Historic India-China link to open China and India are due to open a historic trade route on Thursday that has been closed for 44 years.

Cheaper US housing overshadows world economy: Soros
Last year, he said, such activity in the U.S. real estate market provided a stimulus of around $450 billion to the economy, but the housing boom is slowing.

Quick Overview

• U.S. Consumer confidence rose in the latest week, bolstered by moderating gasoline prices, ABC News and the Washington Post said on Wednesday.
  

• U.S. Factory orders were up 0.7% in May, more than expected. Excluding transport, factory orders were up 1.2%.
  

• YoY retail sales in the Euro zone increased 0.8% in May.
  

• YoY Chile's economy grew 6.1 percent in May.
  

• Canada confirmed it's sixth case of mad cow disease.
  

Trade Deal Looks More Like a Distant Dream

Bank of Japan said to raise interest rate
The Bank of Japan will raise a key interest rate to 0.25 percent from zero next week, a news report said Tuesday, amid conflicting signals from government officials over the wisdom of such a move.

Not Enough Fish in the Sea
This shouldn’t surprise us. During the Palaeolithic, human beings ate roughly the same amount of omega-3 fatty acids as omega-6s(10). Today we eat 17 times as much omega-6 as omega-3. Omega-6s are found in vegetable oils, while most of the omega-3s we eat come from fish. ..
However … we probably do not have a sustainable supply of long chain omega 3 fats.”(14) Our brain food is disappearing.

Quick Overview

• Institute of Supply Management's index of U.S. manufacturing dropped from 54.4 to 53.8 in June
  

• Inflation worries took their toll on parts of the U.S. Midwest and south-central region. An index of June business conditions took its biggest one-month tumble in more than six years, according to a nine-state survey released by Creighton University on Monday.
  

• The Commerce Department said that construction spending was at $1.21 billion in May, down 0.4% from April's rate.
  

• Japans Tankan survey increased from +20 in May to +21 in June.
  The unemployment rate in the Euro zone improved from 8.0% to 7.9% in May. In the EU-25.
  

• Manufacturing in the Euro zone increased from 57.0 to 57.7 in June, the highest score in six years.
  

• Manufacturing for the U.K. increased from 53.5 to 55.1 in June, the highest in almost two years.
  

• Retail sales in Australia were down 0.3% in May.
  

• China has squeaked by Britain by the tiniest of margins to become the world's fourth-largest economy, according to the World Bank's latest calculations.
  

• The USDA said there were 60.9 million hogs and pigs in inventory on June 1st, up 0.3% YoY.
  

• The U.S. and Canada tentatively agreed to a seven-year trade agreement for softwood lumber.
  

• The U.S. spring wheat crop is suffering from dry conditions in the Dakotas and northern Minnesota.
  

• Long-range weather outlooks are forecasting hotter and drier conditions for the Midwest.

Bush's Assault on Freedom: What's To Stop Him?
Americans are going to have to decide which is the greater threat: terrorists, or the Republican Party's determination to shred American civil liberties and the separation of powers in the name of executive power and the "war on terror."

Did Bush commit war crimes?
But here's where the rubber really hits the road. Under federal criminal law, anyone who "commits a war crime … shall be fined … or imprisoned for life or any term of years, or both, and if death results to the victim, shall also be subject to the penalty of death." And a war crime is defined as "any conduct … which constitutes a violation of Common Article 3 of the international conventions signed at Geneva." In other words, with the Hamdan decision, U.S. officials found to be responsible for subjecting war on terror detainees to torture, cruel treatment or other "outrages upon personal dignity" could face prison or even the death penalty.

Quick Overview

• U.S. personal incomes were up 0.4% in May and consumer spending was up 0.4%.
  

• The University of Michigan's consumer sentiment index increased from 79.1 to 84.9 in June, more than expected.
  

• The National Association of Purchasing Managers' index of Chicago business activity dropped from 61.5 to 56.5 in June.
  

• The unemployment rate in Japan improved from 4.1% to 4.0% in May, the lowest in eight years. YoY Japan's consumer prices were up 0.6% in May.
  

• YoY GDP growth in the U.K. was revised from an increase of 2.2.% to 2.3% in the first quarter
  

• Germany's retail sales were down 2.2% in May, but up 1.9% YoY.
  

