-Caveat Lector- from: http://www.aci.net/kalliste/ <A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A> ----- Today's Lesson From The Communist Manifesto by Karl Marx Nevertheless, in the most advanced countries, the following will be pretty generally applicable. 1. Abolition of property in land and application of all rents of land to public purposes. 2. A heavy progressive or graduated income tax. 3. Abolition of all right of inheritance. 4. Confiscation of the property of all emigrants and rebels. 5. Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly. 6. Centralization of the means of communication and transport in the hands of the State. 7. Extension of factories and instruments of production owned by the State, the bringing into cultivation of waste-lands, and the improvement of the soil generally in accordance with a common plan. 8. Equal liability of all to labour. Establishment of industrial armies, especially for agriculture. 9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country, by a more equitable distribution of the population over the country. 10. Free education for all children in public schools. Abolition of children's factory labour in its present form. Combination of education with industrial production, &c., &c. ===== Year 2000 80 Countries Said to be at Risk for Y2K Failure Bill Cohen invites the Russians to Colorado Springs WASHINGTON - A State Department survey of 161 nations has found that about half of the countries face a medium to high risk of Year 2000 computer breakdowns in their telecommunications, energy and transportation sectors, which may have an impact on international trade. ''It would be prudent to recognize that Y2K-related failures are inevitable, both here and abroad,'' Jacquelyn Williams-Bridgers, the State Department's inspector general, told a Senate committee Thursday. Electronic disruptions - caused by computers with two-digit date fields that incorrectly interpret ''00'' as 1900 instead of 2000 - could range overseas from minor inconveniences, such as malfunctioning credit card terminals, to sustained power and phone outages causing economic and humanitarian hardships, Ms. Williams-Bridgers said. The State Department survey, drawn from assessments submitted over the past two months by U.S. embassies, found that highly industrialized countries are at a low risk of Y2K-related infrastructure failures, particularly in the finance sector. But the survey suggested that Russia and the other former Eastern bloc nations ''are a concern because of the relatively high probability of Y2K-related failures,'' the inspector general said. Ms. Williams-Bridgers did not identify the countries most at risk, but she offered some hints in her prepared testimony: South Korea got off to a late start and may not complete corrective work in time, India's electric power systems could prove vulnerable and Poland could face power blackouts. Power-grid failures due to computer glitches could cause Russian defense systems to shut down, Pentagon officials said Thursday. There is little worry about an accidental nuclear launch because Russian strategic weapons require humans to carry out key commands, but the Pentagon is concerned that the Russians might lose their early-warning capabilities and feel dangerously vulnerable to a sneak attack. As one confidence-building measure, Defense Secretary William Cohen said, the Russian government has been invited to send representatives to a specially built ''Y2K Center for Strategic Stability'' in Colorado Springs, Colorado, where both nations would share instant access to early-warning information. The Russians halted cooperation with the initiative in March because of the NATO bombing campaign in Kosovo, and they have not agreed to resume talks. Mr. Cohen, who had been seriously concerned a year ago that the Defense Department was moving too slowly on its computer work and made Y2K fixes a top priority, said that the Pentagon's roughly 10,000 computer systems would be ready for the Year 2000. The department has been conducting elaborate exercises to determine whether all the bugs have been found. Last week, for example, a test of the logistics supply chain involved more than 1,000 participants from all four services in 22 sites across the country. Mr. Cohen said further exercises will test linkages to prime vendors of military equipment. International Herald Tribune, July 24, 1999 Korea Daewoo Woes Send Korean Stock Market Plunging Down, down, down, while the flames burn higher. The Seoul stock market suffered a record 7.3 per cent one-day loss in heavy trading yesterday and bond yields rose sharply as worries mounted about Daewoo, South Korea's second biggest conglomerate, which narrowly escaped bankruptcy this week. Although banks have extended $3.3bn in fresh loans to Daewoo, there are growing doubts