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Who are the Kwok brothers?

April 19th, 2012 No Comments » Filed under Acknowledgement

18 April 2012
Last updated at 11:52 ET

Who are the Kwok brothers?


Juliana Liu
By Juliana Liu
Hong Kong correspondent, BBC News

Reporters and photographers crowd a vehicle carrying Chairman of Sun Hung Kai Properties Thomas Kwok

A corruption case against Hong Kong’s two richest property tycoons has been attracting a lot of media attention

Housed in a glass atrium atop Hong Kong’s third-tallest skyscraper, Sky City Church boasts panoramic views of Victoria Harbour.

On a recent Sunday, its charismatic Australian pastor urged the congregants to close their eyes and raise both hands toward the heavens.

“Let Jesus provide a supernatural answer to life’s natural challenges,” Pastor Wayne Crook told a mixed crowd of about 150 local and expatriate English-speaking worshippers.

Among them sat devout evangelical Christian and billionaire property developer Thomas Kwok, 60, who is currently facing a scandal that is the talk of the town.

Three weeks ago, Mr Kwok, his younger brother Raymond and Rafael Hui, previously the second-highest ranking government official in Hong Kong, were arrested by the city’s anti-corruption agency on suspicion of bribery.

The three have not been prosecuted with any crime.

But the continuing investigation by the Independent Commission Against Corruption (ICAC) casts a shadow over the company the brothers run together.

Hong Kong-listed Sun Hung Kai Properties is Asia’s most valuable real estate company and the second most valuable in the world, after a shopping mall operator in America.

The case also throws a spotlight on a dynasty notable for a violent headline-grabbing family kidnapping, accusations of infidelity and a bitter boardroom battle.

Long-time Hong Kong-based shareholder activist David Webb says the Kwok family is the Asian version of the American oil industrialists, the Gettys.

Tallest buildings

The Kwok brothers are the joint chairmen and managing directors of a company with a market value of $32bn.

Chairmen and Managing Directors of Sun Hung Kai Properties Raymond Kwok (L) and Thomas Kwok (R)

The men in question: Raymond and Thomas Kwok, who own Asia’s largest real estate developer

That is roughly equivalent to 14% of Hong Kong’s entire economy.

For comparison, Mr Webb says a company would have to be three times more valuable than Apple for it to be as important to the US economy as Sun Hung Kai is to Hong Kong.

Collectively, its properties compose this city’s iconic skyline.

Their notable buildings include the International Commerce Centre (ICC), currently the tallest building in Hong Kong, and One IFC and Two IFC, where many international investment banks make their home.

Central Plaza, which houses Sky City Church, was the tallest skyscraper in town until 2003, when it was surpassed by Two IFC.

Church organisers say the building’s developers gave them the prime location, which is occasionally rented out as a function room during the week.

Second-generation wealth

The properties are the crown jewels in a business founded by patriarch Kwok Tak-seng, who arrived in Hong Kong from Guangdong – the neighbouring province in China – after World War II.

He first started a grocery store, then moved onto selling Japanese zips at a time when the city’s garment industry was taking off.

Eventually, he went into the property business, establishing Sun Hung Kai with two partners in 1958.

One of the partners, Lee Shau-kee, eventually founded Henderson Land Development, another top property firm.

Continue reading the main story

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He felt he was being wronged. He is getting his revenge”

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Francis Lun
Managing director of Lyncean Securities

Mr Lee ranks just behind the Kwok brothers in this year’s Forbes global billionaires list.

The elder Kwok continued to run the company until he died of a heart attack in 1990, at which point leadership of the family firm, by then a listed blue-chip, passed to his eldest son, Walter.

Violent kidnapping

The Kwok family’s wealth caught the eye of Cheung Tze-keung, an ambitious gangster known as “Big Spender”.

After being tried and acquitted for armed robbery, Cheung hatched a plot to kidnap the city’s ten richest people for ransom, according to Hong Kong media.

