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Gary Edwards

Will The Dollar Standard Collapse? - 0 views

www.businessinsider.com/-inflation-or-deflation-2009-5

financial-crisis obama-socialism inflation dollar-destruction Banksters

shared by Gary Edwards on 19 May 09 - Cached
  • Before I begin, I’ll make a prediction, since I’m an investor and my job is to predict. I increasingly believe that the dollar will collapse, and its ramifications could be as violent as when the credit markets cracked in July 2007. Currency collapses are nothing new, just as the bursting of a credit market bubble was nothing new. A dollar collapse could very well lead to carnage in domestic asset markets, whether it be the stock market, bond market, etc. Also, US imports and the overvalued dollar are fueling many of the export-oriented economies abroad, so a dollar collapse could wreak havoc on foreign asset markets as well. And once it happens, we’re going to view the collapse of the dollar as an obvious event that we should have long seen coming. Just as we now view the subprime wreckage and bursting of the real estate bubble as an event we should have easily predicted.The problem is timing. Does the dollar collapse in 2009, or 2015? And is it a slow depreciation, or a sudden 50% fall? Those are tougher questions. Richard Duncan predicted the dollar’s demise in 2002. His error of timing discredited an otherwise brilliant book.
  • In a sentence, “The Dollar Crisis” is about how the world changed in 1971. That was when Richard Nixon dropped the gold standard (or its close cousin, the Bretton Woods international monetary system). Here’s the youtube video: Youtube Bretton Woods. The end of the gold standard ushered in a new era of large trade imbalances and the buildup of foreign currency reserves, and these trade imbalances and large foreign currency reserves have had significant impacts on the global economy that many people don’t realize. Huge trade imbalances and large foreign reserves didn’t really exist during the gold standard. During the gold standard, a country’s money supply was determined by the amount of gold it had. Banks’ reserves were either gold or indirectly tied to gold, and so the amount of money they could lend, and that the nation could print, was backed by the nation’s gold reserves. To see the implications of that sort of monetary system on trade imbalances, let’s take a hypothetical United States and China, where the US is buying lots of goods from China. The US gets goods; China gets dollars. China takes its excess dollars, gives them to the US, and gets gold in exchange. The US gold reserves would decline, causing credit contraction in the US. This would lead to recession; prices would adjust downwards; and falling prices would enhance the trade competitiveness of the US. The US would stop exporting so many goods from China as China’s costs of production begin rising relative to the United States’. The US would stop being a net importer; gold would flow back in; and equilibrium on the balance of payments would be re-established.Under the gold standard, trade imbalances were unsustainable and self-correcting.
  • Today, in the system of fiat money, that’s no longer the case.
  • Gary Edwards on 19 May 09
     
    The Dollar Crisis Quick Synopsis:     * Abandoning the gold standard in 1971 has resulted in large global trade imbalances and a massive buildup of foreign currency reserves     * These trade imbalances and buildup of foreign reserves have resulted in frequent booms and busts since 1971     * The Japanese bust of 1989, the Asian economic crisis of 1997, and the current US credit market collapse have resulted from the post-1971 paper money monetary system     * Abandoning the gold standard has gradually resulted in a very overvalued US dollar, and that the dollar is headed for disaster     *  "The dollar standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st century."
Paul Merrell

CIA Tibetan program - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...CIA_Tibetan_program

war & peace U.S.-foreign-policy Tibet CIA Dalai-Lama coup-attempts

shared by Paul Merrell on 22 Nov 14 - No Cached
  • The U.S. Central Intelligence Agency's Tibetan program was a covert operation consisting of political plots, propaganda distribution, as well as paramilitary support and intelligence gathering based on U.S. commitments made to the Dalai Lama in 1951 and 1956.[1] Although the operation was formally assigned to the CIA alone, it was nevertheless closely coordinated with several other U.S. government agencies such as the Department of State and the Department of Defense.[2] Previous operations had aimed to strengthen a number of isolated Tibetan resistance groups, which eventually led to the creation of a paramilitary force on the Nepalese border with approximately 2,000 men. By February 1964, the projected annual cost for all CIA Tibetan operations had exceeded US$1.7 million.[2] The program was gradually discontinued in the late 1960s, and finally ended with President Nixon's visit to China in 1972.[3]
Paul Merrell

