‘We need a pay rise’ bankers demand

Clampdown on bonuses sparks City calls for 10 per cent increase in salaries

Senior City bankers are demanding pay rises of up to 10 per cent this year to make up for the clampdown on the bonus culture, a senior City head-hunter has told The Independent.

Shaun Springer, chief executive of Napier Scott, which specialises in recruiting senior bankers for posts in Europe, Africa and the Middle East, said bankers were attempting to rebalance their financial packages in favour of higher salaries. And he predicted that, over the next few years, city salaries could more than double to compensate investment bankers.

“Base salaries are being increased by somewhere between 5 and 10 per cent, by rule of thumb, to compensate for an overall fall in the remunerative package,” said Mr Springer.

“This is being done in recognition of perhaps a long-term change, in which one can envisage basic salaries in the long term doubling or tripling or quadrupling compared to where they are today and bonuses falling by as much as 80 per cent.”


“People used to, say, earn between £100,000 and £150,000 and receive bonuses of 10 times multiples of their base salary,” he continued. “But a trend is now developing where someone has a basic pay of, say, £300,000 but with bonus multiple of only two or three times that.”

Read more‘We need a pay rise’ bankers demand

American Express paying card holders to close their accounts

NEW YORK (Reuters) – American Express Co, battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

“We sent the offer out to a select number of card members,” said Molly Faust, a company spokeswoman. “We are looking at different ways that we can manage credit risk based on the costumers overall credit profile.”

The company did not say how many card holders would receive the offer and did not disclose the total of their card balances.

Read moreAmerican Express paying card holders to close their accounts

Congressman Pete Stark has no idea about economics

The bigger the national debt the wealthier the nation!

Congressman Pete Stark appears to be totally arrogant, ignorant and outright stupid.

At the end of the interview Congressman Pete Stark tells the interviewer:

“If you don’t get the fuck out of here I’ll throw you out of the window.”

The U.S. will collapse under its debt, experience the Greatest Depression and soon be a Third World Country:
Glenn Beck: United States Debt Obligations Exceed World GDP
Federal obligations exceed world GDP
Paul Craig Roberts: The U.S. economy is imploding; Budget deficit cannot be financed.
Ron Paul on CNN: Stimulus “Wasted Money”; Driving the U.S. into Depression (02/16/09)
Ron Paul on Glenn Beck: Destruction of the dollar


23. August 2008
Source: YouTube

TEN SQUARE MILES OF CRIMINAL ENTERPRISE

“The world’s richest elite and those who fully understand the situation are buying gold like hot cakes.”

Events over the past five months since the carefully orchestrated storm was set for bank “bail outs” should make it clear to any American not walking around in a self-imposed coma that we have crossed the Rubicon. As I have written for many years: Non essential businesses will continue to go under as Americans only have enough disposable income for absolute necessities like shelter, food and transportation to their jobs or the unemployment office. This massive give away by Congress since last September is simply sealing our fate.

Americans are frightened, confused. Already we’ve seen several tragedies where fathers have killed their entire families and themselves because he’s lost his job and the bills were piling up. We will see more and worse. We the people are now being held hostage with a gun to our head to aid and assist in the final destruction of our constitutional republic. We are being held hostage with the gun of government to our heads to fund the final destruction of capitalism, freedom and liberty.

We the people are being held hostage with the gun of totalitarian government to fund the continuation of the unconstitutional, immoral invasions of Iraq and Afghanistan based on lies and manipulation. To fund organizations who conduct massive vote fraud (ACORN), filth in the Arts and schools and more killing of unborn babies. Fund the furtherance of one world government as the impostor president is openly shoving communism down our throats with the approval from most members of Congress.

Read moreTEN SQUARE MILES OF CRIMINAL ENTERPRISE

HSBC considers $20bn cash call from investors

Sources close to HSBC, Europe’s biggest bank, have refused to rule out tapping its investors for new capital, amid speculation that it is considering a $20bn (£14bn) rights issue.

HSBC chief executive, Michael Geoghegan, is expected to meet with key institutional investors in the Square Mile this week to gauge support for any cash call ahead of the bank’s full year results next Monday. Meanwhile, later this week, Royal Bank of Scotland (RBS) will confirm the biggest loss in British corporate history when it reports results on Thursday.

Last month HSBC said in a carefully worded statement that it had “not sought capital support from the UK Government and cannot envisage circumstances where such action would be necessary”. The bank stressed that its key capital ratio measurement remained robust, while it reaffirmed its commitment to lend as much as £15bn in mortgages this year.

Read moreHSBC considers $20bn cash call from investors

Blunkett warns over ‘Big Brother’ Britain

David Blunkett, who introduced the idea of identity cards when Home Secretary, will issue a stark warning to the Government tomorrow that it is in danger of abusing its power by taking Britain towards a “Big Brother” state.

