Showing posts with label Years. Show all posts
Showing posts with label Years. Show all posts

Monday, 4 April 2011

The incredible story of 70 ancient books hidden in a cave for nearly 2,000 years

By Nick Pryer

The image is eerily familiar: a bearded young man with flowing curly hair. After lying for nearly 2,000 years hidden in a cave in the Holy Land, the fine detail is difficult to determine. But in a certain light it is not difficult to interpret the marks around the figure’s brow as a crown of thorns.

The extraordinary picture of one of the recently discovered hoard of up to 70 lead codices – booklets – found in a cave in the hills overlooking the Sea of Galilee is one reason Bible historians are clamouring to get their hands on the ancient artefacts.

If genuine, this could be the first-ever portrait of Jesus Christ, possibly even created in the lifetime of those who knew him.

Discovery: The impression on this booklet cover shows what could be the earliest image of Christ

Discovery: The impression on this booklet cover shows what could be the earliest image of Christ

The tiny booklet, a little smaller than a modern credit card, is sealed on all sides and has a three-dimensional representation of a human head on both the front and the back. One appears to have a beard and the other is without. Even the maker’s fingerprint can be seen in the lead impression. Beneath both figures is a line of as-yet undeciphered text in an ancient Hebrew script.

[more at dailymail.co.uk...]

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The incredible story of 70 ancient books hidden in a cave for nearly 2,000 years

By Nick Pryer

The image is eerily familiar: a bearded young man with flowing curly hair. After lying for nearly 2,000 years hidden in a cave in the Holy Land, the fine detail is difficult to determine. But in a certain light it is not difficult to interpret the marks around the figure’s brow as a crown of thorns.

The extraordinary picture of one of the recently discovered hoard of up to 70 lead codices – booklets – found in a cave in the hills overlooking the Sea of Galilee is one reason Bible historians are clamouring to get their hands on the ancient artefacts.

If genuine, this could be the first-ever portrait of Jesus Christ, possibly even created in the lifetime of those who knew him.

Discovery: The impression on this booklet cover shows what could be the earliest image of Christ

Discovery: The impression on this booklet cover shows what could be the earliest image of Christ

The tiny booklet, a little smaller than a modern credit card, is sealed on all sides and has a three-dimensional representation of a human head on both the front and the back. One appears to have a beard and the other is without. Even the maker’s fingerprint can be seen in the lead impression. Beneath both figures is a line of as-yet undeciphered text in an ancient Hebrew script.

[more at dailymail.co.uk...]

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Sunday, 27 March 2011

‘Libya war could last 30 years’: Armed forces minister’s extraordinary admission



Defiant: Colonel Gaddafi appeared on Libyan state TV to declare he is ready for a drawn-out conflict.



Ministers admitted yesterday that they have no idea how long the military operation against Colonel Gaddafi could take.


Asked for an estimate, Armed Forces Minister Nick Harvey said: ‘How long is a piece of string? We don’t know how long this is going to go on.


‘We don’t know if this is going to result in a stalemate. We don’t know if his capabilities are going to be degraded quickly. Ask me again in a week.’


The comments come as a defiant Muammar Gaddafi made a speech on Libyan state television last night in which he claimed said he was ready for entrenched conflict, saying; ‘In the short term, we’ll beat them, in the long term, we’ll beat them.’


The Libyan leader was said to have delivered the message to supporters at his residential compound near the capital Tripoli which was hit by an allied cruise missile on Sunday.


He denounced the ‘unjust’ action against his country and called those taking action against Libya as ‘crazed fascists’.


And as Tory MPs expressed fears that the war could last for 30 years, Foreign Secretary William Hague added to fears of an expensive and open-ended commitment, saying that it was impossible to put a deadline on British involvement.


Mr Hague said: ‘It’s too early to speculate. It depends what happens one way or another.


‘I don’t think you can put a deadline or a time objective to that.


‘We need to do those things as long as it is necessary, and that will depend on how people react in Libya, the reaction of the Gaddafi regime, on so many factors.’


In a major speech last night, he added: ‘We will continue to enforce United Nations Security Council Resolution 1973 until there is a complete and genuine ceasefire and an end to attacks on civilians.’


Liberal Democrat Mr Harvey went further than any minister yet in admitting that ground forces may be needed.


The UN resolution rules out an ‘invasion’ and an ‘occupying force’ but not ground force assistance to protect civilian lives.


‘I don’t think we would at this stage rule anything in or rule anything out,’ Mr Harvey said.


‘It’s something that the twists and turns of the next few days and weeks will determine, what any individual country puts into this fray.


‘I think it’s a question of interpretation where the deployment of ground troops becomes the landing of an occupying force and I just don’t think it’s productive to speculate on that, but I cannot foresee it on any significant scale.’


The uncertainty over the length of the war comes after mixed messages from the Government over whether Colonel Gaddafi himself was a legitimate target.


On Monday, Downing Street was forced to publicly contradict claims by the Chief of the Defence Staff General Sir David Richards that the dictator could not be legally killed in a military strike.


Chancellor George Osborne sought to reassure the public that the cost of the war would not spiral out of control, saying it would be ‘in the tens of millions not the hundreds of millions of pounds’.


He said it would be paid for from the Treasury’s reserve, rather than the main defence budget.


The Government expects the air campaign, featuring RAF Typhoon and Tornado jets plus Tomahawk cruise missiles fired from the submarine Triumph, to cost around £3million a day, though the Daily Mail has calculated that the first three days cost nearly £6million each.


But costs and the length of the deployment will soar if either of those scenarios prompts a need for ground troops.


Other members of the military coalition have already decided not to stick with the mission for ever.
Norwegian foreign minister Jonas Gahr Støre last night announced that his country would put a time limit on its military involvement.


‘We have made our planes available for three months,’ he said.


Intelligence chiefs and diplomats are preparing a series of options papers for David Cameron spelling out what might happen next.


The scenarios they are examining include the possibility of a military stalemate between Gaddafi’s forces and the opposition, where the rebels lack the firepower to seize the capital Tripoli.


They are also looking at the prospect that Libya will split in two, with a de facto separation between the Gaddafi-controlled West and the rebel-occupied East.


Tory MP Rory Stewart, a former diplomat who was deputy governor of an Iraqi province after the war there, warned that Britain could be sucked into a three-decade long imbroglio in the Middle East.


‘Don’t get sucked into Libya. I think the no-fly zone is the correct thing to do but this is a 20-to 30-year marathon with a very complicated region.’


Tory MP John Baron, one of only 13 MPs to vote against the war during a Commons debate on Monday night, also warned that the commitment could be open-ended.


‘What is the exit strategy?’ he asked.


‘We risk being drawn into an ill-defined mission whilst civilian casualties rise.


‘If there is a stalemate on the ground, are we simply going to walk away? These are questions that are not being answered at the moment, and I think they should be.’


Lord Browne, the former chairman of oil giant BP, which did deals with Gaddafi’s regime, predicted that the conflict would drag on.


He said: ‘I have a sense that everything I have seen of him [Gaddafi] is that he is someone who will stick around to the last possible moment.’


Plans for Nato takeover of mission ‘are in chaos’


Attempts to get Nato to take charge of the military mission in Libya were in chaos last night.


With America determined to surrender command of the no-fly zone, world leaders were on the verge of creating a cumbersome two-tier structure to answer the question: Who is running the war?


David Cameron had called for Nato in Brussels to assume command from the U.S. general co-ordinating the air strikes.


But after a day of bitter exchanges between Nato ambassadors, it became clear that some countries, such as Germany and Turkey, will not give the green light for Nato to take over.


Instead, officials were last night racing to create an international committee to oversee the military action, while the nuts and bolts of the command and control would be operated by Nato officers.


The coalition of the willing will bring together Britain, France, the U.S., Canada and other hawkish members of Nato, leaving the refuseniks on the sidelines.