about whether the group's restructuring plans, including asset sales, will solve its financial troubles. Daewoo has $50bn in domestic debt and $10bn in foreign loans. Investors were also concerned the rescue package for Daewoo would cause a rise in interest rates because investment trust companies, which provided nearly two-thirds of the new loans, would be forced to sell bonds to finance the deal. Yields on benchmark three-year corporate bonds rose sharply to 9.5 per cent, a 1999 high, from 9.08 per cent on Thursday. The composite stock index fell 71.70, a record points fall. There are fears that individual investors may rush to withdraw funds from the financially pressed investment trust companies. They hold most of Daewoo's short-term debt of nearly $6bn, which has been rolled over for six months to ease the group's plight. Daewoo's liquidity squeeze is so severe that creditor banks also agreed to provide $2.2bn in emergency call loans that would be repaid by the end of the month. Shares of Daewoo units suffered the biggest losses yesterday as many fell by their daily limit to below par value. Financial issues, including banks and brokerage houses, also lost ground. Some analysts said Daewoo's troubles were still unlikely to trigger a chain reaction of bankruptcies and a resulting banking crisis - a repeat of Korea's financial crisis in late 1997. "A collapse of Daewoo won't have the shock it would have had two or three years ago because the banking system is stronger after recent reforms. Korea can weather the storm," said Jeffrey Jones, head of the American Chamber of Commerce in Seoul. But others are less certain. "The failure of Daewoo certainly would be more than enough to jeopardise the stability of the financial system," said Barclays Capital yesterday. It noted: "If Daewoo went bankrupt, total non-performing loans in the economy would double." The banks are estimated to have $80bn in bad loans now. Barclays said it believed Daewoo was "unlikely to be allowed to fail", because of its size. The conglomerate accounts for 5 per cent of Korea's gross domestic product. But government intervention to save Daewoo would mean "accepting a wide fiscal deficit for years to come" because most of its creditor banks were nationalised and would need new capital. Most analysts believe the only solution for Daewoo's financial problems is to dismantle the group and sell most of its units, including its car and brokerage businesses. The Financial Times July 24, 1999 Gored Again Environmentalist Gore Up the 4 Billion Gallon Creek VICE-PRESIDENT Al Gore found his reputation as an environmentalist under attack yesterday when it was discovered that four billion gallons of water were used to ensure that his canoe stayed afloat during a photo-opportunity. Mr Gore posed for cameras on the Connecticut river in drought-hit New Hampshire, the crucial first state to vote in the presidential election primary campaign. Secret Service officers had expressed fears that the river was so low that Mr Gore's canoe could be stuck on the bottom, so officials of the local power company ordered sluices on the Wilder dam to be opened. Three hours before the vice-president arrived with his paddle, the water began to flow down the river at 180,000 gallons a minute and by the time the photographers were in position, the Connecticut was 10 inches higher and the Gore party were able to float merrily downstream. John Kassel, director of the Vermont department of natural resources, was angered by the use of water, especially as Cornish county, where the photo-opportunity took place, is subject to a drought warning and the local salmon population has been badly affected. He said: "They won't release the water for the fish when we ask them to, but somehow they find themselves able to release it for a politician." As soon as Mr Gore had finished his four-mile paddle, the water was shut off again and the river sank back to its near-trickle. The London Telegraph, July 24, 1999 Year 2000 80 Countries Said to be at Risk for Y2K Failure Bill Cohen invites the Russians to Colorado Springs WASHINGTON - A State Department survey of 161 nations has found that about half of the countries face a medium to high risk of Year 2000 computer breakdowns in their telecommunications, energy and transportation sectors, which may have an impact on international trade. ''It would be prudent to recognize that Y2K-related failures are inevitable, both here and abroad,'' Jacquelyn Williams-Bridgers, the State Department's inspector general, told a Senate committee Thursday. Electronic disruptions - caused by computers with two-digit date fields that incorrectly interpret ''00'' as 1900 instead of 2000 - could range overseas from minor inconveniences, such as malfunctioning credit card terminals, to sustained power and phone outages causing