Financial Tunes

Where can I find a list of all Exchange-Traded Funds in India? any helps lead to websites, links, on-line excel or pdf files? Thank you !

Do exchange trade funds have a list of stocks for the bull side of the market, bear side? Take for instants stocks tna has a counter part tza. what stocks are held in each? How can tna go up 3% and at the same time tza down 3% in relation to the general market?

Exchange traded hedge funds ? I was wondering if you know of any hedge funds, that list their funds on an exchange ? I am asking because it would be much easier to invest in those funds, instead of having to go through a lot of paperwork and doing wire transfers to the funds.

Where can I find a daily complete list of the opening prices in column form of all ETFs Exchange Traded Fund? I have created an excel spreadsheet for tracking each ETFs (Exchange Trading Funds) performance. One piece of data that I enter for each trading day is the opening prices for ETFs. Presently I look up the individual opening price through my brokerage account, but this is extremely time consuming. I download the percentage of return performance (YTD year-to-date, 1 minth, 3 month, 1 year and 3 year) presently from Morningstar and IBD (Investors Business Daily) but this does not give me the daily opening price. Thank you.

Does anybody know if there are ETFs (exchange-traded funds) that focus on video game vendors? If there are such ETFs, please provide list of ticker symbols. Thanks.

Are there Exchange-Traded Funds in Malaysia? where can I find a list of them?

Sites for ETF (Exchange Traded Funds) Comparision (details)? Are there any sites that list all the available ETF's in Canada and U.S. so as to get details and compare?

Exchange Traded Funds? Anybody know any good books/websites for information on UK listed ETFs? Particularly something quite in depth, rather than all those "Get rich quick!"-style things! Thank you very much in advance

How to get a complete list of the trading symbols for all stocks, bonds and mutual funds? Where is a complete list of the trading symbols for all stocks, bonds and mutual funds that are traded on US exchanges and OTC?

where can i find a list of stocks, mutual funds and ETFs in various stock exchanges, including in Europe? I am looking for descriptive lists of stocks, mutual funds and ETFs traded in various stock exchanges including names, symbols and whatever additional information possible? The lists should be in English...

Good Brokerage Firm to trade stock, multual funds and equity options? I am moving to Hong Kong from US. Please tell me which firm is good to open a brokerage account to trade stock, multual funds and equity options that listed in other international exchanges, such as New York Stock Exchange.

What is the best way to buy gold Thru GOLD ETF as a stock /Thro bank as an investment /Physicthough gold deale? What is the best way to buy gold or silver 1. Thru GOLD ETF as a stock or 2. Through bank as an investment or 3. Physically though gold dealer? The leading Exchange of India is NSE or National Stock Exchange. There are six different Gold based ETF`s available for trading as well as investments on the NSE. Below, we list them one by one: Benchmark Gold BeES: UTI-Gold Exchange Traded Fund: Kotak GOLD ETF: Reliance Gold Exchange Traded Fund: Quantum Gold Fund: SBI GETS or SBI Gold Exchange Traded Scheme: Load Structure of SBI GETS : Entry Load: Up to Rs. 25 Lakhs - 2.50 %, From Rs. 25 Lakhs to Rs. 50 Lakhs-1.50%, From Rs. 50 Lakhs to Rs. 1 Crore - 1.00 %, Rs. 1 Crore above - Nil. Now this is where I would recommend that investors should NOT opt for subscription during NFO period. The reason - the entry load is heavy - 2.5%. Instead, wait for this SBI GETS ETF to list on the NSE Exchange, and then you can buy the units through your broker and have the following advantages: 1) You will pay a brokerage (maximum 1%) to your broker, instead of the heavy 2.5% entry load during the NFO 2) You will not have to meet the minimum 5000 Rs. requirement during the NFO. So, the choice is yours. The capital Allocation will be as follows: Gold and gold bullion - 90 - 100 %, Debt & Money Market Instruments - 0 - 10% So oevrall, the investors looking for investing in Gold that too specifically in Gold based ETF now have a wide variety and choice. The interesting thing is that the returns on all these various Gold based ETF`s have been almost similar. The only thing an investor should be careful about is the expense ratio or fund management charges. Though the are ETF, so the only thing an investor needs to pay is the brokerage, but sometimes the ETF may also levy a fund management fee from the investors. Basically, ETF`s are good - any ETF is good, as long as it can track the underlying prices correctly

British stock exchange trading? Are there any investors experienced at trading stocks on the London stock exchange? I got an application package in the mail from SELFTRADE.UK The y require NO minimum opening deposit/balance. Only sufficient funds to make actual trades. The commission is 12.50 pounds. When you do the USD/GBP conversion comes out to about $25.00. Even though some of the stocks listed on the FTSE fluctuate daily, weekly enough to make trading "seem" worth the effort (when you factor in the conversion rate)? They also offer mutual funds, unit trusts, etc. Would there interest rates factor into this? would this be profitable?

How do I begin investing in individual stocks and funds in Asia, specifically China? This is to anyone with some Global investment knowledge. I am interested in diversifying in stocks in Aisa. I have been trading funds and stcks domestically for maybe 3 or 4 years so I have some knowledge but I want to also put some money in China to hedge some of my losses that I am taking domestically, plus, it will help my knowledge going forward as global markets heat up in other developing countries. 1) What exchange do you use to trade Chinese stocks? I see some listed in actual Chinese exchanges and others on US and HK exchanges. What are the advantages? 2) Do they offer an diverse funds or sector funds? Kind of like ETF's or Spiders I suppose. 3) What sectors do you like in the region? I have an online trading account that offers a few different global options so you can skip thed steps of initial account setup. Thanks in advance!! Happy Trading!

Finance class help? Mutual Fund question? When considering adding a mutual fund or exchange traded fund to your portfolio, what three criteria should you consider prior to purchasing the vehicle? Please describe each criterion listed.

Can a company sell shares of stock without being listed on a stock exchange? I am researching a company that seems to be 'pre-selling' shares. They say on their site "Your participation in our trade earnings, is based and calculated upon the date of the official Public Trading for the XXXXXX XXXXXX XXXX X X in one of the Major Stock Exchanges. The Estimated time is set within the next 2 years. But they are collecting funds now with a future Public Trade date in 2009. Is this legal?

Did you know that PLDT (NYSE: PHI) (PSE: TEL), a regular NYSE equity, is really traded on the PSE? ? I understand that the United States Congress needs to pass laws with more teeth and provide funding for both the United States Securities & Exchange Commission and the U.S. Federal Trade Commission (ie. baby toys). That said the U.S. SEC is ineffective, per example of Sarbanes-Oxley, most Series 7 Licensed Brokers (Citi Smith Barney), etc. have told me that because the rules are so vague Sarbanes-Oxley passed by Congress in the wake of Enron is a joke. I believe that someone whom steals US$5000 from a petty cash box (and I think the amount is actually just above $500, for grand theft, can get 20 years in jail, while U.S. investors are legally manipulated as consumers we always want a larger return. I am tired of being in a global economy that does not respect U.S. investors, yet they list on our stock exchange. I would love to know why Philippine Long Distance (PLDT) (NYSE: PHI) (PSE: TEL) is allowed to list on the NYSE and even recommended by 2008 Wall Street Journal's Smart Money magazine which failed basic due diligence as the Chairman of PLDT has not been on the Wharton Board of Overseers for years which was a major selling point for many people. It seems that this Manuel Pangilinan and the Salim Group (beneficial owners of PLDT) should be checked out and suspended from the NYSE? Philippine Stock Exchange, Inc. ("PSE" or the "Exchange") is a private organization that provides and ensures a fair, efficient, transparent and orderly market for the buying and selling of securities. PSE traces its roots from the country's two former bourses: the Manila Stock Exchange ("MSE") and the Makati Stock Exchange ("MkSE"). Founded in March 1927, the MSE was the first stock exchange in the Philippines and one of the oldest in Asia. Originally housed in downtown Manila, the MSE moved to Pasig City in 1992. The MkSE, on the other hand, was established in May 1963 and became the second bourse to operate in the country. It was based in Makati City, a budding business district during those days. While trading the same listed issues, MSE and MkSE remained separate entities for almost thirty years. December 23, 1992 marked a milestone for the Philippine capital market when the MSE and MkSE were unified to become the PSE. At present, PSE maintains two trading floors -- one in Makati City and another in its head office in Pasig City. Even with two trading floors, PSE maintains a "one-price, one-market" Exchange through the MakTrade System. This is a single-order-book system that tallies all orders into one computer and ensures that these orders match with the best bid/best offer regardless of which floor the orders were placed. MakTrade likewise allows PSE to facilitate the trading of securities in a broker-to-broker market through automatic order and trade routing and confirmation. It also keeps an eye on any irregularity in the transactions with its market regulation and surveillance databases. In June 1998, the Securities and Exchange Commission conferred to the PSE the status of a Self-Regulatory Organization, which allows the PSE to implement its own rules and impose penalties on erring trading participants and listed companies. In 2001, or a year after the Securities Regulation Code of 2000 was enacted, the PSE was reorganized and transformed from a non-stock, member-governed organization into a shareholder-based, revenue-generating corporation. Along with this rebirth came the separation of the Exchange's ownership and trading rights, opening the doors for new market participants. On December 15, 2003, PSE shares were listed by way of introduction. The Philippine Central Depository, established in March 1995, provides the securities settlement system for both debt and equity instruments of the Exchange. Its computerized book-entry-settlement system paved the way for a safe and efficient scripless trading. Assuming the role of settlement coordinator and risk manager for broker transactions as well as administrator of the trade guaranty fund is the Securities Clearing Corporation of the Philippines ("SCCP"). SCCP is the clearing and settlement agency for depository eligible trades in the Exchange. Companies are listed in the PSE on the First Board, Second Board or the Small and Medium Enterprises Board. To help the investing public keep track faster of industry performance, listed companies are classified into the following sectors: Financial, Industrial, Holding Firms, Property, Services, and Mining and Oil. More importantly, PSE has adopted an online daily disclosure system to improve the transparency of listed companies and ensure full, fair, timely and accurate disclosure of material information from all listed companies. To address public demand for speedy access to information on the securities market, the PSE's website, www.pse.com.ph, provides comprehensive market data, stock quotations, dividend declarations, trading activities, and other pertinent information on the PSE, tradin

Did anybody see the list of extras added to the $700 billion Wall Street bail out? Remember when that bail out plan kept going back and forth, back and forth and THEN got signed? Hmmmm....... did anybody see all the "extra" stuff attached to it? You know the old saying "scratch my back ...."? Isn't it amazing how much other stuff gets tacked on to a bill that we only know the title of -- granted some of this is necessary and helpful, but come on: Children's wooden arrows, rum excise tax revenues to Puerto Rico and the Virgin Islands; and does THIS sound fair: Accelerated depreciation for property used mostly on an Indian reservation? More on the Bill Apart from the Troubled Assets Relief Program, the bill before the Senate includes: * Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors * Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle. * A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits * Tax relief provisions for victims of this summer's Midwestern floods, and Hurricane Ike * Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax But it also extends the following tax provisions: * Economic development credit to American Samoan businesses * $10,000 tax credit for training of mine rescue team members * 50% immediate expensing for extra underground mine safety equipment * Tax credit for businesses with employees from an Indian reservation * Accelerated depreciation for property used mostly on an Indian reservation * 50% tax credit for some expenditures on maintaining railroad tracks * 7-year recovery period for motorsports racetrack property * Expensing of cleaning up "brownfield" contaminated sites * Enhanced deductions for businesses donating computers and books to schools, and for food donations * Deduction for income from domestic production in Puerto Rico * Tax credit for employees in Hurricane Katrina disaster area * Tax incentives for investments in poor neighborhoods in D.C. * Increased rehabilitation credit for buildings in Gulf area * Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool * Special expensing rules for film and TV productions And there's more: * Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands * Making it easier for film and TV companies to use deduction for domestic production * Exempting children's wooden arrows from excise tax * Income averaging for Exxon Valdez litigants for tax purposes

Financial Questions (Part 3)...need assistance.? 7. Which of the following statements is most correct? a. Because global depository receipts are listed on the London Stock Exchange, U.S. investors cannot buy GDRs through a broker in the United States. b. Foreign stocks can be traded in the United States if they are registered with the Securities and Exchange Commission. c. The fourth market is a market for large blocks of listed stocks that operates outside the confines of the organized exchanges. d. All the above statements are correct. 8. Which of the following interest rates are not determined in the money market? a. U.S. Treasury bill rate b. prime rate c. commercial paper rate d. federal funds rate 9. The benefits of diversification are greatest when asset returns have: a. negative correlations b. positive correlations c. zero correlations d. low positive covariances

economy text from english to serbian? could you translate this text into serbian by tomorrow? please The London Stock Exchange Limited (LSE) is the world's oldest stock exchange and one of the top three stock exchanges in the world, after the New York and Tokyo exchanges. Founded in 1773 and reincorporated as a private limited company in 1986, the LSE is also the world leader in international share trading. The LSE operates a number of market products, including the main board listing, featuring more than 3,000 companies and including over 500 international companies, as well as the secondary AIM (Alternative Investment Market), established in 1995 as a vehicle for trades in small, high-growth companies. More than 70 companies are listed on the AIM board. After launching the Stock Exchange Electronic Trading Services (SETS) in 1997, the LSE introduced a new listing, techMARK, tailored to the specific needs of the high-technology sector and designed to compete with the NASDAQ index. With a total equity turnover value of more than £3.5 billion, the LSE achieved gross revenues of £149.8 million in 1999. The LSE is led by Chairman John Kemp-Welch and CEO Gavin Casey. Founded in 1773, the LSE reflects more than 200 years of the development of share-based enterprise. The world's first joint-stock company was created in the mid-16th century. Traditionally, companies were either owned by a single individual or through a partnership with two or more owners. While this arrangement sufficed for smaller businesses and stable market sectors, direct financial responsibility for riskier endeavors--such as the great trade exploration voyages of the period--were judged too precarious for an individual or limited group of investors. The organization of such a venture, that of a voyage to trace a northern sea route to the Far East from London in 1553, introduced the world's first shareholder-based company. Selling shares to a larger number of investors reduced the financial risk for each individual investor, while enabling the company itself to raise the capital needed to fund its operations. This first joint-stock company failed to find a northern sea route to the Far East. However, a meeting with Russian tsar Ivan the Terrible brought the company the exclusive rights to trade between Russia and England. The Muscovy Company, as it came to be called, became a commercial success, rewarded its shareholders with large profits, and inspired the creation of new investment ventures. The Muscovy Company served as the model for future shareholder-based companies. Investors contributed capital funding, while direction of the company's operations remained in the hands of its management. The investors, who were allowed to sell their holdings or buy more shares, were given dividends according to the company's profits. As more companies were set up following the Muscovy model, a new profession came into being, that of the broker, who acted as a middleman for trades of shares, helping to boost not only the number of joint-stock companies but also the number of investors. Adding impetus to this movement was the foundation of the Bank of England as a joint-stock company by King William III in order to provide funding for England's military campaign against France at the end of the 17th century. The shareholder system was given further support by legislation to limit and punish brokers for malpractice. By the 18th century, a flourishing "market" for shares was in place--so much so that the period marked the first stock market crash in 1720. While trading took place at the Royal Exchange through the middle of the century, the rowdy behavior--itself to become something of a tradition on the market floor--of certain brokers led to their exclusion. Instead of leaving the business, these brokers began meeting at Jonathan's Coffee House and other coffee shops in the Threadneedle Street area of London. In 1760, some 150 brokers founded their own club to buy and sell stock at Jonathan's. The following decade, in 1773, the members of the club changed its name to the Stock Exchange. As the individual broker members of the Stock Exchange began to establish brokerage firms, and the number of markets expanded, the Stock Exchange saw a need for new quarters. In 1801, the Stock Exchange began construction on a new building at what was to become its permanent London location. The following year, the Stock Exchange published a Deed of Settlement, formally outlining the operating rules and procedures of the stock market. If the original joint-stock companies were formed to provide funding for the many voyages of discovery, overseas trading, and foreign military campaigns, the shareholder-based company structure showed itself easily adaptable to the changing economic landscape of the 19th century. The Industrial Revolution, coupled with such major infrastructure undertakings as the building of a national railroad system, provided the basis for the modern period of shareholder-b

If Al gore wasn't set to make billions off of crap n tax, would he even care about global warming? Matt Taibi---Rolling Stone magazine: "The bank owns a 10 percent stake in the Chicago Climate Exchange, where the carbon credits will be traded. Moreover, Goldman owns a minority stake in Blue Source LLC, a Utah-based firm that sells carbon credits of the type that will be in great demand if the bill passes. Nobel Prize winner Al Gore, who is intimately involved with the planning of cap-and-trade, started up a company called Generation Investment Management with three former bigwigs from Goldman Sachs Asset Management, David Blood, Mark Ferguson and Peter Harris. Their business? Investing in carbon offsets. There's also a $500 million Green Growth Fund set up by a Goldmanite to invest in green-tech ... the list goes on and on. Goldman is ahead of the headlines again, just waiting for someone to make it rain in the right spot."

Agree or Disagree: "Bush and Cheney did more to pave the way for Obama's push toward socialism than Marx.."? http://www.huffingtonpost.com/2009/10/14/larry-klayman-conservativ_n_321080.html In his new subtly-titled book, "Whores: Why And How I Came To Fight The Establishment," Klayman details his career as a thorn in the side of the powerful. Describing his decision to take on the case of Scott Tooley, a congressional aide convinced that he was on a terrorist watch list and that his phone was being wiretapped by the government, Klayman engages in the usual hyperbole: "The Tooley case, which continues to this day, went directly to abuses of power -- this time, by an administration that colored itself conservative but too often behaved as if the Constitution is an inconvenience to be sidestepped or even ignored.... Bush and Cheney did more to pave the way for Obama's push toward socialism than Marx, Lenin, Stalin and Mao Tse-tung could have ever dreamed or hoped for." Klayman says that he met with Senator John McCain in 1997 to discuss allegations that the Clinton administration was illegally soliciting campaign contributions in exchange for seats on trade missions. Asked why the congressional hearings into the matter had ended in failure, McCain admitted that it was because both political parties had checkmated each other, telling Klayman: "Yes, my party is involved as well in the illegal fund raising. It's a disgrace." max.............A guy made a quote. I thought it was interesting. I just asked if you agreed with his conclusion. didyou...........??? Ok.

Is it good to invest in Africa, probably in Ghana? Ghana's `Forgotten' Stock Market Beats World Equities (Update1) By Janice Kew and Emily Bowers Oct. 30 (Bloomberg) -- Vendors hawking handbags and fruit along downtown Accra's Liberia Road are busier than the traders five stories upstairs on the Ghana Stock Exchange. An offshore-oil discovery, rising commodity prices and government spending on roads and other projects drove the market to a 63 percent gain this year, making it the world's best- performing bourse. Then volume on the market fell to 23,875 shares daily over the last four weeks, a 20th of the average for the past six months. This left investors unable to flee even as stocks in nearby Nigeria declined 44 percent since March 5. On some days, almost no shares have changed hands in the Cedi House Building. ``It's hard to call it a stock market because of the liquidity levels,'' said Don Elefson, an emerging-markets specialist at Harding Loevner Management in Somerville, New Jersey. ``Ghana's a little market that gets forgotten.'' The path of Ghana's All-Share Index diverged from the Merrill Lynch African Lions Index on March 5, climbing 54 percent as the broader measure of bourses started a 60 percent plunge. ``Ghana missed out on the initial Africa bull run and is now playing catch-up,'' said Cape Town-based Roelof Horne, who helps manage $1 billion in Investec's Africa Fund and Pan-Africa Fund. Stock-market development in the country of 22.5 million, sandwiched between Togo and Ivory Coast, has trailed neighbors such as Nigeria. The Lagos exchange has 219 listed companies and a valuation of about 10 trillion naira ($80 billion) as of September, compared with Accra's 34 listed companies worth 18.1 billion cedis ($15.5 billion). Ghana's All-Share Index today lost 0.1 percent to 10,788.29, while Nigeria's benchmark tumbled 3.5 percent. Electronic Trading Unlike Nigeria, Ghana doesn't have electronic trading, according to the market's Web site. Traders scribble bid and asking prices on whiteboards. That's forecast to change before the end of the year, according to the exchange's general manager, Ekow Afedzie. http://www.bloomberg.com/apps/news?pid=20601109&sid=aR0aUBdXVtfM&refer=home Please be analytical, best answer will be posted on blog. Please also base your answer by analyzing the article!

Will Obama give GM to the UAW like he did for Chrysler? DETROIT – Bankruptcy protection for the nation's biggest automaker is becoming more probable with a deadline just over two weeks away, the company's top executive told reporters Monday. General Motors Corp. CEO Fritz Henderson is still holding out hope that the company can restructure without court protection, but he says the tasks to complete before a June 1 government-imposed deadline are large. The automaker, Henderson said, is looking at its operations country-by-country to determine where it might have file for bankruptcy, but he says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations. "Certainly the task that we have in front of us is large," Henderson said during a conference call to update the company's restructuring efforts. "There is still an opportunity and still a chance for it to be done outside of a court process." GM shares fell 13 cents, or 8.1 percent, to $1.48 in midday trading. General Motors has received $15.4 billion in federal loans, and the government deadline to restructure or seek Chapter 11 protection is just over two weeks away. But the company must reach concessionary agreements with unions, persuade thousands of bondholders to exchange $27 billion in debt for 10 percent of GM's stock, cut thousands of dealers, close plants and lay off more salaried workers. Under Chapter 11 reorganization, a company can stay in operation under court protection while sheds debts and unprofitable assets to emerge in a stronger financial position. Also Monday, Henderson left open the possibility that GM would move its corporate headquarters out of Detroit. The company, he said, is looking at everything within its business. "It's not like we have that queued up at the top of our list," he said, adding that GM has a large number of people in Detroit and is proud to be here. He would not comment about reports about Fiat Group SpA's interest in getting 80 percent of GM's European Opel operations, saying that any structure must address the needs of both partners. Henderson said GM has an urgent need for funding from the German government, so any partner for its European operations would have to be suitable to the government. "We have a need for funding, actually, in our European business, that's important and urgent and the German government hasn't indicated an interest in running our business," Henderson said. "We're going to make sure that any partner we pick in this business is going to be suitable for them, so that if we need their support, we obviously want them to find any partner to be reasonable and acceptable. Henderson cast doubt on reports that GM may sell its Latin American operations, saying they have consistently brought great returns to the company. "This is a business that we know and like very much," he said.

Should the DNC let Harkin in on a dirty little secret?? The bill is deficit neutral because new taxes come 1st? Progressive democrats have apparently decided they will vote for this bill (despite it containing very little that they wanted). What is even stranger however is that they are trying to get the benefits from this bill to kick in sooner (as a consolation prize I guess)?? Don't they understand that the WHOLE POINT of waiting for the benefits to kick in is so you can collect the funds first?? If benefits start sooner, you can't pretend it's deficit neutral because the 10 year window will change..........there will be more costs sooner. This is a delicately constructed illusion. Shouldn't someone clue them in? http://tpmdc.talkingpointsmemo.com/2009/12/what-does-trading-the-public-option-buy-you-perhaps-an-earlier-start-date-for-reform.php?ref=fpb With the public option dead, progressives are looking for something else to get out of negotiations and moving up the list is the possibility of speeding up implementation. When the two chambers meet in conference, House leaders will have a prioritized package of goodies in mind, and they'll be pushing hard for them. On the list will likely be familiar issues like financing--should wealthy Americans pay for reform, or should a tax on high-end health insurance policies cover the cost, or should it be a mix of the two? But a separate issue is beginning to come into focus. "I think one other one, is starting date," Sen. Tom Harkin (D-IA) told reporters today. The Senate bill is set to implement most of its largest reforms (the mandates, subsidies, and exchanges) in 2014. The House bill kicks into high gear a year earlier, in 2013. "[Q]uite frankly it ought to even be sooner than that," Harkin said.

basic accounting help: true and false questions. please help.? answer as many as you can please, true or false.. and thanks for all the help! 1. work sheets for service and merchandising businesses are very different. 2. a trial balance is prepared to prove that all journal entries have been posted to the correct general ledger accounts. 3. all accounts are listed on the work sheeet regardless of whether there is a balance or not. 4. the value of the insurance coverage used is recorded as a debit to insurance expense. 5. the amount of supplies not used during a fiscal period represents an expense. 6. there will be a net loss if the income statement debit column total is larger than the income statement credit column total. 7. a net income amount is extended to the balance sheet debit column. 8. in the preparation of financial statements, accounting principles are applied differently from on fiscal period to the next. 9. beginning merchandise inventory less purchases made during the fiscal period plus ending inventory equals cost of merchandise sold. 10. if a company has determined that the acceptable component percentage for cost of merchandise sold is not more than 51.1%, the current year's actual component percentage of 48.9% is unacceptable. 11. revenue less cost of merchandise sold equals net income. 12. when a business's expenses are less than the gross profit on sales, the difference is known as net loss. 13. data needed to prepare the liabilities section of a balance sheet are obtained from a work sheet's balance sheet debit column. 14. information needed for journalizing adjusting entries is taken from the income statement and balance sheet columns of a work sheet. 15. at the end of a fiscal period, the temporary accounts are closed to prepare the general ledger for the next fiscal period. 16. the entry to close income summary transfers the amount of net income or net loss to the partners capital account. 17. a prepaid insurance adjustment includes a debiting the expense accounts and crediting income summary. 18. expense accounts are closed by debiting the expense accounts and crediting income summary. 19. a purchase journal is used for cash purchases only. 20. trade discounts normally are recorded in the purchases discount account. 21. if the actual petty cash on hand is $53.00 but the records show that $55.00 should be on hand, the petty cash fund is said to be over. 22. the terms of sale 1/10, n/30 mean that the customer may deduct 1% of the invoice amount if payment is made within 30 days of the invoice date. 23. each amount in a sales journal's account receivable debit column is pasted to an accounts receivable ledger account. 24. regardless of when merchandise is sold, revenue should be recorded when cash is received. 25. a sales invoice is the source document for journalizing sales on account transaction. 26. when credit terms of 2/10, n/30 are offered, it means a cash discount of 2% is offered if the invoice is paid within 30 days. 27. the account allowance for uncollectible accounts is increased by a debit. 28. accounts receivable that cannot be collected are called uncollectible accounts. 29. using the percentage of total sales on account to estimate uncollectible accounts expense assumes that portion of every dale on account dollar will become uncollectible. 30. canceling the balance of a customer account because the customer does not pay is called writing off an account. 31. when a previously written-off account is collected, accounts receivable is debited and credited for the amount collected. 32. assets expected to be exchanged for cash or consumed within a year are known as plant assets. 33. plant assets decrease in value because of use and the passage of time 34. the original cost of a plant asset includes only the amount paid the vendor the plant asset. 35. estimated total depreciation expense is calculated as original cost less estimated salvage value. 36. loss on plant assets is revenue that results when a plant asset is sold for more than book value. 37. personal property includes buildings but not land. 38. a perpetual inventory system provides day-to-day information about the quality of merchandise on ahdn. 39. when a business frequently orders small quantities of an item, the price paid is often more per unit than when merchandise is ordered in large quantities. 40. the cost of merchandise inventory is reported on both the income statement and the balance sheet. 41. businesses that need an ending inventory amount for preparing monthly income statements should take a physical inventory to obtain the amount for each month. 42. first in, first out is a method used to determine the quantity of each type of merchandise on hand. 43. the journal entry for paying a note payable includes a debit to accounts payable to remove the balance owed. 44. when a business receives payment for a note receivable, accounts receivable is credited. 45. in interest calculations, time can be expressed in who

