Tag Archives: u.s.

International, U.S.

U.S. citizen arrested for smuggling ammo into Mexico

The Mexican government says Mexican police arrested a woman after they discovered her shopping cart filled with 3,500 rounds of ammo.

The woman, a U.S. citizen, was heading from El Paso, Texas, to Ciudad Juarez, Chihuahua.  Police say she admitted to being part of the gun running from the United States: “The woman said she was traveling to the downtown area of ​​Ciudad Juarez, where some people deliver military equipment.”-Mexican Attorney General’s Office

Mexican officials says the ammunition was made in Russia, Korea, Brazil, United States and even Mexico.

Business/Economics, International, U.S.

What Economic Recovery? Emergency World meeting over U.S. credit downgrade, China says no more U.S. dollar, Germany says finally the U.S. gets what it deserves

“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.”-Chinese government/media commentary

The European Central Bank will hold an emergency meeting on Sunday, August 7.  The issue; the credit rating downgrade for the United States.

Finance ministers and central bankers from the Group of 7 major industrialized nations will meet by telephone on Sunday.  The broader Group of 20 were due to hold a conference call Saturday evening.

China and Japan are calling for coordinated action to avoid a new worldwide financial crisis.  One issue that’s being looked at is whether the world can continue to use the U.S. dollar as a reserve currency: “International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.”-Chinese government/media commentary

Another issue to be discussed is the amount of secure debt versus risky debt: “It will weigh on secure assets. The bigger reaction will be on risky assets, including equities and on agencies and states backed directly by the federal government. U.S. Treasuries will remain a benchmark. This is a ship which takes a long time to turn around.”-Ciaran  O’Hagan, Societe Generale in Paris.

Germany, the economic powerhouse of Europe, says it’s about time the U.S. got what it deserves: “I’m not surprised about the U.S. rating downgrade, rather I am astonished that, for weeks, international rating agencies have focused their attention on the European debt situation but not the American one. For a while, there have been clear worries about America’s economic woes but also the fact the U.S. is heavily indebted.”-Norbert Barthle, a budget expert for German Chancellor Angela Merkel’s conservative party

 

 

International, U.S.

Preping for Syrian invasion: Germany tells fellow EU members to get their diplomats out of Syria

“In order to increase the political pressure on Damascus and to give a signal to Syrian society, I would welcome the withdrawal of European politicians.”-Ruprecht Polenz, chairman of the German parliament’s foreign affairs committee

“I do not believe that there can be a political future for Assad that would be supported by the Syrian people.”-Guido Westerwelle, German Foreign Minister

These statements by German officials come after Syrian officials announced they will hold new elections.  Also, the Syrian government is allowing the forming of new political parties.

As usual “western” leaders are not going to give them a chance, especially after U.S. Secretary of State, Hillary Clinton, announced that Syrian president, Bashar al-Assad, is no longer considered “legitimate” by the U.S. government.  That’s a sure sign military intervention will happen.

International, U.S.

United Police States of America & Hypocrisy in the War on Terror: Convicted U.S. soldier who led abuse at Abu Ghraib released from prison early

U.S. Army Reserve specialist, Charles Graner, led a six member team at the Abu Ghraib prison in Iraq.  Maybe you’ve forgotten all those pics of prisoners being terrorized by U.S. soldiers?

Graner was found guilty and sentenced to ten years in prison.  Now he’s being released after only 6 and a half years.  Iraqis have warned the U.S. should be prepared for riots against U.S. troops, at the news of Graner’s early release.

I wonder how all those people still imprisoned at Guantanamo Bay (GITMO) would react to hearing that a convicted U.S. terrorist is being let loose after serving less time than they’ve spent at GITMO, and they still haven’t been charged with anything!!!

Business/Economics, U.S.

What Economic Recovery? Proof the housing market hasn’t fallen enough: Big Banks bulldozing smalltown America

“Things that were unthinkable are now becoming thinkable.”-James W. Hughes, School of Planning and Public Policy at Rutgers University

If you want proof that the housing market still hasn’t hit bottom, just look at what Bank of America is doing, they’re bulldozing all those homes they foreclosed on.  Why? “There is way too much supply, the best thing we can do to stabilize the market is to get the garbage off.”-Gus Frangos, Cuyahoga County Land Re-utilization Corp of Cleveland

It’s not just BoA, but the other big banks that foreclosed (sometimes unjustifiably) on hundreds of thousands of homes across the U.S. are doing the same thing.

Essentially the big mortgage lenders shot themselves in the foot.  Now there is way too many homes on the market, compared to the decreasing number of qualified home buyers.

