BLOG 24 (for 2012) / (CONTENTS), Just World Campaign


• Inventor ordered to pay $2m damages to investor.  [Wayne Glew's fuel economiser.]     

Inventor ordered to pay $2m damages to investor

   The West Australian, <http://­www.thewest.com.au>, <letters § wanews com au>, By Kate Campbell, p 12, Monday, January 30, 2012
   The State's top judge has ordered a Geraldton inventor pay more than $2 million in damages to a company that invested in his highly-touted fuel supply system now considered worthless by the Supreme Court.
   Chief Justice Wayne Martin found Wayne Glew, who claims WA courts and governments are unconstitutional, engaged in "deceptive and misleading conduct" against Frank Jasper Pty Ltd over his fuel vaporiser system.
   Mr Glew, a former policeman who claims that Justice Martin is "corrupt" and a "liar" and his position invalid, was unaware of the $2 million damages order handed down last week when contacted by The West Australian, but denied any wrongdoing.
   He said he was unfazed by the damages order, saying the judge's decision was "fraudulent" and he would not pay a cent because the judgment could not be enforced.
   Mr Glew, who has been embroiled in a long-running battle with the City of Greater Geraldton because he refuses to pay his rates, started working on his invention, said to enhance fuel efficiency and reduce emissions, in 1973.
   The company made various payments to Mr Glew from 1996 to 2007 to advance the development of the system, including a $1 million fee under a 2003 licence agreement for the company to market, sell and use the system on the east coast of America.
  [Picture showing a man leaning over the engine compartment of a motor vehicle.] Adverse ruling: Wayne Glew says his fuel system is not a failed venture.  
   After a Supreme Court trial in September 2009, Justice Martin concluded that over those years Mr Glew had repeatedly claimed to the company that his invention was close to being finished when that was not the case, and that it had produced good results in testing.
   He said Mr Glew falsely told the company he was negotiating with Toyota, which was prepared to pay $100 million for a manufacturing licence, and Mercedes was interested in using the system in its light aircraft.
   Chief Justice Martin found there had been a "continuing course of conduct" by Mr Glew and his company, Glew Technologies, which had created a "false and misleading impression" as to the state of development of the system, its capabilities and ability to meet relevant standards.
   In his decision on damages published last week, Justice Martin accepted expert evidence that Mr Clew's invention offered no benefit over existing fuel systems and was not viable because of its inability to satisfy emission requirements in Australia and the US.

   However, Mr Glew said that despite Glew Technologies becoming insolvent in January last year because of the money spent on the legal case, his fuel supply system was not a failed venture and was ready for manufacture in older vehicles, with interest from another party to do so.  He denied any deceptive or misleading conduct against Frank Jasper Pty Ltd.
   Mr Glew made headlines late last year when he said he had helped Port Denison mother Heather Glendinning in her long-running legal battles.  Police believe Ms Glendinning murdered her two daughters before killing herself. #

   [RECAPITULATION: Chief Justice Wayne Martin found Wayne Glew, who claims WA courts and governments are unconstitutional, engaged in "deceptive and misleading conduct" against Frank Jasper Pty Ltd over his fuel vaporiser system.
   Mr Glew, a former policeman who claims that Justice Martin is "corrupt" and a "liar" and his position invalid, was unaware of the $2 million damages order landed down last week when contacted by The West Australian, but denied any wrongdoing. …
   Mr Glew … has been embroiled in a long-running battle with the City of Greater Geraldton because he refuses to pay his rates …
   … Justice Martin concluded that over those years Mr Glew had repeatedly claimed to the company that his invention was close to being finished when that was not the case, and that it had produced good results in testing.
   He said Mr Glew falsely told the company he was negotiating with Toyota, which was prepared to pay $100 million for a manufacturing licence, and Mercedes was interested in using the system in its light aircraft. ENDS.]
   [BACKGROUND: He started working on his invention in 1973, according to the newsitem. (5th paragraph)  ENDS.]
   [COMMENT: If someone hopes the courts will rule in his/her favour, it is hardly polite to say the WA courts and governments are unconstitutional, in other words, have no legal authority.  It is also undiplomatic to describe the Chief Justice as Mr Glew is reported to have. 
   Are there any documents from Toyota and Mercedes ?  Let's see them ! 
   Should Mr Glew pay council rates in Geraldton ?  Does he use the roads, enjoy street lighting, and support the idea of a rubbish service and a pound for straying animals ?  If so, should he and other landholders pay rates, set by locally-elected people, towards these and other council services ?  ENDS.]
   [LOOK BACK:  "Ex-cop: I helped mum fight law," The Weekend West, (being the weekend edition of The West Australian), by Colleen Egan, p 20, Saturday-Sunday, December 17-18, 2011.
   Port Denison mum Heather Glendinning was encouraged to pursue long-running legal cases by a self-taught constitutional adviser who believes no WA courts have legitimacy, and Supreme Court judges are frauds.
   Former policeman Wayne Glew is part of "a group of like-minded people" who challenge the decisions and powers of courts and governments, claiming they are not properly formed under the Constitution.
   "Resistance to unlawful local government," advertisement in classifieds, giving Graham Palmer and Wayne Glew as contacts, The Weekend West, Advertisement, (also in issue of Dec 24-25, 2011; and a shorter advertisement appeared in a Sunday Times around that period); page 75, Saturday-Sunday, Dec 31, 2011 - Jan 1, 2012. 
   The advertisement claims that local shires and councils are levying rates on doubtful legal grounds, and are invalid.  A $200 sum is sought from interested people to help fund a legal challenge to Local Government.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#inventor-ordered-to
[To webpage 02 Feb 2012; published Jan 30, 2012]
 < < Back  250  ^ ^  CONTENTS 1   21  Translate  Links  Events  Books  HOME  v v  252  Next > > 
 Directories:  Main 21  Australia 6  Esperanto  Experiments  Freedom  Georgist  Globalism  Molestation 182  Religion 6  Submission 11 
This series used to begin at: http://www.johnm.multiline.com.au/cont.htm , but the URL from ~ May 2012 changed to http://www.johnm.multiline.com.au/cont.htm  

• Teenage asylum seekers get $2000 boost.  [Possible invaders being cared for.]   

Teenage asylum seekers get $2000 boost

   The West Australian, daily paper, Perth, W. Australia, By ALANA BUCKLEY-CARR, p 13, Wednesday, February 1, 2012
   Teenage asylum seekers travelling alone can use up to $2000 a year each of taxpayers' money for activities such as drama classes, scouts or surf lifesaving courses.
   The program, through the Red Cross, is available to the growing number of lone minors moved into community detention.
   More than 140 of them are living in community detention and as at January 30, Immigration Minister Chris Bowen had approved 590 unaccompanied minors to live in the community, most with refugee status.
   The care of the teenagers while in community detention is contracted to the Australian Red Cross, which in turn subcontracts the work to community organisations.
   A Department of Immigration spokeswoman said unaccompanied minors did not get funding directly because their rent, food and other items came through the Red Cross.
   "They do, however, receive a small allowance each week (of $70) for personal expenses such as mobile phone credit, transport or personal items," the spokeswoman said.
   "Recognising that unaccompanied minors do not have a parent or guardian in Australia who can provide for activities and that they receive a limited personal allowance while in community detention, they may be able [to] access a $2000 activities allowance per annum to cover the cost of such items as soccer club membership and art/music classes."
   It was granted case-by-case and was not automatic. #

   [RECAPITULATION: … drama classes, scouts or surf lifesaving courses. …
   The care of the teenagers while in community detention is contracted to the Australian Red Cross, which in turn subcontracts the work to community organisations.
   … soccer club membership and art/music classes.   ENDS.]
   [COMMENT: There are thousands of homeless Australian citizens, and house repossessions and evictions are at a steady high rate.  COMMENT ENDS.]
   [KORAN (said to be the same book as on tablets kept by Allah in Heaven): 
   5:51 (or 5:56):- O you who believe!  do not take the Jews and the Christians for friends; they are friends of each other; and whoever amongst you takes them for a friend, then surely he is one of them; surely Allah does not guide the unjust people.  <http://­www.­multimediaquran.com/­quran/0­05/005-051.htm>   SCRIPTURE ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#teenage-asylum-seekers
http://www.johnm.multiline.com.au/subchron11.htm#teenage-asylum-seekers
[To general webpage 18 May 2012; published Feb 01, 2012]

• Rents kill retailers;  Traders feel pinch.     

Rents kill retailers


Traders feel pinch
   The Sunday Times, <www.perthnow.com.au>, (Perth, W. Australia), <letters § sundaytimes news ltd com au>, by Russell Quinn, Business Reporter, p 35, Sunday, February 5, 2012
   ICONIC retailers are closing down across Perth's trendiest suburbs as rising rents, dwindling sales, online competition and higher wages create a perfect storm of challenging trading conditions.
   Mt Lawley landmark Planet Clothing - part of the Planet Video empire - on the corner of Walcott and Beaufort streets will close today.
   Owner Haydn Robinson said he could no longer afford to pay "ridiculous" rents.
   Having established the business in 1990, Mr Robinson now plans to vacate the corner property by April, relocating the music, movies, posters and ticket sales upstairs above the existing movie rentals, bookstore and cafe parts of the business.
   "Our rent was doubled last year and this is what's happening," he said.
   "We can't work just to pay the rent.  We ran the corner for the last three years for no return.  The days of retail are very much gone."
   He said the "combination of high rent, high wages and high electricity costs" coupled with the growing online shopping phenomenon and an expensive three-year battle with the local council to get the cafe approved had drained both his bank account and his passion for retail.
   "The council put me through hell.  They left us with no reserves and no money.  They have just about sent us broke," he said
   After more than 33 years in retail, Runner's World on Fitzgerald St, Perth, is also dosing at the end of the month.
   Owner Bob Gray said it was a hard decision but, presented with the chance to break their lease, he and his business partners decided it was time to get out.
   Having moved from Subiaco in 1988, because of excessive rents, Mr Gray said ever-increasing rents had followed them to Fitzgerald St.
   And the exodus of Subiaco retailers continues with 2XU Performance Centre and ladies fashion designer Zara Bryson in Hay St closing last week.
   2XU Performance Centre owner Rick Allen said there was more to come in Subiaco with many businesses struggling to pay "exorbitant" rents and high wages when customers weren't spending.
   It is a sentiment shared by Subiaco Business Association president Geoff Parnell, who said other local businesses affected by the general downturn were poised to close.
   "There's at least one other one on Hay St called Wild Things as well as Kitale Pearls," he said.
   "Both have closing-down signs." #

   [RECAPITULATION:  Mt Lawley … Planet Clothing … will close today. … "Our rent was doubled last year and this is what's happening," he said. … Runner's World, Fitzgerald St, Perth … 2XU Performance Centre and Zara Bryson [Subiaco] … Wild Things … Kitale Pearls [Subiaco] … closing down … . ENDS.]
   [COMMENT: These days nearly all university courses act as if land costs (rent) are not an important factor in the costs of the economic system and of households.… Australia has even removed housing costs from the statistics of the cost of living, amazing as that might seem.  But classical economists used to teach, and at least one reformist group still teaches, that Rent (which includes land costs even for freeholders), Wages, and Interest (which includes profits) were major elements, along with Wages. 
   This newsitem does not cover it, but the large increase in Internet purchasing, together with the Federal Government failing to impose and collect 10 per cent Goods and Services Tax on such imports below a certain figure, is also cutting into retailers' turnover, and hence putting their viability at risk.  Isn't unbridled globalism grand !  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#rents-kill-retailers
[Feb 5, 2012]

• Economic penalty too severe; Greek tragedy.  [Global Financial Crisis (G.F.C.)]     
GREEK TRAGEDY

Economic penalty too severe

   The West Australian, <http://­www.thewest.com.au>, Opinion segment, by Shane Wright, Economics Editor, p 21, Monday, March 5, 2012
A re the 11.3 million people of Greece being punished for the sins - known or yet to be discovered - inflicted by others elsewhere?
   For all the criticism of Greece, from its fiscal policy lies to the creative ways Greeks have gone to avoid paying tax, ultimately we are talking about a country – and a people – that are being rather quickly crushed beyond economic belief.
   Unemployment at more than 20 per cent, real and nominal wages slashed, public properties being sold off, a huge rise in suicides and large increase in poverty.
   This is the real impact of the fiscal rectitude being imposed on Greece, the price for its profligacy – by both policy makers and citizens – for an extended period of time.  Is the cost justified?
   A senior Treasury official recently confided to me that what is being done to Greece had now gone beyond the pale.
   "What do the Germans want to do, f … ing kill the country?" the person said in a non-Treasury way.
   In a less colourful manner The Economist magazine recently put in perspective what is going on in Greece.
   Across a range of measures, from GDP to house prices to the sharemarket to unemployment, the Greek economy has been wound back 12 years.
   In other words, Greece has retreated to where it was at the turn of the century.
   When we worried about Y2K, [The forecast Year 2000 computer breakdowns, stopped in advance by information technology experts.] when we cried over the Columbine massacre [in the U.S.A.] and when Gwyneth Paltrow stole the best actress Oscar from Cate Blanchett.
   That's 12 years of economic output, creation and development, gone.  In the case of WA, that's before Mining Boom Mark I, the great pre-2008 housing boom of Perth, and Mining Boom Mark II.
   Incidentally, The Economist found only six countries which had not lost time since the onset of the Great Recession, and Australia was one of them.
   Unbelievably, the situation is going to worsen.
   The International Monetary Fund forecasts economic growth out to 2016.
  [Picture: Superimposed graphs headed Index of GDP per capita; % unemployment.  Below is a photo of rioters wrecking and burning.]  
   Even by then, it still does not have the Greek economy back to where it was before this whole sorry mess got underway.
   The accompanying graph shows GDP per capita in Greece from 2007 out to 2016.  The correlation between that decline and the big surge in unemployment is no coincidence.
   Then add in what is being demanded of Greece.
   Consider the vicious cycle it is now facing to appease debt holders which largely happen to be German and French banks, which are closely monitored by the German and French governments.
   To meet the requirements for further bailouts, taxes are being increased and welfare is being slashed further. But doing that right at this moment means the economy is getting smaller, not larger.
   So the main measure being used by those demanding their cash, the debt to GDP level, is not improving because while the absolute size of the debt may not be growing the absolute size of the economy is shrinking.
   Policy makers, many from northern Europe, point this out and demand more must be done in terms of cutting welfare and increasing taxes.
   That just means another round of economic contraction.
   You can see the economic future of Greece being sucked down an S-bend.
   Much is made, especially in northern Europe, about the heavy dependency of Greeks on the state.
   But official figures show that Greece is not all that different from some other well-known – and larger – countries when it comes to government spending.
   According to the Heritage Foundation, total government spending as a proportion of GDP in Greece is around 46.8 per cent.
   Germany is not that much lower at 43.7 per cent while its tax take as a proportion of GDP is higher than that of Greece.
   The government spend in Britain is 47.3 per cent, in Italy it is 48.8 per cent, Finland 49.5 per cent and France 52.8 per cent.
   Again, by contrast, in the US the rate is 38.9 per cent while Australia is 34.3 per cent – sandwiched between such as economic powerhouses [sic ? or :-)] as Macedonia and Jamaica.
   When someone tries to argue that the Federal Government has too big a hand in the Australian economy, just point them to this figure.
   The deep cuts in government spending will bring down Greece's government to GDP ratio, probably to a level much lower than that of Germany.
   All of the efforts by the European Union to prop up Greece are driven by two factors.
   One, to make sure Greece does not default on its debts or, more directly, to make sure Greece continues to pay its bond holders.
   That ship, however, has sailed.  Just last week Standard and Poor's decreed that Greece was already in "selective default".  Some banks are going to be lucky to get 25 per cent of their investment back, so to argue it has not defaulted is simply to ignore reality.
   The other is the fear that if Greece does default it will have to leave the eurozone and the European Union.
   There are legitimate concerns that the departure of Greece could undermine some of the EU's institutions.
   The EU experiment will have taken a massive blow.
   But that ignores the costs being borne by Greek residents and the taxpayers of the rest of the Europe who are guaranteeing all the cash going to Greece.
   By any measure, a Greek default would be much better for Greece, its people, and that country's economic future.
   A new drachma would be worth much less than a euro, [the European currency, €] enabling Greek businesses to compete with others and build their way out of the plight facing the country.
   Instead, Greek businesses are hamstrung by the strength of the euro, which does not in any way reflect the economic experience of Greece, and the current interest rate settings of the European Central Bank.
   While a Greek default and withdrawal from the EU would have a major economic impact, on balance it seems that it would be better in the long term.
   Already there are increasingly positive signs that the US has overcome its lost five years.
   Couple the US with China and that is effectively a return to the way of the global economy pre-2008.
   But at this rate the people of Greece won't be part of that improvement.  There will be more suicides, more people out of work, more rioting on the streets, less trust in policy makers.
   The seeds are being sown for the collapse of a country, or worse. #

   [RECAPITULATION: Unemployment at more than 20 per cent, real and nominal wages slashed, public properties being sold off, a huge rise in suicides and large increase in poverty. …
   Consider the vicious cycle it is now facing to appease debt holders which largely happen to be German and French banks, which are closely monitored by the German and French governments. …
   Some banks are going to be lucky to get 25 per cent of their investment back, so to argue it has not defaulted is simply to ignore reality. …
   By any measure, a Greek default would be much better for Greece, its people, and that country's economic future. …
   While a Greek default and withdrawal from the EU would have a major economic impact, on balance it seems that it would be better in the long term. …  ENDS.]
   [COMMENT: And banks create credit out of nothing.  Big Business provides the directors who supposedly manage the banks.  The ordinary citizen bondholders, however, deserve to have their bonds repaid in full.  COMMENT ENDS.]
   [RECOMMENDED READING: Confessions of an Economic Hit Man; John PERKINS Confessions of an Economic Hit Man, 2005, by John Perkins.  <http://­www.amazon.com/­exec/ob­idos/t­g/sim-e­xplorer/­explore-items/-/157675­3018/0/­101/1/n­one/pur­chase/r­ef%3Dpd­%5Fsxp%­5Fr0/0­02-5375450- 6159232>  ENDS.]
   [GDP means Gross Domestic Product, expressed in money.  It means the value of the production of the named country, province, city, etc.  US = United States of America.  EU = European Union, the all-powerful successor organisation of the European Common Market.  ENDS.]
   [EURO: The euro currency (symbol €), not to be confused with the Australian hopping marsupial animal, euro, or wallaroo, Macropus robustus, also known as biggada or uroo.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#economic-penalty-too
[Mar 5, 2012]

• Meltdown trial for PM.  [Global Financial Crisis (G.F.C.)]   

Meltdown trial for PM

   The West Australian, <http://­www.thewest.com.au>, <letters § wanews com au>, p 25, Tuesday, March 6, 2012
   Reykjavik:  Iceland's former prime minister is facing trial as the first world leader criminally charged over the 2008 financial crisis.
   Geir Haarde became a symbol of the get-rich bubble economy for Icelanders who lost jobs and homes when the country's main commercial bank collapsed.  He is accused of negligence.
   His trial – the culmination of a long fight by the politician to avoid prosecution – marks a new chapter in the aftermath of the meltdown: accountability.
   A last-ditch attempt, by Mr Haarde's independence party to have the charges dropped was rejected last week but legal experts say he has a strong chance of beating the charges. #

   [COMMENT: Big Business, which seems to be in charge of the banking credit system, ought to be on trial, not their politician pawn. COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#meltdown-trial-for
[Mar 06, 2012]

• 'Witch' killers jailed.     
IN BRIEF

'Witch' killers jailed

   The West Australian, p 25, Tuesday, March 6, 2012
   BRITAIN: A London couple have been jailed for life for torturing and drowning a teenage boy they accused of being a witch.
   Kristy Bamu, 15, was killed by his sister Magalie, 29, and her partner, Eric Bikubi, 28, on Christmas Day 2010 after days of being abused.
   The couple, said to be obsessed with witchcraft known as kindoki in their native Democratic Republic of Congo, accused Kristy of putting spells on a younger child.
   Biknbi was ordered to serve at least 30 years and Bamu a minimum of 25 years. #

   [COMMENT: Diversity!  Enrich our society!  Be open to other cultures!  Freedom!  Harmony!  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#witch-killers-jailed
[Mar 06, 2012]

• The Mickelberg snitch.  [Documentary movie "The Great Mint Swindle."  Mickelberg brothers gaoled, then released, but officially no-one says who did the swindle.  Whistleblower Tony Lewandowski, and campaigner-author Avon Lovell.]    

