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ARCHIVED DISCUSSION FROM 3/23/2003
All times are U.S. Mountain Time

(Yesterday's Discussion.)

1340cc (03/23/03; 22:40:04MT - usagold.com msg#: 100154)
Coon 'huntin and the weaker sex i.e. Rare Gold


I can tell there are some of you good 'ol boys that have never been 'coon huntin. A racoon, 35 lbs, will lure a 65lb coon dog into a creek and I can guarantee that there has never been very many dogs come out the winner. In this case Sa Damn is the coon. Lets all hope the coon dog, the USA , will come out the winner.

Now as far as women in war. How many of you boys have pushed a 15 lb. bowling ball out your butt? It has been proven women have a much higher tolerance for pain. And just what do you think they can do to a woman that they can't do to a man?



Max Rabbitz (03/23/03; 22:27:54MT - usagold.com msg#: 100153)
Russian Story
I think is not very likely.

1) The line mentioned in the story is essentially the road used to get to the Chemical factory at An-Najaf. You don't put your supply line along side the enemy line.

2) The captured and murdered Americans were mechanics. You don't put them in the front lines.

3) Any mechanized vehicles in this region are dead meat. I don't see how they could survive for long in the open.

What is more likely to me is that Iraqi guard troops (and Saudi and other volunteers) remained behind, took off their uniforms and have become guerillas. Since this is a Shite area I would expect minimal help from the population. Baghdad is different and I'd expect much more support for Saddam/Baath Party. Time will tell. Russian media is now fully controlled by the government and Saddam is a Russian ally. Note the just confirmed illegal weapons sales during the last year, against sanctions. Russia wants to hurt the U.S., and not just to free gold prices. Does anyone still want to take things to the UN?


Buena Fe (03/23/03; 22:12:40MT - usagold.com msg#: 100152)
wag the dog
don't get me wrong, saddam is a monster, but

i don't trust washington either

this big chemical plant is first reported by fox and jerusalem news, hmmmmmmmmmm only 30 guards, hmmmmmmm, no resistance, smells like another desperate rumour to help the monday morning markets to me! or worse a set up to justify this war.

if no wmd are found washington is going to suffer some big pressure from the international community


Yellow Metal (03/23/03; 21:51:39MT - usagold.com msg#: 100151)
Soviet losses in Afghanistan 1979 - 1989
http://www.aeronautics.ru/nws001/afghanlosses01.htm
From the same pages "Soviet losses in Afghanistan 1979 - 1989"

He also has a very interesting breakdown of Russian military ordnance and capabilities.

Taking the two together I don't think it will be a short war and Gold should start to rise accordingly.



JT (03/23/03; 21:49:37MT - usagold.com msg#: 100150)
Unilateral assured destruction
http://www.nationalcatholicreporter.org/peace/gumb0811.htm
This may of interest

However, in a New Yorker article — in the April lst issue of New Yorker magazine, Nicholas Lehman wrote an article which he entitled, "The New World Order." And that article suggests that our foreign policy, the foreign policy that we're following, did not begin on September 11, or evolve out of September 11. In 1992 Richard Cheney, now our vice president, and Paul Wolfowitz, now the Deputy Secretary of Defense — both of whom exercise enormous power in the current administration — wrote a position paper for George Bush, Sr, charting out U.S. foreign policy after the fall of Communism: What we had to do now that the Soviet Union is gone from the scene. (That happened in 1989, very suddenly, very dramatically.)

And the heart of it, according to Mr. Cheney and Mr. Wolfowitz in this report, will be, and listen to these words carefully: "to maintain the United States’ position as the world's only super power and to allow no other super powers to emerge."

The aim, simply put, was to establish unilateral control of the world. Such an aim would involve — and these are the kinds of words they use in the report — smashing all possible enemy threats — even before those threats become real. You may have heard we now have a pre-emptive military policy. We will attack another country whenever we decide that they are about to attack us, whether we have any proof or not, but we have a pre-emptive defense policy.
----------------------------------------------------

That was written in 1992. And yet it is exactly what is happening at this time. We have dropped out of the ABM Treaty. We have refused to ratify the comprehensive Test Ban Treaty. We have refused to go along with the Kyoto Accords. We have said no to the World Court. We have refused to sign on to a land mines elimination treaty. We are backing out of one treaty after another because we are the super power. We don't need the other nations any longer.
And based on this idea that we are Number One, that we are the indispensable nation, we go on to develop kinds of military that we feel we will need to wage pax Americana.



Yellow Metal (03/23/03; 21:34:44MT - usagold.com msg#: 100149)
@ Sector . .As for the usagold admin's refusal to accept non-US news sources as having credibility
http://www.aeronautics.ru/news/news002/news076.htm
Yes there should be no doubt in anyone's mind, particularly on this forum that the news from US sources is highly suspect.
Actually, I'm constantly amazed at the number of posters here who express the gravest of doubts about the US financial media and yet blithely accept the same media in their reporting on things "geopo;itical".

Be that as it may, I personally am constantly scouring internet media in an effort to discern what is happening. The above link is only one of many and I certainly am not vouching for it but maybe we should extend our inquiries a little further than we have been.

The link is to a Russian site so anyone afraid of misinformation from unpatriotic foreigners is asked not to follow it.

snip


March 23, 2003, 1200hrs MSK (GMT +3), Moscow - The situation in southern Iraq can be characterized as unstable and controversial. Heavy fighting is taking place in the Umm-Qasr-An-Nasiriya-Basra triangle. Satellite and signals intelligence show that both sides actively employ armored vehicles in highly mobile attacks and counterattacks. Additionally, fighting is continuing near the town of An-Najaf.

As of this morning the Iraqi defenses along the Basra - An-Nasiriya - An-Najaf line are holding.

Following the yesterday's Iraqi counter strike near An-Nasiriya the US command was forced to halt the advance of its troops toward An-Najaf and to redirect a portion of available tank forces to cover the flanks of the 3rd Motorized Infantry Division attacked by the Iraqis. By late evening yesterday constant air strikes and increasing strength of American tank attacks forced the Iraqis to withdraw their troops back to eastern parts of Nasiriya, across the Euphrates river, were they assumed defensive positions along the river bank.

end of snip

Even when we don't like what we hear, we owe it to ourselves to investigate further.


mikal (03/23/03; 21:13:45MT - usagold.com msg#: 100148)
"Live free or die"- New Hampshire state motto
http://www.guardian.co.uk/uk_news/story/0,3604,918742,00.html
(Richard Perle, of course, is CFR member too.)

