"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, April 01, 2008

UBS in massive US$19Bn writedowns and call for US$12 Bn capital injection


The news of balance sheet mayhem gets even worse with the prudent Swiss at UBS announcing plans for a fresh 15 billion Swiss francs capital hike, fully underwritten by four leading international banks (JPMorgan, Morgan Stanley, BNP Paribas and Goldman Sachs)- the last day they can before the legal deadline for the bank to send out the AGM invitation along with the order of business for the day. This will strengthen Tier 1 capital. This will involve Rights issue of 1,250,000,000 fully paid registered shares with a par value of CHF 0.10 each (Mkt price now, CHF 28.86 US$ 28.80).

The need for this capital injection was triggered by further US$19 billion writedowns on US real estate and related structured credit positions, which according to the Swiss banking giant will in a first quarter net loss of approximately 12 billion Swiss francs.(US$12 Bn.) UBS say they "substantially reduced their real estate related positions through both valuation adjustments and significant disposals". Over the first quarter, UBS's exposure to US residential sub-prime mortgage related positions declined to approximately USD 15 billion from USD 27.6 billion on 31 December, and the exposure to Alt-A positions was reduced from USD 26.6 billion to approximately USD 16 billion.

The US $19bn of fresh asset writedowns has to be added to US $18.4bn it wrote off in 2007, as the value of its assets has plummeted so total write downsas a result of the sub-prime crisis have more than doubled to about $37bn (£18.5bn).

This has also de-fenestrated chairman Marcel Ospel , he is slated to be succeeded by Peter Kurer, currently general counsel of the bank and a member of the Executive Board since 2002.

They have also announced the creation of separate unit to manage selected US real estate related positions. They say UBS's intention is "to reduce its exposure in a way that reduces the effect of distressed market conditions on the core businesses " , whilst continuing to provide "the greatest opportunity for shareholders to realize value over time." (Press Release)



We repeat ..." Over the first quarter, UBS's exposure to US residential sub-prime mortgage related positions declined to approximately USD 15 billion from USD 27.6 billion on 31 December, and the exposure to Alt-A positions was reduced from USD 26.6 billion to approximately USD 16 billion."

What are HBOS / RBS / Barclays / Lloyds etc ., hiding away ?

Main capital write downs in last 9 months

UBS: $37.4bn
Merrill Lynch: $22bn
Citigroup: $21.1bn
HSBC: $17.2bn
Morgan Stanley: $9.4bn
Deutsche Bank: $7.1bn
Bank of America: $5.3bn
Bear Stearns: $3.2bn
JP Morgan Chase: $3.2bn
BayernLB $3.2bn
Barclays: $2.6bn
IKB: $2.6bn
Royal Bank of Scotland: $2.6bn
Credit Suisse:$2bn

Monday, March 31, 2008

Lord Patel's Helicopter Index - Floating Currency UK Uncertainty Program

We have decided to start using the Helicopter Index - the efficacy of the BOE in throwing money out of Lord King's helicopter - this is a very complicated calculation - the Euro / Pound exchange rate.

Friday .....today the £ closed against the € down 0.092 or 0.75% @ € 1.26215 lowest ever.

Monday ......today the £ closed against the € down 0.030 or 0.25% @ € 1.25915 lowest ever.
Using the inflation rate is fairly pointless as whichever one chosen is rigged, and accurate unemployment figures disappeared many years ago.

Lord Patel's design studies are busy designing the new Helicopter Index Logo. Toni Fabuloso is keen on a Saigon Helicopterish design with the portly Lord King fighting his way onto the helicopter on top of a slowly sinking Bank of England.

Lord Patel will shortly open a book on the date the Pound Sterling is exchangeable at parity with the Euro.

Google gets into bed with the spooks ?


Verne Kopytoff (cool name for a cool guy) at SF gate sent me his article Google has lots to do with intelligence (SFGate)

A guy called Mike Bradshaw heads a sales team of 18 out of Mountain View that sells their search technology to Federal, state and local agencies to bruing in another revenue stream. (Google's overall revenue , mostly from online advertsiing was $16.6 billion last year , roughly the size of a small pharma company)

These includes the intelligence agencies (of whom there are at least 20 known ones in the US) the National Oceanographic and Atmospheric Administration, the U.S. Coast Guard, the National Highway Traffic Safety Administration, the state of Alabama and Washington, D.C.

Some contracts constitute mini intranets for use in searching internal documents and Government data - or for integrating mapping data from Google Earth.

The spooky bit is Intellipedia. This is a system which Sean Dennehy of the CIA masterminds. It is said to be a network aimed at helping 37,000 agents share intelligence (so only about 1% of them). Which seems about as unlikely as snow in summer.

Allegedly modelled on Wikipedia, and probably just as fucking reliable. This 35,000 artcicles , 200,000page databox (Wikipedia just today reached 10 million pages) is said to be maintained by the director of national intelligence and is accessible only to the CIA, FBI, National Security Agency and an alphabet soup of other intelligence agencies and offices. Which is what Echelon is supposed to be, which was developed over 20 years ago.

Such stories drip out daily.. maybe true, maybe not...but here's a spooky thing. Logging onto Amazon , for the first time we clicked on what they recommended to read, obviously based on purchase/search history - the result was unexpected and frightening. Better order some cookery books and knitting patterns.

"Dr" Howell in Doha says “devolved government” for Basra province is OK by him

On 10 February when Roddy Drummond, Chargé d'Affaires and Head of Mission in Doha, Qatar the spanking brand new Embassy opened its doors said he was "we are excited about the facilities the new Embassy offers" (photos)

Probably not as excited as when he met peripatetitic rentagob FCO Minister Dr Kim Howells arrived at the Embassy (between Aladdins's and Rainbow Roundabout) this weekend with the randy Duke of York in tow to inaugurate the mission which had moved after 45 years to what looks like a computer factory in West Bay.

Howell sensibly failed to mention the FCO funded new BBC Arabic service set up to compete with the Qatar funded al Jazeera (which had been set up with the staff sacked when they disbanded the OLD BBC Arab News service - nor did he mention they way the Qataris were such pals with Saddam Hussein whom we had strangled to death but whom they had given a personal Boeing 747.

However, always sensitive to local concerns, he launched into the pleasure that the UK Government had in seeing the opening of a Roman catholic church “This is a very significant step for Qatar, and a very encouraging one,” adding “Qatar is opening its doors to everyone.” Later at a Press conference he waded in further , “It is a very brave decision by the Qatari authorities, and one we are very pleased about.”

Although extensively covered by the British press they somehow missed his further remarks (or indeed his previous ones) about how inter-faith dialogue could help eradicate ignorance, which is “the biggest cause of fear of others’ religious beliefs.”

More sensibly he welcomed the expansion of the LNG projects in Qatar and the imminent arrival of Qatari gas at the Qatari owned LNG terminals at Milford Haven which will provide a (hugely expensive) stop gap for the UK. The UK will soon be reliant on Qatar for between 15 and 20% of its gas supply explained the Princely playboy at a luncheon held by the Qatar British Business Forum the same day.

Blundering on he launched into Palestine , the Middle East so called Peace process and the need for a cease fire and commitment to the Annapolis peace negotiations - carefully not suggesting that the Israelis stop building new settlements and expanding the current one's on the West Bank.

In a truly amazing departure from Coalition Policy he mused about Iraq and said the possibility of a “devolved government” for Basra province can be seriously considered as part of a solution to end the crisis, comparing such a solution to the devolution of government in the UK.

Well worth him collecting those air miles then.

