STOCK RESULTS JUNE 10,2011

DOUG AND LAURIE FRI'S 6-9 PM EST ABOUT THE ISSUES OF THE DAY
http://www.usaradio.com/listen_live_usa2.php
http://therothshow.com/show-archives/may-2011/
HAGMANN & HAGMANN-JUDI MCLEOD REPORT SAT'S 8-10PM ON BLOGTALK RADIO
http://www.blogtalkradio.com/cfp-radio

LAURIE ROTHS SITE
http://therothshow.com/
DOUG HAGMANNS SITES
http://homelandsecurityus.com/
https://hagmann-pi.com/Home.html
http://theneinblog.blogspot.com/
CANADA FREE PRESS-JUDI MCLEOD
http://www.canadafreepress.com/
OLIVE TREE MINISTRIES LATES SHOWS
http://olivetreeradio.com/OTM2011_05_22A.mp3
http://olivetreeradio.com/OTM2011_05_22B.mp3

Blair: EU should have elected leader
ANDREW WILLIS 09.06.2011 @ 09:28 CET

EUOBSERVER / BRUSSELS - Former British Prime Minister Tony Blair has said the European Union must have an elected leader to give it the clear leadership to successfully spar with rising powers such as China in the future.Previously touted as a potential candidate for European Council President, Blair said the fundamental reasons behind European integration had altered.The rationale for Europe now is power, not peace, he told The Times newspaper in an interview published on Thursday (9 June), adding that European citizens were willing to support this new direction for the European project.The crucial thing is to understand that the only way that you will get support for Europe today is not on the basis of a sort of postwar view that the EU is necessary for peace.For my children's generation, that is just a bizarre argument. They don't see that as a real threat.What they can understand completely is that in a world in particular in which China is going to become the dominant power of the 21st century, it is sensible for Europe to combine together, to use its collective weight in order to achieve influence.At a time when the eurozone debt crisis and rising nationalism across the region appear to be threatening many of the EU's most ambitious projects, the former Labour leader urged the bloc to move closer together and form common policies in areas such as energy, defence, immigration and crime.He warned his more eurosceptic compatriots, who have traditionally favoured Britain's special relationship with the US over more Europe, that the island nation has little chance of wielding influence if it acts alone.We won't have the weight and influence a country like Britain needs unless we're part of that European power as well,he said.

But more European integration to combat the rising powers of China, Brazil and India, must be accompanied by greater democratic legitimacy, Blair added.If you want to have a debate about the direction of Europe it seems to me very hard to have that on a European-wide basis unless you have some means by which people elect something that is Europe-wide in nature.European federalists have frequently touted the idea of an elected European leader to lead the 27-member bloc, while more statist politicians fear such a post would greatly undermine their own authority.In the interview, Blair himself conceded that the idea had no chance of being accepted at the present time.On recent events in the Arab world, Blair said he strongly supports the intervention in Libya, and by implication the efforts of Britain's current Conservative leader David Cameron.A special envoy of the Quartet in the Middle East - the EU, Russia, the UN and the US - Blair said the West must formulate a clear plan on dealing with the current unrest, despite what some critics perceive as his relative silence in the area.This is a situation in which you definitely need a plan,he said.If you get a situation where people get the right to vote but no other change, no jobs, then two or three years down the line other people will say that Islam is the answer. So our task is not to be spectators.

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 FR JUNE 10,2011

09:30 AM -2.43
10:00 AM -108.95
10:30 AM -110.46
11:00 AM -134.64
11:30 AM -143.76
12:00 PM -137.79
12:30 PM -126.51
01:00 PM -137.79
01:30 PM -150.08
02:00 PM -154.78
02:30 PM -142.33
03:00 PM -132.71
03:30 PM -123.71
04:00 PM -172.45 11,951.91

S&P 500 1270.98 -18.02

NASDAQ 2643.73 -41.14

GOLD 1,532.60 -10.10

OIL 99.33 -2.60

TSE 300 13,084.00 -171.70

CDNX 1934.93 -23.64

S&P/TSX/60 750.96 -9.57

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -63 points at 4 minutes of trading today.
Dow -187 points at low today.
Dow +0.68 points at high today so far.
GOLD opens at $1,531.00.OIL opens at $100.35 today.

