STOCK RESULTS NOV 10,10

JACK VAN IMPE EXPLAINS HOW JERUSALEM 1967 IS THE COUNTDOWN TO THE 52 YEAR LAST GENERATION.THIS GENERATION ENDS AT 2019.MINUS 7 YEARS FOR THE TRIBULATION PERIOD AND JACK SAYS 2012 COULD BE A KEY YEAR IN BIBLE PROPHECY AND THE RAPTURE OF THE CHURCH.JACK MAKES IT CLEAR HES NOT SETTING A DATE OF DEC 21,2012 AS THE BEGINING OF THE TRIBULATION BUT IT FITS INTO THE LAST GENERATION SIGN PERFECTLY.LISTEN TO WEDNESDAY NOVEMBER 10,2010 SHOW HERE.
http://www.thegospel.com/clients/jvim-jack-van-impe-ministries/media.asp

Globalism, Think Tanks, and The New World Order
Brandon Turbeville Activist Post November 10, 2010

While the mainstream media continues to claim that anyone who believes in a North American Union or plans for a One World Government is a delusional conspiracy theorist, it continues to push the agenda of both. Photo: Grant Neufeld.If there is anyone out there who still reads Newsweek you might be particularly interested in picking up a copy of the October 4, 2010 edition. While the cover story focuses on Sarah Palin and Republican women, one of the more interesting features stories is written by Joel Kotkin entitled, The New World Order. In this article, Kotkin argues that Tribal Ties – Race, Ethnicity, and Religion – Are Becoming More Important Than Borders.The first page of the article, contains a color-coded map denoting new regions of the world not defined by contemporary governmental borders but those designated by region, race, and culture.The rest of the article is devoted to a breakdown of the reasoning behind the new borders of which there are 19 new regional governments, 4 city states (London, Paris, Singapore, and Tel Aviv) and 6 Stand-Alone countries (Brazil, France, Greater India, Japan, South Korea, and Switzerland.)

Although attacked as a conspiracy theory for years in the mainstream media, Newsweek’s article places the United States in league with Canada as part of the North American Alliance, suggesting that The U.S. and Canada are joined at the hip in terms of their economies, demographics, and culture.Mexico, however, is not included in this new version of the North American Union as it is lumped in to the Liberalistas region alongside Chile, Colombia, Costa Rica, and Peru. Laughably, the author claims that these states are standard-bearers of democracy and capitalism in Latin America and that their economies are “trying to join the ranks of the fast-growing economies. Of course, anyone with any sense of what goes on beyond their own borders (however temporary they may be) knows that Mexico is not a standard-bearer of anything beyond absolute chaos and poverty.Not surprisingly, Joel Kotkin, the writer of The New World Order, is an adjunct fellow at the Legatum Institute, an international think-tank that researches and advocates for an expansive understanding of global prosperity.(Legatum) It’s website states:The Legatum Institute is unique in its philosophical commitment to human dignity, liberty, and prosperity, its market principles and business approach to addressing global challenges, its integrated understanding of development, governance, and national security, and its willingness to test and implement its findings through real world programs. It forms an intellectual hub for the Legatum group of companies, learning from them and nurturing and protecting the core purposes of the organisation. It is a ‘think tank with teeth’ that contends for good ideas that deliver great consequences.

Couching its goals in flowery language of peace, prosperity, and freedom, the Legatum Institute is nonetheless a globalist organization. Indeed, the Legatum Institute is part of a larger organization called the Legatum Group, which is described by the Guardian as a private global investment organization focused on investing in the international capital markets and the promotion of sustainable development.The Guardian also compiled a list of the Big 10 of think-tanks, and Legatum Institute was solidly among them at position number six.While the mainstream media continues to claim that anyone who believes in a North American Union or plans for a One World Government is a delusional conspiracy theorist, it continues to push the agenda of both. Although doublespeak in the media is nothing new, it is quite significant that so many outlets have begun to mention the erasure of borders and the blending of nations. There can be no doubt that it is time for the American people to wake up and realize that these plans exist and that they are moving forward at a rapid pace.

Works Cited

Kotkin, Joel. The New World Order: Tribal Ties – Race, Ethnicity, And Religion – Are Becoming More Important Than Borders. Newsweek. October 4, 2010.

Kotkin, Joel.The New World Order. http://www.joelkotkin.com/content/00318-new-world-order

Legatum Institute. Home Page. http://www.li.com/

Legatum Institute. Approach.http://www.li.com/approach.aspx

The Legatum Institute.Guardian.co.uk http://www.guardian.co.uk/politics/page/2009/nov/25/3 Accessed September 29, 2010.

AMERICA (POLITICAL BABYLON)

EZEKIEL 39:21
21 And I will set my glory among the heathen, and all the heathen shall see my judgment that I have executed, and my hand that I have laid upon them.

ISAIAH 18:1-2
1 Woe to the land shadowing with wings, which is beyond the rivers of Ethiopia:
2 That sendeth ambassadors by the sea, even in vessels of bulrushes upon the waters, saying, Go, ye swift messengers, to a nation scattered and peeled, to a people terrible from their beginning hitherto; a nation meted out and trodden down, whose land the rivers have spoiled!

