Tag Archive: Currency Wars


Politics and Legislation

 

Domestic Fuels Protection Act Will Shift Cost to Consumers, Taxpayers

  • CONTACT: Sara Sciammacco ssciammacco@ewg.org, 202-939-9122
  • FOR IMMEDIATE RELEASE: April 19, 2012

Washington, DC – The Domestic Fuels Protection Act of 2012 (H.R. 4345) and its companion bill, the Domestic Fuels Act of 2012 (S.2264) would create a broad exemption from liability for a number of favored interests: fuel producers, engine manufacturers and retailers of virtually all transportation fuels and fuel additives such as gasoline blended with 15 percent ethanol, or E15.

“The ethanol industry’s push for these bills is a glaring admission that E15 is a faulty product,” said Sheila Karpf, a legislative and policy analyst at the Environmental Working Group. “Rather than creating a better fuel, the ethanol industry wants consumers and taxpayers to foot the bill for any harms caused by E15.”

Read Full Article Here

 

 

Obama to nominate nuclear official that Reid accused of lying

By Andrew Restuccia

President Obama’s decision to re-nominate Republican Kristine Svinicki to the Nuclear Regulatory Commission puts him at odds with Senate Majority Leader Harry Reid (D-Nev.), a vocal critic of the nuclear official.

Reid stressed his opposition to Svinicki’s re-nomination at a press conference Thursday and did not say whether he’d allow a floor vote on the nomination.

“[T]hat’s why we have a Congress, and there’ll be hearings held, and we’ll approach that when we have to. That’s just not right now,” he said, pointing to Sen. Dean Heller’s (R-Nev.) opposition to the nomination.

Reid’s office alleged this week that Svinicki lied to Congress about her previous work on the Yucca Mountain nuclear waste repository, a long-delayed project that the majority leader strongly opposes.

“Senator Reid opposes Commissioner Svinicki’s re-nomination because she lied to Congress about her past work on Yucca Mountain,” Reid spokesman Adam Jentleson said in a statement.

“Furthermore, Commissioner Svinicki has an abysmal record on nuclear safety, demonstrating that she puts the interests of the nuclear industry ahead of the safety of American citizens. Senator Reid has consistently supported qualified Republicans for the commission and is open to supporting others, but Commissioner Svinicki has disqualified herself and does not deserve to be re-nominated.”

A White House official told The Hill earlier Thursday that Obama intends to re-nominate Svinicki, whose first term expires June 30. White House press secretary Jay Carney later confirmed the news.

 

Read Full Article Here

 

 

Sen. Kerry: ‘Powerful interests’ standing in the way of progress on energy

By Ben Geman – 04/20/12 10:22 AM ET

Sen. John Kerry (D-Mass.) says the collapse of the climate change and energy bill he floated with Sen. Joe Lieberman (I-Conn.) in 2010 is a lesson in why the United States lacks a comprehensive energy policy.

The senator took aim at coal-reliant power companies and the 2010 Supreme Court decision in Citizens United v. FEC that allows unlimited corporate spending in elections.

“The reason we don’t have a solid energy policy in America, I have come to believe after leading the effort two years ago to try and get one, is that there are powerful interests in the country that spend an enormous amount of money to preserve the status quo,” Kerry said Friday on MSNBC’s “Morning Joe.”

“We had an agreement a couple years ago … with the utilities, with the nuclear industry, with the major oil people, and unfortunately some major coal-fired power plant people were able to spend a lot of money, influence a lot of people and say we are simply not going to move forward with pricing carbon or doing anything that puts America into a better position because they like the cash-cow power plants that they have now fired by coal, and so that’s what freezes it,” he added.

 

Read Full Article Here

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Economy

Currency Wars: Gambling With Other Peoples’ Money

Politics / Global Debt Crisis 2012Apr 20, 2012 – 12:28 AM

By: Axel_Merk

 

If running out of your own money wasn’t bad enough, policy makers are increasingly spending other peoples’ money to bail their country out. At the upcoming G-20 meeting, finance ministers from around the world will contemplate an increase to the resources of the International Monetary Fund (IMF). At stake for politicians is whether they can continue to do what they know best – to play politics. In contrast, at stake for investors may be whether currencies will retain their function as a store of value.

Let’s highlight Spain, as the country may be the key to understanding how dynamics may play out. Last November, Spaniards voted for change by electing conservative Prime Minister Rajoy, handing him an absolute majority in parliament, displacing the previous, socialist government. The election may cause former British Prime Minister Thatcher to change her view, that socialism is doomed to fail, as ultimately you run out of other people’s money. It doesn’t take a socialist to run out of money. In the case of Spain, if you run out of your own people’s money, there may always be other peoples’ money.

