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US government has been working on this since the start of second Bush administration The Coming Wars by Seymour Hersh The New Yorker, 24 January 2005 www.globalresearch.ca 18 January 2005 The URL of this article is: http://globalresearch.ca/articles/HER501A.html What the Pentagon can now do in secret George W. Bush’s reelection was not his only victory last fall. The President and his national-security advisers have consolidated control over the military and intelligence communities’ strategic analyses and covert operations to a degree unmatched since the rise of the post-Second World War national-security state. Bush has an aggressive and ambitious agenda for using that control—against the mullahs in Iran and against targets in the ongoing war on terrorism—during his second term. The C.I.A. will continue to be downgraded, and the agency will increasingly serve, as one government consultant with close ties to the Pentagon put it, as “facilitators” of policy emanating from President Bus...

Bloomberg.com: News : "World Economy Would Collapse If Oil Hit $200, Deutsche Says By Shigeru Sato and Yuji Okada Enlarge Image/Details June 25 (Bloomberg) -- The global economy would collapse if oil hit $200 a barrel, said the top energy analyst at Germany's largest bank. ``Two-hundred dollar oil would break the back of the global economy,'' Deutsche Bank AG's Chief Energy Economist Adam Sieminski said in an interview today in Tokyo. ``Next step after $200 would be global recession and bad news for everybody.''"

Here is the history of household liabilities as a percent of personal income: This looks like a major crack in our household foundation to me. by Norton 7/28/08 courtesy of Federal Reserve Bank and Financial Sense

Financial Sense by Christopher Laird, PrudentSquirrel.com | June 19, 2008 First of all, let’s list some of these dangers and danger periods that we foresee coming. • The US and Israel are getting ready to do something about the newly militant Iran. The nuclear debate is only one dimension of that issue. Another is the threat that Iran is becoming too big a bully to the other more moderate Mid East nations, and not just Israel. • There is a very large unease again building in the world financial markets. Not only is the credit crisis not really improving (new estimates out now that financial institutions are looking at $1.3 trillion of losses) but world financial markets are actually way down over the last year. Many Asian markets and also many US stocks are down 30% and more. A building unease is accumulating that can only lead to another real big world financial sell off, lasting probably up to a month, before any settling comes in after a month long bout of central bank firefighting ...

Marc Faber: Let Big Brokers Fail; Buy Gold Not Oil - Economy * US * News * Story - CNBC.com : "Let Big Brokers Fail; Buy Gold Not Oil: Marc Faber" Fears that another major investment bank may get into trouble have hammered stocks recently but some analysts have said the major Wall Street banks were safe as the Fed cannot afford to let them fail. "I think there's a good chance that the Fed itself will fail one day if they say 'We're not going to let you fail,' and the government will have to bail out the entire system," Faber said. "If I'm a bad businessman and I go out of business, who's gong to help me?" he said. "But Bear Stearns and the Wall Street elite, because they are tied into the Treasury and the Federal Reserve and they have lunch together, it's a club and so forth, they're bailed out. It's a joke!" "I think a lot of banks are already bankrupt … but they hide their rotten assets … in categories w...

Safehaven | When Central Bankers Clash, Stock Markets can Crash | Printer Friendly Version : "ECB and Fed in Game of high Stakes Poker Central bankers of fast-growing emerging economies are navigating through the stormy seas of commodity inflation by tightening monetary policies. But the 'Group of Seven' central bankers have acted in a different fashion. The British, Canadian, and US central banks are focused on the global banking crisis, and the slide in US home prices, and have lowered their interest rates, while the Bank of Japan has stood motionless. But the European Central Bank was moving in the opposite direction, and guided Euro-zone money market rates to their highest in 7-years. And when powerful central bankers clash, - moving in opposite directions, - nasty accidents can happen in the global stock markets."

Let's start with the P&F chart, which is a great way to cut out the market noise and see what prices are really doing. With the P&F chart, notice the dollar has been dropping since 2001. Combine that with the fact the US experienced an expansion starting at the end of 2001 and you get an idea for how deep the problems with the dollar go.

naked capitalism : From the Telegraph: Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral.... "Mr Bond said the emerging world is now on the cusp of a serious crisis. 'Inflation is out of control in Asia. Vietnam has already blown up. The policy response is to shoot the messenger, like the developed central banks in the late 1960s and 1970s,' he said..... David Woo, the bank's currency chief, said the Fed's policy of benign neglect... Rob McAdie, Barclays' credit strategist, said: "The core issues have not been addressed. We're still in a very large deleveraging cycle and we're seeing losses continue to mount. We think smaller banks will struggle to raise capital. We're very bearish - in the long-term - on high-yield debt. The default rate will reach 8pc to 9pc next year....

