Telegraph UK – Cimategate..Australian MP’s lead the charge against AGW

•November 27, 2009 • 12 Comments

http://blogs.telegraph.co.uk/news/jamesdelingpole/100018003/climategate-five-aussie-mps-lead-the-way-by-resigning-in-disgust-over-carbon-tax/

Australia is leading the revolt against Al Gore’s great big AGW conspiracy – just as the Aussie geologist and AGW sceptic Professor Ian Plimer predicted it would.

ABC news reports that five frontbenchers from Australia’s opposition Liberal party have resigned their portfolios rather than follow their leader Malcolm Turnbull in voting with Kevin Rudd’s Government on a new Emissions Trading Scheme.

The Liberal Party is in turmoil with the resignations of five frontbenchers from their portfolios this afternoon in protest against the emissions trading scheme.

Tony Abbott, Sophie Mirabella, Tony Smith and Senators Nick Minchin and Eric Abetz have all quit their portfolios because they cannot vote for the legislation.

Senate whip Stephen Parry has also relinquished his position.

The ETS is Australia’s version of America’s proposed Cap and Trade and the EU’s various carbon reduction schemes: a way of taxing business on its CO2 output. As Professor Plimer pointed out when I interviewed him in the summer, this threatens to cause enormous economic damage in Australia’s industrial and mining heartlands, not least because both are massively dependent on Australia’s vast reserves of coal. It is correspondingly extremely unpopular with Aussie’s outside the pinko, libtard metropolitan fleshpots.

Though the ETS squeaked narrowly through Australia’s House of Representatives, its Senate is proving more robust – thanks not least to the widespread disgust by the many Senators who have read Professor Plimer’s book Heaven And Earth at the dishonesty and corruption of the AGW industry. If the Senate keeps rejecting the scheme, then the Australian government will be forced to dissolve.

For the rapidly increasing number of us who believe that AGW is little more than a scheme by bullying eco-fascists to deprive us of our liberty, by big government to spread its controlling tentacles into every aspect our lives, and scheming industrialists such as Al Gore to enrich themselves through carbon trading, this principled act by Australia’s Carbon Five is fantastic news.

Where they lead, the rest of the world’s politicians will eventually be forced to follow: their appalled electorates will make sure of it.

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another excellent article by delingpole..and this one is close to home for me..we can defeat our climate change bill and politicians like abott and co. can make this happen..i pray the common person gets to hear this story more and it doesnt get the great cover up we are seeing from so many outlets right now..well done james and well done to the politicans with “balls” who took a stand..

401

Dubai asks for a debt moratorium for Dubai World..default fears spark a market tumble

•November 27, 2009 • 9 Comments

http://english.aljazeera.net/business/2009/11/20091125211621604675.html

The government of the Gulf emirate of Dubai says it will ask creditors of its cash-strapped Dubai World conglomerate to accept a moratorium on debt worth billions of dollars.

The government announced the move on Wednesday as part of a plan to restructure the state-run company and its property developer subsidiary Nakheel.

“Dubai World intends to ask all providers of financing to Dubai World and Nakheel to a ’standstill’ and extend maturities until at least 30 May 2010,” a statement issued by the Dubai Financial Support Fund said.

Nakheel, the developer of the emirate’s palm-shaped residential islands, was due to pay off nearly $3.5bn in maturing Islamic bonds in December.

Wednesday’s announcement pushed up the cost of insuring Dubai’s debt against default and brought down bond prices, the Reuters news agency reported.

Nakheel’s Islamic bond prices fell more than 20 points to 87.

The announcement came just hours after Dubai said separately that it raised $5bn from two local banks, the second instalment of what officials had said would be a $20bn borrowing programme.

The bond programme was unveiled in February, with the federal government of the United Arab Emirates picking up the entire first tranche.

Dubai World has $59bn of liabilities, a large proportion of the Gulf emirate’s total debt.

The company, which owns Barneys New York, hired an advisory firm in August to help it explore options to shore up the US luxury chain’s financial position.

Dubai World had been trying to persuade bank creditors to restructure up to $12bn of its loans, an indication that the emirate is starting to grapple with the challenge posed by its $80bn-plus debt pile.

Dubai accumulated its debt as it expanded in banking and real estate projects before the global financial crisis dried up available financing.

Dubai is showing signs of recovery on the back of global economic optimism.

However, restructuring Dubai’s government-linked debts remains a top priority as the government seeks to assure a rebound for its trade, tourism and services-focused economy and recover from the precipitous property crash.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoFe12bwzZ2M&pos=1

Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.

The state-controlled company will ask creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due Dec. 14 from its property unit Nakheel PJSC, Dubai’s Department of Finance said in an e-mailed statement. Moody’s Investors Service and Standard & Poor’s cut the ratings on several state companies, saying they may consider the plan a default.

“Extending the maturity of Nakheel debt is feeding the market’s uncertainty on which debt Dubai will honor in full,” said Rachel Ziemba, a senior analyst covering sovereign wealth funds at New York-based Roubini Global Economics. “They look desperate and the market is concerned that in the long term Dubai’s indebtedness is rising not falling.”

Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. Contracts protecting against default rose 116 basis points to 434 basis points yesterday, the most since they began trading in January, ranking it the sixth highest-risk government borrower, according to credit-default swap prices from CMA Datavision in London. The contracts, which increase as perceptions of credit quality deteriorate, are higher than Iceland’s after climbing 131 basis points in November, the biggest monthly increase since January.

Investor concern is growing because the emirate hasn’t disclosed how it will pay more than $9 billion of debt coming due in the next four months. Dubai said yesterday it borrowed $5 billion from Abu Dhabi government-controlled banks, half the $10 billion Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by yearend.

“There is no clarity about what exactly is happening,” said Emad Mostaque, a London-based Middle East equity-fund manager for Pictet Asset Management Ltd., which oversees more than $100 billion globally. “They have to clarify if there is going to be a voluntary rollover or if there is going to be a forced rollover. If there is a forced rollover it will mean technical default. If they don’t clear this up then the whole market will want to sell.”

http://www.bloomberg.com/apps/news?pid=20601086&sid=aHtXKA26xU54

Nov. 26 (Bloomberg) — Brazilian stocks fell the most in two weeks and the currency tumbled after inflation accelerated and Dubai’s attempt to reschedule its debt rattled investors seeking higher returns in emerging markets.

