Freedom Biz

Thanks for the find, Vizio. This translation is much better than most of the scrambled words we normally get, but here is the English version directly from Reuters. http://www.reuters.com/article/idUSTRE70H6WO20110118 BlackRock sees oil hitting $120/bbl, stalling economy Tue, Jan 18 2011 By David Sheppard NEW YORK (Reuters) - Oil prices will probably soar to $120 a barrel or higher this year until they cause economic growth to stall, one of the world's most successful natural resources fund managers has warned. Dan Rice, co-head of the $1.5 billion BlackRock Energy and Resources Fund, told Reuters he saw the current pace of global economic growth as unsustainable in a world where energy supplies are increasingly constrained. "I don't think the world can continue to grow at this rate and not go to $120 plus," the BlackRock (BLK.N: Quote, Profile, Research, Stock Buzz) managing director told Reuters in a telephone interview. His fund has averaged annual returns of 18 percent over the last 10 years. "That will put a brake on the economy that will drag global growth back down to 3 percent." Rice, who invests in natural resource equities, said he saw global growth at around 5 percent currently, but thought the world is heading for a period of slower growth as high energy and other raw material costs weigh on the global economy. Rice was managing a total of approximately $7 billion as of Monday across his portfolio of mutual funds, institutional accounts and hedge funds, according to a spokeswoman at BlackRock, the world's largest money manager. Oil demand is set to hit a record 89.1 million barrels per day in 2011, according to the International Energy Agency. While many traders think OPEC has enough spare capacity to stop a spike back toward $150 like in 2008, demand is up more than 4 million bpd since the depths of the recession. Rice said he fears tightening supplies could tip the world economy into a slowdown -- as he believes they did three years ago. "2008 started out as a mild commodity price induced recession, that had slowed (global) growth from 5 percent to 2-3 percent," said Rice, 59, who joined State Street Research & Management in 1984. It merged with BlackRock in 2005. "It only fell below 2 percent after Lehman Brothers collapsed. That put a different spin on things. I know our numbers are in the ballpark for future GDP growth. They're born of 30 years of doing this." He said a long-term price of around $90 is probably the highest the world economy can sustain without a global slowdown. U.S. crude oil and North Sea Brent, the two main global benchmarks, are currently trading around $92 and $98 a barrel respectively, about $13-$19 above the 2010 average as booming emerging markets stoke demand. WHERE RICE IS INVESTING While Rice is concerned about rising commodity prices, he said there was still value to be found for now, with most oil producer shares currently reflecting expectations of a long-term price of just $80 a barrel. "I think (oil producer) stocks will be discounting $100 oil at some point this year and at that point I will be selling," Rice said, In the energy sector, Rice is even more bullish on coal and natural gas producers this year, with crude producers in third place. Rice expects both Central Appalachian coal to trade at $90 a tonne -- with most share prices currently reflecting an average of $70-$75 a tonne, while natural gas is expected to climb as high oil prices encourage fuel switching. "At the moment most stock prices are discounting $70-$75 a tonne, but if it goes to $90 those stock prices will have doubled. If it goes to $100 they will have tripled. I'm happy with doubled." The fund's largest holdings are in coal miners Massey Energy (MEE.N: Quote, Profile, Research, Stock Buzz) and Peabody Energy Corp (BTU.N: Quote, Profile, Research, Stock Buzz) at 5 and 4 percent respectively, with coal and gas producer CONSOL Energy (CNX.N: Quote, Profile, Research, Stock Buzz) in third, according to Morningstar. While he remains bullish in the short to medium-term, Rice said he may choose to exit his positions if he sees prices getting back to the heady levels of mid-2008 -- when he, like many others, was burned by the subsequent crash. "If we get to the point where stocks are discounting 5 percent GDP growth, if there are no other places to invest I would move to cash." (Reporting by David Sheppard; Editing by David Gregorio) I pick IQD as my cash of choice to invest in.

Thanks for your contribution, Shadowhawk. Lots of these types of reports coming in. This is big news and it's good to see that it's getting the widespread coverage it deserves.

Reading this online led me to find another article about a Swiss Banker being accused of advising Americans to evade taxes. I posted it in the Tax Discussion thread.

