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Audio - DANGER: New World Order Imploding!
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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Fri Oct 10, 2008 8:39 pm    Post subject: Reply with quote

Hi evelyn...
Quote:
And when the dust settles and the "leaders" (royalty and their wealthy exspurts & henchpins) sashay forth - we little pissants will all live more or less at one level (poverty).


Sadly, middle America's 401K is the last to bail towards the end of this down cycle. The last to jump in with high prices, the last to bail during low prices. (On average.) How many under 59's lost their "retirement" money this past month? They were afraid to take the 20% tax hit. Perhaps Congress should have exempted the IRA & 401K penalty for the time-being. (Does anyone know if that ever came up in the "bailout" plan?)

Hmmm. Many a new poor will come to know what the old poor know, and they will begin to justify the very shit that used to piss them off before.

red

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The Architect™



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PostPosted: Sat Oct 11, 2008 5:17 pm    Post subject: Reply with quote

Hi Everybody,this is my first post here although i listen to the shows and read the other posts on a regular basis.One thing is kinda bugging me and its fairly trivial BUT what is the music at the start of the most recent audio shows [the one with somebody counting down,,lift off ect]Sorry if this is of topic Embarassed
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bri



Joined: 16 Jun 2006
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PostPosted: Sat Oct 11, 2008 7:43 pm    Post subject: Reply with quote

Also mentioned by ATM here:

http://breakfornews.com/forum/viewtopic.php?p=50161&highlight=#50161



http://www.reuters.com/article/newsOne/idUSTRE49A43L20081011

Finance chiefs endorse G7 action plan: IMF panel


Quote:


WASHINGTON (Reuters) - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan announced by major economies to chart a course out of the credit crisis.

The International Monetary and Financial Committee (IMFC), chaired by Egyptian Finance Minister Youssef Boutros-Ghali, called for "exceptional vigilance, coordination, and readiness to take bold action" to address the crisis.

Boutros-Ghali said the fact that all 185 IMF member countries, including emerging and developing economies, supported the Group of Seven plan.

"We are committed to the plan of action," Boutros-Ghali said. "This is an essential element for restoring confidence."

The G7 on Friday vowed to take all necessary steps to unfreeze credit markets and ensure banks can raise money, but offered no collective course of action to avert a deep global recession.

IMF Managing Director Dominique Strauss-Kahn said the committee agreed the IMF should take the lead in looking more in depth at what went wrong and coordinate with other institutions.

He said the fund was the right forum for the job, given its universal membership, and that the IMF stood ready with resources to help any country facing financial difficulties due to the crisis.

The IMF cautioned that emerging economies may experience spillover effects from the financial crisis and it was important that they preserve economic stability.

"For these reasons, it is critically important that collaborative action be coordinated between advanced and emerging economies," the panel said
.

In advanced economies, the committee said, policies need to provide "essential stimulus in the face of the risk of a pronounced economic downturn, as confidence in the financial system is restored."

(Reporting by Lesley Wroughton, Editing by Chizu Nomiyama)




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atm



Joined: 16 Apr 2006
Posts: 3862

PostPosted: Wed Oct 15, 2008 1:47 am    Post subject: Reply with quote

Quote:


Brown: we need a new world order in finance

October 15 2008

http://www.theherald.co.uk/news/news/display.var.2460502.0.Brown_we_need_a_new_world_order_in_finance.php



Gordon Brown will today step up his call for a fundamental overhaul of the international financial system as yet another world leader copied his bailout plan with George W Bush announcing that the US government would take a $250bn share in America's leading banks.

The Prime Minister will press his case for radical reform when he travels to Brussels this morning for an EU summit, set to be dominated by the banking crisis, but which comes amid a backdrop of domestic woe with inflation at a 16-year high of 5.2%, a slump in house sales and the lowest levels of home loans since modern records began. Having confirmed that he intended to break with tradition and campaign in the Glenrothes by- election, Mr Brown last night turned the financial emergency to his political advantage by insisting an independent Scotland could not have bailed out the stricken banks.

He claimed it was the financial strength of the UK which made possible the £37bn rescue of the Royal Bank of Scotland and HBOS.

"It's the Union that makes this possible; that we are prepared to share the risks as well as the opportunities," declared the Prime Minister.

"And when things are difficult we are in a position to support each other - stronger together, weaker apart."

Asked if the bailout undermined the argument for an independent Scotland, Mr Brown stressed this was "not the time for party political points", but then claimed the £37bn package "would not have been possible with a Scottish administration".

