Tag Archives: u.s.

Business/Economics, Idaho, U.S.

What Economic Recovery? Government Incompetence: Confusing & conflicting plans to “save” United States Postal Service, thousands will still lose their jobs

On November 2 the U.S. Senate presented a plan to “save” the USPS.

That plan would pay back U.S.$7 billion of the funds Congress stole, I mean, that Congress forced the USPS to overpay in retirement funds.  However, the $7 billion is to be used to buy out employees (a nice way of laying people off, as many as 100,000 employees will lose their jobs in the buy out).  It would also require a two year study before ending Saturday deliveries. The draconian retirement fund payment schedule would be ended as well (it’s the main reason the USPS is in financial trouble).

Then on November 7, the U.S. Postmaster General announced that he will officially present plans to “save” the USPS on November 21!

His plan will include laying off thousands of workers, closing offices and sorting facilities, and ending Saturday deliveries.  He’ll make his official announcement at the November 21, National Press Club Speakers luncheon in Washington DC.

Local Idaho postal workers told me what ever plan is official announced that it’s basically a sham, what’s going down with the USPS is a “done deal”.

 

 

International, U.S.

World War 3: Sarkozy & Obama caught calling Israeli leaders ‘liars’

“I can’t stand him!”-Nicolas Sarkozy, President of France

“You’re fed up with him, but I have to deal with him every day!”-Barack Obama, President of the United States

Who are these two presidents talking about, why Israeli Prime Minister, Benjamin Netanyahu, of course.

On November 7, at the G20 meeting in Cannes, a microphone between Sarkozy and Obama was left on, and recorded how they really feel about Israeli leaders.

French media say Sarkozy went so far as to call Netanyahu a “liar”!

U.S.

Ron Paul says Barack Obama’s inaction is the result of his ignorance, inaction is intentional default mode of our government, office of President now closer to becoming a dictatorship

Ron Paul posted on his RonPaul.com site that President Barack Obama’s seeming inability to get anything done is a result of Obama’s ignorance for how our government works.

Paul says the founders of this country meant for it to be that way, they didn’t want any one person to wield too much power: “Getting something done is proving to be a monumental task. This may be news to the supposed constitutional scholar who is now our president, but if the political process seems inconvenient to the implementation of his agenda, that is not a flaw in the system.   It was designed that way.  The drafters of the Constitution intended the default action of government to be inaction.”

Paul also states that our Federal government was never meant to get big: “The vision of the founders was to set up a government that would remain small and unobtrusive via a system of checks and balances. That it has taken our government so long to get this big speaks well of the original design. The founders also knew the overwhelming nature of governments was to amass power and grow. The Constitution was to serve as the brakes on the freight train of government.”

Ron Paul says President Obama’s use of Executive Orders has gone past Constitutional rules, pushing the office of the President even closer to becoming a dictatorship:  “Executive Orders are meant to be a way for the president to direct executive agencies on the implementation of congressionally approved legislation… …Obama explicitly threatens to bypass Congress, thus aggregating the power to make and enforce laws in the executive. This clearly erodes the principles of separation of powers and checks and balances. It brings the modern presidency dangerously close to an elective dictatorship.”

The same can be said of the President’s increased use of the War Powers Act to go to war without Congress declaring war, but, Obama is not the first President to do so.  In fact, Ron Paul blames Obama’s predecessors as well: “Sadly, previous administrations have set precedents that the current administration is only building upon.”


Business/Economics, Idaho, U.S.

Occupy America: November 5, Operation Bank Transfer Day a success, $4.5 billion pulled from U.S. banks!

“The 99% movement is all about finding ways for people to change the economy that is benefiting only the 1%. Bank Transfer Day is about the power of individuals to take their money out of institutions whose profits go almost entirely to Wall Street and keep that money in our community, where we can control it.”-Courtney Yax

The main stream media has their head in a hole.  Occupy Wall Street has some power!

On November 5, operation Bank Transfer Day took place.  So many people have moved money from banks into credit unions, that by November 5 U.S.$4.6 billion had been taken out of the big for profit banks!

ABC News did report that credit unions have gained 650,000 new members, just in the month of October!

“Regardless of how many people joined credit unions Saturday, there is a big new awareness of credit unions as not for profit financial cooperatives owned by their members. That is the credit union difference we’ve worked to let people know about all along.”- Mary Beth King, Credit Union Association of New Mexico

Credit unions in California gained around 90,000 new members, and $624 million in new accounts.