BoA is planning on bulldozing 100 homes in Cleveland, Ohio.  BoA is even giving away homes to local authorities: “No one needs these homes, no one is going to buy them. Bank of America is not going to be able to cover its losses, so it might as well give them away and get a little write-off and some nice public relations.”-Christopher Thornberg, Los Angeles office of Beacon Economics LLC

So far they’ve off loaded around 100 homes in Detroit, Michigan and 150 in Chicago, Illinois.

Even big cities are bulldozing their own.  Detroit Mayor, Dave Bing, proposed bulldozing one quarter of the entire city’s houses, and empty buildings, over the next three years.

Business/Economics, U.S.

What Economic Recovery? Fannie Mae wants another $5 Billion bailout from taxpayers

The mortgage lender Fannie Mae reported a huge 2nd quarter loss of $5.2 billion. Now they want another $5.1 billion from taxpayers.

Let me remind you that Fannie Mae asked for $8.5 billion back in May!  So far the mortgage lender has gotten about $99 billion in bailout money from the U.S. government (taxpayers).

Fannie Mae officials say the answer to the continued housing finance crisis is jobs: “We’ve got to clear the mortgage market of the excess inventory and employment needs to recover, I believe, before we’re going to see a stabilization of home prices.“-Susan McFarland, Fannie Mae Chief Financial Officer

Business/Economics, International, U.S.

U.S. Debt: The Big Three countries U.S. taxpayers are beholded to, U.S. government bonds drop in rank

Most people know that China is the largest foreign holder of U.S. debt.  Japan is the second biggest, and the United Kingdom (Britain) is the third.

According to the most recent information, China holds a little more than $1 trillion in U.S. government debt (bonds), Japan holds $912 billion and the U.K. holds $346 billion.  Those bonds are held not only by foreign governments, but by private banks and corporations.

Standard & Poor’s downgrade means that U.S. government bonds are now ranked 2nd place.  Germany, United Kingdom and France still hold their triple A 1st place ranks.  Interestingly the Federal Reserve Bank (not a government agency) says the drop in ranking will not change how they handle U.S. bonds.

The problem is that foreign banks will surely change how they handle U.S. bonds.

The majority of U.S. government debt is still held within the United States, by banks, corporations, individuals and taxpayers via the U.S. Treasury.

 

 

Business/Economics, U.S.

S & P’s says Debt Limit Deal not enough, downgrades the United States anyway, U.S. officials cry foul

Standard & Poor’s downgraded the U.S. from a triple A credit rating to double A plus.  They cited three main reasons.

Reason one is that the GDP to debt ratio is too high for triple A.  They estimate the U.S. has a 74-79% debt to GDP ratio.  Some European countries have higher debt ratios, but S & P’s says those countries have implemented plans that give them a better chance at getting their debt under control (why do you think there’s so much rioting going on over there).  S & P’s says there are no signs the U.S. can get its debt undercontrol.

This brings us the the second reason for the downgrade: The Debt Limit Deal won’t bring down the debt.  The Debt Limit Deal aims to cut government spending by $2.1 trillion over ten years.  Standard & Poor’s says that doesn’t even come close.  They claim at least $4 trillion needs to be cut, and they say $4 trillion would be just a “down payment” against U.S. debt.  Obviously the elected officials in Washington DC still don’t realize the seriousness of the situation.

That brings us to the third reason: Government incompetence.  S & P’s says the lack of performance by elected and appointed federal government officials proves they are not taking the issue seriously: “The effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned.”-Standard & Poor’s

Of course officials at the U.S. Department of Treasury are crying foul.  They claim there are mistakes in the official S & P’s notice of the credit rating downgrade.  S & P’s says they will review it for any mistakes.

 

 

International, U.S.

Russian envoy to NATO reveals planned NATO attack on Syria, says Iran is next

“This statement means that the planning of the military campaign is well underway. It could be a logical conclusion of those military and propaganda operations, which have been carried out by certain Western countries against North Africa.”-Dmitry Rogozin, Russian envoy to NATO

The “statement” refers to the recent UN Security Council’s statement against Syria.

Rogozin also says the U.S. led NATO attacks on Libya, and the build up against Syria are all part of the “west’s” plan to invade Iran, and finally take total control of the oil rich region: “The noose around Iran is tightening. Military planning against Iran is underway.  And we are certainly concerned about an escalation of a large-scale war in this huge region.”


Fukushima

Corporate & Government Incompetence: Local governments demand TEPCo end the nuclear disaster now!

Not only is Tokyo Electric Popwer Company being targeted, but other nuclear plants in other parts of Japan are getting hit by demands to get outa town.

A meeting in Tokyo, of local community leaders from around Japan, demanded a quick end to the ongoing crisis at Fukushima Daiichi.  They also demanded a complete redo of Japan’s nuclear power policies.

Those local officials with nuclear power plants in their area are extremely worried, because it’s become obvious that no one can trust the plant operators, or national government agencies that are supposed to be regulating the plant operators.