Lojas Renner SA, Brazil’s biggest publicly traded clothing retailer, led declines on the Bovespa index as investors boosted their bets for bigger interest-rate increases next year. Vale SA, the world’s biggest iron-ore miner, and smaller rival MMX Mineracao & Metalicos SA dropped more than 2 percent as metals prices fell after government investment company Dubai World sought to delay repayment on much of its debt.

“Everyone remembers the serious problem we had last year, and we don’t still know the real size of this thing. It could be nothing or it could be the beginning of something else that is just starting to appear,” said Guilherme Sand, who helps manage the equivalent of $400 million at Solidus Brokerage in Porto Alegre, Brazil. “And in light of that doubt investors are selling and retreating to the dollar.”

http://www.reuters.com/article/ousivMolt/idUSTRE5AP1L120091126

Dubai struggled to ease fears of debt default on Thursday after its move to delay repayments at two flagship firms shook confidence in the Middle East as a center for investment and a source of capital.

Dubai’s debt problems, a hangover from a property boom that produced the world’s tallest building, have shaken trust among Western investors who turned to the oil-exporting Gulf region for help during the global financial crisis.

The emirate said on Wednesday it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree a standstill on billions of dollars of debt as a first step toward restructuring.

On Thursday, Dubai tried to revive confidence by saying its profitable DP World, which runs 49 ports around the world, would not be involved in the restructuring. DP World, which has $3.25 billion outstanding bonds, is majority owned by Dubai World but has shares listed on NASDAQ Dubai.

“It might be a move to distinguish the solvent from less solvent companies in an attempt to shift the weight away from the less exposed entities,” said John Sfakianakis, chief economist at Saudi Fransi bank.

But European bank shares, which had recovered in recent months on hopes that the worst of a global crisis was over, fell to lows not seen since May on Dubai’s debt delay.

There was no immediate sign that U.S. banks were exposed, but it was difficult to ascertain, given Thursday’s Thanksgiving holiday.

“It is not so much that Dubai did what they did, but how they did it … with no notice,” said Andrew Brenner, head of emerging markets at Guggenheim Securities. “Spreads on a lot of fixed income products have gotten to very rich levels and the Dubai default will force risk to get repriced downward. Either way, look for a flight to quality scenario tomorrow on a holiday-shortened day.”

Shares in companies in which Gulf investors own big stakes, including the London Stock Exchange, UK grocer J Sainsbury and German carmakers Porsche and Daimler, also fell sharply on concerns the holdings would be cut to meet obligations at home.

Exposure to Dubai World could be as high as $12 billion in syndicated and bilateral loans, including existing loans for Nakheel and Istithmar, an investment arm of Dubai’s government, banking sources told Thomson Reuters LPC.

International banks are seeking to clarify their position as they formulate their response to the standstill request and are assessing the implications for lending to Dubai and the Gulf.

“This is very serious and will have implications across the region,” a senior banker said.

Sheikh Ahmed bin Saeed al-Maktoum, head of a top Dubai financial body, said he understood concerns in the markets and among creditors. “However we have had to intervene because of the need to take decisive action to address (Dubai World’s) particular debt burden,” he said in a statement.

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this could be real big..in fact i think it is..who is exposed?..ftse down 3.5% and shanghai down the same..we wait to see how far the asx and nikkei fall today..this could be a red run into xmas now

401

Illuminati symbols in movies including 911 references

•November 27, 2009 • 2 Comments

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excellent quality video and i was just amazed at the 911 references that can be found BEFORE 911 even happened..

401

Canadian doctors told to stop using Swine flu vaccine from GSK

•November 27, 2009 • Leave a Comment

http://news.bbc.co.uk/2/hi/americas/8376534.stm

GlaxoSmithKline has advised doctors in Canada to stop using a batch of its swine flu vaccine, amid reports of severe side-effects in some patients.

The batch of some 170,000 doses was put on voluntary hold because of a reported higher than usual number of patients having anaphylactic reactions.

This may include breathing problems, raised heart rate and skin rashes.

The pharmaceutical company said it had advised that one lot of the Arepanrix vaccine should not be used.

Reports said one in 20,000 people suffered adverse reactions to the batch.

This is five times the expected number. None of the patients reportedly suffered long-term ill-effects.

In a statement issued on Tuesday, the company said that following discussions with Canadian health authorities, it was advising a batch of the Arepanrix vaccine with the lot number A80CA007A to be put on hold as a precautionary measure.

GSK said it was taking this action “as a result of a higher than expected rate of serious allergic reactions related to this lot number compared to other lots”.

The company said no such reactions had been seen with other lots and that they were unaffected by the voluntary hold.

To date some 15 million doses of Arepanrix have been distributed across Canada and overall the frequency of severe allergic reaction following immunisation was less than one event per 100,000, GSK’s statement said.

“This rate does not exceed the rates typically reported for other vaccines,” GSK said.

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right..so now the vaccine is dangerous..as we have been saying..and guess what ..GSK will not be liable for one cent of retribution..they have a free pass

401

Bank of England’s $100 billion secret loans revealed

•November 27, 2009 • Leave a Comment

http://money.ninemsn.com.au/article.aspx?id=975650

The Bank of England admitted Tuesday it lent a total of $100 billion to Royal Bank of Scotland and HBOS in secret during last year’s financial crisis, adding that the cash had been repaid.

The British central bank revealed the loans in a statement to coincide with governor Mervyn King’s appearance before a Treasury Select Committee hearing.

The BoE said that in autumn 2008 it had offered emergency lending to Royal Bank of Scotland (RBS) and HBOS bank, which is now part of Lloyds Banking Group (LBG).

The bank said the loans could now be revealed because it judged that there was no longer a risk of a “potentially systemic disturbance” to the financial system.

“Now that RBS has signed up for the asset protection scheme and Lloyds has embarked on its alternative strategy for capital raising, the bank judges that there is no longer a need for the assistance to remain secret,” the BoE said.

RBS borrowed a maximum of 36.6 billion pounds on October 17, 2008, and HBOS borrowed a maximum of 25.4 billion pounds on November 13, 2008. The groups repaid the cash in December and January respectively.

Junior finance minister Paul Myners defended the move, and declined to say if other secret loans had been made to banks.

“This is precisely what a central bank does in terms of providing lender of last resort facilities to support the banking system,” he told Channel 4.

“The future of the banks matters to parliament and parliament recognises that the Bank of England occasionally needs to act covertly and has given the Bank of England the legal power to do that.”