economic and humanitarian hardships, Ms. Williams-Bridgers said. The State Department survey, drawn from assessments submitted over the past two months by U.S. embassies, found that highly industrialized countries are at a low risk of Y2K-related infrastructure failures, particularly in the finance sector. But the survey suggested that Russia and the other former Eastern bloc nations ''are a concern because of the relatively high probability of Y2K-related failures,'' the inspector general said. Ms. Williams-Bridgers did not identify the countries most at risk, but she offered some hints in her prepared testimony: South Korea got off to a late start and may not complete corrective work in time, India's electric power systems could prove vulnerable and Poland could face power blackouts. Power-grid failures due to computer glitches could cause Russian defense systems to shut down, Pentagon officials said Thursday. There is little worry about an accidental nuclear launch because Russian strategic weapons require humans to carry out key commands, but the Pentagon is concerned that the Russians might lose their early-warning capabilities and feel dangerously vulnerable to a sneak attack. As one confidence-building measure, Defense Secretary William Cohen said, the Russian government has been invited to send representatives to a specially built ''Y2K Center for Strategic Stability'' in Colorado Springs, Colorado, where both nations would share instant access to early-warning information. The Russians halted cooperation with the initiative in March because of the NATO bombing campaign in Kosovo, and they have not agreed to resume talks. Mr. Cohen, who had been seriously concerned a year ago that the Defense Department was moving too slowly on its computer work and made Y2K fixes a top priority, said that the Pentagon's roughly 10,000 computer systems would be ready for the Year 2000. The department has been conducting elaborate exercises to determine whether all the bugs have been found. Last week, for example, a test of the logistics supply chain involved more than 1,000 participants from all four services in 22 sites across the country. Mr. Cohen said further exercises will test linkages to prime vendors of military equipment. International Herald Tribune, July 24, 1999 Korea Daewoo Woes Send Korean Stock Market Plunging Down, down, down, while the flames burn higher. The Seoul stock market suffered a record 7.3 per cent one-day loss in heavy trading yesterday and bond yields rose sharply as worries mounted about Daewoo, South Korea's second biggest conglomerate, which narrowly escaped bankruptcy this week. Although banks have extended $3.3bn in fresh loans to Daewoo, there are growing doubts about whether the group's restructuring plans, including asset sales, will solve its financial troubles. Daewoo has $50bn in domestic debt and $10bn in foreign loans. Investors were also concerned the rescue package for Daewoo would cause a rise in interest rates because investment trust companies, which provided nearly two-thirds of the new loans, would be forced to sell bonds to finance the deal. Yields on benchmark three-year corporate bonds rose sharply to 9.5 per cent, a 1999 high, from 9.08 per cent on Thursday. The composite stock index fell 71.70, a record points fall. There are fears that individual investors may rush to withdraw funds from the financially pressed investment trust companies. They hold most of Daewoo's short-term debt of nearly $6bn, which has been rolled over for six months to ease the group's plight. Daewoo's liquidity squeeze is so severe that creditor banks also agreed to provide $2.2bn in emergency call loans that would be repaid by the end of the month. Shares of Daewoo units suffered the biggest losses yesterday as many fell by their daily limit to below par value. Financial issues, including banks and brokerage houses, also lost ground. Some analysts said Daewoo's troubles were still unlikely to trigger a chain reaction of bankruptcies and a resulting banking crisis - a repeat of Korea's financial crisis in late 1997. "A collapse of Daewoo won't have the shock it would have had two or three years ago because the banking system is stronger after recent reforms. Korea can weather the storm," said Jeffrey Jones, head of the American Chamber of Commerce in Seoul. But others are less certain. "The failure of Daewoo certainly would be more than enough to jeopardise the stability of the financial system," said Barclays Capital yesterday. It noted: "If Daewoo went bankrupt, total non-performing loans in the economy would double." The banks are estimated to have $80bn in bad loans now. Barclays said it believed Daewoo was "unlikely to be allowed to fail", because of its size. The conglomerate accounts for 5 per cent of Korea's gross domestic product. But government