₦airaland Forum

[b]https://i1.nyt.com/images/2011/09/19/sports/OLYMPICS/OLYMPICS-hpMedium.jpg


English soccer players may be alone in representing Britain.


A British Soccer Team? What’s That? Say Scots, Welsh and Irish

By JERÉ LONGMAN and SARAH LYALL


LONDON — The plan seems eminently reasonable: field a soccer team to represent Britain at next year’s Olympics, which after all are being held here, the home of the modern game.

But there are several problems. For one thing, there is no such thing as a British soccer team. Instead, in a country where devotion to sports is fueled by ferocious regional and political rivalries, there are instead individual teams representing Britain’s fractious, proud and fiercely competitive constituent nations — namely England, Wales, Scotland and Northern Ireland.

Nor are the hypersensitive soccer federations in the non-English nations exactly clamoring to have their players compete side by side with players from their bitter rival, England. Although they have promised not to stop their players from participating, they have refused to officially sanction the idea of a national team and are actively discouraging anyone from joining it.

So angry were the Scots, Welsh and Northern Irish at the British Olympic Association’s proud announcement in June that it had reached an “historic agreement” to field men’s and women’s soccer teams in 2012 — Team GB, each will be called — that they responded with a proud announcement of their own.

The associations “reiterate our collective opposition to Team GB participation at the 2012 Olympic Games in London, contrary to the media release issued by the British Olympic Association,” their statement said.

The issue is simple, as Stewart Regan, chief executive of the Scottish soccer federation, explained at the time.

“We need to protect our identity, and we have no interest in taking part,” he said.

Still, the Football Association, as England’s soccer federation is known, plans to go ahead and organize Team GB anyway, knowing that the only way to satisfy its non-English counterparts would be to choose no one from Scotland, Wales and Northern Ireland.

“With the Olympics in Britain, and football being our national sport, we feel it would be an awful travesty if there were no football team in it from these shores,” said Scott Field, an F.A. spokesman. “It’s like Canada not having an ice hockey team in the Winter Olympics.”

Modern soccer began here in 1863. Through the influence of Britain’s far-flung empire, it spread to become the world’s most popular sport.

But Britain has not played men’s soccer in the Olympics in more than half a century, since the 1960 Rome Games, or even tried to qualify since the early 1970s. The British women have never entered a team since the Olympic tournament for women began in 1996.

While the International Olympic committee recognizes Britain as a combined team in all sports, FIFA, soccer’s world governing body, recognizes England, Scotland, Wales and Northern Ireland as separate teams. And there lies the heart of the controversy.

Soccer officials from the three smaller nations fear that merging a team for the Olympics could pave the way for FIFA to follow suit, forcing Britain’s teams to combine into one entry for soccer tournaments like the World Cup and the European Championships. There is a worry, too, that the nations would lose their individual seats on the committee that determines international soccer’s bylaws.

FIFA has given public assurances that it will still allow all four nations to compete separately apart from the Olympics, but its pledge has failed to convince everyone.

It is sometimes hard for outsiders to comprehend how deeply tribal Britain is, and how resistant to the idea that there is a unifying notion of Britishness. Wales and Northern Ireland have separate legislative assemblies. And Scotland has its own parliament, now controlled by the Scottish National Party, whose ultimate goal is national independence.

The rivalry between Scotland and England in particular runs so deep that when England competes in the World Cup, many Scots employ a position of “anyone but England,” actively rooting for England’s opponents, whoever they are.

The soccer associations appear to have no legal right to prevent their players from participating in the Olympics, and have said they will not retaliate against those who do. But they are openly discouraging them.

“We’ve also asked them to bear in mind that the feedback from Scotland fans regarding Team G.B. has been very negative,” Clare Bodel, a spokeswoman for the Scottish soccer federation, wrote in an e-mail.

The issue has divided commentators, with some denouncing the hard-line attitudes of the football associations.

“What sort of football authority would tell their best young players to avoid participating in what is likely to be the greatest sporting festival of their lifetime?” wrote Des Kelly, a columnist for the Daily Mail, who called such a body “a pig-ignorant committee.”

It has also divided players. Some, like Julie Fleeting, Scotland’s career-leading female scorer, have said they will not risk their futures by competing on Team GB. “I am Scottish through and through,” she told reporters in June.

But other high-profile players — including Aaron Ramsey, the captain of Wales’s national team, who plays for Arsenal in England’s Premier League, and his Welsh teammate Gareth Bale, who plays for Tottenham Hotspur — have said they would like to play. (David Beckham, the onetime England star, has also expressed interest.)

“I don’t see why anyone would want to stop a player from playing in a massive tournament like the Olympics,” Kim Little, a top Scottish women’s midfielder, told The Guardian.

One incentive to play for Britain, noted by Bale, could be that the non-English national teams have such woeful international records. Wales, for instance, has only ever qualified for one major international competition: the 1958 World Cup.

Meanwhile, Scotland looks back with wistful nostalgia to the triumph of 1967, when it defeated England at Wembley Stadium in London a year after England won the World Cup. Its team has not qualified for the World Cup since 1998, and its professional league is struggling financially and performing poorly against top European clubs.

Many soccer fans are far more interested in Premier League and European competitions than in the Olympics; soccer tickets sold poorly in the first round of Olympic ticket sales. The men’s Olympic tournament is seen as a secondary competition, limited to players under 23, with three over-age exceptions per team.

The women’s tournament, though, is considered to be nearly as important as the World Cup.

Supporters of women’s soccer hope that the London Games can lift the sport in Britain in the same way that American women’s soccer was buoyed by the 1996 Atlanta Olympics and the 1999 Women’s World Cup, said Darryl Seibel, a spokesman for the British Olympic Association.

“We know this could be transformational,” Seibel said.

For others, it will be merely uncomfortable. Scotland, for instance, already worries that its soccer federation is “by and large forgotten” and that “for many people abroad, England is Britain,” said Raymond Boyle, a professor at the Centre for Cultural Policy Research at the University of Glasgow. Many Scots, it seems, sympathize with Craig Brown, the former Scotland manager who now coaches Aberdeen. “I would rather lose as Scotland than win as Great Britain,” he told The Guardian.

And in Wales, Neville Southall, the national team’s former goalkeeper, told reporters recently that he could not conceive of supporting a non-Welsh team. “The whole point of going to the Olympics is that special moment when your flag goes up,” he said.

“What flag are they going to put up if Team GB win the football? The Union Jack? Well, it’s not my flag; my flag’s a Dragon.” [/b]

I'm guessing before this star turns 40.


[img]http://bossip.files./2011/09/rih31.jpg?w=595&h=452[/img]



[img]http://bossip.files./2011/09/rih.jpg?w=600&h=451[/img]

[b]Take a lesson. This is what happens after the west conquers and recolonizes countries.