Pentagon hawk linked to UK intelligence company
Richard Perle is director of firm selling terror alert software
David Leigh Friday March 21, 2003
The Guardian -Excerpt:
"Amid general stock market jitters, one British company linked to the American hawk Richard Perle and dealing with secret intelligence is among the few UK commercial organisations that stand to profit from the Iraq war and its accompanying worldwide terrorist alert.
The Cambridge-based Autonomy Corporation, with Mr Perle's help, is secretively selling advanced computer eavesdropping systems to intelligence agencies around the world.
Its software simultaneously monitors hundreds of thousands of intercepted emails and phone conversations while they are taking place."


mikal (03/23/03; 21:06:18MT - usagold.com msg#: 100147)
@Goldilox, Sector
I have enjoyed many breaking news stories from Pravda.ru in recent years. Also I have known and worked with numerous fine Ukranian, Georgian and Russian citizens and with great pleasure.
If an "enemy" is Arab or Korean or Nippon, there will always be "pack journalism and sanctimonious nationalism", quoting Mr. Gresham on Friday. Stereotypes and presumptuous interpretation of news and current events reinforce self-defeating habits, rather than enabling success in life.


Waverider (03/23/03; 21:03:59MT - usagold.com msg#: 100146)
The monster slain by optimism
http://www.globeandmail.com/servlet/story/RTGAM.20030322.cowent0322/BNStory/International
Snip:
"For a long time, Saddam did not believe that it would come to war. The international community was so divided that he thought he could fend them off indefinitely. His friends in Europe would thwart the criminal little Bush. The Iraqi media referred approvingly to Jacques Chirac as al-munadhil al-akbar, the Great Combatant. But he miscalculated wildy, as he has done before. And now his serial miscalculations have spiralled into disaster. It is now that he is most dangerous. "When he is backed into a corner, he will lash out with everything at his disposal," says psychiatrist Jerrold Post, who has profiled Saddam in detail for the U.S. Defence Department. This view is shared by virtually all Saddam-watchers. The question is not whether Saddam will try to burn his oil fields, bomb his dams to flood the rivers, and unleash whatever nasty weapons he may have in his arsenal. The answer is yes. The real question is whether anyone will obey him any more."

Waverider: I'm not quite as optimistic as Sector that Saddam would have used WMD by now. I've been thinking recently of my travels to Masada in Israel where Eleazar and the Jewish revolutionaries comitted mass suicide before being subjugated by the Romans. I wouldn't put anything past Saddam - I view him as extremely dangerous. I think he is psychotic enough to unleash WMD- even on his own people. The question is whether he has the means to do it.


JT (03/23/03; 20:55:53MT - usagold.com msg#: 100145)
Bush and Cheney's Global War
http://www.afsc.org/pwork/0204/020404.htm
Some may find this interesting

The New New World Disorder is also based on oil, the jugular vein of the world's economies. Remember, the US has threatened to initiate nuclear war at least eight times to preserve its privileged control of the world's oil reserves.


Goldilox (03/23/03; 20:52:59MT - usagold.com msg#: 100144)
alternate news sources
@sector

Your point about the validity of stories in the US press is certainly noted. My new browser at least has BBC INTL built-in to the News links. They're not jumping to display alternate viewpoints, but they sure seem to double check their stories better. So far, every major action and specific anomaly (like friendly fire, POWs, etc.) has been posted there hours before the US press releases its version. US News is severely slowed down (and whatever else) by required sanitation procedures.

Yesterday, BBC was posting pictures of 100K+ plus marchers in NYC when the US media was still estimating 10K. Come on, 10K in NYC isn't even an Expos-Mets game.

I know this isn't your main point, but it's helped me get a little more perspective.


Max Rabbitz (03/23/03; 20:52:18MT - usagold.com msg#: 100143)
Analysis: Shock and Worry
http://www.newsmax.com/archives/articles/2003/3/23/134629.shtml
A few snippets from Christopher Ruddy
Monday, March 24, 2003

"What an interesting war. This is looking like the equivalent of the Vietnam War, one where, because of political considerations, we couldn't chase the enemy across the DMZ. Now we won't hit anything save those deemed "official" buildings and presumably empty."

"Instead of rushing to the capital our ground troops, let's soften up the enemy. When the lights don't go on, the water tap is silent and the toilet won't flush, when food dwindles, when chaos reigns because the leaders are fleeing or dead, that's when the regime has maximum pressure to be ousted from within. This "war-lite" won't cause it."

"Col. David Hackworth said he worries that with U.S. troops so close to Baghdad, Saddam won't need missiles. His Republican Guard can just pump artillery shells laced with chemical weapons upon our troops."

"Our American leadership firmly believes that the Iraqis really want to be liberated by America and won't fight for Saddam. Americans, who love freedom, can easily be deluded to think this."

But previous military commanders who battled tyrants in Japan,Germany, the Soviet Union, Korea and Vietnam know that native populations can and will fight tooth and nail for their dictators."

Max: "I went to a pro-troops rally this afternoon. Over 10,000 adults and lots of kids. Nice people. Very polite. On tonight's evenings news one local TV station just mentioned there was a rally, no footage or crowd size mentioned, but showed a few hundred "peace" protestors downtown trying to disrupt other people's business.



Black Blade (03/23/03; 20:41:57MT - usagold.com msg#: 100142)
The Party's Over - Oil, War, and the Fate of Industrial Societies
http://www.financialsense.com/Experts/2003/Heinberg.htm

Snippit:

The world is about to run out of cheap oil and change dramatically. Within the next few years, global production will peak. Thereafter, even if industrial societies begin to switch to alternative energy sources, they will have less net energy each year to do all the work essential to the survival of complex societies. We are entering a new era, as different from the industrial era as the latter was from medieval times.