JEREMIAH 50:11,37,12
11 Because ye were glad, because ye rejoiced, O ye destroyers of mine heritage, because ye are grown fat as the heifer at grass, and bellow as bulls;(BACKSLIDERS)
37 A sword is upon their horses, and upon their chariots, and upon all the mingled people that are in the midst of her; and they shall become as women: a sword is upon her treasures; and they shall be robbed.(A NATION OF MINGLED PEOPLE)
12 Your mother shall be sore confounded; she that bare you shall be ashamed:(MOTHER ENGLAND) behold, the hindermost of the nations shall be a wilderness, a dry land, and a desert.

JEREMIAH 51:13,7,53
13 O thou that dwellest upon many waters, abundant in treasures, thine end is come, and the measure of thy covetousness.
7 Babylon hath been a golden cup in the LORD's hand, that made all the earth drunken: the nations have drunken of her wine; therefore the nations are mad.
53 Though Babylon should mount up to heaven, and though she should fortify the height of her strength, yet from me shall spoilers come unto her, saith the LORD.

REVELATION 18:3,5,7
3 For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies.
5 For her sins have reached unto heaven, and God hath remembered her iniquities.
7 How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow.

JEREMIAH 50:3,24
3 For out of the north there cometh up a nation against her, which shall make her land desolate, and none shall dwell therein: they shall remove, they shall depart, both man and beast.
24 I have laid a snare for thee, and thou art also taken, O Babylon, and thou wast not aware: thou art found, and also caught, because thou hast striven against the LORD. (RUSSIA A SNEAK ATTACK ON AMERICA)

REVELATION 18:9-11,15-21
9 And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning,(NUKE ATTACK I BELIEVE)
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
11 And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:
15 The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,
16 And saying, Alas, alas that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls!
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
18 And cried when they saw the smoke of her burning, saying, What city is like unto this great city!
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
20 Rejoice over her, thou heaven, and ye holy apostles and prophets; for God hath avenged you on her.
21 And a mighty angel took up a stone like a great millstone, and cast it into the sea, saying, Thus with violence shall that great city Babylon be thrown down, and shall be found no more at all.

US approval of arms pact with Russia looking shaky By DESMOND BUTLER, Associated Press NOV 10,10

WASHINGTON – Senate approval of President Barack Obama's nuclear arms treaty with Russia, which once looked close to a sure thing, is now in jeopardy.The administration is scrambling to get enough Republican support in the Senate to ratify the New START treaty before the Democrats' majority shrinks by six in January. But Republicans have little incentive to give Obama a big political boost after leaving him reeling from their strong gains in last week's congressional elections.A failure to win passage could trip up one of the administration's top foreign policy goals: improving relations with Russia. The treaty, signed in April by Obama and Russian President Dmitry Medvedev, has been the most tangible sign of success, and failure to get it ratified could be viewed as a rebuke in Moscow. It also would leave Obama's push for even greater restrictions on the world's nuclear arsenal in doubt.Some Republicans have argued that the treaty would limit U.S. missile defense options and does not provide adequate procedures to verify that Russia is living up to its terms. Advocates dispute both charges.The Obama administration is worried that ratification could slip out of reach if a vote were to be delayed. Ellen Tauscher, the undersecretary of state for arms control, said this week that the lame-duck session Congress will convene before most newly elected senators take their seats in January could be the administration's last shot.Our last opportunity to do it coming forward is in the lame duck, she said. I think that, frankly, because of the way the numbers are working, it's the best opportunity to do it.Republicans will gain one vote part of the way through the lame-duck session because they won a special election for Obama's former seat in Illinois. That will increase the GOP's Senate numbers temporarily to 42 in the 100-member chamber.Since the election, senior administration officials, including Vice President Joe Biden and Secretary of State Hillary Rodham Clinton, have been pressing the case for ratification with Republican lawmakers. A long list of retired generals and senior statesmen from both parties have expressed support, arguing that that the treaty should be beyond politics.

But its best shot seems to lie in a political deal with one key Republican senator.
Republican Jon Kyl has wielded the most sway in his party on the issue. He has been negotiating with the administration for months and pinning support for the treaty to a boost in funding to modernize the U.S. stockpile of nuclear weapons. A number of his Republican colleagues have said they will follow his lead on the treaty. His approval could push support beyond the 67 votes the administration needs for ratification, although many Republicans still are likely to oppose it.The administration has countered Kyl by warning that the lame-duck session also will be his last chance to get the money he is seeking for the nuclear stockpile because Democrats will not support him next year should the treaty fail.The treaty would reduce the limit on strategic warheads to 1,550 for each country from the current ceiling of 2,200. It also would set up new procedures to allow both countries to inspect each other's arsenals to verify compliance.Treaty advocates have been warning that the United States has not had nuclear inspectors in Russia since December, when a previous treaty expired. They say Republicans who have opposed the treaty are endangering national security by delaying the inspectors' return.Arlen Jameson, a retired Air Force general and former deputy chief of the Strategic Air Command, says a long delay in returning U.S. inspectors could force the U.S. military and intelligence agencies to find other ways to monitor Russian nuclear forces. He said that would involve costly monitoring by satellites that would shift scarce intelligence resources from operations in Iraq and Afghanistan.The needs for overhead monitoring is already under great stress, he said. The expense will not be transparent because it will be not made publicly available, but it will be enormous.