At the 21st annual law lecture in Essex University’s Colchester campus, Mr Blunkett will urge ministers to rethink policy and counter criticism from civil liberties campaigners that Labour is creating a “surveillance society.”

Related article: Spy chief: We risk a police state (Telegraph)

He will come out against the Government’s controversial plan to set up a database holding details of telephone calls and emails and its proposal to allow public bodies to share personal data with each other.

His surprise intervention will be welcomed by campaign groups, who regard him as a hardliner because of his strong backing for a national ID card scheme and tough anti-terror laws. The former home secretary will propose a U-turn on ID cards for British citizens, although he agrees with plans to make them compulsory for foreign nationals.

Read moreBlunkett warns over ‘Big Brother’ Britain

Philadelphia newspapers’ owner files for bankruptcy

Philadelphia Newspapers L.L.C., which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load.

The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations.

Related article: Newspaper Industry’s Collapse Hastens; Shutdowns Loom (Bloomberg)

“This restructuring is focused solely on our debt, not our operations,” chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.

“Our operations are sound and profitable,” said Tierney, referring to operating profits before interest and certain other costs.

Read morePhiladelphia newspapers’ owner files for bankruptcy

The Money Masters – How International Bankers Gained Control of America

Important documentary to understand the current world economic crisis.

Watch also : Zeitgeist, The Movie, Final Edition Part III: Starting at 1:14:30


Added: 27.03.2007
Source: Google Video

Don’t miss:
Glenn Beck: United States Debt Obligations Exceed World GDP
Federal obligations exceed world GDP
Paul Craig Roberts: The U.S. economy is imploding; Budget deficit cannot be financed.
Ron Paul on CNN: Stimulus “Wasted Money”; Driving the U.S. into Depression (02/16/09)
Ron Paul on Glenn Beck: Destruction of the dollar

Global News (02/23/09)

Air America Poll: 90% Want Bush Crimes Investigation (Huffington Post)

Secret US unit trains commandos in Pakistan (IHT):
BARA, Pakistan: More than 70 United States military advisers and technical specialists are secretly working in Pakistan to help its armed forces battle Al Qaeda and the Taliban in the country’s lawless tribal areas, American military officials said.

America unmasked: The images that reveal the Ku Klux Klan is alive and kicking in 2009 (Independent):
These images show members of the Ku Klux Klan as they want to be seen, scary and secretive and waiting in the wings for Barack and his colour-blind vision for America to fail. Anthony Karen, a former Marine and self-taught photojournalist was granted access to the innermost sanctum of the Klan. He doesn’t tell us how he did it but he was considered trustworthy enough to be invited into their homes and allowed to photograph their most secretive ceremonies, such as the infamous cross burnings.

Jail the men who stole our economy, demands former DPP (Daily Mail):
Britain’s former chief prosecutor has attacked Labour’s record on tackling financial crime and declared that fraudulent bankers are more of a danger to society than terrorists.

Economic crisis ‘is as bad as they come’ (San Francisco Chronicle):
“The global economy is now literally in free fall as the contraction of consumption, capital spending, residential investment, production, employment, exports and imports is accelerating rather than decelerating,” Roubini wrote.

Desperate Gordon Brown plans £500billion bank gamble (Telegraph):
A £500 billion banking bail-out will be at the centre of a rescue package announced by Gordon Brown this week amid desperation over the Government’s failure to save the economy.

Billions to be pumped into Northern Rock (IHT):
LONDON (Reuters) – The government will inject billions of pounds into state-owned Northern Rock bank to try to unlock lending and help the economy emerge from recession, Chancellor Alistair Darling said on Monday.

World Financial System In A State Of Insolvency (Financial Forecaster):
The global financial system is in a tailspin and world leadership in Europe, china, Japan and the US act like the situation is some temporary breakdown. The system is beyond saving and the elitists planned it that way.

When Consumers Cut Back: A Lesson From Japan (New York Times):
“Japan is so dependent on exports that when overseas markets slow down, Japan’s economy teeters on collapse,” said Hideo Kumano, an economist at the Dai-ichi Life Research Institute. “On the surface, Japan looked like it had recovered from its Lost Decade of the 1990s. But Japan in fact entered a second Lost Decade — that of lost consumption.”

Police fear UK ‘summer of rage’ (BBC News):
Police are preparing to face a “summer of rage” in the UK as people join protests over the economic downturn, says a senior Met Police officer.

“Stress tests” for big banks to begin this week (Seattle Times):
(…and the poor banks will need another big bailout of taxpayers’ money, so that they can lend the money back to the people.)

– Nouriel Roubini: ‘Nationalize’ the Banks (Wall Street Journal)

US government eyes large stake in Citigroup (Telegraph)

Citigroup’s Clever Plan To Screw Taxpayers Again (The Business Insider)

Tony Blair cashing in after launching economic advice firm (Telegraph):
Tony Blair is to cash in on his experience as prime minister after establishing a business offering clients political and economic advice.

