Nouriel Roubini's Global EconoMonitor

RGE’s Weekly Roundup

Check out all of the RGE analysis and EconoMonitor contributions that were published this past week at
RGE Analysis [Available to RGE Clients Only]:
New House Sales Plunge in January by Prajakta Bhide and Christian Menegatti
New single-family home sales have weakened steadily since H2 2009, and in January 2010, new single-family home sales reached a record low, down 77.7% from the peak of July 2005. Meanwhile, purchase mortgage applications have collapsed to levels last seen in 1997. Weak demand-side fundamentals, the gradual removal of government support and the threat of increased competition from foreclosures remain key risks to new home sales in 2010. The numbers suggest that demand for new homes is far from a path of gradual growth, consistent with RGE’s prediction of a slow recovery in the housing sector.


Spain: The Way Forward by Elisa Parisi-Capone and Nouriel Roubini

Compared to Greece, Spain’s macro and financial vulnerabilities are in some aspects less severe and in others more so. Spain fares better in terms of its levels of fiscal deficit, public debt and private savings as shares of GDP. Also, most of the deterioration of Spain’s fiscal balance was due to the 2009 recession and housing market bust, rather than longer-term or structural problems. On the negative side, the unemployment rate in Spain is close to 20%, compared to nearly 10% in Greece. Spain has experienced a massive housing boom turned bust, and Spanish banks are now facing–in spite of dynamic provisioning–large and growing rates of nonperforming loans (NPLs) as a share of assets, and their semi-public cajas are in severe financial distress. Also, real appreciation since 2000–based on unit labor costs–is as large in Spain as in Greece as a housing boom increased fixed investment while reducing private savings amid voracious consumption.


Latin America: What’s Coming Up? by Bertrand Delgado and Juan L. Maldonado

The most relevant releases this coming week will be inflation results from Brazil (IPCA-15) and Mexico for the first half of February. Markets will pay close attention to Colombia’s monetary policy decision on February 26, which RGE expects to result in the central bank staying on hold at 3.5%. Finally, markets are also likely to follow relevant economic information from Brazil, Mexico, Chile and Argentina (please see table).


China: No Exit by Adam Wolfe

Thanks to a credit-fueled investment boom, China’s economy has stabilized at a slightly lower pace than in 2007-08, but the ultra-loose monetary policies that sparked the revival are not sustainable. China has not yet started to tighten its monetary policy significantly; at best it has moved into a neutral stance which could allow the economy to overheat. Renminbi (RMB) appreciation or a sharp reduction in credit growth will be needed to rein in the resulting inflationary pressures. China will likely steer a narrow course of moderate currency appreciation beginning in mid 2010 and slower, but still elevated, credit growth. This implies China will accept some consumer price inflation, and RGE maintains its forecast for the CPI to average 3.7% in 2010.


Will Silver Always Be Second to Gold? by Mikka Pineda

Though silver’s long-term fundamentals point to a life of underperformance versus gold, silver has a chance to outperform in the short term. Both technical and fundamental drivers have built a case for a silver rally. Silver may never reach the price level of gold but it will gain more relative its 2008 trough.


On Nouriel Roubini’s Global EconoMonitor, Adam Wolfe and Rachel Ziemba note that China looks likely to be slow in exiting from its excessively loose monetary conditions, and somewhat higher inflation looks to be the path of least resistance in 2010.  Please read RGE’s Wednesday Note: Still No Tightening in China.


On the RGE Analyst’s EconoMonitor, Mary Stokes and Jelena Vukotic consider the direct and indirect effects Greece’s fiscal woes could have on emerging Europe.  See What Greece’s Fiscal Crisis Could Mean for Eastern Europe.

In Beware of Greeks Buying Ships Michael Moran looks at Greece’s military ambitions in light of its economic situation.

Don’t miss RGE’s LatAm updates:

Latin America: A Closer Look at Inflation and Growth Dynamics in Brazil, Mexico, Argentina and Colombia by Bertrand Delgado, Juan L. Maldonado, and Christian Menegatti

Exit Strategy Has Begun in Brazil, Inflation Surprised to the Downside in Mexico by Bertrand Delgado and Juan L. Maldonado


On the Finance & Markets Monitor, Edward Harrison looks at the U.S. decision to bailout banks and compares it to the Swedish response to their crisis in the early 90’s and asks, “Which is more free market- a bailout and mega bonuses all around or asset seizure and recapitalization?”  Please read The Swedish Banking Crisis Response or the Bailout Hustle?

In Should the Fed Stay in Regulation?, David E. Altig of the Atlanta Fed addresses one of the central issues in the post-crisis effort to reform the regulatory infrastructure, which is who should do the regulating.

In Corporate Political Speech Is Bad for Shareholders, Lucian Bebchuk asserts that corporate meddling in politics is bad not just for those members of society who are not corporate shareholders, but it can also be expected to reduce shareholder value and retard the development of an economy’s corporate sector.

Also on the Finance & Markets Monitor:

Oil Market Summary for 2/16/2010 to 2/20/2010 by Darrell Delamaide

Are Earnings Normalizing? At What Level? by Barry Ritholtz

Interview with Chris Whalen of Institutional Risk Analytics by Yves Smith

Where Did Employees from Collapsed Banks Go? by Barry Ritholtz


On the U.S. EconoMonitor, James Hamilton explains the meaning of the discount rate hike by the Fed.  Please see The Fed’s Discount Rate Hike.

In Bust Up the Health Insurance Trusts, Robert Reich points out that unless there is more competition in the health insurance industry, the price of insurance will not go down.

