Secretive Plan For a Global Currency
Excerpt from “The Global Economic Crisis: The Great Depression of the XXI Century”
Michel Chossudovsky
Andrew Gavin Marshall (editors)
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Towards a New Global Currency?
Is the Group of Twenty Countries (G20) envisaging the creation of a Global Central bank? Who or what would serve as this global central bank, cloaked with the power to issue the global currency and police monetary policy for all humanity? When the world’s central bankers met in Washington in September 2008 at the height of the financial meltdown, they discussed what body might be in a position to serve in that awesome and fearful role. A former governor of the Bank of England stated:
The answer might already be staring us in the face, in the form of the Bank for International Settlements (BIS)… The Read more…
In Rare Split, Two Leaders in Russia Differ on Libya
MOSCOW — The conflict in Libya caused an unusual rift on Monday between Russia’s two leaders, Prime Minister Vladimir V. Putin and his protégé, President Dmitri A. Medvedev, who typically choreograph their statements and refrain from criticizing each other.
Dmitri A. Medvedev said words like “crusade,” used by Vladimir V. Putin, were unacceptable when discussing the Libya airstrikes.
Mr. Putin appeared to displease Mr. Medvedev on Monday by harshly assailing the
airstrikes by coalition forces in Libya. Mr. Putin said the United Nations Security Council resolution that authorized the attacks was “deficient and flawed.” Russia abstained from voting on the resolution last week, deciding not to use a veto to block it.
“In general, it reminds me of a medieval call for a crusade,” Mr. Putin said.
Mr. Putin is widely considered Russia’s paramount Read more…
Pimco Buying Emerging Market ‘Rising Stars’ as Inflation Looms
March 21 (Bloomberg) — Pacific Investment Management Co. says investors should buy company debt in Russia, Brazil and other emerging markets where rising wages and relatively low public and private debt will help borrowers weather accelerating inflation.
The manager of the world’s biggest bond fund is buying debt of “rising stars” linked to nations with expanding wealth because they will more easily be able to pass on higher materials costs, Mark Kiesel, Pimco’s global head of corporate bond portfolio management, wrote in a report today on the firm’s website. At the same time, he’s avoiding companies dependent on growth in Europe, the U.S. and Japan that will struggle amid stagnant wages and debt-laden governments and consumers.
“Companies which are tied most directly into the strong economic growth engine in the emerging markets should have the most pricing power and ability to either pass through rising costs or absorb them without a significant margin hit,” Kiesel wrote. Those more Read more…
Syrian-bound Iranian plane forced to land in Turkey
(AFP)
DIYARBAKIR, Turkey — An Iranian cargo plane en route to Syria has been forced to land in Turkey’s southeastern Diyarbakir airport for an inspection, security forces said on Sunday.
The plane, a civilian Ilyushin, landed on Saturday night on the orders of the Turkish authorities. Military fighter planes were on standby in case the plane refused to comply.
An inspection of the plane is on-going to check whether the aircraft has any illicit or military material on board, security sources added.
Turkish authorities forced another Syrian-bound Iranian plane to land in Diyarbakir on Wednesday last week.
After a search lasting several hours, the plane was found to be Read more…
Japan nuclear crisis on edge as toll of dead or missing surpasses 21,000 Radiation traces found in food and water
TOKYO — Japan hoped power lines restored to its stricken nuclear plant may help solve the world’s worst atomic crisis in 25 years, triggered by an earthquake and tsunami that also left more than 21,000 people dead or missing.The Asian nation’s people are in shock at both the ongoing battle to avert deadly radiation at the six-reactor Fukushima plant and a still-rising death toll from the March 11 disaster.
The world’s third largest economy has suffered an estimated $250 billion of damage with entire towns in the northeast obliterated in Japan’s darkest moment since World War Two.
Tokyo’s markets are closed for a holiday on Monday.
Elsewhere, investors will be weighing risks to the global economy from Japan’s multiple crisis, along with conflict in Libya and other unrest in the Arab world.
