Climategate scandal claims its first big political scalp

Australian conservatives have shown the way by dumping the party leader who was in favour of massive carbon taxes and replacing him with one who stated last month that AGW is “crap.”

This makes Malcolm Turnbull, the suddenly-ex-leader of Australia’s Liberal party, the first major political victim of the Climategate furore. And his replacement Tony Abbott, the first politician to reap the benefits of the world’s growing scepticism towards ManBearPig. Of the three candidates, he was the only one committed to delaying the Australian government’s proposed Emissions Trading Scheme (ETS).

The trouble began last week when Australia’s opposition Liberal party began haemorrhaging frontbenchers, all of them preferring to lose their jobs than be railroaded by their leader into voting with the Government on Kevin Rudd’s new carbon tax.

Aussie blog hero Andrew Bolt has the blow-by-blow details. Particularly stirring is his description of how the Liberals’ newly elected leader Abbott – the Mad Monk as the libtard MSM is already calling him – takes the floor and tells like it is about the ETS (Australia’s equivalent to Cap And Trade).

Already the lines are potent – real fighting words from the Liberals at last: Rudd’s great green tax “is really an energy taxation scheme.” In fact, it is “a $120 billion tax on the Australian public, and that is just for starters.” Power prices will go up, for instance.  “We just can’t wave that through the Parliament.”

To the public, Rudd’s scheme is “a great big tax to create a great big slush fund… run by a giant bureaucracy”. Already Rudd has overseen “a waste of money … worse than Whitlam”.

Too bloody right mate! (As they say in Australia where “bloody” isn’t a swear word s0 I’m allowed to use it as much as I like.)

Read moreClimategate scandal claims its first big political scalp

The ruler of Dubai blasts global investors over debt crisis

“We are strong and persistent.”

No, Dubai is weak and dependent. Dubai is broke and has already been bailed out twice by Abu Dhabi and this would be the third time, but … Abu Dhabi will not race to bailout Dubai

“They do not understand anything.”

That was before, now even the most stupid investors do understand!

Dubai has been built ‘on sand’. The dream behind Dubai is artificial and meaningless.

Dubai’s dream is backed by nothing. Dubai is an illusion. I told you in 2008 about the plans of the elite to “drive the Arabs back into the desert” and that Dubai will go bust.

This is the same elite that governs the Fed and controls the entire US government. They will also destroy the US dollar and turn the US into a Third World country if they are not stopped now.


sheik-mohammed-bin-rashid-al-maktoum
Sheikh Mohammed bin Rashid al-Maktoum

Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai, today criticised international investors’ reaction to the Emirate’s debt crisis, claiming: “They do not understand anything.”

The defiant ruler, whose Government yesterday washed its hands of Dubai World, the state-owned conglomerate that owes $59 billion (£35.8 billion), also said: “We are strong and persistent.”

Read moreThe ruler of Dubai blasts global investors over debt crisis

North Korea sharply revalues its currency by a factor of 100, causing chaos on the streets of Pyongyang

The exchange rate between old and new currencies is 100 to 1

north-korea-sharply-revalues-its-currency-by-a-factor-of-100
Korea has revalued its currency with 100 to 1 exchange rate between the old and new currencies.

In an alleged bid to curb inflation and suppress its growing black market, North Korea implemented a currency revaluation on Monday, according to Yonhap, the South Korean news agency.

The exchange rate between old and new currencies is 100 to 1, with the old denomination of 1,000 won notes being replaced by 10 won notes.

It is the first time in 17 years that the hermit kingdom has revalued its currency and the effect in the capital was instant. “Many people were taken aback and confused,” said one source to Yonhap. “Those were were worried about their hidden assets rushed to the black market to swap them for dollars or Chinese yuan. The yuan and the dollar jumped,” he added.

“When the news spread in the jangmadang (markets), people panicked,” reported the Daily NK newspaper, quoting a source in the North Eastern province of North Hamkyung. Another source, in the Western city of Sinuiju, on the border with China, told the paper: “Traders gathered around currency dealers. Chaos ensued when currency dealers tried to avoid them.”

A spokesman at the British embassy in Seoul said that North Korea had given verbal notice to foreign missions in Pyongyang on Tuesday and that it was already hard to use the old notes. “We have heard from the British embassy in Pyongyang that it has become difficult to exchange North Korean currency in shops in Pyongyang since yesterday,” he said.

Officially the North Korean won trades at 135 to the US dollar.

Read moreNorth Korea sharply revalues its currency by a factor of 100, causing chaos on the streets of Pyongyang

Israel police ‘arrest Mossad spy on training exercise’, planting a fake bomb under a vehicle in Tel Aviv

‘Just a drill’

Sure!


mossad Mossad does not give uniformed police advance notice of training sessions

A trainee spy for Israel’s secret service agency Mossad was arrested by Tel Aviv police while taking part in a training operation, media reports say.

