Posts tagged consumer
Posted by SchiffReport
Peter Schiff on Fox Business (2/18/13)
China increasing Saudi Arabia oil imports by 11% in 2013. Joint 10 Billion venture in Saudi Red Sea Coast. London begins Swaps of Yuan.0
Ever since the 2008 crisis, China has been positioning itself and it’s currency to be the Global Reserve Currency. The BRICS began trading in the Yuan between themselves last year. Australia is trading with China in the Yuan. China does things slowly but surely.
I have been writing about China and what they are doing the last couple of weeks. From the expectation of their demand for gold outstripping the supply by 2015, IMF using the words and confirming “Global Reserve Currency” for the Yuan, and China, itself using the words “Global Reserve Currency” for the Yuan. All of this information was just in the pass couple of weeks.
I found information in Arab news, China will be increasing their oil imports from Saudi Arabia this year by 11%. They will be importing 120,000 more barrels per day than in 2012 to be 1.17 million barrels per day, from Saudi Arabia.
To give you an idea what the U.S. imports from Saudi Arabia, I found that information here.
The U.S. imports approximately 1.319 million barrels a day (from Nov 2012 info) from them. In November, U.S. imports decreased 38 thousands barrels from the month before. Here are facts about Saudi Arabia and their oil business overall.
If you look at the numbers China is catching up with the U.S. in their imports of oil on a per day basis from Saudi Arabia. When you look a the numbers over all, you can see the U.S. has stayed steady and has had some declining oil demand compared to China having increasing oil demand.
Why look at all of this together? Why try and analysis what China and Saudi Arabia are doing?
To me, those two countries are the key to the dollar demise. They are countries to watch very closely and read in-between the lines in what new business and joint ventures they are doing together. To me the smart thing to do to know what may lie just ahead and to position yourself for the future by getting hints, is to dig into what is happening with China and Saudi Arabia.
Here are portions from the Arab News article: (this was written in December of 2012)
BEIJING: China’s crude oil imports from Saudi Arabia are likely to rise about 11 percent next year (2013), faster than this year’s growth rate, as refiners lift output in anticipation of an economic recovery and an increase in fuel demand, industry officials said.
China, the world’s second-largest crude consumer, is expected to buy about 1.17 million barrels per day (bpd) of Saudi oil next year, 120,000 bpd more than this year’s contracted amount. The figures are based on estimates by industry sources with direct knowledge of the supply situation.
China, which imports about 5.3 million bpd of crude a year, is Saudi Arabia’s third largest customer after the US and Japan. In the year to October, imports from Saudi grew 8.6 percent on the year to 1.06 million bpd, compared to growth of 12.6 percent in 2011.
China sees Saudi Arabia, the world’s top oil exporter, as a strategic partner capable of providing stable supplies, and the state energy companies of both nations are in a $10 billion joint venture to build a 400,000-bpd refinery on Saudi Arabia’s Red Sea coast.
China’s crude oil demand is one of the factors propping up global crude prices, at around $100 per barrel . This year, China’s oil demand is forecast to grow just 2.8 percent in its slowest pace in more than a decade, the International Energy Agency says, due to a slowdown in the economy, but there are signs of a revival next year.
Sinopec Corp, Asia’s largest refiner, would take in more than 80 percent of the total Saudi supplies to China. China’s No.2 refiner, PetroChina, and state-run Sinochem Corp, will use up the rest, the sources said.
“Sinopec’s imports of Saudi crude have been increasing steadily over the past years and are expected to rise further as Sinopec’s refining capacity will rise steadily over the next few years,” said one Chinese trader.
All of the countries are upset with the U.S. for printing dollars in the billions every month. There are currency wars happening around the world, even though countries came out of the G20 meeting in Russia this last weekend saying “No Currency war.”
“We have not seen any such thing as a currency war. We’ve heard currency worries, not currency wars,” IMF Chief Christine Lagarde said at the forum.
“I see no serious grounds for currency wars but the crisis made all countries fear national protectionism. Some countries attempted to heal the crisis with money printing and this lead to debt troubles.”
This makes analysts say that it’s too late to renounce currency wars as they are already in full swing, says Mikhail Delyagin, the head of the Institute of Globalization Problems.
“These wars are being waged for years and everybody seems to have forgotten about their main player – the US. America is great at devaluating its dollar and, thus, hampering other traders. It’s a zero or even a minus-sum game as this time a participant’s loss is greater than the other participants’ gain. And the main thing is that the participants keep changing places.”
China is making the Yuan a Global currency very slowly and here is a good explanation why.
“If the currency is regulated by the government not by the situation on the market it cannot function as a global currency in economic relations. In order to make it a global currency it is necessary first of all to turn it into a market currency. If it happens the Yuan rate will double in comparison with its current rate and the competitiveness of Chinese goods will see a drastic decline.”
