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Tag(s): Agriculture; Bank Failure; Bankruptcy; Credit; Drought; Famine; Flood; Inflation; Markets; Nature; (more...) Predictions; Security; Senate; Suffering; Weather (less...)
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June 18, 2008 at 16:38:27

BERNANKE Says Worst May Be Over - Royal Bank Of Scotland Disagrees

by William Cormier Page 1 of 2 page(s)

www.opednews.com

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We know that Federal Reserve Chairman Ben Bernanke has stated "The worst may be over"-, and he may be right, but with floods disrupting the Mid-West and crops being lost on a massive scale, his predictions seem to be optimistic at best, and downright deceptive at worst! The United States wheat stocks are at an all time low, and now the US is being criticized for donating less wheat than usual, however, Americans need to eat too - and while we need to assist other countries that are suffering from famine and high food prices, we cannot allow ourselves to wind-up with a shortage that could easily become a national security issue! The recent flooding, which is massive, is adding to an already dire forecast of this year's harvest, and Chuck Hagel's remarks to Congress bear-out the possibility that food prices in the US, in conjunction to gas prices that are adding to the misery of millions of Americans could easily get much worse in the coming months:

SENATOR HAGEL EXPLAINS DIRE STRAITS FACING U.S. FARMERS

Supply & demand reports and private market analyses inform market participants about weather situations impacting wheat supply, but hearing the facts delivered on the floor of the U.S. Senate can drive home the utter enormity of challenges facing the American farmer. This week, Senator Chuck Hagel spoke about the severe drought gripping much of the nation.

"Last week, I met with farmers and livestock producers in Nebraska, and witnessed firsthand the devastation caused by this drought,"- Sen. Hagel explained. "For many agricultural producers - in Nebraska and throughout America - hope is gone for this growing season. Their crops are wilted and their pastures are scorched and bare."-

Hagel then itemized the factors in the drought situation. "Drought is not just a Nebraska problem. It is a national problem. According to the National Drought Mitigation Center at the University of Nebraska in Lincoln, about 15% of the country experiences drought in a typical year. Today more than 40% of the country is suffering a drought."- MUCH MORE

In the same report cited above, it states the US just sold "275,000 metric tons of wheat from the Bill Emerson Humanitarian Trust last week"-, and when you consider that US grain reserves are at an all-time low, we may be facing massive food shortages ourselves if Mother Nature keeps up her rampage:

U.S. Has No Remaining Grain Reserves

Posted by Mark Frauenfelder, June 10, 2008 1:17 PM

Is the U.S. Running out of emergency grain reserves?

"According to the May 1, 2008 CCC [USDA's Commodity Credit Corporation] inventory report there are only 24.1 million bushels of wheat in inventory, so after this sale there will be only 2.7 million bushels of wheat left the entire CCC inventory,"- warned [Larry Matlack, President of the American Agriculture Movement (AAM)].

"Our concern is not that we are using the remainder of our strategic grain reserves for humanitarian relief. AAM fully supports the action and all humanitarian food relief. Our concern is that the U.S. has nothing else in our emergency food pantry. There is no cheese, no butter, no dry milk powder, no grains or anything else left in reserve. The only thing left in the entire CCC inventory will be 2.7 million bushels of wheat, which is about enough wheat to make 1?2 of a loaf of bread for each of the 300 million people in America. LINK

LINK

After reading the above information, consider this report from The Royal Bank of Scotland:

RBS issues global stock and credit crash alert

By Ambrose Evans-Pritchard, International Business Editor 6-18-08

The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.
1 | 2

http://justanothercoverup.com/

I am nothing more than a patriotic American that is doing whatever I can to further the cause of democracy, the rule of law, and am absolutely outraged on how the Bush administration is defying our Congress, the Constitution, and the Bill of Rights! Footnote: I write in a style that I believe is appropriate in today's world where we can't trust the Mainstream News Media, and rather than concentrating on one article alone, which may or may not receive the exposure and emphasis it should, I prefer to meld several relevant stories together, that each taken alone may not expose the entire situation, but when taken-in as a whole, tend to give the reader a better understanding of the subject. One article or story alone does not represent the "Big Picture" - but when several are effectively tied-together it often reveals a trend or broader view of the subject matter that is important to completely understand any given situation. http://justanothercoverup.com/

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6 comments

August Adams is a CPA and holds a Masters Degree in Psychology. He is an activist striving to create a fair and just world for all.
August AdamsAugust Adams is a CPA and holds a Masters Degree in Psychology. He is an activist striving to create a fair and just world for all.

