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Who is Bernard Madoff?

"It's all just one big lie."

- Bernard Madoff to his sons about his $50 billion "Ponzi" scheme

Fraudster Bernard L. Madoff was national treasurer of the American Jewish Congress and Yeshiva University. So where did the $50 billion go?

The latest massive financial scandal is the giant $50 billion pyramid or "Ponzi" scheme run by a New York Zionist Jew, Bernard Lawrence Madoff. How can anyone lose $50 thousand million? Where did the $50 billion disappear to? Israel?

Fraudster Bernard L. Madoff was national treasurer of the American Jewish Congress and Yeshiva University. So where did the $50 billion go?

Madoff told two "senior employees," i.e. his sons, Mark and Andrew, at his apartment the night before his arrest that the Madoff hedge fund and his investment advisory business was "basically, a giant Ponzi scheme," according to court documents. His investment fund business was insolvent, and had been for years.

Many of Madoff's victims were fellow Jews looking for consistent returns on their investment, which his "Ponzi" scheme had been able to provide until a large number of investors tried to withdraw some $7 billion worth of funds in November.

As the Wall Street Journal reported:

News of money manager Bernard Madoff's alleged fraud sent shock waves through upscale communities in the New York area and Florida where wealthy individuals had entrusted billions of dollars to Mr. Madoff for decades. Ira Roth, a New Jersey resident, who says his family has about $1 million invested through Mr. Madoff's firm, is "in a state of panic."

"This is going to kill so many people," said a current investor in Mr. Madoff's fund. "It's absolutely awful."

...Many of his clients knew Mr. Madoff personally but had little understanding of his investment strategy, which reported remarkably consistent returns of some 1% per month. They often referred to it as a "black box."

Madoff also allegedly said that the losses from the fraud were at least $50 billion, according to the criminal complaint. He told his sons that he was "finished," and that he had "absolutely nothing" and "it's all just one big lie."

WHERE DID THE MONEY GO?

So who is Bernard L. Madoff? Apart from running his "investment company" and being a former chairman and director of the National Association of Securities Dealers (NASDAQ), Madoff is a very committed Jewish Zionist who has served as the treasurer of two leading Zionist organizations. Like Richard Fuld of Lehman Brothers, Sanford Weill of Citibank, and Maurice Greenberg of A.I.G., the major culprits behind the $2 trillion bail-out, Madoff is another New York Zionist Jew who has committed a massive financial fraud and cheated Americans and others out of untold billions of dollars.

From the left: Bernard L. Madoff, Yeshiv
a University Board treasurer and Board chairman, Syms School; Sy Syms, vice chairman, Board of Trustees; and Josh S. Weston.

Madoff is a former national treasurer of the American Jewish Congress (AJC) of New York City, one of the major fund-raising organizations for the state of Israel. Founded by the Hungarian Zionist rabbi Stephen S. Wise, the AJC claims to be "the first Jewish Defense Agency to support the establishment of a Jewish state" and boycott Germany in the 1930s. Wise was a Zionist who had been trained at the Jewish Theological Seminary in New York City, where Michael Chertoff's rabbi father and grandfather also studied and taught.

Belfer Hall is the main building at Yeshiva University.

Isn't it lovely?

Madoff is also the treasurer of Yeshiva University, a private Jewish university in New York City, where he is chairman of the board of the university's business school, the Sy Syms School of Business, which he has endowed with large donations, from his "Ponzi" scheme no doubt.

Madoff has been a member of Yeshiva University’s Board of Trustees since 1996, and was elected chairman of the board of Syms School of Business in 2000. (Yeshiva University is clearly trying to erase traces of Madoff from their website, but the cached versions remain.)

At Syms, where Madoff is the chairman of the board, "Jewish tradition provides the framework for consideration of ethical issues, an integral part of the student's education." Does the "Jewish tradition" taught at Yeshiva U. support giant "Ponzi" schemes like the one run by their chairman? Is this the kind of business they teach the students at Syms? Cheat the "goyim," i.e. non-Jews, and steal their money?

