Gold Up But Dollar Up Too

“THE SPOT PRICE of physical gold bullion touched an 8-session high early in London on Wednesday, turning lower from $927.50 an ounce as world stock markets slipped following Wall Street’s shock 5% slump overnight.

Treasury-bond prices rose despite a record $21 billion auction of new 10-year notes due today, while crude oil slipped below $38 per barrel.

The Bank of England said in its latest quarterly Inflation Report that the UK economy is now in “a deep recession.”

Business confidence across the 16-nation Eurozone worsened for the 18-month running in Dec. according to the Ifo Institute in Munich, falling to the survey’s lowest reading since it began in 1993.

“We have to be cautious on gold short term,” says Phil Smith in his latest technical chart analysis for Reuters India.

“The near term signals are still bullish but are looking like they may turn. Overall still a bullish chart, but with near-term downside risk.”

From Adrian Ash

Comment:

GSax has been saying gold will be up above $1000 in 3 months. Considering that it’s around 900 plus and that over spring it often moves up, they didn’t need Nostradamus to come up with that. Not when they have their guys stashed in every corner of government.

Some people might still think a 15% upside is a good deal. But I think buying on the dips is a better idea. I’m still of the school of thought that the price may have to go way back…maybe even below 700…. before it resumes the next bull leg.

But that’s just my no-account opinion.

MindBody: The Yoga Of Inaction

                The Yoga of Inaction

                         i

I write in praise of non-doing, in a country full of doers and deeds doing.

Winter’s the best time to practice my yoga of inaction, America

Come, twist yourself into a lotus and hum the sacred mantra, zzzzz.

At least, you will be doing no harm.

                        ii

Out there in Washington, the doers are armed and dangerous with verbs of mass action:

They  tell us they will

lower…

raise…

save…

fix…

create…

fight….

bail-out….

pump up…

shut-down…

flood…

redeem…

destroy…..

 

And they won’t even rest on the seventh day.

 

                                 iii

 

In the grammar of our nation, the mood is imperative,

the voice active.

The tense is future.

(And our future is tense).

The American in me cheers.

Wrongs will be righted, the good fight will be fought.

The Indian in me sighs and longs for the passive.

He remembers the past. 

                                  iv

 

Rights can go wrong and good fights go bad, warns the devious old fakir in the corner.

Eli’s Comin’, hisses the 60’s child, shaking her long hair out of her eyes.

It’s Barack, I say, not Eli.

It’s all the same, she says.

The cards say….a broken heart…

                               v

Reality’s a rope trick.

You think you see a snake, it’s only an old rope.

Just long enough

and fat enough

to swing fools on the end of it.

                           vi

This is a time for hibernating, for dreaming vegetative dreams in the dark.

We’ve had too many revolutions, too many slogans

Time now for cryptic words, opaque silences.

For darkness and recession.

The cycle must fall.

 

Lila Rajiva

Copyright February, 2009

More Madoff: Bernie’s Web Of Deceit (Updated Feb 12, 2009)

I keep wanting to look up every other money laundering scheme I can think of (like BCCI), because that’s what the Madoff case reminds me of.

First there’s the unbelievable extent of the fraud –  all over the US and Europe as well as Asia.

Here is a chart showing the range of groups hit.

Here’s another, also from muckety.

And this is the Wall Street Journal’s list of Madoff clients.

Then there is its brazenness – it seems to have burgeoned right under the noses of regulators. In fact, the regulators seem to have been complicit in it, as this report by David Sirota seems to indicate: the SEC was stone-walling questions about their role at the Financial Services Committee Hearing last week (they invoked executive privilege).

Meanwhile, it turns out that Madoff’s wife withdrew $15 .5 million from a brokerage in Boston related to the main scheme, 10 million of  it on the day he ‘fessed up.

On Monday, Madoff agreed not to contest fraud charges in the civil suit brought against him by the SEC (there’s also a criminal suit) and prosecutors have agreed to a 30 day extension of the deadline for indictment (to March 13), raising the possibility that Madoff could escape a jury trial through a plea bargain.

Force X And The Roads Leading To 9-11

The more I read, the more I feel that it’s a big mistake to skirt 9-11 research on the grounds that its a whole area to itself and distracts from ongoing issues (Madoff, the bail-out, etc).

