Man On Fire

11 Aug 2012

Libor scandal: Review finds system 'no longer viable'

Emma Simpson: The way the inter-bank, or Libor, interest rate is set is no longer fit for purpose, according to a review by the Financial Services Authority. The inquiry follows the revelation that Barclays and other banks rigged the rate, which is used as a benchmark for all kinds of financial transactions.

Man Jailed For Collecting Rainwater Begins Sentence.

An Oregon man sent to prison for collecting rainwater on his own property began the first day of his jail sentence with a warning that the American people need to stand up to a government that is operating completely outside the boundaries of common sense unless they wish to see liberty vanish.

By Brent Daggett: Besides banning soda larger than 16 ounces from restaurants, movie theaters, and sports arenas as well as banning food donations from homeless shelters and calling for police to strike until the government acts on gun control, New York City Mayor Michael Bloomberg is now flexing even more authoritarian muscle by creating a surveillance state.

On August 8, Bloomberg revealed in a press conference a new big brother style monitoring method called Domain Awareness System (DAS), which will be used to prevent crime and include counterterrorism technology capabilities.

The real kicker is not only how the system will be used, but also the company that helped establish the technology.

If any guessed Microsoft, you guessed correctly.

Fatal Distraction (Part II) - From Lewinsky to 9-11... USA's AFRICA DEATH AID!!!

Yvonne Ridley investigates the US bombing of a pharmaceutical factory in Sudan and its connection with the Lewinsky scandal during the Bill Clinton administration. Source

Muslim man sent to prison for "self-defense"

Michael Williams takes his last walk as a freeman into a New York courthouse. The 39 year old Muslim man faces sentencing after being convicted of second degree assault - accused of hitting a man with a handheld loudspeaker who was verbally attacking a group of Muslim women on January 11th of 2011. Williams, a married father of two was in New York for a Palestinian freedom rally. He says he noticed a group of women being harassed with curses and threats by a man named Joe Kenney near a pizza parlor. Witnesses say he drew Kenney's attention away from the women by blasting the bullhorn shouting "free Palestine." Kenney followed him into the street. Source

Gerald Celente on Eurozone Reckoning Day and dropped charges for Goldman Sachs!

After its yearlong investigation, the Justice Department said that it will not bring charges against Goldman Sachs or any of its employees for financial fraud related to the mortgage crisis. Is this justice or, as Gerald Celente often says, is this "just us" big bankers getting away with whatever we want?

China is 62% complete on route to reascend as world’s superpower

Alia: How would an Italian measure how much of Renaissance has been completed in the 15^th century? He can if he borrowed China’s renascent civilization index.

On August 3, at the 10^th China Modernization Summit, Yang Yiyong, the Director of the Macroeconomics Institute of China’ National Development and Reform Commission presented a paper titled “To set up and track the index that monitors the re-ascending progress of the Chinese civilization”.

Back to historic glory?

What is a reascending Chinese civilization? As defined by the report, a re-ascending Chinese civilization is one that not only swings back to the glory China used to enjoy in ancient times, but also becomes cutting-edge in modern times. According to the report, China’s renascent score for 2010 was 0.6274, which means that the mission of restoring China’s historic glory is 62% complete.

Oil: The Other Side of the Sanctions

By Felix Imonti: Iran has been pushed into a corner and is fighting for its life. The safest weapon in its arsenal is an economic strategy; and it is the one point where the United States is vulnerable.

There is no doubt about it. Section 1245 of the National Defense Authorization Act that was signed into law by President Obama on December 31, 2011 is having the intended effect upon Iran.

Unlike previous sanctions, Section 1245 attacks the foundation of the Iranian economy. The provisions of the law seek to stop the sale of crude oil and to block transactions between the Iranian central bank and the rest of the world. About fifty percent of the national budget is funded from the sale of exported crude oil that provides eighty percent of the foreign exchange. "Crude (oil) sales are a trap which we inherited from the years before the (1979 Islamic) Revolution," Khamenei told a gathering of researchers and scientists at the end of July.

An immediate consequence of the legislation has been the plunge in the exchange rate of the Iranian Rial that has lost half its value against the U.S. dollar. A combination of devalued currency and a break down in international bank transfers has created shortages of imported products, including basic food grains. The result is seen in an official inflation rate of 25 percent and an unemployment rate of 12.3 percent.

Before the implementation of the sanctions, Iranian oil exports were the second largest in OPEC at 2.2 million barrels per day. Today, the current level is around 1.1 million barrels, but that does not take into account the oil leakage through the sanction barriers. A friendly government in Baghdad makes Iraq one of the easier routes to the world market. Shipments of gold bullion through Turkey to Iran indicate that the Iranians are selling to someone.