Tag Archives: unemployment

Business/Economics, International, U.S.

LIBOR: More proof the Evil British Empire controls unAmerican Corporate America & the Western Capitalist World, and more proof the too big to fails are to blame!

27 June 2012, a major bank in the United Kingdom, Barclays, settled with U.S. and U.K. regulators, over charges it was manipulating key international interest rates, specifically the LIBOR.

The settlement is for $451 million USD, which is a pittance when you consider the havoc Barclays wreaked on economies throughout the western world. Barclays is the forth largest bank in the world.

Barclays is a major player in the setting of the LIBOR (London Interbank Offered Rate).  This is an interest rate charged to other banks, and is done on behalf of the British Bankers’ Association in London, England.  As of 2008 there were 60 international banks beholden to the LIBOR.

U.S. and U.K. investigations have revealed that not only are British too big to fail banks involved in manipulating interest rates, but so are U.S. banks. It’s not just interest rates, but currency valuations as well.

Besides Barclays the following banks are also being investigated for market manipulation: Citigroup Inc. (C), Royal Bank of Scotland Group Plc, UBS AG (UBSN), ICAP Plc (IAP), Lloyds Banking Group Plc (LLOY) and Deutsche Bank AG are part of at least 18 possibly criminal banks being accused.

Swiss based UBS decided to cooperate with investigators in exchange for legal immunity!

And don’t think this settlement means Barclays, or any other bank, will straighten up and do the right thing, as one law professor said: “It’s [settlements for breaking laws & regulations] become the cost of doing business.”-Jerry W. Markham, former U.S. Commodity Futures Trading Commission

Business/Economics, International, U.S.

What Economic Recovery? Cyprus joins growing list of European countries asking for a bailout!

25 June 2012, the small island country of Cyrus has asked the European Union (EU) for a bailout.  It’s the fifth country to do so, after Greece, Ireland, Spain and Portugal.

The economy of Cyprus is directly tied to Greece, and the economic disaster there has dragged down banks in Cyprus.

Fitch just downgraded the Cyprus’s sovereign credit (bonds) grade by one notch to a junk status of BB+.  Standard & Poor’s and Moody’s also rank Cyprus at junk level.

Business/Economics, International, U.S.

Global Economic War: China & Mitsubishi increase oil orders from Iran!

22 June 2012, Japan’s Mitsubishi Corporation has just renewed its yearly orders of Iranian oil.  The decision comes after the United States exempted Japan from the oil sanctions, and the Japanese government agreed to provide shipping insurance for tankers carrying Iranian oil.

It was also revealed that while Japan’s Showa Shell Sekiyu, and JX Nippon Oil & Energy, had officially cut back on oil purchases in past months, Mitsubishi was actually picking up those companies’ barrels of oil under the Mitsubishi banner.  So a slight of hand on the part of the Japanese before they got the exemption!

On 21 June 2012, it was revealed by Customs data that China has actually increased the amount of oil it gets from Iran.

China added 133,902 barrels per day to its crude shipments from Iran in May, a 34.5% increase.  A Reuters report said China was trying to offset the cuts they made earlier in the year.

Business/Economics, International

What Economic Recovery? Despite making a profit Nissan will cut production, blames inflation!

21 June 2012, Japan’s Nissan Motor is cutting production in Japan.

Starting next month Nissan will end production of four models of cars in Japan. It amounts to 15% of Nissan’s Japanese production.

The move comes after Nissan reported a profit of $4.29 billion USD for the Japanese year ending in March.  Company officials say the production cut is meant to offset surging production costs, and declining car sales in Japan.

The rising value of the yen is also making it more difficult to sell cars made in Japan to other countries.

Nissan officials say they will try to keep workers employed by assigning new jobs to them.

 

Business/Economics, International, U.S.

Government Idiots: Japan oil industry says U.S. & EU oil sanctions against Iran will not affect global oil supply!

“For the time being we will be able to continue smoothly transporting Iranian oil to Japan. I would like to thank the government and all parties concerned for their efforts.”-Yasushi Kimura, Petroleum Association of Japan

21 June 2012, Yasushi Kimura, president of the Petroleum Association of Japan, basically said the U.S. and European oil sanctions against Iran are impotent!

Kimura based his conclusion on the fact that there is plenty of oil supply, and that because of the continued downward spiral of the international economy global demand for oil will drop.

The fact that the United States exempted several countries from their oil sanctions, including Japan, also proves that the U.S. sanctions against Iran are nothing but hot air!

So what were U.S. & European leaders trying to accomplish with their impotent oil sanctions against Iran?

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

Global Economic War: China cuts back on Rare Earths. Expect your new cell phone to cost more!

20 June 2012, China claims to provide 90% of rare earth minerals to the global high tech industries.  Now they’re holding back.

Rare earths are necessary for the high tech gadgets we have.  U.S. and European officials criticized China saying their mining cut backs will cause prices to skyrocket.

China claims they’re cutting back because the mining operations are causing environmental damage.  But could it be retaliation for the Obama administration recently imposing ridiculously high tariffs on Chinese solar power products?

