America: 9 Parts Bully, 1 Part Coward!

Sunday, April 1, 2012 The USA has shown it's true colors. Here is China standing up with pride while we push weaker nations around like the guy that will yell at a grand-mother but shy away from someone his own size. Let's see if Secretary Clinton has the stupidity to try using the SWIFT network against China! American Idiot was a hit on broadway, next American Coward?!

China rejects Obama’s push to punish countries importing Iranian oil, SKorea seeks agreement
By Associated Press, Updated: Saturday, March 31, 5:50 AM

BEIJING — China rejected President Barack Obama’s decision to move forward with plans for sanctions on countries buying oil from Iran, saying Saturday that Washington had no right to unilaterally punish other nations.

South Korean officials said they will continue working with the U.S. to reduce oil imports from Iran, as other U.S. allies who depend on Iranian oil worked to find alternative energy supplies.

Obama announced Friday that he is plowing ahead with the potential sanctions, which could affect U.S. allies in Asia and Europe, as part of a deepening campaign to starve Iran of money for its disputed nuclear program. The U.S. and allies believe that Iran is pursuing a nuclear bomb; Iran denies that.

China is one of the biggest importers of Iranian oil, and its Foreign Ministry reiterated its opposition to the U.S. moves.

“The Chinese side always opposes one country unilaterally imposing sanctions against another according to domestic law. Furthermore it does not accept the unilateral imposition of those sanctions on a third country,” the ministry said in a brief statement Saturday. More…

 

Back in the US, Back in the USSR!

Saturday, March 31, 2012 Congress has included an item in the Highway Funding Bill S. 1813 – a provision that allows the IRS to order the State Department to revoke a US citizen’s passport if it is believed – not proven – that said taxpayer owes more than $50,000 in back taxes. Proven or not, this is Stalinist! We have to carry cards and the Police can harrass us at any time their wive's give them shit! Meanwhile, crony capitalism marches on:

 

Being The Pariah

Friday, March 30, 2012 Perhaps we should use SWIFT action against these feisty up-starts! Imagine them trying to install a fair and war free financial system without our condoning it! Obama is like Hitler, Clinton's like Himmler. The zeitgeist coming from America is hatred and zenophobia with public warmongering as our oh so predictable response. Amazing how the tables can turn so absolutely. Public gas-chambers next?!

 

 

Meredith Whitney's Providence (5th Edition)

Thursday, March 29, 2012 Further to the November, Jan, February and March 11th commentaries assuring you that Meredith Whitney would be vindicated (Birmingham AL, Harrisburg PA, Stockton CA), seems Providence RI is next. California and Los Angeles, Illinois and Chicago are not far behind. Look for Mayor Bloomberg to retire shortly to avoid having his legacy besmirched for Manhatten's imminent demise. If cities can't pay their bills how can you?

Providence Bankruptcy Seen as Unavoidable on Budget Gap
By Brian Chappatta and Romy Varghese – Mar 28, 2012

Providence, Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said yesterday.

 

“I don’t see how they can get out of it without going there,” said Flanders, a former state Supreme Court justice and a partner at Hinckley, Allen & Snyder LLP in Providence. He put Central Falls into bankruptcy in August and has since torn up contracts with city workers and cut pension benefits.

Providence Mayor Angel Taveras has put pressure on Brown University and other nonprofit organizations to help close a budget gap of at least $20 million, while Governor Lincoln Chafee is pressing lawmakers for action on measures to curb municipal pension costs. Unsustainable retiree expenses helped push Central Falls (1058MF) into insolvency. Moody’s Investors Service cut Providence debt a step to Baa1, third-lowest investment grade, this week citing its “strained” finances.

“Bankruptcy is not the preferred option for restoring Providence’s fiscal health; it is the last option, and I will do everything in my power to prevent it from happening,” Taveras said in a statement in response to a request for comment on Flanders’ remark. “I respectfully disagree with Judge Flanders that bankruptcy is unavoidable.” More…

 

 

Google is a Ponzi Scheme

Wednesday Mar. 28, 2011 Likely failures of the near future are Apple Inc. and Google Inc. Apple's valuation is worth more than all the beer ever sold in Ireland and Google's entire business model hinges on an advertising Ponzi Scheme. AAPL -$614.48, GOOG -$647.02, GOLD -$1677.30. Think about it!

 

Warmongers Entrée

Tuesday Mar. 27, 2011 This is why we are creating more and more enemies. We do not have to shoot cannons over the bows of their ships, we just don't allow them to be capable of paying for things that thay need to survive. This bullying behavior may work against the 99% / OWS comrades because they are defenseless pacifists; -but don't expect there not to be wartime repercussions when doing the same thing to nation-states.