That is exactly what the Talmud teaches, make no mistake about it. It is the main reason that Jews have been despised and expelled from so many nations throughout history.

Anyone familiar with the teachings of the Talmud, i.e. "Jewish tradition," will know that such anti-Christian schemes are at the heart of such an "education." This is why so many of the financial criminals involved in the current Zionist-produced "credit crisis" are Jewish Zionists who have been indoctrinated in such "Jewish traditions." The Zionist criminals involved in 9-11 and the cover-up of the truth are all tied to the Jewish Theological Seminary in New York, which is a similar Zionist institution.

Yeshiva University has a branch in Israel, as does the American Jewish Congress. Madoff has been the main treasurer of both Zionist institutions during the period he ran his giant "Ponzi" scheme. If Madoff has lost billions of dollars, as is alleged, these institutions should certainly be investigated as possible recipients of stolen money. The Zionist criminal structure relies on its tax-exempt "religious" network of schools and charities. These institutions are the frame of the Zionist criminal and racist network and should be investigated and closed if they are found to be teaching racist ideologies. Jewish racism is no different than any other racism and should not be tolerated in a free and democratic society like America.

courtesy : wakeupfromyourslumber

A Malaysian Tourism Campaign

Dr. Paul on the Global Financial Summitt

The Congressman discusses the G-20 summit taking place in Washington this weekend that will address the global monetary system.

The Wedding "bells" in August 08.

The brief period, a week, of the August 2008 – had been hectic to many. There were just too many weddings to attend . Why was it so?:

1. Do not tell me that there has a been a TOC, an acronym for Transfer of Culture from the Chinese to the Malays. For the Chinese 8.08 may has means a lot in terms of Fung Sui for Prosperity, ha ha!

2. The Malays beings Muslims may also had been thinking to do the weeding bash or feast before the Ramadhan which was coming on the first of September. Thus it was decided to be on Saturdays of August 08, school holidays.

3.Or you have to wait after the PMR for those with kids taking the exam or the SPM – which may means during the monsoon!

For me, the reason was simple, my daughter, the bride to be then, is teaching at a Matriculation college and so is her fiancé. Both of them had a two week teaching leave / holiday. Their second week break, coincides with the one week school break where all her sisters and brothers at schools could joined, in the celebration. I nodded, without a voice of objection. So we did the holy matrimony celebration during that school holiday, on its first Saturday. The bride and groom to be, could sort out what ever is needed during the first week of their break. In terms of time-line and scheduling, it was just perfect.

There were only two Saturdays involved during that school holiday. Saturday was the choice to facilitate others in the working class to join the ceremony, more so for the friends of the bride and the groom to be included. Saturday is a common non working day in Malaysia – the west coast / Sabah/Sarawak and the East Coast / Northern States of the Peninsular. On the second Saturday, a wedding reception was hosted by the groom.

Well there were too many “walimah” clashes, we did receive many apologises for it was just impossible to travel from end of the state to another let alone across the country – to be in a feast of almost at the same time. Some of my maternal Unties and Uncles, went to Alor Setar, for Che Pah and Ayah Sin – Son in Law wedding reception. Congratulations to Che Pah & Ayah Sin, who married off their daughter Nurul Hanani a week before me to Mohd Habib. But unfortunately the reception at the groom’s place was unable to be attended by my sisters, though living in Alor Setar, they were back in Kelantan for my daughter’s wedding.

I like to express my deepest gratitude to those relatives and friends who had attended the function, especially to Long and Sue Zaq. To others - uncles, unties, other relatives and neighbours and friends – who came after the ceremony, too. Many thanks for their well and best wishes.

At the groom’s reception in Paloh 6 Gemas, I am thankful to those who had taken the trouble to be there, on my side, Abang Pin, Tik & Yee, Afrizal & Sue, Ruslina & Roslan, Syams & Ellis, Zana & Min (Yu Nah) and kak Ze’s side, Abang Mat & Kak Diah, Shahida and Eddie, Danny & Julie, Maizuni and Azlan. – all with their kids.