They are positioning themselves for the Yuan to be a traded currency. Another major step was just taken in London this week.
A BANK of England pledge to help London become a global trading center for the yuan has stirred talk of a revival in the city’s fortunes, similar to the explosion of the US dollar market in the 1960s and 70s.
In what many bankers saw as a pivotal move, the central bank said last month it was ready ”in principle” to adopt a currency swap line with the People’s Bank of China, providing a two-way pipe to the city as the still-unconvertible yuan starts to emerge as a world reserve currency.
Britain would become the first major developed economy to install a currency swap line with China, replicating existing arrangements available for the dominant freely-traded currencies such as the dollar, euro and yen.
China has agreed swap lines with more than 15 other countries but these tend to be emerging economies that have natural resources or goods used in manufacturing to export. The list does not include major industrial powers such as the United States,euro zone countries or Japan.
However, in a deliberate push to internationalize the yuan, or renminbi, China has beendeveloping an offshore market for it, as a precursor to allowing global firms, banks andasset managers access to its domestic market.
So, are you reading between the lines here? London has just begun Swap lines with the Yuan. Last year the CME group began trading the Yuan in Chicago.
It is simply good sense to watch everything going on with China and the Yuan and to pay attention to all of their business in Saudi Arabia. The facts are… we are not going to be told a few months before when Saudi Arabia begins trading directly with China in the Yuan. It will be an overnight event/statement. It doesn’t seem that China is quite ready for the Yuan to be the total reserve currency at this time, but they are definitely working that way. When it happens they will have protections in place that will not blow up their trading balances around the world. They are very careful and know exactly what they are doing.
When they have everything in place, we will not be warned in advance. People in the U.S. will wake up, one Monday morning to the shock of the dollar being replaced around the world by the Yuan. That day the dollar will go “Zimbabwe.” It will be a catastrophic event in the United States as the rest of the world breathes easier and can use a ‘gold’ backed currency to trade with. But to those paying attention and not being distracted by the fake news on MSM, they will not be shocked and have already protected themselves for the eventual outcome.
People need to stay paying attention to what is happening in China. I will be watching every day for news out of that area and their trading partners to get hints on when the “Big” day will arrive for the Yuan. We will know that day, when Saudi Arabia makes an announcement about how they will continue trading oil and in what currency.
A little extra news tidbit from Russia…. the manipulation of Gold prices and how it is ready to surge.
For more detailed reports visit Sherrie at http://sherriequestioningall.blogspot.com/
By Emma Barnett, Digital Media Editor
Facebook forced to allow users to opt out of adverts
Facebook has been forced to allow users to opt out of their names being used in ‘sponsored stories’ as part of a legal settlement with five angry members of the network.
The legal case against Facebook began last year, after five users were annoyed about their faces being used as part of Facebook’s ‘sponsored stories’ – which allow companies to use the photos and names of people who have ‘liked’ their brand in their adverts on the social network.
As part of the $10m (£6m) settlement the social network agreed to in order for the case to be dropped, Facebook will allow users the chance to opt out of their profiles being used in these adverts for at least the next two years.
An economist hired by the plaintiffs calculated that this change to the social network’s terms could cost Facebook approximately $103m (£66m).
The social network, which is struggling to retain its huge valuation post its recent flotation, settled the proposed class action lawsuit last month and has now agreed the changes to its terms and to seek additional consent from parents of users under the age of 18 to have their names used in sponsored stories.
The settlement rules: “Facebook will create an easily accessible mechanism that enables users to view the subset of their interactions and other content that have been displayed in Sponsored Stories. Facebook will further engineer settings to enable users, upon viewing the interactions and other content that have been used in Sponsored Stories, to control which of these interactions and other content are edible to appear in additional Sponsored Stories.”
By Eva Galperin
In recent years, online tracking companies have begun to monitor our clicks, searches and reading habits as we move around the Internet. If you are concerned about pervasive online web tracking by behavioral advertisers, then you may want to enable Do Not Track on your web browser.
Do Not Track is unique in that it combines both technology (a signal transmitted from a user) as well as a policy framework for how companies that receive the signal should respond. As more and more websites respect the Do Not Track signal from your browser, it becomes a more effective tool for protecting your privacy.
EFF is working with privacy advocates and industry representatives through the W3C Tracking Protection Working Group to define standards for how websites that receive the Do Not Track signal ought to response in order to best respect consumer’s choices.
The following tutorial walks you through the enabling Do Not Track in the four most popular browsers: Safari, Internet Explorer 9, Firefox, and Chrome.