Mr Cameron and Foreign Secretary William Hague were last night fighting to persuade Arab countries, including Saudi Arabia and the United Arab Emirates, to join the grouping.


Nato is launching an operation to enforce an international arms embargo on Libya and has completed plans ‘if needed’ to take charge of the operation to enforce the no-fly zone declared by the United Nations Security Council last week, Nato Secretary General Anders Fogh Rasmussen said.


However Nato ambassadors have so far failed to agree whether the alliance should take over when the United States relinquishes command in the next few days.


Mr Cameron discussed the need for Nato to play a ‘key role’ in the military action in Libya with U.S. President Barack Obama last night. In a telephone call this evening with Mr Obama, Downing Street said the two leaders had agreed ‘that these arrangements now needed to be finalised’.


Diplomatic sources described yesterday’s meeting of the North Atlantic Council in Brussels as a moment of ‘theatre’.


One envoy said: ‘The meeting became a little bit emotional.’


Turkey opposed a Nato mission, in part because the country’s prime minister Tayyip Erdogan felt snubbed because he was not invited to a summit on the military action in Paris by French President Nicolas Sarkozy last weekend.


Mr Sarkozy, whose armed forces have only recently rejoined Nato, had pushed for a separate command structure parallel to Nato.


His foreign minister Alain Juppe said:


‘This is therefore not a Nato operation.’


The compromise deal being thrashed out is expected to see an awkward hybrid of Nato infrastructure and a political front.


A senior No 10 source said last night: ‘We are getting close but we are not yet over the line.’


Source

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Saturday, 26 March 2011

Radioactive Cesium With A Half-Life Of Approximately 30 Years Is Being Released At About 60 Percent Of Chernobyl Levels


Why does it seem as though the nuclear crisis in Japan just keeps getting worse with each passing day?  TEPCO has announced that extremely radioactive water is now leaking from reactors 1, 2, and 3 at their damaged nuclear complex.  On Thursday, three workers stepped into water in reactor 3 that contained 10,000 times the normal amount of radiation.  Two of the workers experienced significant radiation burns and all three were sent to the hospital.  Authorities have also announced that it is very likely that the containment vessel in reactor 3 has been breached.  That is extremely alarming because reactor 3 is the one that uses plutonium-uranium mixed oxide fuel ("MOX fuel").  So is plutonium being released into the surrounding environment?  That would be absolutely catastrophic.  But what we know is happening already is quite catastrophic.  According to a recent NewScientist article, radioactive iodine-131 is being released at 73% of the level that it was being released at during the Chernobyl disaster.  But iodine-131 only has a half-life of about 8 days.  According to that same article, radioactive cesium-137 is being released at 60% of the level that it was being released at during the Chernobyl disaster.  Cesium-137 has a half-life of approximately 30 years.  That means that all of this cesium is going to be with us for a very, very long time.


Also, it is important to keep in mind that the Chernobyl disaster only burned for 10 days.


The damaged reactors at Fukushima are still emitting radioactive material and will probably be for quite a while.


In addition, the Fukushima complex contains a whopping 1760 tons of nuclear material.


Chernobyl only contained 180 tons.


So all those that are claiming that the Fukushima disaster could not possibly eclipse the Chernobyl disaster are completely delusional.


Most of the media coverage about the radiation coming from Fukushima in recent days has focused on radioactive iodine, but the truth is that cesium may be the greater threat over the long-term.


The recent article in NewScientist mentioned above described what happens when cesium and iodine enters the human body....



Moreover the human body absorbs iodine and caesium readily. "Essentially all the iodine or caesium inhaled or swallowed crosses into the blood," says Keith Baverstock, former head of radiation protection for the World Health Organization's European office, who has studied Chernobyl's health effects.


Iodine is rapidly absorbed by the thyroid, and leaves only as it decays radioactively, with a half-life of eight days. Caesium is absorbed by muscles, where its half-life of 30 years means that it remains until it is excreted by the body. It takes between 10 and 100 days to excrete half of what has been consumed.


So how much cesium are we talking about?


Well, nobody knows for sure, but Keith Harmon Snow is estimating that each spent fuel pool at the Fukushima nuclear complex could have 24,000 times the amount of cesium that was produced by the nuclear bomb that the U.S. dropped on Hiroshima at the end of World War 2.


That is a very frightening number if you stop and think about it.


Already there is quite a bit of evidence of cesium contamination across northern Japan.


For example, 25 miles from the Fukushima complex, one batch of a leafy green vegetable known as kukitachin was recently discovered to contain 11 times the legal limit of radioactive iodine and 82 times the legal limit of cesium.


So when the Japanese prime minister calls the situation at Fukushima "very grave and serious" he is perhaps understating things.


Unfortunately, things could become even more serious if reactor 3 starts spewing out significant amounts of plutonium.


A recent CNN article explained why reactor 3 is such a concern....



That reactor is of particular concern, experts have said, because it is the only one at the plant to use a combination of uranium and plutonium fuel, called MOX, that is considered to be more dangerous than the pure uranium fuel used in other reactors.


So why should we be concerned about MOX fuel?  A recent article on the Natural News website described the potential threat this way....



Largely absent from most mainstream media reports on the Fukushima Daiichi nuclear disaster is the fact that a highly-dangerous "mixed-oxide" (MOX) fuel in present in six percent of the fuel rods at the plant's Unit 3 reactor. Why is MOX a big deal? According to the Nuclear Information Resource Center (NIRS), this plutonium-uranium fuel mixture is far more dangerous than typical enriched uranium -- a single milligram (mg) of MOX is as deadly as 2,000,000 mg of normal enriched uranium.


Considering the fact that the half-life of plutonium-239 is approximately 24,000 years, perhaps we should all be taking this crisis a little more seriously.


The crisis at Fukushima is rapidly becoming the biggest nuclear disaster in history.  Hopefully the authorities in Japan will quickly realize that the "Chernobyl solution" is the only solution here.


The longer that Fukushima is allowed to pump radioactive material into the environment the worse it will be for all of us.  Just as with Chernobyl, there are going to be serious global health consequences from this nightmare.


The total extent of the health damage being done by Fukushima will probably never be fully known.  But what we do know is that a whole lot of the radioactive material being pumped out by Fukushima will be with us for a very, very long time.



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General Wesley Clark: : America will take out 7 countries in 5 years

According to Former NATO supreme allied , former presidential candidate and 4 stars US general Wesley Clark that they received a memo years ago telling them that American is going to take out 7 countries in the middle east in 5 years starting with Iraq Syria Lebanon Libya Sudan and Somalia , seeing what's going on today in Libya but also in Syria where violent protest just errupted , it is

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Saturday, 19 March 2011

China: worst drought in 60 years

China is enduring the worst drought in 60 years and while the eventual impact is unknown, it will certainly affected already-too-high food prices. Especially wheat.

The days of cheap food prices may be gone forever.


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Monday, 14 March 2011

The Winner of This Year’s Daily Reckoning Dodo Derby

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03/12/11 Buenos Aires, Argentina – It’s time, Fellow Reckoner…time to announce the winner of this year’s “The-name-of-the-guy-who-came-up-with-the-idea-of-evolution-but-who’s-name-we-cannot-use-due-to-trademark-infringement-constraints-Award!”

Or, for short…

The winner of our inaugural Daily Reckoning Dodo Derby.

Let’s start where all good evolutionary tales start: at the beginning…

This year, 44 of America’s united states will deliver a combined 2012 budget shortfall of approximately $125 billion. They are broke, in other words, and determinedly bureaucratizing themselves ever closer to outright insolvency…the financial equivalent of the dinosaurs’ tar pit.

By way of honoring their commitment to financial evolution – that is, by rendering themselves extinct so that newer, more adaptive and innovative concepts of trade and freedom can take their place – we featured a handful of these states during recent Daily Reckoning musings.

