-Caveat Lector- Rumor Mill News Reading Room Forum http://www.rumormillnews.com/cgi-bin/forum.cgi?noframes;read=28796 IF WAR DOES *NOT* GO OFF, THE FED WILL NO LONGER EXIST
Posted By: Rayelan Date: Tuesday, 18 February 2003, 9:47 a.m. In Response To: GREENSPAN WARNS OF DISASTER-STUDY SHOWS $13TN LOST (economica) I received this email from a source who usually knows what he is talking about: The big problem now that is making Rice so adamant about going into Iraq is three arab nations have shifted to euros only They want to be paid in euros for oil – NOT dollars!!! This would mean that all of the money that American oil firms make off these deals would vanish! The reason Germany and France don't want a war is this Euro deal helps them more than anyone else! China also has a big bite of euros – they have bought a lot of them – Sort of as economic blackmail against the US! Not just by China, but by many nations who would like to see the US come down a peg or two. The US could force the NEW Iraqi government to accept US dollar$$ – THAT'S the reason for war at this time!! If you think about it, this goes hand in hand with the major purchases of gold – Like you have been saying for years, the euro has some gold backing – Germany is one of the gold holders of the euro! Iraq shifted out of dollars in 97 or 98 – the would not accept dollars for oil after that – the US has been buying oil from European brokers – as a result of having to pay for it in Euros, what was once a 10B deal now costs 15 – 18B in Euros! If all OPEC companies refuse to accept dollars for oil – then NO ONE will want dollars and there will be a run on the banks! The dollars will be worthless – the US will have to change – maybe to script. No one wants an Argentine dollar! And that's about what the US dollar will be at this point! Within next six months – Greenspan will be fired by Bush, or resign. Why? Because Greenspan helped the change to Euros – He will try to make trouble on the way out because he doesn’t like Bush. When he goes, a man named Knight - (I think his first name is Bob) will also go. Knight is the head of the law firm that handles Citi Bank. He is the former money man of DIA and a good friend of Greenspan's. If war does NOT go off, the FED will no longer exist. There is the possibility that Iraq has weapons that would deter US forces – The US does not want half million men to die. If Bush did this he would doom the Republican Party forever. He knows this and won't do it if he is convinced of their ability to inflict damage of our troops. We are probably too late already to do anything about these weapons. It also looks like US can’t use nukes. World opinion will not allow this! If the US can’t go to war, this means they won't be able to put their own man in place who they can force Iraq to use dollars. If Saddam steps down and allows Tariq Aziz to become President in a democratically held election, one with UN ballot watchers... then the US is finished because Aziz will continue the policy of Euros and not dollars. This means that the US dollar is finished for good!! This also mean the FEDERAL RESERVE BANKING SYSTEM IS FINISHED FOR GOOD!! Don't you wonder if maybe this has been the plan all along? Greenspan warns of disaster and the need for Gold to be part : of the system! : By: Julian D. W. Phillips, Gold-Authentic Money - : Authenticmoney.com : How can one not respect a man with the courage of his : convictions. This somewhat phlegmatic professional, in : respectful and diplomatic tones, delivered what can only be : described, as a dire warning of disaster ahead. When seen : in the light of his long held beliefs, publicly stated, he : has to be recommending the return to Gold as a discipline : to ‘rein in’ President George Bush. : As we have seen to date, he has raised the hackles of the : incumbent Administration, against himself. Although they : stand in an invidious position, because they appointed him, : fully aware of his views they cannot, surely, expect him to : change them, simply as a matter of political expedient? : With this in mind, we find his words extremely brave for a : man, at both the pinnacle and close to the end of his : career. : We make no assumptions in this article, relying entirely on : quoting Chairman Greenspan’s publicly stated words, at a : time when the U.S. was embarking on a similar undisciplined : fiscal path, which he then, also condemned. At the time the : U.S. was on the brink of breaking links with Gold, losing, : as it had, these credible resources to European nations in : vast quantities. His essay is entitled, “Gold and Economic : Freedom” and was written in 1967. As then, we stand on the : brink of similarly undisciplined days [but without the : greater objective of $ Imperialism], with the