Monthly Archives: April 2012

Britain bans ad promoting tourism to Israel for blurring 1967 borders

open quoteBritain’s Advertising Standards Authority blocked an advertisement promoting tourism in Israel earlier this week, following complaints that it was “misleading” in implying the occupied territories were part of Israel.

The ad, promoting a new book on northern Israel, first appeared in British newspapers in November 2011. It evoked no less than 350 complaints to the ASA, which oversees and regulates the advertising industry in the United Kingdom.

The complaints came mainly from pro-Palestinian organizations such as Friends of Al-Aqsa and Jews for Justice in Palestine. close quote (Read more)

It’s Official – The Fed Is Now Buying European Government Bonds

open quoteAs if the ‘risk-less’ dollar-swaps the Fed has extended to any and every major central bank were not enough, William Dudley just unashamedly admitted that the Fed now holds ‘a very small amount of European Sovereign Debt’. Explaining this position, as Bloomberg notes:

*DUDLEY: FED HOLDS OVERSEAS SOVEREIGN DEBT TO MANAGE RESERVES
*DUDLEY: HIGH BAR FOR ADDITIONAL PURCHASES OF EUROPE DEBT

Dudley, testifying to a House panel, noted that he doesn’t see more efforts by the Fed to buffer the US from Europe’s tempests and believes European banks are deleveraging in an orderly manner. So not only is the US taxpayer bailing out Europe via the IMF (as we noted here a week ago using Greece as an intermediary) and the Fed is providing limitless USD swap lines but now we join the ECB in monetizing European government bonds – something we warned might happen back in December 2010.close quote (Read more)

ex-FBI informant on faking & entrapping “terrorists”

open quoteMonteilh was involved in one of the most controversial tactics: the use of “confidential informants” in so-called entrapment cases. This is when suspects carry out or plot fake terrorist “attacks” at the request or under the close supervision of an FBI undercover operation using secret informants. Often those informants have serious criminal records or are supplied with a financial motivation to net suspects.

In the case of the Newburgh Four – where four men were convicted for a fake terror attack on Jewish targets in the Bronx – a confidential informant offered $250,000, a free holiday and a car to one suspect for help with the attack.

In the case of the Fort Dix Five, which involved a fake plan to attack a New Jersey military base, one informant’s criminal past included attempted murder, while another admitted in court at least two of the suspects later jailed for life had not known of any plot. close quote (Read more)

parallels between IAEA approach to Iran and mistakes over Iraq’s supposed weapons of mass destruction

open quoteThe head of the International Atomic Energy Agency (IAEA), the nuclear watchdog at the heart of the growing Iranian crisis, has been accused by several former senior officials of pro-western bias, over-reliance on unverified intelligence and of sidelining sceptics.

Yukiya Amano, a veteran Japanese diplomat, took command of the IAEA in July 2009. Since then, the west’s confrontation with Iran over its nuclear programme has deepened and threats of military action by Israel and the US have become more frequent.

At the same time, the IAEA’s reports on Iranian behaviour have become steadily more critical.close quote (Read more)

US acted to conceal evidence of intelligence failure before 9/11

open quoteThe US government shut down a series of court cases arising from a multimillion pound business dispute in order to conceal evidence of a damning intelligence failure shortly before the 9/11 attacks, MPs were told.

Moreover, the UK government is now seeking similar powers that could be used to prevent evidence of illegal acts and embarrassing failures from emerging in court, David Davis, the former shadow home secretary, told the Commons.close quote (Read more)

Governments hate cash

open quoteUS currency used to be issued in denominations running up to $10,000 (including also $500; $1,000; $5,000 notes). There was even a $100,000 note issued for transactions among Federal Reserve banks. The United States stopped printing large denomination notes in 1945 and officially discontinued their issuance in 1969, when the Fed began removing them from circulation. Since then the largest currency note available to the general public has a face value of $100. But since 1969, the inflationary monetary policy of the Fed has caused the US dollar to depreciate by over 80 percent, so that a $100 note in 2010 possessed a purchasing power of only $16.83 in 1969 dollars. That is less purchasing power than a $20 bill in 1969!

Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals

Now the war on cash has begun to spread to other countries. As reported a few months ago, Italy lowered the legal maximum on cash transactions from €2,500 to €1,000. . . .

US currency used to be issued in denominations running up to $10,000 (including also $500; $1,000; $5,000 notes). There was even a $100,000 note issued for transactions among Federal Reserve banks. The United States stopped printing large denomination notes in 1945 and officially discontinued their issuance in 1969, when the Fed began removing them from circulation. Since then the largest currency note available to the general public has a face value of $100. But since 1969, the inflationary monetary policy of the Fed has caused the US dollar to depreciate by over 80 percent, so that a $100 note in 2010 possessed a purchasing power of only $16.83 in 1969 dollars. That is less purchasing power than a $20 bill in 1969!

Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals

Now the war on cash has begun to spread to other countries. As reported a few months ago, Italy lowered the legal maximum on cash transactions from €2,500 to €1,000. . . .