Mish's Global Economic Trend Analysis : In an interesting twist to the massive wave of foreclosures in residential mortgages, a Condo Association Seeks Foreclosure On Wells Fargo. “An association foreclosing on a bank?” asked Bill Raphan, who runs the Fort Lauderdale branch of Florida’s Office of the Condominium Ombudsman. “I can’t say I have heard that before. It will create an interesting precedent. Associations often complain lenders don’t pay their dues.” “We increasingly see banks reluctant to take control of a unit,” said Breitner, with The Barthet Firm in Miami. “They would rather keep a unit in limbo and wait until the market comes back.” I discussed this problem recently in Homeowner Begs Bank To Foreclose. People are defaulting on units but banks will not foreclose. The association dues (upkeep and insurance on the building itself) must then passed on to fewer and fewer owners. This puts pressure on still more people to abandon their units. Legal costs are mounting ev...

UBS E-Mails Show Conflicts With Auction-Rate Clients (Update2) By Michael McDonald June 27 (Bloomberg) UBS AG was attempting to liquidate an $11 billion ``albatross'' of auction-rate bonds by selling the debt to individual investors as the market for the securities started to collapse, according to company e-mails. While executives at the Zurich-based bank identified the hazards of auction-rate securities in August, they simultaneously began to ``mobilize the troops,'' holding more than a dozen conference calls with salesmen and giving them new marketing materials to promote the bonds, according to e-mails from David Shulman, the head of UBS's municipal securities group. ``The pressure is on to move inventory,'' he said in an Aug. 30 note. The e-mails between Shulman and UBS executives were disclosed in a lawsuit filed yesterday by Massachusetts Secretary of State William Galvin, who claimed the bank committed fraud by selling the bonds as the equivalent of...

by Mish at Global Economic Analysis June 27, 2008 A group of highly respected, universally loved, financial experts gathered early today in a secret meeting to discuss what can be done to reassure overly nervous investors. Photographer Keith Taylor managed to capture these stunning images of the session. click on chart for sharper image I have in my possession an audio taping of the discussion. Unfortunately I cannot make it available because it is not "family friendly" material. However I can provide this partial transcript: "You ...... What the ..... Stick your ...... inflation targeting ...... Buy futures until .... How the .... hair raising .... strong dollar policy .... up your ...." Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Norton's comment: Do you get the picture that Mish has lost confidence in our leaders? Well, yes me also!

Consumers Rule, then look at the banks we count on Seeking Alpha June 27, 2008 Okay, I guess that about does it for the bull market, but wait--there’s one more day left in the week [snicker]. Picture[s] are worth a thousand words, so let’s get to it. Consumer Discretionary Spending XLY Bank Index KBE Norton's comment: I believe we are in for a big drop this summer so be prepared for buying opportunities while it lasts. You should be building a long term profile for you portfolio during this volatile time. We are in for a long, long continuing period of denial of the real and crucial shortage of fossil fuel resources in a world with increasing population and emerging market demands for resources.

UBS agreed to buy back $37 million worth of these securities sold to 17 Massachusetts towns and cities Jesse's Café Américain : "Mass. regulators file fraud charges against UBS Thursday June 26, 1:50 pm ET By Jay Lindsay, Associated Press Writer Mass. regulators accuse UBS of fraud in sales of risky auction-rate securities BOSTON (AP) -- Massachusetts regulators filed civil fraud charges Thursday against UBS Financial Services for allegedly selling investments it knew were extremely risky, but portrayed as safe... Auction rate securities were once considered safe, and were purchased by investors who wanted a place to park their money where it could be easily accessed. But starting in February, weekly and monthly auctions at which investors normally purchase such the securities failed to yield buyers, as investors sought to avoid risk amid turmoil in credit markets. The complaint alleges that even though executives were calling the program an "albatross" and knew it w...

Jesse's Café Américain June 24, 2008 Life is a School of Probability - Walter Bagehot "The scientific problem with corn ethanol is that it contains one-third less energy than gasoline .(Norton's comment: you will pay more for the gas and get LOWER miles per gallon!) So a motorist has to purchase one-third more fuel to go the same distance. If you total up all of the fossil fuel that goes into making and transporting ethanol -- nitrogen-based fertilizer and herbicides, fuel to run farm machinery and delivery trucks, natural gas for the distilling process at ethanol plants -- it takes more energy to produce ethanol than the fuel provides." What is the point of ethanol? Doesn't make sense? Follow the money to Big Agriculture, a few powerful corporations with armies of lobbyists.

Market Oracle Economics / Money Supply Jun 23, 2008 - 01:10 PM By: Captain_Hook "...And it doesn't stop there in terms of the bad news either, where although most prefer to imagine things could not get worse, they will. As alluded to above, a collapsing stock market, although important and long overdue in terms of fundamentals (think contracting earnings), is only one element of the credit crunch. Housing will continue to fall, and home equity loans will contract as a result. And then there is credit card debt, car loans, and commercial credit that will suffer as a result of the collapsing consumer. It's all tied together you know, not compartmentalized as the bubbleheads on CNBC would like you to believe. Bottom line is, the rate of growth in consumer credit is contracting, but it hasn't gone negative yet, not with all those people buying their necessities on credit cards. (See Figure 2) One does need wonder what would be the result in the economy if this were to happ...

