Posted on 09/03/2009 7:24:36 AM PDT by FromLori
The Chinese government has agreed to purchase up to $50 billion worth of International Monetary Fund bonds, according to the IMF. These are the first bonds ever issued by the IMF.
The big news here is that the bonds will be paid for by the Chinese with dollars but the bonds will be denominated in Special Drawing Rights (SDRs), not dollars. Based on the current conversion price between dollar and SDRs, the Chinese will end up with 32 billion worth of SDR denominated bonds
It's another move away from the dollar as a reserve currency, though a move the U.S. government probably supports, as the best of many bad scenarios, since the SDR is a basket of currencies that includes the dollar.
If there is a panic out of the dollar at some point, the Treasury has probably drawn up plans to attempt to direct that panic towards SDRs.
Here we go!
I know did you see the bubbles article.
http://wallstreetpit.com/10050-uncle-sam-creating-another-housing-bubble
Looks like $50 billion that won’t be buying Obamamoney....
hh
You see who is calling for a new global currency all the time
http://bluelori.blogspot.com/2009/08/look-who-is-calling-for-new-global.html
“I know did you see the bubbles article.”
Hell, I could have written it myself ;-)
You notice that most of the NWO proponents are academics who have never worked in the private sector. They are, of course, being manipulated by foreign governments and Soros types.
Exactly that is a point I have been trying to get across that is what the global warming crap is about too.
It’s not just that Global Warming is Fake what matters is why this Fakery is being promoted.
Global warming is based 100% on junk science. The most vocal promoters are not interested in the details of physical science. They are interested in two things: political control over the general public and the establishment of international socialism.
Junk Science vs. Real Science
For a detailed, footnoted, 12-page article, written by three scientists, two with Ph.D’s from CalTech, click here.
This paper was sent to tens of thousands of natural scientists in the United States.
Over 31,000 scientists have put their reputations on the line and signed a politically incorrect petition opposing the 1997 Kyoto agreement or protocol. Here is a photocopy of a signed petition.
Fakery I
Back in the 1970’s, the bugaboo was the coming ice age, as this Time Magazine article promoted. Not to be outdone, Newsweek got on board. The article warned: “Climatologists are pessimistic that political leaders will take any positive action to compensate for the climatic change, or even to allay its effects.” Want more examples? Click here.
It, too, was based on junk science. It, too, had the same solution: government control over the economy. The goal never changes: government management over the economy. The justification has changed. If the voters won’t accept control over their lives on the basis of one brand of junk science, maybe they will accept another. As they used to say in the Nixon Administration: “Let’s run this up the flagpole and see if anyone salutes.”
Socialism’s Last Stand
The global warming movement is not about global warming. It is about the creation of an international political control arrangement by which bureaucrats who favor socialism can gain control over the international economy.
This strategy was stated boldly by economist Robert Heilbroner in 1990. Heilbroner, the multi-millionaire socialist and author of the best-selling history of economic thought, The Worldly Philosophers, wrote the manifesto for these bureaucrats. He did this in an article, “Reflections: After Communism,” published by The New Yorker(Sept. 10, 1990).
In this article, he made an astounding admission. He said that Ludwig von Mises had been right in 1920 in his article, “Economic Calculation in the Socialist Commonwealth.” Mises argued that without private ownership, central planners could not know what any resource is worth to consumers. With no capital market, the planners would be flying blind.
Heilbroner said that for 70 years, academic economists had either ignored this article or dismissed it without answering it. Then Heilbroner wrote these words: “Mises was right.”
Heilbroner was one of these people. There is no reference to Mises in The Worldly Philosophers.
This admission was the preliminary section of Heilbroner’s manifesto. He was cutting off all hope by socialists that there is a theoretically plausible response to Mises. The free market economy will always outproduce a socialist economy. Get used to it, he said.
Then, in the second section, he called on his socialist peers to get behind the ecology movement. Here, he said, is the best political means for promoting central planning, despite its inefficiency. In the name of ecology, he said, socialists can get a hearing from politicians and voters.
The article is not online. An abstract is. Here is the concluding thought of the abstract.
Heilbroner did not care that a worldwide government-run economic planning system would not be called socialism. He just wanted to see the system set up.
Heilbroner’s peers got the message. That was what Kyoto was all about.
Conclusion
If you like poverty, inefficiency, and bureaucratic controls over the economy, and therefore control over your choices, the “climate change” movement is ideal.
If you want to subsidize China and India, neither of which will enforce the rules laid down by unelected international bureaucrats, this movement is for you.
If you want to pay more for less energy, there is no better way than to pass the cap and tax bill which the House has passed.
The rest of us should oppose it. Crap and Trade is nothing more than a transfer of wealth from the American citizens to the Elites who want to control the world.
http://bluelori.blogspot.com/2009/08/business-weekly-university-tackles-new.html
You have to watch that video I posted as a comment on this post it explains also about education and the new world order elitists.
