statism watch

The IMF knows a thing or two about precipitating financial riots. And Strauus-Kahn knows that announcements of this sort help plant the seed of further destabilization. It’s like Bush and Greenspan warning that the US would enter a depression if the original 700-billion bailout wasn’t passed by Congress – after a career characterized by holding his cards close to his chest when it comes to the minutest morsels of market information, Greenspan just starts musing about massive unemployment? These men tell the truth when it suits their ends.

Paul Watson, Prisonplanet.com
December 17, 2008

Strauss-Kahn says advanced countries would see violent civil unrest if elite continue to exploit financial chaos for their own ends

The head of the International Monetary Fund has warned that advanced nations will be hit by violent civil unrest if the elite continue to restructure the economy around their own interests while looting the taxpayer.

During a speech in Madrid, Dominique Strauss-Kahn said that “social unrest may happen in many countries – including advanced economies” if governments failed to adequately respond to the financial crisis.

“He added that violent protests could break out in countries worldwide if the financial system was not restructured to benefit everyone rather than a small elite,” reports the Guardian.

Strauss-Kahn’s comments echo those of others who have cautioned that civil unrest could arise, specifically in the U.S., as a result of the wholesale looting of the taxpayer and the devaluation of the dollar.

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If a central bank purchases distressed government bonds and securities, then the money of the nation becomes proportionately based on debt rather than value. That’s a good step towards inflation. Those who think deflation has its downside haven’t seen anything until they’ve seen Weimar-era style inflation.

Heather Scoffield, Globe and Mail Update
December 17, 2008

Bank of Canada Governor Mark Carney says the central bank has prepared a range of options, beyond interest rate cuts, to stimulate the Canadian economy, but says it’s “premature” to put any such plans into action right now.

In comments to The Globe and Mail’s editorial board Wednesday, Mr. Carney said his bank has done plenty of research about how it could help the Canadian economy, as interest rates approach zero.

“We have full legislative authority to undertake a range of actions. We obviously look at a very broad range of scenarios,” he said. “But it’s premature to talk about putting those into place if you understand the distinction. Certainly, work is being done on non-conventional monetary policy.”

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Nicholas Watt, The Guardian
December 17, 2008

Britain’s six-year occupation of southern Iraq will end by the summer, Gordon Brown announced today on a surprise visit to Baghdad.

A joint statement by the prime minister and his Iraqi counterpart, Nuri al-Maliki, said: “The role played by the UK combat forces is drawing to a close. These forces will have completed their task in the first half of 2009 and will then leave Iraq.”

Amid tight security – days after an Iraqi journalist threw his shoes at George Bush – the prime minister arrived by military aircraft to give his personal backing to the agreement, which will see the bulk of the 4,100 British troops leave the country by June, with all military operations ending on 31 May.

Brown is expected to make a statement to the Commons tomorrow in which he will indicate that British troops will start to withdraw from Basra airport, their last main base in Iraq, in March.

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Peter Walker, The Guardian
December 17, 2008

Iraqi journalist who threw his shoes at US president was not taken to court because it could ‘trigger anger’, alleges brother

The brother of an Iraqi journalist who hurled his shoes at George Bush claimed today that the television reporter was too badly beaten to appear in court, as the speaker of Iraq’s parliament reportedly announced his resignation over the issue.

Dargham al-Zaidi said he was told a judge had been to see his younger brother, Muntazer, at the jail where he has been held since throwing his shoes at the US president during a press conference in Baghdad on Sunday. The television reporter – whose actions have made him a star in the Arab world – called Bush a “dog” and said he was angry at the US occupation of his country.

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Elena Becatoros
December 17, 2008

ATHENS — Protesters hung two giant banners off the Acropolis Wednesday, with slogans calling for mass demonstrations across Europe and “resistance,” after days of violent protests sparked by the fatal police shooting of a teenager in Athens.

About a dozen protesters held the pink banners over the walls of the ancient citadel, Greece’s most famous monument, one bearing the word “Resistance” written in large black letters in four languages: Greek, English, Spanish and German. The other called for mass demonstrations across Europe on Thursday.

The banners were taken down after two hours.

“There can be no justification for this action. This hurts the image of our country abroad … it is unacceptable,” government spokesman Evangelos Antonaros said.

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Isn’t Jim Flaherty supposed to be some sort of fiscal conservative? Then why is he spending like a binging socialist. And note to Flaherty’s PR staff: Canada’s game is hockey, not baseball.

Canadian Dollar: Brace for impact from fraudulent derivatives in 3…2…1…

Kevin Carmichael, Globe and Mail
December 17, 2008

SASKATOON — Finance Minister Jim Flaherty acknowledged for the first time that he’s open to using public funds to backstop a private effort to restructure $32-billion of frozen asset-backed commercial paper.

Mr. Flaherty told reporters in Saskatoon Wednesday that he is discussing the issue with some provincial governments and that he might conclude on a rescue before the end of the day.

“We have had discussions on the subject,” Mr. Flaherty told reporters before joining his provincial and territorial counterparts for a meeting for a meeting to discuss ways to revive Canada’s flagging economy. “That’s all I can say at this point. I might have more for you later in the day.”

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