MEDIA STORIES MAKING the ROUNDS 13Th to 25Th June 2012

MEDIA STORIES MAKING THE ROUNDS 13th to 25th June 2012

Saying for the day.

“A man is likely to mind his own business when it is worth minding, and so those unhappy with their own meaningless affairs will focus on minding other people's business.” Eric Hoffer – Philosopher

Hoffer also noted one must not merely provide for those without meaning in their lives, but provide against them, because in a democracy and market economy their preferences will have power. Those who see their lives as inferior and wasted crave equality and fraternity more than they do freedom, and this can cause a Republic to fall to a democracy, and ultimately a tyranny.

In other words, Hoffer describes the essence of the Liberal desire to micromanage society into perfect equality at the expense of liberty. We haven't figured out a good outlet for these do-gooders, or a good way for those without a purpose to find life rewarding, so they continue to plague us with their plans and angst. That's a realistic vision of society, a future problem that is real yet potentially soluble. – by Eric Falkenstein

The New Egyptian President Reportedly Said 'Jihad Is Our Path And Death In The Name Of Allah Is Our Goal'

Comments reportedly made just over a month ago by new Egyptian President Mohammed Morsi have some spooked.

The Voice of Russia radio website reported that Mordi made the following remarks on May 13:

“The Koran is our constitution, the Prophet is our leader, jihad is our path and death in the name of Allah is our goal,” Morsi said in his election speech before Cairo University students on Saturday night.

Today Egypt is close as never before to the triumph of Islam at all the state levels, he said.

“Today we can establish Sharia law because our nation will acquire well-being only with Islam and Sharia. The Muslim Brothers and the Freedom and Justice Party will be the conductors of these goals,” he said.

While the comments have not been widely reported, they appear to have been reported by the respectable Ria Novosti news-wire, and are no doubt worrying to Middle East observers.

Morsi was the presidential candidate for the Muslim Brotherhood, a group that has some ideological links to radical Jihadist movements. For the most part, the Muslim Brotherhood have promised to rule Egypt in a relatively secular manner, for example denying any expansion of sharia law within the country. These comments seem to directly contradict that position. Link HERE

COMMENT: “Oh great! The so called “democratic” Arab spring has apparently just empowered another elitist Islamic nut case!” Lyn Vickery. State President One Nation W.A.

______1 EU should 'undermine national homogeneity' says UN migration chief By Brian Wheeler - Political reporter, BBC News

The EU should "do its best to undermine" the "homogeneity" of its member states, the UN's special representative for migration has said.

Peter Sutherland told peers the future prosperity of many EU states depended on them becoming multicultural.

He also suggested the UK government's immigration policy had no basis in international law.

He was being quizzed by the Lords EU home affairs sub- committee which is investigating global migration.

Mr Sutherland, who is non-executive chairman of Goldman Sachs International and a former chairman of oil giant BP, heads the Global Forum on Migration and Development, which brings together representatives of 160 nations to share policy ideas.

He told the House of Lords committee migration was a "crucial dynamic for economic growth" in some EU nations "however difficult it may be to explain this to the citizens of those states". Link HERE

COMMENT: With characters like this slithering around in positions of power at the United Nations, is it any wonder Australia and indeed the whole Western world and our very way of life is under threat of annihilation. Lyn Vickery State President One Nation W.A. ______

A New Drug Resistant Form Of Tuberculosis Is Spreading In India Samuel Blackstone – Business Insider – International 25th June 2012

A new strain of tuberculosis that is resistant to all current treatments has been spreading — and a lack of good equipment may be helping the disease thrive.

Although largely unreported in the media, cases of total drug- resistant TB (TDR-TB) were first recorded in Italy in 2007, followed by Iran in 2009. Now, India is infected, with 15 cases documented in January, confirmed by the health ministry in April.

"While this handful of cases is worrying, it's just the tip of the iceberg," said Dr. Soumya Swaminathan of India's National Institute for Research in Tuberculosis in a recent interview with the Wall Street Journal earlier this month.