AFTERNOON,NEWS,STATS
Dow -187 points at low today so far.
Dow +0.68 points at high today so far.

WRAPUP,NEWS,STATS
Dow -187 points at low today.
Dow +0.68 points at high today.

GOLD ALLTIME HIGH $1,573.50 (NOT AT CLOSE)

Lagarde backs greater role for China in IMF
ANDREW WILLIS 09.06.2011 @ 17:33 CET

EUOBSERVER / BRUSSELS - French finance minister Christine Lagarde has backed a greater role for China in the International Monetary Fund, the Washington-based lender currently propping up a number of European economies.Tipped as the most likely contender to take over from former IMF-chief Dominique Strauss-Kahn, currently facing sexual assualt allegations in the US, Lagarde also said her two days of meetings in Beijing, during which she lobbied for her candidacy, had gone well.I am very satisfied with my visits, she said on Thursday (9 June), but declined to clarify whether she had won Chinese support for her bid.Asked whether she might pick Zhu Min, a senior economic advisor inside the IMF, as her deputy, Ms Lagarde said it would be fully appropriate if he played a key role.As well as the question of senior positions, emerging economies such as China, India and Brazil have repeatedly expressed their desire for a re-weighting of IMF voting rights, frustrated by the West's disproportionate decision-making power.Chinese voting rights were increased from 3.65 percent to 6.4 percent last autumn, a trajectory that Lagarde said should continue after a meeting with Chinese vice-premier Wang Qishan and central bank chief Zhou Xiaochuanon on Wednesday.The trends of reforms that has taken place must be continued and must be developed, both in relation to the governance of the fund, in relation to the appropriate representativeness of its members, particularly with those countries that are underrepresented, as is the case with China,she said.Friday is the deadline by which candidates must register for the IMF's top post, with Lagarde's biggest challenge coming in the form of Agustín Carstens, governor of the Mexican central bank.The Mexican official has so far failed to win open backing from key emerging countries however, while the US has indicated its support for the French finance minister.A possible French inquiry into Lagarde's role in a 2008 arbitration payout appears to be her main obstacle.

Commission says troika report leak only outline of full assessment LEIGH PHILLIPS 09.06.2011 @ 18:45 CET

EUOBSERVER / BRUSSELS - The European Commission has said that reports emanating from Germany of a leak of the latest assessment report from EU-IMF-ECB inspectors in Greece is nothing of the sort, but instead just a bare-bones outline and that the full report will not be released until the end of next week.This was not the troika report. The college of [EU] commissioners has not even discussed this yet,EU economy spokesman Amadeu Altafaj-Tardio told EUobserver.What emerged in the German papers was just a summary of the main findings.[Eurogroup chief Jean-Claude] Juncker had asked if we could circulate a brief document outlining some ideas ahead of a teleconference on Greece for a review of the next steps,he continued. Eurozone finance ministers launched official talks on Wednesday on a second Greek bail-out.But this was not supposed to be a pre-release specially for German MPs. Things repeatedly get leaked in Germany no matter what we do.On Thursday (9 June), a detailed leak of the document was widely reported in the German media and further afield after German MPs were presented with the document.The summary report said that Greek austerity efforts have stalled and that the country is not succeeding in meeting its fiscal projections and that it will need another round of financing.

Greece will likely not be able to return to markets in 2012,the document declared.The financing strategy needs to be revised. Given the remoteness of Greece returning to funding markets in 2012, the adjustment program is now under-financed. The next disbursement cannot take place before this under-financing is resolved.The document said that the recession appears to be somewhat deeper and longer than initially projected,with a further contraction of 3.8 percent this year following last year's fall of 4.5 percent.The paper also said that the austerity and structural adjustment efforts have ground to a halt and called for a renewed effort: After a strong start in the summer of 2010, reform implementation came to a standstill in recent quarters.If no further action is taken, it warned, the government deficit for 2011 is likely to remain close to the 2010 level, above 10 percent of GDP.However, the paper also said that the country has a trump card to play in its wealth of property still held by the government and called for a deep fire-sale of such assets.The Greek government is one of the European sovereigns with the richest portfolio of assets,the document continued.Most of these assets have not provided any relevant revenue; loss-making state-owned enterprises have actually been a source of costs borne by the taxpayers. Privatising those assets will contribute to reduce the government balance-sheet.The paper also said that the privatisation programme of the government will be overseen by an independent body rather than the government itself.

