Bloomberg.com: Australia & New Zealand: "``Mining stocks have fallen along with commodity prices, but analysts never had spot prices in their valuations,'' said Hans Kunnen, who helps oversee about $70 billion at the country's largest money manager, Colonial First State in Sydney. ``Earnings upgrades for mining stocks are still possible and the China story remains intact.''
China's industrial production expanded at the fastest pace in two years in May. Output climbed 17.9 percent to 706 billion yuan ($88.2 billion) after rising 16.6 percent in April, the Beijing- based National Bureau of Statistics said in a statement today.
China
The country last year leapfrogged the U.S. to become Australia's second-biggest export market after Japan, according to government figures. Exports to China surged 50 percent to A$18.4 billion in 2005, lifting China's share of overseas shipments to 10.5 percent from 8 percent in 2004.
China accounted for 16.2 percent of BHP's sales in the six months ended Dec. 31, up from 12.6 percent in the last fiscal year.
The S&P/ASX 200 Index's futures contract for June rose 0.8 percent to 4863. The broader All Ordinaries Index added 0.3 percent to 4821.7.
The following shares also rose or fell. The stock symbols are in brackets after the company names. "
14 June 2006
13 June 2006
Greenpeace Draft Memo shows they don't beleive their own Properganda
Greenpeace Just Kidding About Armageddon: "But after that assertion, the Greenpeace authors were apparently stumped while searching for the ideal menacing metaphor.
'In the twenty years since the Chernobyl tragedy, the world's worst nuclear accident, there have been nearly [FILL IN ALARMIST AND ARMAGEDDONIST FACTOID HERE],' the sheet said."
'In the twenty years since the Chernobyl tragedy, the world's worst nuclear accident, there have been nearly [FILL IN ALARMIST AND ARMAGEDDONIST FACTOID HERE],' the sheet said."
Globalists back China in auto exports to U.S.
WorldNetDaily: Globalists back China in auto exports to U.S.: "George Soros, the billionaire who bankrolled Moveon.org, and Maurice Strong, a major backer of the United Nations and environmentalist causes, are considering pouring hundreds of millions into a Chinese state automaker with plans to begin dumping cheap exports on the U.S. market next year, WND has learned.
The 'Chery' is a knockoff of the South Korean Spark, sold in the U.S. in partnership with General Motors. GM filed a lawsuit against Chery Automobile Co. for piracy of the car developed by its South Korean affiliate Daewoo.
The lawsuit, launched in the name of GM Daewoo Auto & Technology Co. Ltd, contends Chery's QQ copied the design of Daewoo's Matiz, while Chery claims it developed the QQ on its own. GM's investigation results showed the two vehicles 'shared remarkably identical body structure, exterior design, interior design and key components.' "
The 'Chery' is a knockoff of the South Korean Spark, sold in the U.S. in partnership with General Motors. GM filed a lawsuit against Chery Automobile Co. for piracy of the car developed by its South Korean affiliate Daewoo.
The lawsuit, launched in the name of GM Daewoo Auto & Technology Co. Ltd, contends Chery's QQ copied the design of Daewoo's Matiz, while Chery claims it developed the QQ on its own. GM's investigation results showed the two vehicles 'shared remarkably identical body structure, exterior design, interior design and key components.' "
Silver Default Looming?
Silver Default Looming? - SilverSeek.com: "In last week’s article, 'Proving the Silver Manipulation Again,' I highlighted the growing and extremely large concentrated position of the largest short traders (compared to the largest long traders) on the COMEX silver market. I based all my analysis on source data contained in the Commitment of Traders Report (COT) as of May 30, 2006. My intent was to show how the evidence constituted reasonable grounds for an immediate investigation into possible manipulation. I directed this information to the new chairmen of the Commodity Futures Trading Commission (CFTC) and the NYMEX/COMEX, as did many of you, with the expectation that they would explain and/or rectify the situation.