One of the major concerns is Spain’s regional government debt. Spain consists of 17 autonomous regions, whose total debt almost doubled in the past three years, due to economic recession and a housing market collapse. In many ways, Spain reflects a microcosm of how the Eurozone as a whole is structured:

•Spanish regions have the power to issue public debt. The central government has little ability to interfere with regional government spending and is prohibited by Spanish law to bailout regional governments.
•While regions enjoy high autonomy on spending, the central government retains effective control over regional government revenue.
•Spain has its own peripheral problems: the most indebted region, Catalonia, recorded 20.7% debt-to-regional-GDP ratio and 3.6% deficit-to-GDP ratio in 2011. Its 10-year bond yield recently breached 10%, far beyond the yield on 10-year Spanish government bonds, which yield around 6%. In 2011, the total debt of 17 regional governments rose to €140 billion, accounting for 13.1% of Spain’s GDP. This number is up from 6.7% by 2008.
•Spanish law forbids the central government from rescuing regional governments (in much the same way that the Maastricht Treaty prohibits bailouts of EU countries). In practice, the central government appears to have implicitly helped Valencia, Spain’s 2nd most indebted region, with a €123 million loan repayment to Deutsche Bank.

More broadly known are Spain’s banking woes. Unlike much of Europe, a housing boom propelled much of Spain’s recent growth, causing Spain’s regional banks, in particular, to become overly exposed to the mortgage sector. Spain’s banks are very dependent on liquidity provided by the European Central Bank (ECB). The recent 3 year long-term refinancing operation (LTRO) by the ECB at first took pressure of the Spanish banking system, but has since been seen more critically, as Spain’s banks may be using the liquidity to buy Spanish government debt, thus increasing inter-dependency and potentially making nationalization of Spanish banks (read: the Spanish government taking on the obligations of its banks) more, rather than less likely.

The tensions between Spanish regions and its national government are nothing new. And that’s really the main lesson here: it’s business as usual in Spain! As of late, Rajoy’s government appears to be reining in regional control over budgets in earnest. However, Spaniards are used to eternal debates on where subsidies should come from, how to stop regions from spending, and – conversely – how to find ways around restrictions. In brief, Spaniards are pros at this battle. Not surprisingly, when there’s a threat of market headwinds, Rajoy is publicly committing to reform. The moment the pressure abates, it appears those promises are forgotten. Spain is proof that the only language policy makers may be listening to is that of the bond market.

As painful as it is, volatile markets are necessary to keep policy makers focused. Whenever Spanish bonds come under pressure, Spain moves further from talk and closer to action, with respect to implementation of more austerity measures, as well as the pursuit of structural reforms. Spain – like so many developed countries – has rigid bureaucracies aimed at protecting the old (companies and employees) at the cost of preventing the new, stifling innovation and fostering massive youth unemployment. Structural reform is politically painful. What is striking about Spain is that it has an enviable position of a government with an absolute majority. Yet, even such a seemingly strong government is dragging its feet in implementing reform. In the process, political support is eroding, thus making it increasingly difficult to pursue reforms as the economic environment worsens.

Politicians always appear to consider the cost of acting versus the cost of inaction. As long as more money is lined up: be that from the central government for the regions; be that from a European stability fund for the government; or be it from the IMF, incentives for reforms are taken away. In many ways, Catalonia should be getting the message that its budget is unsustainable, but with help on the way from Madrid, the region may continue its bad habits.

Read Full Article Here

China has been trying to diversify her foreign exchange reserves for some time. We are all familiar with the figures released by the likes of the World Gold Council about Chinese gold investment demand, as well as statistics showing official gold imports through Hong Kong into the Chinese mainland. Chinese reserves contain only 2% gold, compared to nearly 10% for India and Russia, and figures in the 70th percentile for developed nations such as the USA and Germany.

China is getting out of paper and into gold as fast as she can, because she simply doesn’t have enough of old yella’. Any effort to internationalise the RMB will not work until it is a trusted enough currency. One of the key ways to achieve trust is larger gold reserves.

It is not just the PBOC that is on the gold rush, since opening up the domestic gold market individuals are also allowed to invest in gold. The Chinese still have a limited range of savings and investment options open to them (one of the reasons why so much money flowed into their property bubble), and gold continues to shine when other investment options (especially the Chinese stock market) are being questioned.

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The President Of Iceland Tells Us How He Had The Balls To Stand Up To Britain

Adam Taylor|April 13, 2012|
(Adam Taylor / Business Insider)

The president of Iceland sits in his study drinking tea from an immaculate china set.

“If a collapse in the financial sector can bring one of the most stable and secure democracies and political structures to his knees as happened in Iceland,” Ólafur Ragnar Grímsson says to me, “then what could it do in countries that have less stable democratic and political history?”

The tiny country is unique not only in its stunning geography but also in its open democracy. This democracy was pivotal in the choice to let three giant banks fail during the financial crisis.

For Ólafur, the crisis of 2008 was personal. Once the darling of the left wing, he worked as finance minister for several years before he became president of the country in 1996, a largely ceremonial role that he’s inhabited ever since. Like many in the country he was once a cheerleader for Iceland’s financial sector, privatized at the start of the 21st century — and the sudden collapse was a painful reminder that Iceland was a small, isolated place.

Jobs Beat Foreclosures as Housing-Market Guide

By David Wilson – Apr 20, 2012 5:34 AM CT

Employment levels may affect local U.S. housing markets more than the number of foreclosed homes, according to Shawn Snyder, a Citigroup Inc. economist.