Struggling HBOS was bought by rival Lloyds TSB in a government-brokered deal that created Lloyds Banking Group earlier this year.

However, LBG fell under state control as a result of the global financial crisis and is now 43-percent owned by the taxpayer.

Royal Bank of Scotland was also ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market in 2007. The state now owns 84 percent of RBS after an enormous bailout.

Another British bank, Northern Rock, was nationalised in February 2008 after it ran into severe funding problems because of the global credit crunch.

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“The Bank of England admitted Tuesday it lent a total of $100 billion to Royal Bank of Scotland and HBOS in secret during last year’s financial crisis, adding that the cash had been repaid.”

um..in secret..isnt that illegal?

401

Gold to rise to $2000 an ounce within 2-3 years

•November 27, 2009 • Leave a Comment

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIGhSsRwtkoE

Gold may rise to a record $2,000 an ounce in the next three years as investors hedge against “massive” inflation sparked by governments printing money, according to Superfund Financial Singapore Pte’s Aaron Smith.

“In the next few years, after the deflation cycle, we’ll see massive inflation,” Managing Director Smith, 30, said in an interview. “Soon, when you go to buy a cup of coffee, you’ll pay $20 or $30 because the dollar won’t be worth anything.”

The company’s Superfund Green Gold A Fund, which has more than doubled since its inception in 2005, has lost 15.6 percent this year because of higher volatility, said Smith, who joined in 2002. Gold rose to an all-time high this month as governments including the U.S. boosted debt to combat the global recession.

“When the U.S. dollar crashes, all the paper currencies have to crash, otherwise if their currencies are too strong, their economies will be weak,” said Smith, who issued similar gold forecasts in May and earlier this month. “Another excellent buying opportunity for investors is silver.”

Gold for immediate delivery, which touched a high of $1,070.80 an ounce on Oct. 14, traded at $1,039.32 at midday in Singapore. The metal has strengthened 18 percent this year, while the Dollar Index, a six-currency gauge of the dollar’s strength, fell 6.4 percent.

Smith joins investors including Shayne McGuire, director of global research at the Teacher Retirement System of Texas, and Jim Rogers in forecasting higher gold prices. Pension funds will increase gold holdings as currencies decline, McGuire said on Oct. 22. Gold will probably top $2,000 in the next decade as the dollar weakens, Rogers said Oct. 7.

Superfund, founded in 1995 and backed by $1.6 billion in assets, specializes in so-called managed futures, using its own trading system to generate buy and sell calls on stock, bond, currency and commodity futures. Still, the company’s flagship Superfund A, which gained 35.4 percent last year, has lost 24 percent this year, Smith said.

The ratio of silver to gold, currently at 62.35, will be “cut in half” in the next three to five years as millions of people in South Asia and China buy the metal as an alternative because they can no longer afford gold, Smith said. Silver has soared 46 percent this year to $16.65 an ounce.

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at the end of june i stated that gold should be entered into..and its paid off very nicely..i think it can go way through 2k as well..but for now its probably gone up to quick and fast and will retrace a bit

http://seeker401.wordpress.com/2009/06/26/gold-gets-ready-for-the-big-one/

401

Happy Thanksgiving as Obama pardons a turkey and Molech the owl says “hello” :)

•November 26, 2009 • 4 Comments

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uh huh..have a good one.. to all my american friends.. :)

401

Message to POTUS

•November 26, 2009 • 6 Comments

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succinctly put and so true..

401

Pope Benedict tells artists beauty can lead to God

•November 26, 2009 • 2 Comments

http://blogs.reuters.com/faithworld/2009/11/22/in-sistine-chapel-pope-tells-artists-beauty-can-lead-to-god/

Pope Benedict met artists from around the world in the Sistine Chapel on Saturday and urged them to inject spirituality into their work, saying contemporary beauty was often “illusory and deceitful.”

The Pope told the gathering of hundreds of painters, sculptors, architects, poets and directors, held beneath the vaulted ceiling of the chapel painted by Michelangelo, that he wanted to “renew the Church’s friendship with the world of art.”

“Beauty … can become a path toward the transcendent, toward the ultimate Mystery, toward God,” Benedict said.

The Vatican said it invited some 500 artists to the event, regardless of religious, political or stylistic allegiances.

More than 250 accepted, mostly from Italy, including singer Andrea Bocelli and award-winning film composer Ennio Morricone.

Amongst the other guests were Iraqi-born British architect Zaha Hadid, whose Maxxi modern art museum has just opened in Rome, and F. Murray Abraham, the American actor who won an Oscar for his role as Salieri in the Mozart film, Amadeus, in 1985.

The Pope told them that in a world lacking in hope, with increasing signs of aggression and despair, there was an ever greater need for a return to spirituality in art.

“Too often … the beauty thrust upon us is illusory and deceitful … it imprisons man within himself and further enslaves him, depriving him of hope and joy,” he said.

Against the backdrop of Michelangelo’s vast fresco of the Last Judgment, which adorns the chapel’s altar wall, Benedict lamented that the once-close cooperation between the Church and the artistic community had weakened.

“Faith takes nothing away from your genius or art,” he said. “On the contrary, it exalts them and nourishes them.”

Saturday’s event marked both the 10th anniversary of Pope John Paul II’s ‘Letter to Artists’ in 1999 in which he spoke of the Church’s “need for art,” and the 45th anniversary of Pope Paul VI’s original meeting with artists in 1964.

After a number of spats between the Vatican and artists in recent years, including a controversy surrounding writer Dan Brown’s Da Vinci Code, the latest overture to the artistic world is being driven by the Vatican’s new culture commissar, Archbishop Gianfranco Ravasi.

In a sign of efforts at reconciliation, the Vatican has said it will participate in the 2011 Venice Biennale, one of the world’s major art festivals held every two years.

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cant disagree with benedict on that point, art can lead to an inner peace or perhaps “god”..i wonder if the vatican handed out guidelines for what they would like to see artists producing?

401

Global temperatures declining

•November 26, 2009 • 2 Comments

http://www.weekendpost.co.za/article.aspx?id=501113

A RETIRED Nelson Mandela Metropolitan University physics professor has rejected the theory of global warming, arguing that temperatures are, in fact, cooling.

Addressing a group of students and lecturers in his old department on Friday, Prof Koos Vermaak said a global temperature rise was “not possible”.

