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WEDNESDAY, JUNE 24, 2009 062409(7)_IF
P. O. Box 510518, Punta Gorda, FL 33951-0518 An international financial, economic, political and social commentary. Published and Edited by: Bob Chapman
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http://www.youtube.com/watch?v=JIQ1Qrv_AUE RAYELAN ALLAN – Every first and third Wednesday in June. BUTCH PAUGH – Wednesday, June 24th, 2009 9 p.m. EST - Also on your computer on www.gcnlive.com <http://www.gcnlive.com/> . LIVE FM STATIONS 9:00 PM EST.-88.3 FM ROTX Campbell, TX- 92.7 FM Lexingon TN-102.9 FM in Lutz, FL-89.7 FM Nettie, WV-89.7 FM North Branch, MN-91.9 FM Kerrville, TX97.5 FM Dallas, TX-91.1 FM Austin, TX-97.5-91.1 FM Austin, TX-91.7 FM Fredericksburg, TX-91.7 FM Johnson City, TX-90.1 FM Round Rock, TX-90.1 FM Austin, TX-96.3 FM Austin, TX-95.7 FM Dallas, TX93.3 FM Valparaiso, IN-90.7 & 88.5 FM Cosby, TN-88.3 FM Meadsville, PA-100.3 FM Kamia, ID-89.7 FM Presque Isle ME-97.7 FM Greenville, SC-107.1 FM Oklahoma City, OK-90.1 FM Gatlinburg, TN-102.7 FM Tampa, FL-KGGM 93.5 FM Delhi, LA LIVE AM STATIONS 9:00 EST.-WIJD 1270 AM Mobile, AL, KIOU 1480 AM Shreveport, LA,WFAM 1050 AM Augusta, GA-WELP 1360 AM Greenville, SC-WCPC 940 AM Tupelo, MS-WROL 1340 Providence, RI-WITK 1550 AM in Scranton/Wilkesboro, PA-WNNY 1090 AM Pensacola, FL-WARL 1320 AM Attleboro, MA-1380 WLRM AM Chattanooga, TN-WYYC 1250 AM York, PAWNVY 1070 AM Pensacola, FL-KGEZ 1600 AM Kalispell, MT REBROADCAST FM STATIONS- 91.9 FM Macon, GA 7:00 AM-91.9 FM Freedom radio Jones City, GA 8:00 AM Est. REBROADCAST AM STATIONS-KCKN AM 1020 Roswell, NM 10 PM Est.-KMET 1490 AM 11 AM Pst. - WASB 1590 AM Brockport, NY 5-6 PM Est.- WRSB 1310 AM Canandaigua, NY 5-6 PM Est.-WBCR 1470 AM in Alcoa, TN 78 AM Est.-WVOG 600 AM New Orleans, LA 5:00 PM Est. ALAN STANG: radio show, The Sting of Stang, airs from 11 a.m. to 1 p.m. Central, M-F, via Republic Broadcasting Network. Call him on the air at (800) 313-9443. To listen, go to republicbroadcasting.org and click on Listen Live. If you can't listen at that time, do so via the archives. I'll be talking about the various manifestations of the conspiracy for world government, its tactics, such as the illegal alien invasion, its purposes and its players, from Jorge W. Boosh on down.] ERSKINE: Thursday, - every 3rd Thursday – 2:00 pm CST GCN.live.com Drew Raines: - Every Thursday
Those of you interested in the latest input concerning the world financial interest and what to do during these times of financial unrest . TODAY AND EVERY THRUSDAY we have for your pleasure Mr. Bob Chapman founder/editor of "The International Forecaster" http://www.theinternationalforecaster.com 4pm-5pm Chicago time zone USA listen live www.amd.elequity.com "Clilck on "Current Show / Listen Live" this show is accessible as current show for 20 hours after production and on demand from the archive direct link and as "Archives & on Demand" any Thursday date is Mr. Bob Chapman's show. *** all shows are FREE to access & download *** 2nd Hour Colorado, Al and Drew discuss the perspective of News & Events around the world and the attacks on our Constitutional Rights to live in Liberty growing our Organic Foods and Herbs for our safety & our health also available on 11 international phone bridges around the world USA: 347-308-8047 -bridge code 48334. Drew can be reached at 501-565-1833.
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<http://www.youtube.com/watch?v=trbfxyVJ1iY&feature=channel_page> Radio Liberty part 1 <http://www.youtube.com/watch?v=lZRH2CtEu2k> RBN Part 1 <http://www.youtube.com/watch?v=iZ-aBsFdJpY> http://www.youtube.com/user/TheBobChapmanChannel http://www.youtube.com/watch?v=cYjLAgKfLrM
For a Few Bailout's More http://www.youtube.com/watch?v=qq8-HydyftA&feature=channel_page
Billions more needed for financial rescue http://www.youtube.com/watch?v=3lLkq7P2BXM&feature=channel_page http://www.clipser.com/profile.php?member=TheBobChapmanChannel Our show with; Stephen Lendman - Easy to download the program. Go to Republic Broadcasting.org, then archives, then login User ID - stephen lendman Password - 817sl http://www.youtube.com/profile?user=Kgallagher01&view=videos&query=chapman ***** SCHEDULED ISSUES Every Wednesday and Saturday June 2009 US MARKETS The Part 2 of this dissertation (continued from last issue) This idea of a non-bank currency issued directly by a government free of any interest burden is along the lines of what Presidents Lincoln and Kennedy did, and tried to do, respectively, for the US. Their boldness in promoting the welfare of US citizens cost them their lives. They did not want to become interest slaves to a private national bank, and chose to issue our own official currency directly from our Treasury Department free of the interest burden imposed by a privately owned, debt-based, European-style fractional reserve banking system, which is what our Founding Fathers fought a war to free themselves, and their posterity, from. Note that Baron Rothschild started and bankrolled the War of 1812 when the first private US central bank charter was not renewed by our then gutsy Congress, which, unlike our current corrupt and cowardly Congress, saw through the ruse of the British crown, which was attempting to take back its colonies via monetary extortion. Lincoln made the mistake of not backing US notes with gold and silver as required by our Constitution, an error that was confirmed as being a mistake by the Supreme Court of the United States, and the US notes that were used to fund the Civil War efforts of the North soon became worthless, triggering a long, hard, devastating depression in the 1870's. President Kennedy was assassinated before Executive Order 11110 could be implemented, and the Fed was allowed to continue on with its blatant criminality. You might also note that Presidents Garfield and McKinley were both ardently opposed to the idea of a private central bank, and we know what happened to them. Andrew Jackson, who the Illuminists tried to assassinate on multiple occasions, was
our most vehement objector to a private central bank, and his face now appears on the front of a twenty dollar bill. If he was alive today, he would throw a "hissy fit" the likes of which has never been recorded in human history. This is the way the Illuminists chose to rub Jackson's face in their final victory to establish a private central bank with the passing of the Federal Reserve Act in 1913, albeit their insult was delivered posthumously. In addition, President Lincoln's face is on the front of a five dollar bill, which is yet another posthumous insult to the leader who rejected the European Illuminists and their private banking interests. Next we'll see President Kennedy's face on the front of a thousand dollar bill, which will be created so that you don't need a wheelbarrow to cart around the cash necessary to pay the ridiculously high prices of goods and services that will be caused by the coming hyperinflation. On second thought, let's not give them any more ideas! So, in the case of the Federal Reserve Note (which is a private note backed by the full faith and credit of the US government, and not a US note issued directly from the US Treasury), do these two ingredients for the creation of hyperinflation exist? Currency speculators we always have, but are the Fed and our Treasury Department corrupt enough to keep printing the dollar so speculators can short it into oblivion by creating a dollar carry trade? Is the Pope a Catholic? Does a bear crap in the woods? So the answer to that question is: Abso-freaking-lutely!!! But the Illuminists had a problem. They could not print money, thus creating an interest-bearing debt for the US government, without the consent of the US Treasury, which was in turn limited as to how much it could borrow by the US Congress. So how on earth could they get the Treasury and Congress to spend a totally unprecedented amount money by borrowing it at interest from the Fed, which then creates it out of thin air, such that hyperinflation, and the destruction of the US economy to pave the way for world government, is accomplished as the desired and ultimate end? The politics of such a move would be horrendous unless justified by an extremely compelling reason. Naturally, they would have to start their sting operation by buying off or compromising the Executive Branch and its various Departments, especially the Treasury Department, as well as the Legislative Branch, the Judicial Branch, and most of the relevant regulatory agencies, which they had very nearly accomplished already in any case when they put their plans for a hyperinflationary recession, followed by a deflationary depression, into motion. And remember, the ultimate aim of this sting operation is to take down the US economy, along with the economies of Canada and most of Western Europe, to pave the way for world government, which they will attempt to put into place in the ensuing chaos. So what is an Illuminist with a compelling desire for hyperinflation to do? We'll tell you what they did. They started by having the Fed create profligate amounts of money and credit well beyond the amounts necessary to absorb any increases in production, thus creating an elevated level of inflation for almost two decades. They continuously lied officially about the rate of inflation by understating it. This was done to cover up their destruction of our economy via free trade and globalization by creating bogus increases in production that were just inflation in disguise. This inflation was implemented to get us started down the road to economic destruction from which a hyperinflationary environment could be created. To take us out of recession, and prevent the purging which our economy needed from the destruction wreaked in the early 1990's in the aftermath of the Savings and Loan Crisis and the collapse of the real estate market, both of which they also created, they pushed tech stocks into a dot.com bubble, followed by a real estate
bubble to cover up the dot.com destruction, which real estate was then re-bubbled after 9/11 via ultra-low interest rates and their if-you-can-fog-a-mirror-you-can-have-amortgage-loan policy. This was done to keep the debt snowball rolling, and to prevent the purging of losses from fraud and speculation out of our economy by keeping those losses in the system so they could later become the reason for future defaults, losses and bailouts that would help lead us into hyperinflation when the Illuminati were ready. They engineered the 9/11 false flag attack to take US citizens, via fraudulent intelligence, into a multi-trillion dollar, two-front war in Iraq and Afghanistan to get the big spending sprees started. These were wars for profit intended to enrich Illuminists while simultaneously bankrupting America and pushing us down the road to hyperinflation. They bankrupted the Social Security system by stealing from its reserves to pay for Illuminist pork projects and benefits for illegal immigrants (slave labor), drove up medical and pharmaceutical costs, and created an entitlement indebtedness in the tens of trillions of dollars that they know can never be repaid, thus ensuring the destruction of the dollar by curtailing the ability of the US to repay its creditors, and providing a backdrop for huge bailouts and expenditures to keep paying out benefits and to fund medical insurance reforms that can only be paid for through debt monetizations that will propel us toward hyperinflation. They got rid of the Glass, Steagall Act via the Gramm, Leach, Bliley Act so they could defraud investors with new flimflam financial products in the complete absence of any checks and balances. They deregulated the already opaque OTC derivative market with the Commodity Futures Modernization Act so that derivatives could be issued naked (without collateral backing the guarantees against default) to back securities that in many cases were not even owned by the buyers of derivatives backing those securities (credit default swaps), and further allowed investors to gamble on interest rates (interest rate swaps), thus turning the entire OTC derivatives market into a gambling casino. They continued to foster mortgage and other consumer loan fraud, via liar loans, false appraisals, slack credit standards, false derivative ratings and fraudulent derivative sales, using Fannie, Freddie and the unregulated OTC derivative market to accomplish their dirty work until a Quadrillion Dollar Derivative Death Star was created. All of this fraud was allowed in order to plant and build a fatal flaw into the entire debt system, and this flaw would be used to ignite the Derivative Death Star, and start the bankster-gangster bailouts that will eventually run into the tens of trillions of dollars unless stopped by US citizens. How's that for spending us into hyperinflation! They also allowed investment banks to use 40 or even as much as 60 to 1 leverage to fund the Derivative Death Star, and allowed commercial banks to reduce their reserve requirements to unprecedented levels. They increased money and credit to psychopathic levels to feed the hedge funds, pensions funds, endowment funds, and sovereign wealth funds, which then went berserk on a wild spending binge, thus driving stock and bond prices up to ludicrous levels, which have now imploded or are in the process of imploding, thus giving more cause for bailouts and profligate borrowing and spending by our government at taxpayer expense, once again socializing losses after profits have been privatized. By exposing the fatal flaw just alluded to that was built into the debt system via rampant fraud, they created an implosion of financial markets by showing how vulnerable, flawed and over-rated derivatives really were (in this case, the exposure of the fatal flaw may have happened sooner than planned by an untoward event, thus throwing a wrench into the works), and set up the 19 anointed financial institutions, and the Fed, as too-big-to-fail institutions, and made sure that no Illuminist companies
were allowed to fail. Instead of allowing failure through bankruptcies to purge the economy, they bailed out Illuminist banks and corporations in typical crony capitalist fashion at taxpayer expense, thus socializing losses after profits had been grandly earned and privatized, using the oh-we-can't-let-this-happen routine and the fear of increased unemployment and horrendous amounts of asset losses, which will of course occur anyway further down the road, but this time on steroids. Needless to say, non-anointed companies can go suck an egg. They hid the losses of Illuminist-anointed financial institutions via false accounting which was approved by "regulators," and caused the BLS and other government agencies to lie about every known economic statistic, in order to convince taxpayers and private investors that there are Green Shoots and that they should once again invest in these zombie institutions which later will implode, thus rendering the stock worthless. In the meanwhile, they allowed non-Illuminist companies to fail, thus reducing their competition and consolidating their power. They then had their government flunkies create fascistic, socialized spending programs, and termed the first of what will be many such programs as an "economic stimulus," when in reality these are all going to be nothing more than flash-in-the-pan, pork-laden masterpieces of profligate spending that stimulate nothing, create few if any permanent jobs, and virtually ignore the middle class, which got a token tax break - big deal. As the economy unravels, they will just keep up the same oh-we-can't-let-this-happen routine, and continue to play on taxpayer fears while they totally ignore the Constitution which in no way authorizes these bailouts of private companies on a secret, crony-capitalist basis, which bailouts are also being extended to foreign banks and corporations stung by the Illuminist derivative fraud (hence the lack of lawsuits). In this fashion, they will continue to spend and spend as the PBGC and FDIC go bankrupt while our middle class is wiped out. This spending will have to monetized. Hyperinflation is the inevitable outcome. They have also created Public Private Investment Partnerships so Illuminist institutions can buy their toxic waste from each other in what will be a failed attempt to prop up toxic derivative prices, with the public being the big loser because they will absorb most of the losses while most of the profits, if any, will go to Illuminist investors. This is just another method of converting private red ink into public red ink, thus adding to the debt blob that will debauch the dollar and help send us into hyperinflation. The Fed will continue to absorb the toxic waste of its member banks, setting itself up as the ultimate too-big-to-fail zombie financial institution which is now helpless to stop the oncoming hyperinflationary freight train because all its assets are unmarketable cess pools of toxic waste that no one in their right mind would purchase for more the 10 cents on the dollar. Thus, the Fed has been intentionally disabled from fighting against the inflationary consequences that will result from the rampant spending and bailouts that are now ongoing right before your eyes. The Fed has been hamstrung so that hyperinflation can be assured. They can no longer suck money out of the system because the value of their assets is laughable. After they achieve an elevated level of inflation by all this spending on pork, bailouts and socialist programs while the hamstrung Fed continues to profligately spew out money and credit at an ever-increasing rate via monetization of treasuries which investors are starting to shun more and more for obvious reasons, interest rates will rise, the real estate, stock and bond markets will collapse, credit default and interest rate swaps will implode, and suddenly there will be tens of trillions in losses that of course will have to be bailed out.
