Monday, August 22, 2011

NEW YORK (CNNMoney) -- Nervous investors hoping for a reprieve this week will be disappointed.

The past month has been nothing but a disaster for stock market investors. The S&P posted its biggest four-week loss since March 2009. Meanwhile, safe haven plays like gold and U.S. treasuries have soared, with gold hitting a new record high day after day.


This week will be fairly quiet as far as scheduled economic and company events, but fears about the U.S. possibly heading into another recession and the financial crisis in Europe are expected to weigh heavily on trading.

The big event for investors will be on Friday, when Federal Reserve Chairman Ben Bernanke will give his keynote speech at the Kansas City Fed's annual retreat in Jackson Hole, Wyo.

Bernanke is faced with a turbulent and declining market combined with investor fears that the U.S. economy is heading into an economic downturn, just as he was when he appeared at the same event one year ago.

Bernanke's last resort: Start dancing?

At the time, the Fed chairman reassured investors by raising the possibility that the Federal Reserve would do another round of quantitative easing in his speech. The central bank implemented that plan a few months later.

Investors aren't sure what to expect from Bernanke on Friday. Some believe he will bring up the possibility of a third round of quantitative easing - commonly nicknamed QE3. Others think Bernanke will only re-emphasize the central bank's statement from earlier this month, when the Fed said it planned to hold interest rates at near-zero levels for at least two years.

Either way, investors hope to see some sort of clear leadership from the Fed chairman.

"What's worrying the markets is the perception that there isn't much more that can be done by the Fed and politicians," said Rob Lutts, chief investment officer with Cabot Money Management. "All three -- the White House, the Fed, and Congress - are in a bind that I have never seen before."

Headlines out of Europe will also dominate market direction this week.
Europe's debt crisis: Expect more trouble

Europe's financial situation is a mess, it's getting worse, and Wall Street has zero confidence that politicians will be able to fix it. Those fears have spilled over into the region's banking sector, where rumors that European banks are having trouble getting financing are stirring up ugly memories of the weeks leading up to Lehman Brothers' collapse. Many believe a default is inevitable.

"Europe is at a very pivotal point right now [as far as] deciding the fate of the whole euro zone," said James Keenan, a portfolio manager with BlackRock.

The major European markets fell between 5% and 8% last week. Europe's declines helped spark the massive sell-off U.S. investors saw on Thursday, where the Dow plunged more than 400 points.

Investors will have a few other notable items to work through this week. The Commerce Department's durable goods orders report on Wednesday will be closely watched as will the second reading on U.S. second quarter GDP, which is out on Friday.
On the Docket --

Monday -- There are no scheduled economic reports or company earnings out on Monday.

Tuesday -- Investors will get the Commerce Department's new home sales report at 10 a.m. ET. Economists surveyed by Briefing.com are looking for new home sales to decline to 310,000 annualized units, from the 312,000 reported for June.

In earnings, condiment and sauce company H.J. Heinz (HNZ, Fortune 500) will report before the opening bell.

Wednesday -- A closely-watched piece of economic data will be the Commerce Department's report on durable goods for July, which is out at 8:30 a.m. ET. Durable goods, or items designed to last two years or longer, are typically purchased by consumers and corporations when they feel confident about the economy.

Economists forecast that durable good orders rose 2% in July, up from the 1.9% reading in the prior month. Excluding volatile transportation orders, durable good orders are expected to be down 0.4%.

Applied Materials (AMAT, Fortune 500) reports its quarterly results before the bell on Wednesday.

Thursday -- The Labor Department's weekly jobless claims figures will be out at 8:30 a.m. ET. Investors are looking for unemployment claims to fall 8,000 to 400,000 claims.

Friday -- Federal Reserve Chairman Ben Bernanke will give his speech at the Kansas City Fed's annual retreat at Jackson Hole, Wyo.

Also on Friday, the Commerce Department will release its second reading on second quarter GDP at 8:30 a.m. ET, followed by the University of Michigan's consumer sentiment survey at 9:55 a.m. ET.

Economists expect the Commerce Department to revise second quarter GDP down to 1.1% from a previously-reported 1.3%. The University of Michigan sentiment survey is expected to rise slightly to a reading of 55.4 from the multi-year low of 54.9 reported two weeks ago. To top of page

http://money.cnn.com/2011/08/19/markets/stocks_lookahead/index.htm?cnn=yes

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Timeline of the conflict in "Libya"


(CNN) -- Fighting in Libya started with anti-government demonstrations in February and escalated into a nationwide civil war.