German Financial regulator BaFin estimates global shakedown of US$600 Bn of which German share is 10%

Ludwig von Mises summed it up like this:

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The question is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

In a move contrary to the UK "Tripartite" supervision that the Ballsian / Brownian set in motion to supervise Financial services and Banking in the UK. From 1 May 2002 The Bundesbank and German Financial Supervisory Authority (BaFin)(Bundesanstalt für inanzdienstleistungsaufsicht) combined the previous activities of the Federal Banking Supervisory Office, the Federal Supervisory Office for Insurance Enterprises and the Federal Supervisory Office for Securities Trading.

It is evident that this provides a more focused, central and powerful form of control in which the Deutshes Bundesbank firmly control operations. Which will be essential of a study reportedly made by BaFin is correct.

Spiegel today reports the contents of an internal BaFin study that says that shortfalls at finance institutions worldwide could end up totalling US$600 billion (€380 billion).

This shorthall it is said, results from ill-advised speculation on the US subprime market and resulting jitters in markets worldwide. BaFin says that its prognosis is merely a worst-case scenario. "Given what we know about the current situation on the markets, we presume that a total of $430 billion is more probable," the confidential 16-page report says.

The paper also lists losses that have already been admitted to by various credit institutions: a total of $295 billion. Some 10 % of those shortfalls are accounted for by German banks. Should that share of the damage remain constant, German banks can expect losses to be as high as US$60 billion.

BaFin experts fear that the finance crisis will spread to other sectors of the economy. The turbulence could hit "other financial institutions outside of the banking sector," the paper says. The report lists hedge funds, insurance companies and retirement funds as being at risk.

On Friday Bild quoted banking insiders predicting total losses by German banks from the American subprime mortgage loan crisis could hit the €70-billion (US$111 billion) mark. They also reported that claims that the country's third-largest regional bank, WestLB -- which has been kept alive with injections from the state of North Rhine-Westphalia -- will soon be requiring an additional €2-billion lifeline.

Meanwhile, IKB Deutsche Industriebank AG bank,which has already received a billion-euro bailout will be draining a further billion euros from the public purse, bringing its total rescue package so far to €8 billion.

On the same day Bavarian governor Günther Beckstein said the state's BayernLB bank would announce losses related to the credit crisis of up to €4 billion -- double the €1.9 billion figure the bank had previously disclosed.

Munich based Hypo Real Estate (Mkt Cap €2.2 Bn.) Germany's second-biggest property lender has warnnd of more writedowns and gave more information last week on its 5 billion euro plus exposure to structured debt products.

It said the market for its 1 billion euro (US$1.6 billion) portfolio of U.S. collateralised debt obligations (CDO) had deteriorated and that further writedowns were possible. About a quarter of the portfolio is subprime.

It also said any slip in the value of 3.2 billion euros of real estate-linked investments it owns would hit its revaluation reserve.

Finance Director Markus Fell said "In this crazy world, I don't feel comfortable giving any further outlook,"

Hypo shares HRX:DE rallied on that news and rose from a low of €13 to €16 where they trade today.

John Paulson, a little-known hedge fund manager smelled trouble two years ago. He had found a bubble he could short. He bet against the American Dream and placed heavy bets of other people's money on the ABX an index that tracks the sub prime market (sorry tracked .. there is no sub prime market anymore).

His funds in 2007 made US$17 Bn, of which his personal share was US$3/4 Bn - oddly at one stage in his career he was a mergers-and-acquisitions investment banker at Bear Stearns Cos.

Tools for urban terrorism ™ #1

Postman Patel in it's new pocket sized, typo ridden format is one year old today so we are introducing a new and occasional cut out 'n' keep feature. Suggestions / Additions Welcome

Max Mosley takes a beating

Max Mosley , son of Oswald Mosley and Diana Mitford has been exposed in the News of the World and Bild with extraordinary videos and pictures of a five hour orgiastic ersatz Nazi style punishment in a basement flat in a swish part of London on Friday afternoon.

The glamorous, blonde Oxford (Christ Church) educated lawyer and head of F1 motor racing is shown as an eager and willing participant in scenes of unpleasant, comedic but painful punishment - and he was obviously a patsy in a nasty set up.

In the days when Lord Patel knew him at University he was a gifted and entertaining speaker and was never without rich and beautiful lady friends.

His early years were wretched and when he was interned with his parents on the Isle of Man he was, along with other children separated from his parents. Deprived of wardrobes they used to hang their clothes over the end of the iron bedsteads.

As a result he could not sleep without a pillow on his feet.

These are wilder shores of sexual excitement that defeat understanding.

Sunday, March 30, 2008

Michael Todd , the mystery walkers and the mystery rucksack and the mystery bottle of gin and the mystery bottle of champagne

Alan Rimmer and Andrew Chapman filed a story 'Suicide' police chief: Why didn't they call us earlier ask rescue services? in today's Mail on Sunday

A car smash and bracing walk produced a cocktail of concern about one feature of the story ....

The helicopter that brought down the 2 walkers then took up ..."a local police officer and a member of our team flew back up the mountain in the helicopter to Bwlch Glas where the rucksack had been found. They found Mr Todd's body almost immediately."

Picture this.

It is an absolutely foul day, the worst storm on Snowdon in ten years and two walkers find a rucksack.

With freezing fingers they call 999

"We are on Snowdon near the summit and have found a discarded rucksack."

" What do you want us to do ?"

" Well we thought you ought to know"

" Thank you, bring the rucksack down with you and we will be delighted to put it in lost property"

Bzzzzzzzzzzzzzzzzzzzzzz

Gloomy Sunday

Michael Todd - Dead Men tell no Tales - The living are silent as well ... what happened to cop who investigated UK collusion in CIA Renditions ?


At 5.00pm on Tuesday, March 11, 2008 BBC4 "PM" programme broke the news that Greater Manchester Police Chief Constable Michael Todd had been found dead on Snowon. AT 5.06 pm we posted EX Met , GMP Police Chief Michael Todd found dead near beauty spot after long solitary countryside walk

We immediatelt reported that Michael Todd had been leading a probe into claims that CIA 'extraordinary rendition' flights had been landing in the UK, on behalf of the Association of Chief Police Officers (ACPO).

We pointed out that "On 19 December Liberty held a meeting with Greater Manchester Police Chief Constable Michael Todd. Chief Constable Todd has confirmed that he will look into “extraordinary rendition” flights on behalf of the Association of Chief Police Officers (ACPO). According to Chief Constable Todd, the police have begun initial inquiries and will follow Liberty’s recommendations for further questioning." UN Convention in Torture UNCAT Vol 2 160/6 Page 166. House of Lords report 26thMay 2006

Shag Happy top cop

Since then the UK press have revealed that a much admired cop had been, as they put it in the cateen in Stretford GMP HQ..."Puttin' it abaht a bit" and beyond a straighforward reference to his role in the "Rendition" enquiry framed the stories of an unhappy copper / troubled marriage / suicide letters (eventually denied)/ texts to ladies revealing a stressed man torn between desire and duty ... oh and a bottle , half empty / empty of "spirits" / gin.

Hidden agendas and conspiracy theories

The vast bulk of readers / viwers simply do notbelieve that the State and it's organs have a policy of killing people. Despite the lengthy catalogue of state employed assassins / bombers / double agents in Northern Ireland, Police collusion with terrorists / drug dealers over many years meticulously deatikled and published by Nuala O'Loan the Northern Ireland Police Ombudsman in her 7 year term of office. Her first report into death of Raymond McCord junior beaten to death by the Ulster Volunteer Force in north Belfast in 1997 gave details of at least 15 murders directed by a Police informant with Police approval and frequent their help.