U.S. to sell 18 F-16 fighter jets to Iraq: Pentagon


https://www.rawstory.com/rs//wp-content/uploads/2011/09/fighterjet-afp.jpg


The United States is "very close" to sealing a deal to sell 18 F-16 fighter jets to Iraq, a top Pentagon official announced Wednesday.
Iraq had frozen the $4.2 billion deal earlier this year amid the Arab Spring pro-democracy uprisings, but the prospects were "promising" for the contract to now move ahead, said General Russ Handy, head of the US air forces in Iraq.

"They are seeking to buy a larger number of F-16s (than) they had originally, up to 36," he told reporters.

"This first letter of offer and acceptance is for 18 of them, so we hope to hear very soon, but no final word yet on that."

The US military mission in Iraq is winding down ahead of a complete pullout of American troops by the end of the year but Washington is keen to sell as much equipment to Baghdad's fledgling security forces as possible.

"Everyone I talk to, everyone within the government in Iraq is convinced it's the right choice for them, so we are very encouraged by those words and we feel that we are very close to them signing that letter of offer and acceptance," said Handy.

The news comes after US Secretary of the Air Force Michael Donley visited earlier this month Iraq for talks on the F-16 sale after Prime Minister Nuri al-Maliki said on July 30 that he had revived the talks.

Iraq was looking at the purchase of 36 jets, Maliki said at the time, rather than the previously mooted 18.
Any deal would be worth billions of dollars and take years to implement, as it would require the manufacture of the aircraft and the training of Iraqi pilots. The F-16 has been exported to more than 20 countries.

Ten Iraqi pilots are already training on the fighter jet in the United States and their instruction could be completed before the delivery of the first planes to Baghdad, the general said.

In July, The Wall Street Journal reported that Iraq would also buy air defense systems from the United States.
US and local military officials have said that while they believe Iraq's forces to be capable of maintaining internal security, the country is lacking in terms of defending its borders, airspace and territorial waters.

American military officials continue to regard Iran as a destabilizing force.

"Iran does contribute to the violence we're seeing in the region and Iranian-backed militia groups are really the primary source of violence against both US forces and Iraqi forces," Handy said.

"These groups, clearly are receiving some backing from Iran. There are those in Iran who would like to see the government of Iraq weakened and not strong."[/b]

Good is Evil



https://www.youtube.com/watch?v=ddq8FwIfw7w&feature=player_embedded#!

[b]http://www.nysc.gov.ng/history2.php



https://www.nysc.gov.ng/images/nysc3.gif


OBJECTIVES OF THE SCHEME


(i) The objectives of the National Youth Service Corps Scheme are clearly spelt out in Decree No.51 of 16th June 1993 as follows:

(a) to inculcate discipline in Nigerian youths by instilling in them a tradition of industry at work, and of patriotic and loyal service to Nigeria in any situation they may find themselves.
(b) to raise the moral tone of the Nigerian youths by giving them the opportunity to learn about higher ideals of national achievement, social and cultural improvement; to instill honesty and integrity in Nigerian youths to avoid the pitfalls of dishonesty and corruption, in business, industry, and government
(c) to develop in the Nigerian youths the attitudes of mind, acquired through shared experience and suitable training. which will make them more amenable to mobilisation in the national interest;
(d) To enable Nigerian youths acquire the spirit of self reliance by encouraging them to develop skills for self employment,
(e) to contribute to the accelerated growth of the national economy;
(f) to develop common ties among the Nigerian youths and promote national unity and integration;
(g) to remove prejudices, eliminate ignorance and confirm at first hand the many similarities among Nigerians of all ethnic groups; and
(h) to develop a sense of corporate existence and common destiny of the people of Nigeria.
(ii) In order to achieve the objectives in subsection (3) of this section, the service corps shall ensure:

(a) the equitable distribution of members of the service corps and the effective utilisation of their skills in area of national needs;
(b) that as far as possible, youths are assigned to jobs in States other than their States of origin;
(c) that such group of youths assigned to work together is as representative of Nigeria as far as possible;
(d) that the Nigerian youths are exposed to the modes of living of the people in different parts of Nigeria;
(e) that the Nigerian youths are encouraged to eschew religious intolerance by accommodating religious differences;
(f) that members of the service corps are encouraged to seek at the end of their one year national service, career employment all over Nigeria, thus promoting the free movement of labour;
(g) that employers are induced partly through their experience with members of the service corps to employ more readily and on a permanent basis, qualified Nigerians, irrespective of their States of origin. [/b]

US drones kill 9 civilians in Somalia

Senior Al-Shabaab leaders said that the drone attacks were carried out early on Thursday in the outskirts of Kismayu town, killing nine women and children and wounding 30 others. Kismayu, which is located 528 kilometers south of Mogadishu, is the largest Somali port controlled by al-Shabab. Over the past few weeks, numerous US remote-controlled drones have crashed in Somalia. Somalia is the sixth country where the US military has used pilotless aircraft to conduct deadly bombing strikes.


[img]http://nation.com.pk/uploads/news_image/large/USdroneskill9civiliansinSomalia_32624.jpg[/img]




http://nation.com.pk/pakistan-news-newspaper-daily-english-online/International/15-Sep-2011/US-drones-kill-9-civilians-in-Somalia

[b]NATO rescues euro in Libya

NATO intervention is to rescue French banks and the euro

by Xander Meyer,
Xander Nieuws
1 September 2011



http://www.courtfool.info/en_NATO_rescues_euro_in_Libya.htm

A Libyan rebel fighter takes pictures of dead soldiers. Some 50,000 Libyans have paid with their lives for the - provisional - rescue of the French banks and the euro.



Over the past few months we have heard so much nonsense about the so-called needed, but in fact scandalous "humanitarian" war of NATO against Libya (in which about 50,000 have perished) that we felt it was necessary to put forward some facts. They show the real reason Gaddafi was ousted had nothing to do with his non existant "blood shedding", and everything to do with rescuing the troubled French banks and the euro. Read how, once again, you have been deceived by the politicians and the media.

It is a fact that in countries like Bahrain, Saudi Arabia and the United Arab Emirates no military intervention has been planned to chase away the dictators who rule there. On the contrary: European countries like Germany offer these regimes professional intelligence and arms. So, why then an intervention in Libya?




In October 2010, Nuri Mesmari, head of Gadaffi's secretariat, was interrogated in Paris by the French secret services. It has been reported in Asian and other media that Mesmari disclosed Libyan state secrets in exchange for a large payment. For president Sarkozy these secrets were a slap in the face, in particular because Gaddafi intended to withdraw all of the Libyan oil billions from Europe. These balances would be withdrawn from mostly French banks and would be transferred to Asia.





Fear for collapsing of French banks


Sarkozy feared this step would have far reaching consequences for the French banks that were already in trouble. He feared they would collapse if the Libyan oil billions were withdrawn. And if the French banks collapsed, France would not be able to participate anymore in the European Rescue Funds. Without France's participation, that program would collapse as well. This chain reaction would endanger the continuation of the euro and the entire euro zone.