In "The Party's Over", Richard Heinberg places this momentous transition in historical context, showing how industrialism arose from the harnessing of fossil fuels, how competition to control access to oil shaped the geopolitics of the 20th century, and how contention for dwindling energy resources in the 21st century will lead to resource wars in the Middle East, Central Asia, and South America. He describes the likely impacts of oil depletion, and all of the energy alternatives. Predicting chaos unless the U.S. -- the world's foremost oil consumer -- is willing to join with other countries to implement a global program of resource conservation and sharing, he also recommends a "managed collapse" that might make way for a slower-paced, low-energy, sustainable society in the future.

Black Blade: A Puplava interview accessible at the link. I haven't listened to it yet or read Heinberg's book. It might be interesting in light of current events. Occasional poster DeRonin brings this to our attention.



Black Blade (03/23/03; 20:29:38MT - usagold.com msg#: 100141)
U.S. natural gas demand expected to out-pace production 3-1
http://www.petroleumnewsalaska.com/pnarch/030316-04.html

Snippit:

Despite strong U.S. natural gas prices and storage levels approaching record lows, major drilling activity has been slow in responding to market fundamentals, leaving some industry analysts scratching their heads. EIA now expects U.S. gas demand this year to increase by 3.7 percent to around 22.5 trillion cubic feet. But EIA also anticipates that production, down 2.8 percent last year, will grow by just 1.2 percent this year, despite strong prices and a corresponding increase in drilling. There also is growing sentiment among analysts that no matter how much drilling increases in North America, U.S. demand for natural gas will continue to outpace domestic production. They generally blame a lack of good, available prospects and growing dependence on older, less productive fields. ExxonMobil CEO Lee Raymond drove that point home at last month's Cambridge Energy Research Associates' CERA Week conference in Houston, Texas, warning that U.S gas is going the same way as U.S. oil production. "If you don't have a place, you aren't going to drill," Raymond asserted. "Lower 48 prospectively is gradually eroding because fields are so mature. The U.S. is gradually slipping into a lack of sufficient gas supply to meet demand."

Black Blade: Indeed.



Cytek (03/23/03; 20:28:06MT - usagold.com msg#: 100140)
1 Year chart and the POG
As i write this the POG is up at $326.80 and Gold has tested it's 200dma and so far it looks like it will bounce off of its old $325 Maginot line. Tomorrow will be interesting on the Comex floor. I believe if the POG stays and closes above $325, this will confirm the powerful bull-market for at least the chartist, making $325 an even stronger support level for gold. I certainly hope it happens!
Whatever happens there will be violient swings on any good or bad WAR news. Looks like OIL is up and developments over the weekend have clearly cooled off the dollar. If those Tomahawk cruise missiles keep finding themselves in other countries and take out something major, this war could turn real ugly.


Goldilox (03/23/03; 20:27:04MT - usagold.com msg#: 100139)
re: more on post #99969 on 3/20/03 - War costs
http://www.cnn.com/2003/WORLD/meast/03/23/sprj.irq.war.main/index.html
 Iraq claims it has found an Israeli missile in Baghdad and accuses Israel of "taking part in this aggression against Iraq," Iraqi Foreign Minister Naji Sabri said Sunday. The Israeli government denied the claim, government spokesman Daniel Seaman saying, "Israel is not engaged in this war in any way."

OK, they're in. they're out; financially it's all a little of the ole in-N-out.

Not hard to believe they're plenty supportive, but George Bush's War budget includes $1Bn Aid and 9$Bn guaranteed loans to Israel. If they're NOT part of the war effort, why should such a large amount of the war $$$ funding be set aside directly for them?

Of course, there is nothing on this planet stranger than appropriations bills.

- Mark Twain on the "efficiencies" of government. . . "Suppose an idoit went to Congress, but then I repeat myself."


mikal (03/23/03; 20:26:34MT - usagold.com msg#: 100138)
Nuclear power plants, clean coal, tar, alternative energy?
Oil gets more expensive, environmentally, in body counts, social dissarray and imbalance, cancer, etc. Eventually energy barons will move on to different "politically correct", but nonetheless improved sources like clean coal.

sector (03/23/03; 20:19:32MT - usagold.com msg#: 100137)
Russian Dealers Provide Iraq With Supplies, Electronics
http://www.foxnews.com/story/0,2933,81917,00.html

Sunday, March 23, 2003
By Liza Porteus

WASHINGTON — Russian arms dealers have equipped Iraq with supplies and electronic jamming equipment that could throw U.S. planes and bombs off course, Fox News has confirmed.

The Washington Post first reported Sunday that Bush administration sources reported that a Russian company is helping the Iraqi military deploy global-positioning system jammers to Baghdad. Two other companies have sold anti-tank missiles and thousands of night-vision goggles in violation of U.N. sanctions.

The United States protested the aid to the Russian government on Saturday for not doing more to stop the transactions, the Post reported.

Fox News confirmed that Russians were in fact selling the equipment to Baghdad and that Russian technicians were in the Iraqi capital this week, instructing Iraqis on how to use the devices. Russians were in Baghdad as of Friday but it's not known whether they have left.

"We are very concerned about reports that Russian firms are selling militarily sensitive equipment to Iraq," State Department spokeswoman Brenda Greenberg told Fox News. "Such equipment in the hands of the Iraqi military may pose a direct threat to U.S. and coalition armed forces."
++++++++++++++++++++++++

There will be no threat to "Coalition forces" if they stay out of Baghdad and Basrah and don't try to drop precision-guided GPS based ordnance there. They can, of course use conventional laser gyro platform-assisted dumb bombs but those aren't nearly as precise.

And all this means that the US has been checkmated. They cannot enter Baghdad without running an unacceptable risk to all their armored units nor can the US engage in so-called surgical strikes without adding unacceptably to the mounting civilian death toll.

It is all over but the White House's decision regarding its withdrawal from Iraq.

The war is really over and we lost. Unless the President continues to pound on his square peg and kills thousands more with inaccurate GPS bombing or worse, orders our soldiers to their deaths to face ant-tank, city-based weapons.
++++++++++++++++++++++++++

As for the usagold admin's refusal to accept non-US news sources as having credibility.