Pentagon can't explain missile off California By PAULINE JELINEK, Associated Press – Tue Nov 9, 10:22 pm ET

WASHINGTON – The Pentagon said Tuesday it did not know what created a vapor trail that crossed the skies off the Southern California coast and resembled a missile launch.Video posted on the CBS News website shows an object flying through the evening sky Monday that left a large contrail, or vapor trail. A news helicopter owned by KCBS, a CBS affiliate in Los Angeles, shot the video.Pentagon officials were stumped by the event. Nobody within the Department of Defense that we've reached out to has been able to explain what this contrail is, where it came from, Pentagon spokesman Col. Dave Lapan said.While the vapor cloud captured on video resembled that created by a rocket in flight, military officials said they didn't know of any launches in the area.One expert called it an optical illusion. It's an airplane that is heading toward the camera and the contrail is illuminated by the setting sun, said John Pike, director of the U.S.-based security analyst group globalsecurity.org.The North American Aerospace Defense Command, or NORAD, issued a statement jointly with the U.S. Northern Command, or NORTHCOM, saying no Department of Defense entities reported a missile launch — scheduled or inadvertent — at the time of the contrail, and no foreign military missile launch was detected.

NORAD said it determined there was no threat to the U.S. homeland.The Federal Aviation Administration ran radar replays from Monday afternoon and they did not reveal any fast-moving, unidentified targets, the statement said. No pilots reported unusual sightings to the FAA.NORTHCOM is the U.S. defense command and NORAD is a U.S.-Canadian organization charged with protecting the U.S. from the threat of missiles or hostile aircraft.Pike said the object could not have been a rocket because it appeared to alter its course.The local station chopped up the video and so it's hard to watch it continuously, Pike said. But at one place you can see it has changed course — rockets don't do that.Pike said he didn't understand why the military had not recognized the contrail of an aircraft. The Air Force must ... understand how contrails are formed, he said. Why they can't get some major out to belabor the obvious, I don't know.Associated Press writers Jeff Wilson and John Antczak in Los Angeles contributed to this report.

EU has big ambitions for Danube region, but no extra funding
VALENTINA POP 08.11.2010 @ 22:19 CET

EUOBSERVER / BRUSSELS – Based on the model of the Baltic Sea Strategy, the EU is about to launch a new macro-regional policy for the 10 countries along the Danube river, but without committing any fresh money for the scheme.I believe that in a few years, this initiative will improve mobility, biodiversity, water quality, flood protection, research and innovation and security, European Commission chief Jose Manuel Barroso said Monday (8 November) in Bucharest at a summit dedicated to the EU's new Danube Strategy.Mr Barroso said that the policy document, which will be presented by the commission in a month's time, will help countries along the river to better co-ordinate the use of existing EU funding, amounting to €95 billion for the period 2007-2013. This can also be complemented by grants and loans from the European Investment Bank and the European Bank for Reconstruction and Development, he added.Yet unlike the Baltic Sea Strategy, which only applies to EU countries, this document will also include non-EU states in the 3,000 km-long river basin: Serbia, Croatia, Moldova and Ukraine – a move which Mr Barroso labelled as an opportunity to create closer and more direct links with the EU, to have direct contacts, to co-operate and prepare their future together.Facilitating naval traffic, cleaning up the highly polluted river and improving regional links through bridges, highways and better train connections are some of the projects likely to be included in the strategy.

For politicians in the crisis-struck region, finding the necessary co-funding and keeping the political commitment alive will be the main challenges for this policy to succeed.It is not easy, after a financial and economic crisis, to find the necessary resources for major infrastructure projects, said Romanian President Traian Basescu as he was hosting the Danube event.The former sea captain saw the development of naval transport as the most important economic dimension of the Danube river, stressing that this area is under-used. With the Danube forming a natural border between Romania and Bulgaria over a stretch of 470 km, Mr Basescu pointed out that there is one single bridge connecting the two countries, with a second one having been under construction for decades. We want to develop tourism, trade and to make life more dynamic on the two river banks. Two more bridges are planned, as well as a new power plant on the Danube, he said.Both neighbours are so far the biggest laggards when it comes to absorbtion of EU structural funds, the largest chunk of the community budget designed to help poorer regions catch up with the rest of the EU. Still, the country would like to see EU funds committed directly to the Danube strategy, similar to regions around the Baltic Sea. We are being realistic and we know that EU rules cannot change until 2014. But from 2014 on, we'll have to be very active, along with other strategies, such as the one for the Baltic Sea, Romanian environment minister Laszlo Borbely said, as quoted by Evenimentul Zilei newspaper.In a 2001 documentary, This is it, Romanian filmmaker Thomas Ciulei portrayed the extreme living conditions of people stuck in the less touristy part of the Danube Delta – a natural reservation home to pelicans and other rare birds. Apart from fishing with broken rods, growing pigs on the barren lands and drinking pure alcohol, there is virtually nothing else to do for the inhabitants of this area.

