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Australian Treasurer Seeks Orderly Withdrawal From U.S. Dollar
By John Garnaut Economics Correspondent
10/19/06
"SMH"
http://www.smh.com.au/news/business/costello-seeks-orderly-us-withdrawal/2006/10/17/1160850931319.html#
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
TREASURER Peter Costello has called on East Asia's central bankers to "telegraph" their intentions to diversify out of American investments and ensure an orderly adjustment.
Central banks in China, Japan, Taiwan, South Korea and Hong Kong have channelled immense foreign reserves into American government bonds, helping to prop up the US dollar and hold down American interest rates.
Mr Costello said "the strategy had changed" and Chinese central bankers were now looking for alternative investments.
"Of course you can have an orderly adjustment," he told reporters. "And what I would recommend is that these matters be telegraphed well in advance. I think we should begin preparing ourselves for it."
Mr Costello said the "re-emergence" of China as the world's greatest economy "is not something to be feared".
Asked if a muscular China would be a force for good, however, Mr Costello said it would be good for growth and stability. "With the growing economic strength you will see growing influence in diplomacy in the regional architecture, as you would expect.
"I am sure it will be a force for economic development and I am sure that in partnership with other global powers, China wants to see a stable East Asian region."
Earlier, in a speech to open the Australian National University's East Asian Bureau of Economic Research, Mr Costello said Australia's involvement in the region was broader than economics.
"It is a key ingredient of who we are as a people," he said. "While Australia has its own unique culture, we are also a people who confidently enjoy the cultures of Asia, with seven of our top 10 overseas travel destinations being in the region."
Ahead of next month's G20 meeting in Melbourne, Mr Costello called on regional leaders to reform their anachronistic financial systems.
He said underdeveloped financial markets were to blame for the emerging economies of East Asia sending 94 per cent of outward portfolio investment to "ageing" countries outside the region.
He said the region needed to improve poor macroeconomic frameworks, inadequate regulatory systems, uncompetitive markets and insufficient investment in health and education.
Copyright © 2006. The Sydney Morning Herald.
Chavez: Undiplomatic Polarizer or Champion of Anti-Imperialism?
By: Gregory Wilpert
October 21, 2006
Venezuelanalysis.com
http://www.venezuelanalysis.com/articles.php?artno=1857
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
Caracas—By now it looks like Venezuela and Guatemala will want to cut their losses and agree on a compromise candidate for the UN Security Council. How did it get this far, though? Why are both Venezuela and Guatemala pursuing this unusual battle for the UN Security Council? What is at stake? The last time such a battle took place was 25 years ago, in 1979, when Cuba and Colombia battled for the UN Security Council, dragging exhausted UN delegates into marathon voting sessions that went through 155 rounds.
North vs. South
The ambassadors of the U.S., Guatemala, and Mexico are arguing that Venezuela should throw in the towel, since it did not attain the necessary two-thirds majority in the UN General Assembly. Such self-serving arguments, though, seek to distract from what is actually happening, which is that a tremendous gap has opened up between North and South. That is, despite Venezuela not achieving a majority of votes in the UN, the 77 to 82 countries that support Venezuela are holding very steady in the face of massive U.S. pressure (and probably peer pressure) to give the seat to front-runner Guatemala. This firmness of support for Venezuela is a clear sign of the determination with which a significant section of the world’s governments and the world’s population wants to put brakes on U.S. dominance in the world and in the UN.
The UN Security Council seat vote is thus quite similar to the way in which Chavez’s speech to the opening of the 61st UN General Assembly was greeted. That Chavez called George Bush “the Devil” was greeted with shock and disgust by most people in the First World and with applause by people in the Third World. That U.S. liberals, such as Charles Rangel[1] or Nancy Pelosi,[2] didn’t seem to be aware of or care about this completely dichotomized reception of Chavez’s UN speech shows just how little they seem to care about the gap between the two worlds, between North and South. To First World conservatives and liberals alike, what counts is being diplomatic (and they have perfected the art of invading countries diplomatically). No doubt, diplomacy is important, but if it merely serves to gloss over the North-South gap, then perhaps an anti-diplomat such as Chavez is necessary, to shine a spotlight on a serious problem as sometimes only harsh words can do.
Chavez’s UN speech and the rock-solid support he is receiving in the UN Security Council vote show just how much his brand of toughness with the U.S. Empire is being appreciated around the world. A friend of mine in Algiers reported that immediately following Chavez’s UN speech countless new-born babies were being named “Chavez” that week in Algeria. Already earlier, Chavez’s uncompromising support for Lebanon in the wake of Israel’s relentless attack significantly boosted his popularity in that region of the world. However, Chavez has become popular not just in the Middle East, but throughout the Third World, where people are aware of Chavez’s anti-Bush positions. It is thus no surprise that even a conservative and otherwise pro-Bush government such as India’s is supporting Venezuela for the UN Security Council. If one were to add up the populations of the countries supporting Venezuela, such as Russia, China, and India, and most of the larger countries of Latin America (Brazil, Argentina, Bolivia, and Ecuador), then it is quite safe to say that Venezuela is probably enjoying the support of the representatives of well over two-thirds of the world’s population. The fact that neither U.S. liberals nor even a nominally socialist government of the North, such as Spain’s, have declared their support for Venezuela in the UN, shows that adherence to the club of the privileged trumps an ideology dedicated to fighting for the underdog.