Why does Bill Clinton think he is some type of help or advantage to the liberal party? http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=9122909&ch=4226716&src=news - The only president ever impeached on grounds of personal malfeasance - Most number of convictions and guilty pleas by friends and associates* - Most number of cabinet officials to come under criminal investigation - Most number of witnesses to flee country or refuse to testify - Most number of witnesses to die suddenly - First president sued for sexual harassment. - Second president accused of rape** - First first lady to come under criminal investigation - Largest criminal plea agreement in an illegal campaign contribution case - First president to establish a legal defense fund. - First president to be held in contempt of court - Greatest amount of illegal campaign contributions - Greatest amount of illegal campaign contributions from abroad - First president disbarred from the US Supreme Court and a state court * According to our best information, 40 government officials were indicted or convicted in the wake of Watergate. A reader computes that there was a total of 31 Reagan era convictions, including 14 because of Iran-Contra and 16 in the Department of Housing & Urban Development scandal. 47 individuals and businesses associated with the Clinton machine were convicted of or pleaded guilty to crimes with 33 of these occurring during the Clinton administration itself. There were in addition 61 indictments or misdemeanor charges. 14 persons were imprisoned. A key difference between the Clinton story and earlier ones was the number of criminals with whom he was associated before entering the White House. Using a far looser standard that included resignations, David R. Simon and D. Stanley Eitzen in Elite Deviance, say that 138 appointees of the Reagan administration either resigned under an ethical cloud or were criminally indicted. Curiously Haynes Johnson uses the same figure but with a different standard in "Sleep-Walking Through History: America in the Reagan Years: "By the end of his term, 138 administration officials had been convicted, had been indicted, or had been the subject of official investigations for official misconduct and/or criminal violations. In terms of number of officials involved, the record of his administration was the worst ever." **Selene Walter accused Ronald Reagan of rape 39 years after the alleged assault in the 1950s. No further information is available on this case. The Juanita Broaddrick case involving Bill Clinton was investigated by the congressional impeachment counsel. According to counsel David Shippers those conducting the interview "have assured me that she is the most credible witness that either one of them have ever talked to" STARR-RAY INVESTIGATION - Number of Starr-Ray investigation convictions or guilty pleas (including one governor, one associate attorney general and two Clinton business partners): 14 - Number of Clinton Cabinet members who came under criminal investigation: 5 - Number of Reagan cabinet members who came under criminal investigation: 4 - Number of top officials jailed in the Teapot Dome Scandal: 3 CRIME STATS - Number of individuals and businesses associated with the Clinton machine who have been convicted of or pleaded guilty to crimes: 47 - Number of these convictions during Clinton's presidency: 33 - Number of indictments/misdemeanor charges: 61 - Number of congressional witnesses who have pleaded the Fifth Amendment, fled the country to avoid testifying, or (in the case of foreign witnesses) refused to be interviewed: 122 SMALTZ INVESTIGATION - Guilty pleas and convictions obtained by Donald Smaltz in cases involving charges of bribery and fraud against former Agriculture Secretary Mike Espy and associated individuals and businesses: 15 - Acquitted or overturned cases (including Espy): 6 - Fines and penalties assessed: $11.5 million - Amount Tyson Food paid in fines and court costs: $6 million CAMPAIGN FINANCE INVESTIGATION - As of June 2000, the Justice Department listed 25 people indicted and 19 convicted because of the 1996 Clinton-Gore fundraising scandals. - According to the House Committee on Government Reform in September 2000, 79 House and Senate witnesses asserted the Fifth Amendment in the course of investigations into Gore's last fundraising campaign. -James Riady entered a plea agreement to pay an $8.5 million fine for campaign finance crimes. This was a record under campaign finance laws. CLINTON MACHINE CRIMES FOR WHICH CONVICTIONS WERE OBTAINED Drug trafficking (3), racketeering, extortion, bribery (4), tax evasion, kickbacks, embezzlement (2), fraud (12), conspiracy (5), fraudulent loans, illegal gifts (1), illegal campaign contributions (5), money laundering (6), perjury, obstruction of justice. HISTORICAL CONTEXT - Number of independent counsel inquiries since the 1978 law was passed: 19 - Number that have produced indictments: 7 - Number that produced more convictions than the Starr investigation: 1 - Median length of investigations that led to convictions: 44 months - Length of Starr-Ray investigation: 69 months. - Total cost of the Starr investigation (3/00) $52 million - Total cost of the Iran-Contra investigation: $48.5 million - Total cost to taxpayers of the Madison Guarantee failure: $73 million OTHER MATTERS INVESTIGATED BY SPECIAL PROSECUTORS AND CONGRESS, OR REPORTED IN THE MEDIA Bank and mail fraud, violations of campaign finance laws, illegal foreign campaign funding, improper exports of sensitive technology, physical violence and threats of violence, solicitation of perjury, intimidation of witnesses, bribery of witnesses, attempted intimidation of prosecutors, perjury before congressional committees, lying in statements to federal investigators and regulatory officials, flight of witnesses, obstruction of justice, bribery of cabinet members, real estate fraud, tax fraud, drug trafficking, failure to investigate drug trafficking, bribery of state officials, use of state police for personal purposes, exchange of promotions or benefits for sexual favors, using state police to provide false court testimony, laundering of drug money through a state agency, false reports by medical examiners and others investigating suspicious deaths, the firing of the RTC and FBI director when these agencies were investigating Clinton and his associates, failure to conduct autopsies in suspicious deaths, providing jobs in return for silence by witnesses, drug abuse, improper acquisition and use of 900 FBI files, improper futures trading, murder, sexual abuse of employees, false testimony before a federal judge, shredding of documents, withholding and concealment of subpoenaed documents, fabricated charges against (and improper firing of) White House employees, inviting drug traffickers, foreign agents and participants in organized crime to the White House. ARKANSAS ALTZHEIMER'S Number of times that Clinton figures who testified in court or before Congress said that they didn't remember, didn't know, or something similar. Bill Kennedy 116 Harold Ickes 148 Ricki Seidman 160 Bruce Lindsey 161 Bill Burton 191 Mark Gearan 221 Mack McLarty 233 Neil Egglseston 250 Hillary Clinton 250 John Podesta 264 Jennifer O'Connor 343 Dwight Holton 348 Patsy Thomasson 420 Jeff Eller 697 FROM THE WASHINGTON TIMES: In the portions of President Clinton's Jan. 17 deposition that have been made public in the Paula Jones case, his memory failed him 267 times. This is a list of his answers and how many times he gave each one. I don't remember - 71 I don't know - 62 I'm not sure - 17 I have no idea - 10 I don't believe so - 9 I don't recall - 8 I don't think so - 8 I don't have any specific recollection - 6 I have no recollection - 4 Not to my knowledge - 4 I just don't remember - 4 I don't believe - 4 I have no specific recollection - 3 I might have - 3 I don't have any recollection of that - 2 I don't have a specific memory - 2 I don't have any memory of that - 2 I just can't say - 2 I have no direct knowledge of that - 2 I don't have any idea - 2 Not that I recall - 2 I don't believe I did - 2 I can't remember - 2 I can't say - 2 I do not remember doing so - 2 Not that I remember - 2 I'm not aware - 1 I honestly don't know - 1 I don't believe that I did - 1 I'm fairly sure - 1 I have no other recollection - 1 I'm not positive - 1 I certainly don't think so - 1 I don't really remember - 1 I would have no way of remembering that - 1 That's what I believe happened - 1 To my knowledge, no - 1 To the best of my knowledge - 1 To the best of my memory - 1 I honestly don't recall - 1 I honestly don't remember - 1 That's all I know - 1 I don't have an independent recollection of that - 1 I don't actually have an independent memory of that - 1 As far as I know - 1 I don't believe I ever did that - 1 That's all I know about that - 1 I'm just not sure - 1 Nothing that I remember - 1 I simply don't know - 1 I would have no idea - 1 I don't know anything about that - 1 I don't have any direct knowledge of that - 1 I just don't know - 1 I really don't know - 1 I can't deny that, I just -- I have no memory of that at all - 1 ARKANSAS SUDDEN DEATH SYNDROME - Number of persons in the Clinton machine orbit who are alleged to have committed suicide: 9 - Number known to have been murdered: 12 - Number who died in plane crashes: 6 - Number who died in single car automobile accidents: 3 - Number of one-person sking fatalities: 1 - Number of key witnesses who have died of heart attacks while in federal custody under questionable circumstances: 1 - Number of unexplained deaths: 4 - Number of northern Mafia killings during peak years of 1968-78: 30 - Number of Dixie Mafia killings during same period: 156

Can you translate these English paragraphs to Tagalog about UAE??? Introduction Background: Definition Field Listing The Trucial States of the Persian Gulf coast granted the UK control of their defense and foreign affairs in 19th century treaties. In 1971, six of these states - Abu Zaby, 'Ajman, Al Fujayrah, Ash Shariqah, Dubayy, and Umm al Qaywayn - merged to form the United Arab Emirates (UAE). They were joined in 1972 by Ra's al Khaymah. The UAE's per capita GDP is on par with those of leading West European nations. Its generosity with oil revenues and its moderate foreign policy stance have allowed the UAE to play a vital role in the affairs of the region. Geography Location: Definition Field Listing Middle East, bordering the Gulf of Oman and the Persian Gulf, between Oman and Saudi Arabia Geographic coordinates: Definition Field Listing 24 00 N, 54 00 E Map references: Definition Field Listing Middle East Area: Definition Field Listing Rank Order total: 83,600 sq km land: 83,600 sq km water: 0 sq km Area - comparative: Definition Field Listing slightly smaller than Maine Land boundaries: Definition Field Listing total: 867 km border countries: Oman 410 km, Saudi Arabia 457 km Coastline: Definition Field Listing 1,318 km Maritime claims: Definition Field Listing territorial sea: 12 nm contiguous zone: 24 nm exclusive economic zone: 200 nm continental shelf: 200 nm or to the edge of the continental margin Climate: Definition Field Listing desert; cooler in eastern mountains Terrain: Definition Field Listing flat, barren coastal plain merging into rolling sand dunes of vast desert wasteland; mountains in east Elevation extremes: Definition Field Listing lowest point: Persian Gulf 0 m highest point: Jabal Yibir 1,527 m Natural resources: Definition Field Listing petroleum, natural gas Land use: Definition Field Listing arable land: 0.77% permanent crops: 2.27% other: 96.96% (2005) Irrigated land: Definition Field Listing 760 sq km (2003) Total renewable water resources: Definition Field Listing 0.2 cu km (1997) Freshwater withdrawal (domestic/industrial/agricultural): Definition Field Listing total: 2.3 cu km/yr (23%/9%/68%) per capita: 511 cu m/yr (2000) Natural hazards: Definition Field Listing frequent sand and dust storms Environment - current issues: Definition Field Listing lack of natural freshwater resources compensated by desalination plants; desertification; beach pollution from oil spills Environment - international agreements: Definition Field Listing party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Ozone Layer Protection signed, but not ratified: Law of the Sea Geography - note: Definition Field Listing strategic location along southern approaches to Strait of Hormuz, a vital transit point for world crude oil Government Country name: Definition Field Listing conventional long form: United Arab Emirates conventional short form: none local long form: Al Imarat al Arabiyah al Muttahidah local short form: none former: Trucial Oman, Trucial States abbreviation: UAE Government type: Definition Field Listing federation with specified powers delegated to the UAE federal government and other powers reserved to member emirates Capital: Definition Field Listing name: Abu Dhabi geographic coordinates: 24 28 N, 54 22 E time difference: UTC+4 (9 hours ahead of Washington, DC during Standard Time) Administrative divisions: Definition Field Listing 7 emirates (imarat, singular - imarah); Abu Zaby (Abu Dhabi), 'Ajman, Al Fujayrah, Ash Shariqah (Sharjah), Dubayy (Dubai), Ra's al Khaymah, Umm al Qaywayn (Quwayn) Independence: Definition Field Listing 2 December 1971 (from UK) National holiday: Definition Field Listing Independence Day, 2 December (1971) Constitution: Definition Field Listing 2 December 1971; made permanent in 1996 Legal system: Definition Field Listing based on a dual system of Shari'a and civil courts; has not accepted compulsory ICJ jurisdiction Suffrage: Definition Field Listing none Executive branch: Definition Field Listing chief of state: President KHALIFA bin Zayid al-Nuhayyan (since 3 November 2004), ruler of Abu Zaby (Abu Dhabi) (since 4 November 2004); Vice President and Prime Minister MUHAMMAD bin Rashid al-Maktum (since 5 January 2006) head of government: Prime Minister and Vice President MUHAMMAD bin Rashid al-Maktum (since 5 January 2006); Deputy Prime Ministers SULTAN bin Zayid al-Nuhayyan (since 20 November 1990) and HAMDAN bin Zayid al-Nuhayyan (since 20 October 2003) cabinet: Council of Ministers appointed by the president note: there is also a Federal Supreme Council (FSC) composed of the seven emirate rulers; the FSC is the highest constitutional authority in the UAE; establishes general policies and sanctions federal legislation; meets four times a year; Abu Zaby (Abu Dhabi) and Dubayy (Dubai) rulers have effective veto power elections: president and vice president elected by the FSC for five-year terms (no term limits); election last held 3 November 2004 upon the death of the UAE's Founding Father and first President ZAYID bin Sultan Al Nuhayyan (next to be held in 2009); prime minister and deputy prime minister appointed by the president election results: KHALIFA bin Zayid al-Nuhayyan elected president by a unanimous vote of the FSC; MUHAMMAD bin Rashid al-Maktum unanimously affirmed vice president after the 2006 death of his brother Sheikh Maktum bin Rashid al-Maktum Legislative branch: Definition Field Listing unicameral Federal National Council (FNC) or Majlis al-Ittihad al-Watani (40 seats; 20 members appointed by the rulers of the constituent states, 20 members elected to serve two-year terms) elections: elections for one half of the FNC (the other half remains appointed) held in the UAE on 18-20 December 2006; the new electoral college - a body of 6,689 Emiratis (including 1,189 women) appointed by the rulers of the seven emirates - were the only eligible voters and candidates; 456 candidates including 65 women ran for 20 contested FNC seats; one female from the Emirate of Abu Dhabi won a seat note: reviews legislation but cannot change or veto Judicial branch: Definition Field Listing Union Supreme Court (judges are appointed by the president) Political parties and leaders: Definition Field Listing none Political pressure groups and leaders: Definition Field Listing NA International organization participation: Definition Field Listing ABEDA, AFESD, AMF, FAO, G-77, GCC, IAEA, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAPEC, OIC, OPCW, OPEC, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WHO, WIPO, WMO, WTO Diplomatic representation in the US: Definition Field Listing chief of mission: Ambassador (vacant) chancery: 3522 International Court NW, Suite 400, Washington, DC 20008 telephone: [1] (202) 243-2400 FAX: [1] (202) 243-2432 consulate(s): New York, Houston Diplomatic representation from the US: Definition Field Listing chief of mission: Ambassador (vacant); Charge d'Affaires Martin R. QUINN embassy: Embassies District, Plot 38 Sector W59-02, Street No. 4, Abu Dhabi mailing address: P. O. Box 4009, Abu Dhabi telephone: [971] (2) 414-2200 FAX: [971] (2) 414-2603 consulate(s) general: Dubai Flag description: Definition Field Listing three equal horizontal bands of green (top), white, and black with a wider vertical red band on the hoist side Economy United Arab Emirates Top of Page Economy - overview: Definition Field Listing The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Despite largely successful efforts at economic diversification, nearly 40% of GDP is still directly based on oil and gas output. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. Higher oil revenue, strong liquidity, housing shortages, and cheap credit in 2005-07 led to a surge in asset prices (shares and real estate) and consumer inflation. Rising prices are increasing the operating costs for businesses in the UAE and adversely impacting government employees and others on fixed incomes. Dependence on oil and a large expatriate workforce are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment. GDP (purchasing power parity): Definition Field Listing Rank Order $167.3 billion (2007 est.) GDP (official exchange rate): Definition Field Listing $192.6 billion (2007 est.) GDP - real growth rate: Definition Field Listing Rank Order 7.4% (2007 est.) GDP - per capita (PPP): Definition Field Listing Rank Order $37,300 (2007 est.) GDP - composition by sector: Definition Field Listing agriculture: 1.8% industry: 59.3% services: 38.9% (2007 est.) Labor force: Definition Field Listing Rank Order 3.065 million (2007 est.) Labor force - by occupation: Definition Field Listing agriculture: 7% industry: 15% services: 78% (2000 est.) Unemployment rate: Definition Field Listing Rank Order 2.4% (2001) Population below poverty line: Definition Field Listing 19.5% (2003) Household income or consumption by percentage share: Definition Field Listing lowest 10%: NA% highest 10%: NA% Inflation rate (consumer prices): Definition Field Listing Rank Order 11% (2007 est.) Investment (gross fixed): Definition Field Listing Rank Order 21.8% of GDP (2007 est.) Budget: Definition Field Listing revenues: $58.88 billion expenditures: $38.06 billion (2007 est.) Public debt: Definition Field Listing Rank Order 22.9% of GDP (2007 est.) Agriculture - products: Definition Field Listing dates, vegetables, watermelons; poultry, eggs, dairy products; fish Industries: Definition Field Listing petroleum and petrochemicals; fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, some boat building, handicrafts, textiles Industrial production growth rate: Definition Field Listing Rank Order 4.3% (2007 est.) Electricity - production: Definition Field Listing Rank Order 57.06 billion kWh (2005) Electricity - consumption: Definition Field Listing Rank Order 52.62 billion kWh (2005) Electricity - exports: Definition Field Listing 0 kWh (2005) Electricity - imports: Definition Field Listing 0 kWh (2005) Oil - production: Definition Field Listing Rank Order 2.54 million bbl/day (2006 est.) Oil - consumption: Definition Field Listing Rank Order 372,000 bbl/day (2005 est.) Oil - exports: Definition Field Listing Rank Order 2.54 million bbl/day (2004 est.) Oil - imports: Definition Field Listing Rank Order 137,200 bbl/day (2004) Oil - proved reserves: Definition Field Listing Rank Order 97.8 billion bbl (2007 est.) Natural gas - production: Definition Field Listing Rank Order 45.07 billion cu m (2005 est.) Natural gas - consumption: Definition Field Listing Rank Order 39.56 billion cu m (2005 est.) Natural gas - exports: Definition Field Listing Rank Order 6.848 billion cu m (2005 est.) Natural gas - imports: Definition Field Listing Rank Order 1.343 billion cu m (2005) Natural gas - proved reserves: Definition Field Listing Rank Order 5.823 trillion cu m (1 January 2006 est.) Current account balance: Definition Field Listing Rank Order $41.67 billion (2007 est.) Exports: Definition Field Listing Rank Order $156.6 billion f.o.b. (2007 est.) Exports - commodities: Definition Field Listing crude oil 45%, natural gas, reexports, dried fish, dates Exports - partners: Definition Field Listing Japan 23.4%, South Korea 10.3%, Thailand 5%, India 4.8% (2006) Imports: Definition Field Listing Rank Order $101.6 billion f.o.b. (2007 est.) Imports - commodities: Definition Field Listing machinery and transport equipment, chemicals, food Imports - partners: Definition Field Listing China 13.1%, India 10.2%, US 8.9%, Japan 6.2%, Germany 6.1%, Italy 4.7% (2006) Economic aid - donor: Definition Field Listing since its founding in 1971, the Abu Dhabi Fund for Development has given about $5.2 billion in aid to 56 countries (2004) Economic aid - recipient: Definition Field Listing $5.36 million (2004) Reserves of foreign exchange and gold: Definition Field Listing Rank Order $76.62 billion (31 December 2007 est.) Debt - external: Definition Field Listing Rank Order $57.52 billion (31 December 2007 est.) Stock of direct foreign investment - at home: Definition Field Listing Rank Order $44.37 billion (2007 est.) Stock of direct foreign investment - abroad: Definition Field Listing Rank Order $14.14 billion (2007 est.) Market value of publicly traded shares: Definition Field Listing Rank Order $138.5 billion (2006) Currency (code): Definition Field Listing Emirati dirham (AED) Exchange rates: Definition Field Listing Emirati dirhams per US dollar - 3.673 (2007), 3.673 (2006), 3.6725 (2005), 3.6725 (2004), 3.6725 (2003) note: officially pegged to the US dollar since February 2002 Fiscal year: Definition Field Listing calendar year Transnational Issues Disputes - international: Definition Field Listing boundary agreement was signed and ratified with Oman in 2003 for entire border, including Oman's Musandam Peninsula and Al Madhah enclaves, but contents of the agreement and detailed maps showing the alignment have not been published; Iran and UAE dispute Tunb Islands and Abu Musa Island, which Iran occupies Illicit drugs: Definition Field Listing the UAE is a drug transshipment point for traffickers given its proximity to Southwest Asian drug-producing countries; the UAE's position as a major financial center makes it vulnerable to money laundering; anti-money-laundering controls improving, but informal banking remains unregulated