Dubai’s $10 billion bailout (CNN Money):
United Arab Emirates steps in and buys half of the country’s $20 billion long-term bond offering.

Airbus exec: Planemaker wants more government aid (USA Today):
DUBAI, United Arab Emirates (AP) — A senior Airbus official says the plane maker wants financing help from other European governments following a $6.4 billion aid package from France last month. The company’s Middle East president, Habib Fekih, says the euro 5 billion that Paris pledged is “not enough.”

VW Halts Production As Car Crisis Deepens (Deutsche Welle):
Europe’s biggest carmaker has introduced short-time work for the first time in 25 years.
Some 61,000 VW workers in five different plants have been given an enforced five-day break in response to poor sales forecasts.

Brown: World needs ‘global New Deal’ (CNN):
“We need a global New Deal — a grand bargain between the countries and continents of this world — so that the world economy can not only recover but… so the banking system can be based on… best principles,” he said, referring to the 1930s American plan to fight the Great Depression.

IMF emergency fund is doubled to $500bn in global rescue effort (Guardian):
European leaders yesterday agreed that an emergency IMF fund should be doubled to $500bn prevent the worldwide recession turning into a fullscale depression.

Thai Economy Shrinks More Than Expected on Exports (Bloomberg):
Southeast Asia’s second-biggest economy contracted 4.3 percent in the three months ended Dec. 31 from a year earlier, and may shrink by at least that much in the first quarter, the government said today.

Up to 20000 jobs will go as RBS chief prepares to sell off unwanted assets (Times Online):
Royal Bank of Scotland will embark this week on a radical plan to split itself in two as it cuts tens of thousands of staff across the globe and confirms the biggest annual loss in British corporate history.

SFCG Files for Bankruptcy With 338 Billion Yen Debt (Bloomberg):
SFCG, which focuses on loans to small businesses, listed 338 billion yen ($3.6 billion) in liabilities, making it the biggest bankruptcy by a publicly traded Japanese company in almost seven years. The firm owed Citigroup 71 billion yen as of July 31, according to a filing by SFCG on Oct. 27.

China prepares to buy up foreign oil companies (Telegraph):
China is preparing to open a new phase in its race for the world’s resources by using its huge currency reserves to buy foreign oil and gas companies.

US stocks on course for 11-year low (Financial Times)

Nigerian Accused in Scheme to Swindle Citibank (New York Times)

Tourists targeted in Cairo market bombing (Independent):
Terrorism returned to the streets of Egypt’s capital, Cairo on Sunday when a bomb tore through a crowded market, killing a French tourist.

Thousands of foreign workers exploiting British jobs market (Telegraph):
The number of workers taking advantage of ‘intra-company transfers’ has increased by almost half in four years.

Amnesty calls on US to suspend arms sales to Israel (Guardian):
Hellfire missiles and white phosphorus artillery shells among weapons used in ‘indiscriminate’ attacks on civilians, says human rights group

Probe finds Army charity is hoarding millions (MSNBC):
Military’s biggest charity is stockpiling cash, rather than using it for aid

Soldiers still waiting for tour bonuses (USA Today):
WASHINGTON — The Pentagon has not started complying with a law requiring the payment of monthly bonuses of up to $500 to soldiers forced to remain on active duty beyond their enlistment period, military officials said.

Colombian wiretap scandal grows (BBC News):
The director of Colombia’s secret police, Felipe Munoz Gomez, says he has the letters of resignation from the entire high command.

British Muslims ‘providing Taliban with electronic devices for roadside bombs’ (Telegraph):
British Muslims are providing the Taliban with electronic devices to make roadside bombs for use in attacks against British forces serving in southern Afghanistan, The Telegraph can disclose.

Iran’s First Nuclear Power Plant Set for Tests Before Launch (Washington Post)

Iraq faces a new war as tensions rise in north (Independent):
Violence between Iraqi Kurds and Arabs is threatening an all out conflict that could complicate US plans to withdraw troops

Australia bushfires: More than 100 evacuated as fresh blazes erupt in Melbourne (Guardian)

McDonald’s: No workers comp for employee shot protecting patron (Raw Story):
Fast food giant McDonald’s has denied workers compensation benefits to a minimum wage employee who was shot when he ejected a customer who had been beating a woman inside the restaurant.

AIG Seeks More Aid, May Lose $60 Billion, CNBC Says

Feb. 23 (Bloomberg) — American International Group Inc., the insurer rescued by the government, is in talks with the U.S. for more funding as it prepares to report the biggest corporate loss in American history, CNBC reported, citing unidentified people familiar with the situation.

AIG may report a loss of as much as $60 billion, CNBC’s David Faber said. The company is also exploring bankruptcy, which is an unlikely outcome, Faber said.