What also played a role is the fact that Gaddafi had announced he would not buy the French fighter plane Rafale anymore and in any case he would not grant the construction of a Libyan nuclear plant to the French. The French corporation Total wanted new oil contracts in Libya, but Gaddafi granted them to the Italian company ENI. (Gaddafi and the Italian prime minister Berlusconi are good friends.)


What followed was essentially a repeat of the 1953 coup d'état in Iran. Then it was the CIA who set it up, now it was the French who did the same in Libya. In the respected Asia Times everything has been described in detail. First France assured itself of the support of Saudi Arabia and Bahrain with the promise to leave these regimes alone with their human right violations.Both Arab regimes would arrange the support of the Arab League. "Of course", the US, together with some European nations (among which the Netherlands) also intervened to prevent the collapse of the French banks.



Insurgence of the rebels organized by France

The French philosopher and media sweetheart Bernard Henri-Lévy was flown to Benghazi to become the spokesman of the "rebel movement" that was pieced together by the Western secret services. In the presence of the drummed up media Henri-Lévy phoned from Benghazi with Sarkozy and announced the beginning of the Libyan democratic movement that would oust Gaddafi. Following that, the Libyan bank balances were frozen and the French banks were - temporarily - rescued.

The whole circus looked convincing enough for the Western people. In Libya the existing rivalry between different tribes was exploited to make the media report step by step a false narrative about fictitious conquests of territories. The next phase had been planned in advance too: the support of these rebels by NATO.

The reports that the CIA flew 1,500 fighters from Afghanistan to Libya to support the rebels came from Pakistani governmental circles, whose relation with the CIA had cooled below freezing point. Since the elimination of Osama bin Laden, Pakistan, out of anger, had started to spread all kinds of false rumors about the CIA. One of the rumors was the transfer of hundreds of Persians and Uzbeks to Libya. The numerous journalists in Libya who were constantly accompanying the rebels, haven't met a single Persian or Uzbek there.



Oil deal in exchange for the support of the insurgence

Back to France. Here the Libyan oil billions will, for the main part, stay in hands of the French banks. Of probably over € 10 billions, France wants to free up at maximum € 1.5 billion for the new Libyan government. And, by the way, banks in other EU countries can also feel relieved now. Moreover, in exchange for these billions they can sell lots of goods to Libya. Finally, the new Libyan government will have to show its thankfulness for the "liberation" of their country. The media announced today (1 Sept 2011) that France has indeed made a secret oil deal with the rebels in exchange for the French support of the rebellion against Gaddafi. (3)

We will find out soon enough if Libya decides to buy the French fighter jets, to grant the construction of a nuclear plant to the French and to grant oil concessions to the French Total. Also, the secret services will have to find out how they can supply new work to their new contacts. Gaddafi's Dutch prostitute supplier has already been interrogated by the AIVD, the Dutch Intelligence and Security Service. She supplied the needed prostitutes to the regime and maybe she could do the same for the new people in power.



France distributes the war bounty

So now you know how the "democratic" Libyan rebellion movement came about and who was behind it. Some 50,000 people have paid with their lives to avoid the collapse of French banks and to postpone for some time the collapse of the euro.Today (1 Sept 2011) a "reconstruction" conference takes place in Paris, where over € 34 billion that Libya has in Western banks accounts, will be "distributed". Sarkozy has set himself up as the big reconstruction man of Libya. To put it otherwise: he will keep the bigger part of the bounty in France by means of billion-euros contracts with the new Libyans in power,

Last Saturday we announced that brigades related to Al Qaeda have become the masters in Tripoli. Yesterday US president Obama has confirmed this. (2). In short: the people against whom the West fights in countries like Afghanistan and Iraq, Al Qaeda, are the same Muslim-extremists who are put into the saddle in Libya by NATO. It is once again proof that Western principles are worth nothing at all as soon as (big) money is involved. The real prostitutes are to be found in the financial and political elite of power.





Middle east in flames and fire?


Meanwhile the big (end) game continues. Sarkozy has already publicly announced that the Islamic Republic Iran may well be the next target. Also the Turk-Saudian preparations for military intervention in Syria are well underway. You will see that the next big war, that may well set the whole Middle East on fire - and maybe even countries outside of it - , will be presented by the media as a "complete surprise", exactly like the Libyan revolution, which was planned, from the start, by France.(1)





Xander



(1) KOPP
(2) DEBKA
(3) NU

Translation: Rudo de Ruijter

Copyright: FREE[/b]

Obama Holding Shirt

http://12160.info/photo/obamaholdingshirt?xg_source=activity


September 23, 2011 at the UN, will be all the proof you ever need!

[img]http://www.nigeriafilms.com/image.aspx?img=Y29udGVudC9jb250ZW50L2VuZS1sYXdhbmkuanBnfDYwMA==[/img]



[b]I prefer dating older men -Ene Lawani, former Miss Nigeria


Former Miss Nigeria, Ene Lawani, tells Ada Onyema about her long reign as a beauty queen, her life and why she loves older men

How was it being the longest reigning Miss Nigeria from 2004 to 2010?

Well, it wasn’t my wish to be the longest reigning queen. Unforeseen circumstances that had to do with the office made my reign so long; but at the same time, it was great. I was able to impact on lives positively. I led a national awareness campaign tour with emphasis on promoting a healthy lifestyle, which was part of my pet project of preventing of malaria. I had endorsement deals for companies and others. It was really an eye-opener for me and it opened a lot of doors for me as well.

Was being the longest-reigning queen a distraction in any way?

Yes partly, especially my education. I had to stop school for a year and when I couldn’t hand over on time, I was home for three years before I finally started school again. So, it affected my academic life.

Did you have to stay at home for three whole years?

Well, not really. But I was hoping that whenever I handed over, I would continue my education abroad.

How true is it that beauty queens go out of their ways to get the crown?

I really don’t know about that. I think my winning the crown was a miracle. I had actually given up that day because my costume and everything I was meant to use for the show did not arrive until the night of the show. I don’t know about pressing buttons, although I heard stories that somebody had been paid to win; but I just went for the fun of it. I had already given up, but when my costume arrived, I just thought I could give it a trial and I won. I wouldn’t say all beauty queens were under pressure or press buttons and all that. If you have all the qualities – beauty, charisma, carriage – and have all it takes to be a beauty queen, you will win.

People look at beauty queens as people who use their bodies to get what they want. What do you think?

I don’t think so. It is like every normal pretty girl. When you are a pretty girl, you go places, doors open for you. I don’t think it is just only beauty queens who do that. On that platform, you have opportunities to meet people you least expected and dine with the high and the mighty. It is just an opportunity.

How come we did not hear much about you despite your long reign?

I was busy with school. I started school in 2007 and that took a lot of my time. Also, I was trying to start my business and that made me to lie low. I was not hiding, but just busy.

There was nothing spectacular about your reign. Why?

