OTTAWA – Canada has officially withdrawn from the Kyoto climate agreement.
The death notice comes years after the Stephen Harper government made clear it rejected the terms that were negotiated by the Jean Chretien government in 1997.
According to the agreement, Canada would reduce its greenhouse gases 6% below 1990 levels by 2012.
Environment Minister Peter Kent pointed to the fact the United States and China – the two largest carbon emitters – [...]
In a shocking repudiation of President Obama’s “soak the rich” economic plans, Senate Democrats today blocked a vote on President Obama’s proposal to raise taxes on those earning more than $250,000 per year. Senate Republicans had proposed an immediate vote on the measure. In fact, they proposed two votes: one to extend the Bush tax cuts in their totality, the other to raise taxes as per Obama’s plan. “My recommendation [...]
If ever there was a political event to lay bare the partisan ideologies of the cable news media, the Wisconsin recall was it.
MSNBC was blatantly rooting for Tom Barrett to defeat Gov. Scott Walker, even sending union champion Ed Schultz to cover an event with no apologies for the dog he has in the fight. (Earlier tonight, Chris Matthews even told Schultz that if he wasn’t an MSNBC host, he could be head of [...]
by Jim Sinclair in the category General Editorial | Print This Post | Email This Post
My Dear Friends,
One thing I am sure of is that the majority opinion on the destiny of the euro is wrong. The bear position is so crowded it may as well be one sided.
Sure, that type of trading will continue to put pressure on but it all will go splat after the fact. Yes that type of position reflects its mirror image [...]
2012-05-15 — ml-implode.com
ML-Implode is reporting Eric Sprott‘s comments from the New York 2012 Hard Assets Conference, going on now. Shorthand of the highlights of Sprott‘s keynote remarks are below.
JPM initial loss is really $3B (they are using using after-tax losses trick)
Word is with subsequent moves in yields, loss has already widened to $4B+
Greece already back at debt burden from before default saga; will have to defaultagain
Spain also in dire straits (Portugal also very bad but doesn’t have [...]
Lots of questions, and unfortunately, answers, from Credit Suisse in this Q&A on the Greek default/restructuring, much of it already covered previously, but the only one that matters is this: “Would the restructuring make the Greek situation sustainable? No. Sorry, but no is the answer.Even with full repudiation of the Greek debt, the situation would not be sustainable. In that event, the deficit would move to the primary balance, 5-6% last [...]
That Ray Dalio, famed head of the world’s largest (and not one hit wonder unlike certain others) hedge fund has long been quite bearishly inclined has been no secret. For anyone who missed Dalio’s must see interview (and transcript) with Charlie Rose we urge you to read this: “Dalio: “There Are No More Tools In The Tool Kit.” For everyone who is too lazy to watch the whole thing, or read the [...]
From Zero Hedge:
We have often discussed the temporary and tenuous nature of any and all government-suggested solutions so far to the European crisis on the basis that the ‘model’ is broken. Following the decision to go for PSI, and the possibility of a sovereign leaving the Euro-zone (Greek referendum ultimatum), money is no longer fungible in and across European banks (deposits) and sovereigns as it seeks the stability of a [...]
The European desperation is palpable ahead of the EURUSD open in a few hours, which has to deal with the aftermath of the Friday afternoon downgrade of Belgium, the junking of Portugal and Hungary, and the prospect of an imminent downgrade of AAA-stalwarts Austria and France. So what does Europe do instead of actually proposing the inevitable debt repudiation that is the only and final outcome? Why more rumors [...]
October 10, 2011
The American Revolution, in no small part, was a repudiation of the central banking tyranny exported to the New World by the Bank of England. Few legacies have grown more despotic than the consequences of living under the rule of fractional reserve banking. Many good willed conservatives understand that the system is imploding. Some envision a second American Revolution that expels the [...]
We hold this to be self-evident: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy.