Thanks to lgraham for an earlier post from the Times that led me to find this one. From the New York Times online December 14, 2010 Federal prosecutors on Tuesday accused a former UBS banker of advising wealthy American clients to avoid disclosing their hidden offshore accounts held at a smaller Swiss bank because they were unlikely to attract scrutiny from the United States tax authorities. The United States attorney’s office in Miami accused Renzo Gadola, the head of RG Investment Partners, an investment advisory firm in Zurich, of conspiracy to defraud the United States by helping wealthy Americans evade taxes from 2000 through this month. Mr. Gadola, a Swiss citizen, was employed by UBS from 1995 to 2008, when he left to form RG Investment Partners. He was arrested on Nov. 8 and was to appear in Federal District Court in Miami on Tuesday. Prosecutors also said that an unidentified co-conspirator, who was a former senior UBS private banking executive, had worked as Mr. Gadola’s partner to help wealthy Americans evade taxes through Basler Kantonalbank, a Swiss cantonal bank in Basel. The co-conspirator, a Swiss citizen, oversaw hundreds of American clients. When he left in 2003 to set up an independent investment firm in Switzerland, he took about 150 UBS clients with him, prosecutors said. The accusation, which was filed as a criminal information, underscores how Swiss bank secrecy continues to flourish despite the recent United States crackdown on UBS, Switzerland’s largest bank, in connection with offshore private banking services that enabled wealthy Americans to evade taxes. In particular, the charge sheds new light on how Swiss bankers continued to sell tax-evasion services even while American authorities turned up the heat on UBS. The nearly four-year scrutiny of UBS, which ended last month, led many larger Swiss banks to alter or discontinue their offshore services. In the wake of the UBS investigation, the I.R.S. said it was increasing its scrutiny of other banks. According to the criminal information, a wealthy client from Mississippi told the unidentified Swiss banker in September 2009 that he wanted to participate in a voluntary disclosure program from the I.R.S. that allowed taxpayers to come forward and report their secret offshore accounts in exchange for lesser penalties. The client had inherited $400,000 in cash and stored it in a box in Mississippi before putting it in UBS and later Basler Kantonalbank. But the Swiss banker told the client that his Basler account was too small to bother disclosing and that doing so “would bring trouble for both of them.” When the client pressed further, the Swiss banker suggested that he falsify banking records to make the money look like a loan. Last month, Mr. Gadola told the client that he and his partner, the unidentified co-conspirator, had withdrawn the client’s money from Basler and were keeping it in cash in their shared offices. “There is no paper trail,” Mr. Gadola told the client, according to the document. That Mr. Gadola was charged in a criminal information and not indicted suggests that he may be cooperating with American investigators.

Thanks for the post, Prodigious.

Sounds all warm and fuzzy right now. Just wait until they actually get down to trying to run the country and Allawi lays his first veto on the table. Thanks, k98nights.

Ooooo. Wouldn't it be interesting to watch if the women dared to form their own block? Thanks, k98nights.

Great find, lgraham. Thanks. How do you think the banking cartels and the proponents of the dreaded "one world currency" are looking at this?

Thanks, Ron. Yes, it sounds like they are getting the details worked out. Still, it doesn't mean that, once enacted, they will be able to actually accomplish anything. If the Council includes the Prime Minister and requires 80% approval on most issues and 100% on others, then Allawi won't be able to achieve anything that Maliki doesn't support. So what's the point? How could they ever get consensus to enact anything independently of Maliki? Or am I missing something?

Sladrian, How would I feel? If it was me, I'd still expect a trial. But I'm kind of nutty that way. I'd want to be sure they got the right guys. Just because someone accuses them of being part of the dreaded al Qaeda isn't proof. If you set the dangerous precedent of allowing executions without trial, just wait for false accusations to rise as a way to expeditiously get rid of people. Don't like that your business competitor is doing better than you? Accuse him of being al Qaeda. Don't like the guy who married the girl you wanted? Accuse him of being al Qaeda. No need to prove it and they'll kindly take his head off for you. I know I'm sounding flip, but you can't pick and choose who gets a trial and who doesn't. Are we not hoping to bring democracy and freedom to the Iraqi people? Then, sorry, but that includes a fair judicial system. Do they deserve the consequences if they are proven guilty? You betcha. I'd just want to be sure they are guilty first. Just sayin'.

Too right, Maynard. In this fight against terrorism, it is too easy to give in to the darkness and become the thing you most fear. To be free, we must hold ourselves to our ideals of human rights without flinching. There can be no half measures. You either believe in justice, or you don't.

Thanks again, Doc.

Thanks for finding this, Uncle Barkie. While I don't think this particular article has been posted, the news has been discussed here: As Hammer911 and Doc31 state, this source is always changing his tune. We can't rely on what he says as having any relation to what is actually being planned by CBI or the GOI. The news report in this other thread, however, does not mention the other denominations of notes.

Thanks, Doc31, for your generosity in creating this post. I'll be checking my dinars tonight. And thanks, okane, for finding this post and bringing it forward to a current position by commenting on it. I had not seen it yet and I bet many of the newer members haven't either. Much appreciated.

Thanks for finding this article, nydinardj. It is an opinion piece, but it rings true. Here in Alberta, Canada, we learned back in the 80s the importance of not relying solely on oil for our strong economy. While it is still our main driver, diversification has kept us strong.

Thanks for your daily updates, Doc31. We are under no obligation to pay more tax than the law requires. Unfortunately, the tax code is so complex that the average person cannot afford the professional advice to navigate their way through all the provisions for legally reducing the amount of tax they owe. When we get an RV, pay for the best advice you can get so you pay the least amount of tax allowed by the laws as they are written. A penny saved is a penny earned.

Thanks for this, and all your other daily news, K98nights. I read this that they're not just taking another few days off, but will be working outside of session. It also appears that they are still dealing with low attendance - 100 not showing up. When are they going to deal with getting the freeloaders back to work?

