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10/04/2009

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alex

Saudi Central Banker Denies Report of Replacing US Dollar as Oil Currency – CNBC
http://cnbc.com//id/33185885


OVERNIGHT STORY:
The demise of the dollar – The Independent

In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."
This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.
The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.
Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.
China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq – blocked by the US until this year – and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.
Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.
Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America's trading partners have been left to cope with the impact of Washington's control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.
The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar."
Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.
The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.
"These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."
Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq

kon

中川さん死にましたね。。

willniblets

http://globalresearch.ca/index.php?context=va&aid=15531

“A year ago,” said law professor Ross Buckley on Australia’s ABC News on September 22, “nobody wanted to know the International Monetary Fund. Now it’s the organiser for the international stimulus package which has been sold as a stimulus package for poor countries.”

The IMF may have catapulted to a more exalted status than that. According to Jim Rickards, director of market intelligence for scientific consulting firm Omnis, the unannounced purpose of the G20 Summit in Pittsburgh on September 24 was that “the IMF is being anointed as the global central bank.” Rickards said in a CNBC interview on September 25 that the plan is for the IMF to issue a global reserve currency that can replace the dollar.

“They’ve issued debt for the first time in history,” said Rickards. “They’re issuing SDRs. The last SDRs came out around 1980 or ’81, $30 billion. Now they’re issuing $300 billion. When I say issuing, it’s printing money; there’s nothing behind these SDRs.”

SDRs, or Special Drawing Rights, are a synthetic currency originally created by the IMF to replace gold and silver in large international transactions. But they have been little used until now. Why does the world suddenly need a new global fiat currency and global central bank? Rickards says it because of “Triffin’s Dilemma,” a problem first noted by economist Robert Triffin in the 1960s. When the world went off the gold standard, a reserve currency had to be provided by some large-currency country to service global trade. But leaving its currency out there for international purposes meant that the country would have to continually buy more than it sold, running large deficits until it eventually went broke. The U.S. has fueled the world economy for the last 50 years, but now it is going broke. The U.S. can settle its debts and get its own house in order, but that would cause world trade to contract. A substitute global reserve currency is needed to fuel the global economy while the U.S. solves its debt problems, and that new currency is to be the IMF’s SDRs.

That’s the solution to Triffin’s dilemma, says Rickards, but it leaves the U.S. in a vulnerable position. If we face a war or other global catastrophe, we no longer have the privilege of printing money. We will have to borrow the global reserve currency like everyone else, putting us at the mercy of global lenders.

To avoid that, the Federal Reserve has hinted that it is prepared to raise interest rates, even though that would further squeeze the real economy. Rickards pointed to an oped piece by Fed governor Kevin Warsh, published in The Wall Street Journal on the same day the G20 met. Warsh said the Fed would need to raise interest rates if asset prices rose – which Rickards interpreted to mean gold, the traditional go-to investment of investors fleeing the dollar. “Central banks hate gold because it limits their ability to print money,” said Rickards. If gold were to suddenly go to $1,500 an ounce, it would mean the dollar was collapsing. Warsh was giving the market a heads up that the Fed wasn’t going to let that happen. The Fed would raise interest rates to attract dollars back into the country. As Rickards put it, “Warsh is saying, ‘We sort of have to trash the dollar, but we’re going to do it gradually.’ . . . Warsh is trying to preempt an unstable decline in the dollar. What they want, of course, is a stable, steady decline.”

What about the Fed’s traditional role of maintaining price stability? It’s nonsense, said Rickards. “What they do is inflate the dollar to prop up the banks.” The dollar has to be inflated because there is more debt outstanding than money to pay it with. The government currently has contingent liabilities of $60 trillion. “There’s no feasible combination of growth and taxes that can fund that liability,” Rickards said. The government could fund about half that in the next 14 years, which means the dollar needs to be devalued by half.

The Dollar Needs to be Devalued by Half?

Reducing the value of the dollar means that our hard-earned dollars are going to go only half as far, which is not a good thing for Main Street. In fact, the move is designed not to serve us but the banks. The dollar needs to be devalued to compensate for a dilemma in the current monetary scheme that is even more intractable than Triffin’s, one that might be called a fraud. There is never enough money to cover the outstanding debt, because all money today except coins is created by banks in the form of loans, and more money is always owed back to the banks than they advance when they create their loans. Banks create the principal but not the interest necessary to pay their loans back.

