Thursday, May 13, 2010

Senate Votes 96-0 For One Time Audit Of Federal Reserve The Baffling Concept of a One-Time Audit

The Washington Post’s Ezra Klein (who has not come out either for, or against, an audit of the Fed) raises the same question many of us at Campaign for Liberty had when looking at the Sanders amendment…

The amended version of Audit the Fed passed the Senate 96 to 0 today. A version that was closer to the original — that is to say, it would’ve created a regular audit rather than a one-time audit — lost, 37 to 62. I’m a bit confused by a world in which 96 senators think we need to know what the Fed did in 2008 and 2009 but only 37 think we’ll need to know what the Fed did in 2012 and 2013.

What the Sanders amendment really called for was a mere one-time disclosure of some emergency lending powers used by the Federal Reserve during the most recent fiscal crisis, not an audit.

While this disclosure may be good and a small step in the right direction, it does not go far enough in ensuring a proper check on the use of power by the Federal Reserve.

As Klein points out in his title, “Take the easy vote,” the Sanders amendment provided a cop out to allow senators to return home claiming they supported transparency at the Federal Reserve.

The simple fact that only 37 senators supported a regular audit shows that transparency was not at all on the minds of the 62 others. There is no such thing as a “one-time audit.” It does not exist. Has anyone ever seen the IRS limit its audits of corporations and private individuals to a one-time only examination of a specific period of time? I know I haven’t.

What happens in the event of the next fiscal crisis? What if the Federal Reserve once again uses its power in a questionable manner? Are we to go through this nearly year and a half long legislative process to once again pass an audit of the Fed? No. Absolutely not. If the government really supports transparency at the Federal Reserve, the only prudent action to take would be to make a regular audit of the Federal Reserve system the law of the land.

Edmund de Rothschild and Global Warming

How Edmund de Rothschild Managed to Let 179 Governments Pay Him for Grasping Up to 30% of the Earth
Woe to him that … establisheth a city by iniquity!… that the people shall labor in the very fire, and the people shall weary themselves for very vanity (Habakkuk 2:12-13)


Summary: After Edmund de Rothschild's statement, without basis, at the 4th World Wilderness Congress in 1987, that CO2 is the cause of a non-existent global warming - and that combating it needs money (our money), he founded the World Conservation Bank for this reason. In 1991 its name was changed to The Global Environment Facility (GEF). The purpose of this facility is to lend money to the poorest countries, printed by the IMF out of thin air, and with the guarantee of our governments. The facility takes wilderness areas with mineral riches as security. The GEF money is then to flow back to our governments as reimbursement for paid loans. I.e. We give away our tax money. For what? When a country cannot repay loans to the GEF it must give up a piece of its territory to the Rothschild banks (GEF, IMF, World Bank) - up to 30% of the Earth are meant. If land cannot be offered as collateral the country must starve (Haiti, Argentina and others). Rothschild´s stroke of genius was that he had his GEF smuggled into the UN system at the Rio UN Summit in 1992 by his friend, Maurice Strong. So now high-ranking ministerial officials from 179 countries are in the the council of the bank - blessing Rothschild grabbing the world! This article brings interviews with a man who was a participant at the 4th World Wilderness Congress,a man who knows what happened there and knew Rothschild personally - as well as David Rockefeller, who tried to threaten him to silence about what he had learned at the Wilderness Congress.

The GEF is to manage the money just promised to the developing countries in Copenhagen (100 billion dollars a year from 2020 - 30 bn over the next 3 years) with the help of the World Bank. However, Rothschild does not leave it there. He and his henchmen are now joining the race of certain governments (China, Saudi Arabia), to buy up large areas of farmland in developing countries, having the crops transported back to the home countries. This leaves the locals, already starving, with much less crops available - with food prices rising rapidly - which is exactly Rothschild's expectation. This makes people flee from Africa to Europe. Food prices have doubled in the past year or so - so that many people in Haiti before the earthquake, could not even afford to buy mud pies with minimal nourishment. And so it goes on. This is the ultimate goal of Rothschild's New World Order.