The CHART OF THE DAY shows the performance of the National Association of Home Builders/First American Improving Markets Index, which Snyder cited in a report two days ago to support his conclusion.

April 19 (Bloomberg) — Michael Feroli, chief U.S. economist at JPMorgan Chase & Co., about the latest economic data and the outlook for growth. He speaks with Trish Regan on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

Housing is gaining ground in 101 metropolitan areas across the country, according to this month’s index. Florida has nine, more than any other state except Texas, even though data from the Mortgage Bankers Association show a bigger inventory of foreclosures there than anywhere else.

Read Full Article Here

Stocks, Commodities, Euro Gain on Earnings, German Data

By Daniel Tilles and Whitney Kisling – Apr 20, 2012 3:20 PM CT

Stocks extended a weekly advance after earnings beat estimates at companies including General Electric Co. and Microsoft Corp. and German business confidence unexpectedly improved. Commodities gained and the euro strengthened while Treasuries were little changed.

The Standard & Poor’s 500 Index climbed 0.1 percent at 4 p.m. in New York, paring a gain of as much as 0.8 percent as Bank of America Corp. slumped and Apple Inc.’s retreat since April 9 grew to 9.9 percent. The Dow Jones Industrial Average added 65.16 points. The Stoxx Europe 600 Index (SXXP) rose 0.5 percent and the euro appreciated 0.6 percent to $1.3212. Oil added 0.8 percent to $103.05 a barrel. Ten-year Treasury yields were little changed at 1.96 percent after gaining three basis points.

Read Full Article Here

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Wars and Rumors of War

 

Pentagon has ‘successful plan’ with hundreds of Tomahawks deployed near Iran

Published: 20 April, 2012, 23:08

An operational tomahawk missile launch (Reuters / Handout)

An operational tomahawk missile launch (Reuters / Handout)

America’s plan B for Iran “will be successful,” promises US defense secretary, Leon Panetta. Reports suggest this is no sable rattling, as the US strike groups deployed to the Persian Gulf may be carrying some 430 Tomahawk missiles.

­Washington has not yet dropped its “all options” stance towards Iran, who, they fear, may be building nuclear weapons. The confirmation was obtained by CNN’s Wolf Blitzer from Panetta on Thursday.

We are prepared with all options on the table if we have to respond,” Panetta said, adding that “there are plans” to deal with Iran if the country does not give up its nuclear ambitions.

I don’t think there is any question that if we have to implement that plan, it will be successful,” he added.

This practical approach sees two American aircraft carriers, their battle groups, several submarines and additional Marines deployed to the Gulf waters. Both the US Navy and the Pentagon say the commissions are “routine.”

Nevertheless, assessments made by Interfax news agency say that the group headed by the USS Enterprise alone has taken at least 130 Tomahawk missiles to the Persian Gulf.

 

Read Full Article Here

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Articles of Interest

The unlearned lessons of the BP disaster

By: Robert Weissman

Robert Weissman is president of Public Citizen.

The BP disaster taught us many things: Giant corporations cannot be trusted to behave responsibly, and have the ability to inflict massive damage on people and the environment. We need strong regulatory controls to curb corporate wrongdoing. We need tough penalties to punish corporate wrongdoers. There is no way to do deepwater oil drilling safely. And it is vital that citizens harmed by corporate wrongdoers maintain the right to sue to recover their losses.

Unfortunately, Congress and the Obama administration have refused to learn the lessons from the BP disaster:

1. BP’s reckless actions and inactions caused the Deepwater Horizon disaster — a reminder that corporations cannot be trusted to police their own activities.

BP made a conscious decision not to install a $500,000 safety device that could have prevented the blowout. BP pressured its contractors to skirt safety measures, and those contractors made multiple mistakes leading up to the disaster.

The lesson that corporations can’t be trusted to police themselves should be blindingly obvious. Yet the Obama administration is now proposing to take government inspectors out of poultry processing plants — and give Big Chicken responsibility for ensuring poultry safety.

Read Full Article Here

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[In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit, for research and/or educational purposes. This constitutes ‘FAIR USE’ of any such copyrighted material.]

Politics and Legislation

The Hill: Obama shifts healthcare defense

By Sam Baker

The Obama administration has shifted its legal arguments as it prepares to defend the president’s healthcare law before the Supreme Court.

http://thehill.com/blogs/healthwatch/health-reform-implementation/216361-obama-shifts-healthcare-defense

The Hill: Republican bill would enroll seniors in same health plans as lawmakers

By Julian Pecquet

A group of Senate Republicans has introduced legislation that would end traditional Medicare and sign seniors up for the same private healthcare plans received by members of Congress.

http://thehill.com/blogs/healthwatch/medicare/216303-gop-medicare-bill-would-enroll-seniors-into-lawmakers-plans

Washington elites queue up to see nine justices on hot seat

By Janet Adamy and Jess Bravin

The hottest ticket in the capital is for a spot inside the Supreme Court to watch three days of arguments challenging the 2010 health-care law that begin here a week from Monday.

http://online.wsj.com/article/SB10001424052702303863404577283631472580966.html?mod=ITP_AHED

Tape A Cop, Face A Felony Charge

Well, now the news is that in Chicago the police will continue to
enforce, arrest, and prosecute citizens under this law as long as
it remains on the books.