Of course, I’ve never bought the notion of some people on the left that talking “conspiracy” discredits or calls into question a journalist. On the contrary.

First, to accept the evidence of conspiratorial politics is not to become a full-fledged “conspiracist.”  It isn’t a step from 9-11 theory-making into believing in shape-shifting lizards.

(Although that’s what clever media manipulators would have you believe…and it’s what masses of readers are brainwashed into believing).

Second, anyone who fails to see that there’s rather clear evidence of the work of conspiratorial groups (what was Madoff’s scheme except a conspiracy?) is either brainwashed or part of government propaganda.

Today, reading and rereading the material surrounding 9-11, US drug trafficking, BCCI, money-laundering and the Nasdaq,  I’m more than ever sure that it’s a mistake to skirt 9-11, as I’ve been doing so far.

Here’s what Peter Dale Scott, a leading researcher on things related, has to say:

“My personal suggestion to 9/11 researchers is that they focus on the connections of the meta-group’s firm Far West, Ltd. – in particular those which lead to Khashoggi, Berezovskii, Halliburton and Dick Cheney, and Diligence, Joe Allbaugh, and Neil Bush….”

And:

“Once the local power of drug armies was enough in itself to neutralize the imposition of state authority. But today there are increasing signs that those at the highest level of the drug traffic will plot with the leaders of major states to ensure, or even to stage, violence that serves the power of the state and the industry alike.

Thanks to extensive research in Russia, we now have initial evidence of a second and even more significant proposition: There exists on the global level a drug meta-group, able to manipulate the resources of the drug traffic for its own political and business ends, without being at risk for actual trafficking. These ends include the creation of designed violence to serve the purposes of cabals in political power – most conspicuously in the case of the Yeltsin “family” in the Kremlin, but allegedly, according to Russian sources, also for those currently in power in the United States.

One piece of evidence for this consists in a meeting which took place in July 1999 in southern France near Nice, at the villa in Beaulieu of Adnan Khashoggi, once called “the richest man in the world.” Those at the meeting included a member of the Yeltsin cabal in the Kremlin and four representatives from the meta-group, with passports from Venezuela, Turkey, United Arab Emirates and Germany. Between them they allegedly enjoyed excellent relations with:

1) Ayman al-Zawahiri, the acknowledged mastermind of 9/11 and senior mentor to Osama bin Laden.

2) Soviet military intelligence.

3) the FARC, the Colombian revolutionary group that has become increasingly involved in the drug traffic.

4) the Kosovo Liberation Army, a similarly involved group.

5) (according to a well-informed Russian source) the CIA.

The third important proposition is that a meta-group of this scale does not just help government agencies make history. I hope to show that it, and its predecessors, are powerful enough to help make history themselves. However they do not do so overtly, but as a hidden Force X whose presence is not normally acknowledged in the polite discourse of academic political scientists. On the contrary, as we shall see, references to it are usually suppressed….”

More here in “The Global Drug Meta-Group: Drugs, Managed Violence, and the Russian 9-11,” Lobster Magazine. 10/29/05

Activism: The Boston Tea Party

[Note: The Boston Tea Party’s 2008-2010 program consists of the Campaign For Liberty’s four points, endorsed by US Rep. Ron Paul (R-TX) and presidential candidates Chuck Baldwin (Constitution Party), Cynthia McKinney (Green Party), Ralph Nader (Independent), Bob Barr (Libertarian Party) and Charles Jay, the Boston Tea Party’s 2008 presidential nominee.]

1. Foreign Policy: The Iraq War must end as quickly as possible with removal of all our soldiers from the region. We must initiate the return of our soldiers from around the world, including Korea, Japan, Europe and the entire Middle East. We must cease the war propaganda, threats of a blockade and plans for attacks on Iran, nor should we re-ignite the cold war with Russia over Georgia. We must be willing to talk to all countries and offer friendship and trade and travel to all who are willing. We must take off the table the threat of a nuclear first strike against all nations.

2. Privacy: We must protect the privacy and civil liberties of all persons under US jurisdiction. We must repeal or radically change the Patriot Act, the Military Commissions Act, and the FISA legislation. We must reject the notion and practice of torture, elimination of habeas corpus, secret tribunals, and secret prisons. We must deny immunity for corporations that spy willingly on the people for the benefit of the government. We must reject the unitary presidency, the illegal use of signing statements and excessive use of executive orders.

