Friday, March 2, 2007

'Anti-Palestinian' song faces ban from Eurovision

'Anti-Palestinian' song faces ban from Eurovision

Doesn't Israel take the cake? Entering a hate Palestinians, Iranians, etc., song in this Europe wide competition.

BTW, last time I checked a map of Europe, I could not find the "NUKE EM!" state.
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Song of terror picked by Israel for Eurovision
Israel settles for a number called Push the Button about the threat of terrorism and Armageddon.

Wonkette, 9-11 and the BBC tapes

THE 'WHAT REALLY HAPPENED' RADIO SHOW
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Next show: 9-11 and the BBC tapes. Special on-air guests will be Kent Knudsen, conference director for the Arizona 911 Truth Conference, and Professor Steven Jones
It will be a real barn-burner of a show! Tell your friends!

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BBC, CNN Employ Magical Psychic News Announcers

I've been holding back on this issue the last several days. I can say this is the killer piece so far. That story? Big Media coverup of what really happened that horrible day of 9/11. Wonkette has extensive political influence in Washington, D.C..
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POST QUESTIONS FOR THE 9-11 WRH RADIO SHOW
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Posted Mar 2, 2007 08:58 AM PST
Category: 911

ATTENTION READERS: BBC is pulling out all the stops to get these videos yanked from the web. So please make local copies, burn then to CD-ROM, and hide them in a safe place. This is the proof that 9-11 was a war-starting hoax and that the mainstream media was a willing participant in the lie.

SAVE COPIES TO SHARE WITH YOUR FRIENDS IN THE COMING MONTHS.
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DID CHENEY ALLOW OR ORDER 9/11 PLANE TO STRIKE PENTAGON?

GOD DAMN YOU, DICK CHENEY!!!

"during the time that the airplane was coming in to the Pentagon, there was a young man who would come in and say to the Vice President, 'the plane is 50 miles out, the plane is 30 miles out.' And when it got to 'the plane is 10 miles out," the young man also said to the Vice President, 'Do the orders still stand?' And the Vice President...said, 'Of course the orders still stand. Have you heard anything to the contrary?"
Posted Mar 2, 2007 11:15 AM PST
Category: 911

Now, stop and think for a moment. This quote means , by virtue of giving a closing distance, THEY KNEW WHAT THE TARGET WAS GOING TO BE BEFORE THE PLANE HIT THE PENTAGON.

That is the significance of 'the plane is 50 miles out, the plane is 30 miles out.' They knew where the track was going to end!

So, Dick Cheney knew the plane was attacking the Pentagon. The young man asked 'Do the orders still stand?' But no order to intercept the incoming aircraft was ever given. So, the order left standing had to be NOT to intercept the incoming plane.

Buffett frets over U.S. debt, trade imbalance; Warren Buffet's Annual Newsletter

Warren Buffet's Annual Newsletter - PDF
Buffet, Berkshire Hathaway
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Buffett frets over U.S. debt, trade imbalance
Thu Mar 1, 2007 9:20 PM ET

By Jonathan Stempel

NEW YORK, March 1 (Reuters) - Warren Buffett said on Thursday the U.S. economy may not enjoy a "soft landing" because Americans are taking on too much debt as the U.S. trade deficit worsens.

In his annual letter to shareholders of Berkshire Hathaway Inc. , Buffett said he has nearly eliminated Berkshire's more than four-year-old stake in foreign currency contracts, a bet the U.S. dollar would fall, as the holding company buys more foreign stocks and companies directly.

He nevertheless said it is unwise to remain over-reliant on debt. Last year, the U.S. trade deficit rose 6.5 percent to a record $763.6 billion, while the personal savings rate was negative for a second consecutive year.

"Americans will live better 10 or 20 years from now," Buffett wrote. "But our citizens will also be forced every year to ship a significant portion of their current production abroad merely to service the cost of our huge debtor position.