In CPI + Velocity = Trouble, Rebecca Wilder deduces that the CPI numbers are not encouraging.

Also on the U.S. EconoMonitor:

About the U.S. Economy: Where We Are Where We’re Going by Fabius Maximus

Fischisms: The Words “Economic Recovery” Have Become Trendy… Better Read the Fine Print by Gene Fisch, Jr and Archana Sivadasan

Would a Default by the US Government Help America by Fabius Maximus

We Need Jobs, Not Deficit Cuts by Mark Thoma

It’s Time to Enact Health Care with 51 Senate Votes by Robert Reich

New Home Sales Hit a Record Low by Edward Harrison


On the Emerging Markets Monitor, Michael Pettis explains that what the PBoC does to the value of the RMB and how it invests its reserves matter a lot to China and the world, but not always in the way China and the world think.  Don’t miss What the PBoC Cannot Do with Its Reserves.


On the Asia EconoMonitor, Models & Agents argues that while China is hiking the banks’ reserve requirement ratio, there is still no indication that it is serious about overheating and asset bubbles in its economy in an effective and sustainable way.  Please read Stopping the Leakages in China.

In Japan: GDP-Exports-Manufacturing-Autos-Toyota Rebecca Wilder considers the potential fallout Toyota’s troubles can have on Japan.


On the Latin America EconoMonitor, Miguel A. Kiguel points out that despite conditions in Argentina being ripe for smooth sailing, various challenges erased most of the components proposed by Boudou’s economic agenda.  See Argentina: What Can We Now Expect for 2010?


On the Europe EconoMonitor, Paolo Manasse considers the implications of worst case scenarios in the PIIGS.  Please read Euro, Au Revoir? PIIGS’ Term Structure of Default Probabilities.

In Quiet Before the Storm in the Balkans, Emre Deliveli notes that the current calm in the Balkans is highly illusionary.

In Crisis Lessons to Remember for Europe’s Policymakers, Marek Belka argues that the IMF is more analogous to a doctor than a bad cop.


All rights reserved, Roubini Global Economics, LLC. Opinions expressed on RGE EconoMonitors are those of individual analysts and may or may not express RGE’s own consensus view. RGE is not a certified investment advisory service and aims to create an intellectual framework for informed financial decisions by its clients.