The virus has been developing a resistance to treatment for some time, with recorded rates of multi drug- resistant tuberculosis (MDR-TB) and extensively drug-resistant TB (XDR-TB) reaching their highest levels ever, according to the World Health Organization (WHO). Link HERE

COMMENT: How wonderful! Now let’s play Russian roulette with the health of Australians and allow a few thousand more asylum seekers in. Lyn Vickery State President One Nation W.A

2 North America Is Poised For Huge Natural Gas Shock Nicole Foss – The Oil Drum. June 23rd 2012

It has long been our position at The Automatic Earth that North America is collectively dreaming with regard to unconventional natural gas. While gas is undeniably there, the Energy Returned On Energy Invested (EROEI) is dramatically lower than for conventional supplies. The critical nature of EROEI has been widely ignored, but will ultimately determine what is and is not an energy source, and shale gas is going to fail the test.

As we pointed out in Get Ready for the North American Gas Shock in July 2011, the natural gas situation is not what it seems at all:

The shale gas bubble is a perfect example of the irrationality of markets, the power of perverse short-term incentives, the driving force of momentum-chasing, the dominance of perception over reality in determining prices, and the determination for a herd to stampede over a cliff all at once.

The perception of a gas glut has driven prices so low that none of the participants are making money (at least not by producing gas) or creating value. We see a familiar story of excessive debt, and the hollowing out of productive companies dead set on pursuing a mirage. Link HERE

COMMENT: We need to do a whole lot more research on these much hyped “new” forms of energy. What are the cost benefits ... if any? Lyn Vickery State President One Nation W.A

______The Euro. By Alan Kohler

I think the euro is doomed, and that its demise, when it happens, will be very messy indeed, especially for the countries concerned. It will be messy for us if each country does not, at the same time, nationalise its banking system to forestall a global bank run. If they do that, the damage could be contained in Europe, although the taxpayers of that benighted continent would have to bear much more pain.

If the banks were allowed to go bankrupt, so that the shareholders and bondholders lost their capital (presumably the depositors would be protected) the consequences for the global economy would be catastrophic and lasting.

When thinking about the future of the euro, it's worth recalling why it was created. It is usually suggested that it was just a natural extension of the common market and a noble attempt to bind the diverse countries of Europe together into a peaceful union.

Well yes, sort of. It was the end of the Cold War, and free market capitalism was rampant. Germany had reunified in 1990 and with the collapse of the Soviet Union was likely to become the ascendant economy in Europe, with the D-mark becoming the de facto single currency. President Mitterrand and the French bureaucrats were completely horrified at this prospect so Mitterrand and the German Chancellor Helmut Kohl did a deal: France would support German reunification if Germany would sacrifice the D-mark.

Charles Gave, asset manager and now research analyst and founder of GaveKal Research, wrote at the time that it was a "declaration of war" by the bureaucrats and technocrats against the market. He recalls now: "The collapse of the USSR had just shown to anyone with eyes and half a brain that an economy managed by a technocracy rather than the market eventually hits the wall. And yet, against this backdrop, here were French eurocrats proposing an increased dose of technocracy, combined with the fixing of the

3 two most important prices in an economic system: exchange rates and interest rates. Why would anyone in their right mind go along with such a plan?"

It is now obvious that this war is going badly for the technocrats. What to do? Press on, fighting to the last drop of your taxpayers' blood? Or give up and clean up the damage?

Gave points out that the French have had a habit, in colonial wars, of fighting until they are overrun and slaughtered, although in Algeria, after a few years of misery, Charles de Gaulle sought "la paix des braves". Europe today does not have a de Gaulle, says Gave, which means that if Europe is to ask for an armistice, the request will likely not come from one of the eurozone’s major powers.

It will come, instead, from either Italy or Britain. "Italy has a decent track record of switching sides as historical tides turn. Perhaps because, as Northern Italians themselves never fail to highlight, “Garibaldi never managed to unite Italy... though he did manage to divide Africa”. After all, with Italy now entering its fourth recession in a decade, we could be approaching the time when the Italians start to wonder what's so great about the euro.

Alternatively the Poms could simply persuade them out of the euro. As the Mayor of London, Boris Johnson said recently: "Better an end with horror than horrors without end." Pretty persuasive, I would have thought.

They are close to the point where to save the Europe that "everyone likes", according to Charles Gave, the euro needs to be killed. The only question is whether Europe can find the political will to go through with it, and enough Pontius Pilates in the bureaucracy to accept that Europe's fate is out of their hands.

As Gave resoundingly concludes: "How dare European policymakers tell the population to continue suffering for their mistake, just so that they do not lose face." The Week in Review.