To accelerate the procedure, and ensure the irreversibility of the whole process, the appropriate governance is being put in place: a privatisation agency managed by an independent and professional board.The commission and eurozone states are to nominate observers to its board of this agency and binding quarterly targets on privatisation receipts would be part of the conditionality of a second bail-out.The independent board with external oversight but no veto amounts to something of a compromise between Athens, which was willing to set up an agency independent of government and the position of the Netherlands and Luxembourg, which have said they do not trust the government to follow through on privatisation and said it should be externally controlled. The commission for its part has said that the Dutch proposal amounts to too much of an infringement of sovereignty.The troika document also said that work should be performed to shift taxation away from progressive forms on labour to consumption-based taxation, similar to calls from the commission on Tuesday in its assessment of all 27 EU states' economic plans.The paper said this was one possible area of concurrence with the Greek conservative opposition, which believes that massive tax cuts will deliver a return to growth. The troika, which is concerned that the government, with its unruly backbenchers unhappy about austerity measures, is unstable and is keen to push the opposition to embrace a new austerity package, which was due to be presented to parliament on Thursday. The overall tax cut plans however, it said, were unrealistic.Opposition leader Antonis Samaras was in Brussels on Wednesday, where he was pressured by commission chief Jose Manuel Barroso and EU Council President Herman van Rompuy to act responsibly and support the plans.Van Rompuy called on Samaras to urgently give his backing.Barroso for his part urged his fellow conservative to reach a broad national consensus so that Greece can face in the most determined and effective manner its present historical challenges.

New system of European governance demands still deeper austerity LEIGH PHILLIPS 09.06.2011 @ 10:09 CET

EUOBSERVER / ANALYSIS - The European taskmaster has cracked the whip. However much austerity has been imposed by EU member states, it is simply not enough.That is the overriding message from the European Commission that runs through its recommendations for each of the 27 member states in the new, post-crisis system of radically centralised oversight and correction of national economic policies by the EU known as the European Semester.We are now implementing the new system of European governance,commission chief Jose Manuel Barroso said in the European Parliament in Strasbourg, heralding the unveiling of 27 detailed - or granular, to use the adjective EU officials use - national prescriptions, telling member states what they are getting right and wrong with their fiscal policies and what they must do to fix their economies.It goes further than fresh call for austerity: it is a recipe for much deeper liberalisation of the European economy than has yet been seen.From intervening in collective bargaining to cut wages, to making it easier to fire workers, to a shift away from progressive taxation, through the new system, the EU hopes to utterly transform its member-state economies to be more competitive with the likes of the US, China and emerging economies.Under the new, six-month system repeated annually, the commission in January sketches out a rough idea of what it expects national economic policies to look like for the coming period, a document that is then endorsed by the European Council, representing the member states.

