The Recession Is Over, the Depression Just Beginning

Stephen Lendman

In late 2009, former Merrill Lynch economist, now with the Canadian firm, Gluskin Sheff, said the following:

"The credit collapse and the accompanying deflation and overcapacity are going to drive the economy and financial markets in 2010. We have said this repeatedly that this recession is really a depression because the (post-WW II) recessions were merely small backward steps in an inventory cycle but in the context of expanding credit. Whereas now, we are in a prolonged period of credit contraction, especially as it relates to households and small businesses."

Summarizing his 2010 outlook, Rosenberg highlighted asset deflation and credit contraction imploding "the largest balance sheet in the world - the US household sector" in the amount of "an epic $12 trillion of lost net worth, a degree of trauma we have never seen before," even after the equity bear market rally and "tenuous" housing recovery likely to be short-lived and illusory with a true bottom many months away.

As a result, consumer spending will be severely impacted. "Frugality is the new fashion and likely to stay that way for years," highlighting a secular shift toward prudence and conservatism because households are traumatized, tapped out, and mindful of a bleak outlook. It shows in new consumer credit data, contracting $17.5 billion in November, the largest monthly amount since 1943 record keeping began.


SCO summit in Yekaterinburg And China’s energy offensive towards the Caspian Sea

Ajdar Kurtov

The political and expert quarters will remain for a long time riveted on another summit of the Shanghai Cooperation Organization that was called in Yekaterinburg on the 16th of June.

One could keep looking for quite some time for some fundamental ideas of the main document the summit has adopted, - the Yekaterinburg Declaration of the SCO Heads of State. But comparing some provisions of the Declaration with the practical activities in the central Asian region seems to prove more productive.

Item 5 of the Declaration sounds somewhat pathetically: “The SCO member states, noting the key significance of energy sector for successful economic development and creation of favourable preconditions for improving the living standards of their peoples, express determination to further advance mutually beneficial cooperation in this field on the basis of equality with the aim of ensuring effective, reliable and environmentally safe energy supplies”.


What next, Viva Palestina?

Stuart Littlewood

As Egypt stoops to the ultimate collusion with Israel and the West to starve Gaza by banning future humanitarian aid convoys, Stuart Littlewood advises Viva Palestina to deal directly with Gaza: “A large armada of boats led by a multi-faith alliance demanding freedom of the seas and the right to an armed escort, could be the best vehicle."

”Yes, the REAL international community – that’s ordinary folk like you and me and Viva Palestina and everyone and his dog around the globe – are finally beginning to assert themselves against the corrupt power freaks that strut the world stage.”

Mere words cannot express my admiration for Viva Palestina and those who devote their efforts to it. I love the way they shamed – and not for the first time – the great powers and their gutless leaders.

And for his pains the British MP George Galloway has been declared persona non grata in Egypt. How heartbreaking for him.

Given past disagreements, and the stubborn refusal of this latest convoy to be derailed, it was never going to end in hugs and kisses from President Mubarak's henchmen, or fond messages of "Come ye back soon, George."


Climate change: proposed personal briefing

Lord Monckton

A letter sent from: The Viscount Monckton of Brenchley

1 January 2010

His Excellency Mr. Kevin Rudd,

Prime Minister, Commonwealth of Australia.

Prime Minister,

Climate change: proposed personal briefing

Your speech on 6 November 2009 to the Lowy Institute, in which you publicly expressed some concern at my approach to the climate question, has prompted several leading Australian citizens to invite me come on tour to explain myself in a series of lectures in Australia later this month. I am writing to offer personal briefings on why “global warming” is a non-problem to you and other party leaders during my visit. For convenience, I am copying this letter to them, and to the Press.

Your speech mentioned my remarks about the proposal for world “government” in the early drafts of what had been intended as a binding Copenhagen Treaty. These proposals were not, as you suggested, a “conspiracy theory” from the “far right” with “zero basis in evidence”. Your staff will find them in paragraphs 36-38 of the main text of Annex 1 to the 15 September draft of the Treaty. The word “government” appears twice at paragraph 38. After much adverse publicity in democratic countries, including Australia, the proposals were reluctantly dropped before Copenhagen.


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