Hi. Yesterday, I couldn't help comparing the concerns and questions of the NY Times Op-Ed legal experts with those the Senators posed to Michael B. Mukasey, President Bush's nominee for attorney general. Try it, you won't like it. The narrowness, plain ignornace, deliberate misleading and obfuscation, et al, of Committee members is profoundly depressing. Not just for this issue, but for the the future of democracy.
I'm not prepared at the moment to develop that thought, here and now, but it definitely reminds me of how precious are the few honest and fearless sources of information we now have available to us. Here are three articles of critical news which didn't find their way into the NY or LA Times, but did in England and Russia, then brought to subscribers by NY Transfer. They should be blessed and supported, and must be preserved for any possibility in changing the current direction. The same goes for Pacifica, warts and all - and I'll be sending you more on that struggle, within days. Ed From: All the News That Doesn't Fit <[EMAIL PROTECTED]> Subject: [NYTr] 'Stunning' flight from the dollar led by Japan and China [And that fool Bush is having a fete for the Dalai Lama. Why not invite the Falun Gong too, while he's at it? Four more years of Bush, that's what we need, and the Evil Empire is No More! -NYTr] The Telegraph - Oct 16, 2007 http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/16/bcnchina116.xml 'Stunning' flight from the dollar led by Japan and China Japan and China Lead Flight from the Dollar By Ambrose Evans-Pritchard Japan and China led a record withdrawal of foreign funds from the United States in August, heightening fears of a fresh slide in the dollar and a spike in US bond yields. Data from the US Treasury showed outflows of $163 billion (L80 billion) from all forms of US investments. "These numbers are absolutely stunning," said Marc Ostwald, an economist at Insinger de Beaufort. Asian investors dumped $52 billion worth of US Treasury bonds alone, led by Japan ($23 billion), China ($14.2 billion), and Taiwan ($5 billion). It is the first time since 1998 that foreigners have, on balance, sold Treasuries. Mr Ostwald warned that US bond yields could start to rise again unless the outflows reverse quickly. "Woe betide US Treasuries if inflation does not remain benign," he said. The release comes a day after the International Monetary Fund warned that the dollar was still overvalued and likely to face "some depreciation in the medium term." The dollar's short-lived rally over recent days stopped abruptly on the data, increasing pressure on US Treasury Secretary Hank Paulson to shore up Washington's "strong dollar" rhetoric at the G7 summit this week. The greenback has already fallen below parity against the Canadian Loonie for the first time since 1976 and has touched record lows against a global basket. It closed at $2.032 against the pound. David Woo, an analyst at Barclays Capital, said Washington was happy to see the dollar slide. "They don't care so long as the fall is not disorderly. They see it as a way of correcting the deficit," he said. Mr Woo said a chunk of the August outflows may have come from foreigners borrowing in the US during the liquidity crunch to meet needs in euros. "We think it may be a one-off," he said. The US requires $70 billion a month in capital inflows to cover its current account deficit, but the key sources of finance are drying up one by one. BNP Paribas said America has relied on "hot money" from abroad to cover 25 to 30 percent of the US short-term credit and commercial paper market over the last two years. This flow is now in danger after the seizure in parts of the market over the summer and after the Federal Reserve's half point rate cut, which has shaved the US yield advantage over other countries. Ian Stannard, a Paribas currency analyst, said the data was "extremely negative" for the dollar. "It exceeds the worst fears. It is not just foreigners who are selling US assets. Americans are turning their back as well," he said. Central banks in Singapore, Korea, Taiwan, and Vietnam have all begun to cut purchases of US bonds, or signalled an intent to do so. In effect, they are giving up trying to hold down their currencies because the policy is starting to set off inflation. The Treasury data would have been even worse if it had not been for $60 billion of inflows from hedge funds based in Britain and the Caymans, which needed to cover US positions at the height of the credit crunch. *** From: All the News That Doesn't Fit <[EMAIL PROTECTED]> Subject: [NYTr] Caspian states adopt declaration on repelling aggressors RIA Novosti - Oct 16, 2007 http://en.rian.ru/world/20071016/84185487.html Caspian states adopt declaration on repelling aggressors TEHRAN, October 16 (RIA Novosti) - The five Caspian Sea littoral states adopted a declaration at their second summit on Tuesday in Tehran, pledging to deny access to third countries who intend to use force against any Caspian state. "The parties stress that they will not allow other countries to use their territories for acts of aggression or other military operations against any party," the declaration reads. The signatories pledged efforts to build and enhance mutual confidence, regional security, and stability, and to refrain from the use of force in solving mutual problems. Participants said in their joint declaration that the Nuclear Non-Proliferation Treaty was vital to international stability and security. The five countries - Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan - confirmed "the unassailable right of all signatories to the Nuclear Non-Proliferation Treaty to research, produce, and use nuclear energy for peaceful purposes, without discrimination, and within the provisions of this treaty, and the safeguards of the IAEA [International Atomic Energy Agency]," the statement said. The declaration also asserts the countries' "responsibility for damage inflicted on Caspian resources and to any Caspian state from the use of the Caspian Sea and development of its resources." The five nations acknowledged that "Caspian resources, and the sea's sturgeon population, require the adoption of joint emergency action to prevent negative environmental consequences." The summit participants said a future convention on the legal status of the sea should respect