3. The National Debt: We believe that there should be no increase in the national debt. The burden of debt placed on the next generation is unjust and already threatening our economy and the value of our dollar. We must pay our bills as we go along and not unfairly place this burden on a future generation.

4. The Federal Reserve: We seek a thorough investigation, evaluation and audit of the Federal Reserve System and its cozy relationships with the banking, corporate, and other financial institutions. The arbitrary power to create money and credit out of thin air behind closed doors for the benefit of commercial interests must be ended. There should be no taxpayer bailouts of corporations and no corporate subsidies. Corporations should be aggressively prosecuted for their crimes and frauds.

More  at The Boston Tea Party

Publishing Perils: Send In The Clowns

 In an earlier post, I mentioned the perils of being an independent reporter. With no big-name organization to back you up or fight your battles for you, falling afoul of powerful people, even without intending to, can lead you into a professional – and personal quagmire. Here’s the story of one of the most chilling vendettas against an independent journalist too curious for her own good:

“The life of a freelance writer can inspire paranoia even at the best of times. Story assignments inexplicably fall through, editors change
their minds. But the surreal campaign of dirty tricks endlessly played on Jan Pottker by Ringling Bros. chief Ken Feld and his minions would
be enough to persuade even the most stoic freelancer that their career path was being plotted by Franz Kafka.

The excruciating details of Pottker’s travails are annotated in almost 10,000 pages of pretrial complaints, motions, affidavits and
depositions filed in the bowels of Superior Court for the District of Columbia. The evidence gathered so far evokes other unfortunate
milestones in the annals of corporate espionage, going back to General Motors’ infamous campaign against the young activist Ralph Nader 40
years ago through the mysterious death of Karen Silkwood on an dark Oklahoma highway in 1974.

Pottker’s personal tormentor was an obscure, innocuous-looking,36-year-old freelance writer and sometime publisher with uncommonly
close ties to high-ranking former officials of the CIA. His name was Robert Eringer….”

 More at “Send In the Clowns,” Jeff Stein,  Salon, August 31, 2001 

Comment:

I have ambiguous feelings about this. On the one hand, I empathize with Pottker, obviously.  On the other hand, reporters also have to draw a line – which they don’t any more – between investigative work essential to a story that has public value (i.e., there has to be a “public interest” element strong enough to justify the disclosures) and “dishing the dirt” about people who have lots of money or are famous but whose activities really have no strong bearing on public policy or the citizenry. That is, reporters have to be able to tell the difference between acting like a responsible Fourth Estate and simply being a nasty purveyor of  other people’s dirty laundry. After all, if the private lives of everyone in the public eye is fair game, why shouldn’t the private lives of journalists be, as well? And where’s the end to that?

Here’s an example: Bill Clinton’s affair with Monica Lewinsky, in so far as it was conducted on the White House premises and might have made him vulnerable to blackmail, was within bounds (although the manner in which it was covered showed pretty bad judgment and taste, in my opinion).  However, retailing gossip about Ms. Clinton or Chelsea strike me as being off-limits. Pottker’s case makes the cut, but I have to wonder why she needed to have brought in the family’s sexual secrets into it.

Everyone needs a portion of their souls left to themselves, even criminals..

In my opinion, one of the reasons journalists get tempted by this stuff is their inability to make “big picture” sense of the stories they cover. Rather than connect the dots economically, or historically, or culturally, or intellectually, so much easier to splash on the prurient detail,  with the comforting assurance that nobody ever went broke underestimating the taste of the public…..

Madoff Agrees to Partial Settlement with SEC

“Bernard Madoff and the Securities and Exchange Commission have agreed to a partial settlement of civil suit accusing Madoff of defrauding investors.

According to an SEC press release, Madoff consented to a partial judgment without admitting or denying the civil charges against him. Although the amount in civil penalties that Madoff would have to pay has not yet been determined, the judgment states that the allegations against him have been established and cannot be contested at a later point….”