• The USDA estimated U.S. planted acres this spring:
  79.4 million acres of corn, down 3% from a year ago, but up 2% from the March estimate.
  74.9 million acres of soybeans, up 4% from a year ago, but down 3% from the March estimate.
  57.9 million acres of (all) wheat, up 1% from a year ago and up 1% from the March estimate.
  15.3 million acres of cotton, up 7% from a year ago and up 5% from the March estimate.
  

• The USDA reported U.S. grains stocks as of June 1st:
  4.36 billion bushels of corn, up 1% from a year ago.
  990 million bushels of soybeans, up 42% from a year ago.
  568 million bushels of all wheat, up 5% from a year ago.
  

The High Price of American Gullibility
Many Americans have turned a blind eye to the administration’s illegal and unconstitutional spying on the grounds that, as they themselves are doing nothing wrong, they have nothing to fear. If this is the case, why did our Founding Fathers bother to write the Constitution? If the executive branch can be trusted not to abuse power, why did Congress pass legislation establishing a panel of federal judges (ignored by the Bush administration) to oversee surveillance? If President Bush can decide that he can ignore statutory law, how does he differ from a dictator? If Bush can determine law, what is the role of Congress and the courts? If "national security" is a justification for elevating the power of the executive, where is his incentive to find peaceful solutions?

Supreme Court Blocks Guantánamo Tribunals The Supreme Court today delivered a sweeping rebuke to the Bush administration, ruling that it exceeded its authority by creating tribunals for terror suspects that fell short of the legal protections that Congress has traditionally required in military courts.

Israeli missiles pound Gaza into new Dark Age in 'collective punishment'

Quick Overview

• The Federal Reserve raised the benchmark federal funds rate to 5.25 percent from 5.00 percent on Thursday, the central bank's 17th consecutive interest rate hike since it began tightening monetary policy in June 2004
  
  

• The U.S. Department of Commerce said that U.S. GDP was up at the rate of 5.6% in the first quarter of 2006. YoY, GDP was up 3.7%. YoY the core rate of personal consumption expenditures was up 2.0%.
  

• The U.S. Labor Department said that jobless claims were up 4,000 last week to 313,000.
  
  
  

• The. DOE said that underground supplies of natural gas were up 66 billion cubic feet to 2.542 trillion cubic feet. Supplies are now up 20% from a year ago
  
  

• Canada's GDP was up 0.1% in April and 3.1% YoY
  

• Japan's industrial production was down 1% in May and up 4.2% YoY
  

• Taiwan's Central Bank raised interest rates from 2.375% to 2.50%.
  
  

• Japan plans to fight global warming and surging oil prices by requiring all vehicles to be able to run on an environment-friendly mix of ethanol and regular gasoline by 2030, an official said Thursday. "The main goal is to counter global warming," Sekiya said. "Adopting the new technology is not that difficult."
  

Complaint filed in 32 countries against U.S. bank data mining
A civil liberties group on Wednesday asked 32 national governments to block the release of confidential financial records to U.S. authorities as part of American anti-terrorist probes.
London-based watchdog Privacy International demanded a halt to the "completely unacceptable" monitoring of millions of transactions as part of a CIA-U.S. Treasury program

GOP bill targets NY Times

House Republican leaders are expected to introduce a resolution today condemning The New York Times for publishing a story last week that exposed government monitoring of banking records.


Our liberty depends on the freedom of the press, and that cannot be limited without being lost: Thomas Jefferson

Quick Overview

• U.S. Mortgage applications dropped from 567.6 to 529.6 last week, hurt by the recent rise in mortgage rates.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 3.4 million barrels last week to 343.7 million barrels.
  Supplies of unleaded gasoline were down 1.0 million barrels
  Supplies of heating oil were up 1.2 million barrels.
  Over the past four weeks gasoline demand was up 0.9% YoY.
  

• YoY Retail sales in Japan were up 0.1% in May
  

• Mexican retail sales rose a lower-than-expected 3.3 percent in February even as a broader economic recovery picked up speed.
  
  

• Peru’s Congress overwhelmingly voted to approve a free trade pact with the United States early Wednesday, rejecting claims the treaty will hurt Peru's farmers by flooding the Andean nation with subsidized cotton, rice, corn and potatoes.

Quick Overview

• U.S. Consumer confidence rose in the latest week as gasoline price hikes moderated, regaining its highest level since April, ABC News and the Washington Post said on Tuesday.
  

• The United States needs to preserve a welcome investment climate to ward off the risk of an abrupt adjustment in the current account that harms the economy, a top White House economic adviser said on Tuesday.
  