Nothing spectacular? Well, then Daily Times was privatised so things kind of crumbled. I don’t really know the whole story but then I still made use of it. I was able to impact on lives with my pet project and I think that is the most important thing during my reign.

How did you feel being a queen during such a crisis?

Yes, it was immediately I came in. I understood it was a new organisation, new management and all that. After a few months, things crumbled, which led to lots of people losing their jobs, my crown being put on hold as well. It wasn’t my doing really. I felt sad in the sense that I didn’t get most of the things that I was promised. I didn’t get to go for the international pageant and I did not complete my pet project and I really feel sad but all the same, everything happened for a reason.

While growing up, did it ever cross your mind that you were going to be a beauty queen?

No, never, but I remember while I was in secondary school, I used to act a lot. I was in the social clubs. I won several awards for acting but being a beauty queen, no. I never envisaged that. I had taken the Universities Matriculation Examination and I was waiting for my result. I had this cousin who kept pestering me that I had all the qualities to go for a beauty queen competition. I just thought of giving it a trial. I was not doing anything, just to while away time, and I won. It was not something I ever imagined to be.

While giving the pageant a trial, did you get your parents’ full support?

At the initial stage, I didn’t tell my dad, but my mum knew about it and was in full support. My dad didn’t know until the day of the pageant. He was at home watching TV with my sister and they started watching the pageant, lo and behold, he saw me and he was shocked to see me on TV but after a while, he called me and gave me his blessings. I didn’t want to tell him because he was a disciplinarian. I knew that he wouldn’t encourage it.

It was rumoured that you were out of the limelight because you had nothing doing.

No, as I said, I was in school. Yes, I was not working, but I was in school. That was what kept me out of the limelight.

As a former beauty queen, what would you like to be remembered for?

I will like to be remembered as a role model, for the lives I have been able to impact positively, the girls I have been able to help achieve their dreams.

What do you find attractive in a man?

Confidence, I don’t care about your physical looks. Once the confidence is there, you’ve got my love.

You recently launched your Turban collection; what inspired that?

I have always liked tying my hair. I love hair pieces and as they say, the hair is a woman’s crowning glory. Anything you put on the hair is catchy. Right from secondary school, I have always been tying my hair because I went to a missionary school. After that, it was Miss Nigeria and people loved the way I tied my hair and the accessories I used. So I decided to go into it and moreover, I didn’t want to go into the regular clothing. I wanted something different. It’s been really great. People are now going more for turbans than the regular gele because it is something you can pair with any outfit. It is just a way of accessorising an outfit.

Are we expecting to hear the wedding bells soon?

I don’t know. When it happens, it happens.

And your ideal man?

He is someone who is sure about himself and knows how to treat a lady well. I really don’t care about the physical looks because that could go in a minute. As long as you know how to treat a lady well, you have won my heart.

Do you plan to marry your long time lover?

I don’t know. At the right time.

We heard that you didn’t date men of your age group, you prefer older men.

Let’s just say that I understand the older ones better and they understand me better than the younger ones.

Not because of their money?

No, I can make my money myself. It has nothing to do with their money. I learn a whole lot from them; I like to hang out with people I benefit from intellectually. Most importantly, I learn a lot from their experiences.

Another person may say that school is probably going on for too long for you. What do you say?

Well, I’m doing a part time programme and it is for five years. I’m in my fourth year now. It has nothing to do with me. If I had my way, I would finish today because honestly, I’m tired. I want to hurry up and graduate. I thank God everything has been great. I will like to graduate and I’m hoping it comes very soon.

What determines your dress sense?

Sometimes, my mood does that. If I’m in a playful, romantic mood, I express it in my outfit.

What do you think could be done to bring Miss Nigeria to its former state?

The new organisers are handling it and they are not doing badly. It is even better now because they are making it family oriented; no swim suit. They are doing well.

What is the misunderstanding between you and Nike Oshinowo-Soleye about?

I have no issues with her. She was my boss and I lived with her for about three months when I won and that’s where it ends. After that, I didn’t see her for a while, until she started a new pageant, which I was one of the judges in. I don’t have any problem with her. It is not like we used to go partying and hanging out together. We moved together when I was Miss Nigeria, but I’m no longer Miss Nigeria. She has a new queen now who she works with. We are not fighting, she is a wonderful woman.

Source: The Punch[/b]

Property agents swindle 75 home seekers


https://www.nigerianews1.com/wp-content/uploads/2011/09/Balogu_and_Garbe-300x225.jpg


Ademola Balogun and Akeem Garba allegedly collected N20 million from desperate home seekers

More than 75 persons have been swindled by property developers in Lagos of over N20 million.

The property developers Ademola Timothy Balogun 35 and Akeem Garba 43 were arrested by detectives attached to the State Criminal Investigations Department (SCID) Panti Yaba following a petition by one of the victims of the house scam.

The suspects were in charge of a building situated at 10 B Adeniyi Street Olodi Apapa.

The suspects said they had the permission of the landlord of the building to hold lease on the building for the next seventeen years before handing it over to the owner.

In order to get work done on the building, the suspects said they borrowed money from the bank and they pasted a notice that the house will soon be ready for rent.

Members of the public consequently thronged the place and the suspects were alleged to have collected rents and other sundry charges ranging from N200, 000 to N560, 000 from the desperate house seekers; the building contains ten blocks of flats but due to their greed, they allegedly collected rents from more than the numbers of flats they had.

The victims said the suspects cashed in on their desperation by employing various tricks to collect their hard earned money with the promise that while the house is still under construction they should pay so that others will not beat them to the apartments.

The victims however suspected a foul play after their efforts to pack into the apartment were foiled by other tenants who had come to claim the same apartments they had paid for.

The suspected fraud led to a melee among the tenants and the matter was reported at the Olodi Apapa Police station. The victims however on Wednesday thronged the office of the Lagos State Police Public Relations Officer Samuel Jinadu to register their protest as they flaunting their receipts in the process.

Responding to the allegation, the suspects pleaded that they actually collected money from those who have their receipts signed by them in the name of Adebalis Investment Company adding that most of them paid the money instalmentally.

Following the report, the police arrested the suspects last week. Police spokes person Samuel Jinadu said the police made efforts to get the suspects to pay back the money but to no avail.

“Our officers went to two banks claimed to have been operated by the two developers; Oceanic and Sterling banks where it was discovered that their accounts were in the red with just N16, 000 in each of their accounts.”

Mr. Garba said he did not intend to dupe the tenants but was only applying business sense to get money for another building he was due to work on“ I collected the money with the intention that when the building is completed I will demand from those who will be given keys to pay an additional three to four years rents to enable me recover more money to refund to those I collected money in excess of the available flats but things turned ugly and I plead with the police to release me so that I will rally round to refund all the money owed.”

One of the victims Joy Orude a petty trader said she used all her savings to pay for the accommodation.