Kak Ze’s big immediate Family
Sitting : Nurhannan, Hessa Kawthar, Salsabila, Najya Syakira
Squatting : Sumayyah, Mus’ab, Muhammad, Mufaddal, Ruqayyah
Standing : Hidayah, Anuar (menantu), Madihah, Azizan (Kak Ze), Salehah
Last row : Manan (Abe Ma6), Mardhiyyah.

Fed keeps US rates steady at 2%

The main federal funds rate, at which banks charge each other, has been kept at 2%, marking the first time in 10 months the Fed has failed to reduce interest rates.

The latest decision was approved by a 9-1 vote with Richard Fisher, president of the Fed's regional bank in Dallas, calling for a rise in interest rates now to fight inflation.

It is a situation that the head of the International Monetary Fund, Dominique Strauss-Kahn, recently described as being caught between "fire and ice". . . more news

Who sets global Crude Oil prices?

Courtesy : Commodity Online

MUMBAI: As Crude Oil is setting the global economy on fire and fears of recession, there is a frequent question people ask. Who sets the oil prices?

The answer generally comes: oil price is set by the Organization of Petroleum Exporting Countries (OPEC), a permanent intergovernmental oil organization, created in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

But the fact is that it is not OPEC that sets the global oil price. One of the most common misconceptions about OPEC is that the Organization is responsible for setting crude oil prices.

Although OPEC did in fact set crude oil prices from the early 1970s to the mid-1980s, this is no longer the case. It is true that OPEC's Member Countries do voluntary restrain their crude oil production in order to stabilize the oil market and avoid harmful and unnecessary price fluctuations, but this is not the same thing as setting prices.

In today's complex global markets, the price of crude oil is set by movements on the three major international petroleum exchanges, all of which have their own Web sites featuring information about oil prices.

They are the New York Mercantile Exchange (NYMEX, http://www.nymex.com), the International Petroleum Exchange in London (IPE, http://www.ipe.uk.com) and the Singapore International Monetary Exchange (SIMEX, http://www.simex.com.sg).

OPEC does not control the oil market. OPEC Member Countries produce about 45 per cent of the world's crude oil and 18 per cent of its natural gas.

However, OPEC's oil exports represent about 55 per cent of the crude oil traded internationally. Therefore, OPEC can have a strong influence on the oil market, especially if it decides to reduce or increase its level of production

Food Crisis, collapsing economy and a political suppression, Mugade in Rome with Grace Shopping.

Malaysia Travel Video

Travelling to Malaysia? Learn more about this beautiful nature rich country in South East Asia. Malaysia has indeed one of the world's famous tourist attractions. Discover Malaysia, a truly Asia.

Check RM100 notes for fakes

Friday May 23, 2008

PETALING JAYA: Check your RM100 and RM50 notes, folks! Hold each note up to the light and if you can't see the first King's watermark portrait, it’s a fake.

Fruit vendor Loh Man, 53, discovered three days after a couple bought RM15 worth of fruits at his stall in Old Klang Road that the RM100 note they used to buy the fruits with was counterfeit.

Loh Man realised something was amiss when the colour on the note started to fade and the watermark of the King was missing when the note was held up to the light.

1) The security thread on a real note is embedded in the bill and appears on the reverse side of the note as a silver dotted line. When the note is held up against light, it is seen as a continuous dark line and the repeated text 'BNMRM100' can be read. This feature is missing on the counterfeit note, where the 'security thread' appears as a silver dotted line.

2) No raised Braille feature on the counterfeit note.

3) The holographic design on the LEADA (Long-lasting Economical Anti-copy Device) strip represents the same motif as used in the purple patch as well as the text 'BNMRM100'. The colour of these elements change when the viewing angle is changed. The counterfeit note features just a silver thread with a floral pattern.

4) The portrait of the first King on the right of the real note is raised (Intaglio Print). This effect is missing on the fake note.

5) Watermark portrait of the first King is missing in the counterfeit note. The numeral 100 watermark at the base of the King's watermark is also missing.