Kevin Fulton, the pseudonymous agent has published a great deal about his experience working with MI5, how they helped obtain arms and bombing devices from the US - also his contacs with Jonathan Evans (now Head of MI5) or "Bob" and the Force Research Unit (FRU) - which may yet be revealed in court as he sues for a promised pension and new identity from MI5.

Therefore we tried to provide a possible narrative of events that led to the murder of Michael Todd, the discovery of his body, and the motives behind it ...Thursday, March 13, 2008 Another bloody silly conspiracy theory - Dead Men tell no tales Part II

Briefly, Todd had been passed over the the top Met job after Sir Ian Blair becaus of his shagging the troops (prejudicial to good order an ddsicipline) - precisely the reason he was asked to do the "rendition" enquiry by X Home Office lawyer Sami Chakrabarti of Liberty. In the way John Stalker (with his flawed connections to the Manchester underworld) could be dragged off the NI "Shoot to Kill" enquiry 20 years earlier.

Passed over and pissed off, he became a loose cannon and threatened to reveal how the UK Gubment colluded in the us of UK airports an airspace and how UK forces never "arrest"any likely lads in Afghanistan or Iraq but pass them on to the US forces for them to handle - so Mr Straw can weasel his way out of "any evidence".

Todd agreed a meeting (as did Dr Kelly) at some place, time, way as yet unknown , was transported to the mountain with clumsily contrived props, the mountain rescue were sent ona wild goos chase and then providently in the worst gale in 10 years some walkers "found" his body.

Today's Mail on Sunday and more evidence
Alan Rimmer and Andrew Chapman filed a story 'Suicide' police chief: Why didn't they call us earlier ask rescue services? in today's Mail on Sunday.

It isn't the intention to precis the article here but it reveals some fascinating details which can help update, improve and justify the theory that Michael Todd was murdered because of his involvement in the "rendition" enquiry.

1. Mr Walker, 52, head of Llanberis Mountain rescue says they were called in hours after Todd was first reported missing.

2. The pair of hikers who found what is said to be Todd's rucksack containing personal items ( and at approx 1 pm made a 999 call) were male and female , both young and one was from Brighton. He took them after they had been helicoptered in to the Mountain rescue Centre - " before long they were whisked away by a squad of police. I don't know where they went to".

3. A standard rescue involves a 36 man team, a proven method ... but at the insistence of the police they wanted a very small team.

"They used only three men and a dog, which is totally against normal practice," he said. "Thirty-six people and all the dogs are normally called out to any incident. The three men have been sworn to secrecy by police."

4. Todd's Range Rover was parked almost outside Walkers house in Llanberis - standard procedure is to locate the lost person's vehicle and break in to get sniffer dogs to raise a scent and follow it. It was only subsequent to finding the body this became apparent and GMP officers (operating on someone else's patch ?) and NW Police interviewed neighbours and villagers.

5. The helicopter that brought down the 2 walkers then took up ..."a local police officer and a member of our team flew back up the mountain in the helicopter to Bwlch Glas where the rucksack had been found. They found Mr Todd's body almost immediately.

"Mr Todd was found face-down covered in snow. A half-empty bottle of gin was found by his side. His winter jacket was also found discarded in the snow a few yards away. "

"Someone told me that they also found a bottle of champagne in Mr Todd's rucksack, a strange thing to take up a mountain. I don't know whether it was full or empty."

6. The main party of rescuers reached the body at about 3pm. By that time the weather was really closing in.

"To make matters worse, a huge Chinook helicopter suddenly appeared and tried to make a landing. It made two attempts, but it was impossible and it soon pulled off. No one had a clue where it came from.

"Six men at a time were used to carry the stretcher in relays with Mr Todd's body strapped to it down the mountainside. "

7. The rescue party eventually reached the bottom of Snowdon by 7pm on the Tuesday.
Mr Walker added: "Men in dark suits were swarming all over the place. They were not in uniform. We took it they were spooks, Government agents. They weren't normal plainclothes detectives, and they didn't introduce themselves to us."

Pushing aside requests to rush to Heathrow and solve the problems terminal 5 and re-acquainting 15,000 pieces of luggage with their owners , our vast technical staff are attempting to revise the Bloody Silly Conspiracy Theory to take account of the above.

It will be fascinating to have a chat with the two bemused young walkers who providently stumbled across the drunk ? shagged out ? hypothermic ? but definitely dead body of Michael Todd at "approximately" 1.00pm on Tuesday March 11th.

How very odd that they have remained silent - as no doubt will the 3 members of the search team sworn to secrecy.

Let's not forget that one person has already been murdered who was reluctantly involved in approving a CIA kidnapping / rendition in Denmark ...Of course the Bromma airport incident in Sweden on December 18th 2001, is the most interesting of cases where approval was given because the lady (Swedish Foreign Minister Anna Lindh) who gave the approval for the kidnapping was murdered in public nearly two years later (curiously she died on 11th September 2003 at about the time that details of the incident were surfacing publicly) – by a Kosovan hit man (Mijailo Mijailović he confessed in Jan 2004). See -Monday, December 12, 2005 - CIA prisoners Diplomatic Cover - questions to be asked - and hopefully, answered.

PS : There is of course an enquiry into the activities (extra and intra mural shagging) of Michael Todd by his fellow ACPO Vice President Sir Paul Scott-Lee, the Chief Constable of West Midlands Police, which will take a (very) long time, demand secrecy, destroy evidence and silence witnesses. (qv 3 members of Mountain Rescue Team)

Saturday, March 29, 2008

UK oil - the slippery slope

The Oil Drum Europe is the best source of information on the global / European energy market available - the articles are exceedingly well informed, clearly and concisely written and have good graphics.... and it's free. The comments are equal in quality and wide ranging. A must read. This months Oilwatch (Oilwatch Monthly - March 2008) makes, as ever, fascinating reading.

This graph should give Mr Brown and Mr Darling , sweaty palms as the costs of oil mports rise and the N.Sea tax take declines.

Soft porn of the terror of aerial bombing of civilians in Iraq and Afghanistan



Air Force Link today Female U-2 pilots say gender isn't a factor - In its 50 years of flight, only six women pilots have been at the controls of the U-2 Dragon Lady ......

For the real hard core stuff go here

Shiites hit the fan in Basra - USAF and RAF start bombing / strafing civilians - the air war helter skelters out of control

Iraq´s average crude oil production for February was 2.4 million barrels per day. Exports averaged 1.93 million barrels per day in the month - although any oil producion/refining/export figures must be viewed with a great deal of caution. "Overall progress has been very slow and there is still no comprehensive metering at oil fields, storage facilities or refineries," U.N. controller Warren Sach told the Security Council December 19th 2007 (Reuters)

Basra Rumaila South and North oil fields produce around 1.3 million barrels per day. The city also is home to one of Iraq´s three largest oil refineries, the Shuaiba refinery which has a capacity of 160,000 barrels a day but has been functioning below capacity at about 100,000 barrels per day.

Control over the southern oil fields and resources is what is really at the heart of the Battle of Basra...

US warplanes bombed Shia militiamen in Basra last night and helicopter gunships fired rockets in militia-controlled areas of Baghdad, as Iraqi government forces proved incapable of dislodging die-hard rebels on their own. The U.S. warplanes killed three militia fighters, the British military reported. The targets were a militia mortar team and a militia stronghold, said Maj. Tom Holloway, a British military spokesman.

Basra’s government hospitals received more than 60 people killed and 300 others wounded in the clashes that erupted since the midnight of Monday until Thursday evening,” the medical source, who asked not to be named, told Aswat al-Iraq – Voices of Iraq – (VOI).

Updated at 9:20 p.m. EDT, Mar. 28, 2008
At least 163 Iraqis were killed and 214 were wounded in the latest reports of violence. These figures included updated numbers from the Mahdi Army battles taking place since Tuesday.