Reports say, in 1996, he successfully kidnapped and ransomed Victor Li, the eldest son of Li Ka-shing, Asia’s richest man, who owns businesses from ports to shipping to property.

Mr Li, known here as “Superman”, was believed to have cooperated quickly, with little fuss. He reportedly paid a record ransom of more than HK$1bn ($128m; £83m).

Emboldened, Cheung and his associates went after Walter Kwok a year later.

Unlike the younger Mr Li, Mr Kwok reportedly refused to cooperate with the kidnappers, so he was stripped and beaten.

Hong Kong media say he was kept in a wooden crate for several days, until his family paid the ransom, a rumoured HK$600m.

Cheung eventually faced a firing squad in mainland China in 1998. He was said to have confessed to the kidnappings.

Boardroom shake-up

While Walter Kwok retained his title as chairman and chief executive of Sun Hung Kai Properties following the kidnapping, in reality he relinquished day-to-day control of the company to his younger brothers, Thomas and Raymond.

Co-chairmen Thomas and Raymond Kwok and five others were arrested by the Independent Commission Against Corruption

Sun Hung Kai Properties is a major properties developer in Hong Kong

Francis Lun, a stockbroker and managing director of Lyncean Securities, says it is common knowledge in the financial community that Walter Kwok developed psychological problems as a result of the ordeal.

“He developed anxiety. He couldn’t get along with his fellow workers,” Mr Lun says. “His younger brothers put him in charge of food and beverages, a non-essential unit.”

Mr Kwok has denied allegations that he has any mental disorder.

Hong Kong media reported that Walter Kwok had rekindled a romance with a former girlfriend, who they said was enormously influential in his business decisions.

The alleged affair was the catalyst for an attempt by the younger brothers, Thomas and Raymond, to remove Walter from the board.

The family feud became public knowledge in 2008, when Walter Kwok sought a court injunction to stop his removal.

He lost, and his mother replaced him as chairman in May 2008. She eventually passed her job to her two younger sons.

Revenge?

The fact Walter Kwok was not arrested by the corruption watchdog has led some people to suggest he was the one who gave information to the authorities.

“The mother left him out of the family trust. He felt he was being wronged. He is getting his revenge,” says Mr Lun, the stockbroker.

The corruption authority has declined to give details of the investigation.

And, except for a brief press conference in early April when Raymond and Thomas said it was “business as usual” at Sun Hung Kai, the firm has not provided details either.

Mr Webb, the shareholder activist, is less certain that Walter Kwok is the source of the corruption probe.

But he believes the investigation is tarnishing the image of the property firm and the Hong Kong government, which has always prided itself as being squeaky clean.

“Its just one more tile in the mosaic of collusion between business and government,” he says.

Fully backed by their board, Thomas and Raymond Kwok continue to run Sun Hung Kai.

And, accompanied by burly bodyguards, Thomas Kwok regularly attends services at Sky City, believed to be the tallest church-in-a-skyscraper in the world.

His strong Christian faith will no doubt fortify him during the investigation.

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Tribunal to Hear Second War Crime Charge Against Bush & Associates

April 18th, 2012 No Comments » Filed under Acknowledgement

1 comments:

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  1. And….The kangaroo court strikes again. This five member panel from a third-world country with no authority will not hold up in court. They are a joke, even though they mean well. They will not be taken seriously. Nothing happened from the last time.

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Getting ready for the Paradigm Shift?

April 18th, 2012 No Comments » Filed under Acknowledgement

What is Singularity University?

By Tony Cartalucci

http://www-personal.umich.edu/~meryan/images/cropped%20SU%20logo%20with%20text.jpg

April 18, 2012 – A paradigm shift is coming that will change everything about the way people work, learn, and interact – it will be the beginning of a new age and the shape that age takes depends greatly on the number of informed people that take part in it and where they decide to steer it. Already, the top minds across a variety of industries are converging and preparing for the shift. One such group, an educational institute called “Singularity University” comprises of innovators, teachers, scientists, and engineers from both the private and public sector. Some could be considered elitists interested in consolidating power, others are truly forward thinking and interested in a better world for all of mankind.


