Nigel Farage;Australia not only has stopped the boats from coming....stopped people from drowning

Nigel Farage;
Australia not only has stopped the boats from coming....stopped people from drowning 

Ukraine: Watch Violent Police Beatings and Protesters Scrambling

Hundreds of thousands of Ukrainians have been rallying in Kiev against their President's U-turn on Europe, amid increasingly chaotic scenes.
They defied a ban to gather.
But while most of the demonstration was peaceful, young radicals used a bulldozer to try to break into Viktor Yanukovich's headquarters.
Their approach to the building was blocked by a line of buses, requisitioned by the Interior Ministry.Police used tear gas to force back the crowd.
http://www.theguardian.com/world/2013/dec/08/kiev-protesters-lenin-statue-ukraine

+Typhoon Haiyan Relief - Where to Donate Now (USA &Canada) +

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http://www.youtube.com/v/lEpye8VgRZ8?version=3&autohide=1&autohide=1&showinfo=1&feature=share&autoplay=1&attribution_tag=j4R3LcpmCzA4FQD_lCtcIQ

Flaherty Warns of 'Significant' Hit to Federal Revenue

TRANSCRIPT - TRANSCRIPTION - Minister Jim Flaherty - Ministre Jim Flaherty

Minister of Finance Jim Flaherty

TRANSCRIPTION/TRANSCRIPTION

DATE/DATE:  March 8, 2013 11:30 a.m.

SUBJECT/SUJET:      
 Media Availability with Minister of Finance Jim Flaherty Following a Meeting with Private Sector Economists.

Hon. Jim Flaherty:                 
Good morning.  Bonjour.  Once again – I’ll just wait for Les to be comfortable there.  Are you okay?  All right.  Got to respect veterans. 

 

Once again, I’m not announcing a budget date right now.  I did meet with private sector economists this morning which I do regularly. The purpose of the meeting is to make sure that the government’s economic and fiscal forecasts are based on the best third party independent analyses that are available in Canada. The goal is to achieve a consensus that the March 2013 survey of private sector economists is a reasonable basis for fiscal planning. And we agreed this morning that it is.

We will continue to see modest GDP growth in Canada. The growth projections are slightly lower in the near term, as I expected when I spoke with you last week, mainly in 2013-2014.  The factors involved there are the continuing issues, challenges in Europe and the United States.


There’s some good economic news this morning, more jobs. We’re at a situation now in Canada that we’ve recovered, that we have gained almost one million net new jobs since the end of the recession in July 2009.  The U.S. job numbers this morning are also good. They beat market expectations. The housing starts number this morning was positive. And just recently, this morning General Motors of Canada Limited announced an investment of $250 million to upgrade their plant, their CAMI Plant at Ingersoll, Ontario. I spoke with the President of General Motors yesterday about that and that is a welcome investment in Canada. As you know, the Canadian people remain shareholders in General Motors.

The key government contribution that we can make in terms of budgeting and any government can make is to ensure that we maintain a sound fiscal position which we will do in this year’s budget for Canada. That means no dangerous risky new spending programs, careful control of the spending which we do control, no new taxes.  In a positive way, it means emphasizing jobs and growth.

In our consultations by our caucus members and the ministers and so on across the country, we have heard repeatedly from Canadians about the importance of matching Canadians to the jobs available, then making sure that our skills training, our education processes lead Canadians to the jobs that are being created, the thousands and thousands of jobs that are being created in the Canadian economy. We’ve been focussing on that, among other priorities. And we have work to do.

I heard more comments about skills training today from the private sector economists who very graciously have once again shared their advice with me and with Minister Menzies which will help us shape the budget which is to come soon. 

I welcome your questions.

Moderator:                        
 Thank you very much. Everybody, please introduce yourself, your outlet. We have time for one question, one follow-up each and we’ll start over here to my right.  Go ahead.