As this debacle transpires, everyone owning dollar-denominated assets will be running for the exits, all the dollars parked in foreign currency reserves will be repatriated, and the currency speculators will go to town as the Fed pumps out money in ever-increasing quantities to fund bailout after totally illegal and disgusting bailout. This will mark the start of the period during which the Much Greater Depression will be at its most severe level, and is where will we be Weimarized. You won't know about the foreign investment until it is too late because, conveniently, like the cessation of M3 statistics by the Fed, the FTC no longer provides figures regarding foreign investment in the US. During this whole process, only the Illuminist institutions and corporations will receive any bailouts, so in the end, all the money for which taxpayers and their descendents become indebted will have been paid as salaries and bonuses to the Illuminati and their henchmen, and as free booty to their Illuminist business corporations to keep them from failing and to resettle them overseas. Taxpayers will be lucky if they get a lump of coal in their stockings as they watch their pensions, benefits and entitlements trickle down to nothing, especially after hyperinflation becomes full blown. Note how the losses are allowed to be trickled out as slowly as possible so that taxpayers are less prone to say that the losses are just too big to handle and that the elitist institutions must be allowed to fail and let the chips fall where they may as the market sorts things out. The financial institutions of elitists and oligarchs, including the Fed and other privately owned Illuminist central banks around the world, are eventually going to be discarded in favor of a new super-entity, like the IMF and World Bank combined into a single monstrosity and shot up with mega-steroids, while they simultaneously introduce (stuff down everyone's throats) a world currency along with Draconian world financial regulations. This will occur after they futilely attempt to bail themselves out to the tune of tens of trillions of dollars so they can bankrupt and monetize virtually all developed nations to death, thereby sending us all inexorably down the road to hyperinflation. Then comes world government, and the fulfillment of George Orwell's horrific, nightmarish vision, as well as the Mark of the Beast. HELLO, AMERICA, ARE YOU GOING TO PUT AN END TO THIS CRAP, OR WOULD YOU RATHER BECOME A BUNCH OF SLAVING, SERF SLOBS FOR THE ILLUMINATI! THERE ARE INTERNMENT CAMPS AND ABJECT POVERTY IN YOUR FUTURE IF YOU FAIL TO ACT! How do we put an end to this mess, and stop the Illuminati dead in their tracks? You buy gold, silver and their related shares as a failsafe. You pass Ron Paul's bill to audit the Fed, and expose their skullduggery. You then put an end to the Fed as the public screams for their blood. For US citizens only, in compliance with the requirements of the US Constitution, you issue interest-free, gold-backed US dollar notes to replace, dollar for dollar, all Federal Reserve notes. You then take all the old Federal Reserve notes that have been exchanged, load them on dump trucks, take them to the Federal Reserve in Goldman Sachs South, and dump them at their front door. You place a sign on the pile that reads: "We now consider our debt to the Federal Reserve Bank to be paid in full, and will cease all future interest payments. Incidentally, this pile of "worthless paper" is no longer legal tender in the US. Have a nice day." Foreigners will have their treasury bonds and dollars redeemed in oil, coal, natural gas and other commodities, in a percentage that is based on how many jobs and plants they stole from our economy, how many subsidies they gave their industries, the extent to which they debased their currencies to gain unfair trade advantages, the extent to which they imposed trade tariffs and import duties on our exports to their countries, and the amount they would have received had the Illuminists
successfully ignited hyperinflation. These bonds would be retired over time as they came due. We also obviously have to purge government of all Illuminist influence by arresting, trying, convicting and sentencing all Illuminist criminal co-conspirators for their myriad of felonies and acts of high treason. All Illuminist assets would be seized and applied to the national debt, and we would apply all gold seized, by force if necessary, no matter where it might be found, until we have enough to properly back our new currency, which would remain the world's reserve currency. Rockefeller alone could probably retire the entire official US debt and replace our gold reserves. Banking leverage would be greatly reduced, and there would be proper regulation of financial markets by both the federal and state governments acting in concert with one another to protect consumers, and no conflicts of interest between Wall Street, corporate America, and the federal and state governments would be tolerated. Oil, coal, natural gas and power generation facilities, along with pharmaceutical companies, would be nationalized, all publicly owned energy resources would be tapped, and all patents unused for over five years would be taken by eminent domain, with all profits from these resources and patents being used to pay for our debts. After our debts were retired, these industries would be privatized again, and any unused/unsold patents would be returned to their owners, except to the extent they were necessary to fund the much reduced activities of our federal government. All companies that are currently insolvent would be forced to go bankrupt, and the economy would be purged, with the markets working out the details free of the influence of the PPT, which would be dissolved. Illuminist judges, officials of the Administration, and members of Congress found to be in cahoots with Illuminist criminals would be immediately impeached and then tried criminally. Class action lawsuits would be prosecuted on behalf of all members of the public screwed out of their rightful profits by the Illuminists, the PPT and our regulatory agencies. All lobbying would cease. Term limits would be imposed. Each and every candidate for a particular office would receive the same amount of money with which to conduct a campaign. The income tax would be repealed and a reasonable national sales tax would be implemented, with a mandatory periodic reduction and phase out over time. The tax would be phased out as we reduced the size of our federal government and returned powers back to the states. The tax would cease when our budget was balanced and a proper Constitutional balance between federal and state powers was achieved. Trade tariffs and import duties would be imposed on a Golden Rule basis, meaning, we will charge you whatever you charge us, and we will grant subsidies and manipulate our currencies to achieve parity with whatever you do on your end. We will also charge duties to make up for the difference in our relative standards of living so you stop using your citizens as slave labor to undercut our workers. All illegal immigrants would be ejected. Any legal immigrants would be processed faster. Our troops would be returned home except for a few key positions, and we would mind our own business except where military action is absolutely necessary to defend our nation, as opposed to supporting a nefarious elitist agenda. And this is just for starters. Real reform of our educational and health systems would then follow. Once we had our own house in order, we would help the nations of the world succeed and progress as never before. World government would be outlawed as treasonous, and anyone promoting it would be given life without parole if they were convicted. God would be given preeminence in our society once again as the separation of church and state was applied the way it is supposed to be: that Congress shall pass no law that would establish a national religion or that would abridge the free exercise of religion. Period.
House prices are down 19% yoy and 32% from the 2006 highs. We believe prices can drop another 20% due to the tail end resets on ALT-A loans, the next 3-1/2 years of resets on Option ARMs, known as pick-and-pay loans, prime loans and a new push of subprime loans. The carnage in housing won’t end until we hit 2013. Worse yet, even though new home construction is off 80.4% from its peak, builders are still building. That is dumb, but it is still happening in the face of the largest housing inventory for sale in history. Incidentally, house building fell 70% during the housing recession of 1989-1992. It seems builders do not know when to stop building. Part of that error is caused by bogus government statistics and in this case the bogus government propaganda that the economic, financial and housing recession is over. It is not over. In fact, the depression that began in February is just getting underway. Its progress will be slightly muted this year by the first part of the stimulus package and next year by the bulk of the package. By the end of next year GDP should be even, down from minus 6-1/4%, 5-3/4% and 4% during 2008. There is a minor carryover to 2011 and 2012, but it won’t be a major factor. Late in 2009 we see discussion on another stimulus package of some $2 trillion and that could become reality in late 2009 in an attempt to extend the failed earlier plan. While this transpires interest rates will climb, the market and the dollar will fall and gold and silver will rise. Needless to say, monetary inflation will rage as the rate of decent in the destruction of assets slows. Housing affordability won’t begin for sometime due to further layoffs and the lack of loans from banks. The bad assets on bank books will be massive forcing them to hold cash to offset losses. We’ll have more on what banks are doing later. In order for houses to be affordable, unemployment must stop increasing and prices have to go lower. Even in areas where housing will become affordable the increase in buying will come very slowly. The leverage factor is gone. There is a 40-month supply of homes worth $750,000 or more. There is a squeeze as traditional economic factors slip into place. Fitch ratings say that 75% of subprime loans now being made will fail in six months to a year. You would think government would have learned its lesson. These are the loans, which lower monthly payments to 31% of income. The reason is that most buyers are incapable of paying back any loan. They are simply broke. Home prices continue to fall, which complicates matters as well. Owners have to walk away, especially if they understand prices are going to fall even lower. More than 12% are in foreclosure or are late on payments. Foreclosures continue to climb. Even more disturbing is that 6% of prime loans are in foreclosure double last year’s level. This is the result of U-6 at 20.4%. Unemployment could double from here, because this is worse than the 1930s. Keep that in mind when you are listening to Wall Street, government or the mainline media. As you can see, this depression is going to last a long time. Even those who have foreseen our troubles, and they are few, haven’t foreseen just how bad this will be. That handful have bought the elitist projection that 2010 or 2011 will be the turnaround years. They have finally swallowed the Wall Street line. They do not understand we are not going back to normal. This will be as subnormal as it gets. Just a visit to 64.5% of GDP by consumers will cripple the economy further. If we are right there is no need for major corporate investment. Debt is being reduced by consumers and savings are at 4.7%. There can be no expansion of goods and services if workers’ jobs continue to be shipped to foreign lands – to countries that can’t stand a fair and level playing field. Countries that are destroying America with the help of elitists who control transnational conglomerates. Is it any wonder that capacity utilization is hanging at 65%? The buyers are vanishing. How can anyone contemplate recovery when we are nowhere near the bottom of this depression? There is still a 10-month
supply of home inventory and it won’t disappear for years. As we predicted six year’s ago, when we announced Fannie Mae and Freddie Mac were broke, that government would end up owning perhaps as many as 50% of homes, and how they’d end up renting them to families, because they couldn’t be sold. How can a 55 year old with 2 or 3 jobs afford to own a home? In July, when second quarter profits are announced, they will be dreadful. Bank, brokerage, insurance and consumer stocks will lead the way down along with homebuilders and suppliers. The slugs on Wall Street tell us the fourth quarter will be better because of the low level of profits during the last fourth quarter. Earnings will not rise 50% in 2010 as Wall Street predicts and has already discounted in the current market. American Express Co. said Wednesday it repaid the $3.39 billion it received last fall as part of the government's $700 billion bank investment program. The New York-based credit card lender also paid the Treasury Department $15.1 million of accrued dividends on the investment. American Express had previously paid the government $59.3 million in dividends on the investment. The government provided banks with capital in exchange for preferred stock and warrants to purchase common shares. The preferred stock carried an interest rate of 5 percent. Wednesday's repayment did not include the repurchase of the warrants. American Express said it plans to notify the Treasury Department of its intent to purchase them. The financial firm issued warrants for the government to purchase about 24.3 million shares of common stock. Taxpayers Will Benefit from JPMorgan's Exit from TARP because JPM would repurchase the warrants for $1.6B. I looked at the yields of JP Morgan’s non-TARP preferred stock on June 1, 2009. It yielded about 7.5 percent. The TARP preferred stock pays a 5 percent dividend for the next four and a half years. This means that JPM is giving up a subsidy with a present value of about $2.4 billion by paying back TARP before the TARP preferred stock dividend rises to 10 percent. Buying back warrants is roughly equivalent to repurchasing shares. It reduces the common equity cushion. By my estimates, the JP Morgan warrants were worth about $1.6 billion by the close of trading on Monday, June 1. I don’t agree with Jamie Dimon that JP Morgan should get a half price sale on the TARP warrants. The purchase agreement that he signed says half the warrants will be forgiven if he raised $25 billion of stock. (I already took into account the chance, 14 percent according to my model, that JP Morgan would want to raise the full $25 billion, reducing my valuation of those warrants by about 7 percent.) If he wants half price on the TARP warrants, he should raise $25 billion not just $5 billion of common stock. I’m sure Mr. Dimon won’t agree to give back half his stock options. Nor should taxpayers give away half their warrants. There is no economic justification for such subsidies when JP Morgan can easily tap equity markets. http://seekingalpha.com/article/140974-taxpayers-will-benefit-from-jpmorgan-s-exitfrom-tarp California's unemployment rate in May hit 11.5% -- its highest level in more than three decades…The state lost 68,900 jobs in May as unemployment rose from a revised 11.1% in April and 6.8% in May 2008. This is the highest rate since the national record-keeping system began in 1976. This is an indictment of the BLS and its fraudulent job creation in its Net Birth/Death model. Luxury spending likely to drop 10 percent for 2009 When do you know that
the economy is on the mend? When the wealthy start spending again. And the rich aren't expected to start digging into their Birkin bags anytime soon. The luxury market, historically resilient to economic downturns, is forecast to drop an unprecedented 10 percent this year, according to a June report from Bain & Co. The Boston-based firm predicts purveyors of luxury goods won't experience a full recovery until 2012. Rasmussen Consumer Index Consumer Confidence Falls to Lowest Level Since April 30 http://www.rasmussenreports.com/public_content/business/indexes/rasmussen_consu mer_index Gretchen Morgenson: “No one should assume that the government will step in to bail them out if their firm fails.” That’s Timothy F. Geithner, the Treasury secretary, talking tough with lawmakers last week as he promoted the government’s remake of the financial regulatory framework. Talk is cheap, however. And the notion that the plan shows a new aversion to bailouts is not at all supported by its chapter and verse. In fact, there’s precious little in the 88-page document about how the government will eliminate systemic risks posed by financial firms that aren’t allowed to fail because they’re simply too big or to interconnected to other important economic players here and abroad. Rather than propose ways to shrink these companies and the risks they pose, the Geithner plan argues instead for enhanced regulatory oversight of the behemoths. This suggests the taxpayer safety net will be larger after our national financial train wreck, not smaller. In the paper, Professor Kane described why the policy responses to financial crises historically had involved expanding the universe of companies eligible for taxpayer support if another mess arose. “When a substantial portion of the financial sector appears to be at risk, it is far easier to patch up the weaknesses in the system with ad hoc loans and guarantees than to negotiate genuine reform,” he wrote. For top regulators to be able to push through larger bailouts, he argued, two conditions must hold. “First they must be able to control the flow of information,” he wrote, “so as to keep taxpayers and the press from convincingly assessing either the magnitude of the implicit capital transfer or the anti- egalitarian character of the subsidization scheme.” Sound familiar? Recall the months of secrecy surrounding the bailout of A.I.G.’s counterparties and the refusal of the Federal Reserve Board to disclose how it chose BlackRock to oversee three of its rescue programs and what it was paying the firm to do so? Then there is Professor Kane’s second condition: Regulators’ commitment to these bailout policies “must be continually nourished by praise and other forms of tribute from the bankers, borrowers and investors whose losses are being shifted to less-influential parties.” President Barack Obama’s program to help more homeowners refinance may be expanded to include borrowers who owe more than 105 percent of their homes’ values, Federal Housing Finance Agency Director James Lockhart said. The Obama administration is considering allowing Fannie Mae and Freddie Mac to refinance loans with current loan-to-value ratios of 125 percent or higher, Lockhart said at a National Association of Real Estate Editors Association conference in Washington yesterday. The Rasmussen Reports daily Presidential Tracking Poll for Sunday shows that 32% of the nation's voters now Strongly Approve of the way that Barack Obama is
