Archive for January 2008
Of gold prices and US recession
http://www.rediff.com///money/2008/jan/29gold.htm
Doug Casey | January 29, 2008 | 16:55 IST
Right from the early 1990s through to today, Americans have maintained their life style by borrowing. But as the US consumer is about to find out, the bill for that life style is coming due.
Where will that leave the US economy? Simply stated, surveying the landscape of current events – many of which are a direct consequence of excessive debt and an inevitable slowdown in consumer spending – we expect stagflation ahead.
Loosely defined, that term refers to a general economic slowdown – a recession – but coupled with rising prices triggered by massive infusions of cheap money into the market.
That liquidity can come from governments – witness the billions upon billions now being thrown into the fray by the world’s central banks – or it can come from, say, some percentage of the $6 trillion and more held by foreigners coming home to roost.
China’s growth could spark political tensions
From
January 28, 2008
China’s booming economy is expected to consume more than half of the world’s key resources within a decade, according to Rio Tinto.
The rapid industrialisation of China’s economy means that it is likely to consume a majority of the world’s supply of all the major metals and minerals, potentially leading to clashes with other countries over access to resources. Rio Tinto, the world’s second-largest miner, said last week that China already accounted for 47 per cent of all iron ore consumption, 32 per cent of aluminium and 25 per cent of copper.
Top Agents in Secret Trip to Pakistan
Top US Intelligence Officials in Secret Trip to Pakistan to Seek Broader Role Against al-Qaida
By PAMELA HESS
WASHINGTON Jan 27, 2008 (AP)
The Associated Press
WASHINGTON
The top two U.S. intelligence officials made a secret visit to Pakistan in early January to seek permission from President Pervez Musharraf for greater involvement of American forces in trying to ferret out al-Qaida and other militant groups active in the tribal regions along the Afghanistan border, a senior U.S. official said.
The official, speaking on condition of anonymity given the secret nature of the talks, declined to disclose what was said, but Musharraf was quoted two days after the Jan. 9 meeting as saying U.S. troops would be regarded as invaders if they crossed into Pakistan to hunt al-Qaida militants.
The New York Times which first reported on the secret visit by CIA Director Michael Hayden and Mike McConnell, director of national intelligence said Musharraf rebuffed an expansion of an American presence in Pakistan at the meeting, either through overt CIA. missions or by joint operations with Pakistani security forces. Read the rest of this entry »
Pakistan nuclear sites on alert
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By Barbara Plett,
BBC News, Islamabad |
Pakistan insists its nuclear armoury will not be compromised
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Pakistan has raised the state of alert around its nuclear facilities amid concerns they could be targeted by Islamist militants.
But a senior Pakistan military official said there had been no specific threat to the sites, and insisted that safeguards in place were fool proof.
The official was speaking in a rare press briefing on the issue.
It followed Western media reports warning that Pakistan’s nuclear weapons could fall into the wrong hands.
The Pakistani authorities have been angered by Western media reports speculating that the country’s nuclear arsenal could fall into the hands of al-Qaeda militants.
The senior military official briefing foreign journalists said that the weapons were protected by an elaborate command and control system, and multiple levels of security.
Gold Rush 21
Five US state senates to open with Hindu prayers
Indo-Asian News Service
New York, January 25, 2008
Five state senates in the US are set to open their sessions with Hindu prayers in the coming few weeks, creating a sort of milestone in American history.
Rajan Zed, prominent Hindu chaplain who hit the headlines last July when he recited Vedic prayers at the US senate in Washington DC, has now been invited to read the prayers in the senates of New Mexico, Colorado, Utah, Washington and Arizona.
He will deliver these prayers from ancient Hindu scriptures at senate halls in state Capitols in Santa Fe (Jan 28), Denver (Jan 29), Salt Lake City (Feb 13), Olympia (Feb 22), and Phoenix (March 24).
After first reciting in Sanskrit, he will then read the English translations, a press release by him said.
Besides US senate, Zed has already done the honours at California and Nevada senates.
Reno, Nevada based Zed is active in inter-faith dialogue in the region. Rajan Zed will recite from the Rig-Veda, believed to be the world’s oldest scripture dating from around 1,500 BC, besides lines from Upanishads and the Bhagavad Gita, both ancient Hindu scriptures.
He plans to start and end the prayer with “OM”, the mystical syllable that in Hinduism is used to introduce and conclude religious work, the press release said.
Feds accused of gold-price manipulation
http://www.wnd.com/news/printer-friendly.asp?ARTICLE_ID=59876
Alleged objective to ‘conceal the mismanagement of the U.S. dollar’
Posted: January 25, 2008
1:00 a.m. Eastern By Jerome R. Corsi
© 2008 WorldNetDaily.com
 U.S. Treasury |
The Wall Street Journal has agreed to publish a full-page ad in which the Gold Anti-Trust Action Committee charges the U.S. government surreptitiously utilizes gold reserves to engage in international swaps and other market manipulations.
“Anybody Seen Our Gold?” is the title of the ad, which alleges U.S. gold reserves held at depositories such as Fort Knox and West Point may have been seriously depleted. GATA asserts U.S. gold reserves are being shipped overseas to settle complex transactions utilized by the Federal Reserve and the U.S. Treasury to suppress the price of the precious metal.
“The objective of this manipulation is to conceal the mismanagement of the U.S. dollar so that it might retain its function as the world’s reserve currency,” the ad copy reads in a pre-publication version GATA provided to WND.
The U.S. Treasury denies the claim, insisting the stock is accounted for regularly.
The coming financial collapse of the U.S. government: Fed papers reveal what’s in store for Americans
http://www.newstarget.com/z019659.html
Originally published July 17 2006
by Mike Adams
The bankruptcy of the United States government has been talked about for years by independent observers. If you’ve read the book, “Empire of Debt,” then you know where the U.S. is headed financially. But most people have no idea about the ultimate financial consequences of decades of borrowing and spending by Washington, and they remain irrationally convinced that the status quo will remain intact for eternity. No one in any position of authority, you see, has yet admitted that the U.S. government is indeed going bankrupt.
Until now, that is. Read the rest of this entry »
Pakistan troops reported to have fled border outpost
http://news.scotsman.com/latestnews/Pakistan-troops-reported-to-have.3686911.jp
By Sadaqat Jan
in Islamabad
Maulvi Mohammed Umar, a purported militant spokesman, said the troops surrendered after 500 fighters surrounded the post. “We release Read the rest of this entry »
The begging is only the beginning
Begging for Oil
by Andy Sutton, My2CentsOnline.com | January 18, 2008
Earlier this week, news reports surfaced about how President Bush, during his recent trip to the Middle East urged the oil producing countries of that region to step up production to meet current market conditions. His plea, however, was less than well received. The Saudis, in effect, told Mr. Bush to get lost, saying “Oil production is controlled by the market”. I’ll allow that this utterance is cloaked in ambiguity. It is worrisome, however, especially against the backdrop of persistently high oil prices. The Saudis have either an unwillingness or inability to ramp up production. Others have already followed suit. Despite the recent weakness in crude oil prices due to the slowing US economy, crude stocks are still at historically low levels. Demand has still not pulled back, despite the common sense assertion that it ought to. For whatever reason, the demand curve on a worldwide basis appears to be more inelastic in this range than previously thought. We can postulate all we want about where we go from here in terms of demand, but there are compelling arguments that point to stability in petroleum demand unless we see a worldwide depression. In that event, the price of oil would be the least of our concerns. Read the rest of this entry »