Iraq’s prime minister has set a deadline for Shia militants in Basra to hand over their weapons, “All those who have heavy and intermediate weapons are to deliver them to security sites and they will be rewarded financially. This will start from March 28 to April 8,” the prime minister said.

Authorities imposed a three-day curfew in Baghdad to contain the violence, since the government launched the offensive on Tuesday. The U.S. military reported killing 78 "bad guys" in Baghdad in the past three days; American forces backed by combat helicopters continued Friday to battle members of the Mahdi Army, a militia loyal to Shiite cleric Moqtada al-Sadr, in Baghdad.

Mortar shells hit the offices of Vice President Tariq al-Hashimi, (a Sunni ,Iraqi Islamic Party and No 3 in the political line of precedence - 2 of his brothers and a sister were killed by Shiite death squads in 2006.) killing two guards and wounding 4 others.

Green Zone attacks this week have killed two Americans; embassy personnel are sleeping in the thick-walled former palace of Saddam Hussein for protection. U.S. government employees are going outside only on urgent business and wearing protective gear.

In an e-mail Friday night, Philip T Reeker, US Embassy spokesman said sleeping in the embassy was clearly a temporary precaution but "highly recommended given the harassing fire we've received in the past week. I, for one, have pulled out a cot in my office."

At 4 a.m. in Sadr City, a helicopter killed four fighters who were engaging U.S. forces with small-arms fire, officials said. At 7 a.m., a U.S. helicopter's Hellfire missile targeted a vehicle armed with rocket-propelled grenades, killing two fighters in the Adhamiyah district of northern Baghdad.

Later in the morning, soldiers fired on militants setting up improvised explosive devices and returning fire from and killing fighters who had rocket-propelled grenade launchers.

"In the last 48 hours, we have seen more extremists," said Lt. Col. Steve Stover, a military spokesman in Baghdad. He said the military had killed 78 "bad guys" in the past three days. "They are violating the rule of law. They are firing rockets indiscriminately. They are criminals and terrorists, and they deserve to die."

Lebanon - UN's 10th useless fucking report on Israeli murder of Hariri and the NATO/US base at Qlieat is coming along just fine.

Canadian and French speaking Quebecois prosecutor Daniel.A. Bellemare took office on January 1, 2008 as Commissioner of the International Independent Investigation Commission and has just produced the 10th, 4 monthly report on what is comically called "progress" on the death of Rafiq Hariri and 22 others on February 14th 2005.

Few will be moved or even iterested in the conclusion that "Commission can confirm, on the basis of available evidence, that a network of individuals acted in concert to carry out the assassination of former Prime Minister Rafiq Hariri and that this criminal network or parts thereof are linked to some of the other cases within the Commission's mandate. "

You don't say ?

The "other cases" one assumes refer to attacks targeting members of Lebanon's security forces, On December 12th , 2007, the Head of Operations of the Lebanese Armed Forces, a Christian Maronite , Brigadier General Francois Al-Hajj ( posthumously promoted to Major General)- and his driver were killed by a bomb which injured 9 others at Baabda/Yarze which is the HQ of the Lebanese army and presidential palace. On January 25th , 2008, the Head of the technical section of the Information Branch of the Internal Security Forces, Captain Wissam Eid ( posthumously promoted to Major)- was bombed with 5 others leaving 42 injured.

The Commission is providing technical assistance to the Lebanese authorities in their investigations of these bombings.

This report is worthless and pointless.

"Investigations of this complexity cannot be rushed"

" Given the need to preserve confidentiality in its investigations, the Commission will not be disclosing any names."

"It (The Commission) has drawn up a revised schedule of priority interviews and re-interviews and implemented new procedures to streamline the process. "

"While the Commission is independent, it cannot operate in a vacuum"

"Confidentiality is key to any investigation"

Here is the critical part ..

Paras 25 and 26

25. The Commission can now confirm, on the basis of available evidence, that a network of individuals acted in concert to carry out the assassination of Rafiq Hariri and that this criminal network the "Hariri Network" - or parts thereof are linked to some of the other cases within the Commission's mandate.

26. The Commission has also gathered evidence establishing that

(i) the Hariri Network existed before the Hariri assassination;
(ii) it conducted surveillance of Rafiq Hariri before the assassination;
(iii) it was operative on the day of his assassination; and
(iv) at least part of the Hariri Network continued to exist and operate after the assassination.

Three years well spent then.

PS : Daniel .A. Bellemare is an avid collector who is forever looking for antique furniture (he also enjoys refinishing antique furniture himself), fountain pens, cuff links and police forage caps. His police hat collection is one of the most extensive anywhere and contains dozens of samples from every continent...



.... of more interest is his "tirelessly promot(ing) active cooperation between Canadian and American prosecutors, especially along the Canada-U.S. border ... "His efforts culminated in the joint National District Attorneys Assocciation Summer Conference "United States and Canada: Partners in Crime-Fighting" held in Vancouver, British Columbia, in July 2004." ... Good contacts in US then.





PPS : It is essential to understand that the bombings of have absolutely nothing to do with Jeffrey Feltman, the US ambassador in Lebanon, who has just moved on to Turkey. Feltman was an acolyte of British born Jew, Martin Indyk when he was US Ambassador to Israel for the 2nd time from January 2000 to July 2001 (the 1st and only non US born US Ambassador ever) . Indyk started out as a research director at the American Israel Public Affairs Committee (AIPAC) and is now a Senior Fellow and Director of the Saban Center for Middle East Policy in the Foreign Policy Studies program at The Brookings Institution.(Who paid for Shrillary's lesbian palalong Huma Abidan's trips to Israel)

Feltman, through Indyk is said to have been closely linked to Ariel Sharon. he is also said to be associated with Karl Rove, is an associate of the Pentagon's Office of Special Plans that created the false evidence and "mushroom cloud" intelligence used to justify attacks on Iraq.

All this of course has nothing to do with the "US-Lebanese Center for Rehabilitation of the Army " (AKA NATO "The Lebanese Army and Security training centre") scheduled to be located at Kleiaat (Qleiat),Bibnin Akkar airport which Hariri was so opposed to (he wanted to develop a freeport) . Which is also remarkably close to nearby Syrian Port at Lathikiya which the Russians are developing as a naval centre.... but ideal fora NATO/US base on the lines of the Qatari monster El-Udeid base, for covert operations against the Syrian regime and to safeguard the oil pipelines of Baku-Tiflis-Ceyhan and Mosul-Kirkuk-Ceyhan... and oddly the brain child of Ariel Sharon. (Whose amputated legs are being preserved to be buried with him) . UPDATE 1/4/08 - Naturally it will also usefully provide cover for the Iran / Turkish drugs routes.


This non-existent and entirely illusory base for "training for the Lebanese army and security forces fighting Salafi, Islamist fundamentalists and other needs" has been recently visited by Eric Edelman, the US Undersecretary of Defense for policy ( who followed the wonderful Douglas Feith ( “Dumbest Fucking Guy on the Planet.” ) , with a hefty parcel of Pentagon planners (Edelman was a recess appointment as his selection was stalled in the senate) . Edelmans large party also met Fouad Saniora, Defense Minister Elias el-Murr and the US 's favourite Army General Michel Suleiman who could be said to have benefited by the untimely demise of Major general (posthumous) Francois Al-Hajj in December.

Interestingly VP Cheney's acolyte Edelman was Ambassador to Turkey 03-05 where Feltman is headed and was described as ""Edelman act(ed) more like a colonial governor than an ambassador... (He) is probably the least-liked and trusted American ambassador in Turkish history, and his reputation is not likely to recuperate."