Easing Japan’s gloom briefly, local TV showed one moving Read more…
Secret Iran Gold Holdings Leaked: Tehran Holds Same Amount Of Gold As United Kingdom, And Is Buying More
While it will not come as a major surprise to most, according to senior BOE individuals and Wikileaks, Iran, as well as Qatar and Jordan have been actively purchasing gold well over the amount reported to and by the IMF, in an accelerated attempt to diversify their holdings away from the US dollar. “Iran has bought large amounts of gold in the international market, according to a senior Bank of England official, in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar. Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times.” The reason for Tehran’s scramble into gold: “an attempt by Iran to protect its reserves from risk of seizure”. The misrepresentation of Iran’s holdings could be so vast that Iran could possibly be one of the largest holders of goldin the world. “Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the Read more…
India watchful of threat from China
NEW DELHI: “India is conscious and watchful of the implication of China’s evolving military profile in the immediate and extended neighborhood,” says Indian Defence Ministry’s Annual Report for 2010-11.
Even as the report says that the country’s relation with China are of “crucial importance” and its policy is to engage Beijing is based on principles of “mutual trust and respect and sensitivity for each other” it has made it obvious that Chinese specific military preparations by India are under consolidation and will gain momentum in future.
Indian military formations, till now have been mostly field formations capable of undertaking operations in plains and not high altitude mountainous terrain which comprises country’s borders with China.
The rising military budget has enabled India to raise mountain divisions and shop for weapon systems that can help her conduct operations against China. India has already raised two mountain divisions comprising 25,000 to 30, 000 troops for deployment along the Chinese borders in Arunachal Pradesh and has started deploying IAF Squadrons closer to Chinese borders. The IAF has Read more…
Libya: missile destroys Gaddafi building
Libyan officials claimed that the strike on his Bab al-Azizia leadership compound amounted to an attempt to assassinate the long serving leader.
A huge plume of smoke rose from the site of an three-storey administrative building just 100 yards from the tent in the compound used by Col Gaddafi for media interviews and high level visits.
There were no reported casualties but the front of the building had collasped.
A crowd of loyalists gathered near the collapsed building to denounce the first attack on the Libyan leader’s personal citadel
Officials said the building was an administrative bloc not connected with the military. Shrapnel was Read more…
Arab League criticizes Western strikes on Libya
AFP
CAIRO – The Arab League on Sunday criticized Western military strikes on Libya, a week after urging the United Nations to slap a no-fly zone on the oil-rich North African state.
“What has happened in Libya differs from the goal of imposing a no-fly zone and what we want is the protection of civilians and not bombing other civilians,” Arab League secretary general Amr Mussa told reporters.
On March 12, the Arab League urged the United Nations to impose a no-fly zone on Libya and said Moammar Gadhafi’s regime had “lost legitimacy” as it sought to snuff out a rebellion designed to oust him from power.
In the West’s biggest intervention in the Arab world since the 2003 US-led invasion of Iraq, US warships and a British submarine fired more than 120 Tomahawk cruise missiles into Libya on Saturday, the US military said.
French warplanes also carried out strikes.
The UN Security Council passed Resolution 1973 on Thursday authorising military action to prevent Gadhafi’s forces from attacking civilians.
Japan crisis: ‘There’s no food, tell people there is no food’
The unshaven man in a tracksuit stops his bicycle on the roadside and glances over his shoulder to check that he is unobserved. Satisfied, he reaches quickly into the sludge-filled gutter, picks up a discarded ready-meal and stuffs it into a plastic carrier bag.
In another time, another place, Kazuhiro Takahashi could be taken for a tramp, out scavenging for food after a long night on the bottle. In fact, he is just another hungry victim of Japan’s tsunami trying to find food for his family.
“I am so ashamed,” says the 43-year-old construction worker after he realises he has been spotted. “But for three days we haven’t had enough food. I have no money because my house was washed away by the tsunami and the cash machine is not working.”
If his haul wasn’t so pitiful — his bag had two packets of defrosted prawn dumplings and a handful of Read more…
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