First, in last weekend’s edition, we narrowed the field to ten finalists – California, Connecticut, Illinois, Louisiana, Massachusetts, Mississippi, New Jersey, New York, Ohio and Wisconsin.

Then, on Monday and Tuesday, we awarded special mentions to Connecticut and New Jersey for their commitment to wasteful state government spending. Next, we bestowed first and second runners-up honors on California and Massachusetts, respectively.

And now, today, it’s time to announce the winner of our shamelessly non-scientific, mostly tongue-in-cheek, change-the-name-halfway-through-the-competition competition.

But first, the stats…

Population: 12.88 million.
Unemployed: 603,000.
Food stamp recipients: 1.97 million.
Total debt: $143 billion.
Debt/GDP ratio: 22%…

And, here’s the kicker…

Total state debt per man woman and child – whether working or not: $11,138!

Yes, Fellow Reckoner, this year’s winning state, occasionally referred to as Land of Lincoln or The Prairie State, home of the president of the country with the largest total debt the world has ever seen, is…

Illinois.

Congratulations Illinois. Here are your residents:

“I think I’ll chime in,” begins our first Reckoner, kicking things off. “I live in Illinois and, like Wisconsin, our day of reckoning will be coming soon. Picking on the middle class will result in a mutiny of grand proportions.

“Start taking a look at the School Boards where they vote themselves raises and plum retirement benefits… The politicians and judges who get automatic raises each year or ever other year… The City Councils who bicker of not making enough… The special stipends these people get so they can hire family members… Raises and promotions for those who have contributed to the funds of those running for re-election… Get with the State Comptroller’s Office and investigate who gets what in payroll. Politicians SHOULD also increase their contribution to Health Care. Eliminate state positions that crossover and are duplicating waste and make sure that all building contracts come within budget. Reduce and/or eliminate nepotism within state offices.”

And here’s reckoner Bob, with a few specific tales of local waste…

“Here in Chicago IL, at Piotrowski Park, they demolished a nice playground area and replaced it with a greatly inferior playground. Then, in the field house, they installed an elevator that goes from the ground floor to the locker room one floor below, as if the stairs were not enough. Oh…and they tore out the field house reception area just so they could rebuild it. In the playing field, they tore out perfectly good water fountains just to replace them.”

Adds Reckoner Charles…

“I live in Illinois too, where instead of postponing two overpasses across the railroad tracks, they are going ahead with it. That would cut costs buy over $2,000,000 just by putting it off for a while. The overpasses are NOT needed. Just that some council person wants a few more votes.”

And this, from Reckoner John…

“Illinois has an interesting strategy for funding teacher salaries and retirement. Illinois schools and teacher salaries are funded by property taxes, but the taxes remain in the community where they are collected. There is no statewide distribution. The rich get richer…

“Then there are the pensions. The Illinois Taxpayers Union has lists of the top 100 educator pensions on a county-by-county basis. In Cook County, the top 100 pensions run from $238K to $146K annually. Pensions range from 60% to 120% of the average salary for the last four years of employment. These are for primary and secondary educators in suburban Cook County. An ‘educator’ from the National Education Association is #2 on the list at $235K.

“The top 100 Community College educator pensions in Cook County have a slightly lower range – $208K-$102K. Guess who picks up the tab for pensions?”

And finally, an appropriately named Reckoner “Cost” sounds off…

“They are now going after the residents for online purchases made from retailers located outside the state with no in-state presence, but used/consumed within the state, to the tune of a 6.25% tax rate. Ludicrous. And they are offering amnesty going back to 2004 along with the option of using the estimated tax table if you don’t have records. The tables are heavily skewed to the State’s favor (assuming, for example, that if your gross income was $75-100K, you would have spent $1,000 online for such purchases.) Keep in mind, though, that this is the State that also lets residents voluntarily pay cigarette taxes for purchases made outside the State. Go Illinois!”

Go Illinois, indeed.

Thanks again to the hundreds of readers who wrote in from around the nation will tales of waste and incompetence at their individual state levels. And congratulations again to our finalists and, of course, this year’s winner.

Joel Bowman
for The Daily Reckoning

Author Image for Joel Bowman

Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

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The articles and commentary featured on the Daily Reckoning are presented by Agora Financial.
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PROPHECY - The Next 1000 Years

Prophecies from the Egyptians, the Bible, the Mayans, Hopi Indians, Nostradamus and Edgar Cayce all agree that the world will face a series of cataclysmic disasters over the next one thousand years. Drawing from an encyclopedic range of ancient and modern sources, as well as from interviews with scholars and political and financial experts, this program moves from the pyramids of Giza to the

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Sunday, 13 March 2011

Japan’s strongest quake in 140 years could have been predicted

Written by Canadafirst on 11 March 2011


The strongest in 140 years earthquake near the north-east coast of Japan created the threat of giant tsunami waves across the entire Pacific area. In Japan, the disaster has already caused a 10-meter high wave that crashed onto the shore destroying everything on its path. Millions of houses have been left without electricity, including in the country’s capital, Tokyo.


The number of casualties is still unknown, although it is clear that the death toll is growing. Many of the victims have most likely been buried underneath the rubble.


International experts say that the giant waves may flood several small Pacific islands entirely. Many others, including the chain of Hawaii islands, are facing the threat of serious destruction.


The tsunami threat will stay on for hours. Japanese specialists say that today’s 8.9 magnitude earthquake is the strongest since 1872, when the country started to register quakes officially. The Great Earthquake of September 1, 1923 was measured 7.9 on Richter scale: over 140,000 people died in Tokyo and suburbs.


The epicenter of today’s earthquake was located 373 kilometers to the north-east from Tokyo, at the depth of 24 kilometers. Several other less powerful quakes (magnitude 6.0) took place in the area afterwards. The epicenter of one of them was located 67 kilometers far from Tokyo. Not less than 14 large industrial objects are currently ablaze in the area.


Russian scientist Yevgeny Rogozhin, deputy director of the Institute for Earth’s Physics, said that the Japanese quake could have been predicted. A weaker earthquake took place in the area a week ago, he said.


“There was another earthquake several days ago. I think that it was a foreshock. It occurred further north of the current quake, near Honshu island as well. It seems that it was the location of the edge of the seismic center of the quake, which took place today,” the scientist said.

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The First Runner-Up in This Year’s Daily Reckoning Dodo Derby

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03/10/11 Buenos Aires, Argentina – Population: 37.5 million.
Unemployed: 2.2 million.
Food stamp recipients: 3.7 million.
Total debt: $367 billion.
Debt/GDP ratio: 18.80%…

And, finally…

Total state debt per man, woman and child – working or not: $9,835!

Ladies and gentleman, Fellow Reckoners, people who enjoy overly dramatic, entirely non-scientific countdowns…

The First Runner-Up in this year’s newly-renamed Daily Reckoning Dodo Derby is…

The Golden State of California. Congratulations!

Now, before we get all carried away with the celebrations, a couple of quick words…

Your editor happens to enjoy a few drinks with a couple of California locals when he visits that paradisiacal stretch of coastline from time to time. One such local happens to be his senior editor, Eric Fry, who resides in Laguna Beach, home of the ever-vigilant Tsunami watchmen. As such, we feel it would be somewhat unbecoming of us to launch into a crassly gratuitous, politico-bashing tirade about a state in which our good friend happens to reside – and in which we do not.

So, we’re going to let our Fellow Reckoners do it for us; Fellow Reckoners who, mind you, also happen to live in California and, therefore, should know better than us about the goings on there.

First up, from Reckoner Dimitri:

“The LA Times ran an investigative series last week showing how billions were mismanaged and squandered in an inept and failed attempt to upgrade the Los Angeles Community College campus. Why the perpetrators of this disaster haven’t been fired is beyond me – it unfortunately highlights the entrenched and increasingly incompetent infrastructure we are hopelessly saddled with. Yes, hopelessly – the chances of removing the incompetents is slim and none, but worse, I don’t see a cadre of competents around to take their places.”