What fluctuations there were had nothing to do with human activity and the generation of greenhouse gases like carbon dioxide – a cornerstone of the warning by the UN International Panel on Climate Change (IPCC), he said. “Politicians, Greenpeace and the media are to blame for these global warming lies.”

Vermaak (who was president of the EP Rugby Football Union in 1990) said the IPCC’s famous “hockey stick graph”, which showed a dramatic increase in global temperature since the start of the industrial revolution a century ago, was a case of “cherry-picking select results”.

The mediaeval warming period 900AD-1300AD and the Little Ice Age 1280-1850AD had been left out, skewing the graph. The results were consequently wrong, he said.

He said a 1990-2007 satellite study of the temperatures in the inner atmospheric envelope of stratosphere and the outer envelope of troposphere ought to show global warming, if it was occurring, because this was where the reflected heat of the sun was absorbed, in terms of the greenhouse effect.

But results of this study showed a –0,493°C decline over the past decade, “so in fact there is a cooling trend”.

Asked about the melting of ancient ice caps and similar increased heat events in other parts of the world, as filmed and televised across the world, he said these were region-specific and cyclical.

Battling to reduce carbon emissions was going to cost “R13-trillion”, and it was not worth it, he said.

He scoffed at the warning by climate change scientists of a dangerous rise in sea levels unless greenhouse emissions were drastically reduced.

“The biggest victims will be developing countries, which will miss out on the subsidies they used to get from developed countries.

“The most disturbing aspect of the climate change lie is the way people’s legitimate environmental concerns have been manipulated to further a political and financial agenda.”

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the last sentence is the key..the true green lobby has been hijacked by the global warming scammers..nice work by the professor to stand up for what he believes..needs more to follow..

401

Herman Van Rompuy – President of Europe

•November 26, 2009 • Leave a Comment

http://www.brusselsjournal.com/node/4181

Herman Van Rompuy. Get used to the name. He is the first President of the European Union, which with the ratification of the Treaty of Lisbon by all the 27 EU member states in early November was transformed into a genuine United States of Europe.

The President of Europe has not been elected; he was appointed in a secret meeting of the heads of government of the 27 EU member states. They chose one of their own. Herman Van Rompuy was the Prime Minister of Belgium. I knew him when he was just setting out, reluctantly, on his political career.

To understand Herman, one must know something about Belgium, a tiny country in Western Europe, and the prototype of the EU. Belgians do not exist as a nation. Belgium is an artificial state, constructed by the international powers in 1830 as a political compromise and experiment. The country consists of 6 million Dutch, living in Flanders, the northern half of the country, and 4 million French, living in Wallonia, the southern half. The Belgian Dutch, called Flemings, would have preferred to stay part of the Netherlands, as they were until 1830, while the Belgian French, called Walloons, would have preferred to join France. Instead, they were forced to live together in one state.

Belgians do not like their state. They despise it. They say it represents nothing. There are no Belgian patriots, because no-one is willing to die for a flag which does not represent anything. Because Belgium represents nothing, multicultural ideologues love Belgium. They say that without patriotism, there would be no wars and the world would be a better place. As John Lennon sang “Imagine there’s no countries, it isn’t hard to do, nothing to kill or die for, and no religion too.”

In 1957, Belgian politicians stood at the cradle of the European Union. Their aim was to turn the whole of Europe into a Greater Belgium, so that wars between the nations of Europe would no longer be possible as there would no longer be nations, the latter all having been incorporated into an artificial superstate.

A closer look at Belgium, the laboratory of Europe, shows, however, that the country lacks more than patriotism. It also lacks democracy, respect for the rule of law, and political morality. In 1985, in his book De Afwezige Meerderheid (The Absent Majority) the late Flemish philosopher Lode Claes (1913-1997) argued that without identity and a sense of genuine nationhood, there can also be no democracy and no morality.

One of the people who were deeply influenced by Dr. Claes’s thesis was a young politician named Herman Van Rompuy. In the mid-1980s, Van Rompuy, a conservative Catholic, born in 1947, was active in the youth section of the Flemish Christian-Democrat Party. He wrote books and articles about the importance of traditional values, the role of religion, the protection of the unborn life, the Christian roots of Europe and the need to preserve them. The undemocratic and immoral nature of Belgian politics repulsed him and led to a sort of crisis of conscience. Lode Claes, who was near to retiring, offered Herman the opportunity of succeeding him as the director of Trends, a Belgian financial-economic weekly magazine. It is in this context that I made Herman’s acquaintance. He invited me for lunch one day to ask whether, if he accepted the offer to enter journalism, I would be willing to join him. It was then that he told me that he was considering leaving politics and was weighing the options for the professional life he would pursue.

I am not sure what happened next, however. Maybe word had reached the leadership of the Christian Democrat Party that Herman, a brilliant economist and intellectual, was considering leaving politics; perhaps they made him an offer he could not refuse. Herman remained in politics. He was made a Senator and entered government as a junior minister. In 1988, he became the party leader of the governing Christian-Democrats.

Our paths crossed at intervals until 1990, when the Belgian Parliament voted a very liberal abortion bill. The Belgian King Baudouin (1930-1993), a devout Catholic who suffered from the fact that he and his wife could not have any children, had told friends that he would “rather abdicate than sign the bill.” The Belgian politicians, convinced that the King was bluffing, did not want the Belgian people to know about the King’s objections to the bill. I wrote about this on the op-ed pages of The Wall Street Journal and was subsequently reprimanded by the Belgian newspaper I worked for, following an angry telephone call from the then Belgian Prime Minister, a Christian-Democrat, to my editor, who was this Prime Minister’s former spokesman. I was no longer allowed to write about Belgian affairs for foreign newspapers.

In April 1990, the King did in fact abdicate over the abortion issue, and the Christian-Democrat Party, led by Herman Van Rompuy, who had always prided himself on being a good Catholic, had one of Europe’s most liberal abortion bills signed by the college of ministers, a procedure provided by the Belgian Constitution for situations when there is no King. Then they had the King voted back on the throne the following day. I wrote about the whole affair in a critical follow-up article for The Wall Street Journal and was subsequently fired by my newspaper “for grievous misconduct”. A few weeks later, I met Herman at the wedding of a mutual friend. I approached him for a chat. I could see he felt very uncomfortable. He avoided eye contact and broke off the conversation as soon as he could. We have not spoken since.

Herman’s political career continued. He became Belgium’s Budget Minister and Deputy Prime Minister, Speaker of the Chamber of Representatives and finally Prime Minister. He kept publishing intellectual and intelligent books, but instead of defending the concept of the good, he now defended the concept of “the lesser evil.” And he began to write haiku.

