Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Fri 03.19.2010
Yuan Poised to Become Reserve Currency, Goldman’s O’Neill Says -- By Keith Jenkins -- March 19 (Bloomberg) -- China’s yuan is destined to become a global reserve currency rivaling the dollar and the euro, as the nation’s economic power increases the currency’s allure, said Jim O’Neill, chief economist at Goldman Sachs Group Inc. The Chinese government will “eventually” allow the yuan, or renminbi, to trade freely on foreign-exchange markets, dropping the system under which it controls its value, O’Neill wrote in an essay that formed part of a report published today for Chatham House, a London-based foreign affairs research organization.
Betting on Economic Recovery By Joel Bowman - DailyReckoning.com Flirting With Disaster 03/18/10 Taipai, Taiwan – Markets were dallying last we checked, up a bit, but not enough to sway an opinion. The majors in the US are up on average 5% for the past month, aided, as far as we can tell, by slapdash political rhetoric, myopic investor optimism and cherry-picked data analysis. That said, a 5% gain is a good month by just about anybody’s measure. So why are we so dour? The short answer is, “we’re not…we’re just cautious.” In his terrific book, Fooled By Randomness: The Hidden Role of Chance in Life and in the Markets, Nassim Nicholas Taleb explores, among other things, something he calls the “zoology” of bullish and bearish sentiment. In one particular example, Taleb describes the scene in a New York office when he is asked to give his forecast on the trajectory of the market over the coming week.
The “Sucker Rally” Will Come to an End By Rocky Vega - DailyReckoning.com 03/18/10 Stockholm, Sweden – It’s refreshing to come across the sucker’s rally concept again. It has been a long time now. It’s slipped so far from all the headlines of late it seemed like we were the only people who still recalled that it’s what we’re seeing taking place. The talented person with the sucker’s rally insight? No less than Rick Rule, founder and chairman of Global Resource Investments and regular Agora Financial Investment Symposium speaker, who recently shared his current thoughts on the economy.
Marc Faber: We Have a New Gold Standard By: Antonia Oprita - CNBC.com The markets have created their own gold standard because of uncertainties regarding other asset classes, Marc Faber, author of "The Gloom, Boom and Doom Report," told CNBC Thursday. "I think we already have now a gold standard … created by the market place," Faber told "Squawk Box Europe." "We have the (exchange traded funds) that have proliferated and we have more and more physical buying of gold," he said.
Comex Gold Boosted By Greek Uncertainty By Allen Sykora of Dow Jones Newswires Gold futures shrugged off a muscular dollar Thursday and rose anyway as investors showed a preference to hold the metal rather than the major currencies as uncertainty continues to swirl around Greece's debt situation. Lightly traded but nearby March gold rose $3.40, or 0.3%, to settle at $1,127.40 an ounce on the Comex division of the New York Mercantile Exchange. Most-active April climbed $3.30, or 0.29%, to $1,127.50. On the surface, gold's move might not appear major. Yet several observers said the modest gain reflected strength since the U.S. dollar index was more than half of a point higher as the Comex gold pit closed. The metal historically has an inverse relationship to the dollar, benefiting as a hedge against dollar weakness, but conversely running into selling when the dollar rises.
Gold May Gain on Alternative to Dollar, Low Rates, Survey Shows by Nicholas Larkin -- March 19 (Bloomberg) -- Gold may gain on speculation demand will increase as investors seek an alternative to the dollar and low interest rates, a survey showed. Ten of 17 traders, investors and analysts surveyed by Bloomberg, or 59 percent, said bullion would rise next week. Five forecast lower prices and two were neutral. Gold for delivery in April was up 2.3 percent for this week at $1,126.60 an ounce at 12:46 p.m. in New York yesterday.
Central Bank Gold Holdings Expand at Fastest Pace Since 1964 By Nicholas Larkin -- March 18 (Bloomberg) -- Central banks added the most gold to their reserves since 1964 last year amid the longest rally in bullion prices in at least nine decades, data compiled by the World Gold Council show. Combined holdings rose 425.4 metric tons to 30,116.9 tons, an increase worth $13.3 billion at last year’s average price, according to the data. India, Russia and China said last year they added to reserves. The expansion was the first since 1988, the data from the London-based council show.
