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Tuesday, March 22, 2011

Little about the Uyghur People

In the middle of the desert landscapes of Taklamakan, in the northern-western part of China, the land of Xinjiang Uyghur Autonomous Region is the least populated land whereas it covers close to a sixth with the nation's area. Getting resisted during centuries the Han Chinese domination, Xinjiang, or Old Eastern Turkestan, fell into within the Chinese Han domination in 1949. From then, its population is mainly Uyghur People and Turkish - speaking System.

Islamic mainly, the Uyghur people have a solid religious identification which usually, in particular, permitted them to preserve a strong big difference in opposition to the Chinese enemy. Without a doubt, the Uyghur Kingdom of Mongolia knew a excellent civilization, until its absorption by the Mongolian Empire in the XIIIth century.

During their historical past, the Uyghur People successively adopted Shamanism, Manicheism, Buddhism and the Nestorianism before lastly converting to Islam when the Arab conquerors beat the Chinese in year 751 BC., therefore beginning the way to the Islamization of the complete Central Asia.

Under the effect of the beliefs which they taken on, Uyghur People used successively, and sometimes in a competing way, a great number of written forms (turco-runic, brahmi, tokharien, soghdien) before developing their own unique graphic system.

The arrival of Islam was a great change since it was supported by the absorption of the Uyghur land in the enormous Turkic and Muslim Empire. Thus, the descendants of Genghis Khan slowly replaced their writing by a Arabo-Persan alphabet, still used currently.

If their writing, their language and their religion mark a real big difference with the tradition of Chinese Han, Uyghur People also are different from their aspect, so aspect of Central Asia's people. A shiny skin, eyes representing a whole pallet of colors, from black to deep blue, features pointing out to the Mongolian, Turkish or Uzbek origins of these men and these women.

For a few years, China has integrated the proper identity of these remote people, although they represent only nine million population - a trifle for this particular big country. Therefore, the Uyghurs are now part of the 56 ethnic minority groups having been well known in an official way by China.

This particular law will allow these people a few rights in a land where their difference is very often repressed. Therefore, Uyghur people escape the "single child policy" and their language is accepted as the second official language in Xinjiang Uyghur Autonomous Region.

The integration of the Uyghur people and their culture in the People's Republic of China, however, seems quite illusory. The presence of all-natural sources in Xinjiang Uyghur Autonomous Region, and its proximity with nations recognised as very sensitive, highly urged the government to accelerate the sinicization of this area. Million of Han thus came to settle in this new Chinese eldorado, monopolizing the greater responsibility jobs.

In reaction to this true will to assimilate the Uyghur people into the Chinese culture, an independent party like East Turkistan Islamic Movement(ETIM) was born in the early 1990.

Saying more freedom, but mainly the acceptance of their true identity, this movement was severely repressed by the power authorities in area Xinjiang Uyghur Autonomous Region.

The events of September 11, 2001, were the perfect occasion for the Chinese government to justify true reprisals: they declared the "Uyghur freedom fighters" as dangerous terrorists linked to Al Quaida because of their Muslim origins and their proximity with Pakistan and Afghanistan... However, the terrible repression which followed did not calm down the anger. The Uyghur population continues today to proudly continue to keep their identity and their ethnic heritage , despite the fact that they become a minority on their own land.

For more information about Uyghur people, you can visit a Uyghur website called Uyghur News at http://www.uyghurnews.com

ation|Web optimization|Website seo|Seo optimization|Seo optimisation} Expert consultancy - Getting Ahead Using SEO

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Tuesday, March 15, 2011

Ways of Making Money

(iStockphoto)

Have you noticed that your paychecks have been a bit larger than normal lately? That’s because in 2011, the government is cutting the social security payroll tax paid by individuals from 6.2% to 4.2%.

How much is that in stone cold cash? If your annual income is $40,000, that’s $800 over the course of the year divided among your bi-weekly or monthly paychecks. If you earn $80,000 annually, your extra pocket money is $1,600. For those who make $106,800 or above, you’ll see an extra $2,136. Since social security is taxed individually, married couples could get up to a $4,272 take home pay boost for the year.

Now, what should you do with your extra moolah? Sheryl Garrett, the author of the Personal Finance for Dummies Workbook, a Certified Financial Planner and founder of the Garrett Planning Network, suggests these 10 ways to wisely spend your money, in order of importance for increasing your financial standing for years to come.