He sought the help of MCA Public Services and Complaints Department head Datuk Michael Chong who said this was the first RM100 fake note he had come across. He said he had been previously alerted of RM50 fake notes.

“Just hold the notes up to the light and check,” he advised the public at a press conference.

“The watermark portrait can be seen easily. At the base of the watermark, the numeral 100 is clearly visible in a real note but absent in counterfeit ones,” he said, adding that fake notes were also deeper in colour.

To demonstrate how easy it was to pass off the RM100 fake note as the real thing, Chong and a few reporters tested them out on merchants, who thought the notes to be real.

“I am very surprised that I managed to get through five merchants without being detected,” Chong said, adding that one trader took a close look at the note but still did not suspect anything.

Chong said he had seen a number of fake RM50 notes but claimed that Loh's fake RM100 note was more sophisticated.

”I will bring the matter up to Bank Negara,” he said.

Coutesy star

A must for anyone going to Okinawa

Tuesday 20th May, 09:16 AM JST

For anyone planning a trip to Okinawa, the Okinawa Island Guide 2008-2009 is a must. The 122-page glossy magazine is chock full of information about the island’s tourist and historical spots and also includes many feature stories about Okinawan food, culture, arts & crafts, a guide to healthy aging, plus area maps of Naha, Chatan, Okinawa City and other locations.

Whether it’s tips on driving to diving with whale sharks, this 4th edition of the magazine is perfect for both first-time visitors to Okinawa or veterans. The guide costs 1,500 yen and is available at most bookstores.

See the Guide

Courtesy JapanToday

Iran using euro, yen in oil deals

Wed, 30 Apr 2008 10:33:23

Iran has completely switched away from US dollar in its oil trading.

Iran has switched from dollar to euro and yen in oil trading, says international affairs director of the National Iranian Oil Company.

Hojjatollah Ghanimifard in an interview with Fars news agency said since last year Iran's oil transactions have been conducted in euro and yen, and dollar has been completely replaced by these two major currencies.

"Iran has reached agreements with all its crude oil buyers to pay in foreign currencies other than the US dollar," he added.

Ghanimifard also noted that Iran's crude oil transactions in Europe are conducted in euro, while both euro and yen are used for its oil sales in Asia.

MMM/BGH

English Club Vs English Club in Moscow

Page last updated at 15:45 GMT, Thursday, 1 May 2008 16:45 UK

Moscow confident of final success

By Rupert Wingfield-Hayes BBC News, Moscow This final is the biggest sporting event to hit the Russian capital since 1980 For days, the British media has been filled with doom laden stories about what a disaster the UEFA Champions League final in Moscow on 21 May is going to be. Even the BBC has not been immune. To believe the reports, thousands of British fans face a series of seemingly insurmountable hurdles to getting to the match. Visas will not be issued in time, there will be no flights available, Moscow hotels are full, and prices are astronomic. . . . . read more Cristiano Ronaldo's goals have been the key to Manchester United's success this season [AFP] Cristiano Ronaldo doesn't want Moscow mentioned until Manchester United has successfully defended its English Premier League title. The Portugal winger doesn't want the Red Devils to lose focus in the league amid the euphoria of reaching European football's showpiece match on May 21 in the Russian capital. "It's a great feeling to be in my first Champions League final,'' Ronaldo said after Manchester United's 1-0 victory over FC Barcelona. . . . . read more

