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Moody’s: US, UK move closer to losing AAA ratings
 LONDON: The US and the UK have moved
“substantially” closer to losing their AAA credit ratings, as the
cost of servicing their debt rose, according to Moody’s Investors Service.
The governments of the two economies must balance bringing down their debt
burdens without damaging growth by removing fiscal stimulus too quickly, Pierre
Cailleteau, managing director of sovereign risk at Moody’s in London, said
in a telephone interview.
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The deal was inked by Geely Chairman Li Shufu and Ford's Chief Financial Officer Lewis Booth at the headquarters of Volvo Cars in the second largest city of Sweden. The Swedish carmaker, which has about 20,000 workers, was purchased by Ford in 1999 for $6.45 million. But Ford had been attempting to sell Volo since late 2008, due to its poor market performance. Geely was named as the preferred bidder for the Swedish subsidiary in October 2009. Geely, which started to manufacture cars in 1998, is a major private automaker headquartered in southeast China's Zhejiang province. Geely Holding Group is the parent company of Geely Automobile Holdings. //////////////////////////////// Toying with yuan won't help US
Fundamental problems in the US economy need to be remedied; potential dangers for both nations loom if renminbi is revaluated
The renminbi exchange rate has once again become a target of the United States Congress. China-bashing, it seems, is back in fashion in the US. But this latest round of disparagement appears stranger than the last. When the US Congress pressed China for a large currency revaluation in 2004-2005, China's
current-account surplus was accelerating. Now China's current-account surplus is shrinking significantly due to the global recession caused by the US financial meltdown. China's total annual surplus (excluding Hong Kong) now stands at $200 billion, down by roughly one-third from 2008. In GDP terms, it fell even more as GDP grew by 8.7 percent
in 2008. Of course, there are now other sources of friction that did not seem as pressing five years ago. The US' internal and external deficits remain large, and its unemployment
rate is extremely high. Someone needs to take responsibility, and since US politicians don't want to blame themselves, the best available scapegoat is China and its exchange
rate, which has not appreciated against the dollar in 18 months. But would a revaluation of the renminbi solve the US' problems? Recent evidence suggests that it would not. Between July 2005 and September 2008 (before the bankruptcy of
Lehman Brothers), the renminbi appreciated 22 percent against the dollar. Yet the quarterly US current-account deficit increased - from $195 billion to $205 billion. Most economists agree that the renminbi is probably undervalued. But the extent of misalignment remains an open question. The economist Menzie Chinn, using purchasing power
parity (PPP) exchange rates, reckoned the renminbi's undervaluation to be 40 percent. But, after the World Bank revised China's GDP, in terms of PPP, downward by 40 percent, the
undervaluation disappeared. Nick Lardy and Morris Goldstein suggest that the renminbi was probably undervalued only by 12-16 percent at the end of 2008. And Yang Yao of Beijing
University has put the misalignment at less than 10 percent. But assume that China does revalue its currency sharply, by, say, 40 percent. If the adjustment came abruptly, Chinese companies would suffer a sudden loss of competitiveness
and would no longer be able to export goods. The market vacuum created by the absence of Chinese products could be filled quickly by other low-cost countries, such as Vietnam or
India. Companies in the US cannot compete with these countries either. So no new jobs would be added in the US, but the inflation rate would increase. Now assume that the renminbi appreciates only moderately so that China continues to export to the US at higher prices but lower profits. This would push up inflation rates
significantly, forcing the US Federal Reserve to tighten monetary policy and possibly undermining the US' recovery, which still remains shaky. New difficulties in the US and
China, the world's two largest economies, would have a negative impact on global investor confidence, hurting US employment even further. In both scenarios, US employment numbers would not rise and the trade deficit would not diminish. So then what? The historical evidence from the 1970s and 1980s, when the US
consistently pressed Japan to revalue the yen, suggests that US politicians would most likely demand that the renminbi appreciate even more. The exchange rate measures the relationship between at least two currencies, whose values are based on the productivity and domestic balance of their respective national
economies. Causes for misalignment may be found on both sides. If the US dollar needs to devalue because of fundamental problems in the US economy, the problems cannot be fixed
by lowering the dollar's value alone. Of course, there are problems with China's external imbalance with the US, such as excessive national savings (which account for 51 percent of China's GDP) and distortions in
the prices of energy and other resources. All those problems contribute to the imbalance and China should fix them. But we should realize that there are fundamental causes for the imbalance on the US side as well, such as over-consumption financed by excessive leverage and high budget
deficits. Only when both sides make serious efforts to fix their domestic fundamentals will the imbalances be reduced in a serious and sustained way. Short-run exchange-rate
adjustments cannot simply fix negative long-term trends. China may resume a "managed float" of its exchange rate, particularly if the uncertainty of the overall post-crisis economic situation diminishes. In choosing whether or not
to do so, its policymakers may weigh factors ranging from China's international responsibilities to the potential damage of foreign protectionism or even a trade war. What is
certain, however, is that China's politicians have a domestic agenda just like the Americans. The key element of that agenda is to maintain employment growth. One-third of China's labor force remains in agriculture, earning only about half of what migrant workers in China's booming cities make. (Per-capita earnings for China's
farmers may rise to $770 if the renminbi appreciates by 10 percent, but of course that is only a US dollar-term revision, with Chinese farmers feeling no increase at all).
