China Reiterates Call for New World Reserve Currency
June 26 (Bloomberg) -- China’s central bank renewed its call for a new global currency and said the International Monetary Fund should manage more of members’ foreign-exchange reserves, triggering a decline in the U.S. dollar.
“To avoid the inherent deficiencies of using sovereign currencies for reserves, there’s a need to create an international reserve currency that’s delinked from sovereign nations,” the People’s Bank of China said in its 2008 review released today. The IMF should expand the functions of its unit of account, Special Drawing Rights, the report said. The restatement of Governor Zhou Xiaochuan’s proposal in March added to speculation that China will diversify its currency reserves, the world’s largest at more than $1.95 trillion. Chinese investors, the biggest foreign owners of U.S. Treasuries, reduced holdings by $4.4 billion in April to $763.5 billion after Premier Wen Jiabao expressed concern about the value of dollar assets. That reduction came a month after China boosted its holdings by $23.7 billion to a record. “Zhou Xiaochuan sees the current international financial system is flawed, putting too much emphasis on the dollar as a reserve currency,” said Kevin Lai, an economist with Daiwa Institute of Research in Hong Kong. President Barack Obama needs the support of China as the U.S. tries to spend its way out of recession. The Dollar Index that measures the currency’s performance against six trading partners fell as much as 0.8 percent to 79.779 at 1:11 p.m. in London. U.S. Treasuries were little changed with the 10-year yield at 3.53 percent. ‘Unlikely’ Shift “It’s extremely unlikely the dollar will be replaced as the reserve currency,” said Glenn Maguire, chief Asia-Pacific economist at Societe Generale SA in Hong Kong. “A currency needs to be internationalized and that requires a fully convertible capital account, which China doesn’t have. The second is that it needs to be adopted.” At the end of 2008 the dollar accounted for 64 percent of global central bank reserves, down from 73 percent in 2001, according to the IMF in Washington. On June 13, Russian Finance Minister Alexei Kudrin reassured investors of the country’s confidence in the greenback by saying it was “still early to speak of other reserve currencies.” Brazilian Finance Minister Guido Mantega said on June 10 the government’s decision to switch some reserves into IMF bonds wasn’t aimed at weakening the dollar. Federal Reserve holdings of Treasuries on behalf of central banks and institutions rose by $68.8 billion, or 3.3 percent, in May, the third most on record, Bloomberg data show. Diversifying Holdings China has started to pare its holdings, trimming them by $4.4 billion to $763.5 billion in April, the first monthly reduction since February 2008, according to U.S. Treasury Department data. Figures for May have yet to be released. “There may be signs here of tensions mounting between the PBOC’s economic concerns over China’s holdings of dollars and the Chinese government’s diplomatic reasons for doing so,” Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London, wrote in an e-mail. Russian President Dmitry Medvedev, Chinese President Hu Jintao, Indian Prime Minister Manmohan Singh and Brazilian President Luiz Inacio Lula da Silva called for a “more diversified” monetary system to reduce dependency on the greenback at a June 16 meeting in the Russian city of Yekaterinburg. In May, China and Brazil began studying a proposal to move away from the dollar and use yuan and reais to settle trade instead. Group of 20 Group of 20 leaders on April 2 gave approval for the IMF to raise $250 billion by issuing Special Drawing Rights, or SDRs, the artificial currency that the agency uses to settle accounts among its member nations. It also agreed to put another $500 billion into the IMF’s war chest. This month, Russia and Brazil announced plans to buy $20 billion IMF bonds, while China said it is considering purchasing $50 billion. “Special drawing rights of the IMF should be given full play, and the international body should manage part of its members’ reserves,” the central bank report said. IMF First Deputy Managing Director John Lipsky said on June 6 it’s possible to take the “revolutionary” step of making SDRs a reserve currency over time. SDRs were created by the IMF in 1969 to support the Bretton Woods exchange-rate system that collapsed in 1971. They act as a unit of account rather than a currency. The cash is disbursed in proportion to the money each member nation pays into the fund. Widening the Basket The value of SDRs are based on a basket of currencies, shielding them from swings in a single currency. One SDR is valued at $1.54. China is proposing the basket be broadened. The current weighting is: 44 percent for the dollar, 34 percent for the euro and 11 percent each for the yen and the pound. It doesn’t include the yuan. The dollar’s dominance of global finance buffeted developing nations last year. Investors abandoned emerging markets after the September bankruptcy of Lehman Brothers Holdings Inc. eliminated demand for all but the safest, most easily traded assets, such as Treasuries and the dollar. A shortage of the U.S. currency forced central banks to pump reserves into their economies. “The excessive reliance on the credit of several sovereign currencies have added to the extent of risks and crises,” the central bank report said. “A currency with stable value in the long term is required.” Last Updated: June 26, 2009 08:35 EDT Link Here: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5z7pjiZoYpg Jackson and Fawcett Deaths Overshadow NWO Moves On Liberty Kurt NimmoInfowarsJune 25, 2009 It’s like manna from heaven for the corporate media. Michael Jackson, the “King of Pop,” and Farrah Fawcett, the “It Girl,” have died on the same day. Details of these two tragic events will now dominate the media for more than a week and push vastly more important events into the shadows. The corporate media gathers in a feeding