sovereign rights of Caspian states, and include environmental regulations, navigation norms and economic rules. The declaration also spoke for "peaceful, just and stable solutions to conflicts in line with the United Nations charter, also taking into account sovereignty, territorial integrity and the inviolability of internationally recognized borders to ensure security, peace and stability in the region." Summit host Iranian President Mahmoud Ahmadinejad said the declaration was a strong response to those who seek to damage cooperation between Caspian nations. "Those opposed to peace and friendship among Caspian nations pursue their illegal interests, and the declaration by the heads of Caspian countries is a strong response to them," he said. Ahmadinejad said agreements reached at the summit were a turning point in Caspian cooperation. "Besides signing the first political document [a joint declaration], we agreed to establish a Caspian economic partnership organization." The president said that next summer would see an economic conference of Caspian states held under the chairmanship of the Russian president, which will be attended by premiers and economics ministers. The Iranian leader said an agreement had been reached that the foreign ministers of the littoral states would meet twice each year, and the presidents once a year. "The next summit of Caspian nations will be held in Baku in October 2008 and hosted by Azerbaijani President Ilham Aliyev," Ahmadinejad said. *** From: All the News That Doesn't Fit <[EMAIL PROTECTED]> Subject: [NYTr] Voters "unhappy"with Bush and Congress Reuters - Oct 17, 2007 http://www.reuters.com/article/politicsNews/idUSN1624620720071017 Voters unhappy with Bush and Congress By John Whitesides Political Correspondent WASHINGTON (Reuters) - Deepening unhappiness with President George W. Bush and the U.S. Congress soured the mood of Americans and sent Bush's approval rating to another record low this month, according to a Reuters/Zogby poll released on Wednesday. The Reuters/Zogby Index, which measures the mood of the country, also fell from 98.8 to 96 -- the second consecutive month it has dropped. The number of Americans who believe the country is on the wrong track jumped four points to 66 percent. Bush's job approval rating fell to 24 percent from last month's record low for a Zogby poll of 29 percent. A paltry 11 percent gave Congress a positive grade, tying last month's record low. "There is a real question among Americans now about how relevant this government is to them," pollster John Zogby said. "They tell us they want action on health care, education, the war and immigration, but they don't believe they are going to get it." The dismal assessment of the Republican president and the Democratic-controlled Congress follows another month of inconclusive political battles over a future path in Iraq and the recent Bush veto of an expansion of the program providing insurance for poor children. The bleak mood could present problems for both parties heading into the November 2008 election campaign, Zogby said. "Voter turnout could still be high next year, but the mood has turned against incumbents and into a 'throw the bums out' mindset," Zogby said. The national telephone survey of 991 likely voters, conducted October 10 through October 14, found barely one-quarter of Americans, or 26 percent, believe the country is headed in the right direction. The poll found declining confidence in U.S. economic and foreign policy. About 18 percent gave positive marks to foreign policy, down from 24 percent, and 26 percent rated economic policy positively, down from 30 percent. A majority of Americans still rate their personal financial situation as excellent or good, although the number dipped slightly this month to 54 percent from 56 percent. In August, 59 percent rated their finances as excellent or good. "Americans are still feeling good about a number of things in their lives, but not about the government's leadership," Zogby said. "They are giving up on this government." The Index, which made its debut last month, combines responses to 10 questions on Americans' views about their leaders, the direction of the country and their future. Index polling began in July, and that month's results provide the benchmark score of 100. A score above 100 indicates the public mood has improved since July. A score below 100 shows the mood has soured, and a falling score like the one recorded this month shows the nation's mood is getting worse. The RZI is released the third Wednesday of each month. In the 2008 White House race, Sen. Hillary Clinton of New York tightened her grip on the top spot in the Democratic nomination race with the support of 46 percent, up from 35 percent last month. Her top rival, Sen. Barack Obama of Illinois, was at 25 percent, moving up slightly from last month's 21 percent. Former Sen. John Edwards of North Carolina was third with 9 percent, and about 12 percent of Democratic voters were unsure of their choice. Among Republicans, former New York Mayor Rudy Giuliani expanded his lead over Fred Thompson, the former senator and Hollywood actor. Giuliani led Thompson 28 percent to 20 percent, compared to last month's 26 percent to 24 percent. Former Massachusetts Gov. Mitt Romney jumped from 7 percent to 14 percent and moved past Arizona Sen. John McCain into third place. McCain fell from 13 percent last month to 8 percent. More Republicans, 18 percent, said they had not made up their mind, leaving room for more shifts in the field. "We still have one in five Republicans undecided. That race is really up in the air," Zogby said. A majority of voters asked about former Vice President Al Gore said he should not run for the White House in 2008 despite winning the Nobel Peace Prize. About 51 percent said he should not enter the race and 40 percent said he should. The Nobel award on Friday came halfway through the polling period. The Gore question was asked of 485 likely voters with a margin of error of plus or minus 4.5 percent. The rest of the national survey had a margin of error of plus or minus 3.2 percentage points. (To read more about the U.S. political campaign, visit Reuters "Tales from the Trail: 2008" online at http://blogs.reuters.com/category/events/trail08/) Reuters 2006. 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