“I am a petty trader and I raised N200, 000 from my business for this accommodation. When I saw that the money was not enough, I engaged in daily cash contribution with my fellow traders where I saved of N30,000 naira monthly . It was from this loan that I got money for the rent, now everything is a fraud and I am very sad about the whole thing “Miss Orude said in tears.

Another victim, Segun Falase 28 years a staff of Dangote flour mills said he collected the sum of N200,000 from the cooperative society of his company with the agreement that 20,000 will be deducted from his salary monthly; he said he has lost faith in agents and property developers and would want the government to prosecute the suspects to serve as a deterrent to others.

“Now after collecting so much money from many people, they still do not have money to refund to people, where do I start from now”Mr. Falase said.

Mr. Jinadu advised residents to conduct a thorough check on land agents and developers before paying rent.

“People are desperate to pay for rent and the fraudsters capitalize on their desperation to cheat and defraud them; the case is under investigation and the suspects will be charged to court soon. We appeal to the victims to be patient as we are still investigating the matter”Mr. Jinadu said.

Source: Daily Times[/b]

New Black Panthers Gird Your Loins, This Is War Against Capitalist Bloodsucker American




https://www.youtube.com/watch?v=R8UHYxAeXFM&feature=player_embedded%CA




https://cdn1.newsone.com/files/2010/07/2007_05_15MalikZuluShabazz.jpg

https://www.seventhfam.com/images/elijah_mike.gif



https://www.seventhfam.com/images/messagecover_small.gif



http://www.seventhfam.com/temple/books/black_man/blkindex.htm


Section Two     :    Original Man

Chapter 18 Know Thyself
Chapter 19 First Love Yourself
Chapter 20 Understand Self
Chapter 21 Help Self before Helping Others
Chapter 22 What the So-Called Negro Must do for Himself
Chapter 23 Get Knowledge to Benefit Self
Chapter 24 Knowledge of Yourself
Chapter 25 If the Civilized Man Fails to Perform his Duty What Must be Done?
Chapter 26 Accept Your Own
Chapter 27 We Must Teach Our Own
Chapter 28 Blackman, Accept Your Own
Chapter 29 Who is the Original Man?
Chapter 30 A Good Name is Better than Gold
Chapter 31 Help Self: What Must be Done with the Negroes
Chapter 32 The Black Woman
Chapter 33 Protect and Elevate Your Woman
Chapter 34 The So-Called Negro Must Do Something for Himself
Chapter 35 Birth Control Death Plan
Chapter 36 Plan to Destroy Our Race




Message to the Blackman in America (1965)


http://www.archive.org/details/MessageToTheBlackmanInAmerica[/b]






*

[b]

The Black Wall Around Barack Obama: Who Does It Protect Him Against?



http://www.blackagendareport.com/content/black-wall-around-barack-obama-who-does-it-protect-him-against




https://blackagendareport.com/sites/www.blackagendareport.com/files/imagecache/feature400/poster_obey_0.jpg

By BAR Managing Editor Bruce A. Dixon


It was the summer of 2007, and I was in the study of a prominent black Atlanta pastor. The conversation turned, as did so many that season to the coming presidential election, still a good 16 months away. “We've got to unite and build a wall, a solid black wall around Brother Obama,” the reverend declared.
I tried to ask whether one man's career was really more important than the needs of forty million black people, what obligations candidate Obama would owe the black community, and how we might ensure these were fulfilled. But the pastor wasn't hearing any of this. All the obligations, in his view, seemed to flow from the bottom up, while the power flowed from the top down. It's never easy to stop a preacher on a roll.
“If we can build that solid black wall,” he continued, “if we can unite black people behind Brother Obama, he will have the power to do anything he wants to do. Can't you see it?” he asked. “If we do that, nothing any of his opponents say or do will be able to touch him.” Almost four years later, it looks like black America's legacy leadership are still following the pastor's playbook.
The black political wall around Barack Obama is a reality, and one of the president's most powerful political assets. It trades upon African America's historic credibility as a people of struggle, the people who produced Nat Turner and Ida B. Wells, Charles Hamilton Houston, Kwame Toure and Martin Luther King and many, many others.
White liberals and progressives often tend to follow the lead of black America, whether right or wrong. You want to know what you should do? The president's black and black people are supporting him? What else do you need to know? But who is inside that wall, and who is outside? Who does the black wall the Atlanta preacher described protect Barack Obama against?
The black wall around Barack Obama doesn't protect him from the war makers and war criminals of the bipartisan military industrial complex.
From the beginning, the architects of the Bush-Cheney policies of torture and unjust war have been on the inside of Barack Obama's wall, not outside it. With U.S. troops in 144 countries, the most powerful person in government outside the White House is the Secretary of Defense. Obama was the first president in U.S. history to keep a Secretary of War (the office's pre-1948 name) from the other party. He ran promising to expand the military, to escalate the war in Afghanistan, crack down on the Palestinians, continue the provocations and threats toward Venezuela, Cuba, Iran and so forth, and to close Guantanamo and end illegal torture.
In office Obama kept Guantanamo and the network of global secret prisons remain open. He “legalized” torture, declined to prosecute Bush-Cheney crimes. This president has kept all his warlike promises, breaking only his peaceful pledges. The president has viciously prosecuted whistle blowers, like those who leaked video of U.S. troops gunning down innocent civilians in Iraq.
The black wall around Barack Obama protects the president, but it protects the war machine too. But while black America remains the most antiwar section of the U.S. polity, black critics of the imperial wars are not heard. They are on the outside of Obama's black wall.