frenzy over the death of a mentally disturbed music icon. Obama and Congress plan to hand the entire U.S. economy over to an evil cartel of private banksters and inbred elitists, thus creating a dictatorship not answerable to the people. Meanwhile, the corporate media has gathered in a feeding frenzy over the death of a mentally disturbed music icon. It is no longer news that the Fed will soon have the power to seize any company, from the corner hot dog stand to once mighty automotive corporations. Farrah Fawcett’s death by cancer is more important than the fact the government will soon usher in a form of corporatism – what Mussolini called fascism – of a magnitude and sophistication never before witnessed. Earlier in the week, Rep. Ron Paul warned that Obama and Congress are working together to produce a complete economic collapse, and yet this did not even make a ripple in the corporate media news cycle. Globalist Brent Scowcroft admits the CIA and the Pentagon are busy at work undermining the government of Iran and yet the media focuses on what appears to be the staged murder of a young woman in Tehran and does not bother to mention her death is obviously part of the overall diabolical scheme to meddle in Iran’s affairs and prepare for a shock and awe campaign to rival the one unleashed on Iraq with the horrific result of more than a million dead people. Evidence abounds that the World Health Organization, the United Nations, big pharma and governments around the world at the behest of the international bankers are planning to unleash a bioweapon attack in the guise of a flu pandemic. Journalist Jane Burgermeister has presented compelling evidence of this plot (including the declaration of martial law and mandatory toxic vaccinations) and yet the corporate media is silent. The documented existence of FEMA detention and work camps and mass grave sites for this engineered pandemic are ignored by the corporate media with the exception of a lame hit piece conducted by government disinfo operative Glenn Beck and his sidekick from the paragon of yellow journalism, Hearst publishing. There are government encroachments aimed at liberty on all fronts — water rights, CPS snatching children across the country, numerous laws proposed to limit and diminish if not eliminate gun rights — and yet the corporate media focuses exclusively on the death of celebrities. In 200 BC the Roman poet Juvenal wrote about the lamentable fact the masses had given up their birthright of political involvement and abdicated their duties for only two things — bread and circuses. Our rulers have yet to hand out bread, but they have engineered alluring electronic circuses and grand distractions. In doing so they are leading the masses down the path to enslavement. National Level Exercise 2009 (NLE 09)National Level Exercise 2009 (NLE 09) is scheduled for July 27 through July 31, 2009. NLE 09 will be the first major exercise conducted by the United States government that will focus exclusively on terrorism prevention and protection, as opposed to incident response and recovery. NLE 09 is designated as a Tier I National Level Exercise. Tier I exercises (formerly known as the Top Officials exercise series or TOPOFF) are conducted annually in accordance with the National Exercise Program (NEP), which serves as the nation's overarching exercise program for planning, organizing, conducting and evaluating national level exercises. The NEP was established to provide the U.S. government, at all levels, exercise opportunities to prepare for catastrophic crises ranging from terrorism to natural disasters. NLE 09 is a White House directed, Congressionally- mandated exercise that includes the participation of all appropriate federal department and agency senior officials, their deputies, staff and key operational elements. In addition, broad regional participation of state, tribal, local, and private sector is anticipated. "This year the United States welcomes the participation of Australia, Canada, Mexico and the United Kingdom in NLE 09." EXERCISE FOCUS NLE 09 will focus on intelligence and information sharing among intelligence and law enforcement communities, and between international, federal, regional, state, tribal, local and private sector participants. The NLE 09 scenario will begin in the aftermath of a notional terrorist event outside of the United States, and exercise play will center on preventing subsequent efforts by the terrorists to enter the United States and carry out additional attacks. This scenario enables participating senior officials to focus on issues related to preventing terrorist events domestically and protecting U.S. critical infrastructure. NLE 09 will allow terrorism prevention efforts to proceed to a logical end (successful or not), with no requirement for response or recovery activities. NLE 09 will be an operations-based exercise to include: activities taking place at command posts, emergency operation centers, intelligence centers and potential field locations to include federal headquarters facilities in the Washington D.C. area, and in federal, regional, state, tribal, local and private sector facilities in FEMA Region VI, which includes the states of Arkansas, Louisiana, New Mexico, Oklahoma and Texas. EXERCISE OBJECTIVES Through a comprehensive evaluation process, the exercise will assess prevention and protection capabilities both nationally and regionally. Although NLE 09 is still in the planning stages, the exercise is currently designed to validate the following capabilities:
