CHINA | WHAT REALLY HAPPENED


CHINA

Sep 18 21:12

JAMES PETRAS: IMPERIALISM AND IMPERIAL BARBARISM

Excerpts from Petras thesis:

Imperialism, its character, means and ends has changed over time and place.

Under pressure from nationalist and socialist anti-imperialist movements and regimes, colonial structured empires gave way to new nationalist regimes. Some of which restructured their economies, diversifying their productive systems and trading partners.

Sep 16 13:48

China Will Allow Credit Default Swaps, As Long As They Are Not Naked

I have repeatedly argued that naked credit default swaps should be banned.

"Naked credit default swaps" is the term coined to describe the situation where the buyer is not the referenced entity.

The American government hasn't banned naked CDS. Instead, the government let the largest CDS traders write impotent laws which won't fundamentally change the ongoing danger from derivatives.

But the Chinese are being smarter.
As Bloomberg notes:

Sep 15 15:29

Chinese Economist Cheng Siwei - USA has been Financially Irresponsible

China has overtaken Japan as the world's second biggest economy and remains on course to surpass the US within a generation.

HARDtalk speaks to the distinguished Chinese economist and former vice chairman of the Standing Committee of the National People's Congress Cheng Siwei.

Sep 13 06:16

Obama, as seen in China

Sep 11 10:53

Pentagon: USS George Washington Nuclear Aircraft Carrier to join military drills off Korean Peninsula

U.S. Defense Department spokesman Geoff Morrell said on Thursday aircraft carrier USS George Washington will be sent to waters off the Korean Peninsula to participate in war games with South Korea.

"The USS George Washington will indeed exercise in the Yellow Sea," Geoff Morrell said.

China has voiced objection to any military drills off its coast. The drills were postponed from its original schedule on Sept. 5-9.

However, Morrell didn't give a specific timetable, stressing that it's not an affront to China, but rather a warning to Pyongyang.

Webmaster's Commentary: 

This is not a warning to North Korea; it is a warning to China, which considers the Yellow Sea its back yard.

It appears that the US is looking to ratchet up tensions in the region, rather than reduce them.

Sep 11 10:20

US-China Trade Tensions Seen Boiling Over If Congress Acts

Frustrated members of Congress may vote in the coming weeks on legislation penalizing Chinese imports for Beijing's artificially low currency. Anger over the artificially low yuan is a long-simmering issue on Capitol Hill, but is becoming more pronounced. Stoked by a heated U.S. election cycle and ailing economy, some insiders predict the China penalty bills will pass at least the House and possibly the Senate.

Webmaster's Commentary: 

Memo to Congress: penalizing China is not the answer to the US's economic woes.

Cutting taxes, incentivizing companies to bring jobs back to this country, and stopping the funding of these immoral and illegal wars without end would certainly help.

Of course, all these measures would be logical.

Sep 10 14:33

China and India: Still Hungry for Coal

Marin Katusa, Chief Energy Strategist
Casey Research

One can only hope that the “Don’t shoot the messenger” adage is still popular in the international community.

UK-based consultants M&C Energy Group have become the latest to join the chorus of voices asking the international community to increase the pressure on China and India to switch to cleaner energy sources.

Sep 07 05:10

Witness - The Chinese Colony

Sep 06 06:33

China, US meet amid tension over trade, military

BEIJING — Senior U.S. and Chinese officials met Monday to steady relations upset by disputes over currency, trade and military affairs despite calls for a tougher line on Chinese economic policies that some say are contributing to American unemployment.

With congressional elections in two months, President Barack Obama is under pressure to kick-start the economy and many lawmakers say he should start by addressing China's lopsided trade surplus and currency policies.

Sep 06 05:33

The Impact of Fiat Money as the World’s Reserve Currency

David Redick
Activist Post

The creation of fiat official government money has had a profound effect in history and on our nation and the world today. "Fiat" means it is worth whatever the government says it is (its face value), although the material of which it is made may have more or less intrinsic market value. Examples would include both valuable silver dollars and worthless paper, each declared to be worth $1; and today’s American Eagle bullion coin with a face value of $50 for one ounce of gold.