A loss may cast doubt on the New York-based insurer’s ability to repay the government, which controls 80 percent of the shares. AIG’s rescue package was expanded to about $150 billion in November as regulators tried to reduce losses at firms that did business with the company. The insurer posted more than $60 billion in writedowns and unrealized losses in two years through Sept. 30, 2008.

Read moreAIG Seeks More Aid, May Lose $60 Billion, CNBC Says

Brown and Blair among ‘enemies of freedom’

A report on the loss of civil liberties was launched yesterday and will be sent to Gordon Brown, Tony Blair, Jacqui Smith and others identified as “the 10 enemies of freedom”.

The Abolition of Freedom Act 2009 was produced by the University College London Students’ Human Rights programme. It shows how “the liberties that we assumed were somehow guaranteed by British culture have been compromised”.



Blunkett warns over ‘Big Brother’ Britain (Independent):
David Blunkett, who introduced the idea of identity cards when Home Secretary, will issue a stark warning to the Government tomorrow that it is in danger of abusing its power by taking Britain towards a “Big Brother” state.

Spy chief: We risk a police state (The Telegraph):
Dame Stella Rimington, the former head of MI5, has warned that the fear of terrorism is being exploited by the Government to erode civil liberties and risks creating a police state.


The report comes ahead of the Convention on Modern Liberty, which takes place on Saturday at the Institute of Education, London.

Sunday 22 February 2009
David Smith

Source: The Observer

Clinton Urges China to Keep Buying U.S. Treasury Securities

Former Assistant Secretary of the Treasury Paul Craig Roberts: The U.S. economy is imploding; Budget deficit cannot be financed.

The bond bubble, the last and greatest bubble, will burst. China will realize, that it loses a lot of money by holding on to its U.S. Treasuries – also because very soon massive inflation will set in – and so it will finally sell them. The dollar will be destroyed, when the bond bubble bursts. The U.S. will experience a complete meltdown, that will lead to the ‘Greatest Depression’ in history.

The Obama administration will ‘find out’ that it is not possible to spend your way out of debt.

The Federal Reserve will ‘find out’ – once again – that exploding the money supply creates inflation and destroys the currency.


Feb. 22 (Bloomberg) — Secretary of State Hillary Clinton urged China to continue buying U.S. Treasury bonds to help finance President Barack Obama’s stimulus plan, saying “we are truly going to rise or fall together.”

“Our economies are so intertwined,” Clinton said in an interview today in Beijing with Shanghai-based Dragon Television. “It would not be in China’s interest” if the U.S. were unable to finance deficit spending to stimulate its stalled economy.

Related article:
China is right to have doubts about who will buy all America’s debt (Telegraph)

The U.S. is the single largest buyer of the exports that drive growth in China, the world’s third-largest economy. China in turn invests surplus earnings from shipments of goods such as toys, clothing and steel primarily in Treasury securities, making it the world’s largest holder of U.S. government debt at the end of last year with $696.2 billion.

China’s leaders understand that “the United States has to take some very drastic measures with the stimulus package, which means we have to incur debt,” Clinton said. The Chinese are “making a very smart decision by continuing to invest in Treasury bonds,” which she called a “safe investment,” because a speedy U.S. recovery will fuel China’s growth as well.

China boosted purchases of U.S. debt by 46 percent last year to a record. The Chinese government said last week it plans to keep buying Treasuries, adding that future purchases will depend on the preservation of their value and the safety of the investment. China’s currency reserves of $1.95 trillion are about 29 percent of the world total.

Read moreClinton Urges China to Keep Buying U.S. Treasury Securities

How to save new brain cells that are created every day of your life

Fresh neurons arise in the adult brain every day. New research suggests that the cells ultimately help with learning complex tasks—and the more they are challenged, the more they flourish

Recent work, albeit mostly in rats, indicates that learning enhances the survival of new neurons in the adult brain. And the more engaging and challenging the problem, the greater the number of neurons that stick around. These neurons are then presumably available to aid in situations that tax the mind. It seems, then, that a mental workout can buff up the brain, much as physical exercise builds up the body.

The findings may be particularly interesting to intellectual couch potatoes whose brains could benefit from a few cerebral sit-ups. More important, though, the results lend some support to the notion that people who are in the early stages of Alzheimer’s disease or who have other forms of dementia might slow their cognitive decline by keeping their minds actively engaged.

It’s a New Neuron!

In the 1990s scientists rocked the field of neurobiology with the startling news that the mature mammalian brain is capable of sprouting new neurons. Biologists had long believed that this talent for neurogenesis was reserved for young, developing minds and was lost with age. But in the early part of the decade Elizabeth Gould, then at the Rockefeller University, demonstrated that new cells arise in the adult brain—particularly in a region called the hippocampus, which is involved in learning and memory. Similar reports soon followed in species from mice to marmosets, and by 1998 neuroscientists in the U.S. and Sweden had shown that neurogenesis also occurs in humans [see “New Nerve Cells for the Adult Brain,” by Gerd Kempermann and Fred H. Gage; Scientific American, May 1999].