Sorry, this doesn't make sense to me. In what other country is the President or Prime Minister required to resign from their political party? The US President, who is the Commander In Chief, is not required to resign from the Democratic or Republican party so he can be considered "independent." Besides, a leopard doesn't change his spots. Asking Maliki to resign from his party won't change his ideology or remove any loyalties he has. Sounds just like political posturing and stirring the pot to me.

I'm with you, Joe. On the surface it looks like a compassionate answer to the religious persecution that is escalating. However, segregation only promotes polarization. If “Protecting Christians is a holy duty for Iraqi government and all political blocs,” then promote tolerance. Find ways to include Christians in the political, religious and societal fabric rather than shunting them off to their own area where they can become an even easier target. Leadership, political or otherwise, is about having a vision and inspiring people to elevate themselves.

Perhaps he is the lone voice of integrity standing against tyranny and standing for what is right and in the best interests of all the Iraqi people?? Just wonderin'.

Ali's interpretation makes total sense to me. To those of you who question it because it was made out to be such a big deal I ask, "Who made it into a big deal?" Not the TV station. They just played what seems to be a rerun. Does that ever happen over here? Yes. Maybe they just had a time slot they needed to fill. The ones making it a big deal were DINAR INVESTORS who wanted to believe it meant something. All this talk about all the news coming out of Iraq being "smoke and mirrors" has people reading things between the lines that often aren't there. Sometimes a cigar is just a cigar, folks. Chill. It will be very clear when RV happens. I know that it is hard to just sit on the sidelines, feeling totally out of control, but there is nothing you can do but wait patiently and keep your critical thinking skills intact.

Zantac, I understand you might be cranky after all the negative response to your post, but if you are going to call someone out, I suggest that you do your own homework first. The Trade Bank of Iraq is NOT the CBI, and it seems to be doing quite well. You can see that here: Trade Bank of Iraq. From their "About TBI" page is the following: The Trade Bank of Iraq (TBI), wholly owned by the Ministry of Finance, was established in July 2003 to facilitate Iraq's international trade and the reconstruction of the country after the expiration of the UN Oil-For-Food Programme. The bank quickly developed into a highly credible and effective organization. In a short period of time, TBI built relationships with an international network of 134 prime banks - the Consortium banks being at its core - covering 63 cities in 39 countries. This gave TBI a truly global reach, a competitive advantage and the ability to provide a diverse range of services. By the end of 2007 TBI was fully capitalised at over US$100million and had total assets of over US$6.1billion. An early success was signing agreements with 17 of the largest Export Credit Agencies around the world. Another was the fact that TBI was one of the first Iraqi banks to receive lines of credit from major international financial institutions. TBI has a sound credit policy in place, and among the many other 'firsts' the bank can claim is the introduction of Iraq's first fully automated online banking system, being the first Iraqi bank to issue VISA credit cards, and the development of the first nationwide network of ATMs in the country. TBI is also the most experienced Iraqi bank in the issuance of Letters of Credit and Letters of Guarantee. Building on its early success, TBI is now introducing modern, innovative products and services to the Iraqi market. These include Project Finance, Salary Accounts, Saving Accounts, and Credit Cards. As for your initial post, you are entitled to your opinion, but in my opinion, the article does not support your conclusion. There may very well be (or not be) other reasons to reach your conclusion, I just don't think this article gets us there.

Oops, just saw the post from racbluto about the COD orders. Yes, he does "reserve the right to cancel and refund an order at any time and without prior notice." I hardly think a reputable businessman would do this if we get an RV. He has an ongoing business beyond dinars and I doubt he would risk his reputation to stiff a couple of people. (And no, I don't have any ties to Ali or DT. I just find life is a whole lot easier if you give people the benefit of doubt.)

Not to worry, Bambiscloset. If you have a tracking number that means your order is in process. I deal a lot with companies that ship by courier. Their automated software will print the shipping label and enter it into the courier's system. It sometimes takes the company's shipping department a little while to actually fill the orders. I ordered on Thursday, got my receipt that they received my wire on Friday. But I did not get a tracking number yet. I'm not worried. He has received my payment so he must deliver. Remember, if you have a confirmation number of your order with Ali, that is a contract and he must honor it. Even if you ordered COD, that is part of the terms of your agreement and he is required to do as promised. Just consider that with all the talk last week about the possibility of an RV this weekend, especially with the mysterious TV show, Ali must have been swamped with orders. Just give him a day to catch up.

Hey Maynard, Thanks for this post. Cars to me are just for getting around. Not really much I would want in the way of toys except maybe a really sweet kayak. But, if this RVs at more than $1, I'm going to buy some land, build an awesome rammed earth house, get a cutting edge solar power system and go totally off grid. Luxury to me is a quiet home and simple pleasures. Here's the company I would use for my rammed earth house: http://www.sirewall.com/news/video-gallery/david-suzukis-the-nature-of-things/ This video shows the home of Randy Bachman of Bachman Turner Overdrive. Way cool.