Sep 05 10:19

China fears depreciation of $2.45 trillion of reserves still heavy in dollars

Hu Xiaolian, a vice governor with the People's Bank of China, warned that depreciation was a risk for the foreign exchange reserves held by developing countries.

"Once a reserve currency's value becomes unstable, there will be quite large depreciation risks for assets," she wrote in an article that appeared in the latest issue of China Finance, a central bank magazine.

Webmaster's Commentary: 

The Chinese have every reason to be concerned about the potential depreciation of the US dollar, and so should Americans.

Sep 05 07:04

Heavy in dollars, China warns of depreciation

China on Friday offered a rare glimpse into its foreign exchange reserves, confirming that they are overwhelmingly allocated in dollars, while a central banker said the mountain of cash could face depreciation risks.

The Chinese government's currency reserves, the world's largest such stockpile at $2.45 trillion, are held roughly in line with what was described as the global average: 65 percent in dollars, 26 percent in euros, 5 percent in pounds and 3 percent in yen.

Sep 01 08:28

Fed lets China firm buy Morgan Stanley shares

The Federal Reserve on Tuesday approved a proposal by Chinese sovereign wealth fund China Investment Corp. to buy up to 10 percent of the voting shares of Morgan Stanley.

Webmaster's Commentary: 

Chinese business professionals are masters at horizontal integration into other countries' financial markets.

This is very significant, but why does the Fed - a private bank no more "Federal than "Federal Express" - have to approve such a deal?!?

n/a
Aug 28 10:19

India cancels China defense exchanges

China refused to issue a visa to the General Officer Commanding in Chief in Jammu and Kashmir, Lt. Gen. BS Jaswal.

The commander is responsible for Indian army operations in the Muslim-majority disputed region.

Kashmir has witnessed protests against Indian rule triggered by recent killings blamed on government forces. Sixty-four people have lost their lives in two months of violence. The New Delhi government's refusal to send a word of apology over the slayings and the reluctance shown by the Indian Prime Minister Manmohan Singh to order an end to shootings have added to the anger of protestors.

Webmaster's Commentary: 

This is a very significant position for the Chinese government to take, and will be interpreted as such from the many Middle Eastern countries with which China does business.

Unfortunately, this position, however, will do nothing to relieve the problems of China's Muslim Uighur minority living in and around Xinjiang province in Western China, which continues to be a flashpoint for violence just as Kashmir is for India.

Aug 27 11:50

Its Official: China is Unloading its Treasury Bonds

It looks like the smart money these days is found in China. While American investors have been scrambling over each other to buy more Treasury bonds at historically low yields, China has begun quietly unloading some of its own enormous holdings. In June, the Middle Kingdom sold $21.2 billion of paper, reducing its net long to $839.7 billion. This is little more than 10% of the total $8.18 trillion in federal debt that Uncle Sam has outstanding.

Aug 27 10:10

Banks back switch to renminbi for trade

A number of the world's biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.

HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.

Webmaster's Commentary: 

Chinese Symbols exclamation pointChinese Symbols exclamation pointChinese Symbols exclamation point

Aug 22 07:34

Globalized Business Cares Little About Left or Right

Chrystia Freeland
Reuters

Here's the good news about China's emergence as the world's second largest economy -- US business has figured it out. And here's the bad news -- while US companies can go global, most US citizens can't. The result, in this age of globalization, is a growing tension between the interests of America's business leaders and the interests of much of its middle class. Indeed, the most important fault-line in American politics may not be between Democrats and Republicans, it is between those businesses and business people who are succeeding in the global economy and those who are not.

Aug 18 08:00

U.S.-China Crisis: From "Gunboat Diplomacy" to Confrontation

The maneuvers were an open challenge to and clear act of defiance toward China, following by two weeks U.S. Secretary of State Hillary Clinton's announcement in the Vietnamese capital that the U.S. was prepared to intervene in territorial disputes over the above-mentioned islands on behalf of claimants Vietnam, Taiwan, Brunei, the Philippines and Malaysia against China.

