People who catch the bus in Detroit may be waiting awhile Friday. About 100 Detroit Department of Transportation bus drivers are at work, but are refusing to drive their buses.
WWJ Newsradio 950′s Scott Ryan spoke with Henry Gaffney, spokesman for the D-DOT bus drivers union AFL-CIO Local 26, who said this was not an organized maneuver by the union.
Gaffney said it’s a matter of bus drivers fearing for their safety, citing an incident that happened Thursday afternoon.
“Our drivers are scared, they’re scared for their lives. This has been an ongoing situation about security. I think yesterday kind of just topped it off, when one of my drivers was beat up by some teenagers down in the middle of Rosa Parks and it took the police almost 30 minutes to get there, in downtown Detroit,” said Gaffney.
Jean-Claude Juncker, the EU’s ‘Mr Euro’, has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.
Jean-Claude Juncker, who is calling for Washington to
take steps to halt the slide of the dollar
Momentum traders have blithely ignored last week’s accord by the G7 powers, which described “sharp fluctuations in major currencies” as a threat to economic and financial stability. The euro has surged to fresh records this week, touching $1.5982 against the dollar and £0.8098 against sterling yesterday.
“I don’t have the impression that financial markets and other actors have correctly and entirely understood the message of the G7 meeting,” he said.
Mr Juncker, who doubles as Luxembourg premier and chair of eurozone financiers, told the Luxembourg press that he had been invited to the White House last week just before the G7 at the urgent request of President George Bush. The two leaders discussed the dangers of rising “protectionism” in Europe. Mr Juncker warned that matters could get out of hand unless America took steps to halt the slide in the dollar.
The big problem with inflation is that people get low blood sugar when they are hungry, and soon their moods turn sour. I know this for a fact because if breakfast or brunch or lunch or coffee break or dinner or any snack is five minutes late, I involuntarily turn into a screaming monster from hell demanding to know who stole my food and vowing bloody revenge. I can only imagine the anger when hunger is caused because someone can’t afford to buy food!
This “inability to buy food” is one of the problems with inflation, and that ugliness is now here, as we read from Bloomberg.com that “The World Bank in Washington says 33 nations from Mexico to Yemen may face ‘social unrest’ after food and energy costs increased for six straight years.” Hahaha! No kidding?
World Bank chief Robert Zoellick says, “Thirty-three countries around the world face potential social unrest because of the acute hike in food and energy prices”, and that since 2005, “the prices of staples have jumped 80%”.
Like what? Like corn and wheat, which are making the news by rising like crazy, and the latest food emergency is that “Rice, the staple food for half the world,” is now double the price of a year ago, and a fivefold increase from 2001. Yikes!
100% inflation in the price of rice in one year! And 500% in seven years! Yikes again! No wonder that Jody Clarke at MoneyWeek.com reports that “Since January 2005 the average price of a loaf of bread in the US has risen 32%. Overall, US retail food prices rose 4 % last year, the biggest jump in 17 years, says the US Department of Agriculture. Meanwhile restaurant owners have been even harder hit, with wholesale price increases of 7.4%. That’s the biggest jump in nearly three decades, according to the National Restaurant Association.”
And worse yet for us alcohol-besotted worthless lushes out here, heroically keeping bartenders and comely barmaids gainfully employed year around, the price of hops, an integral ingredient in beer making, has soared from $4 a pound to $40.
The Marketbasket Survey, conducted by the American Farm Bureau Federation, says a basket of things like bread, milk, eggs and pork chops will cost you $3.50, or 8.9%, more this year than last. Both a five-pound bag of flour and a dozen eggs are up over 40% since January 2007.“
Former Minnesota Governor Jesse Ventura vehemently savaged the official 9/11 story on a syndicated national radio show today, saying the WTC collapsed like a controlled demolition and was pulverized to dust as he also highlighted the impossible 10 second free fall speed of the towers.
Appearing on The Alex Jones Show, Ventura said that his initial reaction to 9/11 was much like most people at the time, and he accepted the official story outright, a response he now regrets because he was in a position of power and could have used it to raise a lot of pointed questions.
“I kicked myself when it initially happened that the light didn’t go off but I was so shocked that this thing had even taken place that I apologize for not being more aware,” said Ventura, adding that watching Loose Change at the insistence of his son was part of the catalyst for his wake up call.
“To me questions haven’t been answered and are not being answered about 9/11,” said Ventura, before highlighting the collapse of Building 7, a 47-story tall skyscraper that was not hit by a plane but collapsed in its own footprint in the late afternoon of September 11.
“Two planes struck two buildings….but how is it that a third building fell 5 hours later?” asked Ventura, “How could this building just implode into its own footprint 5 hours later – that’s my first question – the 9/11 Commission didn’t even devote one page to that in their big volume of investigation,” added the former Governor.
Ventura then explored how it was possible that all three buildings could rapidly collapse at almost free fall speed.
“How could those buildings fall at the speed of gravity – if you put a stopwatch on them both of those World Trade Center buildings were on the ground in ten seconds – how can that be?” asked Ventura.