The Mickelberg snitch

   The Sunday Times (Perth, W. Australia), by  John FLINT , p 42, Sunday, March 11, 2012
T HERE'S a scene towards the end of The Great Mint Swindle, airing tonight on Channel 9, in which Tony Lewandowski awkwardly asks Ray and Peter Mickelberg if he can have a photo taken with them, having moments earlier sought their forgiveness.
   It is a surreal and extraordinary scene - the corrupt cop with his arms around the shoulders of two of the men he helped to frame and send to jail for long stretches. In reality, it was one of possibly hundreds of bizarre and head-shaking plot twists in this epic crime saga that spanned a quarter of a century.
   In 90 minutes, the telemovie does a good job of steering viewers through the general narrative and ends with the real Ray and Peter talking to camera. Well acted, it makes for great viewing, but time and budget constraints meant much of the story couldn't be included.
   Having covered the case closely for a number of years, I reckon a dozen 90-minute instalments would be needed to tell the story properly, though the one about Lewandowski's escapades in Thailand would probably warrant an R-rating.
   The Mickelbergs' story, like the Andrew Mallard and John Button miscarriages of justices, should be required study material at the WA Police Academy and all law schools.
   The wrongful convictions of Ray and Peter for the 1982 Perth Mint fraud - imprisoned for 8½ and 6½ years respectively - would still hold today if wasn't for the explosive and courageous confession of this broken man.  His reward was to be thrown to the wolves.
  [Picture] September 2002:  Tony Lewandowski pictured with his mother, Irene Burns.
  Inset:  Mrs Burns next to a small shrine to her son, including his ashes, a photo and a commemorative candle.
 
  Picture: Stewart Allen  
   It will be 10 years this June since Lewandowski became the state's most famous whistleblower, rolling over and confessing that he and former CIB chief Don Hancock had fabricated confessions and concocted other evidence against the brothers, as well as bashing a naked Peter Mickelberg during an interrogation at Belmont police station.
   In awe and fearful of Hancock, "Lewie" lied his way through the original trial and, coached by his mentor, rehearsed his lies at numerous appeal hearings down the years.
   But the deceit ate away at him.  Wracked by self-loathing, he sank into depression, drank heavily and suffered nervous breakdowns.  It consumed his marriage, career and several friendships.  He spent long, tearful nights unloading his guilt on his mother, Irene Burns.
   Before one appeal, Hancock had to resort to threats to hold the line.  He intimitated [intimated] that Lewandowski's son Mark, who worked on a building site, could easily have an accident.
   It was the skill and integrity of journalist Avon Lovell, author of The Mickelberg Stitch, that finally coaxed out Lewandowski's confession, after Hancock was infamously killed in a car bombing - a whole other story.
   With Hancock dead, Lewandowski was free to set the record straight.
   After five hours of doing just that in court, he had his first decent sleep in years.
   Lewandowski told me: "There would be a lot of coppers out there who hate my guts. You know, dropping in [? dobbing in] Don Hancock would be like dropping in Jesus Christ.
   "But, the thing is, I felt very threatened and there was nothing I could do about it.  I just had to go along and learn my lines and do all these things.
   "I looked up to (Hancock) like a king.  He was my mentor, but it went bad and I thought I didn't want anything to do with this sh*t."
  Lewandowski didn't live to see the Mickelbergs' convictions overturned.  Still deeply troubled, he took his own life.  
   The indemnities from prosecution that he was given - plus a written promise that he would not be arrested on his return from Thailand - were not watertight.  After he honoured his promise to return to WA and tell the truth, state prosecutors disgracefully broke their promise to him.
   A few days after he gave evidence to the court and earned an indemnity there, he was arrested and thrown into jail.  He faced 20 charges of fabricating evidence, attempting to pervert the course of justice and perjury.  Thankfully, District Court Judge Kevin Hammond threw out the charges, citing an abuse of process.  "Once an agreement has been made, it must be honoured," the judge said.
   With a Police Royal Commission in progress, the charges sent a strong message to any police officer or former police officer contemplating giving evidence against colleagues.
   "The royal commission was a dead duck after that," said former detective Mick Buckley, Lewandowski's best friend.
   Lewandowski didn't live long enough to see the Mickelbergs' convictions finally overturned.  Still deeply troubled, he took his own life.
   Grief-stricken, his doting mum told me:  "As far as I was concerned, he was a loving son.  He did things that were wrong and knew that, but he tried to make amends."
   On the morning of his death, Lewandowski tried to reach Ray Mickelberg.  He had come to regard Ray as one of his few friends.
   "After all those years lying in prison thinking what I'd like to do to him … he went from being one of my worst enemies to someone who effectively won the appeal for us," Ray said.
   Another odd friendship developed - between Lewandowski's mum and Peggy Mickelberg, the brothers' mum.  They remained tight friends right up until Irene's death last year.
   "We were like sisters," Peggy said.
_____________________________
Lifeline  131 114
MensLine Australia  1300 789 97

   [RECAPITULATION:
   1. The Mickelbergs' story, like the Andrew Mallard and John Button miscarriages of justices, should be required study material at the WA Police Academy and all law schools.
   2. It was the skill and integrity of journalist Avon Lovell, author of The Mickelberg Stitch, that finally coaxed out Lewandowski's confession, […]
   3. After he honoured his promise to return to WA and tell the truth, state prosecutors disgracefully broke their promise to him.  … he was arrested and thrown into jail.… Judge Kevin Hammond threw out the charges, citing an abuse of process. …
   With a Police Royal Commission in progress, the charges sent a strong message to any police officer or former police officer contemplating giving evidence against colleagues.
   4. … he took his own life.  ENDS.]
   [COMMENTS: 1. Are the politicians brave enough to insist that the police study such cases where the police told lies, ruining lives ?
   2. Avon Lovell wrote three books on the subject, and has been disgracefully treated by the "powers that be", as well as neglected by many of the ordinary citizens of Western Australia.  Besides getting Tony Lewandowski back from abroad (an important fact completely missing from this film), Avon Lovell got expert witnesses from overseas.  In addition, a group of volunteers spent days reviewing the "statements" that the police had concocted.
   3. The promise broken by the state prosecutors shows the immorality of their leaders.  Presumably they did this in order to silence whistleblowers in the police force and other departments, and to thus cripple the royal commission.
   4. Did Tony Lewandowski really commit suicide ?  ENDS.]
   [NOTE: There were three brothers.  The other brother, also wrongly imprisoned but exonerated earlier, met his death while piloting a helicopter which supposedly "ran out of fuel."  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#the-mickelberg-snitch
[Mar 11, 2012]

• When the jig was really up.  ["Margin Call" movie based on Bankers' and Wall Street's wildly optimistic credit creation, followed by global financial crisis (G.F.C.)]     

When the jig was really up


A brush with bankruptcy persuaded director J.C. Chandor to examine why the banking bubble burst, writes Stephen Applebaum
   The West Australian, <http://­www.thewest.com.au>, <letters § wanews com au>, by Stephen Applebaum, Today section pages 6 and 7, Thursday, March 15, 2012
I n 2006, documentary and commercials director J.C. Chandor was part of a group loaned $US10 million ($9.5 million) by a bank to buy and renovate a building in New York. He couldn't believe his luck: the property market was skyrocketing and there was no way that he wasn't "going to get rich, quick". Only it didn't turn out that way.
   Despite apparently favourable economic conditions, the godfather of one of his partners – "a very prominent investment banker" – urged them to get rid of the building as soon as possible. The advice seemed counter-intuitive. But they sold up anyway and got out with their shirts. Then the bubble burst.
   Today, Chandor, whose father worked at Merrill Lynch for 35 years, says he should have realised things were "terribly, terribly out of whack" when the bank agreed to hand such a large sum of money over to a bunch of amateur developers.
   "But I was blinded by the optimism that everyone shared at the time," he sighed.
   Some had kept their heads. And 18 months later, "when the financial world really started to literally go off the rails", he remembered the man who'd saved their skins "and started thinking back to what it must have felt like to believe so strongly that the jig was up".
   The thought grew into his self-penned directorial debut Margin Call – a gripping, Mametesque drama set on the night in 2008 when the banking system went into meltdown.
   One of this year's nominees for the best original screenplay Oscar (Woody Allen won with the escapist Midnight in Paris), the film is structured as 24 hours in the life of a Lehman Brothers-like brokerage firm that's suddenly faced with deciding whether or not to dump its toxic mortgage stock on to the market in a bid to survive, knowing that doing so would ruin countless businesses and lives.
   When Margin Call bowed at Sundance in 2011, some distributors wondered if anyone would want to watch a movie about the very people responsible for so much misery, and were wary of "making a long, meaningful commitment", Chandor said.
   He, though, believed that its point of view was different enough, and the storytelling compelling enough, to find an audience. Moreover, his screenplay had attracted a classy ensemble cast that included Kevin Spacey, Demi Moore, Paul Bettany, Jeremy Irons, and Simon Baker, notwithstanding the movie's meagre $US3 million budget.
   Chandor concedes that Margin Call could still have been something that people didn't want to talk about, didn't want to hear about, because it's just so in their face.
   "But there was a real meaningful engagement in the United States that I couldn't have hoped for," he says, "both among the one per cent and the 99 per cent."
   By putting a human face on events, and attempting to convey some of the ethical and moral dilemmas faced by workers in the banking industry, without ever letting them off the hook, the film became the focus for discussions about what had gone wrong.
  [Picture] CAPITALISM RULES : Jeremy Iron plays a ruthless corporate chief in Margin Call  
   There are no obvious heroes in Margin Call, unlike in Oliver Stone's Wall Street films, while Chandor consciously avoided the risk of creating any antiheroes that might inspire a new wave of bankers! "Greed is good" alarming Stone.
   "The reason we were trying to make this movie for $US3 million and not $US30 million was that I was trying to make a more nuanced, interesting version of it.  Which is, why did we actually get into this mess," Chandor explained.
   Instead of demonising bankers or capitalism – "I'm a capitalist and believe that profit, when controlled and manipulated and regulated, can be a wonderful motivational tool for tremendous progress in the world" – he takes a more measured view.
   The mess happened in part, he believes, because banks moved away from supporting a broad range of industry to "gambling on making money from money".  "Most importantly, very few people were actually breaking any laws," Chandor said, "because the regulations had been moved."
   As Irons' ruthless corporate chief asserts: "The worst thing you could do is cheat because you don't have to cheat.  The system's already weighted in these people's favour."
   If the characters in Margin Call feel real, it is not just a reflection of the filmmaker growing up around bankers but because working on a small scale enabled him to get access of a kind largely unavailable to Oliver Stone.
   "Citibank was in such dire straits public relations-wise as we were preparing to shoot this film … that the investment bank, amazingly, opened the door to myself and all of my actors," Chandor said.  "And we were able to spend several weeks meeting with different bankers – they even allowed us on live trading floors."
   For Spacey, in particular, it was a salutary experience. It informed his performance as a morally conflicted manager "really significantly", the filmmaker said. "He realised that these people are not flat-out monsters."
   Ruining lives by dumping bad stock looks monstrous, of course. But, Chandor points out, it's squarely within the rules of capitalism. "If you believe something is worth $3 and the world thinks it's worth $6, you have the right to take the risk and sell it for $6. If it ends up being worth $8 tomorrow, you end up looking like an idiot. And if it ends up being worth $3, you end up looking smart."
  “I’m a capitalist and believe that profit, when controlled and manipulated and regulated, can be a wonderful motivational tool for tremendous progress in the world.”  
  J.C. CHANDOR  
   Consequently, he doesn't believe that change will come from within banking itself– a fact seemed to have been grasped by the Occupy protest movement in the US and elsewhere.
   Some people have felt helpless – and hopeless – after watching Margin Call, however, feeling that the problems it dramatises are rooted in an unchanging facet of human nature. Chandor is more optimistic.
   "I think what my film is trying to say is that the pendulum has swung too far in one direction.  And the simple fact that a huge percentage of the work that these investment banks do in making money from money is not actually moving the ball forward.  So people need to engage.  Hopefully [sic] my film will encourage people, not make them want to give up."
Margin Call opens today.

   [RECAPITULATION: … Margin Call – a gripping, Mametesque drama set on the night in 2008 when the banking system went into meltdown. …
   When Margin Call bowed at Sundance in 2011, some distributors wondered if anyone would want to watch a movie about the very people responsible for so much misery, …
   "Most importantly, very few people were actually breaking any laws," Chandor said, "because the regulations had been moved." ENDS.]
   [COMMENT: The regulations had been more than "moved," they had been largely "removed," starting in President Ronald Reagan's time and continued by his successors. COMMENT ENDS.]
   [SECOND RECAP.: And the simple fact that a huge percentage of the work that these investment banks do in making money from money is not actually moving the ball forward.  ENDS.]
   [2nd COMMENT: That is, it doesn't actually PRODUCE anything of value to the general population.  ENDS.]
   [CINEMAS in Perth area showing the movie, advertised in the "Today" section page 10, include: Ace Subiaco, Ace Midland Gate, Ace Rockingham, Innaloo Gold Class, La Premiere, Luna Leederville, and Outdoor Leederville.  ENDS.]
   [LOOK BACK: Also worth watching, or buying the disk to watch, is a previous movie, a documentary, on the same subject, "Inside Job."  See "Who Maimed the Economy, and How," The New York Times, <http://­movies.­nytimes­.com/­2010/10/08/­movies/­08insid­e.html?­pagewan­ted=all>, by A. O. Scott, Published: October 7, 2010 for October 8, 2010.  ENDS.]
   [LOOK FORWARD:  "Director banks on conspiracy of confusion," also about "Margin Call," same newspaper next day, review by Mark Naglazas, Today section page 6, Friday, March 16, 2012
http://www.johnm.multiline.com.au/cont24.htm#when-the-jig
[Mar 15, 2012]

• Director banks on conspiracy of confusion.  ["Margin Call" movie, fiction based on events leading to the Global Financial Crisis (G.F.C.)]     

Director banks on conspiracy of confusion

   The West Australian, <http://­au.news.yahoo.com/­thewest/­enterta­inment/a/-/movies­/131851­53/movie-review-margin-call/>, review by Mark Naglazas, Today section page 6, Friday, March 16, 2012
REVIEW  {4 stars}
Margin Call (MA15+)
Zachary Quinto, Jeremy Irons, Paul Bettany, Demi Moore, Kevin Spacey
DIRECTOR J.C. CHANDOR
REVIEW MARK NAGLAZAS

You'll like this if you liked Wall Street, Glengarry Glen Ross, The Inside Job, Too Big to Fail, The Company Men
T here's been no bigger story over the past five years than the global financial crisis.  However, the subject has largely been avoided by big-screen dramatists because it's so mind-bogglingly complicated.
   Indeed, Michael Lewis argues in The Big Short, his gripping account of the housing and credit bubble and the creation of the credit default swap market, that the brokers who devised the financial instruments that brought the global economy to its knees used deliberate obfuscation.  Simply, if nobody understood what was going on they could get away with murder.
   While J.C. Chandor doesn't entirely overcome this problem of explaining the sins of the US banking system in his debut feature, Margin Call, he astutely alludes to this conspiracy of confusion.
   When Jeremy Irons' John Tuld, the chief executive of a Lehman Brothers-like New York investment bank, asks one of the firm's young risk analysts (Zachary Quinto) to explain the looming crisis that could bring down the century-old institution he demands he use the simplest of terms.
  [Picture] CREEPY:  Jeremy Irons as John Tuld, an investment bank chief executive in Margin Call.  
   "Speak as you might to a young child – or a golden retriever.  It wasn't brains that got me here, I can assure you of that," says the imperious, smirking Tuld, whose name is a clear echo of then Lehman Brothers boss Richard Fuld, one of the most maligned of the Wall Street fat cats.
   This bleakly comic scene is typical of Chandor's modus operandi in Margin Call, in which the first-time writer-director cooks up pungent, punchy Mamet-esque dialogue and drama from a situation that might well have been a bunch of men and women in suits tossing around numbers and terminology (Chandor's best screenplay Oscar nomination is well-deserved).
   Chandor opens his movie as the stench of the sub-prime mortgage crisis is enveloping the concrete-and-glass towers of Wall Street, taking us into the drama with Quinto's Peter Sullivan, a one-time rocket scientist who's figured he can use his genius for numbers in a more profitable manner.
   When a senior risk analyst played by Stanley Tucci is given his marching orders along with hundreds of other employees, he hands Sullivan a flash drive which, he later discovers, reveals they have on their books such a vast quantity of toxic assets that if there's a downturn the firm will suffer a loss greater than its market capitalisation.
   Quicker than you can say Gordon Gekko this scary new generation of capitalist shock troops marches into action led by the creepy Tuld, who orders his underlings (played by Simon Baker, Demi Moore, Paul Bettany and Kevin Spacey) to use any means necessary to save the company.
   Precisely what's going on is difficult to grasp for those not up to speed on the mortgage crisis.  So Chandor cleverly frames the questions in moral and ethical terms, with the various characters wrestling with the dilemmas or justifying their venality in startlingly persuasive manner
   Chandor also manages to seamlessly insert observations that have been kicked around American op-ed newspaper pages since the GFC – most notably, that the best and brightest minds in the US and abroad no longer work in the traditional professions such as engineering but are anxious to make a quick killing in the financial world.
   In the film's most beautifully written scene Tucci's shattered Eric Dale tells Bettany's hard-boiled trader Will Emerson a story about how he once built a bridge that saved motorists more than a thousand years of travelling time.  "Some people like driving the long way home," scoffs the cynical Emerson.
   Chandor doesn't exactly demonise his crew of whip-smart opportunists; they're depicted as dedicated professionals and not the usual coke-snorting, hooker-grasping yuppie scum of other Wall Street movies.  But there's a disturbing coldness about their world, which seems to be little more than screens and numbers, and so highup these hotshots cannot see the people whose lives they will destroy.
   And even the moments of high emotion, such as Kevin Spacey's veteran trader weeping over his dying dog, are depicted as absurd self-pitying rather than the meaningful introspection you might expect someone to have in this situation.  The heart and soul left this building many decades ago.
   Impeccably acted by its top-drawer ensemble cast and written without sentimentality, outrage or bluster, Margin Call takes us deep into the ruthless new Wall Street, where number crunching is given a whole new brutal meaning and greed is not just good but great.
Margin Call is now screening.

   [RECAPITULATION: … the best and brightest minds in the US and abroad no longer work in the traditional professions such as engineering but are anxious to make a quick killing in the financial world. ENDS.]
   [COMMENT: A sad commentary on how far away society and its leaders still are from an understanding of the true purpose of money and the economy. COMMENT ENDS.]
   [COARSE LANGUAGE: Yes, but quite unnecessary.  The "f" word could have been changed to "fricking," and "Jeepers Creepers" would have done for "J.C."  Why alienate responsible, thoughtful, and religious people?  Heaven knows we need more of them to think about such subjects.
   [LOOK BACK: "Inside Job" documentary movie reviewed by The New York Times on October 7 / 8, 2010.
   "When the jig was really up," about "Margin Call" in the March 15 issue of The West Australian.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#director-banks-on
[Mar 16, 2012]

• [Water short, but export drives desire for more drinkers.]
             

[Water short, but export drives desire for more drinkers.]

 
   Letter SENT to The Editor of Joondalup Times and Wanneroo Times newspapers (Perth suburbs, W. Australia), wannerootimes § communitynews com au , on March 25, 2012
   Congratulations to the Wanneroo Mayor for campaigning for the State Government to face the fact that the underground water in the Gnangara Mound is being used up at an alarming rate, and will run out some time soon.
   We learn that many of the people with bores sucking from the Gnangara Mound do not have meters on them, in spite of a law saying they must keep to the volume permitted in their licence.
   Somewhere else I read that a Federal or State Minister wanted thousands of skilled Irish workers to be invited to come to work in Australia.  We already receive an unsustainable inflow of immigrants.
   Another community leader expressed the hope that Australia, already exporting mountains of the sinews of war - iron ore and coal - should increase the mining and exporting industry.
   And, farmlands plus water rights are being sold off to overseas powers, including the dangerous dictatorship, China, which is still occupying the once-independent Tibet.
   These subjects are closely related.  How can we keep on sucking the country dry of water and thinking we need more people to ship out the minerals?
   Can readers see what is wrong with our politicians and civil servants, to keep heading on this suicide path to destruction? - From John C. Massam, 46 Cobine Way, Greenwood (Perth suburb), WA, 6024, Australia; Tel. 08 9343 9532, Mobile 0408 054 319. #

http://www.johnm.multiline.com.au/cont24.htm#water-short-but
[Mar 25, 2012]

• Apex gets $4m to tide it over.  [Interest 20 % charged on $4m, and former colleague of Joe Gutnick put in charge at Wiluna.]     