Russia and China: Watch Out Moody's, Here We Come! | New Eastern Outlook - 0 views

journal-neo.org/...watch-out-moody-s-here-we-come

banksters ratings-agencies history Russia China

shared by Paul Merrell on 22 Jan 15 - No Cached
  • In 1945 it was easy to get a defeated Europe to agree to Bretton Woods Gold Exchange Standard in which all currencies would be fixed to the US dollar and the dollar alone fixed to gold at $35 an ounce, where it remained until the system collapsed in August 1971 and Nixon abandoned gold-dollar convertibility. By then Europe was booming with modern reconstructed industry and the USA was becoming a rustbelt. France and Germany demanded US gold bullion instead of inflated dollars, and US gold reserves were vanishing. After 1971, the dollar flooded the world unfettered by gold reserve requirements and US military might during the Cold War forced Japan, Western Europe and others including OPEC to accept constantly inflating paper US dollars. From 1970 until about 2000 the volume of dollars in the world had risen some 2,900%. Because the dollar was the world “reserve currency” needed by all for trade in oil, goods, grains, the world was forced to swallow a de facto mammoth inflation after 1971.First appeared: http://journal-neo.org/2015/01/22/watch-out-moody-s-here-we-come/
  • Paul Merrell on 22 Jan 15
     
    The established New York credit agencies would play a strategic role in this post-1971 dollar system. During the 1970's the US Government's Securities & Exchange Commission, charged with oversight of bond and stock markets, issued a ruling giving the then-dominant New York credit rating agencies-Moody's and Standard & Poor's (and later Fitch Ratings)-a de facto guaranteed monopoly in an unregulated market, when they ruled that only "Nationally Recognized Statistical Rating Organizations" would be qualified to issue appropriate ratings, i.e. only Moody's and S&P. Corruption was made endemic to the US ratings game and Washington was party to the dirty deal. By the end of the 1970's, using the vast amount of OPEC "petro-dollars" from the two oil price shocks in 1973 and 1979, New York international banks, using London, began to loan to the rest of the world to finance imports of oil and other essentials. The New York credit rating agencies, previously primarily rating US corporate bonds, expanded into the new foreign debt markets as the largest and only established rating agencies in the new phase of dollarization and globalization of capital markets. They set up branches in Germany, France, Japan, Mexico, Argentina and other emerging markets much like the US Big Five accounting firms. During the 1980s the rating agencies played a key role in down-rating the debt of the Latin American debtor countries such as Mexico and Argentina. Their ratings determined if the debtor countries could borrow or not. Financial market insiders in London and New York openly spoke of the "political" rating agencies using their de facto monopoly to advance the agenda of Wall Street and the Dollar System behind it. Then in the 1990's, the New York rating agencies played a decisive role in spreading the "Asia Crisis" of 1997-98. With the precise timing of its downgrades they could worsen the panic because they had been suspiciously silent right up un
Paul Merrell

MEDIA FAIL: Is the West's Coverage of Ukraine a Failure of Nuclear Proportions? - WhoWh... - 0 views