"At some point in the future U.S. workers and voters will find this annual 'tribute' so onerous that there will be a severe political backlash," he continued. "How that will play out in markets is impossible to predict -- but to expect a 'soft landing' seems like wishful thinking."

Buffett said he had "long wanted" to expand internationally, and was successful in 2006. Berkshire bought a controlling stake in Israel's Iscar Metalworking Cos.

It also invests in French drug company Sanofi-Aventis , Korean steelmaker Posco <005490.ks>, Chinese oil company PetroChina Co. <0857.hk>, and U.S. companies with large foreign stakes such as Anheuser-Busch Cos. , Procter & Gamble Co. and Wal-Mart Stores Inc. .

"Foreign countries hold growing amounts of our currency reserves," said Thomas Russo, a principal at Gardner Russo & Gardner in Lancaster, Pennsylvania, whose largest investment is Berkshire. "If they stop reinvesting in the U.S., the terms we will need to attract them back could force U.S. interest rates higher, and that's not a soft landing. Alternatively, rates don't rise but the dollar could drop. That's also not a soft landing."

MAKING MONEY ON ENRON

Berkshire began investing in currency contracts in 2002, and has bet on at least 13 foreign currencies.

Although it hasn't always paid off, that bet against the greenback has resulted in a $2.2 billion gain, including an $839.2 million gain from the euro, Buffett said.

Back in 2002, the U.S. dollar was worth about the same as a euro. It is now worth about three-quarters of a euro.

Surprisingly, some profits came from Enron Corp., the energy trader that collapsed in a 2001 accounting scandal. Buffett said he bought $82 million of euro-denominated Enron bonds in 2002 and 2003 -- and this led to a $270 million gain.

Buffett, however, reduced the currency stake to about $1 billion at year-end, from more than $21 billion in 2005, after the U.S. Federal Reserve began its campaign of 17 straight interest-rate increases.

Still, Buffett said with a trade deficit equaling 6 percent of gross domestic product, the United States risks becoming overdependent on foreigners to support its economy.

"Our course is unwise," he said.



Inside story on Obama's Friday Israel speech

Barf bag recommended

When can we expect candidate Obama to make a speech on US-Mexico relations? Or Hillary for that matter? To those who, for whatever motive, deny the domination of the Jewish Zionist lobby over the American political process, we should ask the question immortalized by Bob Dylan in "Blowing in the Wind." It goes, "How many roads can a man walk down, pretending he just does not see? The answer, my friend, is blowing in the wind, the answer is blowing in the wind."
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Sweet column: Inside story on Obama's Friday Israel speech.

For the first time since becoming a senator -- much less a White House hopeful -- Barack Obama on Friday will talk in depth about U.S. policy toward Israel and the Mideast.

The story behind the story of Obama's appearance before the American Israel Public Affairs Committee's regional forum at the Sheraton Chicago Hotel and Towers provides insight into the Obama presidential operation.

AIPAC, whose sole interest is U.S.-Israel relations, is one of the most influential lobbying groups in the nation. Its annual policy conference starts March 11 in Washington. The gathering provides fertile territory for Obama to schmooze with well-connected backers and donors. Though no 2008 presidential candidates are on the program, Obama is hosting a reception for AIPAC members -- as is archrival Hillary Rodham Clinton.

Clinton delivered a well-received speech before an AIPAC regional meeting in New York on Feb. 1. The Obama team wanted to get Obama's pro-Israel views -- not well-known -- out front before the big AIPAC conference. Obama's team has put together a briefing sheet on his record about Israel, but that was not widely circulated and clearly not enough. If he was to make a major speech on Israel, there was an interest among Obama's Chicago backers for him to deliver it in the city.

The Chicago/Midwest AIPAC office obliged and booked Friday's foreign policy forum featuring Obama, not unlike how the Chicago Council on Global Affairs arranged an event for Obama when he wanted to deliver a major Iraq speech last November.