Then there’s this, from another Golden State Reckoner, one who wishes to remain anonymous…

“There are over 600,000 California state workers getting fat pensions and health care and other retirement benefits. With benefits like [theirs] there is no hope of ever balancing the budget. We already have the highest State Income Tax, Gasoline Tax, Sales Tax and property tax. The only hope is to declare bankruptcy and let all benefits be scaled down by the legal system.”

And this, from Reckoner Peterson…

“California has a gigantic hole in this year’s budget [$24.5 billion; the largest state budget shortfall for 2012 in the entire country]. This is illegal, as the California Constitution insists the budget be balanced. Governor Schwarzenegger recalled the legislature to a special session to deal with the crisis last Fall, just before he left office.

“However, he could not get the legislature together. Many of the legislators were in Maui. As in, Hawaii. They were there to discuss green energy and who knows what else. The trip was paid for by California interest groups including the California Prison Guards union. What does the California prison guards union care about green energy, you ask? Absolutely nothing, of course. But, they care a great deal, and are willing to pay handsomely for, legislators’ votes on their pay and benefits.

“Thus, when new (old) Governor Jerry Brown took office, he was forced to propose a draconian budget that cuts all kinds of state services, including funding for education, medical care for children, and assistance to local governments. There were however no proposed cuts to the pay or benefits of the public service unions, including the California Prison Guards Union.”

Chimed Reckoner Edwardo…

“Greetings from California, the most over-governed state in the USA. A crazy place where prison guards earn 3x the rate for starting schoolteachers, and enjoy fabulous retirement benefits. The whole public sector is out-of-control, bleeding the private sector dry. Prison overcrowding has put the State under severe federal pressure.

“We have a whole government agency trying to collect sales taxes on out-of state purchases by Californians – which I would guess has a negative financial benefit to the state when all salaries, benefits, occupancy and other expenses are computed. The lunatics are running the asylum.”

And finally, we couldn’t resist printing this last email, in full. It’s a bit longer but, after having read through the entire mailbag from peeved California residents, we think it deserves a run…

“What is generally not covered in most any press is the government tyranny at the local level.

“5.3 (five point 3) YEARS ago I started the process to build a new home on a 50-acre parcel in Santa Clara County. Still no permit. The tyranny of ‘Planning’ is documented in a CATO report, showing how it created a CA real estate bubble.

“Besides being incompetent and lazy, the planners outright lie to the citizens. Not once in the 5 years did they meet the 30-day CA STATE LAW response time for filings. The top elected officials (Board of Supervisors) admit they are unable to fix the indolence, incompetency, and aggressive adversarial positions taken against the citizens.

“Since they have unchecked and unaccountable monopoly power, Planning has done what any good monopoly does when demand goes down – they have exorbitantly raised prices! Now, nearly triple the permits vs. 5 years ago are needed for – you name it!

“No matter how surly, insulting, or capricious a county employee may be, one must remember to always Kiss Their A** or they will get even. Don’t even think of escalating to a supervisor.

“At one time in the past, taxes paid for government and citizens had some control. Now, the bureaucracies do as they wish, and fee us to death, and we have no recourse.

“TO THE BARRICADES, I say!

“A. Reckoner and former CA resident

“P.S. Although I’m liquidating all CA real estate, please don’t use my name or there will be retribution by County employees.”

Tomorrow: The Daily Reckoning Dodo Derby winner. Stay tuned…

Joel Bowman

for The Daily Reckoning

Author Image for Joel Bowman

Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

View articles by Joel Bowman

The articles and commentary featured on the Daily Reckoning are presented by Agora Financial.
Sign Up for The Daily Reckoning e-letter and receive a copy of our newest report How to Survive the Fall of Social Security… at NO CHARGE.

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Friday, 11 March 2011

The First Runner-Up in This Year’s Daily Reckoning Financial Darwin Awards

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03/10/11 Buenos Aires, Argentina – Population: 37.5 million.
Unemployed: 2.2 million.
Food stamp recipients: 3.7 million.
Total debt: $367 billion.
Debt/GDP ratio: 18.80%…!

And, finally…

Total state debt per man, woman and child – working or not: $9,835.

Ladies and gentleman, Fellow Reckoners, people who enjoy overly dramatic, entirely non-scientific countdowns…

The First Runner-Up in this year’s Daily Reckoning Financial Darwin Awards: The State Edition is…

The Golden State: California! Congratulations!

Now, before we get all carried away with the celebrations, a couple of words…

Your editor happens to enjoy a few drinks with a couple of California locals when he visits that paradisiacal stretch of coastline from time to time. One such local happens to be his senior editor, Eric Fry, who resides in Laguna Beach. So, instead of launching into some kind of gratuitous, politico-bashing tirade about a state in which our good friend happens to reside – and in which we do not…

…we’re going to let our Fellow Reckoners do it for us; Fellow Reckoners who, mind you, also happen to live on California and, therefore, should know better than us the goings on there.

First up, from Reckoner Dimitri:

“The LA Times ran an investigative series last week showing how billions were mismanaged and squandered in an inept and failed attempt to upgrade the Los Angeles Community College campus. Why the perpetrators of this disaster haven’t been fired is beyond me – it unfortunately highlights the entrenched and increasingly incompetent infrastructure we are hopelessly saddled with. Yes, hopelessly – the chances of removing the incompetents is slim and none, but worse, I don’t see a cadre of competents around to take their places.”

Then there’s this, from another Golden State Reckoner, one who wishes to remain anonymous…

“There are over 600,000 California state workers getting fat pensions and health care and other retirement benefits. With benefits like [theirs] there is no hope of ever balancing the budget. We already have the highest State Income Tax, Gasoline Tax, Sales Tax and property tax. The only hope is to declare bankruptcy and let all benefits be scaled down by the legal system.”

And this, from Reckoner Peterson…

“California has a gigantic hole in this year’s budget [$24.5 billion; the largest state budget shortfall for 2012 in the entire country]. This is illegal, as the California Constitution insists the budget be balanced. Governor Schwarzenegger recalled the legislature to a special session to deal with the crisis last Fall, just before he left office.

“However, he could not get the legislature together. Many of the legislators were in Maui. As in, Hawaii. They were there to discuss green energy and who knows what else. The trip was paid for by California interest groups including the California Prison Guards union. What does the California prison guards union care about green energy, you ask? Absolutely nothing, of course. But, they care a great deal, and are willing to pay handsomely for, legislators’ votes on their pay and benefits.

“Thus, when new (old) Governor Jerry Brown took office, he was forced to propose a draconian budget that cuts all kinds of state services, including funding for education, medical care for children, and assistance to local governments. There were however no proposed cuts to the pay or benefits of the public service unions, including the California Prison Guards Union.”

Chimed Reckoner Edwardo…

“Greetings from California, the most over-governed state in the USA. A crazy place where prison guards earn 3x the rate for starting schoolteachers, and enjoy fabulous retirement benefits. The whole public sector is out-of-control, bleeding the private sector dry. Prison overcrowding has put the State under severe federal pressure.

“We have a whole government agency trying to collect sales taxes on out-of state purchases by Californians – which I would guess has a negative financial benefit to the state when all salaries, benefits, occupancy and other expenses are computed. The lunatics are running the asylum.”

And finally, we couldn’t resist printing this last email, in full. It’s a bit longer but, after having read through the entire mailbag from peeved California residents, we think it deserves a run…

“What is generally not covered in most any press is the government tyranny at the local level.

“5.3 (five point 3) YEARS ago I started the process to build a new home on a 50-acre parcel in Santa Clara County. Still no permit. The tyranny of ‘Planning’ is documented in a CATO report, showing how it created a CA real estate bubble.