Nor has this anything to do with Elliot Abrams and others such as AIPAC staffer Rachael Cohen who said , "“We need to get this base built as quickly as possible as a forward thrust point against Al Qaeda and other (Hezbollah / Hamas) terrorists"


Nor has this anything to do with a recent visitor to Qleiat by fluent Arabic speaker David Welch , US Ambassador to Egypt 2001-5 and now US Assistant Secretary of State for Near Eastern Affairs. He made a surprise visit to Lebanon on 14th December last year - almost simultaneously with the untimely demise of Major general (posthumous) Francois Al-Hajj .

Nor has this anything to do with the Lebanon's two main political factions having agreed to nominate Army Commander General Michel Sulieman as the country's next president who so benfited from the untimely demise of Major general (posthumous) Francois Al-Hajj , and whom the US appear to admire so much.

PPS : None of this is to suggest that the US Embassy in Beirut/ US State Department / had foreknowledge of the untimely demise of Major general (posthumous) Francois Al-Hajj

"عوكر تحكم لبنان بالسياسة والامن. ومن لم يصدق هذه الحقيقة، كان عليه ان يتابع الاتصالات التي كان يجريها السفير الاميركي في بيروت جيفري فيلتمان وفريقه، امس، مع قوى الاكثرية، حول ادق تفاصيل الاجراءات الامنية في بيروت." : PPPS

Mengistu - the sinister power behind Mugabe's throne

Take a ruthless Dictator who was responsible for 500,000 (Amnesty International) deaths during a reign of “Red Terror.”

Take a Dictator whose regime was involved in unspeakable crimes and atrocities, and many of whose members now languish in jail. A regime whose soldiers would not release a victim's body for burial until the victim's family had paid back the cost of the bullet used in the killing.

Take a Dictator whose security forces systematically tortured political prisoners, dipping bodies in hot oil, raping and inserting bottles and heated metals in bodies of female prisoners,

Take this dictator and install him in a luxurious estate in Zimbabwe, let him have medical treatment in South Africa.

Who? Mengistu Haile Mariam 17 years the bloodthirsty quasi Marxist tyrannical ruler of Ethiopia whose fall followed Russian withdrawal of support.

Who organised his departure from Ethiopia ?

The United States embassy in Zimbabwe confirmed in 1999 the US was involved in obtaining a safe haven for the former Ethiopian dictator Mengistu Haile Mariam.

The embassy said in a statement that then Assistant Secretary of State Hank Cohen had been involved in negotiations which resulted in Mengistu arriving in Harare in 1991. … where he still is.

At the time President Mugabe proudly boasted,"Both the Americans and Canadians even offered to assist financially if we could not meet the expenses of looking after Mengistu," he said. "We have not received a cent because we have not requested their assistance. He (Mengistu) helped a lot of the continent's liberation movements."


In March 2001 Mengistu and seven male relatives, all of whom fled Addis Ababa, the Ethiopian capital, when the regime was overthrown by pro-democracy forces in 1991, had become permanent residents on the orders of John Nkomo, the home affairs minister.

Gunhill luxury

In Harare, Ex President of Ethiopia Mengistu lives in the lap of luxury in the Gunhill suburbs, with 24-hour security from the police VIP protection unit and the CIO at the Zimbabwean taxpayers' expense.

The Mugabe government has allocated Mengistu two large farms, one in Mazowe and another in Norton. Mengistu owns a separate home in Bluffhill and more likely owns more.

He drives at least six luxury cars, including a Mercedes Benz, a Toyota Prado, a Toyota Avensis, a BMW and a twin-cab truck. Mengistu enjoys a special fuel scheme from the state's National Oil Company of Zimbabwe for personal use and for his farms, and his vehicles are serviced free of charge at the central mechanical equipment department.

In 1995, Mengistu survived an attempt on his life when an Eritrean, Solomon Ghebre Haile Michael, and Abraham Goletom Joseph tried to assassinate him at his Gunhill residence. The two were arrested and subsequently sentenced to 10 and five years' imprisonment respectively.

Mengistu was said to be concerned when the MDC nearly won the 2000 parliamentary elections and the 2002 presidential elections. Mengistu is said to have then made plans to relocate to either China or North Korea, but he knew very well that he would not get the same comforts as he did in Harare.

It is therefore in his interest that Zanu-PF and ideally, Mugabe rules forever. Mengistu is said to have been born in 1937, but like his parentage this is not certain.

Mengistu guilty of genocide.

An Ethiopian court on Tuesday December 12th 2006 found Mengistu guilty in his absence of genocide )plus for atrocities committed under his Marxist regime, after a 12-year trial.

At the time William Nhara, a spokesperson for President Robert Mugabe's government, said."As a comrade of our struggle, Comrade Mengistu and his government played a key and commendable role during our struggle for independence and no one can dispute that," William Nhara, a spokesperson for President Robert Mugabe's government, said.

"The judgment is an Ethiopian judgment and will not affect his status in Zimbabwe. As far as we know there is no extradiction treaty between Harare and Addis Ababa."

Nhara said Mengistu helped train Zimbabwean guerillas in Ethiopia and provided arms during the war against British colonial rule which culminated in the country's independence in 1980.

"After independence Comrade Mengistu's government provided training for our air force pilots and not many countries have shown such commitment to us."

Paul Mangwana, the government's acting information and publicity minister, told Reuters at the time "Mengistu applied for asylum and we granted him (it) ... the position remains the same."

Mangwana assumed the preposterously named office of Minister of Indigenisation and Empowerment in February 2007 and the Indigenisation and Economic Empowerment Bill, which provides for Zimbabweans to hold a majority share in all businesses, was passed in March 2008 and approved by President Mugabe on March 8th.

Mangwana said that the law did not mean expropriation would take place and that there was "no reason to panic". He noted that existing businesses would "need time to adjust" and said that "engagement and consultation" would take place within a timeframe of perhaps five or ten years. Defending the law, he said that "the revolution is not complete until indigenous Zimbabweans own the means of production".A phrase that betrays the hand of Mengistu and his Marxist Leninist oratory - who is said to be the architect of this expropriation by the state of private businesses.

Mangwana has been nominated by ZANU-PF as its candidate for the House of Assembly seat from Chivi Central constituency, in Masvingo Province, in the tpdays parliamentary elections.

Mengistu and Operation Murambatsvina

Sources claimed to be within Zimbabwe's feared Central Intelligence Organisation (CIO) say that Mengistu, now acts as President Robert Mugabe's security adviser, warned the Zimbabwean leader that the swelling slum and backyard population in Zimbabwe was creating a fertile ground for a mass uprising.

Called very extravagantly Operation Murambatsvina, the controversial home-demolition exercise left at least 700 000 people homeless and affected another 2,4-million people, according to a report by United Nations special envoy Anna Tibaijuka.

first suggested the slum clearance idea to Mugabe in February, at one of the regular meetings he holds with the president and other senior security chiefs from the army, the CIO and the police.

After Mugabe accepted the idea, it was followed by several weeks of meticulous planning. Operation Murambatsvina began in May, a few weeks after the ruling Zanu-PF party trounced the main opposition Movement for Democratic Change (MDC) in a controversial parliamentary election.

Planning Operation Murambatsvina

The first meeting to plan the logistics of the operation was chaired by Mengistu himself at CIO headquarters in Harare, and was attended by defence forces commander General Constantine Chiwenga, Zimbabwe National Army Commander Philip Valerio Sibanda, Air Force of Zimbabwe Commander Air Marshal Perence Shiri, CIO director general Happyton Bonyongwe, his deputy, Menard Muzariri, and director of prisons Brigadier Zimondi. The police were represented by Deputy Commissioner Godwin Matanga.