The just released COT, for positions held as of June 6, 2006, shocked and dismayed me. Not only did it confirm my contention that the largest short traders on the COMEX continued (and actually increased) their dominance over long traders by excessive concentration, the new COT contained data that was so disturbing that it raised the possibility of a looming default in COMEX silver. At a minimum, the new data fully explains the recent sharp sell-offs in silver and strengthens my allegations of a downward price manipulation."
The just released COT, for positions held as of June 6, 2006, shocked and dismayed me. Not only did it confirm my contention that the largest short traders on the COMEX continued (and actually increased) their dominance over long traders by excessive concentration, the new COT contained data that was so disturbing that it raised the possibility of a looming default in COMEX silver. At a minimum, the new data fully explains the recent sharp sell-offs in silver and strengthens my allegations of a downward price manipulation."
What's Up With The Markets
Safe Haven | What's Up With The Markets: "Markets around the world are getting increasingly active - volatility is on the rise. Some of this volatility is due to the unwinding of certain carry trades. However, we think there is much more to come regarding the carry trades. These are the just the incipient murmurs.
The yen has been weak of late - suggesting that large positions have not yet been unwound. Such activity would put upward pressure on the yen. There are billions involved in the yen carry trade.
Nevertheless, this is only one side of the carry trade. Commodities are and have been on the other side. If commodity prices fall further, it will put even more pressure on the carry trades, and quite possibly from both sides"
The yen has been weak of late - suggesting that large positions have not yet been unwound. Such activity would put upward pressure on the yen. There are billions involved in the yen carry trade.
Nevertheless, this is only one side of the carry trade. Commodities are and have been on the other side. If commodity prices fall further, it will put even more pressure on the carry trades, and quite possibly from both sides"
12 June 2006
The Global Class War: How America's Bipartisan Elite Lost Our Future, and What It Will Take to Win It Back
The Global Class War: How America's Bipartisan Elite Lost Our Future, and What It Will Take to Win It Back: "Why is America's governing class so indifferent to the fate of its people? In his provocative new book, The Global Class War, economist Jeff Faux argues that now that they can find workers and investment opportunities elsewhere, America's rich and powerful are abandoning the social contract that until recently had united the economic interests of all Americans.
Faux explains how globalization is creating a new global political elite—'The Party of Davos'—who have more in common with each other than with their fellow citizens. Their so-called trade agreements (like NAFTA) and the World Trade Organization act as a global constitution that protects only one kind of citizen—the corporate investor. The inevitable result will be a drop in American living standards that will have dramatic political consequences. Faux concludes with an original strategy for bringing democracy to the global economy beginning with a social contract for North America"
Faux explains how globalization is creating a new global political elite—'The Party of Davos'—who have more in common with each other than with their fellow citizens. Their so-called trade agreements (like NAFTA) and the World Trade Organization act as a global constitution that protects only one kind of citizen—the corporate investor. The inevitable result will be a drop in American living standards that will have dramatic political consequences. Faux concludes with an original strategy for bringing democracy to the global economy beginning with a social contract for North America"
Cheap Drinking Water from the Ocean
: "A water desalination system using carbon nanotube-based membranes could significantly reduce the cost of purifying water from the ocean. The technology could potentially provide a solution to water shortages both in the United States, where populations are expected to soar in areas with few freshwater sources, and worldwide, where a lack of clean water is a major cause of disease.
The new membranes, developed by researchers at Lawrence Livermore National Laboratory (LLNL), could reduce the cost of desalination by 75 percent, compared to reverse osmosis methods used today, the researchers say. The membranes, which sort molecules by size and with electrostatic forces, could also separate various gases, perhaps leading to economical ways to capture carbon dioxide emitted from power plants, to prevent it from entering the atmosphere.
The carbon nanotubes used by the researchers are sheets of carbon atoms rolled so tightly that only seven water molecules can fit across their diameter. Their small size makes them good candidates for separating molecules. And, despite their diminutive dimensions, these nanopores allow water to flow at the same rate as pores considerably larger, reducing the amount of pressure needed to force water through, and potentially saving energy and costs compared to reverse osmosis using conventional membranes."
