Archive
Chávez’s purchase of $15 billion in weapons causes concern in Latin America
Venezuelan President Hugo Chávez’s purchases of weapons totaling more than $15 billion causes concern in Latin America.
With the acquisition of hundreds of tanks, helicopters and bulletproof vehicles as well as submarines and missile networks, Venezuela is arming itself at a speed unprecedented in the history of the South American country.
Experts consulted by El Nuevo Herald have said that Hugo Chávez’s has created unrest in the region with purchases to expand its military that total more than $15 billion.
The analysts warned that the purchases are made in an improvised fashion, following a “dubious” process with no bidding or prior studies, which could lead the country to acquire a Russian technology difficult to adopt and rejected by segments of the National Armed Forces.
The funds Chávez is using for the purchase of these new weapons, the largest in the nation’s history, are in 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…
Pressure on Portugal After New Credit Downgrade
LISBON — Portugal’s borrowing costs pushed higher after Moody’s downgraded the country’s credit rating, stoking the pressure on the country’s beleaguered minority government.
The yield on Portugal’s ten-year bond rose 0.04 percentage point to 7.44 percent. The equivalent yields for Greece and Spain, two other euro countries struggling with high borrowing levels, were down modestly.
Moody’s Investors Services cut the country’s rating by two notches to A3 late Tuesday, saying the debt-stressed country is struggling to generate growth and faces a tough battle to restore the fiscal health needed to calm jittery financial markets.
Prime Minister Jose Socrates said late Tuesday he would quit if Parliament doesn’t consent to his government’s latest batch of contested austerity measures.
Portugal aims to raise up to €1 billion in a sale of Read more…
Why the World Must Watch Europe
Beyond the EU Debt Crisis
The continent’s financial crisis gave rise to bailouts, infighting and demands for sweeping financial reform. Could there still be a bright future over the horizon for the European Union?
Amid the shift in global superpowers, two names come up as heavyweight world championship opponents: China and the United States.
The constant media exposure and speculation could be likened to a pay-per-view boxing matchup.
In one corner: the world’s largest energy consumer—with a 1.3-billion-strong population—endlessly stockpiling natural resources—and holding nearly $900 billion in United States’ debt.
In the other: longtime democratic world champion—largest economy—and leader in manufacturing.
China is the clear favorite, but the U.S. is still in the running. On its way down from unmatched superpower, it is still a formidable opponent, with its manufacturing sector out-producing China by 40 percent.
Yet America is weighed down by a $14 trillion federal debt and rampant Read more…
Wikileaks: GMO conspiracy reaches highest levels of US Government
Recent Wikileaks cables are typically associated with information leaks related to U.S. war strategy, and foreign policy, which has led some people to conclude that leaked information of this nature is a possible threat to national security.
But in this case, Wikileaks cables leaked information regarding global food policy as it relates to U.S. officials — in the highest levels of government — that involves a conspiracy with Monsanto to force the global sale and use of genetically-modified foods.
In 2007, then-U.S. ambassador to France Craig Stapleton conspired to retaliate against European countries for their anti-biotech policies. U.S. diplomatic cables released by WikiLeaks reveal the Bush administration formulated battle plans to extract revenge against Europe for refusing to use genetically modified seeds.
In the leaked cable, Stapleton writes: “Europe is Read more…
EU Debt bought up by China
Published: January 6, 2011 07:46 ET in Asia
China has been increasing its holdings of European government debt, including that issued by Spain, amid the euro-zone crisis, Chinese Vice Commerce Minister Gao Hucheng was quoted as saying on Thursday.
The Spanish daily El Pais on Thursday cited Spanish government sources as saying China has committed to buy about 6 billion euros ($7.89 billion) worth of Spanish sovereign debt.
In a statement on the ministry’s website, Gao also said that China was confident in Spanish and European financial markets and confident that they would be able to overcome Europe’s debt crisis, the Wall Street Journal reported.
“We will continue to buy debt and work together with Spain,” said Gao, who is accompanying Chinese Vice Premier Li Keqiang on a visit to Spain and other European countries.
Both officials have expressed confidence that Spain will recover from its economic crisis despite market fears of an Irish-style bailout.
El Pais published an article written by Vice Premier Li, titled, “China and Spain: A brighter future through win-win cooperation.”
Political and corporate leaders increasingly see China as a source of capital. China’s foreign-exchange reserves are by far the world’s largest, totaling $2.648 trillion at the end of September.
In the meantime, the economic mood in Europe ended 2010 on a high note, a key indicator released Thursday showed.
The European Commission’s closely watched business and consumer survey for the members of the euro currency bloc rose from 105.2 in November to a more-than-forecast 106.2 last month. The consensus among economists was that the index would nudge up to 105.5.
Ben May, European economist with the research group Capital Economics, told Monstersandcritics.com the data suggested that, “the improving global economic outlook is offsetting the ongoing troubles in the periphery.”
![[Most Recent Quotes from www.kitco.com]](https://i0.wp.com/www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](https://i0.wp.com/www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
crisisboom
CRISISBOOM 
You must be logged in to post a comment.