Category Archives: International

Business/Economics, International

What Economic Recovery? Chinese Housing Bubble about to explode: Property Loans halted

“You’d better prepare to pay 40% of your home price as down payment, because commercial banks are going to ask more for a property loan.”-Gong Hang, bank official

First the Chinese government created a new income tax schedule that meant more people were excused from paying taxes, but left them potentially unable to buy a home (due to not having the required tax documents).  Then they ordered down payments to be increased, or mortgage interest rates must be increased (some banks did both).  Now, banks are just flat refusing to issue anymore property loans.

In what’s called 2nd and 3rd tier cities, in China, banks are refusing to issue anymore loans for property: “We will not accept property loan applications at present, even if it is from a first-time home buyer.”-unnamed bank official

If you think paying 40% down on a home is outrageous, wait ’till you read this: 40% down is for first time home buyers, if you’re buying a home for the second time Chinese banks now want 50-60% down.

Bank officials say it’s because the Chinese government ordered banks to hold onto their money, by not lending it out.  This is an attempt to control inflation, which Chinese officials are fearing could get out of control.

 

Business/Economics, International, U.S.

Rupert Murdoch scandal hits the stock market, Dow Jones boss quits, FBI investigating possible phone hacks in the United States

One reason why the mainstream media is so into reporting the stock market; Rupert Murdoch owns the stock reporting company Dow Jones.  Tonight, July 15 U.S. time, the CEO of the Dow Jones quit.

Les Hinton, the boss of Murdoch’s Dow Jones & Co stepped down, as the British phone hacking scandal surrounding Murdoch’s News Corp spread to the United States.  The Federal Bureau of Investigation is now looking into similar acts here in the U.S.

Already the CEO of Murdoch’s News International, Rebekah Brooks, resigned.  Brooks was also the editor of the News of the World, the newspaper implicated in the scandal.

More and more British media outlets, owned by Murdoch, are being implicated for the same thing; phone hacking and bribing police and politicians for confidential information.  Murdoch’s News Corp controls a multitude of media outlets around the world, and he controls the Dow Jones.

Why did Les Hinton, the boss of the Dow Jones, quit?  It could be because he used to be the chairman of Murdoch’s News International, when all the alleged criminal acts took place.

British media has reported that Rebekah Brooks made an unofficial statement to employees of the News of the World, that things are going to get only worse, as more information about the goings on inside Murdoch’s News Corp are revealed.

A U.S. corporate governance analysts said the same thing, only officially: “There is going to be a constant drip, drip, drip of more information coming out that is simply going to get worse and worse.”-Nell Minow, GovernanceMetrics

 

 

International

Pacific Ring of Fire: 3rd volcano erupts on Indonesian island

For the third time this year, a volcano is erupting in Indonesia.  This time it’s the Mount Lokon volcano, on the same island as two other volcanoes; Sulawesi island.

This time at least 4,600 people were forced to evacuate.  In March, Mount Karangetang erupted, then on July 3 Mount Soputan erupted.  Mount Lokon, Soputan and Karangetang are all on the Sulawesi island chain.

The last time Mount Lokon erupted was in 1991.

International, Opinion, U.S.

English Queen rips off British taxpayers

“It does highlight the fact that the Palace was trying to pull the wool over people’s eyes last week.”-Graham Smith, anti-monarchy organization know as  ‘Republic’.

Despite the belief, in the U.S., that the Royal Family in the United Kingdom are just figure heads, the Royal Family commands true Royal Power, and it’s the British taxpayers that pay for it.

The Queen of England is just a figure head when it comes to the larger Commonwealth, but in the United Kingdom she reigns supreme: She is the Governor of the Church of England and Scotland.  She is the Head of the Armed Forces.  She opens every yearly session of Parliament by dictating the agenda.  She is the one who signs new laws, not the Prime Minister.

Now the part of the British Parliament, know as the House of Commons (representing the non-lorded class of people), has just released a financial study of the taxes paid to the Royal Family in the past year.  They discovered that the Queen ripped off British taxpayers by at least 4 million pounds ($6 million).

Last week the Royal Family officially stated that they got only 32.1 million pounds, but it turns out they actually got 36.2 million pounds ($52 million).  On top of that the House of Commons investigation (conducted by the Commons Library) revealed other expenses, paid by taxpayers, that were not accounted for by the Royal Family.

Last year’s estimated cost of the Royal Family, to the British taxpayers, was about 202 million pounds ($326 million).  The Royal Family gets taxpayer money from several programs called Grants.  The biggest one is called the Sovereign Grant, and is guaranteed never to decrease.

People of the United States should realize what the Royal Family is doing now is basically what the Royal Family did to push the American colonies to declare independence in 1776, leading to the Revolutionary War.  Back then King George 3rd was ripping off the American colonies by making them pay taxes with no representation, and no return benefit  (just like our grand U.S. government is doing to us now).