• The Conference Board's index of U.S. consumer confidence increased from 104.7 to 105.7 in June, stronger than expected.
  

• U.S. existing home sales were at an annual rate of 6.67 million units in May, down 1.2% from April's pace,
  

• Business confidence in Germany increased from 105.7 to 106.8 in June, the highest reading in 15 years.
  

• The average national price of retail diesel fuel fell 4.8 cents to $2.867 a gallon, the biggest decline this year, the Department of Energy reported.
  
  

• The International Copper Study Group said that world copper production exceeded demand in the first quarter of 2006 by 64,000 tons, up from an 89,000 ton deficit in the first quarter of 2005. Production was up 4.8% YoY while usage was up 1%.
  

Many U.S. Iraq War vets return to homelessnessThe reasons that contribute to the new wave of homelessness are many: some are unable to cope with life after daily encounters with insurgent attacks and roadside bombs; some can't navigate government red tape; others simply don't have enough money to afford a house or apartment

Buyers in more markets find housing out of reach
San Diego could be a poster child for the affordability crisis. Home prices here have risen 142% since the start of 2000. Only 9% of residents could afford the median home if they had to put down 20% of the purchase price. Even so, a dizzying array of high-risk adjustable-rate mortgages has sustained the market by helping more people qualify.

Failure to deliver on G8 pledges has left millions to die, says charity report
World leaders agreed to cut subsidies and open their markets to the poorest countries, who cannot compete in world markets. But the report found that the US and the EU are still spending more than $100bn a year on subsidy payments to their own farmers, while continuing to dump cheap exports in developing countries so local producers cannot sell their goods in their own markets

Quick Overview

• U.S. New home sales were up 4.6% from April's pace and more than expected. For 2006, new home sales are down 11% YoY.
  
  

• Australian Bureau of Agricultural and Economics forecast World sugar production next fiscal year at 152.5 million tons, up from 149.7 million tons this fiscal year, and Global consumption at 151.2 million tons up from 150.6 million tons this year.
  

Resist the tobacco Taliban
There is within some people a deep-seated need to victimise those they consider racially, socially, sexually or ideologically aberrant. Smokers are a convenient and politically correct target for those who wish to take out their inchoate anger but are sharp enough to realise that, these days, you can’t vent it on Jews or homosexuals.

Jim Rogers Says China Equities, Commodities Will Boom Rogers said if he looks for new opportunities in commodities today, he would start with agriculture. ``I think there will be fortunes made in agriculture in the next decade.'' He is looking at cotton, coffee, wheat, soybeans and sugar. ...``Agricultural prices are historically very, very low,'' Rogers said. ``Inventories are the lowest in 34 years. We haven't even had a major worldwide drought in many years.''

Britain's first olive grove is a sign of our hotter times
In one of the most remarkable signs yet of the advance of global warming, Britain's first olive grove has been planted in Devon.

Who Will Hold Them Accountable?
Now the House has once again, in effect, abandoned its role in any future decision about the need for and the wisdom of initiating war in the name of the people they represent

Quick Overview

• The U.S. Commerce Department said that durable goods were down 0.3% in May, weaker than expected.
  

• Mexico's central bank left the country's benchmark overnight interest rate unchanged.
  
  

• New Zealand's GDP was up 0.7% in the first quarter of 2006 and up 2.2% YoY
  

• The Florida Department of Citrus Processors said there were 100 million gallons of frozen orange juice concentrate in inventory on June 17th, down 30% YoY.
  

• Panama's Congress will debate next week whether to push ahead with an ambitious and costly plan to expand its canal.

Bush is the most protectionist president since Herbert Hoover
The Wall Street Journal worried that Bush’s direction on steel was weakening his ability to influence other countries on a variety of issues. “The policy mattered less than the abandonment of principle,” it editorialized. “It signaled to the world that Mr. Bush was not the president he had seemed after September 11; his moral and strategic clarity could be compromised for a price.”

Heaven or hell?

Nanotechnology, genetics and cybernetics will mean that we will become faster, stronger and more beautiful; we will live longer and banish disease; we will be more intelligent and quicker-witted with photographic memories and the ability to go days without sleep.

(how about just a wee bit more morals?)

Tom Ridge: War on Terror to Last Decades


Ridge, speaking at the opening of a new RAND Corp. office, said the war on terror is likely to last for decades, much like the Cold War.

Lawmakers' Profits Are ScrutinizedHouse Speaker J. Dennis Hastert (R-Ill.) made a $2 million profit last year on the sale of land 5 1/2 miles from a highway project that he helped to finance with targeted federal funds.