The Fed, which is owned by a consortium of banks and was set up to serve their interests, is tasked with seeing that the banks are paid back; and the only way to do that is to inflate the money supply, in order to create the dollars to cover the missing interest. But that means diluting the value of the dollar, which imposes a stealth tax on the citizenry; and the money supply is inflated by making more loans, which adds to the debt and interest burden the inflated money supply was supposed to relieve. The banking system is basically a pyramid scheme, which can be kept going only by continually creating more debt.

The IMF’s $500 Billion Stimulus Package: Designed to Help Developing Countries or the Banks?

And that brings us back to the IMF’s stimulus package discussed by Professor Buckley. It was billed as helping emerging nations hard hit by the global credit crisis, but Buckley doubts that is what is really going on. Rather, he says, the $500 billion pledged by the G20 nations is “a stimulus package for the rich countries’ banks.” He notes that stimulus packages are usually grants. The money coming from the IMF will be extended in the form of loans.

“These are loans that are made by the G20 countries through the IMF to poor countries. They have to be repaid and what they’re going to be used for is to repay the international banks now. . . . [T]he money won’t really touch down in the poor countries. It will go straight through them to repay their creditors. . . . But the poor countries will spend the next 30 years repaying the IMF.”

Basically, said Professor Buckley, the loans extended by the IMF represent an increase in seniority of the debt. That means developing nations will be even more firmly locked in debt than they are now.

“At the moment the debt is owed by poor countries to banks, and if the poor countries had to, they could default on that. The bank debt is going to be replaced by debt that’s owed to the IMF, which for very good strategic reasons the poor countries will always service. . . . The rich countries have made this $500 billion available to stimulate their own banks, and the IMF is a wonderful party to put in between the countries and the debtors and the banks.”

Not long ago, the IMF was being called obsolete. Now it is back in business with a vengeance; but it’s the old unseemly business of serving as the collection agency for the international banking industry. As long as third world debtors can service their loans by paying the interest on them, the banks can count the loans as “assets” on their books, allowing them to keep their pyramid scheme going by inflating the global money supply with yet more loans. It is all for the greater good of the banks and their affiliated multinational corporations; but the $500 billion in funding is coming from the taxpayers of the G20 nations, and the foreseeable outcome will be that the United States will join the ranks of debtor nations subservient to a global empire of central bankers.

mark

http://www.washingtontimes.com/news/2009/oct/05/report-bernanke-paulson-misled-on-bailouts/

http://www.huffingtonpost.com/2009/10/05/tarp-watchdogs-report-tre_n_309301.html

misled public about bail outs

...---...

E. Coli: Savior of Civilization

Link: http://www.inhabitat.com/2009/09/22/e-coli-cleans-up-nuclear-waste-cheaply-efficiently/

________________________________________
E.Coli Cleans Up Nuclear Waste Cheaply, Efficiently
by Ariel Schwartz, 09/22/09

E. Coli does more than just make people sick — it can also be used to clean up nuclear waste, according to researchers at Birmingham University. The research team found that E. Coli bacteria effectively breaks down phytic acid (a phosphate storage material found in seeds) and releases the phosphate molecules, which bind to uranium to create a uranium phosphate precipitate. The precipitate can be harvested to recover uranium, and voila – no more nuclear waste.

The uranium recovery process isn’t new. It was discovered in 1995, but scientists used an additive that was more expensive and less efficient than phytic acid. And since the price of uranium was low at the time, scientists saw no need to look into commercializing the process. But with an uptick in the price of uranium and the discovery of phytic acid’s effectiveness, the process has become economically viable.
In addition to cleaning up nuclear waste sites, uranium recovered with the phytic acid process can be reused for nuclear energy. And for countries like the UK that lack natural uranium reserves, E. Coli could be one of the keys to a low-carbon future.
Science Daily via Treehugger

えりこ

ベンジャミンさん


いつも興味深く拝見しています。

ところで、最近の動画でベンジャミンさんが

世界平和について話しながら涙を流されているのを見ました。

そこで私は感動もしたのですが、少し心配になりました。

他の動画でもとても不安げな表情をしているのを見ました。

活動も大切ですが、健康が第一だと思います。

ベンジャミンさんが倒れてしまっては

後に続く大勢の人達も一緒に倒れてしまうと思います。

どうか、精神、体共々の健康管理には十分気を付けてください。

MAXbeen

beenFinancial-crisis one year How did the world change?
http://www.liveleak.com/view?i=262_1253509403