Should we give money to poor ppl? ZAKAAT (Alms) Ramadan is the month of giving and benevolence, the Messenger was more benevolent than a falling rain. Muslims are encouraged to emulate the Messenger of Allah (saas), to assess and pay their Zakaat during the month of Ramadan, thus combining the two pillars of Islam at the same time. Zakaat (alms) is the name of what a believer returns out of his or her wealth to the neediest of Muslims for the sake of the Almighty Allah. It is called Zakaat because the word Zakaat is from Zakaa which means, to increase, purify and bless. Who Should Give Zakaat The obligation of Zakaat is mandatory on every Muslim who possesses the minimum Nisaab, whether the person is man, woman, young, old sane or insane. Because the proof of Zakaat in Al-Qur`an and Sunnah is general and does not exclude young or insane. Allah (SWT) stated that: "Of their goods take alms so that thou mightiest purify and sanctify them..." (Al-Qur`an, 9: 103) Imam Ibn Hazim said that every Muslim young or old sane or insane needs to cleanse his or her wealth with Zakaat because of generality of the evidence. Anas bin Malik reported that the Messenger of Allah (saas) said: "Trade with the money of the orphan, lest it is eaten up by Zakaat." (At-Tabraani) In another Hadith `Amru bin Shuaib related from his grandfather that the Messenger of Allah said: "Whoever is entrusted with money of an orphan should trade with it and should not leave it sitting to be used up by charity." (Tirmidhi) The point of reference in these reports is that the Messenger (saas) urged the trustee on the estate of people who due to age or other reasons cannot manage their own financial affairs, to invest it in a business that will yield a return and make it grow until they are in a position to do so themselves. For, if proper investment is not made with an ophan's inheritance, it will be depleted by charity, thus leaving the orphan with little or nothing. The Nisaab The Lawgiver, Allah has prescribed the minimum amount that is obligatory for Zakaat in different ranges of properties, and that minimum amount is known as nisaab. The reason for nisaab is to ensure that no one is forced to give Zakaat out of what he or she does not have, and that no wealth goes without Zakaat. Nisaab is also an insurance against the tyranny of the state to tax the poor and or the neediest as is the case in many countries. Nisaab is a reference point for the average Muslim who is not sure whether he possesses the minimum wealth on which Zakaat is obligatory. The wealthy need not worry about the Nisaab. Zakaat is obligatory on their entire wealth and must be paid out at the end of financial year that they set for their Zakaat. The Nisaab will not be valid unless it fulfills two conditions: 1) The amount that has reached Nisaab must be the excess or surplus known as "faadil" from one's essential needs such as food, clothing, housing, vehicles, tools and machinery that is used in business. The essentials for living are exempted from Zakaat. Although what constitutes nisaab may change from one country to another, the amount that is needed for the basic needs of living in different countries is very similar, because the market place determines the prices, whether it is an official market or a non-official market. In the poorest countries people do without or live below the poverty standard, and that is why many go hungry or without basic essentials. However, we must realize that Zakaat is an act of worship (ebadah) like Salaat. The element of intention (niyyah) is necessary, and we should not overly rely on state agencies to determine for us the requirements of our religious duty. The so called the "consumption basket" (that is poverty level as determined the social security administration which are updated every fiscal year) may not be the same as what Islam considers minimum Nisaab. In the industrialized countries, the consumption basket may include items that are not necessarily essential, such as entertainment, extra clothing, variety of food, eating in restaurant or eating at home, owning more than one car as opposed to having three cars in the driveway, drinking water as opposed to juices, eating regular food or special "health" food. This is why I believe it is essential that we do not lose site of the fact that Zakaat is ebadah of wealth, like salaat and fasting. Non Muslims may consider all the things mentioned above as essentials while Muslims will not. Indeed, no Muslims in good standing will attempt to hide behind the label of consumption basket so as to evade Zakaat. Nisaab eliminates the possibility of injustice or unfair treatment of the Zakaat payer. To suggest that if we do not follow the rules of International Monetary Fund or the arbitrary figures of social security administration or department of agriculture we will be doing injustice to the Zakaat payer is ludicrous. 2) Nisaab must mature, that is the money is not liable for Zakaat unless it has remained a full year in the possession of a person. This is the understanding of the majority of the scholars. Imam Abu Hanifah (raa) said: "What should be considered is the existence of nisaab at the beginning and the end of the Zakaat year set by the payer". It does not matter if the nisaab money increases or decreases during the calendar year, as we will explain later. This condition does not include farm produce, for it is due on the day it is harvested. Allah (SWT) stated: "... But render the dues that are proper on the day that the harvest is gathered..." (Al-Qur`an, 6: 141) According to Imam Al-`Abadi, (raa) Zakaat money is of two kinds: one that by its nature can not be invested and Zakaat of this category is due on the day of harvest. This includes all the farm produce that is liable for Zakaat. The other is wealth that can be invested in the hope of a good return, like cash, gold or silver, because the opportunity is there that cash in one's hand can be invested for a good return. This includes currency investment, merchandise and livestock. Their Zakaat is not due until they have matured in one full year. The proof of this condition is the Hadith related by Ibn `Umar that the Messenger of Allah (saas) said: "He who acquires property is not liable for Zakaat on it till a year passes." According to Ibn Rushd (raa) this is the understanding of the majority of scholars, including the four rightly guided Khalifahs. Zakaat Of Salaries The condition of yearly term maturity applies to the commodities on which the Lawgiver said Zakaat is due, and this includes silver, gold, modern paper currency and livestock. Paper currency is analogous to silver, therefore, it takes the case of silver. There is no Zakaat on salary, earned income from wage earners or professionals or independent contractors until such money matures in a full year. There is no such thing as paying your Zakaat on the day you receive your paycheck. What the wage earner must know is that he or she can purify that money with charity (sadaqah) anytime they cash the paycheck. Allah (SWT) states: "And in their wealth and possessions (was remembered) the right of the needy, he who asks and he who (for some reason) was prevented (from asking)." (Al-Qur`an, 51: 19). We can deduce from the concept of "yearly maturity" of wealth on which Zakaat is due as encouraging, among other things, saving on the part of the Zakaat payer, and enhances the chances for eradicating poverty, because if the poor receives his rightful share of Zakaat there will be the possibility that he can take Zakaat money and invest it and become a Zakaat payer instead of recipient. This possibility will be lost if he receives few Zakaat dollars every month. To say that the wage earner just brings his check home and spends everything on necessities and lives from check to check with nothing left over means the person is eligible for Zakaat. Using farm produce as analogous to salary for Zakaat is wrong analogy. As Imam Al-`Abadi said, these are two different categories of money. $2, 500.00 cash can be invested by the person and expect a good return whereas it will be difficult to invest a bushel of corn. It can be traded as a commodity, which is what it is. This why we must know that analogy has rules that must be followed before it is applied. Certainly the jurists are unanimous that earned income, known as almal al-mustafadah, should either be added to existing money and wait until that amount reaches maturity and then give their Zakaat; or if there is no money on hand the time one possesses this money, he or she should wait one full year before assessing it for Zakaat. Zakaat is one of the five pillars of Islam and a vital element in the religion of Islam. It is the twin sister of Salaat. In Al-Qur`an, Allah (SWT) stated: "So establish regular Prayer and give regular Alms; and obey the Messenger; that you may receive mercy." (Al-Qur`an, 24: 56) Also, "...Establish regular Prayer and give regular Alms, and loan to Allah a beautiful loan...." (Al-Qur`an, 73: 20) "And they have been commanded no more than this: to worship Allah, offering Him sincere devotion, being true (in faith); to establish regular Prayer and to practice regular charity; and that is the religion right and straight." (Al-Qur`an, 98: 5) In a famous Hadith reported by `Umar Bin Khattab (raa), the Messenger of Allah (saas) responded to Jibreel (as) and said: "... Islam is to testify that there is no deity but Allah and Muhammad is the Messenger of Allah, to perform the prayer, to pay Zakaat, to observe fasting in Ramadan, and to make pilgrimage to the house of Allah if you are able to do os...." (Bukhari, Muslim) There is consensus among Muslim scholars that it is mandatory on every believer who is financially able. Whoever knowingly denies this obligation, while he possesses the minimum amount, would be considered a disbeliever and a renegade from Islam. Whoever is stingy, or tries to cheat, is considered among the wrongdoers. Zakaat is mandatory on four categories of items. 1. Farm produce of seeds and fruits, such as wheat, barley, rice, dates, raisins, cocoa, pistachios, coffee, cashews. Allah (SWT) stated: "O you who believe, give of the good things which you have (honorably) earned, and of the fruits of the earth which We have produced for you..." (Al-Qur`an, 2: 267) Also: "... But render the dues that are proper on the day that the harvest is gathered..." (Al-Qur`an, 6: 141) Thus, these two verses and many others indicate that Zakaat is due on farm products that reached the minimum amount (nisaab). No farm product is liable for Zakaat unless it is a product that is considered as food and can be stocked or saved naturally without refrigeration. If the produce is perishable fruit, such as grapes, there is no Zakaat. But if one sells them they will pay their Zakaat on the profit earned when it matures. The nisaab is 612 kilos, which equals 1,346.40 lb. There is no Zakaat on produce that is less than this amount. If the farm produce or crops grow dependant on rainwater, or without any man's labor or irrigation, Zakaat due is one-tenth of the total. If it is grown by irrigation, then the Zakaat due is half of one-tenth of the total produce. There is no Zakaat on fruits like apples or oranges or vegetables which are perishable and need refrigeration for long storage, but they should be considered as any income if the profit earned from their sale reaches the amount of Zakaat, then Zakaat should be given. 2. Cattle, including camels, cows, sheep and goats, that are freely graze and are raised for trade and production. For Zakaat to be obligatory, the number must reach the nisaab. The nisaab of camels is five, of cows 30, of sheep and goats, 40. By freely grazing is meant the animal goes out to feed without the owner buying or bringing it feed or hay. If it is not a grazing animal, there is no Zakaat in the stock by itself. The stock will, however, be considered as articles of trade, then will be assessed for Zakaat as articles of trade when the profit earned from their sale reaches the amount by itself or in combination with other articles of the trade. 3. Merchandise and goods of trade and commerce. This includes anything that is obtained for the business of buying and selling: land, animals, food provisions, fabric, cars, spare parts, etc. This inventory is evaluated annually and assessed for Zakaat, whether the value is the same as the amount spent on it, more, or less. The owners of grocery stores, like any other business, must evaluate every item and give their Zakaat. Simple bookkeeping of inventory, orders, cash on hand, and credits, that is non-delinquent loans, will give one a good picture of the zakaatable assets. But if one is unable to account for everything in the store or shop, he should assess it according to his ability until he is sure that his conscience is clear. There is no Zakaat on what is within one's dwelling or property which includes food, drinks, furniture, houses, animals, cars, clothes and shoes. The only exception is gold and silver. There is no Zakaat on assets from rentals or lease, whether they are apartment units, taxi cabs, etc. That is, there is no Zakaat on the apartment units, buses or cars for rental like yellow cabs company or trucks for rental or equipments. But there is Zakaat on the proceeds or incomes from these rental assets if these assets reach the executable amount, either by themselves or in combination with other assets. Business Activities Many scholars are of the opinion that any business activity that brings any return to the entrepreneur or investor should be assessed for Zakaat. If the activity has a prescribed nisaab, such as gold, silver or paper currency, that nisaab is applied for Zakaat. But if the business has no declared nisaab, its nisaab is the nisaab of commerce, one reason being that most business activities are considered as commerce and because, in actual fact, it is not factitious business name, such as GM, Apple or GE that is taxed for Zakaat, it is the individual investor. We do not tax cooperations such IBM, Apple, GM or Rajihy Bank but the individual investors, share holders and owners of these corporations. Indeed, there are enough rules in Zakaat books to cover all types of business activity, be it cash or risk investment. If the business activity is analogous to commerce, it should be assessed the same rate as commerce. To subject the business to a different Zakaat rate of 10%, which is the rate of farm products instead of its correct rate of 2.5%, the rate of commerce, is unfair and unjustified. Besides, there is no proof, even a weak one, to justify this unfair arbitrary taxation. The difference between 2.5% and 10% is high. The Zakaat system is not like a state revenue collection, but Allah's `ebadah. However, if a business person decides to give more than 2.5% after deducting all the expenses including depreciation, Allah (SWT) will accept it from him. 4. Gold and silver, whether used for commerce or jewelry. Allah (SWT) states: "...And there are those who bury gold and silver and spend it not in the way of Allah: announce unto them a most grievous penalty. On the day when heat will be produced out of that (wealth) in the fire of hell, and with it will be branded their foreheads, their flanks and their backs. This is the (treasure) which you buried for yourselves: taste you, then, the (treasures) you buried." (Al-Qur`an, 9: 34-35). By hoarding is meant refusal to give it in the path of Allah, which includes Zakaat. In a hadith reported by Abu Hurairah (raa), the Messenger of Allah (saas) said: "For the owner or possessor of gold and silver who does not fulfill its obligation, on the Day of Resurrection it will be cast into sheets of fire and be branded on his forehead, side and back. Whenever it cools it is to be repeated for him in a day whose length is the length of fifty thousand years, until the judgement is rendered among the people." (Muslim). By its obligation is meant assessing it for Zakaat. In another version: "No possessor of a treasure who does not give its Zakaat." Zakaat is mandatory in gold and silver, irrespective of its form: in coins, raw or nugget, or jewelry for wearing, or for rent, because of the generality of evidence of Zakaat without any detail. In a report by Abdullah bin `Amr bin `Aas (raa), he related that a woman came to the Messenger of Allah with her daughter. On the daughter's wrist were two heavy gold bracelets. The Messenger asked her, "Do you pay Zakaat on this?" She replied, "No." The Messenger said: "Would it please you that Allah will encircle you with two bracelets of fire?" The reporter commented that she took them off and threw them down in front of the Messenger, and said: "They are for Allah and his Messenger." (Ahmed, Tirmidhi). The Messenger's wife reported that: "The Messenger entered into my house and saw in my hand a huge ring made of silver, so he asked, `What is this?' I replied, `I made them to beautify myself for you, O Messenger of Allah.' He inquired, `Do you give their Zakaat?' I said, `No,' or `Allah willing.' He said: `It will suffice you in the hellfire.'" (Abu Dawuud). Zakaat is due on gold when it reaches the amount of (nisaab), which is 20 Dinaar. According to a hadith, the Messenger said: "No Zakaat on you is due until it reaches 20 dinaar." (Abu Dawud) The Islamic dinaar (currency) is one mithqal, a unit of weight which weighs four and one quarter of a gram. Thus, the nisaab is 85 grams. This is equal to $30.00 US dollars. Similarly, there is no Zakaat on silver until it reaches five oqiyah, because the Messenger said: "There is no Zakaat on less then five oqiyah." (Muslim/Bukhari) Oqiyah is equal to forty Islamic dirhams. The nisaab is 200 dirhams. One dirham is equivalent to 595 grams. The zakaatable amount in both the gold and silver is a quarter of a tenth only. Paper Currency There is Zakaat on modern paper currency because it is equivalent to silver. During the early days of Islam, silver and gold were the currency of exchange minted into dirham for silver and dinaar for gold. Silver, not gold, had a larger circulation. Thus many scholars are of opinion that silver should be the standard for the paper currencies of today because that is more advantageous to the Zakaat payer, as it raises the minimum nisaab whereas gold lowers it. Although both metals are no longer circulated, they are still considered as a security against ever fluctuating paper money. Silver should be used as a standard to assess Zakaat annually, not paper currency, even if the currency is hard currency like the US dollar, Yen and Deutch Mark or Pound Sterling. Because these currencies are backed by political decisions that may not have anything to do with the economy, the value and strength of this paper money depends largely on all haram usury system of interest rates. Thus, the Zakaat payer should look up in the local newspaper's financial or business section for the price of silver which is currently about $3.82. per ounce. The nisaab, then, is 596 x .04=28.80 ounce multiplied by$3.82= 90.91. therefore. The nisaab is about $100.00, as of December 17, 1991. The nisaab should be based on the market value of the currency. If the money is hard currency, there will be no problem, but if the money is a non-marketable currency, like most currencies in the third world countries, the nisaab should be based on the black market, which realistically reflects the value of the currency on the money market. In any case, the silver rate should be used to assess the Zakaat. If the nisaab is determined, the zakaatable amount is 2.5%, or .025 multiplied by the amount. For instance, if the zakaatable amount is $56,000.00 it will be 56,000. x .025 = $1,400.00. Zakaat is due on gold, silver, and or paper currency, whether it is cash in hand or credit in the hands of borrowers. Zakaat is due on debts or cost of merchandize or rental money. If the borrower is a wealthy person that you know will pay back the debt, the lender (that is Halaal lending free of usury) should include that money in the assessment and give its Zakaat. However, one can delay Zakaat on a loan until he receives payment, then return its Zakaat for the past years that he was unable to assess for Zakaat. If the borrower is poor or is refusing to pay the debt, there will be no Zakaat on the money until the lender receives the money. Then he will assess it for Zakaat of one past due year, but there will be no Zakaat in the years before that. There is no Zakaat on precious stones such as diamonds, or metals such uranium, regardless of their value. Gold and silver, of course are assessed for Zakaat. However, if a person possesses any of these stones or metals, he should give their Zakaat like any other articles of trade. If a person possesses diamonds or any other precious stones as an edge against inflation or for ornaments, there will no Zakaat on these. How To Give Zakaat Zakaat may be assessed and returned in two ways: a) Make a record of all money earned, either daily or monthly, which has reached the nisaab and remains in the treasury. The Zakaat of that money would be due one year later on the same day the money was earned and reached nisaab. This means every month's income must be set aside and assessed for Zakaat and so will be the case for the rest of the months. For instance, the income of January, 1991 will be assessed for Zakaat in January, 1992, and the income of February, 1991 will be assessed for Zakaat in February 1992, etc. This method of assessing Zakaat is very difficult because it entails complete bookkeeping of daily or monthly earnings. b) The best way is to set a day or a month, preferably Ramadan, for your annual Zakaat return calendar, say Ramadan 1st, 1412. One year later on the same day Ramadan, 1413, your Zakaat is due and payable. Whatever is in the savings is due for Zakaat, regardless of whether all the amount in the savings reaches a year or not. For instance: if you have $20,000.00 in the savings account on the 1st of Ramadan, 1412 and one year later by the 1st of Ramadan, 1413 there is $50, 000.00, your Zakaat will be assessed for $50,000.00, that is: $50.000.00 x .025= $1,250.00. If, on the other hand, by the 1st of Ramadan, 1413 the amount in the savings is $15,000.00, your Zakaat will be for the amount in the savings, that is $15,000.00 x .025= $375.00. This method is the best because it is easy to assess, meets one's obligation and relieve one's conscience. The Recipient Of Zakaat Knowing who qualifies as recipient of Zakaat is an important aspect of Zakaat collection in Islam. Fortunately, Allah (SWT) has been merciful to us in that He Himself spelled out the people eligible to receive Zakaat. In Surah Tawbah He stated: "Alms are for the poor and the needy; and those employed to administer (the funds); for those whose hearts have been (recently) reconciled (to truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer: (thus is it) ordained by Allah, and Allah is full of knowledge and wisdom." (Al-Qur`an, 9: 60) In this verse Allah enumerated the people who deserve this divine welfare, and they are as follows: The poor and the needy. These are individuals, and those under their care, to live on. By the poor and needy is meant the people whose income or salaries, or whatever material goods they have, fall short of the cost of living in a given environment and economy. The poor and the needy should be given what will suffice them and their families for one full year. The needy who want to get married and have no means should be given enough for this purpose, and so, too, the student who needs money for tuition, rent, food, and books. The working poor should be given supplementary Zakaat. But the wealthy, or any person with enough income to live on should not be given Zakaat, even if they asked for it. Instead, they should be warned and admonished for asking for what does not belong to them. In a hadith reported by Abdullah bin `Umar, the Messenger of Allah (saas) stated: "A man keeps on asking others for something till he comes on the day of Resurrection without any piece of flesh on his face." (Bukhari/Muslim). This hadith indicates a humiliating appearance before Allah (SWT) that awaits a person who asks illegally. Some said: this hadith implies Allah will punish a person with the very limb, the face, that he used to impress on others to give him their money unlawfully. In another hadith reported by Abu Hurairah, the Messenger of Allah said: "Whoever asks people for their money so as to get rich, he is asking for flames of fire. It is up to him to ask for more or less (he should beware)." (Muslim) This hadith indicates the severity of the punishment, the more one asks the more punishment, the less one asks the less the punishment. In another hadith, reported by Hakeem bin Hizaam said: I begged the Messenger of Allah and he gave me. I begged again, and he gave me. I begged again and he gave me. He then said: "This money is green and sweet; he who receives it from people with a cheerful heart, Allah will bless him in it; he who receives it, with an avaricious mind would not be blessed in it. He will be like the person who eats without being satisfied; and the upper hand is better than the lower hand" (Muslim) This hadith gave an analogy between money and green, ripened fruit that people love to eat. Thus, it indicates that both are greatly loved but easily finished. For money that is easy come easy go, one must be careful about the punishment that awaits the illegal eater. If a person asks for Zakaat and there are no signs of wealth, and he does not know that he should not ask, or a person who is well and able, who can work, but does not; if these people do not know that it is not permissible for them to ask, it may be given anyway. In a hadith reported by Ahmed, Abu Dawud, and Nasa'e, two men came to the Messenger of Allah (saas) and asked for Zakaat. He looked at them closely and found them strong and able, he said, "If you want I will give you. But you should know that the wealthy or an able person who can work has no share in Zakaat" (Ahmad) Those who administer the Zakaat department, assigning people for collecting, bookkeeping, making lists of people eligible for Zakaat, and a financial calendar. These people will receive Zakaat as compensation for their work, even if they are wealthy. This does not include a person who works as an agent for one or two wealthy people to take Zakaat for himself. They should donate their time for Zakaat disbursement and do it with honesty and truthfulness. If they can not, they should be paid or rewarded for their time. In a hadith related by Abu Musa Al-Ashi`ari (raa), the Messenger of Allah said: "A trustworthy Muslim executor is the one who executes completely what has been entrusted to him of Zakaat money in good faith." (Bukhari) That is, he will give the Zakaat money to any of the eligible recipients of Zakaat. He should carry on the duty voluntarily, but if he can not distribute the money without being paid, the Zakaat payer should pay him for his work. The payment for the service of distributing Zakaat should not come out of Zakaat money. The new converts to Islam whose hearts we want to harmonize into the fold of Islam, either because their faith is weak or we are afraid of their being harmed, should be given Zakaat to strengthen their Iman or until we no longer fear their harm. The bonds person who has contracted with his master to buy himself out of bondage deserve Zakaat and should be given enough to pay off their debt to the master and be freed themselves; similarly, Muslim prisoners of war if their freedom is tied to monetary payment, deserve Zakaat sufficient enough to secure their release. On the other hand, if a pearson accidently killed someone and have no means to pay off the blood money, he should be helped from Zakaat funds. The people in debt are of two kinds: (A) The guarantor, who takes the responsibility of someone else's debt so as to reconcile the two warring parties, to extinguish the fire of fitnah between them. If the person requests Zakaat money to pay off this debt he should be given it, which will encourage him to continue in this noble cause. In a hadith reported by Qubaysah Al-Hilaaly (raa), he said I was under debt (hamaalah) and I came to the Messenger (saas) and begged him to help me pay it off. The Messenger told him: "Wait until we receive charity, so we will command that it be given to you." However, the Messenger stated: "O Qubaysah, begging is not permitted except for one of three categories of people: A man who has incurred debt (as guarantor to reconcile blood wit) for him begging is permissible till he pays that off, after which he must stop it; a man whose property has been destroyed by calamity which has smitten him; for him begging is permissible till he gets what will support life or will provide him reasonable subsistence; and a man who has been smitten by poverty, the genuineness of which should be confirmed by three knowledgeable members of his people; for him begging is permissible till he gets what will support him, or will provide him subsistence. Besides these three, Qubaysah, begging is forbidden for every other persons, and one who engages in such consumes that which is forbidden." (Muslim) (B) Whoever incurs debt and has no money to pay it back will be given from Zakaat to help pay his debt, whether the amount is large or small; or his creditor should be paid directly on his behalf, so long as it is paid off. Zakaat can be given in the path of Allah. By this is meant to finance a Jihad effort in the path of Allah, not for Jihad for other reasons. The fighter (mujahid) will be given as salary what will be enough for him. If he needs to buy arms or some other supplies related to the war effort, Zakaat money should be used provided the effort is to raise the banner of Islam. The wayfarer. This is the traveller who in a strange land runs out of money. He or she deserves Zakaat, enough money to take him back to his country, even if he is wealthy and can find someone to loan him the money. On his part, he should take with him on his trip sufficient money, if he is wealthy, so that he will not need Zakaat. Zakaat money can not be used to pay off other obligations, such as giving Zakaat money to people you are obligated to take care of by law; or Zakaat money can not be used to pay for hotel and food expenses. It is, however, permissible to give Zakaat to a wife or family member, provided it is not part of their daily living expense money, but is needed to pay off a debt for one's wife if she can not pay it. So is the case for one's parents if they can not pay their debt. Zakaat money may be given to members of the family for their expenses if one is not obligated to take care of them financially. The wife can pay off a debt of her husband with Zakaat money, because he may be among the eight eligible recipients and she is not obligated to spend on him as he is on her. The eight eligible recipients of Zakaat can be denied their right to Zakaat without proof from Al-Qur`an or Sunnah. In a hadith reported by Ibn Mas`ud, his wife Zaynab heard the Messenger of Allah order women to give Zakaat, so she asked the Messenger (saas): " O Messenger of Allah, you commanded us to give Zakaat, and I have jewelry that I wanted to assess for Zakaat, but my husband Abdullah bin Mas`ud claimed that his son deserves it more than anyone." The Messenger replied: Your husband Ibn Mas`ud is right. Your son deserves your charity more than anyone." In another hadith reported by Salman bin `Aamir, he said the Messenger of Allah said: " Charity to the poor is only charity, but charity to the rest of kind is charity and maintenance of relations (sillah)." (Nisaee) No loan should be written off as Zakaat because Zakaat is taken and given. Allah (SWT) said: "Of their goods take alms...." (Al-Qur`an, 9: 103) And in a Hadith the Messenger has been reported as saying: "Allah has mandated on you Zakaat to be taken from the wealthy and to be given to the poor." Thus, writing off debt is not taken. For instance, If you loan a person money, you can not write off that loan as a Zakaat. However, it could be written off as sadaqah charity. Furthermore, loan, delinquent or not, is considered an absent money, therefore, it should not be transacted in Zakaat. for Zakaat is assessed only in cash in hand. Besides, debt money is valued less than cash in the hand, and using that money for alms is like exchanging good money for bad. The assessor of alms should try to give his Zakaat to an eligible person, but if he makes a mistake and gives it to an ineligible person it is accepted. In a hadith related by Abu Hurairah, he said the Messenger said: "A man expressed his intention to give charity, so he came with his charity and placed it in the hand of an adulteress. In the morning the people were talking and saying charity was given to an adulteress last night. The donor said: O Allah, to thee be the Praise - charity to an adulteress! He then again expressed his intention to give charity, so he went out with it and placed it in the hand of a rich person. In the morning the people were talking and saying charity was given to a rich person. The donor said, O Allah to You be the praise - charity to a rich man! He then expressed his intention to give charity, so he went out with his charity and placed it in the hand of a thief. In the morning the people were talking and saying charity to the thief. So the man said, O Allah to You be the praise (what a misfortune that charity has been given) to the adulteress, the rich and the thief! Then someone came to him and told him your charity has been accepted. As for the adulteress the charity might become the means whereby she might restrain from fornication. The rich man might perhaps learn a lesson and spend from what Allah has given him, and the thief might thereby restrain from committing theft. (Muslim/ Bukhari) http://www.islamfortoday.com/beliefs.htm