ON BALANCING BUDGET
Question:                                
Good morning, Minister.  Jessica Murphy with Sun Media. I’m wondering in your budget how you’re going to balance the – or offset the impact of declining tax revenue from a province like Alberta, for example, and try to balance the budget in 2015. 

Hon. Jim Flaherty:              
Yeah, well, we’ve been – we’ve been looking at savings within government certainly. On the revenue side, we’ve been looking at various loopholes that some people engage in in order to avoid paying their fair share of taxes.  On the expense side, we have been focussing of course on that part of the budget that is spending by the government itself.  We are committed not to reducing transfers to the provinces and we are committed not to reducing transfers to individuals. That takes up a lot of budget room. So we have to focus like a laser on our own spending which I’ve been doing.

Question:                                
Are you still confident you’ll be able to balance the budget by 2015?

Hon. Jim Flaherty:              
Yes, we’re still on track. The projections by the private sector economists, as I said, are slightly lower, particularly in the near term.  But we are on track to balance the budget in 2015 in the current parliament.

Moderator:                          
 Great, thank you.  Moving over to the left mic, I think Bill Curry there is the first one.

ON SKILL TRAINING
Question:                                
Minister Flaherty, Bill Curry from The Globe and Mail. On your comment about skills training, in your 2007 budget, you fully devolved skills training under Part 2 of EI to the provinces. It’s been five years now. Are you dissatisfied with how that’s going, how the provinces are handling that? And are you looking at reclaiming that two billion to make it a federal responsibility instead of the provinces running it?

Hon. Jim Flaherty:                 Well, I think it’s important that we work with the provinces and territories on skills training broadly defined. There’s significant provincial responsibility there. Having said that, there’s no question that the delivery of those kinds of services generally are better placed with the provinces and territories.  What we are looking at though is outcomes. Are we seeing the kind of employment outcomes that we expected to see? What is the degree of accountability? It’s very important in Canada with an unemployment rate in excess of seven percent that we ensure that young people in particular are matched to the jobs that are available.

You know, I can tell you anecdotally on the Toronto subway when I get a young person coming up to me saying I’m on my way to my job, Minister, as a grocery clerk at Loblaws, nothing wrong with being a grocery clerk at Loblaws, it’s a good job, but he just graduated from Ryerson, right? So we’ve got to do a better job of connecting – connecting the skills that people have and the education that people have with the jobs that are available in Canada.

ON TAX LOOPHOLES
Question:                               
Okay. And then to follow up on your comment about tax loopholes, that can mean a lot of different things to different people.  Some people if you spend more money on CRA – at CRA to go after people abroad hiding money, you’ll more than get that back.  Tax loopholes sometimes also mean tax expenditures, all the various tax credits domestically so are you looking at both of those things or more enforcement? What do you mean by tax loopholes?

Hon. Jim Flaherty:              
What I mean is everybody should pay their fair share of taxes and people shouldn’t be hiding money from the Government of Canada. Some people do that offshore and, sometimes, you’re right, it makes sense to invest more resources, for example, in the Canadian Revenue Agency so that we are better at policing the minority of Canadians who do not pay their fair share. So we’re looking at that side of it. We’re looking at the revenue side of it at some tax policies that create inequality and at some actions, regrettably, by some who would evade their tax responsibilities.

Moderator:                          
Thank you very much.  Terry Milewski.

ON UNEMPLOYMENT 
Question:                                
Good morning, Minister. Terry Milewski with CBC.  I have a question on behalf of the financially unsophisticated among us. You said that the job numbers this morning are good news but some of those unsophisticated Canadians might wonder well, how is it that we are apparently creating jobs at a pretty good clip and the unemployment rate doesn’t budget?  Can you explain that? What’s going on behind those numbers?

Hon. Jim Flaherty:              
Well, it depends on of course the number of people seeking jobs in Canada so the number will – the unemployment number percent will bounce around depending on that. And the U.S. measures their unemployment rate differently than we do with a different age at the beginning and so on so comparing the U.S. number and the Canadian number, the Canadian number is actually even better than it looks vis-à-vis the U.S. number.  But the key is that we’re seeing continuing job creation in Canada.  The number of people seeking employment varies.