The new membranes, developed by researchers at Lawrence Livermore National Laboratory (LLNL), could reduce the cost of desalination by 75 percent, compared to reverse osmosis methods used today, the researchers say. The membranes, which sort molecules by size and with electrostatic forces, could also separate various gases, perhaps leading to economical ways to capture carbon dioxide emitted from power plants, to prevent it from entering the atmosphere.
The carbon nanotubes used by the researchers are sheets of carbon atoms rolled so tightly that only seven water molecules can fit across their diameter. Their small size makes them good candidates for separating molecules. And, despite their diminutive dimensions, these nanopores allow water to flow at the same rate as pores considerably larger, reducing the amount of pressure needed to force water through, and potentially saving energy and costs compared to reverse osmosis using conventional membranes."
Debt and social misery: the flipside of Britain's financial services boom
Debt and social misery: the flipside of Britain's financial services boom: "According to a survey published by YouGov for the debt management agency Thomas Charles, more than one million people could be on the verge of bankruptcy. One in five adults—eight million people—has unsecured debts of more than £10,000 (US$17,000), and 1.7 million people often struggle to keep up with debt repayments, with more than half of them having problems meeting their obligations every month.
Young people are by far the worst affected, with under-25s representing 61 percent of those with debts of between £10,000 and £30,000. More than a third of those surveyed said that debt was having an adverse effect on their health or relationships, while 8 percent said that it had made them clinically depressed.
Home repossessions rose by 70 percent last year, as house prices soared and people borrowed more than they could afford.
Record numbers of people are ringing help lines. The Citizens Advice Bureau (CAB) said that the number seeking help with debt management had doubled in the last eight years, and accounted for three quarters of the 1.25 million new debt cases that the charity dealt with every year. Young people and the elderly are particularly vulnerable. Women over 60 are the fastest growing group seeking advice."
Young people are by far the worst affected, with under-25s representing 61 percent of those with debts of between £10,000 and £30,000. More than a third of those surveyed said that debt was having an adverse effect on their health or relationships, while 8 percent said that it had made them clinically depressed.
Home repossessions rose by 70 percent last year, as house prices soared and people borrowed more than they could afford.
Record numbers of people are ringing help lines. The Citizens Advice Bureau (CAB) said that the number seeking help with debt management had doubled in the last eight years, and accounted for three quarters of the 1.25 million new debt cases that the charity dealt with every year. Young people and the elderly are particularly vulnerable. Women over 60 are the fastest growing group seeking advice."
11 June 2006
A Slow Unravelling - Or Will It Turn into a Crash?
Safe Haven | A Slow Unravelling - Or Will It Turn into a Crash?: "Investors may be in for a surprise when they open their May investment statements. For the first time in a while the markets had a down month. For the record, the Dow Jones Industrials (DJI) fell 1.7 percent, the S&P 500 3.0 percent, the NASDAQ 6.1 percent, the TSX Composite 3.8 percent, and the AMEX Oil Index (XOI) 2.7 percent. The worst performer was the Gold Bugs Index (HUI), down 12 percent. A number of the indices were down at important support zones and threatening to break through them, while the DJI also failed to take out highs seen in January 2000, leaving the potential for a massive multi-year double top. Shudder at the thought, as potential targets would be around 4,000."
Real Estate Bubble To Real Estate Crash | The Wall Street Examiner
Real Estate Bubble To Real Estate Crash | The Wall Street Examiner: "Both purchase mortgage and refi activity have been gradually downtrending since June 2005. Refis are hovering at their lowest levels in five years. Purchases have been dead in the water for over three months at their lowest levels in 3 ½ years. They are down 19% on a seasonally adjusted basis since peaking last June. Any further increase in mortgage rates is likely to lead to the total collapse of the housing market, which is already on its heels. Thirty year fixed rate mortgages were quoted around 6.66% on May 26, at the time of the weekly mortgage applications survey to which the above and following chart apply.