Of course, some question whether Venezuela is actually fighting for the world’s underdogs or whether Chavez is merely seeking self-aggrandizement. No doubt, his unequivocal support for a women-bashing government such as Iran’s or the rather shady authoritarian governments of Zimbabwe and Belarus indicates that Chavez places a far higher premium on these countries’ anti-U.S. imperialism credentials than on their domestic human rights record.
Anti-Imperialism vs. Human Rights?
The dilemma is quite real. What is more important: fighting against U.S. imperialism or fighting for human rights? Given that the human rights issue has been abused by the U.S. and by international NGOs so often, to only condemn countries they don’t like and to ignore the record of those they like, it is difficult to blame Chavez for prioritizing anti-imperialism over human rights. After all, in the international arena Venezuela has received much criticism on human rights, even though Venezuela’s human rights record is better than most other countries in the region or than previous Venezuelan governments. This doesn’t mean that one should ignore Venezuelan human rights abuses (particularly such as the still enormous number of extra-judicial police killings of presumed criminals). However, the inability of international observers to put Venezuela’s human rights record in its historical and regional context and their frequent singling out of Venezuela makes the government far less sensitive to criticisms than it otherwise might be. It thus also contributes to Chavez’s willingness to overlook the human rights record of his allies in the fight against imperialism, believing that their record is being distorted just as much as his has been.
Unfortunately, in the imperfect world that we live in, the number of anti-imperialist human rights respecting countries can be counted on one hand. Certainly, their numbers will never be sufficient to oppose US imperialism on their own. It is thus not too far-fetched to argue that first one should oppose the uni-polar world in which the U.S. dominates and only then can we focus on the global struggle for both social and political human rights. As long as the dominant powers can abuse the human rights issue for their own purposes, it merely ends up supporting their dominance, while also failing to truly promote social and political human rights.
Compromise Candidates
What country, then, should an anti-imperialist human rights defender support for the UN Security Council? Venezuela, it would appear, has lost and thus is no longer an option. Guatemala, as both a U.S. flunky and with a far worse human rights record than Venezuela’s is certainly out of the question. Also, it seems that small countries that the U.S. could easily pressure with economic threats, such as practically all Caribbean countries, are not good candidates either, no matter how principled or strong their opposition to U.S. foreign policy. That leaves the larger Latin American countries. However, with the election of numerous leftist governments in the region, the ideological divisions between these countries has become quite strong in the past few years, which means that it is going to be nearly impossible to find a consensus candidate. Uruguay has been named as the most likely consensus candidate, but it seems that Argentina doesn’t like that suggestion because of its conflict with Uruguay over paper mills it built near the Argentinean border. Brazil seems to be the best choice because of its more independent-minded foreign policy, its ability to resist U.S. pressure, and because it has practically no opponents within the continent.
[1] Charles Rangel (D-NY) said, “You don’t come to my country, you don’t come into my congressional district, and you don’t condemn my president.”
[2] Nancy Pelosi (D-CA) called the Chavez, “an everyday thug.”
Foreclosure postings jump to 1980s level
Nearly 4,000 homes up for possible sale; gas prices, debt blamed
By BRENDAN M. CASE
October 20, 2006
The Dallas Morning News
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-foreclose_20bus.ART.North.Edition1.3e5e943.html
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
Home foreclosure postings in the Dallas-Fort Worth area have surged to their highest level since the 1980s.
Nearly 4,000 homes in Dallas, Tarrant, Collin and Denton counties have been posted for possible sale in November, up 49 percent from the same period a year ago.
"It's high, much higher than normal," said George Roddy, president of Addison-based Foreclosure Listing Service, which compiled the data.
Fueling the foreclosures are interest rate hikes, rising living expenses and consumer debt, and aggressive lending practices.
Home foreclosure postings reached about 35,300 so far this year, increasing 20 percent over the same period a year ago. That figure has already surpassed the total for 2005, which was about 32,500.
Foreclosures typically have their roots in a family calamity, such as divorce, death or job loss. Making things worse this year, said Mr. Roddy, were high energy prices and ballooning credit card debt. Meanwhile, real wages have stagnated.
"If you look at gasoline charges up until a month ago, they were up to the moon," he said. "And obviously, there's the cost of electricity and the high credit card balances people are holding."
Another likely culprit: aggressive lending, in which mortgage companies sell homeowners products that might not be suitable in the long term.
Many homeowners appeared to be struggling with adjustable rate mortgages, which accounted for about a third of foreclosure postings this month, Mr. Roddy said. That category includes nontraditional mortgages that offer low payments the first few years, often followed by sharply increasing payments.
Many homeowners have been trading in such mortgages for traditional fixed-rate mortgages.