For months, rebel fighters -- who have controlled the eastern city of Benghazi and other areas -- have been trying to move closer toward Tripoli, in the west. They are seeking the ouster of Libyan leader Moammar Gadhafi, who has ruled Libya for 42 years.


International leaders have accused Gadhafi's regime of committing human rights violations and killing civilians. Libyan officials have repeatedly accused NATO of killing civilians in airstrikes.

Here are some key points CNN has reported in the conflict.

February 14

Three days after the fall of Egyptian President Hosni Mubarak, calls go out on Facebook for peaceful demonstrations in Libya against leader Moammar Gadhafi. The Libyan leader, who has ruled over the country for more than four decades, voiced support for Mubarak during the Egyptian crisis.

February 16

About 200 demonstrators protesting the arrest of a human activist take to the streets in the coastal city of Benghazi, witnesses say. Several of them are arrested amid confrontations with police. A highly placed source close to the Libyan government tells CNN, "There is nothing serious here. These are just young people fighting each other."

February 18

Libyan state television shows images of men chanting pro-Gadhafi slogans, waving flags and singing around the Libyan leader's limousine as it creeps through Tripoli. In Benghazi, human rights groups and protesters claim they're under attack by pro-government security forces. Among the tens of thousands of protesters who take to the streets, at least 20 people are killed and 200 are wounded, according to medical sources.

February 19

Protests continue to turn violent, however the death and injury toll is unclear. In Benghazi, witnesses report bloody clashes with soldiers firing tear gas and bullets. Witnesses say protests have erupted in cities across the country. Human Rights Watch reports that 84 people have been killed in Libyan demonstrations since February 15.

February 20

Violence surges in Benghazi where a witness says protesters have taken control of the city and much of Tripoli. Gadhafi's son Saif al-Islam Gadhafi appears on state television to warn demonstrators that the country could fall into civil war if their protests do not subside.

February 21

The Libyan newspaper Quryna reports that the country's justice minister has resigned to protest what he calls a "bloody situation and use of excessive force" by security forces against protesters.

February 22

Gadhafi appears on television to dispel rumors that he has fled the country, vowing he will never leave Libya, and "will die as a martyr at the end." The United Nations Security Council issues a statement saying it "condemned the violence and use of force against civilians, deplored the repression against peaceful demonstrators and expressed deep regret at the deaths of hundreds of civilians" in Libya.

February 23

U.N. Secretary-General Ban Ki-moon condemns what he calls "egregious violations" of human rights as Libya tries

to crush an ongoing revolt, telling reporters that those who have shed "the blood of innocents" must face punishment.

February 25

U.S. President Barack Obama signs an executive order freezing Moammar Gadhafi's assets.

February 26

The United Nations Security Council imposes sanctions against Libya, including an arms embargo, asset freeze and travel bans for Gadhafi and his associates. It also refers Gadhafi to the International Criminal Court for alleged crimes against humanity. The opposition movement announces that it has picked a leader: Former Justice Minister Mustafa Abdul Jalil.

February 28

The European Union bans the sale of arms and ammunition to Libya and freezes the assets of Gadhafi and five members of his family, while imposing a visa ban on Gadhafi and 15 other people tied to the regime's crackdown.

March 1

The United Nations General Assembly adopts a resolution to oust Libya from its seat on the 47-member Human Rights Council.

March 7

NATO begins round-the-clock surveillance flights of Libya as it considers various options for dealing with escalating violence there.

March 17

The United Nations Security Council votes to impose a no-fly zone over Libya and take "all necessary measures" to protect civilians. The resolution is approved with 10 votes, including those of the United States and the United Kingdom. There are no opposing votes on the 15-member council, but China, Russia, Germany, India and Brazil abstain. Germany says it is concerned about a protracted military conflict.

March 18

Libyan Foreign Minister Moussa Koussa says the country has decided on "an immediate cease-fire and the stoppage of all military operations." But sources inside Libya say violence continues.

March 19

French, British and American military forces begin the first phase of Operation Odyssey Dawn, aimed at enforcing the no-fly zone. More than 110 Tomahawk missiles fired from American and British ships and submarines hit about 20 Libyan air and missile defense targets, U.S. Vice Adm. William Gortney says at a Pentagon briefing. The operation is meant "to deny the Libyan regime from using force against its own people," Gortney says.

March 20

Gadhafi, speaking on Libyan state TV, says the U.N. charter provides for Libya's right to defend itself in a "war zone." Weapons depots will be opened, he says. "All you people of the Islamic nations and Africa, and Latin America and Asia, stand with the Libyan people in its fight against this aggression," Gadhafi said.

