-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 Money for Nothing by M. Allen Henderson A real estate wheeler-dealer, convicted of stealing $2 million from investors in nonexisting developments, was granted a respite before sentencing by a judge so that he could make restitution to investors. The display of remorse that so touched the judge was apparently short-lived. The wheeler-dealer called an old schoolmate who had not heard from him for twenty years (since he had been best man at the wheeler-dealer's wedding), and persuaded him to invest $35,000 cash in the same real estate scam with which he had swindled his other victims. The wheeler-dealer was caught several days later with a passport, $35,000 in traveler's checks, and a one-way ticket to London. "I have no more sympathy for you," said the judge at the sentencing, and gave him eight years in prison. ===== The Religion Business New Modern Image of Jesus Needed How about the face of Alan Greenspan? NEW images of Christ are wanted by an American Roman Catholic newspaper to replace the Renaissance depictions which still dominate popular perceptions. The National Catholic Reporter yesterday launched a competition for artists worldwide to provide images of Christ in any visual medium, painting, sculpture, photography, stained glass and computer art, to celebrate the second Millenium. Evangelicals opposed to religious icons have attacked the contest, but Michael Farrell, the editor of the weekly newspaper, is pressing on with his quest to find "a face, a persona, an image that best represents ceive £1,300 in prize money. The Reporter, based in Kansas City, Missouri, has argued for many years that the Catholic Church has suffered from neglecting its relations with artists. The close relations between the Church and those who built and decorated its greatest monuments have been allowed to lapse to the disadvantage of both sides, it says. A similar pattern has been seen in relations between the Church and musicians, says the newspaper, leading to a decline in standards of new religious music. The Pope addressed the issue this month with a "Letter to Artists" in which he called for a new dialogue between the Church and the art world. He wrote: "Society needs artists. Within the vast cultural panorama of each nation, artists have their unique place." He ran through the history of Christian art, which began with the symbols used by early Christians as a code to conceal their activities, the elaborate art works of Byzantium and the debate over worshipping icons. He wrote: "The icon is venerated not for its own sake, but points beyond to the subject which it represents." Popular conceptions of Jesus still rest heavily on the works of medieval and Renaissance artists, sculptors and mosaicists. Mr Farrell says he is not interested in bearded Jesus lookalikes, but rather "an image of Christ consistent with our times". The London Telegraph, August 19, 1999 Deflation China Discovers Miracle Cure for Deflation! The cure is ... Supply Shortage! (you have to read this to believe it) BEIJING - In a drastic move aimed at reversing a steady fall in prices, Chinese officials announced Wednesday that they would bar all plans for new production of a broad range of ordinary consumer items, from refrigerators and air conditioners to candy, apple juice and liquor. By withholding approval for any new production lines, while allowing existing output to continue, officials apparently hope they can shackle China's deflation, which threatens to seriously undermine faltering economic growth. Prices of consumer goods have fallen for 22 months in a row, causing many factory stockpiles to overflow and prompting price wars among many producers, a phenomenon that Chinese officials are unused to, and apparently uncomfortable with. "Producers have resorted to malicious competition by slashing prices drastically for survival,'' was how the official Chinese press agency, Xinhua, put it as it announced the ban, which begins Sept. 1. Its duration, if there is a plan for one, was not announced. The ban on new projects also covers the construction of luxury hotels, apartment and office buildings and department stores, which have also suffered sharp falls in price for many months as the market became oversaturated. In many industries, state regulators have imposed minimum prices to try to prevent producers from undercutting each other with price slashing. Meantime, financial authorities have authorized several interest-rate cuts to spur consumption, with limited success. Weak demand for consumer goods has grown out of a serious deterioration in consumer confidence. Many ordinary consumers fear that the economy will continue to weaken, and that it may lead to job loss and a reduction of welfare benefits, including pensions. Some Chinese economists have gently begun recommending that Beijing consider a devaluation of China's currency, the yuan, to stem deflation. Yet the authorities appear unwilling to do so for the time being, at least until they see whether falling exports and prices can be controlled. ''The yuan is unlikely to be devalued this year and early next year, given China's balance of payments, which is still in surplus,'' Joe Lo, senior economist at Citibank in Hong Kong, told Reuters. ''A devaluation can be an option if exports continue performing poorly and the economy is not improving after exhausting other measures.'' China's trade surplus in the first half of 1999 reached $8 billion, down from $22.5 billion a year earlier. Exports in the first half fell 4.6 percent year-on-year while imports surged 16.6 percent. At the same time, foreign direct investment declined 9.2 percent to $18.6 billion Government economists have said that if Beijing does decide to devalue its currency, it is likely to orchestrate a gradual process in several steps, unlike the last time it devalued, in 1994, by 33 percent in one fell swoop. For China's leaders, long afraid of inflation and the potential social disruption it could cause, deflation is a new phenomenon that few took seriously until recently. But it has continued for much longer than anyone expected, and now threatens to seriously undercut government projections that economic growth will reach 7 percent this year, compared with 7.8 percent in 1998. International Herald Tribune, August 19, 1999 Gold Market