Balance Your Budget

If you live paycheck to paycheck, or on a tight budget, the extra $66 per month (if your annual income is $40,000) could mean the difference in paying your electricity bill this month – or not. This month, balance your budget with the fatter paychecks. Next month, adjust your budget so your expenses and income balances when the payroll tax cut expires. Since this bonus money is a one-year deal, don’t rely on it next year to cover basic expenses. Focus on other expense-reduction strategies: negotiate your next lease, use coupons at restaurants, ditch buying grocery items that are spoiling in your fridge, or change your IRS withholding if you get a refund every year.

Settle old debts

“Wouldn’t it be nice to pay off your mom and dad for the money they lent you for an apartment deposit?” says Garrett. Use this money to pay off any money you borrowed from family or friends.

Pay Off Credit Cards (and keep them that way)

Credit cards are easiest to attack, since you see the bill each month. If you use Mint.com, you can set up a goal to pay down your credit-card debt, and Mint will prepare a customized plan for you based on your cards’ balances and interest rates.

Boost Your 401(k) Contributions

If you’re currently not taking advantage of the full amount your employer will match on your 401(k), use your extra cash here. Once you’ve fulfilled this amount, deposit any remaining funds in a Roth IRA.

Contribute to a Roth IRA

Unless your adjusted gross income is higher than $122,000 if you’re single, or $179,000 if you’re married, filing jointly, you are eligible to contribute up to $5,000 in a Roth IRA. (The contribution limit is $6,000 if you’re 50 or older.) If you haven’t already made that contribution for 2010, you have until April 18, 2011, to do so. You can also, of course, contribute another $5,000 for 2011. While the amount you contribute is not tax deductible, you’ll reap the benefits once you start making withdrawals: all your withdrawals, earnings included, are completely tax-free as long as you’ve held them for at least five years. (And, of course, you need to be 59 ½ or older to make penalty-free contributions.)

Buy Yourself Marketable Skills

Enhance your ability to earn money in any of a number ways. If you’re actively looking for a job, consider hiring a resume service to help polish your resume. If you’ve been thinking of going back to school, take your GRE or GMAT test. Take a continuing education course. Buy a snazzy suit for interviews. The key is to spend cash in a way that will boost your income, now or in the near future.

Invest in Your Health

If one of your New Year’s resolutions was to improve your health, now is the time to see a nutritionist. If you’re a smoker, join a stop smoking program. Buy a bicycle to save on gas, or caulk your windows or insulate home. With every investment, think: will this save me money next year by doing this action?

Shop for Organization Tools

Luckily, Mint.com and basic tax software is free, but consider upgrading to the non-free version if you have a home business or more complicated tax forms. If your important documents are scattered across the house, buy a file cabinet or an expandable file organizer. The better organized you are, the easier it will be to manage your money.

Take a Vacay

If you already have all these categories covered, take a vacation. A yoga retreat, cruise or weekend with your honey at a B&B may be just what you need to return home and spend quality time tweaking your budget to perfection.

Reyna Gobel is a freelance journalist who specializes in financial fitness. She is also the author of Graduation Debt: How To Manage Student Loans and Live Your Life.

(iStockphoto)

Balance Your Budget

Settle old debts

“Wouldn’t it be nice to pay off your mom and dad for the money they lent you for an apartment deposit?” says Garrett. Use this money to pay off any money you borrowed from family or friends.

Pay Off Credit Cards (and keep them that way)

Boost Your 401(k) Contributions

Contribute to a Roth IRA

Buy Yourself Marketable Skills

Invest in Your Health

Shop for Organization Tools

Take a Vacay

Reyna Gobel is a freelance journalist who specializes in financial fitness. She is also the author of Graduation Debt: How To Manage Student Loans and Live Your Life.

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Monday, March 14, 2011

Making Money Ebay

Travis Salisbury was an Industrial Designer who worked for various government agencies before his retirement in 1977. In the late 1950's, Salisbury received an honorary degree in Design from the Montana Institute, and later took a job as director of design for the Montana State Legislature. This was an honorary position i.e. he didn't get paid. His main goal as a designer was to "help people get along and have fun while doing it." He organized a huge number of "supper days" events where opposing politicians would cook each others favorite meal and then eat them together. This helped Montana greatly. In 1961 he designed Chair #406 (named after Helena's area code). This chair looked completely normal except for one small feature -- a V-shape under one of the legs.