Coming to Chicago in May is an upcoming NATO summit and it is
expected to bring with it huge numbers felonious camera carrying
members of the public, and you can bet the police will have their
own cameras trained on them.

Supreme Court rules out television cameras for healthcare arguments

By Sam Baker

The Supreme Court on Friday rejected calls to allow television cameras into its chambers during arguments over President Obama’s healthcare law.??

The court said it would release same-day audio recordings of the arguments, scheduled for March 26-28. It cited the “extraordinary public interest” in the case, which could lead to President Obama’s signature domestic achievement being struck down in the midst of the campaign season.

http://thehill.com/blogs/healthwatch/legal-challenges/216447-supreme-court-no-cameras-in-healthcare-case

GOP Super PAC Men Seek to Overturn Donation Limits

Michael Beckel, News Report:

McCutcheon is a 44-year-old general contractor in Alabama. He’s the owner, founder and president of Coalmont Electrical Development. He’s a member of the Republican Party who admits he may have a bit of a libertarian streak. And he’s also the treasurer of a super PAC called the “Conservative Action Fund.” That’s a group that spent more than $43,000 opposing House Financial Services Committee Chairman Spencer Bachus (R-Ala.) in Tuesday’s GOP primary in Alabama, although it has mostly targeted Democrats with its attacks.

http://www.nationofchange.org/gop-super-pac-men-seek-overturn-donation-limits-1331907498

Democratic Senators Issue Strong Warning About Use of the Patriot Act

For more than two years, a handful of Democrats on the Senate intelligence committee have warned that the government is secretly interpreting its surveillance powers under the Patriot Act in a way that would be alarming if the public – or even others in Congress – knew about it. On Thursday, two of those senators – Ron Wyden of Oregon and Mark Udall of Colorado – went further. They said a top-secret intelligence operation that is based on that secret legal theory is not as crucial to national security as executive branch officials have maintained. The senators, who also said that Americans would be “stunned” to know what the government thought the Patriot Act allowed it to do, made their remarks in a letter to Attorney General Eric H. Holder Jr. after a Justice Department official last month told a judge that disclosing anything about the program “could be expected to cause exceptionally grave damage to the national security of the United States.”

http://www.nytimes.com/2012/03/16/us/politics/democratic-senators-warn-about-use-of-patriot-act.html?_r=1

Economy

UK could lose coveted AAA rating, warns Fitch

Britain’s hopes of retaining its prized triple-A credit rating were dealt a blow last night after Fitch said the country was more likely than not to be downgraded.

http://www.telegraph.co.uk/finance/economics/9144551/UK-could-lose-coveted-AAA-rating-warns-Fitch.html

The Global Economy is Now More Vulnerable to Oil Prices than Ever

This paper examines the impact of oil price changes on global economic growth. Unlike some recent studies, this paper finds that oil price rises have had significant negative impacts on world economic growth. A time-series analysis of the data from 1971 to 2010 finds that an increase in real oil price by 10 dollars is associated with a reduction of world economic growth rate by between 0.4 and 1% in the following year. As oil prices approach historical highs, the global economy may be vulnerable to another oil price shock.

http://oilprice.com/Energy/Oil-Prices/The-Global-Economy-is-Now-More-Vulnerable-to-Oil-Prices-than-Ever.html

Gold “Vulnerable” as U.S. Treasury Bond Market Sell-Off Worsens

The WHOLESALE-MARKET gold price twice rose within a few cents of $1650 per ounce in London Thursday morning, adding 0.9% from yesterday’s fresh 8-week low as industrial commodities ticked lower again.

The price of silver bullion rallied 2.3% to $32.40 per ounce, but remained over 5% down for the week so far, being “very much influenced” by the gold price according to one Swiss precious-metals dealer.

http://www.marketoracle.co.uk/Article33621.html

Europe’s Economic Crisis: Portugal, Ireland, Spain, Italy and Belgium Following Greece

It isn’t over until it is over. Of course, we are referring to Europe and its version of 1984. We find it profound that the bankers, politicians and bureaucrats of Europe can do what they have done with a straight face. Investor had a haircut shoved down their throats and the ECB, the European Central Bank and the IMF were exempt.

http://www.marketoracle.co.uk/Article33614.html

Retail sales suggest consumers shrugging off gas prices

Dave Prokupek doesn’t like the high price of gasoline either. But business is good enough at Smashburger that the chain where Prokupek is CEO opened its 150th restaurant Wednesday, and plans to open up to 75 this year, even though eating out is theoretically the first thing gas-strapped consumers would trim.

http://www.usatoday.com/money/economy/story/2012-03-14/gas-prices-consumer-spending/53536216/1

S&P 500 ends best week since December with quiet day

NEW YORK (Reuters) – The S&P 500 closed out its best week in three months with a slim gain on Friday as investors continued to propel equities near four-year highs.