Two years ago, Belgium faced its deepest political crisis ever. The country was on the verge of collapse following a 2003 ruling by its Supreme Court that the existing electoral district of Brussels-Halle-Vilvoorde (BHV), encompassing both the bilingual capital Brussels and the surrounding Dutch-speaking countryside of Halle-Vilvoorde, was unconstitutional and that Parliament should remedy the situation. The ruling came in response to a complaint that the BHV district was unconstitutional and should be divided into a bilingual electoral district Brussels and a Dutch-language electoral district Halle-Vilvoorde. This complaint had been lodged by… Herman Van Rompuy, a Flemish inhabitant of the Halle-Vilvoorde district. 

In 2003, however, the Christian-Democrats were not in government and Herman was a leader of the opposition. His complaint was intended to cause political problems for Belgium’s Liberal government, which refused to divide the BHV district because the French-speaking parties in the government refused to accept the verdict of the Supreme Court. The Flemish Christian-Democrats went to the June 2007 general elections with as their major theme the promise that, once in government, they would split BHV. Herman campaigned on the issue, his party won the elections and became Flanders’ largest party.

Belgium’s political crisis dragged on from June until December 2007 because it proved impossible to put together a government consisting of sufficient Dutch-speaking (Flemish) and French-speaking (Walloon) politicians. The Flemings demanded that BHV be split, as instructed by the Supreme Court; the Walloons refused to do so. Ultimately, the Flemish Christian-Democrats gave in, reneged on their promise to their voters, and agreed to join a government without BHV being split. Worse still, the new government has more French-speaking than Dutch-speaking ministers, and does not have the support of the majority of the Flemings in Parliament, although the Flemings make up a 60% majority of the Belgian population. Herman became the Speaker of the Parliament. In this position he had to prevent Parliament, and the Flemish representatives there, from voting a bill to split BHV. He succeeded in this, by using all kinds of tricks. One day he even had the locks of the plenary meeting room changed so that Parliament could not convene to vote on the issue. On another occasion, he did not show up in his office for a whole week to avoid opening a letter demanding him to table the matter. His tactics worked. In December 2008, when the Belgian Prime Minister had to resign in the wake of a financial scandal, Herman became the new leader of the predominantly French-speaking government which does not represent the majority of Belgium’s ethnic majority group. During the past 11 months, he has skillfully managed to postpone any parliamentary vote on the BHV matter, thereby prolonging a situation which the Supreme Court, responding to Herman’s own complaint in 2003, has ruled to be unconstitutional.

Now, Herman has moved on to lead Europe. Like Belgium, the European Union is an undemocratic institution, which needs shrewd leaders who are capable of renouncing everything they once believed in and who know how to impose decisions on the people against the will of the people. Never mind democracy, morality or the rule of law, our betters know what is good for us more than we do. And Herman is now one of our betters. He has come a long way since the days when he was disgusted with Belgian-style politics.

Herman is like Saruman, the wise wizard in Tolkien’s Lord of the Rings, who went over to the other side. He used to care about the things we cared about. But no longer. He has built himself a high tower from where he rules over all of us.

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good article on a man not many people know of..

i have also read that he was jesuit trained which ties in with his catholic faith..as i have said before..i am more interested who is chosen in 2012 as i feel that will be more important at the time

401

US patent for antibodies against Pneumonic Plague filed August 11th 2009

•November 26, 2009 • 2 Comments

http://fto.co.za/news/pneumonic-plague-united-states-patent-7572449-anything-do-ukraine-2009111715816.html

Whether this has anything to do with whats going on in the Ukraine I am not sure but in August there was a patent filed for antibodies against Yersinia Pestis otherwise known as the pneumonic plague.

It was filed by Hill, James (Salisbury, GB) ,Williamson, Ethel Diane (Salisbury, GB)   and Titball, Richard William (Salisbury, GE)  and the assignee was The Secretary of State for Defense in Her Britannic Majesty’s Government of the United Kingdom of Great Britain and Northern Ireland (GB).

A interesting part of the patent is this part:

“Mab 7.3 was administered −4 hours, +24 hours, +48 hours, or +96 hours relative to s.c. Y. pestis challenge. Protection was observed when antibody was given up to 48 hours post-infection. Also, a delayed time to death was observed in the +96 hours treatment group. One of +96 hours treatment group had died prior to antibody administration and the remainder displayed signs of plague indistinguishable from untreated control animals, suggesting that even when symptoms of plague are apparent antibody therapy can delay death. Mice were treated with Mab 7.3 at −4 hours, +24 hours, +48 hours or +60 hours relative to aerosol infection. Protection was seen in groups that received antibody 24 hours and 48 hours after challenge. All mice treated at +60 hours died, but a statistically significant delay in the TTD was observed, compared with untreated animals.”

What is more interesting is why was this patent filed in August this year. Maybe its just coincidence but we felt like putting out there so people can decide for themselves.

Comment:
November 24, 2009 by Anonymous (not verified), 1 day 23 min ago
Comment id: 4561

Joseph Moshe was arrested on August 14,2009 in the U.S.. Coincidence?

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coincidence i would say no..3 days after the patent is lodged moshe is arrested and says that ukraine will be hit by a bioweapon and subsequently does get some sort of outbreak..that we now suspect could be pneumonic plague..1 + 1 = 2..these pharmas have ESP dont they?

thanks to daver for this story..very important post

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“Miracle on the Hudson” – Revised version

•November 26, 2009 • 2 Comments

http://www.stltoday.com/stltoday/news/columnists.nsf/kevinhorrigan/story/B8AABC25DFD65AD98625766D0083950D?OpenDocument

It was in high school that I learned the terrible truth that is revisionist history: A lot of things that you think you know turn out not to be exactly true. In my case, it concerned the Battle of the Alamo. I still don’t want to talk about it.

Revisionist history used to take decades, even centuries. These days it can be a matter of weeks or months, like that whole “Mission: Accomplished” mess.

Now comes journalist-pilot William Langewiesche to suggest that some of the adulation that was directed toward US Airways Capt. Chesley B. Sullenberger III just 10 months ago may have been misplaced. Langewiesche says Sullenberger’s feat in landing a crippled jetliner on the Hudson River owed a lot to (dare we say it?) the French.