The young trainee was spotted by a female passer-by as he planted a fake bomb under a vehicle in the city.

He was only able to persuade police he was a spy after being taken in by an officer for questioning on Monday.

The authorities have refused to comment on the story although Israeli media outlets have expressed their surprise.

‘Just a drill’

Mossad does not tell local uniformed police about its training exercises.

The country’s commercial Channel 10 said it hoped the agency’s operatives were “more effective abroad”, AFP news agency reported.

Read moreIsrael police ‘arrest Mossad spy on training exercise’, planting a fake bomb under a vehicle in Tel Aviv

President Obama ‘to deploy 30,000 troops to Afghanistan’

Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’

Change you can believe in!


us-military There are 68,000 US soldiers based in Afghanistan

President Barack Obama is to send 30,000 more troops to Afghanistan and deploy them within six months, US officials have said.

Mr Obama will make the much-anticipated announcement as part of a speech to the nation at West Point military academy.

He is also expected to lay out a rough timeframe for how long the main US military mission will last.

The US currently has 68,000 troops in Afghanistan, with foreign forces overall totalling more than 100,000.

The new troops are expected to focus on tackling the Taliban in the volatile southern and eastern parts of Afghanistan.

Read morePresident Obama ‘to deploy 30,000 troops to Afghanistan’

German government is rushing through a fresh package of measures to shore up ailing banks and prevent a second wave of the debt crisis suffocating large parts of manufacturing industry

Looting the taxpayer again!

There is no recovery.

See also:

US Treasury Report: Banks Are Cutting Back on Small Business Loans, $10 Billion Evaporates

The Federal Reserve Doesn’t Want Banks to Increase Lending, Because of Inflation

This is the Greatest Depression.


Angela Merkel alarmed by worsening credit crisis

angela-merkel
German Chancellor Angela Merkel: fears of new crisis Photo: EPA

“We are in a very critical situation,” said Chancellor Angela Merkel in her weekly radio address. “We are going to discuss with leaders of the financial institutions what can be done to head off a credit crunch.”

The move comes days after the Bundesbank revealed that German banks face a further €90bn (£82bn) of likely write-downs over the next year.

Leaders of the new coalition are to meet industrialists and bankers tomorrow to thrash out an emergency plan. The proposals include a €10bn scheme to purchase toxic securities from banks. The idea is anathema in Germany and faces stiff opposition from Mrs Merkel’s Bavarian and liberal partners.

The renewed sense urgency follows a flurry of warnings from economists and business groups over the risks of a credit contraction.

Read moreGerman government is rushing through a fresh package of measures to shore up ailing banks and prevent a second wave of the debt crisis suffocating large parts of manufacturing industry

Morgan Stanley: Britain risks sovereign debt crisis in 2010

See also: OECD warning: Britain risks ‘debt spiral’ (Telegraph)



Britain risks becoming the first country in the G10 bloc of major economies to risk capital flight and a full-blown debt crisis over coming months, according to a client note by Morgan Stanley.

westminster
Morgan Stanley says if Westminster can’t restore fiscal credibility it could trigger debt problems.

The US investment bank said there is a danger Britain’s toxic mix of problems will come to a head as soon as next year, triggered by fears that Westminster may prove unable to restore fiscal credibility.

“Growing fears over a hung parliament would likely weigh on both the currency and gilt yields as it would represent something of a leap into the unknown, and would increase the probability that some of the rating agencies remove the UK’s AAA status,” said the report, written by the bank’s European investment team of Ronan Carr, Teun Draaisma, and Graham Secker.

“In an extreme situation a fiscal crisis could lead to some domestic capital flight, severe pound weakness and a sell-off in UK government bonds. The Bank of England may feel forced to hike rates to shore up confidence in monetary policy and stabilize the currency, threatening the fragile economic recovery,” they said.

Morgan Stanley said that such a chain of events could drive up yields on 10-year UK gilts by 150 basis points. This would raise borrowing costs to well over 5pc – the sort of level now confronting Greece, and far higher than costs for Italy, Mexico, or Brazil.

High-grade debt from companies such as BP, GSK, or Tesco might command a lower risk premium than UK sovereign debt, once an unthinkable state of affairs.

A spike in bond yields would greatly complicate the task of funding Britain’s budget deficit, expected to be the worst of the OECD group next year at 13.3pc of GDP.

Read moreMorgan Stanley: Britain risks sovereign debt crisis in 2010

President Obama will keep millions of pages of military and intelligence documents scheduled to be declassified secret

WASHINGTON (CNN) — Promising “a new era of openness in our country,” President Obama  …

“Transparency and the rule of law will be the touchstones of this presidency,” Obama said. Source: CNN

So much for transparency!


change-we-can-believe-in

WASHINGTON – President Obama will maintain a lid of secrecy on millions of pages of military and intelligence documents that were scheduled to be declassified by the end of the year, according to administration officials.

