenues
Unemployment Worst Since Great Depression
Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul
Lefrak: Commercial Real Estate Will Kill 500 Small Banks
Cerberus clients overwhelmingly want out: report
Blackout Britain warning as Government predicts severe power shortages within a year
***2.9 Million College Students Unsure of Career Plans***
START WORKING ON BASIC SKILLS
Boost Your Map Skills for when GPS Fails You
Get to Know Your Edible Berries with a Simple Mnemonic
The Farmer's Almanac's Frigid 2010 Forecast. Have you cut and stacked plenty of firewood? Can you survive if the power goes out? A Red Cross volunteer who worked the Kentucky Ice Storm said that anyone with a wood burning stove did just fine.
Quote: "This may be one of the most important pieces of economic news in many months, yet is did not receive much mainstream news coverage when the wire story was circulated yesterday: Beijing's derivative default stance rattles market. The implications of state-owned Chinese industries being given carte blanche to nullify derivatives contracts are enormous."
China Asserts Right to "walk away from bad derivatives contracts"
US Cities Brace for Prolonged Bout of Declining Tax Revenues
Unemployment Worst Since Great Depression
Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul
Lefrak: Commercial Real Estate Will Kill 500 Small Banks
Cerberus clients overwhelmingly want out: report
Blackout Britain warning as Government predicts severe power shortages within a year
***2.9 Million College Students Unsure of Career Plans***
START WORKING ON BASIC SKILLS
Boost Your Map Skills for when GPS Fails You
Get to Know Your Edible Berries with a Simple Mnemonic
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