Since the 4. World Wilderness Congress in1987, where Earth Charter co-author and illuminist, Mr. Maurice Strong introduced his friend, Edmund de Rothschild, the world never became the same: The Devil – excuse me - CO2 was at large. Rothschild stated that CO2 was the cause of non-existent man-made global warming. CO2, therefore, had to be caught and transported to the poles and into the Sahara to lower the temperatures there! This absurdity was accepted without discussion at the UN Rio Summit in 1992!! More about this on this video, after 28:45 min mark, where Rothschild states : “This needs money!”(our money). He is having it now through a stroke of genius.

Here is Rothschild´s approach to grabbing 30% of the Earth with the consent of our governments/central banks
Andrew Hitchcock: "The History of the Money Changers", 2006: In 1987, Edmund de Rothschild creates the World Conservation Bank which is designed to transfer debts from third world countries to this bank, and in return those countries would give land to this bank. The idea is for the IMF to create more and more SDR's backed by nothing, in order for struggling nations to borrow them. These nations will then gradually come under the control of the IMF as they struggle to pay the interest, and have to borrow more and more. The IMF will then decide which nations can borrow more and which will starve. They can also use this as leverage to take state owned assets like utilities as payment against the debt until they eventually own the nation states.

1988: The World Central Bank has three arms, the World Bank, the BIS and the IMF. 2000: How the World bank and the IMF took over Argentina, Tanzania and Bolivia. Terrible reading. The IMF is closely interwoven and here with Rothschild´s BIS Bank, and the BIS, IMF and the World Bank have a common external website.

Ministerial Officials Openly Serve in the Council of Rothschild-founded Global Environmental Bank.

Prison Planet Thursday, February 4th, 2010: "Senior US Treasury Dept. Official William Pizer, the current Deputy Assistant Secretary for Environment and Energy is simultaneously a sitting council member on the Global Environment Facility, one of the largest funders of projects to “improve the global environment” – i.e. push through fraud-based carbon cap-and-trade programs. This ‘Facility’, while not claiming to be a bank, at the same time calls it itself “An independent financial organization.”
Isn’t it illegal (or at the very least unethical) for a senior member of the Treasury Department to openly sit as a member of a huge foreign bank (oops – “facility)?

We need a law passed to stop such a high official holding two such posts and potentially using their influence and position in the US Treasury to move untold millions into the coffers of what is effectively a foreign bank or . . .If there is a law and someone needs to file a federal lawsuit

This is no small matter: I found this organization while researching information given by George Hunt, and George Hunt claims this organzation was founded by Edmond de Rothschild and Maurice Strong (originally to be named the “World Conservation Bank”), and its purpose is to engulf all other banks.

In the interview, George played numerous audio clips proving Edmond De Rothschild, Maurice Strong, as well as former Treas. Sec. James A Baker III, and the then heads of the IMF and World Bank were involved in promoting this new bank at the Fourth World Wilderness Congress in 1987 in Colorado.

George Washington Hunt here being interviewed by Alex Jones. “Rothschild wants to take over big chunks of the world via the World Conservation programme – to be the only bank in the world. This is a conspiracy fact.” He had social intercourse with the Rothschilds. He was threatened to be silent about his discoveries by David Rockefeller, who also participated in the 4. World Wilderness Congress.

The GEF’s verbose and acronymn-laden 2008 annual report brags of the millions of dollars ostensibly transferred from 1st world nations to poorer nations to help clean up their environment, but it offers zero details on where the money came from other than simple pie charts showing broad categories such as “government”, “NGO”, etc.

Everyone should contact their US senator or congressman, as well as the US Attorney General and demand an investigation into this obvious appearance of impropriety on the part of the US Treasury Department."

