US embassy cables: UN seeks answers from Washington | World news | The Guardian: "The senior American diplomat at the UN tonight defended her team after WikiLeaks disclosed a US spying operation targeting the UN's secretary-general, Ban Ki-moon, and members of the security council.
Susan Rice, the US ambassador appointed to the UN by Barack Obama last year, appeared uncomfortable and, at times, exasperated as she took questions from the media at the UN today.
She denied US diplomats were engaged in spying. 'Let me be very clear: our diplomats are just that,' she said. 'They are diplomats. That is what they do every day. They get out and work with partners here at the UN and around the world.'
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Tuesday, November 30, 2010
Let's call it the German 'Holiday' Village | Philadelphia Daily News | 11/30/2010
Let's call it the German 'Holiday' Village | Philadelphia Daily News | 11/30/2010: "It turns out that the letters spelling 'Christmas' were removed yesterday afternoon from the archways on the north and west sides of the plaza, at the request of Managing Director Richard Negrin. They will be replaced with the word 'Holiday.'
City spokesman Mark McDonald said Negrin asked for the change after the city received complaints from workers and residents.
'As a city of great diversity, one shouldn't be surprised that there's a difference of views when it comes to symbols and words,' McDonald said.
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City spokesman Mark McDonald said Negrin asked for the change after the city received complaints from workers and residents.
'As a city of great diversity, one shouldn't be surprised that there's a difference of views when it comes to symbols and words,' McDonald said.
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Smithsonian Christmas-Season Exhibit Features Ant-Covered Jesus, Naked Brothers Kissing, Genitalia, and Ellen DeGeneres Grabbing Her Breasts | CNSnews.com
Smithsonian Christmas-Season Exhibit Features Ant-Covered Jesus, Naked Brothers Kissing, Genitalia, and Ellen DeGeneres Grabbing Her Breasts | CNSnews.com: "(CNSNews.com) -- The federally funded National Portrait Gallery, one of the museums of the Smithsonian Institution, is currently showing an exhibition that features images of an ant-covered Jesus, male genitals, naked brothers kissing, men in chains, Ellen DeGeneres grabbing her breasts, and a painting the Smithsonian itself describes in the show's catalog as 'homoerotic.'
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GM's Massive Taxpayer IOU Remains - TheStreet
GM's Massive Taxpayer IOU Remains - TheStreet: "According to the most recent transaction report for the Troubled Asset Relief Program, the Treasury Department distributed $50.7 billion to General Motors; $16.3 billion to its one-time financing subsidiary, GMAC (now rebranded as Ally Financial); offered a $3.5 billion credit line to GM Supplier Receivables; and will distribute up to $1.5 billion in incentives to GMAC Mortgage to workout troubled homeowners' debt.
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Monday, November 29, 2010
How 250,000 US embassy cables were leaked | World news | guardian.co.uk
How 250,000 US embassy cables were leaked | World news | guardian.co.uk: "An innocuous-looking memory stick, no longer than a couple of fingernails, came into the hands of a Guardian reporter earlier this year. The device is so small it will hang easily on a keyring. But its contents will send shockwaves through the world's chancelleries and deliver what one official described as 'an epic blow' to US diplomacy.
The 1.6 gigabytes of text files on the memory stick ran to millions of words: the contents of more than 250,000 leaked state department cables, sent from, or to, US embassies around the world.
What will emerge in the days and weeks ahead is an unprecedented picture of secret diplomacy as conducted by the planet's sole superpower. There are 251,287 dispatches in all, from more than 250 US embassies and consulates. They reveal how the US deals with both its allies and its enemies – negotiating, pressuring and sometimes brusquely denigrating foreign leaders, all behind the firewalls of ciphers and secrecy classifications that diplomats assume to be secure. The leaked cables range up to the 'SECRET NOFORN' level, which means they are meant never to be shown to non-US citizens.
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The 1.6 gigabytes of text files on the memory stick ran to millions of words: the contents of more than 250,000 leaked state department cables, sent from, or to, US embassies around the world.
What will emerge in the days and weeks ahead is an unprecedented picture of secret diplomacy as conducted by the planet's sole superpower. There are 251,287 dispatches in all, from more than 250 US embassies and consulates. They reveal how the US deals with both its allies and its enemies – negotiating, pressuring and sometimes brusquely denigrating foreign leaders, all behind the firewalls of ciphers and secrecy classifications that diplomats assume to be secure. The leaked cables range up to the 'SECRET NOFORN' level, which means they are meant never to be shown to non-US citizens.