performing his role as President. Thirty-four percent (34%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -2. That’s the President’s lowest rating to date and the first time the Presidential Approval Index has fallen below zero for Obama. According to Pew Research there is far less public support for healthcare reform now then when Hilary had her healthcare fiasco. In early 1993 the sense of a health care crisis was far more widespread than it is today – a 55% majority in 1993 said they felt the health care system needed to be “completely rebuilt” compared with 41% today. Healthcare reform is D.O.A. Last December, when it was pressing Bank of America to complete its ill-fated acquisition of Merrill Lynch, the Federal Reserve also looked to Pimco for advice. According to recently released messages that Fed staff members sent one another that month, Pimco evaluated the two banks and concluded that Merrill wouldn’t survive without a capital infusion or additional government aid. But Pimco’s involvement in so many aspects of the bailout has made many other financiers and analysts uncomfortable. They say its proximity to the Treasury Department and the Fed may allow it to reap billions of easy dollars through federal contracts and preferential investment opportunities. A frequent complaint is this: Why is the Federal Reserve paying Pimco to buy mortgage securities on its behalf, when the firm is already a huge buyer and seller of the same bonds? “That’s the equivalent of a no-bid contract in Iraq,” fumes Barry Ritholtz, who runs an equity research firm in New York and writes The Big Picture, a popular and well-regarded economics blog. “It’s a license to steal.” The US and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion. The Treasury Department said yesterday that the two nations concluded negotiations on an amended tax treaty. The discussions took place as US legal authorities are conducting investigations into allegations that giant Swiss bank UBS AG helped thousands of American customers evade taxes. The unemployment rate in the West jumped over 10 percent last month, the first time that regional threshold has been broken in about 25 years. On the state level, eight set record-highs and only two - Nebraska and Vermont - did not report increases. The Labor Department reported Friday that 48 states and the District of Columbia saw employment conditions deteriorate last month. The fallout from the longest recession since World War II, was the worst in Michigan as automakers cut tens of thousands of jobs. Its unemployment rate rose to 14.1 percent. The West region reported the highest jobless rate at 10.1 percent. The last time any region had a rate of at least 10 percent was September 1983, when the country was emerging from a severe recession. The region is home to California, where the jobless rate jumped to a record 11.5 percent last month, Nevada, where it's a record 11.3 percent, and other states that have been slammed when the housing boom went bust - snatching jobs and wealth. The other six states that set new highs on records dating to 1976 were: North Carolina, Oregon, Rhode Island, South Carolina, Florida and Georgia. Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm. Staff in London were briefed last week on the banking and securities company's prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm's second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company's shares in January, has already made a $1bn gain on his investment. (this is what happens when you are privy to inside information) An increase in exports is needed for a sustained recovery in the United States and this may require an adjustment in the value of the U.S. dollar, IMF chief economist Olivier Blanchard said on Monday. 'For the US, it is absolutely no question that a sustained recovery has to come from a large increase in exports, that may not be very easy to do. This may require fairly substantial adjustments in the dollar,' he told a conference. Billionaire hedge fund manager George Soros said the worst of the global financial crisis is over, and called for new international regulations to maintain open markets. “Definitely, the worst is behind us,’’ Hungarian-born Soros said in an interview yesterday with the Polish television station TVN24. He called the crisis the most serious in his lifetime, adding that: “This is the end of an era. The question is what’s going to come out of it in the future.’’ Without new international regulations, “globalization will fall apart,’’ possibly spawning a system of “state capitalism’’ like China’s, he said. Soros, who recently returned from China, said the world’s third-largest economy is “growing in strength’’ because the country was relatively unaffected by the economic crisis. (another trained donkey act) Goldman Sachs Group Inc. and Societe Generale SA extracted about $11.4 billion from American International Group Inc. before the insurer’s collapse as the firms demanded to hold cash against losses on mortgage-linked securities, according to regulatory filings. Goldman Sachs got $5.9 billion and Societe Generale received $5.5 billion of about $18.5 billion in collateral paid by AIG in the 15 months before the September bailout. The payments helped settle AIG’s obligations on $62.1 billion of credit-default swaps that the Federal Reserve later removed from the New York-based insurer as part of the rescue. Officials at AIG, Goldman Sachs and Societe Generale declined to comment. “When counterparties see trouble coming, they’ll do everything they can to get their money back, even if it means the death of the other firm,” said William Cohan, a former JPMorgan Chase & Co. investment banker and author of “House of Cards,” about the financial crisis. Executives at U.S. companies are taking advantage of the biggest stockmarket rally in 71 years to sell their shares at the fastest pace since credit markets started to seize up two years ago. Insiders of Standard & Poor’s 500 Index companies were net sellers for 14 straight weeks as the gauge rose 36 percent, data compiled by InsiderScore.com show. Amgen Inc. Chairman and Chief Executive Officer Kevin Sharer and five other officials sold $8.2 million of stock. Christopher Donahue, the CEO of Federated
Investors Inc., and his brother, Chief Financial Officer Thomas Donahue, offered the most in three years. Sales by CEOs, directors and senior officers have accelerated to the highest level since June 2007, two months before credit markets froze, as the S&P 500 rebounded from its 12-year low in March. The increase is making investors more skittish because executives presumably have the best information about their companies’ prospects. “If insiders are selling into the rally, that shows they don’t expect their business to be able to support current stock- price levels,” said Joseph Keating, the chief investment officer of Raleigh, North Carolina-based RBC Bank, the unit of Royal Bank of Canada that oversees $33 billion in client assets. “They’re taking advantage of this bounce and selling into it.” US officials have moved to block a legal bid by descendants of Apache leader Geronimo to have his remains reburied. Geronimo’s relatives say some body parts were stolen almost 100 years ago by members of a society linked to Yale University to keep in their clubhouse. The relatives want to rebury the warrior, who died in 1909, near his birthplace in New Mexico. But the justice department has asked a federal judge to dismiss their lawsuit. The society, known as Skull and Bones, is alleged to have stolen some of Geronimo’s remains from a burial plot in Oklahoma in 1918. An increase in exports is needed for a sustained recovery in the United States and this may require an adjustment in the value of the U.S. dollar, IMF chief economist Olivier Blanchard said on Monday. 'For the US, it is absolutely no question that a sustained recovery has to come from a large increase in exports, that may not be very easy to do. This may require fairly substantial adjustments in the dollar,' he told a conference. News Corp.’s MySpace social- networking unit, which last week fired almost 30 percent of its staff in the U.S., today said it will cut two-thirds of its international workforce and close at least four offices. MySpace’s international workforce outside the U.S. will shrink to 150 from 450 and London, Berlin, and Sydney will become the primary regional hubs, the company said in an e- mailed statement today. The offices in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain will be reviewed and may be closed, the company said. MySpace China, a locally owned company, and MySpace’s joint venture in Japan won’t be affected. Hotels and resorts in greater Phoenix continued to suffer more than those in most other cities in May, according to industry tracker Smith Travel Research. Valley-wide room occupancy fell to 49.5 percent from 58.6 percent in May 2008, a 15.5 percent decline. The average decline among the 25 markets Smith tracks was 11.9 percent. Just three other cities, Dallas, Detroit and Tampa, had occupancy below 50 percent in May. Average daily rate also fell 15.5 percent, to $97.85 from $115.82. And that was before the steep summer discounting began. Revenue per available room, the industry's key financial measure, plunged 28.6 percent, to $48.41. That figure was worse only in New York, down 35.7 percent, and Chicago, down 29.5 percent. There are a number of reasons for the fall in President Obama’s approval ratings.
He called for change and generally speaking there has been few changes. Foreign policy, except for his stance on the Middle East, has been a replica of the previous two administrations. He certainly has the distain of Jewish voters who are pro-Zionist. He has proceeded to bail out banks, Wall Street, insurance companies and selected other companies such as Chrysler and GM. The bankruptcies settlements smacked of cronyism. The public didn’t expect socialism and welfare for corporate America. They also did not expect the fallout of free trade and globalization to continue to cause joblessness at a continued furious pace. Then we have a program for health socialism that few like and which faces are very tough fight. It is probably already dead on arrival. We also have the illegal dismissal of Investigator General Gerald Walpin, who uncovered a $75 million scam under the AmeriCorps program at City University of New York, which was followed by exposure of Obama’s friend Sacramento Mayor Kevin Johnson, who stole almost $1 million. A terrible disgrace, which the media has refused to expose. Mr. Obama’s new policy to make the privately owned Federal Reserve a financial regulator, when they were directly responsible for our credit crisis. He allows ABC exclusive rights to film, what really is an infomercial on his healthcare plan, which we call the euthanasia bill, without any other coverage. These are the reasons months ago we predicted that by October he would have a 40% approval rating and he is fast on the way there. Citizens now believe the president will raise taxes and try to implement a Value Added Tax, a VAT. People do not want a voluntary civilian defense force or a selective service draft. Most people believe the stimulus package is a joke, an expensive one. Existing-home sales improved again in May, but falling prices and bloated supply promise to make a housing sector recovery slow. Home resales rose by 2.4% to a 4.77 million annual rate from 4.66 million in April, the National Association of Realtors said Tuesday. It was the second straight increase and the fourth in six months. The increase would have been bigger if not for poor appraisals, the realtors indicated. About a third of May resales involved distressed property. Foreclosures have pushed prices lower. The median price for an existing home last month was $173,000, down 16.8% from $207,900 in May 2008. "We need to have increased sales to stabilize prices," NAR economist Lawrence Yun said. While lower prices make houses cheaper, the drop also lowers household net worth and can discourage a purchase as a would-be buyer awaits a better deal. Prices are falling because of excess supply. "We just experienced the longest, largest housing bubble in U.S. history," said Mike Larson of Weiss Research. "As a result, the recovery process will be a long, drawn-out affair." The data Tuesday showed inventories of previously owned homes fell last month, down 3.5% to 3.8 million available for sale. That represented a lower - yet stillelevated - 9.6-month supply at the current sales pace, compared to 10.1 in April. U.S. home prices dropped a seasonally-adjusted 0.1% in April, in a sign that the housing market may be stabilizing, a government agency reported Tuesday.
Home prices fell 6.8% in the twelve months ending in April, but declined only 0.3% in the first four months of the year, the Federal Housing Finance Agency said. The agency revised the 1.1% price decline it reported in March to a 1.4% price decline. Economic activity was mixed in June, a report Tuesday from the Federal Reserve Bank of Richmond said. The bank said that its manufacturing index for the current month moved to 6 from 4 in May, while its shipments index was 2 from 9 the month before. Readings over zero indicate expanding activity. On the service sector side, the revenues index for June was -26, from -29 in June, while the retail sales revenues index was -18, from -13 the month before. US Richmond Fed Manufacturing Index increases to 6 in June from 4 in May. National chain store sales fell 4.4% in the first three weeks of June versus the previous month, according to Redbook Research's latest indicator of national retail sales released Tuesday. The latest numbers are starkly different from recent weeks because they don't include Wal-Mart Stores Inc. (WMT), which said last month it would no longer provide monthly sales figures. The fall in the index was compared to a targeted 4.1% drop. The Johnson Redbook Index also showed seasonally adjusted sales in the period were down 4.5% compared with June 2008, against a targeted 4.2% fall. Redbook said that on an unadjusted basis, sales in the week ended Saturday were down 4.2% from a year ago after a 4.8% decline the prior week. The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index were unchanged in the week ended Saturday from its level a week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, retailers saw sales fall 0.9% in the latest week. At least three small banks have stopped paying the United States government dividends they owe in relation to the $315.4 million they received under the Troubled Asset Relief Program, The Wall Street Journal reported. The banks, which continue to struggle amid turmoil in the financial industry, are Pacific Capital Bancorp, a lender in Santa Barbara, Calif.; the Seacoast Banking Corporation of Florida ; and Midwest Banc Holdings, of Melrose Park, Ill., The Journal said. Treasury spokeswoman Meg Reilly told the newspaper that “Treasury respects the contractual rights of [TARP recipients] to make decisions about dividend distributions, and that banks are best positioned to decide how to manage their own capital base.” Mortgage originations in the U.S. may total $2.03 trillion this year, 27 percent less than earlier forecast, as rising interest rates reduce home refinancings, the Mortgage Bankers Association said. The United States and European Union accused China of unfair trade practices on Tuesday, saying the Chinese government was restricting exports of raw materials to give manufacturers in that country a competitive advantage. The United States trade representative, Ron Kirk, said China had imposed quotas, export duties and other costs on raw materials used in the production of steel, chemicals and aluminum. In effect, he said, China was putting its thumb on the scale and giving Chinese manufacturers an unfair edge. “Trade has to be fair,” Mr. Kirk said in a news conference in Washington. “If you’re going to do business with the United States, you’re going to have to play by the rules.”