CEO's and Heavily Valued Assets

It seems to me that some of the CEO's involved in the fraudulent practices of the Investment Banking firms should be investigated and led away in shiny silver handcuffs - for a long, long, time. Sarbanes-Oxley laws in the wake of the Enron and World Com scandals were laws that were supposed to force these Executives to be accountable.

They sign documents stating that the information is true and accurate.

These same slime bags that perpetuated the run ups in the housing market and encouraged predatory lending practices to bulk up their balance sheets should be held criminally liable.

And those bonuses, paid on ill gotten gains - should be repaid.

It's a pittance compared to the pain and suffering they have heaped onto countless people.

Let me know when the revolution starts...

by August Adams (10 articles, 0 quicklinks, 1 diaries, 442 comments) on Wednesday, June 18, 2008 at 9:04:21 PM

I am nothing more than a patriotic American that is doing whatever I can to further the cause of democracy, the rule of law, and am absolutely outraged on how the Bush administration is defying our Congress, the Constitution, and the Bill of Rights! Footnote: I write in a style that I believe is appropriate in today’s world where we can’t trust the Mainstream News Media, and rather than concentrating on one article alone, which may or may not receive the exposure and emphasis it should, I prefer...

to see more of bio, click on member name
William CormierI am nothing more than a patriotic American that is doing whatever I can to further the cause of democracy, the rule of law, and am absolutely outraged on how the Bush administration is defying our Congress, the Constitution, and the Bill of Rights! Footnote: I write in a style that I believe is appropriate in today’s world where we can’t trust the Mainstream News Media, and rather than concentrating on one article alone, which may or may not receive the exposure and emphasis it should, I prefer...

to see more of bio, click on member name

Bush and Cheney are allowing it to happen.

That's the real crime, that we have a President and Vice-President that have allowed their wealthy cronies to rape and plunder our economy. Congress chooses not to impeach, and I understand they are being blackmailed and most are scared that the next batch of anthrax will be aimed at them, but impeachment doesn't have to take months, it could be accomplished in a matter of days - and then we could begin rebuilding.

Of course, there are many in Congress that are lapping up our wealth at the same trough, and if there was a "real" investigation, the Congress members that would go down would likely shake-up the entire Congress – but it’s necessary, and if we are to hold on to this fragile democracy and what’s left of our economy, we must push for impeachment every single day or join-in with a general strike that will force Congress to act whether they like it or not.

by William Cormier (127 articles, 7 quicklinks, 17 diaries, 309 comments) on Wednesday, June 18, 2008 at 9:25:13 PM

NOBODY WITH TO MUCH TRUTH IT HURTS
RICH SHANOBODY WITH TO MUCH TRUTH IT HURTS

I AGREE

CHECKS AND BALANCES NEED TO BE RESTORED, FOR GUIDANCE FOR FUTURE PRESIDENTS, AND IMPEACHMENT IS THE ONLY WAY. BUT WITH OUR CONGRESS AND SENATE BEING JUST AS GUILTY AS BUSH AND CHENEY, FOR LETTING THEM GET A WAY WITH THESE CRIMES, SO HOW CAN THE GUILTY IMPEACH THE GUILTY?

by RICH SHA (0 articles, 0 quicklinks, 0 diaries, 106 comments) on Thursday, June 19, 2008 at 7:24:40 AM