Apex gets $4m to tide it over

   The West Australian, <http://­www.thewest.com.au>, <letters § wanews com au>, by Peter Klinger, p 28, Tuesday, March 27, 2012
   Perth businessman Philip Watson has agreed to lend Apex Minerals $4 million as a short-term advance while the stricken Wiluna gold miner undergoes a management shake-up that will result in Ed Eshuys taking control.
   Mr Watson's AMNL Financing, which according to company records was only registered last week and counts the City Beach-based businessman as sole director and shareholder, will demand an interest rate of 20 per cent and a repayment within 180 days.
   AMNL will also be issued with 550 million options, with a 0.25¢ exercise price, as part of terms of the $4 million loan.
   Apex shares firmed 0.1¢ to 0.3¢.
  [Picture] New management: Ed Eshuys  
   It remains unclear how ANML is linked to Mr Eshuys and his consortium, which are spearheading a $22 million emergency recapitalisation of Apex.  Mr Eshuys, a former right-hand man to Joe Gutnick and boss of gold miner St Barbara, will be installed as executive chairman, replacing Apex's founder Mark Ashley.
   The recapitalisation still needs to be approved by Apex shareholders and in the meantime the Wiluna mine continues to struggle to generate enough cash to pay staff and suppliers.
   There have been repeated reports that staff are not being paid on time and in full.
   "The facility has been secured following a site visit by the company's proposed new management team, including Mr Eshuys," Apex said yesterday in announcing the AMNL loan.
   Apex added that $1.3 million would be used immediately to pay "outstanding wages and salaries, with the balance to be used for general working capital purposes including the replenishment of the company's supplies of spares and other items required to enable production to continue". #

   [RECAPITULATION: … demand an interest rate of 20 per cent and a repayment within 180 days.  AMNL will also be issued with 550 million options, with a 0.25¢ exercise price, as part of terms of the $4 million loan. ENDS.]
   [COMMENT: Will these terms be assessed as mining super profits, and part be taxed at 40 per cent, as former PM Kevin Rudd had planned, before he was replaced by Julia Gillard ?  What a shame that the federal Labor party parliamentarians seem to have no clue about the difficulties of mining, which are exposed here in the company's statement that it would be paying "outstanding wages and salaries."  Or do Labor and the Greens think the company is an "ogre" not paying employees, trying to grind down the faces of the poor ?  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#apex-gets-$4m
http://www.johnm.multiline.com.au/cont24.htm#apex-gets-$4m
[Mar 27, 2012]

• Polish Bishop says Social Credit is Application of Social Doctrine of the Catholic Church.   

Polish Bishop says Social Credit is Application of Social Doctrine of the Catholic Church


Bishop Edward Frankowski
   The New Times Survey, editor <bluks § alor org>, by Bishop Edward Frankowski, p 6, April 2012
Bishop Edward Frankowski
   The Most Rev. Edward M. Frankowski, Auxiliary Bishop of Sandomierz, Poland, is responsible among the Polish Bishops for the Social Doctrine of the Church. Here is the foreword he recently wrote for Louis Even's three brochures on Social Credit found on the website of the Canadians' Pilgrims of St. Michael:
   The collection "Around the Social Credit Doctrine" meets a bigger interest when the political and economic scene in our country darkens more. On the ruins after Communism, occupied by the people of the collapsed system, overlaps an equally destructive wave of Western postmodernism, wild liberalism, and political gangsterism of the people who, with unscrupulous methods, eagerly fight for power and money, but only for themselves and not for the nation!  The State is more and more precipitated down, and the international money power comes up.
   Consequently the power is continuously relinquished for the market side. It seems that John Paul II on June 14, 1999 in City of Sosnowiec, Poland, noticed those threads, when he said:
   "Because of the laws of the market, human rights are forgotten. It happens, for example, when the claim is made that economic profit justifies taking away the job of someone who loses not only a job but every prospect for maintaining himself or the family. It also happens when, to increase production, the worker is denied the right to rest, the right to care for the family, or the freedom to plan his daily life. This is always the case when the value of work is defined not according to human effort, but according to the price of the product - which creates a situation where the pay does not correspond to the work that is done."
   One could say that our situation is like a "gigantic development of the parable in the Bible of the rich banqueter and the poor man Lazarus. So widespread is the phenomenon that it brings into question the financial, monetary, production and commercial mechanisms that, resting on various political pressures, support the world economy. These are proving incapable either of remedying the unjust social situations inherited from the past or of dealing with the urgent challenges and ethical demands of the present." (John Paul II, Encyclical Letter Redemptor hominis, n. 16.)
   One should promote the development of a better world for public life by the introduction of Christian principles, especially in the economic field. Money is not the only, but however the most urgent problem to be solved, because all the other problems are caused by money. Bankers who have the power to create money, the guardians and managers of the financial capital, rule over the credit, and distribute it by their will. They want to bring us to the point where, for half of the year we will live on credit, and for the other half, work for taxes
   "This power becomes particularly irresistible when exercised by those who, because they hold and control money, are able also to govern credit and determine its allotment, for that reason supplying so to speak, the life-blood to the entire economic body, which they hold the life in their hands, so that no one dare breathe against their will." (Pope Pius XI, Encyclical Letter "Quadragesimo anno", n. 106.).  "The State … has become a slave, a docile instrument at the service of all passions and ambitions of interest." (Quadragesimo anno, n. 109.)
   Money power, or in other words, the power of the International Financiers, lies in the ignorance of the people. The Financiers will lose their power only when the people will find out their fraud. The State will become strong then, when the whole society becomes strong. Political power originates from public strength. Therefore, the implementation of the Christian spirit into politics is the most important and the most urgent mission of Polish history.
   Economic reform could be implemented especially by the application of a Social Credit economy, which is in accordance with the Social Doctrine of the Catholic Church. Therefore, it seems that the financial propositions of Social Credit are not only worthy of notice by the highest economic and political authorities, but also worthy of support by the broad multitude of the public, to implement those principles in our economic and political lives. They will allow us to understand and elucidate, in the highest degree, the situation in which we presently find ourselves, and they will give solutions in accordance with the Social Doctrine of the Catholic Church.
   I express my acknowledgment and thanks to the editorial and publishing board of Michael and to the authors and publishing house for the edition of the Around the Social Credit Doctrine collection - especially for that! It not only has a scientific value, but a popularizing value as well. And such is the present work of Louis Even: Global Fraud and the Way Out.
   To all publishers, editors and readers, from the bottom of my heart, I bless you! Signed: Most Rev. Edward M. Frankowski. #

   [SUBSCRIPTION DETAILS: Monthly, $30 per year, cheques etc to ALOR, GPO Box 1052, Melbourne, Vic, 3001, Australia.  Or check Veritas Books Online <http://­www.­veritasbooks.com.au> ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#polish-bishop-says
http://www.johnm.multiline.com.au/cont24.htm#polish-bishop-says
[April 2012]

• Act against ACTA.   

Act against ACTA

   New Internationalist (UK, N. America and Australia), Editorial, England: ni § newint org , Editorial, Australia: chrisr § newint com au , by Charlie Harvey, p 7, April 2012
  26 APRIL  
  WORLD INTELLECTUAL  
  PROPERTY DAY  

   If, as multi-millionaire business magnate Mark Getty famously claimed, 'intellectual property is the oil of the 21st century', then the Anti-Counterfeiting Trade Agreement (ACTA) smacks of a covert operation in a new war. An operation whose purpose is to benefit corporate power.
   The whole thing has been negotiated in secret between rich countries in a policy-laundering scheme designed to avoid the meddlesome interference of democratic debate, transparency or dissent.
   "On the face of it, ACTA addresses some rather dull and technical areas of international trade. But if it comes into force it will require Internet Service Providers (ISPs) to spy on their customers, introduce the potential for internet censorship at the behest of the 'entertainment' industry, and threaten the access of people in the Majority World to life-saving generic medicines.
   The provisions within the agreement are similar to the recent SOPA / PIPA legislation proposed in the US and dropped (in its current form) after the unprecedented internet blackout of 18 January, when Wikipedia closed down for the day and thousands of other sites blacked out parts of their content to highlight the dangers of introducing de facto powers of online censorship with no due process.
   In some ways, ACTA goes even further, 'imposing a 19th-century view of intellectual property (IP) that fails to acknowledge the changed relationship between individuals and information in the modern electronic age,' says campaigning group Article 19.  'Consequently, the IP interests of corporations are disproportionately protected, at the expense of individuals' rights to freedom of expression and information.'
   Among the worrying clauses in the legislation are provisions for people to be punished even if they use copyrighted material accidentally or unintentionally.
   Website owners and ISPs will be expected to police the legislation, meaning that they are likely to invade their users' privacy more often and more seriously, and also leading to a para-judicial self-censorship, with content taken down simply because the ISP or website owner is worried that it may infringe copyright, without having to prove that it does.
   In practice, that might mean Facebook closing your account because you share a photo that you saw in the paper.
   ACTA will also reduce access to generic medicine for people in poor countries.
   'Negotiating countries are cynically using legitimate fears of counterfeit medicines to exert greater control over the trade in generic medicines to poor countries,' says Oxfam spokesperson Rohit Malpani.
   'ACTA is proposing a new, expanded framework of IP protections on behalf of multinational drug companies, which will be combined with border measures to stifle the trade in legitimate generic medicines, meaning that poor people will be denied access to them.'
   As with SOPA / PIPA, resistance to ACTA is building up, with co-ordinated protests happening all over Europe.  Find out the latest at stopacta.info or laquadrature.netCharlie Harvey #

   [RECAPITULATION:  Among the worrying clauses in the legislation are provisions for people to be punished even if they use copyrighted material accidentally or unintentionally.
   Website owners and ISPs will be expected to police the legislation, meaning that they are likely to invade their users' privacy more often and more seriously, and also leading to a para-judicial self-censorship, with content taken down simply because the ISP or website owner is worried that it may infringe copyright, without having to prove that it does.
   In practice, that might mean Facebook closing your account because you share a photo that you saw in the paper.
   ACTA will also reduce access to generic medicine for people in poor countries.  ENDS.]
   [COMMENT:  It's sobering to think just how acquisitive and possessive the top people are, even though they die just like the rest, and in death own exactly as little.  Australians ought to never forget that in recent years U.S. firms have tried to claim exclusive ownership of the Aussie words "ugg boots," and of the word "jug" to describe a plastic cordial bottle shaped with a handle, and even of the colour purple on chocolate wrappers !
   It is being negotiated in some secrecy, like the Multilateral Agreement on Investment (MAI) of a few years ago.  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#act-against-acta
http://www.johnm.multiline.com.au/cont24.htm#act-against-acta
[To webpage 14 May '12; April 2012]

• Why bilinguals are smarter.   
AS THE WORLD TURNS

Why bilinguals are smarter

   News Weekly (Australia), <http://­www.­newsweekly.com.au>, <nw § newsweekly com au> from Yudhijit Bhattacharjee, New York Times, March 17, 2012, republished in NW, p 18, Saturday, April 28, 2012
   Speaking two languages rather than just one has obvious practical benefits in an increasingly globalised world. But in recent years, scientists have begun to show that the advantages of bilingualism are even more fundamental than being able to converse with a wider range of people.
   Being bilingual, it turns out, makes you smarter. It can have a profound effect on your brain, improving cognitive skills not related to language and even shielding against dementia in old age.
   Bilinguals, for instance, seem to be more adept than monolinguals at solving certain kinds of mental puzzles.
   The collective evidence from a number of such studies suggests that the bilingual experience improves the brain's so-called executive function – a command system that directs the attention processes that we use for planning, solving problems and performing various other mentally demanding tasks.
   These processes include ignoring distractions to stay focused, switching attention wilfully from one thing to another and holding information in mind – like remembering a sequence of directions while driving.
   The bilingual experience appears to influence the brain from infancy to old age (and there is reason to believe that it may also apply to those who learn a second language later in life).
   Extract from Yudhijit Bhattacharjee, The New York Times, March 17, 2012.

   [ESPERANTO: Is a relatively painless way of learning a second language, and ought to be taught in all schools. ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#why-bilinguals-are
http://www.johnm.multiline.com.au/cont24.htm#why-bilinguals-are
[Apr 28, 2012]

• Clive Palmer, the Rockefellers, the CIA & the Green Agenda.  [Tax-exempt foundations mould world opinion and events.]       
WORLD WATCH

Clive Palmer, the Rockefellers, the CIA & the Green Agenda

   New Dawn (Australia), GPO Box 3126, Melbourne, Vic, 3001, Australia; pages 5-6, issue No. 132, May-June 2012
I n March, on the eve of the Queensland State election, the Australian mining magnate Clive Palmer called a press conference to denounce an alleged CIA plot to sabotage the Australian mining industry by financing anti-coal protest groups and the Greens.
   Clive Palmer, who owns Waratah Coal and Queensland Nickel, is Australia's fifth wealthiest individual. He referred to a leaked internal document produced by Greenpeace and other organisations, "Stopping the Australian Coal Export Boom," which outlined various strategies to disrupt coal mining projects. Part of the document explained that the proposals were "based on extensive research into the Australian coal industry, made possible by the generous support of the Rockefeller Family Fund."
   "This is funded by the CIA," Palmer declared at the press conference. "You only have to go back and read the Church Report in the 1970s and to read the reports to US Congress that set up the Rockefeller Foundation as a conduit of CIA funding. You only have to look at the secret budget which was passed by Congress last year, bigger than our whole national economy."
   Palmer alleged that the Greens were "a tool of the US government and Rockefeller." He continued: "We don't want domination by a foreign power. I'm first an Australian, I'm not an American … We care about this country. It's under attack by foreign interests. I think they want to promote their commodities at the expense of ours."
   Palmer was quickly dubbed 'Conspiracy Clive' by the mainstream media and his allegations dismissed as 'bizarre'.
   Dr. Kerry Bolton is the author of Revolution From Above, an in-depth expose of the role played by international capitalists in bank-rolling 'progressive' causes. In response to Clive Palmer's remarks, Dr. Bolton explained how environmental groups are often funded by 'philanthropic trusts' set up by global corporate interests:
   "While Palmer believes that a Rockefeller-CIA nexus is trying to undermine Australian economic competition, this does not explain why the same Rockefeller and other corporate interests are also backing the anti-coal lobby in the USA. Is the reason, rather, to destroy energy sources not predominantly controlled by the Rockefeller and other globalist corporate interests? Indeed, the report, 'Stopping the Australian Coal Export Boom', states that if Australian coal mining is not curtailed, this will undermine similar efforts in the USA to restrict American coal exports.
   "The Earth Island Institute is heavily funded by the Rockefeller Brothers Fund. Greenpeace USA was given $475,000 over the years 2003 to 2008 by the Rockefeller Brothers Fund. In 2009 (latest date) the Rockefeller Family Fund gave Greenpeace in the USA $50,000. In 2006 the Rockefeller Family Fund gave the 'Coal Campaign' $50,000 as the first instalment of a two-year grant 'to fight the construction of new coal-fired power plants'. Again, this indicates that there is something more to the Rockefeller opposition to coal mining than Clive Palmer's belief that it merely relates to economic competition between Australia and the USA."
   Dr. Bolton says "the purpose of the tax-exempt foundations is to channel funds into so-called 'philanthropic' causes that can often be seen as promoting the interests of plutocracy. While these foundations are often no longer specifically tied to the families that founded them, such as Ford, and appear as public institutions, the Rockefeller family ensures that the foundations they established continue serving the globalist agenda of that dynasty. For example, while the Rockefeller Family Fund states that it has 'evolved' since its creation in 1967 as a 'family foundation', it also states that their 'operations and approach remain true to the Rockefeller vision of strategic, innovative philanthropy'. Of the fourteen Trustees currently on the Board, three have the Rockefeller name.
   "The Rockefeller Brothers Fund, assisting in financing the Earth Island Institute, includes as trustees five Rockefellers, including the family patriarch, the omnipresent David Rockefeller. Other trustees have been heavily involved in Rockefeller associated projects, such as Nicholas Burns, a member of the US foreign policy think tank, the Council on Foreign Relations, and the Trilateral Commission, a think tank founded by David Rockefeller."
   "The Rockefeller's have a political agenda," explains Dr. Bolton, and they ensure their wealth is directed to causes that pursue that agenda.
   He points out the Rockefeller dynasty has always been "political in its ramifications," defining its mission as "Smart Globalisation." "The dynasty seeks to recreate a world in which there is a uniform method of global governance, economics, finance and centralised control, rationalising production and consumption across states, cultures and ethnicities," adds Dr. Bolton.
   "Whether one believes that such 'global governance', as it is often called, is necessary to 'save the world' is a matter of subjective outlook."
   According to Dr. Bolton, "The Rockefellers, and others, such as currency speculator George Soros in particular, are using 'philanthropy' to advance globalist political agendas.
   "When Palmer states that there is Rockefeller input into the Green movement, his claims merit more attention than being labelled as 'bizarre' or being threatened with libel action."
   It is a fact that corporations have long used trusts and foundations as conduits for funds to push agendas that are euphemistically called 'philanthropy'. Accordingly, writes Dr. Bolton, "whether one regards these causes as desirable or not is a matter of personal subjectivity, based on whether or not one desires to live in a world state, whether de facto or de jure, formed around a nexus of profit and usury, and upheld by military force when more subtle means fail.
   "It depends whether one views Soros, Rockefeller et al, as paragons of what is also euphemistically called 'corporate responsibility', or whether they are using their 'philanthropy' to pursue power-politics.
   "A further question that arises from Palmer's statements and the reactions to them, is whether one should trust environmentaist causes that are funded by industrial and financial corporations, albeit indirectly through their trusts and foundations, any more than one would trust health lobbyists funded by the pharmaceutical industry, or cancer researchers who are funded by the tobacco industry ?"
   (Source: 'Clive Palmer the Rockefellers and the Green Agenda' by Dr. Kerry Bolton.  Dr. Bolton is a 'contributing writer' to Foreign Policy Journa1.  His latest book, Revolution from Above meticulously documents the use cf ostensibly anti-capitalist movements by plutocracy.  It is available from www.amazon.com ) #

   [RECAPITULATION: While Palmer believes that a Rockefeller-CIA nexus is trying to undermine Australian economic competition, this does not explain why the same Rockefeller and other corporate interests are also backing the anti-coal lobby in the USA. ENDS.]
   [COMMENT: The alleged deviousness of the U.S. Rockefeller Trust can be put alongside the amazing action of the Australian magnate, who late April or early May 2012 announced he would seek preselection as a "Liberal National" for the Parliamentary seat of the Australian Federal Treasurer ("Labor").  The Liberals already have a former global banker of Goldman Sachs on their federal front bench, and in Victoria the Liberal Premier is from the billionaire Bailleau family.  Salvation cometh for the marginalised and the dispossessed !  From the exploiters cometh forth aid for the homeless!  Praise Heaven !  COMMENT ENDS.]
   [TO SUBSCRIBE: Telephone 03 9005 5782, or click <http://­www.­newdawnmagazine.com>, or GPO Box 3126, Melbourne, Vic, 3001, Australia.  $7.95 at newsagents, 6 issues a year; Editorial: editor § newdawnmagazine com, ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#clive-palmer-the-rockefellers
http://www.johnm.multiline.com.au/cont24.htm#clive-palmer-the-rockefellers
[May-Jun 2012]

• Palmer plan: float Titanic, sink Swan.  Labor in turmoil.       
  LABOR IN TURMOIL  

Palmer plan: float Titanic, sink Swan

   The West Australian, <http://­www.thewest.com.au>, <letters § wanews com au>, ■ Andrew Tillett, Canberra; p 6, Tuesday, May 1, 2012
   Billionaire mining magnate Clive Palmer's plan to run against Wayne Swan at the next election while building a full-size replica of the Titanic could be sunk by Opposition Leader Tony Abbott.
   In his latest bid to grab the headlines, Mr Palmer said yesterday he wanted to topple the Treasurer by standing for Liberal National Party preselection for Mr Swan's marginal Brisbane seat of Lilley.
   The feud between Mr Palmer, 58, and Mr Swan has intensified in recent weeks, with the Treasurer accusing Mr Palmer and other mine owners of using their wealth to skew public opinion and policy.
   Mr Palmer, the biggest individual donor to the coalition parties, said he targeted Mr Swan because they had "differing views of what was good for the country".
   He claimed he could be a part-time MP and still look after his business interests. He ruled out aspirations beyond the backbench.
   "When you see things like the Craig Thomson and Peter Slipper sagas, there is a real necessity to bring service back to the Parliament," he said.
   Mr Swan said he relished the prospect of running against the high-profile businessman.
   "I think it is pretty much official that the Liberal Party, particularly in my home State, is now a wholly owned subsidiary of Mr Palmer," he said.