Question:                               
 My follow-up is can you give us a date when you will give us a date?

Hon. Jim Flaherty:              
If you can tell me when the papal conclave is going to be, then I can perhaps do that.  No, Terry, we just haven’t decided yet.  There’s no great mystery. As soon as we make a decision, I’ll let you know.

Moderator:                          
 Go ahead.

SKILL TRAINING
Question:                                
Minister Flaherty, Alessia from iPolitics. Nice to see you. My question is in relation to the skills – skill training money that we’ve been hearing about in the budget.  I was wondering if you can give us a little more insight into what exactly we can expect in terms of changes. You just said that the delivery of this money is best kept in the provinces but you also said that there is very little accountability of how that money’s being spent and whether it’s actually leading to real jobs. We know that there’s a big shortage of construction workers in the energy sector.  What can we – in terms of details, what can we expect to see in changes in terms of this accountability?

Hon. Jim Flaherty:                 The delivery of the service itself, that is occupational counselling and so on, I think logically belongs with the provinces. There are other areas in which we can – we can deal with how – how one – how the system is funded. There’s no suggestion, by the way, that there be any reduction in spending by the Government of Canada on skills training. It’s too important.  It’s a priority of the budget.  For the rest of it, you’ll have to wait for the budget.

Question:                                Okay. No follow-up.  Thanks.

Moderator:                             Thank you. Gordon from Financial Post.

ON MORTGAGES
Question:                                
Yeah, hi.  Last week you gave a statement on mortgage rates, the so-called race to the bottom.  Are you still concerned about that? Has there been any change?

Hon. Jim Flaherty:                 Yes, I am concerned about that. I spoke with the relevant bank this week – well, with BMO.  BMO reduced their rate.  And I spoke with them about that this week and expressed my concern — my concern in two ways.  One, it’s an objective reduction of course but it’s also symbolic and we remain concerned, I remain concerned with the housing market in Canada. We’ve seen some moderation in the housing market which I think is a good thing. As you know, we’ve tightened up the mortgage insurance rules four times over the – over the recent years. So I thank those Canadian financial institutions that have not chosen to reduce their rates further.

Question:                                
Are you planning any more jawboning with these banks?

Hon. Jim Flaherty:                 Any more jawboning?

Question:                              
 Yeah, these banks. Encouraging them to —

Hon. Jim Flaherty:              
 I encourage responsible lending. I think that financial institutions of course are major players in the residential mortgage market and it forms a major part of their asset portfolios and the Government of Canada has a lot to say about it, not only because we’re concerned about the economic fiscal health of the country but also we have CMHC and many of those mortgages held by the private sector financial institutions are ensured with Canada Mortgage and Housing Corporation.

Moderator:                             Great.  So we have time for one more question. We’ll finish off over here on the left.

Question:                                Hello, Minister. On last year’s budget you had budgeted for a 4.4 GDP – nominal GDP growth this year. How much of a hit are you going to take on revenues because of the slower growth?

Hon. Jim Flaherty:                 How much of a kick are we going to take on the revenue side because of lower nominal GDP?

Question:                                Yes.

Hon. Jim Flaherty:                 Significant.

Question:                                Significant.

Hon. Jim Flaherty:                 It’s significant, yeah.

Question:                               
 Is it greater than the margin for risk that you had put in there?

Hon. Jim Flaherty:              
 We will manage it. The key is looking forward to the next two years and making sure that we stay on track to balance the budget in 2015-2016. There are a number of measures we can take to do that and you’ll see them in the budget.

Thank you.

Moderator:                             Thank you very much, everyone.  We do have time for a few economists to answer some questions so thank you very much, Minister Flaherty.