In addition to the problem of rising inventories, demand is tailing off. The National Association of Homebuilders conducts a survey of its members, of the traffic of prospective buyers. They report the data as a diffusion index on a scale of zero to 100. A reading of 50 means that an equal number of respondents are reporting good or very good traffic versus poor or very poor. The index is seasonally adjusted in order to remove seasonal influences from month to month comparison. This index has declined from a high of 55 in June and July 2005 to a reading of 32 in May 2006. Excluding a reading of 30 in the month following the 9/11 disaster in 2001, the current reading is the lowest reading since January of 2001. Readings of 41 or below have now persisted for six months. Sales contract volume is following a similar path."
In addition to the problem of rising inventories, demand is tailing off. The National Association of Homebuilders conducts a survey of its members, of the traffic of prospective buyers. They report the data as a diffusion index on a scale of zero to 100. A reading of 50 means that an equal number of respondents are reporting good or very good traffic versus poor or very poor. The index is seasonally adjusted in order to remove seasonal influences from month to month comparison. This index has declined from a high of 55 in June and July 2005 to a reading of 32 in May 2006. Excluding a reading of 30 in the month following the 9/11 disaster in 2001, the current reading is the lowest reading since January of 2001. Readings of 41 or below have now persisted for six months. Sales contract volume is following a similar path."
10 June 2006
Gold: Bull Markets Climb Walls of Worry
Safe Haven | Gold: Bull Markets Climb Walls of Worry: "Conspiracy theories, self-doubt, testing 2,000 years of history? The Da Vinci Code? No. Gold. Gold bullion's performance continues to defy conventional wisdom. Gold broke $700 an ounce to its highest price in a quarter of a century before retreating in profit-taking. Nonetheless, gold has risen more than 250 percent in the past five years, outperforming stocks, bonds and cash. Gold's move is due to the fact that the US has become the world's largest debtor in history. Gold generally has an inverse price relationship to the US dollar. As global rates inch up, there has been a major realignment of interest rates making non-dollar assets more appealing. The renewed flight from the dollar has been fast and furious, losing 6 percent against the euro in only a month.
Wall of worry
Bull markets climb walls of worry. With gold pulling back almost 13 percent, conventional wisdom is skeptical about gold's rise and sustainability. Such uncertainty has caused many investors to shun gold. Commodities have recently touched new records, reaching levels not seen for nearly two decades. However, when adjusted for inflation, commodities in real terms are even cheaper with crude oil and gold less costly than they were in the 70s. While most analysts are calling for the 'pricking' of the commodity bubble, few have 'drilled down' for the real cause of the price moves.
Simply, we believe that a commodities super-cycle has just begun. Two decades of neglect and inventory rundown sparked the upturn. We are experiencing a fundamental imbalance between constrained supplies and exploding demand. South Africa, the world's largest gold producer produced almost 11 percent less gold in the first quarter despite higher prices and will produce less then 300 tons this year, an eighty year low. South African production ha"
Wall of worry
Bull markets climb walls of worry. With gold pulling back almost 13 percent, conventional wisdom is skeptical about gold's rise and sustainability. Such uncertainty has caused many investors to shun gold. Commodities have recently touched new records, reaching levels not seen for nearly two decades. However, when adjusted for inflation, commodities in real terms are even cheaper with crude oil and gold less costly than they were in the 70s. While most analysts are calling for the 'pricking' of the commodity bubble, few have 'drilled down' for the real cause of the price moves.