The US news sources have reported that Basra had fallen two days ago--It hadn't. FT.COM reported today that the entire 51rst Division in Basra surrendered...then their commanding officer phoned in via Al-Jazzera's sat-phone from tne front that he was still there with over 20,000 soldiers and 10s of thousands of armed citizens.

The US reported they took Umm Qsar a city a few miles from the border, on the 20th in the first hours of the war, but were shown on several television networks this evening in a fierce fire fight today in Umm Qsar. Our soldiers are certainly not walking around Umm Qsar outside their armored vehicles. The US still have not "Taken" the city.

It is the US news sources that are not credible. The overarching US propaganda machine is the real shock and awe.

Russian Defense Minister Sergi Ivanov said months ago that the "Iraqis would fight". They are fighting.

A balance in reporting and news assesment is only obtained by reading both sides. Pravda is one side.

As for the link to economics...the whole purpose for the war is to attept to save a failed US economy by the predation of Arab oil. The stated purpose is to disarm Iraq of its WMD.

If Iraq HAD all those WMD they would have already used them...unless, of course, Saddam is the most clever tactician ever born.




Black Blade (03/23/03; 20:15:40MT - usagold.com msg#: 100136)
'Huge' Suspected Chemical Weapons Plant Found in Iraq
http://www.foxnews.com/story/0,2933,81935,00.html

Snippit:

A senior pentagon official has confirmed to Fox News on Sunday that coalition forces have discovered a "huge" suspected chemical weapons factory near the Iraqi city of An Najaf, which is situated some 90 miles south of Baghdad. Coalition troops are also said to be holding the general in charge of the facility. U.S. Central Command, which oversees the war in Iraq, said in a statement that troops were examining several "sites of interest," but said it was premature to call the Najaf site a chemical weapons factory.

Black Blade: Getting warmer? Hmmm…



Black Blade (03/23/03; 20:10:00MT - usagold.com msg#: 100135)
Thanks MK

I guess with the news so heavily dominated with these disturbing current geopolitical events it is difficult to not be distracted. I still have no over riding preference pro or con about the war but it is easy to have one's thoughts focused on these "interesting times".

While I believe the main purpose of the war is over securing a free flow of "cheap" oil for economic and national security reasons, I would also concede that the removal of Saddam is to remove a destabilizing threat in the region that accounts for at least 19% of the global oil supply and where the U.S. gets 13% of its daily consumption including 1.2 million bbl from Iraq. In fact without Middle East oil there is no U.S. economy. The U.S. has only 3% of the world's known reserves and is not capable of meeting its own energy requirements. With several emerging Third World nations requiring "cheap" energy to grow and demanding "their share", the competition for these dwindling resources will become very intense. Hydrocarbon Man demands "cheap" energy. The modern economic miracles demand it. Without "cheap" energy the "New Economy" would have never happened.

Hydrocarbon Man is addicted to foreign oil. With U.S. production in decline and demand rising, we will produce only 21% of our own consumption by 2020, down from 90% in 1990. By then even Middle East oil production will be in decline as more emerging nations demand ever more of "their share". In the next 20 years demand for oil will grow from 77 million bbl/day to 120 bbl/day based on DOE and IEA estimates. Nearly all the extra supply is expected to come from the Middle East. Natural Gas will have to pick up the slack. It is more abundant in the U.S. and cleaner burning. It will also require the opening up of restricted lands for eventual production. Natural Gas demand will likely increase by 46% by 2020 based on EIA estimates. Even so, our "cheap" NatGas resources are limited. Currently NatGas production is in rapid decline due to limited access and multiple government regulations.

It's not just gasoline that will get prohibitively expensive but rising energy costs will push up the price of all goods and services eventually leading to runaway inflation. The rising costs of energy are a drag on productivity and economic growth. To counter act these costs the government will stimulate the economy with cash and lots of it. As unpalatable that may seem the alternative is much worse. The Federal Reserve will ultimately "bite the bullet" and as Alan Greenspan and Fed governor Ben S. Bernanke have said in the past, they will use the wonder of technology – "the printing press". In this scenario gold will take its rightful place as a wealth preservation vehicle while the currency is debased (think Argentina, Russia, and Japan for example). Gold has been on a slow and steady rise as the tech bubble popped. However, as the energy supply-demand situation becomes more critical and inflation reigns, precious metals will experience a meteoric rise as Hydrocarbon Man is confronted with a plunging U.S. dollar. That is why it is imperative that everyone has a portfolio insurance position anchored with precious metals.

I would say we are paying the price for mistakes made in the past when these nations were carved out of the post Ottoman Empire following World War I as per the 1921 League of Nations mandate. In short this "mandate" led to inter tribal squabbles and disputes over boundaries, especially since the discovery of major oil fields that lie under these national boundaries. So without going into a long-winded dissertation and extensive review of history, Great Britain and France for the most part had divided up oil interests in the region and the U.S. came upon the scene in the 1930's. For a good detailed reading I would suggest the Pulitzer Prize winning book and a PBS series "The Prize: The Epic Quest for Oil, Money & Power" by Daniel Yergin (now president of Cambridge Energy Research Associates).

Whether Hydrocarbon Man is American, British, French, German, Russian, Chinese, Australian or whatever nationality, the quest in the Middle East is for abundant "cheap" oil or "The Prize". The survival of each economy demands it.

- Black Blade


JT (03/23/03; 20:02:09MT - usagold.com msg#: 100134)
test
test

rare gold (03/23/03; 19:21:55MT - usagold.com msg#: 100133)
Thanks Sir K
I apologize also for jumping the gun myself.

USAGOLD / Centennial Precious Metals, Inc. (03/23/03; 19:19:58MT - usagold.com msg#: 100132)
Common sense investing for common and uncommon times...
http://www.usagold.com/cpm/abcs.html

ABCs of Au by MK

The ABCs of Gold Investing

"Gold will play a critically important role in American investment portfolios in the years to come. This book provides investors a basic education on private gold ownership from one of the nation's top experts." --Rep. Ron Paul, Texas, U.S. House of Representatives

Please Remember: It is your purchase from USAGOLD - Centennial Precious Metals that nourishes these pages.