“If you took a billiard ball and dropped it from the height of the World Trade Center in a vacuum it would hit the ground in 9.3 seconds and if you took that same billiard ball and dropped it 10 stories at a time and merely stopped it and started it it would take 30 seconds – if you dropped it every floor of the World Trade Center to the ground, simply stopping and starting it on gravity it would take over 100 seconds to reach the ground,” he surmised.
The former wrestling star then questioned how low-temperature burning jet fuel could melt steel.
“Jet fuel is four fifths kerosene – which is not a hot burning fuel – and they wanted us to believe it melted these steel structured girders and caused these buildings to pancake collapse to the ground?” he stated.
“I was on the site within two weeks after it happened and I saw none of these pancakes – wouldn’t they all be piled up in a huge mass on the ground and yet everything was blown into dust – when you look at it from that aspect none of it makes any sense,” said Ventura.
“Never before in the annuls of history has a fire caused a steel structure building to fall to the ground like these two did,” he concluded.
Having undergone Basic Underwater Demolition Seal training, Ventura is speaking from an experienced standpoint and he unequivocally stated that he thought the buildings were deliberately imploded.
“Upon looking at the film in super-slow motion and the way the buildings fell and comparing that to the way that they do like a controlled demolition of a hotel in Las Vegas, they both fell identical.”
“I did watch the film of Building 7 going down and in my opinion there’s no doubt that that building was brought down with demolition,” said the former Governor.
Ventura also questioned the lack of wreckage outside of the Pentagon after Flight 77 allegedly struck the building.
“When I was watching Loose Change with a friend of mine – he happens to work for a company that helps build the Boeing airplanes and they said that when the engines completely disappeared and were destroyed, his response was, excuse my French – bullshit!,” said Ventura.
“I turned to him and said why and he said because they’re made of titanium steel – they can’t disintegrate.”
Ventura said that the corporate media were going to continue to cover-up the truth about 9/11, but that the number of credible people speaking out and increasing education and knowledge about the subject would eventually reap dividends.
“We don’t want to lose our country, after all it’s still our country and until they put us down we have the power,” Ventura concluded.
The three newbies – the term auction lending facility, the primary-dealer credit facility, and the term securities lending facility – total more than half-a-trillion dollars, with more if needed. Much of this money is available not only to commercial banks but also to investment banks, which normally aren’t allowed to borrow from the Fed.
How can the Fed afford this largesse? Easy. Unlike a normal lender, the Fed can’t run out of money – at least, I don’t think it can. It can manage monetary policy while in effect creating banking reserves out of thin air and lending them out at interest.
That’s how the Fed reported a $34 billion profit in 2006, the last available year, of which $29 billion was sent to the Treasury. The Fed can even add to its $800 billion stash of Treasury securities by borrowing more of them from other big players.
Then there’s the Treasury. In March the Treasury – which failed this past winter to get private firms to establish a $100 billion “superfund” (please, no giggles from people who equate the term with Love Canal) to keep things called “structured investment vehicles” from having to sell their holdings in a bad market – unleashed Fannie Mae (FNM) and Freddie Mac (FRE, Fortune 500) and the Federal Home Loan Banks to buy hundreds of billions of dollars of mortgage-backed securities.
THE SUBPRIME mortgage crisis that pushed homeowners into foreclosure and forced the Federal Reserve to bail out investment banker Bear Stearns has also sent state and local governments across the country scrambling to refinance municipal bonds before they are hit with exorbitant interest rates.At the center of the storm are long-term variable-interest bonds known as “auction-rate securities.” Unlike traditional fixed-rate bonds, the interest rates on these securities are reset every 7, 28 or 35 days through an auction process.
Historically, the rate paid has been less than on traditional bonds, making the national $160-billion auction-rate market a reliable source of cheap financing.
But that market has collapsed in the past two months, sending interest rates climbing. As a result, California, Richmond, the Bay Area Toll Authority, the East Bay Municipal Utility District and Sacramento County are among countless government agencies forced to restructure their bond debts.
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed’s emergency funding procedure was first used in the Depression and has rarely been used since.
A Goldman Sachs trader in New York said: “Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we’re just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow.”
As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures.
Asian, Mid East and European investors stood aside at last week’s auction of 10-year US Treasury notes. “It was a disaster,” said Ray Attrill from 4castweb. “We may be close to the point where the uglier consequences of benign neglect towards the currency are revealed.”
March 12. Crude oil for April delivery hit $110 per barrel. The US dollar fell to a new low against the Euro. It now takes $1.55 to purchase one Euro.
These new highs against the dollar are the ongoing story of the collapse of the US dollar as world reserve currency and corresponding collapse of American power.
Each new decision from the insane Bush regime pushes the dollar a little further along to oblivion. The same Fed announcement that boosted the stock market on March 11 sent the dollar reeling and the price of oil up. The Fed’s announcement that it and other central banks are going to deal with the derivative crisis by monetizing $200 billion of the troubled instruments signaled more dollar inflation.