Martin Chulov, Middle East correspondent | June 25, 2008 THE US military chief is to meet his Israeli counterpart in Tel Aviv this week in a move that gives new impetus to speculation about a pre-emptive strike against Iran's nuclear capabilities. Tensions were further heightened by a suggestion from former US ambassador to the UN John Bolton that the US and Israel could attack Iraq's fledgling program between the time a new president was nominated in November and the date the incumbent, George W. Bush, left office in January. Mr Bolton's remarks signal the first time a regime figure from either country has been prepared to put a time frame on a mooted strike. They also mark a sharp escalation in Israeli-US rhetoric against the Islamic republic, which is refusing to bow to international demands that it stop its nuclear program, and its efforts to enrich uranium..." As the European Union moved Monday to suspend the operations of Iran's largest bank in Europe, Israel...

Pompous Market Prognosticators thru History : "For relvance to 2001, scroll down to 'Fast forward'" Click on Title to read the prognostications through history to today......

Generation X's Last, Best Hope for Retirement By Chuck Saletta June 17, 2008 If older Americans are in trouble when it comes to their retirement planning, Generation X is in big trouble, because: Pensions have become things of the past. The Social Security system is failing. Debt, debt, and more debt. We Gen Xers are staring into a financial future bleaker than anything our baby boomer parents imagined. From bad to worse USA Today published an article that painted a grim future for the generation born between 1965 and 1980. The employer and social safety nets are gone. Life expectancies are on the rise -- so retirement will last longer. That might sound great, but with insufficient retirement funds, those years won't be so golden after all. While time is less of an ally now, this problem can be solved...For instance, assume you can get an 8% annual return on your investments. Depending on how much you've got socked away, here's how much you'd have to invest every mo...

FNArena Pressure are building within the Euopean Monetary Union (EMU) which covers most of euope, the meditteranean and eastern europe. these country are supposed to act as a unified trading block; however, this concept is potentially unraveling as the credit and mortgage crisis spreads.

Is the stock market headed for a crash? - MSN Money | Investing - MoneyWeek : "Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock.... The housing crash means consumers have less money, and are more worried about what they spend it on. Banks are also less willing to lend money to anyone, and are being tougher on those they have already given money to. That spells disaster for small businesses in particular - skint consumers on one hand, and twitchy lenders on the other. All this spells economic slowdown. Now, the experience of the past decade or so at least has been that when a slowdown looms, the central banks will cut interest rates. But the resurgence of inflation makes this a lot harder (and to be honest, the banks are so scared about their own liquidity that they're not passing on rate cuts anyway). RBS issues global stock and credit crash alert By Ambrose Evans-Pritchard, International Business Editor Last Updated: 12:19am BST 19/...

Automotive engineers love the new plastics but favor lighter, thinner metals when the rubber meets the road Doug Smock, Contributing Editor -- Design News, April 21, 2008 The race to put new electric cars on American streets within two years is turbocharging efforts to reduce vehicle weight. Carmakers are now more willing to accept higher costs for high-performing materials’ systems made of magnesium or carbon-fiber reinforced plastics because reduced weight will extend battery range or allow lower-weight batteries. Design News’ interviews with chief engineers at all three American OEMs show every pound in a car is under investigation, resulting in new materials, new processes and new assembly technologies. Some of the more dramatic changes will be use of polycarbonate as a glazing material for car roofs and rear ends, increased use of molded plastic in car body panels, more widespread use of thinner-gauge high-performance steel and much higher use of aluminum and magnesium. Significan...

"The Fed Unreserved" by Peter Schiff, FSU Editorial 06/20/2008 : "If Paulson can be so completely clueless regarding the Fed’s role in the current debacle and in America’s economic stumbles over the past two generations, why would anyone place any faith in his proposed remedies? In fact, an unaccountable and unelected Federal Reserve, which nonetheless has lately proven to be as politically craven as any two-bit politician, does not hold the keys to our economic revival. However, with its increased willingness to rescue the big financial firms from their own excesses, perhaps Paulson sees an expanded Fed as the best way to ensure the continued prosperity of his former pals on Wall Street."

Bloomberg by Mark Shenk June 20: Bloomberg.com: Worldwide : "Crude oil rose as the weaker dollar enhanced the appeal of commodities as a currency hedge and the New York Times reported that Israel held a rehearsal for a potential bombing attack on nuclear targets in Iran.... An Israeli military exercise involving more than 100 F-16 and F-15 fighters seems to have been a rehearsal for a bombing attack on Iran's nuclear facilities and long-range conventional missiles, the New York Times reported, citing several unidentified U.S. officials..."

The Financial Ninja Friday, June 20, 2008 Bill Ackman Was Right: MBIA, Ambac on `Ratings Cliff' (Update1): “Bill Ackman was right: the world's largest bond insurers aren't worthy of a AAA credit rating and may be headed for the bottom of the scale. Ackman, the 42-year-old hedge fund manager who says he stands to make hundreds of millions of dollars betting against MBIA Inc. and Ambac Financial Group Inc. if they go bankrupt, will tell investors at a conference in New York today that losses posted by bond insurers may threaten to breach the capital limits allowed by regulators, making them insolvent. That once-unthinkable scenario would trigger clauses in $400 billion of derivative contracts written to insure collateralized debt obligations and other securities, allowing policyholders to demand immediate payment for market losses.... I am going to say it right here and right now. Both Fannie Mae (FNM) and Freddie Mac (FRE) will go the way of MBIA (MBA) and Ambac (ABK)… They ...

