Monday, November 21, 2005

We Must Hold the Scoundrels Accountable
Bush’s public support has plummeted. A majority of Americans believe Bush lied about Iraq having weapons of mass destruction and now they doubt his integrity. Trapped in their lies, Bush and Cheney are lashing out at critics, proving once again the truth of Samuel Johnson’s 18th century observation that "patriotism is the last refuge of a scoundrel."

Sunday, November 20, 2005

Senate committee passes spyware bill
A U.S. Senate committee has approved a bill that would outlaw the practice of remotely installing software that collects a computer users' personal information without consent.
<How U.S. Fell Under the Spell of 'Curveball'
The senior BND officer who supervised Curveball's case said he was aghast when he watched Powell misstate Curveball's claims as a justification for war.
Global shipping: Challenges ahead
As on January 1, 2005, the world trading fleet was made up of 46,222 ships, with a combined 597,709,000 gross tonnes. The vast bulk of the fleet was made up of: general cargo ships (18,150), tankers (11,356), bulk carriers (6,139), passenger ships (5,679) and container ships (3,165). Other ship types accounted for 1,733 vessels.

The World's Best Ethical Travel Destinations

Our most notable and unexpected result is that Latin America emerges as the leader in ethical travel. While certain of our recommended destinations are already popular (Brazil, Costa Rica, and Peru), other top countries (Argentina, Barbados, Belize, Ecuador, and Uruguay) also have much to offer American tourists. Argentina has a vast array of natural wonders: from glaciers in the Andes to pre-Columbian villages in the North. Belize hosts Mayan ruins, as well as a lush rainforest. Uruguay, not as well known, contains spectacular beaches as well as trekking in the interior.

Saturday, November 19, 2005

The Federal Reserve announced that as of March 2006, M-3 will no longer be posted.

M(3)urder Will Out!
Thus, the abandonment of M3 could disguise this Reichsbank-like response to America’s hypothetical future ills for some little while thence, delaying market fears of a hyperinflationary outcome, and so keeping "Blackhawk" Bernanke hovering over the scene of the emergency for a little longer than might otherwise be the case.

Friday, November 18, 2005

China copper trade woes send prices to new peaks
Officials for the centre and the bureau have told Reuters that any short positions were made on his own authority, adding to the uncertainty of whether the bureau will honour the obligations. If it refuses to do so, that could leave brokers facing huge losses.
The food you eat may change your genes for life
Szyf says his study shows how important subtle nutrients and supplements can be. "Food has a dramatic effect," he says. "But it can go both ways," he cautions. Methionine, for instance, the supplement he used to make healthy rats stressed, is widely available in capsule form online or in health-food stores - and the molecules are small enough to get into the brain via the bloodstream.
Survey Finds Deep Discontent With American Foreign Policy

Tortured men look like 'Holocaust victims

Pentagon To Probe Feith's Role In Iraq War

Lobbyist Probe Sparks Senate Fireworks

Quick Overview

  • The European Central Bank is ready to raise interest rates moderately, ECB President Jean-Claude Trichet said on Friday, sending a clear signal it will tighten rates in December for the first time in five years

  • Argentina's jobless rate fell to 11.1 percent in the third quarter from 13.2 percent in the same period last year.

  • The British government posted a 2.2 billion pound surplus in October, up from a shortfall of 1.7 billion pounds a year ago. Revenues were up almost 10% YoY, while spending was down 3%.

  • Canada's wholesale sales totaled C$39.9 billion in September, down 0.1% on the month and up 5.6% YoY

  • The Bank of Japan said the nation's economy is continuing to recover.

  • There are rumors the Chinese government may decline to own up to the 200,000 ton copper short position that their absconded trader left it with.

  • The USDA said there were 11.475 million head of cattle on feed on November 1st, up 1.2% YoY. Placements in October were up 3.5% YoY and marketing’s were down 3.3%.

  • The United States and the European Union reached a tentative deal on Friday expand aviation service and boost competition on both sides of the Atlantic

  • UPS Inc. said it will raise its commercial ground services rates by 3.9% and its air and international services rates by 5.5% in 2006.