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all,(WORLD SOCIALISM) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/
CNBC VIDEOS
http://www.cnbc.com/id/15839263/?tabid=15839796&tabheader=false

HALF HOUR DOW RESULTS WED NOV 10,2010

09:30 AM -2.43
10:00 AM -54.12
10:30 AM -79.09
11:00 AM -48.63
11:30 AM -61.65
12:00 PM -15.47
12:30 PM -37.77
01:00 PM -28.46
01:30 PM -4.39
02:00 PM -5.87
02:30 PM +9.16
03:00 PM -3.33
03:30 PM +4.43
04:00 PM +10.29 11,357.04

S&P 500 1218.71 +5.31

NASDAQ 2578.78 +15.80

GOLD 1,404.70 -4.40

OIL 88.08 +1.36

TSE 300 12,942.60 +26.00

CDNX 2022.33 +17.30

S&P/TSX/60 742.06 +1.74

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -15 points at 4 minutes of trading today.
Dow -87 points at low today.
Dow +24 points at high today so far.
GOLD opens at $1,396.10.OIL opens at $87.04 today.

AFTERNOON,NEWS,STATS
Dow -87 points at low today so far.
Dow +24 points at high today so far.

WRAPUP,NEWS,STATS
Dow -87 points at low today.
Dow +24 points at high today.

GOLD ALLTIME HIGH $1,423.20 (NOT AT CLOSE)

CRUDE OIL -3.3 MILLION BARRELS
GASOLINE -1.9 MILLION BARRELS
DISTILLATE INVENTORIES -5 MILLION BARRELS
REFINERY UTILIZATION
NATURAL GAS +19 BCF

EU President issues stark warning against nationalism
LEIGH PHILLIPS Today NOV 10,10 @ 09:29 CET

EUOBSERVER / BRUSSELS - EU Council President Herman Van Rompuy has issued a stark warning against growing nationalism, populism and anti-democratic forces across the EU, suggesting that the threat to peace in Europe remains a key issue.We have together to fight the danger of a new euro-scepticism, he said in a speech in Berlin on Tuesday night (9 November).This is no longer the monopoly of a few countries. In every member state, there are people who believe their country can survive alone in the globalised world, he continued.It is more than an illusion: it is a lie! The president was speaking in the German capital on the Schicksalstag, or fateful day, the anniversary of five pivotal events in the nation's history: the fall of the Berlin Wall in 1989 and the fall of the monarchy in 1918, but also the Beer Hall Putsch in 1923, Kristallnacht in 1938 and the execution of a leader of the 1848 revolutions in the German states.Quoting wartime US president Franklin Roosevelt, he said that the biggest enemy of Europe today is fear, and that this ultimately could lead to war.Fear leads to egoism, egoism leads to nationalism, and nationalism leads to war, he said. Today's nationalism is often not a positive feeling of pride of one's own identity, but a negative feeling of apprehension of the others. Fear of 'enemies' within our borders and beyond our borders.It is a feeling all over Europe, not of a majority, but everywhere present.In a wide-ranging speech, alighting on a range of aspects of the current state of the European Union, he cheered the day when the nations of the former Yugoslavia will join.

To those who say that war is so far away in our past that peace cannot be a key issue in Europe anymore, that it does not appeal to the younger generations, I answer: just go out there [to the western Balkans] and ask the people there! And ask the young ones too! Beyond the EU's economic and political structures, he said that Europe needed to look to its heritage, in particular, the values and virtues of Ancient Greece.To keep such European virtues alive, to transmit their age-old qualities to our children and grandchildren, that will be one of the great challenges for the future, he said. We have to be a union of values but also a union of civic virtues.He also touched on the current economic crisis, cheering the recent decision of European leaders to move towards common economic governance.One cannot maintain a monetary unity without an economic union, he said, and went on to salute the courage of EU leaders in imposing austerity measures over the top of popular opposition.I, for one, have really been impressed over the last year by the political courage of our governments. All are taking deeply unpopular measures to reform the economy and their budgets, moreover, at a time of rising populism. Some heads of government do this while being confronted with opposition in parliament, with protest in the streets, with strikes on the workplace - or all of this together - and fully knowing they run a big risk of electoral defeat.And yet they push ahead. If this is not political courage, what is? He also went on to criticise the European Commission's proposals for EU taxes. In October, the EU executive proposed a list of potential EU fund-raising mechanisms in an attempt to reduce the direct contributions national governments make to fund the workings of the bloc.

I do not think that redesigning the way the EU get its revenue is a top priority, he said, adding that the imposition of EU taxation would fall on some countries harder than others and that this would be unfair.The current system reflects as a rule the member states' capacity to pay. Contributions are based on the gross national income and thus seen as fair ... I am personally open to new ideas, but since most alternative sources of income would risk to hit member states unequally, this would weaken the fairness of the current system, its built-in solidarity.He did not however close the door completely on the idea. So let's be prudent, but let's discuss it,he said.