The Bizarre Art of Central Banking Ron Paul teaches Ben Bernanke a lesson on Austrian free-market economics, but the Chairman is not listening. Instead, he tries to defend his actions by asserting that "central banking is an art" that requires guesswork.
Dollar Bulls Beware Peter Schiff By late 2009, as the U.S. dollar flirted with multi-year lows against most foreign currencies, big investment players crowded into trades that shorted the greenback. Commentators noted that the anti-dollar momentum had taken on a life of its own and that the trade had become too crowded. It is true that markets have a nasty tendency to move against the crowd. When a lot of traders agree on a particular trade, it's more likely that in the short-run the opposite trade will be a winner. The 2008 "flight to safety" rally of the U.S. dollar was a once in a lifetime event that presented huge opportunities for aggressive currency traders. By December 2008, after rallying 25% over the previous five months, the dollar topped out. However, there were many speculators who had come somewhat late to the party, as well as many others who had ridden the dollar up and were thus sitting on huge unrealized gains.
Treasuries Head for Weekly Gain as Greek Crisis Boosts Demand By Theresa Barraclough March 19 (Bloomberg) -- Treasuries headed for a weekly gain as speculation that Greece will fail to secure financial aid from the European Union increased demand for government debt. Benchmark 10-year notes snapped two weeks of losses after Greek Prime Minister George Papandreou set a one-week deadline for the EU to compile an aid package before it goes to the International Monetary Fund. The difference between 2- and 10- year yields was near the lowest since January after a U.S. government report yesterday showed consumer prices stopped rising last month.
Failing Banks Should Go Through Bankruptcy, Key Senators Say By SARA HANSARD - DailyFinance.com -- Two key members of the Senate Banking committee who are negotiating how the government should deal with failing financial firms, indicated today that, in their opinions, large institutions should go through a judicial bankruptcy process, rather than being shut down by the government without court review. "If you're going to take down a major company, there ought to be a little bit of a due process," Sen. Bob Corker (R-Tenn.) said at a forum on financial reform at the National Press Club this morning. "Bankruptcy ought to be the primary process," Warner agreed. "Resolution should only be used as a last resort, and should be so painful that no rational man would ever want to prefer resolution."
Greenspan Says Banks May Need to Raise Reserve Capital by 40% -- By Steve Matthews -- March 18 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said regulators may need to compel banks to raise capital levels by as much as 40 percent, saying that’s a more effective way to ensure stability than new regulatory rules targeting risk. “The most pressing reform that needs fixing in the aftermath of the crisis, in my judgment, is the level of regulatory risk-adjusted capital,” Greenspan said in a paper prepared for a Brookings Institution conference today. “Adequate capital eliminates the need for an unachievable specificity in regulatory fine-tuning.”
Bernanke Criticizes Dodd Plan to Curb Fed Supervision By Craig Torres and Joshua Zumbrun March 18 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke criticized a proposal in the Senate to limit the central bank’s supervision to the largest financial firms, saying it would undercut its ability to spot financial risks. “The insights provided by our role in supervising a range of banks, including community banks, significantly increases our effectiveness in making monetary policy and fostering financial stability,” Bernanke told the House Financial Services Committee yesterday.
Is Fed About To Hike Discount Rate, Again? By: Lee Brodie - CNBC.com The market melt-up appeared to be losing steam on Thursday due to chatter the Fed may hike the discount rate again, after the bell. What's the word on the Street? If you believe in history repeating itself, you may want to take pause, says Guy Adami. The last time the Fed raised the discount rate was February 18th, a Thursday, after the close. And the next day was options expiration, which is what we’re looking at today. I think there’s a reasonable chance they do it. I’d get flat. Looking at the broad market, I can’t help but wonder if the market wants to reverse and go down and this becomes the catalyst.
Fed May Boost Discount Rate Before Next Meeting, Economists Say -- By Joshua Zumbrun and Craig Torres -- March 19 (Bloomberg) -- The Federal Reserve may increase the discount rate, charged on direct loans to banks, before the next meeting of the Federal Open Market Committee on April 28, economists said. “It’s going to happen at some point,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. “Whether it’s today, whether it’s next week or next month is hard to say.”