March 24

NATO agrees to take command of the mission enforcing a no-fly zone over Libya.

March 26

A Libyan woman with bruises all over her body bursts into a Tripoli hotel housing international journalists, shouting that she was taken from a checkpoint and held for two days while 15 of Gadhafi's militiamen beat and raped her. "Look at what Gadhafi's brigades did to me," Eman al-Obeidy says before government officials and hotel staff whisk her outside to car and drive her away. She is not heard from for more than a week. The Libyan government says al-Obeidy is mentally ill and drunk. Officials call her a prostitute. Later, the government changes its story and says the men accused of raping al-Obeidy are being investigated, but the suspects, in turn, file counter-charges for slander.

March 30

Libyan Foreign Minister Moussa Koussa arrives in the United Kingdom and tells the government there that he has resigned.

March 31

NATO announces that it has begun Operation Unified Protector in Libya, including an arms embargo, a no-fly zone and "actions to protect civilians and civilian centers."

April 6

Gadhafi urges U.S. President Barack Obama to end the NATO bombing of his war-torn country, making an appeal in a letter to the American president. Gadhafi asks Obama to stop what he calls the "unjust war against a small people of a developing country," adding that those in the opposition are terrorists and members of al Qaeda, the official said.

April 29

In a speech, Gadhafi urges NATO to negotiate an end to airstrikes, accusing the international coalition of killing civilians and destroying the nation's infrastructure in a bid to take over its oil production.

April 30

NATO launches a missile attack on a house in Tripoli. The attack kills one of Gadhafi's sons, Saif al-Arab Gadhafi, and several of his grandchildren.

May 8

Al-Obeidy, who garnered worldwide attention for her vocal allegations of rape against Gadhafi's regime, says she has fled Libya, fearing for her safety. She tells CNN that she has crossed into Tunisia with the help of a defecting military officer and his family. A month later, she finds temporary sanctuary in Qatar before being deported back to Libya.

May 22

The European Union opens an office in the rebel-held Libyan city of Benghazi.

June 8-13

Several countries, including Spain and Germany, recognize the opposition Transitional National Council as Libya's legitimate representative.

June 1

NATO announces that it is extending its mission in Libya for 90 days. Libya's oil minister defects to Italy and tells CNN he left because the suffering of the country's people had become unbearable.

June 14

South African President Jacob Zuma lashes out at NATO, arguing that the organization is misusing the United Nations resolution meant to protect civilians "for regime change, political assassinations and foreign military occupation."

June 27

The International Criminal Court issues arrest warrants for Libyan leader Moammar Gadhafi, his son Saif al-Islam Gadhafi and his brother-in-law Abdullah al-Sanussi. The warrants are "for crimes against humanity," including murder and persecution, "allegedly committed across Libya" from February 15 through "at least" February 28, "through the state apparatus and security forces," the court says in a news release.

July 15-27

The United States and the United Kingdom join countries recognizing the Transitional National Council as "the legitimate governing authority" in Libya.

July 27

After being granted asylum in the United States, al-Obeidy arrives in New York, then boards a flight to the destination where she will reside. Her arrival in the United States comes after she spends 54 days in a U.N. High Commissioner for Refugees facility in Romania.

July 28

Rebel leaders announce that the commander of Libya's rebel army was assassinated in Benghazi along with two senior officers, just hours after claiming big successes on the battlefield.

August 9

Libyan Transitional National Council Chairman Mustafa Abdel Jalil dismisses the rebels' 14-member executive board, a spokesman for the council says.

August 15

Gadhafi urges Libyans to fight opposition forces and "cleanse this sweet and honorable land." In a speech broadcast on state television, Gadhafi says: "The strikes will be over and NATO will be defeated. Move always forward to the challenge; pick up your weapons; go to the fight in order to liberate Libya inch by inch from the traitors and from NATO. Be prepared to fight if they hit the ground."

August 16

Col. Roland Lavoie, a spokesman for NATO's military operation, tells reporters that "anti-Gadhafi forces are now assuming control of the key approaches to Tripoli." A spokesman for the Gadhafi government offers a different view. "We are doing very well," spokesman Musa Ibrahim says.

August 18

Libyan Prime Minister al-Baghdadi al-Mahmoodi says the military is "powerful enough to finish this battle" to its advantage, but warned that the cost would be too high, calling again for dialogue to resolve the crisis peacefully rather than militarily. Meanwhile, a brother of Musa Ibrahim, the spokesman for the government in Tripoli, was killed Thursday night by NATO aircraft, a Libyan government official said.