Video
: An introduction as to what “Singularity University” is. It is easy to pick out good and bad people, corporations, and agendas involved in Singularity University, it is much more difficult to determine what its overall agenda is. It may be possible, if average people became informed on a large scale, to steer its agenda toward what benefits humanity as a whole, rather than a handful of corporations.

….

The battle that will play out depends entirely on the general public becoming informed and active in the coming paradigm shift, guiding it toward a society of solidarity and progress rather than one of disparity between enslavement and superiority. Analyzing Singularity University’s website and video productions, the impression is one of a multitude of ideas and directions – not a predetermined agenda, so far.

One concept that is omnipresent throughout Singularity University’s activities is cutting edge technology and the possible implications it will have on society. This includes everything from 3D printing, robotics, artificial intelligence, and radical advances in genetics and biotechnology. The implications range from the ability for every individual on Earth to “print” at will any conceivable object they are able to obtain the blueprints for or design, to gene therapies capable of extending human life to centuries.

While the public is distracted with gritty political ploys, wars, and engineered destabilization, it is hoped that these emerging technologies can be meshed into the existing power structures and preserve the power of elites who have reigned over humanity for generations. Sabotaging education, ruining family and culture, and perpetuating the futile “rat race” also plays a role in keeping the vast majority of humanity out of the debate, and thus at a clear disadvantage.


Video
: An amazing presentation given by Singularity University’s Daniel Reda discusses the latest breakthroughs in biotechnology and bioinformatics. While some of these breakthroughs carry with them horrifying implications, they are only horrifying if the knowledge and techniques surrounding them remain monopolized in the hands of a select few. Just as many would argue against gun control and the dangers of an unarmed society subjected to the whims of a brutal dictatorship, the same could be said of a technologically and intellectually disarmed population as well.

….

Just like Europeans arriving on the shores of the New World – with vastly superior weapons and institutions to perform a campaign of full spectrum domination over natives that has endured ever since, the global elite of today hope to assume a position of vast superiority enabled by quantum leaps in technology while the rest of us, through ploys such as “environmentalism” and “sustainable living” increasingly disarm ourselves industrially and technologically. Polluting our priorities with political issues instead of pragmatism also widens the rift of disparity between the people and the ruling elite.

What many may find as a surprise however, is that not only are there members and guests of Singularity University that are aware of this, but many are very outspoken about this issue and insistent on the masses becoming engaged and participating in the coming paradigm shift.

One comment by entertainer William James (Will I Am), speaking as a guest at a Singularity University event, made the point that progress is moving at such a pace that those not involved in science and technology stand a very real danger of being left behind. James made the point that his reason for coming to Singularity University was to raise awareness of technological advances amongst people from the inner cities and inspire them to become engaged and involved directly. He also made the point that technology stands at a crossroads where it could either doom humanity or produce unthinkable benefits and pressed for caution as humanity moved forward.

Video: A panel featured at a Singularity University event featuring a wide range of views from a Hollywood monopolist, to entertainer William James, to techno-entrepreneur Elon Musk of SpaceX.

….

The points James brings up are indeed valid and in fact, the very root of the problem we now face – an ignorant population facing a profound paradigm shift that will leave them vulnerable to great exploitation should they fail to “catch up.” This was a point famous astronomer Carl Sagan made during one of his last interviews where he too pointed out that civilization was increasingly built upon science and technology the vast majority of the population did not understand, and warned of the dangers that might result.

Video: One of the last interviews Carl Sagan gave, warning of the consequences of a technologically advanced civilization where the population is vastly ignorant of both science and technology.