In rodents, studies of neurogenesis generally involve injecting the animals with a drug called BrdU (bromodeoxyuridine), which marks newly formed cells, making them stand out when viewed under a microscope. Those studies indicate that in rats, between 5,000 and 10,000 new neurons arise in the hippocampus every day. (Although the human hippocampus also welcomes new neurons, we do not know how many.)

Read moreHow to save new brain cells that are created every day of your life

MoD hides rising injury toll of Taliban bombs


Triple amputee Cpl Tom Neathway from Worcester who lost an arm and both legs while serving with The Parachute Regiment in Afganistan

MORE than 100 British soldiers have suffered amputations and other debilitating injuries in the past year in Afghanistan, according to previously suppressed Ministry of Defence (MoD) figures that reveal the true toll of the Taliban’s roadside bombing campaign.

The number of troops losing limbs or eyes, suffering serious burns or permanent brain damage has increased dramatically since August 2007 when the Taliban intensified their efforts.

During the past 18 months, 37 of the 71 British troops killed are known to have been the victims of roadside bombs or mines, but the number of troops disabled in the attacks has never been fully disclosed.

Figures obtained by The Sunday Times from medical sources show that 37 soldiers suffered “life-changing injuries” between April 2006, when they first deployed to southern Afghanistan, and the end of that year.

There were 55 such injuries during the whole of 2007. Last year the figures more than doubled to 114 and there have been 12 cases this year.

Campaigners claim the MoD is deliberately keeping the human cost of the war out of the public eye. They say the government must fund long-term care for maimed or mentally disabled soldiers instead of relying on charities such as Help for Heroes and the Royal British Legion.

Read moreMoD hides rising injury toll of Taliban bombs

Paul Craig Roberts: The People Be Damned

Paul Craig Roberts [email him] was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.


President of Special Interests

The Bush/Obama bailout/stimulus plans are not going to work. Both are schemes hatched by a clique of financial insiders. The schemes will redistribute income and wealth from American taxpayers to the shyster banksters, who have destroyed American jobs, ruined the retirement plans of tens of millions of Americans, and worsened the situation of millions of people worldwide who naively trusted American financial institutions. The ongoing theft has simply been recast. Instead of using fraudulent financial instruments, the banksters are using government policy.

Read morePaul Craig Roberts: The People Be Damned

Global News (02/22/09)

Karzai is US stooge says Afghan deputy president (Telegraph):
Afghanistan’s president and vice-president accused each other of being US stooges during a recent cabinet meeting which degenerated into a furious row, The Sunday Telegraph has learnt.

Swiss party wants to punish US for UBS probe (Reuters):
ZURICH, Feb 21 (Reuters) – The right-wing Swiss People’s Party (SVP) called on Saturday for retaliation against the United States over a U.S. tax probe into the country’s biggest bank UBS that threatens prized banking secrecy.

Death threat to Greek media as terrorists plot bomb havoc (Guardian):
Amid growing fears that Greece could become a centre of terrorism in Europe, political extremists yesterday issued a warning to journalists, saying it had them within its sights because they represented a corrupt establishment.

After squalls in the Caribbean, Sarkozy faces a storm at home (Guardian):
Guadeloupe is 4,000 miles from the French mainland, but the demands of the rioters in Pointe-à-Pitre are the same as those of Parisians. With his approval ratings at a low, the president now faces a general strike and, potentially, a wave of social panic. Jason Burke reports from Paris

Demons of 1968 rise up to spook Sarkozy (Times Online):
The president is spooked as a new extremism hits France
RIOT police gathered outside the Sorbonne University in Paris on Thursday night. About 200 students had occupied it to display their opposition to the government. Then one of them stepped forward to make what sounded like an appeal for a general uprising.

Privacy law threat to Gordon Brown’s phone tap plan (Times Online):
(Gordon Brown is a ‘threat’ to freedom: here )

Past probes sought to tie Stanford to drugs (Houston Chronicle):
Authorities for years have investigated R. Allen Stanford, looking for ties to organized drug cartels and money laundering, going back at least a decade when the Texas billionaire’s offshore bank surrendered $3 million in drug money, state and federal sources told the Houston Chronicle Friday.

Obama Plans to Slash US Budget Deficit by 2013 (Bloomberg):
Feb. 22 (Bloomberg) — President Barack Obama plans to increase taxes on the wealthy and cut spending for the war in Iraq as part of a plan to slash the U.S. budget deficit to $533 billion by the end of his first term, according to an administration official. (Change you can believe in … but it will never happen.)