VALIDATING THE HOMELAND SECURITY SYSTEM Exercises such as NLE 09 are an important component of national preparedness, helping to build an integrated federal, state, tribal, local and private sector capability to prevent terrorist attacks, and rapidly and effectively respond to, and recover from, any terrorist attack or major disaster that occurs. The full-scale exercise offers agencies and jurisdictions a way to test their plans and skills in a real-time, realistic environment and to gain the in-depth knowledge that only experience can provide. Participants will exercise prevention and information sharing functions that are critical to preventing terrorist attacks. Lessons learned from the exercise will provide valuable insights to guide future planning for securing the nation against terrorist attacks, disasters, and other emergencies. For more information about NLE 09, contact the FEMA News Desk: 202-646-4600. Last Modified: Thursday, 04-Jun-2009 11:54:54 EDT First Lady Michelle Obama calls on you to serve (FAKE TEARS!)Those tears are fake, and she is reading off a teleprompter. That's my observation, but you can be the judge, if its its fake or not. Insiders Exit Shares at the Fastest Pace in Two YearsJune 22 (Bloomberg) -- Executives at U.S. companies are taking advantage of the biggest stock-market rally in 71 years to sell their shares at the fastest pace since credit markets started to seize up two years ago. Insiders of Standard & Poor’s 500 Index companies were net sellers for 14 straight weeks as the gauge rose 36 percent, data compiled by InsiderScore.com show. Amgen Inc. Chairman and Chief Executive Officer Kevin Sharer and five other officials sold $8.2 million of stock. Christopher Donahue, the CEO of Federated Investors Inc., and his brother, Chief Financial Officer Thomas Donahue, offered the most in three years. Sales by CEOs, directors and senior officers have accelerated to the highest level since June 2007, two months before credit markets froze, as the S&P 500 rebounded from its 12-year low in March. The increase is making investors more skittish because executives presumably have the best information about their companies’ prospects. “If insiders are selling into the rally, that shows they don’t expect their business to be able to support current stock- price levels,” said Joseph Keating, the chief investment officer of Raleigh, North Carolina-based RBC Bank, the unit of Royal Bank of Canada that oversees $33 billion in client assets. “They’re taking advantage of this bounce and selling into it.” Banks Downgraded The S&P 500 slid 2.6 percent to 921.23 last week, the first weekly decline since May 15, as investors speculated the three- month jump in share prices already reflected a recovery in the economy and profits. Stocks dropped as the Federal Reserve reported that industrial production fell in May and S&P cut credit ratings on 18 U.S. banks, saying lenders will face “less favorable” conditions. The S&P 500 slid the most in two months today, losing 3.1 percent to 893.04 at 4:05 p.m. in New York, after the Washington-based World Bank said the global recession this year will be deeper than it predicted in March. Insiders increased their disposals as S&P 500 companies traded at 15.5 times profit on June 2, the highest multiple to earnings in eight months, Bloomberg data show. Equities climbed as the U.S. government and the Fed pledged $12.8 trillion to rescue financial markets during the first global recession since World War II. Executives at 252 companies in the S&P 500 unloaded shares since March 10, with total net sales reaching $1.2 billion, according to data compiled by Princeton, New Jersey-based InsiderScore, which tracks stocks. Companies with net sellers outnumbered those with buyers by almost 9-to-1 last week, versus a ratio of about 1-to-1 in the first week of the rally. Bear Stearns “They’re looking to take some money off the table because they think the rally will come to an end,” said Ben Silverman, the Seattle-based research director at InsiderScore. “It’s the most bearish we’ve seen insiders, on a whole, in two years.” The last time there were more U.S. corporations with executives reducing their holdings than adding to them was during the week ended June 19, 2007, the data show. The next month, two Bear Stearns Cos. hedge funds filed for bankruptcy protection as securities linked to subprime mortgages fell apart, helping trigger almost $1.5 trillion in losses and writedowns at the world’s biggest financial companies and the 57 percent drop in the S&P 500 from Oct. 9, 2007, to March 9, 2009. Insider selling during the height of the dot-com bubble in the first quarter of 2000 climbed to a record $41.7 billion on a net basis, according to data compiled by Bethesda, Maryland- based Washington Service. The sales coincided with the end of the S&P 500’s bull market and preceded a 2 1/2 year slump that erased half the value of U.S. equities. ‘Clouding the Picture’ Bill Latimer, the director of research at O’Shaughnessy Asset Management, says insider transactions aren’t an accurate barometer of stock performance because executives often reduce their stakes for reasons that have little to do with a company’s prospects. “When you’re dealing with an individual’s buying or selling, you’re clouding the picture with what their specific financial situation may be,” said Latimer, whose Stamford, Connecticut-based firm oversees about $4.5 billion. During January 2008, executives at New York Stock Exchange- listed companies bought more shares than they sold for the first time since 1995, Washington Service data show. The S&P 500 slumped 40 percent in the next 12 months. Citigroup Inc. CEO Vikram Pandit purchased 750,000 on Nov. 13, paying an average of about $9.25 apiece, the New York-based bank said in a U.S. Securities and Exchange Commission filing. Citigroup closed last week at $3.17. Unrestricted Stake U.S. laws require executives and directors to disclose stock purchases or disposals within two business days to the SEC. Sharer, the chairman at Thousand Oaks, California-based Amgen since January 2001, disposed of $1.76 million worth in the world’s largest biotechnology company on May 12, an SEC filing showed. The sale of 36,411 shares trimmed his unrestricted stake by 13 percent and came three weeks after the company reported first-quarter earnings that trailed analysts’ estimates. Between May 22 and June 9, five Amgen officers, including George Morrow, the executive vice president for global commercial operations, and Roger