   Mr Abbott said he was "as surprised as everyone else" by Mr Palmer's bid but seemed to scuttle his political ambition, saying the party needed a grassroots candidate who would knock on doors and talk to voters at shopping malls.
   "Like everyone else who wants to run for the LNP, I'm afraid he's got to run the gauntlet of a very testing preselection process," Mr Abbott said.
   Mr Palmer's announcement came just an hour after he held a press conference to unveil plans to build a replica of the opulent but iU-fated Titanic.
   It was touted as "unsinkable", but Mr Palmer was more confident about his version, saying it would have the latest navigation and safety systems, including enough room in lifeboats for all aboard.
   "Of course, it will sink if you put a hole in it," he said. "It is going to be designed so it won't sink."
   Though he did not reveal the cost of building Titanic II, Mr Palmer said he was prepared to finance the project after signing a memorandum of understanding with the Chinese Government-owned CSC Jinling Shipyard.
[Picture]   Business titan: Mining magnate Clive Palmer.    Picture: Associated Press  
[Cartoon]   I'M ALSO BUILDING A REPLICA ICEBERG!    Alston  
   Construction would begin next year with the maiden voyage from England to New York in late 2016.
   Mr Palmer said the replica would have the same dimensions and opulence as the original luxury liner, with 840 rooms and nine decks.
   Much of the ship would be as authentic as possible but with some changes below the waterline, including welding instead of riveting and diesel engines instead of coal power.
   The ship will be able to carry about 2000 passengers and Mr Palmer expects a sellout for its maiden voyage from England to New York in late 2016.
   He has invited the Chinese navy to escort the ship on its first trip. #

Enter the court jester to mock rulers in disarray


   The West Australian, ■ Andrew Probyn, Sketch; p 6, Tuesday, May 1, 2012
   As Julia Gillard and the Labor troubadours expand their repertoire from tragic comedy to absurdist drama, how could anyone but Clive Palmer stroll on to the stage?
   Only the eccentric mining billionaire could announce a project to rebuild the Titanic in one room before going next door to announce he would seek Liberal National Party preselection to contest Wayne Swan's Federal seat.
   "Clive flying a kite with a wink and a nod on it," Nationals maverick Barnaby Joyce tweeted yesterday
   He was probably right that Mr Palmer was having a lend of us.
   In any case, Tony Abbott may have put the kybosh on the Palmer for Canberra push by saying he wanted a "grassroots" candidate.
   But even though Labor thinks Mr Palmer is a laughing stock, he was having a joke on them. That the billionaire could insist he would be only a part-time MP while running his extensive business interests, have time to oversee a Chinese shipbuilder's reconstruction of the Titanic and still knock off the Treasurer appeared to be a deliberate slight.
   Every Liberal from Mr Abbott down saw his entrance as a distraction from the main game – that of Ms Gillard's handling of the Thomson and Slipper affairs.

   But in a case of six degrees of Kevin Bacon, Mr Palmer and the indefinitely benched Speaker have a curious history together.
   Mr Palmer stood in a Nationals preselection battle against Mr Slipper for the Queensland seat of Fisher 28 years ago and lost.
   So one seemingly insignificant contest in 1984 could have changed political and business history if the result had gone the other way.
   Mr Palmer might not have amassed his billions and Labor might not now be attempting to steer its listing ship from an iceberg of angry voters. #

   [RECAPITULATION: Though he did not reveal the cost of building Titanic II, Mr Palmer said he was prepared to finance the project after signing a memorandum of understanding with the Chinese Government-owned CSC Jinling Shipyard. …
   He has invited the Chinese navy to escort the ship on its first trip. ENDS.]
   [COMMENT: Billions extracted from Australia, but he is financing the ship to be built, not by Australians, but by a dictatorship, and has invited the Chinese navy to escort her. COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#palmer-plan-float
http://www.johnm.multiline.com.au/cont24.htm#enter-the-court
OR
http://www.johnm.multiline.com.au/cont24.htm#palmer-plan-float
http://www.johnm.multiline.com.au/cont24.htm#enter-the-court
[May 01, 2012]

• Abbott promises to teach kids languages   
   The West Australian, Page One, Friday, May 11, 2012
   Opposition Leader Tony Abbott has pledged to dramatically increase the study of foreign languages to 1960s levels in a budget reply speech that set out his priorities for his first 100 days in office.
   … native languages of our near neighbours and most important trading partners …
   Whereas 40 per cent of Year 12 students studied a foreign language in the 1960s, it had now slumped to 12 per cent, he said. [***] [May 11, 2012]
• How many languages must kids learn ?       
   Letter to The Editor of The Australian, SENT BY John C. Massam, Greenwood W.A., on Friday, May 11, 2012
   Opposition Leader Mr Tony Abbott decried the fact that only 12 per cent of Year 12 students were studying foreign languages.
   But, how many languages can children learn?  He is right to say that exposure to other languages should begin in pre-school, but it ought to be Esperanto.
   India has more than a dozen languages.  Our nearest neighbours Timor Leste, West Papua, Papua New Guinea, and Indonesia speak different languages.  Need I mention Sri Lanka, Thailand and the Indo-Chinese languages?
   China has a number of languages, not one.  China deserves credit for making a huge effort to teach its people Esperanto.
   Children can't learn all of these other languages, yet by learning one auxiliary language, Esperanto, and by encouraging our other Asian neighbours to teach their children too, we will all be able to communicate.
   Just as many nations let their people down by not adopting the metric system sooner, so our leaders have let us down by not adopting a universal helper language.
   I admit that at first a few adjustments ought to be made to Esperanto, such as adding a proper subjunctive, abolishing the unbelievable reflexive pronoun, and moving away from making up conglomerate words to replace phrases.
   But even as it now exists, it is easier to learn than nearly every other language, but accommodates all complex thoughts. # [May 11, 2012]
• [Only policy was to teach children foreign languages.]  Poor reply to Budget. [English the international language.]     
   The West Australian, <letters § wanews com au>, Letters, p 23, Monday, May 14, 2012
   Tony Abbott has once again shown his disdain for long-standing parliamentary processes in his reply to the Budget speech.
   In the past, the opposition would use the reply to outlay an alternative agenda, with costings.  It would show how it would spend taxpayers' money should it get into government.  It would present its own budget and a vision for the future of the country.
   Mr Abbott presented only one policy, apart from his policy to get into government as soon as possible.  He wants to invest big amounts of money to teach Australian children foreign languages.
  [Picture] One policy: Tony Abbott  
   Get real, Mr Abbott.  The whole world is learning and speaking English.  Any traveller can tell you that.  You can now travel anywhere and know only English. And how many Australian teachers are teaching English in China?  Hundreds.
   We should use any spare money to improve the level of written and spoken English in Australia.  I have known even business managers and CEOs whose writing and spelling are atrocious.
   Mr Abbott and his cronies have made a mockery of Australia's Parliament.&nbap; You only need to listen to any parliamentary broadcast to hear what a rabble the coalition has become under Mr Abbott.  They have no interest in the issues of the country.
   They just yell and scream in anger at everything the Government says or does.
   What future does Australia hold under Abbott, Bishop, Hockey and Pyne? I would [say] none.  Frank Di Lorito, Balcatta
   [Two pro-Esperanto letters, as a secondary language for the world, were sent to various newspapers soon after the above letter appeared.  The Webmaster does not think that either appeared.]
   Opposition's Budget reply most empty in recent years.
   Tony Abbott's address to Parliament in reply to the Budget must rank as one of the most vacuous in recent years.  I cannot comprehend how the Liberal Party and its leader are so bereft of ideas and vision that this was the best that they could come up with.
   There was so much ammunition in the Budget that they could have used to demonstrate its flaws and to show how they could present a better and more attractive vision for the future – and they blew it.
   If the Liberals and the National Party are serious about succeeding to the mantle of government at the next election, they had better do a great deal better than that.
   I despair for the present leadership of the Liberal Party.  Richard Matthews, Ashby
   Taxing logic
   According to Tony Abbott, modestly raising taxes on multi-billionaires and giving much-needed assistance to low and middle-income earners is class warfare, but cutting taxes for the well-off and opposing help for low and middle-income earners is not.  Go figure.  Guy Curtis, Queens Park [May 14, 2012]
• The sectoral accounting equation.     

The sectoral accounting equation

   Economic Reform Australia blog, <http://era-blog.com>, (also at <http://era-blog.com/2012/06/01/the-sectoral-accounting-equation>), by John Hermann, June 1, 2012
   The sectoral accounting equation is (I - S) + (G - T) + (X - M) = 0 where (I - S) = private sector balance, (G - T) = public sector balance, (X - M) = foreign sector balance.
   The term (I-S) represents productive investments (I is total investment, S is total savings). In monetary terms it may be identified with transaction money M1, which is the money used within the productive economy.
   All newly created bank money appears firstly as an increase in M1 (i.e., it is created within transaction deposits). However a large part of that money migrates into savings deposits (on an ongoing basis).  Available statistics reveal that in times of economic growth (characterised by a modest level of inflation) an influx of new money increases I and S at about the same rate.
   However in times of economic contraction, production will be diminished and savings will increase, and there will be less demand for credit by the productive sector.  In these circumstances (I-S) will decrease.  Assuming for the sake of argument that the level of imports and exports does not change significantly (i.e., assuming that an export-led recovery is unlikely), we find that in order to avoid a period of deep and protracted recession the ONLY solution is for the government to spend money into the economy.
   Attempting to run a budget surplus in these circumstances is grossly irresponsible – perhaps insane would be a better description. #

   [ALSO READ: American Monetary Institute, August 16, 2009, at <http://www.monetary.org/american-money-scene-5-august-16-2009/2009/08> ENDS.]
   And, for a good summary of the spendthrift and dishonest ways of huge banking and other companies, read Kevin Rudd's "The Global Financial Crisis", The Monthly (Australia), February 2009, at <http://www.themonthly.com.au/monthly-essays-kevin-rudd-global-financial-crisis--1421> (seems to have some missing, on 25 Oct 2012).  Mr Rudd was Australian Prime Minister until Labor Parliamentarians in a surprise move put Julia Gillard in that position.
   [COMMENT: The information about the built-in shortage of purchasing-power (i.e., money or its equivalent) has been available for many decades.  Anyone can check with the statisticians in any developed country.  Find the total amount of actual money (notes and coins) that exists in the country.  Find the total amount of bank deposits of all banks in the country.  The difference is astounding.  Even more astounding is the amount of government debt, often disguised by economists and others as "bonds sold."
   Remember that after the 2008 global financial crisis (GFC), many governments embarked on spending supposed to pump-prime their economies, "stimulus packages".  Going into reverse now, the European Union, and many global national, state and local governments are embarking on austerity campaigns.  Austerity for people other than those planning and operating it, of course!  COMMENT ENDS.]
   [ACKNOWLEDGEMENT: Clem Clarke (for recommending ERA). ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#the-sectoral-accounting
[To webpage 25 Oct 2012; June 1, 2012]

• Base rate held at 0.5%.  [Australia's is more than 5 per cent]   

Base rate held at 0.5%

   The International Express (Britain), West Australian edition, <intexreaders § hotmail com>, (AUD $4.95 incl GST in June 2012), p 41, Tuesday, June 12, 2012
   BASE rate has been kept at the record low of 0.5 per cent by the Bank of England.
   But it resisted calls to pump more cash into the struggling economy via so-called quantitative easing – in effect printing money.
   The Bank last injected £50billion into the economy in February.
   Philip Shaw, chief economist at Investec, said he expects a further £50billion quantitative easing boost in August.
   He said: "The crisis in the euro area poses a number of very obvious downside risks to the British economy." #

   [COMMENT:  Half a percent was decided for Britain, and in the USA, Japan, etc., a similar rate has been current for ages.  In Australia the Reserve Bank of Australia is moving the bank rate downwards, now somewhere over five per cent.  Yet the Australian banks pretend that they have difficulty getting cheap money overseas to lend.  In reality, as was exposed years ago in the Australian Senate by Senator McLean, they just create their own credit, as a debt.
   Most readers won't know that the Bank of England is a private bank with a charter dating back centuries.  And did you note the £50billion injection of new "money" last February ?  Where was that money dug up, the public might idly wonder, before turning their eyes to television, a poker machine, liquor, etc.  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#base-rate-held
[P. 41, June 12, 2012]

UK banks rocked by rate fixing scandal.  [Barclays Bank fined £290,000,000 for rigging interest rates.  12 other banks being investigated.]   

UK banks rocked by rate fixing scandal

   The Telegraph (Expat) (labelled for Expatriate Britons, sold in various countries), <weekly ¶ telegraph co uk>, Editorial Office 111 Buckingham Palace Rd, London SW 1W 0DT. Tel. +44 207 931 2000; By Rowena Mason, Robert Winnett, Harry Wilson and Philip Aldrick, pp 1 & 2, Wednesday, July 4, 2012
  Barclays chief resigns after £290m rate-rigging fine
  Billions wiped off the value of Britain's lenders
  Prime Minister says cleaning up banks is a priority

   THE chairman of Barclays has resigned after the lender was fined a record £290m for attempting to manipulate Libor, the interbank lending rate.
   Mr Agius, chairman for the past five years, said on Monday: "Last week's events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays' reputation. As chairman, I am the ultimate guardian of the bank's reputation. Accordingly, the buck stops with me."
   He added: "I am truly sorry that our customers, clients, employees and shareholders have been let down."
   The value of shares in Barclays fell around 18 per cent following the emergence of the scandal last Wednesday.
   Other lenders were also drawn into the controversy, which centres on the rigging of the interbank lending rate (known as Libor) between 2005 and 2009.
   Taxpayer-funded Lloyds and RBS were implicated as court documents obtained by The Daily Telegraph appeared to show that the companies' bankers may also have been distorting data used to set interest rates.
   RBS's share price fell by more than 10 per cent last Thursday, wiping more than £2 billion off the value of taxpayers' stake in the bank.
   Executives at HSBC are also being investigated with London-based financial companies for their role in the scandal, which is estimated to have cost consumers, investors and businesses £30 billion.
   In total, 12 banks other than Barclays have disclosed that they are being investigated over Libor rigging.
   At Barclays, Mr Agius is believed to be hoping that his departure will serve as a lightning rod to conduct anger away from the bank and its chief executive, Bob Diamond, who is also facing calls to resign.
   Before Mr Agius quit, pressure on Mr Diamond had come from the Government. David Cameron suggested that Mr Diamond should resign, saying that "people have to take responsibility for the actions" and that this process must go "all the way to the top".

Barclays admits rigging rates


   Vince Cable, the Business Secretary, said that Mr Diamond could be banned from running a British company following investigations.
   On Sunday, there were calls for a criminal inquiry into the bank by Dr Cable and Lord Blair of Boughton, the former Met commissioner, when it emerged that Barclays had stepped up its efforts to rig interest rates after Bob Diamond had spoken to the deputy governor of the Bank of England.
   Mr Diamond had a conversation with Paul Tucker about how much Barclays was claiming it had to pay to borrow money during the financial crisis in 2008.
   Barclays staff then apparently came to believe that the Bank of England wanted them to falsify this data – used to calculate Libor, the interest rate banks pay to each other.
  [Picture] Under fire: Bob Diamond  
   The bank's traders then escalated their secret attempts to manipulate the markets and make it appear the bank was paying less to borrow money than was actually the case, documents show.
   Sources at both banks said this was due to a "misunderstanding" and Mr Tucker had not sanctioned Barclays' actions.
   The disclosure increases the pressure on Mr Diamond, who has now been put at the heart of discussions about the fixing of Libor. He also faces calls to step down over his failure to spot the scandal, which may have caused mortgage holders, credit card users and businesses to be overcharged for loans.
   Mr Diamond is likely to face calls to issue a full apology when he is questioned by the Treasury committee on Wednesday this week.
  • George Osborne said last Thursday that fines levied on "greedy" and "irresponsible" banks should be used to cut taxes for households.
   The Chancellor unveiled plans to ensure that the taxpayer benefits when banks are hit with penalties.
   Under the current system, the £60 million fine imposed on Barclays by the FSA goes straight back to the banks in the form of lower regulatory fees.
   The bank was fined £290 million in total, including penalties from US law enforcement agencies as well as the FSA fine.
Editorial comment, paqe 19
INSIDE: Banking scandal is as big a threat as debt p 2
The golden age of finance is over p 18
An insider's account of trying to fix rates p 33 #
Bank ban on "swaps": page 33

   [RECAPITULATION:  Under the current system, the £60 million fine imposed on Barclays by the FSA goes straight back to the banks in the form of lower regulatory fees.  ENDS.]
   [COMMENT:  So it is no penalty at all !   All the lunatics are not in the mental wards !   COMMENT ENDS.]
   [OTHER WRITE-UPS:  Page 2: "Banking scandal 'as big a threat as deficit'," by Robert Winnett.
   […] "And on Saturday The Telegraph disclosed that the fixing of the Libor may mean that the banks milked the taxpayer for hundreds of millions of pounds as they manipulated the fees they paid for government assistance in 2008 and 2990. […]
   On Friday, Barclays, HSBC, Lloyds and RBS admitted to mis-selling complicated interest-rate "swap" schemes to small and medium-sized businesses.  They agreed on compensation, which could run into billions of pounds, and to stop selling the most complex products.
   Page 2: "Diamond's admission". […] Politicians and investors joined a chorus of disapproval after the bank's admission that it tried to manipulate the Libor for several years.
   P 35: "Barclays' record fines are just the beginning," Comment by Damian Reece.  […] US regulators last week gave a useful sketch … At the apex it reckons there are loans worth $10 trillion (£6·4 trillion) priced off Libor … $350 trillion … $564 trillion […]
   … Barclays is just the first bank to settle.  … string of Libor-related cases … will drag a number of household names into a scandal … fines … will surely top $1bn …
   … damage to our national reputation caused, once again, by bankers. #    ENDS.]
   [LOOK BACK:  "JP Morgan hit with largest fine in FSA's history," The Telegraph (Britain), <http://­www.­telegraph.co.uk/­finance/­newsbys­ector/b­anksand­finance/­7801702/­JP-Morgan-hit-with-largest-fine-in-FSAs-history.html>, By Harry Wilson, Financial Services Correspondent, 10:18PM BST, 03 Jun 2010
   The Financial Service Authority on Thursday sent out a major warning to City investment banks to tighten up the way they look after their clients' money as JP Morgan received the largest fine the regulator has ever handed down, for putting as much as £16bn of customers' funds into the wrong bank account. …
   Though no money was lost, the misallocation of the funds would have meant JP Morgan's clients would have lost their money if the bank had collapsed. …
   The fine is the largest meted out by the FSA, but could have been even larger - £47.6m - but JP Morgan reported the matter to the FSA and agreed to settle at an early stage.
   Its size was calculated on the basis of 1pc of the average amount of client money improperly held in the wrong accounts by the bank.
   The amount of client money at risk varied between £1.3bn and £15.7bn and consisted of funds held with JP Morgan's futures and option business by large institutional investment management companies and hedge funds. These clients did not know that their money was potentially at risk until yesterday's announcement.
   Ironically, some of the fund managers are likely to have transferred their money to JP Morgan in the wake of Lehman Brothers collapse, as investment managers looked to put their cash into banks regarded as being safe. …
   "FSA levies largest ever fine of £33.32m on J.P.Morgan Securities Ltd for client money breaches," Financial Services Authority (Britain), <http://­www.­fsa.gov.uk/­pages/L­ibrary/­Communi­cation/­PR/2010­/089.s­html>, FSA/PN/089/2010, 03 Jun 2010
   "JP Morgan Chase settles US mortgage fraud case," British Broadcasting Corporation (BBC), <http://­www.­bbc.co.uk/­news/wo­rld-us-canada-13870440>, Last updated at 03:46 GMT, 22 June 2011
   JP Morgan Chase has agreed to pay $153.6m (£94.6m) to settle charges that it misled the buyers of complex mortgage investments as the US housing market was collapsing in 2008.
   Regulators said the bank's securities division had failed to tell customers that a hedge fund had helped select the portfolio, and then bet it would fail. …
   Release of Civil Penalties Information - JPMorgan Chase Bank, N.A. Settlement; JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs,  [US $88.3 million]  U.S. Department of the Treasury, <http://­www.­treasury.gov/­resource-center/­sanctio­ns/OFAC-Enforce­ment/Pa­ges/­20110825.­aspx>, August/25/2011
   JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of: the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011. …
   "J.P. Morgan Chase Pays $88.3 Million To Settle Sanctions Violations," The Wall Street Journal (U.S.A.), <http://­blogs.wsj.com/­corrupti­on-currents/­2011/08/25/­j-p-morgan-chase-pays-88-3-million-to-settle-sanctions-violations/>, By Samuel Rubenfeld, 5:05 PM, August 25, 2011
   J.P. Morgan Chase Bank NA agreed to pay $88.3 million in a settlement with the Treasury Department over a broad range of sanctions violations.
   Treasury said J.P. Morgan Chase violated several sanctions orders related to transactions in Cuba, Iran, Sudan and Liberia, as well as broader regulations against supporting terrorism and the proliferation of weapons of mass destruction between Dec. 15, 2005 and March 1, 2011.   ENDS.]
   [LOOK FORWARD:  Soon after, in July 2012, it was revealed that one of the disgraced bankers, who resigned, had his retirement benefit cut by a very large percentage - but he still would be getting £3 million.
   "AngloGold Ashanti Obtains US$1 Billion, Five-Year Revolving Credit Facility," PR Newswire, <http://­markets.financialcontent.com/­prnews/­news/re­ad?GUI­D=2184­3541>, By: AngloGold Ashanti via Marketwire News Releases, Posted 03:31 AM EDT, July 23, 2012
   JOHANNESBURG, SOUTH AFRICA - (Marketwire) - 07/23/12 - AngloGold Ashanti (NYSE: AU) is pleased to announce that it has signed a new US$1 billion, five-year unsecured revolving credit facility (RCF) maturing in July 2017 with its banking syndicate. This replaces the existing four-year, US$1bn unsecured RCF maturing in April 2014. The new RCF was significantly over-subscribed.
   The new facility improves the overall tenor and maturity profile of the group's existing debt facilities and further strengthens the company's balance sheet. AngloGold Ashanti seeks to continue its established track record of proactive and prudent debt structuring that enhances its certainty of funding in volatile markets. The company has investment grade credit ratings from both Moody's Investor Services and Standard & Poor's.
   Bank of Tokyo-Mitsubishi UFJ and Barclays Bank PLC acted as co-ordinators on the facility and are joined by Australia and New Zealand Banking Group Limited, Canadian Imperial Bank of Commerce, London Branch, China Construction Bank Corporation, Johannesburg Branch, Citibank, N.A., London Branch, Commonwealth Bank of Australia, Deutsche Bank AG, London Branch, Goldman Sachs International, HSBC Bank plc, Morgan Stanley Bank International Limited, Royal Bank of Canada, Scotiabank (Ireland) Limited, Standard Chartered Bank and UBS AG, London Branch as Mandated Lead Arrangers and Bookrunners with Bank of Montreal and J.P. Morgan Limited as Lead Arrangers. #   ENDS.]
   [COMMENT:  Notice that J.P. Morgan Limited are Lead Arrangers in association with other banks.  So, in spite of J. P. M. paying huge fines for helping to finance terrorists, dictators, and buyers of weapons of mass destruction, all these other banks including Goldman Sachs, for example, are happy to join in with J. P. Morgan.  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#uk-banks-rocked
[To Webpage July 10; newspaper dated July 4, 2012]

• Resources companies should employ Local Workers First; Rally Today  [Advertisement by 4 trades unions.]     