MSNBC G-20,CURRENCY VIDEOS
http://www.cnbc.com/id/15840232?video=1639103982&play=1
http://www.cnbc.com/id/15840232?video=1638973128&play=1
http://www.cnbc.com/id/15840232?video=1638864656&play=1
http://www.cnbc.com/id/15840232?video=1638959401&play=1
http://www.cnbc.com/id/15840232?video=1638630685&play=1
http://www.cnbc.com/id/15840232?video=1637309629&play=1

Gold Sets New Record as QE2 Devalues Fiat Currencies
Kurt Nimmo Infowars.com November 9, 2010

Gold is a safe haven in times of inflation.Last night gold hit a new record in response to the Federal Reserve’s QE2 madness and word by the World Bank it wants an international gold standard. Gold soared from Monday’s finish of $1,390.00 to $1,391.00. It opened at $1,405.50 to $1,406.50 an ounce.The corporate media is abuzz today with news that since the Fed announced its intention to print hundreds of billions of dollars in funny money and spend it on Treasury bonds in a supposed attempt to kick-start the economy, investors have flocked to the precious metals market for shelter. Traders are buying up gold as the Federal Reserve’s $600bn stimulus deal last Wednesday was seen by many as liable to aggravate inflation. Gold is considered a safe haven in times of inflation, reports the Telegraph today.

The price was also nudged higher on speculation that members of the G20 to be held in in Seoul, South Korea, will discuss currency markets.The World Bank statement by Robert Zoellick of the World Bank indicates that the internationalists believe that fiat currencies need some backing in gold to restore confidence, especially as the U.S. dollar’s status as the world’s reserve currency erodes.Gold is an international currency phenomenon. Around the world, people are turning disdainful of their own currencies and everyone else’s. So, where do they turn? They turn to the gold market, Dennis Gartman, a hedge fund manager and publisher of the Gartman Letter, told Reuters.Kitco News reports that gold’s remarkable showing has prompted new trading momentum. There’s a rush to be hedged against inflation as many key commodities also were making highs, George Gero, vice president, Global Futures, RBC Capital Markets, told Kitco. The rollover in gold could be the largest in many years and those who wish to maintain long positions will be buyers of February or other out months and sell December, he added.Because we are in a world of quantitative easing in the developed economies, and as QE is almost synonymous with competitive devaluation … gold and the precious metals (are) taking on the function of an alternative currency,said Ashok Shah, chief investment officer at London and Capital.http://www.youtube.com/watch?v=27CASydbNiI&feature=player_embedded

G20 struggles to cool currency tensions By Zhou Xin And Krittivas Mukherjee – NOV 10,10

SEOUL (Reuters) – G20 negotiators sought to gloss over bitter divisions on global economic policies on Wednesday after a day of heated arguments as their leaders gathered for a summit in Seoul.Deputies clutching mobile phones to their ears shuttled in and out of a hall as they tried to draft a final statement, to be released on Friday, but remained far apart on pivotal issues including currency exchange rates, G20 spokesman Kim Yoon Kyung said.We had to open the door because the debate was so animated and the room was getting hot, he said.An Indian official close to the negotiations said discussions on reducing current account imbalances were picking up after a rocky start.Group of 20 leaders had hoped this week's gathering, the fifth since the financial crisis exploded in 2008, would mark the beginning of a new era of global cooperation. Hosts South Korea printed banners proclaiming a slogan of Shared Growth Beyond Crisis.But the unity forged in crisis has given way to diverging national policies that reflect a multi-speed recovery from the recession, prompting critics to question the effectiveness of the G20 grouping itself.Most major economies are grappling with sub-par growth, leaving them reliant on exports, while emerging powers such as China and Brazil have roared back to pre-recession strength.China's politically contentious trade surplus widened to $27.1 billion in October, more than economists had expected, according to trade figures released on Wednesday. U.S. trade figures, due later on Wednesday, were expected to show a wide gap for September. (For a graphic: http://link.reuters.com/rup64q)The U.S. numbers today should be interesting -- if there is a wider deficit with Beijing, it is sure to step up the pressure on yuan appreciation arguments, said Suresh Kumar Ramanathan, strategist at CIMB bank in Kuala Lumpur.Stubbornly slow growth in the developed world has fueled concern that governments around the world will compete for the stagnating exports market by weakening their currencies.

SHARP CRITICISM

The U.S. Federal Reserve's decision last week to spend another $600 billion buying government bonds has drawn reproaches from four continents and intensified the G20 debate over how best to bolster the recovery and avoid another financial crisis.

Critics charge that the Fed ignored global repercussions -- namely a weaker dollar and a flood of cheap cash that could find its way into emerging markets -- and violated the cooperative spirit the G20 has worked hard to preserve.The criticism has made it harder for Washington to press China to allow its yuan currency to rise faster, a central issue in the global rebalancing effort.Underlining that, a Chinese official who has been helping draft the G20 communique said the leaders should not discuss the yuan or any other currency specifically. The Indian official said the final statement would not single out any currency.However, the yuan rose to a high of 6.6353 against the dollar in the spot market on Wednesday, the highest level since the currency's revaluation in July 2005, after the People's Bank of China fixed a record yuan mid-point.Beijing typically loosens its tight grip on the yuan as a goodwill gesture ahead of political events that apply pressure on China for more yuan appreciation.The United States got some support from close ally Britain. Finance Minister George Osborne said a strong U.S. economy was in the best interest of Asia and the world, echoing comments from President Barack Obama, who was due to arrive in Seoul later on Wednesday.