The reason for this "V" was to allow a game to be played with multiple chairs. People would play by hitting a ball through the "V" with some sort of mallet. Salisbury wanted people to be able to blow off steam in-between sessions. The "V" was large enough to let a croquet ball pass. All of the #406 chairs have since been sold off or scrapped -- people got too caught up in the game and it became a distraction.

After multiple years of writing proposals to the U.S. mint, Salisbury finally hit the big time in 1965 with his Average Citizen Quarter Program (or ACQP). The idea was simple: put an average citizen on a quarter. For a year, applications were scoured over until Randy Young, a steelworker from Pittsburgh, was selected. The coins were minted in 1967. Less than two months after the coins were minted, Randy Young was arrested for armed robbery -- the coins became known as "Jailbird Quarters." The Mint immediately stopped production of the coins, and the ones that existed were given an acid treatment to hide their features and to shame both Salisbury and Young.

After the public disgrace of the Jailbird Quarters, Salisbury moved to New Jersey and began to write textbooks for elementary school students. The only one of his books that made it very far was Learn to Control Your Machine. The art on the cover was a drawing that Salisbury's uncle drew of Travis at age ten.

The text of the book was simply "Learn to control your machine" over and over again, much like in the movie The Shining. At least five times per page there was a spelling error, 500 errors in the book. Students were graded on the amount of errors that they could find. Salisbury made sure that there were at least 100 variations of the book so that the students couldn't cheat. Some students were actually helped by the book, others were scarred for much of their lives.

After finally making money with his book, Salisbury went back out west to Montana, and got his honorary Design Director position back. This was 1973. After noticing that many of the politicians were making embarrassing and even incriminating doodles in their notebooks, Salisbury made them a custom notebook that would solve the problem. They would have the usual-sized ruled paper, but there would be a bigger column left near the binding when they tore off pages. This notebook had an area for doodles and a doodle book that the politicians could keep for later once all of the pages had been ripped off. A doodle book from the Montana State Legislature recently sold on eBay for $1000.

Salisbury worked four more years in Montana and retired in 1977. Some say that he was a pioneer and others say that he severely hurt the chances of other designers with dreams of working in government. Salisbury still lives in Montana where he's working on a new book about how the Jailbird Quarter fiasco was planned called Randy Young is Innocent.

Design Fancy is a series of short stories about fictional designers who make fictional things. The stories (and the objects) are by Matt Brown. Special thanks to Greg Burkett.

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Friday, March 11, 2011

Making Money Without

Founded in 2009 by Amanda Steinberg, DailyWorth is known as a everyday e mail newsletter that includes information and facts on fiscal literacy and capital management skewed in the direction of a female audience. DailyWorth’s topics range from ways to organize your finances to tax tips to saving recommendation. And DailyWorth has an remarkable editorial workers to build articles. MP Dunleavey, earlier a private finance columnist using the Ny Occasions and at the moment a contributor with Dollars magazine, is foremost DailyWorth’s editorial group.

Even with unions’ extended hatred of Scott Walker, the new governor is shifting to tackle both the indicators of the disorder along with the condition itself-the public-sector union scheme which has molested Wisconsin’s taxpayers and their little ones by gaming the program. Unions like Wisconsin’s teachers’ union [WEAC] (which was Wisconsin’s biggest-spending lobby in 2009) are actually extraordinarily adept at repairing the model thru investing millions to elect politicians who, in flip, reward the unions with the expense from the taxpayers.

the Wisconsin fight, when in comparison to private-sector negotiations is about: 1) the Scope of Bargaining, 2) Union “Income” Protection [Right-to-Work vs. Forced Dues], three) regardless if Wisconsin should really be the unions’ dues collection agency [payroll deduction of dues], and 4) no matter whether public-sector unions should be ‘recertified’ by keeping elections every last yr.

place the photographs web based to demonstrate our jobs crew at msnbc.com, and photographer Jim Seida said, why do not we just publish it being a slide exhibit? I was skeptical at first - would that crimp the composing? - but in the finish I was advocating executing it this way once the photograph crew was skeptical. I believed much more consumers would examine by way of it this way, and it might be well worth an experiment.”