 RALLY TODAY 
 UNION AND COMMUNITY RALLY PARLIAMENT HOUSE, PERTH; Wednesday 4th July, 12 noon  

   Advertisement in The West Australian, <letters ¶ wanews com au>, ADVERTISEMENT, p 8, Wednesday, July 4, 2012
  Photo: Young Western Australians miss out when resources companies use overseas workers  
RESOURCES COMPANIES SHOULD EMPLOY
L*CAL WORKERS F1RST

   Gina Rinehart and other miners are denying many Western Australians the chance to work on our big resources projects by bringing in overseas workers. This means fewer local workers get the chance to share in our resources boom now, and fewer WA kids get the training they need for the future.
   We need State and Federal Governments to provide our kids with the training they need for mining jobs. And we need politicians that stand up to our resources companies to ensure that mining jobs go to local workers first.
   Unions and the community demand:
  1. Mining jobs go to local workers first. The Federal Government's Jobs Board should be given teeth, with with no onshore or offshore project allowed to use overseas labour, unless locals have been given full opportunity to apply for those jobs first. The State Government should make the approval of mining projects conditional on the projects maximising local employment.
  2. Mining job training is provided to local kids. Both the State and Federal Governments should invest more in training, so that young Western Australians have the skills they need for mining jobs. Resources companies should train local kids on their projects, so that they get the skills and experience to work on -future projects.
  3. Governments stand up to our resources companies. Resources companies negotiate hard to get the best deal for their shareholders and we expect our Federal and State Governments to negotiate just as hard for our interests. Ensuring our mining projects employ local workers first and train local kids is the best way of spreading the benefits of the boom throughout the whole community.
   Youth Unemployment Rate South West Metropolitan Area – 12 Month Average: [Then follows a graph giving figures labelled May '09 17%, May '10 22%, May '11 19%, May '12 25%]
   With Gorgon and Wheatstone under construction, WA is at the peak of the resources boom.  So, why is youth unemployment around Kwinana at an all-time high?  Our resources companies should use local workers first, and ensure [that] the WA community benefits from the boom.
   More info at: <http://­www.­localworke­rsfirst.com.au>. 
   Sponsored by [logos follow] AMWU, CFMEU, CEPU, Maritime Union of Australia, Facebook localworkersfirst, Twitter localsworkers 1st.
   Advertisement authorised by Steve McCartney, Australian Manufacturing Workers' Union, 121 Royal St, East Perth WA 6004.  #
   [The webpage has:] Copyright © 2012 - Local Workers First

http://www.johnm.multiline.com.au/cont24.htm#resources-companies-should
[July 04, 2012]

• [RBS sued for £3 billion; Prison for German banker; Double-dip recession; Trust moves shares to Caymans; Xmas savings club collapses.] 

[RBS sued for £3 billion; Prison for German banker; Double-dip recession; Trust moves shares to Caymans; Xmas savings club collapses.]

   The Telegraph (Expat) (labelled for Expatriate Britons, sold in various countries), <weekly ¶ telegraph co uk>, Editorial Office 111 Buckingham Palace Rd, London SW 1W 0DT. Tel. +44 207 931 2000; Business Digest, p 37, July 4-10, 2012
   WEDNESDAY, JUNE 27
   • BANKING:‘I’M NOT TO BLAME,’ SAYS GOODWIN      
   Former directors of Royal Bank of Scotland, including the lender's disgraced chief executive, Fred Goodwin, have denied claims that they did wrong before the bank's collapse.
   In response to a lawsuit brought by RBS shareholders, the directors describe the legal action as a "classic case of an allegation made with the benefit of hindsight".
   Mr Goodwin, along with former chairman Sir Tom McKillop, Johnny Cameron, the former head of the RBS investment banking arm, and several other former directors, are being sued for £3bn by thousands of investors who lost money as a result of the near-collapse of the bank in October 2008. RBS has also been named in the action.
   In a letter sent by lawyers Herbert Smith, acting for the former directors, they deny the bank made "untrue or misleading statements" for a £12bn rights issue completed only months before RBS was forced to ask for an emergency bail-out from the taxpayer that ended up costing £45.5bn in direct support and more than £200bn in state-guaranteed insurance and loans. #
   THURSDAY JUNE 28
   • FORMULA ONE: BANKER JAILED FOR TAKING BRIBES    
   The German banker who confessed to taking bribes from Bernie Ecclestone in connection to the 2006 sale of Formula One to private equity has been jailed for eight-and-a-half years.
   Gerhard Gribkowsky was convicted of tax evasion, bribery and breach of fiduciary duty over his involvement in the controversial sale of F 1 to CVC in 2005. He said he received a $44m (£28m) bribe from Mr Ecclestone and Bambino, the Ecclestone family trust, for ensuring the sale went according to Mr Ecclestone's plans.
   This version of events has always been denied by Mr Ecclestone, who claims he was the victim of a "subtle shakedown". He said Gribkowsky threatened to report him over alleged tax evasion. #
   FRIDAY JUNE 29
   • ECONOMY: DEEPER DOUBLE-DIP RECESSION    
   Britain's double-dip recession has been deeper than first thought, according to official figures that showed the economy shrank by 0·7pc in the six months to March.
   The Office for National Statistics (ONS) confirmed that the economy shrank by 0.3pc in the three months to March, unchanged on its previous estimate, but revised the data for the final quarter of 2011 from a contraction of 0.3pc to 0.4pc.
   The figures also revealed the toll the double-dip has taken on families. Household disposable income has fallen by 1.8pc in the six months of the recession, split evenly between the first quarter of this year and the final three months of 2011 - causing consumer spending to drop 0.1 pc in the quarter.
   Weak household finances are chipping away at growth elsewhere in the economy. Spending has fallen in four of the last five quarters, and a new Bank of England report suggests there is little prospect of relief: mortgage borrowing costs are due to rise "significantly", it said. #
   • COMMODITIES: GLENCORE BUYS TIME FOR MERGER    
   Glencore's finance director has moved shares worth £200m into trusts, at least one of which is based in the Cayman Islands, as the commodity giant's merger with Xstrata is on the verge of unravelling.
   Disclosure of the transfer of more than 70m shares belonging to Steven Kalmin came as Glencore bought time to persuade the Qataris to back its planned merger.
   After the shock demand from Xstrata's second-biggest shareholder, Qatar, for better terms for Xstrata shareholders, the miner and Glencore said they would push back shareholder meetings on the deal from July 11 and 12.
   Sources said shareholder voting on the merger was now likely to take place around the start of August. This means it could fall after Xstrata's half-year results on August 7, which are expected to show that the miner has taken a hit from the recent slide in thermal coal prices.
   "We believe a vote taking place after Xstrata's first-half results will reinvigorate the relative quality of earnings debate, which is likely to be to Glencore's advantage and will reduce the pressure for Glencore to materially sweeten its offer," said analysts at Liberum Capital.
     However, Qatar Holding, the Gulf state's sovereign wealth vehicle, which holds more than 10pc of Xstrata shares, takes a longer-term view. It is demanding 3.25 Glencore shares for each Xstrata share it holds, handing it a bigger share of the new company than the 2.8 shares currently offered to investors.
   "While a bump to 3.25 seems unlikely, we believe Glencore can stomach a more modest bump to ensure Xstrata's largest shareholder {excluding Glencore} is on board with the deal," Jeff Largey, at Macquarie Capita, said. #
   • FAREPAK: CABLE ASKS FSA TO LOOK AT HBOS ROLE    
   HBOS could face regulatory sanction over its part in the collapse of the Christmas saving club Farepak after the Financial Services Authority (FSA) was asked to look at the case.
   The Business Secretary, Vince Cable, has referred HBOS, now part of Lloyds Banking Group, to the FSA after his prosecution of Farepak directors collapsed.
   He said he would contact HBOS to establish how they will respond to calls for the bank to pay more into Farepak creditors' compensation fund.
   "I have written to HBOS to seek their views on the statement of the judge … and to understand what the next steps might be, especially when it comes to increasing the compensation fund," he said. "I have also written to the FSA to seek their views on the comments made by the judge in respect of the bank."
   Mr Justice Smith exonerated the directors of Farepak for the collapse of Farepak, pointing the finger at HBOS instead. Farepak customers have yet to receive anything from the company. #

   [COMMENT:  The trickery and dishonesty displayed in just these few newsitems show that business, left to itself, cannot be trusted.  There have been years of removing regulations that had been brought in after the experience gained by the unnecessary Great Depression of 1926-41, and the unnecessary World War II of 1939-45.  In an ideal world, business would be self-regulating, but the world that has floods, droughts, earthquakes, tsunamis, and volcanoes is not an ideal world.  COMMENT ENDS.]
   [FLAGS  are NOT in the printed article; the Webmaster has added them.   ENDS.]
   [BRACES or "Curly Brackets" - "{" and "}" - in news and comment articles on this Website replace the "Square Brackets" - "[" and "]" - that are in the articles.  Where "[" and "]" are used on this Website, they usually enclose words added by the Webmaster.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#rbs-sued-for
[Jul 4-10, 2012]

• Jeff Kennett: The Coles freshly baked "con".     

Jeff Kennett: The Coles freshly baked "con"

   Radio 3AW (Radio Station, 693, Melbourne, Victoria, Australia), <http://­www.­3aw.com.au/­blogs/b­reaking-news-blog/jeff-kennett-the-coles-freshly-baked-con/20120705-21ij2.­html?­page=0>, Posted by: Michael James & Ned Franklin | 5 July, 2012 - 10:53 AM, Thursday, July 5, 2012
   THURSDAY [July 5]: A fired-up Jeff Kennett has used his spot on the Neil Mitchell program to hit out at misleading tactics used by a major supermarket which he argues is forcing Australian manufacturers out of business.
   The former Premier raised the issue about the 'predatory action' of supermarkets back in March and says he has since received more information to confirm his initial concerns.
   LISTEN BELOW: Jeff Kennett speaks with Neil Mitchell
   Kennett says that Coles is the major culprit and provided an example of a new sourdough bread called "Cuisine Royale" which boasts on the wrapper "Baked Today, Sold Today" and "Freshly baked in-store, Coles Bakery".
  [Picture] IMAGE: Jeff Kennett points to the 'Freshly baked In-Store' sticker  
   In very small print down of [sic] bottom of the printed sticker it says "Made in Ireland".
   Kennett says that "There are approximately 6,000 containers of loaves, muffins and breadsticks being imported by Coles, products sold through very smart display units, in their stores around the country."
   "Now, all of this product, for you mums and dads out there who shop at Coles, is imported from Ireland" Kennett told Neil Mitchell.
   "It is so serious that I've written to the ACCC, and later today I'll be sending that letter and these products to them for their investigation".
   "This is a con, and this is what is happening to manufacturing right around Australia at the moment. I have sufficient evidence from a number of industries."
   "They say they support Australian Manufacturing, they do not, they are driving them out of the country" Kennett argued.
   THE NEIL MITCHELL PROGRAM HAS SOUGHT COMMENT FROM COLES.
   LISTEN: Jeff Kennett speaks with Neil Mitchell [Go to the 3AW webpage to see and hear the video.] #

   [RECAPITULATION:  Kennett says that "There are approximately 6,000 containers of loaves, muffins and breadsticks being imported by Coles, products sold through very smart display units, in their stores around the country."  ENDS.]
   [COMMENT:  On a Western Australian radio interview it was stated that Coles' method is to approach local manufacturers or producers, and say that if they want Coles to buy their products, all their accounting papers have to be checked by Coles, and the suppliers will then be allowed a 3 per cent markup on costs.
   Coles had previously approximately halved their price of milk, offering less than before to milk factories, so pressuring the Western Australian dairy cow farmers that a number of them are selling their herds or otherwise leaving the industry. 
   Harvey Fresh, a dairy processing plant at Harvey, south-west Western Australia, has been left with a large number of cows to care for. COMMENT ENDS.]
   [COLES REPLY  on July 6: <http://­www.­3aw.com.au/­blogs/b­reaking-news-blog/statement-from-coles-super­markets/­20120706-21l8n.h­tml" target= "display">.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#jeff-kennett-the-coles
[July 05, 2012]

• CASEY, Michael; 2012;    The Unfair Trade  

  [Book]       

Miners 'wield too much power'

   The West Australian, <http://­www.­thewest.com.au>, by Nick Evans, p 29, Thursday, July 5, 2012
  [Picture] Spreading the word: Michael Casey has launched a book on the causes and implications of the turmoil on global financial markets.    Picture: Lee Griffith  
   Perth mining executives won't be happy to be compared to the Wall Street bankers who helped the world economy to the 2008 melt-down, but it's a likeness Michael Casey is happy to make, albeit with some conditions.
   Back in Perth to launch his latest book, the veteran Wall Street Journal and Dow Jones reporter, who began his career at The West Australian, likens the mining industry campaign against former prime minister Kevin Rudd to the Wall Street operatives who have paralysed decision-making in Washington in the wake of the global financial crisis.
  ‘These powerful institutions have to bear a bigger cross than they are [bearing]. ’  
   Launched last night, The Unfair Trade is a broad-ranging look at the "distorting incentives" that have driven the breakdown of the global financial system.
   From the compulsive saving that slows the growth of the Chinese consumer economy, to the loss of blue-collar jobs in the US, to the Perth property bubble and the Mexican drug war, the book deftly links the forces that have dominated world economic conditions with personal stories of their effects on the lives of ordinary people.
   The book is no left-wing critique. As you'd expect from a Wall Street Journal reporter, Casey is a firm believer in capitalism, but he argues the effects of political lobbying and lackadaisical and poorly thought out government regulation are killing off the middle classes across the globe.
   The influence of dominant industries, distorting the rules for their own benefit and preventing markets from operating properly, underlies this trend.
   Casey said the pernicious influence of the banking lobby in the US was obvious, but Australia faced issues with the dominance of the. mining industry.
   "Whatever elite sector happens to be the driver of your economy at a given moment – as financial services is in the US, and mining is here – has an enormous amount of power.
   "It's partly because they own the politicians, and it's partly because they hold this Damocles sword threat over politicians' heads – this idea that mining is the golden goose and if you kill it then how are you going to get out of this mess."
   The campaign against the former Rudd government's resource super profits tax and against carbon pricing, mirrors some of the problems Europe faces in dealing with its teetering banking sector.
   "You've got these financial institutions saying 'Look, you can't let this bank fail because you'll bring down the eurozone. So bail us out, but maintain austerity in place for the Spanish people and the Greeks'," he said.
   "All it does is breed this vicious cycle of resentment and ultimately negative growth.
   "So we have to somehow confront the fact that there's a price to be paid and that these institutions, these overly powerful institutions, have to bear a bigger cross than they are – and if that means some job growth is sacrificed in the interim period then that's the price we have to pay," he said.
   He said leadership at the national and international level was needed – of the type shown by former US president Teddy Roosevelt, who used anti-trust legislation against the biggest names in early 20th century business to support competitive markets.
   "I think Roosevelt was a shining example," he said. "Here he is, a Republican, who saw the damage that was being done by the robber barons – and the robber barons of the late 19th century are like the 'too big to fail' banks of the US now, or the too big to fail mining companies of Australia.
   "And he took them on .. and set the path for the most amazing century of prosperity and wealth creation in history – one that America dominated, partly because of the competitive framework he was able to create.
   "Translate that to the global sphere and we have an opportunity to really reap the benefits of globalisation." #

   [RECAPITULATION:  "It's partly because they own the politicians, …
   "You've got these financial institutions saying 'Look, you can't let this bank fail because you'll bring down the eurozone.  So bail us out, but maintain austerity in place for the Spanish people and the Greeks'," he said.  ENDS.]
   [COMMENT:  Quite so.  The world has also just seen a multinational drug company fined billions for telling lies to American doctors and patients, and one of the biggest British banks chief resign in disgrace, so this book comes at an opportune time.  However, unless politicians and The Establishment realise that banks are only able to create credit because the economic system is not self-liquidating, and that the scarcity value of land and similar assets means they increase in price faster than inflation, the world will continue to have cycles of growth followed by recessions or depressions, and the real credit of the nations will be wasted by unnecessary trade and even more unnecessary wars.  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#the-unfair-trade
[Book published 2012; Newsitem July 5, 2012]

• Coles CEO Ian McLeod Hits Back At Claims They Are Not Supporting Aussie Manufacturers.     

Coles CEO Ian McLeod Hits Back At Claims They Are Not Supporting Aussie Manufacturers

   Triple M, (Melbourne radio station), <http://­www.­triplem.com.au/­melbour­ne/show­s/hot-breakfast-eddie-mcguire/blog/coles-ceo-ian-mcleod-hits-back-at-claims-they-are-not-supporting-aussie-manufact­urers/­20120706-go0g.html>, Post by: The Hot Breakfast, 8:43 AM, 6 July, 2012
   Coles has hit back at Jeff Kennett's claims that it's not supporting Aussie manufacturers and is driving them overseas.
   The former premier was pointing the finger at bread baked in the store but imported from Ireland.
   Coles CEO Ian McLeod told Eddie McGuire on Triple M Melbourne's The Hot Breakfast he was making a mountain out of a molehill.
   "99.5 percent of the bread that we sell in our stores is Australian made and it's made by 3000 Australian bakers and team members in our stores who get up early every morning to bake that bread for our Australian customers," Ian McLeod told The Hot Breakfast. #
   [Listen to the full audio on the Triple M webpage.]

   [RECAPITULATION:  "99.5 percent of the bread that we sell in our stores is Australian made …" ENDS.]
   [COMMENT:  100% would be what the Just World Campaign would think Federal, State, and Local Governments ought to be mandating.  "Food security" is an aim that every self-respecting country ought to be practising.  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#coles-ceo-ian
[8.43am, July 6, 2012]

• Coles 'freshly baked' bread a con.     

Coles 'freshly baked' bread a con

   Weekly Times, <http://­www.­weeklytimesnow.com.au/­article/­2012/07/06/­505805_p­rint_fr­iendly_a­rticl­e.html>, Friday. July 6, 2012
   JEFF Kennett has demanded the consumer watchdog step up its investigation of the supermarket giants.
   He has launched a fiery attack on Coles for manipulating its market power and "deceiving" customers by selling foreign bread as freshly baked.
   The former Victorian premier has sent a box of Coles' Irish-made Cuisine Royale bread and muffins to the Australian Competition & Consumer Commission, along with a strongly worded letter urging it to examine the supermarket's "predatory" relationship with local produce suppliers.
   "Coles is trying to drive producers and farmers out of business here," he said. "While Coles says 'Oh, yes, we're in support of local industry', the reality is their performance is quite different.
   "They're working towards a position where in a short period of time there will be no Australian manufacturers."
   He pointed to the Cuisine Royale bread now being sold at Coles with labels claiming "baked today" in-store, but small print revealing it is made from foreign ingredients in Ireland.
   The bread has been parbaked and shipped to Australia in refrigerated containers before being finished by Coles.
   "This is a con," Mr Kennett said. "The presentation of this product to the public, while technically correct, is deliberately misleading.
   "The ACCC has done nothing about it and the politicians don't seem to give a damn."
   Mr Kennett said Coles's suppliers had told him they were being forced to open their books and justify their costs before the supermarket giant offered them shelf space with no more than a 3 per cent profit margin, putting many in financial jeopardy.
   Coles spokesman Jim Cooper said the company looked to have "fair and sustainable relationships" with suppliers, but did not deny an "open books" policy.
   He said Mr Kennett was "making mountains out of molehills" about the Irish bread: "It is simply another branded option for customers, and they will decide whether (it) stays on our shelves ."
   An ACCC spokesman said the watchdog encouraged anyone with concerns about the major supermarkets' relations with suppliers to come forward. "The ACCC has been engaging with suppliers and representative groups in relation to these issues," he said.
   A parliamentary committee is investigating the supermarket competition regime and the viability of food processors. #
   Read more on The Australian webpage: http://www.theaustralian.com.au/news/nation/coless-freshly-baked-irish-bread-a-con-kennett-tells-accc/story-e6frg6nf-1226418315364.