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This Is China's Response To The US Navy's Struggling Coastal Warship Program By Robert Johnson 25th June 2012

The fact that China has been building its military with speed and agility in recent years is nothing new, but now Beijing is going head-to-head with one of the U.S. Navy's most troubled programs.

The Navy's Littoral Combat Ship (LCS) is meant to be part of the fleet the Pentagon wants to move to the Pacific, and though a couple versions of the ship were put to sea four years ago, the program is still beset by problems and nowhere near being combat ready.

Christian Le Miere at Naval Forces and Maritime Security reports Beijing put its first Type 056 ship into the water a few weeks ago and it will form part of a four ship team to patrol China's coast.

Apart from looking very similar to the U.S. LCS, the 056 will have stealth characteristics and carry some impressive weaponry like the Type 87 anti-submarine rockets, the AK- 176 Russian 76 mm gun system, and C-803 anti-ship missiles.

It's these ships that China will likely look to when enforcing the exclusive economic zones in the country's territorial waters. Link HERE

4 ______

New red threat? Virus stole, sent thousands of blueprints to China

A previously unknown cyber worm preying on machinery blueprints has been exposed in Latin America. The new virus steals the blueprints and sends them to e-mail accounts registered in China. A number of machines in the US have been infected. The worm dubbed ACAD/Medre.A targets the AutoCAD program used by architects, engineers, project managers and designers to create blueprints, including machines, buildings, household appliances and other inventions. Cyber security firm ESET that exposed the virus reports it mostly affected computers in Peru and leaked thousands of original blueprints for machinery and other products to e-mail accounts at two Chinese Internet provider websites, 163.com and qq.com. It is unclear whether the recipients of the e-mails were Chinese, or if hackers simply set up the accounts on Chinese servers to divert attention from their real location.

Internet security firm ESET spotted a spike in ACAD/Medre.A infections in Peru. It is believed that the virus spread through an AutoCAD template that Peruvian companies downloaded from a specific website. Other firms doing business with these companies had to download the same template, resulting in further contagion.

Countries where the virus was also detected on a small number of computers include Ecuador, Colombia and the United States. Most of them were in Latin America.

“ACAD/Medre.A is a serious example of suspected industrial espionage,” said Richard Zweinenberg, senior research fellow at ESET. “Every new design created by a victim is sent automatically to the authors of this malware. Needless to say this can cost the legitimate owner of the intellectual property a lot of money as the cybercriminals will have the designs before they even go into production by the original designer.” Link HERE

Solar Cells 23,000 Times Worse for Environment Than Carbon Dioxide Tuesday, June 05, 2012 – by Staff Report The Daily Bell.

Solar Cells Linked to Greenhouse Gases Over 23,000 Times Worse than Carbon Dioxide According to New Book, Green Illusions ... Solar cells do not offset greenhouse gases or curb fossil fuel use in the United States according to a new environmental book, Green Illusions (June 2012, University of Nebraska Press), written by University of California - Berkeley visiting scholar Ozzie Zehner. Green Illusions explains how the solar industry has grown to become one of the leading emitters of hexafluoroethane (C2F6), nitrogen trifluoride (NF3), and sulfur hexafluoride (SF6). These three potent greenhouse gases, used by solar cell fabricators, make carbon dioxide (CO2) seem harmless. – PR Newswire Link HERE

Pipe down, EC chief Jose Manuel Barroso tells Julia Gillard by: DENNIS SHANAHAN, LOS CABOS. The Australian. June 19, 2012 12:00AM

Dennis Shanahan reports that Julia Gillard has written to the rest of the G20 leaders advising them to pursue growth over austerity.

5 THE head of the European Commission, Jose Manuel Barroso, has defended Europe's actions to "protect the integrity and stability of the eurozone" after Julia Gillard continued to deliver economic advice to the EU to follow "the Australian way" on economic growth.

Mr Barroso, the EC president, told The Australian the Prime Minister must acknowledge Europe was already "doing a lot" to boost growth and consolidate public finances.

Ms Gillard's aggressive message was yesterday met with wide diplomatic scepticism and polite hostility as the world's premier economic summit gets under way in the shadow of uncertainty over Greece's future.

Arriving at the G20 summit in the Mexican resort of Los Cabos, Ms Gillard increased her criticism of European leaders and promoted Australia's policies for economic growth.