Charlotte Iserbyt served as Senior Policy Advisor in the Office of Educational Research and Improvement, U.S. Department of Education, during the first Reagan Administration, where she first blew the whistle on a major technology initiative which would control curriculum in America’s classrooms.
http://www.youtube.com/watch?v=DDyDtYy2I0M&eurl=http://www.homeedu.org/&feature=player_embedded
FReepers, if you take nothing away from this thread, read this:
“The Chinese are noticing even more dangerous developments, such as ineffective official stimulus, unproductive rescue of dead banks, endless credit derivative covered costs (AIG and Fannie Mae), entirely new programs with staggering price tags (health care), refused disclosure of disbursed Congressional funds, and tremendous waste, all of which not only result in gargantuan government deficits, but add risk to the USDollar from a failure standpoint.”
Lori, this is your best effort, among many other good efforts.
I read Heilbroner in high school(1972), and I trashed his writings for pretty much the same reasons that you posted here. As for Global Warming, I will take the studies of reknowned scientists from Caltech, and M.I.T. over the other left wing flakes who set up phony climate models to drive their claims....
” Water vapor constitutes Earth’s most significant greenhouse gas, accounting for about 95% of Earth’s greenhouse effect (4). Interestingly, many ‘facts and figures’ regarding global warming completely ignore the powerful effects of water vapor in the greenhouse system, carelessly (perhaps, deliberately) overstating human impacts as much as 20-fold.
Water vapor is 99.999% of natural origin. Other atmospheric greenhouse gases, carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and miscellaneous other gases (CFC’s, etc.), are also mostly of natural origin (except for the latter, which is mostly anthropogenic).
Human activities contribute slightly to greenhouse gas concentrations through farming, manufacturing, power generation, and transportation. However, these emissions are so dwarfed in comparison to emissions from natural sources we can do nothing about, that even the most costly efforts to limit human emissions would have a very small— perhaps undetectable— effect on global climate.”
http://www.geocraft.com/WVFossils/greenhouse_data.html
and
“In a study sure to ruffle the feathers of the Global Warming cabal, Professor Richard Lindzen of MIT has published a paper which proves that IPCC models are overstating by 6 times, the relevance of CO2 in Earth’s Atmosphere. Dr. Lindzen has found that heat is radiated out in to space at a far higher rate than any modeling system to date can account for.
Editorial: The science is in. the scare is out. Recent papers and data give a complete picture of why the UN is wrong.
The pdf file located at the link above from the Science and Public Policy Institute has absolutely, convincingly, and irrefutably proven the theory of Anthropogenic Global Warming to be completely false.
Professor Richard Lindzen of MIT’s peer reviewed work states “we now know that the effect of CO2 on temperature is small, we know why it is small, and we know that it is having very little effect on the climate.”
“The global surface temperature record, which we update and publish every month, has shown no statistically-significant “global warming” for almost 15 years. Statistically-significant global cooling has now persisted for very nearly eight years. Even a strong el Nino – expected in the coming months – will be unlikely to reverse the cooling trend.
More significantly, the ARGO bathythermographs deployed throughout the world’s oceans since 2003 show that the top 400 fathoms of the oceans, where it is agreed between all parties that at least 80% of all heat caused by man made “global warming” must accumulate, have been cooling over the past six years. That now prolonged ocean cooling is fatal to the “official” theory that “global warming” will happen on anything other than a minute scale.” - SPPI
Notice too what china is doing
and remember this
http://www.dnaindia.com/money/report_china-moves-to-globalise-yuan_1286797
and
http://market-ticker.denninger.net/archives/824-AIG-Inquiring-Minds-Want-To-Know.html
plus
http://market-ticker.denninger.net/archives/1393-ROFL!-China-Tells-IBs-Stuff-It!.html
Thank you I try to read as much as I can. Did you see this article?
http://www.space.com/scienceastronomy/090827-sun-climate.html
“Heilbroner’s peers got the message. That was what Kyoto was all about.
Conclusion
If you like poverty, inefficiency, and bureaucratic controls over the economy, and therefore control over your choices, the “climate change” movement is ideal.
If you want to subsidize China and India, neither of which will enforce the rules laid down by unelected international bureaucrats, this movement is for you.”
I don’t know why the left wants to commit national suicide, as I am not a sociopath. But it is clear from all indicators that they do.
“But Morgan Stanley’s Asia chairman Stephen Roach has, in a recent book, flagged the risk of a Chinese boycott of US Treasury auctions if - as he believes will happen - the US Congress passes protectionist legislation aimed at imports from China.
Such an eventuality, he warns, would “trigger a full—blown crisis in the US dollar” and lead to a spike in real long-term US interest rates. “That would exact a severe toll on a bruised and battered US economy, to say nothing of the rest of the world,” writes Roach.”
We can count on Obama to study the situation, and proceed to do whatever he can to destroy our economy.
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