"After Fiscal Cliff"-Gold Going to 2500 and After the Presidential Elections

"After Fiscal Cliff"-Gold Going to 2500 and After the Presidential Elections
Charles nenner, david gurwitz, Europe, fiscal cliff, four years of a U.S. presidential term, government spending, Presidential Cycle, White House,

Radio Shalom 1650AM

Wednesday November 7th 2012 @4pm-5pm edt

live from the Netherlands

An Exclusive Money and Business Show Presentation

Host Samuel Ezerzer

http://www.radio-shalom.ca/site/emissions-1042

live via internet

http://www.radio-shalom.ca/mp3/Programs/1042/2012_11_07_USelections2012.mp3
listen to show  1hr

David Gurwitz Managing director of Charles Nenner Reasearch 

Topic; Gold Going to 2500 and After the Presidential Elections , Charles Nenner is forecasting a Decline in the US Economy.

MONEY MONEY AND BUSINESS

Regardless of who wins the White House in the U.S. presidential election, the stock market faces enormous challenges in the year ahead. Earnings are struggling, the United States is facing a "fiscal cliff" of rising taxes and reduced government spending, Europe is mired in recession and China is slowing down.

Even worse, the Presidential Cycle looms large. At least, that’s the theory. Stocks tend to move in a bizarre pattern with the four years of a U.S. presidential term – where years one and two tend to be the worst for stock market performance, while years three and four tend to be the best.U.S. presidents get down to business in the first half of their terms, often with policies that are not conducive to market gains. Researchers at the Tinbergen Institute

for economic research found that the S&P 500-stock index has underperformed during these years, according to data going back to 1948.In the second half of their terms, U.S. presidents tend to focus on re-election prospects, juicing the stock market in the process. The Tinbergen researchers found that in these years, the S&P 500 outperformed by an average of 9.8 per cent.

The effect can also be seen in the bond market, where credit spreads widen in the early years of a presidential term and shrink in the third. So is presidential cycle effect in U.S. stock and bond markets is it a phenomenon.? The election is over Now what? Will the market start slowing grinding up again? How long can this last? When does the market start its downward move, as Charles has been forecasting?

http://www.theglobeandmail.com/globe-investor/inside-the-market/the-presidential-cycle-whoever-wins-markets-lose/article4953360/

My name is Samuel Ezerzer, your host to the Money & Business show on Radio Shalom, CJRS 1650 AM. Thank you for tuning in live with our Business studios headquarters in Montreal, the financial capital and the home to the greatest hockey team, the Montreal Canadians. We have another great show for you today and as always, you can call if you have any questions, comments, or criticisms on today's topic. Please call us direct at514 738 4100 ext 200or email me at moneyandbusinessshow@gmail.com if you have any inquiries. You can also visit our website at www.radio-shalom.ca– all our shows are archived there . I work as Financial Consultant for T.E MIRADOR or TE WEALTH. TE MIRADOR has been providing Corporate Executives , CEO 'S , families ,employers and employee with independent wealth management and Financial education services since 1972. You can visit our website for my contact information atwww.temirador.com,

　

"In every tumultuous market, investors seek out a guru who can divine the market turn. This time, investors are finding comfort in Mr. Nenner." - Wall Street Journal, June 24, 2006 "I have been following Charles' daily research reports myself for many years, and found them to be uncannily accurate." - www.MadHedgeFundTrader.com, May 17, 2012

BIOGRAPHY

David Gurwitz 

David Gurwitz is the Managing Director of Charles Nenner Research. 

He has been working with cycle forecaster Charles Nenner for almost a decade. The email based service provides unique analysis of stocks, bonds, currencies, commodities and economic indicators. As managing director, David speaks regularly with clients worldwide: hedge funds, family offices, pension funds, brokers and private individuals.