Mengistu chaired other meetings , during which video clippings of Zimbabwe's 1998 food riots, with footage of mass uprisings in the Ukraine, Yugoslavia and Ethiopia, were shown to the group, which called itself Operation Murambatsvina's "high command".

After a series of meetings of the "high command", the group later met government ministers, mayors and administrators sympathetic to the government, such as Harare Commission chairperson Sekesai Makwavarara and Bindura mayor Martin Dinha, who endorsed the operation.

Mengistu then prepared a final document on the operation, which he submitted to Mugabe. The president endorsed it. Operation Murambatsvina, according to the plan, was to be implemented in phases, starting with flea markets suspected of fuelling economic crimes, mainly illegal foreign-currency trade

Operation Garikai / Hlalani Kuhle

A project to rebuild homes after Operation Murambatsvina was envisaged in Mengistu's plan, though the main objective would be to window-dress the main purpose of the slum-clearance exercise.

This project, later dubbed "Operation Garikai / Hlalani Kuhle ", would naturally not accommodate all the displaced people and would mainly benefit Zanu-PF supporters caught up in the destruction process.

Reducing the Zimbabwean population

These Mengistu planned operations were initially planned it appears to simply reduce the population of Zimbabwe. Continuing repression and economic implosion has resulted in an exodus of 25% of the population to Zambia, South Africa and beyond.

Meanwhile the Mengistu inspired and recently passed Indigenisation and Economic Empowerment Bill is sold as giving black Zimbabweans the power to share in the wealth of their country.

Mr Sikhanyiso Ndlovu told the BBC. "It is an historic economic empowerment bill that has been signed,"

It is of course merely another step in the rape of a beautiful country calculated to discourage inward investment.

Unable to feed the people

Didymus Mutasa the Minister of State for National Security, Land, Land Reform and Resettlement is reported portentously saying that while the country continues to import maize from Zambia, South Africa and Malawi, the Zim Government is considering alternative sources. As if.

Meanwhile in his increasingly crazy rallies across the country, President Mugabe tells supporters that no one will starve, as Government will import enough maize. He said 500 000 tonnes of maize had been paid for and Government was awaiting to take delivery of the grain.

Friday, March 28, 2008

The Banker's Money Pit swallows helicopter funds at an increasing and alarming rate. When do the Fed and the BOE run out of paper and printing ink ?

The quantity of money that the US Federal Reserve is prepared to throw out of the helicopters is truly staggering. Just to keep you up to speed , Banks and securities firms have posted losses exceeding $188 billion since the start of last year as the impact of surging defaults on subprime mortgages has roared through world financial markets like a tsunami on a Thai holiday beach.

That really is one helluva hole to fill.

That of course is merely the write offs they have made, what else is hiddden on their rotten fraudulent balance sheets ? What unrecoverable loans are there out there ? For example Barclays (on Dec 20th) are sueing (some fucking hope) Bear Stearns for US$400 Mn over 2 collapsed (and likely fraudulently run) Cayman Islands based Hedge funds.

Fed Chairman Bernanke started to fill up the bottomless money pit a day later on 21st December offering a measly Christmas present of US $20 billion, (Technically, the Fed auctioned off US$20 billion in loans - just to confuse they call it - Term Auction Facility TFA) which 93 banks bid for US$61 BN at a rate of 4.65% - which was a 10 basis points below the Fed's discount window at the time of 4.75%.

Then well after the Christmas turkey had been gobbled, he held some slightly more generous US$30Bn auctions , quickly followed by the promise of of 2 planned auctions on March 10 and March 24 of US$50 Bn. dollars - now he has anniounced the same unpleasant medicine for the moral hazardless bankers of a further US$100 BN in April - and the rumour is this will carry on at this rate until September. Or even at a higher level.."The Federal Reserve, shortly before the report was released, underscored its concern for the economy by saying it will pump more cash into financial markets to try to ease credit."

In an unorthodox move the Fed is llowing investment banks to borrow from it directly - a facility previously only the privilege of commercial banks. Presumably the loan of US$29 Bn. to J P Morgan for Bear Stearns made the process a mockery ... which is what it was.

The Fed's chairman, Ben Bernanke, will be quizzed about the auctions, by Congress next week, but they haven't got any bright ideas about what to do either . Does it have anything to do with the slide against the Euro? The yawning trade deficit ? The yawning budget deficit ?.. well never mind the suckers who voted will get their tax backs soon and everything , everything I tell ya will be fine.

Please don't anyone ask what happens when the Fed run out of pritning ink and paper.

Spring Break is just around the corner !!!!

This week there were concerted moves by central banks to bring down the Libor - the rate at which banks lend to one another - which stays stubbornly at levels that prevailed at the beginning of the credit crunch. As the banks are all liars and crooks, they won't lend to each other as they know all the other bankers are liars and crooks and they can't sucker the public much longer and stuff their fictuive balance sheets with illusory assets.

Its's no better in London

Bank of England governor Mervyn King met the Commons Treasury Select Committee on Wednesday, after the Bank put an extra £5bn into the market last week.

..." The Bank of England would continue to offer extra money in the markets as a short-term way of boosting confidence in the system," and added , confirming that they haven't a fucking clue what to do ..."The Bank of England would continue to offer extra money in the markets as a short-term way of boosting confidence in the system"

" longer-term solutions would be discussed with UK banks" .. i.e we will see if they have got any better ideas what to do.

..today the £ closed against the € down 0.092 or 0.75% @ € 1.26215 lowest ever.

The UK housing market has healthy demand boosted by insane planning laws, pent up demand from a ruising population, and fragmenting families - the market is sound although prices will rise more slowly (apparently only 1% nationally last year) and mortages will be more expensive. The insane HIP's , stamp duty, and other costs will help depress upward mobility and therfore market movement.

Wages will be held down, as inflation, led by energy and food costs will roar away pushed by global markets and forces.

Sterling will decline, against the Euro and end up at something like parity by Christmas. The decline against the dollar will be slower and shallower probably hitting US$1.80 at the same time.

Unemployment is such a fudged figure it is impossible to evaluate how it will be affected.

Constrained by the flow of funds Goverment spending will be hit, aircraft carriers, Nimrod, and asome submarines will go. The NHS will feel the pinch, transport subsidies will be cut ....

And Benranke and King the helicopter pilots will take a well cushioned early retirement.

Boeing forced to buy 787 assembler Global Aeronautica stake where construction problems are focussed, from Vought Industries


The Boeing Company have announced today that they will acquire the 50% interest in Global Aeronautica (GA) previously held by Vought Aircraft Industries. There was no explanation provided nor did they disclose terms of the transaction.

GA is also 50% owned by Alenia North America and operates a fuselage subassembly plant for the 787 near Charleston, S.C.

Alenia North America, is part of the giant Italian engineering conglomerate Finmecanicasa. Alenia builds the center fuselage sections 44 and 46 in its facilities and delivers these to the Global Aeronautica integration facility. Alenia also manufactures the horizontal stabilizer of the 787 in its Foggia facility.

Vought will continue to produce the 787 aft fuselage sections 47 and 48 in a new 342,000-square foot building and employs about 300 workers at its South Carolina plant adjacent to Global Aeronautica. (Rumour has it that this has been the source of some major problems)

Elmer Doty, president and chief executive officer, Vought Aircraft Industries, said, “This seamless transition of joint venture ownership will build upon the strong foundation already established within Global Aeronautica. Selling our interest has no impact on our adjacent facility, where the Vought 787 team remains focused on manufacturing composite fuselage sections for this incredible airplane.