While in South Korea, Gates, Mullen and Willard confirmed plans for regular U.S.-South Korean joint military exercises, including in the Yellow Sea off the west coast of the Korean Peninsula. The bulk of the sea's coastline is Chinese territory.

Webmaster's Commentary: 

China abruptly severed its military to military relations with the US in February of this year, due to US weapons sales to Taiwan.

The relationship between the two countries has continued to sour, and the US is not doing anything substantive to repair it.

These exercises are guaranteed to do one thing, and that is ratchet up the tensions in the region even further.

At a point in time where China is quietly moving out of its position in dollar holdings, one has wonder at the timing of these exercises, and precisely what they are intended to accomplish.

The US's attempting to bully China militarily may well have the absolute opposite outcome of its intended effect.

Aug 17 16:13

Iran, Tajikistan and Afghanistan: Diplomacy of Brotherhood

Kourosh Ziabari (Salem-News.Com)

The three countries stressed the importance of Nuclear Non-Proliferation Treaty and underlined the inalienable right of the NPT member states to use the nuclear power for peaceful purposes.

(TEHRAN) - The Trilateral Summit of the presidents of three Persian-speaking countries of Iran, Tajikistan and Afghanistan wrapped up on 5 August in Tehran and recorded another unforgettable event in the memory of the three brother nations.

Aug 17 13:45

Flashback 2001: Patriotic reasons to boycott ChinaMart/WalMart

Skolnick - Wal-Mart And The
Red Chinese Secret Police, Pt 3
By Sherman H. Skolnick
9-6-1
Wal-Mart and the Reputed Crooked Judges in Chicago.
... the Rockefellers, as the first part of the plan, are seeking to control the common people of the U.S. by flooding the nation with "China White", high purity dope from Southwest China....In the process, the Rockefellers are assisting Red China in undermining the skilled trades and useful employment in the U.S. by deluging the nation with cheap goods from China and countries dominated by them such as Sri Lanka. Spear-heading that effort has been Wal-Mart capable of underselling most everybody with products made by Chinese and other slave-laborers at camps and factories under the authority of the Secret Police.

Aug 17 03:10

The Ecstasy of Empire

If the wars are not immediately stopped and the jobs brought back to America, the US is relegated to the trash bin of history.

Obviously, the corporations and Wall Street would use their financial power and campaign contributions to block any legislation that would reduce short-term earnings and bonuses by bringing jobs back to America. Americans have no greater enemies than Wall Street and the corporations and their prostitutes in Congress and the White House.

The neocons allied with Israel, who control both parties and much of the media, are strung out on the ecstasy of Empire.

Aug 16 00:55

Putting Government First

Where a man's purse is, there his heart will be also.

If you would know where the heart of the Obama party is today, consider. In the dog days of August, with temperatures in D.C. rising above 100, Nancy Pelosi called the House back to Washington to enact legislation that could not wait until September.

Purpose: Vote $26 billion to prevent layoffs of state, municipal and county employees whose own governments had decided they had to be let go if they were to meet their constitutional duty to balance their books.

Workers their own governments thought expendable, Congress decided were so essential, it borrowed another 26 thousand million dollars from China to keep them on state and local payrolls.

Aug 14 18:21

Crisis. What Crisis? Profits Soar!

By James Petras

The capitalist state, with Democratic President Obama in the lead, has transferred billions to big capital via direct bailouts, virtual interest free loans, tax cuts and by pressuring labor to accept lower wages and health and pension givebacks. The White House plan for ‘recovery’ has worked beyond expectations – corporate profits have recovered; “only” the vast majority of workers have fallen deeper into crises.

CONTINUE READING THE FULL ARTICLE:

http://mycatbirdseat.com/2010/08/crisis-what-crisis-profits-soar/

Aug 14 06:21

Pictures: Landslides strike China

At midnight on Sunday, August 8th, a temporary lake caused by a recent landslide broke loose above the town of Zhouqu, in Gannan Tibetan Autonomous Prefecture, China. The outflow slid down the valley as a wall of mud, wiping out houses and muli-story buildings, and killing at least 1,144 residents - with over 600 still reported as missing. More than 10,000 soldiers and rescuers arrived soon to comb through the mountains of mud that buried several parts of Zhouqu County. Engineers also worked to blast the debris that had passed through the town to partially block the Bailong River, causing further flooding. Collected here are images of the landslide-affected area of northwestern China, part of a series of disasters in Asia caused by recent heavy rains. (41 photos total)

Aug 13 16:49

Will retaliate if offended by US, warns China Gen

A Chinese General on Friday termed as "flagrant provocation" US plans to send a nuclear-powered aircraft carrier to the Yellow Sea and said the country would retaliate if "offended".