Health Bill Would Add 3.8% Tax on Investment Income By Ryan J. Donmoyer and James Rowley March 18 (Bloomberg) -- Democratic congressional leaders would raise to 3.8 percent the Obama administration’s proposed new Medicare tax on investment income to generate an estimated $210 billion to help fund a health-care overhaul plan. The rate is higher than the 2.9 percent President Barack Obama proposed in February. The new tax would apply to income from interest, dividends, annuities, royalties, capital gains and rents for individuals who earn more than $200,000 annually and joint filers reporting more than $250,000, according to the legislation.
Two Really Bad Deals By: Larry Kudlow - CNBC Anchor I don’t know if Obamacare is going to pass the House or not. As of this morning, the Intrade pay-to-play betting parlor is giving a 75 percent probability that it will go through. So Intrade seems to think so. But here’s what I do know: Obamacare’s worst tax hike is the imposition of a new 3.9 percent Medicare payroll tax on capital gains and other investments. What will this do? It will depress the economy, depress wages, and depress jobs. Washington doesn’t understand that you can’t create jobs without new healthy businesses. Can there be anything dumber? Look, raising the capital-gains tax to 24 percent from 15 percent, which includes repealing the Bush tax cut, is a 60 percent tax increase. So, instead of keeping 85 cents on the extra dollar invested, you only get to keep 76 cents. That’s a 10 percent drop in the after-tax incentive for capital formation. Incentives matter.
Skyrocketing Health Care Costs Hamper U.S. Competitiveness By CHARLES HUGH SMITH - DailyFinance.com -- It's no secret that the U.S. outspends other countries on health care. Health insurance alone, including premiums and employee contributions, averaged $12,680 per family in 2008, according to the Henry J. Kaiser Family Foundation, a respected health-care nonprofit. Overall, the U.S. spent 17.6% of its gross domestic product P) on health care in 2009, more than double the percentages spent by Japan, Britain, Spain, Italy or Australia. But health-care costs are far more than just a health issue; they're also an economic problem. The skyrocketing bill for health care, including both public and private expenses, is reducing America's competitiveness as a global producer of goods and services.
Health reform: Where the money will come from By Jeanne Sahadi, CNNMoney.com NEW YORK (CNNMoney.com) -- Democrats pushing for health care reform are closer to the finish line than ever, but it's not over yet. And the question of cost will remain a central issue in coming days. On Thursday, the Congressional Budget Office weighed in with a key -- if still very preliminary -- cost estimate. The latest bill is a mix of provisions from a bill the Senate passed last December and proposals made by President Obama recently. Like the Senate version, the so-called reconciliation bill would provide government subsidies to low- and middle-income families buying health insurance on their own, expand eligibility rules for Medicaid and provide coverage for a majority of uninsured Americans. It would also establish a number of insurance reforms.
The Pain in Spain: An Economy in Crisis
Roach Rebuffs Krugman Call to Pressure China on Yuan By Christopher Anstey and Susan Li March 19 (Bloomberg) -- Morgan Stanley Asia Chairman Stephen Roach said a “baseball bat” should be taken to economist Paul Krugman over his call for the U.S. to pressure China into allowing the yuan to appreciate. “We should take out the baseball bat on Paul Krugman -- I mean I think that the advice is completely wrong,” Roach said in an Bloomberg Television interview in Beijing when asked about Krugman’s call, characterized as akin to taking a baseball bat to China. “We’re lashing out at China rather than tending to our own business,” which is raising U.S. savings, Roach said.
Wal-Mart Considers Selling Yuan Bonds in Hong Kong By Shelley Smith and Frank Longid March 18 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, is considering selling yuan bonds in Hong Kong as China opens its markets, according to Asia Chief Executive Officer Scott Price. The company is “considering options” that may include yuan-denominated debt, Price said in an interview at Wal-Mart’s Asia offices in Hong Kong yesterday. Such a move would underscore the company’s commitment to support local communities and China’s financial system, he said. “Wal-Mart is in Asia and in China for the long term,” Price said. The company wants “the Chinese people to know that we see a responsibility to help build their economy,” he said.