The story was a sensation. US Airways Fight 1549 hit a flock of geese 90 seconds after takeoff from La Guardia Airport in New York last Jan. 15. Both engines were disabled. Within seconds Sullenberger coolly determined that his best chance was a water landing on the Hudson, an action so fraught with risk and so unlikely that pilots never train for it.

But he and co-pilot Jeff Skiles pulled it off without a hitch, holding what had turned into 100,000-pound glider in near-perfect trim and pitch and speed, making a wide a U-turn and skimming it onto the river. Within minutes, on live TV, rescue boats plucked all 155 souls aboard off life rafts and the aircraft’s wings.

New York Mayor Michael Bloomberg immediately called it the “Miracle on the Hudson,” and the name stuck. Sullenberger and his crew, but especially “Sully,” were lionized. He attended President Obama’s inauguration. He was hailed by Congress. He tossed the coin at the Super Bowl. He did interviews with bigfoot TV anchors and signed a $3 million book deal.

Langewiesche, in his new book “Fly by Wire — the Geese, the Glide, the Miracle on the Hudson,” has no beef with any of this. Sullenberger and Skiles both are superb pilots and handled their jobs flawlessly, he says, focusing relentlessly on the task at hand.

He just wishes Sullenberger at some point would have pointed out that he was flying an Airbus 320, which made the whole thing a lot easier than it looked.

Langewiesche, before he became what The New York Times calls “the Steve McQueen of American journalism” at The Atlantic and now Vanity Fair, flew jetliners for a living. His journalistic specialty is disaster reconstruction, explaining in deft, clean prose what happens at the far edge of human and technological capability.

This is not his best book — for that see “American Ground: Unbuilding the World Trade Center.” “Fly by Wire” was written in a hurry, expanded from a magazine article that was published just five months after the accident. He talked to Sullenberger only briefly, and Sully kept the best stuff for his own book.

No fool, Sully. At age 58 with daughters ready for college, he realized he was having his 15 minutes of fame and that airline pilots don’t make what they used to — indeed, Skiles had to run a home construction company on the side to make ends meet.

That’s part of the story — how changes in the airline industry have created thousands of unhappy pilots and flight attendants. Among the unhappy pilots are many whose demeanor, skills and competence are not on a par with Sullenberger’s and Skiles’.

We read about some of them in “Fly by Wire.” They are pilots who just couldn’t hack it when the usual tedium of flying commercial aircraft was replaced with do-or-die peril. It makes you wish airlines had to post pilot ratings on the door.

Langewiesche writes that the unsung hero of Flight 1549 is a French test pilot named Bernard Ziegler, who in the late 1970s and early 1980s talked Airbus, the Anglo-French airline consortium, into developing “pilot-proof” airliners.

The Airbus 320, the model that landed in the Hudson, was the first of these. A system of redundant computers flies the plane. “[Ziegler] wanted to build an airplane that could not be stalled — not once, not ever — by any pilot at the controls,” Langewiesche writes.

Many pilots still resent this system, and Boeing — Airbus’ competitor — has been slow to adopt it. Sully, a good union man who has the usual dose of pilot ego himself, might well have been able to land a Boeing plane in the Hudson, Langewiesche writes, but many pilots wouldn’t have, or they might have tried to return to La Guardia.

Sully was smart and cool enough to turn on auxiliary power to his flight controls after the bird strike. He was cool and smart enough to know he couldn’t get to an airport at the altitude and speed he was gliding. Both of these were brilliant decisions, Langewiesche says.

But after that, all he had to do was point the plane at the broad river. Ziegler’s system took over from there.

I know. It’s like that Alamo thing. I don’t want to hear it.

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thanks to nikki6278 for this story..

great example of how a story can be changed and go down in history as fact..facts were sully was on auto pilot once they started heading into the hudson..and as such he just had to sit back and enjoy the ride..

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Climategate: All your emails belong to us

•November 25, 2009 • Leave a Comment

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good video by popular technology..dont know why they have 3 minutes of music at the end though..highlights the best(worst) of the emails

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Daily Telegraph – Climategate the final nail in Rudd’s climate coffin

•November 25, 2009 • 10 Comments

http://blogs.news.com.au/dailytelegraph/piersakerman/index.php/dailytelegraph/comments/statistics_con_the_final_nail_in_rudds_climate_change_coffin/

UNTIL last Friday, Wall Street’s scammer Bernard Madoff was considered the biggest fraud in world history, having taken his greedy clients for an estimated $US64.8 billion.

Madoff’s fraud has been put in the shade however by the extraordinary web of scandal which has been revealed by leaked emails from the Hadley Centre (University of East Anglia’s Climate Research Unit) over the last few days, which certainly appear to demonstrate that a group of the most prominent scientists advising the United Nations on global warming have systematically manipulated data to support their argument that global warming is both genuine and caused by humans.

Apart from a weak claim the leaked material was “out of context”, there was no denial of the authenticity of the 3000-plus documents and 61 megabites of hacked data and emails put on the net on the weekend.

Prime Minister Kevin Rudd, who has called climate change the greatest moral issue facing the world, would be wise to withdraw the ETS Bill before the Senate or risk looking an even greater idiot if the emails can’t be refuted.

He will be shown to have recklessly endangered the national economy by relying on falsified data to run his fear and smear campaign against credible critics and make his extravagant claims of global disaster.

Opposition leader Malcolm Turnbull also should draw breath and consider the basis of his support for the ETS as the rest of the world looks into Climategate and considers how the UN was able to bankroll what appears a rogue group of climate scientists hell-bent on justifying their claims with dodgy data.

Recently, Britain’s new high commissioner to Australia, the politico Baroness Valerie Amos, introduced herself to Canberra with an address at the National Press Club at which she lectured Australians over their growing reluctance to embrace the accepted wisdom on global warming.

“I have been surprised that the science itself is being questioned,” she said.

“These are things where there have been debates over a long period of time in other countries and where we have reached conclusions and moved on.

“In the UK, there is a degree of political consensus about what in broad terms needs to be done. There is a lot of debate about how we do it. You would certainly not see on a daily basis . . . the kind of negative reporting that you have here,” she thundered.

As the baroness now wipes egg from her face, she might think it is a pity there was not more negative reporting earlier in the UK, and she and her Labor government would not look as stupid as they do now.

Baroness Amos might tell Australia what her prime minister, Gordon Brown, plans to do about this scandal.