China had in the recent weeks voice its firm opposition to activities of foreign military vessels or planes in the Yellow Sea and China's coastal waters, saying they undermine it security interests. Despite China's warning, the US insists on sending the carrier ‘USS George Washington', he said

The General was reacting to remarks by Admiral Mike Mullen, Chairman of the US Joint Chiefs of Staff, that the carrier will always go into international waters.

Webmaster's Commentary: 

At a point in time when the Us desperately needs China's cooperation (particularly with the huge amount of US debt China is holding), why is it sabre-rattling right now?!?!?

Aug 12 08:56

Is China Executing a Cunning Sun Tzu Strategy to Destroy the Dollar and Cause an Upward Price Explosion in Gold?

Could China be coveting the role of the next economic superpower, thereby supplanting the USA? If so, is China planning to do this by design or is it simply awaiting this result by default as a result of the total collapse of the American economic system?

Webmaster's Commentary: 

China doesn't need to do anything but wait. The US economy was destroyed with the passage of the Federal Reserve Act in 1913.

Aug 10 08:23

US warship visits former foe Vietnam, China warns US to stay out of Yellow Sea

An American warship docked Tuesday in central Vietnam where the former foes planned to conduct naval training in a sign of growing military ties amid new warnings from China
for the U.S. to stay out of its backyard.

Webmaster's Commentary: 

"Hey, relax; we're getting kicked out of the Afghanistan opium fields and just need to see if any of Kuhn Sa's stash is still floating around for sale!" -- Official White Horse Souse

Aug 06 16:04

New Chinese missile 'challenges US'

China is reportedly developing a game-changing new naval missile that can pave the way for ending the US dominance at sea, experts say.

The missile, named the Dong Feng 21D, can be launched from land to destroy the most advanced moving aircraft carrier 900 miles away.

Aug 05 18:36

Chinese Carrier Killer Missile Could Shift Pacific Power Balance

Nothing projects U.S. global air and sea power more vividly than supercarriers. Bristling with fighter jets that can reach deep into even landlocked trouble zones, America's virtually invincible carrier fleet has long enforced its dominance of the high seas.

China may soon put an end to that...

Aug 05 10:20

Second U.S. revolution coming?

I don’t like to carry more information than necessary about U.S. affairs, but the simple fact is that things are rapidly coming to a head in the States.

With mid-term elections coming up in just four months time, and U.S.–backed Israel scheming to start a war with Lebanon which will inevitably drag in Syria and Iran, and then quite possibly Russia and China (who have multi-billion dollar investments in Iran’s oil infrastructure), America as we know it, and quite possibly the world itself, may be considerable changed for the worse by the end of this year.

Aug 05 10:17

US lawmaker calls for sanctions on China, Russia

The United States should immediately impose sanctions on Russia and China under a US law that punishes major investments in Iran's energy sector, a senior US lawmaker said Monday.

Webmaster's Commentary: 

"That's just fine. We just need to cash in all these trillions of dollars in IOUs we are holding. We need payment in gold by close of business today." -- China

Aug 05 08:54

China rejects U.S. pressure on Iran trade ties

China pushed back at U.S. pressure on its business and oil trade with Iran in comments published on Wednesday, while Iran's oil minister was in Beijing seeking to shore up ties with the big customer.

Aug 05 08:53

US-China tensions over South China Sea

US Secretary of State Hillary Clinton’s provocative stance at the Association of South East Asian Nations (ASEAN) security forum last month, where she voiced opposition to China’s claims in the South China Sea, has inflamed another global flashpoint.

