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To: Secret_Agent_Man who wrote (155229)	3/10/2002 10:27:39 AM
From: Secret_Agent_Man	Respond to of 436258

The International Accounting Standards Board still refuses to tell who its corporate backers are. Hiding their identity certainly risks damaging the organization’s credibility at a time when robust global standards are needed more than ever. When industrialized nations meet in Monterrey, Mexico, this month at the UN conference on Financing for Development they will agree to a new round of the $13 billion of taxpayer’s money for the International Development Association, the arm of the World Bank, that focuses on the most needy companies. That isn’t enough for elitist James Wolfensohn, Rockefeller minion, bank president and Koffi Annan, Marxist, UN secretary-general. They want us to give away $100 billion of our hard earned money every year. They say this will halve world poverty by 2015. What the money will really benefit is transnational corporations who will garner all the business. Over 50 years the World Bank has spent $500 billion of our money and has nothing to show for it except the enrichment of elitists. The bank itself internally is staffed by gofers who tow the new world-order line. Half of all that money was stolen or wasted. There has never been an independent audit of the agency, so no one really knows how corrupt it is. We think it’s time to have an outside audit and expose the connections of its employees. CANADA The Canadian military will receive an immediate funding increase of $2.5 billion. They will hire an additional 20,000 personnel, this way they can put a dent in unemployment and have personnel ready to participate in perpetual ware for perpetual peace. The military is sending 130 more troops to Afghanistan where they will have 880 Canadians at risk. Ballard has eliminated 50 jobs in Europe and is trying to re-assign 140 more people. They will consolidate five Vancouver facilities and lay off 30 people there. EUROPE Switzerland has administered the kiss of death to its future. By a 55% vote they have joined the United Nations. Next it will join NATO and the Euro and then become a European non-entity. They have willingly relinquished their uniqueness and freedom. Vivendi will write-off $13 billion. The media rival of AOL-Time just got the bad news over with. Stay short AOL, it has a ways to go. Italy’s, Northern League Leader, Umberto Bossi, in a speech to a conservative congress "described the EU as the new fascism because it refuses to accept popular sovereignty." He later called for the start of a "civil resistance against the technocratic corrupt European superstate." His comments followed an earlier attack on the EU as Stalinist, after Italy was forced to support a pan-European agreement to step up cooperation over the freezing of criminal assets. What he had to say hardly fazed Prime Minister Silvio Berlusconi and others in government. Needless to say, Europe’s elitists are having fits. GERMANY A financial humiliation may be just around the corner for the SPD government. Germany may lose its AAA credit rating on their watch. S&P may affect its rating if the government seeks to combat deteriorating public finances by issuing debt jointly with the country’s lander (counties), or federal states. The budget deficit is 2.7% of GDP close to the 3% limit, a dubious result of socialist/Marxist government. The real problem is mismanagement at the state level, most of which are presently controlled by the SPD. Hopefully, the government will change in September. LATIN AMERICA Brazil’s economy contracted by 0.69% in the fourth quarter and that is not good considering their devaluation. Then again, they had a 20% power loss for months so it’s not that bad. Business is picking up as it is here but we see no strong recovery. Venezuela’s industrial production rose 6.5% in January versus last year. Now that the Bolivar has been devalued the country can compete on a level playing field. Capacity utilization has only been 50%. Mexico should take notice. AUSTRALIA/NEW ZEALAND Australian new capital spending increased by 8.3% in the fourth quarter, four times stronger than consensus market forecasts. For experts to be that wrong is unforgivable. The statistics bureau expects investment spending to increase 21% in 2002-2003. Australian retail sales rose 1.4% in January from December, while their fourth quarter current account deficit widened to $3.43 billion. New Zealand showed a 22.4% increase in construction in the final quarter of 2001. The value of work in place for non-residential building was up 9.9% from the