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The US Diplomatic Leaks: A Superpower's View of the World - SPIEGEL ONLINE - News - International
The US Diplomatic Leaks: A Superpower's View of the World - SPIEGEL ONLINE - News - International: "Never before in history has a superpower lost control of such vast amounts of such sensitive information -- data that can help paint a picture of the foundation upon which US foreign policy is built. Never before has the trust America's partners have in the country been as badly shaken. Now, their own personal views and policy recommendations have been made public -- as have America's true views of them.
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Sunday, November 28, 2010
Swiss voters approve harsher deportation plan | Europe | Deutsche Welle | 28.11.2010
Swiss voters approve harsher deportation plan | Europe | Deutsche Welle | 28.11.2010: "Switzerland has approved a plan to automatically deport foreigners convicted of serious crimes
How come other countries can control their borders but USA cannot?
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How come other countries can control their borders but USA cannot?
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GM's union made out like a bandit!
GM's union recovering after stock sale - Washington Times: "General Motors Co.'s recent stock offering was staged to start paying back the government for its $50 billion bailout, but one group made out much better than the taxpayers or other investors: the company's union.
Thanks to a generous share of GM stock obtained in the company's 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
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Thanks to a generous share of GM stock obtained in the company's 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
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SEIU drops health coverage !!!!!!!
1199SEIU to Drop Health Coverage for Workers' Children - Metropolis - WSJ:
It should not come as any surprise to anyone that even Unions are dropping Health Coverage.
"One of the largest union-administered health-insurance funds in New York is dropping coverage for the children of more than 30,000 low-wage home attendants, union officials said. The union blamed financial problems it said were caused by the state’s health department and new national health-insurance requirements.
The fund is administered by 1199SEIU United Healthcare Workers East, an affiliate of the Service Employees International Union. Union officials said the state compelled the fund to start buying coverage from a third party, which increased premiums by 60%. State health officials denied forcing the union fund to make the switch, saying the fund had been struggling financially even before the switch to third-party coverage.
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It should not come as any surprise to anyone that even Unions are dropping Health Coverage.
"One of the largest union-administered health-insurance funds in New York is dropping coverage for the children of more than 30,000 low-wage home attendants, union officials said. The union blamed financial problems it said were caused by the state’s health department and new national health-insurance requirements.
The fund is administered by 1199SEIU United Healthcare Workers East, an affiliate of the Service Employees International Union. Union officials said the state compelled the fund to start buying coverage from a third party, which increased premiums by 60%. State health officials denied forcing the union fund to make the switch, saying the fund had been struggling financially even before the switch to third-party coverage.
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Doctors not accepting Medicare Patients
Doctors say Medicare cuts force painful decision about elderly patients: "Want an appointment with kidney specialist Adam Weinstein of Easton, Md.? If you're a senior covered by Medicare, the wait is eight weeks.
How about a checkup from geriatric specialist Michael Trahos? Expect to see him every six months: The Alexandria-based doctor has been limiting most of his Medicare patients to twice yearly rather than the quarterly checkups he considers ideal for the elderly. Still, at least he'll see you. Top-ranked primary care doctor Linda Yau is one of three physicians with the District's Foxhall Internists group who recently announced they will no longer be accepting Medicare patients.
'It's not easy. But you realize you either do this or you don't stay in business,' she said.
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How about a checkup from geriatric specialist Michael Trahos? Expect to see him every six months: The Alexandria-based doctor has been limiting most of his Medicare patients to twice yearly rather than the quarterly checkups he considers ideal for the elderly. Still, at least he'll see you. Top-ranked primary care doctor Linda Yau is one of three physicians with the District's Foxhall Internists group who recently announced they will no longer be accepting Medicare patients.
'It's not easy. But you realize you either do this or you don't stay in business,' she said.
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Barack Obama's grandmother 'prays he converts to Islam' - Telegraph
Barack Obama's grandmother 'prays he converts to Islam' - Telegraph: "Barack Obama's Kenyan grandmother has said she prayed for the US president to convert to Islam, according to reports.