Consolidation in the Gold Mining Industry It's gonna get worse before it gets better The gold mining industry will follow the path of other metals sectors and see more consolidation, while a number of smaller producers may disappear from the business altogether, according to a new industry study. The annual review produced by the Washington DC-based Gold Institute, which represents most of the leading gold producers, bullion suppliers and manufacturers, also suggests that the closure of high-cost mines coupled with falling exploration expenditures mean that production will remain flat for the next four years. It predicts that the industry will produce about 82.9m ounces in 2002, barely changed from the 82m ounces seen in 1998. That assumes that there is some production increase - around 4 per cent - in South Africa, the world's largest producer with mine production of about 15m ounces in 1998. But the report also suggests that this could be optimistic: "The AIDS epidemic sweeping through the mines is having a negative effect on productivity . . . If production continues to decline at the rate it has for the past five years, South Africa will produce only a little over 12m ounces in 2002." In addition, the forecast for 2002 assumes a gold price of around $285 an ounce. The report acknowledges that today's price, of around $255, would probably cause some companies to lower their forecasts. "Unless prices recover, instead of growing 1 per cent, it is more likely that production will decline 1.5-2 per cent a year for the next few years," it concludes. Meanwhile, producers are likely to continue to focus on costs as they battle low gold prices, thus driving the consolidation trend. "The trend, at least in North America and Australia, is toward the industry being dominated by only a handful of players," says the report. John Lutley, president, warned unless prices recover soon, more smaller companies will probably leave the industry. The industry, from South Africa to North America, has already seen a number of junior miners either file for bankruptcy or fold altogether. He also cautioned that the full impact of the sharp reduction in exploration expenditure does not show up in the four-year forecasts, but will probably become evident in the middle of the next decade. "The 2003 to 2005 period is when we'll see that effect," he said. US producers' exploration expenditures are thought to have fallen by about 30 per cent last year, and Mr Lutley said that he expected further cuts in 1999, with much of the remaining spending being concentrated on existing properties. In regional terms, the report suggests that there will be continued growth in gold production in Latin America, as well as some modest continued growth in Asia - partly due to the Batu Hijau mine in Indonesia - but declines in North America and Australia. The Financial Times, August 19, 1999 Japanese Banking Another World's Biggest Bank? Or just the beginning of the end of the Japanese banking system? Industrial Bank of Japan, Dai-Ichi Kangyo Bank and Fuji Bank on Thursday confirmed they were discussing an alliance which would create the world's biggest bank with assets of more than ¥141 trillion ($1.26 trillion). IBJ, DKB and Fuji Bank have agreed a comprehensive tie-up which would include setting up a joint holding company as soon as autumn 2000, according to Japanese media. Trading in shares of the banks were suspended, and an announcement is expected as soon as Friday. The three banks are expected to divide their operations into retail, corporate and investment banking sections that would eventually be integrated. The wholesale securities business of the three banks would also be integrated, while affiliate brokerages might be reorganised, the media reported. News of the talks comes amidst increasing pressure for consolidation in the Japanese banking sector, which is among the least profitable in the world. An alliance between IBJ, DKB and Fuji Bank would enable them to benefit from economies of scale and reduce costs by cutting branch networks. It would also compensate for weaknesses at each bank. IBJ, which specialises in long-term corporate loans, is expected to suffer when the Japanese government introduces five-year government bonds in October, and doesn't have as many retail branches as city banks. Fuji Bank is without a presence in the securities business after losing its affiliate Yamaichi Securities, which collapsed in 1997, and would benefit from IBJ's profitable securities brokerage. And DKB, which also lacks a large securities affiliate, would gain from broadening its retail customer base. IBJ, DKB and Fuji Bank, which all posted losses in the year to March 31 after writing off several trillion yen in bad debts, were among 15 Japanese banks that received more than ¥7 trillion of public funds in March. Analysts said the three banks would need to reduce costs and rewrite the business reform plans they submitted to the government in return for the public funds. If the alliance goes ahead, it is expected to fuel further consolidation in the Japanese banking sector, which could see the number of leading banks reduced from 18 to just six or seven. The merged group would assume the mantle of the world's largest bank, succeeding Deutsche Bank, the German bank which is currently the world's biggest with assets of $735.2bn; and beating Banque Nationale de Paris, the French bank currently attempting to create the world's first trillion-dollar bank by taking over its rivals Paribas and Société Générale. The three-way alliance would have estimated revenues of $54bn, exceeding those of Bank of Tokyo-Mitsubishi and Sumitomo Bank, currently Japan's strongest financial institutions. Its profits would stand at an estimated $1.7bn, and it would employ 41,000 staff in 772 branches. A Nikkei news report stating that IBJ, DKB and Fuji Bank were in the final stage of negotiations to integrate their operations was published in Tokyo 15 minutes before the close of trading on Thursday. Shares in IBJ and Fuji Bank rose by their daily limit highs of ¥100 to ¥984 and ¥953 respectively, while shares in DKB rose ¥91 to ¥909, before the Tokyo stock exchange suspended trading in the shares a few minutes later. The Financial Times, August 19, 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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