Give me your opinion insights and summary or how you understand this..? CHAPTER 1 GENERAL PROVISIONS Article One Basic Air Quality Policies SECTION 1. Short Title. - This Act shall be known as the "Philippine Clean Air Act of 1999". SECTION 2. Declaration of Principles. - The State shall protect and advance the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature. The State shall promote and protect the global environment to attain sustainable development while recognizing the primary responsibility of local government units to deal with environmental problems. The State recognizes that the responsibility of cleaning the habitat and environment is primarily area-based. The State also recognizes the principle that "polluters must pay". Finally, the State recognizes that a clean and healthy environment is for the good of all and should therefore be the concern of all. SECTION 3. Declaration of Policies. - The State shall pursue a policy of balancing development and environmental protection. To achieve this end, the frame work for sustainable development shall be pursued. It shall be the policy of the State to: a. Formulate a holistic national program of air pollution management that shall be implemented by the government through proper delegation and effective coordination of functions and activities; b. Encourage cooperation and self-regulation among citizens and industries through the application of market-based instruments; c. Focus primarily on pollution prevention rather than on control and provide for a comprehensive management program for air pollution; d. Promote public information and education and to encourage the participation of an informed and active public in air quality planning and monitoring; and e. Formulate and enforce a system of accountability for short and long-term adverse environmental impact of a project, program or activity. This shall include the setting up of a funding or guarantee mechanism for clean-up and environmental rehabilitation and compensation for personal damages. SECTION 4. Recognition of Rights. - Pursuant to the above-declared principles, the following rights of citizens are hereby sought to be recognized and the State shall seek to guarantee the enjoyment: a. The right to breathe clean air; b. The right to utilize and enjoy all natural resources according to the principles of sustainable development; c. The right to participate in the formulation, planning, implementation and monitoring of environmental policies and programs and in the decision-making process; d. The right to participate in the decision-making process concerning development policies, plans and programs projects or activities that may have adverse impact on the environment and public health; e. The right to be informed of the nature and extent of the potential hazard of any activity, undertaking or project and to be served timely notice of any significant rise in the level of pollution and the accidental or deliberate release into the atmosphere of harmful or hazardous substances; f. The right of access to public records which a citizen may need to exercise his or her rights effectively under this Act; g. The right to bring action in court or quasi-judicial bodies to enjoin all activities in violation of environmental laws and regulations, to compel the rehabilitation and cleanup of affected area, and to seek the imposition of penal sanctions against violators of environmental laws;and h. The right to bring action in court for compensation of personal damages resulting from the adverse environmental and public health impact of a project or activity. Article Two Definition of Terms SECTION 5. -Definitions.- As used in this Act: a.) "Air pollutant" means any matter found in the atmosphere other than oxygen, nitrogen, water vapor, carbon dioxide, and the inert gases in their natural or normal concentrations, that is detrimental to health or the environment, which includes but not limited to smoke, dust, soot, cinders, fly ash, solid particles of any king, gases, fumes, chemical mists, steam and radioactive substances; b.) "Air pollution" means any alteration of the physical, chemical and biological properties of the atmospheric air, or any discharge thereto of any liquid, gaseous or solid substances that will or is likely to create or to render the air resources of the country harmful, detrimental, or injurious to public health, safety or welfare or which will adversely affect their utilization for domestic, commercial, industrial, agricultural, recreational, or other legitimate purposes; c.) "Ambient air quality guideline values" means the concentration of air over specified periods classified as short-term and long-term which are intended to serve as goals or objectives for the protection of health and/or public welfare. These values shall be used for air quality management purposes such as determining time trends, evaluating stages of deterioration or enhancement o the air quality, and in general, used as basis or taking positive action in preventing, controlling, or abating air pollution; d.) "Ambient air quality" means the general amount of pollution present in a broad area; and refers to the atmosphere's average purity as distinguished from discharge measurements taken at the source of pollution; e.) "Certificate of Conformity" means a certificate issued by the Department o Environment and Natural Resources to a vehicle manufacturer/assembler or importer certifying that a particular new vehicle or vehicle type meets the requirements provided under this Act and its rules and regulations; f.) "Department" means the Department of Environment and Natural Resources; g.)" Eco-profile" means the geographic-based instrument for planners and decision makers which present an evaluation of the environment quality and carrying capacity of an area. It is the result of the integration of primary data and information on natural resources and antropogenic activities on the land which evaluated by various environmental risk assessment and forecasting methodologies that enable the Department to anticipate the type of development control necessary in the planning area. h.)" Emission" means any air contaminant, pollutant, gas stream or unwanted sound from a known source which is passed into the atmosphere; i.) " Greenhouse gases" means those gases that can potentially or can reasonably be expected to induce global warming, which include carbon dioxide, oxides of nitrogen, chloroflourocarbons, and the like; j.) "Hazardous substances" means those substances which present either : (1) short-term acute hazards such as acute toxicity by ingestion, inhalation, or skin absorption, corrosivity or other skin or eye contact hazard or the risk of fire explosion; or (2) long-term toxicity upon repeated exposure, carcinogecity (which in some cases result in acute exposure but with a long latent period), resistance to detoxification process such as biodegradation, the potential to pollute underground or surface waters; k.)" Infectious waste " means that portion of medical waste that could transmit an infectious disease; l.)" Medical waste" means that materials generated as a result of patient diagnosis, treatment, or immunization of human beings or animals; m.) " Mobile source" means any vehicle propelled by or thorough combustion of carbon-based or other fuel, constructed and operated principally for the conveyance of persons or the transportation of property goods; n.) " Motor vehicle" means any vehicle propelled by a gasoline or diesel engine or by any means other than human or animal power, constructed and operated principally for the conveyance of persons or the transportation of property or goods in a public highway or street open to public use; o.) " Municipal waste" means the waste materials generated from communities within a specific locality; p)." New vehicle" means a vehicle constructed entirely from new parts that has never been sold or registered with the DOTC or with the appropriate agency or authority, and operated on the highways of the Philippines, any foreign state of country; q.) " Octane Rating or the Anti-Knock Index(AKI)" means the rating of the anti-knock characteristics of a grade or type of automotive gasoline as determined by dividing by two (2) the sum of the Research Octane Number (RON), plus the Motor Octane Number (MON); the octane requirement, with respect to automotive gasoline for use in a motor vehicle or a class thereof , whether imported, manufactured, or assembled by a manufacturer, shall refer to the minimum octane rating of such automotive gasoline which such manufacturer recommends for the efficient operation of such motor vehicle, or a substantial portion of such class, without knocking; r.) " Ozone Depleting Substances (ODS)" means those substances that significantly deplete or otherwise modify the ozone layer in a manner that is likely to result in adverse effects of human health and the environment such as , but not limited to , chloroflourocarbons, halons and the like; s.) "Persistent Organic Pollutants (POPs)" means the organic compounds that persist in the environment, bioaccumulate through the food web, and pose a risk of causing adverse effects to human health and the environment. These compounds resist photolytic, chemical and biological degradation, which shall include but not be limited to dioxin, furan, Polychlorinated Biphenyls (PCBs), organochlorine pesticides, such as aldrin, dieldrin, DDT, hexachlorobenzene, lindane, toxaphere and chlordane; t.) "Poisonous and toxic fumes" means any emissions and fumes which are beyond internationally-accepted standards, including but not limited to the World Health Organization (WHO) guideline values; u. " Pollution control device " means any device or apparatus used to prevent, control or abate the pollution of air caused by emissions from identified pollution sources at levels within the air pollution control standards established by the Department; v.) " Pollution control technology" means the pollution control devices, production process, fuel combustion processes or other means that effectively prevent or reduce emissions or effluent; w.) " Standard of performance " means a standard for emissions of air pollutant which reflects the degree of emission limitation achievable through the application of the best system of emission reduction, taking into account the cost of achieving such reduction and any non-air quality health and environmental impact and energy requirement which the Department determines, and adequately demonstrates; and x.) " Stationary source" means any building or immobile structure, facility or installation which emits or may emit any air pollutant. CHAPTER 2 AIR QUALITY MANAGEMENT SYSTEM Article One General Provisions SEC. 6. Air Quality Monitoring and Information Network - The Department shall prepare an annual National Air Quality Status Report which shall be used as the basis in formulating the Integrated Air Quality Improvement Framework, as provided for in Sec. 7. The said report shall include, but shall not be limited to the following: a.) Extent of pollution in the country, per type of pollutant and per type of source, based on reports of the Department's monitoring stations; b.) Analysis and evaluation of the current state, trends and projections of air pollution at the various levels provided herein; c.) Identification of critical areas, activities, or projects which will need closer monitoring or regulation; d.) Recommendations for necessary executive and legislative action; and e.) Other pertinent qualitative and quantitative information concerning the extent of air pollution and the air quality performance rating of industries in the country. The Department, in cooperation with the National Statistical Coordination Board (NSCB), shall design and develop an information network for data storage, retrieval and exchange. The Department shall serve as the central depository of all data and information related to air quality. SEC. 7. Integrated Air Quality Improvement Framework.- The Department shall within six (6) months after the effectivity of this Act, establish, with the participation of LGUs, NGOs, POs, the academe and other concerned entities from the private sector, formulate and implement the Integrated Air Quality Improvement Framework for a comprehensive air pollution management and control program. The framework shall, among others, prescribe the emission reduction goals using permissible standards, control strategies and control measures to undertaken within a specified time period, including cost-effective use of economic incentives, managements strategies, collective actions, and environmental education and information. The Integrated Air Quality Improvement Framework shall be adopted as the official blueprint with which all government agencies must comply with to attain and maintain ambient air quality standards. SEC. 8 Air Quality Control Action Plan- Within six (6) months after the formulation of the framework, the Department shall, with public participation, formulate and implement an air quality control action plan consistent with Sec. 7 of this Act. The action plan shall : a.) Include enforceable emission limitations and other control measures, means or techniques, as well as schedules and time tables for compliance, as may be necessary or appropriate to meet the applicable requirements of this Act; b.) Provide for the establishment and operation of appropriate devices, methods, systems and procedures necessary to monitor, compile and analyze data on ambient air quality; c.) Include a program to provide for the following : (1) enforcement of the measures described in subparagraph (a);(2) regulation of the modification and construction of any stationary source within the areas covered by the plan, in accordance with land use policy to ensure that ambient air quality standards are achieved; d). Contain adequate provisions, consistent with the provisions of this Act, prohibiting any source or other types of emissions activity within the country from emitting any air pollutant in amounts which will significantly contribute to the non-attainment or will interfere with the maintenance by the Department of any such ambient air quality standard required to be included in the implementation plan to prevent significant deterioration of air quality or to protect visibility; e.) Include control strategies and control measures to be undertaken within a specified time period, including cost effective use of economic incentives, management strategies, collection action and environmental education and information; f.) Designate airsheds; and g.)All other measures necessary for the effective control and abatement of air pollution. The adoption of the plan shall clarify the legal effects on the financial, manpower and budgetary resources of the affected government agencies, and on the alignment of their programs with the plans. In addition to direct regulations, the plan shall be characterized by a participatory approach to the pollution problem. The involvement of private entities in the monitoring and testing of emissions from mobile and/or stationary sources shall be considered. Likewise, the LGU's, with the assistance from the Department, shall prepare and develop an action plan consistent with the Integrated Air Quality Improvement Framework to attain and maintain the ambient air quality standards with their respective airsheds as provided in Sec. 9 hereof. The local government units shall develop and submit to the Department as procedure for carrying out the action plan for their jurisdiction. The Department, however, shall maintain its authority to independently inspect the enforcement procedure adopted. The Department shall have the power to closely supervise all or parts of the air quality action plan until such time the local government unit concerned can assume the function to enforce the standards set by the Department. A multi-sectoral monitoring team with broad public representation shall be convened by the Department for each LGU to conduct periodic inspections of air pollution sources to assess compliance with emission limitations contained in their permits. SEC. 9 Airsheds. - Pursuant to Sec. 8 of this Act, the designation of airsheds shall be on the basis of, but not limited to, areas with similar climate, meteorology and topology which affect the interchange and diffusion of pollutants in the atmosphere, or areas which share common interest or face similar development programs, prospects or problems. For a more effective air quality management, a system of planning and coordination shall be established and a common action plan shall be formulated for each airshed. To effectively carry out the formulated actions plans, a Governing Board is hereby created, hereinafter referred to as the Board. The Board shall be headed by the Secretary of the Department of Environment and Natural Resources as chairman. The members shall be as follows: a.) Provincial Governors from areas belonging to the airshed; b.) City/Municipal Mayors from areas belonging to the airshed; c.) A representative from each concerned government agency; d.) Representatives from people's organizations; e.) Representatives from non-government organizations; and f.) Representatives from the private sector. The Board shall perform the following functions: a.) Formulation of policies; b.) Preparation of a common action plan; c.) Coordination of functions among its members; and d.) Submission and publication of an annual Air Quality Status Report for each airshed. Upon consultation with appropriate local government authorities, the Department shall, from time to time, revise the designation of airsheds utilizing eco-profiling techniques and undertaking scientific studies. Emissions trading may be allowed among pollution sources within an airshed. SEC. 10. Management of Nonattainment Areas.- The Department shall designate areas where specific pollutants have already exceeded ambient standards as nonattainment areas. The Department shall prepare and implement a program that will prohibit new sources of exceeded air pollutant without a corresponding reduction in existing resources. In coordination with other appropriate government agencies, the LGUs shall prepare and implement a program and other measures including relocation, whenever necessary, to protect the health and welfare of residents in the area. For those designated as nonattainment areas, the Department, after consultation with local government authorities, nongovernment organizations (NGOs), people's organizations (POs) and concerned sectors may revise the designation of such areas and expand its coverage to cover larger areas depending on the condition of the areas. SEC. 11 Air Quality Control Techniques - Simultaneous with the issuance of the guideline values and standards, the Department, through the research and development program contained in this Act and upon consultation with appropriate advisory committees, government agencies and LGUs, shall issue, and from time to time, revise information on air pollution control techniques. Such information shall include: a.) Best available technology and alternative methods of prevention, management and control of air pollution; b.) Best available technology economically achievable which shall refer to the technological basis/standards for emission limits applicable to existing, direct industrial emitters of nonconventional and toxic pollutants; and c.) Alternative fuels, processes and operating methods which will result in the eliminator or significant reduction of emissions. Such information may also include data relating to the cost of installation and operation, energy requirements, emission reduction benefits, and environmental impact or the emission control technology. The issuance of air quality guideline values, standards and information on air quality control techniques shall be made available to the general public : Provided, That the issuance of information on air quality control techniques shall not be construed as requiring the purchase of certain pollution control devices by the public. SECTION 12. Ambient Air Quality Guideline Values and Standards.- The Department, in coordination with other concerned agencies, shall review and or revise and publish annually a list of hazardous air pollutants with corresponding ambient guideline values and / or standard necessary to protect health and safety, and general welfare. The initial list and values of the hazardous air pollutants shall be as follows : a.) For National Ambient Air Quality Guideline for Criteria Pollutants : Short Term a Long Term b Pollutants µg/Ncm ppm Averaging Time µg/Ncm ppm Averaging Time Suspended Particulate Matterc-TSP 230d 24 hours 90 -- 1 yeare -PM-10 150f 24 hours 60 -- 1 yeare Sulfur Dioxidec 180 0.07 24 hours 80 0.03 1 year Nitrogen Dioxide 150 0.08 24 hours -- -- -- Photochemical Oxidants 140 0.07 1 hour -- -- --- As Ozone 60 0.03 8 hours -- -- -- Carbon Monoxide 35 30 1 hour -- -- -- mg/Ncm 10 9 8 hours -- -- -- mg/Ncm Leadg 1.5 -- 3 monthsg 1.0 -- 1 year a.Maximum limits represented by ninety-eight percentile (98%) values not to be exceed more than once a year. b. Arithmetic mean c. SO2 and Suspended Particulate matter are sampled once every six days when using the manual methods. A minimum of twelve sampling days per quarter of forty-eight sampling days each year is required for these methods. Daily sampling may be done in the future once continuous analyzers are procured and become available. d. Limits for Total Suspended Particulate Matter with mass median diameter less than 25-50 um. e. Annual Geometric Mean f. Provisional limits for Suspended Particulate Matter with mass median diameter less than 10 microns and below until sufficient monitoring data are gathered to base a proper guideline. g. Evaluation of this guideline is carried out for 24-hour averaging time and averaged over three moving calendar months. The monitored average value for any three months shall not exceed the guideline value. b) For National Ambient Air Quality Standards for Source Specific Air Pollutants from : Industrial Sources/ Operations: Pollutants1 Concentration2 Averaging time (min.) Method of Analysis/ Measurement3 µ/Ncm ppm 1. Ammonia 200 0.28 30 Nesselerization/ Indo Phenol 2. Carbon Disulfide 30 0.01 30 Tischer Method 3. Chlorine and Chlorine Compounds expressed as Cl2 100 0.03 5 Methyl Orange 4. Formaldehyde 50 0.04 30 Chromotropic acid Method or MBTH Colorimetric Method 5. Hydrogen Chloride 200 0.13 30 Volhard Titration with Iodine Solution 6. Hydrogen Sulfide 100 0.07 30 Methylene Blue 7. Lead 20 30 AASc 8. Nitrogen Dioxide 375,260 0.20,0.14 30,60 Greiss- Saltzman 9. Phenol 100 0.03 30 4-Aminoantiphyrine 10. Sulfur Dioxide 470, 340 0.18, 0.13 30,60 Colorimetric-Pararosaniline 11. Suspended Particulate Matter-TSP 300 -- 60 Gravimetric 1 Pertinent ambient standards for Antimony, Arsenic, Cadmium, Asbestos, Nitric Acid and Sulfuric Acid Mists in the 1978 NPCC Rules and Regulations may be considered as guides in determining compliance. 2 Ninety- eight percentile (98%) values of 30-minute sampling measured at 250C and one atmosphere pressure. 3 Other equivalent methods approved by the Department may be used. The basis in setting up the ambient air quality guideline values and standards shall reflect, among others, the latest scientific knowledge including information on : a) Variable, including atmospheric conditions, which of themselves or in combination with other factors may alter the effects on public health or welfare of such air pollutant; b) The other types of air pollutants which may interact with such pollutant to produce an adverse effect on public health or welfare; and c) The kind and extent of all identifiable effects on public health or welfare which may be expected from presence of such pollutant in the ambient air, in varying quantities. The Department shall base such ambient air quality standards on World Health Organization (WHO) standards, but shall not be limited to nor be less stringent than such standards. SEC. 13. Emission Charge System. - The Department, in case of industrial dischargers, and the Department of Transportation and Communication (DOTC), in case of motor vehicle dischargers, shall, based on environmental techniques, design, impose on and collect regular emission fees from said dischargers as part of the emission permitting system or vehicle registration renewal system, as the case may be. The system shall encourage the industries and motor vehicles to abate, reduce, or prevent pollution. The basis of the fees include, but is not limited to, the volume and toxicity of any emitted pollutant. Industries, which shall install pollution control devices or retrofit their existing facilities with mechanisms that reduce pollution shall be entitled to tax incentives such as but not limited total credits and/or accelerated depreciation deductions. SEC. 14 Air Quality Management Fund. - An Air Quality Management Fund to be administered by the Department as a special account in the National Treasury is hereby established to finance containment, removal, and clean-up operations of the Government in air pollution cases, guarantee restoration of ecosystems and rehabilitate areas affected by the acts of violators of this Act, to support research, enforcement and monitoring activities and capabilities of the relevant agencies, as well as to provide technical assistance to the relevant agencies. Such fund may likewise be allocated per airshed for the undertakings herein stated. The Fund shall be sourced from the fines imposed and damages awarded to the Republic of the Philippines by the Pollution Adjudication Board (PAB), proceeds of licenses and permits issued by the Department under this Act, emission fees and from donations, endowments and grants in the forms of contributions. Contributions to the Fund shall be exempted from donor taxes and all other taxes, charges or fees imposed by the Government. SEC. 15. Air Pollution Research and Development Program. - The Department, in coordination with the Department of Science and Technology (DOST), other agencies, the private sector, the academe, NGO's and PO's, shall establish a National Research and Development Program for the prevention and control of air pollution. The Department shall give special emphasis to research on and the development of improved methods having industry-wide application for the prevention and control of air pollution. Such a research and development program shall develop air quality guideline values and standards in addition to internationally-accepted standards. It shall also consider the socio-cultural, political and economic implications of air quality management and pollution control. ARTICLE TWO Air Pollution Clearances and Permits for Stationary Sources Sec. 16. Permits. Consistent with the provisions of this Act, the Department shall have the authority to issue permits as it may determine necessary for the prevention and abatement of air pollution. Said permits shall cover emission limitations for the regulated air pollutants to help attain and maintain the ambient air quality standards. These permits shall serve as management tools for the LGUs in the development of their action plan. SEC. 17 Emission Quotas. The Department may allow each regional industrial center that is designated as special airshed to allocate emission quotas to pollution sources within its jurisdiction that qualify under an environmental impact assessment system programmatic compliance program pursuant to the implementing rules and regulations of Presidential Decree No. 1586. SEC. 18. Financial Liability for Environmental Rehabilitation. As Part of the environmental management plan attached to the environmental compliance certificate pursuant to Presidential Decree No. 1586 and rules and regulations set therefore, the Department shall require program and project proponents to put up financial guarantee mechanisms to finance the needs for emergency response, clean-up rehabilitation of areas that may be damaged during the program or project's actual implementation. Liability for damages shall continue even after the termination of a program or project, where such damages are clearly attributable to that program or project and for a definite period to be determined by the Department and incorporated into the environmental compliance certificate. Financial liability instruments may be in the form a trust fund, environmental insurance, surety bonds, letters of credit, as well as self-insurance. The choice of the guarantee instruments shall furnish the Department with evidence of availment of such instruments. ARTICLE THREE Pollution from Stationary Sources SEC. 19. Pollution From Stationary Sources.- The Department shall, within two (2) years from the effectivity of this Act, and every two (2) years thereafter, review, or as the need therefore arises, revise and publish emission standards, to further improve the emission standards for stationary sources of air pollution. Such emission standards shall be based on mass rate of emission for all stationary source of air pollution based on internationally accepted standards, but not be limited to, nor be less stringent than such standards and with the standards set forth in this section. The standards, whichever is applicable, shall be the limit on the acceptable level of pollutants emitted from a stationary source for the protection of the public's health and welfare. With respect to any trade, industry, process and fuel-burning equipment or industrial plant emitting air pollutants, the concentration at the point of emission shall not exceed the following limits: Pollutants Standard Applicable to Source Maximum Permissible Limits (mg/Ncm) Method of Analysisa 1. Antimony and Its compounds any source 10 as Sb AASb 2. Arsenic and its compounds Any source 10 as As AASb 3. Cadmium and its compounds Any source 10 as Cd AASb 4. Carbon Monoxide Any industrial Source 500 as CO Orsat analysis 5. Copper and its Compounds Any industrial source 100 ax Cu AASb 6. Hydrofluoric Acids and Fluoride compounds Any source other than the manufacture of Aluminum from Alumina 50 as HF Titration with Ammonium Thiocyanate 7. Hydrogen Sulfide i) Geothermal Power Plants c.d Cadmium Sulfide Method ii) Geothermal Exploration and well-testing e iii) Any source other than (i) and (ii) 7 as H2S Cadmium Sulfide Method 8. Lead Any trade, industry or process 10 as Pb AASb 9. Mercury Any Source 5 as elemental Hg AASb/Cold-Vapor Technique or Hg Analyzer 10. Nickel and its compounds, except Nickel Carbonyl f Any source 20 as Ni AASb 11. NOx i) Manufacture of Nitric Acid 2,000 as acid and NOx and calculated as NO2 Phenol-disulfonic acid Method ii) Fuel burning steam generators Phenol-disulfonic acid Method Existing Source 1,500 as NO2 New Source • Coal-Fired 1,000 as NO2 • Oil-Fired 500 as NO2 iii) Any source other than (i) adn (ii) Phenol-disulfonic acid Method Existing Source 1000 as NO2 New Source 500 as NO2 12. Phosphorus Pentoxideg Any source 200 as P2O5 Spectrophotometry 13. Zinc and its Compounds Any source 100 as Zn AASb a Other equivalent methods approved by the Department may be used. b Atomic Absorption Specttrophotometry c All new geothermal power plants starting construction by 01 January 1995 shall control HsS emissions to not more than 150 g/GMW-Hr d All existing geothermal power plants shall control HsS emissions to not more than 200 g/GMW-Hr within 5 years from the date of effectivity of these revised regulations. e Best practicable control technology for air emissions and liquid discharges. Compliance with air and water quality standards is required. f Emission limit of Nickel Carbonyl shall not exceed 0.5 mg/Ncm. g Provisional Guideline Provided, that the maximum limits in mg/ncm particulates in said sources shall be : 1. Fuel Burning Equipment a) Urban or Industrial Area 150 mg/Ncm b) Other Area 200 mg/Ncm 2. Cement Plants (Kilns, etc.) 150 mg/Ncm 3. Smelting Furnaces 150 mg/Ncm 4. Other Stationary Sourcesa 200 mg/Ncm a Other Stationary Sources means a trade, process, industrial plant, or fuel burning equipment other than thermal power plants, industrial boilers, cement plants, incinerators and smelting furnaces. Provided, further, that the maximum limits for sulfur oxides in said sources shall be : (1) Existing Sources (i) Manufacture of Sulfuric Acid and Sulf(on)ation Process 2.0gm.Ncm as SO3 (ii) Fuel burning Equipment 1.5gm.Ncm as SO2 (iii) Other Stationary Sourcesa 1.0gm.Ncm as SO3 (2) New Sources (i) Manufacture of Sulfuric Acid and Sulf(on)ation Process 1.5 gm.Ncm as SO3 (ii) Fuel Burning Equipment 0.7 gm.Ncm as SO2 (iii) Other Stationary Sourcesa 0.2 gm.Ncm as SO3 a Other Stationary Sources refer to existing and new stationary sources other than those caused by the manufacture of sulfuric acid and sulfonation process, fuel burning equipment and incineration. For Stationary sources of pollution not specifically included in the immediately preceding paragraph, the following emission standards shall not be exceeded in the exhaust gas : I. Daily And Half Hourly Average Values Daily Average Values Half Hourly Average Values Total dust 10 mg/m3 30 mg/m3 Gaseous and vaporous organic substances, expressed as total organic carbon 10 mg/m3 20 mg/m3 Hydrogen chloride (HCl) 10 mg/m3 60 mg/m3 Hydrogen fluoride (HF) 1 mg/m3 4 mg/m3 Sulfur dioxide (SO2) 50 mg/m3 200 mg/m3 Nitrogen monoxide (NO) and Nitrogen dioxide (NO2), expressed as nitrogen dioxide for incineration plants with a capacity exceeding 3 tonnes per hour 200 mg/m3 400 mg/m3 Nitrogen monoxide (NO) and nitrogen dioxide (NO2), expressed as nitrogen dioxide for incineration plants with a capacity of 3 tonnes per hour or less 300 mg/m3 Ammonia 10 mg/m3 20 mg/m3 II. All the Average Values over the Sample Period of a Minimum of 4 and Maximum of 8 Hours. Cadmium and its compounds, expressed as cadmium (Cd) total 0.05 Thallium and its compounds, expressed as thallium (Tl) mg/m3 Mercury and its Compounds, expressed as mercury (Hg) 0.05 mg/m3 Antimony and its compounds, expressed as antimony (Sb) Arsenic and its compounds, expressed as arsenic (As) total 0.5 mg/m3 Lead and its compounds, expressed as lead ( Pb) Chromium and its compounds, expressed as chromium (Cr) Cobalt and its compounds, expressed as cobalt (Co) Copper and its compounds, expressed as copper (Cu) Manganese and its compounds, expressed as manganese (Mn) Nickel and its compounds, expressed as nickel (Ni) Vanadium and its compounds, expressed as vanadium (V) Tin and its compounds, expressed as tin (Sn) These average value cover also gaseous and the vapor forms of the relevant heavy metal emission as well as their compounds. Provided, that the emission of dioxins and furans into the air shall be reduced by the most progressive techniques. Provided, further that all average of dioxin and furans measured over the sample period of a minimum of 5 hours and maximum of 8 hours must not exceed the limit value of 0.1 nanogram/m3. Pursuant to Sec. 8 of this Act, the Department shall prepare a detailed action plan setting the emission standards or standards of performance for any stationary source the procedure for testing emissions for each type of pollutant, and the procedure for enforcement of said standards. Existing industries, which are proven to exceed emission rates established by the Department in consultation with stakeholders, after a thorough, credible and transparent measurement process shall be allowed a grace period of eighteen (18) months for the establishment of an environmental management system and the installation of an appropriate air pollution control device : Provided, That an extension of not more than twelve (12) months may be allowed by the Department on meritorious grounds. SEC. 20 Ban on Incineration.- Incineration , hereby defined as the burning of municipal, biomedical and hazardous waste, which process emits poisonous and toxic fumes is hereby prohibited; Provided, however, That the prohibition shall not apply to traditional small-scale method of community/neighborhood sanitation "siga", traditional, agricultural, cultural, health, and food preparation and crematoria; Provided, further, That existing incinerators dealing with a biomedical wastes shall be out within three (3) years after the effectivity of this Act; Provided, finally, that in the interim, such units shall be limited to the burning of pathological and infectious wastes, and subject to close monitoring by the Department. Local government units are hereby mandated to promote, encourage and implement in their respective jurisdiction a comprehensive ecological waste management that includes waste segregation, recycling and composting. With due concern on the effects of climate change, the Department shall promote the use of state-of-the-art, environmentally-sound and safe non-burn technologies for the handling, treatment, thermal destruction, utilization, and disposal of sorted, unrecycled, uncomposted, biomedical and hazardous wastes. ARTICLE FOUR Pollution from Motor Vehicles Sec. 21. Pollution from Motor Vehicles. a) The DOTC shall implement the emission standards for motor vehicles set pursuant to and as provided in this Act. To further improve the emission standards, the Department shall review, revise and publish the standards every two (2) years, or as the need arises. It shall consider the maximum limits for all major pollutants to ensure substantial improvement in air quality for the health, safety and welfare of the general public. The following emission standards for type approval of motor vehicles shall be effective by the year 2003: a.) For light duty vehicles, the exhausts emission limits for gaseous pollutants shall be: Emission Limits for Light Duty Vehicles Type Approval (Directive 91/441/EEC) CO (g/km) HC + NOx (g/km) PMa (g/km) 2.72 0.97 0.14 a for compression-ignition engines only b) For light commercial vehicles, the exhaust emission limit of gaseous pollutants as a function of the given reference mass shall be : Reference Weight (RW) (kg) CO (g/km) HC + NOx (g/km) PMa (g/km) Category 1 1250< RW 2.72 0.97 0.14 Category 2 1250< RW<1700 5.17 1.4 0.19 Category 3 RW>1700 6.9 1.7 0.25 a for compression-ignition engines only c.) For heavy duty vehicles, the exhaust emission limits of gaseous pollutants shall be : Emission Limits for Heavy Duty Vehicles Type Approval (Directive 91/542/EEC) CO (g/k/Wh) HC (g/k/Wh) NOx (g/k/Wh) PM (g/k/Wh) 4.5 1.1 8.0 0.36a a In the case of engines of 85 kW or less, the limit value for particular emissions in increased by multiplying the quoted limit by a coefficient of 1.7 Fuel evaporative emission for spark-ignition engines shall not exceed 2.0 grams hydrocarbons per test. Likewise, it shall not allow any emission of gases from crankcase ventilation system into the atmosphere. b.) The Department, in collaboration with the DOTC, DTI and LGUs, shall develop an action plan for the control and management of air pollution from motor vehicles consistent with the Integrated Air Quality Framework. The DOTC shall enforce compliance with the emission standards for motor vehicles set by the Department. The DOTC may deputize other law enforcement agencies and LGUs for this purpose. To this end, the DOTC shall have the power to : (1) Inspect and monitor the emissions of motor vehicles ; (2) Prohibit or enjoin the use of motor vehicles or a class of motor vehicles in any area or street at specified times; and (3) Authorize private testing emission testing centers duly accredited by the DTI. c.) The DOTC, together with the DTI and the Department, shall establish the procedures for the inspection of motor vehicles and the testing of their emissions for the purpose of determining the concentration and/or rate of pollutants discharged by said sources. d.) In order to ensure the substantial reduction of emissions from a motor vehicles, the Department of Trade and Industry (DTI), together with the DOTC and the Department shall formulate and implement a national motor vehicle inspection and maintenance program that will promote efficient and safe operation of all motor vehicles. In this regard, the DTI shall develop and implement standards and procedures for the certification of training institutions, instructors and facilities and the licensing of qualified private service centers and their technicians as prerequisite for performing the testing, servicing, repair and the required adjustment to the vehicle emission system. The DTI shall likewise prescribe regulations requiring the disclosure of odometer readings and the use of tamper-resistant odometers for all motor vehicles including tamper-resistant fuel management systems for the effective implementation of the inspection and maintenance program. SEC. 22 Regulation of All Motor Vehicles and Engines. Any imported new or locally-assembled new motor vehicle shall not be registered unless it complies with the emission standards set pursuant to this Act, as evidenced by a Certificate of Conformity (COC) issued by the Department. Any imported new motor vehicle engine shall not be introduced into commerce, sold or used unless it complies with emission standards set pursuant to this Act. Any imported used motor vehicle or rebuilt motor vehicle using new or used engines, major parts or components shall not be registered unless it complies with the emission standards. In case of non-compliance, the importer or consignee may be allowed to modify or rebuild the vehicular engine so it will be in compliance with applicable emission standards. No motor vehicle registration (MVR) shall be issued unless such motor vehicle passes the emission testing requirement promulgated in accordance with this Act. Such testing shall be conducted by the DOTC or its authorized inspection centers within sixty (60) days prior to date of registration. The DTI shall promulgate the necessary regulations prescribing the useful life of vehicles and engines including devices in order to ensure that such vehicles will conform to the emissions which they were certified to meet. These regulations shall include provisions for ensuring the durability of emission devices. SEC. 23. Second-Hand Motor Vehicle Engines. Any imported second-hand motor vehicle engine shall not be introduced into commerce, sold or used unless it complies with emission standards set pursuant to this Act. ARTICLE FIVE- Pollution from Other Sources SEC. 24 Pollution from smoking. Smoking inside a public building or an enclosed public place including public vehicles and other means of transport or in any enclosed area outside of one's private residence, private place of work or any duly designated smoking area is hereby prohibited under this Act. This provision shall be implemented by the LGUs. SEC. 25. Pollution from other Mobile Sources. The Department, in coordination with appropriate agencies, shall formulate and establish the necessary standards for all mobile sources other than those referred to in Sec. 21 of this Act. The imposition of the appropriate fines and penalties from these sources for any violation of emission standards shall be under the jurisdiction of the DOTC. CHAPTER 3 FUELS, ADDITIVES, SUBSTANCES AND POLLUTANTS Article One- Fuels, Additives and Substances SEC. 26 Fuels and Additives. Pursuant to the Air Quality Framework to be established under Section 7 of this Act, the Department of Energy (DOE), co-chaired by the Department of Environment and Natural Resources (DENR), in consultation with the Bureau of Product Standards (BPS) of the DTI, the DOST, the representatives of the fuel and automotive industries, academe and the consumers shall set the specifications for all types of fuel and fuel-related products, to improve fuel composition for increased efficiency and reduced emissions; Provided, however, that the specifications for all types of fuel and fuel-related products set-forth pursuant to this section shall be adopted by the BPS as Philippine National Standards (PNS). The DOE, shall also specify the allowable content of additives in all types of fuels and fuel-related products. Such standards shall be based primarily on threshold levels of health and research studies. On the basis of such specifications, the DOE shall likewise limit the content or begin that phase-out of additives in all types of fuels and fuel-related products as it may deem necessary. Other agencies involved in the performance of this function shall be required to coordinate with the DOE and transfer all documents and information necessary for the implementation of this provision. Consistent with the provisions of the preceding paragraphs under this section, it is declared that : a. not later than eighteen (18) months after the effectivity of this Act, no person shall manufacture, import, sell, supply, offer for sale, dispense, transport or introduce into commerce unleaded premium gasoline fuel which has an anti-knock index (AKI) of not less that 87.5 and Reid vapor pressure of not more than 9 psi. Within six (6) months after the effectivity of this Act, unleaded gasoline fuel shall contain aromatics not to exceed forty-five percent (45%) by volume and benzene not to exceed four percent (4%) by volume; Provided, that by year 2003, unleaded gasoline fuel should contain aromatics not to exceed thirty-five percent (35%) by volume and benzene not to exceed two percent (2%) by volume; b. not later than eighteen (18) months after the effectivity of this Act, no person shall manufacture, import, sell, supply , offer for sale, dispense, transport or introduce into commerce automotive diesel fuel which contains a concentration of sulfur in excess of 0.20% by weight with a cetane number of index of not less than forty-eight (48); Provided, That by year 2004, content of said sulfur shall be 0.05% by weight ; and c. not later than eighteen (18) months after the effectivity of this Act, no Person shall manufacture, import, sell, supply, offer for sale, dispense, transport or introduce into commerce industrial diesel fuel which contains a concentration of sulfur in excess of 0.30% (by weight). Every two (2) years thereafter or as the need arises, the specifications of unleaded gasoline and of automotive and industrial diesel fuels shall be reviewed and revised for further improvement in formulation and in accordance with the provisions of this Act. The fuels characterized above shall be commercially available. Likewise, the same shall be the reference fuels for emission and testing procedures to be established in accordance with the provisions of this Act. Any proposed additive shall not in any way increase emissions of any of the regulated gases which shall include, but not limited to carbon monoxide, hydrocarbons, and oxides of nitrogen and particulate matter, in order to be approved and certified by the Department. SEC. 27. Regulation of Fuels and Fuel Additives.- The DOE, in coordination with the Department and the BPS, shall regulate the use of any fuel or fuel additive. No manufacturer, processor or trader of any fuel or additive may import, sell, offer for sale, or introduce into commerce such fuel for additive unless the same has been registered with the DOE. Prior to registration, the manufacturer, processor or trader shall provide the DOE with the following relevant information: a. Product identity and composition to determine the potential health effects of such fuel additives; b. Description of the analytical technique that can be used to detect and measure the additive in any fuel ; c. Recommended range of concentration; and d. Purpose in the use of the fuel and additive. SEC. 28 Misfueling. In order to prevent the disabling of any emission control device by lead contamination, no person shall introduce or cause or allow the introduction of leaded gasoline into any motor vehicle equipped with a gasoline tank filler inlet and labeled " unleaded gasoline only ". This prohibition shall also apply to any person who knows or should know that such vehicle is designed solely for the use of unleaded gasoline. SEC. 29. Prohibition on Manufacture. Import and Sale of leaded Gasoline and of Engines and/or Components Requiring Leaded Gasoline. Effective not later than eighteen (18) months after the enactment of this Act, no person shall manufacture, import, sell, offer for sale, introduce into commerce, convey or otherwise dispose of , in any manner leaded gasoline and engines and components requiring the use of leaded gasoline. For existing vehicles, the DTI shall formulate standards and procedures that will allow non-conforming engines to comply with the use of unleaded fuel within five(5) years after the effectivity of this Act. Article Two Other Pollutants SEC. 30. Ozone-Depleting Substances. Consistent with the terms and conditions of the Montreal Protocol on Substances that Deplete the Ozone Layer and other international agreements and protocols to which the Philippines is a signatory, the Department shall phase out ozone-depleting substances. Within sixty (60) days after the enactment of this Act, the Department shall publish a list of substances which are known to cause harmful effects on the stratospheric ozone layer. SEC. 31. Greenhouse Gases. The Philippine Atmospheric, Geophysical and Astronomical Service Administration (PAGASA) shall regularly monitor meteorological factors affecting environmental conditions including ozone depletion and greenhouse gases and coordinate with the Department in order to effectively guide air pollution monitoring and standard-setting activities. The Department, together with concerned agencies and local government units, shall prepare and fully implement a national plan consistent with the United Nations Framework Convention on Climate Change and other international agreements, conventions and protocols on the reduction of greenhouse gas emissions in the country. SEC. 32. Persistent Organic Pollutants. The Department shall, within a period of two (2) years after the enactment of this Act, establish an inventory list of all sources of Persistent Organic Pollutants (POPs) in the Country. The Department shall develop short-term and long-term national government programs on the reduction and elimination of POPs such as dioxins and furans. Such programs shall be formulated within a year after the establishment of the inventory list. SEC. 33. Radioactive Emissions. All projects which will involve the use of atomic and/or nuclear energy, and will entail release and emission of radioactive substances into the environment, incident to the establishment or possession of nuclear energy facilities and radioactive materials, handling, transport, production, storage, and use of radioactive materials, shall be regulated in the interest of public health and welfare by the Philippine Nuclear Research Institute (PNRI), in coordination with Department and other appropriate government agencies. CHAPTER 4 INSTITUTIONAL MECHANISM SEC. 34. Lead Agency.- The Department, unless otherwise provided herein, shall be the primary government agency responsible for the implementation and enforcement of this Act. To be more effective in this regard, The Department's Environmental Management Bureau (EMB) shall be converted from a staff bureau to a line bureau for a period of no more than two (2) years, unless a separate, comprehensive environmental management agency is created. SEC. 35 Linkage Mechanism. - The Department shall consult, participate, cooperate and enter into agreement with other government agencies, or with affected non-governmental (NGOs) or people's organizations (POs),or private enterprises in the furtherance of the objectives of this Act. SEC. 36. Role of Local Government Units.- Local Government units (LGUs) shall share the responsibility in the management and maintenance of air quality within their territorial jurisdiction. Consistent with Secs. 7,8 and 9 of this Act, LGUs shall implement air quality standards set by the Board in areas within their jurisdiction; Provided, however, that in case where the board has not been duly constituted and has not promulgated its standards, the standards set forth in this Act shall apply. The Department shall provide the LGUs with technical assistance, trainings and a continuing capability-building program to prepare them to undertake full administration of the air quality management and regulation within their territorial jurisdiction. SEC. 37 Environmental and Natural Resources Office.- There may be established an Environment and Natural Resources Office in every province, city, or municipality which shall be headed by the environment and natural resources officer and shall be appointed by the Chief Executive of every province, city or municipality in accordance with the provisions of Section 484 of Republic Act No. 7160. Its powers and duties, among others, are : a. To prepare comprehensive air quality management programs, plans and strategies within the limits set forth in Republic act. No. 7160 and this Act which shall be implemented within its territorial jurisdiction upon the approval of the sanggunian ; b. To provide technical assistance and support to the governor or mayor, as the case may be, in carrying out measures to ensure the delivery of basic services and the provision of adequate facilities relative to air quality; c. To take the lead in all efforts concerning air quality protection and rehabilitation; d. To recommend to the Board air quality standards which shall not exceed the maximum permissible standards set by rational laws ; e. To coordinate with other government agencies and non-governmental organizations in the implementation of measures to prevent and control air pollution; and f. Exercise such other powers and perform such duties and functions as may be prescribed by law or ordinance. Provided, however, that, in provinces/cities/municipalities where there are no environment and natural resources officers, the local executive concerned may designate any of his official and/ or chief of office preferably the provincial, city or municipal agriculturist, or any of his employee; Provided, finally, that in case an employee is designated as such, he must have a sufficient experience in environmental and natural resources management, conservation and utilization. SEC. 38 Record-keeping, Inspection, Monitoring and Entry by the Department.- The Department or its duly accredited entity shall, after proper consultation and notice, require any person who owns or operates any emissions source or who is subject to any requirement of this Act to : (a) establish and maintain relevant records; (b) make relevant reports; (c) install, use and maintain monitoring equipment or methods; (d) sample emission, in accordance with the methods, locations, intervals and manner prescribed by the Department; (e) keep records on control equipment parameters, production variables or other indirect data when direct monitoring of emissions is impractical; and (f) provide such other information as the Department may reasonably require. Pursuant to this Act, the Department, through its authorized representatives, shall have the right of : (a) entry of access to any premises including documents and relevant materials as referred to in the herein preceding paragraph, b) inspect any pollution or waste source, control device, monitoring equipment or method required, and c) test any emission. Any record, report or information obtained under this section shall be made available to the public, except upon a satisfactory showing to the Department by the entity concerned that the record, report or information, or parts thereof, if made public, would divulge secret methods or processes entitled to protection as intellectual property. Such record, report or information shall likewise be incorporated in the Department's industrial rating system. SEC. 39. Public Education and Information Campaign.- A continuing air quality information and education campaign shall promoted by the Department, the Department of Education, Culture and Sports (DECS), the Department of the Interior and Local Government (DILG), the Department of Agriculture (DA) and the Philippine Information Agency (PIA). Consistent with Sec. 7 of this Act, such campaign shall encourage the participation of other government agencies and the private sector including NGOs, POs, the academe, environmental groups and other private entities in a multi-sectoral information campaign. CHAPTER 5 ACTIONS SEC. 40 Administrative Action.- Without prejudice to the right of any affected person to file an administrative action , the Department shall, on its own instance or upon verified complaint by any person, institute administrative proceedings against any person who violates: a) Standards or limitation provided under this Act; or b) Any order, rule or regulation issued by the Department with respect to such standard or limitation. SEC. 41. Citizen Suits. for purposes of enforcing the provisions of this Act or its implementing rules and regulations, any citizen may file an appropriate civil, criminal or administrative action in the proper courts against: (a) Any person who violates or fails to comply with the provisions of this Act or its implementing rules and regulations; or (b) The Department or other implementing agencies with respect to orders, rules and regulations issued inconsistent with this act; and/or (c) Any public officer who willfully or grossly neglects the performance of an act specifically enjoined as a duty by this Act or its implementing rules and regulations; or abuses his authority in the performance of his duty; or, in any manner, improperly performs his duties under this Act or its implementing rules and regulations: Provided, however, That no suit can be filed until thirty-day (30) notice has been taken thereon. The court shall exempt such action from the payment of filing fees, except fees for actions not capable of pecuniary estimations, and shall likewise, upon prima facie showing of the non-enforcement or violation complained of, exempt the plaintiff from the filing of an injunction bond for the issuance of a preliminary injunction. Within thirty (30) days, the court shall make a determination if the compliant herein is malicious and/or baseless and shall accordingly dismiss the action and award attorney's fees and damages. SEC .42 . Independence of Action.- The filing of an administrative suit against such person/entity does not preclude the right of any other person to file any criminal or civil action. Such civil action shall proceed independently. SEC. 43 Suits and Strategic Legal Actions Against Public Participation and the Enforcement of this act.- where a suit is brought against a a person who filed an action as provided in Sec. 41 of this Act, or against any person, institutions or government agency that implements this Act, it shall be the duty of the investigating prosecutor or the court, as the case may be, to immediately make a determination not exceeding thirty (30) days whether said legal action has been filed to harass, vex, exert undue pressure or stifle such legal recourses of the person complaining of or enforcing the provisions of this Act. Upon determination thereof , evidence warranting the same, the court shall dismiss the case and award attorney's fees and double damages. This provision shall also apply and benefit public officers who are sued for acts committed in their official capacity, their being no grave abuse of authority, and done in the course of enforcing this Act. SEC. 44 Lien Upon Personal and Immovable Properties of Violators. Fines and penalties imposed pursuant to this Act shall be liens upon personal immovable properties of the violator. Such lien shall, in case of insolvency of the respondent violator , enjoy preference to laborer's wages under Article 2241 and 2242 of Republic Act No. 386, otherwise known as the New Civil Code of the Philippines. CHAPTER 6 FINES AND PENALTIES SEC. 45. Violation of Standards for Stationary Sources. For actual exceedance of any pollution or air quality standards under this Act or its rules and regulations, the Department, through the Pollution Adjudication Board (PAB), shall impose a fine of not more than One hundred thousand pesos ( P 100,000.00) for every day of violation against the owner or operator of a stationary source until such time that the standards have been complied with. For purposes of the application of the fines, the PAB shall prepare a fine rating system to adjust the maximum fine based on the violator's ability to pay, degree of willfulness, degree of negligence, history of noncompliance and degree of recalcitrance. Provided, That in case of negligence, the first time offender's ability to pay may likewise be considered by the Pollution Adjudication Board; Provided, further, That in the absence of any extenuating or aggravating circumstances, the amount of fine for negligence shall be equivalent to one-half of the fine for willful violation. The fines herein prescribed shall be increased by at least ten percent (10%), every three (3) years to compensate for inflation and to maintain the deterrent function of such fines. In addition to the fines, the PAB shall order closure, suspension of development, construction, or operations of the stationary sources until such time that proper environmental safeguards are put in place; Provided, that an establishment liable for a third offense shall suffer permanent closure immediately. This paragraph shall be without prejudice to the immediate issuance of an ex parte order for such closure, suspension of development or construction, or cessation of operations during the pendency of the case upon prima facie evidence that their is imminent threat to life, public health, safety or general welfare, or to plant or animal life, or whenever there is an exceedance of the emission standards set by the Department and/or the Board and/or the appropriate LGU. SEC. 46. Violation of Standards for Motor Vehicles. No motor vehicle shall be registered with the DOTC unless it meets the emission standards set by the Department as provided in Sec. 21 hereof. Any vehicle suspected of violation of emission standards through visual signs, such as, but not limited to smoke-belching, shall be subjected to an emission test by a duly authorized emission testing center. For this purpose, the DOTC or its authorized testing center shall establish a roadside inspection system. Should it be shown that there was no violation of emission standards, the vehicle shall be immediately released. Otherwise, a testing result indicating an exceedance of the emission standards would warrant the continuing custody of the impounded vehicle unless the appropriate penalties are fully paid, and the license plate is surrendered to the DOTC pending the fulfillment of the undertaking by the owner/operator of the motor vehicle to make the necessary repairs so as to comply with the standards. A pass shall herein be issued by the DOTC to authorize the use of the motor vehicle within a specified period that shall not exceed seven (7) days for the sole purpose of making the necessary repairs on the said vehicle. The owner/operator of the vehicle shall be required to correct its defects and show proof of compliance to the appropriate pollution control office before the vehicle can be allowed to be driven on any public or subdivision roads. In addition, the driver and operator of the apprehended vehicle shall undergo a seminar on pollution control managem