Perlmutter, the executive vice president for research and development, sold a combined $6.4 million. “From time to time, and within appropriate trading windows, Amgen executives exercise their right to sell shares for tax planning, to prevent stock option expiries and other purposes,” spokesman David Polk wrote in an e-mailed response to questions. Eight-Month High Federated’s Christopher and Thomas Donahue together sold about 65,000 for $1.68 million on June 4 and June 5 through a family trust, according to SEC filings. The transactions were the biggest outright sales for each since December 2005 and followed a 52 percent rally this year that recouped more than a third of 2008’s stock losses. The executives began selling two days after the third- biggest U.S. manager of money-market funds, which was founded by their father, John Donahue, in 1955, reached an almost eight- month high compared with reported profits. Federated said in a statement on June 8 that the officers sold as part of a “longer-term” diversification strategy. Ed Costello, a spokesman, said the Pittsburgh-based company had no comment beyond the news release. “If these folks don’t have confidence in the company and don’t feel that it’s an attractive value, then why as a shareholder would I think it’s a good value?” said Jason Cooper, who helps manage $3 billion at 1st Source Investment Advisors in South Bend, Indiana. Amgen shares dropped 2.6 percent to $50.99 today, while Federated slumped for a seventh day, tumbling 5.4 percent to $23.15, for the longest streak of losses since 2003. Stock Options Seven directors at CME Group Inc., the world’s largest futures exchange, disposed of almost $3 million since May. John Pietrzak sold for the first time since becoming a director of the Chicago-based company in July 2007, according to data compiled by InsiderScore. Board member Joseph Niciforo cut his stake by 28 percent. CME shares sank 7.4 percent, the most since May 7, to $303.48 today. “It’s our policy to never comment on any executive sale of shares,” said Allan Schoenberg, a CME spokesman. Nine insiders at TiVo Inc., the maker of digital video recorders, sold $10.6 million between June 3 and June 11, after the Alviso, California-based company jumped to a five-year high. That was the most by value over a one-month period in more than five years, InsiderScore data show. A 53 percent jump in TiVo’s stock on June 3 initiated trading plans of some insiders such as CFO Anna Brunelle, who cut her holdings by 17 percent, according to regulatory filings to the SEC compiled by InsiderScore. TiVo Director The so-called 10b5-1 programs allow executives to cash out a portion of their holdings when stocks reach predetermined prices. Brunelle also sold through her plan from exercising options with average expiration dates about seven years away, InsiderScore data show. Geoffrey Yang, a TiVo director since 1997, cut his stake by 8.4 percent, raising $1.5 million. The sale was the first by Yang in almost two years. Chief Technical Officer James Barton reaped an 89 percent profit from selling $2.8 million that he received from exercising stock options that were due to expire in four years, according to InsiderScore. TiVo shares dropped 5 percent to $10.50 today. Whit Clay, a spokesman for TiVo, declined to comment. Electronic Arts Inc. Chairman Lawrence Probst and two other executives sold a combined $1.2 million worth since May 28, after the world’s second-largest video-game publisher jumped 49 percent from an almost nine-year low. ‘Out of Steam’ Probst, who joined the Redwood City, California-based company in 1984 and was CEO between 1991 and 2007, trimmed his holdings by 25,000 shares on May 28, SEC filings show. Frank Gibeau, president of the EA games division, slashed his stake by 66 percent after unloading about $538,300 worth the same day, the filings show. The sales came three weeks after Electronic Arts, which makes “Madden NFL,” the world’s most- popular sports video game, reported a narrower fiscal fourth- quarter loss than analysts estimated. Shares of the company retreated 3.6 percent, the most since May 7, to $19.97 today. Jeff Brown, a spokesman for Electronic Arts, didn’t immediately return a telephone call seeking comment. “It does make you wonder if the market rebound is running out of steam,” said Scott Leiberton, the managing director for the equities division of Principal Global Investors, which oversees $189 billion in Des Moines, Iowa. “If you see broad- based selling among the management team or large holders, that’s generally not a good sign because presumably who knows that business better than they do?” To contact the reporters on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net; Michael Tsang in New York at mtsang1@bloomberg.net. Bank Holiday Coming? Prepare? From Harry Schultz: Dear Bob: Bob Chapman’s Int’l Forecaster newsletter revealed (5/20) this startling intelligence (from within US State Dept & embassies): ”Some US embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of US cash to purchase currencies from those govts, quietly. But not £’s. Inside the State Dept there is a sense of sadness & foreboding that ‘something’ is about to happen, unknown re a date—just that within 180 days, but could be 120-150 days.” Bob quotes another source that “Panasonic has told their people to be back in Japan by Sept 09.” Harry Schultz, dean of newsletter writers, has quoted the Chapman letter of May 30 regarding US embassies being sent large amounts of cash with which to buy local *currencies, to last them a year. Here is Harry’s remarkable take on the situation: “My HSL suspicion is that the elite plan another FDR style “bank holiday” of indefinite length, perhaps very soon, to let the insiders sort-out the bank mess which is getting more out of their control every day.