"Australia takes considerable pride in our own economic achievements," she told a small audience of international business leaders the day before the G20 officially begins.

Confusion at a Higher Level

The trouble with modern democracy is that it's too democratic. You give everyone a vote, and then instead of a decision, you get paralysis (although to be fair, this a better result than government activism). The world would be better governed if you had to pass some sort of intelligence/capital asset test in order to vote, or if you had to demonstrate the capacity to exercise authority over others responsibly.

But that is neither here nor there when it comes to Greece. And when it comes to Greece, we are pretty much in the same place today that we were Friday: no government and no closer to knowing if and when the Greeks will leave the euro. So much for the certainty investors were hoping for.

The pro-bailout New Democracy party appears to have won a plurality of the vote. Polls show it with 30.3% of the popular vote. The anti-bailout Syriza party clocked in with 26.31% of the vote. New Democracy will have to form a coalition government with Pasok, the mainstream leftist party, or it will have to conjure something up with the communists and the neo-Nazis.

The US strategist and Air Force pilot John Boyd once said that progress is, 'Confusion at a higher level.' If Boyd was right, then Greece has made progress. The two mainstream parties that created the Greek fiscal mess are now in charge of fixing it up. How likely do you think that is to happen? Story by Dan Denning – The Daily Reckoning.

4 Reasons Why China Is Headed For Meltdown Raul Ilargi Mendoz, The Automatic Earth 16th June 2012

Please allow me to start off with a few explanatory bits. At The Automatic Earth, we have always defined inflation in a different manner from most other sources. That is to say, we define inflation as an increase in money and credit supply (relative to available goods and services), combined with velocity of money, not as simply an increase in - some - prices.

We see this this as significant because if inflation is defined as any price increase, we lose sight of why prices increase, a crucial "detail". Similarly, we don't attach much importance to CPI numbers, since they lack the same attention to detail we find with the definition of "inflation" as it is generally reported and used.

6 That said, I think it's high time to look at some recent Chinese data and try to draw what - initial- conclusions we can from them. I also think we can peer through them towards a picture of the future that few have acknowledged to date, and perhaps even fewer wish to. If what I'm about to say is even halfway true, the economies of countries like Australia and New Zealand, which we visited recently, as well as many others, are in for a brutal shock.

I single out Australia and New Zealand because their economic growth, indeed by now their entire economic performance, which has been far better than the US and EU in the past 5 years, would be torn and frayed to shreds if the Chinese economy would hit one or more serious snags. And from what I see I can draw just one single conclusion: it will. The consequences down under will be shattering. Full Story HERE

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Letter to editor

The subject of National security and border protection should be the responsibility of a united Government office especially formed for that purpose and not left to the point scoring in the general arena of the Parliament "playground".

There should be no separate party making decisions on this Vitaly important matter. Our Government needs ONE VOICE when dealing with the protection of this Nation and its legal citizens. Those chosen to make these decisions should be prepared to work together, in a rational and logical way to resolve, with viable and hard hitting solutions, the ever increasing invasion of our Country.

Dorothy Hughes Busselton 6280 June 13th 2012 ______

Secretive Swiss Manager Sounds Dire Warning By Teeka Tiwari - Creator: ETF Master Trader

"I expect the disintegration to begin in the second half of this year. That should lead the world into financial and economic chaos." These are just a few of the pleasantries that this world-renowned Swiss money manager sees developing in the near future.Riots in the streets... banks withholding your money... governments forbidding you from moving your money. As insane as this all sounds, is it possible? According to Felix Zulauf, not only is it possible, it is highly probable. If these ideas were being put forward by anybody else, it would be easy to dismiss them as the fear mongering rantings of a perma- bear.However Felix Zulauf is anything but that. He is the former head of institutional portfolio management at the Union Bank of Switzerland (UBS) and a twenty year contributor to the Barrons Round table. He manages a $1.7 billion fund out of Zug Switzerland and, in addition to all of that, his market calls to date have been eerily prescient.He called for the market to peak in late March of this year, and he called the March 2009 low. Clearly Felix Zulauf is no perma-bear, as he has demonstrated his ability to recognize when it’s time to buy the market as well as when it’s time to sell.In a worst-case scenario Zulauf says "the potential exists for a broad-based nationalization of the credit system, capital controls and dramatic restrictions on financial markets. Some might even be closed for some time." Link HERE

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