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Friday, November 26, 2010
What will be Barack Obama's ACHIEVEMENTS in 2011?
What will be Barack Obama's ACHIEVEMENTS in 2011?
- Finding and keeping qualified economic advisors
- Triangulation to the center of American politics
- Airport security (TSA)
- Federal Regulation of all human behavior $
- Setting world record for the number of appearances and interviews on television
- Historically high Frequent flier-miles on Air Force One $
- Afghanistan war
- American dollar devaluation $
- Unemployment $
- Iran
- Iraq
- North Korea
- Inflation and/or Deflation $
- Economic growth $
- rescue mission by the European Union and the International Monetary Fund $$$$$$
- Terrorism
- Prosecution of business "fat cats"
- Guantanamo Bay closing
- "Too big to fail" $
- Gays in the military
- Union Pensions unfunded liabilities $
- Stability of American Dollar ($)
- Federal deficit $
- Increase/decrease Federal debt $
- Increase/decrease Federal spending $
- Federal tax increase $
- Health Care quality $
- Consumer confidence
- Energy independence
- Over-Regulation of American Business
- Balance of trade with China
- Prosecution of Terrorists
- Global governance
- Obesity
- Global warming
- Green jobs $
- Nationalization of American Business
- START treaty
- Winter Olympics for America
- Political bipartisanship
- Listening to the American People
- Upholding the Constitution of the United States
- More documentation of United States violations of Human Rights
- Explaining Obamacare more clearly and forcefully
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Thursday, November 25, 2010
Wednesday, November 24, 2010
Pelosi's new mission: Limit Obama deals with GOP - Yahoo! News
Behind Democrats' decision to keep Pelosi as their leader after historic losses lies intense concern among liberals who dominate the party's ranks on Capitol Hill: They fear Obama will go too far in accommodating the GOP in the new era of divided government, and they see Pelosi as a counterweight.
She's played that role before. When Democrats panicked after losing their Senate supermajority last winter, Pelosi rebuffed feelers by then-White House Chief of Staff Rahm Emanuel and others to settle for a smaller health care bill. She derided the approach as 'kiddie care' and pushed forward with the sweeping overhaul she painstakingly steered through the House by a razor-thin margin.
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Mr. Smut goes to Washington | themichiganview.com | The Michigan View
Life, Liberty, & the Pursuit of Happiness
Bobby Jindal: Make Congress part-time - Jennifer Epstein - POLITICO.com
Bobby Jindal: Make Congress part-time - Jennifer Epstein - POLITICO.com: "“We used to pay farmers not to grow crops, let's pay congressmen to stay out of Washington, D.C.,” Jindal said in an interview with Human Events. “Mark Twain said that our liberty, our wallets were safest when the legislature's not in session.”
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Top political scientist: U.S. voters are 'pretty damn stupid' | Washington Examiner
Top political scientist: U.S. voters are 'pretty damn stupid' | Washington Examiner: "Political reporters often rely on University of Wisconsin political scientist Charles Franklin for expertise. In just the past few months, his insights have appeared in articles in the New York Times, Washington Post, USA Today, Associated Press, Politico, Boston Globe, Christian Science Monitor, and many other publications. He's also a co-founder of the influential website Pollster.com, as well as co-director of the Big Ten Battleground Poll.
So Franklin answered with considerable authority when he was asked, at a recent forum on the November 2 election results, why Republicans emerged victorious in so many races. 'I'm not endorsing the American voter,' Franklin said. 'They're pretty damn stupid.'
Franklin was responding to a question from Bill Lueders, news editor of Isthmus, a weekly alternative newspaper in Madison, Wisconsin. In an account published Thursday (H/T Ann Althouse), Lueders says he asked Franklin why 'the public seemed to vote against its own interests and stated desires, for instance by electing candidates who'll drive up the deficit with fiscally reckless giveaways to the rich.'
'Franklin, perhaps a bit too candidly, conceded the point,' Lueders writes. ''I'm not endorsing the American voter,' he answered. 'They're pretty damn stupid.''
Lueders writes that he responded, 'Thank you, professor. That's the answer I was looking for.' The rest of Lueders' account explains that smart voters support things like high-speed rail and higher taxes for the rich, while dumb voters support 'an obvious phony like [Republican senator-elect] Ron Johnson over Russ Feingold.'