Drilling off US Coast is NOT the cure! But experts say additional drilling would only boost production by about 2 million barrels a day. That's about 20% of domestic oil production, but only about 2% of total worldwide demand, so its impact on prices would likely be marginal. In short, it's not a long-term solution to the nation's energy challenge. Some say a real solution lies in the government embarking on a massive effort to fund renewable energy - something akin to the Apollo program that put a man on the moon in the 1960s. Supporters are calling for the government to boost funding from about $4 billion a year now to $30 billion a year - every year for the next few decades. "That's less than a third of what we're spending in Iraq," said Keith Schneider, a spokesman for the Apollo Alliance, a coalition of politicians, environmentalists, labor groups and businesses pushing the idea. "It's not a big number." Barack Obama is halfway there. Th...

Oil Rises $4 on Israeli Army Exercise - WSJ.com : "Oil Rises $4 on Israeli Army Exercise By TATYANA SHUMSKY and GREGORY MEYER June 20, 2008 10:08 a.m. Crude-oil futures jumped Friday as traders mulled a report hinting at a showdown between Israel and Iran and expressed uncertainty over the impact of an international oil summit in Saudi Arabia this weekend. Light, sweet crude for July delivery was recently up $3.11, or 2.4%, at $135.04 a barrel on the New York Mercantile Exchange after briefly jumping as high as $136.08. The July contract expires Friday. more actively traded August Nymex crude was up $3.22, or 2.4%, to $135.82 a barrel."

Jesse's Café Américain : Evergreen Investment to Liquidate Ultra Short Term Opportunities Fund more significant Interesting, but it will be more significant when Lehman, Citigroup, or Wachovia itself go on the block. What do you think the NAV of their shares are? (Hint: refresh your knowledge of imaginary numbers.) BOSTON, June 19 /PRNewswire/ -- Evergreen Investments today announced that the Board of Trustees of the Evergreen Funds approved a plan to liquidate Evergreen Ultra Short Opportunities Fund (EUBAX). Shareholders of record as of June 18, 2008 will receive a cash distribution based on a $7.48 per share net asset value (NAV) calculated after the close of business on June 18. As of such date, the Fund had total net assets of $403 million. Evergreen's parent company, Wachovia Corp. , will provide financing for the liquidation which will occur on or about Thursday, June 26, 2008. Effective immediately, shares of the Fund will no longer be available for purchase by new shar...

WASHINGTON - The Mortgage Bankers Association spent more than $1 million lobbying in the first quarter as Congress considered legislation that could lead to sweeping changes for the industry. Mortgage bankers group spent $1M lobbying in 1Q Associated Press 06.19.08, 10:04 AM The trade group, whose members include Bank of America Corp. (nyse: BAC - news - people ), Washington Mutual Inc. (nyse: WM - news - people ) and hundreds of smaller companies, lobbied on legislation affecting mortgage lending, housing policy, insurance, and government-sponsored mortgage finance giants Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ), according to an April 18 filing with the House clerk's office. The trade group so far has been successful in one of its top priorities: fending off legislation to let bankruptcy judges rewrite mortgages for strapped borrowers. The Mortgage Bankers Association spent $3.7 million lobbying last year. Besides Congress, the trade gro...

Triad Guaranty ends talks with Lightyear Capital to form new mortgage company - Forbes.com : "NEW YORK (Thomson Financial) - Triad Guaranty Inc. shares plummeted Thursday after the company said it has ended talks with Lightyear Capital LLC to form a new mortgage insurance company. The stock sank 48.3% to a new 52-week low of $1.05 a share, trading on heavy volume. Triad also said that Freddie Mac (nyse: FRE - news - people ) has denied the appeal of the suspension of a Triad subsidiary as an approved mortgage insurer. The subsidiary, Triad Guaranty (nasdaq: TGIC - news - people ) Insurance Corp., will stop issuing commitments for mortgage insurance effective July 15. Triad plans to cut its work force by about 100 people in coming weeks..." Norton's comment: Basicly they are shutting down in an orderly manner.

Minyanville - NEWS & VIEWS-Next Stop: Desperation Station : I've been writing about financial institutions starved for more capital. So far they have gone to Sovereign Wealth Funds, which are now severely underwater and may have stepped away from the table permanently. Note in Lehman’s (LEH) recent capital raise, folks like Putnam stepped up to ‘defend its position’. I'm fairly certain it'll rue the day it made that purchase. Then, we had the Bond King at PIMCO say he would buy anything under the ‘Fed Umbrella’, whatever that is. After all, the Fed’s balance sheet is just as impaired as anyone’s. Using its alphabet soup of repo and term facilities, the Fed has jettisoned over $300 billion of Treasuries in exchange for esoteric garbage from banks and brokers. So, as the ‘lender of last resort', the Fed is close to tapped out... And now you become desperate. Just ask Fifth Third Bancorp (FITB), a bank I've talked about often. Fifth Third, along with National City ...