I am nothing more than a patriotic American that is doing whatever I can to further the cause of democracy, the rule of law, and am absolutely outraged on how the Bush administration is defying our Congress, the Constitution, and the Bill of Rights! Footnote: I write in a style that I believe is appropriate in today’s world where we can’t trust the Mainstream News Media, and rather than concentrating on one article alone, which may or may not receive the exposure and emphasis it should, I prefer...

to see more of bio, click on member name
William CormierI am nothing more than a patriotic American that is doing whatever I can to further the cause of democracy, the rule of law, and am absolutely outraged on how the Bush administration is defying our Congress, the Constitution, and the Bill of Rights! Footnote: I write in a style that I believe is appropriate in today’s world where we can’t trust the Mainstream News Media, and rather than concentrating on one article alone, which may or may not receive the exposure and emphasis it should, I prefer...

to see more of bio, click on member name

I think there are two segments of Congress

I really believe there are two (2) distinct groups in Congress - those who are complicit and have profited personally from the wars in Iraq and Afghanistan, and those who have been blackmailed into silence, some who may have even been threatened. In an article back in 2006, I interviewed a Democrat that was running for the Senate in Florida - and he specifically stated he believed the Bush administration was using illegal wiretaps to dig-up dirt on their political adversaries. J. Edgar Hoover did it to his advantage, and if nothing else, the Neo-cons are a study of history and are known to use every dirty trick in the book. Bush also accessed the Swift Banking system and has a list of the many offshore accounts, some of which are held by members of Congress that have taken illegal money from lobbyists. All of that amounts to "leverage" that Bush and Cheney can use to control Congress, and they appear to be extremely effective.

I think that "the people" should introduce a bill that would guarantee that anything the Bush administration has dug-up on Congress will never see the light of day, and it would actually be legal. I'm not much for rewarding corruption, but the rule of law comes into play here, and if the evidence was gleaned illegally, then it can't be used. Period! It's our law, and Congress needs to know that if they find the courage to impeach these scoundrels, they will not be punished for information that was illegally obtained.

I have no doubt the GOP propaganda machine would try and leak whatever they could as a matter of retribution, but it could be made a crime to do so, and maybe, if we stand-up for those who do have skeletons in their closet (like many of us have....), then they might find the intestinal fortitude to do their damn jobs and send Bush and Cheney packing, hopefully, straight to The Hague!

by William Cormier (127 articles, 7 quicklinks, 17 diaries, 309 comments) on Thursday, June 19, 2008 at 7:43:28 AM

Former Lawyer, current Business Consultant,history buff, Christian, father of 2 sons and a supporter of democratic government.
ArchieFormer Lawyer, current Business Consultant,history buff, Christian, father of 2 sons and a supporter of democratic government.

Worst over?

American farmers are heavily subsidized and these subsidized crops are then sold to third world countries at prices that undercut the home grown produce from the farmers in the purchasing country driving these farmers out of business. All of a sudden the U.S. decides it can do better by using food crops for the manufacture of ethanol. Guess what happens, the countries who were buying American food crops are left out in the cold to die from starvation. So, yes I think you have a moral duty to feed these people not out of the goodness of your heart but to remedy a disaster you created in the first place.

by Archie (0 articles, 0 quicklinks, 0 diaries, 1142 comments) on Friday, June 20, 2008 at 11:34:05 PM

I live on an island off the coast of Maine. Political junkie of liberal persuasion.
I have long been a registered Independent and now am a member of the Maine Green Independent Party.

Widower, grandfather of two, retired.
Jack HarringtonI live on an island off the coast of Maine. Political junkie of liberal persuasion.
I have long been a registered Independent and now am a member of the Maine Green Independent Party.

Widower, grandfather of two, retired.

Nothing will change

Obama, McCain, Bush, all the same. Nothing will change. The corporations will continue to dominate, Friedman economics and the Chicago School of disaster capitalism will continue to destroy lives and the reality is that it is not nearly over, it has just begun.

Globalism is the dominance of disaster capitalism and pure greed. It has only just begun.

by Jack Harrington (0 articles, 0 quicklinks, 0 diaries, 316 comments) on Saturday, June 21, 2008 at 12:28:35 PM