http://finance.yahoo.com/news/p-ends-over-1-400-024934926.html;_ylt=ApQL0mCH094ssRZYbqrtjyiiuYdG;_ylu=X3oDMTQzcjhzN29wBG1pdANGaW5hbmNlIEZQIEp1bWJvdHJvbiBMaXRlBHBrZwM4NmU2MDcwOC1mNmVhLTNkMDUtYWUzZC0yMjI0OWUzZjI0MjIEcG9zAzEEc2VjA2p1bWJvdHJvbgR2ZXIDZTc4ODAwZDAtNmYxMi0xMWUxLTk2NmItNzIxM2Q2ZDI2ZmJl;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Jobless claims fall, manufacturing holds up

WASHINGTON/NEW YORK (Reuters) – Economic growth showed signs of becoming more self-sustaining as the number of Americans claiming new jobless benefits fell back to a four-year low last week and manufacturing activity in the Northeast picked up this month.

http://finance.yahoo.com/news/jobless-claims-fall-manufacturing-holds-025406890.html;_ylt=AvsoQHMJwEqo4vsQWGfhQHqiuYdG;_ylu=X3oDMTQ0NWxhc2xjBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDYTFkNjVjNjktNjY3Ny0zY2RmLTg4MzQtYjdkODNjY2NkZTQ0BHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyAzk4YWNmOGMwLTZmMTMtMTFlMS1iNWZmLWZmOTYwOTBjZDY4OA–;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Secret “Occult Economy” Coming Out of the Shadows?

During December 2011 and January 2012, I wrote two articles dealing with the announcement of two different lawsuits being filed in U.S. District Courts regarding astronomical amounts of money in the forms of U.S. Bonds, Federal Reserve Notes, foreign government-issued bonds, and other financial instruments.

http://www.activistpost.com/2012/03/secret-occult-economy-coming-out-of.html

Appropriators warn legislative agencies of further funding cuts

By Debbie Siegelbaum

Members of the Senate Appropriations subcommittee on The Legislative Branch are warning congressional agencies that the current atmosphere of economic austerity will likely not abate any time soon.

http://thehill.com/homenews/senate/216321-senate-appropriators-warn-legislative-agencies-of-further-funding-cuts

CBO finds Obama budget adds $3.5T to deficits

By Erik Wasson

President Obama’s 2013 budget would add $3.5 trillion to annual deficits through 2022, according to a new estimate from the Congressional Budget Office.

It also would raise the deficit next year by $365 billion, according to the non-partisan office.

The CBO estimate is in sharp contrast to the White House claims last month that the Obama budget would reduce deficits by $3.2 trillion over the next decade.?

http://thehill.com/blogs/on-the-money/budget/216397-obama-budget-adds-35-trillion-in-deficits-cbo-finds

Fourth straight monthly fall in FDI

Foreign direct investment (FDI) shrank in February from a year earlier, the fourth straight fall, while investment from Europe witnessed a sharp decline, according to the Ministry of Commerce.

Experts were not optimistic about the inflow of foreign investment into China as the European debt crisis continues and domestic economic growth slows down.

http://usa.chinadaily.com.cn/business/2012-03/16/content_14847086.htm

The View From Muppetland

Veena Trehan, Op-Ed:

Banks relentless search for profits has racked up immense “collateral damage”. Investment banks have injured individuals and institutions of every stripe. Institutions include the country Greece whose books Goldman cooked; Jefferson County, Alabama, and many European cities devastated by risky derivatives; colleges like the University of Virginia and Harvard who have held cut-rate sales on private equity; and pension funds and others who sued for fraudulent trades.

http://www.nationofchange.org/view-muppetland-1331903343

Four Whistleblowers Who Sounded the Alarm on Banks’ Mortgage Shenanigans

Cora Currier, News Analysis:

“Buried in the sweeping mortgage settlement with banks, for which final documents were filed this week, are five whistleblower cases that shed light on the litany of foreclosure abuses by the banks. According to one suit, Bank of America allegedly passed bad loans on to the Federal Housing Administration. According to another, the bank allegedly denied qualified homeowners access to HAMP, the government’s loan modification program.”

http://www.nationofchange.org/four-whistleblowers-who-sounded-alarm-banks-mortgage-shenanigans-1331912410

Wars and Rumors of War

Azerbaijan arrests 22 of their own citizens for allegedly being Iranian spies

The Azerbaijani government has announced the arrest of 22 of their own citizens who they claim are Iranian spies.