For good reasons, indeed. Here is another interview with George Hunt, who participated at the World Wilderness Congress in 1987, Rothschild had a “World Conservation Bank” established. This bank would lend money to defaulting countries like Brazil taking the Amazon basin as collateral. In fact 30% of the world´s surface were defined as such “wildernesses” which could be collateralized (i.e. given as security for loans). If the borrowing Nation cannot pay the loan back (and Brazil´s finance minister stated, that Brazil Could not), the wilderness would be forfeited and belong to the World Conservation Bank. And where would this charitable bank have its money from? Wikipedia: The Wilderness Congress proposed the establishment of a World Conservation Bank, which eventually led to the $1.1 billion Global Environment Facility.

This means that the UN countries of the world are donating money and exchange our good money for useless SDRs on the reimbursement of our loans to LDCs for Rothschild to take over up to 30% of the Earth as forfeited security!!!

What is the GEF?
The Global Environment Facility (GEF) unites 179 member governments — in partnership with international institutions, NGOs, and the private sector — to address global environmental issues.

Established in 1991, the GEF is today the largest funder of projects to improve the global environment. The GEF has allocated $8.8 billion, supplemented by more than $38.7 billion in cofinancing, for more than 2,400 projects in more than 165 developing countries.

The GEF partnership includes 10 agencies: 1. the UN Development Programme (David Rothschild consultant/Nigeria); 2. the UN Environment Programme (UNEP); 3. the World Bank; 4. the UN Food and Agriculture Organization (A Rockefeller-partner organisation) ; 5. the UN Industrial Development Organization; 6. the African Development Bank; 7. the Asian Development Bank; 8. the European Bank for Reconstruction and Development; 9. the Inter-American Development Bank (David Rothschild consultant); 10. and the International Fund for Agricultural Development.

Here is how it works: The Telegraph 2. Jan 2010: NM Rothschild is poised to earn tens of millions of pounds … (by).. further strengthening the close bond between the Rothschild family and Russian billionaire Oleg Deripaska, the bank advising (Deripaska´s firm) Rusal. Deripaska (an intimate friend of Nathan Rothschild´s) was able to tap the World Bank's International Finance Corporation and the European Bank for Reconstruction and Development (GEF) for a loan of $150m, to his Basic Element vehicle in 2006. Wikipedia: Deripaska is one of 16 global business leaders who drafted CEO Climate Policy Recommendations to G8 Leaders, a document outlining international business community's proposals to effectively tackle global warming.

History
The Global Environment Facility was established in October 1991 as a $1 billion pilot program in the World Bank system to assist in the protection of the global environment and to promote environmental sustainable development. The United Nations Development Programme (David Rothschild Sevice Manager), the United Nations Environment Program (Maurice Strong) , and the World Bank were the three initial partners implementing GEF projects.

In 1992, at the Rio Earth Summit, the GEF was restructured and moved out of the World Bank system to become a permanent, separate institution. The decision to make the GEF an independent organization enhanced the involvement of developing countries in the decision-making process and in implementation of the projects. Since 1994, however, the World Bank has served as the Trustee of the GEF Trust Fund and provided administrative services.

As part of the restructuring, the GEF was entrusted to become the financial mechanism for both the UN Convention on Biological Diversity and the UN Framework Convention on Climate Change. The GEF started funding projects that enable the Russian Federation and nations in Eastern Europe and Central Asia to phase out their use of ozone-destroying chemicals.
Comment: Imagine what collaterals Russia has in Siberia for Rothschild to take over as forfeited security!!

Illuminist Maurice Strong was Secretary-General of the UN Conference on Environment and Development in Rio 1992. There he smuggled the Conservation Bank/GEF of his friend, Edmund de Rothschild, into the UN system. Now 179 governments are paying to it and are present on the board of the Bank, which takes land from the developing countries as security for Rothschild´s loans. The Conference was a grotesque religious propaganda meeting – as seen by this speech by a totally brainwashed young girl. The Kyoto Protocol, the Bali, Poznan and Copenhagen Conferences were offsprings of the Rio Conference.