commercial fishing boats primarily based in Crescent Town put to sea previous evening when the tsunami alert was first broadcast. It truly is less complicated to ride out large waves at sea than in the dock. Now many of all those boats are running lower on fuel, however they are unable to return to port even while the surges carry on, mentioned Chris Renner, proprietor of C. Renner Petroleum Co. in Crescent City, which serves the fleet

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Making Money Without

On Monday night time, I watched my to start with, The Last Word host Lawrence O’Donnell.
While O’Donnell laudably experimented with to focus the audience’s awareness onand hopefully very last, Charlie Sheen trainwreck interview, courtesy of the tragic undertow that threatens to pull Sheen below for fantastic, I was overtaken, not by the pulling about the thread, and also the voracious audience he serves. It did not make me sad, it manufactured me angry.

In relation to celebrities, we could be considered a heartless country, basking within their misfortunes like nude sunbathers at Schadenfreude Beach. The impulse is understandable, to some diploma. It may be grating to listen to complaints from many people who take pleasure in privileges that the majority of us can not even just imagine. In case you cannot muster up some compassion for Charlie Sheen, who would make a lot more capital for a day’s deliver the results than the majority of us will make within a decade’s time, I guess I can’t blame you.

With the rapid tempo of occasions on the internet and also the information revolution sparked by the The web, it’s highly painless for your technologies marketplace to consider it is unique: repeatedly breaking new ground and performing stuff that no one has ever before carried out earlier than.

But there are actually other kinds of company which have by now undergone many of the exact radical shifts, and have just as good a stake during the long term.

Take healthcare, for example.

We normally feel of it as being a substantial, lumbering beast, but in fact, medicine has undergone a series of revolutions while in the previous 200 many years that happen to be a minimum of equal to individuals we see in know-how and details.

Much less understandable, but nevertheless within the norms of human nature, would be the impulse to rubberneck, to slow down and take a look at the carnage of Charlie spectacle of Sheen’s unraveling, but with the blithe interviewer Sheen’s life as we pass it inside the best suited lane of our every day lives. To be sincere, it could possibly be hard for people to discern the big difference among a run-of-the-mill interest whore, and an honest-to-goodness, circling the drain tragedy-to-be. On its very own merits, a quote like “I Am On a Drug. It’s Described as Charlie Sheen” is sheer genius, and we cannot all be expected to take the complete measure of someone’s everyday living each and every time we listen to something humorous.

Fast forward to 2011 and I am looking to look into means that of currently being a little more business-like about my hobbies (mainly new music). By the stop of January I had manned up and started to promote my weblogs. I had established several numerous weblogs, which were contributed to by mates and colleagues. I promoted these actions by way of Facebook and Twitter.

Second: the very little abomination the Gang of Five around the Supream Court gave us a year or so back (Citizens Inebriated) basically has a touch bouncing betty of its own that may incredibly nicely go off within the faces of Govs Wanker, Sacitch, Krysty, and J.O. Daniels. As this ruling prolonged the idea of “personhood” to equally corporations and unions, to experiment with to deny them any best to operate within the legal framework that they have been organized under deprives these “persons” on the freedoms of speech, association and movement. Which implies (the moment yet again, quoting law school educated family) that possibly the courts must uphold these rights for that unions (as individual “persons” as guaranteed by the Federal (and most state) constitutions, or they've to declare that these attempts at stripping or limiting union rights should use to main businesses, also.

The Government Accountability Office has released a more than 300-page report tallying up 34 areas in which the government has duplicative, fragmented or overlapping programs, and an additional 47 areas where better management or spending decisions could save us money or raise revenue without any obvious loss to program effectiveness. Don't let the length of the report scare you off from giving it a look: The first set of recommendations is summarized on pages 5-7, and the second set on pages 155-158.

In general, I think conservatives tend to be more excited about these reports than liberals. Sen. Tom Coburn's office not only churns these sorts of reports out on a daily basis, but it also authored the amendment that led to the GAO producing this paper. That's a lost opportunity for liberals: It's the people who believe in government who should be angriest and most insistent on taking action when it fails to work, not the people who believe government can't work and see failure and inefficiency as proof for their argument. I give Coburn a lot of credit for the work he and his staff put in to identifying places where we could save money without hurting outcomes, but his crusade is inexcusably lonely. The Mark Warners of the world should be at least as loud on this issue. The necessary partner to big -- or at least biggish -- government is good government.