But Franklin is the real star of the story. If you read his quotes in mainstream publications, you'll find a series of measured statements on political trends. Democrats appealing to the youth vote in the run-up to the midterms are 'betting long odds, given the very long history of low turnout in midterms among young voters,' Franklin told the Washington Post recently. Final pre-election polls suggested 'a Republican wave of genuinely historical proportions,' he told USA Today. Feingold's problems had 'more to do with the mood of the country than with Feingold himself,' he told the Boston Globe.
It's all pretty unremarkable stuff. And readers would have no idea what Franklin really thinks about the voters whose opinions he's measuring and commenting on. But now they do.
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So Franklin answered with considerable authority when he was asked, at a recent forum on the November 2 election results, why Republicans emerged victorious in so many races. 'I'm not endorsing the American voter,' Franklin said. 'They're pretty damn stupid.'
Franklin was responding to a question from Bill Lueders, news editor of Isthmus, a weekly alternative newspaper in Madison, Wisconsin. In an account published Thursday (H/T Ann Althouse), Lueders says he asked Franklin why 'the public seemed to vote against its own interests and stated desires, for instance by electing candidates who'll drive up the deficit with fiscally reckless giveaways to the rich.'
'Franklin, perhaps a bit too candidly, conceded the point,' Lueders writes. ''I'm not endorsing the American voter,' he answered. 'They're pretty damn stupid.''
Lueders writes that he responded, 'Thank you, professor. That's the answer I was looking for.' The rest of Lueders' account explains that smart voters support things like high-speed rail and higher taxes for the rich, while dumb voters support 'an obvious phony like [Republican senator-elect] Ron Johnson over Russ Feingold.'
But Franklin is the real star of the story. If you read his quotes in mainstream publications, you'll find a series of measured statements on political trends. Democrats appealing to the youth vote in the run-up to the midterms are 'betting long odds, given the very long history of low turnout in midterms among young voters,' Franklin told the Washington Post recently. Final pre-election polls suggested 'a Republican wave of genuinely historical proportions,' he told USA Today. Feingold's problems had 'more to do with the mood of the country than with Feingold himself,' he told the Boston Globe.
It's all pretty unremarkable stuff. And readers would have no idea what Franklin really thinks about the voters whose opinions he's measuring and commenting on. But now they do.
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Food Bank Delivery Van Stolen During Busy Season | NBC Washington
Food Bank Delivery Van Stolen During Busy Season | NBC Washington:
This is a symptom of our times.
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This is a symptom of our times.
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The Bill of Rights - Amendment X
The Bill of Rights - Amendment X
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
Ron Paul: Crotch Groped by TSA, Calls for Boycott of Airlines
Ron Paul: Crotch Groped by TSA, Calls for Boycott of Airlines: "“If we tolerate this,” Paul said, “there’s something wrong with us.” He added that the American people deserve to be humiliated and demeaned by the government if they refuse to stand up and resist.
Paul predicted Americans will eventually boycott the airlines to put an end to the intrusive searches and the unconscionable use of dangerous backscatter radiation naked body scanners. “Maybe the Congress will get off their duffs and do something in January,” he said, “and insist we reign in the TSA.”
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Paul predicted Americans will eventually boycott the airlines to put an end to the intrusive searches and the unconscionable use of dangerous backscatter radiation naked body scanners. “Maybe the Congress will get off their duffs and do something in January,” he said, “and insist we reign in the TSA.”
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Thursday, November 18, 2010
China Buying GM IPO
My Way News - China's SAIC buys nearly 1 percent stake in GM:
"SHANGHAI (AP) - General Motors Co. (GM)'s main joint venture partner in China, SAIC Motor Corp., says it has bought a nearly 1 percent stake in the American automaker through its initial public offering.
SAIC, which is owned by the Shanghai city government, said Thursday it paid $33 a share for about 0.97 percent of GM at a total cost of nearly $500 million.
GM's stock offer is worth potentially $23 billion and will end the U.S. government's role as a majority shareholder after the automaker entered bankruptcy protection in June 2009.
The long-standing partnership between GM and SAIC - GM could not sell cars in China without a local partner - includes the U.S. automaker's flagship China joint venture, one of 10 ranging from research and design to manufacturing and finance.
The companies said the share purchase is meant to enhance their cooperation in the world's biggest auto market.