As one “expert” on underground economies instructs us, “If people use more cards, they are less involved in shadowy economy activities,” in other words, secreting their hard-earned income in places where it cannot be plundered by the state. . . .close quote (Read more)

Iran: Hyundai Motor Ends Operations

open quote¶ The Hyundai Motor Company, the automaking subsidiary of Hyundai, the South Korean conglomerate, has quietly ended its business dealings with Iran, where it had extensive operations, including a joint venture to make cars. United Against Nuclear Iran, an American group that has advocated economic sanctions to pressure Iran over its disputed nuclear program, has reclassified Hyundai Motor, putting it in the “withdrawn” category on a list the group has compiled of foreign businesses that deal with Iran. Hyundai Motor officials did not respond to requests for comment. A strict new American law is putting pressure on foreign companies to reduce or eliminate their operations in Iran or risk penalties in the United States market. Hyundai is the second big foreign automaker in a week to pull back from Iran. Last week, General Motors said its French partner, PSA Peugeot Citroën, had suspended shipments of components to the Iran Khodro Industrial Group, an Iranian vehicle maker, to comply with American restraints on Iran trade. close quote (Read more)

F-35 Cost Continues to rise

Military acquisitions is the stinkiest pile of all the reeking heaps in Washington. This is from Airforce Magazine:

open quoteF-35 Costs Rise in Latest Pentagon Estimate: The estimated cost of the F-35 strike fighter program has grown by some $17 billion from $379 billion to $396 billion, according to the Pentagon’s latest reporting figures provided to Congress. According to the newly released selected acquisition reports, which reflect the period through December 2011, F-35 aircraft costs have increased by some $10.7 billion to $332 billion compared to the previous SARs that ran through December 2010. Among the reasons for the cost hike were the impacts of slowing the ramp-up of aircraft production, state the SARs. For example, the Air Force has extended its 1,763-aircraft production run by two years out to 2037, they state. F-35 engine costs went up by roughly $5.6 billion to $63.9 billion through December 2011, state the SARs. That was primarily due to an increase in initial engine spares and the cost impacts of the slower production ramp-up, they state.close quote

Nobel peace prize winner defends law criminalising homosexuality in Liberia

I can imagine progressives facing quite the dilema. On one hand, she is a woman, and black, and a Nobel laureate. On the other, she seems to hate gays. I’d be mighty entertained if her critics were denounces as racist and misogynist.

open quoteThe Nobel peace prize winner and president of Liberia, Ellen Johnson Sirleaf, has defended a law that criminalises homosexual acts, saying: “We like ourselves just the way we are.”

In a joint interview with Tony Blair, who was left looking visibly uncomfortable by her remarks, Sirleaf told the Guardian: “We’ve got certain traditional values in our society that we would like to preserve.”

Liberian legislation classes “voluntary sodomy” as a misdemeanour punishable by up to one year in prison, but two new bills have been proposed that would target homosexuality with much tougher sentences.close quote

Iran moves away from Dollar

open quote“The dispute over Iran’s nuclear programme is nothing more than a convenient excuse for the US to use threats to protect the ‘reserve currency’ status of the dollar,” the newspaper, which calls itself the voice of the Islamic Revolution, said.

“Recall that Saddam [Hussein] announced Iraq would no longer accept dollars for oil purchases in November 2000 and the US-Anglo invasion occurred in March 2003,” the Times continued. “Similarly, Iran opened its oil bourse in 2008, so it is a credit to Iranian negotiating ability that the ‘crisis’ has not come to a head long before now.”

Iran has the third-largest oil reserves in the world and pricing oil in currencies other than dollars is a provocative move aimed at Washington. If Iran switches to the non-dollar terms for its oil payments, there could be a new oil price that would be denominated in euro, yen or even the yuan or rupee. close quote (Read more)

Israel trying to thwart UN fact-finding mission on settlements

open quoteJerusalem, March 19 (IANS) Israel is taking steps to prevent a Palestinian initiative at the United Nations Human Rights Council (UNHRC) to establish a fact-finding mission on West Bank settlements.

According to the initiative, slated for discussion Monday, a UN fact-finding team will be formed with the goal of examining the impacts of the Jewish settlements and construction in east Jerusalem on the Palestinian residents.

“This is an improper Palestinian attempt to escape from the uppermost need for peace negotiations,” Israeli Foreign Ministry spokesman Yigal Palmor told Xinhua Monday.close quote (Read more)

NAACP & Teachers’ Union VS. Educating Kids

open quote“The teachers union in New York City got together with the NAACP and sued to essentially kick charter schools out of buildings,” says Bob Bowdon, founder of education reform homepage Choice Media TV.

Bowdon talks about the implications of this lawsuit and also about other education stories that his team has covered. He discusses one report addressing the racial achievement gap in Seattle, in which black kids from Africa performed better academically than black kids from America.

“This kind of data was shocking to see,” Bowdon says.close quote

Firm sells solar panels – to itself, taxpayers pay

open quoteA heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself.

First Solar is the company. The subsidy came from the Export-Import Bank, which President Obama and Harry Reid are currently fighting to extend and expand. The underlying issue is how Obama’s insistence on green-energy subsidies and export subsidies manifests itself as rank corporate welfare.close quote (Read more)

HR 347 ‘Trespass Bill’ Criminalizes Protest

open quote“Obama’s predictable signing of the latest assault on the Bill of Rights — namely — H.R. 347 (and it’s companion senate bill S. 1794); aka the “Federal Restricted Buildings and Grounds Improvement Act of 2011.” Sounding more like an appropriations bill authorizing monies for federal grounds landscaping — this bill, better known to those in the DC beltway as the ‘Trespass Bill’ — potentially makes peaceable protest anywhere in the U.S. a federal felony punishable by up to 10 years in prison.

The legislators responsible for bringing this legislative excrement to life are Representative Tom Rooney (R-Fla.) in the House of Representatives and Senator Richard Blumenthal (D-CT.) leading the Senate version.

H. R. 347 makes protest of any type potentially a federal offense with anywhere from a year to 10 years in federal prison, providing it occurs in the presence of elites brandishing Secret Service protection, or during an officially defined ‘National Special Security Event’ (NSSE). NSSEs , ( an invention of Bill Clinton) are events which have been deemed worthy of Secret Service protection, which previously received no such treatment.close quote (Read more)