Category Archives: Business/Economics

Business/Economics, International

Europe shoots self in foot by imposing oil embargo on Syria

The European Union has banned the importation of oil from Syria.  This is supposed to hurt Syria, but it will only hurt Europe.

90% (some sources say 95%) of the oil that comes from Syria, goes to Europe, so you can see it will only hurt Europe.  Unless this is part of some conspiracy to drive oil prices back up to $100.00 per barrel?

The EU decision was not unanimous, several European countries, like Cyprus, Greece and Italy expressed concerns that the embargo would not hurt the Syrian government.

Business/Economics, International, U.S.

What Economic Recovery? U.S. Foreign Exchange Student program really covert Slave Labor operation, no wonder Corporate America isn’t hiring

“Working hard, eight hours, we have no opportunity to speak at work.  If I speak, my supervisor comes to me and says, ‘Don’t speak anymore, or I’ll send you home.'”-Yana Brenzey, 19, of Ukraine, foreign exchange student

August 19, foreign college students are protesting in Palmyra, Pittsburgh and Philadelphia, saying the U.S. State Department student exchange programs are really a form of slave labor for U.S. corporations.

Friday’s protests are focusing on the candy maker Hersey, but other companies across the United States are involved.

Foreign students say the work programs that are part of the student exchange programs, do not provide them with money to help them with money to help cover their expenses while in the U.S. going to college.  Instead the corporations deduct from their pay all kinds of expenses, which leave the students with little or no money left over.  Essentially companies like Hersey end up with free labor.

Exchange students had to kick back upwards of $6,000 to the California-based Council for Educational Travel USA (CETUSA).

An organization called National Guestworker Alliance is helping foreign students organize the protests, and has even got federal officials promising an investigation. This after students in New Orleans reported being “made captive” by their employers.  Protests in New Orleans started on August 17, where’s the main stream U.S. media?

Most of the media coverage of these protest are in local newspapers.

 

 

 

 

 

 

Business/Economics, International, U.S.

Global Economic War: Venezuela to nationalize Gold industry, demands that their gold stored in European & U.S. banks be returned, creating gold back money

“Venezuela is the 13th largest holder of gold in the world. From a financial aspect, I think it is a very shrewd and intelligent move to protect his country’s gold assets.  There is, however, a political overtone in that he wants to pull out the other financial assets that Venezuela has in the U.K., in the U.S., and push it into what he calls ‘more likable allies’, Russia, China and Brazil.”-Adrian Salbuchi

President Hugo Chavez wants all of Venezuela’s gold now held in European and U.S. banks to be returned.

It would be the largest physical movement of gold in recent history.  Some reports say it would involve U.S.$11 billion in gold.

The demand for Venezuela’s gold to be returned, comes after Chavez announced that the government would nationalize all gold mines in Venezuela.

The intent of nationalizing their gold industry is a precursor to creating money backed by gold: “We are going to nationalize gold and turn it into foreign exchange reserves…”-Hugo Chavez

 

 

Business/Economics, International, Technology

Global Economic War: Japan has a new agressive policy for acquiring Rare Earth Minerals

Japan says it will offer less developed countries money, and other aid, to help them develop infrastructure and industries, in exchange for exclusive mining rights for rare earth minerals.

China has been using the same tactic for decades.  Japan says they’re adopting such a policy in order to compete with China.

Rare earth minerals are used in high tech products like cell phones and hybrid cars.  Because of the rapid development of high tech devices, and the increasing global dependence on them, rare earth minerals could become the “oil” of the 21st century.

 

Business/Economics, International, U.S.

Global Economic War: Iran makes first oil sale not based on U.S. dollar

August 19, the first shipment of Iranian crude oil has been sold on Iran’s Bourse Organization/Kish Commodity Exchange.  500,000 barrels of heavy crude oil were sold.

Iran’s Bourse was created in 2008 for the specific purpose of selling oil using any international currency, other than the U.S. dollar.  Up until now, the Bourse/Kish exchange was selling only oil-derived products, things like plastics and pharmaceutical supplies.

This is the real reason the United States wants to attack Iran, it was the real reason the United States invaded Iraq.  If you remember Saddam Hussein announced that Iraq was no longer going to accept the U.S. dollar for its oil sales. Suddenly the U.S. was claiming that Iraq was connected to the 9/11 attacks, and that they had weapons of mass destruction (all since proven to be lies).

 

 

Business/Economics, International, U.S.

Global Economic War: Chinese economists continue to push their government to dump U.S. bonds, says the U.S. has passed point of no return, will continue on a downward spiral, Morgan Stanely agrees

“China should move progressively to cut its holdings of U.S. Treasury bonds and use it as leverage to ask Washington [DC] to further open its markets, including the high-technology sector, to Chinese investment.”-Xiang Songzuo, University of China

U.S. Vice President Biden is in China, trying to reassure the Chinese government that the U.S. will “…ensure the safety, liquidity and value of U.S. Treasury obligations for all of its investors.”