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"SHANGHAI (AP) - General Motors Co. (GM)'s main joint venture partner in China, SAIC Motor Corp., says it has bought a nearly 1 percent stake in the American automaker through its initial public offering.
SAIC, which is owned by the Shanghai city government, said Thursday it paid $33 a share for about 0.97 percent of GM at a total cost of nearly $500 million.
GM's stock offer is worth potentially $23 billion and will end the U.S. government's role as a majority shareholder after the automaker entered bankruptcy protection in June 2009.
The long-standing partnership between GM and SAIC - GM could not sell cars in China without a local partner - includes the U.S. automaker's flagship China joint venture, one of 10 ranging from research and design to manufacturing and finance.
The companies said the share purchase is meant to enhance their cooperation in the world's biggest auto market.
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Wednesday, November 17, 2010
Tuesday, November 16, 2010
Government Employees Owe Billions in Delinquent Taxes - CNBC
Government Employees Owe Billions in Delinquent Taxes - CNBC: "Deficit cutters struggling to make ends meet in Washington are eyeballing an unusual pot of potential revenue: back taxes owed to the government by federal employees themselves.
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Bond Market Defies Fed - WSJ.com
Bond Market Defies Fed - WSJ.com: "Bucking the Federal Reserve's efforts to push interest rates lower, investors are selling off U.S. government debt, driving rates in many cases to their highest levels in more than three months.
The Fed's $600 billion program to buy Treasury bonds began late last week and is kicking into high gear this week, with the central bank buying up tens of billions of dollars of debt.
Bucking the Fed's efforts to push down interest rates, investors are selling off U.S. Treasurys, driving some rates to their highest levels in months. Michael Casey and Emma Moody discuss. Also, Jon Hilsenrath talks about Fed officials, including Janet Yellen and Bill Dudley, who say the stimulus plan is an attempt to boost U.S. growth, not weaken the dollar or raise inflation above 2%.
That should have driven prices up on those bonds and lowered their interest rates, or yields, which move opposite to the price. Instead, yields on almost every Treasury have been rising.
The trend is a potential problem for the economy and the Fed. Rates had fallen sharply for months in anticipation of a Fed buying program, and in a short time much of that effect has been lost, spelling an unwelcome rise in borrowing costs throughout the economy.
That could throw a wrench in what the Fed is trying to accomplish: to use low rates to encourage more borrowing and risk-taking by consumers, businesses and investors, thereby reviving growth.
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The Fed's $600 billion program to buy Treasury bonds began late last week and is kicking into high gear this week, with the central bank buying up tens of billions of dollars of debt.
Bucking the Fed's efforts to push down interest rates, investors are selling off U.S. Treasurys, driving some rates to their highest levels in months. Michael Casey and Emma Moody discuss. Also, Jon Hilsenrath talks about Fed officials, including Janet Yellen and Bill Dudley, who say the stimulus plan is an attempt to boost U.S. growth, not weaken the dollar or raise inflation above 2%.
That should have driven prices up on those bonds and lowered their interest rates, or yields, which move opposite to the price. Instead, yields on almost every Treasury have been rising.
The trend is a potential problem for the economy and the Fed. Rates had fallen sharply for months in anticipation of a Fed buying program, and in a short time much of that effect has been lost, spelling an unwelcome rise in borrowing costs throughout the economy.
That could throw a wrench in what the Fed is trying to accomplish: to use low rates to encourage more borrowing and risk-taking by consumers, businesses and investors, thereby reviving growth.
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Rangel found guilty of 11 ethics violations - Yahoo! News
Rangel found guilty of 11 ethics violations - Yahoo! News: "A House Ethics subcommittee announced Tuesday that it has found New York Democratic Rep. Charlie Rangel guilty of 11 ethics violations.
The panel's chairwoman, California Democratic Rep. Zoe Lofgren said the committee rolled two charges together, meaning that Rangel was ultimately charged with 12, not 13 charges as originally stated. She added the committee was split on one of the remaining 12 counts-- a charge of harming the credibility of Congress.
Rangel walked out of his House trial yesterday in protest claiming that the drawn-out proceedings had left him unable to afford legal representation. Charges included improperly soliciting donations for his center and New York's City College, a failure to provide complete financial disclosure information, and improper use of a rent-controlled apartment for campaign purposes.