A Malaysian Advanture

Guy Wells is one of the lucky winners of the Postcards From Malaysia Contest that ran at the end of 2006 to usher in Visit Malaysia Year 2007. This Australian traveller ventured from the East Coast to the West Coast of the Peninsula, making friends and experiencing new adventures the whole way through. We set off to Malaysia without doing much research for what we felt was a well-earned break after another set of University exams. With our trust Lonely Planet guides to Malaysia in hand, we arrived in Malaysia at about 10pm, fortunately we had decided to book a hotel just off Petaling Street for a night so that we could get our feet and decide our next destination. The Transit train from the airport was a breeze, and made Melbourne’s International Airport look like a small domestic airport. We got to the Hotel and decided it was time for a snack, fortunately some of the food stalls never seem to close, so having dinner at midnight was no issue. Before leaving KL we thought it best to have a look around the city, so we spent the day just wandering around, something that would be a breeze in most Australian cities, but we somehow forgot about the humidity, and found ourselves stopping every 20mins for another drinks break. We eventually made it to the Petronas Towers, and the KLCC shopping centre, however we were a little late to get tickets to go up to the Sky-bridge, something that should you get the opportunity would be well worth a look. The area surrounding the Petronas Towers, shows a great deal of planning, with a huge park and play areas right in the middle of the city. Clearly a lot of time and money has gone into the planning and infrastructure of Kuala Lumpur in the last 10 years to make it a first class city. “To come across the other side of the equator and meet a group of people with a completely different background yet similar outlook and humour to us, 2 young Australians, was pleasantly surprising.” Fortunately we had some friends staying in KL at the time of our visit and they were more than happy to take us out for dinner and drinks, there is nothing much better than being in a foreign country and having the locals to show where and what to eat, while at the same time getting a better insight into the culture. We were also given a lesson in the barter economy, quickly learning the benefit of the ‘local price’ as opposed to the ‘tourist price’. Having only been in Malaysia for a day at this stage, we were challenged to eat a number of new foods, some of which were unforgettable and some we would prefer to forget. The Durian or “king of Fruits was one we were told so much about, including one friend saying it was like eating ice cream on a traditional Malaysian toilet (jamban). We just had Far too quickly our two night/three day experience reached its close. But both Nicky and I knew that this, along with so many of our underwater experiences in Malaysia, had been memorable enough to guarantee our return. Soon!! From KL it was decided that we should see a little of the east coast of Malaysia, we had been told of an island off the coast of Terengganu called Pulau Redang, which was known for its white beaches, and great snorkelling. Those wishing to go to an island like Redang are recommended to book accommodation, which includes meals and boat transfers. What better way to travel than by bus, nobody can complain about an 8 hour bus ride for 30 MYR. After travelling through parts of Indonesia and China, we were unsure of what quality of transport to expect, but were pleasantly surprised by the air-conditioned comfort of the buses, a tip to future travellers: Ask for super VIP buses (the same price for a little bit of extra comfort). The Island of Redang must be seen to truly understand the island, or what parts of it we managed to see. Upon arrival on the island, you almost felt relaxed immediately, with resort style accommodation, 3 meals a day, and guided snorkelling trips off the bright white beaches. It was a pleasant surprise to only see a few other Westerners, with most other guests to the island from mainland Malaysia. “The time spent in Penang was a whole world away from Redang, with some beautiful old world charm and some great night markets.” “In the next 3 days there was a lot of beach volleyball and soccer played as well as having a laugh all around.”In the next 3 days there was a lot of beach volleyball and soccer played as well as having a laugh all around. The friendships made in those 3 days were amazing and possibly the best memories of the trip. To come across the other side of the equator and meet a group of people with a completely different background yet similar outlook and humour to us, 2 young Australians, was pleasantly surprising. The time spent with these people was so enjoyable that on our return to KL we visited them again, and were treated to a tour of the city by locals. From Redang, we had heard lots about Penang, so it was decided that this would be our next stop. The overnight bus took us from Terengganu to Penang, arriving at 6 am. We were told that Chulia Street was the place to go for cheap accommodation, being students, we had to have a look. We decided it was best to grab some food for breakfast and then decide where to stay. Dim Sum was something we hadn’t had yet so we decided its as good a breakfast as any. We sat down, waiting for the sun to come up and feasted on Dim Sum. The time spent in Penang was a whole world away from Redang, with some beautiful old world charm and some great night markets. All we had heard when we mentioned that we would be going to Penang was that the food there was amazing, so it was decided that we would spend much of the next few days eating. It was amazing to watch the Roti Canai being made in front of you, it puts all pizza makers to shame. After walking past the Beca riders for the last couple of days and not getting a lift off them, we decided to ask one if he could take us to the botanical gardens, naively not knowing how far it was, he thought about it for a second and then decided it was much too far, his friend saw the funny side of it and was rolling around in tears. When we found out how far it was we too couldn’t stop laughing, and to think this guy was actually considering it, it would have taken him an hour!! The night markets up at Batu Feringghi are well worth a visit, and have a few large eating areas surrounded by hawker stalls to choose your favourite dish. The market has lots of arts and crafts along with the watches and CD’s/DVD’s. After 3 days in Penang, it was time to get back to KL to spend the last day shopping and catching up with the friends we met in Redang before we headed back to the winter of Melbourne. Staying again along Petaling Street, we frequented the hawker stalls for food and clothes, thinking we were getting everything for an absolute bargain. The friends from Redang told us we had to go down to Klang to visit them. We jumped on a bus and off we went. We were again treated to dinner and drinks, and a great night amongst friends. Eating as travellers the whole time, it is good to go to peoples favourite restaurants and eat what they recommend. Due to leave for Melbourne on a night flight, we had 1 day to go in Malaysia, after recounting the stories and determining if there was anything we had yet to do, our friends managed to not be working and took us for a drive, visiting temples and more eateries, the fun didn’t stop till the moment we jumped on the plane to go home. The hospitality showed by all Malaysians, was very welcoming and helpful, allaying any fears or concerns a traveller may have. We were pleasantly surprised by the progression of KL city and the quality of the transport both within the city and interstate bus services. Malaysia is not always high on the tourist hit list for Australian travellers, however, after visiting the country, I would recommend it as a destination to visit.