21mabry (03/23/03; 18:54:06MT - usagold.com msg#: 100131)
(No Subject)
I wonder what the rules are for Iraqi personel fighting behind coalition lines in civilian garb? Will these people be treated as soldiers if caught, or as guerrila force or iregulars and or as spies and not covered by geneva convention.

Goldilox (03/23/03; 18:46:08MT - usagold.com msg#: 100130)
Missouri asks to borrow money from federal government to pay unemployment benefits
http://www.kansascity.com/mld/kansascitystar/business/5442157.htm
Missouri unemployment -

Missouri has asked to borrow as much as $100 million from the federal government to pay unemployment benefits, because the state's trust fund has gone broke.

The money will be drawn on an as-needed basis, probably starting Monday, said Gracia Backer, director of the Division of Employment Security. The federal loans will help pay benefits for this month and next.

Missouri is required by federal law to borrow money to ensure there is no disruption in benefits. Gov. Bob Holden sent a letter to U.S. Secretary of Labor Elaine Chao two weeks ago requesting the loan. State officials had known for more than a year that the unemployment trust fund would probably run out of money.

Employers will end up repaying the loan, because they pay taxes that support the fund. The last time the fund went broke -- in 1992 -- employers repaid $81.5 million, plus $3.4 million in interest.

Some lawmakers are pushing legislation that would set up a commission to sell bonds to cover the latest deficit.

-- The Associated Press


Goldilox (03/23/03; 18:26:35MT - usagold.com msg#: 100129)
Open Forum
Thanks, MK

I apologize for jumping the gun.


MK (03/23/03; 18:16:58MT - usagold.com msg#: 100128)
Open Forum til midnight Weds. . . . .
After some deliberation, we've decided to open the forum to discussion on Iraq without restriction for a llimited time period. The last time we did anything like this was right after the attack on 9/11, and the open forum proved beneficial to both posters and USAGOLD gold clientele -- current and prospective. As such we will drop for the interim the requirement that posts be brought back to economics, finance and gold.

Open forum starts now and will last until midnight Wednesday.

Please keep in mind that USAGOLD and its management endorses none of the opinions posted here. All the rules of decorum, personal attacks, etc. remain in place.

On Thursday, we return to business as usual.


Goldilox (03/23/03; 18:08:51MT - usagold.com msg#: 100127)
Al Jazeera tape
I, thankfully, have not viewed the horrid tape in question, but have heard it downplayed by Rumsfeld and Bush, trying to maintain public decorum and focus on the big picture (as they should). As BB alluded, we may hear nothing of the effects it has on our troops, but, rest assured, friends, they will be MOTIVATED!

The USA has never publically sponsored suicide missions, but throughout our battle history there have been many brave GIs who have chosen a brutal fight to the end over subjugation, especially by known butchers. Now that we as confident Saddam's regime has NO intention to treat any captives civilly, the fellas will go in with an attitude, and who could blame them???

Iraqis may not know it, but my guess is that tape has turned up the HEAT more than a few notches!


Black Blade (03/23/03; 17:56:17MT - usagold.com msg#: 100126)
The Coming Energy Crisis
http://www.wtrg.com/EnergyCrisis/index.html

1) All warning signs that existed prior to the energy crises of 1973 and 1979 exist today.

2) Various energy security measures indicate that the potential for an energy shortage is high.

Snippit:

Various measures of US energy security indicate that the US might be heading for an energy crisis. Many of the warning signs that existed before the energy crises of 1973 and 1979 exist today and they indicate that the current situation could be even worse. US dependence on petroleum imports has grown steadily for over a decade and has been at record levels for several years. Petroleum inventories are low and the ability of Strategic Petroleum Reserves (SPR) and commercial petroleum stocks to cope with an interruption in imports matches the historic lows preceding the 1973 and 1979 energy crises.

The potential for an energy crisis has never been higher. Oil prices have recently exceeded $30 per barrel and they may continue to increase. The disruption of Venezuelan oil supplies has increased the US dependence on Middle Eastern oil and made the US more susceptible to supply interruption. With the crisis in Venezuela, the capacity of OPEC to meet any additional supply interruption is limited and a war with Iraq would put OPEC at its limit. Any energy crisis in the near future will hinder President Bush's efforts to stimulate the economy through tax cuts and other fiscal measures. An energy crisis could cause a recession, inflation, and higher unemployment.


Black Blade: Much of this information in the article I have covered in the past but considering current events and the similarities to the 1970's it is well worth reading. Think of it in the context of 1970's stagflation (inflation and slow growth), rising government deficits, weak US dollar, geopolitical turmoil and the climbing gold price. I would venture to guess that we are in much worse economic shape today and less capable of recovering as we were in the 1970's. Oil and NatGas are the lifeblood of the global economy and regardless of how one feels about current geopolitical events without "cheap" abundant energy to fuel the economy we are looking at a long-term global depression. In fact I make the article today's reading assignment. Note: the graphs alone tell the "grim" story. Precious metals are on sale at "fire sale" prices.



rare gold (03/23/03; 17:36:57MT - usagold.com msg#: 100125)
It's Tough Being a Woman In Combat
One of the reasons why I never agreed with women in combat was the fear of them becoming POW's such as we have witnessed today. Unfortunately, the devil doesn't go by the Geneva Convention.

My prayers go out to the troops.

So much for that cake walk through Bagdad, If they don't reach BD by tomorrow its because they got held up by the Iraq-ie's. I wonder how the media is going to explain this one after all that hype of a quick war.


Waverider (03/23/03; 17:31:49MT - usagold.com msg#: 100124)
Dollar Falls on Reports of U.S. Prisoners, Heavier Iraq Battles
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_box.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&box=ad_box_all&tag=financial&middle=ad_frame2_topfin&s=APn5EkRYmRG9sbGFy
Snip:
"The dollar fell against the yen and the euro on reports U.S. soldiers were captured in Iraq and after U.S. officials warned the fighting was going to intensify the closer allied forces got to Baghdad. ``When we left on Friday, it looked as if the war was moving forward to a rapid end,'' said Robert Rennie, currency strategist in Sydney with Westpac Banking Corp. ``Recent events show that was premature, and that's bad for the dollar.'' The dollar may trade between $1.05 per euro and $1.0650 in the next few days, he said."