Rio Tinto Case Mixes Politics, Law in China’s ‘Scary’ Courts By Debra Mao March 19 (Bloomberg) -- Foreign companies that do business in China will be tracking the criminal trial next week of Rio Tinto Group iron-ore chief Stern Hu and three colleagues to see if politics plays as big a role in any conviction as the evidence, lawyers said. The detentions of Hu, Liu Caikui, Ge Minqiang and Wang Yong for allegedly stealing state secrets -- later downgraded to taking bribes and infringing company secrets -- sharpened the focus on a judicial system largely avoided by foreign parties because of its lack of transparency, the lawyers said.
‘Fujian Tigers’ become sneaker powerhouses By Matthew Forney - FT A small and little-known city in eastern China’s Fujian province makes three claims to fame: it boasts the country’s earliest seafaring vessels, a large Islamic temple – and an odd cluster of sneaker companies. At least 10 firms in Quanzhou city make athletic shoes, and four have listed on overseas stock markets. Known collectively as the “Fujian Tigers”, these brands started out stitching together shoes for the likes of Nike and Adidas, then found success under their own names by selling into lower-tier cities.
Keiser Report #26: Markets! Finance! Scandal!
IRAN: Europeans call for action against Islamic Republic for jamming of international satellites by Alexandra Sandels - LATimes.com -- British Foreign Secretary David Miliband and his French and German counterparts think it's high time for Europe to step up measures against Iran for its alleged jamming of foreign channels such as BBC Persian and Deutsche Welle, which are broadcast by satellite into the Islamic Republic. "Iran has been regularly jamming the broadcasting by satellite of a number of foreign televisions and radio stations . . . since December 2009, a repetition of its practice in the run-up to the disputed elections earlier that year," Miliband, along with counterparts Bernard Kouchner of France and Guido Westerwelle of Germany wrote in a recent letter to the EU's foreign policy chief, Baroness Catherine Ashton.
Germany Backtracks on Europe Rescue for Greece By MATTHEW SALTMARSH and NELSON D. SCHWARTZ - NYTimes.com -- After weeks of backing a European rescue for the financially troubled Greece, Germany shifted course on Thursday, signaling that help should come from the International Monetary Fund rather than Greece’s neighbors. Turning to the I.M.F. would represent a new and potentially humiliating twist in Greece’s financial drama, which was set off by doubts about Athens’s ability to borrow 53 billion euros this year to finance a yawning budget deficit and refinance waves of debt coming due.
El-Erian Says IMF to Aid Greece After ‘Chicken’ Game By Cordell Eddings and Thomas R. Keene March 18 (Bloomberg) -- The International Monetary Fund will come to the rescue of debt-strapped Greece after a “game of chicken,” according to Mohamed El-Erian, co-chief investment officer at Pacific Investment Management Co. “The IMF will come in, but it’s going to be a bumpy process,” said El-Erian, who is also chief executive officer of Newport Beach, California-based Pacific Investment Management Co., in an interview on Bloomberg Radio. “There is no immediate solution. Don’t underestimate the game of chicken between Greece, the EU and the IMF.”
Greek worries return to unsettle investors By Jamie Chisholm - FT Euro falls and equities pull back from recent highs “Just when I think I’m out...they pull me back in.” Traders may be excused for having a Michael Corleone moment on Thursday after worries about Greek debt returned to stall the risk rally. The FTSE All-World equity index fell back 0.4 per cent from eight-week highs and the euro came under heavy pressure. The costs of insuring eurozone so-called peripheral economies against default were pushed sharply higher, and the Athens stock market fell 3.4 per cent.
Wall Street Banks Using Geithner and the NY Fed to Stifle FDIC Reforms JESSE'S CAFÉ AMÉRICAIN -- The President's Working Group on Financial Markets, aka the 'plunge protection team,' is apparently acting to block financial reforms being proposed by Sheila Bair's FDIC, according to the attached piece from Chris Whalen of Institutional Risk Analytics, an authoritative source on US Banking. The President's Working Group on Financial Markets consists of:
Time Geither, The Secretary of the Treasury, as Chairman of the Working Group;
Ben Bernanke, The Chairman of the Board of Governors of the Federal Reserve System,
Mary Shapiro, The Chairman of the Securities and Exchange Commission; and
Gary Gensler, The Chairman of the Commodity Futures Trading Commission.