People will argue, of course, whether every item in here really is waste, fraud or abuse. But the GAO is considered pretty good at its job, and I think it's safe to say that most of this stuff is low-hanging fruit in terms of saving or raising money and making the bureaucracy work a little bit better. It won't solve our budget problems -- we need to get health-care costs under control to do that -- but it'd do some good. And that should be enough.

It’s nearing two weeks since unions and their cohorts on the Left have thrown a nationwide fit over Scott Walker’s solution to what is ailing Wisconsin. Unions and Democrats have made Wisconsin their cause célèbre by deploying OFA astroturf, the big talking heads, as well as recruiting just about every known Grateful Dead concert attendee on their mailing lists into Wisconsin. Meanwhile, Democratic state senators (now humorously known as fleebaggers) comically continue to hold the state hostage over an issue of union power, politics and money—nothing more and nothing less.

Despite unions’ long hatred of Scott Walker, the new governor is moving to address both the symptoms of the disease and the disease itself—the public-sector union scheme that has molested Wisconsin’s taxpayers and their children by gaming the system. Unions like Wisconsin’s teachers’ union [WEAC] (which was Wisconsin’s biggest-spending lobby in 2009) have been extraordinarily adept at fixing the system through spending millions to elect politicians who, in turn, reward the unions at the expense of the taxpayers.

Now, in response to Walker’s proposals, the Left has gone overboard in their attempt to protect their stranglehold on Wisconsin taxpayers. Even though unions have made clear that their fight is not about their wages or benefits (they’ve offered concessions), they’ve made the fight all about their “right to be unionized” and the fictitious right to “collective bargaining”—which makes their cause even more despotic.

In making Madison into something reminiscent of the spectacle of the 1960s, unions, Democrats and their liberal cohorts are attempting to make the Wisconsin union battle into a civil rights battle, when it is not. In fact, the Wisconsin fight, when compared to private-sector negotiations is about: 1) the Scope of Bargaining, 2) Union “Income” Security [Right-to-Work vs. Forced Dues], 3) whether Wisconsin should be the unions’ dues collection agency [payroll deduction of dues], and 4) whether public-sector unions should be ‘recertified’ by holding elections every year.

Contrary to the Left’s hyperbole, Scott Walker’s proposals do nothing to eliminate public-sector workers’ right to association, assemblage, or to petition their government. Even pretending that it is a “rights” issue is a mistake. There is nothing in the U.S. Constitution that requires a government to engage in a back and forth negotiation with a collective of workers. In a poignant piece entitled There is No Right to Collective Bargaining, Public Service Research Foundation President David Denholm summarizes the problem with the unions’ argument, stating:

A law granting public-sector unions monopoly bargaining privileges gives a union, a special interest group, two bites at the apple. First, it uses its political clout to elect public officials. Then it negotiates with the very same officials.

When you consider that between 70 and 80 percent of all local government expenditures are personnel costs, you begin to get an idea of the magnitude of the power such laws give unions.

Not only is there no right to collective bargaining in public employment, it is wrong. Collective bargaining distorts and corrupts democratic government.

Collective bargaining is a process for employer-employee relations that was designed for the private sector. This process served as the model for the development of public-sector collective bargaining without taking into account the fundamental differences between the two sectors.

As Mississippi Governor Haley Barbour explains:

“When they have collective bargaining in Wisconsin, on one side of the table there’s state employee unions or the local employee unions. On the other side of the table are politicians that they paid for the election of those politicians,” Barbour said. “Now, who represents the taxpayers in that negotiation? Well, actually, nobody.”

Even Newsweek’s Evan Thomas noted on Sunday [via Newsbusters]:

The Democrats really depend on these public employee unions in a lot of states for their support and for their political muscle, and public employee unions got a problem here. I want to distinguish between unions and public employee unions. Unions obviously are critical, but in the public sector, public employee unions have a pretty easy time getting a lot of benefits because nobody’s really pushing back all that hard.

Admittedly, Walker’s proposals are a threat to unions in several ways. As Walker’s proposals determine:

The extent of what unions will be allowed to bargain about. Walker’s proposal limits bargaining to wages only, effectively eliminating the WEA Trust monopoly which gets its money from local school boards and runs it through a union-run insurance company.