The tensions between Iran and neighboring Azerbaijan have only increased over recent months and this latest announcement is, without a doubt, not going to make anything less heated.

http://www.blacklistednews.com/Azerbaijan_arrests_22_of_their_own_citizens_for_allegedly_being_Iranian_spies/18467/0/38/38/Y/M.html

GOP senator dismisses ‘CliffsNotes’ explanation for killing citizens abroad

By Jordy Yager

Sen. Chuck Grassley (R-Iowa) on Thursday demanded that the White House hand over documents that detail the administration’s legal case for killing U.S. citizens abroad who are believed to be terrorist threats.

http://thehill.com/blogs/defcon-hill/policy-and-strategy/216263-gop-senator-dismisses-holders-cliffs-notes-explanation-for-killing-citizens-abroad

Obama: Window for diplomacy in Iran shrinking

US President says administration will do “everything we can” for diplomatic solution, but urges Tehran to negotiate.

http://www.jpost.com/IranianThreat/News/Article.aspx?id=261878

U.K’s Cameron: No justification for Israeli attack on Iran

In interview to NBC’s Brian Williams, British Prime Minister says Iran could maintain a civilian nuclear project if it did away with the military aspects of its program.

http://www.haaretz.com/news/diplomacy-defense/u-k-s-cameron-no-justification-for-israeli-attack-on-iran-1.419068

US admits Israel is arming and training terrorist groups to create terrorism

Uploaded by 91177info on Feb 9, 2012

So much for this War on Terror! It is actually War OF Terror. This is proof THEY are creating terror directly and indirectly. This was shown live on US television !!

Deadly attacks on Iranian nuclear scientists are being carried out by an Iranian dissident group that is financed, trained and armed by Israel’s secret service, U.S. officials tell NBC News, confirming charges leveled by Iran’s leaders.
The group, the People’s Mujahedin of Iran, has long been designated as a terrorist group by the United States, accused of killing American servicemen and contractors in the 1970s and supporting the takeover of the U.S. Embassy in Tehran before breaking with the Iranian mullahs in 1980.

The attacks, which have  U.S. Embassy in Tehran since 2007 and may have destroyed a missile research and development site, have been carried out in dramatic fashion, with motorcycle-borne assailants often attaching small magnetic bombs to the exterior of the victims’ cars.

U.S. officials, speaking on condition of anonymity, said the Obama administration is aware of the assassination campaign but has no direct involvement.

Currency Wars: Iran’s banks to be blocked from global banking system

Swift, the body that handles global banking transactions, says it will cut Iran’s banks out of the system on Saturday to enforce sanctions.

http://www.bbc.co.uk/news/business-17390456

78 Percent of Americans Oppose Invading Syria

Strong Opposition Also Seen to Arming Rebels

http://news.antiwar.com/2012/03/15/78-percent-of-americans-oppose-invading-syria/

Environmental

Proposed UN Environmental Constitution For The World Would Establish An Incredibly Repressive System Of Global Governance

Most people have no idea that the United Nations has been drafting an environmental constitution for the world that is intended to supersede all existing national laws. This document has a working title of “Draft International Covenant on Environment and Development” and you can read the entire thing right here. Work on this proposed world environmental constitution has been going on since 1995, and the fourth edition was issued to UN member states on September 22nd, 2010. This document is intended to become a permanent binding treaty and it would establish an incredibly repressive system of global governance.

http://endoftheamericandream.com/archives/proposed-un-environmental-constitution-for-the-world-would-establish-an-incredibly-repressive-system-of-global-governance

Activism

Occupy-Monsanto to Wear Bio-Hazmat Suits as They Protest a Genetically Modified Congress

News Report: The GCU will arrive at the metro station wearing bio-hazmat suits to assess whether Members of Congress and their staff have been victims of genetic crimes. The GCU will hold a banner that reads, “Congress is Genetically Modified,” as they circulate on Capitol Hill sidewalks. This day of action is part of a larger international call to ‘Occupy Monsanto’ taking place all over the globe including Spain, Africa, New Zealand, Australia, Canada, and at least 28 cities throughout the US.

http://www.nationofchange.org/occupy-monsanto-wear-bio-hazmat-suits-they-protest-genetically-modified-congress-1331912438

The American Spring: A Time for Occupy to Blossom

Kevin Zeese, News Report:

The weekend of March 31st and April 1st includes a two day “Bail Out America” direct action training organized by the Backbone Campaign which will provide information on strategies and tactics and developing creative actions that advance the causes of Occupy.

http://www.nationofchange.org/american-spring-time-occupy-blossom-1331906460

Cyber Space

House Dems demand meeting with Apple over privacy policy for iPhone, iPad apps

By Brendan Sasso

Two prominent House Democrats demanded a briefing with Apple over its privacy policies for mobile device applications in a letter to CEO Tim Cook on Thursday.

http://thehill.com/blogs/hillicon-valley/technology/216299-house-democrats-demand-meeting-with-apple-over-privacy

LulzSec-linked STRATFOR hacker appears in court

The Chicago-based hacker who took credit for a devastating computer attack on intelligence company Stratfor made his first appearance in a New York federal courtroom, after his March 5 arrest. Hammond, 27, faces federal charges of conspiracy to commit computer hacking, computer hacking and access device fraud… Hammond chuckled when his attorney, Liz Fink, asked a prosecutor if today was the Ides of March and said, “Et tu Brutus?” a possible reference to the betrayal Hammond might have felt at learning he and other hackers were undone by LulzSec leader-turned government informant [traitor] Hector Xavier Monsegur, known online as “Sabu.” Monsegur’s FBI handler was present but declined to comment after the proceeding.

http://www.foxnews.com/us/2012/03/15/lulzsec-linked-hacker-who-threatened-to-burn-white-house-appears-in-court/