BLANK SPACES

Kim, the G20 spokesman, said 40 to 50 deputies were crammed into a small room for a 14-hour session on Tuesday, and voices were raised when they discussed a framework for balanced growth that G20 leaders hope will be a cornerstone of the summit. U.N. Secretary-General Ban Ki-moon urged greater G20 cooperation at a critical moment for the world economy. This is a time for unity,he told a news conference in Seoul.
Officials left empty spaces in several sections of what will become the final communique, he said, an acknowledgement they had yet to agree on the language. They reconvened on Wednesday and will continue into Thursday if necessary. Security was tight in Seoul, with police and armed forces on high alert, but there have been no big demonstrations so far. Two small protests, against a free trade deal with the United States, and tax reform in South Korea, were staged on Wednesday morning.
Despite little early progress, G20 negotiators voiced confidence that their leaders would see eye to eye by the end of the summit.You always start with disagreement and end up with a consensus, said one Chinese official.(Additional reporting by David Chance and Nick Macfie; Writing by John Chalmers and Emily Kaiser; Editing by Tomasz Janowski and Alex Richardson)

G20 in war of words on trade as summit nears
by Judith Evans - NOV 10,10

SEOUL (AFP) – Bad blood between the world's 20 biggest rich and emerging nations has spilled over ahead of summit talks starting Thursday on an ill-tempered drive to rebalance the lopsided global economy.Preparatory negotiations for the two-day summit in Seoul grew heated as deputy finance ministers battled over how to redress growth imbalances arising from China's dramatic expansion and America's deficit woes.

Each country was sticking to its original position, Kim Yoon-Kyung, spokesman for South Korea's Group of 20 presidential committee, told reporters after the deputy ministers met for 14 hours on Tuesday.Voices were raised, Kim said. They wouldn't compromise. They actually had to keep the door open because the debate was so heated and we were lacking oxygen.The deputies were meeting anew Wednesday to thrash out the summit communique that will be adopted by leaders including the US and Chinese presidents on Friday.At best, South Korean officials suggested, the G20 may settle for a watered-down deal to task the International Monetary Fund with crafting guidelines to trim the yawning imbalances in world trade.The United States and Europe have long accused China of keeping the yuan grossly undervalued to boost exports.Washington has itself attracted widespread and stinging criticism after the Federal Reserve decided to pump an extra 600 billion dollars into the fragile US economy.Critics including top Chinese officials say this amounts to an effective dollar devaluation, and has the potential to trigger a 1930s-style trade war if other countries respond in kind.We have to be particularly wary of protectionist sentiments, Indian Prime Minister Manmohan Singh, who paid host to US President Barack Obama this week, said in a statement before leaving for Seoul.There are developmental imbalances within and between countries, and rebalancing of the world economy is a major challenge, he said, stressing it was in fast-growing India's best interest to keep trade open.Emerging economies worry that much of the new US money will flood their financial markets in search of higher returns, driving their currencies still higher against the dollar and Chinese yuan to the detriment of their exports.

Germany has been particularly vocal in accusing the United States of itself resorting to Chinese-style tactics. Like China, the eurozone giant has a hefty trade surplus, but says this has nothing to do with any currency chicanery.But launching a staunch defence of the Fed, Obama said in New Delhi Monday that the worst thing that could happen to the world economy, not just ours... is if we end up being stuck with no growth or very limited growth.US critics of Beijing gained fresh ammunition Wednesday when China released trade figures showing its surplus grew year-on-year in October to 27.15 billion dollars. US data later Wednesday are expected to show a trade deficit of about 45 billion dollars, fuelling pressure on Obama a week after the Republicans savaged his Democrats in mid-term elections to Congress.But China has seized the opportunity to turn the tables on Washington in light of the Fed's renewal of a drastic stimulus policy known as quantitative easing.The United States is not aware enough of its obligations on capital markets and has not sufficiently thought about the attacks suffered by emerging economies, China's Vice Finance Minister Zhu Guangyao told reporters Monday. We will have frank discussions with our US colleagues in Seoul, he said, echoing others including German Chancellor Angela Merkel who are alarmed at the direction of US policy.US Treasury Secretary Timothy Geithner struck an optimistic note in India Monday, saying he was very confident you are going to see very strong consensus on a rebalancing plan in Seoul.But any plan looks set to omit a numerical figure, after Geithner's desire to limit current account surpluses or deficits to a target of four percent of GDP was roundly assailed in the G20.UN Secretary-General Ban Ki-moon appealed to the G20 not to forget another part of its summit business -- reformulating aid for the world's poorest nations.The global economic recovery remains fragile, he said in Seoul. The voices of the vulnerable must be heard.With the global summit only a day away union leaders from across the world have urged the G20 to live up to an earlier promise to put quality employment at the heart of recovery measures.More than 220 million people are unemployed around the world, the highest level ever recorded, and an increase of more than 31 million over 2007, Global Unions said in a statement. G20 leaders meeting in Pittsburgh in September 2009 committed to putting quality employment at the heart of the recovery.But (at the last summit) in Toronto we saw leaders step back from that promise,Sharan Burrow, International Trade Union Confederation (ITUC) general secretary, told journalists.