Whether unions can have workers fired for not paying union dues. According to its most recent financial record on file, WEAC (the teachers’ union) raked in over $25 million in 2009. Walker’s proposal makes paying union dues voluntary, as opposed to mandatory. This goes to the lifeblood of any union. If, for example, 20% of those teachers who are currently required to pay union dues as a condition of employment opt out, WEAC could lose up to $5 million a year in revenue. [It is noteworthy that, in the private-sector, the SEIU will be conducting its second strike at a Pennsylvania medical center over the issue of mandatory dues.]

Whether the state will continue being the unions’ dues collector. Walker’s proposal eliminates’ the employers’ payroll deduction of union dues. Again, while it is commonplace for unions to negotiate payroll deduction, there is nothing anywhere (in private or public sector law) that states that it is an employers’ duty to be a union’s collection agency.

Whether the unions will have to ‘re-certify’ every year to maintain representational status. Of all of Walker’s proposals, this seems to be one that could be considered a ‘throw away’ item in negotiations. If Walker’s other proposals get enacted, and union-represented employees feel that the union is worthless, they can initiate an election themselves every calendar under existing law [see Section 111.83(5)[h]] .

Given the ability of the unions and their co-conspirators on the Left to hijack the issue in Wisconsin over these last two weeks, there appears no way for a “win-win” compromise to be worked out. One side or the other will win. Either the unions and the Left, or taxpayers will prevail.

If the Left wins, all chances of reforming public-sector unions will be tossed aside by weak-kneed Republicans who will then be held hostage by temper-tantrum throwing Democrats (see Indiana for example). In addition, the Left has already painted the entire Republicans party with bulls eyes and has for years. Therefore, there is no reason for GOP governors like Scott Walker, Chris Christie and John Kasich to back down, which puts the Left in an untenable situation as well.

In the meantime, the disciples of Saul Alinsky will continue their prattle, attempting to convince America that the Battle of Wisconsin is something more than a fight over union power, politics and money…even though it’s not.

_________________

“I bring reason to your ears, and, in language as plain as ABC, hold up truth to your eyes.” Thomas Paine, December 23, 1776

X-posted.

Source: http://removeripoffreports.net/ online reputation management

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Saturday, March 5, 2011

managing personal finances

ECB President Jean-Claude Trichet's term expires in October. Alex Weber president of Bundesbank (Germany's Central Bank), an inflation hawk was widely recognized to be the leading candidate to replace Trichet.

However, that idea came to a crashing end last week when Alex Weber resigned from Bundesbank.

Supposedly Trichet's replacement is a wide-open race. However, Mario Draghi, an Ex-Goldman Sachs Managing Director has the clear inside track.

Please consider Axel Weber Resigns Bundesbank, Throws ECB Race Open

Bundesbank President Axel Weber resigned, ending three days of confusion and opening the field for candidates from Finland to Italy to become the next chief of the European Central Bank.

Weber, 53, “expressed the wish to resign” and will leave office on April 30 with a successor to be named during the next week, Steffen Seibert, a German government spokesman, said today after Weber met in Berlin with Chancellor Angela Merkel. Weber is leaving for “personal reasons” after deciding to step down a year early on Feb. 8 and then being asked by Merkel to postpone the announcement, the Bundesbank said.

Attention shifts from Weber to the qualities of other candidates who, according to 1991’s Maastricht Treaty, must be from the euro area and boast “recognized standing and professional experience in monetary or banking matters.” Likely meeting that criteria are central bankers Mario Draghi from Italy, Luxembourg’s Yves Mersch and Erkki Liikanen of Finland. German Klaus Regling, head of Europe’s bailout fund, may also do so even if he lacks monetary policy experience.

This week’s decline in the euro against the dollar suggests the “FX market is not pleased” by the loss of Weber given his status as an inflation fighter, said Lutz Karpowitz, a currency strategist at Commerzbank AG in Frankfurt. The ECB’s credibility may nevertheless be safe given “the assessment of a central bank should not depend on one person alone,” he said.

Philosophical Reasons For Weber Leaving

Weber is not leaving for "personal reasons" per se. He is leaving because of huge feuds with current President Jean-Claude Trichet, and the likelihood he would be in disagreement with the the rest of the ECB as well.

