Monthly Archives: March 2013

Geneva car show opens amid industry gloom

"Switzerland, the host of what is one of the auto industry's biggest events, is a rare bright spot on the crisis-hit continent. The Swiss, who do not belong to the EU, saw new car registrations jump 2.4 percent last year from an already record year in 2011, with 431,000 new registrations. For the neighbouring EU nations, however, the end of the tunnel remains out of sight and most experts refuse to guess when, if ever, the market will come roaring back and hit its pre-crisis 2007 level of 16 million cars sold." Continue reading →

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China “fully prepared” for currency war: central banker

"Yi Gang, deputy governor of China’s central bank, issued the call after G20 finance ministers last month moved to calm fears of a looming war on the currency markets at a meeting in Moscow. Those fears have largely been fuelled by the recent steep decline in the Japanese yen, which critics have accused Tokyo of manipulating to give its manufacturers a competitive edge in key export markets over Asian rivals. South Korea’s incoming president Park Geun-Hye has also signalled her willingness to step in to stabilise the won and protect exporters battling a stronger Korean currency and a weaker yen." Continue reading →

Continue ReadingChina “fully prepared” for currency war: central banker

China’s Property Bubble – Why Is ’60 Minutes’ Telling the Tale?

"Western Money Power doesn't have the same control in China. China has a Western system but ultimately the ChiComs are the ones that run it. And maybe they have run it into the ground. Either it was planned or it was not. Or a combination of both. But we wrote that when the property bubble burst, if it did burst (as all bubbles must) then the Chinese Communist Party itself would be in trouble. So listen to this video snippet, excerpted above: the part where one of the largest builders of homes in China (and thus the world) is interviewed. He seems paralyzed by fear, and says a housing bust would be a disaster. He even predicts regime change." Continue reading →

Continue ReadingChina’s Property Bubble – Why Is ’60 Minutes’ Telling the Tale?

US Unlikely To Crack China FATCA Agreement

"FATCA has been created to track down the offshore financial assets of US taxpayers and make the institution concerned reveal details so that tax can be collected. Now China is telling the US that there will be so few US citizens holding Chinese bank accounts that the cost of implementing FATCA outweighs the benefit to the nation’s financial institutions. The Chinese have also pointed out that even the opportunity of signing an IGA which would allow them to get details of Chinese taxpayers in the US would also serve minimal benefit to the government." Continue reading →

Continue ReadingUS Unlikely To Crack China FATCA Agreement

The Housing Bubble and the Limits of Human Knowledge

"Senior government officials previously denied that the government was on the hook for Fannie and Freddie (presumably thinking that their denial would never be tested by events — a bad theory). What financial shape were Fannie and Freddie in as the crisis proceeded? How bad would the effects of the shriveling bubble be? How much can you trust the word of government officials? How much about the financial future can central bankers or anybody know? Consider the lessons of the following 10 quotations." Continue reading →

Continue ReadingThe Housing Bubble and the Limits of Human Knowledge

Ron Paul: The Sequester ‘Crisis’ And What Should Be Done

"The United States did not collapse last Friday when the package of spending reductions known as 'sequestration' went into effect. The financial markets hardly blinked, as they have come to be more skeptical about these periodic government-hyped 'crises.' What had been portrayed as a drastic reduction in government spending was merely a decrease in the projected rate of increase in government spending over the next decade. Under sequestration, government spending increases by $2.4 trillion over the next 10 years rather than $2.5 trillion without it. So we are speeding toward collapse at only 100 miles per hour instead of 110 miles per hour." Continue reading →

Continue ReadingRon Paul: The Sequester ‘Crisis’ And What Should Be Done

Lew Rockwell: The US Corporate State

"It didn’t take long for opponents of the market to pounce after the events of 2008. The crash was said to prove how destructive 'unregulated capitalism' could be and how dangerous its supporters were – after all, free-marketeers opposed the bailouts, which had allegedly saved Americans from another Great Depression. In The Great Deformation, David Stockman – former US congressman and budget director under Ronald Reagan – tells the story of the recent crisis, and takes direct aim at the conventional wisdom that credits government policy and Ben Bernanke with rescuing Americans from another Great Depression." Continue reading →

Continue ReadingLew Rockwell: The US Corporate State

Former Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

"This has scary parallels with FATCA and FBAR requirements. The United States debt situation is Greece on steroids. I won’t defend Mr. Tsochatzopoulos. However, the fine for hiding 100,000 Euro in assets (aggregated over three years!) of € 500,000 Euro, is clearly exorbitant. But then to also sentence him to eight years in prison without possibility of appeal shows that the Greek courts are seething with froth at their mouths that shows that this cradle of civilization has gone back to barbaric times when petty rulers could simply seize the property of any citizens only because his thugs were powerful." Continue reading →

Continue ReadingFormer Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

UN investigator: Obama must release details of Bush kidnapping and torture program

"Ben Emmerson, the U.N. special rapporteur on the promotion and protection of human rights while countering terrorism, will release a new report on Tuesday detailing his findings about the Bush-era program, according to Reuters. The report was not published online ahead of a planned hearing set for Tuesday, and a spokesperson was unavailable for comment. He added that there is 'credible evidence' that the CIA under the Bush administration had 'black sites' in Thailand, Poland, Morocco, Lithuania and Romania. Emmerson’s report is expected to urge lawmakers in those countries to fully investigate the matter and prosecute former officials if necessary." Continue reading →

Continue ReadingUN investigator: Obama must release details of Bush kidnapping and torture program