By the way, the tariffs quite possibly were the final nails in the coffin for Hoku Materials in Pocatello, Idaho, which could have provided hundreds of good paying jobs! Thank you Mr. President!

Fukushima

One Year Later: TEPCo accepts blame for poor handling of Fukushima Daiichi, but also points finger at incompetent government.

20 June 2012, Tokyo Electric Power Company (TEPCo) published a thick report concerning the handling of the Fukushima Daiichi nuclear disaster.

It admits three of four damaged reactors (there are six reactors at the facility) actually went into melt down, because of total loss in cooling.

“The report admits that the company’s management of the emergency cooling system, which had been criticized by a government panel, was inadequate.”  However, “The report also blames the government for directly and indirectly interfering with TEPCO’s emergency response efforts. It says government officials disregarded what was actually happening on the ground, causing unnecessary confusion.”-NHK (nippon housou kyoukai/Japan Broadcasting Corporation)

The reactors were supplied by the U.S. company General Electric. The disaster is ongoing!

Fukushima

One Year Later: Government admits it was not prepared to handle Fukushima Daiichi! Ignored radiation contamination predictions from United States!

19 June 2012, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) reporting that a Japanese government ‘white paper’ report on science and technology in 2011, states that the government was not prepared to respond to the nuclear disaster at Fukushima Diiachi.

“…tsunami estimates were too lenient and facilities which had been in place for nuclear safety were ineffective.  It says the way the public was notified about the spread of radioactive substances was inadequate.”-NHK

Also, on 18 June 2012, the Foreign Ministry of Japan revealed that the U.S. Department of Energy (DoE) presented a map of the most likely radiation contamination spread from the GE designed reactors.

The Japanese government refused to make the radiation spread map public, until now.

The U.S. DoE map was made using data from 17 March to 19 March 2011. It was supposedly given to the Japanese Science Ministry and the Nuclear and Industry Safety Agency, via the Japanese Foreign Ministry.

“The map shows radiation spreading northwest from the accident site. Parts of the map indicate levels of 125 microsieverts per hour. The figure suggests residents close to the plant were exposed to the annual [yearly] permissible level within 8 hours.“-NHK

Business/Economics, U.S.

World War 3: Murder rate in Chicago proof of Civil War; more deaths than in Afghanistan! Obama needs 200 Chicago cops for protection!

“Over 80% of shootings occur outdoors and in public places.”-Roseanna Ander, University of Chicago Crime Lab

18 June 2012, according to data from the U.S. Department of Defense (DoD), and Federal Bureau of Investigation (FBI), more people have been killed in just one U.S. city, than all of the U.S. personnel killed in Afghanistan since the U.S. invasion in 2001!

The DoD claims just over 2,000 personnel have been killed in Afghanistan between the invasion in 2001 to just last week (iCasualties.org says 2012 have been killed).  The FBI says more than 5,000 people have been killed in the U.S. city of Chicago, during the same time!

On 15 June 2012, Chicago Sun-Times reported that from the beginning of 2012 at least 228 people were killed, and the murder rate jumped 35% since last year!

According to iCasualties.org, U.S. personnel deaths in Afghanistan, since the beginning of 2012, is at 203 (and some of these deaths are not combat related).   So U.S. troops are slightly safer in Afghanistan than in Chicago!

Why the seeming civil war in Chicago? Blame the economy: “Not surprisingly, they’re in poorer neighborhoods…”-Roseanna Ander, University of Chicago Crime Lab

According to Chicago Sun-Times the city “…administration has cut anti-violence programs targeting some of Chicago’s poorer neighborhoods by $9 million.”

President Obama, and his family attended a wedding in Chicago on 16 June 2012.  They needed an escort of as many as 200 Chicago cops!   If that’s not a sign of a war zone then what is?

And by the way, Chicago city officials were told that the federal government is not paying for the extra police security!  Like I said, blame the economy!

And what about incompetent city officials?  Chicago cops are understaffed, yet city officials would rather pay overtime for cops working on their days off, than hire more cops.  That doesn’t make economic sense, unless they’re trying to avoid paying out benefits for those new cops. Even then, in the long run it’ll cost the city more, because the civil war will only escalate.

Business/Economics, International, U.S.

What Economic Recovery? Western style Crony (Mitt Romney style) Capitalism to blame for increased mental illness, and suicide in Japan!

17 June 2012, Japan’s Ministry of Labor admitting that workplace stress is causing increased mental illness and even suicide.

Japan’s corporate world mirrors that of the United States.

From March 2011 to March 2012 (Japan’s year) 325 people qualified for worker’s compensation due to mental illness caused by the workplace.  That’s up 17 from 2010.

60 of those workers attempted to kill themselves, or succeeded in killing themselves.

Don’t blame the 11 March 2011 disasters, only 20 of those 325 workers were directly connected with the massive quake & tsunamis.

16% due to excessive work loads

15% due to severe accidents

12% due to workplace harassment/bullying

Another major factor is that Japanese companies are reducing staff, mainly those employees with the most experience, in order to save money.  The problem is that the majority of employees are now younger workers who get very little training, and, are being asked to take on the same responsibilities as the more experienced workers who were laid off!  (sound familiar to you workers of the United States of America?)