We will put people first, not bankers by Gordon Brown (Guardian):
(Then why are you looting taxpayers’, destroying the economy and the pound with everything you do???)

UAE Central Bank Steps In to Support Dubai Debt, Spending (Bloomberg):
Feb. 23 (Bloomberg) — The United Arab Emirates’ central bank stepped in to support Dubai after concern increased the emirate will struggle to repay its debt as global financial turmoil pushed up credit costs and burst a real-estate bubble.
(Dubai is collapsing. It has been bailed out already by Abu Dhabi. No other investor will by Dubai bonds = Trying to catch a falling knife.)

America’s Top 15 Emptiest Cities (ABC News):
These Once Boom Cities Are Now Quickly Turning Into Recession Ghost Towns

RBS and Lloyds close in on £500bn Treasury deal (Telegraph)

RBS signals £300bn asset sale (Telegraph):
Stephen Hester, the chief executive of Royal Bank of Scotland (RBS), will this week trigger the dismantling of the empire assembled by his predecessor, Sir Fred Goodwin, by announcing plans to create a “non-core” subsidiary into which about £300bn of unwanted assets will be placed.

Clinton Urges China to Keep Buying US Treasury Securities (Bloomberg)

China, taking advantage of global recession, goes on a buying spree (Christian Science Monitor)

Galloway seeks inquiry into convoy arrests (Guardian):
The Respect MP George Galloway has called for an investigation after police stopped a convoy taking aid, toys and medical supplies to Gaza and arrested nine people under anti-terror laws. All nine men arrested on the M65 near Preston last Friday have been released without charge, but the organisers of the Viva Palestina convoy, which is headed by Galloway, said that aid donations dropped by 80% after news of the arrests.

Greatest 101 questions of all time: 1-20 (Telegraph):
(Maybe good questions at best. Not one of them should belong to the greatest questions.)

We’re a fast-food nation slowly eating ourselves to death (Guardian)

Shot arms dealer ‘knew too much’ (Times Online):
THE death of an American arms dealer in Iraq has led to one of the most intricate and far-reaching inquiries into corruption among US military officers in Iraq. Some suspect that he was killed because he was a whistleblower who knew too much.

Waste wars: how Britain became obsessed with bins (Telegraph):
“My name is Alan Price from Worcester City Council Environmental Services,” said the man. “I’ve just witnessed you throw a cigarette butt straight out the window of the car. Did you realise that that is an offence?’
“That’s an £80 fine,” he said.

Parents told: avoid morality in sex lessons (Times Online):
(Don’t teach your children! The government knows what is best for them … and the economy.)

NHS blunders are behind a spate of ‘vaccine overloads’ (Mail on Sunday):
Children are being given the wrong vaccinations and repeat doses of jabs they have already had due to mix-ups at GPs’ surgeries. Nearly 1,000 safety incidents involving child immunisations were reported in a single year. Of those studied in detail, more than a third involved babies and children given a different vaccine to the one they were supposed to have.

Paul Craig Roberts: From One Assault On The Constitution To Another

Paul Craig Roberts [email him] was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.


The US Constitution has few friends on the right or the left.

During the first eight years of the 21st century, the Republicans mercilessly assaulted civil liberties. The brownshirt Bush regime ignored the protections provided by habeas corpus. They spied on American citizens without warrants. They violated the First Amendment. They elevated decisions of the president above US statutory law and international law. They claimed the power to withhold information from the people’s representatives in Congress, and they asserted, and behaved as if, they were unaccountable to the people, Congress, and the federal courts. The executive branch claimed the power to ignore congressional subpoenas. Republicans regarded Bush as a Stuart king unaccountable to law.

The Bush brownshirt regime revealed itself as lawless, the worst criminal organization in American history.

Now we have the Democrats, and the assault on civil liberty continues. President Obama doesn’t want to hold Bush accountable for his crimes and violations of the Constitution, because Obama wants to retain the powers that Bush asserted. Even the practice of kidnapping people and transporting them to foreign countries to be tortured has been retained by President Obama.

The civil liberties that Bush stole from us are now in Obama’s pocket.

Will it turn out that we enjoyed more liberty under Bush than we will under Obama? At least the Republicans left us the Second Amendment. The Obama Democrats are not going to return our other purloined civil liberties, and they are already attacking the Second Amendment.

Read morePaul Craig Roberts: From One Assault On The Constitution To Another

US bank stress tests to show capital needs – source (UPDATE 2)

(Adds background on Geithner bank plan, analyst comment)

WASHINGTON, Feb 21 (Reuters) – U.S. financial regulators will soon launch a series of “stress tests” to determine which of the largest U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with Obama administration plans said on Saturday.

Read moreUS bank stress tests to show capital needs – source (UPDATE 2)

Kucinich: Who Told SEC to “Stand Down” on Stanford Probe?