Webmaster's Commentary: 

"Dammit, I need a major war to distract the suckers from the economy, and my policy is to go on pissing off people until I get it!" -- Official White Horse Souse

Aug 05 08:43

China Rejects US Concerns about Deals with Iran

China has defended its business ties with Iran after a United States official urged Beijing to fully implement sanctions against Tehran.

China Thursday rejected concerns about its dealings with Iran.

China's state media quoted a Foreign Ministry spokeswoman saying trade with Tehran is normal business and does not harm the interests of other countries or the international community.

Aug 04 01:58

US Lawmaker Calls for Sanctions on China, Russia

WASHINGTON — The United States should immediately impose sanctions on Russia and China under a US law that punishes major investments in Iran's energy sector, a senior US lawmaker said Monday.

"It's time to implement our sanctions laws and demonstrate to Russia and China that there are consequences for abetting Tehran and flouting US sanctions," Representative Ileana Ros-Lehtinen said in a statement.

Aug 03 08:58

China Calls Our Bluff: The U.S. is Insolvent and Faces Bankruptcy as a Pure Debtor Nation

America's biggest creditor - China - has called our bluff.

As the Financial Times notes, the head of China's biggest credit rating agency has said America is insolvent and that U.S. credit ratings are a joke:

The head of China’s largest credit rating agency has slammed his western counterparts for causing the global financial crisis and said that as the world’s largest creditor nation China should have a bigger say in how governments and their debt are rated.

“The western rating agencies are politicised and highly ideological and they do not adhere to objective standards,” Guan Jianzhong, chairman of Dagong Global Credit Rating, told the Financial Times in an interview.

Aug 02 08:31

Chinese television plugs Israel

Chinese television has produced a twelve-part documentary, Israel, the land of milk and honey, which will first be broadcast by CCTV-2 and later by the other Chinese satellite channels.

This high-definition and big-budget documentary was filmed with the help of the Israeli State. It portrays Jewish culture as a beacon of human thought on a par with Chinese culture.

A private screening has been organised in Beijing for an audience of CCTV executives and the Israeli Embassy.

Jul 31 08:37

THE HIDDEN FACE OF SANCTIONS By DR. ALAN SABROSKY

The sanctions imposed recently against Iran by the United Nations, and later separately by the US Congress, have one thing in common. Both were driven by the US at the instigation of Israel.

But they are also, I believe, generally misunderstood. Sanctions are normally intended to alter the behavior of the country being sanctioned — to punish it for what it is doing, to keep it from continuing practices or policies others find objectionable, or both.

And overtly, that is the function of these sanctions. But that is not their actual purpose.

Jul 30 15:37

China denounces EU's Iran sanctions

China has voiced its disapproval of the new unilateral sanctions imposed by the EU against Iran over its nuclear program, urging a negotiated solution through diplomacy.

"China does not approve of the European Union's unilateral sanctions on Iran," Chinese Foreign Ministry spokeswoman Jiang Yu said in a Friday statement posted on the ministry's website, Reuters reported.

Jul 30 15:11

China struggles to recover from 'worst ever' oil spill

China is struggling to clean up what has being described as the country's worst oil spill, a fortnight after a fire at an oil depot caused crude to leak into the sea for several days.

An army of volunteers and fishermen has been mobilised to help clean up the pollution from the area around the port of Dalian, one of China's most important strategic oil reserves.

But conditions are grim for those involved.

Jul 30 10:24

"Okay, that torpedo thing with North Korea is a washout; what can we do to piss off China now?"

Jul 27 18:05

In Photos: Huge landslide in China

A village in southern China is suffering after an enormous landslide — triggered by an overwhelming rainstorm — buried dozens of homes, the Associated Press reports. Photos of the aftermath paint a stark picture of lives and livelihoods destroyed.
This is only the most recent flood and landslide to strike China. So far this year, floods have killed at least 823 people and inflicted tens of billions of dollars in property damage — and more rains are expected this week.

Jul 27 08:20

China Three Gorges flooding set to peak

China says flood waters at the Three Gorges Dam will peak within the next 24 hours, after torrential rain further up the Yangtze river over the weekend.

More heavy rain is expected in parts of southern China from now until Thursday.