A full investigation is clearly needed, but after that what? As those involved have not denied the evidence presented in the leaked emails, and presuming they would have, if they could have, shown they did not falsify and manipulate data to satisfy what is now a political agenda, their scientific reputations must remain under a cloud.

Rudd Labor’s propaganda machine is in overdrive presenting doomsday scenarios which now appear to be totally baseless.

It would be an absolute folly for the Copenhagen meeting to continue before there are answers to all the questions raised by Climategate, and an even greater foolishness for the Opposition to back the Government’s ETS, based as it is on manipulated data.

Rudd recently claimed that those who don’t agree with the global warming theory were “deniers”, but it now seems they were just people who weren’t ready to be easily fooled.

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great article by akerman..turnbull (mr goldman sachs) had his chance to make a stand and not go with rudd’s ETS bullshit but he caved in and will be replaced as leader in the next few days in my opinion.. and we hope the new leader says a big fat NO..to rudd

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The Washington Times – Climategate: Hiding evidence of global cooling

•November 25, 2009 • Leave a Comment

http://www.washingtontimes.com/news/2009/nov/24/hiding-evidence-of-global-cooling/

Scientific progress depends on accurate and complete data. It also relies on replication. The past couple of days have uncovered some shocking revelations about the baloney practices that pass as sound science about climate change.

It was announced Thursday afternoon that computer hackers had obtained 160 megabytes of e-mails from the Climate Research Unit (CRU) at the University of East Anglia (UEA) in England. Those e-mails involved communication among many scientific researchers and policy advocates with similar ideological positions all across the world. Those purported authorities were brazenly discussing the destruction and hiding of data that did not support global-warming claims.

Professor Phil Jones, the head of the Climate Research Unit, and professor Michael E. Mann at Pennsylvania State University, who has been an important scientist in the climate debate, have come under particular scrutiny. Among his e-mails, Mr. Jones talked to Mr. Mann about the “trick of adding in the real temps to each series … to hide the decline [in temperature].”

Mr. Mann admitted that he was party to this conversation and lamely explained to the New York Times that “scientists often used the word ‘trick’ to refer to a good way to solve a problem ‘and not something secret.’ ” Though the liberal New York newspaper apparently buys this explanation, we have seen no benign explanation that justifies efforts by researchers to skew data on so-called global-warming “to hide the decline.” Given the controversies over the accuracy of Mr. Mann’s past research, it is surprising his current explanations are accepted so readily.

There is a lot of damning evidence about these researchers concealing information that counters their bias. In another exchange, Mr. Jones told Mr. Mann: “If they ever hear there is a Freedom of Information Act now in the UK, I think I’ll delete the file rather than send to anyone” and, “We also have a data protection act, which I will hide behind.” Mr. Jones further urged Mr. Mann to join him in deleting e-mail exchanges about the Intergovernmental Panel on Climate Change’s (IPCC) controversial assessment report (ARA): “Can you delete any emails you may have had with Keith re [the IPCC's Fourth Assessment Report]?”

In another e-mail, Mr. Jones told Mr. Mann, professor Malcolm K. Hughes of the University of Arizona and professor Raymond S. Bradley of the University of Massachusetts at Amherst: “I’m getting hassled by a couple of people to release the CRU station temperature data. Don’t any of you three tell anybody that the UK has a Freedom of Information Act!”

At one point, Mr. Jones complained to another academic, “I did get an email from the [Freedom of Information] person here early yesterday to tell me I shouldn’t be deleting emails.” He also offered up more dubious tricks of his trade, specifically that “IPCC is an international organization, so is above any national FOI. Even if UEA holds anything about IPCC, we are not obliged to pass it on.” Another professor at the Climate Research Unit, Tim Osborn, discussed in e-mails how truncating a data series can hide a cooling trend that otherwise would be seen in the results. Mr. Mann sent Mr. Osborn an e-mail saying that the results he was sending shouldn’t be shown to others because the data support critics of global warming.

Repeatedly throughout the e-mails that have been made public, proponents of global-warming theories refer to data that has been hidden or destroyed. Only e-mails from Mr. Jones’ institution have been made public, and with his obvious approach to deleting sensitive files, it’s difficult to determine exactly how much more information has been lost that could be damaging to the global-warming theocracy and its doomsday forecasts.

We don’t condone e-mail theft by hackers, though these e-mails were covered by Britain’s Freedom of Information Act and should have been released. The content of these e-mails raises extremely serious questions that could end the academic careers of many prominent professors. Academics who have purposely hidden data, destroyed information and doctored their results have committed scientific fraud. We can only hope respected academic institutions such as Pennsylvania State University, the University of Arizona and the University of Massachusetts at Amherst conduct proper investigative inquiries.

Most important, however, these revelations of fudged science should have a cooling effect on global-warming hysteria and the panicked policies that are being pushed forward to address the unproven theory.

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excellent article by another mainstream paper and an editorial at that..push push push

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Al Gore denies that Ken Lay & Goldman Sachs CEOs helped develop C02 “trading scheme”

•November 25, 2009 • Leave a Comment

***

http://www.truthnews.us/?p=2851

After insisting once again that there is a consensus on man-made global warming (while paradoxically comparing those not in consensus with those who deny the moon landing), Al Gore obfuscates, downplays and refuses to discuss the role that CEOs have played in crafting his Cap-and-Trade C02 trading schemes and carbon swapping systems.

Al Gore tries to put a lid in Congressional committee testimony on a little reported but vitally important subject in the global warming, carbon-tax ‘debate’– the new derivatives bubble in the emerging green-energy credit-swap market.

Gore’s body language makes clear he does not want to dwell on the issue, as he spins every point critical of the carbon-schemes’ financial structure in light of the current financial meltdown into another dire warning about the much-heralded global warming meltdown that is said to be coming.

But Rep. Scalise and others try to turn focus on the huge financial burden that will be pinned on American taxpayers and U.S. industry. Scalise claims that President Obama has already scheduled in his budget an estimated $650 billion that would be generated under the carbon taxes proposed in the bill.

The point from Rep. Scalise that is gaveled over by the chairman and stuttered-over by Gore is that many of the Congressmen are ‘concerned about turning over our energy economy over to firms like Enron and some of these Wall Street firms that wrecked out financial economy.’

Fmr. Vice President Al Gore denies that Ken Lay and other CEOs developed carbon scheme: “I didn’t know him well enough to call him ‘Kenny-boy’.”