Boeing’s 787 program vice president, Pat Shanahan, says cautiously that the move is intended to help “overcome supply-chain challenges.” Other sources say that Boeing will work with Alenia "to apply proven lean manufacturing expertise to continue improving the efficiency and productivity of Global Aeronautica's operations," while Vought, the partner which has been bought out, "will focus on its primary business of delivering quality aft fuselage structures for the 787."

Let's hope that it works.

Seattle's Society of Professional Engineering Employees in Aerospace (SPEEA), IFPTE Local 2001 has taken the opportunity to ram home their concerns about global outsourcing..."We are hopeful this is an indication that the company realizes that not just anyone can engineer, design and build these very complex aerospace products,” said Ray Goforth, executive director of the union representing engineers and technical workers at Boeing. “Our members have been saying for some time that this global network is not working.”

Employees working on the 787 program have voiced concerns about unnecessary rework required on parts coming in from outside Boeing. In some areas, employees are working 20 to 40 percent overtime and traveling frequently to help suppliers. SPEEA members at the former Boeing plant in Wichita, now operated by Spirit AeroSystems, Inc., have expressed the same concerns.

Boeing have problems with parts, construction re-designs, claims, the last thing they ned for the health of their US operations is Union problems and difficulties with the upcoming wage negotiations....

In October, SPEEA begins main table negotiations with Boeing for 21,000 employees in Washington, Kansas, Oregon, Utah and California. Negotiations begin in May for 3,000 represented employees at Spirit AeroSystems, Inc. in Wichita, Kansas.

Boeing closed down 75 cents = 1.0% at US$73.47

CIA sponsored, funded and organised Tibetan Freedom Torch Relay 2008 on April 6th cannot be stopped by Prime Minister - OFFICIAL

Readers will be aware we sought to set up a No 10 Downing Street petition yesterday ... Olympic Tibetan Freedom Torch Relay 2008 - join in the fun organised by your local branch of the CIA

We the undersigned petition the Prime Minister to: 'Take the necessary steps to prevent the Central Intelligence Agency to organise a Tibetan Freedom Torch Relay 2008 on 6th April, when the official Olympic Torch will proceed through London.'

Well the e-petition team have replied (very prompt service) ...

"Hi,

I'm sorry to inform you that your petition has been rejected.....

Your petition was classed as being in the following categories:

* Outside the remit or powers of the Prime Minister and Government

So there you have it, the Prime Minister and Government haven't the power to stop the CIA organising the Tibetan Freedom Torch Relay 2008 on 6th April.

Nice to get that officially.

Now who fancies a,

" Muslim, brown men with beards and brown women in jibjabs against Chinese Hui Muslim's having the shit kicked out of them by CIA inspired and funded Tibetan mobs and the burning down the Lhasa mosque - Freedom Torch Relay 2008 to Grosvenor Square" ? ***

**** Police closed off Lhasa's Muslim quarter today (Guradian)

I bet that's well within his fucking remit and power to stop.

Incidentally, anyone notice that Presidential wannabe McCain who says he wants to wage a vigorous war against Islamic radicals worldwide, sent his wife Cindy to Pristina to meet gangsta, Muslim mass murderer, Kosovan Prime Minister Hashim Thaci yesterday? All part of the CIA campaign to encourage precedent for Tibet and Taiwan separation and independence from China.

Cyprus - inaction, a building boom, lack of investment ... droughts, lead to predictable water shortages / rationing


It was evident in November 2007 that water shortages loomed in Cyprus.Vlassis Partassides, head of water management at Cyprus’s Water Development Department, looking at resevoirs 10% full said in a Reuters inetrview “If the drought continues for a fourth year, the consequences will be very severe.”

As of today the 17 resevoir systems with a capacity of 273,636 million cubic metres (MCM) have current stocks of 27,972 MCM or just 10.2% of their capacity and the maximum they have held throughout all of 2007 was 72,20 MCM.The country has , with desalination and increasingly drying and salinated boreholes approximately 50 MCM to last until the end of the year; realistically, it needs at least 66.7 million cubic meters.

Since 1972, rainfall has decreased 20% and runoff into reservoirs has decreased by 40%. Briefly That is Cyprus has now roughly 40% less water than had been assumed based on pre-1970 rainfall records.

Costas Papastavros, head of the Cypriot national climate change unit said desertification is also becoming a serious problem. "It is not just that we do not have water in dams for irrigation, but we are looking at a decline in the productivity of soil, and we have a tremendous problem.”

The demand for water in Cyprus, for now, outstrips supply. Experts estimate the island will need almost 180 million cubic feet of water until the new year. Kouris, one of the island’s largest and most important dams, was in November 2.5% full, with 3.23 million tons of water. It is the principal supply for Nicosia and the heavily populated (and tourist areas) southern districts of Limassol and Larnaca.

Indeed the development of water supplies has been a triumph historically - ""No drop of water to the sea". From surface reservoirs from 6 6 MCM in 1960, total capacity has reached 307,5 6 MCM today. Only when it rains.

The desalinization plants , the first which opened on 1 April 1997 at Dhekelia, (40,000 C) and the plant at Larnaca Airport ( 50,000 m3/day ) opened 4 years later , can , on continuous operation only supply 45% of demand, and fuel oil input costs have rocketed.

No water ? Panic! Panic! Panic! ration / fine / threaten

So water rationing has been introduced again from this Wednesday March 26th , water 3 days a week for 12 hours per day. Sufficient to fill a 1 ton rooftop tank but hopeless for a family of say 5. Of course some people have installed extra tanks over the years and this results in constant low water pressure when water is available. Hosepipe usage is banned with a fine of C£50.

Pipelines will be constructed to the resevoirs to take 8 MCM of water shipped from Greece , but this will not arrive for 5 months.For the water to be transported, a 400 meter pipe plus a four kilometer conveyor needs to be built. It will take at least five months for this supporting infrastructure to be built. (Costs ? No-one is saying, or who will be paying - sidelong glance to Brussels ?)

A new desalination plant being built at Episkopi will be uprated to double the daily output from a 40,000 m3/day to 80,000 m3/day which may be operating by October when all the tourists have gone home.

Oh! There's a masterstroke in the plan. An awareness campaign - TV ads.More TV ads, maybe some on the endless pop Radio programs.

Agriculture hit hard

The water scarcity has been disastrous for the country's agriculture, as desalinized fresh water is too expensive to use for irrigation.

To make problems worse, the liberalization of the Cypriot import regime under EU membership has allowed foreign competition in the domestic fruit and vegetable market. TYHis has also been swollen by lower cost non European exporters such as Syria, Egypt and Israel . Potato farmers, whose concentration in the "Kokkinokhoria" (red soil villages) also leads to manipulation of subsidies and they have become adroit at obtaining State subsidies.

Now however , less potatoes are bought by increasingly fastidious housewives with clods of earth on them , and supermarkets want smaller potatoes for ease of packaging in 2 - 2.5 KG quantities.
A study by Protonique SA in 1998 a qualitative appreciation of the supply of potable and non-potable water in Cyprus updated by EnviroTech Limited, Larnaka, Cyprus is available here. It hs been lying around Government offices for a long time. Ignored.
http://www.cypenv.org/cyprus_water/

The smart money will be importing bottled water. In quantity. Probbly with funny Russian labels.

Georgia's IDS Borjomi Group have just bought bought Georgian sourced Edelweiss bottled water off Gazprom for an estimated $25-30 million. It is banned in Russia.