Webmaster's Commentary: 
Jul 24 09:47

Containing China Is A Fool's Errand. Yet Obama's Deal with Indonesian Thugs Is Aimed at Exactly That

Yesterday’s announcement by the Obama administration that it is resuming military ties with the mass-murdering war criminals of Indonesia’s special forces ought to give us pause. Because the new relationship with Kopassus, the Indonesian thugs, has little or nothing to do with concrete U.S. interests in Indonesia – do we have any, anyway? – and everything to do with building a Great Wall around China.

Jul 24 09:43

US Rejects Chinese Claims to Spratly Islands

The United States has rejected the claims of the Chinese government to territorial control of a number of tiny islands in the South China Sea, with Secretary of State Hillary Clinton insisting the US had a strong “national interest” in ensuring the islands remain open.

Though long of little real value, the islands are said to have a significant oil and natural gas deposit, and the claims over the territorial waters around the islands could be valuable in expanding shipping in the region.

Webmaster's Commentary: 

This is an issue for China, and all the countries claiming rights to these islands, to resolve among themselves.

That can be accomplished, and doesn't need US interference for this to happen.

Jul 23 09:07

China: The US Is "Insolvent and Faces Bankruptcy"

The common thought amongst even reasonably educated and economically literate Americans is that China is 'stuck with US Treasuries' and has no choice, so it must perform within the status quo and do as the US wishes, or face a ruinous decline in their reserve holdings of US Treasuries.

...

I think China is already diversifying their reserve portfolio, and more stealthily and effectively than one would imagine.

Jul 22 05:57

Clean-up crews use bare hands against China oil spill

Chinese authorities battled Thursday to contain an oil spill on the country's northeast coast amid reports it was spreading and as warnings emerged of a heavy long-term environmental impact.

The government has mobilised hundreds of fishing boats and other vessels to clean up the spill that occurred in the port city of Dalian, but Greenpeace said many people thrown into the effort were reduced to using their bare hands.

The spill happened last Friday after two pipelines exploded at an oil storage depot, triggering a spectacular blaze that burned throughout the weekend.

===

Seems to be more than coincidental - doesn't it?

Jul 21 12:59

Huge China Oil Spill Poses Severe Threat

Ok what are the odds? First we get a huge disaster which can no longer be called a spill, Now China? funny how China is a country we trade with, base our money systems on. So if china's Stock Market Falls? Whats next? I shudder to wonder. Isnt it fool me once shame on you and fool me twice shame on me?

Jul 17 07:08

900-year-old Song dynasty drains save Chinese city from deadly floods

A 900-year-old drainage system has saved a city in south China from severe floods that have left over one hundred people dead and a million homeless across the region.

Webmaster's Commentary: 

And THAT is how infrastructure is supposed to be done!

Jul 15 15:29

Is Communism the New Capitalism? Six Fortune 500 Companies Move HQ to China

Activist Post

The boat is leaving for China. Disney, Kraft Foods, and four more Fortune 500 companies are on board to move their Headquarters to Shanghai.

The mass exodus of American companies which will surely take thousands of jobs with them, is now commencing with mind-twisting irony. Apparently, America is no longer good enough to invest in, even for U.S-based companies.

The globalists love to quote free-market capitalistic principles, except when it comes to small things like competition and having your headquarters in a Communist quasi-enemy nation. A CNTV press release and accompanying video gloated:

Jul 13 14:19

Chinese rating agency strips Western nations of AAA status

China's leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West.

Jul 13 08:56

U.S. Trade Gap Widens

The U.S. trade deficit unexpectedly widened in May to its highest level in a year and a half, as a surge in imports from China more than offset the impact of falling oil prices.

Webmaster's Commentary: 

The USA doesn't make anything anybody either wants to buy or can afford.

Jul 11 09:29

The Drums of War? Pentagon Provokes New Crisis With China

With the arrival of the USS Ohio in the Philippines, the USS Michigan in South Korea and the USS Florida "in the strategic Indian Ocean outpost of Diego Garcia" [6] on the same day, "the Chinese military awoke to find as many as 462 new Tomahawks deployed by the U.S. in its neighborhood."