August 19

U.S. officials say Gadhafi may be making preparations for a "last stand" in Tripoli as a monthlong NATO air campaign continues amid reports of rebel advances.

August 20

Libyan rebels have taken their fight inside Tripoli, home to the embattled Libyan leader, a rebel spokesman says. Government spokesman Musa Ibrahim insists that all is safe and well. He says the Libyan capital remains under government control. Libyan officials reject rebel claims that Gadhafi is seeking refuge for his family, saying that neither the leader nor his wife and children plan to leave the country.

August 21

In an audio-only address on state television, Gadhafi calls on Libyans to rally to the defense of Tripoli, urging them to "lead the people to paradise." Spokesman Ibrahim tells reporters that the capital "is being turned into a hellfire" and tells CNN that the rebel onslaught will lead to a humanitarian disaster.

Rebel leaders say they are inching toward Gadhafi's Bab al-Azizia compound in Tripoli and have captured Gadhafi's son Saif al-Islam Gadhafi, a top official in his father's regime. Saif al-Islam Gadhafi had insisted on Libyan state-run television earlier in the day that the rebels were losing every battle.

Another of Gadhafi's sons, Saadi Gadhafi, is also in custody, the rebels announce.

NATO announces the Gadhafi regime is "crumbling" and that the international community stands ready to assist the rebels establish a new government.

Luis Moreno-Ocampo, the chief prosecutor for the International Criminal Court, says the court plans to begin negotiating for the transfer of Saif al-Islam to its custody. The younger Gadhafi is wanted for crimes against humanity, along with his father and the elder Gadhafi's intelligence chief, Abdullah al-Sanussi.

http://edition.cnn.com/2011/WORLD/africa/08/18/libya.timeline/index.html

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Thursday, August 4, 2011

Obama Removed American Flags

Obama Removed American Flags !

THE FLAG IS GONE. Have You Noticed ???? Please scroll down.......... For a long time, we have noticed that the decor at the White House has changed since BHO moved in. The Oval Office is now stripped of the traditional red, white, and blue, and replaced with middle eastern wallpaper, drapes, and decor..

The hallway that he walks out of to talk to the press now has middle eastern chairs, drapes, etc. And the thing that has bothered me the most is the bright yellow drape behind him every time he speaks from the white house. It has Arabic symbols on it and has been there from the beginning. Today I received this and it clearly shows what I have been noticing. That bright yellow curtain is highly visible, but as you scroll down, you will see what is predominantly absent. Also, as you look at the pictures of other presidents speaking from the same spot, look at the traditional 'American' background and decor as opposed to the new decor. Trust me when I say that this is intentional. It should alarm every American. What is missing at Barack Hussein Obama's press conference? No it is not the teleprompters. See the other presidents pics for a clue. BARACK HUSSEIN OBAMA GEORGE WALKER BUSH WILLIAM JEFFERSON BLYTHE CLINTON GEORGE HERBERT WALKER BUSH RONALD WILSON REAGAN That's right...no American flags!!! Vote in November like your way of life depends on it! Because it does!!!!!

President Bush has flags !



THE FLAG IS GONE. Have You Noticed ???? Please scroll down.......... For a long time, we have noticed that the decor at the White House has changed since BHO moved in. The Oval Office is now stripped of the traditional red, white, and blue, and replaced with middle eastern wallpaper, drapes, and decor.. The hallway that he walks out of to talk to the press now has middle eastern chairs, drapes, etc. And the thing that has bothered me the most is the bright yellow drape behind him every time he speaks from the white house. It has Arabic symbols on it and has been there from the beginning. Today I received this and it clearly shows what I have been noticing. That bright yellow curtain is highly visible, but as you scroll down, you will see what is predominantly absent. Also, as you look at the pictures of other presidents speaking from the same spot, look at the traditional 'American' background and decor as opposed to the new decor. Trust me when I say that this is intentional. It should alarm every American. What is missing at Barack Hussein Obama's press conference? No it is not the teleprompters. See the other presidents pics for a clue. BARACK HUSSEIN OBAMA GEORGE WALKER BUSH WILLIAM JEFFERSON BLYTHE CLINTON GEORGE HERBERT WALKER BUSH RONALD WILSON REAGAN That's right...no American flags!!! Vote in November like your way of life depends on it! Because it does!!!!!

President Clinton has the flags

President Obama has removed the flags and the press has said nothing, is it because they are owned by the same people that put Obama in office, I think it shows that Obama might be illegal! Your future and your country is at stake.