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The panel's chairwoman, California Democratic Rep. Zoe Lofgren said the committee rolled two charges together, meaning that Rangel was ultimately charged with 12, not 13 charges as originally stated. She added the committee was split on one of the remaining 12 counts-- a charge of harming the credibility of Congress.
Rangel walked out of his House trial yesterday in protest claiming that the drawn-out proceedings had left him unable to afford legal representation. Charges included improperly soliciting donations for his center and New York's City College, a failure to provide complete financial disclosure information, and improper use of a rent-controlled apartment for campaign purposes.
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The big disconnect: D.C. elites think Obama will be reelected, but the public doubts it - Mark Penn - POLITICO.com
The big disconnect: D.C. elites think Obama will be reelected, but the public doubts it - Mark Penn - POLITICO.com: "The midterms not only dealt a big shock to Democrats but also sent a message to President Barack Obama. According to the new POLITICO Power and the People poll, only 26 percent of the public believes he will be reelected as president in 2012.
This difference in expectations could mislead the president if he is listening to the Beltway chatter — right here in D.C., he may just find a lot of comfort in this assessment by insiders, and that may lead to actions that don’t fully adjust for the sea change that has occurred among the general public. (See also Poll: D.C. Sees Midterms Differently)
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This difference in expectations could mislead the president if he is listening to the Beltway chatter — right here in D.C., he may just find a lot of comfort in this assessment by insiders, and that may lead to actions that don’t fully adjust for the sea change that has occurred among the general public. (See also Poll: D.C. Sees Midterms Differently)
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Monday, November 15, 2010
CNBC's Fast Money: Secret Walmart Survey Shows Inflation Already Here - CNBC
CNBC's Fast Money: Secret Walmart Survey Shows Inflation Already Here - CNBC: "There might not have been a second round of quantitative easing, if Federal Reserve Chairman Ben Bernanke shopped at Walmart.
A new pricing survey of products sold at the world’s largest retailer [WMT 54.25 0.12 (+0.22%) ] showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.
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A new pricing survey of products sold at the world’s largest retailer [WMT 54.25 0.12 (+0.22%) ] showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.
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Saturday, November 13, 2010
Bobby Jindal for President
Special Report with Bret Baier is launching a 12-day series on the topic called '12 in 12' that each day will feature a profile of one of 12 Republicans who may launch presidential bids for the 2012 race.
If Jindal were to run for President in 2012 and win the election, he would reportedly be the youngest president in history.
'He's always been talked about as a future star of the Republican Party. He comes off as a competent and effective governor,' National Public Radio (NPR) correspondent Mara Liasson, said.
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Friday, November 12, 2010
Analysis: German tempers fray as U.S. policy gulf widens | Reuters
Analysis: German tempers fray as U.S. policy gulf widens | Reuters: "(Reuters) - Germany's undiplomatic outbursts against U.S. policy, calling it 'clueless' before a G20 summit, show growing estrangement on economics as America's focus shifts away from transatlantic ties to domestic challenges and Asia.
'The Atlantic is getting wider,' said Anton Boerner, head of Germany's Foreign Trade Association, who spoke of a 'creeping alienation' between America and Europe, which has been exacerbated by the global financial crisis.
Germany and the United States often criticize each other's approaches to aiding economic recovery, with U.S. calls for more expansive policy falling on deaf ears in fiscally disciplined Germany. But Berlin has taken the rhetoric to a new level.
Finance Minister Wolfgang Schaeuble, 68, said last week that the U.S. Federal Reserve decision to buy $600 billion of government bonds undermined U.S. credibility and was 'clueless.' There was no point, he said, in pumping money into the markets.
China and Brazil were among those echoing his comments but U.S. officials were particularly stung by Schaeuble and German Economy Minister Rainer Bruederle saying the Fed move amounted to 'indirect manipulation' of the dollar to boost exports; this at a time when Washington is criticizing China for exactly the same kind of strategy.
'It's not acceptable for the Americans to criticize China for currency manipulation then slyly help the dollar by printing at the Federal Reserve,' Schaeuble told Der Spiegel magazine.
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'The Atlantic is getting wider,' said Anton Boerner, head of Germany's Foreign Trade Association, who spoke of a 'creeping alienation' between America and Europe, which has been exacerbated by the global financial crisis.