Information bias?
Financial-crisis one year How did the world change?
2009-09-12

full vid
Filename: Financial-crisis .zip
File description: Financial-crisis
File size: 92.71 MB
http://www.megaupload.com/?d=F1CB71XW

This item has been removed due to a terms of service violation!

smile and abuse -testimony Abu Ghraib prison incident-
2008-11-20
Testimony of the persons concerned in Abu Ghraib prison

full vid
Filename: Abu Ghraib.zip
File description: smile and abuse
File size: 91.97 MB
http://www.megaupload.com/?d=DYFSMQAR

Tom Joad

Nakagawa "suicided":
http://www.cnn.com/2009/WORLD/asiapcf/10/03/Japan.nakagawa.dead/index.html

Ben, I'm sure you're writing your next blog post on this right now.

michael

Note that the bank mentioned in the article is a Canadian one. Canada is one country that has been laundering the ill-gotten gains of the international criminals for a long time.
I am ashamed of my country's politicians and their maneuverings. This country has been so very much involved in the terrible things that now plague our world. Canada used to be a symbol for peace and co-existence. It is now so involved in the dark forces criminality that it must be recognized as another of the NATO bullies that needs to be severely admonished for their ill-doings.
The Creator I pray that someday all the terrible things done by my country be exposed for all the world to see. I pray as well that somehow Canada returns to its roots of truth, honesty and justice for all.

marco saba

Nakagawa, the minister who proposed "State banknotes" free of debt, found dead:
http://www.bloomberg.com/apps/news?pid=20601080&sid=aY.4SvYjDKz8

BushDiddler

Great one! I'm glad to find out about that Bazel 2. Good advice, and God bless...

...---...

What really happened to Nakagawa?

...---...

M

http://www.huffingtonpost.com/2009/10/03/soichi-nakagawa-dead-japa_n_308870.html

godly abraham

Stunning. I knew this was happening.

Benjamin like you I have a few sources within the government who have been telling me it is the END for US FED. IT WAS SUPPOSED TO BE DONE WITH IN SEPTEMBER BUT THEY SOMEHOW MANAGED IT THROUGH SEPTEMBER. Where I disagree with you is in noble set of bankers who are ready to take over.
THE NEW GUYS ARE EQUALLY DANGEROUS AND HAVE A MORE DANGEROUS PLAN. THE ELECTION OF TONY BLAIR TO EU PRESIDENCY IS NOT BY CHANCE BUT BY DESIGN. THE WORLD BANK MOVES IN THE LAST FEW DAYS ARE NOT COINCIDENCE BUT VERY WELL PLANNED. WE ARE MOVING TO A ONE CURRENCY WORLD AND THAT CURRENCY IS EURO. THE DOLLAR WILL BE FINISHED WITH FED GOING BANKRUPT. ALSO KEEP WATCHING THE EVENTS IN MIDDLE EAST AND HOW TONY BLAIR IS GOING ABOUT THE PLAN. KEEP WATCHING EU INITIATIVES IN MIDDLE EAST AND WORLD FINANCE. EU IS THE NEW EMPIRE AND VERY SOON THE GUYS BEHIND IT ARE GOING TO MANIFEST. BE ON YOUR WATCH..

Fellas I have my own fund called GA ALPHA FUND AND YOU CAN MONITOR ITS PERFORMANCE.

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Max Isert

Hi Ben,
I think an even more real thing than gold or a car is land, and they don't make it anymore.

Look at Ted Turner, who has been buying up over 2 million acres of land in the US in last couple of years.

All the blue bloods have huge holdings of land every where.

If you don't have enough money of your own, get together with a couple of friends and all of you pitch in and buy a nice piece of land with trees and water on it.

Like they said on an advertisement on rense.com gold is for optimists, can food for realisits :-)

Sujata Monti

Pardon my ignorance. What is Basel 2 compliant and where would I find a list to know if my bank is on it or not? Thanks for all of your good work!!!

Jerry

Thank you

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