This is reminiscent of the actions of Larry Summers, Robert Rubin, and Alan Greenspan to block attempts by Brooksley Born, then head of the CFTC, to head off the derivatives crisis back the 1990's, the very crisis which brought the US to the brink of disaster last year.
Fed May Raise Discount Rate Before Next Meeting, Economists Say By Joshua Zumbrun and Craig Torres -- March 18 (Bloomberg) -- The Federal Reserve may raise the discount rate, charged on direct loans to banks, before the next meeting of the Federal Open Market Committee on April 28, economists said. “It’s going to happen at some point,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. “Whether it’s today, whether it’s next week or next month is hard to say.”
Greenspan Concedes That the Fed Failed to Gauge the Bubble By SEWELL CHAN - NYTimes.com WASHINGTON — Is Alan Greenspan, famous for his libertarian leanings and hands-off approach to Wall Street, having some second thoughts? After more than six decades as a skeptic of big government, the former Federal Reserve chairman, now 84, is gingerly suggesting that perhaps regulators should help rein in giant financial institutions by requiring them to hold more capital. Mr. Greenspan, once celebrated as the “maestro” of economic policy, has seen his reputation dim after failing to avert the credit bubble that nearly brought down the financial system.
Greenspan hits back at housing bubble claims By Edward Luce and Tom Braithwaite Alan Greenspan on Friday will offer his most sophisticated defence so far of his role as chairman of the Federal Reserve in the build up to the 2008 financial meltdown, hitting back at claims that the Fed’s low short-term interest rates were the cause of the US housing bubble. Mr Greenspan’s characteristically abstract assessment – in a 48-page paper he will present on Friday for the Brookings Institution – is likely to fuel debate over how to prevent another asset price bubble at a time when US financial regulatory reform is nearing its endgame on Capitol Hill.
Money Out Of Thin Air: TheEconomicCollapseBlog.com Now Federal Reserve Chairman Ben Bernanke Wants To Eliminate Reserve Requirements Completely? Up until now, the United States has operated under a "fractional reserve" banking system. Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest. But now it turns out that Federal Reserve Chairman Ben Bernanke wants to completely eliminate minimum reserve requirements, which he says "impose costs and distortions on the banking system". At least that is what a footnote to his testimony before the U.S. House of Representatives Committee on Financial Services on February 10th says. So is Bernanke actually proposing that banks should be allowed to have no reserves at all? That simply does not make any sense. But it is right there in black and white on the Federal Reserve's own website.... The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system.
Gerald Celente on Happy Hour 16 Mar 2010
Governments Turn to ‘Stealth’ Taxes to Fill Gaps By MATTHEW SALTMARSH - NYTimes.com France, promising to improve the environment, is planning to introduce a carbon tax. In Finland, where the government says it wants to improve diets, taxes are back on candy and soft drinks. Similarly, Denmark has added tobacco and some fatty foods to the list of taxed products. Britain is taking a different tack, considering a so-called horse tax. All these taxes may be presented as serving virtuous ends, but they also have something else in common: they help plug budget holes deepened by the recession, bailouts and billions in stimulus spending.
The American Economy: TheEconomicCollapseBlog.com The Wealthy Make The Mistakes But The Hard Working Middle Class Pays The Price This is how the U.S. economy works much of the time - the wealthy make most of the big economic mistakes but the hard working middle class ends up paying for them. This time around is no exception. The financial crisis of the past several years was caused by Wall Street, but they got bailed out and relatively few of them lost their jobs. However, even though middle class and working class Americans were not the ones who made the mess, they are paying for it dearly. This is especially true when it comes to unemployment. While it is true that jobs are being lost on every level of American society, the reality is that unemployment is hitting Americans on the lowest end of the income scale the hardest.
Health Insurers Toughen Stance in Disputes Over Hospital Rates By AVERY JOHNSON And SUZANNE SATALINE - WSJ.com Health insurers are fighting demands by hospitals for sharply higher reimbursement rates by threatening to drop the hospitals from their health-plan networks, and blaming them for higher insurance premiums. "We've never seen the kind of increases we're seeing right now" from hospitals, says Aetna Inc. President Mark Bertolini. Five years ago, a typical rate increase was about 5%, but this year Aetna granted 50 "must have" rate increases of more than 20%, Mr. Bertolini says.