difference : being that Gold will, in these days be called back to give : its vital credibility to the $, as it loses its own. We : were troubled by the possibility that he may have changed : his views since then, until we heard the statement he made : to the Economic Club of New York on 19th December 2002: - : “Although the gold standard could hardly be portrayed as : having produced a period of price tranquillity, it was the : case that the price level in 1929 was not much different, : on net, from what it had been in 1800. But, in the two : decades following the abandonment of the gold standard in : 1933, the consumer price index in the United States nearly : doubled. And, in the four decades after that, prices : quintupled. Monetary policy, unleashed from the constraint : of domestic gold convertibility, has allowed a persistent : over issuance of money. As recently as a decade ago, : central bankers, having witnessed more than a half-century : of chronic inflation, appeared to confirm that a fiat : currency was inherently subject to excess." : By saying these words, Chairman Greenspan confirmed he still : held the views he expressed on Gold. : To validate our conclusions and statements, we simply quote : from this essay, in which he staunchly castigated those : proposing deficit spending. To summarise his beliefs he was : asked by a Senate Committee member: - : 'Now my next question is, is it your intention that the report : of this hearing should be that Greenspan recommends a : return to the gold standard?' : Greenspan responded, 'I've been recommending that for years, : there's nothing new about that.”.............. : http://news.goldseek.com/AuthenticMoney/1045554963.php : : ----------------------------------------------------------------- : Voodoo vs. 'Rubinomics' : Tuesday, February 18, 2003 : Large deficits matter. Those three words sum up Alan : Greenspan's testimony before Congress last week, testimony : that will make it more difficult for the White House to get : its proposed tax cuts enacted. That such an : incontrovertible statement of basic economic thought could : roil Washington and create problems for the Bush : administration is an indication of how surreal, and : cynical, budgetary politics have become. : . : During the 1980 battle for the Republican presidential : nomination, George Bush called Ronald Reagan's belief that : you could dramatically increase military spending and cut : taxes, while preserving fiscal discipline, "voodoo : economics." Bush proved prescient, although he could : hardly boast about it from his vice presidential office. : Now Bush's son is practicing voodoo economics, and it is : Greenspan who has, however delicately, called him on it. : . : Even without factoring in the cost of his latest round of : proposed tax cuts or a war with Iraq, President George W. : Bush's budget for the next fiscal year would result in a : $307 billion deficit - a worrisome 3 percent of gross : domestic product. And his administration concedes that : deficits are back to stay. : . : But the White House line is that they don't matter. To worry : about the impact of deficits on the economy, administration : officials are fond of saying, is to engage in : "Rubinomics." It is a mystery why they would : think that it disparages a view to associate it with Robert : Rubin, Bill Clinton's widely admired Treasury secretary, : whose policies were rooted in mainstream economics. It is : equally bizarre to see conservatives in Congress embrace : large deficits as an antidote for government spending. The : theory goes back to Reagan days, and it surfaces only when : there are Republican deficits that need explaining away. To : the unenlightened, it sounds like telling a compulsive : shopper to solve his problem by maxing out on his credit : cards. : . : The deficits have not, in fact, persuaded the Republican : majority to stop spending. Last week they were right in : there with the Democrats, stuffing more cash into the : already bloated farm aid program and into obsolete weapons : systems. The fact that both parties have their own pork : barrels and budgetary sacred cows is not new. But the idea : that politicians now believe they can embrace ballooning : deficits as a sign of fiscal conservatism is downright : dangerous............ : http://www.iht.com/articles/86979.html : : ----------------------------------------------------------------- : LSE Research Report Shows $13 TRILLION Lost (2/17/2003) : : http://www.abnamro.com/pressroom/releases/media/pdf/giry_press_rele ase.pdf : : ----------------------------------------------------------------- : Bundesbank Says German Economy Likely Contracted in Q4 : Monday, Febuary 17, 2003 01:05 PM ET Printer-friendly version : Dow Jones Newswires : FRANKFURT -- There are signs the German economy may be regain : ground at the start of this year, although it is likely to : have contracted in the fourth quarter of 2002, the Deutsche : Bundesbank said in its monthly bulletin......... : : http://www.quicken.com/investments/news_center/story/? story=NewsStory/dowJones/ 20030217/ON200302171305000554.var&column=P0DFP : : ----------------------------------------------------------------- : Fundamentals are pushing gold into super-bull territory : Market Watch : Victor Hugo : Sceptics who don't believe the bull run in gold will last : assume that its price is being driven mainly by war fears : and terrorism dangers. : I say no, there is a much more fundamental reason. : A shift is happening in global investment patterns - out of : paper and US assets and into hard assets and other : countries. : The weakening US dollar and Wall Street are illustrating this : shift, telling traders to expect strength out of gold's : technically classic "rocket acceleration" : pattern. : Other macro indicators suggest why money is moving out of the : world's largest economy. The next bubbles due to burst are : US property prices and US treasury bonds. No country in a : declining growth environment can sustain record-high levels : of personal, corporate and public debt, a huge trade : deficit, the cost of a war on terrorism - as well as : potential for a war in Iraq and in North Korea. : The action of the dollar in the past two years suggests the : world has decided that the big growth years of the US are : over and it is time to move into something else. Some of : that money is already moving into gold............ : : http://www.sundaytimes.co.za/2003/02/16/business/markets/markets01.a sp : : ---------------------------------------------------------------- : Conspiracy or Coincidence? : Hike in Margin Rates Hammers Speculators : Originally developed by the Chicago Mercantile Exchange, : ‘SPAN’ software is designed to quantify (correlate) price : to risk in the commodities markets. Apparently, and : confirming this is not easy, NYMEX plugs contract data into : this program to determine if margin requirements need to be : changed. : On Thursday February 5 at approximately 5:08 PM, NYMEX stated : that ‘Gold futures margins will be increased to $1,500 from : $1,000 for members, member firms, and hedgers, and to : $2,025 from $1,350 for speculative customers.’ What these : new margin requirements did – again, difficult to confirm : (until today) - was force many small speculators out of the : market because they could no longer maintain margin. As for : the larger players – the commercials/hedgers -- margin is : not that much of an issue when you have Greenspan in your : corner. : Today’s Commitment of Traders report (COT) was more like a : ‘Lack of Commitment from Traders’ report. To be sure, for : the week ended February 11 speculative (‘non reportable’) : long interest in gold dived lower by 22.45% (this ranks as : sixth largest speculative gold shakeout (Longs) since : 1999.) : To note: it was rumored that speculative buying supported the : final price surge in gold. Furthermore, it was rumored that : stop losses were piling up as more speculators continued to : enter the markets (given that small speculators typically : do not have excess capital to make long term bets on the : price of gold the ‘speculators scramble to buy gold with : stops’ story is plausible.) : Conspiracy Limitations and conclusions: TO BE CONTINUED : : http://www.gold-eagle.com/editorials_03/willettalway021703.html : : ---------------------------------------------------------------- : China's economy needs fast growth to survive : By Tung Chen-Yuan µ£®¶·½ : Tuesday, Feb 18, 2003,Page 8 : Ever since we entered the 21st century, the opinions of : academics and businesspeople regarding the future of the : Chinese economy have been diametrically opposed. Why do : they hold such diverse opinions? : One faction led by Gordon Chang (³¹®a´°) and Joe Studwell : believes that the Chinese economy is about to collapse, and : that there is cause for worry about its future. : Businesspeople, however, see China as a land full of : opportunity, gradually progressing towards prosperity. By : the end of last year, China surpassed the US as the world's : most attractive destination for investments. So is China's : economy about to collapse or is it brimming with : opportunity? : Overall, the Chinese economic situation is one of outward : strength and domestic weakness. Its strength derives mainly : from foreign capital and the increase in exports it : creates. Currently, both the foreign investment and the : export situation are looking quite good, seeing 23 and 19 : percent growth, respectively, during the first three : quarters of