hedge-fund managers are consistent Democratic donors.? Hedging Your Votes Taxing questions. Democrats have so far gotten the lion’s share of hedge-fund managers’ campaign contributions in the 2008 presidential money race — 75 percent, according to a Center for Responsive Politics/Absolute Return magazine analysis of the candidates’ first-quarter financials. Next week, when financials are due, we’ll know if the trend kept up in the second quarter. For now the more interesting question is: Will it continue after the Democrats raise taxes on private-equity and hedge-fund managers, as they appear determined to do? Last Wednesday, the Senate Finance Committee held a hearing on “carried interest” — the percentage of a fund’s returns that its managers keep as compensation. This comes after 14 House Democrats proposed a bill that would more than double the taxes that fund managers pay on these fees. Your typical fund manager takes around two percent of the fund’s value as a fee for managing the money, and on this he pays regular income tax of up to 35 percent. In addition, he keeps around 20 percent of the returns on the fund’s investments — on this he pays the capital-gains tax rate, which President Bush cut to 15 percent in 2003. These funds are quite large, in the billions, and generate outsized returns, so these guys have been in the news lately for their astronomical take-home pay. Now the Democrats want their cut. They say it’s not fair that these managers pay such a low rate on so much income. They want them to pay the regular income-tax rate — 35 percent. Here’s where things get weird. Typically political parties crack down on the other party’s donors, not their own. But unlike their financial brethren in the greater securities/investments community, hedge-fund managers are consistent Democratic donors. While the industry overall only shifted its giving to the Democrats in 2006 when a power-shift looked all-but-certain, CRP/Absolute Return data show that hedge funds have favored Democrats for longer and by wider margins. In 2006 hedge funds gave 69 percent of their campaign cash to Democrats (the industry overall was more closely divided at 53-45). They gave 67 percent to Democrats in 2004. In 2002, it was 84 percent. As mentioned above, first-quarter filings from the 2008 presidential candidates show that the funds continue to favor Democrats. Connecticut Senator Christopher Dodd received the most — close to $350,000 — which reflects the large number of hedge funds in his state as well as his position as chairman of the Senate Banking Committee. John Edwards came in second with over $190,000. Almost all of that money came from the Fortress Investment Group, which also paid him close to $500,000 in consulting fees last year. (Edwards told the Associated Press that he took the job “primarily to learn” about financial markets and their relationship to poverty.) Hillary Clinton came in third, followed by Rudy Giuliani and then Barack Obama. A top Republican fundraiser I talked to simply didn’t believe these numbers could be accurate. He pointed to a number of high-profile hedge-fund managers who have given to Republicans, such as Paul E. Singer, a founding partner at Elliott Associates and major Giuliani backer. When I asked him to assume that the numbers were correct for argument’s sake, he said, “Then it would be the stupidest thing I could imagine.” Evidence that hedge-fund giving runs counter to the sector’s best interest also comes from the fact that the Managed Funds Association, which represents hedge funds in Washington, directs most of its giving to Republicans. In 2004 the split was 68-32. Even in 2006, with the rest of the industry trending Democratic, the MFA favored the GOP 57-41. CRP executive director Sheila Krumholz says, “The Managed Funds Association is a good example of a business association giving for more pragmatic reasons, based on its legislative agenda and more in the general interest of these firms. Yet many companies,” she says, “even members of the association, give 100 percent to Democrats.” Avenue Capital Group, D.E. Shaw, Farallon, Fortress, and yes, Soros Fund Management are among the major Democratic donors who populate the association’s membership list. One can think of several reasons why hedge-fund giving is so at odds to what one would perceive to be the best interest of the industry. First, most hedge funds are located in blue states and therefore represented by Democrats. It probably makes sense for these managers to give to a Chris Dodd, a Hillary Clinton, a Nancy Pelosi, even if they don’t share their ideologies. That could skew the data. But a closer look at the giving patterns of some of the top donors finds political contributions spread out over a large number of Democratic candidates and PACs. Thomas F. Steyer, senior partner at Farallon Capital Management in San Francisco, gave $1,000 to Nancy Pelosi (and $5,000 to her PAC), sure. But he’s given tens of thousands more to other Democrats, running the gamut from the hawkish Joe Lieberman to the very liberal Russell Feingold. Not all hedge funds are located in blue states, either. David Bonderman, a big Democratic donor, runs the Texas Pacific Group from Fort Worth, Texas. Second, one could argue that influential lawmakers from both parties support higher taxes and more regulation on hedge funds, so it doesn’t matter whether they give to Republicans or Democrats. Iowa Republican Charles Grassley, ranking member on the Senate Finance Committee, has long favored forcing hedge funds to register with the Securities and Exchange Commission, something they argue they shouldn’t have to do. And in a statement at Wednesday’s hearing, Grassley defended the idea of raising taxes on publicly traded partnerships like Fortress and Blackstone. But this explanation is also lacking. It is the Democratic party, not the GOP, that seeks to roll back Bush’s investment-friendly tax cuts on dividends and capital gains. Carried interest and hedge-fund managers are merely the softest targets in what promises to be a broader Democratic attack on the Bush tax cuts. The fundamental logic — that the investor class is overcompensated and ought to pay more — is the same. Listening to the Democratic vs. the Republican candidates for president provides an even clearer demonstration of the difference between the parties. John Edwards, ardent student of the industry though he may be, has come out in favor of higher taxation and increased regulation of private-equity and hedge funds. And Thursday the New York Sun reported that Barack Obama has also come out in support of doubling taxes on publicly traded partnerships. Hillary Clinton, who along with Chuck Schumer represents Wall Street in the Senate, is the only holdout so far (a spokesman told the Sun she is still “evaluating” the issue). This bit of politically-motivated reticence aside, the Democrats’ track record on taxes speaks for itself. By any measure of common sense, a smart man would bet on the GOP to keep taxes low and capital deregulated. Finally, there’s the Soros factor. But while this can partially explain large discrepancies in past cycles, particularly 2004, Soros’s pocketbook was silent during the first quarter of 2007, and the Democrats dominated anyway. What’s left is the explanation offered by CRP’s Krumholz: “I sense that, for these individuals, a lot of them are ideologically allied with the Democrats possibly in spite of economic interests that would seem to favor a Republican alliance.” In other words, it’s Thomas Frank’s What’s the Matter With Kansas, only in reverse. Hedge-fund managers tend to live near the top of cosmopolitan, culturally liberal societies. They tend to find Republican positions on embryo-destroying stem-cell research and gay marriage to be nothing short of primitive. They tend to be extremely bright and thus prone to the fallacious idea that if more people like them ran the government, they could solve just about any problem with a new government program. They can afford higher taxes. Unfortunately, the rest of America can’t. Investment capital is the lifeblood of business expansion and job creation, and the idea that Congress can’t find offsets in the bloated federal budget and must raid Wall Street for more money is preposterous. I know — no one deserves to have their taxes raised quite like these extremely well-compensated benefactors of the party that seeks to destroy them. However, as usual, it’s up to conservatives to know better.

Politicians and their Illusion of Power? Take a look a give your opinion:? Critics accuse libertarians of reveling in government failures. Yes and No. No one is pleased to see the destruction caused by government policies, whether small scale, as when a tighter regulation causes business failures, or large scale, as when wars destroy life for millions. The kernel of truth to the claim is this: the failure of government illustrates something extremely important about the structure of reality that most people are likely to forget. It comes down to this: statesmen and public officials, no matter how powerful they may be, cannot finally control social outcomes. If I might offer a summary of a point emphasized in all of Mises's works: the structure of society and world affairs generally is shaped by human actions, stemming from imaginative human minds working out individual subjective valuations, and their interactions with the material world, which is governed by laws that are beyond human control. What that means is that you and I cannot on our own, even if we have maximum political power, control all of human society, and especially not its economic side. Let's first consider an example from current popular wisdom about the manufacturing base. Many products that were once made in the US – thinking here of televisions, pianos, firecrackers, plastics, and bicycles--are now made in China. This has caused a great deal of alarm--all unwarranted, so far as sound economics is concerned. But let's say we have the ambition to change this social outcome. Anyone is free to build a bicycle and attempt to market it to willing buyers. Let's say you rent some property, hire the workers, acquire all the necessary capital, and then put your bike on sale. In order to cover your costs and make a profit, you find that you must price your bikes above the going market price. Maybe you can persuade people that you have a special product that is better than the others. Or maybe yours will sit on the floor. Or maybe you will have to lower your price and you will find that your revenue does not cover your costs, and you have to go out of business. No matter what you decide, this much is clear: you are not dictating the outcome. You wanted to build bikes, but it is the consuming public that decides whether it is in our interest to do so. There is nothing you have to say about it. You cannot make people fork over the money. I would venture to suggest that you will ultimately come to the conclusion that you should be doing other things besides attempting to keep up with other businesses that have lower labor and capital costs and hence can make a profit through selling goods at much lower prices. But let's say you decide that you don't want to bow to the realities of the market. Instead you lobby Congress to tax everyone who buys a bike from overseas. The tax is high enough that you can continue to charge exorbitant prices for your bikes. You make a profit. But at what expense? The consumers who buy your bikes have less income left over for other pursuits, whether consumption, saving, or investment. The workers you are employing are being kept from other pursuits as well, and the capital you are consuming is not available for other projects. Ultimately, you have skewed the entire economic system in a way that benefits you at everyone else's expense. Others have found a way to do what you are doing much more efficiently, but because you lobbied and got your way, society is prevented from benefiting from others' innovations. And how long must this distorted system last? That you managed to tax everyone to benefit you does nothing to change the reality that others can do what you are doing more cheaply and better. Do workers really want to be employed in an industry that is something of an artifice? Do consumers really want to pay high prices just so that you can continue to indulge in your bike-making passion? Clearly not. At some point, people will catch on to the racket, and find other ways to go about acquiring bikes. Maybe they will exploit loopholes in the law that allow them to import bike parts. An industry of do-it-yourself bike building becomes a threat to your profits. Or perhaps black markets will take over. Or maybe people will turn away from bikes altogether and starting trying out new forms of informal transportation. Skateboards are fitted with handlebars. Gas-powered scooters develop a peddle-only option. The very definition of a bike comes into question. Increasingly, enforcement will have to become ever more onerous. At some point in this game, we face a choice. We can continue to impose an ever more absurd and preposterous system of regulations and protections just so that you can benefit, or we can bow to reality and let in foreign bikes for consumer purchase. Let's say your tariff lasts a year or even ten years. What will it accomplish? In that time, vast resources are wasted. Consumers of all sorts are exploited. Capital is consumed in economically wasteful ways. People are pushed around and the police powers of the state grow. It does society no good at all. My point is that whatever the fate of the so-called manufacturing base, there is nothing in the long run that can be done to turn it in one direction or another. The fate of manufacturing is in the hands of consumers at large, and subject to the laws of economics which no man can repeal. It is the outcome of human choice. Now, the Bush administration has thought otherwise and imposed a huge range of protections to benefit its supporters and people who the administration hoped would become its supporters. The result has been to skew the world economy, hobble markets, delay inevitable transitions, and impose massive social costs. What this example shows is that governments are not omnipotent. Many try to be, and no government is liberal by nature. But there are limits. Governments bump up against human valuations time and again. Even in the highly rarified event of a despotic government that rules a population unanimously in support of despotism, government still bumps up against the structure of the world, which resists control. Let us consider another example. Let us say that government desires a strong dollar. But it still wants to print dollars and ship them around the world. In this case, there is nothing that government can do to insure the dollar’s strength against depreciation. Nothing. This is due to the laws of economics. All else equal, the value of a currency in terms of goods falls as its quantity increases. Governments that desire otherwise can only shake their fist in anger. The same is true domestically. The government wants economic recovery before a recession has fully run its course. It thereby drops interest rates, spends vast amounts of money to gin up demand, and otherwise encourages as much consumption as possible. These tactics can result in some short-term gains but it doesn't work in the long run. These tactics deplete savings and capital and weaken the foundation for solid future growth. The issue of the price of prescription drugs will be a big one in this coming campaign. The problem is high prices. Popular wisdom has it that this is because of the greed of the medical industry. The truth is that these high prices are partly a result of subsidized demand due to Medicare and Medicaid, as well as the restricted supply due to patent laws. In other words, the political class is responsible for the high prices. It's true that the pharmaceutical industry is not complaining. In fact, high prices are precisely what its friends in government want to bring about. They may regret that the poor have to pay the higher prices, but not enough to do anything substantive about it. Prices would plummet today if patents were repealed, free trade (including re-importation) allowed, and subsidized demand ended by the abolition of Medicare and Medicaid. But no one wants to consider that solution, so Congress creates ever more intrusive programs designed to control prices, keeping the prices high enough to satisfy the industry but low enough to reduce the political clamor. The problem is that the government can't have it both ways. It cannot reward its friends with high prices and keep consumers happy at the same time. The current system with its large subsidies is only creating massive new liabilities in programs that cannot be funded in perpetuity without massive tax increases that no one is willing to advocate. Absent tax increases, the only answer is inflation, which taxes us in other ways. One way to think about government is as a rat wandering through a maze with no escape. There is no magic solution to getting around basic economic laws. All lunches must be paid for by someone, prices cannot be both high and low at the same time, and all attempts to coerce generate counter-reactions. In short, there is no alternative universe in which the fantasies of politicians come true. But try telling that to the political class. The last thing they want to hear is that their power is limited, that their will is not a way. They are prone to believe that membership in the political class comes with the privilege of shaping the world to their liking. If you read the social science literature, you find the same error at work on a nearly universal basis. Very rarely does anyone come along and say: great theory but it has nothing to do with reality. You are just playing intellectual games. Socialism was really nothing other than an intellectual game. People from the ancient world to the present conjured up some vision of how they would like the world to work and then advocated a series of measures of how to achieve it. Mises and his generation explained that their vision was fundamentally at odds with reality. In the real world, capital must have price rooted in exchange of private property in order for it to be employed in its highest-valued capacity. It solves nothing to say that everyone should own capital collectively. This was the equivalent of pointing out that the Emperor was wearing no clothes. In some ways, what we do as commentators on economic affairs is to follow this model again and again. The other day, a candidate for president suggested that the answer to our economic woes was more regulation. He had it all figured out in his mind. Immediately, free-market economists from all over the world joined forces to point out that his goal of higher economic productivity could not be achieved this way. It was an unwelcome message but one necessary to deliver regardless. The experience of Iraq has provided myriad examples of the same. The US wants to pump oil. It wants to start factories, stores, and commerce generally. But it refuses to put private owners in charge. As a result, all its military muscle has amounted to very little at great expense. It is a classic example of how governments fail when they try to fight against forces they cannot control. Factories in Iraq that have gone into operation have done so without support of the occupying government. And think of the war generally. At the outset, the visionaries in the Bush administration imagined that Iraq was really a very simple problem to solve. It only needed to be decapitated and the magic dust of the US presence would otherwise create an orderly and prosperous society that would be a model for the region. The reality hit. Crime was unleashed. Feuding political factions clamored for control. Production stopped. Society flew into chaos. This was not because of the absence of the political leadership. It was because of the presence of foreign martial law in a country that was seething in resentment against the US. Time and again, we have seen evidence that the Iraq war only accomplished the opposite of its aims. Its purpose was to find weapons, punish terrorism, and bring order to the region. Instead it has fueled terrorism and brought new levels of disorder to the region. Not having done that, the war is then re-defined in terms that reflect whatever government has done: namely to toss out and capture Saddam, In this sense, the war was like any other government program: bringing about the opposite of its stated intentions and doing so at greater expense. Thus do we see the intersection between foreign and domestic policy. Government is famously ham-handed at home and similarly incompetent abroad. No matter how much government claims that it is master of the universe, it constantly confronts forces beyond its control. In all the talk of the calamity of this war, never forget the broader picture: what an incredible opportunity was squandered after the end of the Cold War. The US had emerged as the universally acknowledged ideological victor in that forty-year struggle. That the Cold War was not actually an ideological struggle so much as a classic standoff between two empires is irrelevant for understanding the implications of this fact: totalitarian communism collapsed while the free economic system of the market remained standing in total triumph. The world was ready for a new period of genuine liberalism, and looking to the US. On the verge of an amazing period of technological advance, we were perfectly situated to lead the way. There had never been a time in US history when George Washington's foreign policy made more sense. A beacon of liberty. Trade with all, belligerence toward none. Commercial engagement with everyone, political engagement with as few as possible. The hand of friendship. Good will. This was the prescription for peace and freedom. It was within our grasp. Our children might have grown up in a world without major political violence. A world of peace and plenty. It could have been. But it was not to be, mainly because George W.'s father decided that he wanted to go down in the history books for doing something big and important. What else but war? The US was now the world's only superpower and itching for some fight somewhere. It's a bit like a playground filled with wimps and one boy with a black belt in karate who never absorbed the lesson in how and where to use his fighting skills. And then there was this oil-drilling dispute between Iraq and Kuwait, and Bush decided to intervene. Twelve years later, the US is still there, causing unrelenting havoc for those poor people. Here at home we are given constant examples of the huge gulf that separates government's perceptions of itself versus the reality. The Bush administration wanted to give the steel industry a boost. The administration established tariffs, which amounts to a tax on all consumers of steel. American manufacturers faced a choice of paying the tax to buy imported steel or paying the higher prices for domestic steel. Those who could do neither had to cut back production and hiring in other areas. Other consumers had to pay higher prices, which diverted income from other pursuits. As for the steel industry itself, the tariffs did nothing to help it achieve greater efficiency, which is the only way to deal with more efficient competitors. They only ended up subsidizing inefficiency. Even then, it wasn't enough. During the period of tariffs, the industry dramatically consolidated in order to become more efficient in other ways. Once faced with the prospect of trade wars, the ultimate cost of protectionism, the Bush administration pulled back and repealed the new tariffs, thereby landing the industry in exactly the same predicament it was in before the tariffs were past. As for commercial society as a whole, it paid dramatically higher steel costs, and faced sporadic shortages, for absolutely no reason. Faced with failure on every front, the Bush administration did the right thing and repealed the tariffs. Not that it was honest about the failure. Instead it claimed its policy worked so well that it could now repeal it. This is like a physician prescribing poison and then changing his mind. He can't but try to put the best spin on it, I suppose. But what a beautiful example of the powerlessness of government this is! The Bush administration wanted to save American industry and only ended up vastly raising the costs of doing all forms of business. More cutbacks are inevitable as steel production shifts to other countries and the US finds its comparative advantage elsewhere. Much legislative energy is poured into helping some groups gain favorable treatment in the workplace. I'm thinking here of the usual litany of victim groups as identified according to race, ability, sex, national origin, religion, and the like. Have these laws actually helped the group in question? The results are mixed at best. If you send people out into the workforce with a high price attached to their heads – and the prospect of a lawsuit is a very high price indeed – you only make employers less likely to hire them. I don’t doubt that some people have been helped by these laws, but they are not the people most in need of help. Today, the disabled, blacks, women, and religious minorities go in search of jobs with a major problem: employers fear them on the margin, and, on the margin, are less likely to hire them relative to others, provided they can get away with it. It is the least qualified among them who pay the highest price. A good test case is disability: it is a documented fact that unemployment among the truly disabled is higher today than it was when the Americans with Disabilities Act was passed. Because libertarians know in advance that government policies are destructive, we tend to focus our editorial energy on pointing to its destructive effects. But in our zeal to draw attention to issues others ignore, let us not forget the bigger picture. There are always limits to what the government can do, and the government's destruction is always accompanied by examples of great creativity on the part of the market. Even as government dominates the headlines, private entrepreneurs are busy every day working to improve products and services that improve our lives. They do it without taxing us or regulating us, or making us suffer through tedious elections or political debates. They make their products and offer them to us in a way that pleases the consuming public the most. We can choose whether we want them or not. Consider the success of Wal-Mart. If government had set out to create a volume discounter that made a world of material goods and groceries available to the multitude in all countries, it might have tried for a thousand years and not created anything resembling this company. Even the military has relented and now routinely points its employees not to its on-base stores but to Wal-Mart, Office Depot, and others for the best prices. Foreign development aid is another example. It took decades to get the message across, but today finance ministers in the developing world understand that they have far more to gain through integration into the world economy than from development aid and all the restrictive policies that come with it. Today, as Sudha Shenoy points out, the largest resistance to new trade deals comes from the developing world, not because they don't want trade but because they desire trade without the labor and environmental controls the US demands. The same is true in the area of communications. In the last century, governments aspired to control them all: the phones, the mails, the media. Today, we see that government, in practice, controls very little of the communications industry, despite every attempt to hobble private enterprise. In that same vein, a major issue for everyone these days are computer viruses and spam, which threaten to make our chief mode of communication less reliable. Congress passes ineffectual legislation against spam and viruses, while private enterprise has given us dozens of means of winning the battle. Private enterprise creates; government destroys. That is the great economic lesson of our times and all times. Of course there is one way in which government never fails. It can loot. It can gain footholds into society's command centers. It can punish enemies. It can even indoctrinate people in its preferred vision of the world through propaganda. This is the best way to understand the public school system. It doesn't work to educate but it does work to transfer vast sums from the private to the public sector. And here too, we see the power of private enterprise: booster clubs in public schools represent a de facto source of privatization, and the clubs and groups connected to them are the only really successful things going on in public school. We’ll hear much in the coming months about all the wonderful reforms politicians are going to bring us. This is the time when politicians vie for our allegiance by telling all about their ideas and vision for the future. As usual, they will parse their words in ways to maximize the numbers of people who are persuaded and minimize the amount of trouble they get into for inadvertently telling people something they don't want to hear. As an aside, whoever came up with this idea of a mass democracy just wasn't thinking things through very clearly. Nothing runs well by majority vote, to say nothing of the fact that a truly free society shouldn't be "run" at all; it works on its own without would-be masters-and-commanders grasping at the helm. Let me then offer to you my own top ten list of political lies you are told, all designed to make you believe that government should have more power than it already has, so that it can create more of the disasters we are accustomed to: 10. My new program will generate jobs. Truth: only the market generates jobs on net. 9. My education program will reform schools so that they leave no child behind. Truth: the public schools do not work for the same reason no government program can work. They exist outside the market economy. 8. My program will save industry x. Truth: industry must be part of the market or else it is not really industry at all. 7. I won't raise your taxes but I will pass lots of new programs: Truth: all programs must be paid for. 6. As president, I will pursue a humble foreign policy. Truth: nothing in the office of the president encourages humility. 5. This war is humanitarian and winnable. Truth: war is nothing but a government program on a massively destructive scale, and just as error prone. 4. My reform will bring market-based competition. Be on the lookout for this lie, which market partisans are likely to believe. There is only one kind of genuine market, and it is rooted in private property and nothing else. 3. We will secure the nation. Truth: government cannot provide security better than markets, any more than it can provide food or houses better than the market. 2. Government is compassionate. Truth: men who seek power over the lives of others are the coldest, cruelest humans of all. 1. You can't love your country and hate your government. Truth: A person who loves his country loves liberty first. One hundred years from now, the great story of the latter part of the 20th century and the first part of the 21st century will be the vast improvements in life wrought by technology. Consider the web, the cell phone, the PDA, the affordable laptop computer, advances in medicine, and the spread of prosperity to all corners of the globe. What has government had to do with this? The answer is: nothing contributory. It has worked only to impede progress, and we can only be thankful that it hasn't succeeded. Through all of human history, governments have caused frightening levels of bloodshed and horror, but in the end, what has prevailed is not power but the market economy. Even today governments can only play catch-up. This is because of the reasons that Mises outlined. Government cannot control the human mind, so it cannot, in the long run, control the choices people make. It cannot control economic forces, which are a far more powerful and permanent feature of the world than any government anyway. Governments have a propensity to overreach in so many areas of life that their exercise of power itself leads to their own undoing. The overreach can take many forms: financial, economic, social, and military. In this way, and with enough passion for liberty burning in the hearts of the citizenry, governments can be responsible for their own undoing. It comes about as a result of overestimating the capacity of power and underestimating its limits. I believe this is happening in our time. It may not be obvious when taking the broad view, but when you look at the status of a huge range of government programs and institutions, what you see is a government that is at once enormously powerful and rich, but also fragile and teetering on the brink of bankruptcy. Events of the last year indicate just how far the government has slipped in its ability to manage the economy, society, culture, and world order. Despite the exalted status of the state today, the vast and sprawling empire called the US government may in fact be less healthy than it ever has been. A few months back, we had a special speaker come to Auburn, probably the most famous man who has visited us since the Country and Western star Alan Jackson was in town. He was Mikhail Gorbachev, a very interesting figure in the history of nations. He came to power with the reputation of a reformer and instituted many reforms that were designed not to give more liberty to the people, but to stop the unraveling of an empire before it was too late. But it was too late. All his talk of perestroika and glasnost couldn't fool the people, who had become convinced that the Soviet machine was something of a hoax. The empire unraveled not because of him, but despite his efforts to save it. When it came time to make the critical decision of whether to try to hold the empire together by more and more force, or not, history had already made the choice for him. The empire dissolved in the blink of an eye. Not too many months later, he was out of a job, not because he was recalled in some formal process, but because the forces of history had run him over. Democratic governments are not immune from the forces of history that overthrew Soviet tyranny. All governments overreach and no government is permanent. So let us fear government but not exaggerate its powers. It can cause enormous damage and it must always be fought. But in this struggle, we are on the right side of history. The power of human choice, aided by the logic of economics and the laws that operate without any bureaucrat's permission, are our source of hope for the future. _______________________________ Llewellyn H. Rockwell http://www.mises.org/story/1396