Waverider: Friday's honeymoon of irrational exuberance appears to be over. Market movements are going to be strongly correlated to war news, so we may as well expect a lot of volatility. Stay vigilant and expect the unexpected...Saddam is a cornered animal and capable of anything. Now...I too am off to the gym!


Clink! (03/23/03; 17:22:32MT - usagold.com msg#: 100123)
POG just gone back over $328
Mind you, from what I can tell from the TA specialists in the various castles, the key support level to watch for is $320, and this may be tested sometime in the next couple of weeks. I might be tempted to do an ostrich act until then, and bury my head in the sand until after !

C!

PS. Before anyone corrects me, I know that ostriches DON'T bury their heads in the sand when threatened but have a nasty tendancy to start trying to kick the c#*p out of their aggressor. It's just an expression, OK ?

PPS. Emus do too. Couldn't resist the alliteration.


21mabry (03/23/03; 15:51:14MT - usagold.com msg#: 100122)
401k
Was speaking with a friend,they had finally moved there 401k money from sp500 to a treasury bond fund,this was a month ago.They said they did this to preserve the capital they had left,well they said the bond fund had lost several hundred dollars of their money last week.I told them maybe to cash out and buy some gold.He had that option as he is not with the company anymore.It goes to show you, common working people are getting chewed up no matter what they do.

Black Blade (03/23/03; 14:23:00MT - usagold.com msg#: 100121)
Message from Richard Russell on Gold
http://news.goldseek.com/GoldSeek/1048453515.php

Snippit:

The markets are operating on two separate levels. The level it's operating on now is what I would term the "surface" level, the war, the current economic statistics, the current psychology.

But under the surface level, we have what Bill Gross is referring to, and that is the massive debts and deficits that could ultimately sink the dollar and topple the US as a super-power. Perhaps ironically, the path that Bush is putting this nation on will simply accelerate this process of debt and deficit building.

There are two main scenarios regarding the future of the US, at least two which I take seriously.

The first is held by a number of highly intelligent people such as Bill Gross above. This scenario holds that the US is headed for increasing inflation as the Fed is forced to print new oceans of money to cover our continuing deficits and debts.

The other scenario held by such analysts as Bob Prechter and James Dines is that we face a deflationary depression, as the bear market bears down relentlessly on the mountains of debt that is built into the US economy at every level.

Assuming that one of these scenarios is correct, what is our salvation as investors? In both cases, I believe the salvation of investors is real money, better known as gold.


Black Blade: Inflation or deflation (or stagflation) – either way I say precious metals are the clear winners. Even if deflationists like Stephen Roach are correct, gold will still outperform. To me it looks as if it's shaping up like stagflation similar to the 1970's.

Off to the gym!


Black Blade (03/23/03; 13:49:15MT - usagold.com msg#: 100120)
POW Video Withdrawn From al Jazeera
http://www.aljazeera.net/

The US asked al Jazeera to stop showing the POW video. They stopped about an hour ago. Actually I can't even get the site up now (slowed due to traffic?). It was really disgusting. The female was obviously terrified. The soldier lying down appeared to be gravely wounded and was jerked up by his handlers for the camera and he was incoherent. The sargeant was just bobbing his head and mumbling. Another was just wide-eyed and looked very scared. The part of the video showing the bodies was bizarre as the Iraqi who pulled back the tarp appeared to be joking and grinning. The soldiers that are seeing this in Iraq/Kuwait are going to be hard to control when they get on the front line. This is getting more bizarre all the time. I don't think this tape will show on US television.

- Black Blade


admin (03/23/03; 13:36:55MT - usagold.com msg#: 100119)
Pravda
We cannot allow an article from Pravda to stand here as if it were from a credible news source. Let's stay on subject.

Joanne (03/23/03; 13:36:35MT - usagold.com msg#: 100118)
Don't ya just love it
when somebody says "Now I'm not making any judgements against you but" and then proceeds to make the very worst.

Oh well, there IS nothing new under the sun so may as well just forget it.

I presume I'll be clicked off. Couldn't quite work in the word gold in here. Oh, I did!


Black Blade (03/23/03; 12:39:02MT - usagold.com msg#: 100117)
21 mabry

I have no idea what will happen. I would speculate that those in power (who are still alive) and their followers will put up a fight because they have abused the people for decades, especially the Kurds in the north and Shiites in the south. Iraq has an interesting history. When Saddam took over he had the "congress" or whatever the legislative body was called convene a session. He read names from a list and they were escorted out of the hall and executed or taken away for torture. After about a third of the members were led away the rest were vigorously chanting "Saddam, Saddam!". It has been down hill ever since. The people have been brutalized with various inventive tortures, rapes, and gruesome murders. The regular Iraqi in the street will welcome rescue as we have already seen where coalition troops have liberated, however, the supporters of Saddam already know their fate if they lose. I suppose they will make a fight of it.

- Black Blade


Black Blade (03/23/03; 12:27:32MT - usagold.com msg#: 100115)
Debt has lock on consumers
http://www.jsonline.com/bym/your/mar03/127434.asp

Spending has driven economy, but what people owe now exceeds disposable income

Snippit:

Consumer spending, which accounts for more than two-thirds of the economy, has kept an otherwise sluggish recovery from a falling into a "double dip" recession, experts say. But all that spending had raised the average household debt to 103% of disposable income by last May, financial analysts at UBS Warburg LLC in New York City reported this month. The latest Federal Reserve Board figures show the climb continued with a $13 billion leap in January - 13 times higher than analysts expected. Amid this mushrooming debt load, something's got to give. It could happen suddenly and dramatically, given the uncertain economic and military climate.

"Credit is going to become more significant. That's your buying power and part of your cushion," said David G. Chung, interim president of CreditXpert Inc., a Towson, Md., credit management software provider. "If the economy nose-dives and companies lay more people off, you've still got to pay their bills. What do you do then?"