AT&T revises privacy policy, says owns customer dataAT&T Inc. said on Wednesday it was revising its privacy policy, explaining to customers that it owns their phone records and can hand them over....

EU way off course for meeting Kyoto targets: latest figures
Instead of falling, EU greenhouse-gas pollution actually rose in the latest year of monitoring..

Quick Overview

• The Conference Board, said its Index of Leading Economic Indicators fell to 137.9 (0.6%) in May after it declined 0.1 percent to 138.7 in April. Suggesting the economy could worsen in coming months.
  
  

• The Chicago Federal Reserve's index of national activity fell from +.26 to -.16 in May, a sign of slower economic growth.
  
  

• The number of Americans filing first-time unemployment claims rose from a four-month low last week, the Labor Department said Thursday.
  
  

• YoY Argentina's economy grew by 6.4% - less than expected.
  
  
  
  

• December Eurodollar futures sank, pricing in with conviction the Fed will raise rates to 5.5% by year's end, from the current 5%.
  
  
  

• Canadian nickel producer Inco said Thursday that booming demand for nickel will lead to a 30,000 metric ton shortfall in supply in 2006.
  
  
  

• The USDA said there were 473 million pounds of frozen pork in cold storage, down 8% YoY.

• Frozen bellies totaled 64.9 million pounds, down 21% YoY.
  
  

• The USDA said there were 1.16 billion pounds of frozen orange juice in storage, down 31% YoY.
  
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 79 billion cubic feet to 2.476 trillion cubic feet. Supplies are up 22% YoY.
  
  

Quick Overview

• Retail sales in Canada were up 1.7% in April and 6.7 YoY,
  

• Canada's composite index of leading indicators was up 0.3% in May.
  

• Japanese Finance Minister said that a rapid rise in interest rates would hurt the Japanese economy as it has not fully emerged from deflation.
  
  

• Demand for ordinary wines is falling and tough competition from strong New World brands mean some European wine makers are finding it increasingly difficult to sell all they produce. The European Union will therefore step in to buy 1.5 billion liters of surplus wine and distill it into biofuels.
  
  

• Worldwide, 38.7 billion liters of ethanol should be produced this year versus 33.6 billion in 2005, Peter Baron, head of the International Sugar Organization said.
  
  

• Venezuela plans to produce significant amounts of ethanol for domestic use with Cuban support Venezuelan officials said.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil were up 1.4 million barrels to 347.1 million barrels.
  Supplies of unleaded gasoline were up 300,000 barrels
  Supplies of and heating oil supplies were up 2.7 million barrels.
  

• Japan may, by the end of June, allow U.S. beef back in the country.
  

Iraq: US may be asked to leave In an exclusive interview with The Australian, former US deputy secretary of state Richard Armitage has given a gloomy assessment of the situation.

'Thirst for knowledge' may be opium craving Neuroscientists have proposed a simple explanation for the pleasure of grasping a new concept: The brain is getting its fix.

Quick Overview

• U.S. Consumer confidence edged up in the latest week because of moderating gasoline prices, ABC News and the Washington Post said.
  
  

• The U.S. Census Bureau said housing starts were at an annual rate of 1.957 million units in May, up 5.0% from April's pace and more than expected. YoY housing starts are down 1.7%.
  
  

• JP Morgan expects the Fed to raise rates in June and August to
  5.5%. JP Morgan expects further moves in December 2006 and February 2007 to take the benchmark rate to 6.0%, according to a research note.
  
  

• A group of 12 large corporations (including eBay, Eli Lilly, Google, Microsoft and Procter & Gamble) will push Congress to pass a comprehensive federal consumer-privacy law, citing mounting concern that consumer trust in Internet safety is eroding.

• Sweden raised rates to 2.25% from 2.00% as expected. The Riksbank said it is reasonable to assume further interest rate hikes are needed and says market expectations for rates over next year may be too low.
  

• Bank of Japan Governor said policy decisions should be taken "early" if warranted by economic conditions, rekindling speculation the central bank would soon raise interest rates from zero.
  

• Producer prices in Germany were up 0.1% in May and up 6.2%YoY,
  
  

• India's sugarcane ethanol output is enough to cover the government's plan to blend 5% ethanol with gasoline starting in October 2006, the U.S. Dep. Of Agriculture said.
  