whowhatwhy.org/...failure-of-nuclear-proportions

war & peace war-propaganda Ukraine MSM

shared by Paul Merrell on 18 Mar 15 - No Cached
  • Last July, The New York Times declared, “The Ukrainian conflict has gone on far too long, and it has become far too dangerous. There is one man who can stop it — President Vladimir Putin of Russia.” In the intervening months, the media’s assessment of Putin has only grown harsher, with his actions in Ukraine being seen as a possible prelude to a full-scale Russian invasion, along the lines of his 2008 takeover of two provinces in the nation of Georgia. But this analysis is dangerously unbalanced.
  • While Putin has made many missteps in the Ukrainian crisis–and many in Georgia in 2008–the West is far from blameless. If, as the Times asserts, it’s all Putin’s fault, then the U.S. and its allies have few options beyond waiting for him to have a sudden change of heart. But if the West can acknowledge its own mistakes and start to rectify them, that might point the way to resolving the current conflict before it escalates further, even possibly to nuclear threats. In considering options, let’s first look at the perception that Ukraine is a repeat of Putin’s land-grab in Georgia. That in turn has been compared to Hitler’s dismemberment of Czechoslovakia 70 years earlier. This analogy, with its hot-button allusion to the West’s appeasement of Nazi Germany at Munich in 1938, was promoted by, among others, former Secretary of State Hillary Clinton. But in fact, it was one-sided coverage in the mainstream Western media that created the false impression that Putin alone was responsible for the 2008 Russian-Georgian War. Disregarded in this coverage was a finding by European Union investigators that Georgia, backed by the West, had in fact fired the first shots. The EU ultimately found blame on both sides.
  • In Ukraine, Putin has justified his cross-border interventions as required to protect ethnic Russians from threats by hostile neighbors. His stated concerns may be self-serving, but not necessarily as misplaced as Western governments and media make out. Key precipitating events are left out of the narrative. For example, Western media barely covered a May 2, 2014, fire in the Black Sea port city of Odessa, where dozens of pro-Russian separatists were burned alive after they barricaded themselves in a government building to escape a violent Ukrainian mob. Ukrainian nationalists surrounded the building, sang the Ukrainian national anthem, and chanted the equivalent of “Burn, Russians, burn!” while the building went up in flames. An even more egregious failure of American mainstream media coverage in Ukraine came during the February 2014 anti-government demonstrations in Ukraine’s capital of Kiev. When sniper fire killed nearly 100 Ukrainians, Western media repeatedly stated as fact that the shots came from the forces of then-Ukrainian President Viktor Yanukovych, who had tilted toward Russia. Outrage over the deaths fueled calls for Yanukovych’s head, and on February 21 he fled the capital, eventually ending up in southern Russia, where he remains in exile.
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  • But virtually ignored by the American mainstream media was a bombshell allegation by Estonian Foreign Minister Urmas Paet. On Feb. 26, 2014, Paet—no friend of Russia’s—said in an intercepted and later authenticated phone call: “There is now stronger and stronger understanding that behind [the] snipers, it was not Yanukovych, but it was somebody from the new coalition.” What Paet called “the new coalition” is essentially the West-leaning Ukrainian government that succeeded Yanukovych. (Please see the full transcript of the conversation here, the most relevant 48 seconds here, and audio of the entire conversation here.) Getting It Right In such conflicts, the truth is one of the first casualties.
  • For an American media outlet willing to tackle this issue, one has to turn to The National Interest, a specialized journal on international relations. Although its parent, The Center for the National Interest, was originally called The Nixon Center—hardly a left-wing group—it recently published “Ukraine Exposed: Kiev’s Authoritarianism” by James Carden, who served as an advisor to the U.S.-Russia Bilateral Presidential Commission at the State Department from 2011 to 2012. Questioning U.S. policy in Ukraine, Carden wrote: From the very start of the Ukraine crisis, Washington’s neoconservative lobby has sought to downplay the less appealing aspects of the government that came to power in Kiev in February. … But examples of the new authoritarianism gripping Kiev have become tougher to miss in recent months … Carden goes on to highlight a case in point. In October, Poroshenko signed a decree establishing October 14 as an official “Day of Ukrainian Defenders” to commemorate the founding of the Ukrainian Insurrectionist Army, known as the UPA, during World War II. Carden then notes:
  • As the historian Halik Kochanski has noted, the UPA worked hand in hand with Poland’s Nazi occupiers, killing, to take but one example, nearly 10,000 Poles over the night of July 11-12, 1943. “A feature of the UPA action,” according to Kochanski, “was its sheer barbarity. They were not content merely to shoot their victims but often tortured them first or desecrated their bodies afterwards.” … Don’t let anyone tell you Russia has a monopoly on “disinformation.” Thus, in its zeal to legitimize Poroshenko’s anti-Russian government in Kiev, the mainstream American media managed to ignore his commemoration of former Ukrainian atrocities. Under the Nuclear Cloud
  • The Risks of Ignorance
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