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Tuesday, August 2, 2011

Winning the Transition : Sri Mulyani Indrawati


As published on the Project Syndicate website on July 25, 2011.

Is the Arab Spring turning into a gloomy autumn? With brutal crackdowns in Syria, a bloody civil war in Libya, and Yemen teetering on the brink of chaos, the number of skeptics is growing. Although Egypt and Tunisia’s pro-democracy movements achieved rapid regime change, uncertainties remain in those countries, too.



After a brief period of hope, many observers now wonder whether the region is capable of producing viable, and economically vibrant, democracies.

Revolutions and their aftermaths, of course, are always fluid and fickle times, and the outcome is often perched on a knife’s edge. Bridging the vast gap between high expectations and the reality of limited budgets and capabilities is a test in itself. Redressing past injustice and building an economy that offers opportunity to all are major challenges as well, fraught with volatility, uncertainty, and the dangers of political opportunism.

But transitions are also times of great opportunity. In the 1990’s, I was among those Indonesians who demanded and celebrated the departure of our own autocrat, Suharto, and I joined the new government when he left. Many observers predicted that Indonesia, the world’s most populous Muslim country, would be unable to sustain democracy and would ultimately decline into chaos. The task ahead of us was daunting. But we proved the skeptics wrong, and learned some fundamental lessons.

Perhaps most importantly, we learned that there is no one-size-fits-all solution for democratization. Each of the countries of the Middle East and North Africa will face unique challenges, which will have to be addressed on their own terms. Even so, they all must make a real and symbolic break with the past. The new authorities must send strong signals that the old ways are finished.

Change must be formally manifested, with new laws that are widely publicized. Legislation that empowers citizens with freedom of expression, free and independent elections, and freedom of association is crucial, and it must be made clear to the public that no one is above the law. Anything less will undermine the transition.

Moreover, corruption is the bane of development everywhere, so new governments should move fast to establish institutions and procedures to fight it. Transparency and accountability are powerful ideas with near-universal support, which means that new leaders should not give up when the fight becomes difficult. Civil-society organizations, local communities, representatives of the poor and vulnerable, and women play a vital role in this regard, and they should be included at every level of decision-making.

In Indonesia, we signed a hundred laws in less than 18 months, covering everything from media freedom to elections, corruption, decentralization, and anti-trust rules. We ratified new public-finance legislation and ensured the independence of the country’s central bank.

New leaders must also expect and manage setbacks. In post-revolutionary times, expectations are high, and the obstacles to meeting them are enormous. I know from personal experience that we did not always have the luxury of getting the best outcomes. We had to compromise and settle for the best possible results.

Security threats are among the most serious setbacks in transitions. Nationalistic sentiment is strong, and politicians and interest groups can exploit it. Often, the security forces are holdovers from the old regime, and there is no independent judicial system. Reforms will take time, and the old bureaucracies may not be able to implement them.

In Indonesia, we used various innovations to work around such dilemmas. For example, we appointed an independent judge to take over the bankruptcy and corruption courts, because career judges were too tainted. Likewise, when we started cash-for-work programs as part of our pro-poor agenda, we asked communities to run these initiatives.

More broadly, new leaders are well advised to ensure that the economy performs well. It is important to restore economic activity and create a favorable environment for entrepreneurs, particularly small and medium-size businesses, which constitute the main engine of job creation. The recent revolutions, it should be recalled, started with the self-immolation of a Tunisian fruit vendor, who was harassed and insulted by the authorities.

But economic success without accountability and social inclusion is not sustainable, and new governments often must face tough choices in order to protect the poor and vulnerable. They might have to abolish mis-targeted subsidies to free up resources for more targeted and efficient anti-poverty and job-creation programs.

In Indonesia, we had to draw a line between the very poor and the near-poor. We could not afford to raise salaries or provide subsidies for everybody. Our help had to be targeted. So, while we helped the neediest, we excluded others who were not poor enough to benefit. This was a tough and unpopular choice.

Finally, countries in transition need support – not only money, but also technical know-how to implement highly complex reforms. When I became Indonesia’s finance minister, I had 64,000 employees. But when we had to modernize our tax system, we could not find the required expertise anywhere in our country.

Yes, we needed external assistance, but we never surrendered “ownership” of the reform process; we made it work for us. If we Indonesians had not been in charge of our own transition, it could easily have failed. That lesson, too, is one that all countries in transition should bear in mind.

Sri Mulyani Indrawati is Managing Director of the World Bank Group and a former finance minister of Indonesia.

http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22973754~menuPK:51062075~pagePK:34370~piPK:34424~theSitePK:4607,00.html

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