Yesterday, Mr Brown made clear that his part-nationalisation of British banks was only "stage one" of a wider programme of international reform.

In Brussels, he will press his case that the world needs a new "global financial architecture", involving greater transparency, integrity and responsibility in banking affairs.

The Prime Minister is expected to receive a warm welcome in the Belgian capital as some 15 EU governments have already copied elements of his bank bailout plan. At a briefing in London for the international media, some of whom have labelled Mr Brown a "magician" and a "superhero", he brushed off a suggestion by one foreign reporter that he was now "Flash Gordon", given that governments around the world had rushed to adopt their own versions of the UK rescue plan.

"Just Gordon, just Gordon, I can assure you," he replied to laughter.

The Prime Minister made clear he wanted to address what he described as "stage two" - building a successor to the 1944 Bretton Woods agreements, which laid the foundations for the post-war international financial system.

"The stakes are higher than ever before and the coming days will be crucial for the international community," he said. "We have not yet built the means by which we solve the problems at a global level and that's what we now must do."

In yet another extraordinary development for the world's financial system, Mr Bush became the latest leader to announce his administration would take a stake in national banks, amounting to $250bn (£144bn). The US President sought to reassure Americans that his government's role in the banking system would be "limited and temporary".

He said: "These measures are not intended to take over the free market but to preserve it."

The US Treasury will buy non-voting preference shares - those with a fixed return - in nine banks, including Bank of America, Citigroup, and Goldman Sachs with stakes in each limited to $25bn. Bank executives will have to accept limits on their pay and stricter standards of corporate governance.

Hank Paulson, the US Treasury Secretary, said: "Government owning a stake in any private US company is objectionable to most Americans, me included. Yet the alternative of leaving businesses and consumers without access to financing is totally unacceptable."

The London stock market continued to respond positively to developments, ending on 4394, up 137 points or 3.2%. This was despite the fact that inflation rose by 0.5% to 5.2% in September due largely to increases in energy bills.

However, analysts believe that it has peaked and, with lower oil prices and reduced demand in a slowing economy, expectations are high for more interest rate cuts. Elsewhere, while European shares rose 3% and Japan's Nikkei shot up more than 14%, its biggest one-day gain in history, the Dow Jones responded much more cautiously to events. Having risen on early trading, the New York index closed down around 73 points at 9313.

At Westminster, the Commons Treasury Committee announced it was launching an inquiry into the banking crisis.


Quote:


On the manifest of the ships of fools

http://business.theage.com.au/business/on-the-manifest-of-the-ships-of-fools-20081014-50oc.html

David Hirst
October 15, 2008

A NEW, new world order is emerging and it is now that we had better get a lot of things right. We must learn that the days of a coherent "floor" are forever gone. Now we might be best calling it a deck on a ship to be forever tossed on stormy seas.

For not only are Australians forced to contribute much of their pay and pay rises to this vessel, so are many citizens of the world. The world's banks and even the ships of state are committed to keeping it afloat, though it is untried and possibly unseaworthy.

This world has been transformed following a great panic, but we "the people" have not been consulted on what we want. The issue foremost in the minds of American voters is not an issue in the election to be held in only a few weeks. The new order is a fait accompli, but its form is unknown.

In coming months we will see the creation of a global structure that will shape our collective destiny or we will spin out of chaos into a nether world where everyone must be their own phoenix.

Co-operation and co-ordination on a scale never dreamt of must be hastily and roughly hewn and assembled from some untrustworthy beams and planks. But there is no way out.

Bloomberg reports: "US officials are hurrying to address frozen credit markets that led France, Germany, Spain, the Netherlands and Austria to agree to commit $US1.8 trillion to guarantee interbank loans and take equity stakes in banks. Buying shares of financial institutions has become the latest focus of Treasury Secretary Henry Paulson's rescue plan."

An odd paragraph if read a week or two ago. How on earth, we'd have thought, would a US public servant be connected with such a vast sum of European money? Soon, as the latest version of the new world order takes shape, we will find a world converging with power over our purses passing to unelected international figures and officials upon whom our security rests. Those currently at the helm have driven us perilously close to the needle-point rocks of recession and worse.

For all the flag-waving after the US indices went up 10%, we face among many "unknowables" such minor matters as: lack of detail in the rescue package; earnings news that will get worse as recession deepens; major stresses such as the risk of a CDS (collateralised debt securities) market blow-out and associated collapse of hedge funds and housing prices around the world falling.