For example, please consider ECB’s Trichet Rejects Weber’s Call to End Bond Purchase Program

European Central Bank President Jean-Claude Trichet rejected Bundesbank President Axel Weber’s call to end the bond purchase program that has provided a lifeline for European governments and banks trying to shore up their finances.

“This is not the position of the Governing Council, with an overwhelming majority,” Trichet said when asked to respond to Weber’s Oct. 13 call for an end to the program, according to the a transcript of an interview published yesterday in Italian newspaper La Stampa.

Weber, who also sits on the ECB’s 22-member decision-making council, said the risk of “exiting too late” from the emergency measures was greater than pulling out too soon. The remarks, the strongest from any ECB official advocating a removal of stimulus, came as governments and banks in Ireland, Portugal and Greece struggle to convince investors they can control their finances in the aftermath of this year’s sovereign debt crisis.

“Trichet is sending a clear signal to Weber,” said Carsten Brzeski, an economist at ING Group NV in Brussels. “The majority seems to favor a safety belt option for the moment and isn’t comfortable with sending conflicting signals to the markets.”

“There is only one single currency; there is one Governing Council, only one monetary policy decision, and one president, who is also the porte-parole of the Governing Council,” Trichet told La Stampa.

Weber was never in favor of the ECB's bond program to begin with, and that caused a feud at the outset.

Weber felt the ECB was not only violating the Maastricht Treaty, but making unsound decisions on monetary policy as well. Given Weber was in a distinct minority on many decisions he decided to say to hell with it.

Mario Draghi is now recognized as the leading candidate to replace Jean-Claude Trichet.

Mario Draghi's Background

Inquiring minds are interested in Mario Dragh's Background

Mario Draghi is a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank. In April 2006 he was elected Chairman of the Financial Stability Forum, which became Financial Stability Board in spring 2009.

He graduated from the University of Rome, received his Ph.D. in economics from the Massachusetts Institute of Technology, and subsequently served as professor of economics at the University of Florence from 1981 to 1991.

Prior to taking the helm of the Bank of Italy, he was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002-2005). He was director general of the Italian Treasury (1991-2001), chairman of the European Economic and Financial Committee, a member of the G7 Deputies, and chairman of OECD Working Party 3. He was appointed chairman of the Italian Committee for Privatisations in 1993, and, from 1984 to 1990, was an executive director of the World Bank.

Mario Draghi's Role In Greek Debt Swaps Under Review

Please consider Mario Draghi and Goldman Sachs, Again

March 17, 2010

The latest revelations regarding the Goldman-Greece relationship (on the Senate floor, no less) clearly indicate that Goldman was a lead manager of Greek debt issues in spring 2002, i.e., when Mr. Draghi was on board.

This raises three entirely reasonable and straightforward questions.

Was Mr. Draghi involved in the Goldman-Greece relationship? Sources indicate that this was very much part of his set of responsibilities, but this may be disputed.
If Mr. Draghi was involved in marketing Greek debt, did he at that time know the true Greek debt numbers - i.e., was he aware of the "debt swap" arrangement? Perhaps his Goldman colleagues concealed that information from him.
And when/if Mr. Draghi became aware of the inherent misrepresentation involved this transaction, did he take steps to fully informed investors (and any relevant regulatory bodies)? Again, it is entirely possible he learned of this matter only recently and from the newspapers.

SEC Names ex-Goldman Sachs Employee to Oversee Asset Managers and Hedged Funds

While on the subject of ex-Goldman Sachs employees turning up in high-power jobs, please consider SEC Taps Goldman Sachs Executive as Division Head

The Securities and Exchange Commission has named Goldman Sachs Asset Management Chief Investment Officer Eileen Rominger to head its division overseeing asset managers and hedge funds.

Rominger will come to the SEC after nearly 30 years in the investment management business, according to an SEC press release Tuesday.

She managed equity funds at Oppenheimer Capital and at Goldman before becoming Goldman's chief investment officer for its global portfolio management teams.

All we need now to complete the picture is for an ex-Goldman employee to run for president of the United States and for another ex-Goldman employee to replace Bernanke at the Fed.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Bundesbank President Axel Weber resigned, ending three days of confusion and opening the field for candidates from Finland to Italy to become the next chief of the European Central Bank.