GEF projects in climate change help developing countries and economies in transition to contribute to the overall objective of the United Nations Framework Convention on Climate Change and sustainability (UNFCCC). As the financial mechanism of the UNFCCC, GEF allocates and disburses about $250 milliion.

The GEF supports projects in: 1. Climate Change Mitigation: 2. Climate Change Adapatation.

Food Crisis and the Global “Land grab”
Rothschild´s vested interests – as uttered by his henchmen. George Soros, Rothschild-agent, recently became the largest shareholder in Adecoagro one of the leading agribusiness companies in South America
Jim Rogers (Soros/Rothschild´s Quantum partner, which broke the Bank of England in 1992 and forced South East Asian currencies to devaluate sharply): “I’m convinced that farmland is going to be one of the best investments of our time.

”Lord Jacob Rothschild thinks that “right now is an excellent point of entry for taking a long-term position in agriculture.” Rothschild invested $36 million for a 24% stake in Agrifirma Brazil. Lord Jacob Rothschild has bought 100.000 acres in Brazil - and holds an option on another 60.000 acres.

Rothschild has recently formed a co-operation agreement with Rabobank. The agreement covers co-operation for mergers and acquisitions and the equity capital market across a number of sectors including farm inputs and equipment, farm-based commodities, food processing and beverages.
3 Jan. 2010: The International Food Policy Research Institute (IFPRI) estimates that globally 15 to 20 million hectares (an area the size of Uruguay) have been under negotiation since 2006. Big buyers are China, Daewoo, South Korea, Saudi Arabia – in particular in Africa, this leaving the Africans with even less food at their disposal. There have been riots against it in Madagascar and Kenya.

10 June 2010: In the spring of 2008 spiking grain prices caused food shortages and rioting in dozens of countries before falling some 50% by December.

Over the past few years hedge fund gurus like George Soros, investment powerhouses like BlackRock, and retirement plan giants like TIAA-CREF have begun to plow money into farmland – everywhere from the Midwest to Ukraine to Brazil.

Comment
Have you got the point? Rothschild established the CO2–fraud at the 4. World Wilderness Congress as a “fact”. “It needs money”, he said. In Rio 1992 his friend Maurice Strong made Rothschild´s lie and GEF Bank UN policy. So, he not only cashes in on CO2 at Bluenext and the London -and soon at the Chicago Climate Exchange, if the US Senate approves Rockefeller/Brzezinski puppet Obama´s Waxman-Markey Climate Change Bill.

Rothschild is making himself the world´s leading CO2–trader now.

No, Rothschild cashes in from all peoples on the planet, letting them toil as his slaves to pay to Rothschild´s GEF bank, in order that Rothschild can fleece the poorest countries of the very same planet – or take their land with all its mineral riches as forfeited collateral!!

Rothschild grabs land. He uses it for food-speculation and prospecting for and extraction of minerals. In Haiti, before the earthquake - people could not even afford to buy mud pies with minimal nourishment, because the price of food doubled - in consequence of the production of bio-fuel as a result Edmund de Rothschild's unscrupulous but very profitable lie about CO2 as driving global warming .

How it must vex Rothschild, the failure in Copenhagen. It could have led to an enforceable definition of his system to cashing in increasing CO2 taxes globally and gradually towards the "world community´s" ruin, as well as to Rothschild becoming the invisible emperor of the world. But he has got time. He knows his time is near - after 234 years of hard mole work. But it must be a big comfort to Rothschild that rich countries committed themselves to provide $30 billion of climate aid over the next three years and $100 billion a year from 2020 to the never-developing countries. This money is to be paid through Rothschild´s GEF!!

March On Wall Street: Unions Grab The Bull By The Horn

Taking to the streets of downtown Manhattan, an expected gathering of 10,000 AFL-CIO union members shouted and jeered at the offices surrounding them, demanding three major changes to Wall Street culture. The first is to call off the lobbyists fighting regulatory reform. The second is to stop the incessant focus on market speculation over business lending. The third is to chip in money for job creation initiatives.