 

 

 

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

What Economic Recovery? IMF says Greece needs a third bailout, and they’re still waiting for the second one

On July 13, the International Monetary Fund issued a report in which they said Greece needed to cut even more public spending, and that it needs a third bailout.  European officials are still hammering out the details of the second bailout.

The IMF says Greece needs a third bailout, consisting of at least 71 billion Euros from the European Union, and 33 billion Euros from private creditors.

Enough! Just let the dominoes start falling!

International, U.S.

U.S. & Europe closer to war with Syria, Clinton uses phrases that hint at military action

In a July 11 statement to the media, about Syria, U.S. Secretary of State Hillary Clinton, used phrases very similar to phrases used in speeches that preceded U.S. led attacks on other countries.

She said Syria’s president was “…not indispensable…”, and that “…he has lost legitimacy, he has failed to deliver on the promises he’s made…”. Clinton also made the obligatory accusation that Syria was getting help from a sponsor of terrorism, Iran.

Clinton is meeting with European Union foreign policy chief Catherine Ashton, no doubt they will be talking about military action against Syria.  Syria, which included Lebanon, was placed under French control after World War One.  The Imperialist French President Sarkozy seems to be interested in regaining all of France’s former colonies.

Syrian officials have countered the statements by Hillary Clinton, saying: “These remarks amount to further proof of the flagrant interference of the U.S. in the internal affairs of Syria.”

 

International, U.S.

French warmongers: Lower Parliament approves continuing war against Libya

July 12, the lower house of the French Parliament approved an extension to the war against Libya.  The vote was 482 in favor, only 27 against.

The French Senate will vote next.  The war with Libya is costing French taxpayers 1 million Euros per day.

It is a sign of desperation when the leaders of a government throw millions, if not billions in taxpayer money at a war that seems to have no end.  The leaders must think that controlling Libya’s oil is the only option for saving their own economy.

“If NATO loses, the consequences are enormous. There are enormous, trillion dollar  financial consequences for those NATO member countries that are seen as aggressors and invaders here.”-Franklin Lamb, Americans Concerned for Middle East Peace

International, U.S.

Iraqi Prime Minister succumbs to demands of president Obama, will ask for U.S. troops to stay

Iraqi Prime Minister, Nuri al-Maliki, told the newly appointed U.S. Secretary of Defense, Leon Panetta, that he will ask for U.S. troops to stay beyond the original withdraw date.

The Prime Minister said it would be contingent upon the Iraqi Parliament to approve such a request.  At least half the members of the Iraqi Parliament have warned of dire consequences if the United States keeps troops in Iraq.

Leon Panetta was in Iraq on July 11, to push the Iraqis to keep U.S. troops in their country, despite the promised pullout by the end of the year.

 

International

Dengue fever spreading around the world

Since my last posting about Dengue fever, in April 2011, the disease is infecting even more people in even more countries.

Asia is seeing the most increase in cases this year.

As of July 11, the Philippines has tens of thousands of cases, and almost 200 deaths.  Officials are warning that when the rainy season hits, they expect Dengue cases to jump.

In India, just one hospital treated 160 children with Dengue, 10 of which died.  Indian officials are also warning of a sharp increase in cases when the rainy season starts.

In Australia, health officials are reporting that many Australians, returning from vacations, are coming home infected with Dengue.  So far 354 cases have been confirmed.  Last year Australia had only 156 confirmed Dengue cases.

“I have to keep an Excel spreadsheet now to keep up to date with all the outbreaks that occur up here.”-John McBride, Cairns Base Hospital, Australia

In Saudi Arabia, just in the capital city of Jeddah, an average of 130 new cases are being reported every week.

In Mexico an experimental Dengue vaccine is being tried on 1,000 children in the towns of Valladolid and Tizimín.  The vaccine is in the third stage of study, before it can be approved for widespread use.

In Peru, the mayor of one city has ordered fumigation of the entire city, after 10 people became sick with the hemorrhagic fever.  Two of the infected have died.  As many as 150 Peruvians are sick with Dengue.

Brazil has been enjoying some success in fighting Dengue.  So far this year 340 cases have been confirmed, compared to last year’s 2589 cases (then again this year isn’t over).

Dengue is spread by mosquitoes. Travelers are being warned of vacation spots that have high risk of Dengue hemorrhagic fever:  Asia, Africa, Middle East and South America.

 

 

International

Corporate Incompetence: 80% of airline blankets not washed

Next time you fly to China, think twice about using the airline blanket.

An investigation of Chinese airlines discovered that 80% of their non-disposable blankets are not washed.  But don’t blame the airlines, blame the contractor who didn’t clean them, even though they were paid to.

Yingtailong Airline Commodity has contracts to clean blankets from airline companies.  The problem, they finally admit, is that they do not have the facilities to wash the 3,000 blankets they get on a daily bases.

The company has 30 employees, but only three washing machines.  Company officials told employees to wash only those blankets that were noticeably dirty.  As a result about 600 of the 3,000 blankets get washed every day.