“Besides being incompetent and lazy, the planners outright lie to the citizens. Not once in the 5 years did they meet the 30-day CA STATE LAW response time for filings. The top elected officials (Board of Supervisors) admit they are unable to fix the indolence, incompetency, and aggressive adversarial positions taken against the citizens.

“Since they have unchecked and unaccountable monopoly power, Planning has done what any good monopoly does when demand goes down – they have exorbitantly raised prices! Now, nearly triple the permits vs. 5 years ago are needed for – you name it!

“No matter how surly, insulting, or capricious a county employee may be, one must remember to always Kiss Their A** or they will get even. Don’t even think of escalating to a supervisor.

“At one time in the past, taxes paid for government and citizens had some control. Now, the bureaucracies do as they wish, and fee us to death, and we have no recourse.

“TO THE BARRICADES, I say!

“A. Reckoner and former CA resident

“P.S. Although I’m liquidating all CA real estate, please don’t use my name or there will be retribution by County employees.”

Tomorrow: The Daily Reckoning Financial Darwin Award winner. Stay tuned…

Joel Bowman

for The Daily Reckoning

Author Image for Joel Bowman

Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

View articles by Joel Bowman

The articles and commentary featured on the Daily Reckoning are presented by Agora Financial.
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The Second Runner-Up In This Year’s Financial Darwin Awards

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03/09/11 Buenos Aires, Argentina – We’ve been talking a lot about the state of the state this week. The state, as a viable political concept, seems to be breaking down. At the very least, it is beginning to be called into question. Take a look at states in Africa…states in the Middle East…in Europe…even states within “The States.”

From toppled state governments in the MENA region to insolvent nation states across Europe’s periphery and flat broke states back in the US. Whether ruled by tyrannical, autocratic minority or tyrannical, democratically elected majority, the model of The State just doesn’t seem to work. The reason is simple enough: violence doesn’t work. Voluntary trade does. The state – being, by definition, an agent of force – is always and everywhere a net detractor from a market’s productive capacity. This rule holds equally true in the Libyan Desert as it does in fifty different state capitols scattered across the US.

Which brings us to the main reason for this little interjection… The Second Runner-Up in this year’s Daily Reckoning Financial Darwin Awards: The States Edition.

Let’s see… First we had ten finalists. We read them out over the weekend, in alphabetical order – California, Connecticut, Illinois, Louisiana, Massachusetts, Mississippi, New Jersey, New York, Ohio and Wisconsin.

Then, on Monday, we announced fifth place: Connecticut. We just couldn’t resist recognizing a state with the sometimes moniker of “The State of the Steady Habits” for out of control spending that saw it’s debt/GDP ratio soar to within a fraction of a percent of Greece’s. Great stuff, really.

Yesterday, we gave a tip of the hat for New Jersey. Although the Tax Foundation has found that New Jersey homeowners pay three and a half times the national median, the state is still on schedule to deliver a $10.5 billion budget shortfall for the year. Then there’s the union-won benefits, unfunded pension and healthcare liabilities, soaring debt/GDP level. Yep, Jersey for fourth.

Today we raise a glass to this year’s Second Runner-Up…

Writes one reader from today’s state:

“I am appalled at the continued political patronage hiring here. A recently retired State Senator was, at 75 years old, just handed a job at the local community college…paying $120,000 per year! And we are laying off teachers, police, and firefighters.

“Also, politicians refuse to give a Civil Service exam to fill state jobs, as required by law. They say there is no money for this. They then hire based strictly on political connections, disregarding any qualifications. They end up having to hire additional people to actually do the job. Budgets for some departments were actually higher than requested in exchange for political jobs – see the ongoing scandal in the Probation Dept. Some politicos may actually go to jail over this one.”

The state our Fellow Reckoner is referring to suffers under one of the highest debt/GDP ratios in all the land…a whopping 20.53%. Maybe you’ll guess it from this email, from another local resident:

“Our state and its ‘Big Dig’ has retired this dubious trophy years ago. When Tip O’Neil announced that he had 90% financing on our downtown boondoggle and we would only have to pay 100 million of the 1 billion cost, little did he know (or did he?) that the final cost would be $14 billion. Oh wait… We forgot the interest…dooooh… Make that $22 billion. And the screw-ups continue, whether it’s the Big Dig, our caddy driving governor giving freebies to a company that left for China, drunken pols, druken firefighters, pols sticking cash down their bras that only the feds can seem to find while our AG is clueless, three consecutive speakers of the house that have been convicted of felonies or are awaiting trial and grossly incompetent judges and pols that come from a one party state.”

Couldn’t guess? Here’s our Reckoner again, with the answer in slogan form:

“The new state slogan should be ‘Massachusetts: Incompetence, corruption, criminal behavior… We’ve got it all!’”

Congratulations go to Massachusetts, “The Bay State.” You’ve earned this year’s Second Runner-Up in our Daily Reckoning Financial Darwin Awards: The State Edition.

That means there are still two more prizes up for grabs…and seven finalists still in the running. More tomorrow…

Joel Bowman
for The Daily Reckoning

Author Image for Joel Bowman

Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

View articles by Joel Bowman

The articles and commentary featured on the Daily Reckoning are presented by Agora Financial.
Sign Up for The Daily Reckoning e-letter and receive a copy of our newest report How to Survive the Fall of Social Security… at NO CHARGE.

We Will Not Share Your Email.
We Value Your Privacy.

View the original article here

The Second Runner-Up In This Year’s Financial Darwin Awards

leadimage

03/09/11 Buenos Aires, Argentina – We’ve been talking a lot about the state of the state this week. The state, as a viable political concept, seems to be breaking down. At the very least, it is beginning to be called into question. Take a look at states in Africa…states in the Middle East…in Europe…even states within “The States.”

From toppled state governments in the MENA region to insolvent nation states across Europe’s periphery and flat broke states back in the US. Whether ruled by tyrannical, autocratic minority or tyrannical, democratically elected majority, the model of The State just doesn’t seem to work. The reason is simple enough: violence doesn’t work. Voluntary trade does. The state – being, by definition, an agent of force – is always and everywhere a net detractor from a market’s productive capacity. This rule holds equally true in the Libyan Desert as it does in fifty different state capitols scattered across the US.

Which brings us to the main reason for this little interjection… The Second Runner-Up in this year’s Daily Reckoning Financial Darwin Awards: The States Edition.

Let’s see… First we had ten finalists. We read them out over the weekend, in alphabetical order – California, Connecticut, Illinois, Louisiana, Massachusetts, Mississippi, New Jersey, New York, Ohio and Wisconsin.

Then, on Monday, we announced fifth place: Connecticut. We just couldn’t resist recognizing a state with the sometimes moniker of “The State of the Steady Habits” for out of control spending that saw it’s debt/GDP ratio soar to within a fraction of a percent of Greece’s. Great stuff, really.

Yesterday, we gave a tip of the hat for New Jersey. Although the Tax Foundation has found that New Jersey homeowners pay three and a half times the national median, the state is still on schedule to deliver a $10.5 billion budget shortfall for the year. Then there’s the union-won benefits, unfunded pension and healthcare liabilities, soaring debt/GDP level. Yep, Jersey for fourth.

Today we raise a glass to this year’s Second Runner-Up…

Writes one reader from today’s state:

“I am appalled at the continued political patronage hiring here. A recently retired State Senator was, at 75 years old, just handed a job at the local community college…paying $120,000 per year! And we are laying off teachers, police, and firefighters.

“Also, politicians refuse to give a Civil Service exam to fill state jobs, as required by law. They say there is no money for this. They then hire based strictly on political connections, disregarding any qualifications. They end up having to hire additional people to actually do the job. Budgets for some departments were actually higher than requested in exchange for political jobs – see the ongoing scandal in the Probation Dept. Some politicos may actually go to jail over this one.”