"Our history and our heritage teach us that America is about more than making easy money and looking out for number one. Our lives and our livelihoods are all bound together. And we are all paying the price for those who knew no limits on their greed," AFL-CIO President Richard Trumka was to say, according to advance remarks. "Eight and a half million lost jobs -- that's the price of greed -- that's the real cost of bankers' bonuses and private jets and cute tricks like the one that got Goldman Sachs in trouble last week."

The remarks were far more condemning in tone than those offered by President Obama last week during a speech at Cooper Union, in which he urged financial industry titans to join him in passing reform. But the underlying message was largely the same: the mess made by Wall Street still needs cleaning.

The rally, one of the largest in recent memory to take place at the epicenter of the financial world, was timed to begin at 4:00 p.m. on the dot, the same hour when the trading bells close. Dozens of individual unions were expected to be in attendance, with a slow march planned down a six-block route followed by Trumka's speech at the iconic bull at the corner of Wall Street and Broad.

"He's going to grab the bull by the horns, figuratively speaking," said AFL-CIO spokesman Eddie Vale.

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Thousands of people marched on Wall Street on Thursday afternoon in a major protest of financial sector greed and lending practices by big banks.

(Scroll down for PHOTOS from the protest)

Taking to the streets of downtown Manhattan, an expected gathering of 10,000 AFL-CIO union members shouted and jeered at the offices surrounding them, demanding three major changes to Wall Street culture. The first is to call off the lobbyists fighting regulatory reform. The second is to stop the incessant focus on market speculation over business lending. The third is to chip in money for job creation initiatives.

"Our history and our heritage teach us that America is about more than making easy money and looking out for number one. Our lives and our livelihoods are all bound together. And we are all paying the price for those who knew no limits on their greed," AFL-CIO President Richard Trumka was to say, according to advance remarks. "Eight and a half million lost jobs -- that's the price of greed -- that's the real cost of bankers' bonuses and private jets and cute tricks like the one that got Goldman Sachs in trouble last week."

The remarks were far more condemning in tone than those offered by President Obama last week during a speech at Cooper Union, in which he urged financial industry titans to join him in passing reform. But the underlying message was largely the same: the mess made by Wall Street still needs cleaning.

The rally, one of the largest in recent memory to take place at the epicenter of the financial world, was timed to begin at 4:00 p.m. on the dot, the same hour when the trading bells close. Dozens of individual unions were expected to be in attendance, with a slow march planned down a six-block route followed by Trumka's speech at the iconic bull at the corner of Wall Street and Broad.

"He's going to grab the bull by the horns, figuratively speaking," said AFL-CIO spokesman Eddie Vale.

Story continues below

It is, for the union, ideal timing. Back in D.C. -- where the AFL-CIO is headquartered -- regulatory reform finds itself on the cusp of passing through the Senate after Democrats broke a three-day long filibuster and brought legislation to the floor. The legislation still comes up short of many of the AFL-CIO's loftier goals, in some respects underscoring the frustrations that labor has had with Democratically-led Congress. But Trumka has been supportive of the bill nonetheless and is likely to cheer progress in the Senate as a sign of where the political winds are blowing.

Indeed, the conventional wisdom holds that Republicans dropped their opposition because they sensed they were on the losing side of a divisive argument. The conservative base, after all, is just as livid as the unions with the favoritism Wall Street enjoys in Washington D.C.

On Thursday, however, the AFL-CIO was out-tea partying the Tea Partiers: demanding tougher rules for the financial industry from the belly of the beast. The Huffington Post reached out to two official Tea Party organizations to see if they would send individuals to the Wall Street march. Neither Tea New York nor the Tea Party Express would be in attendance, said officials.

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National People's Action members storm JP Morgan Chase's headquarters.

Wednesday, May 12, 2010

夢醒時分 The moment when dream is awakened...