Germany and the United States often criticize each other's approaches to aiding economic recovery, with U.S. calls for more expansive policy falling on deaf ears in fiscally disciplined Germany. But Berlin has taken the rhetoric to a new level.
Finance Minister Wolfgang Schaeuble, 68, said last week that the U.S. Federal Reserve decision to buy $600 billion of government bonds undermined U.S. credibility and was 'clueless.' There was no point, he said, in pumping money into the markets.
China and Brazil were among those echoing his comments but U.S. officials were particularly stung by Schaeuble and German Economy Minister Rainer Bruederle saying the Fed move amounted to 'indirect manipulation' of the dollar to boost exports; this at a time when Washington is criticizing China for exactly the same kind of strategy.
'It's not acceptable for the Americans to criticize China for currency manipulation then slyly help the dollar by printing at the Federal Reserve,' Schaeuble told Der Spiegel magazine.
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Life, Liberty, & the Pursuit of Happiness
Pat Buchanan : Personal Finance : The Fed Trashes the Dollar - Townhall.com
Pat Buchanan : Personal Finance : The Fed Trashes the Dollar - Townhall.com:
"If it is the first responsibility of the Federal Reserve to protect the dollars that Americans earn and save, is it not dereliction of duty for the Fed to pursue a policy to bleed value from those dollars? For that is what Chairman Ben Bernanke is up to with his QE2, or 'quantitative easing.'
Translation: The Fed is committed to buy $600 billion in bonds from banks and pay for them by printing money that will then be deposited in those banks. The more dollars that flood into the economy, the less every one of them is worth.
Bernanke is not just risking inflation. He is inducing inflation.
He is reducing the value of the dollar to make U.S. exports more competitive and imports more expensive, so that we will consume fewer imports. He is trying to eliminate the U.S. trade deficit by treating the once universally respected dollar like the peso of a banana republic.
Sarah Palin has nailed cold what Bernanke is about:
'We shouldn't be playing around with inflation. It's not for nothing Reagan called it 'as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.'
'The Fed's pump-priming addiction has got our small businesses running scared and our allies worried. The German finance minister called the Fed's proposals 'clueless.' When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again, maybe it's time for Chairman Bernanke to cease and desist.
'We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings.'
Egging Ben on is the Nobel-prize winning New York Times columnist Paul Krugman. Fed policy is too timid, says Krugman.
When Bernanke said we are not 'going to try to raise inflation to a super-normal level,' he blew it, says Krugman, and 'there goes the best chance the Fed's plan might actually work.'
What the Fed should do, he says, is change expectations 'by leading people to believe that we will have somewhat above-normal inflation ... which would reduce the incentive to sit on cash.'
But 'sit on cash' is a definition of saving. Is saving bad? Once, Americans were taught that saving was a good thing.
Not to Krugman. He wants to panic the public into believing the money they have put into savings accounts and CDs will be rapidly eaten up by Fed-created inflation, so they will run out and spend that money now to get the economy moving again.
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Life, Liberty, & the Pursuit of Happiness
"If it is the first responsibility of the Federal Reserve to protect the dollars that Americans earn and save, is it not dereliction of duty for the Fed to pursue a policy to bleed value from those dollars? For that is what Chairman Ben Bernanke is up to with his QE2, or 'quantitative easing.'
Translation: The Fed is committed to buy $600 billion in bonds from banks and pay for them by printing money that will then be deposited in those banks. The more dollars that flood into the economy, the less every one of them is worth.
Bernanke is not just risking inflation. He is inducing inflation.
He is reducing the value of the dollar to make U.S. exports more competitive and imports more expensive, so that we will consume fewer imports. He is trying to eliminate the U.S. trade deficit by treating the once universally respected dollar like the peso of a banana republic.
Sarah Palin has nailed cold what Bernanke is about:
'We shouldn't be playing around with inflation. It's not for nothing Reagan called it 'as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.'
'The Fed's pump-priming addiction has got our small businesses running scared and our allies worried. The German finance minister called the Fed's proposals 'clueless.' When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again, maybe it's time for Chairman Bernanke to cease and desist.
'We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings.'
Egging Ben on is the Nobel-prize winning New York Times columnist Paul Krugman. Fed policy is too timid, says Krugman.