David is a JD, MBA and CPA. He is also an accomplished concert pianist, sometimes pairing up with Charles Nenner who loves to sing. They recently did a charity concert of Special Olympics Connecticut.

http://davidgurwitz.com/buy--motherhood.htm

In 2001, Charles Nenner founded, and is president of, the Charles Nenner Research Center. Mr. Nenner has provided his independent market research to the following entities all over the world: hedge funds, banks, brokerage firms, family offices, and individual clients. Charles has been the talk of Wall Street since accurately predicting some of the biggest moves in the Markets over the past few years. Charles Nenner's system uses a unique algorithm that factors in multiple cycle movements. With international and institutional clients managing hundreds of billions of dollars, Charles' advice is highly sought after.

 http://charlesnenner.com/index.php

Click here to read the article
Standing Apart From The Investment Crowd:
The Charles Nenner Way

Cycle-investing:
Wealth preservation utilising the awareness
of cycles in asset allocation

US Dollar will collapse in 15-18 Month / 4year Presidential Cycle 
2012-11-07No matter who wins the election, cycles show a rough 2013. With David Gurwitz of Charles Nenner Research. 

Program Name: Money and Business with Samuel Ezerzer

Hours : Wednesday live at 4pm, rebroadcasted Sunday at 3am and Monday at 7pm.

Description: The Money & Business Show is the only pure Business show, live in-studio direct from Montreal. The show focuses primarily on the Canadian, United States, and the international economy through a Canadian lens. The show is informative, exciting, and sometimes controversial, encouraging healthy debate.

_____________________________________________________________________

‘Greece sliding towards third-world status’

‘Greece sliding towards third-world status’

Published: 20 February, 2012, 21:13

Greece needs a greater rescue package than the one being negotiated in Brussels, says economist Johan van Overtveldt. In fact, the new bailout should be worth at least as much as the entire Greek economy.

­As eurozone finance ministers meet in Brussels to decide if Greece has done enough to get an additional 130-billion euro financial aid package, Overtveldt told RT that Greece actually needs around 170 billion euros to make it through the next few years.

On top of that, he says, Greece needs an additional 35 billion euros to recapitalize its banks.
“So we are talking now about a package that in reality is about 200 billion euros, which happens to be exactly the amount equal to Greek gross domestic product,” he explained.
But even a bigger aid package will not pull the Greek economy out of a deep recession, Overtveldt believes.



“The negative spiral in which the Greek economy and Greek society have been imprisoned for almost two years will only get worse,” he explained. “The austerity program that is imposed on the country will worsen the recession, which in its turn will worsen the budget outlook.”
Overtveldt says what Greece really needs at the moment is a growth perspective for its economy – which can be achieved only by exiting the eurozone.
“It will lead, of course, to a devaluation of the new drachma but that is exactly what is needed to get the economy growing again through international trade,” he concluded.

Over the last two years, Greece has seen a number of rallies and demonstrations that often escalate into clashes of angry and desperate people with the police. Last Saturday, the approval of a new austerity package was followed by a major clash with tear gas being used against some demonstrators. One person was injured and about 60 detained over the violence. 

­‘Greece sliding towards third-world status’

­What Greece really needs right now is a redevelopment plan – and the IMF is the best pick for for the job, economist Harlan Green told RT.
“Greece is sliding very quickly into being a third world country, and the IMF knows how to deal with third world countries,” the editor of PopularEconomics.com said. “In Greece’s case, they’ve lost productivity, they’ve lost what economists call aggregate demand, by just demanding austerity without a plan for recovery.”
Green says that productivity has fallen dramatically not only in Greece, but in Europe as a whole when compared with the US.
“Greeks themselves are very hard workers,” he added. “But it is very inefficient.”

http://rt.com/news/greece-rescue-package-economy-779/

Greece downgraded next to default level by Fitch
Published: 22 February, 2012, 17:32

Fitch has downgraded Greece to a pre - default level (Reuters / John Kolesidis)