Getting more farmers into better-paid manufacturing and service-industry jobs will mean not only a reduction in poverty, but lower income disparity. By any moral standard, that
goal is at least as important as anything on America's agenda. The author is professor of economics at Beijing University and the Chinese Academy of Social Sciences, and director of China's National Economic Research Institute. Project Syndicate, 2010. //////////////////////////////
Ron Paul "We Have Only One Party! And They Fight Over Power & Influence!
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Economist Peter Schiff answers questions about the coming fiscal crisis, and how to survive it
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ALERT! Treasury Yields Begin to Rise, U.S. Default by Inflation Inevitable.
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Dates That Destroyed America
Passage of the so-called "health care reform" bill in the House of
Representatives this past Sunday, March 21 (I won't even address the
inferred unconstitutionality of Congress doing business on the Lord's Day.
See Article. I. Section. 7. Paragraph. 2.) drove yet another stake into the
heart of America. For all intents and purposes, it is the health of the
United States that is in dire need of healing. In fact, the US has been on
extended life-support for decades. With its condition being rendered
critical, and absent major surgery, its days are numbered. The passage of
this bill only serves to further weaken an already frail Constitution. In
fact, this one may prove to be the fatal blow. Lady Liberty may never
recover.
The decision by Congress to socialize medicine in the US ranks among the
most draconian, most egregious, most horrific actions ever taken by the
central government in Washington, D.C. This bill rocks the principles of
liberty and constitutional government to the core. It changes fundamental
foundations; it repudiates historical principle. Oh! The same flag may fly
on our flagpoles, the same monuments may grace our landscape, and the same
National Anthem may be sung during our public ceremonies, but it is not the
same America. The Congress of the United States has now officially turned
America into a socialist state.
On March 23, 2010, President Barack Obama signed the health care bill into
law, and as such, this date--along with March 21--joins a list of dates that
have each inflicted unconstitutional, socialistic, and sometimes even
tyrannical action against the States United and have, therefore, contributed
to the destruction of a free America.
April 9, 1865
This is the date when General Robert E. Lee surrendered the Army of Northern
Virginia to U.S. Grant at Appomattox Court House, Virginia. Regardless of
where one comes down on the subject of the Civil War, one fact is
undeniable: Abraham Lincoln forever destroyed the Jeffersonian model of
federalism in America. Ever since, virtually every battle that free men have
fought for the principles of limited government, State sovereignty, etc.,
have all stemmed directly from Lincoln's usurpation of power, which resulted
in the subjugation and forced union of what used to be "Free and Independent
States" (the Declaration of Independence). In fact, the philosophical
battles being waged today regarding the recent health care debacle (and
every other encroachment upon liberty and State power by the central
government) have their roots in Lincoln's tyranny.
July 9, 1868
This is the date when the 14th Amendment was ratified. This amendment
codified into law what Lincoln had forced at bayonet point. Until then,
people were only deemed citizens of their respective states. The
Constitution nowhere referred to people as "US citizens." It only recognized
"the Citizens of each State." Notice also that citizenship was only
recognized among the "several States," not among people living in non-State
territories. Until the 14th Amendment, people were "Citizens of each State."
(Article. IV. Section. 2. Paragraph. 1.) The 14th Amendment created a whole
new class of persons: "citizens of the United States." This false notion of
"one nation" overturned the Jeffersonian principle that our nation was a
confederated republic, a voluntary union of states.