intervention to save Daewoo would mean "accepting a wide fiscal deficit for years to come" because most of its creditor banks were nationalised and would need new capital. Most analysts believe the only solution for Daewoo's financial problems is to dismantle the group and sell most of its units, including its car and brokerage businesses. The Financial Times July 24, 1999 Gored Again Environmentalist Gore Up the 4 Billion Gallon Creek VICE-PRESIDENT Al Gore found his reputation as an environmentalist under attack yesterday when it was discovered that four billion gallons of water were used to ensure that his canoe stayed afloat during a photo-opportunity. Mr Gore posed for cameras on the Connecticut river in drought-hit New Hampshire, the crucial first state to vote in the presidential election primary campaign. Secret Service officers had expressed fears that the river was so low that Mr Gore's canoe could be stuck on the bottom, so officials of the local power company ordered sluices on the Wilder dam to be opened. Three hours before the vice-president arrived with his paddle, the water began to flow down the river at 180,000 gallons a minute and by the time the photographers were in position, the Connecticut was 10 inches higher and the Gore party were able to float merrily downstream. John Kassel, director of the Vermont department of natural resources, was angered by the use of water, especially as Cornish county, where the photo-opportunity took place, is subject to a drought warning and the local salmon population has been badly affected. He said: "They won't release the water for the fish when we ask them to, but somehow they find themselves able to release it for a politician." As soon as Mr Gore had finished his four-mile paddle, the water was shut off again and the river sank back to its near-trickle. The London Telegraph, July 24, 1999 Year 2000 80 Countries Said to be at Risk for Y2K Failure Bill Cohen invites the Russians to Colorado Springs WASHINGTON - A State Department survey of 161 nations has found that about half of the countries face a medium to high risk of Year 2000 computer breakdowns in their telecommunications, energy and transportation sectors, which may have an impact on international trade. ''It would be prudent to recognize that Y2K-related failures are inevitable, both here and abroad,'' Jacquelyn Williams-Bridgers, the State Department's inspector general, told a Senate committee Thursday. Electronic disruptions - caused by computers with two-digit date fields that incorrectly interpret ''00'' as 1900 instead of 2000 - could range overseas from minor inconveniences, such as malfunctioning credit card terminals, to sustained power and phone outages causing economic and humanitarian hardships, Ms. Williams-Bridgers said. The State Department survey, drawn from assessments submitted over the past two months by U.S. embassies, found that highly industrialized countries are at a low risk of Y2K-related infrastructure failures, particularly in the finance sector. But the survey suggested that Russia and the other former Eastern bloc nations ''are a concern because of the relatively high probability of Y2K-related failures,'' the inspector general said. Ms. Williams-Bridgers did not identify the countries most at risk, but she offered some hints in her prepared testimony: South Korea got off to a late start and may not complete corrective work in time, India's electric power systems could prove vulnerable and Poland could face power blackouts. Power-grid failures due to computer glitches could cause Russian defense systems to shut down, Pentagon officials said Thursday. There is little worry about an accidental nuclear launch because Russian strategic weapons require humans to carry out key commands, but the Pentagon is concerned that the Russians might lose their early-warning capabilities and feel dangerously vulnerable to a sneak attack. As one confidence-building measure, Defense Secretary William Cohen said, the Russian government has been invited to send representatives to a specially built ''Y2K Center for Strategic Stability'' in Colorado Springs, Colorado, where both nations would share instant access to early-warning information. The Russians halted cooperation with the initiative in March because of the NATO bombing campaign in Kosovo, and they have not agreed to resume talks. Mr. Cohen, who had been seriously concerned a year ago that the Defense Department was moving too slowly on its computer work and made Y2K fixes a top priority, said that the Pentagon's roughly 10,000 computer systems would be ready for the Year 2000. The department has been conducting elaborate exercises to determine whether all the bugs have been found. Last week, for example, a test of the logistics supply chain involved more than 1,000 participants from all