TAGS: Crisis, Greece

Fitch rating agency wasn’t impressed by the EU leaders’ decision to grant a second bailout for Greece.It downgraded the country to pre-default level.
The sovereign long-term default rating of Greece now stands at the pre-default "С" level, down from "ССС".
The decision comes after the Eurogroup agreed on Tuesday it’ll release a second lifeline of 130 billion euro to Greece, with private creditors also writing off 53.5% of the country’s debt. Fitch says should private creditors complete a bond swap, the agency will have the grounds to announce a Greek default.
“The rating downgrade won’t influence the world markets dramatically, as they have already taken into consideration the unsteady Greek economy and its probable default. If markets demonstrate any reaction to the rating decrease, these will be short-term changes. Long-term trends might not change,” says Anna Bodrova from Investcafe.
However, the downgrade, which reflects existing doubts whether Greece will be able to solve longer term Greek debt problem, “sets a negative tone for other South European countries, like Portugal and Spain,” Dimitri Kryukov, a head of Russian office of Verno Investment Research, tells Business RT.

http://www.fxstreet.com/fundamental/market-view/currency-currents/2012/02/21/
So what?” he asked. “Things will only get worse. We have reached a point where we’re trying to figure out how to survive just the next day, let alone the next 10 days, the next month, the next year.”


           -Anastasis Chrisopoulos, Athens taxi driver (from Reuters)

130-billion-euro here, 130-billion-euro there, and pretty soon you have to start finding some growth!

One adage that seems to work as much as anything else, and why it is an adage I guess, is “buy the rumor and sell the news.” I won’t bore you with the behavioral aspects of why this works, I think you know. We are seeing it a bit this morning on display on news a Greek default has been averted: the euro is lower, and ditto for most Eurozone bonds since the announcement of a deal that gives Greece another 130-billion-euro it can pour down the rabbit hole with the rest of the money funneled in by Eurozone taxpayers.


Of course, sooner or later financial engineering reaches the limits of its public relations effect and there must be some underlying payoff from said engineering besides getting funds to follow banks chasing into periphery debt for a trade. It’s not that rising periphery bond prices, i.e. lower yields, isn’t helpful; it is. But even at current rate levels, it will be mighty hard for many countries to maintain austerity pledges; all attempts to do so will likely accentuate the trend we see in the chart below:



And of course, this chart is the mirror image of the domestic adjustments periphery countries have to make because they do not have a free-floating currency available to help them make these adjustments:



Thus, periphery economies desperately need some growth. Rising unemployment and tighter budgets will not produce revenues needed to pay debt; instead it produces a self-feeing vicious spiral downward. This view seems completely at odds with the Troika program even though the Greek economy provides them with live test case of abject failure stemming directly from the implementation of their own flawed theories.


And here is why it will likely get worse for Greece and other periphery countries whose growth is heading lower—the real economy will be starved.


We have already witnessed this economic/money/manipulation phenomenon in the US, from the WSJ this morning:


“The eight giant European banks that have disclosed their annual results in recent weeks reported holding a total of about $816 billion in cash and deposits at central banks as of Dec. 31. That is up 50% from a year earlier, when the same banks were holding roughly $543 billion.”


Does any of this sound familiar? You can lead a horse to water, in fact you can force-feed said horse with massive amounts of reserves, but you can’t make him lend any of it to the real economy where real people build real businesses and hire other real people who need real jobs.


Just in case you forgot just how tightly US banks have held on to their Fed sponsored reserves via the massively steep yield curve that impoverishes savers to subsidize bank healing, here is a look. This chart shows reserves in the US banking system ... hmmm ... three years and counting so far since Bernanke and Company decided this is the only viable strategy for the economy. Viable for financial assets, but the other side of the economy is still starved...



The point is, despite the new Greek rescue (I am losing count how many we have had so far), it appears the Eurozone, now clearly a two-track world with Germany bathing in credit and low rates and low unemployment (which adds to more angst and animosity toward Germans amongst the PIIGS), appears collectively heading into deeper recession.


One wonders if now, finally, EU leaders have run out of rabbits of financial engineering to pull from their hats. Financial engineering is a lot easier than real growth. If you don’t believe me, go ask Goldman; after all it is their fun and games that caused much of this Greek problem in the first place.