What is the relationship between 911 and Saddam? By The Numbers On September 11th, 2001 4 Flights were hijacked. American Airlines Flight 11 which left Boston's Logan Airport bound for Los Angeles before being piloted into the North Tower of the World Trade Center.American Airlines Flight 77 which left Washington's Dulles International Airport bound for Los Angeles before being flown into the Pentagon. United Airlines Flight 93 which left Newark, N.J., bound for San Francisco before crashing in Stony Creek Township, Pa United Airlines Flight 175 which left Boston's Logan Airport bound for Los Angeles before being piloted into the South Tower of the World Trade Center. Why did the mastermind behind the attacks on America of September 11th, 2001 choose these particular flight numbers? MY THEORY ABOUT THE CHOICE OF FLIGHT 93 WAS THAT 1993 WAS THE YEAR IN WHICH SADDAM FIRST TRIED TO ASSASSINATE FORMER PRESIDENT BUSH IN KUWAIT, IT WAS ALSO THE YEAR IN WHICH SADDAM HUSSEIN FIRST TRIED TO DESTROY THE WORLD TRADE CENTER. IT TURNED OUT TO BE AN UNLUCKY NUMBER FOR SADDAM HUSSEIN BECAUSE THE PASSENGERS ON FLIGHT 93 BECAME HEROES AND STOPPED THE PLANE FROM GOING INTO THE WHITE HOUSE. "White House Was Flight 93 Target http://www.cbsnews.com/stories/2002/05/20/attack/main509535.shtml May 23, 2002 Volunteers in Shanksville this past weekend. (Photo: AP) The San Francisco-bound jet had turned toward Washington and U.S. fighter jets were flying to intercept it when it crashed. All 44 people aboard were killed. (CBS) A high-ranking al Qaeda detainee told investigators the intended target of United Airlines Flight 93, which crashed into a Pennsylvania field on Sept. 11, was the White House. Government sources said Abu Zubaydah, now in U.S. custody, is believed to be the source of the information. He is being interrogated by U.S. officials at an undisclosed location. Investigators have linked Zubaydah directly to hijackers on board Flight 93. United Flight 93 took off from Newark, N.J., and crashed in Somerset County, Pa.. A recorder on the plane and calls made to people on the ground indicate passengers fought for control with the hijackers before it went down. The San Francisco-bound jet had turned toward Washington and U.S. fighter jets were flying to intercept it when it crashed. All 44 people aboard were killed. Officials previously had assumed the White House was a likely target, but said the Capitol and CIA headquarters in McLean, Va., near Washington were other possibilities.Abu Zubaydah is believed to have played a key role in organizing the Sept. 11 attacks, officials said. As al Qaeda's top operational planner, he ran the Khalden camp in Afghanistan, where U.S. investigators have learned many of the Sept. 11 hijackers trained. This suggests Abu Zubaydah may have had direct contact with the hijackers and chosen them for training. He also had telephone contacts with at least one Arab student at U.S. flight schools, according to a July 10, 2001, memo from a Phoenix FBI agent. The CIA, FBI and Pakistani authorities captured and wounded Abu Zubaydah in a raid by in Faisalabad, Pakistan, in March. He is believed to have masterminded the failed millennium bombing plots in Los Angeles and Jordan, and has been linked to failed plots on the U.S. embassies in Paris and Sarajevo. Abu Zubaydah was also indirectly linked, through a web of associations with other al Qaeda members in Europe, to lead Sept. 11 hijacker Mohammed Atta and his cell in Hamburg, Germany. Three members of the Hamburg cell were suicide hijackers; three others are still at large. Ziad Jarrah, believed to be the pilot-hijacker of Flight 93, was a member of the Hamburg cell." http://www.cbsnews.com/stories/2002/05/20/attack/main509535.shtml The first attack on the World Trade Center on February 26th, 1993. The February 26th, 1993 attack marked the 11th anniversary to the day of the declaration by the Reagan-Bush Administration of February 26th, 1982 that Iraq was no longer a state sponsor of terrorism and as such was eligible for American loans and grants, which it subsequently got. The February 26th, 1993 attack also marked the 2nd anniversary to the day of the liberation of Kuwait by the U.S. in the first Gulf War. Remarks at the Commemoration of the Tenth Anniversary of the Liberation of Kuwait Secretary Colin L. Powell Kuwait City, Kuwait (US Embassy) February 26, 2001 The World Trade Center was attacked by terrorists associated with Sheik Rahman on February 26th, 1993. It was Sheik Rahman's group that murdered Egyptian President Anwar Sadat on the 8th anniversary to the day of the 1973 Yom Kippur War, October 6th. Sheik Rahman's son was subsequently found with bin Laden's group in Afghanistan when the U.S. liberated Afghanistan. "White House Press Secretary Ari Fleischer: we have real and credible information that the airplane that landed at the Pentagon was originally intended to hit the White House." http://www.whitehouse.gov/news/releases/2001/09/20010912- 8.html#intended-targets American Airlines Flight 77 which left Washington's Dulles International Airport bound for Los Angeles before being flown into the Pentagon. 7/7 is one way to write the date July 7th On July 7th, 1994 Yasser Arafat, PLO chairman drove from Egypt into Gaza, after 27 years in exile. What Arafat was doing was using the date of July 7th to re-write a perceived wrong he had felt some years earlier on another July 7th. It was on July 7th 1986 that the government of Jordan closed the offices of Yasser Arafat's al-Fatah. Because a bus bombing occurred in London on July 7th, 2005 it struck me that the nation that has endured more bus bombings than any other nation is Israel. There may be a connection between the July 7th, 2005 attacks in London and the terrorists who have targeted Israel with bus bombings for years. Recently terrorists in Iraq murdered Egypt's envoy to Iraq. "Zarqawi group reportedly killed Egyptian ambassador in Iraq Iraq-Egypt, Politics, 7/7/2005 News reports from al-Jazeera and al-Arabia satellite TV stations said that Egypt's top diplomat in Iraq to Iraq, Eyhab al-Sharif, had been executed. Meantime, Al-Qaida organization in Iraq, led by Abu Musab al- Zarqawi, had threatened in a statement on the Internet to execute the chairman of the Egyptian diplomatic mission al-Sharif. The threat to execute Sharif came a short time after al-Qaida organization in Iraq issued pictures for the identity cards of the Egyptian diplomat as an evidence that they are the ones which kidnapped him. The statement said the legitimate court of al-Qaida organization in Mesopotamia decided to "send the ambassador of the state of Egypt to the Mujahideen (indivduals from Egypt and other states that go to Iraq to fight with the insurgents) to execute the death penalty against him." The statement considered that "the embassies in Baghdad are but monitoring sites to snipe the arriving Mujahideen and preventing them from having access to their brothers in Jihad in the land of Mesopotamia (Iraq) and in Afghanistan." In an attempt to prove that the Egyptian ambassador is their possession, al-Qaida organization published documents including a driving Sharif's license and a work card for him at the foreign ministry and another one for health insurance. On Tuesday the organization claimed responsibility for kidnapping Sharif." American Airlines Flight 11 which left Boston's Logan Airport bound for Los Angeles before being piloted into the North Tower of the World Trade Center. Saddam Hussein assassinated his first victim when he was 11 years old. Fixated on the number 11 ever since then he easily focused on the World Trade Center as a target because it looked so much like a number 11 that WPIX TV Channel 11 in New York City used the World Trade Center in its logo for years. The World Trade Center also housed an office of the Bank of Kuwait. Saddam used Rahman's group to punish Sadat for failing to defeat Israel in the attack on Israel of October 6th, 1973. Saddam also used Sheik Rahman's group to hit the Speaker of the Egyptian Parliament during the first Gulf War when Egypt sided with America against Iraq. Saddam, acting like a child who is deprived of a toy, who subsequently breaks that toy, set fire to the Kuwaiti oil fields as he was being driven out of Kuwait during the first Gulf War in 1991. "Aired 9/11/2001 "Baghdad Republic of Iraq TV: These are the fruits of the new US order.[Video of explosion rocking World Trade Center] Panic has spread among US official circles, which evacuated the White House following a series of explosions." "CNN LARRY KING LIVE Aired October 2, 2001 LARRY KING: Have you spoken to your father- in-law? (George Herbert Walker Bush) LAURA BUSH: I've spoken to my father-in-law. They were-they had actually spent that Monday night here.(at the White House) I had just seen them off that morning (9/11/2001) when I got in the car and found out about the first plane.(going into the World Trade Center.)" "CNN LARRY KING LIVE America's New War: Laura Bush Discusses the Impact of September 11 Aired October 2, 2001 - 21:00 LARRY KING: A couple of other things: Have you spoken to your father- in-law? (Not in transcript, but the father in law in question is one George Herbert Walker Bush !!!) LAURA BUSH: I've spoken to my father-in-law. They were-they had actually spent that Monday night here. (not in transcript but "here" means at the White House !!!) LARRY KING: Really? LAURA BUSH: I had just seen them off that morning when I got in the-got in the car and found out about the first plane. LARRY KING: Didn't know that. LAURA BUSH: They were-they were on their way to St. Paul, Minnesota to give a speech, and they were in a private plane, and their plane was diverted to Minneapolis." http://www.cnn.com/TRANSCRIPTS/0110/02/lkl.00.html "September 11th, 2001 - The White House is evacuated. White House Sealed" http://www.september11news.com/AAWhiteHouseEvacReuters.jpg "try to avoid having the principal travel by commercial airline on terrorist anniversaries" from "The Art of Executive Protection" http://www.securitymanagement.com/library/000450.html " Saddam tried to kill former President Bush in 1993. Former President Bush's Speech to Congress September 11th 1990. 11 years to the day before September 11th 2001 "In the early morning hours of August 2d,(1990),a powerful Iraqi army invaded Kuwait. The crisis in the Persian Gulf also offers a rare opportunity to move toward an historic period of cooperation. Out of these troubled times, our fifth objective-a new world order-can emerge." White House Press Secretary Ari Fleischer: we have real and credible information that the airplane that landed at the Pentagon was originally intended to hit the White House." "White House Was Flight 93 Target A high-ranking al Qaeda detainee told investigators the intended target of United Airlines Flight 93, which crashed into a Pennsylvania field on Sept. 11, was the White House. Government sources said Abu Zubaydah, now in U.S. custody, believed to be the source of the information." Perhaps the following may explain how Saddam knew where former President Bush might be spending the night of September 10th-11th 2001: "Like everyone else in the United States, the group stood transfixed as the events of September 11 unfolded. Present were former secretary of defense Frank Carlucci, former secretary of state James Baker III, and representatives of the bin Laden family. This was not some underground presidential bunker or Central Intelligence Agency interrogation room. It was the Ritz-Carlton in Washington, D.C., the plush setting for the annual investor conference of one of the most powerful, well-connected, and secretive companies in the world: the Carlyle Group. And since September 11, this little-known company has become unexpectedly important. That the Carlyle Group had its conference on America's darkest day was mere coincidence, but there is nothing accidental about the cast of characters that this private-equity powerhouse has assembled in the 14 years since its founding. Among those associated with Carlyle are former U.S. President George Bush Sr., former U.K. Prime Minister John Major, and former President of the Philippines Fidel Ramos. And Carlyle has counted, Prince Alwaleed bin Talal bin Abdul Aziz Alsaud of Saudi Arabia, and Osama bin Laden's family among its high-profile clientele." "The White House is bordered on three sides by buildings that are as tall or taller than itself. (OEOB, Treasury, and Blair House.) Beyond these buildings there are still more buildings, that also are taller than the White House. The only flight path that is relatively unobstructed if making a controlled, straight-in approach, is from the south, over the ellipse. Even the Marine helicopter the president uses comes in from this direction and lands on the South Lawn. The problem with flying a plane the size of a 757 or 767 in from this direction is that there's a 555 ft tall structure in the way called the Washington Monument. The Capitol, although a bigger target, is similarly situated. There are buildings on all sides except for the west side, which faces the Mall. Again, for a controlled, straight-in approach, a pilot first would need to avoid the Washington Monument, and then fly straight down the Mall. There is more room to do this, but again, it would take considerable skill. Moreover, the buildings in Roslyn, just across the river from and to the west of the Mall, would have to be cleared, which means the plane's altitude would probably be too high, or the angle of descent too steep to permit a successful attack by anyone other than a skilled, experienced pilot." To indicate September 1990 one might well write or type 9/90 It was in September of 1990 that President George Herbert Walker Bush spoke to Congress on Iraq. On September 11th, 1990 in fact. What of EgyptAir Flight 990? Weeks after the last pile of debris from EgyptAir Flight 990 was pulled from the sea, investigators say they are more convinced than ever of their original theory: The jet was crashed deliberately." "The co-pilot under scrutiny in the crash of EgyptAir Flight 990 uttered an Arabic prayer not once but as many as 10 times just before the doomed airliner went down" "Aviation Analyst John Nance Talks About Flight 990 When a commercial aircraft goes into a dive as steep and precipitous as the preliminary radar data seems to indicate." An example of terrorists striking on an anniversary came on October 7th, 2004 in Taba. "Images of Destruction | Taba Hilton Before and After Terrorist Attack on October 7, 2004" According to initial findings Naveh said, a car bomb blew up at the entrance to the Hilton Taba Hotel and there was a combined bomb and shooting attack in two restaurants usually frequented by Israelis in Ras Al-Satan." http://www.hospitalitynet.org/news/4020867.html On October 7th,2001 "America Retaliates for the September 11 Attacks. October 7, 2001 President George W. Bush Speaks to America After the Strikes Begin. "On October 7th, 1959, Saddam and others attempted, but failed, to assassinate the prime minister of Iraq. Wanted by the Iraqi government, Saddam was forced to flee. He lived in exile in Syria for three months and then moved to Egypt where he lived for three years." http://history1900s.about.com/od/saddamhussein/p/saddamhussein.htm "President Saddam Hussein chairs 48th Cabinet Session Baghdad, Oct. 22, 2001 INA President Saddam Hussein chaired on Sunday the 48th Cabinet session. The Cabinet discussed recent events of Palestinian Intifadha and praised Palestinians brave and persistent struggle for liberating their lands. The cabinet reviewed the current international situation, especially the U.S aggression on Afghanistan. The Cabinet brought back a historic stance Iraq had taken in 1979 when it condemned the military Soviet invasion of Afghanistan though Iraq had then deep relations with the Soviet Union and there was a friendship and cooperation agreement between Iraq and the Soviet Union, yet this had not prevented Iraq from taking the national independent stand rejecting Soviet's behavior. History repeats itself once again in 2001 as Iraq takes the same stance and condemns the US aggression on Afghanistan....this confirms Iraq's principled stance rejecting all forms of foreign intervention and aggressions. The Cabinet discussed issues listed on its agenda and made necessary decisions and recommendations." Saddam loves 11th anniversaries, for instance " Saddam Hussein's speech on the 11th Anniversary of the Great Victory Day In the Name of God, Most Compassionate, Most Merciful Great People, The Valiant of Our Brave Armed Forces, Sons of our Glorious Arab Nation…" "Middle East Correspondent, Robert Fisk: Why was it that the bombing of the two embassies in Tanzania and Kenya occurred on the eighth anniversary to the very day of the first arrival of American troops of the 82nd airborne in Saudi Arabia in 1990?" "The 12th of October 2002 will for the rest of Australian history be counted as a day when evil struck with indiscriminate and indescribable savagery," "On October 12th, 2000 terrorists in a boat laden with explosives carried out a suicide bombing of the U.S.S. Cole in the harbor at Aden, Yemen. In what President Clinton described as a "despicable and cowardly act," 17 U.S. sailors were killed, and over 30 others were wounded." After the liberation of Iraq terrorists struck the Baghdad Hotel on October 12th. If you add 1 to 9 you get 10. If you add 1 to 11 you get 12. Thus the 9/11/2001 attack was presaged by the attack on the U.S.S. Cole on 10/12/2000. The terrorists were engaging in what to them was a private joke regarding their plans for 9/11/2001. "Iraq has the motivation and the means to actively support the Islamist networks of the region*** In the past, there have been intelligence reports of possible cooperation between Iraq and Osama bin Laden. Iraq has already tried to assassinate President Bush Senior in 1993, when he visited Kuwait as a private citizen. In the attack on the USS Cole in Aden (in) October (of 2000), there could have been an Iraqi connection. Iraq has excellent relations with the anti-Western Yemeni Islamists of the Army of Aden-Abyan, whose militants have been arrested by the Yemenite authorities in connection with the attack. Such an attack required long preparations, technical and military skills and good operational intelligence. In addition, the explosive used in the attack was sophisticated, a "shaped charge" like a torpedo or a missile, a device not in use by terrorist organizations, and which may have come from a military stockpile." 4 DAYS BEFORE SEPTEMBER 11, 2001 Saddam's Stepson in USA "Authorities said Saffi" (Saddam's Stepson), " triggered red flags for four reasons: the family relationship to the Iraqi dictator; training at an American flight school; arrival on the eve of the Independence Day celebrations; and his only documented prior entry into the United States occurred just four days before the Sept. 11 terrorist attacks." "Saddam's Stepson to Be Deported Fri Jul 5th 2002 (Saffi) was planning to study at a flight school believed by the FBI to have been used by one of the Sept. 11 hijackers." "US officials state that an FBI investigation had substantiated charges that the Iraqi government plotted the assassination of former President Bush while visiting Kuwait in April 1993." "Terrorist Pilot Met With Iraqi Intelligence Agent By RICK JERVIS Special to The Wall Street Journal Europe Wall Street Journal, Europe October 4, 2001 [With thanks to Laurie Mylroie - Iraq News] PRAGUE-Mohamed Atta, who allegedly crashed the first plane into the World Trade Center on Sept. 11, met at least one Iraqi intelligence agent last year in Prague before moving to the U.S., a Czech official close to the investigation said." United Airlines Flight 175 which left Boston's Logan Airport bound for Los Angeles before being piloted into the South Tower of the World Trade Center. UNITED NATIONS GENERAL ASSEMBLY 15 December 1988 43/175. Question of Palestine RECORDED VOTE ON RESOLUTION 43/175 A: 123-2-20 Did Anniversary Assassins Strike Again November 22nd 2004 What do you think the chances are that the plane crash which would have killed the 41st President of the United States, George Herbert Walker Bush,had he been on board the plane which was enroute from Love Field in Dallas, Texas to pick him up, on the 41st anniversary of the assassination of JFK 11/22/1963 was a botched assassination attempt? Saddam Hussein, who may be running the show from his jail cell, assassinated his first victim when he was 11 years old, took power in Iraq in 1968, made it official 11 years later in 1979, invaded Kuwait 11 years later in 1990 sent bin Laden to assassinate former President Bush 11 years later on 9/11/2001 on the 11th anniversary to the day of the 9/11/1990 Bush speech to Congress on Iraq in which Bush mentioned The New World Order."US plans to dominate the world under the cover of what is called the new [world] order. These are the fruits of the new US order. [Video of explosion rocking World Trade Center] [Description of Source: Baghdad Republic of Iraq Television in Arabic-Official television station of the Iraqi Government." The World Trade Center looked so much like the number 11 that WPIX-TV Channel 11 in New York City used the World Trade Center as its logo. Note 11 times 2 equals 22. The Madrid attacks were done exactly 911 days after 9/11/2001. Sadat, criticized by arafat and Saddam for making peace with Israel, was assassinated on 10/6/1981 exactly 8 years after the 10/6/1973 Yom Kippur War in which he failed to defeat Israel. The American Embassies in Africa were hit on August 8th, 1998, exactly 8 years after the US entered Saudi Arabia in response to Saddam's invasion of Kuwait. A gentlemanly John Connally reaches to remove his hat as Jackie Kennedy enters presidential limousine at Love Field, Dallas, November 22, 1963 Source: http://mcadams.posc.mu.edu/images/jbc-love.htm The shocking news that narco-terrorists in Colombia plotted to assassinate current President George W. Bush on Monday November 22nd, 2004, the 41st anniversary of the JFK assassination, needs some examination. BCCI, the infamous drug-terror-arms bank that allegedly gave former President Jimmy Carter $10 million for the Carter Library,had offices in Peru, where coca leaves are grown, in Colombia, where the coca leaves are processed into cocaine, and in Castro's Cuba, and Baathist Syria and Baathist Iraq. Banks did not get offices in any of those 3 tyrannies without the approval of the tyrant. "Colombian Rebels Planned to Kill President Bush November 27th, 2004 U.S. National - Reuters By Hugh Bronstein BOGOTA, Colombia (Reuters) - President Bush was targeted for assassination by Colombia's biggest Marxist rebel group this week when he visited the Caribbean port city of Cartagena, a top Colombian official said on Saturday. "According to informants and various sources, we had information indicating that various members of the FARC had been instructed by their leaders to make an attempt against President Bush," Defense Secretary Jorge Alberto Uribe told reporters. He would not be drawn out on the details of the threat. The White House had no immediate comment. The U.S. Secret Service, which protects the president, said it "does not comment or release information regarding our protective intelligence and protective methods." "We do not discuss any alleged threats to our protectees," said Jonathan Cherry, a Secret Service spokesman. There was heavy security in Cartagena when Bush visited the city on Monday(November 22nd, 2004)on his way back from the APEC forum in Chile. Military helicopters packed with armed soldiers flew over Bush's motorcade while naval vessels kept watch offshore. Many shops were shuttered." Source: http://news.yahoo.com/news? tmpl=story&u=/nm/20041127/us_nm/colombia_bush_plot_dc_5 "In early August, 1991, the Committee was provided with documents from the Latin American and Caribbean Region Office (LACRO) of BCCI, describing the offer for sale by the Argentine air force of 22 Mirage aircraft for $110 million. (63) The planned sale was to have been made to Iraq, as part of Saddam Hussein's massive military buildup prior to the Gulf war. BCCI was acting as the broker for the transaction, which was to take place in August or September of 1989...As Robert Mazur, the Customs agent in Tampa who selected BCCI as the target of the Customs money laundering sting testified, BCCI bank executives volunteered methods to enhance and improve his techniques for money laundering, and shortly before the sting ended the operation, offered to introduce Mazur to other potential "cash" customers for money laundering services from Bogota, Colombia...." Source: http://www.fas.org/irp/congress/1992_rpt/bcci/04crime.htm "The Ba'ath leadership gave the orders for Qasim's assassination...On October 7th,1959, a six-,man assassination squad was waiting...the night before one member of the squad had fallen ill. A new recruit was drafted in...his full name was Saddam Hussein al-Takriti." Page 22 "The Ba'athist led forces...participated in the coup of 8th February 1963...Immediately after the coup, Saddam Hussein returned to Iraq, where he was appointed as the head of Al-Jihaz Al Khas, known popularly as Jihaz Haneen (the Yearning Apparatus), the clandestine intelligence organization of the Ba'ath Party. Saddam proceeded to turn it into an instrument of terror....on 18th November (1963) the army seized power in a swift military coup...the new leadership of the Ba'ath Party...was arrested. However, some of its members immediately collaborated with the new regime..." Pgs 25-26 "7th October 1959 A Ba'athist assassination squad fails to kill Qasim. A member of the team, twenty-two-year old Saddam Hussein, escapes to Syria and then to Egypt...8th February 1963 A Ba'athist coup overthrows Quasim amidst several days of terrible street fighting...18th November 1963 Following bitter infighting between...factions of the Baath, Arif overthrows the Ba'athist regime..." Pages 312-313 "Saddam...inherited from his uncle an admiration for Nazi principles...he was attracted to the ideas of the Ba'ath nationalist movement. The movement had been established in Damascus in 1943" (when Syria was a French colony and Hitler ruled France) "by two Syrians, Greek Orthodox Christian Michel A'flaq and Sunni Muslim Salah al-Bitar. Their philosophy was based on the ideology of German national socialism" (Nazism) "and on Italian fascism." Page 199 "After the Ba'ath Party came to power in February 1963...Saddam was promoted into the Regional Command Council and it was soon found that this was his metier. He was put in charge of a special force responsible for terror and assassination and was an interrogator and torturer in the Qasr al-Nihayyat (`The Palace of the End'). Eyewitnesses say Saddam excelled in creating new methods and revealed a sadistically inventive mind. He designed new instruments of torture and then experimentd with them on his victims. ...By the summer of 1963, Saddam was urging the party to put him in charge of creating a special security apparatus modelled on the Nazi SS. This was the Jihaz Haneen....following nationalisation of banks and certain foreign companies in 1964, the Ba'ath Party instructed Saddam to assassinate the president Abd al-Salam Arif. The proposed assassination was designed to trigger off another Ba'ath coup. Critics say it was a plan on behalf of the CIA but according to some Ba'athist defectors the CIA did not have direct contact with the Ba'ath itself but with army officers who were co-ordinating a joint coup with the party. The main contact with the Americans was Iraq's own ambassador in Washington, Dr. Nasser al-Hanni." Pages 201-203 "The second part of the plot was carried out by the Jihaz Haneen...Members of the Iraqi Jewish community...were...arrested. Eleven of them were among the first fourteen `spies' to be pubicly hanged on 27th January 1969....The public hangings turned into a national holiday with live television and radio coverage, and the Ba'ath Party organized the transport of some hundred thousand `workers and peasants' from outside Baghdad to join in...Families picknicked under trees while watching the hangings. This public orgy of death went on for twenty-four hours..." Page 206 Source: Unholy Babylon-The Secret History of Saddam's War by Adel Darwish and Gregory Alexander St. Martin's Press, New York 1991 ISBN 0-312-06530-2 "Compare the January 1969 show trial with another spectacle organized by the first Ba'thi regime in 1963 and designed to counter the continuing popularity of the ousted president, `Abd al-Karim Qassem, among certain sectors of the Shi'ite population of Baghdad. In the first week of the coup, the citizens of al-Thawra, a suburb of Baghdad, had fought the army and Ba'thist militia in some of the bloodiest street battles in the history of the country. They refused to believe that Qassem had been overthrown....The Ba'ath...dealt with this emotive imagery by televising a lengthy film clip displaying Qassem's bullet-ridden corpse. Night after night, they made their gruesome point. The body was propped up on a chair in the studio. A soldier saunter around, handling its parts. The camera would cut to scenes of devastation at the Ministry of Defence where Qassem had made his last stand. There, on location, it lingered on the mutilated corpses of Qassem's entourage...Back to the studio, and close-ups now of the entry and exit points of each bullet hole. The whole macabre sequence closes with a scene that must forever remain etched on the memory of all those who saw it: the soldier grabbing the lolling head by the hair, came right up close, and spat full face into it. The fear that the Ba'th were trying to instill in this and other instances was brutally direct. The centuries-old message was simple: he is dead, you had better believe it, we can do the smae to you. The fact that it was on television extended its reach..." Pages 58-59. Source: Republic of Fear The Inside Story of Saddam's Iraq by Samir al Khalil Pantheon Books, New York 1989 ISBN 0-679-73502-X "An Afghani tends to a field of heroin poppies, the sale of which provides much of the financing for the Taliban and Osama bin Laden. Afghanistan is the world's No. 1 producer and distributor of heroin, and illicit drug trafficking is the biggest funding source for By Rachel Ehrenfeld / Special to The Detroit News About the author Rachel Ehrenfeld is director of the New York-based Center for the Study of Corruption and the author of "Evil Money" (HarperBusiness) and "Narco-Terrorism" (Basic Books). Moving the money... In the welter of events following the bombing of the World Trade Center in Feb. 26, 1993, few noticed that the first man arrested, Mohammed Salameh—the poor, unemployed illegal immigrant— offered $5 million for bail. Where could he get this kind of money? The judge refused bail. But was the source of Salameh's offer the same as the one that funded the eight men—arrested shortly afterward—who planned to blow up Manhattan's tunnels and bridges and to assassinate public officials? Were the same money sources behind the final attack on the World Trade Center on Sept. 11? ... For a long time, there has been evidence that terrorist, international drug trafficking and criminal organizations use the same fund-raising methods to enrich themselves. Yet no one seemed to connect the dots. And no one seriously tried to crack down on their financing. Bin Laden's is only one among many hostile international criminal organizations, often state-sponsored, that will do whatever they can to diminish the status of the United States as the only superpower. According to a State Department report, the Taliban, who are at bin Laden's service, has the advantage of controlling the world's largest heroin production and distribution in the world. Since the Taliban took over Afghanistan, the heroin production soared to hundreds of tons each year. In 1999 alone, the world production of heroin was estimated at 500 metric tons; 400 were produced by the Taliban and available to fund bin Laden and his associates worldwide. First warning The writing was on the wall on July 5, 1991, when the Bank of England shut down what was the most important Islamic bank in the world, the Bank of Credit and Commerce International (BCCI). This criminal entity was created by the Pakistani Aaga Hassan Abedi "to fight the evil influence of the West"; to help with the creation of the "Islamic Bomb"; to finance all Muslim terrorist organizations; and to launder the money that was generated mostly by illicit drug trafficking and other illegal activities, including arms trafficking. When BCCI went belly up, we learned from thousands of documents that Abu Nidal—the notorious Palestinian terrorist organization that now enjoys the hospitality of Iraq's Saddam Hussein, the Palestine Liberation Organization (PLO), Hezbollah and bin Laden—had accounts in the bank. By the end of the 1980s, the "special services" provided by BCCI included access to Western humanitarian and international development funds, as well as drug money laundering, secret transfers of cash and bribes. A "Black Network," a special enforcement unit supported by Abu Nidal and other terrorist organizations, operated from Pakistan. The same Pakistan that harbored bin Laden for many years while its officials told the United States that they didn't know his whereabouts. And the same Pakistan that for decades, even according to the State Department's annual report, had been a major drug trafficking and money laundering center. Western blindness Yet, now more importantly, we also discovered that the American and British governments knew and kept the bank open for a long time. The bank "that would bribe God" was able to get away with its criminal activities for decades due to Abedi's clever portrayal of the Muslim nations as victims of Western—and particularly U.S.— "imperialism." And when the bank was shuttered, the accusation in the Muslim/Arab and Third World countries was that the U.S. and the United Kingdom governments closed the bank to curtail the growing fiscal power of Muslim countries. Like Abedi, anti-American, anti-Western terrorist and radical Muslim states and organizations, such as the Taliban, Al Qaeda, Hamas, Hezbollah, the PLO, Iraq and Iran, use Western democratic rhetoric to their advantage. But it is the willful blindness, mainly toward the growing volume of drug money laundering, exercised by Western bankers on the one hand and Western politicians on the other, that makes money laundering possible, despite the many laws and international conventions to control this phenomenon. The BCCI was the first warning to the West. The second warning about the abuse of European and American financial markets by terrorist organizations, as well as their involvement in the illicit arms and drug trade, was made in February 1994 by the British National Criminal Intelligence Service (NCIS). The Organized Crime Unit of the NCIS warned that Middle East terrorist groups and states were targeting the financial centers of London, Frankfurt and other Western countries, and that they favor illegal drug trafficking, money laundering and fraud.... Clinton appeasement Despite its stated policy of not negotiating with terrorists, the Clinton administration went out of its way to appease a few of the 20th century's most notorious terror groups: the Revolutionary Armed Forces of Colombia (FARC), the PLO and the Irish Republican Army. All are heavily involved in the drug trade. On the eve of the 1993 handshake on the White House lawn between Israeli Prime Minister Yitzak Rabin and PLO Chairman Yasser Arafat, Britain's National Criminal Intelligence Service estimated the PLO's ill-gotten gains to total between $8 billion to $10 billion, with an annual income of about $1.5 billion to $2 billion from "donations, extortion, payoffs, illegal arms dealing, drug trafficking, money laundering, fraud, etc." Since then, Washington has only aided and abetted the PLO. Since the start of the Oslo process, Arafat has received at least $3 billion more from the United States and the international community, without any serious demand for accountability, according to a report this year to Congress. Arafat, in well-documented instances, has been systematically skimming off portions of these funds, as he has with monies given to him on behalf of the refugees in the camps. The PLO was in the drug trafficking business almost from the beginning. Operating from Lebanon, under Habash's able leadership and assisted by a PLO-owned shipping company SUMUD, the organization exported hashish, opium, heroin and cocaine, first to Europe and later even to the United States and Australia. In return, it obtained weapons for their war against Israel and the West, and amassed a massive treasure trove. In addition, the PLO and Arafat, who enjoy the financial and strategic support of Hussein and bin Laden, have the distinction of being the organization that promoted "suicide bombers" as a weapon. Yet the Clinton administration subsidized a multitude of radical Palestinian groups, ranging from Arafat's Fatah branch of the PLO and its military wing, the Tanzim, to the socialist-nationalist Popular Front for the Liberation of Palestine (PFLP), headed by George Habash, all with close ties to bin Laden, Iraq and Iran. ...It was the Clinton White House that, despite evidence to the contrary, removed Syria from its list of the drug trafficking countries, to entice Syria to join the "peace process" in the Middle East. The failure of that process and the compromises the United States has made to maintain an illusion of peaceful prospects had no doubt added to the Muslim radical terrorists' resolve to attack what they see as a naive and vulnerable America. In another example of self-delusion, in 1999, then Secretary of State Madeleine Albright suggested a U.S.-led coalition to negotiate with the FARC and supported Colombia President Pastrana's "land for peace" initiative, despite a report from the General Accounting Office that the FARC is running a major international criminal enterprise that, among other things, supplies hundreds of tons of cocaine and heroin to the U.S. black market. This second Clinton "land for peace" initiative gave half of Colombia to the narco-terrorist FARC, while doing nothing to diminish its violence or appetite to control the rest of the country...." Source: http://www.detnews.com/2001/editorial/0109/30/a17-306400.htm Israeli Prime Minister Ariel Sharon called the Palestinian Authority a "gang of corrupt assassins and terrorists." "There is an obstacle [to peace] with the gang of corrupt assassins and terrorists that lead the Palestinian Authority," Sharon said in a televised speech in Israel. "The only way to peace is to remove this murderous posse." – Source: New York Daily News - http://www.nydailynews.com Sharon raps Arafat `assassins' By KENNETH R. BAZINET DAILY NEWS WASHINGTON BUREAU Thursday, August 8th, 2002 "Bush back from surprise Iraq trip President Bush has arrived back in the United States after a surprise trip to Baghdad, where he spent two hours with US troops celebrating Thanksgiving Day. Mr. Bush told troops the US would not be swayed by ongoing attacks in Iraq. "We did not charge hundreds of miles into the heart of Iraq, pay a bitter cost of casualties, defeat a ruthless dictator and liberate 25 million people only to retreat before a band of thugs and assassins," he told 600 US soldiers. Source: http://news.bbc.co.uk/1/hi/world/middle_east/3245584.stm "President Bush and his wife, Laura, along with former president George H. W. Bush, welcome the King and Queen of Spain, Juan and Sofia Carlos, to their ranch Wednesday, Nov. 24, 2004, in Crawford, Texas.(AP Photo/Lawrence Jackson)" Source: http://story.news.yahoo.com/news? tmpl=story&u=/041124/480/txlj10111241820 A small jet chartered to fly former President Bush to Ecuador Monday,November 22nd, 2004 was well below normal altitude when it clipped a toll road light tower and crashed into a muddy field three miles south of Hobby Airport, killing the crew of three.The plane, which belonged to Jet Place Inc. of Tulsa, Okla., came from Love Field in Dallas. It was approaching the runway when the wing and the landing gear on the right side clipped the pole on a tollway road....." "Weeks after the last pile of debris from EgyptAir Flight 990 was pulled from the sea, investigators say they are more convinced than ever of their original theory: The jet was crashed deliberately." http://abcnews.go.com/sections/us/DailyNews/egyptair000121.html "The co-pilot under scrutiny in the crash of EgyptAir Flight 990 uttered an Arabic prayer not once but as many as 10 times just before the doomed airliner went down" http://abcnews.go.com/sections/us/DailyNews/egyptair991121.html "Aviation Analyst John Nance Talks About Flight 990 When a commercial aircraft goes into a dive as steep and precipitous as the preliminary radar data seems to indicate." http://abcnews.go.com/sections/us/DailyNews/chat_johnnance110199.html "The White House is bordered on three sides by buildings that are as tall or taller than itself. (OEOB, Treasury, and Blair House.) Beyond these buildings there are still more buildings, that also are taller than the White House. The only flight path that is relatively unobstructed if making a controlled, straight-in approach, is from the south, over the ellipse. Even the Marine helicopter the president uses comes in from this direction and lands on the South Lawn. The problem with flying a plane the size of a 757 or 767 in from this direction is that there's a 555 ft tall structure in the way called the Washington Monument. The Capitol, although a bigger target, is similarly situated. There are buildings on all sides except for the west side, which faces the Mall. Again, for a controlled, straight-in approach, a pilot first would need to avoid the Washington Monument, and then fly straight down the Mall. There is more room to do this, but again, it would take considerable skill. Moreover, the buildings in Roslyn, just across the river from and to the west of the Mall, would have to be cleared, which means the plane's altitude would probably be too high, or the angle of descent too steep to permit a successful attack by anyone other than a skilled, experienced pilot." Imagine the rage and fury of Saddam Hussein "On February 26th, 1982 the Reagan Administration told Congress that it had dropped Iraq from the list of nations that supported acts of international terrorism. Baghdad would now be eligible for American government loan guarantees." source: SPIDER'S WEB: THE SECRET HISTORY OF HOW THE WHITE HOUSE ILLEGALLY ARMED IRAQ by Alan Friedman ASIN: 0553096508 Imagine Saddam's rage and fury when Kuwait was liberated on February 26th, 1991, 9 years to the day after the event described above! Is it any wonder that Saddam would launch the first of his 2 attacks on the World Trade Center on February 26th, 1993, the 2nd anniversary of the liberation of Kuwait City, and the 11th anniversary of the event described above, and that he would launch his 2nd attack on the World Trade Center on September 11th, 2001, the 11th anniversary of the Bush I speech to Congress on Iraq. Saddam loves 11th anniversaries, for instance " Saddam Hussein's speech on the 11th Anniversary of the Great Victory Day In the Name of God, Most Compassionate, Most Merciful Great People, The Valiant of Our Brave Armed Forces, Sons of our Glorious Arab Nation…" http://www.index.com.jo/iraqtoday/auguste.html Saddam took credit for the September 11th attacks on America on Baghdad Republic of Iraq Television. Saddam sent his henchman Osama bin Laden to attack America and to assassinate former President Bush, who was at the White House on the morning of September 11th, 2001,just as he had tried to assassinate former President Bush in Kuwait in 1993. That is why Flight 93 was selected to hit the White House on the morning of September 11th, 2001. Fortunately the heroes of Flight 93 stopped that from happening and the plane went down in Pennsylvania. Second Attempt to Assassinate President Bush. We all know that Saddam Hussein attempted to assassinate former President Bush in Kuwait in 1993. Laura Bush, wife of the current President Bush, along with the current President Bush's brothers, his parents, and former Secretary of State Baker were actually in the air enroute to Kuwait when the intelligence came in and their plane was turned back. Then President Clinton later bombed an empty Iraqi intelligence building in retaliation for that attempt in which Saddam's homicide bombers were caught in Kuwait. We believe that the Second Attempt to assassinate former President George Herbert Walker Bush was made by Saddam Hussein using his henchman Osama bin Laden on September 11th, 2001. September 11th, 1990 Dubya's Dad Speaks to Congress on Iraq When September 11th Yes ! September 11th 1990. Exactly 11 years to the day before the infamous September 11th 2001 attacks on America. Saddam's Revenge !!! How clear it is!!! "Address Before a Joint Session of the Congress on the Persian Gulf Crisis and the Federal Budget Deficit September 11, 1990. We gather tonight, witness to events in the Persian Gulf as significant as they are tragic. In the early morning hours of August 2d, following negotiations and promises by Iraq's dictator Saddam Hussein not to use force, a powerful Iraqi army invaded its trusting and much weaker neighbor, Kuwait. *** The crisis in the Persian Gulf, as grave as it is, also offers a rare opportunity to move toward an historic period of cooperation. Out of these troubled times, our fifth objective-a new world order-can emerge. ***" READ THE WHOLE OF DUBYA'S DADDY'S SPEECH TO CONGRESS ON SEPTEMBER 11TH, 1990 AT http://bushlibrary.tamu.edu/ "Note: The President spoke at 9:09 p.m.in the House Chamber at the Capitol.. The address was broadcast live on nationwide television and radio." http://bushlibrary.tamu.edu/ Iraq Cheers September 11th Attacks on America "Wednesday, September 12, 2001 Baghdad TV Commentary: US `Reaping Fruits of Crimes Against Humanity' Baghdad Republic of Iraq Television in Arabic 1700 GMT 11 Sep 01 [TV Commentary by Sa'd Yasin Yusuf read by announcer over footage of explosions in New York] [FBIS Translated Text] [With thanks to Laurie Mylorie - Iraq Watch] The American cowboy is reaping the fruits of his crimes against humanity. It is a black day in the history of America, which is tasting the bitter defeat of its crimes and disregard for peoples' will to lead a free, decent life. The massive explosions in the centers of power in America, notably the Pentagon, is a painful slap in the face of US politicians to stop their illegitimate hegemony and attempts to impose custodianship on peoples. It was no coincidence that the World Trade Center was destroyed in suicidal operations involving two planes that have broken through all US security barriers to carry the operation of the century and to express rejection of the reckless US policy. Panic has spread among US official circles, which evacuated the White House following a series of explosions. They also evacuated the Pentagon, the State Department, and Congress and closed down the airports and government institutions. The collapse of US centers of power is a collapse of the US policy, which deviates from human values and stands by world Zionism at all international forums to continue to slaughter the Palestinian Arab people and implement US plans to dominate the world under the cover of what is called the new [world] order. These are the fruits of the new US order. [Video of explosion rocking World Trade Center] [Description of Source: Baghdad Republic of Iraq Television in Arabic-Official television station of the Iraqi Government]" http://www.imra.org.il/story.php3 "BLITZER: That's Osama bin Laden's group. Now you also have some new information, David, about Mohamed Atta. He's the suspected ringleader of the September 11th hijackings. ENSOR: Well, that's right. As you know, he was one of the suicide hijackers who died on September 11th on one of those aircraft. And we had previously reported on September 19th that he met with an Iraqi intelligence official somewhere in Europe. Well, I'm now able to tell you, based on information from U.S. sources, he met not once but twice with Iraqi intelligence officers in Prague in the Czech Republic: once last year in June of 2000 and once in April of 2001." http://www.cnn.com/TRANSCRIPTS/0110/10/lkl.00.html Aired 9/11/2001 "Baghdad Republic of Iraq TV: These are the fruits of the new US order.[Video of explosion rocking World Trade Center]Panic has spread among US official circles, which evacuated the White House following a series of explosions." "CNN LARRY KING LIVE Aired October 2, 2001 LARRY KING: Have you spoken to your father- in-law? (George Herbert Walker Bush) LAURA BUSH: I've spoken to my father-in-law. They were-they had actually spent that Monday night here.(at the White House) I had just seen them off that morning (9/11/2001) when I got in the car and found out about the first plane.(going into the World Trade Center.)" http://www.cnn.com/TRANSCRIPTS/0110/02/lkl.00.html "Senator Joseph Lieberman: (Saddam) tried to kill former President Bush (in 1993)" http://cnnstudentnews.cnn.com/TRANSCRIPTS/0401/25/le.00.html Former President Bush Speech to Congress September 11th 1990. 11 years to the day before September 11th 2001 "In the early morning hours of August 2d,(1990),a powerful Iraqi army invaded Kuwait.The crisis in the Persian Gulf also offers a rare opportunity to move toward an historic period of cooperation. Out of these troubled times, our fifth objective-a new world order-can emerge." http://bushlibrary.tamu.edu/ "(White House Press Secretary Ari Fleischer: we have real and credible information that the airplane that landed at the Pentagon was originally intended to hit the White House." http://www.whitehouse.gov/news/releases/2001/09/20010912- 8.html#intended-targets "White House Was Flight 93 Target http://www.cbsnews.com/stories/2002/05/20/attack/main509535.shtml A high-ranking al Qaeda detainee told investigators the intended target of United Airlines Flight 93, which crashed into a Pennsylvania field on Sept. 11, was the White House. Government sources said Abu Zubaydah, now in U.S. custody, believed to be the source of the information." "Moussaoui Says He Was to Hijack 5th Plane By MATTHEW BARAKAT, Associated Press Writer (Monday March 27, 2006) Al-Qaida conspirator Zacarias Moussaoui testified Monday that he and would-be shoe bomber Richard Reid were supposed to hijack a fifth airplane on Sept. 11, 2001, and fly it into the White House. Moussaoui's testimony on his own behalf stunned the courtroom. His account was in stark contrast to his previous statements in which he said the White House attack was to come later if the United States refused to release a radical Egyptian sheik imprisoned on earlier terrorist convictions. On Dec. 22, 2001, Reid was subdued by passengers when he attempted to detonate a bomb in his shoe aboard American Airlines Flight 63 from Paris to Miami. There were 197 people on board. The plane was diverted to Boston, where it landed safely. Moussaoui told the court he knew the World Trade Center attack was coming and that he lied to investigators when arrested in August 2001 because he wanted it to happen. "You lied because you wanted to conceal that you were a member of al- Qaida?" prosecutor Rob Spencer asked. "That's correct," Moussaoui said. Spencer: "You lied so the plan could go forward?" Moussaoui: "That's correct." The exchange was key to the government's case that the attacks might have been averted if Moussaoui had been more cooperative following his arrest. Moussaoui told the court he knew the attacks were coming some time after August 2001 and bought a radio so he could hear them unfold. Specifically, he said he knew the World Trade Center was going to be attacked, but asserted he was not part of that plot and didn't know the details. Nineteen men pulled off the Sept. 11 attacks on New York in Washington in the worst act of terrorism ever on U.S. soil. "I had knowledge that the Twin Towers would be hit," Moussaoui said. "I didn't know the details of this." Asked by his lawyer why he signed his guilty plea in April as "the 20th hijacker," Moussaoui replied: "Because everybody used to refer to me as the 20th hijacker and it was a bit of fun." Before Moussaoui took the stand, his lawyers made a last attempt to stop him from testifying, but failed. Defense attorney Gerald Zerkin argued that his client would not be a competent witness because he has contempt for the court, only recognizes Islamic law and therefore "the affirmation he undertakes would be meaningless." Moussaoui at first denied he was to have been a fifth hijack pilot Sept. 11 but under cross examination spoke of the plan that would have him attack the White House. He said Reid was the only person he knew for sure would have been on that mission, but others were discussed. The 19 terrorists on Sept. 11 hijacked and crashed four airliners, killing nearly 3,000 people in the World Trade Center, the Pentagon and on the planes. The intended target of the plane that crashed into a Pennsylvania field remains unknown. Moussaoui said he talked with an al-Qaida official in 1999 about why a 1993 bombing at the World Trade Center failed to bring the towers down. He said "was asked in the same period for the first time if I want to be a suicide pilot and I declined." Just before Moussaoui took the stand, the court heard testimony that two months before the attacks that a CIA deputy chief waited in vain for permission to tell the FBI about a "very high interest" al-Qaida operative who became one of the hijackers. The official, a senior figure in the CIA's Osama bin Laden unit, said he sought authorization on July 13, 2001, to send information to the FBI but got no response for 10 days, then asked again. As it turned out, the information on Khalid al-Mihdhar did not reach the FBI until late August. At the time, CIA officers needed permission from a special unit before passing certain intelligence on to the FBI. The official was identified only as John. His written testimony was read into the record. "John's" testimony was part of the defense's case that federal authorities missed multiple opportunities to catch hijackers and perhaps thwart the 9/11 plot. His testimony included an e-mail sent by FBI supervisor Michael Maltbie discussing Moussaoui but playing down his terrorist connections. Maltbie's e-mail said "there's no indication that (Moussaoui) had plans for any nefarious activity." He sent that e-mail to the CIA even after receiving a lengthy memo from the FBI agent who arrested Moussaoui and suspected him of being a terrorist with plans to hijack aircraft. Prosecutors argue that Moussaoui, a French citizen, thwarted a prime opportunity to track down the 9/11 hijackers and possibly unravel the plot when he was arrested in August 2001 on immigration violations and lied to the FBI about his al-Qaida membership and plans to hijack a plane. Had Moussaoui confessed, the FBI could have pursued leads that would have led them to most of the hijackers, government witnesses have testified. To win the death penalty, prosecutors must first prove that Moussaoui's actions — specifically, his lies — were directly responsible for at least one death on Sept. 11. If they fail, Moussaoui would get life in prison. ___ Associated Press Writer Michael J. Sniffen contributed to this report source: http://news.yahoo.com/s/ap/20060327/ap_on_re_us/moussaoui_14&printer= 1;_ylt=Ags6isPJuz93w2EYYRP9gnVH2ocA;_ylu=X3oDMTA3MXN1bHE0BHNlYwN0bWE-