last year. : Domestic problems basically stem from issues created by : state-owned enterprises, the financial system and : agricultural reform. These include problems in national : finances, social security, unemployment, deflation, income : distribution and imbalances in regional development. These : problems are worsening continuously. : There is thus a strong contrast between the performance of the : external and domestic economies, making a correct : assessment of the future of the economy next to impossible. : Let's take look at the sources of China's economic growth -- : active financial policies and the contributions by foreign : capital and exports. Financial policies and foreign capital : (including exports by foreign-owned businesses) each : contributed about 30 percent of economic growth in the late : 1990s. It will probably be impossible to maintain this : situation in future. : China's budget deficits have in recent years risen to the : level where warning bells go off internationally -- 3 : percent. Add to this other explicit and hidden debts. : Chinese officials and academics are all of the opinion that : these policies cannot be perpetuated................ : : http://www.taipeitimes.com/News/edit/archives/2003/02/18/195031 : : ----------------------------------------------------------------- : Tuesday, 18 February, 2003, 10:50 GMT : Hacker breaches credit card security : The companies said none of the information was used in a : fraudulent way : A computer hacker has gained access to more than 5 million : Visa and Mastercard credit card accounts in the US. : The two companies said on Tuesday that none of the information : obtained, which would include credit card numbers, was used : in a fraudulent way. Visa and Mastercard said the hacker : breached the security system of a company that processes : credit card transactions on behalf of merchants. : Numbers of credit cards can be used to make payments, such as : buying plane tickets or hiring cars. : Both Visa and Mastercard operate zero liability policies, : which protect card holders from having to pay for any : unauthorised or fraudulent charges. : Card holders at risk? : Peter Lilley, a fellow of the UK Chartered Institute of : Banking and author of various books on hacking and business : crime, said some hackers attack computer systems just to : prove the point that the system is fairly fragile if it : could be hacked into. : He told BBC News Online that account holders of the hacked : credit cards could still be at risk. : "To gain access to 5 million different accounts is a : lot...... : http://news.bbc.co.uk/2/hi/business/2774477.stm : : ----------------------------------------------------------------- : Salon warns time is running out : Salon, one of the few companies to have attempted the perilous : business of pure online publishing, is close to failure. : The firm, which has repeatedly shaken up its business model in : the search for profits, has warned that it will fold unless : it secures financing this month. : In an unusually strongly-worded report, the firm painted a : grim picture of its current financial plight, indicating : that its reserves of cash have more or less already run : out. : The firm could still be saved, it said, but "Salon cannot : be sure that additional financing will be available on : terms favourable to Salon, or at all.".......... : http://news.bbc.co.uk/2/hi/business/2773769.stm : : ----------------------------------------------------------------- : Monday, 17 February, 2003, 16:08 GMT : Bolivians strike against president : Bolivians mourn those killed in last week's protests : Trade unions in Bolivia have called for a 48-hour general : strike to demand the resignation of President Gonzalo : Sanchez de Lozada after 22 people were killed in protests : last week. : The troubles began when 7,000 police officers seeking a pay : rise staged a walk-out over government plans for a new : taxes to reduce the budget deficit. : The taxes were a key demand from the International Monetary : Fund (IMF) in exchange for new loans. : Central Bolivian Workers Union, the country's largest labour : group, called the strike for Monday and Tuesday. : Evo Morales, the leader of the coca growers association and a : runner-up in last year's presidential elections, called on : farmers and peasants to join the national strike. : "We will march until the president resigns," Mr : Morales said. : Economic troubles : Bolivia's expanding budget deficit hit 8.5% last year but it : needs to bring it down to 5.5% to be given bridging loans : from international lenders.............. : http://news.bbc.co.uk/2/hi/business/2772823.stm <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. 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