Radiation

4 more steam tubes fail in tests at troubled San Onofre nuclear plant’s Unit 3 reactor

Four more tubes that carry radioactive water at a Southern California nuclear power plant failed pressure tests, prompting new safety concerns, officials disclosed Friday. The four tubes in a massive steam generator failed Thursday in the Unit 3 reactor at the San Onofre coastal plant in northern San Diego County, Southern California Edison said. Three other tubes failed earlier tests, the company said Wednesday, bringing the total to seven.

http://www.washingtonpost.com/national/4-more-steam-tubes-fail-in-tests-at-troubled-southern-calif-nuclear-plant-unit-3-reactor/2012/03/16/gIQAhcoHGS_story.html

Heavy tube wear a mystery at Calif. nuclear

Forty-five days after a radioactive water leak prompted a Southern California utility to shut down a nuclear reactor, investigators Friday sought to pinpoint why tubing in the plant eroded at an alarming rate while the prospect of an extended repair job raised questions about summertime power supply. Tests on massive steam generators at the troubled Unit 3 reactor at the San Onofre Nuclear Generating Station, which was shut down as a precaution after the leak on Jan. 31, revealed seven alloy tubes that carry radioactive water are in danger of rupturing under high pressure. Traces of radiation escaped during the January leak.

http://www.miamiherald.com/2012/03/16/2697689/4-more-tubes-fail-in-tests-at.html

UK nuclear sites at risk of flooding, report shows

As many as 12 of Britain’s 19 civil nuclear sites are at risk of flooding and coastal erosion because of climate change global warming, according to an unpublished government analysis obtained by the Guardian. Nine of the sites have been assessed by the Department for Environment, Food and Rural Affairs (Defra) as being vulnerable now, while others are in danger from rising sea levels and storms in the future. The sites include all of the eight proposed for new nuclear power stations around the coast, as well as numerous radioactive waste stores, operating reactors and defunct nuclear facilities.

http://www.guardian.co.uk/environment/2012/mar/07/uk-nuclear-risk-flooding

Misc

The Obama Flag: Who Decided That It Was Okay To Replace The Stars On The American Flag With The Face Of Barack Obama?

Democrat Party headquarters in Lake County, Florida has been flying an American flag with a face of Barack Obama on it. Yes, you read that correctly. The “Obama flag” features a huge picture of the face of Barack Obama in the area where the stars are usually located. To many Americans today, the American flag may be “just a piece of cloth”, but when I was young I was taught that one must never desecrate the American flag. The American flag is our highest national symbol. Millions of Americans have fought and died defending freedom and liberty under that banner. To see a photo of Barack Obama plastered on it is an absolute disgrace. Sadly, there are lots of these flags floating around. In fact, you can buy them online for $12.95. Down in Florida, the chairwoman of the Lake County Democratic Party took down the “Obama flag” after a group of veterans protested, but she also said that she is not promising that she will not put it back up and that she is going to consult an attorney about all of this.

Needless to say, a lot of veterans had steam coming out of their ears when they heard about the Obama flag. Korean war veteran Don Van Beck said that he was absolutely furious when he saw what they had done to the American flag….

http://endoftheamericandream.com/archives/the-obama-flag-who-decided-that-it-was-okay-to-replace-the-stars-on-the-american-flag-with-the-face-of-barack-obama

GRIME WAVE

It’s a dirty job: Police nationwide take on soaring Tide detergent theft

Law enforcement officials across the country are puzzled over a crime wave targeting an unlikely item: Tide laundry detergent.

Theft of Tide detergent has become so rampant that authorities from New York to Oregon are keeping tabs on the soap spree, and some cities are setting up special task forces to stop it. And retailers like CVS are taking special security precautions to lock down the liquid.

http://www.thedaily.com/page/2012/03/12/031212-news-tide-theft-1-4/

McCain sees another Solyndra in Navy biofuels spending

By Carlo Munoz

The Navy’s push to develop biofuels to run its fleet of planes and warships could devolve into a “Solyndra situation” for the Pentagon, a top Republican senator said today.

http://thehill.com/blogs/defcon-hill/army/216261-mccain-warns-navy-biofuels-plan-could-become-another-solyndra

Department of Agriculture to offer beef without ‘pink slime’ to schools

By Mike Lillis

Facing increasing pressure over its embrace of “pink slime,” the Obama administration announced Thursday that it will offer schools ground beef absent the controversial product.

http://thehill.com/blogs/hillicon-valley/technology/216299-house-democrats-demand-meeting-with-apple-over-privacy

Norway Military Plane Lost During Exercise
C-130 presumed crashed; 5 missing

AP) – A Norwegian military transport plane with five people on board went missing today during an exercise and was feared to have crashed in northern Sweden, officials said. The C-130 was heading from Evenes in northern Norway to the Swedish city of Kiruna where it was supposed to pick up personnel. Air traffic controllers lost contact with the plane when it was about 50 miles west of Kiruna, a Norwegian military spokesman said.

http://www.newser.com/story/141930/norway-military-plane-lost-during-exercise.html