February 3, 1913
This is the date when the 16th Amendment was ratified, and the direct income
tax and IRS were instituted. This was a flagrant repudiation of freedom
principles! What began as a temporary measure to support the War of Northern
Aggression became a permanent income revenue stream for an
unconstitutional--and ever-growing--central government.
April 8, 1913
This is the date when the 17th Amendment was ratified. This amendment
overturned the power of the State legislatures to elect their own senators
and replaced it with a direct, popular vote. This was another serious blow
against State sovereignty. The framers of the Constitution desired that the
influence and power in Washington, D.C., be kept as close to the people and
states as possible. For example, the number of representatives in the House
of Representatives was to be decided by a limited number of voters. In the
original Constitution, the ratio of "people of the several States" deciding
their House member could not exceed "one for every thirty thousand."
(Article. I. Section. 2. Paragraph. 3.) And when it came to the US Senate,
the framers also recognized the authority of each State legislature to
select its own senators, thereby keeping power and influence from
aggregating in Washington, D.C. The 17th Amendment seriously damaged the
influence and power of the states by forcing them to elect their US senators
by popular vote. The bigger the State, the less influence the State
legislature has in determining its US senator. Senators who answered to
State legislators, each answering to a limited number of voters, are much
more accountable to the "citizens of the several States" than those who are
elected by a large number (many times numbering into the millions) of
people. For all intents and purposes (at least in the larger states), US
Senators are more like "mini-Presidents" than they are representatives of
sovereign states.
December 23, 1913
This is the date when the Federal Reserve Act was passed. This Act placed
oversight of America's financial matters into the hands of a cabal of
private international bankers, who have completely destroyed the
constitutional principles of sound money and (for the most part) free
enterprise. No longer would the marketplace (private consumption, thrift,
growth, etc.) be the determinant of the US economy (which is what freedom is
all about), but now a private, unaccountable international banking cartel
would have total power and authority to micromanage (for their own private,
parochial purposes) America's financial sector. Virtually every recession,
depression, and downturn (including the one we are now experiencing) has
been the direct result of the Fed's manipulation (again, for its own
purposes and with Washington's cooperation) of the market.
June 26, 1945
This is the date when the United Nations Charter was signed and America
joined the push for global government. Ever since, US forces have spilled
untold amounts of blood and sacrificed thousands of lives promoting the UN's
agenda. Since the end of World War II, in virtually every war in which US
military forces have been engaged, it has been at the behest of the UN. And
it is also no accident that America has not fought a constitutionally
declared war since we entered the UN--and neither have we won one.
Furthermore, it is America's involvement in the United Nations that has
spearheaded this draconian push for a New World Order that George H. W.
Bush, Henry Kissinger, Tony Blair, Walter Cronkite, et al., have talked so
much about. The United Nations is an evil institution that has completely
co-opted our US State Department and much of our Defense Department. It is
an anti-American institution that works aggressively and constantly against
the interests and principles of the United States. But it is an institution
that is ensconced in the American political infrastructure. Like a cancer,
the UN eats away at our liberties and values, and both major political
parties in Washington, D.C., are culpable in allowing it to exert so much
influence upon our country.
June 25, 1962, and June 17, 1963
These are the dates when the US Supreme Court removed prayer ('62) and Bible
reading ('63) from public schools. At this point, these two Supreme Court
decisions were the most serious affront to the First Amendment in US
history. Think of it: from before a union of states was established in 1787,
children had been free to pray and read the Scriptures in school. We're
talking about a period of more than 300 years! Of course, the various State
legislatures--and myriad city and county governmental meetings--still open
their sessions in prayer, as do the US House and Senate, and even the US
Supreme Court. But this same liberty is denied the children of America.
There is no question that America has not recovered from these two horrific
Supreme Court decisions. In effect, the federal government has expelled God
not only from our public schools, but also from our public life! And America
has not been the same since.
October 22, 1968
This is the date when President Lyndon Baines Johnson signed the Gun Control
Act of 1968. Before this Act, the 2nd Amendment was alive and well in the
United States. The Gun Control Act of 1968 turned a right into a privilege
and forever forced the American people to bow to the altar of government
when seeking to arm themselves. Interestingly enough, this Gun Control Act
mirrored Nazi Germany's Gun Control Act of 1938. In fact, the Gun Control
Act of 1968 is almost a verbatim copy of Hitler's Gun Control Act of 1938.