May home sales fell 3.6% yoy, and 1/3 of the May’s sales were foreclosures. The quarterly CEO Economic outlook Index rebounded to 18.5 in the second quarter from a negative 5 in the first quarter; 51% will cut costs over the next six months and reduce capital spending with 49% expecting to cut US jobs – 46% expect a decline in sales. They expect GDP to decline 2.1% in 2009. The Trucking Market Demand Index fell 5% to 3.33 last week from 3.52 the previous week. Average equipment rates surged 4% last week to $1.60 from $1.54. Fuel prices rose 3% from $2.50 to $2.57. Average inbound rates increased 2% to $1.50 from $1.47 per mile. Outbound rates rose 3% to $1.48 from $1.43 per mile. Turnaround worsened 2% to 188 minutes from 184 minutes. Massachusetts housing prices continued to fall at a double-digit rate last month as foreclosure sales put downward pressure on the market, according to new data released yesterday by the Warren Group, a Boston firm that tracks real estate. The median selling price for single-family houses in May dropped 13 percent to $280,000, from $322,000 in May 2008. From January to May, the median price slumped 15.1 percent to $264,900, compared with $312,000 at the beginning of the year. But excluding bank-owned property sales, this May’s median price would have been $290,000, according to Warren Group. The latest drop comes as the inventory of foreclosed properties has swelled. Bank-owned property sales made up 7.6 percent of single-family house transactions between January and May, up from 5.2 percent during the same period last year. General Motors Corp., seeking to become a more nimble automaker when it emerges from bankruptcy, plans to eliminate about 4,000 US salaried jobs by Oct. 1. The company began notifying salaried workers yesterday that it will offer retirement and buyout incentives, said Tom Wilkinson, a GM spokesman. If the company doesn’t receive enough volunteers by early August, it will make involuntary cuts, he said. The cuts will reduce the US salaried workforce to about 23,500 from about 29,650 at the beginning of this year, Wilkinson said. The reductions will include trimming the executive workforce. As of April 27, GM had said it planned to cut the US salaried workforce to 26,250. Harvard’s most senior administrators had for months foreshadowed the possibility of staff reductions, warning at a series of meetings and forums that they probably would have no choice as the university deals with the precipitous decline in its endowment. But when the layoff number - 275 Harvard employees - was delivered yesterday in a memo from the university’s president, it came as a shock in most quarters of the campus. The Fed previously said they would monetize $300 billion in Treasuries, $600 billion in Agencies and $1.2 trillion in toxic waste to total $2.1 trillion of money created out of thin air. They have now increased those numbers by $850 billion to almost $3 trillion. Who says we won’t have inflation? Rasmussen: 55% Say Business Leaders, Not Government, Will Help Economy Most http://www.rasmussenreports.com/public_content/most_recent_videos2/business/55_s ay_business_leaders_not_government_will_help_economy_most JPMorgan tops a list of the world's strongest banks, while Royal Bank of Scotland suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday… [It’s amazing that there is virtually no discussion of JPM’s purported $80 trillion+ derivative book.] http://www.reuters.com/article/ousiv/idUSTRE55M7CL20090623
Reduction of the rediscount rate to 2 1/2 percent is considered beneficial in several ways. It indicates credit will be easy for some time; should benefit many industries including farming, building, construction, and make bond issues easier for corporations resulting in lower unemployment. ***** In a conversation with Greg Evensen (columnist with “News With Views”) late this afternoon, he has confirmed a story that originates early today from a meeting that took place between Pentagon and DHS personnel, in which they have assembled “Go Teams” from police members across the USA (inter alia?) which will be “ready to go anywhere (including Canada) within an 8-hour time-frame, prepared to encounter harsh conditions and unfriendly locals and to expect to be relocated for up to 30 days! There has been drafted an MOU (Memorandum of Understanding) between a Chief of Police from a southern state and an armed forces General to this effect, including other considerations. The positive news from this discussion with Mr. Evensen (himself a former Kansas State Trooper) is that he receives regular feedback from the “rank-and-file” police officers (from Sergeant on down) that between 50-60% of these folks will refuse to obey orders that will effectively kill, wound or enslave their own people. Additionally, of the 3500 sheriffs in the US, between 25-35% will “do the right thing” in regards to their dealings with “the people”. (And what about the others remaining in the vast majority?) There have been reports that most of the western states’ armories have had their weapons’ vaults emptied and the guns taken to an underground facility in Arkansas. Please forward me any confirming or repudiating data regarding these above reports. There will be a DVD available within two weeks from today expanding upon this information. Please contact Mr. Evensen to obtain your copy at firstname.lastname@example.org , or go to their website at www.theheartlandusa.com Dr. Rebecca Carley http://www.drcarley.com
This guy's video on youtube has been so popular that Obama Called him personally. He said that he was very disturbed with the video and Invited him to the White House. Obama also said he wanted the White House to handle the Press and not to talk about the video or the White House visit. That's interesting. Watch it now. This may be the best six minutes invested in Your future You may have to turn your Sound Control up some. http://www.youtube.com/watch?v=jeYscnFpEyA ***** H.R. 1207 Ron Paul Has Large Backing In Congress To Audit The Federal Reserve
http://news.goldseek.com/GoldSeek/1245823620.php ***** Retired autoworkers have their say Pt.1 http://www.youtube.com/watch?v=Dt7biVepXK4 ***** Retired auto workers have their say Pt.2 http://www.youtube.com/watch?v=-zI_r8bnqqc ***** The Club is an ILLUMINIST group: Sotomayor quits women's club after GOP criticism http://news.yahoo.com/s/ap/20090620/ap_on_go_su_co/us_supreme_court_sotomayo r ***** Obama Administration Looks to Colleges for Future Spies http://www.washingtonpost.com/wpdyn/content/article/2009/06/19/AR2009061903501.html?wpisrc=newsletter ***** HR 2749: Totalitarian Control of the Food Supply http://www.infowars.com/hr-2749-totalitarian-control-of-the-food-supply/ ***** The Obama Financial Reforms: Road to Change or Perdition? Stabilizing A Flawed System is Not The Same As Restructuring Or Remaking It http://www.globalresearch.ca/index.php?context=va&aid=14026 ***** Reviewing F. William Engdahl's "Full Spectrum Dominance: Totalitarian Democracy in the New World Order:" Part I by Stephen Lendman http://sjlendman.blogspot.com/ ***** Obama's Financial Reform Proposal: A Stealth Scheme for Global Monetary Control by Stephen Lendman http://sjlendman.blogspot.com/ ***** Marc Faber Hyperinflation Coming CNBC 06.18.09 http://www.youtube.com/watch?v=lPD2Q2DFN6k ***** Kissinger threatens regime change in Iran if coup fails Dprogram net http://www.youtube.com/watch?v=CiXMGh6J92Q ***** Are the Iranian Protests Another US Orchestrated “Color Revolution?” http://www.counterpunch.org/roberts06192009.html ***** Mafia blamed for $134bn fake Treasury bills
http://www.ft.com/cms/s/0/82091ec2-5c2f-11de-aea300144feabdc0.html?nclick_check=1 ***** Three More Banks Fail; 40 Closures So Far This Year http://www.foxbusiness.com/story/markets/industries/finance/banks----ncgeorgia----fail/ ***** Government bailout hits $8.5 trillion where the bail out money went http://www.sfgate.com/cgibin/object/article?f=/c/a/2008/11/26/MNVN14C8QR.DTL&o=0 ***** GE Capital Co-Leads $4 Billion Loan for Sears Holdings Corporation http://www.reuters.com/article/pressRelease/idUS121462+02-Jun2009+BW20090602 (GE Capital is using US taxpayer funds to lend money to Sears and make money on that money. Why cannot Sears get money directly from the government, like GE Capital? As you can see some are more equal than others.) ***** GM’s Sale Opposed by 10 States, Union Retirees and Chrysler http://www.bloomberg.com/apps/news?pid=20601087&sid=aRI2wdih3CAI ***** Confidential memo reveals US plan to provoke an invasion of Iraq http://www.roguegovernment.com/oneadmin42/newspublish/home.print.php?ne ws_id=16138 ***** AIG's Partners Took Billions http://www.gawkk.com/aig-s-partners-took-billions/discuss ***** VA State Police Say Anti-NWO and Gun Rights Activists are Terrorists http://www.infowars.com/va-state-police-say-anti-nwo-and-gun-rights-activists-areterrorists/ ***** Obama Misery Index creeps higher http://www.redalert.wnd.com/index.php?fa=PAGE.view&pageId=353 ***** Beijing cautions US over Iran http://www.atimes.com/atimes/Middle_East/KF20Ak03.html ***** Iranian Unrest: Evidence of Western Intelligence Meddling http://www.infowars.net/articles/june2009/220609Meddling.htm ***** Are the Iranian Election Protests Another US Orchestrated ‘Color Revolution’? By Paul Craig Roberts http://informationclearinghouse.info/article22875.htm *****
VBlogger Details Lautenberg’s Gun Grabber Bill http://www.infowars.com/vblogger-details-lautenbergs-gun-grabber-bill/ ***** Why haven't you heard of this car? http://www.brasschecktv.com/page/645.html ***** International Bailout Brings Us Closer to Economic Collapse http://www.24hgold.com/english/printarticle.aspx?pagedest=437864&langue=en &viewarticle=True ***** How the "democracy" really operates http://www.brasschecktv.com/page/643.html ***** FEMA to Hold Regional “Anti-Terrorism” Drill in July http://ppjg.wordpress.com/2009/06/09/fema-to-hold-regional-anti-terrorism-drillin-july/
Bernanke answers to his shareholders not taxpayers or Congress Michael Gray Deputy Sunday Business Editor http://mgray12.wordpress.com/2009/06/23/now-i%E2%80%99m-really-fed-up/ New York Post email@example.com ***** How the Financial Reform Plan Protects the Status Quo Obama's (Latest) Surrender to Wall Street By MICHAEL HUDSON http://www.counterpunch.org/hudson06222009.html ***** Big Brother in Basel: Are We Trading Financial Stability for National Sovereignty? by Ellen Brown http://www.globalresearch.ca/index.php?context=va&aid=14047 ***** From a Fellow Subscriber: Hi Bob—in case you have not seen it yet a group of rogue EU out of the box economists—are predicting—”a group of three destructive waves of the social and economic fabric expected to converge in the course of summer 2009”---this will put the last nails in Obamas-Bernanke-Geithner’s— “GREEN SHOOTS”— propaganda scams—link is below. http://www.leap2020.eu/GEAB-N-36-is-available!-Global-systemic-crisis-in-summer2009-The-cumulative-impact-of-three-rogue-waves_a3359.html
***** The coming collapse of the American middle class http://www.brasschecktv.com/page/642.html ***** GAO Cites Gun Sales to Those on Watch List http://www.washingtonpost.com/wpdyn/content/article/2009/06/22/AR2009062201766.html?wpisrc=newsletter ***** Court Says Public Must Pay for Private Special Ed http://www.truthout.org/062309EDA?n The Associated Press: "The Supreme Court has made it easier for parents of special education students to be reimbursed for the cost of private schooling for their children. The court ruled 6-3 Monday in favor of a teenage boy from Oregon whose parents sought to force their local public school district to pay the $5,200 a month it cost to send their son to a private school." ***** From a Fellow Subscriber: Debit Card I bank at Wells Fargo, three months ago the manager were I bank at told me that in April I will have to have a debit card in order to cash my check. I stated you mean that I will not be able to cash my check with out a debit card. Her comment was will the bank doesn't know you. I said you know me. I wasn't feeling good that day but I stated that I do not want a debit card. They cashed my check. Then the next day I went back to the bank and asked why I needed a debit card to cask my check. She said well in April the bank will not give me a receipt back. I stated that years ago they never did give me a receipt until a couple of years ago. She also said that the bank does not know me. I said you people know me and stated I don't need the receipt then. I refused the debit card. Guess what they still give me a receipt when I cash my check. ***** From a Fellow Subscriber: Bob, I pressed the send button on the previous email too quickly. I wanted to expand my opinion on the article by Bryan Rich. I think that he misses the point regarding the meeting in Russia. The BRIC countries are deadly serious about the dollar and the US financial system. He's right that the decoupling didn't take place. But the BRIC countries actually had healthy economies with a normal production of goods and services and no national deficit and it's precisely because they are attached to the dollar and the US financial system that they went down with the US. So they realize that they must abandon the dollar as soon as possible. When contradictory statements are made by officials in these countries stating they have confidence in the dollar, they're not being hypocrites. They just want to change the reserve currency with a soft landing. But my opinion is that they are going to have to bite the bullet and crash the dollar. They're never going to get back the money anyhow that they have invested in the dollar. And if they have to keep on buying dollars in order to prop up the dollar, then that's an exercise in futility. Holding and buying US treasuries is likened to a chain smoker. The chain smoker can try to gradually wind down the habit by smoking a little less each month in addition to using the nicotine patch until eventually they can just stop easily. But life teaches differently. Every smoker that I have met just had to quit cold turkey and take the withdrawal pains for a while until they're over it. The same with the dollar. I don't think there will be any gradual soft landing.
It would help if the US government would cooperate with the BRIC countries and rest of the world to help gradually wind down the dollar domination but the US government knows that would be the death knell for their empire. So the rest of the world will have to dethrone the dollar in direct antagonism to the US power elite. Why couldn't the BRIC countries and as many countries as possible simply state that they are replacing all of the US treasury holdings and their dollar holdings in their central banks with a new currency based on a basket of 10 currencies. They can mark the beginning at a certain date so that all of their dollars can be dissolved and converted into this new currency simultaneously. The US won't accept this and won't allow the US treasuries to be converted. But it doesn't matter what the US thinks. The BRIC countries and their allies will acknowledge this exchange as legitimate. Since this new currency will be basically in electronic form, a bank could be founded in one of the countries and all of the dollars would be converted into the new currency into each countries account in the new bank. In the beginning the new currency will involve only exchanges between nations and not necessarily be used inside of each country. At first there will be resistance of course from the US, UK, Canada, Europe and Australia but if the BRIC countries can get enough of the world on their side, then one by one the resisters will have to join. I think that they could peel away Germany and then possibly France. I think the Euro is history anyways. I am not naive about this and there will be very painful adjustment but the first step for world recovery is painful removal of the source of the addiction. What do you think of this proposal? P.S. Your new sound system is tremendous. I thought I was listening to someone else on the Alex Jones show. The voice I heard sure had your personality and your mannerisms but it sounded like this person was in the studio with Alex. Then of course I realized it was you. Great sound system. ***** From a Fellow Subscriber: Your subscriber wrote about radar showing rain over his area but no rain. I just experienced the same thing. First I looked at radar to see if it was going to rain as predicted and did not see any indication of rain. But within a few hours it started raining and raining and raining, washed out a lot of the garden. The next morning when I checked radar, yellow and red all over my area but no rain until 10 hours later.
From a Fellow Subscriber: Hi bob—Rumor has it that the new speaker of the British Parliament— John Bercow— is a Zionist—the first one in the history of the Westminster parliament.