Today I present an important guest essay by long-time contributor Zeus Yiamouyiannis, who suggests that when debt is essentially fraudulent, then debt forgiveness is both the logical and the only remedy. In case you missed his previous analyses on oftwominds.com, I list some of Zeus’s previous essays at the end of the [...]
by Charles Hugh-Smith from Of Two Minds.
Today I present an important guest essay by long-time contributor Zeus Yiamouyiannis, who suggests that when debt is essentially fraudulent, then debt forgiveness is both the logical and the only remedy.
Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy, by Zeus Yiamouyiannis, Ph.D., copyright 2011.
Finally serious economists are considering a position I have been maintaining and [...]
Michele Bachmann became the first presidential candidate to praise the 11th Circuit Appeals Court ruling invalidating the Affordable Health Care Act’s individual mandate, calling it a “repudiation” of the national health care law.
“It is my hope to see this ruling will be upheld,” Bachmann told reporters in Indianola. “The courts now have confirmed what all of us have been saying, that the individual mandate is [...]
Perhaps it is time to look at some basic defintions for a term that will soon be quite prevalent…
In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are thus considered by this doctrine to be personal [...]
An attorney for the British government has reaffirmed the United Kingdom’s decision to ban leading talk-radio host Michael Savage from entry.
WND reported last July the new Conservative-Party-led government of Prime Minister David Cameron informed the popular nationally syndicated host it would continue the ban initiated by the previous administration unless he repudiated statements made on his broadcasts that were deemed a threat to public security. The [...]
From Sean Corrigan
A Long Way from Reaching Our Peak
Inspired, among others, by the typically apocalyptic, ecological maunderings of Jeremy Grantham (the renowned investor here providing us with classic evidence of the general non-transferability of specific expertise from one metier to another), the recent overwrought oil market has brought the Exhaustionists out in full force, each plaintively wailing of the dangers of Peak Oil (as [...]
Neither income nor long term wealth creating capacity can sustain this debt, which means it cannot be redeemed.
The issues for the middle class are:
1. Explicitly acknowledge that the debt is bad or keep denying this truth because the latter is what Regime propaganda asserts daily and loudly, from Greece to California and from Portugal to Illinois;
denial, of course, is a prelude to catastrophe and the burden of the catastrophe [...]
With the dollar remaining weak John Williams of Shadowstats had this to say in a special report, “The U.S. economic and systemic-solvency crises of the last four years only have been precursors to the coming Great Collapse: a hyperinflationary great depression. Such will encompass a complete collapse in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and [...]
* Book is second in planned three-part series
* Israeli PM praises pope for comments on Jews
By Philip Pullella
VATICAN CITY, March 10 (Reuters) – Pope Benedict has condemned violence committed in God’s name and personally exonerated Jews of responsibility for Jesus’ death in his latest book, released on Thursday.
The book, the second in a planned three-part series on the life of Jesus, is a detailed, highly theological and academic recounting of [...]
It is a must see: key soundbite: “We have had a Fed engineered serial bubble, that has created the appearance of wealth, that has caused people to consume beyond their means through borrowing, and that has flushed the income and wealth of our society up to the top, as a result of the Fed turning the financial markets into a casino. These are pure casinos, [...]
by Jan Paul
It should be noted that it is not some certain quantity of money injected into the banking system that will cause hyperinflation; rather, it will be the repudiation of all dollars already in circulation. Holders of physical dollars will panic to exchange them for anything tangible, causing the dollarâ€™s value to fall to zero in mere days. Everything needed to trigger this collapse is already baked in the [...]
Ben Bernanke: Ã¢â‚¬Å“My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the dollar and our national economic [...]
One of the really bad outcomes of rising treasury interest rates is what it does to the States which are sinking from the catastrophic economic policies of the Federal Government. California for example is going from worse to disaster as rates rise in the treasury. Mortgages are rising, money is getting harder to borrow, municipalities find it difficult to sell bonds, government layoffs are rising and pension funds are sinking [...]