你是否和我一 樣,發覺身邊的親戚和朋友,似乎少了許多。

I wonder you feel the same as me ; all the sudden I realized friends and relatives around me seems to get less and less.

以往接近過年時,各種聚餐排得滿滿的,而今年,似乎沒聲沒息。

Those years when the New Year drew near, all sorts of gathering appointments almost completely filled the diaries, but this year seems so quiet.

即使是平常日子,電話少了,與大家見面也少了。

Even in normal time, phone calls become less and less, face to face meet up also become much less.

也許,大家各忙各的;或者,目前流行“宅生活”,儘量避免出 門。

Perhaps, everybody is busy with their own things, or perhaps, nowadays people prefer to stay in.

也不盡然如此。 再想一想,很多老友和親戚,已經不在了。嗟!大吉利是,他們都還好好的,只是離開了馬來西亞。

However, it is not entirely like this, thinking further, actually old friends and relatives are not around any more. God bless, they are still alive and well, they just left the country, Malaysia.

去了中國大陸開工廠;王子不做工程師,移民到澳洲開小食檔;阿風離開本地大學,去香港做講師;青蛙去了台灣,開 展事業第二春;還有的到了美國、英國,唔,還有去印尼的……。

They have gone to China to set up factories; Ah Wang quit his engineer job and migrated to Australia to set up his little food store business, Ah Fong left the local University went to Hong Kong as a lecturer. 'Frog' went to Taiwan to pursue his second career life. Others went to America, England, even Indonesia...

起初,以為這只 是個別現象,逐漸的,旁人也有同樣發現;原來,這不是個別現象,而是社會現象;這不是少數,而是相當大的數目。

At first, I thought these are individual cases, but gradually, people around me realized the same, these are not individual cases but a general symptom of our society. they are not small numbers but they are pretty big ones indeed.

外交部早前披露了一個數字,說明這個現象是多麼真實,多麼貼 近。

Department of Foreign Affairs released the figures earlier and confirmed the situation is real.

從去年3月到 今年9月,已經有30萬大馬人移民他國;其 20萬人是今年1月到8月出走的數目。

From March 2008 thru September 2009, a total of 300,000 Malaysian migrated to other countries, among them 200,000 left between Jan - Aug 2009. (in 8 months)

累積下來,已經有 超過200萬大馬人移民,接近今天印尼外勞在大馬的人口。

Cumulatively, 2 million Malaysians migrated, this figure is close to the number of Indonesian workers in Malaysia today.

不同的是,移居他國的大馬人,多是專業人士、中產階級。

The difference is, those migrated are mostly professional and middle class people.

他們有很多出走的理由,追求事業發展,為了孩子前途,尋找個人更大空間……,概括一句:對馬來西亞失望。

They have many reasons to leave: pursue career advancement, for the future of their children, in search of better life and environment... In one sentence, they lost hope of Malaysia.

50年前,大家 說,馬來西亞真好,好過香港,甚至日本。

50 years ago people said: Malaysia is very good, better than Hong Kong and even Japan.

30
年前,大家說,馬來西亞還不錯,比得上韓國、台灣(不提香港和日本了)。

30 years ago people said: Malaysia is not bad, comparable to S. Korea and Taiwan. (No mention of Hong Kong and Japan any more).

20
年前,大家 說,馬來西亞還可以,至少超越中國、泰國(不能和台、韓比了)。

20 years ago people said: Malaysia can, at least do better than China and Thailand (Cannot compare with Taiwan and Korea)

10
年前,大家 說,馬來西亞再差,還不至於像越南、印尼(中國已是不同級別)。

10 years ago people said: No matter how bad Malaysia is, it cannot be worse than Vietnam and Indonesia. (China is already in a different category).

今日,越南和印尼的經濟成長率遙遙領先大馬,社會活力和知 識發展也勝過一籌;距離愈來愈近了。

Today, the economic growth rate of Vietnam and Indonesia already far exceeds that of Malaysia, Social activity and intellectual development of the country are also better, the gap between us and them is closing up.