Just as the Pentagon is moving nuclear submarines under the northern polar ice cap to the Indian Ocean, so it has recently reached an "agreement [that] will allow troops to fly directly from the United States over the North Pole" to Afghanistan and "the region" by way of Kazakhstan, which borders China as well as Russia. [10]

Jul 09 17:06

Nuclear Explosions Conducted in Various Parts of the Globe, From 1945 to 1998

It seems to me that we fought the Cold War by nuking, mostly, OURSELVES!

Missing: Israel-South Africa nuclear testing in 1979? http://www.globalsecurity.org/wmd/world/israel/nuke-test.htm

Jul 01 09:02

China Becoming Target of Credit Default Swaps

Not shown on the table, but certainly in need of noting, was our very own state of California, which with 377 million in net derisking, was the 3rd most shorted entity of all. Is the last bastion of "all is well" propaganda about to fall?

Jun 29 20:45

Israeli Nuclear Espionage: The Art of Keeping America at Risk for Fun and Profit

Israel agreed to sell South Africa nuclear weapons.

More than that, it makes any aid America gives Israel illegal. If Israel is nuclear, which is now official, and in violation of international treaties, just as with Iraq and Iran, then America has to demand inspections and disarmament. There is no choice. This is the law. Law for Iran, law for Iraq is also law for Israel. Israel has expected this day for years.

Jun 29 09:25

Giant Green Algae Slick Heads Towards China

A massive floating expanse of green algae is heading towards China's east coast, potentially threatening wildlife and the region's tourist industry, state media reported on Tuesday.

Jun 29 08:18

China to hold naval drills to counter US-SKorean moves

In a move that could escalate tensions in the surcharged Korean peninsula, China said its military forces would kick-off live ammunition exercises in East China Sea from Wednesday in an apparent response to a joint naval manoeuvre between US and South Korea.

Jun 29 07:37

China military denies exercise aimed at U.S

Analysts and a military officer said the live ammunition exercise starting on Wednesday that will close off parts of the East China Sea off China's coast over six days were routine and the timing was coincidental.

"The PLA artillery exercise in the East China Sea and the joint U.S.-South Korea exercise in the Yellow Sea are a complete coincidence," Li Daguang, a professor at China's National Defense University told the Wen Wei Po, a Hong Kong newspaper under mainland control.

"The outside world shouldn't read anything into this."

Webmaster's Commentary: 

The timing does not appear to be "coincidental"; it appears to be a projection of Chinese power in the region after Obama had the audacity to publicly criticize China's handling of North Korea at the G-20 summit.

Jun 28 05:59

Obama challenges China on G20 stage

US President Barack Obama has launched a stern challenge to China, using the big stage of the G20 summit of world powers to demand Beijing's help in rebalancing the world economy.

The G20 leaders, representing both the world's established economic giants and its dynamic emerging powers, agreed a package of measures to cut deficits, stimulate growth and return stability to financial markets.

Jun 26 06:39

The Global Political Awakening and the New World Order

The Technological Revolution and the Future of Freedom, Part 1
by Andrew Gavin Marshall at Globalresearch.ca.

There is a new and unique development in human history that is taking place around the world; it is unprecedented in reach and volume, and it is also the greatest threat to all global power structures: the ‘global political awakening.’ The term was coined by Zbigniew Brzezinski, and refers to the fact that, as Brzezinski wrote:

For the first time in history almost all of humanity is politically activated, politically conscious and politically interactive. Global activism is generating a surge in the quest for cultural respect and economic opportunity in a world scarred by memories of colonial or imperial domination.[1]

Jun 23 09:30

China Officially Disses the Dollar (and Treasury Debt)

Although Treasury Secretary Geithner has issued this statement:

We welcome China's decision to increase the flexibility of its exchange rate. Vigorous implementation would make a positive contribution to strong and balanced global growth. We look forward to continuing our work with China in the G20 and bilaterally to strengthen the recovery.

This move by China is about as welcome as a visit to a proctologist who use dental drilling tools.