29 Responses to “RGE’s Weekly Roundup”

blindselfFebruary 26th, 2010 at 7:46 pm

firsss..’.”Leaders all over the planet are beginning to understand the benefits of purposefully learning to be more attentive and focused, non-reactive, and clear.”—Saki Santorelli, EdD, Executive Director, Center for Mindfulness.he has a lot to say. we know, and he is saying it.because it is not trivial, or tangential. somewhat derivativebut precious little isn’t..correction alert, the “great way” does have a is i, yet the great way itself is still I, aye, no gate..clear water still has no taste andonce again, the tongue is without a bone.( “good”, says i ) you can bet the farm onthis one. for most tongues and item.!. the stone girl who should be dancinghas gone missing, perhaps for a smoke break.please remain seated as she is expected to returnin a few for the second time, first. where is rich or rick,and the rest of the doom boomers. i feel cheated out of theirwithheld inner sanctum insight, presumptuous i am. think..think and speak, or fade away…., b.holly. “not fade away”.and rich, i and many others i’m sure, would very much like to hearat this time, the real, one and only, true, capital T …..”baseball” story. the one only you know. cards fall where theymay. got em’, got em’, need em’…before the country has lost it’s past, “dream”, time..i beg, and i only beg when i mean it or when my life isin imminent danger. ( hardly ever / never ) ‘cept a tease, a starting point. where does it go from here?.”From A Great and Glorious Game: Baseball Writings of A. Bartlett Giamattiby A. Bartlett Giamatti, et al”The Green Fields of the Mind “It breaks your heart. It is designed to break your heart. The game begins in the spring, when everything else begins again, and it blossoms in the summer, filling the afternoons and evenings, and then as soon as the chill rains come, it stops and leaves you to face the fall alone. You count on it, rely on it to buffer the passage of time, to keep the memory of sunshine and high skies alive, and then just when the days are all twilight, when you need it most, it stops. Today, October 2, a Sunday of rain and broken branches and leaf-clogged drains and slick streets, it stopped, and summer was gone.Somehow, the summer seemed to slip by faster this time. Maybe it wasn’t this summer, but all the summers that, in this my fortieth summer, slipped by so fast. There comes a time when every summer will have something of autumn about it. Whatever the reason, it seemed to me that I was investing more and more in baseball, making the game do more of the work that keeps time fat and slow and lazy. I was counting on the game’s deep patterns, three strikes, three outs, three times three innings, and its deepest impulse, to go out and back, to leave and to return home, to set the order of the day and to organize the daylight. I wrote a few things this last summer, this summer that did not last, nothing grand but some things, and yet that work was just camouflage. The real activity was done with the radio–not the all-seeing, all-falsifying television–and was the playing of the game in the only place it will last, the enclosed green field of the mind. There, in that warm, bright place, what the old poet called Mutability does not so quickly come.But out here, on Sunday, October 2, where it rains all day, Dame Mutability never loses. She was in the crowd at Fenway yesterday, a gray day full of bluster and contradiction, when the Red Sox came up in the last of the ninth trailing Baltimore 8-5, while the Yankees, rain-delayed against Detroit, only needing to win one or have Boston lose one to win it all, sat in New York washing down cold cuts with beer and watching the Boston game. Boston had won two, the Yankees had lost two, and suddenly it seemed as if the whole season might go to the last day, or beyond, except here was Boston losing 8-5, while New York sat in its family room and put its feet up. Lynn, both ankles hurting now as they had in July, hits a single down the right-field line. The crowd stirs. It is on its feet. Hobson, third baseman, former Bear Bryant quarterback, strong, quiet, over 100 RBIs, goes for three breaking balls and is out. The goddess smiles and encourages her agent, a canny journeyman named Nelson Briles.Now comes a pinch hitter, Bernie Carbo, onetime Rookie of the Year, erratic, quick, a shade too handsome, so laid-back he is always, in his soul, stretched out in the tall grass, one arm under his head, watching the clouds and laughing; now he looks over some low stuff unworthy of him and then, uncoiling, sends one out, straight on a rising line, over the center-field wall, no cheap Fenway shot, but all of it, the physics as elegant as the arc the ball describes.New England is on its feet, roaring. The summer will not pass. Roaring, they recall the evening, late and cold, in 1975, the sixth game of the World Series, perhaps the greatest baseball game played in the last fifty years, when Carbo, loose and easy, had uncoiled to tie the game that Fisk would win. It is 8-7, one out, and school will never start, rain will never come, sun will warm the back of your neck forever. Now Bailey, picked up from the National League recently, big arms, heavy gut, experienced, new to the league and the club; he fouls off two and then, checking, tentative, a big man off balance, he pops a soft liner to the first baseman. It is suddenly darker and later, and the announcer doing the game coast to coast, a New Yorker who works for a New York television station, sounds relieved. His little world, well-lit, hot-combed, split-second-timed, had no capacity to absorb this much gritty, grainy, contrary reality.Cox swings a bat, stretches his long arms, bends his back, the rookie from Pawtucket who broke in two weeks earlier with a record six straight hits, the kid drafted ahead of Fred Lynn, rangy, smooth, cool. The count runs two and two, Briles is cagey, nothing too good, and Cox swings, the ball beginning toward the mound and then, in a jaunty, wayward dance, skipping past Briles, feinting to the right, skimming the last of the grass, finding the dirt, moving now like some small, purposeful marine creature negotiating the green deep, easily avoiding the jagged rock of second base, traveling steady and straight now out into the dark, silent recesses of center field.The aisles are jammed, the place is on its feet, the wrappers, the programs, the Coke cups and peanut shells, the doctrines of an afternoon; the anxieties, the things that have to be done tomorrow, the regrets about yesterday, the accumulation of a summer: all forgotten, while hope, the anchor, bites and takes hold where a moment before it seemed we would be swept out with the tide. Rice is up. Rice whom Aaron had said was the only one he’d seen with the ability to break his records. Rice the best clutch hitter on the club, with the best slugging percentage in the league. Rice, so quick and strong he once checked his swing halfway through and snapped the bat in two. Rice the Hammer of God sent to scourge the Yankees, the sound was overwhelming, fathers pounded their sons on the back, cars pulled off the road, households froze, New England exulted in its blessedness, and roared its thanks for all good things, for Rice and for a summer stretching halfway through October. Briles threw, Rice swung, and it was over. One pitch, a fly to center, and it stopped. Summer died in New England and like rain sliding off a roof, the crowd slipped out of Fenway, quickly, with only a steady murmur of concern for the drive ahead remaining of the roar. Mutability had turned the seasons and translated hope to memory once again. And, once again, she had used baseball, our best invention to stay change, to bring change on.That is why it breaks my heart, that game–not because in New York they could win because Boston lost; in that, there is a rough justice, and a reminder to the Yankees of how slight and fragile are the circumstances that exalt one group of human beings over another. It breaks my heart because it was meant to, because it was meant to foster in me again the illusion that there was something abiding, some pattern and some impulse that could come together to make a reality that would resist the corrosion; and because, after it had fostered again that most hungered-for illusion, the game was meant to stop, and betray precisely what it promised.Of course, there are those who learn after the first few times. They grow out of sports. And there are others who were born with the wisdom to know that nothing lasts. These are the truly tough among us, the ones who can live without illusion, or without even the hope of illusion. I am not that grown-up or up-to-date. I am a simpler creature, tied to more primitive patterns and cycles. I need to think something lasts forever, and it might as well be that state of being that is a game; it might as well be that, in a green field, in the sun.From A Great and Glorious Game: Baseball Writings of A. BartlettGiamatti, © 1998 by A. Bartlett Giamatti.”.?

PeterJBFebruary 27th, 2010 at 8:18 am

@ blindman”news item.!. the stone girl who should be dancinghas gone missing, perhaps for a smoke break.please remain seated as she is expected to returnin a few minutes.”maybe, it’s the python?Ho hum

blindmanFebruary 27th, 2010 at 10:16 am

pjb,(the one and only.)thanks for making that connections are connecting.just a feeling but there seems tobe energy emerging in those previouslydormant locations, cells, whatnot!.thanks for making / noticing / seeing /foreseeing connections..wash, rinse, repeat…..

blindmanFebruary 27th, 2010 at 6:47 pm

and …is it that the python is the stone girl?same matter..or is it that the python ate the stone girlthereby accounting for her apparent absence?.or is just that the tail of the python hasbeen referred to as the “stone girl” , perhapsdue to shaking or some other suggestive motion,and the python, in eating it’s own tail hasbeen wrongly assaulted with the accusation ofeating the “stone girl”, which is actually justa portion of its ongoing self?.or is the dancing of the “stone girl”, in completestillness, most easily appreciated in the imageof a python eating itself?.?i know the answer, it is …..yes. i’m a good guesser.

blindmanFebruary 28th, 2010 at 12:15 am

and.. below, in complete stillness, the sound of a stone girl,dancing, or .. or ..or the voice of the python, digesting / feeding on it’s ownheart. impossible! but there it is.. of end the fed.this music clip appears at the end of the movie”the secret of oz” bill still..eva cassidy. “somewhere over the rainbow” what’s the story with the lights in the skyassociated with the recent earth quakes?. global resonance. systemic / solargalactic and beyond? dancing in complete stillnesshe said..