Exclusive: RBS halts India tanker payment due to Iran sanctions
By Nidhi Verma and Randy Fabi Mon Mar 26, 2012 7:33am EDT

NEW DELHI/SINGAPORE (Reuters)- The Royal Bank of Scotland (RBS.L) has halted payments to a Greek ship owner which transported Iranian oil for an Indian shipping company, in line with Western sanctions aimed at hindering Iranian crude exports, shipping sources told Reuters.

The European Union in January placed an immediate ban on new contracts to import, purchase or transport Iranian crude and petroleum products. EU members with existing contracts, however, can honor them until July 1.

India’s Great Eastern Shipping Co Ltd (GESC.NS) has not been able to pay Greek firm Eurotankers, which holds an account with RBS, for using one of its supertankers to ship Iranian crude because the UK-based bank would not clear the payment, the sources said.

"Due to financial sanctions the payment could not be released. RBS said they are unable to transmit the money," said one source with knowledge of the matter.

The source said the deal was considered to be a new contract as it was made in the spot freight market. An RBS spokesman declined to comment.

The action by RBS (RBS.L) adds to the difficulties India and other Asian oil buyers face in trying to maintain imports of Iranian crude amid sanctions. More…

 

The Paradox of Health Care Costs

Monday Mar. 26, 2011 In 1955 $10 would buy your family of 6 enough to eat for a week. That was when food was real food made on a farm instead of a factory. Sophists would have us believe that the medicine dished out today is far superior to the 1950's. Modern miracles withstanding why do we pay so dearly for results no different than 60 years ago. CPI Hedonics will satisfy as long as no one interferes with our entertainment.

 

The Day The Music Died

Monday Mar. 26, 2011 BRICS is meeting next week to discuss counter-measures to the SWIFT system weapon of war. This mistake will be written about by your great-grand-children and described as the equivalent of the Smoot-Hawley Act as the reason that the music died on the American dream. Things will fall apart completely by 2023.

Brics’ move to unseat US dollar as trade currency
2012-03-25 Thandeka Gqubule and Andile Ntingi

South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.

This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.

The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.

In the 30s, several nations competitively devalued their currencies to give their domestic economies an advantage over others. This led to a worldwide decline in overall trade volumes at the time. More…

 

The Emperor's New Clothes

Monday Mar. 26, 2011 TOTALITARIANS have fascist control of Money, Law, Morals, Fiscals & Sovereignty. The Crooks & The Crooked bend the spoon. A Matrix of LustCORP, BigCORP, GovCORP, BankCORP are embedded in our thoughts, moves, fears, desires, and habits. Here the New York Times tries to float the CEO defense (that he was too senior in the company to know the day to day details). Also known as the The Emperor's New Clothes defense.

Dealbook/NY Times
New Details Emerge on MF Global, but No Smoking Gun
By AZAM AHMED and BEN PROTESS March 23, 2012

New details have emerged about MF Global’s chaotic final days and a critical transfer of customer money that has become a central focus in the wide-ranging federal investigation into the firm’s collapse.

In a memo prepared for a coming Congressional hearing, investigators described how Jon S. Corzine, the firm’s former chief executive and former New Jersey governor, asked an executive in the Chicago office to transfer $200 million to replenish an overdrawn account at JPMorgan Chase in London.

The Congressional memo cites an e-mail from the Chicago employee, Edith O’Brien, who authorized the transfer, saying it was “Per JC’s direct instructions,” referring to Mr. Corzine.

At first, the revelation fueled speculation that Mr. Corzine had instructed the transfer of customer funds, despite his assertions to the contrary. But it appears to be no smoking gun.

While the memo makes clear that Mr. Corzine was involved in patching the overdraft, it does not indicate that he requested the funds be drawn from customer accounts. He asked only that the overdraft be fixed. And in a footnote, the memo noted that futures brokerage firms like MF Global frequently deposit firm money into customer accounts and may withdraw it at will. (Do they? Do they frequently deposit their own money into customer accounts? Is that what this memo really says? - Jesse)

While the memo makes clear that Mr. Corzine was involved in patching the overdraft, it does not indicate that he requested the funds be drawn from customer accounts. He asked only that the overdraft be fixed. And in a footnote, the memo noted that futures brokerage firms like MF Global frequently deposit firm money into customer accounts and may withdraw it at will.

In a statement on Friday, a spokesman for Mr. Corzine said the former chief executive stood by his earlier testimony before Congress. In December, Mr. Corzine told lawmakers that he did not authorize the illicit transfer of customer money.

“I never gave any instructions to misuse customer money, never intended to give any instructions or authority to misuse customer funds, and I find it very hard to understand how anyone could misconstrue what I’ve said as a way to misuse customer money,” Mr. Corzine, a Democrat who also served in the Senate, said before the Senate Agriculture Committee.

The spokesman, Steven Goldberg, added that Mr. Corzine “never directed Ms. O’Brien or anyone else regarding which account should be used to cure the overdrafts, and he never directed that customer funds should be used for that purpose. Nor was he informed that customer funds had been used for that purpose...” more...

 

 

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