Exclusive Brethren leader leaves New Zealand

The world leader of the secretive Exclusive Brethren left Auckland yesterday after a week-long visit to New Zealand, but church members deny he was on any political mission. It was Elect-Vessel Bruce Hales’ second visit to the church’s 7000 New Zealand followers and culminated in meetings with 2000 of them at services in Mangere. Read […]

Industrial Nations Put Brakes On Bali Climate Meet

UN Convention Bali: Industrial Nations Put Brakes on Climate Talks by Imposing Conditions on Developing Countries At the mid-way point of the UN Framework Convention on Climate Change in Bali, the World Future Council (WFC) today accused delegates from the world’s wealthiest nations, above all the USA and Canada, of putting the brakes on negotiations. […]

Fed seems poised to lower interest rates

A lot has changed since the Federal Reserve hinted two months ago that it might be finished cutting interest rates for a while. Credit has become harder to obtain, Wall Street has convulsed again and the housing slump has intensified. As a result, policymakers at the central bank now appear to have changed their minds […]

Big Money Equals Bad Politics

Or why it is a good idea to keep big money out of our democracy. Progressive political strategist David Sirota talks with Chief Editor Tim Brown about the organized subversion of American democracy at the hands of corporate bullies and the money-hungry politicians who let them get away with it. Then he gives us a […]

Herald censors criticism

The New Zealand Herald has censored parts of a 200 word article that the Greens were asked to submit on campaign finance reform for yesterday’s edition. They deleted the opening paragraph that was critical of the Herald’s coverage of the issue, and replaced it with their own commentary at the end of the article.The paragraph […]

Iran drops dollar from oil deals: report

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an “unreliable” currency. “At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying […]

Buyers in line for good deals as market booms

A mini-boom is about to hit the property market, giving buyers a chance to bag bargains and make money as the market corrects. That’s the advice from Martin Evans, president of the New Zealand Property Investors Federation. And, according to test-cricketer-turned-mortgage-broker Adam Parore, more deals are likely to come on to the market as homeowners, […]

A Victory for a Sick Tax Loophole.

Hedge fund speculators are making billions by the bushel. But, come politics time, the managers of these funds know better than to gamble. Just ask anyone who sits in the United States Senate. December 10, 2007 By Sam Pizzigati Congratulations, John Paulson! Bloomberg News, after combing through the records of 2,000 hedge funds with at […]

Wall Street High-Flyers: Having It Their Way at Burger King

Florida tomato pickers started a protest march last week at the Miami office of a New York investment bank. For good reason. December 3, 2007 By Sam Pizzigati Hundreds of migrant farmworkers marched through Miami this past Friday to protest a Florida tomato grower maneuver that will cut some tomato picker wages by 40 percent. […]

Florida Just First to Face National Run on the Bank: Joe Mysak

Dec. 4 (Bloomberg) — Florida officials are going to meet today to talk about the crisis in the state’s Local Government Investment Pool. I don’t know what they are going to talk about, but I know what they had better decide. The State Board of Administration runs the pool, and its three trustees, Governor Charlie […]

The Central Bank; Silent partner in the bloodletting

By Mike Whitney 12/07/07 “ICH” — — -A nation’s economy is a reflection pool. The face that looks back from the water; is the face of the culture and the prevailing ethos. It’s no different with America. The stewards of the US economic system—Paulson and Bernanke—are inextricably linked to a political/military establishment which has been […]

Wall Street faces legal probe on sub-prime crisis.

By Stephen Foley in New York Published: 06 December 2007   The New York state attorney general is examining whether Wall Street turned a blind eye as mortgages were foisted on borrowers who could not pay them back, and then misled investors when they sold them mortgage-backed securities. Andrew Cuomo has sent subpoenas to several of […]

A light introduction to the events on 9-11-2001 in New York

I know that for many Kiwi’s the terror attacks of 9/11 are long in the past. They are accepted by most as perpetrated by 19 young extremist Arabs send to their death by a madman in a cave. But how could these 19 young man evade the CIA and the FBI for years and than hijack […]

Krugman: The making of a mess

NEW YORK: The financial crisis that began late last summer, then took a brief vacation in September and October, is back with a vengeance. How bad is it? Well, I’ve never seen financial insiders this spooked – not even during the Asian crisis of 1997-98, when economic dominoes seemed to be falling all around the […]

The dollar’s perfect storm worsens

On Nov. 13, I wrote that the U.S. dollar was being pummeled by a perfect storm. Just three weeks later, the storm is even stronger. The force of the winds punishing the dollar is building, and there’s a real danger that the currency will tumble out of control. What has changed so much in just […]

The world’s ever-increasing grocery bill

The average UK family now spends £750 a year more on food than 12 months ago; the world’s grocery bill has jumped by 21% this year; Russian bread prices have doubled; and three people have been killed in a cooking-oil stampede in China. Food inflation is rising sharply as agricultural markets are straining to keep […]

Is Britain’s economy heading for the perfect storm?

Sean O’Grady, Economics Editor Published: 05 December 2007   The storm clouds are gathering over the jobs market; the climate on the high street is growing distinctly chilly; a typhoon of bad debt is buffeting the banks. Could a “perfect storm” be about to hit the British economy? The signs couldn’t be much bleaker. The switchback […]

Where Was Jeb?

Which of the New Zealand politicians were involved in or advising the 13 collapsed finance companies.(travellerev) A government money market debacle unfolding in Florida is raising questions about former governor and presidential brother Jeb Bush’s possible involvement in the mess. Florida froze withdrawals from a state investment fund earlier this week when local governments withdrew billions of […]

National Debt Grows $1 Million a Minute

WASHINGTON (AP) — Like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day — or nearly $1 million a minute. What’s that mean to you? It means almost $30,000 in debt for each man, woman, child and infant in the United States. Even […]

US says it has right to kidnap British citizens

AMERICA has told Britain that it can “kidnap” British citizens if they are wanted for crimes in the United States. A senior lawyer for the American government has told the Court of Appeal in London that kidnapping foreign citizens is permissible under American law because the US Supreme Court has sanctioned it. The admission will […]

Vladamir Putin: “The world’s most popular leader”?

By Mike Whitney 12/01/07 “ICH ” — — – On Sunday, Russians will vote in their country’s parliamentary elections. The results are a foregone conclusion. Putin’s party, United Russia, is expected to win in a landslide. The only question is whether the margin of victory will exceed 70%. If it does, then Putin will continue […]

‘GCC should abandon peg to the dollar’

When, not if this happens the US dollar will be no more. NEW YORK – Middle East central banks with fixed exchange rates to the dollar should switch to a basket of currencies to keep a firmer grip on inflation, said Ahmet Akarli, an economist at Goldman Sachs Group Inc. Gulf nations are currently susceptible […]

Florida Schools Struggle to Pay Teachers Amid Freeze

By David Evans Nov. 30 (Bloomberg) — School districts, counties and cities across Florida sought to raise cash after being denied access to their deposits in a $14 billion state-run investment fund. The Jefferson County school district was forced to take out a short-term loan to cover payroll for the 220 teachers and other employees […]

Housing Slump’s Third Year to Be `Deepest’ Since WWII (Update1)

Nov. 30 (Bloomberg) — As the U.S. housing slump enters its third year, there is no sign of dawn in the darkness that is paralyzing home building, home buying and home lending. Standard & Poor’s 15-member Supercomposite Homebuilding Index tumbled 62 percent this year as of yesterday, the largest drop since the benchmark was started […]