怕甚麼,還有菲律賓和柬埔寨、緬甸。

Why worry? Phillipines, Cambodia and Myanmar are still behind us.

但是,一位經濟 學家最近到菲律賓考察之後,認為再過20年,大馬可以取代菲律賓,出口馬籍女傭到全世界 了。

However, according to an economist who recently surveyed Philippines, he think in 20 years' time, Malaysia will replace Philippines to become the World exporter of Malaysian maids.

半個世紀以來,馬來西亞是在大宅院裡,用封建方式,分配祖 宗家業,消耗社會資源,浪費和逼走人才;不談競爭力,忽 略生產力,討厭績效制。

Over half a century, Malaysians live in the big old imperial housing complex, closed up and survive on properties left behind by the ancestor; continued to consume up social resources, wasteful, and drove away talents; they never talk about competitiveness, totally neglected productivity, and hated meritocracy.

亞洲金融風暴來襲時,大馬把門關起來,以為避過一劫,有 人還自我陶醉,自以為是天才策略。

When Asia economic storm hit in 1997, Malaysia closed their doors, thinking we beautifully avoided a disaster, they even think of themselves as genius, being able to handle the situation so well.

然而,其它國家面對風暴,走出風暴,進行體質改革,跨步向 前,登上另一個水平;大馬卻還在原地踏步。

However, just look at other countries in our neighbourhood ; they stood up, faced the storm, and walked out of the storm. They overhauled their system, improved the processes and marched forward ; they moved up to a new level. And Malaysia, still walking on the spot . . !

馬來西亞,該醒一醒了。

Dear Malaysia, it's time to wake up !
We are very very late now !

Gold surges, approaches new record

NEW YORK (AP) -- Gold surged Tuesday, nearly setting another record high, as investors had second thoughts about how much long-term debt relief a European bailout package will provide.

Investors returned to safe investments again, a day after stocks and other riskier assets rallied on news that European leaders agreed to a nearly $1 trillion rescue package aimed at helping Greece and other weak European economies manage their debt loads.

Gold for June delivery jumped $19.50 to settle at $1,220.30 an ounce. Earlier in trading, gold rose as high as $1,225.20 an ounce, just shy of the record $1,227.50 it set in December.

Aside from Monday's pullback, gold has climbed steadily in recent days as investors sought safety amid Greece's debt crisis and fears that it would spread, undermining Europe's shared currency.

Gold is "really being looked at as an alternative currency right now," said Nicholas Brooks, head of research and investment strategy at ETF Securities.

Investors are especially favoring gold over the euro, which has fallen sharply against the dollar in recent weeks because of the Greek debt crisis. The euro is hovering near its lowest level against the dollar in 14 months.

Other precious metals, particularly silver, followed gold higher.

Silver for July delivery jumped 74.2 cents, or 3.8 percent, to settle at $19.294 an ounce. July platinum rose $7.30 to $1,700.80 an ounce, while June palladium rose $7.70 to $532.20 an ounce.

July copper fell 2.15 cents to $3.2065 a pound.

The dip in copper comes after a new report showed inflation accelerated in China in April. If inflation continues to be a problem, China could move to raise interest rates in its latest effort to slow down the country's economic growth. China is the largest importer of copper, and any moves to cool its economy could hurt demand for the industrial metal.

Energy prices were narrowly mixed. Benchmark crude for June delivery fell 43 cents to settle at $76.37 a barrel on the New York Mercantile Exchange.

In other June contracts, heating oil rose 1.99 cents to settle at $2.1401 a gallon. Gasoline rose 2.26 cents to $2.1952 a gallon. Natural gas dipped 3.9 cents to $4.131 per 1,000 cubic feet.

Gains and beans rose Wheat for July delivery rose 0.5 cent to $4.9325 a bushel, while corn rose 6.5 cents to $3.77 a bushel. Soybeans rose 5 cents to $9.66 a bushel.