Bankruptcy rising among seniors Bankruptcy rising among seniors - USATODAY.com : By Christine Dugas, USA TODAY Swamped by debt and rising medical bills, elderly Americans have been seeking bankruptcy-court protection at sharply faster rates than other adults, a study to be released Tuesday indicates. From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older jumped by 150%, according to AARP, which will release the new research from the Consumer Bankruptcy Project. The most startling rise occurred among those ages 75 to 84, whose rate soared 433%. The study did not address the specific reasons behind the trend. But experts say medical bills have played a major role in the debt that has forced many elderly Americans into bankruptcy proceedings...."

Do our leaders really have our interests at heart? Published on Tuesday, December 11, 2001 in the Boston Herald by Jonathan Wells, Jack Meyers and Maggie Mulvihill Second of two parts. ...Cheney isn't the only member of President Bush's inner circle whose work for firms connected to the Saudis has paid big dividends. The current national security adviser, Condoleezza Rice, is a former longtime member of the board of directors of another giant oil conglomerate with business in the Saudi desert, Chevron, which merged with Texaco this year. Rice even has a Chevron oil tanker named after her. Substantial profits received by U.S. leaders in private sector deals with the Saudis have helped to squelch criticism of the royal family's refusal to address the role its country has played in fueling Islamic terrorism, Lewis said. ``There's a disconnect there,'' Lewis said. ``I'm fascinated that we don't lay this at Saudi Arabia's doorstep. But the chances to ...

Is Run Car on Water A Scam? Must Read This Before Put Water Into Gas Tank : "The secret of adding water to car is to use a kit to convert water to HHO or Brown's Gas, the Brown's Gas fuels your car along with gasoline. Brown's Gas and gasoline come together from two separate paths, the Brown's gas acts as an oxidizer. Readers may wonder, what is HHO? What is Brown's Gas? What's the difference between H2O and HHO? H2O is the chemical formula for a water molecule, where a single oxygen atom is bonded with two hydrogen atoms. HHO is a popular way of writing OxyHydrogen - a mixture of hydrogen and oxygen gases, usually in a 2:1 ratio. Thus, HHO = Hydrogen-Hydrogen-Oxygen. Since the oxygen and hydrogen are in mixed gas mode and not bonded, it is not H2O (water). Bonding hydrogen and oxygen needs an ignition and chemical reaction. When the Oxyhydrogen gas is ignited, oxygen and hydrogen atoms bonds and releases energy, the end result of the reaction is water vapo...

Financial Sense University "Solar Man" by John Mackenzie 02/17/2005 : "SOLAR MAN Going Off The Grid by John Mackenzie February 17, 2005 A friend of mine, Christopher Niner, has been living off the grid for awhile now. We communicate daily about the trials and tribulations in Alternative Energy as his experience has been an invaluable resource for me. When I asked him if he wouldn’t mind sharing his “Dairy” with my readership, he encouraged me to do so. It is a work in progress for him, but covers a lot of ground that will help compound the knowledge base accumulated to those of you who have expressed an interest in “real world” information from people living off the grid and preparing for an independent future. -- JRM .."

Answer: Admiral William J. ‘Fox’ Fallon Posted on Jun 8, 2008 AP photo By Chris Hedges House Judiciary Chairman John Conyers, in a letter to President Bush on May 8, threatened to open impeachment proceedings if Bush attacked Iran. The letter is a signal that planning for strikes on Iran is under way and pronounced. Democratic presidential candidate Sen. Barack Obama on screen receives applause during his address before the American Israel Public Affairs Committee Policy Conference 2008 in Washington. “Our concerns in this area have been heightened by more recent events,” Conyers wrote. “The resignation in mid-March of Admiral William J. ‘Fox’ Fallon from the head of U.S. Central Command, which was reportedly linked to a magazine article that portrayed him as the only person who might stop your Administration from waging preemptive war against Iran, has renewed widespread concerns that your Administration is unilaterally planning for military action against that country. This is desp...

President Bush Shorts Maine Funding for Environmental Protection Programs, Joint Economic Committee Charles Schumer Feb 2008 Even As Dangers Become More Apparent. It is no secret that President Bush has consistently downplayed, ignored or even scoffed at the scientific consensus that has emerged with respect to the dangers posed by catastrophic global climate change. In keeping with his head-in-the-sand views, the President’s budget aims to cut vital funding for the Environmental Protection Agency, including a cut to funding available for Maine promised under the Clean Air Act. For FY2009, the President aims to reduce this program’s funding levels by $23 million, a potential 7.5 percent decrease in funding for Maine to combat air pollution and the hazards resulting from climate change. This marks a consistent trend for the Administration, which has been slowly whittling away at federal support for environmental protections since 2004. [President Bush’s Budget, FY2009.]