Government bank auditors got big bonuses By Matt Apuzzo, Associated Press Writer WASHINGTON — Banks weren't the only ones giving big bonuses in the boom years before the worst financial crisis in generations. The government also was handing out millions of dollars to bank regulators, rewarding "superior" work even as an avalanche of risky mortgages helped create the meltdown. The payments, detailed in payroll data released to The Associated Press under the Freedom of Information Act, are the latest evidence of the government's false sense of security during the go-go days of the financial boom. Just as bank executives got bonuses despite taking on dangerous amounts of risk, regulators got taxpayer-funded bonuses despite missing or ignoring signs that the system was on the verge of a meltdown.
Hard times send hotel industry into 'survival mode' By Gary Stoller, USA TODAY Neil Cornelssen says he misses the free cookies in the evening at one hotel and the daily newspaper outside his door at others. He's also noticing that bath towels in a growing number of hotel rooms are shabby and need to be replaced. Cornelssen, a sales manager in Marlton, N.J., is one of many frequent travelers who say they see the tangible effect that the recession has had on the nation's hotel industry. Among them: run-down rooms with fewer bathroom amenities, closed club lounges, fewer concierge staffers, slow room service, reduced hours at restaurants and bars, and infrequent airport shuttles.
Gas prices highest since 2008; jump almost 20 cents in past month By Mark Williams, Associated Press U.S. motorists are paying the highest prices for gas since October 2008. Retail gasoline prices rose on Thursday on an expected increase in demand and as more expensive spring and summer blends of gasoline make their way to the pumps. The nationwide average hit $2.799 per gallon, a penny higher than Wednesday, according to AAA, Wright Express and Oil Price Information Service.
Idaho's plan to downgrade the dollar By Andrew Leonard - Salon.com A bill to allow citizens to pay their taxes with silver medallions gains support. Goldbugs are watching closely With only one state representative dissenting, the Idaho House State Affairs committee voted on Monday to endorse HB 633, a bill that would allow Idaho citizens to pay their state taxes with an official state silver medallion. The news comes just a month after a South Carolina legislator introduced a bill seeking to ban Federal currency altogether, and replace the upstart greenback with gold or silver coins. A half-dozen other states have considered similar legislation, reports the Tenth Amendment Center. But there's a key difference between the Idaho plan and the bills proposed in other states, most of which fall somewhere on a spectrum ranging from Tea Party rage to Ron Paul goldbug-ism. (The South Carolina bill, for example, claims that "the State is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve Notes for silver and gold coin as legal tender in this State.")
What Happens When You Work As Hard As You Can And It Is Not Enough? TheEconomicCollapseBlog.com -- Once upon a time, most of us who live in America were taught that no matter what happens, if you are willing to work hard enough and long enough you can pull yourself up by your bootstraps and be able to live the American Dream. But today that is not reality for millions of Americans. Instead, millions of Americans find themselves working night and day and still not being able to make it. Millions of others have poured their hearts and souls into their jobs and now find themselves out of work and out of luck by no fault of their own. So what do you do when you work as hard as you possibly can and it is just not enough?
Coming Soon: By Joseph Pisani - CNBC.com Take Photo Of Check, Deposit It in Bank Picture this: Soon, consumers will be depositing paper checks straight into their bank account by taking a couple of photos with a smartphone. The technology is already available at USAA, an insurance company and bank that primarily serves military personnel and their families. Larger banks such as Chase and Citi intend to add the technology—known as remote-deposit capture—later this year. Banks have already offered smartphone applications that let customers check balances, transfer funds and make payments. This new addition would take mobile banking a step further.