Simply, we believe that a commodities super-cycle has just begun. Two decades of neglect and inventory rundown sparked the upturn. We are experiencing a fundamental imbalance between constrained supplies and exploding demand. South Africa, the world's largest gold producer produced almost 11 percent less gold in the first quarter despite higher prices and will produce less then 300 tons this year, an eighty year low. South African production ha"
9 June 2006
Ben Bernanke: Tough Guy
Ben Bernanke: Tough Guy: "Ben S. Bernanke rattled world financial markets Monday with his tough talk about combating inflation, but he also buffed up his image as a strong Federal Reserve chairman committed to the fight, analysts said yesterday.
'He reintroduced testosterone to the inflation-fighting resolve of the Fed,' said Diane Swonk, chief economist of Mesirow Financial Inc., an investment management firm. 'This is a pure male thing. He said to the markets, 'You think I'm a wimp? Take me on.' '"
'He reintroduced testosterone to the inflation-fighting resolve of the Fed,' said Diane Swonk, chief economist of Mesirow Financial Inc., an investment management firm. 'This is a pure male thing. He said to the markets, 'You think I'm a wimp? Take me on.' '"
8 June 2006
Welcome to the 21 Century. A world for which none of us is prepared.
Energy Geopolitics 2006: "News reports flitting across computer screens these days seem increasingly to be related to the subject of energy. But what do they signify? The modern world affairs analyst is in little better position to discern the patterns and portents than was his or her ancient Roman counterpart, the reader of entrails. What is one to make of items like these?
In January, Russia’s Gazprom (the state-owned natural gas company) temporarily cut supplies to Ukraine in order to obtain higher prices. While Russian president Vladimir Putin re-established gas shipments as soon as Western countries complained (they did so because they were running short, due to Ukraine’s skimming off of gas being trans-shipped to Europe through its territory), Western officials saw this as Russia unsheathing its “gas weapon.”"
In January, Russia’s Gazprom (the state-owned natural gas company) temporarily cut supplies to Ukraine in order to obtain higher prices. While Russian president Vladimir Putin re-established gas shipments as soon as Western countries complained (they did so because they were running short, due to Ukraine’s skimming off of gas being trans-shipped to Europe through its territory), Western officials saw this as Russia unsheathing its “gas weapon.”"
Golden WombatMcKern’s Market: Report 8/6/06 (No.1)
Golden Wombat: "Well, I been throwing off “other peoples posts” for months now, like crazy, and writing this and that but its time I bit the bullet. The real purpose of this site was to create a framework that would bring discipline and planning to my investing and trading. Over the next 48 months massive opportunities will unfold and these market reports will record the successes and failures, the stories that drove my trading, my big picture view and the trading plans going forward."
Robert Fisk: On the shocking truth about the American occupation of Iraq
Robert Fisk: On the shocking truth about the American occupation of Iraq: "I remember clearly the first suspicions I had that murder most foul might be taking place in our name in Iraq. I was in the Baghdad mortuary, counting corpses, when one of the city's senior medical officials - an old friend - told me of his fears. 'Everyone brings bodies here,' he said. 'But when the Americans bring bodies in, we are instructed that under no circumstances are we ever to do post-mortems. We were given to understand that this had already been done. Sometimes we'd get a piece of paper like this one with a body.' And here the man handed me an American military document showing the hand-drawn outline of a man's body and the words 'trauma wounds'. "
Up. Not down
Kitco - Contributed Commentaries - Richard Daughty: "What will happen? Well, Chris Laird of PrudentSquirrel.com asks, provocatively, 'World Markets about to Crash Together?' He first defines the problem as 'The US is considering a pause in its interest rate hikes of late. The interest rate differential the US holds over Japan and Europe is as much as 3%. If that differential is not maintained, trillions of dollars of US denominated financial investments are going to be unloaded on the world markets.'
So what is the upshot of this unloading? 'A combination of unwinding the Yen carry trade and a serious drop in the value of the USD will just simply pull the rug out from under every major financial market that has benefited from the cheap USD and Yen.' I'm going to go out on a small limb and say we are looking right now at a gigantic world stock collapse.'