Sent to us by a Fellow Subscriber: NEW WAY TO FIND IF OBAMA IS CITIZEN
We've all seen the emails about Obama's citizenship. This is a new twist WE hadn't known. Interesting. More questions, and this time some good questions that are NOT being answered! Unfortunately, those that are still drinking the Obama kool-aid will shrug these off as further attempts to discredit him. Believe me – he doesn’t need help. Just watch the nightly news and if you voted for him – is THIS what you thought you’d get?????? I didn’t think so. While I've little interest in getting in the middle of the Obama birth issue, Paul Hollrah over at FSM did so yesterday and believes the issue can be resolved by Obama answering one simple question: What passport did he use when he was shuttling between New York, Jakarta, and Karachi? Much less, how did a young man who arrived in New York in early June 1981, without the price of a hotel room in his pocket, suddenly come up with the price of a round-the-world trip just a month later? And once he was on a plane, shuttling between New York, Jakarta, and Karachi, what passport was he offering when he passed through Customs and Immigration? The American people not only deserve to have answers to these questions, they must have answers. It makes the debate over Obama's citizenship a rather short and simple one. Q: Did he travel to Pakistan in 1981, at age 20? A: Yes, by his own admission. Q: What passport did he travel under? A: There are only three possibilities. 1. He traveled with a U.S. Passport, 2) He traveled with a British passport, or 3) He traveled with an Indonesia passport. Q: Is it possible that Obama traveled with a U.S. Passport in 1981? A: No. It is not possible. Pakistan was on the U.S. State Department's "no travel" list in 1981. Conclusion: When Obama went to Pakistan in 1981 he was traveling either with a British passport or an Indonesian passport. And further on that question Q: Why can’t the U.S. Passport Agency find a copy of any passport issued to (or application made by) Barrack Obama when searching from 1975 to 1990? A: No explanation. If he was traveling with a British passport that would provide proof that he was born in Kenya on August 4, 1961, not in Hawaii as he claims. And if he was traveling with an Indonesian passport that would tend to prove that he relinquished whatever previous citizenship he held, British or American, prior to being adopted by his Indonesian step-father in 1967. Whatever the truth of the matter, the American people need to know how he managed to become a "natural born" American citizen between 1981 and 2008. Given the destructive nature of his plans for America, as illustrated by his speech before Congress and the disastrous spending plan he has presented to Congress, the sooner we learn the truth of all this, the better. Count me in as one of those inquiring minds who'd at least like to know the answers to these easily answered (by Obama) questions. ***** Note From a Policeman:
The fear on the street is palpable. Ever since the election of Barack Obama as President of these United States in November 2008, coupled with the election of a democrat party majority in both the U.S. House and Senate, concern for the United States and personal safety has ignited like a fire in dry grass. Sales of guns – black guns, rifles, shotguns and handguns (particularly 9mm) everywhere, have gone through the roof. AR15s have literally flown off of dealer shelves, and only now in the spring of 2009, have I seen the display samples of ARs begin to reappear on the wall of my favorite shooting emporium after the initial post election rush. Manufacturers of ARs are still working to catch up and some of the major suppliers are as much as 150,000 guns behind. Not only that, ammo is in the shortest supply I have ever seen in the 43 years of my shooting life. Have you recently tried to get 5.56mm, 9mm or even 380 ammo? Supplies of 5.56mm and 9mm ammo are in short supply due to the black gun buying craze; .380ACP because of the rise in people getting concealed carry permits and the resurgence of interest in convenient 380 handguns like the fine Ruger LCP. In fact, in doing a review of the Ruger LCP, my gun store only had a small supply of ONE .380 round on hand, the Winchesters 95-grain SXT, which they had just gotten in. Unfortunately, I had to do a 30-round review of that pistol. There was none other to be found. The 5.56mm was the first caliber to noticeably be in short supply. This was first due to the war effort, the headlong adoption of 5.56mm rifles by law enforcement agencies ever since the great LAPD bank robbery and shootout, the general shooting public interest in and acceptance of the AR15 weapons system along with a realization that yes, the AR does have sporting purpose, and of course now, this new fear that is on the street. Sales of ARs also went up following 9/11. What is odd about this new fear is that it is not coming from the average citizen gun owner out there, but it is coming from what to me is an almost shocking source: street cops. Street cops and SWAT cops that I know from various agencies – rural, suburban and metro – in my area are scared. Cops that before November 2008 never gave much thought (that I knew of anyway) to politics or more importantly to gun rights. For the most part, these are the guys that didn’t generally have any interest in shooting or gun ownership beyond keeping track of where their duty gun is, and a few of them didn’t even do that so well. The guys I am talking about now are some of the same guys who used to not even carry off duty on a regular basis- but not anymore. They don’t scare easily, defenders of the Constitution of this State and the United States (as our oath of office reads), have been buying ARs, survival gear, and all the ammo they can lay their hands on. All of them (or I should say “us”) have been discussing and have been acquiring guns to provide a layered perimeter defense. We want something in .308 (or in my case a superb M1 Garand in .30-06) for covering the outer perimeters, 5.56mm weapons for mid-range use (for some with more limited funds, the AK-47 and 7.62×39 cartridge will suffice), and for the close up stuff shotguns and handguns (love my Benelli M4 Tactical and Beretta 92 9mm). What are we suddenly so afraid of? Well in our discussions it seems to boil down to four areas.
First, fear of federal government intrusion into our lives. Every time I look at or listen to the news, there is something new and intrusive coming out of the Obama administration and this Congress. New tax schemes, government-run Canadian-style healthcare, a volunteer citizen defense force (whatever that is, what happened to the National Guard?) equipped with funding similar to our military, forced voluntary “service” after retirement, a lack of a southern border with hordes of illegal and criminal aliens pouring over our border, the swine flu scare as well as government forced closing of thousands of privately held Chrysler and GM dealerships, which will be the final nail in the coffin for these companies and the list goes on and on. But these items in the news are just the tip of the iceberg. We can’t see the full impact of these actions yet, but we don’t know what was added into the thousand of pages of stimulus package bills in the dead of night yet. I predict however that when the plans contained in the stimulus packages go into effect, a lot of us are going to be surprised if not shocked by what has suddenly and sweepingly changed. What also scares us is the second, well-founded fear that there is an assault weapons ban looming, one that would make the Clinton Ban appear like a look of disdain in comparison. I remember well the 1990s and the Clinton years: the rise of militia groups, the “black helicopter” rumors and paranoia, all of which was motivated by the Brady Law and the Assault Weapon’s ban. What if a new ban comes requiring registration or confiscation and turn-in of banned weapons as what happened in Australia? I watched cops and citizens alike purchase these guns at $900 dollars and more, with custom or tricked out guns easily running into the $2,000 range. Then add on all the accessories, red dots, lights, slings and anything else you can name and you may have up to $3,000 wrapped up in your rig. I saw the looks in their eyes. These purchasers weren’t spending this kind of money just to turn in the guns for no compensation when a government tells them to.I foresee much civil disobedience coming down the road. Americans are citizens, and not subjects like the British, Canadians or Australians. They just don’t always obey the law blindly and not one officer or citizen that I spoke to said anything like “I hope I get to keep this gun for awhile before they are banned; They are fun to shoot, so I would hate to give it up.” It isn’t going to happen, so the cop on the street and the soldier on the base needs to think now what he will do if the orders come down. I think you all get what I am saying here. Which leads me to the third fear, that there is a revolution coming, yes, a revolution on the scale of the original American Revolution. You can hear this topic discussed on many of the talk radio shows by even the big name hosts. The possibility of an armed revolution against the U.S. government is being discussed, albeit very gingerly and fleetingly and as something to be avoided, which it is. I never heard this mentioned in the 90s. One of my quietest, low profile officer friends brought it up the other day. He said that at some point in the near future, he felt there is going to be an armed revolt if things keep going the way they are. Something has got to give. I was shocked. Yes, I had heard this from some of my more radical cop friends in the past, but to hear it from a guy like this was unprecedented. Now, these guys are not saying this will happen to foment revolution, preach sedition or to even participate. They just want to be ready if it happens, to at least defend their families, because number four on the fear list is general societal chaos.
Cops fear for their parents, wives, children or grandchildren more now than ever before. Most cops are encouraging their spouses and loved ones to get concealed carry permits. Not only that, but some of these same cops are buying gun mounts for their personal cars so they can carry an AR in the family ride at the ready all the time. They are also strapping on heavier forms of off-duty hardware. I have other friends that are issued ARs or subguns for tactical team use, who always have their gear with them and are planning on just commandeering these weapons for personal use in defending hearth and home. Final Notes This is pretty heady and maybe even dangerous stuff. Know fully that I amnot advocating anything here. I am reflecting to you what I see and hear going on around me, and maybe saying things that haven’t been said in the open, until now. It is something to think about. Written By; Scott Wagner is a Police Academy Commander and Professor at Columbus State Community College in Columbus Ohio, and Commander of the 727 Counter Terror Training Unit. A 29 year law enforcement veteran, and current Deputy Sheriff, he is the Precision Marksman for the Union County Sheriff’s Office SRT Team. ******
From a Fellow Reader: Dear FOX Newsroom: I click on your website and see that it is full of sensationalism, i.e. movie stars, murders, and just plain nonsense. Where's the real hard news? Where's the investigation into the banks that took stimulus money, but are not lending; what are they doing with the money? Where's the coverage on HR 1207 (http://www.govtrack.us/congress/bill.xpd?bill=h111-1207)? Where's the hard investigation into Obama's national health care, i.e. how it will really affect Americans; you can investigate/report on how socialized medicine affects people in Canada and England (how many seniors are sent home to die; how many women with breast cancer are sent home to die). Where's the investigation into the Federal Reserve, i.e. when it came into being, whether it's a part of our government, who really runs it? Where's the hard numbers on the unemployment? Where's the news on HR 45? Where's the news on why some politicians want to grant amnesty to illegal aliens, allow continuing immigration, and open borders when we are drowning in entitlement programs, and increasing taxes? Where's the news on how many bills the Obama administration has introduced since taking charge, and what are those bills and what do they really mean for America (really read each and every bill)? Where are the investigative journalist? Whoever reads this, I say to you, are you an American who loves his/her country? If you are, then start putting pressure on your employer; ask questions, get answers, help save your country. ***** From a Fellow Subscriber: Hi Bob—rumor has it that Zionist Federal Judge Sam Kent has been sentenced To Prison for 33 Months for several sex assault’s on several of his own female court employee’s—which included his own court case manager who organizes his court docket for him—judge Kent was appointed to the bench in 1990 by boy Bush—Sam B. Kent, age 60, is a judge for the U.S. District Court for the Southern District of Texas—
the charges against judge Kent were some or all of the following—”aggravated sexual abuse, abusive sexual contact and obstruction of justice —and allege Kent tried to force a second court employee into a sexual act and lied about it to investigators”— rumor has it that judge Kent had a bias favoring co-religionist lawyers who appeared in front of him on cases—judge Sam will be going to a CLUB MED prison—which is designated as a 'medical facility' where a large number of other prisoners are fellow co-religionists who are—“in” —for some or all of the following— There are pornographers, money-launderers, common thieves and an abundance of minor public officials or civic leaders sentenced for a variety of white-collar offenses—judge Kent and his wife are both rumored to be Holocaust survivors—you can’t make stuff like this up—judge Kent looks to be on the way to being impeached by the congress— “60-year-old judge Kent has confessed to— “nonconsensual” —sex with two of his secretaries, Cathy McBroom and Donna Wilkerson, —who in their emotional pleas provided striking evidence about the manner in which the 'vulgar' judge importuned them—"I was a seven-year victim of Sam Kent's sexual and psychological abuse," CNN quoted Wilkerson as saying.”—”While— “imposing”— himself on the secretaries, Kent used to dub himself--- 'The Government'--- and the —'Lion King' —who did not— 'care who hears' —about his sexual misconduct. —The House Judiciary Committee voted unanimously for Judge Kent to be the first incumbent federal judge to face the ramifications attached to sex crimes charges. —The self-declared ---'Emperor of Galveston'— was indicted in May and sentenced to a 33-month jail term beginning June 15.”—so far the mouths of the ADL are firmly— “duct taped”— about all or some of the above—as per your constant reporting in the IF and on the radio—the courts in America are rotten to the core—link is below. http://www.presstv.com/detail.aspx?id=98570§ionid=3510203
EVERY "LAW" OBAMA SIGNS BRINGS US CLOSER TO... By: Devvy June 22, 2009 © 2009 - NewsWithViews.com http://www.newswithviews.com/Devvy/kidd451.htm ***** From a Fellow Subscriber: Bob, When people I’ve known for years and who have had a few $100K stashed away in US banks ask me what to do with their deposits as an alternative, I tell them to: Get out a debt if any; buy storable food and water filters and 55 gallon drums to store tap water before filtration, guns and ammo and supplies they will need to survive for a year or more; buy a big, heavy safe for their homes to store money, silver and gold, lead and projectile machines; leave enough money in the bank to pay for daily operating expenses; stash cash in small denominations to tide themselves over for several months; put up a small greenhouse and start a veggie and fruit garden; and find out what to do with the rest by subscribing to the IF and then speaking to you to get the best advice in the world on the matter, adding that buying gold and silver for delivery makes sense in any case.
Gold and silver for delivery is good! A few hundred grand in gold takes up very little space in a safe and can even be hauled around in a purse! I figure buying EFTs or buying on the COMEX is asking for trouble down the line. I have no idea what people end up by doing in the long run, but I figure what I’ve told them, as above --- info I got from both reading the IF and listening to you over the years --- should give them a good starting place from which to work. I’d not thought about buying Canadian government securities as an option. Austin, where I live, is still not a disaster area, but lots of businesses have shut their doors. FEMA has taken up residence in Highland Mall, one of the old, large shopping centers in the area. I’ve spoken to several Realtors I know and they are having a tough time making it. Jobs are still available for skilled and experienced IT folks. Commercial real estate leasing prices are way down; I heard Alex, who also lives in Austin, mention on air that commercial footage in space he’d like to lease has become really affordable relative to prices a year ago. I see more and more fancy cars in a five-acre discount used car lot near here in a good area of town, but I also see well-heeling folks buy new Jags, MBs etc. Go figure. I haven’t visited West Lake and other high dollar communities far west of here for at least a year, but I think I’ll drive out there to get the lay of the land sometime this week. These are interesting times, as were the 1930s. I was born in 1934 in Staten Island, NY. My dad had lost his job as a teller with Chase Manhattan Bank in NYC in 1929/30 and we were living in a nice house on a parcel of land owned by my grandma on my mom’s side. It was farmland, so they could raise their own food and even sell some of it. My mom was baking bread and my dad was selling it door to door until he ended with a job at the WPA. They never gave up hope. We always had a home and food on the table and there was always either wood or coal in the cellar bin. Thanks for all. Ron ***** From a Interested Reader: http://www.politico.com/blogs/joshgerstein/0609/DOJ_Aipac_case_witness_asked_to_f akesuicide.html June 22, 2009 Categories: Classified Information DOJ: AIPAC case witness was asked to 'fake...suicide' ***** COMMODITIES Much of the commodity speculation that has driven prices higher has come from China, not from the government’s accumulation of commodities, but from loans intended for expansion of the economy - perhaps as much as 1/3 of those funds have been used for this purpose. Banks are lending against commodities used as collateral. In other words, a good part of the reason commodities are at their current levels is due to easy credit, not just fundamentals. This means the boom expected in China in the second half of the year may not materialize. The boom could very well become a bubble. We do not believe that high or higher commodity prices can be supported by a weakened international economy. Some of those better figures we’ve seen could be the result of a dead cat bounce, or lying statistics or government propaganda. Then ETFs play large in the higher prices we see, more speculation. One thing is certain and that is the mini-boom in commodities cannot continue at current levels beyond the fall, perhaps even August. Oil and copper have been the
leaders, so they are the ones to watch. Any sign of the stimulus growth ending in China could well herald the end of the price run. You might also keep an eye on lumber and iron ore each of which is more expensive to carry in inventory. Both are very vulnerable. All of this speculation will hurt the Chinese economy eventually. Part of the commodity boom has been caused by rotation of funds out of the US stock market and into commodities - hot money that could change direction at any moment. China has spent almost $600 billion in stimulus, all of which has hit the economy at one time. The private sector to an extent is being subsidized with cheap loans to encourage the private sector to expand and hire more employees. Speculation is always dangerous and the economies in China and the US are good current examples. They are both doing the wrong thing but politics guide decisions in a Chinese Communist control planned economy and a US corporatist fascist economy. Neither has anything to do with reality. Injecting stimulus from out of thin air as well as loans always leads to monetary inflation. This does not make companies expand; it turns them into speculators. Liquidity is not the solution. The solution is purging the excesses in the system. What has transpired over the past six years is not the answer. If you are in commodities be very careful. The boom could dissipate very quickly. ***** Oil rush: Scramble for Iraq's wealth http://www.independent.co.uk/news/world/middle-east/oil-rush-scramble-for-iraqswealth-1711570.html ***** GOLD, SILVER, PLATINUM AND PALLADIUM Monday was typical. The PPT was at work again. Spot gold fell $13.30 to $920.10, as August traded $0.30 higher. Spot silver fell $0.50 to $14.72 and only was $0.01 better in July. Thursday is the day for option expiry. As we said last week, as the CFTC looks on, the commercials are screwing the public again. In silver, the largest concentration is in the $13.75 to $14.00 area. Thus, today’s action solved that. The commercials will hold silver here and after Friday it will move back up again. We wouldn’t put it past them to take silver to $12.49 and wipe out all the silver options. There is no regulator to protect the speculator. Today’s gold open interest fell 3,372 contracts to 373,641, as silver OI rose 3,640 to 111,380. The big shares had a tough day. AEM fell 7.32%, or $3.86 to $48.87; GG fell 6.19%, or $2.15 to $32.58; SSRI fell 7.18%, or $1.36 to $17.56 and MFN fell 5.56%, or $0.40 to $6.80. The HUI fell 21.61 to 318.27 and the XAU lost 16.58 to 131.06. Russia added 3.1 tons to its gold hoard to net 559.41 tons – the 10th largest central bank holding. They are intent on adding at least 700 more tons. The yen fell .0029 to $.9592; the euro fell .0092 to $1.3864; the pound fell .0164 to $1.6340; the Swiss franc fell .0053 to $1.0856; the Canadian dollar fell .0140 to $.8677 and the dollar index, USDX, rose .58 to 80.84. Oil fell $2.50 to $67.50; gas fell $0.08 to $1.85 and natural gas fell $0.10 to $3.83. Copper fell $0.13 to $2.12; platinum fell $46.30 to $1,164; palladium fell $10.50 to $235.65 and the CRB fell 6.72 to 246.07. The Dow found no traction falling 201 to 8339; S&P fell 254 and Nasdaq fell 549 Dow points. Tomorrow does not look promising. The 10-year T-note was 3.70%.