Our Founding Fathers could never have imagined that governments within the
"several States" would ever be allowed to deny the people's right to keep
and bear arms. In fact, it was the attempted confiscation of the firearms
stored at Concord, Massachusetts, that triggered the War of Independence in
1775. That the people of Massachusetts would be denied their right to keep
and bear arms, as they are today, could not have been foreseen--and would
never have been tolerated--by America's founders.
Yet, most of the hundreds of draconian gun control laws that have been
inflicted upon the American people have all come about as a result of the
Gun Control Act of 1968.
January 22, 1973
This is the date when the US Supreme Court issued the Roe v. Wade and Doe v.
Bolton decisions, which, in effect, legalized abortion-on-demand. These two
decisions expunged the Jeffersonian principle that all men are endowed by
their Creator with the unalienable right to life (Declaration). Since then,
more than 50 million unborn babies have been legally murdered in their
mothers' wombs. Abortion is, without a doubt, America's national holocaust.
It has opened the door to a host of Big Government programs and policies
that have resulted in the wanton destruction of human life both in the
United States and overseas. It has created an entire industry whose express
purpose for existing is the destruction of human life. It has desensitized
the conscience and soul of America. Furthermore, it has forced men of
decency and good will to finance--with their tax dollars--the unconscionable
act of killing unborn children.
And once again, another Jeffersonian principle was eviscerated. He said, "To
compel a man to furnish contributions of money for the propagation of ideas
which he disbelieves and abhors is sinful and tyrannical." The Roe and Doe
decisions violate this principle in the most egregious manner possible.
October 26, 2001
This is the date when President George W. Bush signed the USA Patriot Act,
and the federal government's war against individual liberty began in
earnest. Most of the unconstitutional eavesdropping, snooping, wiretapping,
phone call intercepting, email reading, prying, financial records tracking,
travel watching, ad infinitum, ad nauseam, by federal police agencies began
with the implementation of the Patriot Act. The Department of Homeland
Security and the "war on terrorism," which have resulted in the deaths of
tens of thousands of innocent people worldwide, and the usurpation of
federal power at home, have all come about as an outgrowth of the Patriot
Act. The USA Patriot Act has forever shifted the focus of American law and
jurisprudence against constitutional government and individual liberty,
toward a police-state mentality. The Patriot Act is even turning our local
and State law enforcement agencies into military-style "Jackboots," where
police officers see themselves not necessarily as guardians of the
citizenry, but, as often as not, as adversaries, where citizens are deemed
to be the "enemy."
October 17, 2006, and October 9, 2009
These are the dates when President G.W. Bush signed and re-signed the
Military Commissions Act. This Act is the outgrowth of the Patriot Act but
has, in effect, terminated the fundamental protections of individual
liberty, which are found in the US Constitution and Bill of Rights. For all
intents and purposes, the Patriot Act and Military Commissions Act
eviscerated the 4th and 5th Amendments, and do serious injury to several
others. The Military Commissions Act also expunges the constitutional right
of Habeas Corpus.
March 21 and 23, 2010i
These are the dates when Congress passed and President Obama signed into law
the "Patient Protection and Affordable Care Act," the so-called "health
care
reform" bill that we spoke about at the beginning of this column. While
Social Security and various Welfare programs have toyed with socialism in
the United States, this bill is the largest and most expansive endorsement
of socialism in American history. This bill socializes some 18% of the US
economy by socializing the health care industry in America. The fallout and
ramifications of this bill are going to be horrific.
When future historians review the demise of our once-great republic, they
will observe that the above dates, including March 21 and March 23, 2010,
were the dates that destroyed America. The American people have been far too
tolerant for far too long.
People concerned about the future of freedom and prosperity in America
should line up quickly and demand that their respective State legislatures
and governors resist this new health care bill, even to the point of
refusing to implement it in their states. More than 30 states are
threatening to take the health care bill to court. But states must do more
than that. They must follow the lead of the State of Virginia and pass
legislation refusing to comply with it. Yes, I'm saying it: it is time for
another State rebellion! If states do not stand up and draw their lines in
the sand now, it will be forever too late.