four services in 22 sites across the country. Mr. Cohen said further exercises will test linkages to prime vendors of military equipment. International Herald Tribune, July 24, 1999 Korea Daewoo Woes Send Korean Stock Market Plunging Down, down, down, while the flames burn higher. The Seoul stock market suffered a record 7.3 per cent one-day loss in heavy trading yesterday and bond yields rose sharply as worries mounted about Daewoo, South Korea's second biggest conglomerate, which narrowly escaped bankruptcy this week. Although banks have extended $3.3bn in fresh loans to Daewoo, there are growing doubts about whether the group's restructuring plans, including asset sales, will solve its financial troubles. Daewoo has $50bn in domestic debt and $10bn in foreign loans. Investors were also concerned the rescue package for Daewoo would cause a rise in interest rates because investment trust companies, which provided nearly two-thirds of the new loans, would be forced to sell bonds to finance the deal. Yields on benchmark three-year corporate bonds rose sharply to 9.5 per cent, a 1999 high, from 9.08 per cent on Thursday. The composite stock index fell 71.70, a record points fall. There are fears that individual investors may rush to withdraw funds from the financially pressed investment trust companies. They hold most of Daewoo's short-term debt of nearly $6bn, which has been rolled over for six months to ease the group's plight. Daewoo's liquidity squeeze is so severe that creditor banks also agreed to provide $2.2bn in emergency call loans that would be repaid by the end of the month. Shares of Daewoo units suffered the biggest losses yesterday as many fell by their daily limit to below par value. Financial issues, including banks and brokerage houses, also lost ground. Some analysts said Daewoo's troubles were still unlikely to trigger a chain reaction of bankruptcies and a resulting banking crisis - a repeat of Korea's financial crisis in late 1997. "A collapse of Daewoo won't have the shock it would have had two or three years ago because the banking system is stronger after recent reforms. Korea can weather the storm," said Jeffrey Jones, head of the American Chamber of Commerce in Seoul. But others are less certain. "The failure of Daewoo certainly would be more than enough to jeopardise the stability of the financial system," said Barclays Capital yesterday. It noted: "If Daewoo went bankrupt, total non-performing loans in the economy would double." The banks are estimated to have $80bn in bad loans now. Barclays said it believed Daewoo was "unlikely to be allowed to fail", because of its size. The conglomerate accounts for 5 per cent of Korea's gross domestic product. But government intervention to save Daewoo would mean "accepting a wide fiscal deficit for years to come" because most of its creditor banks were nationalised and would need new capital. Most analysts believe the only solution for Daewoo's financial problems is to dismantle the group and sell most of its units, including its car and brokerage businesses. The Financial Times July 24, 1999 Gored Again Environmentalist Gore Up the 4 Billion Gallon Creek VICE-PRESIDENT Al Gore found his reputation as an environmentalist under attack yesterday when it was discovered that four billion gallons of water were used to ensure that his canoe stayed afloat during a photo-opportunity. Mr Gore posed for cameras on the Connecticut river in drought-hit New Hampshire, the crucial first state to vote in the presidential election primary campaign. Secret Service officers had expressed fears that the river was so low that Mr Gore's canoe could be stuck on the bottom, so officials of the local power company ordered sluices on the Wilder dam to be opened. Three hours before the vice-president arrived with his paddle, the water began to flow down the river at 180,000 gallons a minute and by the time the photographers were in position, the Connecticut was 10 inches higher and the Gore party were able to float merrily downstream. John Kassel, director of the Vermont department of natural resources, was angered by the use of water, especially as Cornish county, where the photo-opportunity took place, is subject to a drought warning and the local salmon population has been badly affected. He said: "They won't release the water for the fish when we ask them to, but somehow they find themselves able to release it for a politician." As soon as Mr Gore had finished his four-mile paddle, the water was shut off again and the river sank back to its near-trickle. The London Telegraph, July 24, 1999 ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, Omnia Bona Bonis, All My Relations. Adieu, Adios, Aloha. Amen. Roads End Kris DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. 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