Here in Idaho (with only a fraction of the population of California), credit unions gained 3,400 new accounts!  Alan Cameron, Idaho Credit Union League president, says one credit union gained $1.2 million in new deposits!  Corporate bank Wells Fargo (which dominates Idaho banking, with 23% of the market), denies that Idahoans have fled the big banks.  Wells Fargo representative Amy McDevitt, says withdrawals were “…very minimal.”

The big banks tried to stop such acts: In New York City last month, dozens were arrested for trying to close their accounts, en masse, at a CitiBank branch.

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

Corporate & Government Incompetence: Fake parts found in U.S. military weapons! Blame China, Canada & Britain

“…just the tip of the iceberg.”-Carl Levin, U.S. Senator from Michigan

The Washington Post reporting that counterfeit parts have been found in weapons used by the U.S. military.

A Senate Armed Services Committee investigation found 1,800 cases of more than one million fake parts in U.S. weapon systems!

70% of the parts have been traced to Chinese factories.  20% came from Canada and United Kingdom.  Most of the parts are electronic: “We can’t tolerate the risk of a ballistic missile interceptor failing to hit its target, a helicopter pilot unable to fire his missiles or any other mission failure because of a counterfeit part.”-John McCain, U.S. Senator from Arizona

Here’s a solution: The U.S. military industrial complex should stop using supplies from outside the United States!!!

 

 

 

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

March 11 Tsunami debris, including waterborne radioactive contamination, will reach U.S. in 4 months, EPA to begin monitoring

November8, the Environmental Protection Agency (EPA), and the National Oceanic and Atmospheric Administration (NOAA), will begin monitoring for at least three million tons of tsunami debris, due to hit Hawaii by March 2012.

Debris has already reached 900 kilometers (559 miles) west of the Midway Islands.  Scientists are warning that the debris (not to mention debris contaminated with radiation) will affect ecosystems, and tourism.

Japan’s National Institute for Environmental Studies made the official estimate of three million tons of debris, and we all know how the Japanese government underestimates things!  The flotsam will hit the west coast of North America by the end of 2012.

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

Occupy the World, Corporate Incompetence: Camera maker Olympus never reported losses, for at least a decade!

November 8, scandal for Japanese owned camera and industrial equipment maker Olympus: They deliberately kept losses off their finance books since the 1990s.

More proof that corporations can’t be trusted. The scandal wasn’t the result of Olympus officials confessing, it was the result of a third party investigation!

The losses come from securities investments.  Company officials tried to cover up the losses by blaming it on consulting fees, and the purchase of three smaller companies.

Olympus stock is now crashing on the Japanese stock market.  Olympus Vice President Hisashi Mori was fired for his involvement in the cover up.

 

Business/Economics, Idaho, U.S.

Occupy America: Gasoline vs Diesel prices, East Idaho gas prices drop while diesel remains the same. International demand means bad news for diesel users

As of November 5, 2011, some of the fuel stations in the Pocatello/Chubbuck area had dropped their gas prices to $3.29 per gallon.  Yet diesel prices remain unchanged, still between $3.99 & $4.09 per gallon.  Local gasoline prices had been falling steady for more than a week now, diesel has not.

fredmeyer november 5 2011

Fred Meyer, Pocatello, Idaho

According to indexmundi diesel commodity prices have been falling ever since prices peaked in July, 2011.  August saw a 5% drop, and September saw another 1% drop.  In September the average daily commodity (New York Harbor Ultra-Low Sulfur No 2 Diesel Spot) price for diesel was $2.98 per gallon.

phillips66

Phillips 66, near Kmart, Pocatello, Idaho

For those of you who continue to believe it has something to do with low sulfur refining, let me remind you that the commodity price is for already refined diesel.

Indexmundi also reports that refined gasoline commodity prices have been falling, also since their peak in July.  Gas (New York Harbor Conventional Gasoline Regular Spot) has actually been falling more then diesel: August saw a 6% drop, September a 2% drop.  The average daily commodity price for gasoline in September was $2.77.

Interestingly, The Associated Press reported in October that wholesale fuel prices went up, which contradicts the indexmundi web site.

Here’s the bad news for diesel users: When we look at the latest November commodity prices diesel has actually gone up; $3.06 as of November 1, versus gasoline commodity prices which were only $2.7o per gallon.

This might explain why diesel pump prices haven’t dropped, and why gasoline pump prices should continue to drop (unless you’re living in an area of the U.S. that’s actually seeing gas prices go up).  The latest diesel commodity prices also indicate that pump prices will probably go up.