By Anthony Gucciardi
In a riveting victory against genetically modified creations, a major biotech company known as Syngenta has been criminally charged for denying knowledge that its GM Bt corn actually kills livestock. What’s more is not only did the company deny this fact, but they did so in a civil court case that ended back in 2007. The charges were finally issued after a long legal struggle against the mega corp initiated by a German farmer named Gottfried Gloeckner whose dairy cattle died after eating the Bt toxin and coming down with a ‘mysterious’ illness.
Grown on his own farm from 1997 to 2002, the cows on the farm were all being fed exclusively on Syngenta’s Bt 176 corn by the year 2000. It was around this time that the mysterious illnesses began to emerge among the cattle population. Syngenta paid Gloeckner 40,000 euros in an effort to silence the farmer; however, a civil lawsuit was brought upon the company. Amazingly, 2 cows ate genetically modified maize (now banned in Poland over serious concerns) and died. During the civil lawsuit, however, Syngenta refused to admit that its GM corn was responsible. In fact, they went as far as to claim having no knowledge whatsoever of any harm.
The case was dismissed and Gloeckner, the farmer who launched the suit, was left thousands of euros in debt. And that’s not all; Gloeckner continued to lose many cows as a result of Syngenta’s modified Bt corn.
After halting the use of GM feed in 2002, Gloeckner attempted a full investigation with the Robert Koch Institute and Syngenta involved. The data of this investigation is still unavailable to the public, and only examined one cow.
In 2009, however, the Gloeckner teamed up with a German action group known as Bündnis Aktion Gen-Klage and to ultimately bring Syngenta to the criminal court.
Todd Tucker, Public Citizen’s Global Trade Watch joins Thom Hartmann. Put down that fork! Do you now what’s REALLY on your dinner plate? Well – it’s becoming increasingly difficult for you to find out and there may be very little our lawmakers can do about it. Do you know what’s in your dinner? Chances are…you probably don’t. That’s because recent rulings by the World Trade Organization have made it harder and harder for Americans to know if what they’re eating is safe – and exactly where it came from.
For example – last month – the the WTO struck down a law passed by Congress and signed by the President in 2008 had required labels on all meat so that we know what country the cattle was born, raised, and slaughtered in. Think about that for a second – laws passed by our elected Representatives are being struck down by foreign bureacrats and corporations through the World Trade Organization. Also this year – the WTO struck down dolphin-safe tuna labels – arguing that it would do economic harm to foreign fishing fleets that slaughter dolphins in the process of catching tuna. So why is this? Why is it suddenly illegal for us to know more about what’s in the food we eat? And why are we as a nation bending at the will of the WTO?
Have You Heard About The 16 Trillion Dollar Bailout The Federal Reserve Handed To The Too Big To Fail Banks?
What you are about to read should absolutely astound you. During the last financial crisis, the Federal Reserve secretly conducted the biggest bailout in the history of the world, and the Fed fought in court for several years to keep it a secret. Do you remember the TARP bailout? The American people were absolutely outraged that the federal government spent 700 billion dollars bailing out the “too big to fail” banks. Well, that bailout was pocket change compared to what the Federal Reserve did. As you will see documented below, the Federal Reserve actually handed more than 16 trillion dollars in nearly interest-free money to the “too big to fail” banks between 2007 and 2010. So have you heard about this on the nightly news? Probably not. Lately Bloomberg has been reporting on some of this, but even they are not giving people the whole picture. The American people need to be told about this 16 trillion dollar bailout, because it is a perfect example of why the Federal Reserve needs to be shut down. The Federal Reserve has been actively picking “winners” and “losers” in the financial system, and it turns out that the “friends” of the Fed always get bailed out and always end up among the “winners”. This is not how a free market system is supposed to work.
According to the limited GAO audit of the Federal Reserve that was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the grand total of all the secret bailouts conducted by the Federal Reserve during the last financial crisis comes to a whopping $16.1 trillion.
That is an astonishing amount of money.
Keep in mind that the GDP of the United States for the entire year of 2010 was only 14.58 trillion dollars.
The total U.S. national debt is only a bit above 15 trillion dollars right now.
So 16 trillion dollars is an almost inconceivable amount of money.
But some other dollar figures have been thrown around lately regarding these secret Federal Reserve bailouts. Let’s take a look at them and see what they mean.
A recent Bloomberg article made the following statement….
The $1.2 trillion peak on Dec. 5, 2008 — the combined outstanding balance under the seven programs tallied by Bloomberg — was almost three times the size of the U.S. federal budget deficit that year and more than the total earnings of all federally insured banks in the U.S. for the decade through 2010, according to data compiled by Bloomberg.
The $1.2 trillion figure represents the peak outstanding balance on these loans, not the total amount of all the loans. On December 5, 2008 the “too big to fail” banks owed this much money to the Federal Reserve. Many of them could not pay these short-term loans back right away and had to keep rolling them over time after time. Each time a short-term loan got rolled over that represented a new loan.