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Politics : DON'T START THE WAR -- Ignore unavailable to you. Want to Upgrade?

To: Karen Lawrence who wrote (20073)	3/12/2003 11:23:05 PM
From: 49thMIMOMander	Respond to of 25898

Blair has not got enough sleep lately

To: Karen Lawrence who wrote (20073)	3/12/2003 11:23:35 PM
From: Patricia Trinchero	Read Replies (1) \| Respond to of 25898

Brits join US citizens in pension equity decreases since Bush came into office! Billions lost since 'axis of evil' speech Patrick Collinson and Rupert Jones Thursday March 13, 2003 The Guardian Millions of small investors have seen their pensions, endowments and shareholdings caught in the crossfire of President George Bush's war against terrorism. Since January 29 last year when President Bush put the "axis of evil" in his sights, 40% has been wiped off the value of the average British investment trust and 30% off the average unit trust. Someone who put £1,000 into the typical unit trust on January 29 last year has seen it fall in value to £710.30, according to Standard & Poor's, and that is before dealing charges are taken. The payout on the typical endowment is down by more than a fifth over the same period, with more than four out of five of Britain's 10m policies now "off-track" and unlikely to generate enough cash to repay a mortgage. At the time of President Bush's speech, a £50 per month endowment buyer could have expected a payout of £94,738 if premiums were paid for 25 years. Now the equivalent payout is just £72,323, according to figures from insurer Scottish Life. Among the unluckiest investors are those caught up in the internet hype of the late 1990s. More than £3bn in small investors' cash poured into technology funds in 1999-2000 at the peak of the dotcom boom. But in the past three years the average technology fund has fallen more than 85%, and in a survey this week investment managers said it could take 20 years for investors to recover their losses. Pensioners have suffered more than most. Many invested in what were thought to be safe income bonds from blue-chip companies such as Scottish Widows, Abbey National and Scottish Life. When they were launched, "back- testing" of markets showed they could not go wrong. But underlying these bonds are complex derivatives which result in total capital losses in extraordinary market conditions. But what was held to be unthinkable has occured, and many are now on the verge of collapse. This month a three-year Canada Life income bond matured but its holders were told their capital had been completely wiped out. Around £1bn is tied up in tranches of a Scottish Widows bond where holders, mostly elderly, are staring at massive losses. Other walking wounded which may now collapse altogether include the remaining split-capital investment trusts. The trusts in this £10bn sector have fallen like dominoes, and the few survivors now look more precarious than ever. But it is not all gloom. Investors who opted for bond funds rather than equities have enjoyed inflation-beating gains. Since January 29 last year, the average bond fund has increased in value by 4.5%, according to Standard & Poor's figures. Gold, the traditional haven in times of international crisis, has jumped from $278 to $350 since January 29, although the gains have been less for British holders, because the dollar has fallen in value. As for the super-rich, many have sidestepped plummeting markets. Hedge funds, open to investors with £100,000 cash to spare, have largely avoided the stock market rout. According to CSFB, the average hedge fund in 2002 saw a loss of just 1.6%, with many using short-selling techniques to make large profits as the market has fallen. money.guardian.co.uk

To: Karen Lawrence who wrote (20073)	3/12/2003 11:46:52 PM
From: PartyTime	Respond to of 25898

Second US diplomat quits over war March 11 2003 A veteran US diplomat resigned today in protest over US policy toward Iraq, becoming the second career foreign service officer to do so in the past month. John Brown, who joined the State Department in 1981, said he resigned because he could not support Washington's Iraq policy, which he said was fomenting a massive rise in anti-US sentiment around the world. In a resignation letter to Secretary of State Colin Powell, Brown said he agreed with J Brady Kiesling, a diplomat at the US embassy in Athens who quit in February over President George W Bush's apparent intent on fighting Iraq. "I am joining my colleague John Brady Kiesling in submitting my resignation from the Foreign Service - effective immediately - because I cannot in good conscience support President Bush's war plans against Iraq," he said. "Throughout the globe the United States is becoming associated with the unjustified use of force," Brown said in the letter, a copy of which he sent to AFP. "The president's disregard for views in other nations, borne out by his neglect of public diplomacy, is giving birth to an anti-American century," he said. "I joined the Foreign Service because I love our country," Brown said. "Respectfully, Mr Secretary, I am now bringing this calling to a close, with a heavy heart but for the same reason that I embraced it." Two senior State Department officials confirmed that Powell had received the letter from Brown, who had served at the US embassies in London, Prague, Krakow, Kiev, Belgrade and Moscow before being assigned to be a diplomat-in-residence at Georgetown University in Washington. Brown and Kiesling are believed to be the only US diplomats to have resigned from the foreign service over Iraq to date. smh.com.au