Who thinks is a good idea? This is a pretty smart idea in my opinion!!! Zeroties Ze • rot • ies · This decade (2000-2009) needs a name and Zeroties is it. · Like the Twenties, Thirties, Forties, Fifties, Sixties, Seventies, Eighties, and Nineties, Zeroties follows the pattern. · Zeroties is up against one other candidate name – Aughties/Oughties. This British word “aught” means zero and does not appeal to Americans. (As a hidden bonus, when you say Zeroties you hear “Aughties” in the middle.) · Zeroties makes sense because zero has been a very dominant idea and word in this decade. · Zeroties “says” zero ties the decade together… …and it really does. · Once everyone sees the need for and usefulness of the word Zeroties, it will win their hearts and minds. · ZERO has my hero ever since School House Rocks declared it so. Ever since kindergarten, zero has rolled off our rounded lips. · Zero is both the lowest and the mightiest number. It is a value of none, but it makes the place-value system work. 1 is 1 until 12 zeros follow it. Then it jumps all the way to a Trillion 1,000,000,000,000 Wow! That is going to be a “looo,ooo,ooo,ooot” to pay back. Y2K (Year 2000)(The world panicked about how computer programs would crash because they did not have four spaces for dealing with years. Computers would register the year 2000 as 00 and think it is before 1999, which they recorded as 99.) Zero major world crisis caused by Y2K Zero airplanes in the air on New Year’s night for most airlines Since there is no year 0 in the calendar, the new millennium didn’t even start on January 1, 2000…feeling duped we learn it starts on January 1, 2001 Ground Zero -- The catastrophe of the 9/11(01) – The anchor of this decade and this proposal Zero Tolerance Policies – get IU’s Bobby Knight fired and Swiss Army knife carrying Kindergarteners expelled Eats, Shoots & Leaves: The Zero Tolerance Approach to Punctuation -- blockbuster book published in 2003 Marine “motto” Leave No Man Behind goes to education No Child Left Behind Zero percent – the US household savings rate in 2005 and 2006 Zero Grams of Sugar rather than Sugar Free CokeZero (and Pepsi One – how perfect for the digital age)…Coke runs commercials about how CokeZero steals the recipe of Coke Diet Pepsi packaging – 0 Cal Carb Sug Zero Calorie Sweetener – Pure Via Zero Down … Zero Interest … Zero Payments Zero, Zero, Zero Sales by GM …and everyone else “Hurricane Katrina Zeros in on New Orleans” – as many stories read Zero Calories Zero Grams of Fat Zero Grams of Trans Fat – from McDonald’s fries to Girl Scout cookies 0.???? second Google searches 16-0 Patriots (2007) 0-16 Lions (2008) Oprah O Magazine, Obama O Logo The Oval is the logo shape of the decade – look at car company logos… Zero Weapons of Mass Destruction found Michael Phelps wins his 7th of 8 Gold Medals by .01 seconds…effectively zero Chinese Olympics “Bird’s Nest” a big Zero Zero percent net gain for the NY Stock Market from 1998 to 2008 Zero new large malls built in America in 2007, 2008, and 2009 Zero or No Income Verification Loans Zero principal payment loans Zero Degrees – or a Credit Freeze Zero Dollar is mockingly passed out on Wall Street Zero International banks willing to make inter-bank loans at the global inter-bank clearinghouse in New York City at the height of the meltdown -- this was the official credit freeze 10/10/2008 – this bank-to-bank loan exchange is in-between Ground Zero and Wall Street…which are themselves less than 10 blocks apart --- “Economic Ground Zero” Salary Freezes – Home Depot leads the way Zero raises in many governments Pay freeze for top 100 White House Officials Digital TV (Digital information is all coded as Zero’s and One’s) – digital everything – binary bliss 2009 in binary is 00110010001100000011000000111001 Zero Percent Federal Funds rate – many things in the list like this, insiders would see as rare absurdities Already with no calories, Diet Mountain Dew changes its label from “Low Calorie” to Zero Calories NASA’s new fascination is studying Dark Matter -- the nothing in outer space Zero Environmental Footprint Zero Carbon Emissions Zero Pollution Restaurant growth may be below 1% (or 0%) for the first time since it was measured in 1970 For a time Citi (Citigroup/Citibank) – Citibank was the US’s largest bank in May 2008 and Citigroup is the world’s largest financial network -- trades on Wall Street for less than a dollar $0.?? ... …threatening its listing status 41 Companies trimmed or eliminated their dividends by $40 Billion – Blue Chip Stocks with Zero dividends? … GE, JP Morgan, Dow Chemical Treasury Bills sold for “Zero” percent returns – during the global economic collapse foreigners battle to bu

Was the Reagan Administration the most corrupt ever? Ronald Reagan's Criminal Administration: "By the end of his term, 138 Reagan administration officials had been convicted, had been indicted, or had been the subject of official investigations for official misconduct and/or criminal violations. In terms of number of officials involved, the record of his administration was the worst ever." James Watt, Reagan's Secretary of the Interior was indicted on 41 felony counts for using connections at the Department of Housing and Urban Development to help his private clients seek federal funds for housing projects in Maryland, New Jersey, Massachusetts, Puerto Rico and the Virgin Islands. Watt conceded that he had received $500,000 from clients who were granted very favorable housing contracts after he had intervened on their behalf. In testifying before a House committee Watt said: "That's what they offered and it sounded like a lot of money to me, and we settled on it." Watt was eventually sentenced to five years in prison and 500 hours of community service. Although not convicted, Edwin Meese III, resigned as Reagan's Attorney General after having been the subject of investigations by the United States Office of the Independent Counsel on two occasions (Wedtech and Iran-Contra), during the 3 short years he was in office. E. Bob Wallach, close friend and law classmate of Attorney General Edwin Meese, was sentenced to six years in prison and fined $250,000 in connection with the Wedtech influence-peddling scandal. Lyn Nofziger--Convicted on charges of illegal lobbying of White House in Wedtech scandal. Michael Deaver received three years' probation and was fined one hundred thousand dollars after being convicted for lying to a congressional subcommittee and a federal grand jury about his lobbying activities after leaving the White House. The Iran-Contra scandal. In June, 1984, at a National Security Council meeting, CIA Director Casey urged President Reagan to seek third-party aid for the Nicaraguan contras. Secretary of State Schultz warned that it would be an "impeachable offense" if the U.S. government acted as conduit for such secret funding. But that didn't stop them. That same day, Oliver North was seeking third-party aid for the contras. But Reagan, the "teflon President" avoided serious charges or impeachment. Casper Weinberger was Secretary of Defense during Iran-Contra. In June 1992 he was indicted by a federal grand jury on charges of concealing from congressional investigators and prosecutors thousands of pages of his handwritten notes. The personal memoirs taken during high level meetings, detailed events in 1985 and 1986 involving the Iran-Contra affair. Weinberger claimed he was being unfairly prosecuted because he would not provide information incriminating Ronald Reagan. Weinberger was scheduled to go on trial January 5, 1993, where the contents of his notes would have come to light and may have implicated other, unindicted conspirators. While Weinberger was never directly linked to the covert operations phase of the Iran-Contra affair, he is believed to have been involved in the cover-up of the ensuing scandal. According to Special Prosecutor Lawrence Walsh, Weinberger's notes contain evidence of a conspiracy among the highest ranking Reagan Administration officials to lie to congress and the American public. Some of the notes are believed to have evidence against then Vice-President George Bush who pardoned Weinberger to keep him from going to trial. Raymond Donovan, Secretary of Labor indicted for defrauding the New York City Transit Authority of $7.4. million. { Republicans will point out that Donovan was acquitted. And that really matters in Donovan's case, because he was a Republican. But it didn't matter for Clinton or any of his cabinet, most all of whom were acquitted, because they were Democrats!} Elliott Abrams was appointed by President Reagan in 1985 to head the State Department's Latin American Bureau. He was closely linked with ex-White House aide Lt. Col. Oliver North's covert movement to aid the Contras. Working for North, Abrams coordinated inter-agency support for the contras and helped solicit illegal funding from foreign powers as well as domestic contributors. Abrams agreed to cooperate with Iran-Contra investigators and pled guilty to two charges reduced to misdemeanors. He was sentenced in 1991 to two years probation and 100 hours of community service but was pardoned by President George Bush. Robert C. McFarlane was appointed Ronald Reagan's National Security Advisor in October 1983 and become well-known as a champion of the MX missile program in his role as White House liaison to congress. In 1984, Mc Farlane initiated the review of U.S. policy towards Iran that led directly to the arms for hostages deal. He also supervised early National Security Council efforts to support the Contras. Shortly after the Iran-Contra scandal was revealed in early 1987, McFarlane took an overdose of the tranquilizer Valium in an attempt to end his life. In his own words: "What really drove me to despair was a sense of having failed the country." McFarlane pled guilty to four misdemeanors and was sentenced to two years probation and 200 hours of community service. He was also fined $20,000. He received a blanket pardon from President George Bush. Oliver North--Convicted of falsifying and destroying documents, accepting an illegal gratuity, and aiding and abetting the obstruction of Congress. Conviction overturned on appeal due to legal technicalities. John Poindexter, Reagan's national security advisor, --guilty of five criminal counts involving conspiracy to mislead Congress, obstructing congressional inquiries, lying to lawmakers, used "high national security" to mask deceit and wrong-doing. Richard Secord pleaded guilty to a felony charge of lying to Congress over Iran-Contra. Alan D. Fiers was the Chief of the Central Intelligence Agency's Central American Task Force. Fiers pled guilty in 1991 to two counts of withholding information from congress about Oliver North's activities and the diversion of Iran arms sale money to aid the Contras. He was sentenced to one year of probation and 100 hours of community service. Fiers agreed to cooperate with prosecutors in exchange for having his felonies reduced to misdemeanors and his testimony gave a boost to the long standing criminal investigation of Lawrence Walsh, Special Prosecutor. Fiers testified that he and three CIA colleagues knew by mid-1986 that profits from the TOW and HAWK missile sales to Iran were being diverted to the Contras months before it became public knowledge. Alan Fiers received a blanket pardon for his crimes from President Bush. Clair George was Chief of the CIA's Division of Covert Operations under President Reagan. In August 1992 a hung jury led U.S. District Judge Royce Lamberth to declare a mistrial in the case of Clair George who was accused of concealing from Congress his knowledge of the Iran-Contra affair. George had been named by Alan Fiers when Fiers turned state's evidence for Lawrence Walsh's investigation. In a second trial on charges of perjury, false statements and obstruction of justice, George was convicted of lying to two congressional committees in 1986. George faced a maximum five year federal prison sentence and a $20,000 fine for each of the two convictions. Jurors cleared George of five other charges including two counts of lying to a federal grand jury. Those charges would have carried a mandatory 10 months in prison upon conviction. Clair George received a blanket pardon for his crimes from President George Bush. Duane R. (Dewey) Clarridge was head of the CIA's Western European Division under President Reagan. He was indicted on November 29, 1991 for lying to congress and to the Tower Commission that investigated Iran- Contra. Clarridge was charged with five counts of perjury and two counts of making false statements for covering up his knowledge of a November 25, 1985 shipment of HAWK missiles to Iran. Clarridge was also suspected of diverting to the Contras weapons that were originally intended for the Afghan mujahaddeen guerrillas. Clarridge received a blanket pardon for his crimes on Christmas Eve 1992 from President George Bush. Environmental Protection Agency's favoritism toward polluters. Assistant administrator unduly influenced by chemical industry lobbyists. Another administrator resigned after pressuring employees to tone down a critical report on a chemical company accused of illegal pollution in Michigan. The deputy chief of federal activities was accused of compiling an interagency "hit" or "enemies" list, like those kept in the Nixon Watergate period, singling out career employees to be hired, fired or promoted according to political beliefs. Anne Gorscuh Burford resigned amid accusations she politically manipulated the Superfund money. Rita Lavelle was fired after accusing a senior EPA official of "systematically alienating the business community." She was later indicted, tried and convicted of lying to Congress and served three months of a six-month prison sentence. After an extensive investigation, in August 1984, a House of Representatives subcommittee concluded that top-level EPA appointees by Reagan for three years "violated their public trust by disregarding the public health and the environment, manipulating the Superfund program for political purposes, engaging in unethical conduct and participating in other abuses.". Neglected nuclear safety. A critical situation involving nuclear safety had been allowed to develop during the Reagan era. Immense sums, estimated at 200 billion or more, would be required in the 1990s to replace and make safe America's neglected, aging, deteriorating, and dangerous nuclear facilities. Savings & Loan Bail-out. Hundreds of billions of dollars were needed to bail out savings and loan institutions that either had failed during the deregulation frenzy of the eighties or were in danger of bankruptcy. Reckless airline deregulation. Deregulation of airline industry took too broad a sweep, endangering public safety. Additionally: Richard Allen, National Security adviser resigned amid controversy over an honorarium he received for arranging an interview with Nancy Reagan. Richard Beggs, chief administrator at NASA was indicted for defrauding the government while an executive at General Dynamics. Guy Flake, Deputy Secretary of Commerce, resigned after allegations of a conflict of interest in contract negotiations. Louis Glutfrida, Director of the Federal Emergency Management Agency resigned amid allegations of misuses of government property. Edwin Gray, Chairman of the Federal Home Loan Bank was charged with illegally repaying himself and his wife $26,000 in travel costs. Max Hugel, CIA chief of covert operations who resigned after allegations of fraudulent financial dealings. Carlos Campbell, Assistant Secretary of Commerce resigned over charges of awarding federal grants to his personal friends' firms. John Fedders, chief of enforcement for the Securities and Exchange Commission resigned over charges of beating his wife. Arthur Hayes, Commissioner of the Food and Drug Administration resigned over illegal travel reimbursements. J. Lynn Helms, chief of the Federal Aviation Administration resigned over a grand jury investigation of illegal business activities. Marjory Mecklenburg, Deputy Assistant Secretary of the Department of Health and Human Resources resigned over irregularities on her travel vouchers. Robert Nimmo, head of the Veterans Administration resigned when a report criticized him for improper use of government funds. J. William Petro, U.S. Attorney fired and fined for tipping off an acquaintance about a forthcoming Grand Jury investigation. Thomas C. Reed, White House counselor and National Security Council adviser resigned and paid a $427,000 fine for stock market insider trading. Emanuel Savas, Assistant Secretary of HUD resigned over assigning staff members to work on government time on a book that guilty to expense account fraud and accepting kickbacks on government contracts. Charles Wick, Director of the U.S. Information Agency investigated for taping conversations with public officials without their approval.