previous quarter and 2.1% from a year earlier. Commercial vacancies dropped from 15 to 13%. Farm debt levels have risen 30% between 1998 and 2000. Australian GDP rose 1.3% in the fourth quarter from 2001. The year-to-year increase was 4.1% the highest since 1999. ASIA Singapore said it was recovering from the worst recession since 1965 as GDP grew 5.6% in the fourth quarter. For the full year the economy contracted by 2%. The government thinks the recovery could expand one to three percent this year, but investment banks are projecting four to five percent growth. Unemployment is at a 15-year high of 4.7% and is expected to peak at 5% in the first quarter. The government has cut taxes and reduced interest rates. S&P has raised Malaysia’s long-term credit outlook to positive from stable, while reaffirming its rating on the country’s foreign currency debt at BBB and on its local currency debt at single A. China’s budget deficit has tripled since 1999 and is reaching dangerous levels. The budget is in its 13th straight year of double-digit increases. Spending on the 2.5 million army will grow 17.6% to $20 billion. You can see where China’s priorities are. JAPAN You are probably all wondering how one of the world’s three great economies went from a thriving economy to a depression. It’s really simple. Fascism doesn’t work. That ism was accompanied by entrenched bureaucracy, corruption and zealous over-regulations. This is a country that spent $5 trillion in ten years building public works. Many of which were white elephants. That’s three to four times what the US spent, a country of roads, trains and bridges to nowhere. A land where the connected elitists extend credit to bankrupt corporations so that they can pay interest and pretend to be solvent. When the banks are about to fail, the government takes taxpayer money and subsidizes them. Tax policy is a joke and their children are as ill educated as ours. The system of government is insidious and we see no changes until the economy collapses. Then all the elitists can be discredited and the window of opportunity will reopen. More bad news. Two more Shinken, savings and loan, failures have occurred at a cost of $2.6 billion in deposits. Unemployment fell in January for the first time in 11 months to 5.3% from 5.5%; the gains coming from what government describes as people removing themselves from the labor force. They have taken a cue from the prevaricators in Washington. SATO Kogyo is bankrupt. The construction company had debt of $3.8 billion. This is one of the companies that built bridges and roads to nowhere. We are being told again Japan is going to recover. Yes and pigs fly. Business inventories are at the lowest level since 1990. The manipulated stock market is up over 20% to Nikkei Dow 11,886, which to us just makes it a bigger and better short. Money supply is surging, but so what. The public is rushing to buy gold because they have no confidence in their government. They know the market can’t stay up even if the government limits shorting. Aggregate creation by the central bank is at staggering levels up 27.5% in the year to February, the highest rate of growth since 1974. As a near-term objective see if you can short the yen at 127.50. It’s currently 127.50 and cover at 142. New estimates are being released for economic growth this year and most are 1.5% growth. We see zero to 1% and like the US a relapse in 2003. The Japanese economy shrunk 1.2% in the fourth quarter for the third straight quarter. This would be a 4.5% annual contraction. Private capital spending fell 12%, which cut 2.1% off growth. Business investment fell offsetting consumer spending. Due to fleeing depositors First Credit, a consumer finance company, and Chubu Banks went under. It looks like the public prefers gold. AFRICA Civilians are being unnecessarily targeted as fighting escalates over Sudan’s Southern oil fields. The Khartoum Marxist government wants to uproot the so-called rebels in the upper Nile region. Bombing has put 200,000 civilians on the move. Khartoum has also forbidden humanitarian aid to 300,000 people. The Islamist Khartoum government has caused Lundin Petroleum to suspend exploration for oil. This could easily become a full-blown war. Intelligence tells us the murder of Dr. Jonas Savimbi of Unita in Angola was the work of the administration and the CIA. They were cleaning up cold war loose ends. This puts all former anti-communists and progressives in the cross-hairs of the new world order and its murder incorporated team run by the CIA. Mr. Savimbi was terminated because he was in the way of transnational oil companies and DeBeers.