Janitor Jock Proud to Mop Floors He Once Ruled by Scott Soshnick March 19 (Bloomberg) -- Syracuse University boasts an impressive collection of distinguished alumni. Politicians, authors, journalists and, yes, athletes. For instance, former quarterback Don McPherson, running back Floyd Little and basketball star Dave Bing -- now mayor of Detroit -- are among those who’ve received the George Arents Pioneer Medal, the university’s highest alumni honor, which is awarded based on excellence in one’s field or endeavor. Marty Headd wasn’t honored. He should be. A Syracuse native who played basketball for the Orangemen -- now just Orange -- Headd earned Big East All Conference honors his junior and senior seasons. This, however, is about more than just shooting a basketball. It’s about pushing a broom, too. And never complaining. Not once.
China's one-child policy little enforced and set to end By V. Phani Kumar, MarketWatch HONG KONG (MarketWatch) -- Over three decades after China officially introduced its one-child policy, the population-control program no longer applies to most Chinese and looks set to be permanently abolished. While government statistics aren't publicly available, a widely cited figure from state-media reports shows less than 36% of the country's population was subject to the one-child policy, as of 2007. But even this low number may overstate compliance with the once-strict rule than no Chinese couple could have more than one child. Current exceptions abound -- including allowing second children for many rural families, almost all ethnic minorities, families where both parents are themselves only children, and many other cases.
Tiger Deaths Raise Alarms about Chinese Zoos By XIYUN YANG - NYTimes.com BEIJING — A zoo where 11 rare Siberian tigers recently starved to death is fast becoming a symbol of the mistreatment of animals in China, with allegations of misspent subsidies, bribes, and the deaths of at least dozens of animals. The local authorities stepped in over the weekend, taking control of the 10-year-old zoo, in Shenyang in northeastern China, and dispatching experts to try to save the remaining 20 or so tigers, three of which are in critical condition. Among the charges under investigation are employee reports that the zoo used the bones of dead tigers to illegally manufacture a liquor believed to have therapeutic qualities. One employee said he had made vats of the liquor and served it to visiting government officials.
Hillary Clinton, Russians clash publicly over Iran reactor By Megan K. Stack - LATimes.com With Russian Foreign Minister Sergei Lavrov at her side, the secretary of State reproaches Moscow for building and fueling the plant without assurances on weaponry. Lavrov stands his ground. Secretary of State Hillary Rodham Clinton had barely arrived in Moscow for nuclear arms and Mideast talks when tensions over Iran flared up publicly Thursday. Meeting reporters alongside her Russian counterpart, Foreign Minister Sergei Lavrov, Clinton reproached Moscow for building and fueling a nuclear power plant in Iran. Tehran is not entitled to generate nuclear energy for civilian purposes, Clinton said pointedly, until it puts to rest suspicion that it is secretly pursuing a nuclear weapons program.
Putin vexes US over Iran nuclear power By Daniel Dombey in Washington and Isabel Gorst in Moscow - FT Vladimir Putin, Russia’s prime minister, promised on Thursday that Moscow would help Iran complete a civil nuclear power station by this summer, drawing criticism from Hillary Clinton, US secretary of state. His remarks highlighted the continuing differences between the two powers over how to contain Iran’s nuclear ambitions. Mrs Clinton was visiting Moscow on a trip partly designed to increase the pressure on Tehran by showing America’s unity with Russia.
Iran Dispute Becomes Focus of Clinton’s Russia Trip By MARK LANDLER - NYTimes.com MOSCOW — Secretary of State Hillary Rodham Clinton and Russia’s foreign minister clashed publicly Thursday over an announcement that Russia would complete a nuclear power plant in Iran this summer. Mrs. Clinton said the announcement, made during her visit, sends the wrong signal at a time when the West is trying to curb Tehran’s nuclear ambitions. The foreign minister, Sergey V. Lavrov, countered that construction on the plant would go ahead.
Purported al-Awlaki message calls for jihad against U.S. By Paula Newton, CNN London, England (CNN) -- American-born Muslim cleric Anwar al-Awlaki is calling for jihad against America, claiming "America is evil" in a new audio message obtained by CNN. "With the American invasion of Iraq and continued U.S. aggression against Muslims, I could not reconcile between living in the U.S. and being a Muslim, and I eventually came to the conclusion that jihad against America is binding upon myself just as it is binding on every other Muslim," he says in the recording that runs more than 12 minutes. Al-Awlaki is believed to be hiding out in hills of southern Yemen with the protection of his very powerful family tribe.
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