This partially co-ordinated international rescue operation is bound to become a feature of the world's financial and even corporate system, supplanting often the role of governments which, while they will be able to tax, will have less power to distribute revenue.

Who will run the ships of state, the United States? With the coming departure from the Treasury of our reigning tsar, Hank Paulson, Neel Kashkari has, it seems, been anointed as the man to take the helm.

Kashkari, who like Paulson is a veteran of Goldman Sachs and who has been called upon to rule on who gets what from the $US700 billion troubled assets relief scheme (TARP) bail-out, has announced the appointment of five individuals to administer same.

They include the inevitable IMF official, three obscure public servants and Reuben Jeffery, who seems to head the unit. Jeffery, like Paulson and Kashkari, is a former long-time employee of Goldman Sachs.


"We are working around the clock to make it happen," Kashkari told the Institute of International Bankers. He said the Treasury planned to use its broad powers under the new law. He means that and the new laws are draconian, borderline totalitarian.

Thus the plans for the supervision of the US side of things are being made in a political vacuum but under the watchful eye of former Goldman Sachs officials. Very reassuring.

David Hirst is a journalist, documentary maker, financial consultant and investor. His column, Planet Wall Street, is syndicated by News Bites, a Melbourne-based sharemarket and business news.
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KATSTAN



Joined: 16 Oct 2008
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PostPosted: Thu Oct 16, 2008 10:03 pm    Post subject: Reply with quote

Quote:
Most banks in the 19th century back then had an expected lifetime of about 5 years before crashing. The Fed was created in an effort to stabilize this, and on a relative scale it did manage to succeed for awhile. But an outdated system can't be sustained.


I don´t really think that the "Fed" was created for this purpose.
It all seems to be a big game of Monopoly.
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PatrickSMcNally



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PostPosted: Fri Oct 17, 2008 5:23 am    Post subject: Reply with quote

KATSTAN wrote:
I don´t really think that the "Fed" was created for this purpose. It all seems to be a big game of Monopoly.

Tendencies towards monopoly are inherent in the nature of capitalism. That is not related to the specific issue of when the Fed was created. That has been inherent from the beginning. The public demands for a reform of the banking system after the crisis of 1907 were what gave birth to the Fed as a regulatory agency. Since the Reagan era, we've had a massive push towards deregulation in every form and this current crisis reflects that fact. It doesn't have much to do with 1913.
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Fintan
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PostPosted: Fri Oct 17, 2008 5:11 pm    Post subject: Reply with quote

Quote:
The Architect™
Hi Everybody,this is my first post here although i listen to the shows and
read the other posts on a regular basis.One thing is kinda bugging me
and its fairly trivial BUT what is the music at the start of the most recent
audio shows [the one with somebody counting down,,lift off ect] Sorry if
this is of topic

Don't it suck when you need to know the title of a piece of music?
Understood dude. But sorry I've only the track itself -an unnamed
trance piece which I mixed with a geunuine Saturn 5 liftoff audio.
Welcome to BFN by the way!

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Big Boss



Joined: 04 May 2008
Posts: 826
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PostPosted: Fri Oct 17, 2008 5:53 pm    Post subject: Reply with quote

God i go through that all the time, and its terrible with instrumentals, i mean how would you even search for one but to hope and pray that you hear it again and catch it lol! Welcome aboard BFN is in a class of its very own Smile.
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atm



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Posts: 3862

PostPosted: Fri Oct 17, 2008 9:43 pm    Post subject: Reply with quote

Quote:




European leaders press for new economic order


By JOHN LEICESTER – 8 hours ago

http://ap.google.com/article/ALeqM5iEBU9uXEquRRt5be99CmE2NMeaVQD93SDG580

PARIS (AP) — The idea is ambitious: World leaders joined by aides to the new U.S. president-elect would gather before the year's end in New York and attempt to forge a new vision for the global economy.


French President Nicolas Sarkozy has teamed up with British Prime Minister Gordon Brown to press for such a summit, and the French leader travels to Camp David this weekend to lobby President Bush to sign on.

Brown, buoyed by the praise he won for engineering a British bank bailout that inspired U.S. and European rescues, is proposing "radical changes" to the global capitalist system, including a cross-border mechanism to monitor the world's 30 biggest financial institutions. Sarkozy has floated the idea of reforming rating agencies and even exploring the future of currency systems.

Details remain vague and the obstacles are many.

But the political pendulum, at least in Europe, is swinging decisively in the direction of tighter control and supervision, away from the laissez-faire economics that fueled [sic] a colossal global boom and appear to have enabled an equally dramatic bust.

In Brown's view, what's needed is nothing less than a new version of the 1944 Bretton Woods conference that brought together Allied leaders and established a post-World War II global monetary and financial order, laying foundations for the International Monetary Fund and a currency exchange regime that lasted for three decades.

"This is a defining moment for the world economy," Brown wrote in Friday's Washington Post. "The old postwar international financial institutions are out of date. They have to be rebuilt for a wholly new era."

Behind the lofty rhetoric, Brown and Sarkozy are backed by a degree of clout.

They have proved instrumental in the past two weeks in corralling European governments to dig deep into taxpayers' pockets to shore up banks, unfreeze credit, and soothe markets.

But experts wonder whether leaders at the proposed summit will truly be able to set aside national interests and clashing legal and business cultures to agree on a common vision. In exchange for global financial stability, nations could be forced to sacrifice autonomy and economic growth under tighter regulatory shackles.

The gathering aims to bring together the Group of Eight industrial powers as well as emerging players like China and India — and countries at different stages of economic maturity will bring different needs to the table, as climate change talks have made abundantly clear.

Officials in the waning Bush administration are also politely dismissing global regulation and some observers are skeptical Europeans can sell the idea to any U.S. president.

"I'm very dubious that much can be done," said Charles Wyplosz, an international economics professor in Switzerland.

The White House is playing down the likelihood Bush will agree to a time and place for a summit when he meets this weekend with Sarkozy and European Commission President Jose Manuel Barroso.

For Brown, the banking bailouts are only phase 1 in getting finance working again. Phase 2, he argues, will require global action as sweeping as that which gave birth to the United Nations, the World Bank and the IMF in the 1940s.

At a European summit this week, Sarkozy and Brown started to flesh out their proposals, backed by Barroso and German Chancellor Angela Merkel.

The most eye-catching proposal from Brown — albeit one based on a proposed European system — envisions a cross-border monitoring program for the 30 biggest giants of global finance, such as America's Citigroup Inc. or Britain's HSBC PLC.

He also called for the 185-nation IMF to be turned into an "early warning system for the world economy," with international monitoring powers. Such reform would mark a revival for the IMF, which has receded to the sidelines of the global economy in recent years.

Sarkozy cast his net even wider. The conservative — who has in recent weeks sounded increasingly like a leftist — wants discussion on tax havens, hedge and sovereign wealth funds, the "folly" of big pay bonuses for risk-taking executives and even how many major currencies the world needs.

Some of his harshest words were for ratings agencies, hinting that he wouldn't be sorry to see them disappear altogether in the financial architecture that he and Brown say they want built.

"Do we keep them?" he asked. "What do we replace them with?

"Should they only be American?" he added, in a statement bound to get attention from U.S.-based Moody's and Standard & Poors.

As always, Sarkozy is in a hurry. Waiting three months until John McCain or Barack Obama is sworn in runs the risk of the crisis getting worse or getting better, which could frustrate the drive for fundamental reform, the French leader warned.

He suggested instead that the winner of the November election send economic aides with Bush to the summit. Sarkozy is pushing for a November or December meeting in New York, "where everything started."

"Europe wants it, Europe is asking for it, Europe will get it," he said. "If we wait for the new president that means, in the best case scenario, we would get together in the spring ... It's much too late and not acceptable."

But obstacles abound.

Brown's talk of "very large and very radical changes" could prove highly problematic in a capitalist system that has grown increasingly complex and intertwined since the end of the Cold War.

Experts say experience shows that getting nations to agree on specific rules that could crimp their economic strengths can be a long, frustrating and sometimes fruitless process. And politicians now howling that capitalism needs curing turned a deaf ear to warnings of flaws in the banking system when economic times were good, they point out.

Wyplosz predicted that leaders will find, once they get down "to the nitty gritty," that reforming the World Bank and IMF is going to be difficult.

And he was pessimistic about the prospects for effective cross-border policing of banks, saying countries have a habit of wanting to protect their own banking champions from outside meddling.

"There will be a lot of talk but the discussions will go nowhere and two or three years from now the urge to change things will be gone," he said.

On closer inspection, Brown's still ill-defined proposal to better supervise big financial groups may also not live up to the billing of radical reform.

A British Treasury spokesman, who could not be identified under government policy, said Brown was referring to creation of committees that would meet regularly to swap information on big banks' behavior.

Each committee would be made up of regulators from an array of countries, likely including Australia, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Singapore, Switzerland, Britain and the United States, the spokesman said.

He added: "It's not a regulatory thing, it's about information sharing and keeping each other informed."

Julian Jessop, chief international economist at London-based Capital Economics, said "this could be just another set of ghastly committees with a bunch of countries on them."

Some experts are also concerned that a summit with such an ambitious yet vague agenda could distract leaders from far more concrete and pressing steps, not least forcing banks to squirrel away more money so they can better ride out tough times.

"The French are always good at launching very conceptual discussions," said Harald Benink, a professor of banking and finance in the Netherlands. "That doesn't address the fundamental problems that have become all too obvious."

AP Business Writers Aoife White in Brussels and Emily Vencat and Pan Pylas in London contributed to this report.


Quote:


Hedge fund manager slams ‘idiot’ bankers


By James Mackintosh in London

Published: October 17 2008 21:13 | Last updated: October 17 2008 21:13

http://www.ft.com/cms/s/0/b0a40c72-9c83-11dd-a42e-000077b07658.html

A hedge fund manager who made what is thought to be one of the biggest percentage profits of all time bowed out of the business on Friday with a fierce attack on the “idiots” running big banks who were willing to take the other side of his bets.

Andrew Lahde, founder of California’s Lahde Capital, used his farewell letter to investors to round on the US “aristocracy” able to pay for their children to gain a top-class education.

Mr Lahde, who has made tens of millions of dollars from his highly successful bets against the financial and property sectors during the past two years, also called for the legalisation of cannabis and said he was now dropping out to spend time with his money.

Saying he was “in this game for the money”, Mr Lahde went on to mock those who traded with him.

“The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking.”

“These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government.

“All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.”

Mr Lahde is one of the few hedge fund managers to have correctly predicted the subprime crisis. One of his funds made a return of 870 per cent last year. Money is now being returned to investors as the remaining business is shut down.

On Friday, Mr Lahde said he would no longer run other people’s money, preferring to concentrate on managing his own, and urged wealthy hedge fund managers and corporate chieftains to “throw the Blackberry away and enjoy life”.

“I will let others try to amass nine, 10 or 11 figure net worths,” he said.

“Meanwhile, their lives suck . . . What is the point? They will all be forgotten in 50 years anyway. Steve Ballmer [Microsoft chief executive], Steven Cohen [founder of hedge fund SAC Capital] and Larry Ellison [chief executive of Oracle] will all be forgotten.”

Mr Lahde did not immediately return calls.

Copyright The Financial Times Limited 2008


Quote:



Rising nations want a new, fair world order



www.chinaview.cn 2008-10-15 16:54:44

BEIJING, Oct. 15 -- Emerging economies, especially represented by the booming BRICs (Brazil, Russia, India and China), have been pushing forward changes since the world stepped into the 21 century. And what attract us more are their new global strategies in facing international situations that are undergoing significant changes.

Represented by the BRICs, most of these emerging developing countries have had their comprehensive national powers risen considerably, and usually in a fast, stable and continuous way.

According to a report by Goldman Sachs, the BRICs are transforming the global economic situation and would probably emerge at the top in the field around the middle of this century. So far, the proportion of the rising economies in the global economy has grown to nearly 50 percent from 39.7 percent in the early 1990s, and these countries' foreign exchange reserves have also soared to some 75 percent of the world's total volume.

Some European and American media exclaimed recently that "the financial centers" of the emerging economies, especially Hong Kong and Dubai are competing with New York and London, and "are increasingly playing more important roles in the international capital market".

On the other hand, the neo-liberal sermons peddled by US-led "free world" are increasingly losing audience. One commentator from Mexico put it rather well: "The Washington Consensus of the US neo-liberalism fully exposed America's attempts to bring the American Continent onto the track of the US, but none of the economic and political 'outer garments' made by the Consensus were suitable for the Latin American region."

Not only Latin American countries have such feelings, but many developing countries also have learned painful lessons from the Asia Financial Crisis in 1997 and the "Shock Therapy" of the former Soviet Union.

Being invited to have dialogues with G8 in dealing with international problems; the five major developing countries (Brazil, Mexico, South Africa, India and China) are increasingly playing as an individual side. This was further highlighted this year at Japan's Toyo Lake. Meanwhile, the ASEAN and the SAARC have also had their corporation process accelerated.

The fast rise of the developing countries has become a reality, though such a rise is still quite uneven and some countries are still lagging behind in their development and even are in danger of being marginalized. And this irreversible trend, if directed strategically, has profound impacts and historic significance.