It's not the most worrisome performance ever for foreclosures in the Dallas area. In 1989, foreclosures in Dallas County reached as high as 2,000 a month in a smaller overall market, Mr. Roddy said. This month's figure for Dallas County was 1,886.
The latest rise in foreclosures has added to concern about the local real estate market, which has cooled in recent months. In September, local home sales dropped, the number of homes for sale increased, and prices declined slightly as homebuyers pulled back to see what would happen to the national housing market.
Still, there are also positive signs, said Craig Jarrell, president for the Dallas region at Pulaski Mortgage Co.
"Maybe it's the spike before things start getting better," he said of the foreclosure postings. "Gasoline prices are down, interest rates have stabilized, the economy's doing all right, the stock market is getting better.
"I think real estate is going to keep on trucking in the Dallas area."
As a consumer, the key is to make sure you're not biting off more than you can chew, said Gary Akright, president of Dallas-based Dominion Mortgage Corp.
"I don't like to see people get in their homes and then lose their homes," he said. "But I think a lot of times people need to take responsibility and know that they shouldn't be stretching. We have guidelines for a reason."
Not all homes posted for foreclosure are sold at auction. Homeowners are often able to work out arrangements with their lenders.
Foreclosures this month rose by 49 percent in Dallas County, 47 percent in Tarrant County, 65 percent in Collin County and 37 percent in Rockwall County.
About 80 percent of the properties posted for foreclosure are worth $200,000 or less, with an average value of about $115,500 for Dallas, Tarrant, Collin and Denton counties, Mr. Roddy said.
Still, a small portion of homes have values over $500,000.
"It's safe to say that all walks of life in the D-FW area are affected," he said.
E-mail bcase@dallasnews.com
N. Korean Leader: I Regret Nuke Test
By NewsMax.com Wires
Friday, Oct. 20, 2006
http://www.newsmax.com/archives/articles/2006/10/19/233433.shtml?s=lh
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
North Korean leader Kim Jong Il expressed regret about his country's nuclear test to a Chinese delegation and said Pyongyang would return to international nuclear talks if Washington backs off a campaign to financially isolate the country, a South Korean newspaper reported Friday.
"If the U.S. makes a concession to some degree, we will also make a concession to some degree, whether it be bilateral talks or six-party talks," Kim was quoted as telling a Chinese envoy, the mass-circulation Chosun Ilbo reported, citing a diplomatic source in China.
Kim told the Chinese delegation that "he is sorry about the nuclear test," the newspaper reported.
The delegation led by State Councilor Tang Jiaxuan met Kim on Thursday and returned to Beijing later that day — ahead of U.S. Secretary of State Condoleezza Rice's arrival in the Chinese capital Friday. China is viewed as a key nation in efforts to persuade the North to disarm, as it is the isolated communist nation's main trading partner.
North Korea has long insisted that the U.S. desist from a campaign to sever its ties to the international financial system. Washington accuses Pyongyang of complicity in counterfeiting and money laundering to sell weapons of mass destruction.
The North has refused since last November to return to the nuclear talks, which also include China, Japan, Russia and South Korea. Pyongyang has sought bolster its negotiating position by a series of provocative actions, test-firing a barrage of missiles in July and performing its first-ever nuclear test Oct. 9.
Putin on alleged rapist Israel President: "We all envy him"
10/19/2006
ETIB24.com
http://www.eitb24.com/portal/eitb24/noticia/
en/international-news/sharp-humour-putin-on
-alleged-rapist-israel-president--we-all-env?it
emId=B24_16287&cl=/eitb24/internacional&idioma=en
In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
"Say hello to your president. He really surprised us...,'' Putin said to Olmert as reporters were being ushered out of the room just after the two men got down to their talks in the Kremlin.
Vladimir Putin
Russian leader Vladimir Putin showed his taste for sharp humour when he met Israel's Prime Minister Ehud Olmert in Moscow Wednesday, with an apparent ironic jab at the rape allegations swirling around the country's president.
"Say hello to your president. He really surprised us...,'' Putin said to Olmert as reporters were being ushered out of the room just after the two men got down to their talks in an ornate reception room in the Kremlin.
According to the information posted on The New York Times' Web site, Putin said that Katsav "turned out to be quite a powerful man. He raped 10 women. I never expected it from him. He surprised all of us. We all envy him."
Earlier this week, Israeli police recommended that President Moshe Katsav be charged with rape, aggravated sexual assault and misconduct after women who once worked for him filed complaints.
Katsav has denied any wrongdoing but the scandal has rocked Israel and sparked calls for his resignation.
Putin, who was praised later at a news conference by Olmert as a "world-famous leader,'' proved a tricky interlocutor, giving no ground to demands from the Israeli prime minister that Moscow take a tougher stance toward its ally Iran's suspected nuclear weapons program.
The Russian leader, renowned for his salty language, sometimes has made foreign guests uncomfortable in the past.
Australian Treasurer Seeks Orderly Withdrawal From U.S. Dollar - By John Garnaut