World stocks mostly lower amid economy summits
NOV 10,10

BANGKOK – World markets were mostly lower Wednesday as leaders of the world's major economies converged on Asia for back-to-back summits and Chinese shares faded amid fears of new measures to cool bank lending.Nearly all European indexes were lower following mixed trading in Asia while futures pointed to modest gains on Wall Street. Oil headed toward $87 a barrel again after setting a two-year high the previous day.Meetings of world leaders in South Korea on Thursday and Friday and in Japan on the weekend provided the background to trading.Tensions over currencies and trade gaps are simmering ahead of the Group of 20 and APEC summits as America's move to flood its sluggish economy with $600 billion of cash and weaken the dollar triggers alarm in export-reliant nations from China to Germany.China's trade surplus surging to its second-highest level this year in October underscored the challenges of reforming a world economic order that has for decades centered on the U.S. buying exports from the rest of the world and running huge trade deficits while other nations accumulate vast surpluses.In early European trading, France's CAC-40 was off 0.6 percent at 3,921.66 and Britain's FTSE 100 slipped 0.2 percent to 5,861.97. Germany's DAX shed 0.2 percent to 6,772.22.Wall Street looked set to recover some of the previous day's losses with Dow futures up 7 points, or 0.1 percent, at 11,320.00. Broader S&P futures added 0.9, or 0.1 percent, to 1,211.80.Japan's benchmark Nikkei 225 stock average was the best performer in Asia, closing up 136.03, or 1.4 percent, at 9,830.52 as the dollar rose to near 82 yen, giving exporters some respite from a strong Japanese currency.China's Shanghai Composite Index fell 0.6 percent to 3,115.36 amid a report some banks have been forced to increase their reserves to cool lending as Beijing seeks less torrid and more sustainable economic growth.Investors would rather sell stocks and lock in gains at this moment as there are too many uncertainties in the market, said Peng Yunliang, an analyst at Shanghai Securities.

South Korea's Kospi added 1.1 percent to 1,967.85 and Taiwan's benchmark gained 0.1 percent to 8,450.63.Australia's S&P/ASX 200 fell 0.9 percent to 4,699.80 and Singapore's index shed 0.7 percent to 3,289.91. India's market also fell.On Tuesday, the Dow Jones industrial average fell 0.5 percent to 11,346.75, while the broader Standard & Poor's 500 index slipped 0.8 percent to 1,213.40. The technology-heavy Nasdaq composite index dropped 0.7 percent at 2,562.98.In currencies, the dollar rose to 81.75 yen from 81.69 yen in New York late Tuesday. The euro rose to $1.3797 from $1.3739.Benchmark oil for December delivery was up 20 cents at $86.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 34 cents to settle at $86.72 on Tuesday.AP researcher Ji Chen in Shanghai contributed.

Dollar holds gains, boosts Japan stocks
By Daniel Magnowski NOV 10,10

SINGAPORE (Reuters) – The U.S. dollar rose marginally on Wednesday to hit its highest levels since late October against a basket of major currencies as the euro extended its losses over worries about euro zone sovereign debt.Leading European shares (.FTEU3) fell 0.4 percent in early trade, in step with main Asian markets and Wall Street, after touching 2-year highs in the previous session, while gold and silver inched up again after pulling back from record highs reached on Tuesday.The dollar's strength boosted exporters in Japan, helping to push the Nikkei average up to a four-month high, but stock markets in Hong Kong and China fell after China raised bank reserve requirements. The move by China's central bank fueled worries authorities there may further try to cool the growth on which the world economy depends.The dollar gained as U.S. Treasury bond yields rose, with the impact of the currency move felt across asset classes. The dollar index (.DXY) rose as high as 77.88, a level it last touched in late October.The dollar has gained some traction, said Mitul Kotecha, global head of FX strategy at Credit Agricole CIB in Hong Kong. It seems like a credible bounce back. I don't see it going too far but it shows you how short the market was.The market will look closely at an auction for long-dated Treasury bonds later on Wednesday, which could give clues to the greenback's direction, traders said.The euro fell around 1 percent to $1.3775, with concerns about the cost of protection against Irish and Portuguese government debt continuing to weigh on sentiment.Currency tensions are high on the agenda at this week's G20 summit of advanced and developing economies.

A planning meeting in Seoul on Tuesday on key issues, including exchange rates, ended inconclusively. Another session is scheduled for Wednesday.Asian stocks, which followed Wall Street to fall for a second day, set a bearish tone for European markets. The MSCI index of Asian shares outside of Japan (.MIAPJ0000PUS) fell 0.7 percent.However, the dollar boosted Japan's Nikkei average (.N225) as exporters were among the chief beneficiaries of the currency's rise. The Nikkei firmed 1.4 percent to close at 9,830.5 after trading earlier as high as 9,842, its highest level since June.Japanese banks also pushed the Nikkei higher on hopes they would not be the main focus of global regulators because of their domestic focus. Mizuho Financial Group (8411.T) soared 7.6 percent.Japan's stock market has struggled to break decisively through 9,800 point level, but traders said a clear move beyond resistance at 9,807 may signal the start of a more sustained rally.The July peak had formed resistance for the Nikkei, and if it manages to end the day above the level, more gains will clearly be in order, said Koichi Nosaka, a market analyst at Securities Japan, Inc.

The firmer dollar weighed on dollar-denominated commodities.