PeterJBFebruary 28th, 2010 at 2:17 am

For your reference:* Fascism: In the words of Benito Mussolini: “Fascism reasserts the rights of the State as expressing the real essence of the individual And if liberty is to he the attribute of living men and not of abstract dummies invented by individualistic liberalism, then Fascism stands for liberty, and for the only liberty worth having, the liberty of the State and of the individual within the State The Fascist conception of the State is all embracing; outside of it no human or spiritual values can exist, much less have value. Thus understood, Fascism, is totalitarian, and the Fascist State – a synthesis and a unit inclusive of all values – interprets, develops, and potentates the whole life of a people.”“When most people hear the word “fascism” they naturally think of its ugly racism and anti-Semitism as practiced by the totalitarian regimes of Mussolini and Hitler. But there was also an economic policy component of fascism, known in Europe during the 1920s and ’30s as “corporatism,” that was an essential ingredient of economic totalitarianism as practiced by Mussolini and Hitler. So- called corporatism was adopted in Italy and Germany during the 1930s and was held up as a “model” by quite a few intellectuals and policy makers in the United States and Europe. A version of economic fascism was in fact adopted in the United States in the 1930s and survives to this day. In the United States these policies were not called “fascism” but “planned capitalism.” The word fascism may no longer be politically acceptable, but its synonym “industrial policy” is as popular as ever.” Thomas J. DiLorenzo hum 28th, 2010 at 4:40 am

the term “inverted totalitarianism” comes to mind.more global phenomena. slavery works, for some. the mindwith it’s infinite mutability can wrap up anythingand present it as almost any other thing. and anythingcan be inverted and, to most, appear as a new thing,unrecognizable. slavery is passe but decanted andastronomic debt servitude can be sold as opportunity and freedom… ( excerpt from lewis carroll, Chapter 7: A Mad Tea-Party ).“Suppose we change the subject,” the March Hare interrupted, yawning. “I’m getting tired of this. I vote the young lady tells us a story.”“I’m afraid I don’t know one,” said Alice, rather alarmed at the proposal.“Then the Dormouse shall!” they both cried. “Wake up, Dormouse!” And they pinched it on both sides at once.The Dormouse slowly opened its eyes. “I wasn’t asleep,” it said in a hoarse, feeble voice, “I heard every word you fellows were saying.”“Tell us a story!” said the March Hare.“Yes, please do!” pleaded Alice.“And be quick about it,” added the Hatter, “or you’ll be asleep again before it’s done.”“Once upon a time there were three little sisters,” the Dormouse began in a great hurry; “and their names were Elsie, Lacie, and Tillie; and they lived at the bottom of a well——”“What did they live on?” said Alice, who always took a great interest in questions of eating and drinking.“They lived on treacle,” said the Dormouse, after thinking a minute or two.“They couldn’t have done that, you know,” Alice gently remarked. “They’d have been ill.”“So they were,” said the Dormouse; “very ill.”Alice tried to fancy to herself what such an extraordinary way of living would be like, but it puzzled her too much: so she went on: “But why did they live at the bottom of a well?”“Take some more tea,” the March Hare said to Alice, very earnestly.“I’ve had nothing yet,” Alice replied in an offended tone: “so I ca’n’t take more.”“You mean you ca’n’t take less,” said the Hatter: “it’s very easy to take more than nothing.”“Nobody asked your opinion,” said Alice.“Who’s making personal remarks now?” the Hatter asked triumphantly.Alice did not quite know what to say to this: so she helped herself to some tea and bread-and-butter, and then turned to the Dormouse, and repeated her question. “Why did they live at the bottom of a well?”The Dormouse again took a minute or two to think about it, and then said, “It was a treacle-well.”“There’s no such thing!” Alice was beginning very angrily, but the Hatter and the March Hare went “Sh! Sh!” and the Dormouse sulkily remarked, “If you ca’n’t be civil, you’d better finish the story for yourself.”“No, please go on!” Alice said very humbly. “I wo’n’t interrupt you again. I dare say there may be one.”“One, indeed!” said the Dormouse indignantly. However, he consented to go on. “And so these three little sisters—they were learning to draw, you know——”“What did they draw?” said Alice, quite forgetting her promise.“Treacle,” said the Dormouse, without considering at all, this time.“I want a clean cup,” interrupted the Hatter: “let’s all move one place on.”.. on Monday, January 25, 2010 by TruthDig.comDemocracy in America Is a Useful Fictionby Chris HedgesCorporate forces, long before the Supreme Court’s decision in Citizens United v. Federal Election Commission, carried out a coup d’état in slow motion. The coup is over. We lost. The ruling is one more judicial effort to streamline mechanisms for corporate control. It exposes the myth of a functioning democracy and the triumph of corporate power. But it does not significantly alter the political landscape. The corporate state is firmly cemented in place.The fiction of democracy remains useful, not only for corporations, but for our bankrupt liberal class. If the fiction is seriously challenged, liberals will be forced to consider actual resistance, which will be neither pleasant nor easy. As long as a democratic facade exists, liberals can engage in an empty moral posturing that requires little sacrifice or commitment. They can be the self-appointed scolds of the Democratic Party, acting as if they are part of the debate and feel vindicated by their cries of protest.Much of the outrage expressed about the court’s ruling is the outrage of those who prefer this choreographed charade. As long as the charade is played, they do not have to consider how to combat what the political philosopher Sheldon Wolin calls our system of “inverted totalitarianism.”Inverted totalitarianism represents “the political coming of age of corporate power and the political demobilization of the citizenry,” Wolin writes in “Democracy Incorporated.” Inverted totalitarianism differs from classical forms of totalitarianism, which revolve around a demagogue or charismatic leader, and finds its expression in the anonymity of the corporate state. The corporate forces behind inverted totalitarianism do not, as classical totalitarian movements do, boast of replacing decaying structures with a new, revolutionary structure. They purport to honor electoral politics, freedom and the Constitution. But they so corrupt and manipulate the levers of power as to make democracy impossible.Inverted totalitarianism is not conceptualized as an ideology or objectified in public policy. It is furthered by “power-holders and citizens who often seem unaware of the deeper consequences of their actions or inactions,” Wolin writes. But it is as dangerous as classical forms of totalitarianism. In a system of inverted totalitarianism, as this court ruling illustrates, it is not necessary to rewrite the Constitution, as fascist and communist regimes do. It is enough to exploit legitimate power by means of judicial and legislative interpretation. This exploitation ensures that huge corporate campaign contributions are protected speech under the First Amendment. It ensures that heavily financed and organized lobbying by large corporations is interpreted as an application of the people’s right to petition the government. The court again ratified the concept that corporations are persons, except in those cases where the “persons” agree to a “settlement.” Those within corporations who commit crimes can avoid going to prison by paying large sums of money to the government while, according to this twisted judicial reasoning, not “admitting any wrongdoing.” There is a word for this. It is called corruption.”…