Here We Go, The Crisis Moves to California: $18.6 Billion Budget Deficit

California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit facing the most-populous U.S. state through June 2011, his spokesman said, according to Bloomberg.

“We can’t get through this deficit without very terrible cuts,” Schwarzenegger spokesman Aaron McLear told reporters in Sacramento. “We don’t believe that raising taxes right now is the right thing to do.”

In January, the governor said California may have to eliminate entire welfare programs, including the main one that provides cash and job assistance to families below the poverty line, without an influx of cash from the federal government.

California has the lowest credit rating among U.S. states. A taxable California bond maturing in 2039 traded for a yield of 7.08 percent today, up from an average of 6.87 percent on May 6, according to Municipal Security Rulemaking Board data.

Watered Down Audit the Fed Bill Passes, Ron Paul Says Senator Sanders is a Sell Out

Ron Paul regarding the Senate Audit the Fed bill:

Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Adminstration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take aciton and stop this!

I am outraged. The Senate just voted down the Vitter Amendment and against a real audit of the Federal Reserve. My entire team and I are going to work very hard to make sure the American people know who voted right, and who voted with the banking special interests.

[source: Ron Paul's Facebook Page]

ORIGINALLY POSTED May 11, 2010 13:50

The Senate has passed what is being called the Audit the Fed bill with overwhelming support (96-0).

Up until about last Thursday (coincidence?) there was a possibility through the Vitter amendment (see below) that the Audit the Fed bill in the Senate was going to actually audit Fed monetary policy and discount window transactions as per the House of Representative’s bill (HR1207) which passed with significant support last year. The new bill, which was passed in the Senate, was changed by Senator Sanders at the very last minute, according to Ron Paul. Additionally, any hope of the Vitter amendment being passed seems to have been wiped out by Thursday’s stock market crash, which we have suggested was an attack on our financial system and a clear message to Congress by parties interested in keeping Fed activities secret.

[Source: RonPaul.com]

A compromise amendment requiring the GAO to conduct a one-time audit of the Federal Reserve’s emergency-response programs unanimously passed the Senate by a 96-0 vote. The amendment had been introduced by Sen. Bernie Sanders (I-Vt.) and calls for for releasing the names of institutions that received in total more than $2 trillion in loans from the central bank during the peak of the financial crisis.

Sanders had originally used the language of Ron Paul’s HR 1207, which passed in the House as an amendment last year, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. Sen. Vitter reintroduced an amendment with the original Audit the Fed language.

Basically, the Fed will now give us the names of the banks they lent to and tell us how much money they spent on office supplies, but no real information will likely be shared with the public. This is 21st century government transparency.

David Vitter, Republican of Louisiana, attempted to keep Ron Paul’s original language in the bill, but for some unknown reason (ahem…), the Senate rejected this amendment 37-62.

Senator David Vitter, Republican of Louisiana, put forward an amendment that would have mirrored Ron Paul’s tough Audit the Fed language, but the Senate rejected it today. The vote was 37 to 62. (The Senate instead passed a modified “placebo” amendment that had the support of the Obama administration.)

Before the vote, Vitter appealed for support: “I urge all of my colleagues, Democrats and Republicans, to support both amendments to have full openness and accountability and transparency with all the protections that are included against politicizing individual Fed decisions.”

Every Senator, Republican and Democrat, who voted against this amendment needs to be sent home in the next election cycle. With this vote, they have essentially told the American people that we don’t need to know how the Federal Reserve engages in lending, what assets they have on their books and what they have been doing with the US dollar.

The Federal Reserve’s decisions affect every single American, including those who have yet to be born. The issue of transparency shouldn’t even be an issue! This is common sense, is it not? We do not need “one time disclosures” as per the Senate bill. We need constant transparency. Does anyone really trust the Fed, Treasury and other to do the American people right if there is no cross-check?

This is getting more ridiculous by the day.