On Tuesday spot gold rose $3.70 as August closed $1.60 higher. Spot silver rose $0.08 to $13.80 and July was $0.04 higher. The dollar tanked but had little affect on gold and silver, which shows again they have decoupled. Physical demand was strong. Surprisingly gold and silver were strong with option expiration coming on Thursday. The Fed has another bond auction and the Fed is having a meeting. Gold open interest rose 1,329 contracts to 374,970, as silver contracts fell 4.536 to 106,844. Lease rates for gold are on the plus side again. Gold borrowers from central banks are no longer getting paid to take gold off the hands of central bankers. Silver is still negative. The ETF GLD reports no changes for 11 days at 1,132.15 tons, which is unbelievable. The HUI rose 13.48 to 331.75, as the XAU rose 5.32 to 136.38. AEM rose 4.64%, or $2.27 to $51.14; GG rose 4.94%, or $1.61 to $34.19; SSRI rose 2.45%, or $0.43 to $17.99 and MFN rose 0.44%, or $0.03 to $6.83. The yen rose .0074 to $.9524; the euro rose .0221 to $1,4085; the pound rose .0110 to $1.6450; the Swiss franc rose .0169 to $1.00660; the Canadian dollar rose .0021 to $.8696 and the USDX fell .93 to 79.85. Oil rose $1.67 to $69.17; gas rose $0.04 to $1.90 and natural gas fell $0.04 to $3.89. Copper rose $0.06 to $2.19; platinum fell $6.10 to $1,163 and palladium rose $2.80 to $236.70. the CRB rose $3.73 to $249.86. The Dow fell 16 to 9524; S&P rose 18 and Nasdaq fell 7 Dow points. The 10year T-note was 3.65%. We have a sneaking suspicion that Ben Bernanke will be replace by Larry Summers, the man who has been behind monetary policy at the Fed and the Treasury over the past 13 years. He and Robert Rubin were behind the looting of Treasury gold and the whole suppression process. Larry Summers is an easy target for Ron Paul and all those who want to eliminate the Fed. ***** Grocery Stores Begin To Accept Silver!!! - George4title Account Suspended http://www.youtube.com/watch?v=5xnIFzP2bTY&feature=player_embedded ***** World Gold Council Welcomes Clarity with Regards to IMF Gold Sales http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_vie w&newsId=20090619005583&newsLang=en ***** Transfer of Wealth by: Puru Saxena www.kitco.com/ind/Saxena/printerfriendly/jun1992009.html ***** From a Fellow Australian Subscriber: Hi Bob, I went to the mint again for a friend and picked up what I could for AUD$200.00. His preference was silver coins. The only ones they have left are 1kg silver coins. There have no: 1/2 ounce $ 15.95 1 ounce $ 27.90 2 ounce $ 50.80 5 ounce $124.50 10 ounce $234.00
1/2 Kilogram $362.76 only have 1 Kilogram $668.50 They still have some silver bars in only 10ounce $197.00 20ounce $382.00 1 Kilogram $605.50 Keep all your efforts your advice has not fallen on deaf ears here. I hope all other Bob Chapman listeners can take advantage of current dip to get in heavy for the long haul. ***** From a Fellow Subscriber: In the fall of 2007, with Ottawa asleep, the Loonie moved above the Greenback for the first time in decades. Ottawa did not stay asleep for long. Voters who, to that point, were not even sure who their elected representatives actually were, found out real fast. In Ottawa, phones started to ring off the hook, mainly businessmen, mainly reminding their "leaders" that Canada's core economic model was based on a currency cheaper than that of the U.S. Entire industries (the movie sector comes to mind) are based not on the ability to offer "better" product, merely "cheaper." Which brings us to an interesting irony. While the Greenback is falling against its will, Ottawa has proclaimed that they will willingly and knowingly do "whatever it takes" to keep Canada a bargain. Which includes the third-lowest interest rates on the planet and a proclivity to dump their currency as it strengthens. So, bottom line, until the Canadian voter wakes up and smells the coffee, you will have a weakened Greenback based on fair value, and an artificially lowered Loonie. Big difference. Here is the profit opp - Ottawa can lower the Loonie but they cannot make resources disappear (much as they would like to.) So, until further notice, Canadian resource stocks, priced in artificially lowered Loonies, are a steal. ***** Straight Talk On Manipulation By: Theodore Butler http://news.silverseek.com/TedButler/1245778743.php ***** CANADA About half of the City of Toronto’s unionized workers began a strike today after municipal negotiators and two union groups failed to agree on new labor contracts. The strike means there’s no garbage collection by city workers in Canada’s biggest city, and pools, day-care centers and most other municipal services will be closed. Applications for city permits and licenses are also suspended, and service for Toronto’s island ferries have been halted. Union officials were in talks for more than five months with the city, which sought a labor accord with changes to job security, seniority and benefits such as sick pay. Two union groups, representing about 24,000 full and part-time workers including garbage collectors and office staff, began the strike after midnight when negotiators failed to reach a deal.
***** Hi Bob, Here is a good audio interview from Garth Turner former member of Parliament. He recently wrote a book called "The Greater Fool". You guessed it. It was on real estate. He reveals how the Canadian real estate board is using the liars figure routine. He also says we are headed for a double dip recession. Most Canadians recognize him. http://www.howestreet.com/audiovideo/index.php?pl=/goldradio/index.php/mediaplayer /1261 ***** From A Fellow Subscriber: Bob, The pressure has almost reached the boiling point. Windsor’s outside and inside city workers are still on strike. The grass hasn’t been cut at schools, parks and around the city in 11 weeks, it’s like a jungle. The striker’s are trying to stop restaurants in downtown Windsor from removing their garbage. The allies are filled with decaying garbage, rats and roaches are in heaven. The biggest cab company in town has also been on strike for many weeks. Anger is building in the community, people are fed up with storing their garbage at home. It’s become a battle between the major and the city workers and the workers have now threatened violence may be next. The union leader said that other strikes around the country become violent and we have been peaceful so far, so don’t blame us if things heat up here too. The surrounding towns are suffering as well, here’s a link if you’d like to add it to the IF. http://www.windsorstar.com/Business/Amherstburg+labour+rally+aimed+getting+prope r+pensions+benefits/1717422/story.html <http://www.windsorstar.com/Business/Amherstburg+labour+rally+aimed+getting+prop er+pensions+benefits/1717422/story.html> Regards, ***** From a Fellow Subscriber: Bob, Here’s a letter from the CEO of Manulife. We sell their insurance products so maybe he’s released it to us first?
This past Friday June 19, 2009, after the close of business in Canada, Manulife disclosed, in a media release, that we have received an enforcement notice from the Ontario Securities Commission (OSC) relating to our disclosure before March 2009 of risks related to our variable annuity guarantee and segregated funds business. We want to let our associates know how surprised we were to receive this notice, which is a step in the OSC's process of investigating, considering and addressing matters of concern within Ontario securities markets. The OSC has not reached any final conclusions in this matter. Manulife took the correct action of promptly disclosing the OSC letter, while also clearly stating our firm belief that we have satisfied all applicable disclosure requirements. We will, of course, now vigorously
engage in this process to assert our position that Manulife is in compliance. Manulife takes this matter extremely seriously. We prove to our associates and customers every day that our Company's professional integrity and our trustworthy track record of delivering upon our promises is the bedrock of our business. We will, for legal reasons, be limited in our ability to comment on this matter in the weeks and months ahead. However, we will do our best to keep you informed as we very actively pursue and seek to resolve this matter. In the meantime, we will continue to live up to Manulife's enviable reputation as the solid, forward looking Company our customers trust with their most important financial decisions. Paul Rooney President and CEO, Manulife Canada
***** LATIN AMERICA
Brazil's general price index, known as the IGP-M, picked up 0.07% in the May 21 to June 10 period, copared with a fall of 0.14% during the April 21 to May 10 period, the private Getulio Vargas Foundation said Tuesday. The latest figure was in line with analysts' expectations, which ranged from a fall of 0.05% to an increase of 0.18%. The rolling IGP-M inflation rate in the 12 months through June 10 was 1.70%. Wholesale prices, which carry a 60% weighting in the overall index, fell 0.21% in the May 21 to June 10 period, compared with a droop of 0.31% in the April 21 to May 10 period. Consumer prices picked up 0.15%, compared with an increase of 0.33% previously. Consumer prices carry a 30% weighting in the overall index. Construction costs accelerated 1.72% in the period, compared with a fall of 0.10% in the previous period. Construction costs carry a 10% weighting in the index. With recent figures indicating inflation is under control and signs of an economic slowdown, Brazil's central bank cut the Selic base interest rate to 9.25% from 10.25% earlier this month.
MEXICO Mexican private spending MXPVTC=ECI fell 9 percent in the first quarter compared with the year-ago period, the national statistics agency said on Friday. Aggregate demand MXAGGD=ECI, which includes private and government demand, gross fixed investment and exports, dropped 11.7 percent in the first quarter over the year-ago period, the agency said. Mexico's economy plunged 8.2 percent year over year in the first quarter, slammed by tumbling U.S. demand for its exports. Heavy job losses in the export sector pushed consumer confidence to a record low in early 2009. The country's central bank cut rates for the sixth month in a row earlier on Friday in a bid to stimulate the economy. The bank said there were signs that the worst of the recession may be passing.
Private economists surveyed by the central bank forecast earlier this month that the economy would contract by 5.8 percent this year. ***** Mexico Budget Gap Fuels Debt Sales, Ratings Concern http://www.bloomberg.com/apps/news?pid=20601110&sid=aHBREJepFc70 ***** EUROPE Ireland signaled it would hold a new referendum on the European Union’s stalled governing treaty in early October after winning assurances that Irish tax policy, military neutrality, and abortion curbs would be protected as the EU’s powers grow. Prime Minister Brian Cowen expressed satisfaction with legal guarantees that he says are necessary to hold another vote on the new EU rulebook, which Irish voters rejected last year. The veto threw the 27-nation EU into constitutional limbo, undermining Europe’s push to deepen economic integration and broaden its role. “We have got what we wanted,’’ Cowen told reporters after a meeting of EU heads of state and government today in Brussels. “I don’t contemplate defeat’’ in the referendum. German business confidence rose for a third month in June, providing further evidence that the recession in Europe’s largest economy is easing. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, increased to 85.9 from 84.3 in May. Economists expected a gain to 85, the median of 34 forecasts in a Bloomberg News survey showed. The index reached a 26-year low of 82.2 in March. Germany’s worst economic slump since World War II may be bottoming out as a global recovery improves prospects for exports. Manufacturing orders held steady in April after increasing in March and investor confidence rose to a three-year high in June. The coalition government led by Chancellor Angela Merkel, who faces national elections in September, is spending about 85 billion euros ($118 billion) to stimulate growth. Still, the Bundesbank expects the economy to shrink 6.2 percent this year and stagnate in 2010. “The recession isn’t over yet, but the worst may lie behind us,” said Juergen Michels, chief euro-region economist at Citigroup Inc. in London. “The economic stimulus package is supporting the economy as well as the expectation that foreign demand will pick up again.” Ifo’s measure of expectations increased to 89.5 from 86 while a gauge of current conditions eased to 82.4 from 82.5. Providing a further hopeful sign for a local economic recovery, formal employment in Brazil rose by 131,557 posts in May, Brazil's Labor Ministry reported Monday. The May result represented the fourth consecutive month of formal job gains in Brazil. For the Jan-May period, formal employment was up by 180,011 posts. According to the ministry, all sectors of the economy saw gains in formal employment in May. The service sector saw the largest gain in employment, with 44,029 new job posts created. Industry, however, showed signs it was still struggling with a difficult environment, creating only 700 posts during the month. For the Jan-May period, Brazilian industry has lost 146,478 posts, the ministry reported. Brazil lost more than 700,000 posts between October and January under the impact of a global economic slowdown.