Meanwhile, Obama's speech started taking shape with input from Mark Lippert, Obama's Senate foreign policy adviser, and Dan Shapiro, a Middle East specialist, now a lobbyist, who is an Obama campaign foreign policy adviser. Shapiro recently was a deputy chief of staff for Sen. Bill Nelson (D-Fla.) and handled international affairs for Sen. Dianne Feinstein (D-Calif.). He also served on the National Security Council under former President Bill Clinton.

One of the most important concerns for Israel is to ensure that Iran does not get nuclear capability.

Obama, in his speech, will detail his vision for Israel and the Mideast and expand his views on regional engagement. Last November, in his Iraq address, Obama, a member of the Senate Foreign Relations Committee, called for an "opening dialogue" with Iran and Syria. "Make no mistake," Obama said then, "if the Iranians and Syrians think they can use Iraq as another Afghanistan or a staging area from which to attack Israel or other countries, they are badly mistaken."

On Wednesday, Secretary of State Condoleezza Rice said the United States, in a switch, will hold talks with the two nations.

Obama on Friday will call for tougher Iran sanctions, more bilateral diplomacy and declare he is for leaving all military options on the table. He will underscore the need for energy independence so that U.S. Mideast policy is not anchored to the country's huge appetite for fossil fuels.

Obama traveled to Israel for the first time in January 2006. He allotted time on his official trip to visit projects sponsored by the Jewish Federation of Chicago and the Chicago Catholic Archdiocese.

Obama's camp is well-aware that the Israeli newspaper Haaretz -- in a recurring feature ranking the 2008 U.S. presidential candidates or people who may run on how good they are for Israel -- puts him last on its list. Former GOP New York Mayor Rudy Giuliani tops its ranking, followed by Newt Gingrich, John McCain, Clinton, Al Gore, Sam Brownback and the others, with Obama at the end. Part of the reason for the low score may be that the others have worked the Israeli street for years and Obama is just an unknown factor when it comes to Israel.

But let me share something. Last August, Obama was in Cape Town, South Africa, at a time when Israel was being criticized for overreacting for its military attacks in Lebanon in response to the kidnapping of Israeli soldiers. Obama was speaking to a group at a cultural institution called The Center for the Book, which provided a friendly venue for the Illinois Democratic. The crowd, clearly hostile to Israel, expected Obama to bash Israel on Lebanon. He did not. They were surprised.

They just did not know Obama well enough to realize who they were dealing with.


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Related
OBOMBA!
Does the Israeli Tail Wag American Dog?

The Iraq War Crash: Stock market takes a dive – along with the prospects for peace in the Middle East

Related
The Words None Dare Say: Nuclear War
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March 2, 2007

by Justin Raimondo

It's the Chinese Year of the Boar, not very propitious if you're looking to have an easy time of it. Chinese astrologer Raymond Lo predicts:

"The Year of the Boar will not be very peaceful. Boar years can be turbulent because they are dominated by fire and water, conflicting elements that tend to cause havoc."

China's booming stock market – a monument to the victory of China's "capitalist-roaders" over the last remnants of Maoism – doubled last year, and the speculators were drawn to it like … well, like this, or this. The Shanghai Exchange was about due for a big correction when it dropped by 9 percent the other day, an event which many blame for the 500 point drop in the Dow Jones – and the advent of what seems like a new era of economic turmoil, as the slide continues into Thursday. Which raises the whole question of – why now?

The Chinese spark that set off a global prairie fire fell on some pretty dried up terrain. According to the estimates of economic experts, the Iraq war drained off one trillion dollars from the U.S. stock market before the first shot was fired. After the war was "won," however, the real costs began to kick in, which economists Linda Bilmes and Joseph Stiglitz estimate at another trillion bucks (in direct costs), and possibly two trillion when all the other variables are factored in. The Bilmes-Stiglitz study shows that one of the costs of the Iraq war has been that stock prices have been tamped down considerably:

"The surge in corporate profits in the last couple of years has not been accompanied by an increase in stock prices of the magnitude that would have been expected. Robert Wescott estimates that the value of the stock market is some $4 trillion less than would have been predicted on the basis of past performance. Assuming that the major factor contributing to that is the increase in oil prices, and that 20% of that increase in oil prices is due to Iraq leads to a cost of some $800 billion. This is several times the increase in the direct energy costs over the next few years."