Vagit Alekperov's LUKoil owns the oil industry in CYprus ... must give him a call to see what he intends to do about selling water. probbly catch him in the Turkish casinos celebrating his stunning deal in Iraq which the Western Press are studiously ignoring. Thursday, March 27, 2008 - LUKoil revive and seal a deal with Maliki and Talibani for Western Qurna-2 field - Russia writes off US$12 Bn debt to Saddam

The Commander in Chief celebrates the aerial bombing of Iraq at "Wright-Patt"

Baghdad Thursday, June 08, 2006 - Loud applause broke out at a press conference in Baghdad as Prime Minister Nuri -Al-Maliki, flanked by U.S. Ambassador Zalmay Khalilzad and U.S. Gen. George Casey, the top commander in Iraq, announced that "Zarqawi was terminated." (Fox)



"At a press conference in Baghdad, Maj. Gen. William Caldwell showed a photograph of Zarqawi's body and video of U.S. F-16's dropping two 500-pound bombs on the house near Baqouba.

Gen. Caldwell said there was "100 percent confirmation" that Zarqawi was in the house prior to the attack. He added that six other people were killed in the attack, including one woman and one child."

In a chilling postscript to this story which Chicken Yoghurt draws to out attention, the Commander on Chief was speaking yesterday at Wright-Patterson Air Force Base Dayton, Ohio.

"I do want to thank General Bruce Carlson, Commander of the Air Force Materiel Command; Colonel Colleen Ryan; and all those wear the uniform. I'm proud to be with you, and I'm proud to be your Commander-in-Chief." (Applause.)

"On a fateful day in this war, airmen delivered justice to the al Qaeda terrorist Zarqawi, in the form of two precision-guided, 500-pound bombs." (Applause.)


Bandit36 who produced and uploaded the above You Tube video is a 26 year old who says he is deployed in support of Operation Iraqi Freedom and is stationed in the International Zone (aka the Green Zone) in Baghdad. My wife and newborn son are waiting for me back in Germany.

This is a picture of him and his family from his blog . after leaving Iraq when he says ..."I've turned over my key, my cell phone, my desk, my computer, my responsibilities."



To which somebody thoughtfully added this comment.......

Your latest US Air Force news ... March 23 airpower summary: F-16s keep vigilant ..."In total, 40 close-air-support missions were flown as part of the ISAF and Afghan security forces" ..."In total, coalition aircraft flew 59 close-air-support missions for Operation Iraqi Freedom."

US House sales increase 3%, prices 8-11% down in last 12 months - Vegas / Miami in meltdown


The Standard & Poors Home Price Index for the US in January is now published and shows an 11.4% drop in January from a year earlier, the largest annual drop since the index was started in 1987.

S&P ' s comments highlight ;

•All 20 cities are down month to month for the last five months
•Only one –Charlotte, NC –is up over the last 12 months
•10 of 20 are down by double digits in the last 12 months
•Ten City Composite down 13.4% from the peak, 20 City composite down 12.5% from the peak
•Miami, FL and Las Vegas, NV show largest declines in last 12 months, 19.3% each
•Miami, FL home prices are 125% greater than in 2000, In Los Angeles, CA prices are 124% above 2000
•In Detroit, MI home prices are virtually the same as in 2000
•In Cleveland, OH, home prices are only 8.5% above 2000
(The index does NOT include new houses and excludes foreclosures)

The National Association of Realtors report for February also published this week showed median home prices declined from US$213,500 February 2007 to US$195,900 - a drop of 8.2% but prices have been trading in a narrow range since September.

Realtors took comfort ( and they need it) from existing-home sales ( transactions closed) – including single-family, townhomes, condominiums and co-ops – rose 2.9 % to a seasonally adjusted annual rate of 5.03 million units in February up from 4.89 million in January, but way, way down on the ( 23.8%) the 6.60 million-unit level in February 2007.

Total housing inventory fell 3.0% at the end of February to 4.03 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.2-month supply in January.

This is a neat chart from S&P's webcast presentation that puts the current house price levels in historical context .....Click to enlarge



Fancy that swish, cheap condo in Vegas ? More details here

Thursday, March 27, 2008

Mortgage market in the UK remains sound

The Major British Banking Groups (MBBG) account for some two-thirds of all mortgage lending outstanding and around 70% of gross lending. Additionally, they provide over half of all consumer credit outstanding and, within that, some 70% of all card credit. They include twelve of the fifteen largest mortgage lenders in the UK: Abbey, Alliance & Leicester, Barclays and Woolwich, Bradford & Bingley, HBOS (through Halifax and Bank of Scotland), HSBC Bank, LloydsTSB (through Cheltenham & Gloucester), Northern Rock, Royal Bank of Scotland and National Westminster.

1. Today they announced that January's gross mortgage lending was £16.6 Bn. and dropped 9% to £14.9 Bn in February 2008 (Feb 2007 = £ 14.0 Bn.)

2. 167,000 mortgages were approved (for all purposes) in February with an average loan approved for house purchase of £150,400, some 14% higher than a year earlier. It took 9 years for mortages to double from £50K to £100K and 4 years to rise to £150K. The total figure included new loans of 47,365 a 35% fall from the 72,339 home loans February 2007. When the crooks at Northern Wreck were lending to anyone who walked through the door and took 20% of the UK market)

3. Nett mortgage lending (gross lending minus repayments and redemptions) rose by £5.2bn, (Januarys increased by £5.4bn). The annual growth in net mortgage lending continued at around 14%.

4. Credit card borrowing was unchanged (Actually declined by £4 Mn.) in the month, while other loans and overdrafts fell by £0.2bn. New borrowing on credit cards totalled £6,224mn in February; 7% lower than February 2006. (This compard with increase in mortgage lending shows how borrowers prioritise their credit needs - housing is No 1 - belt tightening not wage increases driving growth)

5. Compared to February 2006, House purchase approvals declined by 5% in number and 8% in value in February year on year.Remortgaging approvals were up 6% by number and up 22% by value. Approvals for equity withdrawal ( A species of theft from the elderly - the first tranche of mortgages sold off by Northern Wreck to Sacks of Gold) were unchanged by number but 10% higher by value.

Which suggests that the housing market is firm and that some degree of rigour has been attached to loan approvals, which was long overdue. There appears little evidence of any decline in prices or willingness to adopt loans for £150,000. (Average household income (NIS) is approx £27,000) , this average value has increased in 12 months by 14% - well in excess of any rise in national incomes.

Joke of the Week

``I would be surprised if, in a few years time, house prices are markedly above where they are now,'' Bank of England Governor Mervyn King said on March 26 to Commons Treasury Select Committee with members of the Monetary Policy Committee in tow - including the hapless and hopeless Sir John Gieve.

We are stuck with this incompetent twat for 5 more years - even former MPC member DeAnne Julius said the BOE isn't cutting interest rates fast enough said Mervyn King was "behind the curve".

The UK’s deficit on trade in goods and services was £4.1 billion in January. The deficit on trade in goods was £7.5 billion, and the surplus on trade in services was £3.4 billion.

As indigenous energy sources, oil/gas/coal decline, and imports rise this gap will inexorably rise.

King's response is to throw money out of the helicopters at the banks, the pound declines (from 1.36Euros to 1.26 in the last 3 months)from 1.47 Euros to 1.26 in 12 months.



And inflation roars away ... Lordy Lord "Don I gotta Winner" King of the Bank said at the Mansion House 16th June 2007...

"Our central view remains that inflation will fall back this year as the rises in domestic gas and electricity prices last year drop out of the annual comparison, and the recent cuts in prices feed through to household bills."

What a twat.

In a trading statement this morning Northern Foods PLC hid away a little nugget ..."Average prices were 7.5% higher as Northern Foods recovered the hike in raw materials costs from its customers."

Friday 8.30 pm GMT ... £ closed against the € down 0.092 or 0.75% @ € 1.26215 lowest ever.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish