Welcome to The Truth News.Info

Food crisis to boost bio-engineered crops
By Stephen J. Hedges Washington Bureau
Chicago Tribune, May 14 2008
Link

WASHINGTON — The Bush administration has slipped a controversial ingredient into the $770 million aid package it recently proposed to ease the world food crisis, adding language that would promote the use of genetically modified crops in food-deprived countries.

The value of genetically modified, or bio-engineered, food is an intensely disputed issue in the U.S. and in Europe, where many countries have banned foods made from genetically modified organisms, or GMOs.

Proponents say that GMO crops can result in higher yields from plants that are hardier in harsh climates, like those found in hungry African nations.

"We certainly think that it is established fact that a number of bio-engineered crops have shown themselves to increase yields through their drought resistance and pest resistance," said Dan Price, a food aid expert on the White House's National Security Council.

Problems anticipated
Opponents of GMO crops say they can cause unforeseen medical problems. They also contend that the administration's plan is aimed at helping American agribusinesses.

"This is a hot topic now with the food crisis," said Ronnie Cummins, national director of the Organic Consumers Association. "I think it's pretty obvious at this point that genetically engineered crops - they may do a number of things, but they don't increase yields. There are no commercialized crops that are designed to deal with the climate crisis."

President George W. Bush proposed the food package two weeks ago as aid groups and the UN World Food Program pressed Western governments to provide additional funds to bridge the gap caused by rising food prices. The aid must win congressional approval.

It would direct the U.S. Agency for International Development to spend $150 million of the total aid package on development farming, which would include the use of GMO crops.

The U.S. is the UN food program's largest donor, providing nearly half the help the group receives from governments. It gave about $1.1 billion to the WFP in both 2006 and 2007. The WFP provided $2.6 billion in aid in 2006.

In April, Secretary of State Condoleezza Rice suggested at a Peace Corps conference that "we need to look again at some of the issues concerning technology and food production. I know that GMOs are not popular around the world, but there are places that drought-resistant crops should be a part of the answer."

Some aid organizations agree that it is time to consider GMO crops.

"I think it's good, that it should be part of the package," said Mark Rosegrant, an environment and technology specialist with the International Food Policy Research Institute. "It shouldn't be the only thing in the package. It is now showing quite a bit of potential in starting to address some of the long-term stresses, drought and heat."

But Noah Zerbe, an assistant professor of government and politics at Humboldt State University in California, said that GMO crops might not be appropriate for developing countries.

"You get fantastic yields if you're able to apply fertilizer and water at the right times, and herbicides to go along with that," Zerbe said. "Unfortunately, most African farmers, they can't afford these inputs."

Africa ambivalent
The U.S. tried to introduce GMO crops to Africa in 2002, with mixed results. European Union opposition was part of the reason that several African nations that year balked at an offer of U.S. aid that included corn, some of which was genetically modified.

In a severe drought, Zambia rejected the U.S. aid altogether. Several other countries accepted the U.S. corn, but only after it was milled.

The NSC's Price said the administration is working to persuade European nations to lift their objection to the use of GMO crops in Africa. Rosegrant of the research institute said that, given current food shortages, new bio-safety measures could resolve such problems.

"There's evidence that those fears tend to be overblown," Rosegrant said.

shedges@tribune.com

////////////////////////////////

Iran dumps U.S. dollar for oil trades
Link

TEHRAN, Iran (AP) -- Iran, OPEC's second-largest producer, has stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, in a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq.

Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing U.S. pressure on its financial system and the fall in the value of the American currency.

Oil is priced in dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves.

"The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies."

Iranian President Mahmoud Ahmadinejad called the depreciating dollar a "worthless piece of paper" at a rare summit last year in Saudi Arabia attended by state leaders from OPEC countries.

Iran put pressure on other OPEC countries at the meeting to price oil in a basket of currencies, but it has not been able to generate support from fellow members -- many of whom, including Saudi Arabia, are staunch U.S. allies.

Iran has a tense relationship with the U.S., which has accused Tehran of using its nuclear program as a cover for weapons development and providing support to Shiite militants in Iraq that are killing American troops. Iran has denied the allegations.

Iranian oil officials have said previously that they were shifting oil sales out of the dollar into other currencies, but Ghanimifard indicated Wednesday that all of Iran's oil transactions were now conducted in either the euro or yen.

"In Europe, Iran's oil is sold in euros, but both euros and yen are paid for Iranian crude in Asia," said Ghanimifard.

Iran's central bank has also been reducing its foreign reserves denominated in dollars, motivated by the falling value of the greenback and U.S. attempts to make it difficult for Iran to conduct dollar transactions.

U.S. banks are prohibited from conducting business directly with Iran, and many European banks have curbed their dealings with the country over the past year under pressure from Washington.

However, the U.S. has been wary of targeting Iran's oil industry directly, apparently worried that such a move could drive up crude prices that are already at record levels.

Iranian analysts say Tehran can withstand U.S. pressure as long as it can continue its oil and gas sales, which constitute most of the country's $80 billion in exports.

Click Here To Comment

Home

////////////////////////////////

Federal Reserve Graphs, shows total borrowing and reserves. from 1911-2008.

The links below the charts go to the original info.This is AMAZING!

Link 1
Link 2

////////////////////////////////

Look what has been done by doing nothing