Don't criticize the dear leader too loudly, they are told, lest you weaken him. Look--- over there --- it's President Michelle Bachman!
The black wall around Barack Obama doesn't protect him from greedy Wall Street banksters and corporate thugs.
Like the war makers, the banksters were inside the Barack's wall long before the inauguration, even before the election. When George Bush couldn't pass his own bailout bill through Congress, he had to summon Barack Obama to D.C. Obama halted his campaign for a week or two and lined up Democrats to vote for the Bush bailout. Without their votes, it could not have passed. Once in office, Obama doubled down on the bailout, doling out more than $21 trillion to his benefactors thus far.
Homes are the principal assets of most who have them. The continuing wave of foreclosures, disproportionately affecting black families, is the most serious raid on black wealth in decades, widening the already vast wealth gap between blacks and whites.
The black wall around Barack Obama protects the president, and the banksters with him. Those opposed to the foreclosures, who want to rein in and prosecute Wall Street predators, who organize against foreclosures find themselves outside Barack Obama's black wall, not inside it. ACORN registered voters to elect this president. But Obama stood by and watched them falsely accused, smeared and broken.
Look --- over there! It's the Tea Party! Circle the wagons, get back in line!
The black wall around Barack Obama doesn't protect him against the forces aiming to privatize public education
From the beginning President Obama has been an enthusiastic supporter of efforts to blame and defame public school teachers, and to charterize and privatize public education. As Chicago Schools CEO his infamous Secretary of Education fired hundreds of dedicated, qualified Chicago teachers in order to replace their schools with charters. Obama has taken Duncan's failed Chicago policies national, firing for example, a whole school district of teachers in Providence, Rhode Island. Obama's Race To The Top forces states to reorganize public education to suit the dictates of the Gates, Broad and Walton Family Foundations, the private sector actors who gave birth to the charter school industry, which is firmly inside Barack Obama's black wall.
This week the president is scheduled to make his first public appearance since announcing his re-election campaign at the national convention of Al Sharpton's National Action Network, along with Arne Duncan. Together with Newt Gingrich, Duncan and Sharpton have been campaigning for charters and school privatization nationwide for the last two years. Gingrich, Duncan and Sharpton, the three stooges of corporate school reform are firmly inside Barack Obama's black wall, along with their foundation benefactors. Public school teachers and the communities they server are as usual, on the outside, but required to man the barricades for Obama's re-election.
Watch out! It's Mike Huckabee and Mitch Romney! You don't want that to happen, do you?
The black wall around Barack Obama doesn't protect him against Republican-led assaults on democratic rights.
Restrictive voter-ID laws are proliferating in Republican-led legislatures across the country with the clear intent of reducing the number of student and minority voters. Perhaps the first was in Georgia, where the Voting Rights Act gives the US Justice Department authority to block any changes in election law that disproportionately affect blacks. The wave of disenfranchisement could have been prevented. But black legacy leadership didn't pressure the Obama administration, and the Department of Justice didn't lift a finger.
The traditional black leadership are so bankrupt that when right wing propagandist Andrew Breitbart smeared Shirley Sherrod, a local human rights activist of 45 years standing, even the NAACP, who doubtless knew her history, rushed endorsed the calumny. Shirley Sherrod, along with millions of black, brown and young voters are on the outside of Barack Obama's wall.
Republican governors and legislatures in Wisconsin, Michigan, Ohio and Indiana have passed ambitious efforts to end public sector unions, ban union political contributions. Michigan passed a measure that would let governors overrule or dissolve school boards and local governments by declaring a “fiscal emergency” and appointing an individual or corporation to rule in their place.
But the fiscal hawks are inside Barack Obamas wall, not outside it. The president himself promotes the fictions that “national debt is like family debt” and that cuts in wages, benefits, Medicare, Medicaid and social security are the solution to his fictitious problem.
Unions are outside Barack Obama's black wall too, although he gratefully accepts their campaign contributions, and allows their leaders to sit on commissions and meet with him from time to time. Union leaders invited the president to come to Madison, Wisconsin during the face-off with the legislature. Fortunately, he declined. They invited the vice-president. He demurred. They invited the Secretary of Labor. No way. Here again, the president's freeze on the pay and rights of federal workers set the stage for Republican moves to take it one step further.
Look --- over there! It's President Sarah Palin! Can you live with that? Shut up and drink your kool-aid.
In every case, the black wall around Barack Obama protects him not from Tea Partyers and Republican foes, whom he is anxious to meet more than half way. The black wall around Barack Obama protects him from accountability to black people, to his supposed base.
Increasingly we can expect the White House and its allies will demand that all grassroots political agitation and organizing not explicitly connected with turning out the vote for the president and his party cease. That's been the traditional pattern. Antiwar movements, housing and human rights work, all of it folds in even numbered years, as activists allow all their efforts to be diverted into electing Democrats.
As 2012 looms, the black wall around Obama remains a crucial asset. It's why his first campaign appearance will be on the arm of Al Sharpton. The pressure will be on to circle the wagons again, to build the wall higher. As the pastor predicted, the black wall around Barack Obama wall insulates the president against his foes, not from the right, but from the left. It protects the president not against the Pentagon, the banksters, the corporate thugs, the privatizers and the Republicans, all of whom he seems to get along with just fine --- but against us. It makes him democracy-proof and people-proof. It protects him against his own supposed base.
It's time for black America to answer the questions the Atlanta pastor wouldn't. What's more important? Stopping the foreclosures, ending war and mass incarceration, reining in the banks and corporadoes, saving the public education and the environment, creating jobs and doing justice? Or protecting and prolonging the career of one man, a man who doesn't protect us?


Bruce A. Dixon is managing editor at Black Agenda Report, and based in Marietta GA, [/b]

[b]Nneka - "SOUL IS HEAVY" Official Video






http://all.mtvworldverticals.com/reviews/nneka-soul-is-heavy/



Raise Your Fists to Naija Hip Hop

Premier Naija rapper/singer Nneka dropped the title track off her upcoming album, Soul is Heavy. True to its name, the track is about a million pounds of rhymes, beefy Golden Age production, and socially conscious messages — namely proud ones.

For seven years the tireless guitarista Nneka has spent her time traveling between her home country Nigeria and Hamburg, dropping tracks in English and Igbo about issues in Africa. She predominantly raps on  “Soul is Heavy” before breaking out into a melodic belt and a hard rock hook about her roots,

Though anyone would raise their fists to this ardent track, it speaks most clearly to the Naija population. Historical figures and revolutionaries Isaac Boro, Ken Saro Wiwa, Jaja of Opobo make lightning-quick appearances on the hook.

Despite all the African collage work in the video, Nneka dons a New York Yankees cap. She does have a wide fanbase in the big apple, after all.



Watch the video below, and stay tuned for Soul is Heavy out Sept. 23!



https://www.youtube.com/watch?v=xkDgnVJa7SU[/b]

Cossy Orjiakor is now celibate




[img]http://2.bp..com/-7lUQODy72n0/TjFzhd2lJ4I/AAAAAAAAA54/fo5SrZ0HmwE/s1600/12.jpg[/img]

Western banks have turned into casino parlours. They no longer have the patience to try to finance capital projects. That's why they are begging thrify China for bailout loans for their corrupt banking industry.

The Imperialists/Colonizers celebrate their victory in Libya.


https://graphics8.nytimes.com/images/2011/09/16/world/16libya-cnd-inline1/16libya-cnd-inline1-articleInline.jpg

French President Nicolas Sarkozy, center left, with Mustafa Abdel-Jalil, the leader of the interim administration, shaking hand with an injured man. The British prime minister David Cameron stood at the foot of the bed.




September 15, 2011
Cameron and Sarkozy in Tripoli to Meet New Libyan Leaders
By ALAN COWELL
LONDON — Prime Minister David Cameron of Britain and President Nicolas Sarkozy of France flew to Tripoli, Libya, on Thursday, pledging continued military, political and economic support for the country’s new leaders, including help in tracking down Col. Muammar el-Qaddafi.

The trip was the first to the Libyan capital by Western leaders since Colonel Qaddafi lost control of the city last month. Visiting a health center shortly after they arrived, Mr. Cameron and Mr. Sarkozy were surrounded by jubilant Libyans praising their role in pushing the Libyan dictator from power.