First of all, it prompts the trend of a multi-polar world. From the 1950s to 1960s, the then worldwide independence and liberation movements by colonies and semi-colonies dealt a deadly shock to the international imperialist system. Today, this political anti-control wave has just been dashing itself against the international economic order that is dominated by the West, along with the developing countries' fast rise and their diversified modes of development.

It cannot be denied that the US is still the world's unique superpower and to some extent maintains its influence over global affairs, but what is equally undoubted is that its "commanding rod" has been increasingly challenged and its unilateralism is getting more and more unpopular.

In fact, the existing world system has made it more difficult for a single country to say "yes" or "no" on common affairs. On this the events of the Doha Round are a good example.

Basically, developing countries still belong to the Third World and have the same dreams - political and economic independence, peace, development, fairness and cooperation - even though they may pursue such goals through different tactics. It is then no surprise that different opinions or even disputes sometimes exist among them, just as developed countries are no monolith.

A new century started along with the millennium clock, but a new era had already come after the Cold War ended. Ever since humankind has been facing a special question: what kind of a world do we need?

As late Chinese leader Deng Xiaoping once pointed out, he felt happy about the end of the Cold War, and he had constantly put peace and development as the main themes of our times. Facts have proved that he was much more farsighted than some Western leaders.

Since the 9/11 terrorists attack, the US has been exhausted by two wars - the war against terrorism and the invasion in Iraq. The first one exacerbated its fiscal situation, and the second one depleted its moral credibility. So, on the one hand, Uncle Sam has been going downward, and on the other, developing countries have been surging ahead pushed by the tide of economic globalization and high-techs.

And it's important to note what these developing countries advocate in these times of change: a multi-polar world instead of a unipolar one, democratization of international relations, emphasis on diversification for modes of development and freedom in choosing political systems, and the need for changing the unequal international mechanism.

(Source: China Daily)
Editor: Zheng E


Quote:


India’s central bank staff to strike

By James Lamont in New Delhi

Published: October 17 2008 15:54 | Last updated: October 17 2008 18:22

http://www.ft.com/cms/s/0/384102a8-9c5b-11dd-a42e-000077b07658.html

The timing is unusual to say the least. Buffeted by the worst global financial crisis in generations and with local banks thirsting for cash, the staff at India’s central bank are going on strike.

On Tuesday, a day of mass action will bring the Reserve Bank of India and large parts of the country’s financial system to a halt. For the day, the quick-fire launch of emergency measures to inject liquidity, avoid bank runs and support stressed mutual funds will cease.

The strike, described as a “day of casual leave”, will affect most of the RBI’s 21,000 staff, bank officials said on Friday. Employees are up in arms about their pensions. The United Forum of Reserve Bank Officers and Employees wants staff pensions to be updated alongside five-yearly pay reviews.

Nonetheless, RBI pensions may be faring better than many across the world, as its pension fund is barred from investing in equity markets, which have recorded big losses in the past weeks.

The strike would be the first at the bank for 13 years.

Industrial action at central banks is rare even in calmer times.

The Bank of Greece was disrupted by strike action this year. In March 2007, about 800 workers at the central Bank of Israel went on strike following a wages dispute.

Duvvuri Subbarao, the newly appointed RBI governor, was on Friday meeting union officials to try to resolve the dispute. The RBI has given assurances that the strike will not create difficulties for the payments system. One bank official said commercial banks had received notice of the strike and would make provision for the lost day’s borrowings ahead of time.

Local bankers view the strike as a commonplace difficulty besetting the country’s public sector. “[The timing] is a little funny. But it’s not the operator going on strike, it’s the clerks striking,” said Aditya Narain, head of research at Citigroup’s India operations.

“It’s just the mass of people working there, who are really on government salaries, who are going on strike . . . it’s like Air India people or a government company’s staff going on strike.”

India’s regulators have had little time for pause this month. This week they launched measures to tackle the liquidity squeeze, including the second cut in the cash reserve ratio, one of the central bank’s main levers of monetary control, in less than a week.

Additional reporting by James Fontanella-Khan in Mumbai


Quote:


The astonishing sign off of a wealthy fund manager in full

The full text of the letter written by fund manager Andrew Lahde


Last Updated: 12:32AM BST 18 Oct 2008

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3219870/The-astonishing-sign-off-of-a-wealthy-fund-manager-in-full.html

Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye.

Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, "What I have learned about the hedge fund business is that I hate it." I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.

There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list those deserving thanks know who they are.

I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point? They will all be forgotten in fifty years anyway. Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life.