The prosperity we lost is not as great as it might have been: this is due entirely to the war. Resources that might otherwise be engaged in the peaceful production of consumer goods are diverted and frozen in the form of fighter jets, aircraft carriers, and cluster bombs, whose only product is death. What characterizes war, aside from the mass death and horror, is sheer waste. We have seen the body-bags come home, and their increasing number has made us sit up and take notice. Once the economic consequences begin to kick in, however, we're likely to hear some real howling.

There are two ways to finance a war: one is by directly increasing taxes. This is never popular, either with the people or the politicians, and so the latter have hit upon a successful subterfuge: inflation. They simply set the government printing presses to running at high speed, sell more government securities overseas, and impose a "hidden" tax – one that falls disproportionately on those least able to afford it. But then again, don't the downtrodden masses always suffer the most in wartime? Isn't it always the elites – in government and in the think-tanks, with their soft white hands and social distance from the battlefield – who dream up the wars, and the hoi polloi who fight them?

The Chinese panic is being diagnosed as the "cause" of our own apparent meltdown, but this mistakes the symptoms for the underlying disease. The name of our affliction is debt, and that burden has increased by over 30 percent since our venture into empire-building was launched. The Chinese are – or, have been – buying that debt, but the bursting of the Shanghai bubble could soon cut off that supply of income – and then where would we get the money to pay for the biggest military build-up in world history?

Bush is demanding $716 billion for his "defense" budget, which, as one news report described it, is "greater than the annual gross domestic product of all but 14 countries." He'll get that, and more: the Democrats, for all their "antiwar" pretensions, fault this administration for not having a large enough military. Which brings to mind Madeleine Albright's infamous scolding of Colin Powell, which had her saying:

"What's the point of having this superb military that you're always talking about if we can't use it?"

Well, I hope Madame Albright is satisfied: these days, our formerly superb military is getting a lot of use, and there are growing indications that the Bush administration is preparing to use it against Iran. What may have spooked the Chinese, and set off a global chain reaction, is a case of the Iranian war jitters.

China is hugely dependent on Iran for its energy needs, or else the rapid industrialization and modernization envisioned by the Chinese elite will come to a sputtering halt. U.S. war moves against Iran threaten China's lifeblood. Stock markets, being very future-oriented, pick up on rumors of war very quickly and the Shanghai Stock Exchange acted accordingly.

The Chinese didn't cause markets to fall: the main factor is U.S. economic and foreign policy. The elements of a global recession – or worse – have been in place for some time now. As one commentator presciently put it:

"A US housing market in sharp decline; rampant speculation in a bubble-like mania in China; growing clouds of war over Iran. These are the elements of the gathering 'perfect storm.'"

Years of living beyond our means, combined with our imperial delusions and the prospect of a war that would send oil prices skyrocketing, triggering a global economic meltdown – that is what has sent the markets spinning, and threatens to destroy our economic system.

Capitalism, contrary to the popular leftist myth, doesn't cause wars: indeed, capitalism is the antithesis of war. Yes, some profit from war – the war industries, and their economic satellites. If the American Enterprise Institute sold stock, they'd be right up there with Google. It doesn't matter that their intellectual stock – as predictors and policymakers – is at an all-time low, what with the Iraq war disaster and growing public opposition to our crazed foreign policy. What matters is that those in power – in the White House, and Congress – are buying it.

Markets fell precipitously in the run-up to war with Iraq, and they are doing the same as war clouds gather on the Iranian horizon. As the U.S. colossus goes lumbering after its latest victim, and world markets are shaken, we can expect more of the same. The Iraq War Crash is coming down on our heads – but hey, if you own Halliburton stock, or perhaps Lockheed, you don't have a lot to worry about.