Almost as an afterthought, he says 'Oh, did I mention that we are seeing the highest insider selling of stocks since about 2000?' And you remember what happened in 2000.
So it is the sudden, huge collapse of the Current Account that, alongside the fall in Japan's monetary base, is the Big Freaking News That Screams Danger! Danger! Danger! To The Mogambo (TBFNTMD!D!D!TTM)."
So what is the upshot of this unloading? 'A combination of unwinding the Yen carry trade and a serious drop in the value of the USD will just simply pull the rug out from under every major financial market that has benefited from the cheap USD and Yen.' I'm going to go out on a small limb and say we are looking right now at a gigantic world stock collapse.'
Almost as an afterthought, he says 'Oh, did I mention that we are seeing the highest insider selling of stocks since about 2000?' And you remember what happened in 2000.
So it is the sudden, huge collapse of the Current Account that, alongside the fall in Japan's monetary base, is the Big Freaking News That Screams Danger! Danger! Danger! To The Mogambo (TBFNTMD!D!D!TTM)."
It’s Time To Jump Back in Precious Metals and Mining Shares With Both Feet Again - GoldSeek.com
It’s Time To Jump Back in Precious Metals and Mining Shares With Both Feet Again - GoldSeek.com: "Like it or not, http://www.gata.org and its major supporters like Bill Murphy, James Turk and John Embry (Sprott) have been far more right than wrong in their predictions that the once believed “overhang” of supply (that so many of their critics constantly predicted) would not materialize. To what level there’s been manipulation or not to me isn’t as important as the “fact” that these gentlemen have been far more right than the very critics who called them nuts for even believing such manipulation was/is occurring. They at least proved (and its much more than this) that it’s better to be right for the wrong reasons than wrong for the right reasons. What’s most crucial about GATA’s work IMHO, is the Central Banks just don’t have the large quantities of gold the Andy Smith’s of the world (I assume this ardent gold bear is still alive somewhere) used to claim will overhang gold forever and thus gold would never see $500. (Now that I think about it, whatever happened to that money manager on ROB-TV who used to claim his grandchildren would never see $500 gold?). I think it’s foolish not to at least value GATA’s work on the same level of all my other work and urge you to make it part of your gold research as well.
n While I believe geopolitical “safe haven” status is going to continue to benefit gold for the foreseeable future, I think the next up leg is going to be driven by the fall of the U.S. Dollar. Please re-read my April 4th report at
http://www.grandich.com/docs/alertGL_04-04-06.pdf . If you’re going to value my observations in a serious manner, then I want you to imprint the following on the palm "
n While I believe geopolitical “safe haven” status is going to continue to benefit gold for the foreseeable future, I think the next up leg is going to be driven by the fall of the U.S. Dollar. Please re-read my April 4th report at
http://www.grandich.com/docs/alertGL_04-04-06.pdf . If you’re going to value my observations in a serious manner, then I want you to imprint the following on the palm "
TWIN HILLS SILVER MINE PROGRESS REPORT
Macmin Silver Ltd. - Free Market News Network: "Macmin Silver Ltd has signed a contract with Mearns Environmental Contracting Pty Ltd for an equipment fleet to commence mining at Twin Hills. The equipment comprises one Komatsu PC 1000 Hydraulic Excavator and three Caterpillar 773 off highway Rear Dump Trucks, which will be on site from July 1. This agreement provides that Mearns supplies the equipment and maintenance services whilst Macmin will supply the operators.
The arrival of the mining fleet will permit the Company to speed up its earthmoving activities on site. These activities initially include moving recently blasted rock from the storm containment dam; shifting and stockpiling alluvium in readiness for the next round of heap leach area preparation; and commencing the digging of waste and ore from the pit.
The Company has commenced discussions with Inglewood Shire Council on the possible use of ‘grey' water from the Texas townsite sewerage treatment plant. The water would be used in the processing plant and would serve as an alternate supplementary water supply in conjunction with the currently identified water resources on the site."