Dollar Falls to Record Against Euro as EU Inflation Quickens

By Ye Xie and Bo Nielsen

April 16 (Bloomberg) -- The dollar fell to a record low against the euro as European inflation accelerated last month, reducing chances the European Central Bank will follow the Federal Reserve in cutting interest rates.

The currency had its biggest decline versus the euro in three weeks, weakening to $1.5979 as U.S. housing starts dropped more than twice as much as forecast to a 17-year low. The Canadian and Australian dollars and the Norwegian krone increased after crude oil touched a record $115.07 a barrel. . . . . read more

US Dollar Shows Little Hope for Rebound on Further Record-Lows

Tuesday, 06 November 2007 17:32:11 GMT

Previous Articles

• Nov 06 - US Dollar Shows Little Hope for Rebound on Further Record-Lows
  
• Nov 05 - Euro: Rate hike, Rate hike, Rate hike
  
• Nov 05 - US Dollar Bounces on Dow Jones Tumbles - Can it Hold Gains?
  
• Nov 02 - Forex Traders Punish the US Dollar Despite Bullish NFP Data - What Happened?
  
• Nov 01 - Currency Trading Markets Sell the US Dollar on Treasury Yield Tumbles
  
• Oct 31 - Currency Traders Show Little Fear of Post-FOMC Dollar Rally as Euro Sets Record Heights
  
• Oct 30 - Dollar Falls to 26-year Lows Against British Pound ahead of FOMC Decision - Strong Rebound Unlikely
  
• Oct 29 - Euro Hits New Record High
  
• Oct 29 - US Dollar at Record Lows against Euro on Stock Market Rallies: Dollar Unlikely to Post Worthwhile Rebound
  
• Oct 26 - US Dollar At Record Low, Oil At Record High - Will These Extremes Moderate Next Week?
  
• Oct 26 - US Dollar Selling Accelerates - Currency Traders may push Euro to Further Record Highs
  
• Oct 25 - US Dollar Nears Record Lows As Durable Goods Orders Plummet
  
• Oct 25 - US Dollar Bounces Back on Dismal Jobless Claims and Durable Goods Orders - What Gives?
  
• Oct 24 - US Dollar Tumbles As Futures Start To Price In A 50bp Cut
  
• Oct 24 - US Dollar Rallies Despite Falling Treasury Yields - What Happened?
  