– report by Laurie Bennett, Feb. 9, 2009

More at Muckety.com

Global Games: GM Crops Post Severe Risks In Poorer Countries

 Countering the misleading spin put out by agribusinesses, an interview with a leading activist against genetically modified food:

“Q: What are the health risks posed by genetically engineered (GE) foods?

A: GMOs are linked to toxic and allergic reactions in people, the deaths of thousands of sick, sterile livestock, and damage to virtually every organ studied in lab animals. Soy allergies skyrocketed by 50 per cent in the UK soon after GM soy was introduced. A human subject showed a skin prick allergic-type reaction to GM soy, but not to natural soy.

In the 1980s, a contaminated brand of food supplement called L-tryptophan killed about 100 Americans and caused sickness and disability in another 5,000 to 10,000 people. The source of contaminants was almost certainly the genetic engineering process used in its production. The disease took years to find and was almost overlooked. It was only identified because the symptoms were unique, acute, and fast-acting. If all three characteristics were not in place, the deadly supplement might never have been identified or removed.

If GM foods on the market are causing common diseases or if their effects appear only after long-term exposure, we may not be able to identify the source of the problem for decades, if at all.

Q: Has there been a perceptible impact of GE crops on India’s farming community?

A: Hundreds or thousands of Indian farm workers who pick Bt cotton by hand are developing allergic-type reactions. The cotton is engineered with a gene from a soil bacterium called Bt (bacillus thuringiensis), which produces a natural insecticide. The reason it is in our crops is that the industry and government say the Bt toxin is completely safe for humans. In its natural state, it’s used in organic agriculture and forestry. They, therefore, claim that Bt toxin has a history of safe use, and doesn’t even interact with mammals; that it’s destroyed in the digestive tract.

But this assumption ignores the evidence. About 500 people in the US and Canada developed allergic-type reactions when they were sprayed with natural Bt discharged from airplanes. When they fed natural Bt to mice, the mice developed a powerful immune response and damaged intestines. But the Bt engineered into crops is thousands of times more concentrated than the natural form and is designed to be more toxic.

When I reviewed the symptoms from the Indian cotton workers, they turned out to be the same symptoms that were described by the 500 people in North America who were sprayed with Bt. The Indian Bt cotton farmers allow sheep to graze on the cotton plants after harvest. According to several shepherds, within five to seven days, one out of every four sheep dies. Thousands of sheep have died in the Andhra Pradesh region, and more will be added to those numbers the next year. There are also widespread reports of disease and death among buffalo, who either grazed on the Bt cotton plants or consumed Bt cottonseed or oil cakes.

When I visited Andhra Pradesh, I spoke to a group of women and asked if any of them experienced any reaction to BT cotton crop. After some hesitation, two women stood up and one of them revealed that she suffered from itching. I was also told that women cotton workers are embarrassed to discuss the details of their symptoms, so they don’t come forward.

Q. A chapter in your book says that the risks posed by GE crops/GM foods are greater for women and children.

A: Pregnant women should most definitely avoid GMOs. A Russian study found that more than half of the babies from mother rats fed GM soy died within three weeks, compared to only a 10 per cent death rate for babies whose mothers ate non-GM soy. The offspring from the GM group were also smaller and could not conceive.

Q. In your opinion, does India really require GM foods?

A: The US spends three to five billion dollars per year to subsidise the GM crops that no one else wants. They are trying to force other countries to take GMOs to solve their own problems. The US department of Agriculture confirms that GMOs do not increase yields or farmer income, and in many cases reduce both.

In developing countries, GM crops are clearly disadvantageous. A study by the International Assessment of Agricultural Science and Technology for Development (IAASTD) concluded that GMOs are not appropriate, and that industrial farming practices in general force small farmers and landless peasants off the land. Analysis of Bt cotton in India consistently reveals that it provides far less income compared to farmers growing organic or NPM (non-pesticidal management) cotton. But these more appropriate and healthy systems don’t have corporate champions to promote them.

Q. What would be the best strategy to regulate the introduction of GM food?
A: The best regulation would be to demand a ban of current GM crops and all outdoor field trials. Then India can invest in proper independent studies, which I am sure will confirm our conclusions that the current generation of GM crops is unsafe for humans, animals, and the environment.

From an interview with Professor Jeffrey Smith, author of “Seeds of Deception.”