But the point is a fair one. Gore’s founding partner in his carbon-trading / sustainability investment firm is none other than David Blood, CEO of Goldman Sachs’ asset-management division until 2003.

Gore & Blood founded Generation Investment Management, LLC in 2004– giving Gore an obvious conflict of interest in pushing a carbon tax.

Yet Gore ridicules the question: “I guess what you’re trying to say– state there is… some kind of guilt by association- is that–”

“I’m saying there are going to be big winners and big losers in this bill– big winners and big losers. Some of the big winners are some of the very financial experts that helped destroy our financial marketplace. And I think it should be noted that companies like Enron helped come up with this trading scheme that we’ve got,” Scalise notes.

Scalise reiterates that because the architecture for carbon trading is set up much in the same way as credit-default swap derivatives were during the previous economic climate, and he and others, therefore, don’t feel comfortable handing over the energy economy over to them as well.

This is obvious. Don’t hand over the keys to the new energy system to those who’ve just been caught with their hand in the cookie jar during the current economic crisis. Even if incompetence is used to diffuse the blame for what is really criminal activity, such financial manipulators can’t and should not be trusted to take over a new system of swaps .

In a separate segment, Rep. Michael Burgess warns also about the ‘big winners and losers’ that could result from the currently-presented global-warming scheme.

“Why do we have be in a position of picking winners and losers? We’ve just watched a financial meltdown in this country the likes of which we haven’t seen in sometime… Now if people like credit-default swaps, they’re really going to like the carbon-swaps that are going to occur and the carbon-future swaps,” Rep. Michael Burgess states.

He warns of another energy system with manipulation on the scale of the oil-futures market:

“We going to create, I fear, another such system that people that are– that have an inclination to react dishonestly to systems are going to have a new opportunity.”

Barton estimates that 7 billion metric tons of manmade carbon per year would price at $700 billion dollars at a rate of $100 / per metric ton. This is not a small financial burden.

One can hear what is presumably former Vice President Gore breathing heavily into the microphone in a subtle but immature protest over even being questioned about the scientific analysis in any way.

Goldman Sachs and leveraged-buyout kings like Kohlberg, Kravis and Roberts have been seen in recent years attempting to pick off the bones of clean-energy schemes such as the TxU coal & energy deal in Texas.

Goldman Sachs is implicated all over the still-unfolding fallout from the last derivatives bubble? And have key former-associates in both the Bush Administration (Secretary of the Treasury Hank Paulson, Asst. Sec. Neel Kashkari) AND a key associate in the Obama Administration (Secretary of the Treasury Tim Geithner)?

This firm must not be allowed to drive a new form of taxation we already can’t afford. We must say no to more Blood & Gore. There’s been enough of this already.

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thanks to nikki for the link..

“I didn’t know him well enough to call him ‘Kenny-boy’.”

to funny..yes ken lay the enron master did invent the carbon trading scheme (cap and trade) with GS and of course al gore..blood and gore indeed..how did the latest book release go al? :)

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Obama bows to the Chinese premier

•November 25, 2009 • 1 Comment

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once is funny..twice is a worry..the third time its outrageous..why is he bowing to everyone he meets?

401

Russia Today – Alex Jones on Climategate

•November 25, 2009 • 1 Comment

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thanks to nikki6278 for the link here..

alex doing his best to keep the fire burning..dont let up on this..spread videos, articles and posts to all your friends..this scam can be stopped..there is still time

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IMF: “A second bail out would destroy democracy”

•November 25, 2009 • Leave a Comment

http://business.timesonline.co.uk/tol/business/economics/article6928147.ece#cid=OTC-RSS&attr=1185799

The public will not bail out the financial services sector for a second time if another global crisis blows up in four or five years time, the managing-director of the International Monetary Fund warned this morning.

Dominique Strauss-Kahn told the CBI annual conference of business leaders that another huge call on public finances by the financial services sector would not be tolerated by the “man in the street” and could even threaten democracy.

“Most advanced economies will not accept any more [bailouts]…The political reaction will be very strong, putting some democracies at risk,” he told delegates.

“I do believe that the financial sector needs to contribute both to the costs of the financial crisis and to reduce recourse to public funds in the future,” he said.

Mr Strauss-Kahn said that imposing high capital ratio requirements on banks was one price the financial services sector must pay to prevent the threat of further multi-billion dollar bailouts.

He pointed to the debate in the US over the Troubled Asset Relief Programme and said that in many countries, including France and Germany, he doubted that politicians would secure the mandate needed to secure any further bail-outs if banks got in to trouble again, in several years’ time.

Europe is in dispute over the spiralling cost of the global economic bailout, with Germany and France calling for a reduction in state support as their economies have shown signs of an upturn.

In September, George Osborne, the Shadow Chancellor, sided with Germany and France, accusing Gordon Brown of being in “complete denial” over the mounting bill of the financial rescue packages and agreed with Britain’s neighbours that it was time to look for an exit strategy. Countries are recovering from recession at different rates, with Britain lagging behind.

Mr Strauss-Kahn said that while the global economy had made “remarkable” progress in exiting recession, and was on the cusp of recovery, it remained “highly vulnerable” to shocks.

He said state support for the world’s battered economies must remain in place if a smooth recovery is to be achieved.

“We recommend erring on the side of caution as exiting too early is costlier than exiting too late.”

Mr Strauss-Kahn is one of a series of high-profile speakers at the CBI conference, in Central London. Gordon Brown, David Cameron and Nick Clegg will all speak at the event as they seek to sway influential business leaders before a general election next year.

In his speech, Mr Strauss-Kahn also warned that the huge amounts of capital being pumped into China could fuel a pan-Asian bubble.

His comments come after warnings from economists that the economic conditions in China and the rest of Asia are such that asset prices could rip free of their fundamental values unless the bubble threat is addressed.

The Chinese banking sector is currently the scene of an unprecedented frenzy of new lending, which could reach up to 11,000 billion yuan (£97.7 billion) by the end of this year.

Mr Strauss-Khan said that the old paradigm of growth generation based on households in the US was dead. The future sources of growth and the recovery will “depend on a new balance between the US and deficit countries on one hand and emerging markets and surplus countries on the other”.

Emerging markets will provide some of the growth that the US can no longer offer, however he warned that while China and other emerging Asian economies were shifting from exports to domestic demand, they still had some way to go.

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so you dont think the first one didnt?

isnt that the aim?

the public wouldnt stand for another one you are correct..after seeing the snouts in the trough this time around why would they?

401