Chinese economist say it’s too late, the U.S. economy is too far gone: “But there is very little room left for the U.S. government to revitalize its economy.  Low growth and high unemployment will be regular features of the U.S. economy in the future.”-Wei Liang, China Institutes of Contemporary International Relations

Even officials with Morgan Stanely, an international finance company based in New York City, say the United States has lost all economic legitimacy: “The U.S. debt crisis has taken a serious toll on China’s confidence in Washington’s [DC] economic stewardship.  China is no longer willing to risk financial and economic stability on the basis of Washington’s hollow promises and tarnished economic stewardship.”-Stephen Roach, Morgan Stanley Asia

 

Business/Economics, International, Opinion, U.S.

President Obama wants war with Syria, EU leaders want war with Syria, Canada wants war with Syria, it’s all about the oil baby!

“The future of Syria must be determined by its people, but President Bashar al-Assad is standing in their way.  We have consistently said that President Assad must lead a democratic transition or get out of the way.  He has not led.  For the sake of the Syrian people, the time has come for President Assad to step aside.”-President Barack Obama, written statement.

“Our three countries believe that President Assad, who is resorting to brutal military force against his own people and who is responsible for the situation, has lost all legitimacy and can no longer claim to lead the country.”-joint statement from British Prime Minister David Cameron, French President Nicolas Sarkozy and German Chancellor Angela Merkel

“I join with (U.S.) President Obama and other members of the international community in calling on President Assad to vacate his position, relinquish power and step down immediately.”-Stephen Harper, Canadian Prime Minister

Syria is “…a proxy for Iran, a supporter of terror, and a threat to United States interests and our allies in the region.”-Eric Cantor, U.S. House Majority Leader

All these statements were made after President Assad announced an end to the crackdown on the insurgency.  He also invited the United Nations to investigate claims of human rights abuses, however, U.S. officials, and the U.S. media are reporting that some how the UN already conducted an investigation and found Assad guilty.  That was fast!

Major oil pipelines run through Syria, from Iraq and Iran to Turkey, Lebanon and the Mediterranean Sea.  90% of the oil goes to Europe.  Remember, we’re attacking Libya, and the majority of Libyan oil goes to Europe, in fact almost all of Italy’s oil supplies come from Libya.

It’s really starting to look like Europe, with the help of the United States, is trying to save its sorry economic ass by taking direct control of their major suppliers of oil.

Business/Economics, International, Technology, U.S.

What Economic Recovery? Chrysler owner Fiat looking to move to Russia

“Fiat is intensively examining St. Petersburg along with Nizhniy Novgorod. No decision has been made yet. Most likely the Italian automaker will select a green field site. We expect that they will make a decision on the site in the fall.” –Dmitry Levchenkov, Russia’s Economic Development Ministry

Fiat, the owner of Chrysler, is actively looking to start factories in Russia, to build cars and spare parts.  The reason?  Car sales are booming in Russia.

Just in the first 8 months of 2011, Fiat saw a 59% increase in sales in Russia.  That’s impressive when you realize that most Russians are hesitant to own a Fiat: “Few Russian drivers opt for Fiat because the service and spare parts are difficult to find in Russia. However, if Fiat builds an assembly facility and handle the production and create a unique distribution channels with service centers its world popular five door hatchbacks could invade the Russian cities frequently.”-Alexandr Tsipin, journalist

Fiat has already made deals with Russian car maker GAZ.  Fiat hopes to build 120 thousand cars per year in Russia.

The major reason for Fiat’s huge jump in sales, they’re the cheapest foreign car in Russia.

I wonder what Fiat will do with it’s Chrysler operations in the U.S. and Canada?  Canadian labor unions have been warning that Fiat will shut down Chrysler factories.

Business/Economics, Opinion, U.S.

What Economic Recovery? Military Retirement Pay to be sacrificed on the 401k altar

In the name of providing more funds for weapons systems and combat operations, the Defense Department has decided it’s time to end their traditional retirement plan, and force military personnel into risky 401k plans.

The plan is described in the publication “Modernizing the Military Retirement System”.

Government officials say that current military missions can not be continued without cutting funding from other military programs, like retirement.  Hello, that’s a clear sign that you’re military is overextended! (That’s what happened to NAZI Germany and Imperialist Japan in World War 2)

Promoters say the good thing about using 401k is that a veteran can collect on the money even if they do not serve the full 20 years.  But all those people out there, trying to get by on their crashing 401k plans, will tell you the 401k is no guarantee you’ll have enough money to live on.

 

 

 

 

Business/Economics, U.S.

What Economic Recovery? Moody’s joins S & P’s in downgrading the U.S.

“The U.S. economy needs to grow 2.5% to 3% per year to add jobs fast enough to keep the unemployment rate stable. This will not happen soon.”-Mark Zandi, Moody’s Analytics

Moody’s Analytics downgraded projected GDP for the Untied States. One month ago they projected GDP to be at a yearly average of 3.5%, for the rest of 2011.  Now they say the U.S. will be lucky if it can hit 2%.

Moody’s also says the chance of an official double dip recession is now 1 in 3.  They also said every 100 point drop in the Dow Jones increases the chances of a double dip recession.

They pointed out that the current job creation rate in the United States falls way short of employment goals for 2012: “Employers will have added about 1.25 million jobs between the fourth quarters of 2010 and 2011, and 2 million more by the fourth quarter of 2012. By then, U.S. employment will still total some 1 million less than expected.”–Mark Zandi  (keep in mind he’s talking about projected job creation, there could be more jobs created, or less)