PeterJBFebruary 28th, 2010 at 7:44 am

“What is remarkably left out of account is that today’s financial crisis centered on public debts is largely fiscal crisis. It is caused by replacing progressive taxation with regressive taxes, and above all by untaxing finance and real estate.”Aayaaah… there any end to the bulls&%t du jour?As a very wise (economist/Hayek disciple) man (read: seer, er, perhaps) once emailed me: “nobody really knows what tomorrow will bring (I paraphrase)”… Is this not a vital clue er, insight????Ho hum… it is time to become an Heretic!

PeterJBFebruary 28th, 2010 at 7:55 am

Just to add to the perplexity of it all with some basic stuff:In ConclusionThe current crisis is not merely a failure of the US housing bubble, that is but a symptom of a much wider and far-reaching problem. The nations of the world are mired in exorbitant debt loads, as the sovereign debt crisis spreads across the globe, entire economies will crumble, and currencies will collapse while the banks consolidate and grow. The result will be to properly implement and construct the apparatus of a global government structure. A central facet of this is the formation of a global central bank and a global currency.The people of the world have been lulled into a false sense of security and complacency, living under the illusion of an economic recovery. The fact remains: it is only an illusion, and eventually, it will come tumbling down. The people have been conned into handing their governments over to the banks, and the banks have been looting and pillaging the treasuries and wealth of nations, and all the while, and making the people pay for it.There never was a story of more woe, than that of human kind, and their monied foe.Truly, the people of the world do need a new world order, but not one determined and constructed by and for those who have created the past failed world orders. It must be a world order directed and determined by the people of the world, not the powerful. But to do this, the people must take back the power.The way to achieving a stable economy is along the path of peace. War and economic crises play off of one another, and are systematically linked. Imperialism is the driver of this system, and behind it, the banking establishment as the financier.Peace is the only way forward, in both political and economic realms. Peace is the pre-requisite for social sustainability and for a truly great civilization.The people of the world must pursue and work for peace and justice on a global scale: economically, politically, socially, scientifically, artistically, and personally. It’s asking a lot, but it’s our only option. We need to have ‘hope’, a word often strewn around with little intent to the point where it has come to represent failed expectations. We need hope in ourselves, in our ability to throw off the shackles that bind us and in our diversity and creativity construct a new world that will benefit all.No one knows what this world would look like, or how exactly to get there, least of all myself. What we do know is what it doesn’t look like, and what road to steer clear of. The time has come to retake our rightful place as the commanders of our own lives. It must be freedom for all, or freedom for none. This is our world, and we have been given the gift of the human mind and critical thought, which no other living being can rightfully boast; what a shame it would be to waste it. hum – really! What else can be said?Answer: “know thyself” which translated means ‘question everything’ and ‘believe nothing’ which, in turn, means, become a HERETIC!