   [RECAPITULATION:  Mr Kennett said Coles's suppliers had told him they were being forced to open their books and justify their costs before the supermarket giant offered them shelf space with no more than a 3 per cent profit margin, putting many in financial jeopardy ENDS.]
   [COMMENT:  Well, well, well.  3% to suppliers, but presumably the sky's the limit for Coles if Coles can obtain goods from the $2 a day wage-earners in some countries.  The 3% profit margin is below the bond rate (so important in Labor Party eyes in relation to mining profits), so why would anyone farm, fish, manufacture, or go into business for 3%?  COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#coles-freshly-baked
[July 6, 2012]

• Statement from Coles Supermarkets 

Statement from Coles Supermarkets

   3AW, <http://­www.­3aw.com.au/­blogs/b­reaking-news-blog/statement-from-coles-super­markets/­20120706-21l8n.html>, Posted by: 3AW ONLINE, 11:44 AM, Friday, 6 July, 2012
  
   Coles managing director Ian McLeod has replied to assertions by Jeff Kennett that they are using dirty tactics to sell imported bread.
   Neil Mitchell said that he considered the statement to be 'nonsensical' and questioned whether to read it out on his program.
   You can make up your own mind.   COLES MANAGING DIRECTOR IAN McLEOD'S WRITTEN RESPONSE TO THE NEIL MITCHELL PROGRAM:  
   I am sorry that I could not speak in person on your program [programme] today. However, I am keen for your listeners to hear the facts.
   Claims about Cuisine Royale products sold by Coles are ridiculous. It is making mountains out of molehills. It is simply a trial of one new branded bread line, and customers will decide if it stays on our shelves.
   Contrary to claims, Cuisine Royale is not being used to pressure local bread makers, and it has not pushed any locally-made bread off our shelves. Over 99 per cent of the 3.8 million loaves of bread we sell each week in Coles' stores is made in Australia with local ingredients. That will not be changing.
   Coles has 3000 baking team members making Coles bread every day, and what we bake today, we sell today. Coles also supports many small Australian business, like Bread Solutions here in Victoria to grow and prosper, creating 170 Victorian jobs in the last two years making beautiful rustic bread.
   Coles is firm but fair in its supplier relationships and we look to build long-term partnerships that help these businesses invest and grow and we have numerous examples to support this.
   While we always look to strike fair and sustainable pricing arrangements, we will always challenge our suppliers to ensure that our customers are not paying more for essential food and groceries than they absolutely have to.
   After a decade of food inflation, Coles has worked hard to drive food prices down to help Australian families combat rising living costs and we will continue to offer great value for our customers.
   I look forward to talking to you again in the near future about this and other issues.
   Regards
   Ian McLeod
#

   [LISTEN  on the 3AW webpage:  Neil Mitchell and Justin Smith speak about the Coles response  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#statement-from-coles
[11.44am, July 06, 2012]

• [Coles replies to Kennett's freshly baked "con" charge]     

[Coles replies to Kennett's freshly baked "con" charge]

   Radio 3AW (Radio Station, 693, Melbourne, Victoria, Australia), <http://­www.­3aw.com.au/­blogs/b­reaking-news-blog/jeff-kennett-the-coles-freshly-baked-con/20120705-21ij2.­html?­page=0>, 11am, Friday, July 6, 2012
   FRIDAY 11AM: Coles have finally replied to the imported bread assertions from Jeff Kennett.
   Neil considers the response to be 'nonsensical'.
   You can make up your own mind.
   Read the full statement here. # <http://­www.­3aw.com.au/­blogs/b­reaking-news-blog/statement-from-coles-super­markets/­20120706-21l8n.h­tml" target= "display">.

http://www.johnm.multiline.com.au/cont24.htm#coles-replies-to
[11am, July 06, 2012]

• HSBC 'allowed drug cartels to launder money'  [2002-09. Terror networks, shady weapons dealers, and drug gangs included.]         

HSBC ‘allowed drug cartels to launder money’


US senate probe has found that Europe's largest bank had lax controls that allowed money laundering for seven years.
   Aljazeera Net (Arabic independent TV based in Qatar), <http://­www.­aljazeera.com/­news/am­ericas/­2012/07/­2012716­2131391­57207.­html>, Last Modified: 13:14, Tuesday, July 17, 2012
  [Picture] HSBC says its executives will apologise for the lapses and promises to fix the problems {Reuters}  
   Lax controls at Europe's largest bank, HSBC, allowed Mexican drug cartels to launder billions of dollars through its US operations, an investigation by the US senate has found.
   The extensive report on London-based HSBC Holdings PLC by the Senate Permanent Subcommittee on Investigations also says US regulators knew the bank had a poor system to detect problems but failed to take action.
   HSBC executives brushed off complaints from other bank employees, so that the problems persisted for eight years, the report says.
     In addition, some HSBC bank affiliates skirted US government bans against financial transactions with Iran and other countries, according to the report.
       And HSBC's US division provided money and banking services to some banks in Saudi Arabia and Bangladesh believed to have helped fund al-Qaeda and other terrorist groups, the report said.
   The subcommittee released the report Monday ahead of a Tuesday hearing on the topic. HSBC released a statement saying its executives will offer a formal apology at the hearing.
   "We will apologise, acknowledge these mistakes, answer for our actions and give our absolute commitment to fixing what went wrong," the statement said.
   The US Justice Department said it is conducting a criminal investigation into HSBC's operations but declined to confirm that the bank is in settlement talks.
     The US investigations follow the Barclays Bank scandal in the UK over manipulated interest rates, which has provoked international outrage over what many view as regulators' failure to enforce financial regulation.
   HSBC's net income last year was $16.8bn. It operates in about 80 countries around the world. Its US division is among the top 10 banks operating in the United States. It has assets of roughly $210bn in its US operations.
   Illicit money
   Money laundering takes profits from the trafficking of drugs, arms or other illicit activities and passes them through bank accounts to disguise the illegal activity.
   The bank used its US operation as a "gateway" into the US financial system for other HSBC affiliates, Senator Carl Levin, the subcommittee's chairman, told reporters Monday.
       Because of lax controls against money laundering, HSBC Bank USA "exposed the United States to Mexican drug money" and other suspicious funds, Levin said.
   The report says the drug cartels laundered money through the bank's US division from 2002 through 2009.
   "In an age of international terrorism, drug violence in our streets and on our borders, and organized crime, stopping illicit money flows that support those atrocities is a national security imperative," Levin said Monday.
   The bank said in its statement that it changed its senior management last year and has made changes to strengthen its compliance with rules to prevent money laundering.
   "We … recognize that our controls could and should have been stronger and more effective in order to spot and deal with unacceptable behaviour," the statement said.
   Levin also blasted the federal agency supervising the bank's US operations, the Office of the Comptroller of the Currency.  He said the agency "tolerated" HSBC's weak controls against money laundering for years.
   Thomas Curry, who heads the Office of the Comptroller of the Currency, also will testify at Tuesday's hearing.
   Compliance with anti-money laundering laws "is crucial to our nation's efforts to combat criminal activity and terrorism," Curry said in a statement.  He said the agency expects banks to have adequate programs in place to comply with the laws.
   The Wall Street Journal reported Monday that HSBC and the Justice Department have been in settlement talks and an accord could be struck within weeks.
   Alisa Finelli, a spokesperson for the Justice Department, acknowledged that an investigation is under way but declined to comment on possible settlement discussions or a deal. #

   [RECAPITULATION:  HSBC's net income last year was $16.8bn. It operates in about 80 countries around the world. Its US division is among the top 10 banks operating in the United States. It has assets of roughly $210bn in its US operations.  ENDS.]
   [COMMENT:  It would be instructive if some research was done to calculate how many people will be killed through these illegal money transfers by this one bank, allegedly helping terrorists, illegal weapons dealers, and drug gangs.  "Money reformers" have been warning of the dangers posed by the banking system for decades, if not centuries.  COMMENT ENDS.]
   [LINK/S:  THE LIBOR SCANDAL:
   Diamond resigns <http://­www.­aljazeera.com/news/europe/2012/07/20127364531126594.html> from scandal-hit Barclays
   Counting the Cost: <http://­www.­aljazeera.com/programmes/countingthecost/2012/07/20127712473140351.html>.  The impact of the rate-rigging scandal
   Inside Story: <http://­www.­aljazeera.com/programmes/insidestory/2012/07/2012745483253266.html>.  is there more to come?
   Timeline: The rate-fixing scandal <http://­www.­aljazeera.com/news/europe/2012/07/2012717114448228725.html>.]
   [FLAGS  are NOT in the printed article; the Webmaster has added them.   ENDS.]
   [BRACES or "Curly Brackets" - "{" and "}" - in news and comment articles on this Website replace the "Square Brackets" - "[" and "]" - that are in the articles.  Where "[" and "]" are used on this Website, they either enclose words added by the Webmaster, or details of an image or illustration.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#hsbc-allowed-drug
[Jul 17, 2012]

• [Queen's discontent, but millions killed, unsafe water, war weapons, build homes not tall buildings]
 
Voice mail

[Queen’s discontent, but millions killed, unsafe water, war weapons]

 
   The Perth Voice (free newspaper, Perth, W. Australia), <http://­www.­perthvoice.com>, <news [at] perthvoice [dot] com>, Letters to The Editor, p 4, Saturday, July 21, 2012

Bent compass

       
   YOU cannot claim a moral compass if it is skewed and bent.
   Our news media is crucial to our national consciousness, and to our children's form and content. An Australia-wide lead news item was the Queen's alleged discontent at honeymoon photos of her grandson being published.
   However the news media makes just about zero mention of the 10 million Congolese who have been killed since 1996. Many of you will think: "That's genocide, how wouldn't we know about this? This is more than 12 times the genocidal deaths in Rwanda during 1994."
   That's right, our moral compass needs repair so our consciousness isn't damaged any further, and vacuums of inhumanity slide by out of sight out of mind.
   What is more important? The Queen's discontent or 10 million dead and counting?
   Gerry Georgatos,
   Robyn St, Menora

A human infestation

   
   NO doubt the Rwanda massacre was a terrible happening and we should heed the so far unspoken message, that it was caused by an excessive population growth.
   First, a few short years before the tragedy took place I had read an account of what was happening there by a retired British First Officer who went back there on a holiday 25 years later.
   He was stunned by the massive destruction of his beloved forest. Razed to the ground to make room for subsistence settlers and prone to soil erosion, where a crop failure would spell a disaster.
   Looking into it he was amazed to find out that while he was away his local population had quadrupled thanks to the efforts of French RC missionaries who had banned the sale of contraceptives and urged people to have large families. Given that most of these people were distillate, [sic.: "destitute" is more likely] it was highly irresponsible to let them fend for themselves.
   Today all the signs are there about the stress caused by an over-populated world. To start with, a reminder that about four billion people have to live on less than $3 per day with many of them deprived of access to clean and adequate quantizes of water.
   Hedge fund activities in third world countries have driven many small farmers to suicide. Other victims of ruined local economics no longer kill their neighbours, instead they are prepared to die in their desperate efforts to join the affluent world, which is also going downhill thanks to the greed of the corporate world.
   The good news is that millions of ordinary men and women in this affluent world are endorsing the Chinese zero population growth policy aiming for negative growth. They don't fancy raising children whose lives will be at the service of businessman and the self-serving ruling classes, with their inflated salaries and perks.
   Far from taking note of the people's wishes, our leaders worldwide are still promoting growth at all cost as they see more people equals more shortages equals more profits. Isn't it brilliant!
   When it comes to the international community's indifference to the conflict it isn't surprising given the UN is under the firm grip of the US which hasn't a good record of saving lives in third world countries.
   For instance when about two years ago the UN asked for $10 billion to relieve dire poverty world wide it received a mere $lb; meanwhile the affluent world spent $1700 billion in 2011 on military expenditures, with the US leading the way with massive stacks of weapons, chemicals and viruses of mass destruction.
   Frank Schenk
   McDonald St, Osborne Park

Homes instead

     
   DEAR planning minister John Day, thank you you for your June 21 letter responding to my May 17 e-mail to premier Colin Barnett about digging up a Crown reserve, the Esplanade.
   Your arguments did not convince me, because the long-term plan is to take away the reclaimed land (yes, reclaimed from the Swan River to stop the reek of the rushes etc, near the marshy river bank), which was set aside for the enjoyment of the general population.
   The proposed canals, besides reeking and possibly breeding mosquitoes, can be used to bring contraband goods and illegal immigrants close to the city's heart. The lower floor or floors of the buildings, standing on land hardly above the river's high tide mark will be subject to flooding during unusual storms and/or upcountry rainfall events.
   But the worst aspect of all is, that like our coalmines, and soon our electricity companies, this crucial piece of heritage land is destined to fall into the hands of overseas interests, including those of the Chinese dictatorship, and an equally warlike nation, India. Or the land might fall into British, German, or US hands, instead of belonging to the people who live here in Australia.
   With the supposed shortage of workers, where will the skilled, semiskilled, and low-skilled workers be found to do all this work on the river bank ? Need I add that the huge waste of funds, like that wasted by a previous government on the "Swan Bells" and the square (formerly called "Union Jack Square") could be put to better use, eg, prefabricated houses ought to be built and placed on the 20,000 vacant allotments in the metropolitan area, and similar land being held by "dogs in the manger" in provincial areas. These houses could then house the thousands of homeless and the evictees.
   Heritage listing will be of little use if only a minority of future generations will have any real attachment to the Swan River Colony, the British Commonwealth of Nations, and Perth's early days. I request that the work be stopped, and the money be used for useful things such as resettling the homeless.
   John C Massam
   Cobine Way, Greenwood

   The Ed says: This letter was edited for length

http://www.johnm.multiline.com.au/australia/austchron6.htm#queen-s-discontent-but
[July 21, 2012]

• The meaning of words
  [How, in power, politicians do the opposite of what they previously preached.]   
OPINION

The meaning of words  [How, in power, politicians do the opposite of what they previously preached.]

 
   The Record (Western Australian weekly newspaper), <office ¶ therecord com au>, to The Editor, p 16, Wednesday, July 25, 2012
   LEXICOLOGISTS have been warning, over a number of years, that the meaning of words, in the English language, has been deliberately changed.
   This has been achieved through the way in which they have written and in the way they have [been] spoken.
   A clearly written editorial in The Record (June 27th, 2012) has shown how the meaning of words can also be changed by the way in which we live in those words.
   William D Cohan, in his book Money and Power: How Goldman Sachs Came to Rule the World (2011) recounts a dinner party thrown, in 1990, for Bob Rubin after he became co-chairman of Goldman Sachs.
   At the dinner Ruben spoke of his country's federal deficit and the lack of focus on how to close it.  He went on to say, in addition, that there was a deep denial of a drug problem, there was poverty in the inner cities and deterioration of the education system.
   He felt that the political process would not do what was needed and a failure to do so would risk inexorable national decline.
   An article in The Weekend Australian (June 23-24, 2012) shows that for years, President Obama talked about the limits on presidential power.  Now, he's working to build a powerful presidency that pushes the envelope for what it can do, while often telling the US Congress and the courts to mind their own business.
   In the last week alone, he refused a subpoena to share Justice Department e-mails with Congress, told courts he does not have to justify his claimed power to assassinate suspected terrorists, and decided to stop deporting certain illegal immigrants.
   His administration argued, in a late-night court filing, that it should not be required to reveal anything about its policy of targeting suspected terrorists abroad for death by drones, even if these are US citizens.
   If this is the new democracy of the 21st century then Rubin's forecast was highly accurate.
   John McKay, COTTESLOE, WA #

http://www.johnm.multiline.com.au/cont24.htm#the-meaning-of
[July 25, 2012]

• House prices fair: Reserve.     
GOVERNOR BUOYANT

House prices fair: Reserve

   The West Australian, <http://­www.­thewest.com.au>, <letters ¶ wanews com au>, from Fairfax news group, p 9, Wednesday, July 25, 2012
   Sydney – The governor of the Reserve Bank has defended the level of Australia's house prices and says housing affordability is the best it has been in a decade.
   Glenn Stevens also dismissed talk of a housing bubble poised to pop. He said house prices were not unreasonably high.
   "Australian dwelling prices on a national basis have in fact declined and are now about where they were in 2002," he said. "That is, housing has become more affordable. Four or five years ago we supposedly had a housing affordability crisis. Now it seems that the problem some people fear is that of housing becoming even more affordable."
   Speaking in Sydney, Mr Stevens said he was unconvinced house prices were overvalued, even if the ratio of home prices to income, nationally, was higher in Australia than it was 15 or 20 years ago.
   He said when comparing Australian house prices to income levels with those in comparable countries, Australia appeared to be in the middle of the pack.
   "It has to be said that the housing market bubble, if that's what it is, seems to be taking quite a long time to pop – if that's what it is going to do," he said.
   "The ingredients we would look for as signalling an imminent crash seem, if anything, less in evidence now than five years ago."
   Critics have warned for years that the Australian housing market is in a bubble, much like the credit bubbles seen in Europe and the US before the global financial crisis.
   Dr Adrian Blundell-Wignall, from the Organisation for Economic Co-Operation and Development and formerly with the Reserve Bank, said this month he feared for Australia's housing market if global growth seriously faltered.
   Mr Stevens said the Australian economy was so strong it could withstand almost anything thrown at it. He said even a breakup of the European Union was surmountable, adding that Australia had been tested by the global financial crisis and come through it as effectively the world's strongest developed economy.
   Athough there were plenty of pessimists worried about China, Europe and the housing market, most ignored the nation's strong fundamentals.
   While there had been some good luck, largely because of links to China, Australia had outperformed most other parts of the world because of its economic strength. Fairfax

   [RECAPITULATION:  While there had been some good luck, largely because of links to China … ENDS.]
   [COMMENT:  Links to a dictatorship !   Evidently the slaughter at Tienamin Square has been forgotten.  "Beezness eez beezness !" 
   The real position is revealed in the fourth paragraph – housing costs more than 15 or 20 years ago.  But building efficiency and mechanisation have improved in that time.  It's not the HOUSES that are dearer, it is what they are standing on.  ENDS.]
   [FOR REAL ECONOMICS view the DVD "Real Estate 4 Ransom," directed by Karl FITZGERALD and Gavin EMMANUEL, $30 posted, <http://­www.­earthsharing.org.au/­2012/02/27/­real-estate-4-ransom-precis>, OR, <http://­www.­johnm.multiline.com.au/­books.h­tm#real-estate-for>.
   And order the book The Secret Life of Real Estate and Banking, <http://www.businesscycles.biz>, 2009, by Phillip J. ANDERSON, available from Prosper Australia (Victoria), <http://www.prosper.org.au>, 1 / 27 Hardware Lane (off Bourke St), Melbourne, Victoria, 3000, Australia, Tel. 03 9670 2754; AND from Georgist Education Association Inc. (Perth), <http://www.gea.org.au>, Tel. 08 9279 5590.   ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#house-prices-fair
[July 25, 2012]

• Rapid growth hurts our water.
  [~ 165 extra people a DAY come to live in W.A.]     