Here is a link to a piece I did a while back for Counterpunch, on the scientific evidence about the risks of genetic modification:  “Of Mice, Men and GM Peas.”

And here is a piece on the impact of globalization on local communities in India,  “The Globalized Village” (the piece was edited atrociously).

In “Mobs, Messiahs, and Markets” (Bonner & Rajiva, 2007),  I have this to say:

“Leading Columbia U. economist, Dr. Jagdish Bhagwati, thinks the agreements on safety in agricultural trade contained in what’s called the Uruguay round of the General Agreement on Trade and Tariffs (GATT) must be grounded in scientific evidence. In his book, In Defense of Globalization, he gives the example of the European Union initiative to ban the sale of hormone fed beef. Since the EU couldn’t muster enough scientific proof for the ban, the World Trade Organization was bound to find the EU in violation of WTO rules.

Dr. Bhagwati objects to the EU’s moratorium on the sale of Genetically Modified seeds and foods for the same reason. There simply isn’t enough scientific evidence to warrant it, he claims. The anti-globalization crew, on the other hand, thinks that scientific proof is not essential. They think the principle of precaution should be enough, while Dr. Bhagwati sides with “respectable scientists,” who consider the ban fear-mongering.1

One can only be pleased to be on the opposite side of respectable science. One vastly prefers disrespectful, unrespectable science – the kind of science that blows wind up the skirts of pompous blowhards. Respectable scientists are consensus mongers, organization men……only with higher IQs. The tools with which they arrive at proofs sufficient to pass peer review are so fine we fear we can hardly see them. And, like the mills of god, they grind exceeding slow. It might take them 20 years to definitely prove that genetically modified beef plays Chinese checkers with your immune system. When the worst case scenario is as awful as an international plague, then the reasonable position actually becomes the most unreasonable. The unexpected, low risk event may be just what should occupy center stage in people’s consciousness.

This doesn’t mean one is in favor of government regulation of food. We are neither prescribing policy nor proscribing it…. we are merely grumbling that we liked the old genetically unmodified world better. We have no desire to eat strawberries armed against frostbite with herring genes or cauliflower with an IQ higher than ours.

We would like the state to stop telling us what to do…whether it is in airports, in our schools, or in our bedrooms…but we dig in our heels equally at efforts by global corporations to improve our water or our vittles at the expense of our health and with subsidies from our tax dollars…..”

“Playing the Global Trade Game,” Endervidualism, February 2007, copyright Lila Rajiva (reused in the book).

Media-Trix: Publishing Perils

At the head of developments that threaten freedom of speech is the stranglehold that media conglomerates exert on publishing.

True, the Internet has prevented media giants from entirely dominating the landscape. But the Internet environment itself isn’t free from the perils of the big boyz,  from Google to Amazon.

Here are some of the ways writers get ripped off:

1. Editors sit on timely manuscripts until their timeliness is undermined. Then they pass on the author’s original insights or work to other writers in their stable, or undercut them for politically or economically expedient reasons. End result, they steal credit from the writer who deserves it.

2. Editors cut manuscript for political reasons and then claim they did it for editorial reasons, so you can’t argue with them.

3. Editors subject manuscripts to unauthorized and substantial changes and then when you have to spend time to get the writing back into its original form, they try to bill you for the cost overrun.

4. Publishers not only don’t promote their authors, they can be involved in efforts to sabotage them, if they think their other book deals might warrant it.

5. Publishers call up radio/TV stations and present misleading information on copyright and contractual issues so as to derail the author’s credibility and ability to promote his/her work.  They do this fully aware that the average author cannot easily prove what’s happening in court.

6. Publishers routinely hide or misrepresent sales to defraud authors of royalties.

7. Publishers collude with other writers in their stable to defraud authors.

8. Publishers pay net profits to authors – giving them something like 5-10 cents on each dollar made….or less. But when it comes to liability, all of it is on the author, even though authors rarely if ever carry media coverage and though all publishers carry it.

9. Publishers routinely ruin books by second-rate production and promotion and then try to stick authors with the bill for corrections or returns.

10. Publishers no longer vet manuscripts with lawyers or even check them in any serious way. They don’t even do it at the author’s request, even though the authors might be forced to make multimillion dollar payments in liability settlements (and could even pay big bucks for frivolous law suits).

(more to come)