The missed deadline spells trouble for the White House’s promises to introduce an era of government openness, say advocates, who believe that releasing historical information enforces a key check on government behavior. They cite as an example the abuses by the Central Intelligence Agency during the Cold War, including domestic spying and assassinations of foreign officials, that were publicly outlined in a set of agency documents known as the “family jewels.’’

The documents in question – all more than 25 years old – were scheduled to be declassified on Dec. 31 under an order originally signed by President Bill Clinton and amended by President George W. Bush.

But now Obama finds himself in the awkward position of extending the secrecy, despite his repeated pledges of greater transparency, because his administration has been unable to prod spy agencies into conformance.

Some of the agencies have thrown up roadblocks to disclosure, engaged in turf battles over how documents should be evaluated, and have reviewed only a fraction of the material to determine whether releasing them would jeopardize national security.

Read morePresident Obama will keep millions of pages of military and intelligence documents scheduled to be declassified secret

Climategate: Googlegate?!

google-chrome

What is going on at Google? I only ask because last night when I typed “Global Warming” into Google News the top item was Christopher Booker’s superb analysis of the Climategate scandal.

It’s still the most-read article of the Telegraph’s entire online operation – 430 comments and counting – yet mysteriously when you try the same search now it doesn’t even feature. Instead, the top-featured item is a blogger pushing Al Gore’s AGW agenda. Perhaps there’s nothing sinister in this. Perhaps some Google-savvy reader can enlighten me…..

UPDATE: Richard North has some interesting thoughts on this. He too suspects some sort of skullduggery.

Read moreClimategate: Googlegate?!

Food Stamp program now expanding at a pace of about 20,000 people a day; In 239 counties at least a quarter of the population receives food stamps

I told you that the plan of the elite is to destroy the middle class, the dollar and to turn the US into a Third World country.

Food Banks: 25 Million Americans Relying on Pantries; Surge in First Timers; Up 150 Percent Jump in Demand (AP)

Government report: 15% of Americans have trouble putting food on the table – a record high (CNN Money)

New Record: Americans on Food Stamps Tops 36 million – Study: Half of US Kids Will Receive Food Stamps (Reuters)


Food Stamp Use Soars, and Stigma Fades

food-stamp-use-soars
A GROWING NEED FOR A PROGRAM ONCE SCORNED Greg Dawson and his wife, Sheila, of Martinsville, Ohio, help feed their family of seven with a $300 monthly food stamp benefit. Center and right, the food pantry in Lebanon, Ohio, where residents can also enroll in what is formally called the Supplemental Nutrition Assistance Program. Stephen Crowley/The New York Times

MARTINSVILLE, Ohio – With food stamp use at record highs and climbing every month, a program once scorned as a failed welfare scheme now helps feed one in eight Americans and one in four children.

It has grown so rapidly in places so diverse that it is becoming nearly as ordinary as the groceries it buys. More than 36 million people use inconspicuous plastic cards for staples like milk, bread and cheese, swiping them at counters in blighted cities and in suburbs pocked with foreclosure signs.

Virtually all have incomes near or below the federal poverty line, but their eclectic ranks testify to the range of people struggling with basic needs. They include single mothers and married couples, the newly jobless and the chronically poor, longtime recipients of welfare checks and workers whose reduced hours or slender wages leave pantries bare.

While the numbers have soared during the recession, the path was cleared in better times when the Bush administration led a campaign to erase the program’s stigma, calling food stamps “nutritional aid” instead of welfare, and made it easier to apply. That bipartisan effort capped an extraordinary reversal from the 1990s, when some conservatives tried to abolish the program, Congress enacted large cuts and bureaucratic hurdles chased many needy people away.

From the ailing resorts of the Florida Keys to Alaskan villages along the Bering Sea, the program is now expanding at a pace of about 20,000 people a day.

There are 239 counties in the United States where at least a quarter of the population receives food stamps, according to an analysis of local data collected by The New York Times.

The counties are as big as the Bronx and Philadelphia and as small as Owsley County in Kentucky, a patch of Appalachian distress where half of the 4,600 residents receive food stamps.

In more than 750 counties, the program helps feed one in three blacks. In more than 800 counties, it helps feed one in three children. In the Mississippi River cities of St. Louis, Memphis and New Orleans, half of the children or more receive food stamps. Even in Peoria, Ill. – Everytown, U.S.A. – nearly 40 percent of children receive aid.

Read moreFood Stamp program now expanding at a pace of about 20,000 people a day; In 239 counties at least a quarter of the population receives food stamps