Both men called for Colonel Qaddafi’s arrest and trial. But, reflecting a broad fear among outsiders about the fragility and factionalism of the Libyan revolution and the possibility of score-settling and bloodshed in the post-Qaddafi era, both Western leaders urged Libya’s rebel administration to avoid reprisals against its adversaries.

Mr. Sarkozy said that there should be “no settling of accounts” and that “forgiveness should be shown by everybody.” Mr. Cameron and Mr. Sarkozy played a central role among the Western allies in pushing for a United Nations resolution in March that authorized a no-flight zone over Libya. Both Britain and France also participated in the NATO air campaign that destroyed much of Colonel Qaddafi’s military power as the rebels advanced from their eastern stronghold of Benghazi, Libya.

Both Mr. Cameron and Mr. Sarkozy said on Thursday that NATO airstrikes would continue, in Mr. Cameron’s words, “as long as necessary.”

They were speaking at a news conference alongside Mustafa Abdel-Jalil, the leader of the interim administration set up by the insurgents, and Mahmoud Jibril, the rebels’ de facto prime minister, who said Libya still needed NATO “protection for our civilians.”

Mr. Jibril said Britain had agreed to assist in the removal of land mines, and Mr. Cameron and Mr. Sarkozy said they would press for the release of billions of dollars worth of Libyan assets frozen under United Nations sanctions against Colonel Qaddafi.

“This was your revolution, not our revolution,” Mr. Cameron said, praising “incredibly brave” rebels for “removing the dreadful dictatorship of Qaddafi.”

But with Colonel Qaddafi still at large, Mr. Cameron said, “this is not finished, this is not done, this is not over.”

“We will help you find Qaddafi and bring him to justice,” Mr. Cameron said. He did not say how Britain would do that. Technically, NATO surveillance planes could be deployed to detect movements by or signals from Colonel Qaddafi.

British newspapers have reported that British Special Forces are on the ground in Libya, though the military does not generally comment on reports of such activity.

Referring to the former Libyan strongman, Mr. Cameron declared: “It’s time for him to give himself up” and face justice.

France was the first country to recognize the rebels and took credit for initiating airstrikes that halted a loyalist column closing in on Benghazi. Mr. Sarkozy and Mr. Cameron have since said those initial strikes prevented the thousands of deaths that would have occurred if pro-Qaddafi forces had entered the city.

Mr. Cameron’s visit was announced here only after he landed — a measure of continued concerns about security and with pro-Qaddafi forces still holding out in several towns in other parts of Libya. Colonel Qaddafi’s whereabouts remain a mystery.

The joint visit on Thursday was seen as offering significant symbolic support to Libya’s Transitional National Council days after its main leaders left Benghazi for the capital. It was also part of a high-stakes play by the two leaders to cast themselves as muscular champions of democracy while British and French business interests vie for opportunity in post-Qaddafi Libya.

François Baroin, the French finance minister, denied in a radio interview in Paris on Thursday that the visit to Tripoli was designed to drum up business deals or reconstruction contracts. He called the journey “a strong gesture.”

“It is a historic moment to go today to Libya,” he said. But asked whether there were economic motives, he replied, “We are not at that stage,” The Associated Press reported.

At the news conference in Tripoli, Mr. Sarkozy said there had been no “behind-the-scenes” agreements on reconstruction contracts. “We have asked for no preferences,” he said. “We have done what we did because we thought it was the right thing to do.”

The visit came three days after Mr. Abdel-Jalil, the insurgent leader, issued a passionate call for national reconciliation in the heart of Tripoli.

He spoke in the newly renamed Martyrs’ Square, which had been called Green Square when Colonel Qaddafi used it to address the nation. It was also where security forces shot protesters six months ago and set off the rebellion.

Since the uprising, Tripoli has played host to only a handful of international visitors, including President Jacob Zuma of South Africa, who spoke to Colonel Qaddafi as part of an unsuccessful attempt by the African Union bid to mediate a cease-fire and peace negotiations.

After the news conference on Thursday, Mr. Sarkozy and Mr. Cameron were to fly to Benghazi, where some insurgent leaders are still based.

Public Enemy "Can't Truss It"



https://www.youtube.com/watch?v=AHLnv--a9kA&feature=related

Prepare to AVOID recolonization


Prof Griff on Africom




https://www.youtube.com/watch?v=miWAwJCkYt0

check it out


Prof Griff on Africom


https://www.youtube.com/watch?v=miWAwJCkYt0

[b]Time tested knowledge for the first wife.



The Good Wife's Guide

Have dinner ready. Plan ahead, even the night before, to have a delicious meal ready on time for his return. This is a way of letting him know that you have be thinking about him and are concerned about his needs. Most men are hungry when they get home and the prospect of a good meal is part of the warm welcome needed.

Prepare yourself. Take 15 minutes to rest so you'll be refreshed when he arrives. Touch up your make-up, put a ribbon in your hair and be fresh-looking. He has just been with a lot of work-weary people.

Be a little gay and a little more interesting for him. His boring day may need a lift and one of your duties is to provide it.
Clear away the clutter. Make one last trip through the main part of the house just before your husband arrives. Run a dustcloth over the tables.

During the cooler months of the year you should prepare and light a fire for him to unwind by. Your husband will feel he has reached a haven of rest and order, and it will give you a lift too. After all, catering to his comfort will provide you with immense personal satisfaction.

Minimize all noise. At the time of his arrival, eliminate all noise of the washer, dryer or vacuum. Encourage the children to be quiet.
Be happy to see him.

Greet him with a warm smile and show sincerity in your desire to please him.
Listen to him. You may have a dozen important things to tell him, but the moment of his arrival is not the time. Let him talk first - remember, his topics of conversation are more important than yours.
Don't greet him with complaints and problems.

Don't complain if he's late for dinner or even if he stays out all night. Count this as minor compared to what he might have gone through at work.

Make him comfortable. Have him lean back in a comfortable chair or lie him down in the bedroom. Have a cool or warm drink ready for him.

Arrange his pillow and offer to take off his shoes. Speak in a low, soothing and pleasant voice.

Don't ask him questions about his actions or question his judgment or integrity. Remember, he is the master of the house and as such will always exercise his will with fairness and truthfulness. You have no right to question him.
A good wife always knows her place.
[/b]

[b][b]Heard first here ,


Wary Investors Start to Shun European Banks
By NELSON D. SCHWARTZ and GRAHAM BOWLEY
When a $225 million loan to BNP Paribas comes due Thursday at Legg Mason’s Western Asset management unit, managers at its money market funds will be exercising caution. Instead of renewing the loan as they would have as recently as two months ago, they are looking to park investors’ money elsewhere, avoiding BNP and other Continental banks in favor of institutions in Scandinavia, Canada and Britain.

Even as European investors race to abandon shares in French banks, on this side of the Atlantic, banks, brokerages and other American financial institutions are quietly reducing their exposure too, turning down requests for fresh loans from the euro currency region and seeking alternative investments.