Lawyer wants WikiLeaks case dropped

A lawyer for an army private accused of leaking hundreds of thousands of pages of classified information has asked a military judge to dismiss the charges, arguing the government bungled the handover of documents to the defence. The request came during a pre-trial hearing for Private Bradley Manning at a military courtroom at Fort Meade, Maryland. Manning’s lawyer, David Coombs, asked that charges against his client be dismissed because the government has “hopelessly” messed up the document turnover in the nearly two years Manning has been held.

http://www.theage.com.au/world/lawyer-wants-wikileaks-case-dropped-20120316-1vaky.html

State Dept. moves to fire author of book critical of Iraq reconstruction effort

Peter Van Buren, a foreign service officer who wrote an unflattering book about his year leading two reconstruction [sic] teams in Iraq, was stripped of his security clearance, banned from State Department headquarters for a time and transferred to a telework job that consists of copying Internet addresses into a file. Now the State Department is moving to fire him based on eight charges, ranging from linking on his blog to documents on the whistleblowing site WikiLeaks to disclosing classified information. Van Buren called the termination notice he received Friday the coup de grace in a series of blows he received since his book, “We Meant Well: How I Helped Lose the Battle for the Hearts and Minds of the Iraqi People” was published last fall.

http://www.washingtonpost.com/blogs/federal-eye/post/state-dept-moves-to-fire-peter-van-buren-author-of-book-critical-of-iraq-reconstruction-effort/2012/01/31/gIQAiXNSCS_blog.html

CIA Chief: We’ll Spy on You Through Your Dishwasher

More and more personal and household devices are connecting to the internet, from your television to your car navigation systems to your light switches. CIA Director David Petraeus cannot wait to spy on you through them. Earlier this month, Petraeus mused about the emergence of an “Internet of Things” – that is, wired devices – at a summit for In-Q-Tel, the CIA’s venture capital firm. “‘Transformational’ is an overused word, but I do believe it properly applies to these technologies,” Petraeus enthused, “particularly to their effect on clandestine tradecraft.” All those new online devices are a treasure trove of data if you’re a “person of interest” to the spy community.

http://www.wired.com/dangerroom/2012/03/petraeus-tv-remote/

HAZMAT situation: ‘Non-emergency significant event’ declared at Los Alamos –DP Road open after HAZMAT situation on Los Alamos property

With sirens blaring, emergency management vehicles raced down DP Road Wednesday, responding to a Hazmat situation at Enclosure 12 in TA-21. For two hours, DP Road was closed as the LANL Hazmat team, Los Alamos Fire and Police Department and FEMA assessed the situation. Most of DP Road was reopened around 1:45 p.m. as LAPD decreased its perimeter. Capt. Randy Foster said the initial call came into dispatch at 11:53 a.m. The road was closed east of 272 DP Road until the all-clear from the LANL Hazmat teams came in Wednesday evening. The situation has been categorized as a “non-emergency significant event” by the laboratory… Police said a voluntary evacuation was taking place on DP Road. Police said for those who are working on DP Road to remain inside if they chose to stay. Businesses along DP Road still were waiting for an all-clear signal as of 7:30 p.m. An automated 911 call was received at the Los Alamos Monitor at 1:05 p.m. advising all people on DP Road to shelter in place until the all-clear signal is sounded.

http://www.legitgov.org/HAZMAT-situation-Non-emergency-significant-event-declared-Los-Alamos

Whistleblower details unreported mercury spill at Hill AFB

A whistleblower’s claim that a 2007 spill of more than 60 pounds of mercury was not properly reported or cleaned up at this military base, where more than 24,000 military personnel and civilians work and live, has prompted a federal criminal investigation. The Utah Department of Environmental Quality has backed that claim, concluding after an investigation in September and October that the base violated permits because it failed to report the spill and cleanup, improperly stored the cleaned-up material, improperly labeled storage containers that were also not in good condition and failed to inspect containers storing the hazardous waste.

http://www.ksl.com/?nid=960&sid=19583627http://www.ksl.com/?nid=960&sid=19583627&title=whistleblower-details-unreported-mercury-spill-at-hill-afb

The NSA Is Building the Country’s Biggest Spy Center (Watch What You Say)

The spring air in the small, sand-dusted town has a soft haze to it, and clumps of green-gray sagebrush rustle in the breeze. Bluffdale sits in a bowl-shaped valley in the shadow of Utah’s Wasatch Range to the east and the Oquirrh Mountains to the west. It’s the heart of Mormon country, where religious pioneers first arrived more than 160 years ago. They came to escape the rest of the world, to understand the mysterious words sent down from their god as revealed on buried golden plates, and to practice what has become known as “the principle,” marriage to multiple wives.

http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/all/1

‘Media – West proxy to fuel Syria conflict’

Uploaded by RussiaToday on Mar 14, 2012

Syria’s turmoil has been laid bare on our TV screens for more than a year, but some networks are being accused of affecting rather than reflecting the conflict. Maria Finoshina reports now, on how there’s more to the coverage on the Qatari-owned Al Jazeera TV channel, than meets the eye.