Consumers owed a collective $1.74 trillion in January, 40% more than the $1.24 trillion owed five years ago, Federal Reserve statistics show. The strain is showing. The Cambridge Consumer Credit Index, which tracks borrowing habits, found in a recent poll that 40% of credit-card holders are paying only the minimum monthly requirement, and 6% are paying nothing. "Clearly, many Americans are feeling tremendously burdened by debts," said Allen Grommet, senior economist for the Islandia, N.Y.-based credit information and counseling firm. Cambridge is among a growing chorus in the financial world who think consumer spending debt is out of control.

"I think we've gone too far. If you look at the trends, you can see this is not sustainable," Chung said. True, interest rates are at 40-year lows, he said, "but people are using credit like water. They don't realize how much debt they're racking up. You've got all these people out there who spend millions trying to make debt seem simple and happy. The experts talk like it's almost unpatriotic not to spend, saying the economy is not getting better because you're not spending enough."

Savings and credit can be life-preservers in tougher times, but a growing number of people have ignored savings while maxing out their credit cards, said Lydia Sermons-Ward, senior vice president for marketing and communications at the National Foundation for Credit Counseling, the Silver Spring, Md., foundation represents a network of 1,300-plus non-profit consumer education and service offices nationwide. "Our clients average eight or nine credit cards, and a $27,000 credit-card debt," she said. "And that's just their credit-card debt. There's their other unsecured and secured debts."


Black Blade: The collision between rising debt and the ability to pay is happening now. As the economy declines and the "Bone Pile" grows, it's going to get very ugly out there. As always, get out of debt and stay out of debt, stash enough emergency cash, accumulate Gold and Silver portfolio insurance, and start a storage program of nonperishable food and basic necessities.



21mabry (03/23/03; 11:58:05MT - usagold.com msg#: 100114)
(No Subject)
Black Blade, if I could please ask your opinion.Due think we will see a classic set piece battle or a huge city street fight in Baghdad before this war is over. In your opinion do the Iraqi forces have the will to meet the superior coalition fire power in battle. 21

Black Blade (03/23/03; 11:10:26MT - usagold.com msg#: 100112)
Specialists prepare to put out burning Iraqi oil wells
http://www.taipeitimes.com/News/iraq/archives/2003/03/23/199151

Snippit:

BLACK GOLD: It took thousands of people many months to extinguish fires in Kuwaiti oil wells after the last Gulf war, and Iraq's wells are much bigger and more dispersed Specialists in putting out oil-well fires were preparing to fly to southern Iraq on Friday night to extinguish wells blown up by Iraqi forces. As clouds of thick black smoke billowed across the main oilfield area behind Basra, Admiral Sir Michael Boyce, chief of the defense staff, revealed that the Iraqi forces had set alight only seven wells, much fewer than the 30 estimated by the British defense secretary, Geoff Hoon, earlier in the day.

Although a few of Iraq's 1,685 wells are affected, the experts said last night that the fires might prove far more difficult to extinguish than those begun in Kuwait. But Iraq's wells are much bigger than Kuwait's, pumping out four times as much oil a day. They are also deeper, so the oil comes out of the ground at a much higher pressure. Mark Baddick, chief operations officer of the Calgary oil well firefighting company Safety Boss, said this could cause them big problems. He said: "When you are dealing with high pressure wells, the potential for something going wrong is a lot higher, just because the sheer volumes of oil coming out are so much greater. "Then there's the gas factor. If there is a risk of [deadly gas] the men have to wear breathing apparatus, which makes it much more difficult to work. Tasks that would take an hour can take 10 hours."

"If there is a high gas concentration then it will burn even hotter," Baddick said. "It's the most fun you can have with your clothes on."


Black Blade: There are still other areas where coalition forces have not secured. Could get "interesting".



Cor Tauri (03/23/03; 10:48:57MT - usagold.com msg#: 100111)
The first prisoner shown gave his name as Miller and said he was from Kansas.
http://story.news.yahoo.com/news?tmpl=story&ncid=578&e=1&cid=578&u=/nm/20030323/ts_nm/iraq_usprisoners_dc

http://story.news.yahoo.com/news?tmpl=story&ncid=578&e=1&cid=578&u=/nm/20030323/ts_nm/iraq_usprisoners_dc

some comment bout gold or something goes here


Black Blade (03/23/03; 10:30:08MT - usagold.com msg#: 100110)
A `Quick' War? Investors Betting on a Victory in Days
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Energy%20News&s1=blk&tp=ad_topright_energy&refer=topsum&T=markets_box.ht&s2=ad_right1_all&bt=ad_position1_energy&box=ad_box_all2&tag=energy&middle=ad_frame2_energy&s=APnyU2hWDQSBgUXVp

Snippit:

What's a ``quick'' war?

Robert Morris, who oversees $48 billion in stocks and bonds at Lord, Abbett & Co., says, ``Mark me surprised if we haven't got some sort of a declaration of victory within 10 days.'' John Person, an energy analyst at Infinity Brokerage in Chicago, sees a tighter timeline. ``The world is looking for the headline that Saddam Hussein is dead and his regime is done. If he's removed, this war could be wrapped up in less than a week.'' Optimism about a quick resolution of the conflict has already given the Dow Jones Industrial Average its biggest weekly gain in more than 20 years and pushed crude oil into a seven-session, 29 percent slide.

After months spent imagining the horrors a war in Iraq could create, traders and investors are now betting the worst won't happen. While President George W. Bush said in a televised address Wednesday night that the war ``could be longer and more difficult than some predict,'' they expect to see Hussein captured or killed and Iraq's oil production returning in a week or two. ``If we get into a ground war that goes on much more than a week or so, if we find out that the battle's somewhat competitive, that's bad,'' said Jim Paulsen, who oversees $110 billion as chief investment officer for Wells Capital Management in Minneapolis.


Black Blade: I think a lot of people are in for a rude awakening. Saddam may already be dead, but Iraqi soldiers are not just rolling over like last time. Iraqi oil fields and infrastructure is in a shambles and it will take years to repair the damage from neglect and mismanagement. This war may well last more than a few days. Many will not want to give up because there will be a lot of pay back for years of terror and mistreatment at the hands of Saddam and his colleagues. They could just use some of those WMDs. They have nothing to lose.