All 27 states then submit their budgets and broader economic plans to the commission - before they are submitted to national parliaments - to see if they are sufficiently rigorous.Then in June, in the current and penultimate step in the process, the commission gives its appraisal of these plans, setting out what must be corrected, a series of recommendations that must also win endorsement from the European Council.Over the following 12-18 months, governments must put in place all the changes ordered by the Council-Commission duo.If countries are in the eurozone, this oversight is backed up by the imposition of stiff fines for delinquent governments up to a maximum of 0.5 percent of GDP. For an economy the size of Spain, such a fine would amount to €5.25 billion.In announcing its recommendations, sensitive to accusations of a power grab, the EU executive denied that it was replacing national parliaments: This is not about dictating policy ... National governments retain responsibility for economic policies implemented in member states.
But the impact of those policies no longer stops at national borders,it continued, laying out its argument as to why such unprecedented centralisation is necessary: The commission is the only EU institution with the political autonomy, the technical expertise and the pan-European perspective to be able to oversee this process.The commission did however acknowledge the anger regular Europeans feel at the austerity and liberalisation that has already been imposed in response to the crisis, but argues there is no alternative and that these changes should have been made years ago.There is discontent among citizens in several member states, the EU executive concedes in its main document giving an overview of the changes that it says need to be made.However, under the pressure of events, many of the changes needed to remedy structural weaknesses, which have often been delayed for years, are now being considered or implemented.A mantra - whose wording changes subtly here and there, but whose essence is the same - is repeated through all the documents: Fiscal room for manoeuvre is very limited.We know that achieving the goals we have collectively set ourselves means sometimes hard choices. But these efforts, if made seriously and by all, will allow Europe to leave the crisis behind it and safeguard our future prosperity.Indeed, with just five centre-left governments remaining in the EU after a series of electoral debacles (two of which, in Spain and Greece, are on their last legs), the right, which also controls the three European institutions, feels increasingly confident that the growing number of strikes and protests are an unrepresentative irrelevance. Most citizens approve of the strategy of austerity, they believe.Speaking to reporters on Tuesday, Barroso, a conservative himself, crowed how in his native Portugal that parties that rejected austerity had been trounced in the recent general election.

Insufficient ambition, vague, lacking focus

Overall, the commission's conclusion is that the economic programmes submitted by the member states broadly reflect the priorities it outlined in January, but that some countries, according to Barroso: show an insufficient level of ambition, and others are lacking in specificity.Many member states need to show more ambition when it comes to fiscal consolidation,he said. The commission also described many of the proposed measures as vague, lacking sufficient focus.The general semester recommendations for all states call for a review of wage-setting systems to ensure that wages keep in line with productivity in order not to undermine competitiveness. They also look to increasing the statutory retirement age across Europe and then automatically linking regular adjustments to this age to changes in life-expectancy. Early retirement should also be phased out.Such efforts will not be easy to implement in many places. Efforts to increase the French retirement age last year provoked widespread strikes and blockades that paralysed much of the country as critics argued that such changes would hit blue-collar workers hardest and increase youth unemployment.Governments should make it easier to hire and fire workers, the commission also recommends, although the language deployed is a more technocratic call to rebalance employment protection.Urgent action should be taken to ease the regulation of companies while payroll taxes should be reduced.Brussels has also called for taxation in general to be shifted away from labour, where the higher the income, the higher the rate paid, and onto consumption, where everyone pays the same rate, regardless of income levels. Many countries have also been ordered to introduce so-called debt brakes - legislative or constitutional changes to enforce budgetary discipline.It is not all dour news however: the recommendations in many cases also call for efforts to reduce school drop-out rates, increase the participation of women in the workforce, boost support for vocational training and life-long learning, and achieve greater energy efficiency.However, the reality is that almost all countries apart from Britain will have to significantly up their game.The thread running through almost all the recommendations is that the masochism must continue.

Highlights

COUNTRIES UNDER EU-IMF TUTELAGE

NB. Five governments, Greece, Ireland, Latvia, Portugal, and Romania, received only one recommendation: to follow through on the austerity and structural adjustment imposed in return for national bail-outs.

AUSTRIA
- Accelerate deficit reduction
- Consolidate the health-care sector
- Phase out early retirement
- Increase women's statutory retirement age
- Stricter conditions on pensions of invalids
- Reduce labour taxation and social security contributions
- Further liberalise trades and professions

BELGIUM

- Increase effective retirement age
- More ambition in reducing deficit, further spending cuts
- Reform wage bargaining and wage indexation to match productivity gains
- Shift taxation from labour to VAT and green taxes
- Boost retail, energy sector competition

BULGARIA

- Speed up austerity
- Introduce debt brake
- Speed up pension reform
- Keep older workers in employment longer
- Reform wage bargaining and wage indexation to match productivity gains
- Expand the temp agency market
- Abolish electricity and gas price controls