Chairman of Domestic Policy Subcommittee Opens Inquiry

Chairman of the Domestic Policy Subcommittee, Congressman Dennis Kucinich (D-OH) today sent a letter to Ms. Mary Schapiro, Chair of the Securities and Exchange Commission (SEC) requesting documents that could reveal which government agency told the SEC to “stand down” rather than take enforcement action against the Stanford Group in October 2006 as has been reported by the New York Times.

Related articles:
US authorities had been investigating Allen Stanford for 15 years! (Times)

FBI tracks down Texas financier in $8 billion fraud case (AP):
Stanford is not under arrest and is not in custody.
Past probes sought to tie Stanford to drugs (Houston Chronicle)

Recent media reports have indicated that the SEC was aware of improprieties at Stanford Financial Group as early as October 2006, but withheld action at the request of another government agency.

In a report published in the February 17th edition of the New York Times, an SEC official said that an inquiry had been opened on Stanford in October of 2006. According to the Times report, an associate regional director of enforcement said the SEC “stood down” on its investigation as a result of the intervention of another federal agency.

Stanford is now the focus of an $8 billion fraud investigation and, presumably, an earlier inquiry would have spared many Stanford investors and triggered similar inquiries into other funds which lacked transparency.

“The SEC’s recent filing against Stanford stemmed from the 2006 SEC inquiry that had been apparently shelved at the request of the unnamed agency. If this is true, we must find out why the SEC delayed enforcement, and if there were other cases where other government agencies intervened to block enforcement,” Chairman Kucinich said.

“If the SEC did indeed begin an inquiry in 2006 and was called off by another agency, our subcommittee will demand that the SEC reveal the name of that agency which told it not to enforce federal laws which protect investors,” said Chairman Kucinich.

Read moreKucinich: Who Told SEC to “Stand Down” on Stanford Probe?

Ron Paul on Real Time with Bill Maher (02/20/09)


Source: YouTube

Ron Paul on CNN: Stimulus “Wasted Money”; Driving the U.S. into Depression (02/16/09)
Ron Paul: What if the American people learned the truth?
Ron Paul on Glenn Beck: Destruction of the dollar
Ron Paul: We cannot solve our problem by doing exactly the same thing that got us into this mess
Ron Paul – Martial Law and Dictatorship

Obama backs Bush: No rights for Bagram prisoners

WASHINGTON — The Obama administration, siding with the Bush White House, contended Friday that detainees in Afghanistan have no constitutional rights.

In a two-sentence court filing, the Justice Department said it agreed that detainees at Bagram Airfield cannot use U.S. courts to challenge their detention. The filing shocked human rights attorneys.

“The hope we all had in President Obama to lead us on a different path has not turned out as we’d hoped,” said Tina Monshipour Foster, a human rights attorney representing a detainee at the Bagram Airfield. “We all expected better.”

The Supreme Court last summer gave al-Qaida and Taliban suspects held at the U.S. naval base at Guantanamo Bay, Cuba, the right to challenge their detention. With about 600 detainees at Bagram Air Base in Afghanistan and thousands more held in Iraq, courts are grappling with whether they, too, can sue to be released.

Three months after the Supreme Court’s ruling on Guantanamo Bay, four Afghan citizens being detained at Bagram tried to challenge their detentions in U.S. District Court in Washington. Court filings alleged that the U.S. military had held them without charges, repeatedly interrogating them without any means to contact an attorney. Their petition was filed by relatives on their behalf since they had no way of getting access to the legal system.

Read moreObama backs Bush: No rights for Bagram prisoners

Global News (02/21/09)

Up to 120000 protest in recession-hit Ireland (AFP):
DUBLIN (AFP) – Up to 120,000 protesters brought Dublin city centre to a standstill on Saturday over government austerity measures aimed at stabilising the once high-flying economy now wracked by recession.

Binyamin Netanyahu warns of Iranian nuclear threat (Times Online)

Rocket from Lebanon wounds three Israelis: medics (Reuters):
JERUSALEM (Reuters) – At least one rocket fired from Lebanon landed in northern Israel on Saturday, lightly wounding three people and prompting Israel to respond with a brief artillery barrage, the Israeli army said.

US Concedes Afghan Attack Mainly Killed Civilians (New York Times):
KABUL, Afghanistan — An airstrike by the United States-led military coalition killed 13 civilians and 3 militants last Tuesday in western Afghanistan, not “up to 15 militants” as was initially claimed by American forces, military officials here said Saturday.

Guantánamo ‘is within Geneva conventions’ (Guardian):
The Pentagon report looked into various allegations of abuse. But Walsh’s report contains only two major recommendations for improving the prisoners’ lives: allowing them more opportunities to communicate with one another and to pray together. (Real change!)