So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don't worry about my employees, they were always employed by Mr. Springer's company and only one (who has been well-rewarded) will lose his job.

I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and waiting is how we made money from the subprime debacle. I now have time to repair my health, which was destroyed by the stress I layered onto myself over the past two years, as well as my entire life -- where I had to compete for spaces in universities and graduate schools, jobs and assets under management -- with those who had all the advantages (rich parents) that I did not. May meritocracy be part of a new form of government, which needs to be established.

On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man's interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft's near monopoly. I believe there is an answer, but for now the system is clearly broken.

Lastly, while I still have an audience, I would like to bring attention to an alternative food and energy source. You won't see it included in BP's, "Feel good. We are working on sustainable solutions," television commercials, nor is it mentioned in ADM's similar commercials. But hemp has been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products. Hemp is not marijuana and vice versa. Hemp is the male plant and it grows like a weed, hence the slang term. The original American flag was made of hemp fiber and our Constitution was printed on paper made of hemp. It was used as recently as World War II by the U.S. Government, and then promptly made illegal after the war was won. At a time when rhetoric is flying about becoming more self-sufficient in terms of energy, why is it illegal to grow this plant in this country? Ah, the female. The evil female plant -- marijuana. It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal? Is it a gateway drug? No, that would be alcohol, which is so heavily advertised in this country. My only conclusion as to why it is illegal, is that Corporate America, which owns Congress, would rather sell you Paxil, Zoloft, Xanax and other additive [sic] drugs, than allow you to grow a plant in your home without some of the profits going into their coffers. This policy is ludicrous. It has surely contributed to our dependency on foreign energy sources. Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let's stop the rhetoric and start thinking about how we can truly become self-sufficient.

With that I say good-bye and good luck.

All the best,

Andrew Lahde



Quote:


Wall Street banks in $70bn staff payout

Pay and bonus deals equivalent to 10% of US government bail-out package

Simon Bowers
The Guardian
Saturday October 18 2008

http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

Pay plans for bankers have been disclosed in recent corporate statements. Pressure on the US firms to review preparations for annual bonuses increased yesterday when Germany's Deutsche Bank said many of its leading traders would join Josef Ackermann, its chief executive, in waiving millions of euros in annual payouts.

The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.

At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.


In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.

At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn. At Merrill, which was on the point of going bust last month before being taken over by Bank of America, the total accrued in the last quarter grew 76% to $3.49bn. At Morgan Stanley, the amount put aside for staff compensation also grew in the last quarter to the end of August by 3% to $3.7bn.

Days before it collapsed into bankruptcy protection a month ago Lehman Brothers revealed $6.12bn of staff pay plans in its corporate filings. These payouts, the bank insisted, were justified despite net revenue collapsing from $14.9bn to a net outgoing of $64m.

None of the banks the Guardian contacted wished to comment on the record about their pay plans. But behind the scenes, one source said: "For a normal person the salaries are very high and the bonuses seem even higher. But in this world you get a top bonus for top performance, a medium bonus for mediocre performance and a much smaller bonus if you don't do so well."

Many critics of investment banks have questioned why firms continue to siphon off billions of dollars of bank earnings into bonus pools rather than using the funds to shore up the capital position of the crisis-stricken institutions. One source said: "That's a fair question - and it may well be that by the end of the year the banks start review the situation."

Much of the anger about investment banking bonuses has focused on boardroom executives such as former Lehman boss Dick Fuld, who was paid $485m in salary, bonuses and options between 2000 and 2007.

Last year Merrill Lynch's chairman Stan O'Neal retired after announcing losses of $8bn, taking a final pay deal worth $161m. Citigroup boss Chuck Prince left last year with a $38m in bonuses, shares and options after multibillion-dollar write-downs. In Britain, Bob Diamond, Barclays president, is one of the few investment bankers whose pay is public. Last year he received a salary of £250,000, but his total pay, including bonuses, reached £36m.
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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Sun Oct 19, 2008 6:36 pm    Post subject: Reply with quote

In one of ATM's posted articles:
Quote:
George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man's interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft's near monopoly. I believe there is an answer, but for now the system is clearly broken.


That Andrew Lahde sounds like a laughing-all-the-way-to-the-bank kinda guy and making like he's now the whistle-blower after the fact. Okay. Lots of folks "use" the system in all 3 classes with a big "up yours" attitude. I can dig it. Wonder if that makes socialists secretly capitalistic, and vice versa. Soros fits into that dual personality, fake or not.