Rapid growth hurts our water

 
   The Post, (Perth western suburbs), Western Australia, Letter to The Editor, p 38, August 4, 2012
  [Picture] From the POST, July 7. Cyril Urlings manages to be frugal with water and still have a lush, productive garden. 
   Congratulations to Cyril Urlings for being sustainable with his exemplary water saving approaches ("Water-smart Cyril's bill less than $12", POST, July 7).
   We also try hard to reduce our consumption and for the past six years our annual average consumption for two people has been 32.2 kilolitres. This is way below the Water Corporation's target for Perth.
   What do I get in return or as credit? The answer is nothing.
   Instead I am asked to save another 60 litres a day to ensure the well-being of another 150 to 180 newcomers a day toWA.
   To waste more water in building houses, towers, roads, stadiums, hospitals and replenish aquifers.
   Our government is unwilling or unable to make a connection between a runaway population and its impact on restricted natural resources.
   Oddly, our universities are training so-called sustainability professionals.
   An ordinary fellow must wonder who will employ these experts.
         Otto Mueller, Windelya Road, Murdoch

   [RECAPITULATION: … another 150 to 180 newcomers a day toWA … a connection between a runaway population and its impact … ENDS.]
   [COMMENT:  And, all the time the WA (and other) governments are running up huge unpayable debts for their "houses, towers, roads, stadiums, hospitals" and to replenish aquifers.  Yes, even to refill above-ground lakes like Lake Monger, and underground lakes at places like Yanchep, the W.A. Government is pumping water from underground to replenish them!  These lakes in past years naturally replenished themselves from the underground aquifers that the Government has been pirating for decades.  COMMENT ENDS.]
   [WANT TO HELP?  Join Sustainable Population Australia Inc. (SPA), <www.­population.org.au>.  ENDS.]
   [ACKNOWLEDGEMENT: E.M.B.  ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#rapid-growth-hurts
[To webpage 08 Sep 2012; Aug 04, 2012]

• Sixteen illegals packed into one house.           
HOCKING

Sixteen illegals packed into one house

   Joondalup Times newspaper (Perth suburb), Western Australia, wannerootimes § communitynews com au , by David Gear, Page One, Tuesday, August 7, 2012
   SIXTEEN illegal workers were taken into custody from a house in Hocking on Thursday.
   Department of Immigration officers and police took the 10 Malaysian men, five Malaysian women and one Hong Kong Chinese woman to the Perth Immigration Detention Centre.
   The group, whose temporary visas had expired, had been working illegally at market gardens in the northern suburbs.
   A department spokesman said the group would be deported "as soon as possible".
   "Illegal workers in Australia will not be tolerated and the department actively investigates community reports and takes swift action to apprehend non-citizens without work rights," he said.
   "It is the responsibility of employers to ensure that non-Australian workers they hire hold a visa with valid work rights."
   Employers of illegal workers risk fines up to $13,200 and two years jail, while companies face fines up to $66,000 per worker. #

   [COMMENT:  Meanwhile, other invaders so worried a ship's captain after "rescuing" them, that he sailed out of Indonesian waters to an Australian island.  Claiming to be refugees, probably 95 per cent of them will be granted the right to stay.  Some years ago a political maverick who suggested "temporary protection visas" was laughed to scorn, then the Howard Liberal-National Government adopted it, but later the Labor Party abolished them.  The numbers of economic refugees risking their lives with people smugglers continues to climb. COMMENT ENDS.]
   [HADITH: Sahih Bukhari's, 5, 59:600:- Narrated Mujahid:  I said to Ibn 'Umar, "I want to migrate to Sham."  He said, "There is no migration, but Jihad (for Allah's Cause).  Go and offer yourself for Jihad, and if you find an opportunity for Jihad (stay there) otherwise, come back."  (In another narration) Ibn 'Umar said, "There is no migration today or after Allah's Apostle."  (and completed his statement as above.)   TRADITION ENDS.]
   [FLAGS  are NOT in the printed article; the Webmaster has added them.   ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#sixteen-illegals-packed
[Aug 07, 2012]

• Barnett has no money for law and order call.
     

Barnett has no money for law and order call.

 
   The West Australian, AND other newspapers, Letter SENT to The Editor, from John C. Massam, August 13, 2012
   WA Premier Colin Barnett won't fool many with his law and order challenge issued at the Liberal Party WA conference on Sunday (Aug 12).
   Until his cabinet can explain how the State debt has multiplied under the Liberal-National reign, how can they build the remand centres and decentralised prisons to hold the extra crop of accused ?
   Why, they can't even appoint enough bailiffs etc to collect millions owing for speeding and similar fines.
   There weren't enough people working in the DPP's office to handle the Rayney murder charge in far less than four years, and the months of delay for Dutch backpacker Linda Huiskamp is a global disgrace.  Question: Why waste time charging a co-victim of an accident ?
   WA needs less money spent on sporting extravangza buildings and digging up heritage riverfront land, and more on courthouses, legal aid, etc.
   Where will the extra police, DPP people, magistrates and judges come from to investigate, prosecute, and hear all the extra cases as the crackdown starts ?
   Some crime comes from poverty and homelessness, and in WA the public housing waiting time is from five to 11 years.
   The Liberal-National Government ought to commandeer the 20,000 vacant investment blocks in Perth and put prefabricated houses on them, which builders like Len Buckeridge would quickly supply.  The investors could be paid a modest rent.
   And, will accused and convicted children and teenagers get proper compulsory counselling to learn that the Golden Rule is how they ought to conduct themselves ?  That would cost money, too. #

http://www.johnm.multiline.com.au/cont24.htm#barnett-has-no
[Aug 13, 2012]

• Vacant lots
  [ought to be filled up with prefabricated houses and business buildings.]    

Vacant lots

 
   The Sunday Times (Perth, W. Australia), <letters § sundaytimes newsltd com au>, Letter from John C. Massam, Greenwood, W. Australia, p 46, Sunday, August 19, 2012
   SOME crime comes from poverty and homelessness, and in WA the public housing waiting time is five to 11 years.
   The State Government should commandeer the 20,000 vacant investment blocks in Perth and put prefab houses on them, which builders such as Len Buckeridge would quickly supply.
   The investors could be paid a modest rent. #

   [COMMENT: The real point behind this letter is that those who hold vacant blocks, in most cases, hold them to get an unearned capital gain.  In past years this gain was tax-free, but nowadays the Capital Gains Tax removes some of the profit from these "dogs in the manger."
   Unless the owners of each such property is made to pay the Treasury an amount equal to the capital appreciation they are gaining, society will still have evictions, homelessness, economic cycles of depression, etc. COMMENT ENDS.]
http://www.johnm.multiline.com.au/cont24.htm#vacant-lots
[Aug 19, 2012]

• £57m and rising: the cost of inquiries into British 'war crimes'     

£57m and rising: the cost of inquiries into British ‘war crimes’


More than £57 million has been spent by the Ministry of Defence investigating alleged crimes by British soldiers in Iraq.
   The Telegraph (Britain), <"http://­www.­telegraph.co.uk/­news/uk­news/de­fence/9­499330/­57m-and-rising-the-cost-of-inquiries-into-British-war-crimes.html>, By Sean Rayment and David Barrett, 9:00PM BST, August 25, 2012
   The Government is preparing to allow two controversial inquiries to run for up to another three years, with the total cost expected to exceed £100 million.
   Despite years of investigation, the two inquiries – plus a third that has already concluded – have yet to lead to a single British soldier being convicted of any crime .
   In the latest development it can be disclosed that G4S, the company whose failures led to thousands of troops being drafted in to the Olympics security effort, is poised to take up a new multi-million pound contract investigating soldiers' activities in Iraq.
   Disclosure of the escalating costs is likely to raise concerns over how money is spent by the MoD at a time of budget cuts, and will also raise further questions about G4S's suitability for such a role following the Olympic security fiasco.
   A special investigation unit, the Iraq Historic Allegations Team (IHAT), is already staffed by G4S employees and will more than double in size under a new contract which is out to tender.

   Related Articles
  • A projected £100m to remove 'war crime' stain 25 Aug 2012
  • Hundreds of British troops to be questioned 02 Sep 2012
  • Iraq War probe asks soldiers to inform on each other 03 Sep 2011
  • TA not fit for role, warn Generals 11 Feb 2012
  • G4S fiasco 'showed limitations of private sector' 14 Aug 2012
  • Olympics fiasco: G4S to be frozen out in future 22 Jul 2012

       G4S is considered to be in pole position to win, despite its failure to provide security staff for the London Olympics, which led to it being severely criticised.
       Philip Hammond, the Defence Secretary, warned that plans for further work to be outsourced to it and other private companies needed to be reconsidered.
       By November next year the IHAT, which was originally budgeted to cost £7.5 million, will have cost the taxpayer £18.2 million and could go on to run for a further two years at a cost of up to £10 million, a total of £28.2 million.
       Two other inquiries – one current, one closed – have also proved hugely expensive.
       The Baha Mousa inquiry, named after the hotel receptionist who died while in British custody, reported in September 2011 after three years and cost almost £25 million.
       The current al-Sweady inquiry was launched in January into allegations of murder and other abuses of prisoners. It has cost £12.1 million so far and is scheduled to last two years, which means that if expenditure continues at the same rate, it would cost another £43 million.
       The MoD has also incurred separate costs of £2.2 million.
       In total the three inquiries would cost almost £100 million and as much as £110 million if current expenditure is not scaled back or the timescale speeded up.
       Col Richard Kemp, a former Army commander in Afghanistan, said: "If there are allegations of illegal activity by our troops then of course they have to be investigated.
       "But this is a huge amount of money that might otherwise have been spent on more troops or better equipment to protect this country.
       "There are cases where allegations have been made in the past by people looking for money which have turned out to be without foundation."
       Patrick Mercer, a former infantry commander and Tory MP for Newark, said: "I wonder if this is the most sensible use of defence money when combat power of the three Services is being cut tremendously at a time of extraordinary instability.
       "I would have thought areas such as this investigation are ones where the axe would fall, rather than on our fighting men and women."
       The al-Sweady inquiry, which is still in its early stages, is on course to become the most expensive investigation into allegations of abuse by British troops.
       It is considering allegations that British soldiers committed a series of atrocities following a battle in southern Iraq.
       Named after Hamid al-Sweady, who died in the battle, the inquiry is set to dwarf previous abuse investigations, with more than 1,000 witnesses identified so far, of whom 861 are British and 210 are Iraqi.
       Costs incurred by the inquiry in its first seven months, up to the start of August, totalled £12,501,084. The biggest portion, £5,201,371, has been spent on "consultants" – covering the use of civilian investigators, forensic experts, translators and interpreters as well as expert witnesses. "Legal services" accounted for £2,965,222 of the bill, while general running costs, IT services, and staffing make up the remainder.
       The inquiry is expected to last at least two years and is currently in the investigative stage.
       Oral hearings are due to begin in March next year, after which the report-writing and publication will take place.
       If expenditure continues at the same rate for the next two years – the expected lifespan of the inquiry – it will cost another £43 million.
       The Baha Mousa inquiry into alleged British abuses in Iraq lasted three years and left the taxpayer with a bill of almost £25 million.
       That investigation was launched to establish the circumstances which led to the death of Mr Mousa, an Iraqi civilian who died while in Army custody in southern Iraq in September 2003.
       An earlier court martial had ended with the acquittal of six members of the Queen's Lancashire Regiment, who faced a variety of charges in connection with Mr Mousa's death.
       They included the commanding officer of the regiment, Col Jorge Mendonca, a decorated officer regarded as one of the Army's brightest stars, who was acquitted but left the service, later describing the court martial as being "hung out to dry".
       Cpl Donald Payne, who had earlier pleaded guilty to inhumane treatment, was sentenced to a year in prison.
       Although the findings of the Baha Mousa inquiry castigated the Army for the death of Mr Mousa, it also found that there was no culture of abuse within the Service, an allegation made by legal representatives of some of the Iraqi victims. There is concern within the Army and the Ministry of Defence that the inquiries are being driven by civil legal cases brought against the forces which are the result of opportunistic lawyers.
       A senior defence source said: "The Defence Secretary takes all allegations seriously, but there is growing concern that some lawyers are out there running around encouraging cases against British forces in a manner that is akin to some kind of legal supermarket sweep."
       G4S came under fire in the run-up to the London 2012 Olympics when it emerged it was unable to fulfil its £284 million contract to provide 10,400 security staff.
       It led to 4,700 additional members of the Armed Forces being drafted in to carry out work which should have been performed by G4S personnel.
       Some of the servicemen had only recently returned from tours of duty in Afghanistan and others had leave cancelled.
       An MoD spokesman said: "The MoD takes all allegations of abuse seriously which is precisely why we set up the IHAT to ensure that all allegations are, or have been, investigated appropriately.
       "The standards of conduct required of UK forces are, and have always been, in accordance with the relevant international law, and the domestic criminal law that applies to UK forces at all times.
       "Our training reinforces that and the vast majority of our servicemen and women have conducted themselves with the utmost professionalism, courage and restraint, in the most testing and hostile of environments. We await the conclusions of the IHAT investigations and ongoing public inquiries and will respond to all their recommendations."
       The Bloody Sunday inquiry, into the deaths of 14 protesters shot by British soldiers in Londonderry in 1972, was the longest and most expensive in British history. It lasted 12 years and cost £200 million. #

       In Defence [links on original webpage]
       London 2012 Olympics security: the army drafted in to keep the Games safe Olympic security in pictures
       David Cameron chats to British soldiers based at Lashkar Gah in Helmand Province Cameron in Afghanistan
       Six soldiers killed in Afghanistan named
       Graphic: British war dead in Afghanistan
       Deployment of Parachute Regiment to Afghanistan thrown into doubt
       Army cuts: 'we are no longer a major power'
       Philip Hammond- 'The MoD has balanced its books'
       Hammond: defence cuts are over
       Comments: 287

  •    [RECAPITULATION:  G4S is considered to be in pole position to win, despite its failure to provide security staff for the London Olympics, which led to it being severely criticised. Philip Hammond, the Defence Secretary, warned that plans for further work to be outsourced to it and other private companies needed to be reconsidered. * * *   Army cuts: 'we are no longer a major power'.  ENDS.]
       [COMMENT:  Read the comments on the original webpage, for the question as to who owns the shares in G4S, and whether they are making donations to politicians' electoral expenses.  Once-Great Britain is cutting its defence budget, but wasting money on still staying in Iraq (no weapons of mass destruction found) and Afghanistan (seeking Osama Bin Laden, R.I.P.). 
       BUT, shouldn't the International War Crimes Commission be holding a trial of the three war criminal politicians (BLUSH, BLIAR, and HOWODD) who caused the international community to deviate away from the hunt for Osama Bin Laden in Afghanistan, and began the illegal war on Iraq, and even after no weapons of mass destruction were found, continued an illegal occupation of Iraq ?  And now that O.B.L. has been killed in Pakistan, why is the Coaltition of the Killing still in Afghanistan ?   COMMENT ENDS.]
       [LINKS:  See newsitem in W. Australian newspaper dated Sep 3.  ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#£57m-and-rising
    [Aug 25, 2012]

    • British troops face war crimes probe: Iraq conflict.     
    IRAQ CONFLICT

    British troops face war crimes probe

       The West Australian, <http://­www.­thewest.com.au>, <letters ¶ wanews com au>, from Telegraph Group, London, p 21, Monday, September 3, 2012
       London – Up to 1000 British troops are expected to be investigated for crimes allegedly committed during the second Iraq war.
       Investigators with the Iraq Historic Allegations Team have identified more than 100 serving and former members of the armed forces whom they want to interview about the alleged torture of Iraqi civilians.
       But the number under investigation is expected to rise rapidly over the next 12 months as detectives begin reviewing evidence from two public inquiries into alleged war crimes.
       One, the al-Sweady Inquiry into the so-called Battle of Danny Boy in 2004, has identified more than 500 troops who will have to give evidence.
       Members of the SAS, the SBS, interrogators from a unit called the Joint Support Group, medics, senior officers and hundreds of soldiers are expected to be questioned.
       British lawyers acting for the Iraqis claim the abuse took place between 2003 and 2008, when many civilians were detained on suspicion of being in Shi'ite militia groups.
       The vast majority of the allegations are based on witness statements by Iraqis, most of whom are seeking financial compensation from Britain, say senior sources.
       Only a few servicemen have been prosecuted so far, and only four have been jailed. Lawyers for troops questioned by members of IHAT say the evidence against them is weak.-
       One said his client was accused of inhumane and degrading treatment of a detainee because the suspected gunman had not been allowed to eat for 24 hours.
       The lawyer said: "During the time the offence was alleged to have taken place, the Iraqi had been in British custody for only four hours.
       "It later transpired that he had been attacking British troops for at least 12 hours, which explained why he hadn't eaten. Yet those facts hadn't been considered."
       The main allegations centre on the killing of Baha Mousa, an Iraqi hotel worker in 2003; the Battle of Danny Boy, where it is alleged that British soldiers tortured and murdered Iraqi gunmen; and interrogations in Basra.
    Telegraph Group. London #

       [RECAPITULATION:  "It later transpired that he had been attacking British troops for at least 12 hours, which explained why he hadn't eaten. Yet those facts hadn't been considered." ENDS.]
       [COMMENT:  Why not consider his fighting the invaders for 12 hours ?   Could it be that the inquisition has been outsourced to a private firm, the same firm that failed to provide enough security people for the 2012 London Olympics ?   Read the UK paper's full account of August 25.  COMMENT ENDS.]
       [LINK/S:  <URLNEEDEDHERE>. ENDS.]
       [FLAGS  are NOT in the printed article; the Webmaster has added them.   ENDS.]
       [BRACES or "Curly Brackets" - "{" and "}" - in news and comment articles on this Website usually replace the "Square Brackets" - "[" and "]" - that are in the articles.  Where "[" and "]" are used on this Website, they either enclose words added by the Webmaster, or details of an image or illustration.  ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#british-troops-face
    [Sep 03, 2012]

    • Alarm sounded on African land grabs:  Moratorium demand.  [Oxfam wants World Bank to put moratorium on lending credit to buy fertile land and turn it over to palm oil, etc.] 
    MORATORIUM DEMAND

    Alarm sounded on African land grabs

       The West Australian, <www.thewest.com.au>, <letters § wanews com au>, from Telegraph Group (London), p 82, Friday, October 5, 2012
       LONDON – Land purchases by rich nations in the developing world are swallowing up as much as a third of some African states, undercutting efforts to raise food production, Oxfam has warned.
       The charity is demanding an immediate moratorium on World Bank funding for the acquisition of land, saying its figures showed an area the size of London was being sold to foreign investors every six days. The bank has trebled its lending to land deals over the past decade to more than $US8 billion ($7.8 billion).
       "The World Bank is in a unique position to help stop land grabs becoming one of the biggest scandals of the century," Oxfam chief executive Barbara Stocking said.  "Investment should be good news for developing countries, not lead to greater poverty, hunger and hardship."
       African land investment has grown as food prices rise and Gulf states and Asian tiger economies seek food and energy supplies through direct investment.
       Oxfam will also ask the British Government to push for global rules setting limits on the scope of acquisitions when it chairs the G8 group of nations next year.
       Two-thirds of land acquired by rich nation investors in the past decade is in Africa, the continent with the greatest food needs.
       Researchers found that from 2007 to 2009 only 7 per cent of land in Mozambique transferred to agricultural investors was planted with food crops.  More than a third of families there did not have enough to eat.
       There is a trend to grow bio-fuels.  Countries have also negotiated the right to export all production, even if a famine strikes the host country.
       Max Lawson, Oxfam's head of advocacy, said that 60 per cent of output from land acquired by foreign investors in developing nations was for export.
       The World Bank has rejected Oxfam's moratorium demands. "Taking such a step would do nothing to help reduce the instances of abusive practices and would likely [i.e., probably] deter responsible investors willing to apply our high standards," it said.
       The world needed to increase investment in agriculture, which was more effective in raising incomes among the very poor than growth in other sectors, it said. #

       [RECAPITULATION: There is a trend to grow bio-fuels.  Countries have also negotiated the right to export all production, even if a famine strikes the host country.  ENDS.]
       [COMMENT: Bribery will get you everywhere!  Well, it's like England receiving food exports from Ireland when potato blight caused the great Irish famine among the poorest Irish.  Evidently two or three landlords went against the trend and saved their tenants' lives.  But then, should there be landlords charging other people rent?  Is land just another commodity?  Did humans make the land?  Does bank credit come from fractional reserve banking, that is, out of thin air?  COMMENT ENDS.]
       [LINK/S:
       "Land acquired over past decade could have produced food for a billion people",  The Guardian (Britain), by John Vidal, environment editor, Thursday 4 October 2012.  <http://­www.­guardian.co.uk/­global-develop­ment/2012/oct/04/land-deals-prevent­ing-food-produc­tion>.  Oxfam calls on World Bank to stop backing foreign investors who acquire land for biofuels that could produce food. 
       "Oxfam warns of spiralling land grab in developing countries,"  The Guardian (Britain), by John Vidal, September 22, 2011. <http://­www.­guardian.co.uk/­environ­ment/­2011/sep/22/­oxfam-land-grab-develop­ing-count­ries>.  Many of world's poorest 'being left worse off by unprecedented land deals', despite claims by governments and speculators.  ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#alarm-sounded-on
    [Oct 05, 2012]

    • Business loans down.   