teach to fallFebruary 28th, 2010 at 4:49 pm

The Media Response to the Growing Influence of the 9/11 Truth Movement.Part II: A Survey of Attitude Change in 2009-2010by Elizabeth WoodworthGlobal Research, February 15, 2010AbstractIn the past year, in response to emerging independent science on the 9/11 attacks, nine corporate, seven public, and two independent media outlets aired analytic programs investigating the official account.Increasingly, the issue is treated as a scientific controversy worthy of debate, rather than as a “conspiracy theory” ignoring science and common sense.This essay presents these media analyses in the form of 18 case studies.Eight countries – Britain, Canada, Denmark, France, the Netherlands, New Zealand, Norway and Russia – have allowed their publicly-owned broadcasting stations to air the full spectrum of evidence challenging the truth of the official account of 9/11.This more open approach taken in the international media – I could also have included the Japanese media – might be a sign that worldwide public and corporate media organizations are positioning themselves, and preparing their audiences, for a possible revelation of the truth of the claim that forces within the US government were complicit in the attacks – a revelation that would call into question the publicly given rationale for the military operations in Iraq, Afghanistan, and Pakistan.The evidence now being explored in the international media may pave the way for the US media to take an in-depth look at the implications of what is now known about 9/11, and to re-examine the country’s foreign and domestic policies in the light of this knowledge.I. IntroductionUntil 2009, doubts about the official 9/11 story were briefly entertained by the mainstream media on each anniversary of the event, allowing the independent research community only a fleeting moment once a year to publicly voice its findings.But after crucial scientific evidence emerged in April 2009 to challenge the official story of how the towers fell, a spate of European media reports followed. The news coverage of this evidence seems to have opened the door to more serious reflection on all aspects of the 9/11 issue in the major media.The first paper in my series, “The Media Response to 9/11,” dealt with the New Statesman’s grudging recognition of Dr. David Ray Griffin, the world’s “top truther” (as it dubbed him), placing him number 41 among “The 50 People Who Matter Today.”1 Since this admission in September 2009, the issue has gathered increasing momentum.The collective content issuing from this new momentum is presented here in the hope that it will embolden other major media to take up the pivotal controversy concerning 9/11, and pursuing the truth wherever it may lead.'[ X ]’.IV. Summary and Concluding Observations1. In the past year, in response to emerging independent science on the 9/11 attacks, nine corporate, seven public, and two independent media outlets aired examinations of the issue, which were all – with the exception of the National Geographic special – reasonably objective, examining the issue as a legitimate scientific controversy worthy of debate (not as “conspiracy theorists” vs. science and common sense).2. Eight countries – Britain, Canada, Denmark, France, the Netherlands, New Zealand, Norway, and Russia – have allowed their publicly-owned broadcasting stations to air the full spectrum of evidence challenging the truth of the official account of 9/11.3. These developments may reflect a relaxation in the international media following the change in the US and British leaderships.4. These developments definitely reflect, in any case, the fact that scientists in the 9/11 Truth Movement have recently succeeded in getting papers, such as the nano-thermite paper, published in peer-reviewed journals.5. These developments surely also reflect the general professionalism of the 9/11 Truth Movement, as exemplified by the emergence of not only Architects and Engineers for 9/11 Truth but also Firefighters, Intelligence Officers, Lawyers, Medical Professionals, Pilots, Political Leaders, Religious Leaders, Scholars, and Veterans for 9/11 Truth.6. These developments seem to reflect, moreover, an increased recognition of the importance of the 9/11 Truth Movement, which is demonstrated by two honors given to its most influential member, Dr. David Ray Griffin, that would have been unthinkable only a few years ago: the choice by Publishers Weekly of one of his books as a “Pick of the Week,” and his inclusion in the New Statesman’s list of the most important people in the world today.This more open approach taken in the international media – I could also have included the Japanese media – might be a sign that worldwide public and corporate media organizations are positioning themselves, and preparing their audiences, for a possible revelation of the truth of the claim that forces within the US government were complicit in the attacks – a revelation that would call into question the publicly given rationale for the military operations in Iraq, Afghanistan, and Pakistan.The evidence now being explored in the international media may pave the way for the US media to take an in-depth look at the implications of what is now known about 9/11, and to re-examine the country’s foreign and domestic policies in the light of this knowledge.

PeterJBFebruary 28th, 2010 at 7:03 pm

“The evidence now being explored in the international media may pave the way for the US media to take an in-depth look at the implications of what is now known about 9/11, and to re-examine the country’s foreign and domestic policies in the light of this knowledge.”@ teach to fallIndeed, as I have posted previously both here and elsewhere, the Constitutional Republic that was once the United States of America, will not reassert itself until the events, the Causes and the culprits are brought to public knowledge and founded transparently accountable. This day will be the re-birth of freedom and the pursuit of happiness for all men and,will mark the beginning of a new Era, an Epoch of great advancement and the beginning of the colonization of the Galaxy. The time of heretical attitudes and pioneering courage er, Man.Time to get on with it and forget the squeals and snarling of those few dark ignorant tormented and demented souls that wish to impose their misery and superstitious mindless ideologies on the free and live.Ho hum

PeterJBMarch 1st, 2010 at 1:24 am

It will come; the day of reckoning always comes.It is far preferable that we confront all issues, but this takes a certain amount of courage, something that there is a great lack, in “leadership”.By confronting issues we dissipate them while learning and moving forward. It’s an intellectual thing…Ho hum

PeterJBMarch 1st, 2010 at 3:55 pm

News from home (UK):”In Alexander County, the sheriff’s patrol cars have been repossessed; three-quarters of his officers are laid off; the local prison has refused to take county inmates until debts are paid.” hum

PeterJBMarch 1st, 2010 at 4:12 pm

The bottom-line:The innate and essential function of humanity and therefore human-beings, is pioneering, enquiry (lifting of the veils of Isis), exploration and the pursuit of happiness under the guise of “freedom”.Human beings are not builders of civilizations; at that we will always fail, a priori, and by design, and therefore default.How magnificent are we? er, as pioneers and adventurers.How stupid and ignorant are we? er, in the pretence of civilization.Our acceleration today in technological advancement and its development cannot be defined in any other way but “explosive”. Surely, this is the trend that will set the future!The core essence of humanity defined:1. The enquiry or IOW the pursuit of physics or the understanding of all that there is as it passes through all that does and will exist.2. the Comprehension of human behaviours both individual and collective.3. The pursuit of self in courage and compassion.Nothing else is important. Freedom is the end and comes after the event while happiness is obtainable, er, fleetingly. The pursuit is the game plan, by design.Ho hum