*Insiders want/need to impose new bank rules. Widespread nationalization could result, already under way. It could also lead to a formal US$ devaluation, as FDR did by revaluing gold (& then confiscating it). But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IMF basket of currencies (which seems more likely)—& much in the news recently. Any kind of bank holiday will push the US$ lower, which may be a bonus benefit to their ongoing scenario of letting the $ fall. Such a fall would get the devaluation they want without having to declare it. In sum, the insiders want more bank & system control, fewer banks & a lower US$. A bank holiday would suit all their needs. Obviously, U can’t open safeboxes if the banks are closed, so plan accordingly. All this is speculation, but we have to go with what we’ve got, scraps of info that point to certain possibilities. In any case such a closure will, IMO, come sooner or later, as the worst of the embedded derivatives are still to be faced. We are years away from solving them because the controllers don’t want to; their fingerprints are all over them. *** PS: during the FDR bank holiday, thousands of banks never reopened; it was a face-saving way of shutting them down. I would guess the same would occur today; thousands have little or no net value, loaded with debt, bad mortgages. ••• *PPS: A Bob Chapman subscriber reported overhearing 2 FEMA jacketed men talking to a police chief in Calif. They wanted to federalize the police across the US. They (govt) would be closing banks in late Aug, early Sept & that it will get ugly.” Prepare for worst case, as any good Boy or Girl Scout would do. J” H.R. 2159: Denying Firearms and Explosives to Dangerous Terrorists Act of 2009111th CONGRESS 1st Session H. R. 2159 To increase public safety by permitting the Attorney General to deny the transfer of a firearm or the issuance of firearms or explosives licenses to a known or suspected dangerous terrorist. IN THE HOUSE OF REPRESENTATIVES April 29, 2009 Mr. KING of New York (for himself, Mr. RANGEL, Mr. CASTLE, Mrs. MCCARTHY of New York, Mr. KIRK, Mr. MORAN of Virginia, and Mr. SMITH of New Jersey) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To increase public safety by permitting the Attorney General to deny the transfer of a firearm or the issuance of firearms or explosives licenses to a known or suspected dangerous terrorist. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘Denying Firearms and Explosives to Dangerous Terrorists Act of 2009’. SEC. 2. GRANTING THE ATTORNEY GENERAL THE AUTHORITY TO DENY THE SALE, DELIVERY, OR TRANSFER OF A FIREARM OR THE ISSUANCE OF A FIREARMS OR EXPLOSIVES LICENSE OR PERMIT TO DANGEROUS TERRORISTS. (a) Standard for Exercising Attorney General Discretion Regarding Transferring Firearms or Issuing Firearms Permits to Dangerous Terrorists- Chapter 44 of title 18, United States Code, is amended-- (1) by inserting the following new section after section 922: ‘Sec. 922A. Attorney General’s discretion to deny transfer of a firearm ‘The Attorney General may deny the transfer of a firearm pursuant to section 922(t)(1)(B)(ii) if the Attorney General determines that the transferee is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation for, in aid of, or related to terrorism, or providing material support thereof, and the Attorney General has a reasonable belief that the prospective transferee may use a firearm in connection with terrorism.’; (2) by inserting the following new section after section 922A: ‘Sec. 922B. Attorney General’s discretion regarding applicants for firearm permits which would qualify for the exemption provided under section 922(t)(3) ‘The Attorney General may determine that an applicant for a firearm permit which would qualify for an exemption under section 922(t) is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation for, in aid of, or related to terrorism, or providing material support thereof, and the Attorney General has a reasonable belief that the applicant may use a firearm in connection with terrorism.’; and (3) in section 921(a), by adding at the end the following: ‘(36) The term ‘terrorism’ means ‘international terrorism’ as defined in section 2331(1), and ‘domestic terrorism’ as defined in section 2331(5). ‘(37) The term ‘material support’ means ‘material support or resources’ within the meaning of section 2339A or 2339B. ‘(38) The term ‘responsible person’ means an individual who has the power, directly or indirectly, to direct or cause the direction of the management and policies of the applicant or licensee pertaining to firearms.’. (b) Effect of Attorney General Discretionary Denial Through the National Instant Criminal Background Check System (NICS) on Firearms Permits- Section 922(t) of such title is amended-- (1) in paragraph (1)(B)(ii), by inserting ‘or State law, or that the Attorney General has determined to deny the transfer of a firearm pursuant to section 922A’ before the semicolon; (2) in paragraph (2), by inserting after ‘or State law’ the following: ‘or if the Attorney General has not determined to deny the transfer of a firearm pursuant to section 922A’; (3) in paragraph (3)(A)(i)-- (A) by striking ‘and’ at the end of subclause (I); and (B) by adding at the end the following: ‘(III) was issued after a check of the system established pursuant to paragraph (1);’; (4) in paragraph (3)(A)-- (A) by adding ‘and’ at the end of clause (ii); and (B) by adding after and below the end the following: ‘(iii) the State issuing the permit agrees to deny the permit application if such other person is the subject of a determination by the Attorney General pursuant to section 922B;’; (5) in paragraph (4), by inserting after ‘or State law,’ the following: ‘or if the Attorney General has not determined to deny the transfer of a firearm pursuant to section 922A,’; and (6) in paragraph (5), by inserting after ‘or State law,’ the following: ‘or if the Attorney General has determined to deny the transfer of a firearm pursuant to section 922A,’. (c) Unlawful Sale or Disposition of Firearm Based on Attorney General Discretionary Denial- Section 922(d) of such title is amended-- (1) by striking ‘or’ at the end of paragraph (8); (2) by striking the period at the end of paragraph (9) and inserting ‘; or’; (3) by inserting after paragraph (9) the following: ‘(10) has been the subject of a determination by the Attorney General pursuant to section 922A, 922B, 923(d)(1)(H), or 923(e) of this title.’