PoliGazette » So What About the Economy? : "Today’s issue of the day is the economy. Here is Senator Barack Obama’s plan for the economy: Provide Middle Class Americans Tax Relief Obama will cut income taxes by $1,000 for working families to offset the payroll tax they pay. * Provide a Tax Cut for Working Families: Obama will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama will create a new “Making Work Pay” tax credit of up to $500 per person, or $1,000 per working family. The “Making Work Pay” tax credit will completely eliminate income taxes for 10 million Americans. * Simplify Tax Filings for Middle Class Americans: Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Exp...

Mutual Funds vs. ETFs: Money Matters - Yahoo! Finance : "Mutual Funds vs. ETFs Get with the Program, Mutual Funds are Way Too 20th Century By Suze Orman Can I ask you something? You don't use a Betamax to watch movies at home, do you? And your car isn't outfitted with an 8-track tape player, right? And I'm guessing the chances of you using a rotary phone are about as good as Ben Affleck having a hit flick these days. In fact, I wouldn't be surprised if many of you under 30 are wondering what the hell I'm talking about.... ETFs: Mutual Funds for the 21st Century Let's fast-forward through the "pro" argument for mutual funds, since we can all recite the reasons in our sleep: instant diversification across dozens of stocks in a variety of sectors, professional money management, low investment minimums, cheap fees if you know how to pick right. Now that we've dispensed with the obvious, let's spend a few minutes understanding one of the bigge...

Bloomberg.com: Worldwide : by Ken Fireman June 13 Bloomberg "``The Iranians cannot effectively retaliate against Israel, so they'll retaliate against us,'' Brzezinski said. ``And then we will be tempted to retaliate against Iran, and we'll be drawn into a very destructive conflict from which we will not extricate ourselves for many years to come.''"

naked capitalism: AIG's Connolly: "Crisis of Capitalism is Upon Us" : "AIG's Connolly: 'Crisis of Capitalism is Upon Us' It's one thing to read an apocalyptic alarm from, say, a blogger or a newsletter writer. It's quite another to see it coming from an analyst at a large institution, in this case AIG."

One more major financial institution to fall? We will see. 10:25 p.m. 06/15/2008 By Peter Brimelow Provided by Marketwatch Chinese stocks are still staggering downward, but a China service is by far the best performing investment letter. How? The Shanghai Composite is down 50% from its 2007 peak. And, after a rally in April, it has just lurched downward again. Yet Cabot's China & Emerging Markets Report (CCEMR), which we named Investment Letter of the Year for 2007, continues its remarkable run. His diagnosis: "Global markets, both emerging and developed, are nervous because there is still an enormous bowl of bad mortgage-backed debt on the table and eventually someone is going to have to eat it. You can't feed it all to the dog. And if too much of that bad debt winds up on the plate of a big financial house like Lehman Brothers (LEH) (which has already announced a $2.8 billion loss for the second quarter), the results could be very bad indeed. The collapse of a...

Jesse's Café Américain : "another trigger event will shake the global financial system to its foundations... Now the banks are refusing to lend to one another, because they at least understand how shaky they are, and what a load of rubbish their public talk is compared to their real state. They are also fearing a recession and a rush of corporate requests to fill existing credit lines.... We suspect strongly that another trigger event will shake the global financial system to its foundations, and that the Central Bankers are losing a great deal of sleep as they wonder where the Anglo-American financial hegemony has brought them...."

Systemic Meltdown Risk Increases - - Protection and Profit Actions Advised : June 13, 2008 DEEPCASTER LLC www.deepcaster.com "Systemic Meltdown Risks & Devilish Derivatives. The risk of Systemic Meltdown continues to increase. The Total Value of all Derivatives Outstanding now exceeds One Quadrillion U.S. Dollars, nearly a doubling since the last BIS report. The value of listed Derivatives is now about $548 Trillion and OTC (Dark Liquidity) Derivatives is $596 Trillion, as of December 2007, for a total Notional Value of over $1000 Trillion. Remember that Derivatives Markdowns and Failures are at the core of several ongoing financial crises, including the Credit Market Freeze-Up and Mortgage Crises. If any major counterparty/ies to these Derivatives contracts fails, that could bring the entire “Paper Domino” Derivatives Edifice (and thus the entire Financial System) crashing down as well."

Iran defiant in nuclear row | Reuters : "By Parisa Hafezi and Fredrik Dahl TEHRAN (Reuters) - Western powers are warning Iran of more sanctions if it rejects an incentives offer and presses on with sensitive nuclear work, but the Islamic Republic is showing no sign of backing down. On Saturday, Iran again ruled out suspending uranium enrichment despite the offer by six world powers of help in developing a civilian nuclear programme if it stopped activities the United States and others suspect are designed to make bombs. 'The deadlock is still there,' an Iranian political analyst who declined to be named said a day after European Union foreign policy chief Javier Solana delivered the incentives package to Iran's Foreign Minister Manouchehr Mottaki..."