• Oct 23 - US Dollar Resumes Its Descent Ahead Of NAR Existing Home Sales
  
• Oct 23 - US Dollar Drops on Dow Rallies - Forex Traders Remain Indecisive
  
• Oct 22 - US Dollar Posts Largest Rally against Euro Since 2005 - Forex Speculators Fear Turn
  
• Oct 19 - US Dollar Recovers from Record Lows on Dow Tumbles, Markets Hesitant Ahead of G7
  
• Oct 18 - US Dollar Tumbles Ahead of G7 Summit, Fed Rates Outlook Exacerbates Sell-off
  

Written by David Rodriguez, Currency Analyst

The US dollar continued to set record lows against the Euro and Canadian dollar, defying calls for a worthwhile correction on unflappable anti-greenback sentiment. Limited economic data on the day left currency traders to force movements off of broader speculative interest, and dollar-selling remained the dominant theme in broader currency markets. In fact, the downtrodden buck fell against all major foreign counterparts on a daily basis.

Euro bulls sent the single currency to yet another record, touching heights of $1.4569 before a marginal retracement through the New York afternoon. The British Pound likewise saw strong bids through Tokyo and London trading hours and established fresh 26-year peaks of $2.0905. Anti-US dollar sentiment continued to bolster the Canadian dollar, which shows few signs of slowing its ascent at C$0.9240 per USD. A bounce in global equity markets was not enough to keep the dollar bid against the Japanese Yen, and indeed the greenback remained relatively unchanged at 114.52 yen through time of writing.

The lack of economic data did not stop traders from forcing strong price movements across major currency pairs, and pure market flows away from the greenback served as the only real justification for the move. One prominent bank claimed that the relative underperformance of US equity markets encouraged many clients to pursue risky asset classes in Europe and elsewhere. Others cited further sovereign bank reserve diversification as a prominent driver of daily exchange rates. Whatever the underlying justification for the dollar rout, it remains relatively clear that speculators show little interest in forcing a worthwhile correction in the downtrodden currency. The trade-weighted dollar index has now fallen in seven of the past nine active days, setting fresh-record lows of 75.99 at time of publication. Given such overwhelming bearish momentum, we see little reason for a dollar bounce through subsequent currency trading.

US equity markets proved far more fortunate through NYSE price action, with the Dow Jones Industrial Average adding 50 points to 13,591. A surge in energy stocks pushed broader indices higher, and the S&P 500 added 0.5 percent to 1,510. Tech stocks were the smallest gainers through the session, however, with the NASDAQ Composite a mere 0.2 percent improved to the psychologically significant 2,800 mark.

US Government Treasury yields were slightly higher through the trading session, as the 10-year added 2 basis points to 4.35 percent. Yet shorter-dated yields remained relatively unchanged at recent 26-month lows of 3.67 percent. Speculators seem convinced that the Federal Reserve will continue to cut short-term interest rates through the medium term, and money market rates continue to decline through the period. In fact, Fed Funds Futures now show a 64 percent chance of an FOMC interest rate cut on its December 11 meeting.