. (d) Attorney General Discretionary Denial as Prohibitor- Section 922(g) of such title is amended-- (1) by striking ‘or’ at the end of paragraph (8); (2) by striking the comma at the end of paragraph (9) and inserting; ‘; or’; and (3) by inserting after paragraph (9) the following: ‘(10) who has received actual notice of the Attorney General’s determination made pursuant to section 922A, 922B, 923(d)(1)(H), or 923(e) of this title.’. (e) Attorney General Discretionary Denial of Federal Firearms Licenses- Section 923(d)(1) of such title is amended-- (1) by striking ‘Any’ and inserting ‘Except as provided in subparagraph (H), any’; (2) in subparagraph (F)(iii), by striking ‘and’ at the end; (3) in subparagraph (G), by striking the period and inserting ‘; and’; and (4) by adding at the end the following: ‘(H) The Attorney General may deny a license application if the Attorney General determines that the applicant (including any responsible person) is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation for, in aid of, or related to terrorism, or providing material support thereof, and the Attorney General has a reasonable belief that the applicant may use a firearm in connection with terrorism.’. (f) Discretionary Revocation of Federal Firearms Licenses- Section 923(e) of such title is amended-- (1) in the 1st sentence-- (A) by inserting after ‘revoke’ the following: ‘--(1)’; and (B) by striking the period and inserting a semicolon; (2) in the 2nd sentence-- (A) by striking ‘The Attorney General may, after notice and opportunity for hearing, revoke’ and insert ‘(2)’; and (B) by striking the period and inserting ‘; or’; and (3) by adding at the end the following: ‘(3) any license issued under this section if the Attorney General determines that the holder of the license (including any responsible person) is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation for, in aid of, or related to terrorism, or providing material support thereof, and the Attorney General has a reasonable belief that the applicant may use a firearm in connection with terrorism.’. (g) Attorney General’s Ability To Withhold Information in Firearms License Denial and Revocation Suit- Section 923(f) of such title is amended-- (1) in the 1st sentence of paragraph (1), by inserting ‘, except that if the denial or revocation is pursuant to subsection (d)(1)(H) or (e)(3), then any information on which the Attorney General relied for this determination may be withheld from the petitioner if the Attorney General determines that disclosure of the information would likely compromise national security’ before the period; and (2) in paragraph (3), by inserting after the 3rd sentence the following: ‘With respect to any information withheld from the aggrieved party under paragraph (1), the United States may submit, and the court may rely on, summaries or redacted versions of documents containing information the disclosure of which the Attorney General has determined would likely compromise national security.’. (h) Attorney General’s Ability To Withhold Information in Relief From Disabilities Lawsuits- Section 925(c) of such title is amended by inserting after the 3rd sentence the following: ‘If receipt of a firearms by the person would violate section 922(g)(10), any information which the Attorney General relied on for this determination may be withheld from the applicant if the Attorney General determines that disclosure of the information would likely compromise national security. In responding to the petition, the United States may submit, and the court may rely on, summaries or redacted versions of documents containing information the disclosure of which the Attorney General has determined would likely compromise national security.’. (i) Penalties- Section 924(k) of such title is amended-- (1) by striking ‘or’ at the end of paragraph (2); (2) in paragraph (3), by striking ‘, or’ and inserting ‘; or’; and (3) by inserting after paragraph (3) the following: ‘(4) constitutes an act of terrorism (as defined in section 921(a)(36)), or material support thereof (as defined in section 921(a)(37)), or’. (j) Remedy for Erroneous Denial of Firearm or Firearm Permit Exemption- Section 925A of such title is amended-- (1) in the section heading, by striking ‘Remedy for erroneous denial of firearm’ and inserting ‘Remedies’; (2) by striking ‘Any person denied a firearm pursuant to subsection (s) or (t) of section 922’ and inserting the following: ‘(a) Except as provided in subsection (b), any person denied a firearm pursuant to section 922(t) or pursuant to a determination made under section 922B,’; and (3) by adding after and below the end the following: ‘(b) In any case in which the Attorney General has denied the transfer of a firearm to a prospective transferee pursuant to section 922A or has made a determination regarding a firearm permit applicant pursuant to section 922B, an action challenging the determination may be brought against the United States. The petition must be filed not later than 60 days after the petitioner has received actual notice of the Attorney General’s determination made pursuant to section 922A or 922B. The court shall sustain the Attorney General’s determination on a showing by the United States by a preponderance of evidence that the Attorney General’s determination satisfied the requirements of section 922A or 922B. To make this showing, the United States may submit, and the court may rely on, summaries or redacted versions of documents containing information the disclosure of which the Attorney General has determined would likely compromise national security. On request of the petitioner or the court’s own motion, the court may review the full, undisclosed documents ex parte and in camera. The court shall determine whether the summaries or redacted versions, as the case may be, are fair and accurate representations of the underlying documents. The court shall not consider the full, undisclosed documents in deciding whether the Attorney General’s determination satisfies the requirements of section 922A or 922B.’