The state our Fellow Reckoner is referring to suffers under one of the highest debt/GDP ratios in all the land…a whopping 20.53%. Maybe you’ll guess it from this email, from another local resident:

“Our state and its ‘Big Dig’ has retired this dubious trophy years ago. When Tip O’Neil announced that he had 90% financing on our downtown boondoggle and we would only have to pay 100 million of the 1 billion cost, little did he know (or did he?) that the final cost would be $14 billion. Oh wait… We forgot the interest…dooooh… Make that $22 billion. And the screw-ups continue, whether it’s the Big Dig, our caddy driving governor giving freebies to a company that left for China, drunken pols, druken firefighters, pols sticking cash down their bras that only the feds can seem to find while our AG is clueless, three consecutive speakers of the house that have been convicted of felonies or are awaiting trial and grossly incompetent judges and pols that come from a one party state.”

Couldn’t guess? Here’s our Reckoner again, with the answer in slogan form:

“The new state slogan should be ‘Massachusetts: Incompetence, corruption, criminal behavior… We’ve got it all!’”

Congratulations go to Massachusetts, “The Bay State.” You’ve earned this year’s Second Runner-Up in our Daily Reckoning Financial Darwin Awards: The State Edition.

That means there are still two more prizes up for grabs…and seven finalists still in the running. More tomorrow…

Joel Bowman
for The Daily Reckoning

Author Image for Joel Bowman

Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

View articles by Joel Bowman

The articles and commentary featured on the Daily Reckoning are presented by Agora Financial.
Sign Up for The Daily Reckoning e-letter and receive a copy of our newest report How to Survive the Fall of Social Security… at NO CHARGE.

We Will Not Share Your Email.
We Value Your Privacy.

View the original article here

EU´s Planned Economy Dictatorship. 100 Years of Social Gains to Be Scrapped As “Modernisation”–Your Wages!!!

EU´s Planned Economy Dictatorship. 100 Years of Social Gains to Be Scrapped As “Modernisation”

Posted by Anders under English, Euromed

Summary: The unreliable, dictatorial and misanthropic EU works in secret and is doing all tricks in terms of building an overarching union, preventing referenda by its citizens, that e.g. Sarkozy deems too dangerous for the elite´s Europe to be entrusted with referenda.
The latest edition of this sneaky kind of politics is a secret plan, the “Competitiveness Pact” to strengthen the euro – but especially to displace unions from their traditional influence over workers´ pay and  agreement conditions, a position which has been won over the last 100 years. The EU will take over dictating these conditions. The plan is expected to be finally adopted in June. Countries must adapt ‘wages with productivity.” Collective negotiations between workers and employers – must be decentralized,  = weakened. Stop indexing wages to inflation – in one way or another. The document makes explicit demands for wage moderation and reducing services in the public sector “to further open up protected sectors” and to end the “closed shop” (where an employee must be a member of a union). Member states will also be required to: a. introduce amendments in their constitutions to limit national borrowing b. harmonize their corporate tax base and c. link retirement age with life expectancy. To ensure that Member States stay in line, they will be monitored by the European Council on the basis of Commission reports.
Some proposals go beyond what the EU itself has the legal right to do. They argue that the move “requires a shift to a higher degree of policy coordination, especially in areas that fall within national jurisdiction. They add:” [These changes] should include a special effort beyond what is already available as well as concrete commitments and actions that are more urgent, more ambitious than those already agreed.” The president of the EU´s  public officials calls the plan “”a power grab by conservatives, neo-liberals and above all corporate interests to bury social Europe for good.”

Danish Prime Minister Lökke Rasmussen is so sorry not to “have influence” in Euroland. He is seconded by the Belgian MEP, Guy Verhofstadt, who said that Denmark should join the euro to form a counterweight against Germany and France, who have dictated the above plan! But at the same time, Verhofstadt is putting forward a probably successful proposal acc. to which the EU Commission alone should have the say  about national budgets and national economic policy – leaving nation states entirely out. This fox talk to the chicken run has been heard so often before. When did Denmark last “speak against Rome”? Not since 1864! Lars Lökke Rasmussen has never done so – and the Prime Minister to come, Helle Thorning-Schmidt, is tied hand and feet by her membership of the Bilderberg and The European Council on Foreign Relations. An opinion poll now shows 45% for and 43% opposed to the abolition of Denmark´s 3 EU opts-out. A euro referendum by June is being mentioned, so that Lökke Rasmussen can proudly wag his tail in the EU council for having cheated the Danes again. His predecessor, Anders Fogh Rasmussen, was received in the EU Council with standing ovations for having cheated the Danes of a promised vote on the Lisbon Treaty, which according to EU Constitution´s father, d’Estaing, was the EU Constitution, simply disingenuously torn up and relocated in previous treaties that we had first voted no for – then yes because of the opts-out. Fogh Rasmussen avoided a referendum by relocating 9 unconstitutional elements of the Treaty to the opt-outs. Now they are back to cheat the Danes once again with a sleight of hand, removing the opts-out - whereby we shall unwittingly have voted for the EU Constitution. This is the EU and its Danish politician hirelings in a nutshell: Conmen.

*
The EU is an unreliable, untruthful, propagandistic police state enterprise with the dictatorial European Arrest Warrant and death penalty. The EU detests its citizens and is not static but ever-expanding on behalf of the New World Order and its banks and here and here (see videos on the right margin of this blog). We also know this much too well from the Lisbon Treaty and here and Euromediterranean Project. Therefore, the below undemocratic mischief is hardly surprising – but nonetheless amazing.

Euroens-faldM&C News 2 march 2011: The competitiveness pact is among the euro-strengthening measures to be discussed at a meeting of eurozone leaders on March 11, ahead of the next EU summit on March 24-25. German Chancellor Angela Merkel and Austrian Chancellor Werner Faymann on Wednesday renewed their call for a financial transaction tax to be implemented in the European Union.

EUOBSERVER 2 March 2011: Angry at economic governance proposals by EU leaders that aim to push down wages, public sector unions have “dared” governments to hold referendums over a ‘Competitiveness Pact’ currently being hashed out behind closed doors.
Goudriaan“Which of these EU government leaders dares to put the Competitiveness Pact, which goes so very far in asking for legal or constitutional changes to enforce budget deficit targets, to a referendum asking the people if they agree or not?” Jan Willem Goudriaan (right), the head of the European Public Service Union, told EUobserver after reading a leak of the outlines of a radical eurozone reform plan.
The blueprint, drafted by commission chief Jose Manuel Barroso and EU Council President Herman Van Rompuy and discussed on Monday (28 February) in Brussels by diplomats, is a shopping list of demands including: keeping down wages across the eurozone; reducing public services; constitutional changes limiting government borrowing; and moving away from labour-based taxation towards consumption-based taxation.

1. One of the main elements in the four-page document, which was obtained and published by the FT, would require countries to “align” wages with productivity. The commission and Council would monitor “wage and productivity developments”, comparing unit labour costs across the EU for each major sector of the economy and against those in major trading China-workerpartners – meaning those in, for example, the US and China. If wage increases in particular countries begin to cause an “erosion of competitiveness” the country will have to “commit to address these challenges in a given timeframe.”

2. The document also says that collective bargaining – negotiations between workers and employers – must be decentralised. Centralised bargaining occurs when instead of one workforce negotiating with one employer, groups of employees in the same industry bargain with all the employers in that sector.

3. An earlier version of the pact had proposed an end to the indexation of wages to inflation, a phenomenon that occurs in a handful of member states in certain sectors. Under the Barroso-Van-Rompuy plan, this is changed to say that such systems must be improved, but still ensuring price competitiveness.

4. The document explicitly demands wage restraint in the public sector to “further open sheltered sectors” and end the “closed shop” (where to be hired, one must be a member of a union).

5. Member states would also be required to:a.  introduce changes to their constitutions to limit national borrowing; b. harmonise their corporate tax base; and c. link retirement ages to life expectancy.