According to Brazil's IBGE statistics institute, the country's overall unemployment rate, including formal and self-employment, fell to 8.9% in April from 9.0% in March. The IBGE figures registered 2.05 million Brazilian workers as unemployed in April, down from 2.08 million in March. With tax revenue holding up despite the recession, the Italian government is set to grant tax breaks to companies that reinvest any profit in their business, a government official said Monday. To help counter the worst economic downturn in decades, Italian Prime Minister Silvio Berlusconi's cabinet is ready to approve a decree granting the tax breaks - as well as a tax bonus for companies that hold back from laying off workers when it meets Friday, the official said. Berlusconi's finance minister, Giulio Tremonti, faces a tough balancing act to kick-start the economy. While tax breaks have the potential to lift company investments, if they are too large they could put pressure on Italian debt, the highest in Europe compared to the size of the economy. "The [tax] measure will be limited so as not to hurt tax revenue, so I don't think there can be a significant boost to investments," said Marco Valli, economist at UniCredit in Milan. Italian gross domestic product fell by a quarterly 2.6% in the first three months of 2009, the steepest decline in at least 29 years, as exports and business investments dropped. The Organization for Economic Cooperation and Development last week cut its 2009 forecast for Italian GDP to a contraction of 5.3%, following a 1% decline last year, which would mark the deepest recession since World War II. Italy's unemployment rate rose to 7.3% in the first quarter of 2009, its highest level in three years, as companies lay off workers to cope with the downturn. The tax break on profits and the bonus in favor of companies that restrain from laying off workers would mark a "step in the right direction," said Diana Bracco, deputy head at Italy's largest business association Confindustria. Confindustria last week urged the government to approve the tax incentives, saying the next months will be crucial for Italy's economic recovery. In 2001, the previous Berlusconi government introduced a lower corporate tax rate for companies investing profits in material assets and training, a move that helped lift investments marginally. To generate more revenue, the Italian government also plans to reintroduce a tax amnesty encouraging Italians holding money in foreign tax havens to declare them and bring the funds back home by paying a small fine, the official said. However, a final decision isn't expected until after a meeting of leaders from the Group of Eight leading economies July 8-10, which is due to discuss foreign tax havens. Greece's unemployment rate jumped to 9.3% in the first quarter, up from 7.9% at the end of last year, the National Statistics Service said Monday, reflecting the impact of the worldwide economic crisis. The data also showed that the number of employed people fell to 4.49 million, down from 4.55 million in the fourth quarter last year. Youth unemployment, where joblessness remains highest, rose to 18.5% in the first quarter, up from 16.5% in the fourth quarter. By region, Western Macedonia continued to post the highest unemployment rate, where joblessness rose to 14.4% in the first quarter from 12.6% in the fourth.
The lowest unemployment rate was in the islands of the north Aegean, at 7.0%. That was up sharply from the 4.6% rate in the fourth quarter but reflected the seasonal rise in joblessness during the tourist off-season. In Attica, the province surrounding the capital Athens where virtually half the Greek population lives, unemployment rose to 7.6% in the first quarter, up from a 6.8% rate previously. Greece's economy slowed sharply in the first three months of the year, with gross domestic product expanding at a meager 0.3% rate year-on-year, compared with a 2.4% rate in the last quarter of 2009. Both the European Commission and the Bank of Greece expect Greece to slip into recession this year for the first time since the early 1990s. The Greek government's official forecast is for the economy to grow at a 1.1% rate in 2009. But recently, Finance Minister Yannis Papathanassiou said the government will likely revise down that estimate. For years, Greece's unemployment rate has been consistently higher than the European Union and euro-zone averages. However, in the past year and-a-half, relatively robust jobs growth has helped place more young people into entry-level jobs in areas like retail and the food industry. The Greek government expects joblessness in the country will remain below the levels in the rest of Europe. The European Commission forecast in May that unemployment in the 27 E.U. member states will rise to 9.4% in 2009, while for Greece, it forecast an annual unemployment rate of 9.1% for this year. Confidence among business executives in Belgium improved in June, but still remained in negative territory, the Belgian central bank said Tuesday. The central bank's main index rose to -23.6 in June from -27.6 in May. This marks the third month in a row the index has climbed, reaching its highest level since last December. Romanian new car sales slumped 49.2% on the year to 57,894 units in January-May, news agency Mediafax reported, citing data provided Tuesday by the Automotive Manufacturers and Importers Association, or APIA. In January-May 2008, new car sales stood at 114,020 units. In May alone, car sales fell 43.1% on the year to 13,336 units, APIA said. Romania's overall auto market (including cars, commercial vehicles and buses) was down 53.4% on the year to 65,094 units in January-May. The euro zone posted its weakest drop in output for nine months in June, but a moderation in the decline in manufacturing was partially offset by a stronger-thanexpected contraction in services output, data from Markit Economics showed Tuesday. The preliminary estimate of the euro zone's composite Purchasing Managers Index, a closely watched gauge of private sector activity, rose to 44.4 in June from 44.0 in May, it said. A reading above 50.0 indicates an expansion, while a reading below 50.0 indicates a contraction. Market participants were expecting the composite PMI to rise to 45.5, according to a Dow Jones Newswires survey of economists last week. The index has signaled a drop in output for 13 consecutive months, the longest period of contraction in the survey's 11-year history, Markit said. Chris Williamson, chief economist at Markit, said the flash PMIs were consistent with euro-zone gross domestic product falling by 0.5% to 0.6% in the second quarter, but the June data suggested that the rate of easing lost considerable momentum towards the end of the quarter.
"This is especially noticeable in services, where rising unemployment appears to have hit demand," he said. The breakdown showed that although the PMI for the manufacturing sector increased to a nine-month high of 42.4 in June from 40.7 in May, the PMI for the services sector dipped to 44.5 from 44.8. Economists were expecting the manufacturing PMI to increase to 42.5 and the services PMI to rise to 45.8. German economic contraction continued in June, shrinking at a faster pace than in May as new orders slumped at the sharpest rate since September in both the manufacturing and services sectors. The preliminary estimate of the Markit Economics Purchasing Managers Index for Germany's manufacturing sector rose to 40.5 in June from 39.6 in May, while the PMI for the services sector slipped to 44.3 from 45.2 a month earlier. Both readings were below economists' forecast. According to a survey of economists last week, the manufacturing PMI was expected to rise to 41.0 while the services sectors index was forecast at 46.0. The euro zone's economic contraction eased less than expected in June as a sharper-than-expected contraction in services offset a weaker decline in manufacturing activity, data from Markit Economics showed Tuesday. The preliminary estimate of the euro zone's composite Purchasing Managers Index, a closely watched gauge of private sector activity, rose to 44.4 in June from 44.0 in May, the strongest reading for nine months, it said. A reading above 50.0 indicates an expansion, while a reading below 50.0 indicates a contraction. Euro Zone Jun Manufacturing PMI improves to 42.4 while Services PMI goes down to 44.5. French private sector output posted its weakest monthly drop in a year in June as a smaller decline in manufacturing activity outweighed a sharper-than-expected contraction in services, data from Markit Economics showed Tuesday. The preliminary estimate of France's composite Purchasing Managers Index, a closely watched gauge of private sector activity, rose to 47.7 in June from 46.6 in May, the strongest reading for a year, it said. A reading above 50.0 indicates an expansion while a reading below 50.0 indicates a contraction. "Key to the improvement is stabilizing demand, underpinned by the perception that the most severe phase of the recession has passed," Jack Kennedy, economist at Markit, said in a statement. "However, conditions are still fragile, with job losses running at a considerable pace and many firms facing pressure to cut prices." The breakdown showed that while the PMI for the manufacturing sector increased to 45.5 in June from 43.3 in May, the weakest decline for 12 months, the PMI for the services sector fell to 47.5 from 48.3. Market participants were expecting an increase to 45.0 on the manufacturing PMI and rise to 49.0 on the services PMI, according to a Dow Jones Newswires survey of economists last week. French consumer spending on manufactured goods fell more than forecast in May, data showed Tuesday, indicating that the main growth engine of the euro zone's second-largest economy may be running out of steam. Consumer spending on manufactured products - a good proxy for consumer spending, which accounts for about two thirds of French gross domestic product - fell 0.2% on the month and 1.6% on the year, national statistics office Insee said. Economists polled by Dow Jones Newswires had been more optimistic, expecting spending to fall 0.1% on the month and 0.8% on the year.
The fall in consumption is bad news for France's economy, which is already weathering a slump in industrial production and a fall in exports driven by the dire performance of the global markets, and has been counting on households to smooth down the effects of the economic cycle. France's gross domestic product, the euro zone's second-largest, contracted by 3.2% in the first quarter compared with a year earlier, data showed last month. The GDP reading is the third worst figure on record after the spring of 1968, when France was brought to a halt by the May strikes, and the winter of 1974, when the global oil shock ravaged the economy. Consumer spending figures for April were revised to show a 0.5% monthly increase, lower than the 0.7% rise initially estimated. Yearly data were revised too, with an initially estimated 0.6% increase cut to 0.5%. In May, the purchase of durable goods rose 0.7%, less than the 1.9% increase it posted in April. Car purchases rose 2.4% in May, after a 3.7% increase in April. French business sentiment improved in June, as business leaders were slightly more optimistic about both past and future production, data showed Tuesday. The index measuring business leaders' confidence increased to 75 in June from 73 the previous month, gradually recovering from its slump in March, when it stood at its lowest level since the survey started in 1976, Insee said. German consumer confidence for July improved slightly, according to a survey published Tuesday by the GfK market research institute. GfK's index for July rose to 2.9 from a revised 2.6, higher than widely expected beforehand, according to ThomsonReuters. A survey of economists had predicted a level of 2.5. GfK's sub-indices, which refer to the month before the main index, ie. June, also showed a general trend toward improving sentiment. The sub-index for expectations for the economy rose to -22.6 from -28.3 in May, while the sub-index for income expectations rose to -3.3 from -9.3 a month earlier. The sub-index tracking consumers' propensity to buy also rose to 14.5 in June from 12.5 in May. The European Central Bank is on track to deliver a record-breaking “stimulus by stealth” to the eurozone economy on Tuesday, as the first-ever offer of unlimited one-year funds could see demand running into several hundred billion euros. The size of the ECB’s emergency liquidity-boosting operation, which was announced last month, is expected to be bolstered dramatically by the belief in financial markets that eurozone official interest rates will not fall – and the opportunity to borrow on such favourable conditions will not be repeated. Analysts said demand was likely to exceed the previous record €348.6bn ($483bn), injected in a single ECB operation in December 2007. “This could be a big final easing – by stealth,” said Erik Nielsen, European economist at Goldman Sachs. The Swiss franc dropped against the euro amid speculation bank officials sold the currency to curb its advance. The franc slid as much as 1.7 percent after trading earlier near the strongest level versus the euro in almost a week. Neither the Swiss National Bank nor the Bank for International Settlements would comment today on the reasons for the currency’s turnaround. “It appears they have stepped up the aggressiveness of their intervention,” Marc Chandler, global head of currency strategy in New York at Brown Brothers Harriman & Co., wrote in a note to clients today. “Although actual confirmation remains elusive, it appears that the SNB or a multilateral institution are” intervening.
The Organization for Economic Cooperation and Development raised its forecast for the economy of its 30 member nations for the first time in two years as the U.S. slump shows signs of easing. The combined economy of the world’s most-industrialized countries will shrink 4.1 percent this year and grow 0.7 percent in 2010, the Paris-based group, which was founded in 1961 to coordinate international economic policies, said today. The new projections compare with March forecasts for contractions of 4.3 percent and 0.1 percent. The recession in Germany, Europe’s largest economy, will be deeper than previously expected this year as a global slump saps demand for the country’s exports, the Organization for Economic Cooperation and Development said. German gross domestic product will drop 6.1 percent instead of a previously projected 5.3 percent, the Paris-based organization said in its global economic outlook published today. In 2010, the economy will expand 0.2 percent, it said. The European Central Bank said it will lend banks 442 billion euros ($621 billion) for 12 months, the most it has ever allotted in an auction, as it steps up efforts to unblock credit markets in the 16-nation euro region. Sulzer AG, the world’s second- biggest maker of pumps, will cut 1,400 jobs after predicting falling sales over the next two to three years. The cuts, equal to about 11 percent of the Winterthur, Switzerland-based company’s workforce, will mostly be made in Europe and the Americas. Annual sales will fall by 5 percent to 8 percent over the next two to three years, Chief Executive Officer Ton Buechner reiterated today on a conference call. Russia’s economy will probably shrink 6.8 percent this year because the government was slow to launch its anti-crisis plan, the Organization for Economic Cooperation and Development said. ***** From an Interested Reader in Denmark: Dear Sir, I am a Danish citizen living in Denmark. I’m in a process of withdrawing my savings from a pension scheme - because I’m afraid they won’t be able to live up to their guarantees, when I retire 12-15 years from now. They say, that I will get 4,5 percent every year in average. But they refuse to put that figure on a piece of paper, and sign it. Furthermore they will not tell me, what kind of investments they will make with my money – but as far as I can figure out – about 60-80 percent is put in bonds ranging from mortgage bonds to Treasuries ie I’m afraid they will go bankrupt. Now I am permitted - due to regulations in Denmark – to draw the money out – equivalent of 250.000 USD – and place it in a bank. I cannot take it physical – unless I pay 60 percent tax. But I can invest. If I subscribe to the International Forecaster – can I find investment ideas there?? Or am I just crazy to jump out and take on the job of defending my savings myself ?? I’m a foreign reporter at the largest tv network in Denmark. I’ve been in that position for 15 years now. This year I covered the G20 in London. The bushfires in Australia, the swineflue in Mexico. In the years before I covered the tsunami in Indonesia, the war in Bosnia, Albania, Serbia, Lebanon, earthquakes – etc. Now I see all the economic turmoil – and for the first time I’m really worried. I’m would be very thankfull if you find time to comment on my letter.
Best regards, “As you can see people are concerned worldwide with the situation that has been created by the US Federal Reserve and the Bank of England. Had this person not been exposed to the experiences he has been exposed too he probably wouldn’t be thinking the way he is. The world has become a very scary place.” Your Editor ***** IMF "shock therapy" and the recolonisation of the Balkans http://www.wsws.org/articles/1999/apr1999/imf-a17.shtml ***** ENGLAND Total SA, Europe’s largest oil refiner, said about 400 contract workers are protesting outside its Lindsey plant in northern England as a dispute over job losses spreads. The refinery’s operations aren’t affected and no Total employees are involved, Emily Cooper, a company spokeswoman, said today by telephone from Watford, southern England. The action started on June 11 as construction workers at the 221,000-barrel-aday refinery stopped work to protest job cuts by contracting companies. Sympathy strikes have spread to at least eight U.K. power stations and two refineries besides Lindsey. Output at those sites is unaffected. More than 600 contractors at Lindsey were fired last week and told they could reapply for their jobs. The workers burned their dismissal letters outside the plant today, Steve Pryle, a spokesman for the GMB union, said by mobile phone. The union will hold a demonstration at Lindsey from 6:30 a.m. local time tomorrow, he said. “GMB will support the locked out and victimized workers and will demonstrate that support with lawful and peaceful protests,” the union said in a statement dated yesterday. Total, based in Paris, has said it will hold talks with unions once contractors are back at work. Contract workers at other U.K. sites continued to join the protest today. A total of 230 subcontracted employees at Britain’s biggest liquefied natural gas import terminal walked out, South Hook LNG Terminal Co. said. Operations aren’t affected, Lynda James, a company spokeswoman, said by phone. About 300 contractors working at ConocoPhillips’s Humber refinery in northeast England left today, while contractors are still protesting at Royal Dutch Shell Plc’s Stanlow refinery in northwest England, the companies said, adding that operations continue as normal. Workers at power plants owned by Drax Group Plc, Electricite de France SA, E.ON AG, RWE AG and Scottish & Southern Energy Plc also walked out. Electricity production wasn’t affected, the companies said. U.K. home sellers lowered asking prices in June for the first time in five months as banks scaled back lending and required buyers to stump up bigger deposits, Rightmove Plc said. The average cost of a home slipped 0.4 percent to 226,436 pounds ($372,000) from May, when it rose by 2.4 percent, the operator of the biggest U.K. residential property Web site said today. Separately, business service companies will lose more
than 300,000 jobs within five years, the Centre for Economics and Business Research said in a report.