Thursday, November 17, 2005

China to lose 100 million dollars from copper futures bet
China stands to lose at least 100 million US dollars on the London Metal Exchange after a bet by a state commodities trader went spectacularly wrong, a press report says.
Climate Shift Tied To 150,000 Fatalities

Group Seeks Further Inquiry in Frist's Stock Sales

New Disclosure Could Prolong Inquiry on Leak

Bernanke Gives Fed an Explicit Inflation Target

Quick Overview

  • U.S. Treasury Secretary John Snow said that dividend and capital gains tax cuts put in place by U.S. President George W. Bush have created strong economic growth and should be extended.

  • St Louis Federal Reserve President William Poole said October inflation data showed the United States was not on an "inflation hair-trigger" and the central bank has room to allow the economy to grow.

  • U.S. new housing starts fell 5.6% in October, the Commerce Department said Thursday. Through the first ten months of 2005, housing starts are up 5.3%.

  • The number of U.S. workers filing initial unemployment benefits fell 25,000 to 303,000 last week, the lowest level since April, the Labor Department reported Thursday.

  • U.S. industrial production rose 0.9% in October as factories rebounded from a decline, the Federal Reserve said Thursday.

  • Manufacturing growth in the Philadelphia area fell this month from October but still showed expansion, the Federal Reserve Bank of Philadelphia said Thursday.

  • The DoE said that underground supplies of natural gas increased 53 billion cubic feet to 3.282 trillion cubic feet. Supplies are down just 1% YoY.

  • Platinum futures reached $1,000 for the first time in over 25 years, and then settled lower, while gold continued its run to an 18 year high.

  • The World Gold Council reported that gold demand was up 16% through the first three quarters of 2005.

  • The European Commission said that the Euro-zone will grow by 1.3% this year, 1.9% in 2006, and 2.1% in 2007.

  • Mexican stocks rose to a record high close on Thursday

Wednesday, November 16, 2005

CIA camps row heats up in Europe

Senate Panel Does Not Extend Tax-Rate Cut

Big Oil may face a $5 billion levy

Document Says Oil Chiefs Met With Cheney Task Force
Has gold lost its war chest status?
Trends indicate that international central bank's store of gold could fall further in future as yields received from the yellow metal decline, but is there another argument for investing in gold?
Ultra-sensitive microscope reveals DNA processes
The novel device allows users to achieve the highest-resolution measurements ever, equivalent to the diameter of a single hydrogen atom, says Steven Block, who designed it with colleagues at Stanford University in California.

Quick Overview

  • US Consumer Price Index for October was up 0.2% vs. 0.0% expected and ex food and energy it was, as up an expected at 0.2% . YoY it was up 4.3%. Excluding food and energy prices were up 2.1% YoY.

  • EuroZone CPI for October at 0.3% as expected.

  • The Chinese government reportedly sold 20,000 tons of copper from its state reserves today after one of its traders disappeared while carrying a large copper short position.

  • U.S. business sales were up 0.6% in September and up 7.8% YoY. Inventories were up 0.5% in September.

  • The U.S. Treasury Department said foreign buys of US securities exceeded domestic purchase by 102 billion vs. 75 billion expected.

  • The DoE said that:
    Supplies of crude oil were down 2.2 million barrels last week to 321.4 million barrels.
    Supplies of unleaded gasoline were down 900,000 barrels
    Supplies of heating oil were up 1.8 million barrels.

  • Gold futures climbed over $10 an ounce to close at a one-month high, while silver prices finished above $8 an ounce for the first time since December 2004 and platinum futures set records.

  • The U.K.'s unemployment rate for Q3 was 4.7%.

Tuesday, November 15, 2005

French gold sales allows FX reserves diversification Strauss-Kahn declined to say in what currencies the BOF would invest the proceeds of its plans to sell up to 600 t of gold reserves over a five year period - a strategy which it said last year it had agreed with the French finance ministry.

She told the conference that the BOF's gold reserves amounted to 3 024 t, comprising 55% of its total gold and foreign exchange reserves or 3,7% of gross domestic product.
Reserve bank may up gold reserves - Mboweni The central bank is very comfortable holding these gold reserves because of the metal's war-chest qualities, because gold is no-one's liability and because it allows prudent diversification in the bank's total reserves," Mboweni said in the text of the speech.
Brazilian farmers' dreams dry up
The so-called "Drought Polygon" is a nearly 390,000-square-mile area that includes nine northeastern states, practically a third of Brazil. Rain is so infrequent that Brazilians joke that the first sign of drought is news of supermarket looting.
Specialists, who are not joking, say the scant rainfall, deforestation, overgrazing and unsustainable farming practices could make this region of 18 million people the world's largest new desert.