Debt-for-Nature Swap Provides $20 Million To Protect Biodiversity In Madagascar ScienceDaily (Jun. 14, 2008) — The largest debt-for-nature swap agreement in Madagascar’s history was just signed between the Government of Madagascar and the Government of France, allocating roughly $20 million (13 million Euros) to preserve Madagascar’s rich biodiversity, WWF has announced

June 11, 2008 U.S. Department of Energy - Energy Efficiency and Renewable Energy EERE News "The energy ministers from the Group of Eight (G8) industrialized countries and from China, India, and South Korea agreed on June 8 to establish the International Partnership for Energy Efficiency Cooperation (IPEEC)... The G8, by the way, includes Canada, the European Union, France, Germany, Italy, Japan, the United Kingdom, and the United States, which was represented by Energy Secretary Samuel Bodman.... The IPEEC declaration noted that energy efficiency is one of the quickest, greenest, and most cost-effective ways to address energy security and climate change while ensuring economic growth, a conclusion supported by a recent study from the American Council for an Energy Efficient Economy (ACEEE)..."

West has lost nuclear standoff with Iran - Ahmadinejad :Global Security.org RIA Novosti 11/06/2008 18:31 "Ahmadinejad's statement comes ahead of EU foreign policy chief Javier Solana's two-day visit to Tehran. Solana, who is due to arrive in the Islamic Republic on Saturday, will attempt to convince Iran to suspend its uranium enrichment activities in exchange for a new incentive package"

Another REPO, this afternoon, Another reason, it is the season, Da Boyz make whoopee.” Wednesday Outlook: Bears in Control - Seeking Alpha : The Fed tossed in another $31 billion to the banksters yesterday and they know just where to route it--right to the trading desks. So, when you start slicing and dicing the next earnings reports from Da Boyz, make sure you check out their trading desk profits as compared to any other source of revenue or profits if any. Speaking of manipulation, as stated here last week, the Fed would jawbone the dollar higher if they could. If that failed, they’d threaten to intervene. Right on cue, Treasury Secretary Paulson hinted [that’s all it takes] at intervention by saying he wouldn’t take that action off the table. So, I’d say Uncle Buck has found the “Paulson/Bernanke Put”..."

US is talking the talk but will US Treasury and Fed walk the walk? Minyanville - NEWS & VIEWS-Paulson's Dollar Bluff : "Today, the only way the U.S. can intervene in the currency markets is if foreign central banks intervene for them and support the dollar by 'printing up' their own currency and buying dollars (or through swaps allowing the U.S. to do so). Either way, foreign central banks have to be willing to accept more of the inflationary burden for them to do this, since their currency would weaken against the dollar. However, inflation would remain the same and therefore worsen from the foreign central bank's standpoint due to their own currency's depreciation vs. the dollar." Norton's comments: I am still betting on a dollar decline unless the US Treasury decides to intervene temporarily by buying US Dollars to take them off the market.

The Cutting Edge News : "The Next War in the MideastBack to Israel Openly Warns Iran of Pre-emptive Attack over Nuclear Threat Cutting Edge News Foreign Editor Joseph Grieboski June 9th 2008 Israeli Air Force Jets Israeli Transportation Minister Shaul Mofaz, a recent defense minister, caused an international uproar with still unfolding consequences by announcing in no uncertain terms this week that Israel will in fact attack Iran. Mofaz stated that an Israeli attack on Iranian nuclear sites is 'unavoidable' in light of the ongoing failures of the international community to belay Iranian attempts to acquire nuclear capabilities."

DIY Life : "Do Life! DIY Life highlights the best in 'do-it-yourself' projects. Here you'll find all types of projects, from hobbies and crafts to home improvement and tech."

Your role in the green business revolution Economic action for a just and sustainable planet That's right. We all have roles to play in changing the way America does business. We touch on three big ones in today's issue of our e-newsletter.

A 50-50 chance that climate change will destroy civilisation this century? Posted by Ambrose Evans-Pritchard on 05 Jun 2008 at 16:35 Telegraph UK Lord Stern and Lord Giddens frightened the wits out of a Goldman Sachs audience I attended this week on the risks of a global water, food, and energy crisis. Without wishing to take a stand one way or the other on the bitterly polarized issue of climate change, I pass on some of their remarks so readers can judge for themselves. Nicholas Stern -- the author of the Government’s Stern Report on the economic effects of climate change, and former chief economist at the World Bank -- said we have a one in two chance of destroying civilization within the life-span of people already born, unless drastic action is taken to slow CO2 emissions. “If we let go, if we carry on with business as usual,....

Bloomberg.com: Energy : "Rogers Says the Crude Bull Market Has `Years to Go' (Update1) By Todd Zeranski and Betty Liu June 5 (Bloomberg) -- Jim Rogers, chairman of Rogers Holdings, said the increase in the price of crude oil has ``years to go'' as known sources of petroleum are dwindling. ``I know that unless someone discovers a lot of oil, it can go to $150, $200'' a barrel, Rogers said in a Bloomberg Television interview. ``The facts are the world is running out of known oil reserves.''"

Lenin once suggested that the surest way to destroy the capitalist system was to debauch the currency. by J. R. Nyquist Weekly Column Published: 06.06.2008 ...Those who seek the destruction of capitalism have typically favored policies leading to despotism, starvation and mass killing. The socialist revolutionary announces his benevolent intentions to everyone. He intends to build a better society, based on unselfish cooperation. He denounces the greed of the capitalists. His real agenda, let us be clear, is self-aggrandizement predicated on envy. The envious Lenin once suggested that the surest way to destroy the capitalist system was to debauch the currency. About this idea, Lord Keynes wrote: “Lenin is certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagn...