. (k) Provision of Grounds Underlying Ineligibility Determination by the National Instant Criminal Background Check System- Section 103 of the Brady Handgun Violence Prevention Act (Public Law 103-159) is amended-- (1) in subsection (f)-- (A) by inserting after ‘is ineligible to receive a firearm,’ the following: ‘or the Attorney General has made a determination regarding an applicant for a firearm permit pursuant to section 922B of title 18, United States Code’; and (B) by inserting after ‘the system shall provide such reasons to the individual,’ the following: ‘except for any information the disclosure of which the Attorney General has determined would likely compromise national security’; and (2) in subsection (g)-- (A) in the 1st sentence, by inserting after ‘subsection (g) or (n) of section 922 of title 18, United States Code or State law’ the following: ‘or if the Attorney General has made a determination pursuant to section 922A or 922B of such title,’; (B) by inserting ‘, except any information the disclosure of which the Attorney General has determined would likely compromise national security’ before the period; and (C) by adding at the end the following: ‘Any petition for review of information withheld by the Attorney General under this subsection shall be made in accordance with section 925A of title 18, United States Code.’. (l) Unlawful Distribution of Explosives Based on Attorney General Discretionary Denial- Section 842(d) of such title is amended-- (1) by striking the period at the end of paragraph (9) and inserting ‘; or’; and (2) by adding at the end the following: ‘(10) has received actual notice of the Attorney General’s determination made pursuant to section 843(b)(8) or (d)(2) of this title.’. (m) Attorney General Discretionary Denial as Prohibitor- Section 842(i) of such title is amended-- (1) by adding ‘or’ at the end of paragraph (7); and (2) by inserting after paragraph (7) the following: ‘(8) who has received actual notice of the Attorney General’s determination made pursuant to section 843(b)(8) or (d)(2),’. (n) Attorney General Discretionary Denial of Federal Explosives Licenses and Permits- Section 843(b) of such title is amended-- (1) by striking ‘Upon’ and inserting the following: ‘Except as provided in paragraph (8), on’; and (2) by inserting after paragraph (7) the following: ‘(8) The Attorney General may deny the issuance of a permit or license to an applicant if the Attorney General determines that the applicant or a responsible person or employee possessor thereof is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation of, in aid of, or related to terrorism, or providing material support thereof, and the Attorney General has a reasonable belief that the person may use explosives in connection with terrorism.’. (o) Attorney General Discretionary Revocation of Federal Explosives Licenses and Permits- Section 843(d) of such title is amended-- (1) by inserting ‘(1)’ in the first sentence after ‘if’; and (2) by striking the period at the end of the first sentence and inserting the following: ‘; or (2) the Attorney General determines that the licensee or holder (or any responsible person or employee possessor thereof) is known (or appropriately suspected) to be or have been engaged in conduct constituting, in preparation for, in aid of, or related to terrorism, or providing material support thereof, and that the Attorney General has a reasonable belief that the person may use explosives in connection with terrorism.’. (p) Attorney General’s Ability To Withhold Information in Explosives License and Permit Denial and Revocation Suits- Section 843(e) of such title is amended-- (1) in the 1st sentence of paragraph (1), by inserting ‘except that if the denial or revocation is based on a determination under subsection (b)(8) or (d)(2), then any information which the Attorney General relied on for the determination may be withheld from the petitioner if the Attorney General determines that disclosure of the information would likely compromise national security’ before the period; and (2) in paragraph (2), by adding at the end the following: ‘In responding to any petition for review of a denial or revocation based on a determination under section 843(b)(8) or (d)(2), the United States may submit, and the court may rely on, summaries or redacted versions of documents containing information the disclosure of which the Attorney General has determined would likely compromise national security.’. (q) Ability To Withhold Information in Communications to Employers- Section 843(h)(2) of such title is amended-- (1) in subparagraph (A), by inserting ‘or section 843(b)(1) (on grounds of terrorism) of this title,’ after ‘section 842(i),’; and (2) in subparagraph (B)-- (A) by inserting ‘or section 843(b)(8)’ after ‘section 842(i)’; and (B) in clause (ii), by inserting ‘, except that any information that the Attorney General relied on for a determination pursuant to section 843(b)(8) may be withheld if the Attorney General concludes that disclosure of the information would likely compromise national security’ before the semicolon. (r) Conforming Amendment to Immigration and Nationality Act- Section 101(a)(43)(E)(ii) of the Immigration and Nationality Act (8 U.S.C. 1101(a)(43)(E)(ii)) is amended by striking ‘ or (5)’ and inserting ‘(5), or (10)’. Webbots "Cliff High" recent interview (06/04/2009)
http://www.oneradionetwork2.com/mp3/money/economy/high_june_04_09_half_past_human_linquistics_depression_financial_crash.mp3
Budget crisis forces deep cuts at Calif. schoolsRICHMOND, Calif. (AP) — Deep budget cuts are forcing California school districts to lay off thousands of teachers, expand class sizes, close schools, eliminate bus service, cancel summer school programs, and possibly shorten the academic year.
