Articles Tagged "Financial"

Trillion-dollar U.S. class action lawsuit is launched to pursue a corrupt elite that lied and played crooked politicians to cheat the world about global warming and the international financial crisis.

As a rule I avoid the quagmire of open political commentary. But in this incredible instance I do believe all need to join the dots and be fully cognizant about topical matters that fundamentally shape government policy. To that end I must draw to your attention the world's largest class action lawsuit now underway in the U.S. which is exposing a $26 trillion fraud being perpetrated against us by the financial elite.

Backing the lawsuit are Congressmen Alan Grayson and Ron Paul. Up until now, the only mainstream media outlet that has dared to report on this case is the Courthouse News Service.

Such evidence lends credence to the analysis of Canadian climatologist, Dr. Tim Ball and others who argue that climate science and a propagandised education system and mainstream media have been the sock puppets of this corrupt elite.

The insurance industry has been behind the global-warming fraud since the 1970s

Your home insurance premiums — and the insurance industry’s profits — depend largely on the industry’s skill in making two types of investments: in the stock market and in marketing that scares the bejesus out of its customers.

The insurance industry, like most in these turbulent times, hasn’t done well of late in picking blockbuster stocks. But it has done brilliantly in picking blockbuster scares — all related to global warming. The upshot? The insurance industry wants more money to cover its poor stock picks. And more money again to cover future global warming risks. With the government’s blessing, insurers will now jack up your home insurance premiums by 10% to 15% in the coming year.

The insurance industry earned every dollar that it makes from global warming — its sharp-eyed marketers spotted the potential before anyone else. In 1973, Munich Re, one of the world’s largest insurers, warned that rising temperatures could result in receding glaciers and polar caps, shrinking lakes, and rising ocean temperatures, with carbon dioxide as the culprit.

“We wish to enlarge on this complex of problems in greater detail, especially as — as far we know — its conceivable impact on the long-range risk trend has hardly been examined to date,” Munich Re concluded. And enlarge on the problem it did. Munich Re enlisted others in the insurance industry and then methodically and relentlessly made its case to Greenpeace, other environmentalists and other industries that stood to profit.

We know what caused the recession of 2008-09. It was the bursting of the housing bubble which created a financial crisis that endangered every large bank in the U.S. and many abroad. The federal government enacted Troubled Asset Relief Program (TARP), the program which sustained the liquidity of almost all of the large financial institutions, giving them time to deal with the enormous number of mortgages in default on their payments. An economic stimulus was enacted which succeeded in stabilizing the level of unemployed at about 9.2% of the workforce not counting involuntary part-timers and the number who dropped out of the labor force. Then much to the surprise of the administration’s economic team, employment fell, causing a substantial drop in the securities’ markets and concern to be expressed about the possibility of a double-dip recession.

Meanwhile, the eurozone had to face the possibility that Greece would not be able to pay its soon to mature sovereign debt much of it created to reduce man-made carbon emissions. The principal other country having difficulty managing its sovereign debt is the USA but fortunately its debt is expressed in dollars and it has the ability to print as much of it as it needs. Greece does not. The euro standard is much like the gold standard. If a country runs out of euros, there is nothing it can do except tighten its belt.

No one mentioned the fact that the reason that Greece was short of Euros with which to pay its debt was its international trade deficit which in 2010 amounted to an estimated €-14 billion. Of course it was not the only European country experiencing a trade deficit. What all the PIIGS had in common in 2010 were trade deficits: Spain, €-45.5 billion; Italy, €-48.5 billion; Portugal, €-15.9 billion; Greece, €-14 billion; and Ireland, €-1.1 billion. France likewise had a trade deficit, €-38.9 billions. But Germany had a trade surplus, €134.6.

A STRING of natural disasters led by the Japanese tsunami and earthquake sent insurance market Lloyd’s of London crashing to its costliest six months on record, as it posted a first-half loss of £697m.

The specialist insurance market’s loss compared with profits of £628m a year earlier, reflecting a total of £6.7bn in claims during the first half, making it the costliest six-month period in Lloyd’s 323-year history.

The unprecedented claims total included £2.7bn in catastrophe-related claims, more than 10 times Lloyd’s average disaster loss during the first six months of the year.

Insurers have been battered by a glut of natural disasters between January and May, resulting in many posting heavy half-year losses.