Written by David Rodríguez, Currency Analyst for DailyFX.com

Caspian Sea leaders sign declaration

source almanartv

17/10/2007 The Second Summit of the Caspian Sea Littoral States ended its work in the presence of heads of state of Iran, Russia, Azerbaijan Republic, Kazakhstan and Turkmenistan in Tehran on Tuesday afternoon. They released a declaration on major regional and international issues. Following is an excerpt of the declaration: The Caspian Sea littoral states will make efforts to reinforce peace, stability, economic development, and good neighborliness in the region. The sides will have equal rights in international cooperation and are determined to boost relations in political, diplomatic, economic, scientific, technical, cultural, and social spheres. The sides will make attempts to efficiently utilize the Caspian Sea’s rich resources and expand economic cooperation, particularly in the energy and transportation areas. The sides hereby announce that only Caspian Sea littoral countries are allowed to use the resources of the sea. The sides agree that the Caspian Sea legal regime should be drafted as soon as possible. The Caspian Sea should only be used for peaceful purposes and any problems related to the sea should be resolved diplomatically by the littoral states. The sides will make efforts to develop mutual trust and reinforce regional security. They will also avoid using military force in mutual relations. The sides believe that the nuclear Non-Proliferation Treaty is one of the most important foundations of international peace and stability. The sides confirm that all signatories to the NPT have the right to generate and utilize nuclear energy for peaceful purposes within the framework of the NPT and the International Atomic Energy Agency Statute. Stances at the summit In his speech to the conference, Iranian President Mahmoud Ahmadinejad announced that the third summit of the Caspian Sea littoral states will be held in Baku, Azerbaijan in 2008, and a joint economic conference will be held in Moscow next year. "The presidents of the five Caspian Sea littoral countries agreed to meet every year, and their foreign ministers will meet every six months," he added. Asked about the propaganda campaign against the conference, Ahmadinejad stated that the declaration that was signed at the end of the conference was a robust response to those countries that were opposed to the meeting. Russian President Vladimir Putin told reporters that the Iran-Russia nuclear cooperation is for peaceful purposes. The countries have “expressed the idea that peaceful nuclear activities must be allowed,” Putin said, reiterating that Iran should be allowed to pursue its nuclear program for peaceful purposes. Putin discussed issues pertaining to comprehensive security and stability in the region and the joint campaign against "international terrorism and extremism.” Among other things, Russia has proposed building a canal as soon as possible to connect the Caspian Sea to the Black and Azov seas to help establish the North-South Corridor, he said. Russia is the only country helping Iran to construct a nuclear power station for peaceful ends, he added, referring to the construction of the Bushehr nuclear power plant. For his part, Kazakh President Nursultan Nazarbayev stated that the convention should be finalized as soon as possible, and the dialogue between the countries should be sped up. "I believe that the Tehran summit and the declaration we will adopt here will be a turning point in the development of cooperation between Caspian states in all fields and in insuring stability and peace in the region, and that the Caspian will become a sea of peace, friendship, and cooperation,” Azerbaijani President Ilham Aliyev said. Turkmen President Gurbanguly Berdimuhammedow said he was optimistic about Caspian states’ cooperation and the agreements made by the five countries on ecology, shipping, tourism, and the use of hydrocarbon reserves.

Putin arrives in Tehran despite warning

SOURCE ALMANARtTV 16/10/2007 Russian President Vladimir Putin, brushing off the threat of a reported plot to assassinate him, arrived in Iran on Tuesday for talks with Iran's leaders focusing on Tehran's nuclear row with the West. The Russian president was officially welcomed by Iranian President Mahmoud Ahmadinejad in Saadabad castle in Tehran. Putin is due to attend a summit of five Caspian Sea states aimed at bringing them closer to a deal on dividing the sea and its huge oil and gas resources. Putin is visiting the Islamic Republic ahead of parliamentary elections in December and amid speculation on how he will maintain a grasp on power in Russia after he quits the top job. His visit also comes amid increasing pressure to impose sanctions on Iran for its nuclear program, something Moscow and other allies are against. Kremlin officials said on Monday that plans for the visit were in doubt after a Russian news agency report said about assassination plot against him. Iran said the report was baseless and Putin shrugged it off. "If we have a chance to keep up these direct contacts, then we will do it, hoping for a positive, mutually advantageous result," Putin said in Germany before his arrival. Tehran says the visit by Putin and other leaders at the Caspian summit shows U.S. efforts to isolate it are failing.

SOWETO ON THE TOURIST TRAIL

Flying car to take off in a year

Thu, 11 Oct 2007 19:46:20

Terrafugia Transition

MIT scientists take another step towards aero-auto hybrids by producing the first automated folding wing for light sport aircrafts.

For many years researchers believed aero-auto hybrid vehicles would be commercial failures; however, MIT scientists say they are on the way to overcome existing problems.

The team hopes to use 'Terrafugia' which was manufactured in 2006 and displayed as the world's first automatic folding wing, to complete a roadworthy aircraft within a year.

The first patent for a vehicle capable of both driving on roads and flying in the air was issued in US in 1918.

MHE/HGH