blindmanMarch 1st, 2010 at 8:24 pm

“I have two great enemies, the Southern Army in front of me and the Bankers in the rear. Of the two, the one at the rear is my greatest foe.”– President Abraham Lincoln.”If that mischievous financial policy, which had its origin in the North American Republic during the late war in that country, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off its debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe.”–The London Times, 1862.* “Awakening Global Consciousness”* “Logos of Dao”* “Dialogue: the Key to Global Ethics”* “The Quest for the Primal Word”* “The Historic Event of Logos: The Awakening”((Abstracts))* “Logos: The Ultimate Source of Law”* “The Missing Universal Logic, The Emerging New Science”* “Awakening Global Awareness”* “New Logic, New Science””The awakening of primal knowledge involves nothing less than the awakening of our being and participation in true Knowledge.”((Awakening Mind))Main Page”The Awakening of Primal Knowledge”by Dr. Ashok K. Gangadean…”There must be something in the knower akin to what is known.”……. Wilkes Booth, the assassin, shot the 16th president with a muzzle-loading derringer pistol. The bullet — apparently a .41-caliber slug fired from the .44-caliber weapon — pierced the lower rear part of the skull, called the occipital bone, and traveled roughly straight forward…… [ composition ] / [ decomposition ] = ?It tore a path through the left side of the brain, including through the fluid-filled lateral ventricle. But it did not hit the brainstem, which controls such essential functions as breathing, did not cross the midline, and stopped before entering the frontal lobes, the seat of reason and emotional out the crowded brain on the right and adam all by hislonesome, to the left. ?

blindmanMarch 1st, 2010 at 9:53 pm

“There must be something in the knower akin to what is known.”.”akin” ?, “identical” is the correct meaning if notthe correct word.

PeterJBMarch 2nd, 2010 at 4:54 am

Mais oui: basic physics”There must be something in the knower akin to what is known.”@ blindmanA Cause can only act upon that which contains the same essentials as the originating Cause, and no other.Hence male interacts with female as female contains male and as male contains female; essences. Refer Caduceus.Ho hum

PeterJBMarch 2nd, 2010 at 4:07 pm

Integrity and Food for Thought:”Can any reasonable man be well disposed toward a government which makes war and carnage the only means of supporting itself?” — Alexander Hamilton (1757-1804) Source: at the US Constitutional ConventionHo hum

PeterJBMarch 2nd, 2010 at 4:54 pm

Supporting the firm knowledge that “economics” as it is worshipped, practised (read: imposed) and ritualized as a “religion” defined as a faith-based collective noun, made up of pseudo intellectuals and fanatically crazed true-believing sword wielding priests and led by a Pope and his entourage of Cardinals:From Mises Daily ; Some Thoughts on Supply-side Economicsby Richard M. Ebeling on March 2, 2010[Libertarian Forum, 1980]Joseph Schumpeter compared Keynes’s proposals with the types of economic policies pursued by France’s Louis XV, which led to the bloodshed of the French Revolution.[1] Friedrich Hayek angrily insisted that Keynes was asking us to abandon 200 years of economic theory and return to the crude and naive idea that somehow the more money you create the wealthier you become.[2]And Kenneth Boulding declared that -Mr. Keynes’ economics of surprise, like Hitler’s, may be admirable in producing spectacular immediate success. But we need Puritan economists like Dr. Hayek to point out the future penalties of spendthrift pleasures and to dangle us over the hellfire of the long run.[3]Yet, by 1946, only ten years after the appearance of The General Theory, all that had changed. Keynesian economics had swept the field and those who refused to accept the new vision were considered as out of date and antiquated as those who still believed that the sun revolved around the earth.Paul Samuelson could prayerfully give thanks that Keynesian system had given economists, “a Gospel, a Scripture, a Prophet.”[4] And Gottfried Haberler, who had once been one of Ludwig von Mises’s most promising students in the 1920s and early 1930s, could insist that, “Only a dullard or a narrow minded fanatic could fail to be moved to admiration by Keynes’ genius.”[5]My emphasis (-)Keywords: “a Gospel, a Scripture, a Prophet.”Ho hum

blindmanMarch 2nd, 2010 at 6:50 pm

“The Quest for the Primal Word”by Dr. Ashok K. Gangadean.……”Fortunately, the unitive power of Logos is greater than the divisiveness of egocentric cultures, and its presiding presence continues in all discourse. The Logos is filled with what we might call alterity, an infinite capacity for generating alternatives, differences, pluralities. Diverse narratives of Logos are alter–expressions of one and the same Word. It doesn’t matter that humans have not yet agreed on a shared name for Logos, for the Infinite Word is ever–present.Alterity, the differential power of infinite Unity, reveals that Otherness is a feature of Logos; the ultimate nature of language is dialogical, a discourse between self and other. The alterity structure of signs, reminiscent of the Buddhist Logos of co–arising, is the dynamic principle of dialogue. Alterity is the original force of Logos, wherein all diversity arises in Unity and Unity expresses itself in diversity. The world may be seen as a dialogical script unfolding, as the play of Language.There is no contradiction in realizing that Logos is expressed in Yahweh, Aum, Tao, Sunyata, Brahman, Christ. . . . The dialogue of Logos can accommodate multiple grammatical expressions. Realization of this truth is of the utmost importance for the evolution and survival of humanity. In spite of cultural, ethnic, religious and ideological diversity, we are participants in a common dialogical origin: we are different expressions of the same Word.The ultimate Law for human life is the global ethic of dialogical love. The Law of Logos is the universal principle of Love, to love one’s other as one’s self, since at this deepest level our Other is already found in the heart of our being. The Unity of Logos grounds the expressions of ethics as compassion, as directives of right conduct towards self and other. The authentic experience of Logos calls for the deepest transformation in our lives. To mind Logos authentically, to follow the Law, to enter into the vital power of Language requires us to overcome the divisive, violent ways of ego–centric discourse and rise to the compassionate, dialogical ethics of Logos. This is the essence of being human.”.comment: well said..