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Trans Texas Corridor racing ahead
By Terri Hall
After Rick Perry's highway department announced the Trans Texas Corridor (TTC) route known as TTC-35 was "dead" in 2009, we find out post-election in
2010 that it, along with free trade, is very much alive and well. Canadian officials have shown renewed interest in a multi-modal trade corridor along I-35. Winnipeg recently
announced its intention to build an inland port
similar to those in San Antonio and Dallas. One such inland port in
Kansas City has ceded sovereign United States territory to Canada and Mexico with the flags of
all three countries flying over it. Officials in Winnipeg said it also intends to run a logistics and trade corridor to include rail and high speed highways all the way to
Mexico as an Asia-Pacific gateway connecting to Toronto and Montreal. It should surprise no one that former San Antonio Mayor Phil Hardberger and tolling authority (Alamo RMA) Chairman Bill Thornton took a trip to Toronto in 2006,
partially at taxpayer expense, to promote Trans Texas Corridor-style trade connections and to be certain it includes the Port of San Antonio. Norris Pettis, Canadian Consul General in Dallas, notes in the latest San
Antonio Business Journal that "of all the urban centers I deal with, San Antonio is right up there in preaching free trade." The article also said Canadian
officials observe an anti-trade sentiment in the U.S. as a whole, but see an open door in Texas, which they say doesn't share "protectionist policies." Thank you, Rick Perry. Tullos Wells is part of the Lone Star Rail project (pushing an Austin-San Antonio commuter rail line) and also traveled with Hardberger. He also happens to work for the
law firm Bracewell & Giuliani, one of the biggest players in pushing the privatization of our public roads (and represents Spain-based Cintra on private toll deals here in
Texas) as well as pushing these multi-national trade corridors. Read more about the Bracewell & Giuliani connection here. It's not rocket science to conclude this is why Rick Perry endorsed Rudy Giuliani for President in 2007. The Trans Texas Corridor has always been about exploiting Texas landowners and taxpayers to open up new trade corridors to facilitate the free flow of goods among the
three countries to benefit private corporations. Executive Director of the Texas Department of Transportation (TxDOT), Amadeo Saenz, admitted in public testimony February 1
(watch it here), that though TxDOT says the TTC is “dead,” it could change its mind tomorrow and still move
forward with the Trans Texas Corridor since the statutory authority to do so remains in the Texas Transportation Code. This is one time we can take them at their word. They are
indeed moving forward. While most Texans have no problem with trade, many have expressed dismay with so-called "free" trade. It'd be more aptly called government managed trade,
which is heavily tilted in favor of foreign countries, fails to insist on reciprocity, and overly taxes American goods while providing tax breaks on foreign imports. The North
American Free Trade Agreement (NAFTA) has done more to hurt the U.S. manufacturing sector than any other government policy in recent history. In fact, more than one million
Americans have lost jobs due to NAFTA. Given the grim state of the economy and high U.S. unemployment, now more than ever, the U.S. needs to reconsider NAFTA. A handful of U.S. lawmakers recently renewed calls to repeal
NAFTA. President Obama once spoke of his support for renegotiating parts of NAFTA, but seems to have reversed himself since taking office, now battling members of his own
party to push for yet more "free" trade agreements to be signed with many other countries, including Australia, New Zealand, Singapore, Chile, Peru, Vietnam and Brunei
on an Asia-Pacific regional free-trade agreement, South Korea, Panama, and Columbia. Within days of Perry winning the Texas primary March 2, TxDOT revealed its intention to extend the SH 130 toll road northward. SH 130
from Georgetown around Austin extending south to San Antonio is the first leg of the Trans Texas Corridor TTC-35. So as predicted, Perry, bolstered by his primary win, will
continue his plans to push the TTC piece by piece all the way up to the Red River. With Winnipeg moving a multi-modal trade corridor southward along I-35, and the expansion of US 281 south of San Antonio underway (which feeds into the I-35 corridor)
moving the corridor northward, it proves the TTC's demise was mere illusion designed to put Texans back to sleep while politicians get re-elected and quietly build it, segment
by segment under the radar This new TTC segment from Waco to Hillsboro, fills the gaps of "free" lane I-35 expansion, and will also likely become some form of foreign-owned toll road,
like segments 5 & 6 of SH 130. The good news is, the section of I-35 where there is a 391 local government subregional planning commission (TURF co-sponsored events to help
spread this method to fight the Trans Texas Corridor for TTC-69), I-35 will be expanded and kept toll-free (read about their success here). So a portion of TTC-35 will bypass
the 391 commission's jurisdiction. One of the proven ways Texans can STOP the TTC dead in its tracks is to utilize this little known goldmine of a government-to-government commission to force TxDOT to
comply with the will of Texans within its jurisdiction. There are a total of 10 commissions formed using the local government code Chapter 391 in Texas, the majority of those
formed directly to stop the TTC. To find out more about how to form one in your region, contact the private property rights foundation Americans Stewards of Liberty at http://www.stewards.us. To deliver the final knockout punch, however, Texans must continue to pressure lawmakers and the Governor to repeal any and all forms of the Trans Texas Corridor (now
renamed "innovative connectivity plan") from the transportation code and prevent any further contracts from being signed. The TTC-69 (planned to go from the Rio Grande Valley northeast to Texarkana and eventually up through Michigan) public private partnership (called CDA in Texas) was awarded to ACS of Spain and Zachry of San Antonio in June of
2008. In August of 2009, Perry-appointed Texas Transportation Commissioner Ned Holmes asked for the TTC-69 contract to be approved by the Texas Attorney General, Greg Abbott.