Gold traded around $1,400 per ounce, a slight uptick after losing $30 from the record high of $1,424.10 on Tuesday.Spot silver, which hit a record of $30 per ounce on Tuesday, also partially recovered from a selloff, trading around $27.50 per ounce.
U.S. crude futures slipped 21 cents to $86.51 per barrel, backing off a two-year high on Tuesday. (Editing by Miral Fahmy)

Leaders push free trade, seek to smooth spats By ELAINE KURTENBACH, AP Business Writer NOV 10,10

YOKOHAMA, Japan – Intensifying friction over currencies and trade are confronting leaders of major economies as they converge on Asia for back-to-back summits aimed at safeguarding the still fragile global recovery.President Barack Obama and other top leaders were heading to Seoul, South Korea, for a two-day Group of 20 summit with the ambitious agenda of remaking the world economy to help ensure stable growth and prevent a repeat of the financial meltdown in 2008.But that gathering, and a weekend summit of Pacific Rim leaders in the Japanese port city of Yokohama, are taking place as these nations struggle to reconcile conflicting strategies for achieving those aims.G-20 officials — whose countries comprise 85 percent of all economic activity — earlier agreed not to use their currencies as trade weapons. But tensions reignited last week when the U.S. Federal Reserve announced a $600 billion bond buying plan that angered many trading partners.Obama, wrapping up a brief visit to Indonesia after touring India, defended the Fed's move as a way to speed up the narrowing of huge gaps in trade and investment by engineering a weaker U.S. dollar — thus putting pressure on countries with large trade and foreign exchange surpluses.

Other countries complain it may flush cash into their markets in search of higher returns, pushing their currency values higher, squeezing their exporters and inflating bubbles in stocks or other assets that could destabilize their financial systems.The G-20, established in 1999, first convened a leaders summit two years ago and it has since taken on a global leadership role, supplanting the Group of Seven advanced nations as countries like China and India have become economic and political giants in their own right.The goal is to craft a new global economic order to replace one centered on the U.S. running huge trade deficits while countries such as China, Germany and Japan accumulate vast surpluses. One U.S. proposal under debate would set guidelines for when surpluses and deficits in trade or investment may become potentially destabilizing.China announced Wednesday that its trade surplus surged to its second-highest level this year in October, adding to pressure on Beijing over its currency, which the U.S. and other trading partners say is kept artificially weak, making its exports more competitive overseas.Underlining the tensions, a senior Chinese official warned that U.S. lawmakers shouldn't interfere in the spat over Chinese currency policy that U.S. critics say costs American jobs.

If either side chooses a confrontational approach, I think everybody will come out as losers, said Vice Foreign Minister Cui Tiankai, who urged the G-20 not to make China's currency a focus of the meeting. The U.S. House of Representatives passed legislation in September to allow Washington to sanction governments that manipulate their currency for trade advantage.Apart from currency issues and trade gaps, the G-20 leaders are expected to endorse beefing up supervision of large banks and other financial institutions and to voice support for giving developing countries a bigger say in the International Monetary Fund.In Yokohama, trade and foreign ministers of the Asia-Pacific Economic Cooperation forum were mulling how to move toward establishing a Pacific-wide free trade zone that would encompass more than half the world's economic output.We are quite committed to that. We believe that open trade is indispensable to overcome the financial crisis and the economic crisis, Mexican foreign minister Patricia Espinoza said on the sidelines of the meetings.A failure to cooperate, rather than renewed financial woes, is the biggest threat, warned a report issued Wednesday by the Pacific Economic Cooperation Council, an APEC advisory group.Debt troubles in Europe, weak U.S. growth and tensions over trade are clouding the global outlook and contributing to an unprecedented crisis atmosphere, the report said, citing a survey of 422 regional opinion leaders.The report urged APEC to carry though with reforms needed to ensure more balanced, sustainable and equitable growth as the group reviews its progress toward the still unfulfilled goal, set in 1994, of achieving free trade and investment among developed members by 2010.Given their role in driving world growth, APEC's 21 members must carry on with liberalizing trade, Japanese Foreign Minister Seiji Maehara said in opening Wednesday's meetings. The presence of the Asia-Pacific region in the global economy is expanding, so I want to proceed with discussions in order to build an increasingly free trade structure, Maehara said.

APEC is expected to move toward creating a massive trade zone, encompassing 44 percent of global trade, that would include all of its members, according to a draft of the final statement obtained by The Associated Press. Such a regionwide arrangement, dubbed the Free Trade Area of the Asia-Pacific, might help to untangle a slew of bilateral and regional agreements, and by lowering trade barriers could boost growth. A building block of that plan is a U.S.-backed free trade agreement called the Trans-Pacific Partnership. It now includes only four small economies — Brunei, Chile, New Zealand and Singapore — but the U.S., Australia, Malaysia, Vietnam and Peru are in talks to join them. Though such moves could hurt farmers accustomed to protective high tariffs in countries like South Korea and Japan, Tokyo is supporting such initiatives as a way to re-energize its own sluggish economy. In many ways, Japan has fallen behind the wave of freer economy, Japanese Prime Minister Naoto Kan said Tuesday. I think it's time to steer once again toward opening the country.Associated Press writers Kelly Olsen and Foster Klug in Seoul, Malcolm Foster and Jim Gomez in Yokohama and Mari Yamaguchi in Tokyo contributed to this report.