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Monday, 24 October 2011
Vatican Calls For 'Central World Bank' - (Read Full Article)
The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises. The document from the Vatican’s Justice and Peace department should please the “Occupy Wall Street” demonstrators and similar movements around the world who have protested against the economic downturn.
“Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions. “The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence,” it said.
It condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic problems. “In fact, the crisis has revealed behaviours like selfishness, collective greed and hoarding of goods on a great scale,” it said, adding that world economics needed an “ethic of solidarity” among rich and poor nations.
“If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid,” it said.
It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions.
Monday, 24 October 2011
Libya's liberation: interim ruler unveils more radical than expected plans for Islamic law - (Read Full Article)
Mustafa Abdul-Jalil, the chairman of the National Transitional Council and de fact president, had already declared that Libyan laws in future would have Sharia, the Islamic code, as its "basic source".
But that formulation can be interpreted in many ways - it was also the basis of Egypt's largely secular constitution under President Hosni Mubarak, and remains so after his fall.
Mr Abdul-Jalil went further, specifically lifting immediately, by decree, one law from Col. Gaddafi's era that he said was in conflict with Sharia - that banning polygamy.
In a blow to those who hoped to see Libya's economy integrate further into the western world, he announced that in future bank regulations would ban the charging of interest, in line with Sharia. "Interest creates disease and hatred among people," he said.
Gulf states like the United Arab Emirates, and other Muslim countries, have pioneered the development of Sharia-compliant banks which charge fees rather than interest for loans but they normally run alongside western-style banks.
Thursday, 20 October 2011
The Coming Derivatives Crisis That Could Destroy The Entire Global Financial System - (Read Full Article)
Most people have no idea that Wall Street has become a gigantic financial casino. The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end. The word "derivatives" sounds complicated and technical, but understanding them is really not that hard. A derivative is essentially a fancy way of saying that a bet has been made. Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before. Estimates of the notional value of the worldwide derivatives market go from $600 trillion all the way up to $1.5 quadrillion. Keep in mind that the GDP of the entire world is only somewhere in the neighborhood of $65 trillion. The danger to the global financial system posed by derivatives is so great that Warren Buffet once called them "financial weapons of mass destruction". For now, the financial powers that be are trying to keep the casino rolling, but it is inevitable that at some point this entire mess is going to come crashing down. When it does, we are going to be facing a derivatives crisis that really could destroy the entire global financial system.
Most people don't talk much about derivatives because they simply do not understand them.
Perhaps a couple of definitions would be helpful.
The following is how a recent Bloomberg article defined derivatives....
- Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates.
Monday, 17 October 2011
Ron Paul to propose $1T in specific budget cuts - (Read Full Article)
Ron Paul’s opinions about cutting the budget are well-known, but on Monday, he’ll get specific: the Texas congressman will lay out a budget blueprint for deep and far-reaching cuts to federal spending, including the elimination of five cabinet-level departments and the drawdown of American troops fighting overseas.
There will even be a symbolic readjustment of the president’s own salary to put it in line with the average American salary.
During an afternoon speech in Las Vegas ahead of Tuesday’s debate, Paul will say that his plan for $1 trillion in cuts will create a balanced federal budget by the third year of his presidency.
“Dr. Paul is the only candidate with a plan to cut spending and truly balance the budget,” says an executive summary of the plan, which POLITICO obtained, along with detailed spending and taxation levels, ahead of its release. “This is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.”
Many of the ideas are familiar from Paul’s staunch libertarianism, as well as tea party favorites like eliminating the departments of education and energy. But Paul goes further: he’ll propose immediately freezing spending by numerous government agencies at 2006 levels, the last time Republicans had complete control of the federal budget, and drastically reducing spending elsewhere. The EPA would see a 30 percent cut, the Food and Drug Administration would see one of 40 percent and foreign aid would be zeroed out immediately. He’d also take an ax to Pentagon funding for wars.
Wednesday, 05 October 2011
Fast And Furious: 22 Shocking Facts About The Scandal That Could Bring Down The Obama Administration - (Read Full Article)
Could Fast and Furious be the scandal that brings down the Obama administration? With the full knowledge of the Department of Justice, ATF agents facilitated the sale of thousands of guns to Mexican drug cartels and dropped all surveillance of those weapons once they crossed the border. Weapons sold during Operation Fast and Furious have been used to shoot U.S. border control agents. Weapons sold during Operation Fast and Furious have been found at dozens of crime scenes in Mexico. Nobody has been held accountable for this scandal yet. U.S. Attorney General Eric Holder has been stonewalling all efforts by members of Congress to look into Fast and Furious.
A CBS reporter that has been aggressively investigating this story was recently screamed at and cussed at by a high ranking official that works in the White House. It has become abundantly clear that the Obama administration desperately wants to hide what went on during Operation Fast and Furious. So will they succeed or will we eventually find out the truth?
What you are about to read should shock the living daylights out of you. The U.S. government purposely armed Mexican drug cartels with thousands of guns and then ordered agents not to follow the weapons across the border.
This should be a story that the mainstream media is pounding on every single day.
But they aren't.
In fact, they are mostly ignoring it.
However, if the truth starts getting out and the American people start grasping what really happened this thing could become absolutely huge.
In fact, this could end up being Obama's Watergate.
The following are 22 shocking facts about the scandal that could bring down the Obama administration....
#1 During Operation Fast and Furious, ATF agents purposely allowed thousands of guns to be sold to individuals that they believed would get them into the hands of Mexican drug cartels.
#2 ATF agents were specifically ordered not to intercept the guns before they crossed the border. The following is a brief excerpt from a CBS News report that detailed the fierce objections that many ATF agents expressed when they were ordered to stand down....
Tuesday, 04 October 2011
Honduran Farmers Slaughtered In Name Of Global Warming - (Read Full Article)
23 farmers in Honduras were slaughtered in cold blood by hired mercenaries as they tried to protect their land from being seized by a corporation who wanted to use the land to produce biofuels as part of a United Nations-accredited EU carbon trading scheme.
“Protests erupted in July when six international human rights advocacy groups presented a report to the EP detailing what they called murders and forced evictions of peasants in El Bajo Aguán Valley of northern Honduras, ” reports the New American.
“The International Federation of Human Rights (FIDH) report accuses UN-sanctioned palm oil mills of stealing farmland from Honduran natives and killing or wounding them when they attempt to defend their property. It says the companies, acting with government impunity, regularly target members of local land-rights movements who end up murdered in feigned car accidents or hunted down and shot by private security guards.”
The United Nations’ CDM (Clean Development Mechanism) responded to news of the killings with a collective shrug of the shoulders.
“We are not investigators of crimes,” a board member told EurActiv. “We had to take judgements within our rules – however regretful that may be – and there was not much scope for us to refuse the project. All the consultation procedures precisely had been obeyed.”