Some good news…
By: James Burge
February 25th, 2009
I was just emailed this article and thought it was worth the read, so I’m gonna post it.
Worthwhile Canadian Initiative
Canadian banks are typically leveraged at 18 to 1–compared with U.S. banks at 26 to 1.
NEWSWEEK
From the magazine issue dated Feb 16, 2009
The legendary editor of The New Republic, Michael Kinsley, once held a “Boring Headline Contest” and decided that the winner was “Worthwhile Canadian Initiative.” Twenty-two years later, the magazine was rescued from its economic troubles by a Canadian media company, which should have taught us Americans to be a bit more humble. Now there is even more striking evidence of Canada’s virtues. Guess which country, alone in the industrialized world, has not faced a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors. Yup, it’s Canada. In 2008, the World Economic Forum ranked Canada’s banking system the healthiest in the world. America’s ranked 40th, Britain’s 44th.
Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize. The Toronto Dominion Bank, for example, was the 15th-largest bank in North America one year ago. Now it is the fifth-largest. It hasn’t grown in size; the others have all shrunk.
So what accounts for the genius of the Canadians? Common sense. Over the past 15 years, as the United States and Europe loosened regulations on their financial industries, the Canadians refused to follow suit, seeing the old rules as useful shock absorbers. Canadian banks are typically leveraged at 18 to 1—compared with U.S. banks at 26 to 1 and European banks at a frightening 61 to 1. Partly this reflects Canada’s more risk-averse business culture, but it is also a product of old-fashioned rules on banking.
Canada has also been shielded from the worst aspects of this crisis because its housing prices have not fluctuated as wildly as those in the United States. Home prices are down 25 percent in the United States, but only half as much in Canada. Why? Well, the Canadian tax code does not provide the massive incentive for overconsumption that the U.S. code does: interest on your mortgage isn’t deductible up north. In addition, home loans in the United States are “non-recourse,” which basically means that if you go belly up on a bad mortgage, it’s mostly the bank’s problem. In Canada, it’s yours. Ah, but you’ve heard American politicians wax eloquent on the need for these expensive programs—interest deductibility alone costs the federal government $100 billion a year—because they allow the average Joe to fulfill the American Dream of owning a home. Sixty-eight percent of Americans own their own homes. And the rate of Canadian homeownership? It’s 68.4 percent.
Canada has been remarkably responsible over the past decade or so. It has had 12 years of budget surpluses, and can now spend money to fuel a recovery from a strong position. The government has restructured the national pension system, placing it on a firm fiscal footing, unlike our own insolvent Social Security. Its health-care system is cheaper than America’s by far (accounting for 9.7 percent of GDP, versus 15.2 percent here), and yet does better on all major indexes. Life expectancy in Canada is 81 years, versus 78 in the United States; “healthy life expectancy” is 72 years, versus 69. American car companies have moved so many jobs to Canada to take advantage of lower health-care costs that since 2004, Ontario and not Michigan has been North America’s largest car-producing region.
I could go on. The U.S. currently has a brain-dead immigration system. We issue a small number of work visas and green cards, turning away from our shores thousands of talented students who want to stay and work here. Canada, by contrast, has no limit on the number of skilled migrants who can move to the country. They can apply on their own for a Canadian Skilled Worker Visa, which allows them to become perfectly legal “permanent residents” in Canada—no need for a sponsoring employer, or even a job. Visas are awarded based on education level, work experience, age and language abilities. If a prospective immigrant earns 67 points out of 100 total (holding a Ph.D. is worth 25 points, for instance), he or she can become a full-time, legal resident of Canada.
Companies are noticing. In 2007 Microsoft, frustrated by its inability to hire foreign graduate students in the United States, decided to open a research center in Vancouver. The company’s announcement noted that it would staff the center with “highly skilled people affected by immigration issues in the U.S.” So the brightest Chinese and Indian software engineers are attracted to the United States, trained by American universities, then thrown out of the country and picked up by Canada—where most of them will work, innovate and pay taxes for the rest of their lives.