High expectations dont match reality by Financial Armageddon June 5, 2008 A new study finds that the baby-boomer generation — the 79 million Americans born between 1945 and 1964 — has broken that rule with a vengeance and are ill prepared for retirement as a result. The study, by the McKinsey Global Institute, the think-tank arm of the consultants McKinsey & Co., carefully examined the saving behavior of various generations. The “silent” generation, the 52 million Americans born from 1925 to 1944, followed the classic pattern closely, with their household savings rate rising from below 15% in their early 20s to about 30% in their late 40s. But that pattern is almost absent for early boomers, those born 1945 to 1954; their saving rate tops out about 20%; and it’s completely absent for late boomers, those born 1955 to 1964, whose saving rate so far has remained stuck at around 10%. “Our analysis shows that the Boomers’ missing savings peak accounts for most of the collapse in the U....

Holyfield caught up in foreclosure, and we don’t have much sympathy Published: June 6, 2008 Unless his financial fortunes change, there won’t be a split decision on the future of former heavyweight boxing champ Evander Holyfield’s suburban Atlanta mansion. The Associated Press reported yesterday that Holyfield’s residence is set to be auctioned off on July 1: Maybe now we know why former heavyweight champion Evander Holyfield wants to keep fighting at age 45. The “Real Deal” appears real broke. His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping. A legal notice that ran Wednesday in a small local newspaper said Holyfield’s estate will be auctioned off “at public outcry to the highest bidder for cash” at the Fayette County courthouse on July 1. The 54,000-square-foot home —...

Futures skyrocket $11 on a sliding dollar, geopolitics and a Morgan Stanley report predicting $150-a-barrel oil. By Catherine Clifford and Ben Rooney, CNNMoney.com staff writers Last Updated: June 6, 2008: 2:16 PM EDT NEW YORK (CNNMoney.com) -- Oil prices surged for the second straight day, cresting a previous trading high, on a dollar decline that stemmed from a weak jobs report, geopolitical tensions and a forecast of $150-a-barrel oil. Oil price Oil's 2-day surge tops record Jun 6, 2008

What is the US Dollar doing? Foreign Exchange Map | Currencies | Markets & Data | Economist.com

Will Israel Attack Iran’s Nuclear Facilities Before the End of the Bush Administration? - YES Nouriel Roubini | Jun 2, 2008 Joschka Fischer Argues I had the pleasure to meet and speak at length over the weekend with Joschka Fscher, former Foreign Minister of Germany and one of the deepest geo-strategic thinkers in the world. He argued with me that – as he fleshed out in a a recent article he wrote for the Project Syndicate – Israel will attack Iran’s nuclear facilities before the end of the Bush administration and that Israel effectively received the green light to this action from Bush during his recent visit to Israel.

Four Step Analytical Steps to picking the right stock by Matt Krantz usatoday Ask Matt June 5, 2008 I will run the stock through the four analytical steps we consider. But it isn't really necessary in your case. If you're not able to handle volatility, you shouldn't be invested in a financial company that's involved in mortgage-backed securities. Step 1: Risk vs. reward. When you take a risk on a stock, you want to make sure you're properly rewarded. Downloading Annaly's history back to 1997, and including the current dividend yield of 11%, we see the company generated an average annual compound rate of return of 14.9%. That is a healthy return if you consider the S&P 500 has returned more than 10% annualized over the same time period, says IFA.com. But to beat the S&P 500, you accepted high risk — standard deviation — of more than 100 percentage points. That's about 400% greater than S&P 500's risk during the same period. So to get a 35% hi...

Ten Things You Should Never Buy Again - Woodbased and petroleum based products Unshopping - Coop America New! Five more things to never buy again » 1. Styrofoam cups Styrofoam is forever. It's not biodegradable. Alternative: Buy recyclable and compostable paper cups. Best option: Invest in some reusable mugs that you can take with you. 2. Paper towels Paper towels waste forest resources, landfill space, and your money. Alternative: When you do buy paper towels, look for recycled, non-bleached products. Search the National Green Pages™ for recycled paper products. Best option: Buy dishtowels or rags to wash and reuse. ....

Treasury Secretary Paulson talks about a "strong dollar" policy but that is nothing more than lip service. Instead, there has been what appears to be purposeful debasement of the US dollar on the misguided idea that it will increase exports. The unwanted side effect is that few jobs are created while everyone pays through the nose in higher import prices and gasoline. Misguided Policies Part of the rise in oil prices is due to the falling dollar, but that is not the only factor. Another part of the equation is geopolitics, and a third factor is misguided policies on ethanol. At the top of the list in poor policy decisions is our attempt to be the world's policeman. We can no longer afford that luxury. Congress spends money it does not have on all kinds of silly programs. Both parties go along with it... The Big Lie? Let's now take another look at MC's statement "I was born into a country that emphasized hard work, loyalty, stability, and 'if you get educa...