  

• The Chicago Mercantile Exchange is planning to launch futures
  contracts tied to the Chinese yuan.
  
  

• The Australian Bureau of Agricultural & Resource Economics said that Australia's wheat crop will total 22.8 million tons this winter, down from 25.1 million tons last year, due to dry weather.
  
  
  
  

Brazil sees doubts about WTO farm deal in June
A key condition was that the United States came up with a "more courageous move" on cutting farm subsidies.

Pentagon lists homosexuality as a mental disorder

Aaugh!
Aaugh! The last time a nation’s civilian and military leadership was this incapable of learning from experience was under the Ching dynasty.

Enigmatic object baffles supernova team
The object's behaviour doesn't match any known quasar. The team is not convinced the object is outside our galaxy, but nothing like it is known inside the galaxy.

Waste Oil Dumps Threaten Towns in Northern Iraq As much as 40 percent of the petroleum processed at Iraq's damaged and outdated refineries pours forth as black oil, the heavy, viscous substance that used to be extensively exported to more efficient foreign operations for further refining. But the insurgency has stalled government-controlled exports by taking control of roadways and repeatedly hitting pipelines in the area, Iraqi and American officials have said.

So the backed-up black oil — known to the rest of the world as the lower grades of fuel oil — was sent along a short pipeline from Baiji and dumped in a mountainous area called Makhul.

Japan seizes control of whaling group after historic vote
In a stunning diplomatic coup, Japan and its allies, including Norway and Iceland, won a voting majority in the IWC for the first time, as a result of a remorseless 10-year Japanese campaign to secure the votes of small African and Caribbean countries in exchange for multimillion-dollar foreign aid packages.

Quick Overview

• Late payments and new foreclosures on U.S. homes declined in the first quarter of 2006 compared with the last quarter of 2005, reflecting an improving economy and job creation, the Mortgage Bankers Association said on Monday.
  
  

• Atlanta Federal Reserve Bank President Jack Guynn urged U.S. elected officials to face up to long-term fiscal problems and said the world will have to get used to higher oil prices.
  
  

• The International Monetary Fund said on Monday that Brazil's economy was less vulnerable amid lower external and domestic debt and foreign reserves that are at more comfortable levels.
  
  

• Russia's GDP increased 5.5% in the first quarter of 2006, more than expected.
  
  

• Bloomberg news reported that sentiment among homebuilders dropped from 46 to 42 in June, the most dire outlook in eleven years.
  

• International apprehensions increased again after North Korea announced that they are going to test-launch a long-range ballistic missile
  

• The Chairman of China’s Cereals and Oils Association says China’s growing
  industrial use of Corn will force the country to import 10 mmt. of Corn by 2010.
  
  

The No-Knock State
The poorest man may in his cottage bid defiance to all the forces of the Crown. It may be frail – its roof may shake – the wind may blow through it – the storm may enter – the rain may enter – but the King of England cannot enter – all his force dares not cross the threshold of the ruined tenement!
~ William Pitt

Lost in translation
My recent comment piece explaining how Iran's president was badly misquoted when he allegedly called for Israel to be "wiped off the map" has caused a welcome little storm. The phrase has been seized on by western and Israeli hawks to re-double suspicions of the Iranian government's intentions, so it is important to get the truth of what he really said.

Quick Overview

• The U.S. current account deficit totaled $208.7 billion in the first quarter of 2006, smaller than expected.
  

• The University of Michigan's consumer sentiment index increased from 79.1 to 82.4 in early June, stronger than expected.
  
  
  

• YoY industrial production in Argentina rose 7.3 percent in May.
  
  
  

• China's central bank is raising the reserve requirements by one-half of a percent slow the economy.
  

5-4 Decision Narrows Exclusionary Rule in Police Searches
As a result of Thursday’s opinion, it’s likely that police across the nation will stop knocking and announcing before entering, says David A. Moran, who represented Hudson on appeal.
"I suspect the knock-and-announce rule will become a joke," says Moran, a law professor at Detroit’s Wayne State University. "No longer can Americans expect that they will have the chance to answer the door in a dignified manner."

Judge Rules That U.S. Has Broad Powers to Detain Noncitizens Indefinitely
"This decision is a green light to racial profiling and prolonged detention of noncitizens at the whim of the president," said Rachel Meeropol, a lawyer for the Center for Constitutional Rights, which represented the detainees. "The decision is profoundly disturbing because it legitimizes the fact that the Bush administration rounded up and imprisoned our clients because of their religion and race."