I think this one's a real sleeper! REAL POTENTIAL
The arrival of the mining fleet will permit the Company to speed up its earthmoving activities on site. These activities initially include moving recently blasted rock from the storm containment dam; shifting and stockpiling alluvium in readiness for the next round of heap leach area preparation; and commencing the digging of waste and ore from the pit.
The Company has commenced discussions with Inglewood Shire Council on the possible use of ‘grey' water from the Texas townsite sewerage treatment plant. The water would be used in the processing plant and would serve as an alternate supplementary water supply in conjunction with the currently identified water resources on the site."
I think this one's a real sleeper! REAL POTENTIAL
7 June 2006
We Are the Ones We've Been Waiting For
Scrutiny Hooligans: We Are the Ones We've Been Waiting For: "You have been telling the people that this is the Eleventh Hour. Now you must tell the people that this is the Hour. And there are things to be considered:
Where are you living? What are you doing?
What are your relationships? Are you in right relation?
Do the children want what they see in you?
Where is your water? Know your garden.
Does your life grow corn?
It is time to speak your Truth. Create your community.
Be good to each other. And do not look outside yourself for the leader.
This could be a good time!
There is a river flowing now very fast.
It is so great and swift that there are those who will be afraid. They will try to hold on to the shore. They will feel they are being torn apart, and they will suffer greatly.
Know the river has its destination.
The elders say we must let go of the shore, push off into the middle of the river, keep our eyes open and our heads above the water.
See who is in there with you and celebrate.
At this time in history, we are to take nothing personally. Least of all, ourselves. For the moment that we do, our spiritual growth and journey comes to a halt.
The time of the lone wolf is over. Gather yourselves!
Banish the word struggle from your attitude and vocabulary.
All that we do now must be done in a sacred manner and in celebration.
We are the ones we've been waiting for.'
The Elders, Oraibi, Arizona, Hopi Nation"
Where are you living? What are you doing?
What are your relationships? Are you in right relation?
Do the children want what they see in you?
Where is your water? Know your garden.
Does your life grow corn?
It is time to speak your Truth. Create your community.
Be good to each other. And do not look outside yourself for the leader.
This could be a good time!
There is a river flowing now very fast.
It is so great and swift that there are those who will be afraid. They will try to hold on to the shore. They will feel they are being torn apart, and they will suffer greatly.
Know the river has its destination.
The elders say we must let go of the shore, push off into the middle of the river, keep our eyes open and our heads above the water.
See who is in there with you and celebrate.
At this time in history, we are to take nothing personally. Least of all, ourselves. For the moment that we do, our spiritual growth and journey comes to a halt.
The time of the lone wolf is over. Gather yourselves!
Banish the word struggle from your attitude and vocabulary.
All that we do now must be done in a sacred manner and in celebration.
We are the ones we've been waiting for.'
The Elders, Oraibi, Arizona, Hopi Nation"
The IMF’s America Problem
Project Syndicate: "The IMF’s meeting this spring was lauded as a breakthrough, with officials given a new mandate for “surveillance” of the trade imbalances that contribute significantly to global instability. The new mission is crucially important, both for the health of the global economy and the IMF’s own legitimacy. But is the Fund up to the job?
There is obviously something peculiar about a global financial system in which the richest country in the world, the United States, borrows more than $2 billion a day from poorer countries – even as it lectures them on principles of good governance and fiscal responsibility. So the stakes for the IMF, which is charged with ensuring global financial stability, are high: if other countries eventually lose confidence in an increasingly indebted US, the potential disturbances in the world’s financial markets would be massive. "
There is obviously something peculiar about a global financial system in which the richest country in the world, the United States, borrows more than $2 billion a day from poorer countries – even as it lectures them on principles of good governance and fiscal responsibility. So the stakes for the IMF, which is charged with ensuring global financial stability, are high: if other countries eventually lose confidence in an increasingly indebted US, the potential disturbances in the world’s financial markets would be massive. "
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