If President Obama is looking for smart government, there is much he, and all of us, could learn from our quiet—OK, sometimes boring—neighbor to the north. Meanwhile, in the councils of the financial world, Canada is pushing for new rules for financial institutions that would reflect its approach. This strikes me as, well, a worthwhile Canadian initiative.
More Ron Paul
By: James Burge
February 11th, 2009
$550 Billion Run on the Bank
By: James Burge
February 11th, 2009
Israel’s War on Gaza continues…
By: James Burge
January 7th, 2009
In what can only be described as an onslaught, Israel continues to attack ‘militants’ in Gaza, one of the few remaining strongholds of Hamas the terrorist organization government elected by the Palestinians. Israel broke a ceasefire agreement that had lasted about 4 months, claiming their hand was forced by Hamas militants digging a tunnel out of Gaza to apparently attack Israeli soldiers (remember there is a big wall around these people and they were probably trying to get food and clean water, but I digress). Israel has continued a 12 day offensive defensive attack on the region with the supposed intent of ending numerous (mostly unsuccessful) rocket attacks from the region. However, in what is considered the most densely populated Palestinian land that remains, the attacks on ‘militants’ seem to have been abandoned in favor of killing women and children to either further radicalize the region, further justifying these attacks, or to try and turn the remaining Palestinian population against their resistance movement. (which do you see as more likely?) Israel has admitted to deliberately targeting a school, which they now claim was being used as a weapons dump, or had someone fire on them, even though the UN had assured them that no ‘militants’ were present in the school, only civilians attempting to flee the assault on their homes (remember the wall, they have no where to run). After killing over 600 Palestinians (about a quarter of which have been confirmed to be civilians, although I would tend to think this is likely higher than that) Israeli Prime Minister Ehud Olmert voiced his plans to travel to Egypt where another ceasefire will be discussed (and eventually broken).
Eight Israeli soldiers were lightly wounded during battles with Hamas militants Monday afternoon, IDF said. On Sunday, an Israeli soldier was killed, marking the first military death since the ground operation launched Saturday night.
Source: Israeli military surrounds Gaza City, officals say
The above article also mentions of another 4 Israelis being killed during the initial reaction from Hamas, which puts the Israeli casualties in the order of 30, seems a bit one sided (although I can’t seem to find an official Israeli death toll). But Israel’s justification for this precision bombing of Palestinian territory (including hospitals and schools) remains the hundreds of low tech rockets, most of which hit low populated regions of the desert between Gaza and Israel.
With another day of gory news reports inflaming the Arab world, Israel contended that the deaths at the school, at the Jabaliya refugee camp north of Gaza City, demonstrated Hamas’s callousness toward the lives of Palestinian civilians.
Source: Israeli Shells Kill 40 at Gaza U.N. School
I think the above quote says it all, “don’t blame us, all we are doing is bombing what little land you Palestinians have left, blame your elected government because they don’t support the ethnic cleansing of the land we took from you 50+ years ago because it is the rightful Jewish homeland cuz we lived there once too.. Oh yeah, and don’t forget the holocaust, yeah that too…”
Although I support Israel’s right to defend its land from rocket fire, there is little talk of the overt actions of the part of Israel to further radicalize those trapped in the world’s larges internment camp.
Look at this way, let’s say for a moment that the Native Americans and the Mexicans rounded up all North American Europeans, forcing them into ghettos, refugee camps and then put a nice big wall around the whole thing so no weapons, bombs, fuel, food or other supplies can enter. I mean those North Americans should be able to take care of them selves and feel content in their quality of life. Then, in the event that the North American Militants fired rockets into Native American and Mexican territory injuring someone, the Native American and Mexican Soldiers are completely justified in bombing schools and refuge camps and not guilty in any way of provoking such attacks.
Think about it!! Seriously…
Yet another political assassination???
By: James Burge
December 17th, 2008
I’m sure you are aware of the recent story involving Illinois governor, Rod Blagojevich, and his alleged attempts to sell the senate seat left vacant by President-Elect Barack Obama.
Under Illinois law the governor of Obama’s home state can appoint the president-elect’s successor but he apparently left the aide in no doubt that his blessing would come at a price. A seat in the Senate, he explained, is “a fucking valuable thing, you just don’t give it away for nothing”.
Source: Governor of Illinois faces ’staggering’ charges of corruption
Let me start off by saying that this is not by any means the first time a politician has looked for outside compensation to grease the wheels of ‘democracy,’ and it wont be the last. Is this really such a shock, in a political environment that saw multi-billon dollar, no-bid contracts for work in Iraq go to Halliburton and KBR, companies which both Vice-President Dick Cheney and Secretary of Defense Donald Rumsfeld both had worked previously and some say still receive money or have financial interests. This is the way business has been done by the Elite in power for a long time, why now is it so ‘staggering’ when a democrat does it, oh wait, I may have just answered by own question…
It is also not surprising, in these days of warrant-less wire tapping, that the FBI happens to have these recorded phone conversations as part of ‘an investigation’ and that his arrest came, less than 24 hours after he ordered all Illinois state agencies to suspend doing any business with Bank of America who received $25 billion in taxpayer money as part of the financial bail-out.
This is exactly the kind of thing that isn’t right, when on the one hand powerful special interest groups get the help of taxpayer money[…], yet the purpose of that money was supposed to be to provide a line of credit to businesses [...] to keep workers working and people employed, yet the bank of America has yet to step up and say they are going to be helpful […] and keep these people working so unless and until they do that the State of Illinois will suspend doing any business with the Bank of America and we hope that this kind of leverage and pressure will encourage the Bank of America to do the right thing for this business take some of that federal tax money that they have received and invest it by providing the necessary credit to this company so these workers can keep their jobs.
Source: Interesting timing
This all seems very reminiscent of the recent political assassination of recent New York Attorney General Eliot Spitzer when the FBI released information about another ‘investigation’ revealing his use of prostitutes (another thing that is surprisingly common in all aspects of politics, just look at the assassination suicide of Deborah Jeane Palfrey the D.C. Madam who apparently had information about Vice-President Dick Cheney’s use of prostitutes). I’m sure his recent statements blaming the Bush Administration directly for the Housing Bubble. In a recent Washington Post Editorial Spitzer stated:
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Source: Predatory Lenders’ Partner in Crime
And only a few weeks later, he was forced to resign and his resignation got more attention than his accusations a few weeks prior, again I’m not surprised.
Anyone who still thinks that the NSA warrant-less wiretapping is to combat terrorism, or that FBI investigations are not political, wake up.
Canada in Crisis
By: Alicia
December 5th, 2008
The vote of non-confidence and the subsequent coalition of the NDP andLiberal parties has set off a highly charged political environment in Canada. The fact that the Prime Minister of this country cannot propose a budget that is supported by the house suggests the rhetoric that is in the air: that our country is in a crisis of sorts. This situation is new territory, something uncertain and unfamiliar, and this is an area of our political system that is governed by convention. I believe that a lack of information and understanding of the process is one of our greatest problems.
I attended a conference put on by the Faculty of Law at the University of Ottawa on Dec 4, I recorded much of it and I encourage you to have a listen. There were six professors that gave non-partisan information about this crisis and its various aspects in English and French. Please be encouraged to pass this information along since the media has deprived Canadians of helpful information about what is going on and why.
The moderator is professor Joanne St. Louis is done by the last two files include the question period and the final remarks were done by Linda Collins. My apologies, some of the content in Part 7 around the 50 second mark are missing due to technical challenges; Professor St. Louis was commenting on how issues of racism and sexism have been brought up surrounding the Governor General.