U.K. mortgage lending slowed for the third straight month to an eightyear low in May, but the outlook may be improving, data from the British Bankers' Association showed Tuesday. Seasonally adjusted net mortgage lending grew just GBP2.3 billion in May. That was the smallest increase since March 2001 and compares with a revised GBP2.5 billion increase in April. A year earlier, lending grew GBP4.0 billion, the BBA said. Net mortgage lending in April was originally reported as rising GBP2.7 billion. However, the outlook may be improving as mortgage approvals picked up for a second straight month to a 13-month high. Mortgage approvals - a good forward-looking indicator for housingmarket activity - totaled 31,162 in May, the highest number since April 2008 and up from 29,018 in April. Approvals also rose above year-earlier levels for the first time since November 2006, data from the BBA showed. - In May 2008 approvals totaled 26,903.
BBA Mortgage Approvals rise to 31.2K. ***** Arrested for asking a policeman for his badge number http://www.guardian.co.uk/environment/video/2009/jun/21/fit-watch-kingsnorth-arrests ***** It's time to end the grotesque fiscal bail-outs and grapple with reality http://www.telegraph.co.uk/finance/comment/liamhalligan/5587809/Its-time-toend-the-grotesque-fiscal-bail-outs-and-grapple-with-reality.html
ASIA ***** Top Indian CEO: Most American Grads Are ‘Unemployable’ http://www.informationweek.com/blog/main/archives/2009/06/top_indian_ceo.ht ml;jsessionid=CVXO2V2GXACX0QSNDLPCKHSCJUNN2JVN ***** JAPAN Large Japanese firms were less pessimistic about the economy in the AprilJune quarter than they were during the previous period, a Japanese government survey showed Monday. The large company business sentiment index of a survey, jointly conducted by the Ministry of Finance and Cabinet Office, was at minus 22.4 in the second quarter, better than minus 51.3 in the previous quarter. The reading indicates most companies are less downbeat on business conditions. The index is calculated by subtracting the percentage of companies saying the economy is worsening from the percentage seeing improvement. 42
The survey's result suggests that recent pickups in production and exports has buoyed sentiment, increasing expectations that the Bank of Japan's closely watched tankan business sentiment survey, due on July 1, may also point toward a bottoming out. The outlook index for big companies stood at minus 2.6 for the JulySeptember, and plus 8.7 for the October-December period. ***** How deflation could make Japan a cashless society http://www.theaustralian.news.com.au/story/0,25197,25658873-5017997,00.html ***** HEALTH FOODS THAT HELP PREVENT KIDNEY STONES Kidney stones are a common urinary malady (too common) in the US. We can expect approximately 10% of the US population (30 million) will have a problem with kidney stones and a majority will be men. Males are three times more likely than women to develop kidney stones and once you get them you are 40% more likely to keep getting them over the next five years and 80% more likely over the next 25 years – unless you make some changes. WHAT ARE YOUR CHANCES? Are some people more prone to developing kidney stones than others? Some factors that increase your risk are; heredity, infections, medications, metabolic malfunctions and your diet. It should also be noted that Caucasians are more predisposed to develop kidney stones than African Americans. You’re more likely to develop kidney stones between the ages of 20 to 40 and if you take thyroid hormones and loop diuretics. HOW DO STONES DEVELOP? The kidney stones are a hard crystal, which get separated from urine and accumulate on the inner lining of the kidney. The stone is made of calcium, oxalate and phosphate. When we don’t have the proper balance of chemicals in our urine to dissolve these elements, we develop stones. So, what you eat affects the chemicals and crystal content of your urine. So, what should we eat to help prevent the high buildup of calcium, oxalate and phosphate in the urine? That’s easy – don’t eat the Western diet. Countries that adopted the Western way of eating have a tenfold increase in kidney stones. TYPES OF KIDNEY STONES Depending on your lifestyle and your family tree, you can develop specific types of kidney stones. The calcium kidney stone is the most common when the calcium not used by your body gets flushed out with urine. If the calcium hangs around it binds with other waste materials in the kidneys and forms a stone. Another kind of stone is the struvite, which contains magnesium and ammonia (a waste product). These usually form after a urinary tract infection. The uric acid stone will form if you have too much acid in your urine. The rarest form of kidney stone is the cystine stone, which the cystine (elements that build muscle and nerves) builds up in the urine and causes cystinosis.
SYMPTOMS Most kidney stones can pass through the body undetected. It is the BIG stones that we notice because they get stuck in the urinary tract and block the flow of urine, which causes severe and persistent back or side pain. Other symptoms will be blood in the urine, fever, chills, nausea, vomiting, cloudy urine, urine that has a bad odor and a burning sensation when urinating. Your physician will want to do a complete medical history, physical exam and order diagnostic procedures. You may be subjected to a series of x-rays of the kidneys and bladder with a dye injection through your vein. The x-ray should show any tumors, stones or other reasons for malfunction. Of course there is the urine analysis that checks for cells (white & red blood cells) and chemicals (protein) in your urine. You will probably get the “jab” and have blood taken to see if you have any unusual substances that would promote kidney stones. A renal ultrasound will most likely be ordered to size up the diameter of the kidney stones, a mass or a cyst. PREVENTION The National Institute of Diabetes and Kidney Disease recommends you drink more water – 12 glasses per day to flush the kidneys. The beverages of choice they also recommend drinking are fruit juice, coffee, tea and (gasp!) sodas. Drugs that are to prevent calcium buildup are also prescribed. However, Dr. Stanley Goldfarb of the University Of Pennsylvania School Of Medicine in Philadelphia says to change your diet and you will cut your risk in half. The Mayo Clinic agreed when their test case of 108 patients changed their eating habits and drank more water to have no kidney stones for the next five years. DIETARY CHANGES What kind of diet is recommended? If you are prone to kidney stones people who cut back on all meats (which reduced protein in the urine) had fewer if any stones. Cut the meat portion to 2 to 4 ounces per day and boost the vegetable consumption. Vegetarians have fewer stones according to a study done in Great Britain. This study concluded that vegetable fiber was an antidote to kidney stones mainly because it decreases the amount of calcium in the urine. Patients who went from vegetarian diets to eating meat increased the calcium in the urine and their risk of kidney stones. Also a study at Halifax Stone Clinic at Camp Hill Medical Center found that those who ate more wheat or corn bran fiber dropped the calcium in the urine significantly and reduced the reoccurrence of kidney stones by 60%. THE ASIAN ELEMENT After WWII the people of Japan started to eat more of a Western diet and their cases of kidney stones tripled. A study done at Kinki University in Osaka tested 370 patients and those that drank more water and ate more vegetables with meals (avoided large dinners and ate early in the evening before bed) were 60% less likely to develop kidney stones. Interesting enough was that this diet worked even if the patient had high calcium in their urine and were taking prescribed medicines. FOODS TO AVOID Foods high in oxalate will produce more oxalate in the urine creating stones. Foods such as; sweet potato, baked beans, blackberries, rhubarb and spinach, peanuts, tea and chocolate. You are probably wondering about reducing your animal calcium foods such as diary. Cutting back on this is not a bad idea but severe calcium restriction boosts oxalate in the urine thus causing stones. The key would be to get your calcium
in your vegetables, fruits and herbs. The doctors of Harvard’s School of Public Health conducted a large study for over four years and found that men who ate calcium lowered their risk of stones by 34% over the men who restricted their calcium intake. The study revealed that calcium helps prevent oxalate from entering the blood and filtering through the kidneys. The study also said it was the calcium in natural foods that did this and not calcium supplements. BEVERAGE OF CHOICE What is the beverage of choice if you are a kidney stone sufferer? Water and lots of it. Restrict the alcohol to moderate consumption because alcohol boosts levels of calcium and dilute the citrus juices with more water. Other beverages to avoid are; tea, hot chocolate and sodas. These studies recommend that you drink two 8 oz. glasses of water every four hours while awake. OTHER ASSISTANCE In addition to cleaning up the lifestyle there are medicinal herbs that can offer assistance. Juniper berries have oils that have been known to help dissolve kidney stones. The Juniper is excellent for disinfecting the urinary tract, kidneys and bladder of bacteria, yeast and other microbes. Look for Juniper berries tincture at Apothecary Herbs as well as their upgraded cleanse called Kidney/Bladder Cleanse Kit. Men who have kidney stones will also benefit from the Prostate Kit (contains juniper berries) and can cleanse the kidneys and prostate at the same time. They also offer a liquid Calcium Formula made from calcium-rich herbs. Call Apothecary Herbs toll free 866229-3663, International 704-875-8010 online http://www.thepowerherbs.com. EMERGENCY ALERT!! The WHO has upgraded their pandemic alert for the swine/bird flu to level 6. If you haven’t gotten your Pandemic Kit from Apothecary Herbs now is the time. UPGRADED PANDEMIC KIT – Call Apothecary Herbs 866-229-3663, International 704-875-8010 or http://www.thepowerherbs.com each kit contains 8 products for 2 adults for 10-day pandemic in a handle travel case for just $175.00. Use does by weight for children, see instructions. OUR VERSION OF THE ECONOMIC STIMULUS – Apothecary Herbs is offering 15% off your total order before shipping when you print off your shopping cart order online or fill out the catalog order form and mail in your order with your check or money order. Get prepared, healthy and save – what could be better than that? International orders can send an International Money Order and save 15%. Apothecary Herbs, P.O. Box 918, Huntersville, NC 28070 USA. SURVIVAL ITEMS – STAND-UP FOOD POUCHES (NOW SAVE 15% CALL NOW) Order your convenient and compact, dehydrated food in the stand-up pouch for food emergencies or recreational camping. Light weight food pouches have a long shelf life, are easy to store for your rainy day food shortages and don’t cost a lot to ship. We have several meals to choose from in single and double serving sizes to avoid waste. Mix and serve in the stand-up pouch and avoid the need for extra utensils and cleanup. Order single serving or double serving meals by the case and for a hot meal, don’t forget the reusable Flameless Oven for just $13.00. Call Apothecary Herbs 866229-3663, International 704-875-8010 or order online http://www.thepowerherbs.com.
YEAR’S SUPPLY OF HERBAL MEDICINE – Stock up with over 90 products designed to protect your immune system, cleanse the body and address what ails you. NOW SAVE 15% on this package with the STIMULUS DISCOUNT. Call Apothecary Herbs 866-229-3663, International 704-875-8010 http://www.thepowerherbs.com HERBS FOR PETS - Dog & Cat Immune Booster Formulas plus Dog & Cat Congestion Formulas plus toxic-free flea and tick collars, shampoo and spray at Apothecary Herbs. Call now toll free 866-229-3663, International 704-875-8010 or http://www.thepowerherbs.com. EXTRA HEART ATTACK PREVENTION In addition to the heart strengthening therapies above, while you have some extra prevention on hand for the onset of a heart attacks. For a combo of five potent formulas in a handy carry pack for emergencies especially when you can’t get medical attention - look for the Heart Attack Pack (just $99.00) at Apothecary Herbs http://www.thepowerherbs.com 866-229-3663, International 704-875-8010. Portuguese Sea Salt® - imported from the traditional salterns (a 2000-year tradition) along the coast of Algarve, Portugal. Salt crystals are harvested by hand and sundried. This is a true artisan sea salt providing richness as well as a smooth and elegant flavor to food. 1/2 pound ground unrefined Portuguese Sea Salt® just $8.50 at Apothecary Herbs 866-229-3663, International 704-875-8010 http://www.thepowerherbs.com. HERB TALK LIVE – with Herbalist Wendy Wilson every Tuesday & Thursday at 7:00 pm EST on AVR www.theamericanvoice.com and Thursday at 4:00 pm on WBCQ 7.415 and Saturday 7:00 am on GCN www.gcnlive.com. Free radio show archives at http://www.thepowerherbs.com #10 CANS SURVIVAL www.freezedryguy.com. FOOD – call Freeze Dry Guy 866-404-3663 or
***** A tremendous wrap up on this subject: H5N1 (The Spanish Flu) , Swine Flu and Vaccinations. Scroll down to the interview with Dr. Rebecca Carley and Dr. Stan Monteith: Hour: c - 2 hrs. 8:00: Dr. Rebecca Carley - The H1N1 Vaccination http://www.soundwaves2000.com/radio_liberty/ ***** FDA Rejects New Limits On Mercury In Vaccines 2006-10-24, MSNBC/Associated Press http://www.msnbc.msn.com/id/15405274
Federal health officials won’t put new restrictions on the use of a mercury-based preservative in vaccines and other medicines. A group called the Coalition for Mercuryfree Drugs <http://mercury-freedrugs.org> petitioned the Food and Drug Administration in 2004 seeking the restrictions on thimerosal, citing concerns that the preservative is linked to autism. The FDA rejected the petition. Thimerosal, about 50 percent mercury by weight, has been used since the 1930s to kill microbes in vaccines. There have been suspicions that thimerosal causes autism
<http://www.wanttoknow.info/050825mercuryautismlink> . However, studies that tracked thousands of children consistently have found no association between the brain disorder and the mercury-based preservative. Critics contend the studies are flawed. Since 2001, all vaccines given to children 6 and younger have been either thimerosal-free or contained only trace amounts of the preservative. Thimerosal has been phased out of some, but not all, adult vaccines as well. Most doses of the flu vaccine still contain thimerosal. There also are minute amounts of mercury, as thimerosal or phenylmercuric acetate, in roughly 45 eye ointments, nasal sprays and nasal solutions, the FDA said. *****
The Risks of Genetically Modified Foods http://www.brasschecktv.com/page/647.html How to win http://www.brasschecktv.com/page/649.html Pushing drugs by distorting the data http://therealfoodchannel.com/page/7.html How Monsanto kills the news http://www.brasschecktv.com/page/648.html Gardasil Follow up http://www.brasschecktv.com/page/646.html ***** Swine Flu 1976 & Propaganda http://www.dailymotion.com/tag/pandémic/video/x9mh9f_swine-flu-1976propaganda_webcam ***** Some of these petitions CAN really make a difference. Folks...I strongly suggest you DO NOT vaccinate!!! I've sent forward plenty of information on 'why' NOT to vaccinate!!! If you forward this email, which I hope you do PRIVATELY. Don't know WHY this is so hard. BCC or Undisclosed Recipients please...thank you!!! http://www.naturalnews.com/026496_NaturalNews_vaccination_the_WHO.html SCHEDULED ISSUES Every Wednesday and Saturday June 2009
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