    Business loans down

       The West Australian, <www.thewest.com.au>, <letters § wanews com au>, by Peter Kerr, Business page 3, Wednesday, October 10, 2012
       Recent layoffs in the mining sector may be starting to flow to the rest of the WA economy, with Bankwest mirroring its parent Commonwealth Bank in posting lower business loans in August.
       Amid a tough competitive environment, latest Australian Prudential Regulation Authority figures show that as iron ore prices cooled, Bankwest's lending to business fell about 2.3 per cent in the year ended August 31.
       This was a sharper annual fall than was posted for the year ended July 31 (2 per cent).
       Outstanding loans to business – excluding those in the finance sector – were $20.38 billion at August 31, down from $20.9 billion a year earlier.
       Against this, Bankwest posted a 10.6 per cent jump in lending to owner-occupiers in the residential market over the corresponding period.
       At $48.2 billion, residential lending, including loans to the housing investor market, remains the biggest part of Bankwest's portfolio.
       Australia's two biggest banks, CBA and Westpac, also recorded a decline in business credit in the year to August.
       Business lending by CBA arid Westpac fell by 0.6 per cent and 0.1 per cent in August, respectively Analysts expect recent Reserve Bank interest rate cuts to spur demand in coming months. #

       [RECAPITULATION: (Read the last nine words.)  ENDS.]
       [COMMENT: Cutting interest rates does NOT spur demand in a permanent sustainable way.  Most Australians do not know that in spite of horrifyingly high unemployment levels overseas, the central bank interest rates in countries like the USA is about half a percent.  Australia's bank rate, set by the Reserve Bank of Australia, is around five per cent.
       Then re-read the late paragraph starting "At $48.2 billion …"  Is that bank trying to further inflate the "housing bubble," which has already put rents out of reach of the lower middle class, the working poor, the unemployed, invalids, and age pensioners?  Evictions continue, in spite of political and other leaders pretending Australia has weathered the Global Financial Crisis (GFC), and the police and public services are being cut back.
       The lesson in all of this?  Cutting back credit creation helps to cause depressions.  Reason?  The production system is not self-liquidating.   COMMENT ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#business-loans-down
    [B 3, Oct 10, 2012]

    • IMF warns on growth; Euro crisis worsens.     
    EURO CRISIS WORSENS

    IMF warns on growth

       The West Australian, by Sandrine Rastello (Washington), from Bloomberg, Business page 5, Wednesday, October 10, 2012
      [Picture] Cautrious: IMF chief economist Olivier Blanchard presents an update of its world economic outlook in Tokyo yesterday.    Picture: Associated Press  
       Washington – The International Monetary Fund has cut global growth forecasts as the euro area's debt crisis intensifies.
       The fund has also warned of even slower expansion unless officials in the US and Europe address threats to their economies.
       The world economy would grow 3.3 per cent this year, the slowest since the 2009 recession, and 3.6 per cent next year, the IMF said, compared with July predictions of 3.5 per cent in 2012 and 3.9 per cent next year.
       The Washington-based lender now sees alarmingly high risks of a steeper slowdown, with a one-in-six chance of growth slipping below 2 per cent.
       "A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component," the IMF said in its World Economic Outlook report.
       The IMF's 188 member countries are meeting in Tokyo this week as low growth dampened by fiscal consolidation in the richest economies hurts developing counterparts from China to Brazil. As the IMF urged measures to boost confidence, uncertainties out of Europe show no sign of abating, with leaders still divided over a banking union and Spain resisting a bailout.
       In Tokyo, IMF chief economist Olivier Blanchard said yields on Spanish and Italian bonds, which fell after the European Central Bank's bond-buying plan announcement, could rise if the countries did not request bailouts.
       The IMF report called for US policy makers to find an alternative to planned automatic tax increases and spending cuts that would trigger a recession.
       Europeans must follow on their commitments for a more integrated monetary union, and many emerging markets can afford to cut interest rates or pause tightening to fight off risks to their economies, the IMF said.
       The 17-country euro area economy will contract 0.4 per cent this year, 0.1 percentage point worse than forecast in July, and grow 0.2 per cent in 2013, less than the 0.7 per cent predicted three months ago, the IMF said.
       "Spain and Italy must follow through with adjustment plans that re-establish competitiveness and fiscal balance and maintain growth," Mr Blanchard wrote in a foreword to the report.  Bloomberg #

       [COMMENT: This whole article is reporting people who have completely false ideas of how economies work, and even of the history of the GFC (Global Financial Crisis) which began in 2008, not 2009.  Pushing for a "banking union" and "a more integrated monetary union" is hardly sensible, when the history of such moves in the past shows that depressions occur approximately 18 years apart, no matter what Bandaids are applied.
       For example, the world is told repeatedly that free trade (that means, no customs duties on imports) will lead to prosperity.  It didn't work in the 1920s, and it isn't working now, because real estate sops up much surplus value, and banking trickery soaks up more.  COMMENT ENDS.]
       [ANTIDOTES: Read The Secret Life of Real Estate and Banking, 2009, by Anderson, <http://­www.­johnm.multiline.com.au/­books.h­tm#secret-life-real-estate-banking>, and Economic Democracy, 1920, by Douglas. ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#imf-warns-on
    [B 5, Oct 10, 2012]

    • [Banksia collapse symptom of debt system]
       
       Numurkah Leader, PO Box 155, Numurkah, Vic, 3636, Australia; ( editorial § leader net au ), (Publication VA 1548), Letter to The Editor from Louis Cook, Numurkah, p 6, Wednesday, November 28, 2012
       PLEASE permit me a comment related to the Banksia Financials collapse.
       The collapse of Banksia was always possible, as it is with any financial institution, because it is part of a financial system that preys on all who have intercourse with it; intercourse is the proper word!
       The workings of the orthodox financial system require debt, bankruptcy and increased taxes just to keep it going and this is because all finance coming into the system is injected as a debt created by the banks and there is never enough finance available to satisfy full repaayment of the debt incurred.
       Accompanying the debt and taxes is erosion of the value of the nation's currency by the evils of compounding financial inflation.  That's right . . any cost increase is added to the previous price!
       It is important to understand this phenomenon because its effects can be closely correlated to family breakdown and suicides.
       If we accept the foregoing then nobody can live with peace of mind because we are all personally vulnerable to the likely effects of the system.
       The importance of access to adequate finance in a modern society is akin to a licence to live so it is appropriate to ask "why do we have personal poverty in this modern age?"
       It is part of a policy!  Whose policy?  Is it the Commonnwealth Government Treasurer, Wayne Swan, or perhaps the unelected Governor of the Reeserve Bank Mr Glenn Stevens or is it somebody else?
       Inflation erodes the value of savings hurting those on fixed incomes; it is used as an excuse to increase council rates and charges, likewise the operating costs of public utilities which are then passed on to consumers without negotiation or argument.
       Dear reader, if your dollar is not stretching as far as it did 12 months ago then perhaps you should closely consider the foregoing and then decide if you will vote for more next time you attend a polling booth.
       If you have not suffered enough then it is your God-given right to suffer some more!   What will you do?  – Yours etc., Louis Cook, Numurkah.

       [RECOMMENDED:  The Secret Life of Real Estate and Banking, 2009, by Phillip J. ANDERSON, of Melbourne and London, <http://­www.­johnm.­multi­line.com.­au/books­.htm­#secret-life-real-estate-banking>  ENDS.]
    http://www.johnm.multiline.com.au/cont24.htm#banksia-collapse-symptom
    [(To webpage Aug 18, 2013) Published Nov 28, 2012]
    Click: INFORMATION CLEARING HOUSE NEWS

    CONTENTS LIST and ANCHOR LIST (After reading an article, use Browser's "Back" button to return to Anchor List)
    £57m and rising: the cost of inquiries into British 'war crimes'.  BRITAIN and IRAQ: The firm that failed to provide enough security people for the London Olympics 2012, is slowly grinding up dollars investigating alleged brutality during the illegal war and occupation of Iraq.  Cpl Donald Payne was sentenced for inhumane treatment.   Aug 25, 2012
    Abbott promises to teach kids languages.  AUSTRALIA: Opposition Leader Tony Abbott wants more school pupils to learn non-English languages.  There are about 6000 of them, so there will be no shortage of choice : - )   May 11, 2012
    Act against ACTA.  In some secrecy, like the Multilateral Agreement on Investment (MAI), an international treaty on intellectual property is being organised to stifle the free exchange of ideas, and reduce cheap generic medications reaching those on low incomes.  April 2012
    Alarm sounded on African land grabs: Moratorium demand.   Oxfam wants World Bank to put moratorium on lending credit to buy fertile land and turn it over to palm oil, etc.  Oct 5, 2012
    Apex gets $4m to tide it over.  W. AUSTRALIA: Interest 20% charged on $4m, and former colleague of Joe Gutnick put in charge at a Wiluna mine.  Mar 27, 2012
    [Banksia collapse symptom of debt system.]  NUMURKAH, Victoria, Australia – All finance coming into the system is injected as a debt created by the banks and there is never enough finance available to satisfy full repaayment of the debt incurred. Nov 28, 2012
    Barnett has no money for law and order call.  PERTH, W. Australia: The State government can't even collect millions of dollars in unpaid fines, yet the Premier said there would be a greater emphasis on law and order.  (This is a favourite move by politicians before elections.)  Aug 13, 2012
    Base rate held at 0.5%.  UNITED KINGDOM: The Bank of England declared the base interest rate at half a percent.  In February the Bank of England had created £50,000,000,000 and injected it into the economy. (In spite of this, unemployment is still a serious problem).  June 12, 2012
    British troops face war crimes probe; Iraq conflict.  LONDON and IRAQ: Many Iraqis are seeking money.  Only four British troops have been gaoled.  Sep 3, 2012
    Business loans down.  AUSTRALIA: Bankwest (owned by Commonwealth Bank), Commonwealth Bank, and Westpac reduced their lending to business in the past year.  This is how Depressions are made!  Oct 10, 2012
    Clive Palmer, the Rockefellers, the CIA & the Green Agenda.  AUSTRALIA and UNITED STATES:  Tax-exempt foundations / trusts mould world opinion and events. May-June 2012
    Coles CEO Ian McLeod Hits Back At Claims They Are Not Supporting Aussie Manufacturers.  AUSTRALIA.  July 6, 2012
    [Coles replies to Kennett's freshly baked "con" charge].  AUSTRALIA. July 6, 2012
    Director banks on conspiracy of confusion.  "Margin Call" movie about the Global Financial Crisis (GFC).  The brokers knew they were selling derivatives that were worth less than what they sold them for.  Mar 16, 2012
    Economic penalty too severe; Greek tragedy. GREECE and EUROPE generally: Analysis shows Greece's reliance on government payouts to citizens, and other factors, are not that different to other countries'.  A default by Greece would be better for the Greeks, and for the future.  By Shane Wright. Mar 5, 2012
    [English the international language.]  AUSTRALIA: Letters on that and other subjects. May 14, 2012
    Enter the court jester to mock rulers in disarray. AUSTRALIA: Jokey comment about mining millionair Clive Palmer's possible threat to try for a Coalition endorsement for the seat of the Federal Treasurer (Labor's Wayne Swan). May 1, 2012
    House prices fair: Reserve.   AUSTRALIA: Reserve Bank of Australia says housing prices are fair, and the Australian economy is safe because of trade with China, a dictatorship.  Reminds the Webmaster of Lang Hancock praising some ricketty South American dictatorship years ago.  July 25, 2012
    How many languages must kids learn?  AUSTRALIA: Mr Abbott's remarks, that not enough students were learning foreign languages, led this correspondent to remind readers that there are dozens of languages being spoken in the Near North of Australia.  Esperanto was recommended.  May 11, 2012
    HSBC 'allowed drug cartels to launder money'.  2002-09. Terror networks, shady weapons dealers, and drug gangs included.  UNITED STATES and EUROPE:  US senate probe has found that Europe's largest bank had lax controls that allowed money laundering for seven years. July 17, 2012
    IMF warns on growth; Euro crisis worsens.  More centralisation is said to be the answer.  Oct 10, 2012
    Inventor ordered to pay $2m damages to investor.  WESTERN AUSTRALIA: Fuel-economy inventor Wayne Glew, who has been quoted as saying all WA courts and governments are illegal and have no real authority, has been ordered to pay damages to an investor who put money into his fuel-saving invention.  Mr Glew (who is elsewhere reported as refusing to pay rates to or obey the Geraldton local government, and is quoted in an advertisement as seeking funds to declare all local government illegal) says he would not pay a cent because the judgment could not be enforced.  Jan 30, 2012
    Jeff Kennett: The Coles freshly baked "con".  AUSTRALIA: Dough brought in from Ireland is labelled "Baked Today, Sold Today" and "Freshly baked in-store, Coles Bakery", according to the former Premier.  July 5, 2012
    • The meaning of words [How, in power, politicians do the opposite of what they previously preached.] July 25, 2012
    Meltdown trial for PM: REYKJAVIK, Iceland: Ex-PM Mr Geire Haarde is the first world leader to face trial, for negligence, over the 2008 global banking crisis.  Mar 06, 2012
    • The Mickelberg snitch.   PERTH (W. Australia): Lies by police framed three Mickelberg brothers for a swindle involving stolen cheques and gold from the mint in Perth.  Mar 11, 2012
    Palmer plan: float Titanic, sink Swan.  Labor in turmoil.  AUSTRALIA: Billionaire to build a copy of the ship Titanic by 1916, and says he will stand for federal parliament in the seat of Lilley (Brisbane, Qld.) to unseat Federal Treasurer Wayne Swan. May 1, 2012
    Polish Bishop says Social Credit is Application of Social Doctrine of the Catholic Church. POLAND: The Money Power holds the economy's life-blood in their hands, says Bishop Edward Frankowski. April 2012
    Rapid growth hurts our water. [~ 165 extra people a DAY come to live in W.A.]  PERTH (W. Australia): Letter to the Editor. Aug 4, 2012
    [RBS sued for £3 billion; Prison for German banker; Double-dip recession; Trust moves shares to Caymans; Xmas savings club collapses.]  The Telegraph (Expat), exposes how the financial system's parasites have been caught out lately, and one was even sent to prison. July 4-10, 2012
    Rents kill retailers; Traders feel pinch.  PERTH (W. Australia): At the intersection of two busy roads, the rent doubled last year.  Other retailers also leave or close because of rent pressure. Feb 5, 2012
    Resources companies should employ Local Workers First; Rally Today. Advertisement by 4 trades unions. PERTH, W. Australia. July 4, 2012
    • The sectoral accounting equation.  AUSTRALIA: To cut back on government spending during a time bank credit is contracting is insane, states John Hermann. June 01, 2012
    Sixteen illegals packed into one house. PERTH, W. Australia: These 16 have been working on vegetable-growing farmlets.  Aug 7, 2012
    Statement from ColesSupermarkets.  "Cuisine Royale is not being used to pressure local bread makers, and it has not pushed any locally-made bread off our shelves."  July 6, 2012
    Teenage asylum seekers get $2000 boost.  [Possible invaders being cared for.]  AUSTRALIA: Money for drama classes, scouts, surf lifesaving courses, soccer club membership and art / music classes.  (Austerity campaign has not reached these invaders.)  Feb 01, 2012
    UK banks rocked by rate fixing scandal. ONCE-GREAT BRITAIN: Barclays Bank fined £290,000,000 for rigging interest rates.  12 other banks being investigated. July 4, 2012
    • The Unfair Trade. PERTH (W. Australia): Book launched by Michael Casey, who says that poor government and other causes have led to super-wealthy people in various countries being given too much. July 5, 2012
    Vacant lots [ought to be filled up with prefabricated houses and business buildings.]  W. AUSTRALIA.  [The unstated point of this letter is that the unearned increment of land ought to be captured for public purposes, to prevent the parasite classes from becoming richer and richer without working, while others struggle to keep solvent.]  Aug 19, 2012
    [Water short, but export drives desire for more drinkers.]  Letter to editor Perth (W.A.) suburban papers. Mar 25, 2012
    When the jig was really up.  UNITED STATES:  Wall Street traders and bankers irresponsibly issued credit, then started closing off credit.  Fiction movie based on Lehman Brothers and the Global Financial Crisis, the collapses and bailouts of which began in 2008. Mar 15, 2012
    Why bilinguals are smarter.  UNITED STATES: Studies show bilingualism improves the brain's "executive function."   Reprint of Mar 17, 2012, on Apr 28, 2012
    'Witch' killers jailed. BRITAIN: The beliefs learned in the Democratic Republic of Congo led two immigrants to torture and kill a boy, Kristy Bamu (15), the brother of one of them. Mar 6, 2012

    MOTTO: "Expect no gratitude, and you won't be disappointed." - JCM
    COPYRIGHT, LEGAL and similar matters. Each webpage on this website and each link is subject to the normal fair-play rules of using websites, the internet, newspapers, books, etc.  For a start, read the No Warranty and Copyright section earlier in the website.  Using the webpage is taken to mean that you accept these, which can be accessed by clicking any of the following links.  The main sections are: No Warranty, Indemnity, Copyright©, Registered® Trade Marks™ and Mirroring, plus Attribution, Quotations, Reproduction, and Public Domain.

    *** NOTICE: In accordance with Title 17 U.S.C. Section 107, this material is available here without profit to people who want to read it for research and educational purposes. If you quote from this, please check (if possible) and acknowledge the ORIGINAL source. ***
    Background colour changer
                                 
    By courtesy of www.ctpc.org/nltr1202/pl1202.htm -- Be CAREFUL with your mouse cursor!
    ® eturn visitors, update click Refresh or Reload 
    Keep the Internet open to EVERY Browser and System
    To move quickly to the TOP of any webpage, press [Ctrl] + [Home], or, if in view, click "Top ^ ^" or "^ ^" 
    To move quickly DOWN to the bottom, press [Ctrl] + [End] or, if in view, click "Foot v v" or "v v


       [FLAGS  are usually NOT in the printed articles; the Webmaster has added them.   ENDS.]
       [BRACES or "Curly Brackets" - "{" and "}" - in news and comment articles on this Website replace the "Square Brackets" - "[" and "]" - that are in the articles.  Where "[" and "]" are used on this Website, they usually enclose words added by the Webmaster to cited article, letter, etc.  ENDS.]
       Translations: With AltaVista ™  one may translate up to approximately 2 A4 pages of Webpages in English, Français, Deutsch, Italiano,Português, Español, or Россия (Rossiya). For more than 24 languages click our Translation webpage. Esperanta -- Free Translating: http://lingvo.org/traduku/ and On-line Dictionary Richardson Vortaro. General On-line Dictionaries with more than a dozen languages including Esperanta and Latina, one word at a time, try http://dictionaries.travlang.com/ and http://aquarius.net/.
    Website aims in English: Social Justice and Economic Freedom.  En Esperanta: Sociala Justeco kaj Ekonomika Libereco.  By courtesy of AltaVista ™ –  En Français: Justice sociale et liberté économique.  Auf Deutsch: Sozialgerechtigkeit und wirtschaftliche Unabhängigkeit.  In Italiano: Giustizia sociale e libertà economica.  Em Português: Justiça social e liberdade econômica.  En Español: Justicia social y libertad económica.
    Birdbath, cardinal birds, on white background. By Animation Factory
    By courtesy of Animation Factory
    To SEARCH only ONE WEBPAGE AT A TIME, you may use the built-in features of your own Browser.  With most systems press [Ctrl] + F.  This will cause a Find or Find/Replace dialogue box, or a Search/Replace box, to appear.  If you prefer, mouse-click Edit, then click Find (on This Page).)  Type in a keyword or two, and press [Enter], or click Find Next or Find.
    To SEARCH all of This Site, use the special panel provided. 
     < < Back  250  ^ ^  CONTENTS 1   21  Translate  Links  Events  Books  HOME  v v  252  Next > > 
     Directories:  Main 21  Australia 6  Esperanto  Experiments  Freedom  Georgist  Globalism  Molestation 182  Religion 6  Submission 11 
    Search for 
    Impressed? LookSmart and get a Free Search Engine for your own Web Site
    WWW Search Engines: www.metacrawler.com  www.google.com  www.looksmart.com AVIRA © Free Anti-virus
    Hived off with Microsoft ® WordPad ©, first entry inserted on 02 Feb 2012.  Intended to be tested at times on various browsers, including Microsoft ® Internet Explorer, Mozilla Firefox © v. 3, and Opera © v. 9.  Retained Information Clearing House link on 29 March 2012, but removed the news feed because it keeps showing the same newsitems from about 2009; Removed section on Esperanto accented letters and Netscape 4.7 on 29 March 2012; Regionalised and specialised spellings and grammar retained where applicable; Last modified on 18 Aug 2013
    Translate: http://babelfish.altavista.com/  www.faganfinder.com/translate  www.tranexp.com/  www.alis.com/  http://lingvo.org/traduku
    Translate this Page!
    Electoral authorisation of this website: John C. Massam, Just World Campaign, 46 Cobine Way, Greenwood (a suburb of Perth, 31°58' South, 115°49' East), Western Australia, 6024, Australia. Telephone: +61 ( 0 ) 8  9343 9532, Cellular Mobile 0408 054 319;
    constans
    §
    multiline
    com
    au

    "Voyager" MIDI music, console 145 x 40 pixels, 9 kb, plays 1min 43sec Console code adapted from: www.­colorado.edu/­AmStudi­es/lewi­s/Desig­n/feel.­htm and others.
    Doc. 0251 + : Internet address (Uniform Resource Locator = URL) = http://www.johnm.multiline.com.au/cont24.htm
    . . . . . . . . . . . . . .