CYPRUS

- Use any extra revenues for faster debt and deficit reduction
- Strengthen supervision of banks and credit co-operatives
- Extend the years of pension contribution
- Increase water prices
- Link the statutory retirement age to life expectancy
- Reform wage bargaining and wage indexation to match productivity gains

CZECH REPUBLIC

- Further austerity in the event of 2011 revenue shortfalls
- Faster increase in the retirement age than planned
- Promote private pension savings
- Increase availability of part-time jobs
- Link university funding to performance reviews

DENMARK

- Speed up deficit reduction if economy improves
- Introduce debt brakes for local, regional and central government
- Phase out early retirement
- Reform disability pensions
- Review land-use legislation
- Liberalise municipal and regional public procurement
- Reform mortgage rules and property taxes

ESTONIA

- Reduce taxation and social security contributions

FINLAND

- Link the statutory retirement age to life expectancy
- Further liberalise the services sector, especially retail
- Use any windfall revenues to reduce the deficit faster
- Further measures to achieve cost savings in public sector
- Introduce structural changes to respond to an ageing population

FRANCE

- Use any windfall revenues to accelerate debt and deficit reduction
- Further measures to reform the pensions system if needed
- Ease employment protections
- Limit minimum wage growth
- Shift taxation from labour to VAT and green taxes
- Further liberalise trades and professions and services and retail sectors

GERMANY

- Restructure regional banks - the Landesbanken
- Liberalise professional services and craft sector
- Extend debt brake to regional level

HUNGARY

- Insufficient austerity
- Use any windfall revenues to reduce the deficit faster
- Ease regulation of business
- Expand the powers of the Fiscal Council, a body of economic experts independent of government that advises on budgets
- Lower labour taxation

ITALY

- Speed up debt and deficit reduction
- Introduce debt brake
- Reform employment protection
- Reform wage bargaining to match productivity gains
- Make it easier to dismiss employees
- Further liberalise services sector

LITHUANIA

- Lower social assistance and eliminate disincentives to work
- Shift taxation toward energy use and increase energy taxation
- Liberalise very strict labour regulations
- Reform state enterprises prone to inefficiencies
- Speed up deficit reduction
- Introduce debt brake
- Expand temp work sector

LUXEMBOURG

- Further reduce the deficit
- Discourage early retirement
- Link the statutory retirement age to life expectancy
- Reform wages setting system and link wages to productivity

MALTA

- Further austerity to prevent excessive 2011 deficit if necessary
- Introduce 'debt brake'
- Accelerate the increase in retirement age and link it to life expectancy
- Eliminate wage indexation

NETHERLANDS

- Increase the statutory retirement age and link it to life expectancy
- Raise the effective retirement age
- Prepare a blueprint for reform of long-term elderly care
- Introduce road tolls

POLAND

- Introduce debt brake
- Eliminate early retirement for miners and armed forces
- Raise statutory retirement age for women
- Reform the farmers' social security fund to encourage them to leave the sector
- Streamline construction and zoning legislation

SLOVAKIA

- Introduce debt brake for central government and social security
- Create an independent Fiscal Council - a body composed of economic experts independent of government to advise on budgets
- Link retirement age to life expectancy

SLOVENIA

- Introduce incentives to retire later
- Reduce asymmetries between protections of permanent and temp workers

SPAIN

- Deeper budget cuts if revenues prove worse than projected
- Introduce debt brake for both national and regional governments
- Warns against the parliament introducing changes to law raising retirement age
- Further measures to raise the effective retirement age
- Warns over role of local authorities in governance of savings banks
- Overhaul the unwieldy collective bargaining system, going beyond the current labour market reforms
- Move away from sectoral bargaining to firm-by-firm bargaining
- End automatic extension of collective agreements
- End wage indexation
- Deliver greater wage flexibility
- Reduce employer social security contributions and replace lost revenues with increased or broadened VAT and increased energy taxes, especially fuel taxes

SWEDEN

- Reform mortgage rules
- Reform property taxes
- Reform rent controls and subsidies

UK

- Warns against slippage in spending cuts
- Further competition in the banking sector