As well as the devastating Japanese earthquake and tsunami in March, insurers have been hit by New Zealand’s earthquake, heavy flooding in Australia and tornadoes in the US.

Lloyd’s said 2011 is already shaping up to be the second most expensive year ever for insurers. However, the insurance market, which is made up of 88 underwriting syndicates, said it is strong enough to cope with a potential further spate of big claims.

The manufacturers association the EEF has warned that a 'tipping point' has been reached on the impact of Government policy on climate change.

The burdens were making it uncompetitive for industrialists to invest and create jobs in the UK.

The Prime Minister has spoken of wanting a better balanced economy where we 'make things' but climate change policy is pushing us in the opposite direction.

Contrary to what the BBC tell us the science of climate change is not 'settled'.

The evidence over global warming - its existence, extent and consequences - is mixed and a matter of intense controversy among experts.

What is clear is that driving business abroad can not possibly make sense when it comes to saving the planet.

Click sourc to read FULL report from Harry Phibbs

The following interview is mentioned in yesterdays The Telegraph Comment: The high price of going green

After starting his role as the new CBI president, Sir Roger Carr talks of his vision for a competitive UK economy.

Sir Roger Carr could be forgiven for wondering whether he might have picked a better week to begin his new job at the voice of British business.

The Confederation of British Industry president began his role last Monday, unveiling a report backing the Coalition Government's austerity plan for cutting Britain's deficit and calling for more action on moving to a low-carbon economy, increasing labour market flexibility and reducing employment red tape.

Then the sections headed "working towards a low-carbon economy" and "developing a strong banking system" became rather overtaken by events.

As chairman of British Gas owner Centrica, Sir Roger, 64, was instead being asked about the inflation-busting energy price rises of rival utility Scottish Power and the decision by Opec to add to energy price pressures by deciding against increasing global oil supplies.

His membership of the court of the Bank of England also made him more than a casual observer of the latest appearance of the nation's top retail bankers before the Treasury Select Committee to discuss how they should be regulated.

It's all in a week's work for the portfolio director and Sir Roger is no stranger to controversy, having been at the centre of Kraft Food's hostile takeover of Cadbury as the chocolate-maker's chairman 18 months ago.

Click source to read FULL report

Energy companies have warned that changes to the way onshore wind farms are subsidised could halt a multi-billion pound investment.

They are expected to invest about £50bn over the next 15 years in onshore wind farms to meet climate change targets.

But it is understood that a review of the renewable obligation certificate system - the method the Government uses to subsidise renewable energy projects - could result in less for onshore wind farms. A decision is expected in July.

Energy companies say that a cut in subsidies for onshore wind farms would force them to reassess their investment plans.

German energy giant RWE npower, one of Britain's top six energy suppliers, plans to invest about £1bn in onshore and offshore wind energy projects over the next year. Some of these projects could now be at risk.

TOKYO — Japan’s economy shrank at an annual rate of 3.7 percent in the first quarter, tipping the country into a recession, as the March 11 earthquake and tsunami disrupted production and prompted consumers to cut back on spending.

The drop-off, reported Thursday, was worse than economists had expected. Among 23 economists surveyed by Bloomberg, the average projection was for a drop of 1.9 percent.

The figures also indicated Japan’s second consecutive quarter of economic contraction, leading the country, by most assessments, into its second recession in less than three years.

Economists project that the Japanese economy will shrink again in the current quarter, which ends in June, as production continues to falter and weigh on industrial output and exports.

Britain’s plans to cut greenhouse gas output in half by 2027 risk damaging the country’s competitiveness, crimping growth and curbing investment, a lobby group representing 6,000 companies said.

The government’s global warming adviser, the Committee on Climate Change, recommended the U.K. limit emissions to an average of 390 million tons a year from 2022 through 2027, or half the 1990 level. If adopted, the target would harm the economy because other countries are yet to make similar commitments, EEF, the Manufacturers’ Organization, said today.

Energy and Climate Change Secretary Chris Huhne is due to announce the so-called carbon budget in Parliament tomorrow. The British Broadcasting Corp. today said the government will accept the committee’s recommendations, which include pressing the 27- nation European Union to boost its 1990 through 2020 reduction target to 30 percent from 20 percent. A spokeswoman for Huhne’s department declined to comment.