Fears of recession spark further turmoil in markets

By David Usborne in New York

Published: 02 March 2007

Fresh anxiety erupted about the health of the world's major economies yesterday after investors in stock markets across Asia, Europe and the United States once again staged significant retreats two days after Tuesday's unexpected global equity sell-off.

In New York, the Dow Jones Industrial Average plunged more than 200 points in the first minutes of trading, seeding fears of a repeat of Tuesday's massacre that saw a 416-point collapse on the index.

With slowdowns emerging, notably in the housing market and car manufacturing in the United States, signs are building that it economy may be at a pivot point, with some observers worrying about decelerating expansion and possibly a recession looming.

The fearful mood was exacerbated by comments from Alan Greenspan, the influential former chairman of the US Federal Reserve, about the possibility of the US entering recession before year's end. He told a conference in Tokyo yesterday: "By the end of the year, there is the possibility but not the probability of the US moving into recession." He has argued this week that corporate profit margins appear to be narrowing, indicating that a recent economic expansion has reached a "mature phase".

Market watchers warned of several more bumpy days to come, pointing to the renewed erosions in stock markets globally yesterday. The Shanghai stock market slippedan additional 2.9 per cent. The London FTSE index closed down 55.5 points or 1.5 per cent. The Dow later recouped most of its early losses as some more encouraging economic data was released and closed down 34.29 points. But fears remain that there may be worse to come. All the markets have fallen significantly during the course of the week.

Senator Hillary Clinton, a candidate for the US presidency, last night called events of recent days a "real wake-up call" for the United States, saying it was "increasingly losing control" of its economic sovereignty because of the globalisation of economies and policy-making, including in China.

"We are in a different environment," she said, noting the $2.2 trillion (£1.1trillion) foreign debt held by the US. "Obviously, the level of public debt that is held by central banks and foreign government is a problem and I don't want our government to ignore this wake-up call."

A degree of calm was restored to the New York market after indicators were released showing better-than-expected manufacturing numbers for the US. The Institute for Supply Management's index of manufacturing activity registered 52.3 for January, stronger than the 50.0 reading analysts had expected. By convention, a recession is considered to be in the offing if that number falls below the 50-point mark.

The US Commerce Department revealed that seasonally adjusted personal income in the US rose by 1.5 per cent in January, which was also a better result than had been anticipated.

Investors have been spooked by this week's gyrations after enjoying 12 months of almost unbroken growth in stocks. No one was more shocked than the new Chinese investors who watched in dismay on Tuesday as the Shanghai index tumbled almost 9 per cent.

US economists are contemplating a change in the balance of power between world markets, where New York can nowadays find itself hostage to foreign market performances.

"It's kind of the tail wagging the dog," said Arthur Hogan, chief market analyst at Jefferies & Co in New York. "There's no stability in Asian markets, and no stability in European markets. We're trading the market as the rest of the globe is."

After the "Shanghai Sneeze", as some called it, officials tried to soothe investors. There was a brief claw-back on Wednesday in New York after Mr Greenspan's successor at the Federal Reserve, Ben Bernanke, said in congressional testimony that "there's a reasonable possibility that we'll see some strengthening of the economy sometime during the middle of the year". He played down a report that showed that a 2006 fourth-quarter expansion of the US economy was slower than previously estimated.

There was no saying how the week would end for world markets today. "The aftermath of Tuesday's major sell-off will linger for the next couple of days," said Peter Cardillo, chief market economist at brokerage house Avalon Partners. He added, however, that "fear of recession is overblown".

That Mr Greenspan is still able to move world markets even in retirement is certain to raise questions about whether he would do better to keep his counsel.

An Interview with Karen Kwiatkowski: Pentagon Whistle-Blower on the Coming War With Iran

Posted on Feb 27, 2007