Is "ALL WELL" with the banking system? I think not? Your thoughts? 1. Paulson appears on Face The Nation and says "Our banking system is a safe and a sound one." If the banking system was safe and sound, everyone would know it (or at least think it). There would be no need to say it. 2. Paulson says the list of troubled banks "is a very manageable situation". The reality is there are 90 banks on the list of problem banks. Indymac was not one of them until a month before it collapsed. How many other banks will magically appear on the list a month before they collapse? 3. In a Northern Rock moment, depositors at Indymac pull out their cash. Police had to be called in to ensure order. 4. Washington Mutual (WM), another troubled bank, refused to honor Indymac cashier's checks. The irony is it makes no sense for customers to pull insured deposits out of Indymac after it went into receivership. The second irony is the last place one would want to put those funds would be Washington Mutual. Eventually Washington Mutual decided it would take those checks but with an 8 week hold. Will Washington Mutual even be around 8 weeks from now? 5. Paulson asked for "Congressional authority to buy unlimited stakes in and lend to Fannie Mae (FNM) and Freddie Mac (FRE)" just days after he said "Financial Institutions Must Be Allowed To Fail". Obviously Paulson is reporting from the 5th dimension. In some alternate universe, his statements just might make sense. 6. Former Fed Governor William Poole says "Fannie Mae, Freddie Losses Makes Them Insolvent". 7. Paulson says Fannie Mae and Freddie Mac are "essential" because they represent the only "functioning" part of the home loan market. The firms own or guarantee about half of the $12 trillion in U.S. mortgages. Is it possible to have a sound banking system when the only "functioning" part of the mortgage market is insolvent? 8. Bernanke testified before Congress on monetary policy but did not comment on either money supply or interest rates. The word "money" did not appear at all in his testimony. The only time "interest rate" appeared in his testimony was in relation to consumer credit card rates. How can you have any reasonable economic policy when the Fed chairman is scared half to death to discuss interest rates and money supply? 9. The SEC issued a protective order to protect those most responsible for naked short selling. As long as the investment banks and brokers were making money engaging in naked shorting of stocks, there was no problem. However, when the bears began using the tactic against the big financials, it became time to selectively enforce the existing regulation. 10. The Fed takes emergency actions twice during options expirations week in regards to the discount window and rate cuts. 11. The SEC takes emergency action during options expirations week regarding short sales. 12. The Fed has implemented an alphabet soup of pawn shop lending facilities whereby the Fed accepts garbage as collateral in exchange for treasuries. Those new Fed lending facilities are called the Term Auction Facility (TAF), the Term Security Lending Facility (TSLF), and the Primary Dealer Credit Facility (PDCF). 13. Citigroup (C), Lehman (LEH), Morgan Stanley(MS), Goldman Sachs (GS) and Merrill Lynch (MER) all have a huge percentage of level 3 assets. Level 3 assets are commonly known as "marked to fantasy" assets. In other words, the value of those assets is significantly if not ridiculously overvalued in comparison to what those assets would fetch on the open market. It is debatable if any of the above firms survive in their present form. Some may not survive in any form. 14. Bernanke openly solicits private equity firms to invest in banks. Is this even close to a remotely normal action for Fed chairman to take? 15. Bear Stearns was taken over by JPMorgan (JPM) days after insuring investors it had plenty of capital. Fears are high that Lehman will suffer the same fate. Worse yet, the Fed had to guarantee the shotgun marriage between Bear Stearns and JP Morgan by providing as much as $30 billion in capital. JPMorgan is responsible for only the first 1/2 billion. Taxpayers are on the hook for all the rest. Was this a legal action for the Fed to take? Does the Fed care? 16. Citigroup needed a cash injection from Abu Dhabi and a second one elsewhere. Then after announcing it would not need more capital is raising still more. The latest news is Citigroup will sell $500 billion in assets. To who? At what price? 17. Merrill Lynch raised $6.6 billion in capital from Kuwait Mizuho, announced it did not need to raise more capital, then raised more capital a few week later. 18. Morgan Stanley sold a 9.9% equity stake to China International Corp. CEO John Mack compensated by not taking his bonus. How generous. Morgan Stanley fell from $72 to $37. Did CEO John Mack deserve a paycheck at all? 19. Bank of America (BAC) agreed to take over Countywide Financial (CFC) and twice announced Countrywide will add profits to B of A. Inquiring minds were asking "How the hell can Countrywide add to Bank of America earnings?" Here's how. Bank of America just announced it will not guarantee $38.1 billion in Countrywide debt. Questions over "Fraudulent Conveyance" are now surfacing. 20. Washington Mutual agreed to a death spiral cash infusion of $7 billion accepting an offer at $8.75 when the stock was over $13 at the time. Washington Mutual has since fallen in waterfall fashion from $40 and is now trading near $5.00 after a huge rally. 21. Shares of Ambac (ABK) fell from $90 to $2.50. Shares of MBIA (MBI) fell from $70 to $5. Sadly, the top three rating agencies kept their rating on the pair at AAA nearly all the way down. No one can believe anything the government sponsored rating agencies say. 22. In a panic set of moves, the Fed slashed interest rates from 5.25% to 2%. This was the fastest, steepest drop on record. Ironically, the Fed chairman spoke of inflation concerns the entire drop down. Bernanke clearly cannot tell the truth. He does not have to. Actions speak louder than words. 23. FDIC Chairman Sheila Bair said the FDIC is looking for ways to shore up its depleted deposit fund, including charging higher premiums on riskier brokered deposits. 24. There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that. 25. Of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion. Where is the rest of the loot? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds where debt is amazingly paid back with more debt, and all sorts of other silly (and arguably fraudulent) financial wizardry schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back. What cannot be paid back will be defaulted on. If you did not know it before, you do now. The entire US banking system is insolvent. I have my garden, well stocked pantry sheld, outdoor stove, fire wood and propone burners. This will get worse...much much worse........good luck to all!!....be prepared

Why doen't the US begin using coal to produce oil? South Africa has been doing do for years!? SECUNDA, South Africa -- Every day, conveyor belts haul about 120,000 metric tons of coal into an industrial complex here two hours east of Johannesburg. The facility -- resembling a nuclear power plant, with concrete silos looming over nearby potato farms -- superheats the coal to more than 2,000 degrees Fahrenheit. It adds steam and oxygen, cranks up the pressure, and pushes the coal through a series of chemical reactions. Then it spits out something extraordinary: 160,000 barrels of oil a day. For decades, scientists have known how to convert coal into a liquid that can be refined into gasoline or diesel fuel. But everyone thought the process was too expensive to be practical. The lone exception was South Africa, a one-time pariah state that had huge reserves of coal and, thanks to anti-apartheid sanctions, limited access to foreign oil. Sasol Ltd., a partly state-owned company, built several coal-to-liquids plants, including the ones at Secunda, and became the world's leading purveyor of coal-to-liquids technology. Now, oil prices are above $70 a barrel, and Sasol has emerged as the key player at the center of the world's latest alternative-energy boom. China is building a coal-to-oil plant costing several billion dollars in Inner Mongolia and may add as many as 27 facilities -- including some with Sasol's help -- over the next several years, according to a recent tally by Credit Suisse. In the U.S., the Defense Department is studying coal-to-oil technology as a way to reduce the American military's dependence on Middle Eastern crude oil. And the National Coal Council, an industry association, is pushing for government incentives to help generate some 2.6 million barrels of liquid fuel a day from coal by 2025. That would satisfy some 10 percent of America's expected oil demand that year. The plan would require 475 million tons of coal a year, which represents more than 40 percent of current annual U.S. production. Industry officials believe America's coal reserves are big enough to allow for the extra production. Coal-to-liquids "is not going to replace oil," says Lean Strauss, a Sasol executive who directs the company's overseas energy business. "But it's an important substitute. It is one of the solutions to energy security." In June, two senators from coal-producing states, Barack Obama of Illinois and Jim Bunning of Kentucky, introduced a bill to offer loan guarantees and tax incentives for U.S. coal-to-liquid plants. Sasol has found a particularly receptive audience in Montana's Democratic governor, Brian Schweitzer, who says he carries a lump of coal and a vial of liquefied coal with him at all times. He is lobbying coal companies and others to build coal-to-liquid plants across his state, which has some of the biggest coal reserves in the U.S. Current estimates indicate the world has just 41 years of known oil reserves and 65 years of natural-gas supplies. It has enough coal reserves to last an estimated 155 years, with some of the largest reserves in the two biggest oil-consuming countries, the U.S. and China. It's far from clear, however, that the world would be better off -- economically or environmentally -- by burning more coal to fuel cars and trucks. One problem is that coal-to-oil projects are extremely expensive. A single plant capable of producing about 80,000 barrels of oil equivalent a day -- less than 0.5 percent of America's daily oil diet -- would cost an estimated $6 billion or more to build. Energy analysts reckon that some coal-to-liquids projects can offer an acceptable return on investment when oil is priced as low as $30 or $35 a barrel, though such ventures might require government tax incentives to reduce operating costs. It seems likely that oil prices will stay above that level for a while, but the longer-term outlook is anyone's guess. An earlier flurry of interest in coal-to-oil facilities in the U.S. during the Carter administration in the late 1970s died after oil prices collapsed. Coal-to-oil projects also pose serious environmental questions. When the South African facility superheats coal and turns it into a gas, one of the main waste products is carbon dioxide, thought to be a significant cause of global warming. The Natural Resources Defense Council, a U.S.-based environmental advocacy group, estimates that the production and use of gasoline, diesel fuel, jet fuel and other fuels from crude oil release about 27.5 pounds of carbon dioxide per gallon. The production and use of a gallon of liquid fuel originating in coal emit about 49.5 pounds of carbon dioxide, they estimate. Even some boosters of the coal-to-oil plants describe them as carbon-dioxide factories that produce energy on the side. "Before deciding whether to invest scores -- perhaps hundreds -- of billions of dollars in a new industry like coal-to-liquids, we need a much more serious assessment of whether this is an industry that should proceed at all," said David Hawkins, director of the Climate Center at the Natural Resources Defense Council, at a recent U.S. Senate hearing. Coal-to-oil is one of several promising but potentially polluting technologies that are receiving new attention amid high oil prices. Energy companies are trying to unlock natural gas trapped in shale and other difficult rock formations. They're also tapping oil-soaked sands in Canada and so-called heavy oils in politically challenging places such as Venezuela. Environmentalists fear these new sources will outshine conservation as the way to address the world's growing thirst for energy. In South Africa, environmental groups say Sasol's facilities have emitted huge volumes of carbon dioxide and pollutants, including sulfur dioxide. They say these have caused a host of respiratory problems in nearby communities. Sasol says its emissions of these pollutants are small compared to emissions by other companies' coal-burning electricity plants in the region. Sasol officials acknowledge their facilities emit greenhouse gases and that building more coal-to-liquids facilities around the world "could have potentially significant implications, in the long run, for our commitment to reducing carbon intensity," according to a recent company report on its social and environmental programs. Sasol says it plans to reduce its greenhouse-gas emissions per ton of product by 10 percent by 2015. Sasol and many other coal-to-oil proponents say that future coal-to-liquids plants can be built with newer technologies that trap carbon dioxide and store it, sharply reducing their emissions. To many South Africans, Sasol is a huge success story. The company's daily production now meets about 30 percent of South Africa's transport-fuel needs. The country's 50-rand bank note even features a picture of one of Sasol's plants. Sasol's share price has more than tripled over the past three years. Analysts estimate it earned about $2 billion in the year ended June 30, about 35 percent higher than the year before -- such a sharp rise that South African authorities are contemplating a "windfall tax" on the company. Coal-to-oil technology dates back to the 1920s, when two German chemists, Franz Fischer and Hans Tropsch, developed a process to convert coal into a gas and then use it to make synthetic fuels. Coal-to-oil technology helped fuel the Nazi war machine, which lacked access to sufficient crude oil. International oil companies also experimented with the process but put it aside because oil was cheaper. South Africa took a different view. The country lacked oil, but had enormous deposits of coal, much of which had limited market value because of its poor quality. In 1950, the government set up Sasol as a state-owned company and authorized funding for its first project, a coal-to-liquids facility called Sasolburg in the South African countryside. When oil prices soared in the 1970s, South African officials decided to up the ante. They lent Sasol $6 billion to build two new facilities at Secunda -- each 10 times as large as Sasolburg. The government also privatized the company, listing it on the Johannesburg Stock Exchange in 1979. (The government maintains a 23.5 percent stake). By the time the facilities were completed in the early 1980s, international oil prices were collapsing. The project was nonetheless a success for the white-dominated apartheid government because international sanctions were restricting South Africa's ability to buy foreign oil. The plants managed to stay profitable by continually boosting efficiency and expanding their end products to include plastics, fertilizers and explosives. Besides the government loans, Sasol at various times received cash payments from the government when oil prices fell below a certain level. It eventually paid back the loans and stopped receiving subsidies for its coal-to-oil business by 2000. Today, Secunda is a buzzing industrial hub with 16,000 employees, miles of interlocking pipes and cables, and eight colossal silos. The silos, each big enough to contain a football field, cool steam involved in the conversion process. Fuel trucks wait along the edge of the facility to fill up with gasoline. Nearby mines produce more than 40 million metric tons of coal a year -- as much as all of Illinois. Outside the plant gates, Secunda has a boomtown feel. It has some 35,000 people, a BMW dealership and a multistory casino hotel called Graceland designed to evoke the "grand old age of Colonial America." A growing focus for Sasol is marketing its technology overseas. The company first tried to do so in the 1990s, after apartheid ended, but executives found doors slammed in their faces. Oil was trading for less than $25 a barrel at the time. "We sat in corridors waiting for meetings that never happened because they didn't even know who Sasol was," recalls Pat Davies, Sasol's chief executive. Sasol made its first inroads in countries such as Qatar that have big stockpiles of hard-to-transport natural gas. These countries were interested in Sasol's technology for turning natural gas into liquid fuel. As oil prices began to perk up, Sasol drew interest on the coal front from China, with its big coal reserves and energy needs. In marketing materials produced for Chinese government officials and investors, Sasol offers a simple message: By 2015, 70 percent of China's oil imports will come from the Middle East. Yet the country has coal reserves equivalent to more than half the oil in the Middle East. By 2004, Chinese energy planners began meeting with Sasol executives in Beijing to discuss the coal-to-oil process. That was followed by a series of meetings with policy makers and Chinese companies, capped by a gathering in Cape Town in June attended by visiting Chinese Premier Wen Jiabao. Coal-generated pollution is emerging as a major environmental crisis in China. Yet Chinese officials are apparently willing to accept more coal use if it means improving the country's energy security, especially if local companies can design facilities to use relatively clean-burning varieties of coal. Shenhua Group, China's largest coal producer, has started work on China's first commercial coal-to-oil facility, designed eventually to produce as many as 200,000 barrels of oil equivalent a day. Although that plant uses a different process from Sasol's at Secunda, Shenhua officials are in negotiations with Sasol to jointly build at least one additional 80,000-barrel-a-day plant using the South African company's technique. While Sasol would charge a fee for licensing its technology, its main interest is to share ownership in the facilities once they're built because it wants a share of the long-term profits. In China, Sasol is asking for a 50 percent equity stake in the projects. A Shenhua official says negotiations are going smoothly and the company hopes to begin construction soon. In Montana, at least two companies, including the world's largest private-sector coal company, Peabody Energy Corp. of St. Louis, have said they are looking at potential coal-to-oil sites. Montana's Gov. Schweitzer says any excess carbon dioxide from a facility could be given to oil companies to be injected back into the ground to enhance recovery from old wells. Bringing Sasol on board is critical, says Gov. Schweitzer. He says Wall Street banks want the South Africans to play a role because Sasol is the only company with a track record in the business. To woo Sasol executives, he says, he took them on a flight over Montana coal country last year. "These are the guys everyone wants to take to the prom," Gov. Schweitzer says. Sasol officials say they're interested in Montana and other potential sites in the U.S., provided they can find a suitable partner and receive tax or other incentives. Coal-to-oil "is coming to the United States," Gov. Schweitzer proclaims. When it does, he says, other countries "will be scrambling to protect their oil supplies -- and we'll be energy independent." First published on August 17, 2006 at 12:00 am Shai Oster in Beijing contributed to this article. Sorry for long article. Simple fact is that the US has th largest reserve of coal in the world. Coal to Oil technology is a proven fact, used be Germany in WWII and more recently by South Africa during there period of Aparthide. This country needs long term options and this seems like a viable option. -5dollar galon gas may make people demand for solutions at a louder scream

Why doen't the US make oil from coal, South Africa's been doing this for years. Don't we have alot of coal ? SECUNDA, South Africa -- Every day, conveyor belts haul about 120,000 metric tons of coal into an industrial complex here two hours east of Johannesburg. The facility -- resembling a nuclear power plant, with concrete silos looming over nearby potato farms -- superheats the coal to more than 2,000 degrees Fahrenheit. It adds steam and oxygen, cranks up the pressure, and pushes the coal through a series of chemical reactions. Then it spits out something extraordinary: 160,000 barrels of oil a day. For decades, scientists have known how to convert coal into a liquid that can be refined into gasoline or diesel fuel. But everyone thought the process was too expensive to be practical. The lone exception was South Africa, a one-time pariah state that had huge reserves of coal and, thanks to anti-apartheid sanctions, limited access to foreign oil. Sasol Ltd., a partly state-owned company, built several coal-to-liquids plants, including the ones at Secunda, and became the world's leading purveyor of coal-to-liquids technology. Now, oil prices are above $70 a barrel, and Sasol has emerged as the key player at the center of the world's latest alternative-energy boom. China is building a coal-to-oil plant costing several billion dollars in Inner Mongolia and may add as many as 27 facilities -- including some with Sasol's help -- over the next several years, according to a recent tally by Credit Suisse. In the U.S., the Defense Department is studying coal-to-oil technology as a way to reduce the American military's dependence on Middle Eastern crude oil. And the National Coal Council, an industry association, is pushing for government incentives to help generate some 2.6 million barrels of liquid fuel a day from coal by 2025. That would satisfy some 10 percent of America's expected oil demand that year. The plan would require 475 million tons of coal a year, which represents more than 40 percent of current annual U.S. production. Industry officials believe America's coal reserves are big enough to allow for the extra production. Coal-to-liquids "is not going to replace oil," says Lean Strauss, a Sasol executive who directs the company's overseas energy business. "But it's an important substitute. It is one of the solutions to energy security." In June, two senators from coal-producing states, Barack Obama of Illinois and Jim Bunning of Kentucky, introduced a bill to offer loan guarantees and tax incentives for U.S. coal-to-liquid plants. Sasol has found a particularly receptive audience in Montana's Democratic governor, Brian Schweitzer, who says he carries a lump of coal and a vial of liquefied coal with him at all times. He is lobbying coal companies and others to build coal-to-liquid plants across his state, which has some of the biggest coal reserves in the U.S. Current estimates indicate the world has just 41 years of known oil reserves and 65 years of natural-gas supplies. It has enough coal reserves to last an estimated 155 years, with some of the largest reserves in the two biggest oil-consuming countries, the U.S. and China. It's far from clear, however, that the world would be better off -- economically or environmentally -- by burning more coal to fuel cars and trucks. One problem is that coal-to-oil projects are extremely expensive. A single plant capable of producing about 80,000 barrels of oil equivalent a day -- less than 0.5 percent of America's daily oil diet -- would cost an estimated $6 billion or more to build. Energy analysts reckon that some coal-to-liquids projects can offer an acceptable return on investment when oil is priced as low as $30 or $35 a barrel, though such ventures might require government tax incentives to reduce operating costs. It seems likely that oil prices will stay above that level for a while, but the longer-term outlook is anyone's guess. An earlier flurry of interest in coal-to-oil facilities in the U.S. during the Carter administration in the late 1970s died after oil prices collapsed. Coal-to-oil projects also pose serious environmental questions. When the South African facility superheats coal and turns it into a gas, one of the main waste products is carbon dioxide, thought to be a significant cause of global warming. The Natural Resources Defense Council, a U.S.-based environmental advocacy group, estimates that the production and use of gasoline, diesel fuel, jet fuel and other fuels from crude oil release about 27.5 pounds of carbon dioxide per gallon. The production and use of a gallon of liquid fuel originating in coal emit about 49.5 pounds of carbon dioxide, they estimate. Even some boosters of the coal-to-oil plants describe them as carbon-dioxide factories that produce energy on the side. "Before deciding whether to invest scores -- perhaps hundreds -- of billions of dollars in a new industry like coal-to-liquids, we need a much more serious assessment of whether this is an industry that should proceed at all," said David Hawkins, director of the Climate Center at the Natural Resources Defense Council, at a recent U.S. Senate hearing. Coal-to-oil is one of several promising but potentially polluting technologies that are receiving new attention amid high oil prices. Energy companies are trying to unlock natural gas trapped in shale and other difficult rock formations. They're also tapping oil-soaked sands in Canada and so-called heavy oils in politically challenging places such as Venezuela. Environmentalists fear these new sources will outshine conservation as the way to address the world's growing thirst for energy. In South Africa, environmental groups say Sasol's facilities have emitted huge volumes of carbon dioxide and pollutants, including sulfur dioxide. They say these have caused a host of respiratory problems in nearby communities. Sasol says its emissions of these pollutants are small compared to emissions by other companies' coal-burning electricity plants in the region. Sasol officials acknowledge their facilities emit greenhouse gases and that building more coal-to-liquids facilities around the world "could have potentially significant implications, in the long run, for our commitment to reducing carbon intensity," according to a recent company report on its social and environmental programs. Sasol says it plans to reduce its greenhouse-gas emissions per ton of product by 10 percent by 2015. Sasol and many other coal-to-oil proponents say that future coal-to-liquids plants can be built with newer technologies that trap carbon dioxide and store it, sharply reducing their emissions. To many South Africans, Sasol is a huge success story. The company's daily production now meets about 30 percent of South Africa's transport-fuel needs. The country's 50-rand bank note even features a picture of one of Sasol's plants. Sasol's share price has more than tripled over the past three years. Analysts estimate it earned about $2 billion in the year ended June 30, about 35 percent higher than the year before -- such a sharp rise that South African authorities are contemplating a "windfall tax" on the company. Coal-to-oil technology dates back to the 1920s, when two German chemists, Franz Fischer and Hans Tropsch, developed a process to convert coal into a gas and then use it to make synthetic fuels. Coal-to-oil technology helped fuel the Nazi war machine, which lacked access to sufficient crude oil. International oil companies also experimented with the process but put it aside because oil was cheaper. South Africa took a different view. The country lacked oil, but had enormous deposits of coal, much of which had limited market value because of its poor quality. In 1950, the government set up Sasol as a state-owned company and authorized funding for its first project, a coal-to-liquids facility called Sasolburg in the South African countryside. When oil prices soared in the 1970s, South African officials decided to up the ante. They lent Sasol $6 billion to build two new facilities at Secunda -- each 10 times as large as Sasolburg. The government also privatized the company, listing it on the Johannesburg Stock Exchange in 1979. (The government maintains a 23.5 percent stake). By the time the facilities were completed in the early 1980s, international oil prices were collapsing. The project was nonetheless a success for the white-dominated apartheid government because international sanctions were restricting South Africa's ability to buy foreign oil. The plants managed to stay profitable by continually boosting efficiency and expanding their end products to include plastics, fertilizers and explosives. Besides the government loans, Sasol at various times received cash payments from the government when oil prices fell below a certain level. It eventually paid back the loans and stopped receiving subsidies for its coal-to-oil business by 2000. Today, Secunda is a buzzing industrial hub with 16,000 employees, miles of interlocking pipes and cables, and eight colossal silos. The silos, each big enough to contain a football field, cool steam involved in the conversion process. Fuel trucks wait along the edge of the facility to fill up with gasoline. Nearby mines produce more than 40 million metric tons of coal a year -- as much as all of Illinois. Outside the plant gates, Secunda has a boomtown feel. It has some 35,000 people, a BMW dealership and a multistory casino hotel called Graceland designed to evoke the "grand old age of Colonial America." A growing focus for Sasol is marketing its technology overseas. The company first tried to do so in the 1990s, after apartheid ended, but executives found doors slammed in their faces. Oil was trading for less than $25 a barrel at the time. "We sat in corridors waiting for meetings that never happened because they didn't even know who Sasol was," recalls Pat Davies, Sasol's chief executive. Sasol made its first inroads in countries such as Qatar that have big stockpiles of hard-to-transport natural gas. These countries were interested in Sasol's technology for turning natural gas into liquid fuel. As oil prices began to perk up, Sasol drew interest on the coal front from China, with its big coal reserves and energy needs. In marketing materials produced for Chinese government officials and investors, Sasol offers a simple message: By 2015, 70 percent of China's oil imports will come from the Middle East. Yet the country has coal reserves equivalent to more than half the oil in the Middle East. By 2004, Chinese energy planners began meeting with Sasol executives in Beijing to discuss the coal-to-oil process. That was followed by a series of meetings with policy makers and Chinese companies, capped by a gathering in Cape Town in June attended by visiting Chinese Premier Wen Jiabao. Coal-generated pollution is emerging as a major environmental crisis in China. Yet Chinese officials are apparently willing to accept more coal use if it means improving the country's energy security, especially if local companies can design facilities to use relatively clean-burning varieties of coal. Shenhua Group, China's largest coal producer, has started work on China's first commercial coal-to-oil facility, designed eventually to produce as many as 200,000 barrels of oil equivalent a day. Although that plant uses a different process from Sasol's at Secunda, Shenhua officials are in negotiations with Sasol to jointly build at least one additional 80,000-barrel-a-day plant using the South African company's technique. While Sasol would charge a fee for licensing its technology, its main interest is to share ownership in the facilities once they're built because it wants a share of the long-term profits. In China, Sasol is asking for a 50 percent equity stake in the projects. A Shenhua official says negotiations are going smoothly and the company hopes to begin construction soon. In Montana, at least two companies, including the world's largest private-sector coal company, Peabody Energy Corp. of St. Louis, have said they are looking at potential coal-to-oil sites. Montana's Gov. Schweitzer says any excess carbon dioxide from a facility could be given to oil companies to be injected back into the ground to enhance recovery from old wells. Bringing Sasol on board is critical, says Gov. Schweitzer. He says Wall Street banks want the South Africans to play a role because Sasol is the only company with a track record in the business. To woo Sasol executives, he says, he took them on a flight over Montana coal country last year. "These are the guys everyone wants to take to the prom," Gov. Schweitzer says. Sasol officials say they're interested in Montana and other potential sites in the U.S., provided they can find a suitable partner and receive tax or other incentives. Coal-to-oil "is coming to the United States," Gov. Schweitzer proclaims. When it does, he says, other countries "will be scrambling to protect their oil supplies -- and we'll be energy independent." First published on August 17, 2006 at 12:00 am Shai Oster in Beijing contributed to this article.

The FED bought What ?? The Fed Bought What? By John Paul Koning Posted on 8/13/2007 | Subscribe or Tell Others | The US Federal Reserve injected $38 billion dollars into the economy via temporary open market operations this Friday. This is the largest number of temporary repurchase agreements (specifically, one business day repos) entered into by the Fed since September 11, 2001. Back in 2001, Fed purchases of treasuries exceeded $30 billion for the four consecutive days after the collapse of the World Trade Towers, total temporary injections into the banking system amounting to a whopping $295 billion. What is significant about Friday's repurchase agreements is not so much their size, but the securities that the Fed exchanged for money: mortgage-backed securities (MBS). Indeed, the entire $38 billion dollar injection went to MBS purchases, the largest open market purchase of this asset type ever conducted by the Fed, smashing the previous record of $8.6 billion set back in September of 2005. See chart, above.[1] The type of mortgage-backed securities the Fed bought are created when bundles of individual mortgages originated by commercial banks are guaranteed by quasi-governmental agencies such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae), then split apart and sold to investors. Homeowners pay interest on these mortgages, interest payments flowing through to the final holders of MBS. For those who have gone through the Economics 101 treatment of the Fed, the sudden appearance of MBS in Fed open market operations might seem odd. Professors have always taught that when the Fed expanded the money supply it did so by buying government bonds and bills. Indeed back in September 2001, the Fed provided liquidity by buying what it has always traditionally bought; treasury securities. So why is the Fed buying MBS now, and when did it acquire the authority to do so? First a note on how open market purchases work. The Fed uses what are called open market operations to control the Federal Funds rate, the rate at which large commercial banks lend cash to each other overnight to fulfill their reserve requirements to the Fed. The Fed sets a target for the federal funds rate and defends it by either withdrawing or injecting money according to the requirements of commercial banks. It injects by buying securities from the banks with freshly created checking deposits, or money. This injection increases the reserves commercial banks hold, allowing these banks to expand credit to businesses and consumers. The Fed withdraws money by selling securities to commercial banks and receiving money as payment, thereby reducing reserves and removing credit from the system. The Fed conducts both temporary open market operations and permanent ones. Permanent, or outright operations, inject cash and remove securities from the banking system forever. The Fed keeps the securities it has acquired outright in the System Open Market Account, aptly initialed SOMA (in Aldous Huxley's Brave New World, the drug soma is produced to keep citizens in a steady state of happiness, much like the Fed's SOMA). Temporary operations, the ones entered into this Friday, involve 1–14 day repurchase or reverse repurchase agreements whereby the Fed purchases (or sells) securities in return for cash with an agreement that the commercial bank on the other side of the deal will buy back (or sell back) the securities after a period of days. Temporary reverse repurchase operations, the short-term withdrawal of money from the banking system, are rare. The Fed has only engaged in 16 reverse repos since late 2000, versus 1247 repurchases. This imbalance means that the Fed is almost always augmenting commercial bank reserves by buying securities, allowing the banks to use their larger reserves to expand credit and borrowing. Thus the rate defended by the Fed is lower than the rate at which the commercial banks would be willing to lend each other if the Fed did not exist. Back to Friday's MBS purchases. Historically, the Fed's open market operations have been confined to US Treasuries. Clauses 3 to 6 of the Guidelines for the Conduct of System Operations in Federal Agency Issues ensured that Federal Reserve operations could not engage in temporary purchases of securities issued by federal agencies like Freddie Mac and Fannie Mae.[2] In an August 1999 Fed meeting officials temporarily suspended clauses 3 to 6, giving themselves the authority to freely purchase Ginnie Mae–, Freddie Mac–, and Fannie Mae–issued MBS on a provisional basis without hindrance on size and timing. The reason given: it needed full reign to inject money into the banking system in preparation for the year 2000 crisis.[3] The period for which the temporary suspension was to extend was from October 1, 1999 through April 7, 2000. The year 2000 crisis proved a dud. But rather than removing the temporary suspension on buying MBS, the Fed renewed the suspension in 2000 and 2001 before permanently striking off clauses 3 to 6 in 2002. In recent Fed documents, only clauses 1 and 2 are listed. This storyline may sound familiar to Fed watchers. The Fed was founded in response to the crisis of 1907, and had its ability to increase the money supply dramatically increased during another crisis, the Great Depression, where gold convertibility was suspended. $26 Since the Orwellian rewriting of the Guidelines the Fed has been gradually expanding its MBS purchases, which reached a crescendo this Friday. This (relatively) new power of the Fed is startling given the current liquidity crisis prevailing in the mortgage markets of late. By openly stating its willingness to buy thousands of mortgages and temporarily to expose itself to the financial health (or lack thereof) of the homeowning public, and doing so when the rest of the world is shunning them, the Fed is propping up mortgage markets, and thereby the housing market. This despite the fact that open market operations are not supposed to support individual sectors of the market or channel funds into issues of particular agencies[4] While the purchases are only temporary — the cash must be returned by Monday — one wonders how long before the Fed grants itself the power to buy MBS permanently. Either way, the Fed's response shows that it is worried about the growing mortgage crises and willing to do anything to buy its way out of it. Unfortunately, by buying up MBS and propping up the market the Fed will only cause more harm than it already has. -------------------------------------------------------------------------------- John Paul Koning writes for Pollitt & Co, a brokerage based in Toronto, Canada.

I ask Democrates, are we going to stand for the Left wing doing what the are doing?Glenn Greenwald?