When Bernanke said we are not 'going to try to raise inflation to a super-normal level,' he blew it, says Krugman, and 'there goes the best chance the Fed's plan might actually work.'
What the Fed should do, he says, is change expectations 'by leading people to believe that we will have somewhat above-normal inflation ... which would reduce the incentive to sit on cash.'
But 'sit on cash' is a definition of saving. Is saving bad? Once, Americans were taught that saving was a good thing.
Not to Krugman. He wants to panic the public into believing the money they have put into savings accounts and CDs will be rapidly eaten up by Fed-created inflation, so they will run out and spend that money now to get the economy moving again.
- Sent using Google Toolbar"
Life, Liberty, & the Pursuit of Happiness
US, South Korea trade accord not a done deal - The Boston Globe
US, South Korea trade accord not a done deal - The Boston Globe: "President Obama’s hopes of emerging from his Asia trip with the twin victories of a free trade agreement with South Korea and a unified approach to spurring global economic growth ran into resistance on all fronts yesterday, putting Obama at odds with his key allies and largest trading partners.
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Life, Liberty, & the Pursuit of Happiness
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Life, Liberty, & the Pursuit of Happiness
Thursday, November 11, 2010
President Obama can't close deals at G-20 summit - Carol E. Lee and John Maggs - POLITICO.com
President Obama can't close deals at G-20 summit - Carol E. Lee and John Maggs - POLITICO.com: "SEOUL - President Barack Obama failed to reach agreement on two international deals to help spur the U.S. economy, unexpected setbacks on an Asia trip that was supposed to emphasize his stature abroad and change the subject from last week’s electoral drubbing.
Obama was unable to achieve a free trade agreement with South Korea, vowing to keep talking to get a better deal for U.S. auto makers. And after meeting with the leaders of Germany and China, he continued to meet resistance from the two countries about reducing their trade surpluses with the U.S. to give a boost to American manufacturing, putting the best face on a compromise that only calls for the goal of lowering them.
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Life, Liberty, & the Pursuit of Happiness
Obama was unable to achieve a free trade agreement with South Korea, vowing to keep talking to get a better deal for U.S. auto makers. And after meeting with the leaders of Germany and China, he continued to meet resistance from the two countries about reducing their trade surpluses with the U.S. to give a boost to American manufacturing, putting the best face on a compromise that only calls for the goal of lowering them.
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Life, Liberty, & the Pursuit of Happiness
Saturday, November 06, 2010
FT.com / China - China tees up G20 showdown with US
FT.com / China - China tees up G20 showdown with US: "China has curtly dismissed a US proposal to address global economic imbalances, setting the stage for a potential showdown at next week’s G20 meeting in Seoul.
Cui Tiankai, a deputy foreign minister and one of China’s lead negotiators at the G20, said on Friday that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.
“We believe a discussion about a current account target misses the whole point,” he added, in the first official comment by a senior Chinese official on the subject. “If you look at the global economy, there are many issues that merit more attention – for example, the question of quantitative easing.”
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Life, Liberty, & the Pursuit of Happiness
Cui Tiankai, a deputy foreign minister and one of China’s lead negotiators at the G20, said on Friday that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.
“We believe a discussion about a current account target misses the whole point,” he added, in the first official comment by a senior Chinese official on the subject. “If you look at the global economy, there are many issues that merit more attention – for example, the question of quantitative easing.”
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Life, Liberty, & the Pursuit of Happiness
Friday, November 05, 2010
Obama visit criticised for 'over-the-top' spending - World News - IBNLive
Obama visit criticised for 'over-the-top' spending - World News - IBNLive: "About 3,000 people including Secret Service agents, US government officials and journalists would accompany the President. Several officials from the White House and US security agencies are already in Mumbai for the past one week with helicopters, a ship and high-end security instruments.
Unprecedented security has been put in place both in Mumbai and New delhi.
'We have never seen this sort of an entourage going with the president before. And I think this is an example the massive overspending that we've seen - not only just in the last 2 years, really in the last four,' Bachmann said.
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Life, Liberty, & the Pursuit of Happiness
Unprecedented security has been put in place both in Mumbai and New delhi.
'We have never seen this sort of an entourage going with the president before. And I think this is an example the massive overspending that we've seen - not only just in the last 2 years, really in the last four,' Bachmann said.
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Life, Liberty, & the Pursuit of Happiness
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