Each man for himself while acknowledging the corruption of the world. It's the dummies out there who buy the "Noble Lie" about everything from religion to social equality. But for those who "expose" the lie, and make suggestions about changing a system, I think they don't really believe it's doable, nor really beneficial.

Hmmm...
red

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The Architect™



Joined: 25 Mar 2007
Posts: 3

PostPosted: Mon Oct 20, 2008 3:51 pm    Post subject: Reply with quote

Fintan wrote:
Quote:
The Architect™
Hi Everybody,this is my first post here although i listen to the shows and
read the other posts on a regular basis.One thing is kinda bugging me
and its fairly trivial BUT what is the music at the start of the most recent
audio shows [the one with somebody counting down,,lift off ect] Sorry if
this is of topic

Don't it suck when you need to know the title of a piece of music?
Understood dude. But sorry I've only the track itself -an unnamed
trance piece which I mixed with a geunuine Saturn 5 liftoff audio.
Welcome to BFN by the way!


Thanks for the responses Fintan,and Big Boss.I must say Fintan you have done a brilliant job on that track! There's definitely a second career waiting for you with talent like that
Cool
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Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8095

PostPosted: Mon Oct 20, 2008 8:58 pm    Post subject: Reply with quote

Canada, EU merging their economies

Quote:
.....The proposed partnership goes a lot further than Nafta.
In addition to allowing free trade in goods and services, it would
harmonize regulations, open up the air-travel market, and boost
opportunities in government-procurement. Most important, it would
free the labor market so that skilled workers could move easily back
and forth across the Atlantic.......

http://online.wsj.com/article/SB122445840565148489.html?mod=googlenews_wsj

Quote:
The trade agreement is likely to include issues such as
improving bilateral investment, labour mobility, technological
co-operation, intellectual property protection and the controversial
issue of opening up procurement tenders by provincial governments
to outside competition.

http://www.europeanvoice.com/article/canada,-eu-move-toward-deeper-partnership/62750.aspx


Quote:


Canada, EU working towards
'historic' agreement: PM


Fri. Oct. 17 2008 9:27 PM ET - CTV.ca News Staff

Prime Minister Stephen Harper said that Canada is working towards
a "comprehensive and truly historic" economic partnership with the
European Union.


Harper made the comments at a press conference Friday, after meeting
with French President Nicolas Sarkozy and the president of the European
Commission, Jose Manuel Barroso.

Harper said that Canada and the European Union had agreed "to define
the formal mandates for an ambitious, deeper and comprehensive and
truly historic economic partnership agreement."

"Without question, these times call for closer economic co-operation
among key players in the global economy," Harper added.

No details were given on the plan.

Harper, Sarkozy and Barroso were greeted by Gov. Gen. Michaelle Jean
ahead of tonight's summit of La Francophonie, an organization of 55
French-speaking nations.

Harper has vowed to make sure Canadian banks are not negatively
impacted by ongoing rescue efforts in Europe and the U.S., where
governments are providing aid to financial institutions.

Sarkozy delivered an address to the National Assembly Friday afternoon.

"The president of France gave a very heartfelt speech . . . Mr. Sarkozy
said 'while Canada is our friend, Quebec is our family," CTV's Rosemary
Thompson told Mike Duffy Live Friday from Quebec City.

Premier Jean Charest and Sarkozy signed an agreement Friday that will
allow a number French professionals and tradespersons to work in
Quebec. The same applies for Quebec citizens who want to work in
France in those same professions.

About a dozen professions and two-dozen trades are included in the deal.
That will climb to about 100 by 2010.

"For instance, if you were a doctor in France you could come and work in
Quebec as a doctor and there wouldn't be a hassle over credentials,"
Thompson told CTV Newsnet from Quebec City.

Transportation Minister Lawrence Cannon told Mike Duffy Live that
Canada "has to seek out new markets" in these times of economic
uncertainty
.

Cannon said they are working on an "open-skies" agreement with the EU.

In the evening, Sarkozy will attend the official opening of the summit of
La Francophonie.

However, the French leader has cut short his visit and will not attend the
closing ceremonies of the summit -- a first for any French president.

Instead, Sarkozy will travel to Camp David in Maryland on Saturday for
meetings with U.S. President George Bush.

"It's a bit disappointing," Christine St-Pierre, Quebec's minister
responsible for the provincial language law, said Thursday.

Quebec Premier Jean Charest said the shortened visit was
understandable given the "extraordinary circumstances."

Sarkozy's wife, Carla Bruni-Sarkozy, will not be travelling with her husband.

Link

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