Jun 21 19:31

China's solution for elitists' crimes is execution

China executes securities trader over $9.52m fraud
By Joe Fay 8th December 2009
China takes a very harsh line on criminality, although this is the first execution carried out on an erstwhile member of the financial classes.
China carries out more executions every year than any other country, with either the gun or lethal injection used.
While murder, drug trafficking and the like attract the penalty, the state will also happily execute other classes of criminals, with both corrupt officials and businessmen liable to pay the ultimate price if convicted. Executives involved in the notorious tainted baby milk scandal were handed death sentences earlier this year.

Jun 20 10:34

China forex move could thwart U.S. hopes - Roubini

China's decision to move away from its currency peg might mean the yuan weakens against the dollar instead of strengthens as Washington wants, Nouriel Roubini, one of Wall Street's most closely followed economists, said on Saturday.

Jun 20 03:51

Will currency float help U.S.-China relations?

China’s surprise announcement that it will continue floating its currency after a nearly two-year hiatus is catching the financial world by surprise.

After Chinese leaders denied for months they would cave to international pressure, the Saturday announcement by China’s central bank is widely seen as a way to defuse the issue from being raised at next week’s G-20 summit in Toronto, especially since China’s May exports shot up nearly 50 percent year-on-year. But is that the whole story?

Jun 19 04:43

Walkout Closes Another Toyota Supplier in China

Jun 19 04:02

China: Yuan exchange rate is a sovereign issue and not on G20 agenda

BEIJING, June 19 (Xinhuanet) -- China has told the rest of the world not to meddle with the way it manages its currency, calling the exchange rate a sovereign matter for China alone to decide.

Jun 17 11:24

Strikes in China signal end to era of low-cost labour and cheap exports

The Chinese Communist party called on employers to raise salaries and improve training for workers today, as Toyota became the latest foreign firm to be hit by a wave of high-profile strikes.

According to labour activists, there have been numerous strikes in recent years, though few get reported in the media. Chang Kai, professor of labour relations and law at Renmin University, said the number had increased by 30% per year.

Their impact has grown as the "one-child" family planning policy starts to thin the bulge in the working-age population. This demographic change in the balance of labour supply and demand has added to improved worker organisation and greater activism at high-profile foreign firms.

Jun 14 16:04

US wants South Korean boat’s sinking as they tell it but Russia and China don’t agree

Christopher King questions the US-South Korean accusation that North Korea sank the South Korean corvette the Cheonan in March this year. He says the lack of evidence linking Pyongyang to the sinking, coupled with the history of US deceptions in Vietnam, Afghanistan and Iraq, makes it more likely that the Cheonan was sank by the US or South Koreans, accidentally or deliberately.

Jun 14 09:16

1.3 million flee as China flooding kills 155

Unusually heavy seasonal flooding in China has killed at least 155 people and forced more than 1 million to flee as water levels in some areas reached at their highest in more than a decade, the government reported Saturday.

Flooding strikes along the Yangtze almost every summer, although authorities had claimed that construction of the massive Three Gorges Dam along the river's upper reaches would help modulate water levels and prevent major losses.

Webmaster's Commentary: 

As reported on 7 June, 2010 in

http://blogs.telegraph.co.uk/news/timcollard/100042402/china-cracks-in-the-three-gorges-dam-so-300000-people-can-wave-goodbye-to-their-homes/

"n China, cracks are appearing – in the neighbourhood of the massive Three Gorges Dam, the country’s great prestige project, and also in the Great Internet Firewall of China, enabling the ominous news to leak out. Three years ago stories were already emerging in the Chinese media about landslides, ecological deterioration and accumulation of algae further down the river. And less and less effort seems to be made to plug the leaks."

This combination of flooding, coupled with problems with the dam, could lead to an ecological disaster for the people living in this region, and beyond.

Jun 12 14:31

China: Cracks in the Three Gorges Dam, so 300,000 people can wave goodbye to their homes

Recent media reports tell of a series of landslips, minor earthquakes and cracks appearing in roads and buildings along the central section of the Yangtse, between the dam and the city of Chongqing. Almost 10,000 “dangerous sites” have been identified, but many of the people living near them cannot be relocated for lack of money.

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