Part 1-Intor and Professor Dodek on Governer General (E)
Part 2-Professor Freeman (E)
Part 3-Professor Grammond (F&E)
Part 4-Professor Maxime Panaccio (F)
Part 5-Professor Shalin Sugunasiri on Rule of Law and the Attorney General (E)
Part 6-Professor Daphne Gillbert on Role of Supreme Courts (E)
Part 7-Questions
Part 8-Questions and Final Remarks
Audio recordings.
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_I.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_II.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_III.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_IV.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_V.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_VI.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_VII.mp3]
[audio:http://www.jburge.ca/blog/wp-content/audio/Coalition_Government_and_Beyond_Part_VIII.mp3]
Is nothing safe?? BY LOCAL PRODUCE!!!
By: James Burge
October 31st, 2008
Ok, so I’ve made 2 posts already on the preceved threat of high levels of Melamine in various Chineese made candies and food products. The problem is, Melamine is also added to animal feed, that means that now eggs have been contaminated with Melamine. The AP article goes on to say that very little research has been done because Melamine contamination due to leaching isn’t very common and wouldn’t be expected to create high enough levels for any adverse effects. Were it not for Chinese maufacturers deliberately adding the toxic chemical there wouldn’t have been a risk to consumers.
But while scientists say it’s not dangerous to ingest small amounts, they cannot be definitive because there have been no tests on melamine’s effects in humans. Until the contaminated baby formula became public in September, there was never any reason to.
Source: http://ap.google.com/article/ALeqM5hud2xejzcnuymvyU35uIkpblGfSAD945LRC00
So I’ve found a list of products that have been tested and found to be safe, the only problem is, its for Malaysia. But hey its what I was looking for.
List of Products Not Affected By Melamine Contamination-Updated Till 28.10.2008
this information was found here: http://fsq.moh.gov.my/modules/news/
Hopefully this will be the last I have to post on this. (not likely…)
McSame, McShame…
By: James Burge
October 7th, 2008
Also check out Make-Believe Maverick
What really happened
By: James Burge
September 30th, 2008
Ok so I had to post this because it made a point very eloquantly..
(taken from www.whatreallyhappened.com)
This is just one example of how corporations and organizations with vested financial interests are lobbying as hard as they can to get the bailout passed through Congress. already we are getting reports that public relations phone banks are in operation flooding congressional offices with phone calls pretending to be from real constituents to trick congresscritters into believing there is real grass-roots support for this gigantic rip-off. With $700 billion at stake, spending a few million now to hire professional liars and deceivers to sell your snake oil is a logical step so long as you don;t have any moral qualms about it!
THE ONLY THING THAT WILL HOLD THESE SWINDLERS AT BAY IS FOR YOU TO GET IN THE FACE OF YOUR CONGRESSCRITTERS TODAY AND TOMORROW AND SCREAM AT THEM THAT YOU OPPOSE THIS BAILOUT.
Remind them of the “nookular option”. Promise them that if the bailout passes, that you will vote out all incumbents for the next three elections. Promise them that if the bailout passes, you will withdraw all your money from your bank accounts and urge your friends to do the same.
Remind them that passing this legislation contrary to the will of the real people (not the PR created fakes) proves we have taxation without representation, and remind them you were taught in the public schools that taxation without representation is just cause to kick out the government.
Folks, this is a grab for $5000 (or more) directly out of your pocket. Imagine that the money is in your pocket and someone is trying to take it. How hard would you might back? THAT is how hard you have to work to stop this massive theft of YOUR money to give to people already so rich they cannot remember how many homes they own!
THIS IS THE BIG FIGHT! THIS IS FOR ALL THE MARBLES! IF YOU DO NOT GET ACTIVE AND INVOLVED NOW HISTORY WILL FORGET YOU EVER EXISTED, AND DESERVEDLY SO!