Eussr flag6. Ensuring that member states stay in line, they would be monitored by the European Council on the basis of reports from the commission. The process would form part of the recently established European Semester, a centralised EU system of intervening in the drafting of national budgets (before these are presented to national parliaments).

The authors appear to be aware that some of the suggestions go beyond what the EU itself is legally allowed to do. They argue that the move: “requires a shift to a higher level of policy co-ordination, in particular in areas that fall under national competence. They add: “[these changes] should involve a special effort going beyond what already exists and include concrete Eussr-aks-og-sværdcommitments and actions that are more urgent, more ambitious than those already agreed.”

Although the document makes mention of “respecting national traditions of social dialogue and industrial relations” the proposals represent an unprecedented interference by the EU in the collective bargaining process. Mr Goudriaan said the proposals cover issues that are the domain of workers and employers “and the EU institutions should keep their hands off them.”
“The suggested proposals do nothing to get the many banks and their CEOs who engaged in speculation and short term greed,” he said. He called the plan “a power grab by conservatives, neo-liberals and above all corporate interests to bury social Europe for good.”

“How does a wage freeze for a nurse that takes care of elderly people foster economic growth and address youth unemployment?” he added. “Yet somehow the exorbitant salary and scandalous bonuses of a banking, insurance or other company executive who cuts jobs and squandered away billions is supposed to assist Europe to grow out of our economic woes? There are no proposals in this pact to cut or tax these salaries.”

The Financial Times 27 Febr. 2011: Diplomats who have seen the plan, said the pact includes many of the same principles contained in the German initiative.  Officials familiar with the new proposals said senior aides to both presidents had consulted with all 17 governments to come up with a compromise plan that could be agreed at a special March 11 eurozone summit.

Lars-løkke-rasmussenEUOBSERVER 3 March 2011: The EU’s economic convergence plans are forcing Denmark to reconsider its euro opt-out, with a referendum on “modernising” Copenhagen’s relation with Brussels possibly taking place by June.
With plans for a “Competitiveness Pact” currently being drafted by EU institutions to replace a Franco-German draft on pensions harmonisation and constitutional “debt brakes”, Denmark does not want to be left out of the decision-making process, due to not being in the single currency.
After meeting a group of MEPs on Wednesday, Danish Prime Minister Lars Lökke Rasmussen said his countrymen should reconsider the opt-outs in a referendum, especially since Denmark will take over the EU’s rotating presidency on 1 January 2012. “There are both the euro pact and the presidency, issues which make it relevant to consider whether we should modernise our relations with the EU,” he was quoted as saying by Politiken daily newspaper.

The referendum may take place before the summer in order to give Mr Rasmussen a clear popular mandate when he participates in a June summit where EU leaders are set to decide on the competitiveness pact. “It depends on what the pact will consist of exactly, but clarity [in a referendum] may be needed,” he said, while stressing that he has no intention of trying to “sneak” Denmark into the euro. “Currently, there is a no to the euro that is in place and that limits the degree to which we can be part of eurozone co-operation,” the premier explained.

Danes rejected adopting the euro in a referendum held in 2000. But this time around, poll figures indicate a slight majority in favour of scrapping all three Danish opt-outs (the euro, EU defence policy and justice and home affairs). Dubbed the “Big Bang model”, a referendum on all three opt-outs may be more successful than holding a referendum just on euro adoption, with 45 percent of Danes in favour of this move, according to a Megafon poll carried out in February. But the margin is still narrow, with 43 percent opposing it and 12 percent undecided.

A strong advocate for Denmark’s euro-accession is Belgian Liberal MEP Guy Verhofstadt, who points to the fact that the country’s economy is already fully integrated into the eurozone and that the Danish krone is pegged to the euro. In addition, he believes that there is a need for a small country like Denmark to counter-balance Germany and France who “dictated” the competitiveness pact being currently drafted for the 17 member-strong eurozone. Scrapping the EU opt-outs could also serve the Liberal premier ahead of general elections in the autumn as both opposition parties are internally split on the issue.

But some Danish politicians warn against holding a referendum. They point to Mr Rasmussen’s low popularity suggesting voters may use the opportunity to sanction the government.

EurActiv 7 March 2011 Liberal MEP leader Guy Verhofstadt said the Merkel-Sarkozy plan was based on the intergovernmental method, while his proposal was based on the Community method, putting the European Commission, not member states, in the driving seat. Putting EU countries themselves in the driving seat will lead only to failure. The EU executive should monitor European economic convergence and governance, Verhofstadt said, imposing corrective action or even sanctions on countries that fail to comply with it. Among possible sanctions, he said countries could lose financing under various programmes.
Parliament sources told EurActiv that the Verhofstadt paper might have a great chance of playing a role in defining future EU economic policy.

Comment
If European workers will swallow this, they certainly do deserve to be reduced to kulis. They have swallowed Muslim mass immigration and ensuing violence and abolishment of the social state, the Lisbon Treaty, which paves the way for such absolute power over general wealth  and poverty, they have swallowed that our sons are being killed in Afghanistan and elsewhere to “make a difference” – for whom? People who won´t even protest are doomed.

It is interesting that Lökke Rasmussen calls a bombing of workers back to the situation 100 years ago a “modernization”. It is obviously illogical. And that he can link the country he is responsible for, Denmark, to a  sinking currency as the euro, a staunch political project aimed at creating a dictatorial union as George Soros demands, a project that outstanding economists say does not have the necessary economic foundation or homogeneity to survive another 5 years, is directly irresponsible. Even the euro´s father,  Robert Mundell, has said that the euro is merely a transitional phase to a new and bigger, even more untenable project, the world currency. The euro can only be kept alive in a massive union with the right to tax the last cent out of our pockets – or as long as Germany will foot the bill (in fact, war damages).
But the matter is that Lökke Rasmussen, like all other “politicians” today, is deeply dependent. They are puppets in the hands of the small illuminati clique, which owns the world’s money and has bought/threatened everything and everyone into submission – the media especially.

Abolition of the Danish opt-outs is a despicable, dirty trick which exposes the true nature of the EU. Fogh Rasmussen cheated the Danes of a promised referendum on the EU Constitution. According to the Constitution´s father, Valéry Giscard d´Estaing, the Lisbon Treaty is simply the Constitution, just split up and distributed in older treaties, to which we first voted no – but then  yes – without the later transferred paragraphs from the Lisbon Treaty – in return for the opts-out! Fogh was received with standing ovation in the EU Council for his betrayal – later rewarded with the the highest NATO position. His reasons for not holding a referendum was that 9 unconsstitutional elements of the Treaty could be relocated to the opts-out. Now the “politicians” are ready to cheat us again, just a snap and guaranteed without further explanation, to remove the opt-outs - whereby the Danes unwittingly will have voted for the EU Constitution!!

http://euro-med.dk/?p=21321

Watch the posted Brian Gerrish video- to understand where we are today!!

” Hitlers EU Dream Come True”


View the original article here

Thursday, 10 March 2011

China could match US military power in 10-15 years


Western cuts and swiftly rising defence spending in emerging economies are redrawing the global strategic map, a leading think-tank said on Tuesday, with the danger of conflicts between states also rising.

In its annual Global Military Balance report, the London-based International Institute for Strategic Studies (IISS) said the shift in economic power was already beginning to have a real military effect and closing any strategic gap.

“Western states’ defence budgets are under pressure and their military procurement is constrained,” said IISS director general John Chipman. “But in other regions – notably Asia and the Middle East – military spending and arms acquisitions are booming. There is persuasive evidence that a global redistribution of military power is under way.”

Asian Pacific nations particularly China were increasing defence spending by double digits annually, he said, with growing evidence Western states were losing their technological edge in areas such as stealth technology and cyber warfare.

Most estimates suggest Washington still accounts for roughly half of all global defence spending each year, much of it spent on conflicts in Iraq and Afghanistan. Estimates of Chinese defence spending vary wildly, with many analysts suspecting it dramatically underreports.