Gates Sees Need for at Least $83 Billion More in 2009 for Wars (Bloomberg):
Feb. 20 (Bloomberg) — The Pentagon needs at least $83 billion more for combat operations in Iraq and Afghanistan through the end of this fiscal year, Pentagon officials told the White House.

Nearly 5 million Americans drawing jobless benefits (Reuters):
“The data indicates an accelerated deterioration … jobs are being lost and the pool of unemployed is growing faster,” said Kevin Logan, senior U.S. economist at Dresdner Kleinwort in New York. “People cannot find jobs.”

UK “could experience a crash similar to Iceland” (HedgeWeek):
The global financial crisis could be entering a ‘new and more treacherous phase’, which could push international countries to the brink of failure and further hinder the global economic recovery, according to Hennessee Group.

United they fall: post-communist states pull EU into the red (Guardian):

This financial crisis is now truly global (Telegraph):
The financial crisis has moved from Wall Street to all streets, as the economic shock causes strains and suffering in every part of the world economy.

Money for Idiots (New York Times)

Gaddafi offers oil and power to people (Times Online):
Forty years into the revolution he unleashed on Libya Muammar Gaddafi has announced plans to dismantle the Government, hand the riches from Africa’s biggest oil reserves to the people and nationalise foreign oil operations that have recently been allowed back into the country.
“The administration has failed and the state economy has failed. Enough is enough. The solution is, we Libyans take directly the oil money and decide what to do with the money,” he says.

US Wants UBS to Break Swiss Law By Naming Clients, Bank Says (Bloomberg):
Feb. 21 (Bloomberg) — U.S. efforts to force UBS AG, Switzerland’s largest bank, to disclose the names of 52,000 American customers would require the bank to violate Swiss sovereignty and criminal law, bank lawyers said.

Major indexes fall more than 6 percent for week (AP):
NEW YORK (AP) – Wall Street ended another terrible week Friday, leaving major indexes down more than 6 percent as investors worried that the recession will persist for at least the rest of the year and that government intervention will do little to hasten a recovery. (The Government intervention will make it much worse.)

Fears for BofA and Citi rattle markets (Financial Times):
Fears that Citigroup and Bank of America would be nationalised shook global markets on Friday, prompting the Obama administration to reaffirm its commitment to private ownership of financial institutions.

Bank of America chief Kenneth Lewis denies bank is facing nationalisation (Times Online):
Kenneth Lewis, the chairman and chief executive of Bank of America (BoA), was forced to defend the country’s biggest bank as its shares scraped historic lows on fears of nationalisation.

Thanks for the philanthropy, billionaires. Now pay your tax (Guardian)

Julie Christie: ‘I feared Bush would unleash a wave of sadism – he did’ (Independent):
This week she was back again highlighting Britain’s role in the alleged torture of a British resident held at Guantanamo Bay, Cuba.

WTA Fines Dubai Tournament $300000 for Blocking Peer (Bloomberg):
Feb. 20 (Bloomberg) — The organizers of the women’s tennis event in Dubai were fined a record $300,000 today by the WTA Tour for blocking the entry of Israeli player Shahar Peer.

Hamas tells Israel it will not surrender captured soldier (Telegraph):
Hamas has told Israel that it will not succumb to pressure to release a captured soldier, Gilad Shalit, in return for peace in Gaza.

Meet iCub – the robot that moves and learns like a child (Daily Mail):
A sophisticated robot that is able to move and learn like a three-year-old child has made its first outing in the UK.
The iCub is able to crawl and walk, make human-like eye and head movements and recognise and grasp objects like a toddler, scientists say.

Big Pharma Quietly Hikes Drug Prices 100 Percent or More (Natural News)

George Soros sees no bottom for world financial collapse


George Soros listens to economists speaking at the “Emerging from the Financial Crisis” annual conference at Columbia University, February 20, 2009.

NEW YORK (Reuters) – Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

“We witnessed the collapse of the financial system,” Soros said at a Columbia University dinner. “It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”

Read moreGeorge Soros sees no bottom for world financial collapse

Hillary Clinton: Chinese human rights secondary to economic survival

Hillary Clinton has told China that the US considers human rights concerns secondary to economic survival.

Arriving in China on her first visit as US secretary of state, Mrs Clinton promised a new relationship between the two countries, one she considers to be the world’s most important of the 21st century.

Mrs Clinton landed in Beijing from South Korea, where she lashed out at the North Korean “tyranny” of its leader Kim Jong-il.

But in contrast she offered a conciliatory hand of friendship to Mr Kim’s ally China, contradicting hostile policies both she and President Barack Obama promised during their presidential campaigns last year.

She said she would continue to press China on issues such as human rights and Tibet, but added: “Our pressing on those issues can’t interfere on the global economic crisis, the global climate change crisis and the security crisis.”

Read moreHillary Clinton: Chinese human rights secondary to economic survival