In a quick survey of international news stories, it seems diesel prices are going up because of growing demand around the world.

In the Indian state of Manipur, an economic blockade has caused fuel prices to jump by four times, since the blockade started on August 1.  Basically there are people in Manipur that are seeking independence from India.

The Indian government controls the price of fuel in the country (it’s part of how the Indian government generates revenue for itself, and they’re hurting for more revenue), and is trying to hold off on raising diesel prices anymore: “It is always difficult to raise diesel prices as it is widely used by farm sector and industry for transportation. It is not perceived as a luxury fuel.”-Victor Shum, Purvin & Gertz.

On October 25, Reuters reported that China’s busy economy will drive diesel prices upward, and that fuel producers can’t keep up: “In the last 12 months China’s demand for diesel for power generation has been one of the major drivers (of the market). They do tend to step in and stockpile. We are not seeing any significant squeezes yet but this is a supply side story, if we carry on with this current trend we will have some problems in the light, sweet products.  I don’t believe supply can keep pace.“-Tony Hall, Duet Commodities Fund

Don’t forget that Japan has seen half its nuclear power plants shut down since the March 11 disasters.  Japan was almost totally dependent on nuclear power, now they are switching to other forms of generating electricity, and that includes diesel powered generators.

In South Korea demand for fuel, including diesel, has skyrocketed, and the government has approved the opening of 1,300 new fuel stations!  Ironically the South Korean government thinks by opening more fuel stations (thereby increasing demand) they can provide cheaper fuel: “Nonghyup and the KNOC [both government controlled companies] will jointly buy fuel from local refiners or from abroad, so they can be sold to the thrift gas stations. Prices will be kept down further by the gas stations operating on a self-service basis, where the driver fills his or her car.”-South Korean government statement

Another reason for an increase in diesel prices is that petroleum supplies are falling behind.

There is a problem with a refinery in Indeni, Zambia.  The refinery can not meet current standards of fuel refining, and needs U.S.$40 million to become compliant.

In Mexico, oil production has dropped.  In September oil production was 2.863 million barrels per day, the lowest levels since October 1995!

In fact around the world oil production dropped by 7% in September.  More specifically, diesel fuel production dropped by 12.7%!

In an earlier posting I explained how decreased gasoline production was the real reason for gas pump prices going up, now it’s diesel.

Like I said, bad news for diesel fuel users.

 

 

 

 

 

 

 

 

Business/Economics, International, U.S.

60% of Chinese millionaires want to leave China

A recent survey of Chinese millionaires found that 60% want to leave China.  14% have already left, or are in the bureaucratic process of leaving.

And where do Chinese millionaires want to go?  40% said they plan on moving to the United States.  Canada and Singapore are also top choices.

According to U.S. Citizenship and Immigration Services (USCIS), the number of Chinese applicants for ‘investment immigration’ has exceeded applications from any other country!

Investment immigration basically means you’re being allowed to immigrate into the U.S. because you’re investing your wealth into the U.S. (minimum $500,000 required).

What’s the main reason Chinese millionaires want to move to the United States?  They want better education for their children.  Hah, I hope they’re not disappointed, like so many U.S. parents.

The survey was conducted by Hurun Report and the Bank of China.

 

 

 

Business/Economics, International, U.S.

Corporate Incompetence: WalMart refuses to pay rent in China, since 2002, gets shut down for selling bad meat. Think your U.S. WalMart stores are bad?

WalMart is in trouble in China, because it hasn’t paid rent since 2002, and it lies about what it sells.

According to Chinese media, in 2002 WalMart signed a 15 year lease contract with the Wanguo Shopping Plaza in the northeastern coastal city of Dalian.  Problems occurred with the timely development of the property, and WalMart decided to move across the street.  The problem is that they signed a 15 year contract.

Wanguo Shopping Plaza has sued WalMart for back due rent.  Chinese courts have ruled that the lease contract is still binding.

WalMart had claimed that Wanguo Shopping Plaza lost its business license, and that the contract was terminated in 2007.  WalMart also claimed they paid about two years worth of rent.  The courts found that Wanguo Shopping Plaza never lost its license, there is no evidence the contract was terminated, and that WalMart paid a little more than one year of rent.

This is just the latest in bad things happening to WalMart in China.  In October, 13 Wal-Mart stores were shut down for 15 days for selling incorrectly labelled pork products.  WalMart had previously been penalized 21 times since 2006 for false advertising and selling expired food!