DUNCAN: States could lose stimulus money LOS ANGELES: Teacher layoffs hit neediest schools Without a strong economic recovery, which few experts predict, the reduced school funding could last for years, shortchanging millions of students, driving away residents and businesses, and darkening California's economic future. "California used to lead the nation in education," FIND MORE STORIES IN: California | San Francisco | Richmond | Arnold Schwarzenegger | United States Department of Education The budget cuts will be especially painful for struggling schools such as Now Richmond High stands to lose 10% of its 80 teachers. Electives such as French and woodshop will be scrapped. Some classes will expand to more than 40 students. And many special education and English-language students will be placed in mainstream classes. "We're going to see more and more students slipping through the cracks as those class sizes increase," said Assistant Principal Jen Bender. Richmond High students are worried about how the cuts will affect their education and ability to attend college. "I think we won't be able to learn as much," said freshman Andrew Taylor, 15. "They should put more money into schools. If you take money away from schools, you're going to end up with more people going to jail." Slammed by an epic housing bust and massive job losses, California faces a $24 billion budget deficit and could run out of cash by late July if Gov. To balance the budget, the governor has proposed closing more than 200 state parks, releasing prisoners early, selling state property, laying off state workers and cutting health care. Under the governor's plan, K-12 schools and community colleges would lose $5.3 billion over the coming year — on top of billions of dollars in recent reductions and payment delays. The state would spend $7,806 per K-12 student in 2009-10, almost 10% less than two years ago, according to the Legislative Analyst's Office. Federal stimulus funds have prevented deeper cuts to a public school system that educates 6.3 million children, of which about a quarter do not speak English well, and nearly half are considered poor under federal guidelines. School districts have already issued layoff notices to more than 30,000 teachers and other employees, and they could issue more pink slips this summer, according to the state Department of Education. "All of the things that make schools vibrant and help students learn are on the chopping block, if they haven't been cut already," Robin Swanson, a spokeswoman for the Education Coalition, which advocates funding increases. "When school doors open in the fall, it's going to be a very different public school system." Many Democrats and school advocates are calling for tax increases to lessen the impact on schools, but Republicans oppose raising taxes. They say California should live within its means and school districts should be given more flexibility to spend their funds. "You can't spend what you don't have, and you can't spend what the taxpayers don't have," said Republican state Sen. Bob Huff, vice chair of the Senate Education Committee. The unprecedented budget cuts mark a new low for a once highly regarded public school system that began its decline in 1978, when voters approved Proposition 13, which undercut counties' ability to raise property taxes and generate revenue. The ballot measure shifted the responsibility of funding schools to the state and made it more difficult to increase education funding. California schools now rank at or near the bottom nationally in academic performance, student-teacher ratios in middle and high school, access to guidance counselors and the percentage of seniors who go directly to four-year colleges, according to a February report by UCLA's Institute for Democracy, Education and Access. In its annual survey this year, Education Week magazine ranked California 47th in per-pupil spending and gave the state a D in academic achievement. In recent decades, California developed a robust, innovative economy by importing educated workers from other states and countries. But a recent report by the Public Policy Institute of California projected that the state would face a shortage of nearly 1 million college-educated workers in 2025. State education officials say the budget cuts threaten recent gains in raising test scores and closing a persistent achievement gap between black and Latino students and their white and Asian counterparts. Democrats are now proposing to eliminate the high school exit exam as a graduation requirement. Jack O'Connell, the state schools chief, has says the exam is essential to helping identify students who fall behind. The state's budget crisis is taking a heavy toll on school districts such as West Contra Costa Unified, whose financial troubles made it the first school district to be taken over by the state in 1991. Officials say the district, which has large numbers of poor students and English language learners, could face another state takeover if it cannot overcome a $16 million budget shortfall. "The system is broken," said school board member Antonio Medrano. "We are being forced to cut all kinds of programs." The cuts are expected to lead to sharp reductions or complete elimination of after-school programs, summer school, adult education, guidance counselors, and electives such as art and music. Class sizes are set to expand from 20 to more than 30 students for kindergarten through third grade. The teachers union is threatening to strike to protest layoffs of 125 teachers, larger class sizes and proposed cuts to their health care benefits. "We can't cut our way out of this. We really can't. There will be nothing left of education," said Pixie Hayward-Schickele, who heads the teachers union. Richmond High School students are bracing for crowded classrooms, fewer course offerings and fewer teachers. "This school is already overcrowded," said junior Jessica Ledesma, 17. "If there are more students, it's going to be harder to pay attention because it will be loud and crowded and stuffy in there."
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