Perry wants this contract signed before the citizens of Texas can step-in to stop it. Perry's son, Griffin, works for UBS (to further connect the
dots go here), the financial
arm of the ACS consortium who won the development rights for TTC-69. When TxDOT announced that TTC-35 was "dead," it also clearly stated TTC-69, also given the name I-69 to make it appear more harmless, is still moving forward. In fact, expansion of US 77 is already
underway in the valley as part of the initial leg of what will be known as TTC-69/I-69. In addition, Ports to Plains (to run from Mexico all the way to Alberta, Canada) and La Entrada de Pacifico, two other active TTC corridors, show that nothing has
changed there either, except shedding the official connection by name to the Trans Texas Corridor. La Entrada, to traverse through the Big Bend area, has a disturbing new twist
with the resurrection of the idea to cede Big Bend to international interests by deeming it an "international" park, essentially to join it with Mexico's
"Big Bend" on the other side of the U.S. border. The idea is to eventually develop future sea-port connections with Far-East ocean shipping lanes. The current strategy in these two corridors is to steer federal
transportation dollars into several otherwise useful local projects over time, and then connect the segments into a singular, identifiable system. An active coalition pushing the development of the Ports to Plains trade corridor just completed a trade mission to Alberta, as well as advertising the West Texas Trade
Summit in San Angelo (February 19), where the stated goal was to promote both trade and multi-national trade corridors in Texas and Mexico. Ports to Plains Alliance will also be
hosting an "Energy Summit" April 8-9 in Colorado, mirroring the efforts of other public private partnerships (partially tax-funded) like TTC-69's Alliance for I-69,
and the big I-35 coalition, called the North America Supercorridor Coalition or NASCO. So don't fall for the rhetoric, Texans. As Ronald Reagan used to say, "trust but verify," and the verifiable facts point to the Trans Texas Corridor briskly
moving ahead on all fronts. Remain vigilant to stop the biggest land grab in Texas history and to protect our sovereignty. Your freedom depends on it! Make the connection... Read more about how privatizing government functions comes at great cost to taxpayers here. Read Ed Wallace's article on Perry's cronyism regarding privatizing and tolling our public roads here. ---------------------------
Terri Hall is the founder of Texans Uniting for Reform and Freedom (TURF), a non-profit organization that has rallied Texans
to successfully oppose the Trans Texas Corridor, which is a critical component in the formation of the North American Union (or North American Community). The NAU was promoted
by former President George Bush as the Security and Prosperity Partnership (SPP), and called for deep integration between Mexico, Canada and the United States. For further
information,Terri can be reached at terri@texasturf.org or 210-275-0640.
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Crisis of Disappearing Honeybees is Deepening
The mysterious 4-year-old crisis of disappearing honeybees is deepening. A quick federal survey indicates a heavy bee die-off
this winter, while a new study shows honeybees' pollen and hives laden with pesticides. Related: Article I wrote in 2007 on the honey bee crisis, click here to read.
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China's heir-apparent pitches Russian alliance
The man widely seen as China's next leader told Russian Prime Minister Vladimir Putin on Tuesday the world's two most
powerful emerging market economies should help each other increase their weight in global affairs.
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