Little SaverMarch 3rd, 2010 at 1:35 am

Geithner, Summers Lead FOMC Vacancy SearchBy Barry Ritholtz – March 2nd, 2010>Oh, goody, the status quo duo are leading the search for not one but three FOMC governors.These two are notable not only for their devotion to The Street, but for their acute lack of judgment in most matters financial. They are the reason Obama is quite possibly going to be a one term President.If I had to sum up the likelihood of how their as of yet unknown selections will perform, we can guesstimate it as soft on inflation, aggressive on unemployment. The Street will love the “Good for stocks, bad for America” vacancy choices.<Too bad for us, still trying to make a living in Main Street

PeterJBMarch 3rd, 2010 at 2:48 am

Of note: by: Satyajit Das”Politicians and regulators globally are currently busy drafting laws to regulate derivatives. A common theme underlying the activity is an absence of knowledge of the true operation of the industry and the matters that need to be addressed.”As Goethe observed: “There is nothing more frightening than ignorance in action.” (read: “leadership”. My emphasis.@ blindman”… and rise to the compassionate, dialogical ethics of Logos. This is the essence of being human.”Are you aware that over 80% of human behaviour is predictable? Even so more, by those who believe that they are in control? What does this tell us? Where there are two alternatives:1. The Individual – a Proper Nounand,2. The collective – a collective noun.My guess is that very few think, that is to say, they just talk! This leads me to the hypothesis then, that the essence of the human being is indeed extremely rare!Ho hum

GuestMarch 3rd, 2010 at 7:50 am

pjb,technology, culture, demand protection and predictabilityfrom the guardians. majority. and accountability..we have technology to protect our technology. and thisis to make man safe in his balanced state, but time “passes”imbalance “appears” and man in search of balance arises, creatinga new technology or exploiting an old one and on the curve oftechnology and man, man has traded his nature for his comfortand a state of kept balance and specialization to neurologicexhaustion. resource exhaustion? in service of infrastructure,crumbling..and the technology has needs beyond the energies ofhuman beings being human or otherwise persons or life forms.and when these can’t be met and functionality does notoccur persons are liberated from their duties as guardiansof the technology that protects and keeps the human beingin his “person”, legal, hood. a chink in the armor of materialism..rare, yes! but also available to everyone! odd. changealways comes! people have always needed those who have valuesand can see where our ways fly in the face of the heirarchyof values while energy is expended to create true sustainable as part of the universe “should” be as predictable as theuniverse, with perhaps a slight unpredictable “warp”, to allowfor his enlightened liberation. no?.pardon the lack of composition and spontaneous nature ofthese comments / thoughtlets.

PeterJBMarch 3rd, 2010 at 12:36 pm

@ blindmancoherency comes from values in feedback”should” originates from imbalance (of charge)technology is a circumstantial expression which accelerates change, er, dynamicallyeconomics (alone) is the residue or flotsam of the holistic human expression”safe” is temporary: a refuge, a home , a house; rest”ignorance” fights wars”Man” fights ignoranceOh, how so right were those ancient seers… so right indeed: Man is analogically a Sun and a SonUniversal Principles! Yes: all and individual: all is available and where now, the heart of humanity says that it is time for change (again). This is predictable.The most skilled and experienced Chef is necessary to prepare that dish known as “Sweet & Sour” whatever, but fish, preferably.Ho hum

PeterJBMarch 3rd, 2010 at 4:35 pm

I dare posit here, an hypothesis in predictability of human behaviour particularly of “leadership”:The decision by “leadership” and its necessary support by its total collective of true-believers and faith-based fanatical ignoramuses is, and always has been, and always will be, an emotional decision and never, I repeat, never, an intellectual decision, a priori.I repeat for clarity” The decision for a Nation to go to War, is, has been and forever will be, an emotional decision which originates somewhere in the arena of the lower bowel and that which hangs off the male stomach.Such is not a deed of the God created Man, but that of a demented barbarian in the fits, furies, and froths of enjoyment of projected states of “extremis”. (No apologies to Carl Jung)For some of your applied thought:”The trade of governing has always been monopolized by the most ignorant and the most rascally individuals of mankind.” — Thomas Paine – (1737-1809)”Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one’s government is not necessarily to secure freedom.” — Fredrich August von Hayek (1899-1992), Nobel Laureate of Economic Sciences 1974=”Those in power need checks and restraints lest they come to identify the common good for their own tastes and desires, and their continuation in office as essential to the preservation of the nation.” — Justice William O. Douglas (1898-1980), U. S. Supreme Court Justice Source: We, The Judges, 1956Grasshopper: Where is the Man needed to save us Master?Heretic: When needed, he will appear at the last moment as men will learn to become.Keywords: become | will | emotion | war | fools | leadership |Ho humHo hum

PeterJBMarch 3rd, 2010 at 5:08 pm

Speaking of cancer; fungus, Universal Principles, stomachs, faecal matter, fools and “leadership”:“Basically, we are a walking bacterial colony,” said Professor Jeroen Raes, one of the researchers involved.”There is a huge diversity. We have about 100 times more microbial genes than human genes in the body. We also have 10 times more bacterial cells in our body than human cells,” he told BBC News. Most of the microbes present in our bodies live in the gut.”Ho hum