Black Blade (03/23/03; 10:15:00MT - usagold.com msg#: 100109)
Allied Troops Press Toward Baghdad, Meet Resistance
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Energy%20News&s1=blk&tp=ad_topright_energy&refer=topfin&T=markets_box.ht&s2=ad_right1_all&bt=ad_position1_energy&box=ad_box_all2&tag=energy&middle=ad_frame2_energy&s=APn216xV_QWxsaWVk

Snippit:

London, March 23 (Bloomberg) -- Allied forces pressed toward Baghdad, encountering resistance in key towns in the south after carrying out bombing and missile raids on Iraq's main cities. Armored columns crossed the Euphrates river, U.S. Major General Stanley McChrystal said. They are within 100 miles of Baghdad, Sky News said. A U.K. warplane missing over Iraq may have been brought down by a U.S. Patriot anti-missile battery, the U.K. said. The incident followed two helicopter crashes since the conflict began Thursday. There was fighting at Najaf, 100 miles south of the capital, the British Broadcasting Corp. said. U.S. infantry units are fighting Iraqi troops at As Samawah south of Najaf, the Associated Press said. Two U.S. soldiers were captured by Iraq, Vice President Yassin Ramadan said, and will be shown on Iraqi television. The Pentagon denied the capture, Sky News said.

``The American armored force is making rapid progress north toward Baghdad,'' U.K. Defence Secretary Geoff Hoon said. ''Things are going to plan, in some cases ahead of what we had expected.'' Resistance may be greater closer to the capital, Hoon said. The regime ``might decide to use chemical or biological weapons,'' Hoon told the BBC. ``We've known all along the determination of the regime to protect Baghdad.'' There are conflicting reports over allied control of Basra, Iraq's second city, and Nassiriya, on the road north to Baghdad, where the final battle front to dislodge the regime of Saddam Hussein is expected by coalition commanders. The U.S. and U.K. are trying to oust Hussein, secure the country's oilfields and destroy any banned weapons the regime may possess.


Black Blade: There are reports of at least 10 Americans of the 507th Maintenance captured or killed. They showed some US soldiers bodies apparently shot execution-style according to those who have viewed the tape and captured military personnel including at least one female soldier on Al Jazeera television. There is some fighting in Nassiriya and Umm Qasr in southern Iraq. It doesn't appear to be going to plan from what I can tell (unless they have some plan that entails sacrificing some units). There are still 6 Republican Guard divisions ahead. I guess this news is worth a few hundred points on the DOW and Nasdaq when the market opens tomorrow. At least I am sure CNBC will spin it as a positive somehow. Hmmm…



CoBra(too) (03/23/03; 09:25:38MT - usagold.com msg#: 100108)
From Gold to Oil Wars!
http://www.financialsense.com/Experts/2003/Heinberg.htm
Just listened to Prof. Richard Heinberg available on Financial sense, the author of "The Party's over - Oil Wars".

Looks like he's really backing up the message of looming energy shortages Black Blade has been warning for years now. A definetly realistic, if disturbing call.

It is reasonable to expect dramatic changes in the world's economies, politics and lastly our very life-styles. BB reminds us also to protect us and our families from the coming disruptions. Gold can protect our financial well being! cb2







mikal (03/23/03; 07:12:34MT - usagold.com msg#: 100107)
More uncertainty over war costs & damage
http://www.bloomberg.com
Japan Says Ability to Help Fund War in Iraq `Limited´ By Tim Kelly -Excerpts:
"Tokyo, March 23 (Bloomberg) -- Japan, which contributed $14 billion to the 1991 Gulf War, said it can't afford to provide significant financial help for the current U.S.-led war on Iraq because three recessions in a decade have left it mired in debt.....
Admiral Sir Michael Boyce, chief of the U.K. Defense Staff, said Iraq had booby-trapped or mined ``practically all´´ oil wells, fields and platforms. White House spokesman Ari Fleischer confirmed on March 21 that some oil wells are ablaze, though he said the extent of the fires is not known. Iraq was the world's fourth-largest oil producer in January and February pumping 2.5 million barrels in each month, according to figures released by OPEC.
UN Role
The UN Security Council is preparing a resolution on humanitarian aid to Iraq, Takashima said today. The 15-member council is in ``preliminary talks on how to assist Iraq,´´ he said at a press briefing. Japan's contribution to post-war rebuilding programs will depend on the participation of the United Nations, which remains a pillar of Japanese diplomacy.....
UN guidance ``would enable the Security Council to recover its position,´´ Yamasaki said. The U.S. and U.K. failed to convince the Security Council, including other permanent members France, China and Russia, to approve of the attack on Iraq that began on March 20.
Yamasaki yesterday said Japan could pay as much as a fifth of the postwar rebuilding costs in Iraq, reflecting its 20 percent contribution to the UN budget. Japan's financial support for the international body is second to that of the U.S., which is responsible for a quarter of UN costs."


Cor Tauri (03/23/03; 05:47:55MT - usagold.com msg#: 100105)
This sounds strangly familier
from sectors post #100096
>According to the treasury ministry, the reserves do not generate a strong return, so the net benefits of holding them have reduced.

Daily auctions, which will start on May 2, will follow pre-determined rules, limiting discretion to use the sales as part of monetary policy. The amount auctioned will be determined by a formula based on inflows.
<

Another nation selling its reserves? In an auction no less. Will it be set up the same way as the British gold sale? And yet there is a difference. They are not selling gold.

>The dollar sale will also be seen on the markets as a further signal of confidence by Mexico's fiscal and monetary authorities,
<
Best Regards


silvercollector (03/23/03; 05:11:16MT - usagold.com msg#: 100104)
22 coalition deaths so far
CNN reports 2 combat, 19 accidental.

The 22nd, last night in Kuwait does not fit either category.

(2 combat, 19 accidental, 1 murder?)


silvercollector (03/23/03; 05:06:59MT - usagold.com msg#: 100103)
Clink!
I saw your 1000 x $1,000,000 cruise mission 'invoice' earlier.

I read an editorial last week, it was guesstimated that it costs $1,000/day/soldier to stand still, no fighting, no bullets used, no tank/aircraft support.

$1,000 x $220,000 x 100 days (in Kuwait so far) = $22,000,000,000

That's to stand still. But I forgot, that's 'pre-paid' as well.




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