Weber, 53, “expressed the wish to resign” and will leave office on April 30 with a successor to be named during the next week, Steffen Seibert, a German government spokesman, said today after Weber met in Berlin with Chancellor Angela Merkel. Weber is leaving for “personal reasons” after deciding to step down a year early on Feb. 8 and then being asked by Merkel to postpone the announcement, the Bundesbank said.

Attention shifts from Weber to the qualities of other candidates who, according to 1991’s Maastricht Treaty, must be from the euro area and boast “recognized standing and professional experience in monetary or banking matters.” Likely meeting that criteria are central bankers Mario Draghi from Italy, Luxembourg’s Yves Mersch and Erkki Liikanen of Finland. German Klaus Regling, head of Europe’s bailout fund, may also do so even if he lacks monetary policy experience.

This week’s decline in the euro against the dollar suggests the “FX market is not pleased” by the loss of Weber given his status as an inflation fighter, said Lutz Karpowitz, a currency strategist at Commerzbank AG in Frankfurt. The ECB’s credibility may nevertheless be safe given “the assessment of a central bank should not depend on one person alone,” he said.

European Central Bank President Jean-Claude Trichet rejected Bundesbank President Axel Weber’s call to end the bond purchase program that has provided a lifeline for European governments and banks trying to shore up their finances.

“This is not the position of the Governing Council, with an overwhelming majority,” Trichet said when asked to respond to Weber’s Oct. 13 call for an end to the program, according to the a transcript of an interview published yesterday in Italian newspaper La Stampa.

Weber, who also sits on the ECB’s 22-member decision-making council, said the risk of “exiting too late” from the emergency measures was greater than pulling out too soon. The remarks, the strongest from any ECB official advocating a removal of stimulus, came as governments and banks in Ireland, Portugal and Greece struggle to convince investors they can control their finances in the aftermath of this year’s sovereign debt crisis.

“Trichet is sending a clear signal to Weber,” said Carsten Brzeski, an economist at ING Group NV in Brussels. “The majority seems to favor a safety belt option for the moment and isn’t comfortable with sending conflicting signals to the markets.”

“There is only one single currency; there is one Governing Council, only one monetary policy decision, and one president, who is also the porte-parole of the Governing Council,” Trichet told La Stampa.

Mario Draghi is a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank. In April 2006 he was elected Chairman of the Financial Stability Forum, which became Financial Stability Board in spring 2009.

He graduated from the University of Rome, received his Ph.D. in economics from the Massachusetts Institute of Technology, and subsequently served as professor of economics at the University of Florence from 1981 to 1991.

Prior to taking the helm of the Bank of Italy, he was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002-2005). He was director general of the Italian Treasury (1991-2001), chairman of the European Economic and Financial Committee, a member of the G7 Deputies, and chairman of OECD Working Party 3. He was appointed chairman of the Italian Committee for Privatisations in 1993, and, from 1984 to 1990, was an executive director of the World Bank.

Mario Draghi's Role In Greek Debt Swaps Under Review

Please consider Mario Draghi and Goldman Sachs, Again

March 17, 2010

The latest revelations regarding the Goldman-Greece relationship (on the Senate floor, no less) clearly indicate that Goldman was a lead manager of Greek debt issues in spring 2002, i.e., when Mr. Draghi was on board.

This raises three entirely reasonable and straightforward questions.

Was Mr. Draghi involved in the Goldman-Greece relationship? Sources indicate that this was very much part of his set of responsibilities, but this may be disputed.
If Mr. Draghi was involved in marketing Greek debt, did he at that time know the true Greek debt numbers - i.e., was he aware of the "debt swap" arrangement? Perhaps his Goldman colleagues concealed that information from him.
And when/if Mr. Draghi became aware of the inherent misrepresentation involved this transaction, did he take steps to fully informed investors (and any relevant regulatory bodies)? Again, it is entirely possible he learned of this matter only recently and from the newspapers.

The Securities and Exchange Commission has named Goldman Sachs Asset Management Chief Investment Officer Eileen Rominger to head its division overseeing asset managers and hedge funds.

Rominger will come to the SEC after nearly 30 years in the investment management business, according to an SEC press release Tuesday.

She managed equity funds at Oppenheimer Capital and at Goldman before becoming Goldman's chief investment officer for its global portfolio management teams.

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