….
Those dangers include the vast majority of decisions being monopolized by very few individuals, a scientific-dictatorship of sorts, that can manipulate, abuse, and exploit the ignorance of the population with devastating results. The future we live in, Sagan explained, will be determined by those who understand the principles our modern, scientific and technological society is built on. In essence, all of the “democratic” trappings any given society may have, or may pose to fight for, are irrelevant where proper education and understanding regarding pragmatism and technical subjects is lacking, sub-par, or worse yet, non-existent.

For a ruling elite who presumes dominion over mankind, providing such education is almost unthinkable. It is not something we will be able to ask our representatives to do for us, but something we must do for ourselves. No amount of “freedom” or “security” can be achieved unless we are fully informed, not simply in terms of history and the functioning of our chosen form of governance, but also in the essential subjects of science and technology that have inevitably achieved supremacy in the administration of human society.

Get Informed.

For the population to become informed – it would be best to follow those converging at Singularity University, and by following William James’ advice, being cautious about the progress and achievements showcased there instead of blindly being caught up in the enthusiasm. The Internet is a vast resource available for anyone willing to take on the responsibility of becoming informed regarding these essential topics. Any word or concept mentioned during any of the talks featured on Singularity University’s YouTube channel can easily be looked up and researched. TED Talks are another great resource for finding the very latest topics in science and technology to begin researching and understanding. TED represents another forum where both “good” and “bad” interests converge and compete in the court of opinion.

For those seeking more academic presentations, universities such as Massachusetts Institute of Technology (MIT) or Berkley University provide “open course ware,” or in other words, an entire series of lectures for free on both their own websites and on YouTube.

If one has the money or opportunity to take courses in a technical trade – this too would be highly recommended. The “service economy” and much of the current economic paradigm will be swept away as emerging technologies like 3D printing, personal manufacturing, and biotechnology comes of age. Entire supply chains and even the concept of “logistics” may be radically changed or even effectively ended when all someone has to do is hit a “print” button and an object is produced before their very eyes. Biotechnology has made it possible to create artificial genetic sequences capable of producing raw materials for anything from fuel to construction materials to spare body parts. The speed at which these technologies are being developed and implemented is increasing exponentially.


Video
: Carl Bass, president and CEO of Autodesk, discusses the paradigm shift 3D printing is going to have as well as the convergence of disciplines and the need to vastly overhaul the way we approach education.

….

Becoming aware is the first step of getting involved. Even as just a part-time hobby it would be immensely beneficial to pursue something constructive, either machining, wood working, or studying in an amateur capacity any number of scientific fields. Another topic at Singularity University that is brought up time and time again is the fact that fields of research as well as occupations are beginning to converge. Just as our forefathers were jacks of many trades, technology is once again making it possible, even necessary to have a multitude of talents and pursuits as well as a wider range of knowledge to be productive and successful in society.

As mentioned before, it is essential that people understand the world around them, understand the role large multinational corporations play in maintaining the crippling disparity between themselves and an infinitely ignorant population, and the necessity to reverse this disparity before the paradigm shift unfolds.

We must boycott those corporations, institutions, and individuals that seek to dominate humanity, and support those that believe in a future we all will benefit from. We must be ever vigilant as technology emerges that we both understand it, its benefits and dangers, and examine with due diligence the best way to implement it within our changing society. We must examine, then reexamine the leaders in industry, their motivations and agenda, and help encourage them to do what is right, while penalizing them with boycotts and alternatives when they are demonstratively harming society.

The future is in the hands of whoever reaches out and grabs it. Right now, we as a population are distracted, our heads are down, our eyes fixed to only what is directly before us. The future, no matter how many times we “vote” and no matter how vigorously we “protest,” is demonstratively not in our own hands. We must get informed, we must get pragmatically involved. We must look at what the top minds across industry and innovation are doing at Singularity University, who are preparing themselves for this convergence and acceleration, and likewise prepare ourselves, lest we find ourselves on the wrong divide of an infinitely vast disparity.

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John Ward – The Gold Price : How Long Can They Keep The Lid On? – 16 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

Organizers propped up a chalk board at the base of a grassy slope and wrote out a detailed schedule of the day’s events. Meetings and teach-ins were marked with letters of the alphabet and groups gathered around flags branded with their respective letters.

Occupy Unveils ‘Spring Awakening’

by Allison Kilkenny

April 16, 2012

http://www.commondreams.org/view/2012/04/16-11

During the long winter months, Occupy protesters kept reassuring those of us in the media still covering their actions that the spring would prove to be a time of resurgence for Occupy Wall Street. If the “Spring Awakening” meet-up at Central Park this past weekend is any indication of future turnouts, OWS organizers may be correct in their predictions.

Hundreds of protesters gathered at New York City’s most famous park, an inspired location that placed Occupy in the heart of tourist alley, guaranteeing the group’s activities attracted the attention of curious passersby.

Two women walking by the “People’s Assembly” that took place during the tail end of the day’s festivities were heard remarking, “That’s the group that occupies shit”—a not entirely inaccurate statement.

“Today is about coming together in a space that’s going to allow us to be less confrontational than we often are downtown and kind of bond, and also engage the Saturday, Central Park–going public,” said Scott, an OWS protester.

That “confrontational” nature, some might argue, is what makes Occupy a unique protest movement, but Scott isn’t concerned about the group becoming too passive.

“Occupy is more confrontational than ever,” he said, citing the “sleepful protests” currently taking place in the financial district. “Zuccotti was great, but it was a little bit off the beaten path. Being on Nassau Street all day, what happens there is Occupiers talking to bankers and tourists witnessing those conversations, and that’s what needs to happen.”

Occupy’s Spring Awakening was used as a space to allow protesters to plan for the future and to “come together to unite organizations, activists, and others to create a transformative, citywide, mass movement,” according to the event pamphlet.

Organizers propped up a chalk board at the base of a grassy slope and wrote out a detailed schedule of the day’s events. Meetings and teach-ins were marked with letters of the alphabet and groups gathered around flags branded with their respective letters.

I attended the healthcare talk where individuals shared their tales of insurance (or lack of insurance) woes.

Jennifer, 44, a freelancer, said she never had health insurance. One morning, she woke up in extraordinary pain, but fearful of being buried in debt should she venture to the hospital, she remained curled up on the floor of her boyfriend’s apartment for three days, unable to move.

Finally, realizing the pain was not going to subside on its own, she managed to get into a taxi and get to the hospital. Final diagnosis: a herniated disk, a completely treatable ailment that shouldn’t have ended up costing as much as it ultimately did, but because Jennifer waited so long to get to the hospital, the treatment ended up being much more complicated.

Emergency surgery cost her $50,000.

David, 48, said he was diagnosed with Crohn’s disease in third grade, but was never able to get insurance before the Affordable Care Act because his Crohn’s is considered a pre-existing condition.

A young medical student shared a story about treating an 11-year-old having an asthma attack because her father couldn’t afford her inhaler.

But commiserating and bonding over the reality of crushing debt and an insane privatized health care industry that provides neither health nor care were only a sliver of the day’s events. Serious planning for Occupy’s future occurred later in the evening after the People’s Assembly (Occupiers were very careful not to call it a “General Assembly,” as no voting took place).

Upcoming foreclosure auction blockades are planned in several New York City boroughs, including this afternoon in the Bronx, Brooklyn on April 19, and Queens on April 20, which is also #A20, or “the Great Meeting,” at Union Square Park, when organizers hope “the outdoor public assembly” will make a return.

The single-payer movement continues to have a huge presence at Occupy events and Health Care Now NYC advertised “petitioner training” scheduled for April 21.

ACT UP and Occupy are partnering for a day of action April 25 to commemorate the direct action advocacy group’s twenty-fifth anniversary.

And of course, there were constant reminders about May 1, the so-called “General Strike” nationwide actions that Occupiers are anticipating will steal headlines as the movement first did back in the fall.

© 2012 The Nation

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John Ward – The Gold Price : How Long Can They Keep The Lid On? – 16 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

The Slog was out on something of a limb a few years ago when I began tracing daily ‘gold dumps’  in New York. For fully nine months in 2008, the East bought everything it could get hold of (85 degree upward curve overnight) and at 10.01 am every day, the Feds in the West dumped tons of it, creating the same curve downwards.

Being 280 years younger back then, I assumed the US was defending the Dollar. I hadn’t as yet caught on to the reality that the Fed had much greater fear of a collapsing Stock Market, and was planning a dirt-cheap Buck to reduce its real debt anyway.

While a relatively commonsense Grade II observer of all bollocks financial, I am a fully trained black-belt when it comes to supply and demand as the driving factors in every market in history. If these laws aren’t being obeyed, then trust me, dirty deeds are being perpetrated by those who always insist that market forces must prevail.

This is the way it is with Gold. The paper price dives, and then hits a false ceiling. Meanwhile, outside the bubble, you can’t buy the stuff for love nor money.

Nobody has audited the contents of Fort Knox since 1961. But even if the Americans have in there what they say they have, their debt is still over forty times more than its value. The standing joke on Wall Street is that the Knox security arrangements (and BTW, they are higher than anything the Pentagon has) is not to protect the gold, but rather the secret that there’s no gold in there.  My theory is that there are 80 billion packs of B&H Special Filter in there: either that, or Terry’s All Gold.

In the end of course, the US must accept defeat and realise that a stock market collapse is inevitable: a past President by the name of Abe Lincoln holds the key to this certainty with his shtick about fooling all the people all of the time.

When this happens – and this is purely my own personal view, not a recommendation – gold will sky-rocket again. Problem is, nobody knows the ‘when’ thing.

www.hat4uk.wordpress.com link to original article

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Yoshi Tsurumi – The Japan Times – Supreme Court Is Destroying US Democracy – 16 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

By YOSHI TSURUMI

Special to The Japan Times

NEW YORK — Last month, we witnessed the conservative majority of the U.S. Supreme Court resort to foolish sophism — what the Japanese call herikutsu (smelly gaseous logic). It would be hilarious were it not so serious for America and the world.

Justice Antonin Scalia, the intellectual leader of the conservative majority, equated a broccoli market with a health insurance market. He asked, “If the government can require Americans to buy health insurance, can it require them to buy broccoli?”

The issue is the limit of federal power. In a functioning democracy, government power is checked by Congress. ( Read more at: www.japantimes.co.jp  link to original article

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Yoshi Tsurumi – The Japan Times – Supreme Court Is Destroying US Democracy – 16 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

By YOSHI TSURUMI

Special to The Japan Times

NEW YORK — Last month, we witnessed the conservative majority of the U.S. Supreme Court resort to foolish sophism — what the Japanese call herikutsu (smelly gaseous logic). It would be hilarious were it not so serious for America and the world.

Justice Antonin Scalia, the intellectual leader of the conservative majority, equated a broccoli market with a health insurance market. He asked, “If the government can require Americans to buy health insurance, can it require them to buy broccoli?”

The issue is the limit of federal power. In a functioning democracy, government power is checked by Congress. ( Read more at: www.japantimes.co.jp  link to original article

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Dolores Cannon – The Three Waves Of Volunteers & The Earth (Repost) – 17 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

Uploaded by linuxfrik 20 juli 2011 on Youtube.

July 17, 2011

Born in 1931, Dolores Cannon is a regressive hypnotherapist and psychic researcher who records “Lost” knowledge, through her own hypnosis technique which enables her to gain the most information from her clients. In 1986 she expanded her investigations into the UFO field, including working with abductees. She is also an international speaker who has lectured on every continent in the world. Her thirteen books are translated into twenty languages. In this interview, Dolores will discuss The Three Waves of Volunteers and The New Earth. Dolores, in her hypnosis work, has discovered three waves of volunteers who have come to help Earth. Some have come direct from the “Source” and have never lived in any type of physical body before. Others have lived as space beings on other planets or other dimensions. Because all memory is erased upon entry to the Earth dimension, they do not remember their assignment. Thus these souls have a difficult time adjusting to our chaotic world. Dolores says these souls have a vital role to play as they help the rest of us ascend to the New Earth. We’ll discuss the characteristics, difficulties and roles of these volunteers. Later, Dolores tells us about the New Earth, how the separation from this Earth will happen, what it will be like and the effects we’ll feel in our body

Thank s for reminding me of her interviews I already heard last year Andrea from The Galactic Free Press/ www.soundofheart.org.  The link to the article and video their is link to article The Galactic Free Press by Andrea

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Dolores Cannon – The Three Waves Of Volunteers & The Earth (Repost) – 17 April 2012

April 18th, 2012 No Comments » Filed under Acknowledgement

Uploaded by linuxfrik 20 juli 2011 on Youtube.

July 17, 2011

Born in 1931, Dolores Cannon is a regressive hypnotherapist and psychic researcher who records “Lost” knowledge, through her own hypnosis technique which enables her to gain the most information from her clients. In 1986 she expanded her investigations into the UFO field, including working with abductees. She is also an international speaker who has lectured on every continent in the world. Her thirteen books are translated into twenty languages. In this interview, Dolores will discuss The Three Waves of Volunteers and The New Earth. Dolores, in her hypnosis work, has discovered three waves of volunteers who have come to help Earth. Some have come direct from the “Source” and have never lived in any type of physical body before. Others have lived as space beings on other planets or other dimensions. Because all memory is erased upon entry to the Earth dimension, they do not remember their assignment. Thus these souls have a difficult time adjusting to our chaotic world. Dolores says these souls have a vital role to play as they help the rest of us ascend to the New Earth. We’ll discuss the characteristics, difficulties and roles of these volunteers. Later, Dolores tells us about the New Earth, how the separation from this Earth will happen, what it will be like and the effects we’ll feel in our body

Thank s for reminding me of her interviews I already heard last year Andrea from The Galactic Free Press/ www.soundofheart.org.  The link to the article and video their is link to article The Galactic Free Press by Andrea

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Mish/ Mike Shedlock – Spain Government May Take Over Some Regions Finances; Spanish 10 Year Yield His 6.15%,CFSpain Government May Take Over Some Regions’ Finances; Spanish 10-Year Yield His 6.15%, CDS At Record High; Mission Impossible – 17 April 2

April 18th, 2012 No Comments » Filed under Acknowledgement

Madrid Threatens Intervention as Regional Debt Worries Mount

The Financial Times reports Madrid threatens to intervene in regions

Madrid has threatened to seize budgetary control of wayward Spanish regions as early as May if they flout deficit limits, officials said – as investors took fright at the fragility of some eurozone economies.

Concerns about overspending by Spain’s 17 autonomous regions and fears that its banks will need to be recapitalised with emergency European Union funds undermined confidence in the country’s sovereign bonds, forcing down prices and pushing yields up above 6 per cent on Monday – towards levels considered unsustainable.

The cost of insuring the country’s debt also rose, with Spanish credit default swaps jumping to a record 510 basis points, according to Markit, the data provider.

One possible candidate for intervention is Andalucia in the south, Spain’s most populous region, which has attacked Mr Rajoy’s austerity measures. Mr Rajoy’s Popular party had hoped to win a regional election last month and oust the leftwingers who have run Andalucia for 30 years but the PP did not get enough votes and the left remains in control.

Andalucia, however, is not alone in failing to obey fiscal rules. All the major political parties, including the PP, have exceeded deficit targets in the regions they administer.

Spain Government May Take Over Some Regions’ Finances

The Wall Street Journal has additional details in its report Spain Government May Take Over Some Regions’ Finances

Spain’s government Monday warned it could take control of finances in some of its autonomous regions to slash one of Europe’s largest budget deficits and shore up investor confidence.

A top government official, who asked not to be named, told journalists there will soon be new tools to control regional spending. Parliament is expected to pass legislation by the end of this month allowing Madrid to force spending cuts, impose fines and take over financial management in regions breaching budget targets or falling into deep difficulties.

The official said Madrid may move take over at least one of the country’s cash-strapped regions this year, as lack of access to financial markets and plummeting tax revenue are undermining their capacity to fund themselves.

“The way things are going, the regions themselves will request the intervention,” the official said. “There are regions with no access to funding, no way to pay bills. That’s why we are going to have to intervene.”

The official added Madrid should have more information by May on the state of regional finances, and on which might need to be taken over. The government has set up a new credit line to regions so they can pay off large debts to their suppliers. To access the facility they must present a plan to pay back the money and provide detailed information on their finances.

Separately, Spanish Education Minister Jose Ignacio Wert met regional education authorities to agree a series of measures, including larger class sizes and longer teachers’ hours, to cut EUR3 billion from regional budgets. The government meets regional health officials Wednesday to find another EUR7 billion in cuts. These two social services account for the bulk of regional spending, and the regions have long complained they can’t reduce it unless Madrid changes regulations governing the services they must provide.

Mission Impossible

Wolfgang Münchau a Financial Times columnist says Spain has accepted mission impossible

News coverage seems to suggest that the markets are panicking about the deficits themselves. I think this is wrong. The investors I know are worried that austerity may destroy the Spanish economy, and that it will drive Spain either out of the euro or into the arms of the European Stability Mechanism.

The orthodox view, held in Berlin, Brussels and in most national capitals (including, unfortunately, Madrid), is that you can never have too much austerity. Credibility is what matters. When you miss the target, you must overcompensate to hit it next time. The target is the goal – the only goal.

This view does not square with the experience of the eurozone crisis, notably in Greece. It does not square with what we know from economic theory, or from economic history. And it does not square with the simple though unscientific observation that the periodic episodes of market panic about Spain have always tended to follow an austerity announcement.

European policy makers have a tendency to treat fiscal policy as a simple accounting exercise, omitting any dynamic effects. The Spanish economist Luis Garicano made a calculation, as reported in El País, in which the reduction in the deficit from 8.5 per cent of GDP to 5.3 per cent would require not a €32bn deficit reduction programme (which is what a correction of 3.2 per cent would nominally imply for a country with a GDP of roughly €1tn), but one of between €53bn and €64bn. So to achieve a fiscal correction of 3.2 per cent, you must plan for one almost twice as large.

Spain’s effort at deficit reduction is not just bad economics, it is physically impossible, so something else will have to give. Either Spain will miss the target, or the Spanish government will have to fire so many nurses and teachers that the result will be a political insurrection.

Market Screams Mission Impossible As Well

I too have been preaching the “Mission Impossible” idea for months if not years. More importantly, the market has once again latched on to that idea with credit default swaps on Spain’s sovereign debt at record highs, and the yield on 10-year Spanish bonds back above 6% today, settling at 6.07% after reaching a high of 6.156% according to Bloomberg.

History suggests the more eurocrats resists a default for Spain, the bigger the resultant mess. Greece should be proof enough. However, eurocrat clowns have no common sense, no economic sense either, and they do not care about history. Expect a gigantic eurozone mess as efforts to kick the can do nothing but make matters worse.

Mike “Mish” Shedlock
www.globaleconomicanalysis.blogspot.com link to original article

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