Daily Digest 10/19 - China Warns About Currency War, The Gathering Storm, World Bank Pressured Over Fossil Fuel Loans
- The Empire Strikes Back: China Daily Warns About Currency War, Blames Dollar
- The “Gathering Storm" warning on global economy
- China's not the villain if the West tries to debase its debt through QE
- World Bank pressured over fossil fuel loans
- Energy the cornerstone of Russian ties with Venezuela
- Fuel supplies low as protests hit France
- Must Watch Video on Bank Fraud
- Oil's Not Well
You didn't think China was just going to do the rockaway and lean back, lean back, lean back. Nope - China Daily says: "A currency war is spreading as the dollar's value against major world currencies has continued to decline in recent days" and calmly confirms what everyone esle knows: "It is the dollar that triggered the currency war. Seemingly a market move, the depreciation of the dollar is actually active." Check to you, Tim Geithner and your currency manipulation report.
A group of top Fund Managers says the global economy is risking Doomsday, much worse than the events of the past three years. Eighteen investment experts have published their views in the book “The Gathering Storm."
Business RT spoke with co-author Patrick Young to ask what governments and central banks are doing wrong.
The annual meetings of the International Monetary Fund in Washington are supposed to generate some kind of resolution. Instead, all we got was posturing and a slew of pious speeches saying that "co-operation is crucial".
What is now clear is that some of the world's leading economies are deliberately debasing their currencies in order to make their exports more competitive and lower the real value of the massive debts they owe the rest of the world.
World Bank pressured over fossil fuel loans (pinecarr)
With new figures showing a record World Bank funding for projects relying on coal power and other fossil fuels, the issue of reforming the institution's energy lending was again a hot topic at the recently concluded World Bank and International Monetary Fund annual meetings.
The bank lent US$3.4 billion to coal projects, or one quarter of all its energy lending, according to data released last month. If a transmission project meant to connect coal-powered stations to the grid in India is included, that number rises to about $4.4 billion, according to an analysis by the NGO Bank Information Center (BIC).
The ten deals signed up to by Russia and Venezuela, during the visit by President Hugo Chavez to Moscow, underline the key role of energy in the ties between the two nations.
Fuel supplies low as protests hit France (pinecarr)
Frequent strikes in the last few weeks have hobbled French trains and airports, closed schools and docks, and left garbage piling up in the southern port of Marseille. But now the airline industry is getting worried, after all of France's 12 fuel-producing refineries went on strike and many depots were blocked by protesters. Police were called in to force three crucial fuel depots to reopen Friday, including one outside Marseille.
The Civil Aviation authority sent out an advisory Friday night to airlines requiring short- and medium-haul flights to Paris' Charles de Gaulle airport …quot; one of Europe's key hubs …quot; to arrive with enough fuel to get home, spokesman Eric Heraud said.
Must Watch Video on Bank Fraud (pinecarr)
Wonder why the banks are plummeting? They were never healthy in the first place, they were built upon multiple levels of fraud.
Oil's Not Well (Ilene)
What I love about investors and the MSM in this country is their ability to completely ignore the fact that, ultimately, someone must consume the oil that is leading the inflationary drive in the economy. Actually, we shouldn’t blame oil (I said as much last week) but, as I also said last week, QE is the wrong kind of inflation because we are not giving any money to the workers. Ultimately, it’s the workers who have to buy food and fuel….
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