Private Plunder
By: James Burge
September 30th, 2008
Looks like the Federal Reserve didn’t care to wait until the recently defeated $700 Billion bailout plan to pass before proceeding to lend billions to banks in a sort of under the table bailout, who needs congress anyway, when good ol’Gdub is the decider. The Federal Reserve has been lending nearly $188 Billion a day nearly quadrupling the record of almost $50 Billion set last week (makes me wonder what the record was before that).
“This looks like the balance sheet of a central bank that is keeping the financial system on life support,” said Michael Feroli, U.S. economist with JPMorgan in New York.
Borrowings by primary dealers via the Primary Dealer Credit Facility, and through another facility created on Sunday for Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) and their London-based subsidiaries, totaled $105.66 billion as of Wednesday, the Fed said.
The term Federal Reserve is quite dubious and very deceiving, seeing as it is neither federal, nor is it responsible for any significant financial reserves. It is a private financial institution that is printing money out of thin air, in order to save Wall Street from itself while sticking it to anyone with $US in the bank. This practice has lead other countries into times of hyperinflation due to the severe devaluing of the dollar, which seems to be paving the way for the Amero, a proposed common North American Currency, modeled after the Euro in order to farther blur the lines between Canada, the US and Mexico. The point of this and the North American Union in general, is to exploit Canada’s Natural Resources (ie. Oil Sands) and Mexican Labour (already a large part of the US workforce, even though it is illegal) but I digress…
In what can only be described as a colossal conflict of interest, Vice President Dick Chaney’s investment profile seems to be betting on the devaluation of the dollar.
So, while working class Americans are loosing ground to inflation and rising energy costs, Darth Cheney will be enhancing his wealth in “Old Europe”. As Blackburn sagely notes, “Not all bad news’ is bad for everybody.”
This should put to rest once and for all the foolish notion that the “Bush Economic Plan” is anything more than a scam aimed at looting the public till. The whole deal is intended to shift the nation’s wealth from one class to another. It’s also clear that Bush-Cheney couldn’t have carried this off without the tacit approval of the thieves at the Federal Reserve who engineered the low-interest rate boondoggle to put the American people to sleep while they picked their pockets.
I’ve never been so glad not to be an American taxpayer because otherwise I would be mad, not just flabbergasted by the greed and ease at which these people operate. This will likely turn out to be the greatest theft in the history of American Taxation. Not only are the taxpayers paying interest on loans that are valueless, and footing the bill for this rejected (but someone forgot to tell the fed) bailout plan (don’t forget the war on terror/Iraq/Afghanistan/Iran?), they are also paying the inflation tax as their dollar is farther devalued by the second. And the only comfort they have is knowing that Dick Chaney’s portfolio will remain virtually unaffected.
Not much of a silver lining, eh…. (Hey, speaking of silver…)
I think this is summed up best in this very helpful article Bailout by Stealth by James Corbett
Why, then, is the public not furious about this stealth bailout, now taking place at the blistering pace of nearly $1 trillion a week, and all to the taxpayer’s detriment? The obvious answer is that the media is not whipping the public into a frenzy about it, instead focusing its attention on a $700 billion program and allowing the public to feel like they scored a blow against Wall Street when the program gets rejected. If so, it’s time the public got wise to how the system is really being run by and for the benefit of private bankers and at the expense of the average taxpayer. Otherwise, the fleecing of the public will continue unabated even as the public thinks they’ve won the battle.
And Lastly, for all those who were wondering why the rush…
1.) the U.S. fiscal year ENDS on Sept. 30th and a NEW one starts on Oct. 1st. and
2.) The Basel-II deadline for U.S. banks to be “Basel-II compliant,” originally Sept. 1st, must surely come due on Oct. 1st, 2008.Basel-II compliant banks in Europe and elsewhere will be forbidden to do business with non-compliant banks in the U.S., effectively bringing the non-compliant banks down.