“HALF A GENERATION”

According to the report, the United States spent $693 billion on defence in 2010 – 4.7 percent of its GDP – compared to China’s $76 billion (1.3 percent/GDP) and Britain’s 57 billion dollars (2.5 percent/GDP).

Speaking to Reuters after the report launch, Chipman said if current trends were continued it would still take 15-20 years for China to achieve military parity with the U.S.

“We’re talking about half a generation,” he said. “The United States has always said it would never let another power get to parity so in the next few years it is going to have to make some very significant decisions on what it does.”

In the shorter term, he said much of the equipment China was aiming to acquire such as the submarines and anti-ship missiles was designed to dent the dominance of U.S. aircraft carriers in nearby waters particularly the Taiwan Strait.

Beijing’s military growth was itself driving other nearby Asian powers to ramp up their own purchases, he said, while worries over Iran coupled with strong oil revenues were driving similarly rapid expansion in Gulf military forces.

It was too soon to say whether the rash of uprisings in North Africa and the Middle East would prompt authoritarian rulers to focus more on internal security threats, he said.

Exchanges of fire along the borders of Thailand and Cambodia as well as between North and South Korea showed that the risk of local state-on-state war was back on the map after a decade of focus on more fringe threats such as militancy, he said.

“It had become conventional wisdom bordering on cliche that interstate conflict was a thing of the past and now that’s being called into question,” he said.

Source

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The 4th Place Finisher in This Year’s Financial Darwin Awards

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03/08/11 Buenos Aires, Argentina – Stocks are up. Stocks are down. The same goes, naturally, for the broader indexes that house them. Yesterday, for example, the Dow fell about 80 points. Today, last we checked, it was up almost as much. Over the past five days, it’s firmer by 95 points. But on the month, it’s lower by 80. And, by the time the bell rings this afternoon, all those numbers will have changed.

What to make of it? As a general rule, we don’t pay much attention to the minute-by-minute, hour-by-hour market moves that saturate the mainstream media. Why would we? We’re not trying to identify the specific cause of a single-day, fraction-of-a-percent move in a multi- trillion dollar market. For one, it’s a fool’s errand. The market is driven by hundreds of millions of individual human actions and emotions – some rational, others irrational. There’s no way of knowing with certainty what the next hour, day or maybe even month will bring. If we could know – if anyone could know – for sure, we’d be on a tropical island somewhere, minding our own business and keeping our secret to ourselves.

But if we had to guess, we’d say, on the whole – that is, over the long run – that the bull market we’ve seen run since the crash of 2008 is closer to its end than its beginning. A quick look back…

Remember, we had the crack-up boom of the late ’90s, which spilled plentifully into the early naughties. After a brief, mini-recession of 2001-02, it was full steam (and full credit) ahead…to the bust-up of 2008. Stocks – following houses and the banks that stood behind them – fell deeper and harder than all but a few fringe-dwelling contrarians had anticipated. Wall Street institutions – stalwarts that had weathered the First Great Depression, a couple of World Wars, the stagflation of the ’70s and the crash of ’87 – fell to their knees, were broken up or forced to marry equally distressed partners. Millions of employees fell out of work. Many of their jobs are gone…for good.

That, in a nutshell, was the first phase in what we see as a bigger, ongoing correction, one that could last for decades and reshape the world. Bill Bonner calls it the “Great Correction.” Doug Casey, perennial Vancouver favorite from whom we’ll hear more below, refers to it as the beginning of the “Greater Depression.”

Even the rosiest outlook calls for a fundamental paradigm shift in the way the world economy operates. China is due to overtake the US as the world’s largest market sometime in the 2030s. Then, barely two decades later, India will overtake China. We don’t know that these things will happen, of course. They’re just guesses, based mostly on inklings, feelings and hunches. (And some rather compelling demographic data. But that’s a story for another day…)

Were the bust of ’08 allowed to keep on busting, as it seemed determined to do, we might now have bottomed out and, with any luck, found ourselves ready to begin along a real road to a feasible recovery. In other words, we might have begun the long, hard slog back to sustainable economic expansion. But instead of exercising even a single degree of restraint, the Feds did what the Feds do best; that is, they made things worse.

It is almost impossible to know exactly how much money has been poured into the fight against the forces of economic nature. We’ve seen figures of 10…12…even 14 trillion dollars in total. Between the Fed’s many and varied programs – from its Term Asset-Backed Loan Facility to currency swaps, GSE debt purchases and various bank bailouts – to the Treasury’s own shenanigans – $700 billion for TARP, stimulus I and II, endless support for Fannie and Freddie – it’s easy to get lost in the paperwork. And that’s to say nothing of the FDICs ongoing obligations and other assorted boondoggles, like President Obama’s $300 billion “Hope for Homeowners” sinkhole.

The national debt, which stood at “only” $5.7 trillion dollars around the turn of the century, or $55,000 per taxpayer, is now on track to surpass $22 trillion, $186,000 per taxpayer, by 2015. State debt has risen from $750 billion to $1.16 trillion since 2000. And, it’s worth mentioning, those numbers do not include unfunded liabilities which, although brushed aside in the past, become ever more important with every retiring worker.

This year, 44 states are expected to register budget shortfalls. The total budget “gap” for fiscal year 2012 comes in around $125 billion. California owns the lion’s share, with $25.4 billion to fill, more than seven times Wisconsin’s shortfall. Illinois comes in next with a $15 billion shortfall, followed by Texas with $13.4 billion, New Jersey at $10.5 billion and New York at $9 billion.

But these numbers mean nothing. Not to the average man on the street, anyway. You could beat him over the head with 1s, 7s and 5s all day long and he’d scarcely feel a thing. He doesn’t understand that, no matter how much he wants healthcare for everyone, turkeys in every oven and American-made muscle cars in every garage, there simply isn’t any money left to pay for them.

The states are broke. Broke as in “B-R-O-K-E” broke.

Which brings us to our second Daily Reckoning Financial Darwin Award announcement for the week. Over the weekend we narrowed the field to ten finalists (in alphabetical order) – California, Connecticut, Illinois, Louisiana, Massachusetts, Mississippi, New Jersey, New York, Ohio and Wisconsin.

Yesterday, we awarded 5th place to Connecticut.

Today we have fourth place honors for a state whose unions, perhaps the most renowned in the country, work tirelessly to retard the economic progress of its otherwise hard working citizens. Although this state has a slightly lower debt to GDP ratio than 5th place, its projected 2012 budget shortfall, at $10.8 billion, is more than three times as large, making it a much larger problem for the nation if or when it goes down. It’s also managed to stack up some $54.4 billion in unfunded pension liabilities not to mention billions more in healthcare and “other” unfunded obligations.

In fact, it was concerns over these very liabilities that Standard & Poor’s cited when they downgraded this state’s credit rating earlier this year. And, as Fellow Reckoners well know, if the ratings agencies are on to you…it’s probably already too late.

How did they get to this point?

Writes one reader, with a clue, “I asked a turnpike toll collector what he makes after hearing the waste of money in this state and was told very proudly that he makes $76,000! That [job] is no better than a cashier and that’s not including benefits he receives. No wonder that the Christi administration is looking to privatize it.”

Congratulations…New Jersey! You receive 4th place honors in this year’s Daily Reckoning Financial Darwin Awards: The State Edition.

In tomorrow’s issue, we’ll have the first of our two runners- up…followed by the big winner, to be announced Friday. Stay tuned.

Joel Bowman
for The Daily Reckoning

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Joel Bowman is managing editor of The Daily Reckoning. After completing his degree in media communications and journalism in his home country of Australia, Joel moved to Baltimore to join the Agora Financial team. His keen interest in travel and macroeconomics first took him to New York where he regularly reported from Wall Street, and he now writes from and lives all over the world.

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