In August, American money funds and other suppliers of short-term credit chose not to refinance roughly $50 billion of debt issued by European banks, a drop of 14 percent, according to JPMorgan research. Traders are so worried that they are forcing French banks like Société Générale and BNP Paribas to pay more to borrow dollars — and they often can do so only for a week or less.

“Money market managers in the U.S. continue to prune risk,” said Alex Roever, who tracks short-term credit markets for JPMorgan Chase. “The issue is headline risk; fund managers may be comfortable with the banks’ credit, but many are hearing from shareholders worried by what they have read about French banks.”

Unlike their American counterparts, France’s biggest banks are more dependent on short-term funding. Money market funds in the United States have been among the biggest lenders, lending $161 billion to French banks in August, although that is down 39 percent from a month earlier.

“It hasn’t been a wholesale pullback,” Mr. Roever said. In 2008, after the collapse of Lehman Brothers — when a key money market fund sustained huge losses on Lehman debt and investors started pulling their money out of the funds — he said, “everybody shut off at once. It was like a cliff. This time the pullback has been more gradual.”

It’s not just money market funds that are getting cold feet.

On Wall Street, some big American banks have become wary of derivatives tied to French banks like Société Générale and BNP Paribas, several traders said. The two French giants are major international players in the derivatives arena, so a pullback would hurt egos and the bottom line of both companies. Derivatives are investment instruments whose value is tied to another underlying security.

And since last month, according to several bankers who insisted on anonymity, hedge funds and other firms have also withdrawn hundreds of millions of dollars from prime brokerage accounts held at French banks. Prime brokers hold assets for hedge funds and other investors, while providing loans for increased leverage on their bets.

While still small, this kind of transfer echoes the larger move hedge funds made as Lehman teetered in 2008, when a tidal wave of withdrawals helped sink the bank.

Not everyone is anxious. Some money market giants like Fidelity and Federated Investors are sticking with French banks despite the increased anxiety. At Federated, which has $114 billion under management in prime money market funds, about 13 to 17 percent of assets remain invested in French bank debt, according to Deborah Cunningham, a senior portfolio manager at Federated.

“We’re always rethinking it and assessing it, but we’ve not come up with a different answer,” she said. “We don’t feel there’s any jeopardy with regard to repayment.”

At Fidelity, which manages a total of $428 billion, Adam Banker, a spokesman, said, “We’re very comfortable with our money market funds’ European bank holdings, including French bank holdings.” As capital becomes more costly or scarce for European banks, the resulting rise in their borrowing costs risks impairing their own ability to lend, economists warn. That threatens to undermine the general economic growth prospects of already-weakened nations like Italy and France, which in turn would make the banks’ position worse.

“There is a paucity of capital in the European banking system,” said Eric Green, an economist at TD Securities. “There is crisis fatigue in Paris and Berlin. Now there is some question about how much they are prepared to go to the mat to save Greece from default.”

In another sign of the strain, Société Générale put out an unusual announcement on Monday morning revealing it had more than halved its unsecured dollar funding to $33 billion euros, from $72 billion euros in early July. That has forced the bank to look elsewhere for dollars to finance its operations, including the foreign exchange markets.

With French and other European banks chasing dollars, the cost of swapping euros for dollars three months from now has spiked. The so-called foreign exchange basis swap is where European banks are increasingly being forced to turn as other forms of dollar funding dry up. It has risen to about 112 basis points, or 1.12 percent. It had stood at 28 basis points in late July.

That is painfully high, but still far below the 200 basis points, or 2 percent, it reached in the aftermath of the 2008 financial crisis. And that’s after a number of emergency support measures undertaken by the Federal Reserve and other central banks to ensure that global financial institutions do not run short on dollars.

Another indicator of heightened concern is the increasing cost of insuring European bank debt through credit-default swaps, which rose to records, said Otis C. Casey, director of credit research at Markit.

The Markit iTraxx senior financial Index linked to senior debt of 25 banks and insurers rose to about 3.15 percent after being at about 1.77 percent at the end of July. That means it now costs $315,000 a year to insure $10 million in bank debt for five years; at the end of July, the cost was $177,000.

For French banks, the cost is even greater. Credit-default swaps on Crédit Agricole reached a record of 3.25 percent Monday, up from 1.11 percent in April. Similar instruments to insure debt of Société Générale stood at 4.5 percent, compared with 1.07 percent in April.

The cost of insuring European sovereign debt now stands at its highest level since September 2009. The Markit iTraxx SovX Western Europe Index of credit-default swaps on 15 governments increased to around 3.57 percent — it had stood at 1.57 percent in April, according to Mr. Casey.

At the epicenter of the problem — Greece — the cost of insuring $10 million worth of Greek debt now equals $5.7 million, a new high, underscoring how the market is already factoring in the likelihood of a Greek default.

For now, the market is signaling that the risks are likely to loom larger for European institutions than banks in the United States. Still, the longer the uncertainty persists, the more investors on both sides of the Atlantic will feel jittery. What’s more, regulators do not fully know just how much of a risk derivatives tied to European banks pose for American firms.

“Because of the uncertainty with the Germans, the European Union and the International Monetary Fund, you’re not going to see an easy, quick resolution,” said Mr. Roever of JPMorgan. “This is a problem that isn’t going away soon.”

Eric Dash and Julie Creswell contributed reporting.[/b][/b]

[b]
The bankers have decided to play casino games with derivatives instead of investing in capital projects.




20 Signs Of Imminent Financial Collapse In Europe
September 12, 2011


Source: ECBlog - MIchael Snyder




Are we on the verge of a massive financial collapse in Europe? Rumors of an imminent default by Greece are flying around all over the place and Greek government officials are openly admitting that they are running out of money. Without more bailout funds it is absolutely certain that Greece will soon default on their debts. But German officials are threatening to hold up more bailout payments until the Greeks "do what they agreed to do". The attitude in Germany is that the Greeks must now pay the price for going into so much debt. Officials in the Greek government are becoming frustrated because the more austerity measures they implement, the more their economy shrinks. As the economy shrinks, so do tax payments and the budget deficit gets even larger. Meanwhile, hordes of very angry Greek citizens are violently protesting in the streets. If Germany allows Greece to default, that is going to start financial dominoes tumbling around the globe and it is going to be a signal to the financial markets that there is a very real possibility that Portugal, Italy and Spain will be allowed to default as well. Needless to say, all hell would break loose at that point.

So why is Greece so important?

Well, there are two reasons why Greece is so important.

Number one, major banks all over Europe are heavily invested in Greek debt. Since many of those banks are also very highly leveraged, if they are forced to take huge losses on Greek debt it could wipe many of them out.

Secondly, if Greece defaults, it tells the markets that Portugal, Italy and Spain would likely not be rescued either. It would suddenly become much, much more expensive for those countries to borrow money, which would make their already huge debt problems far worse.

If Italy or Spain were to go down, it would wipe out major banks all over the globe.

Recently, Paul Krugman of the New York Times summarized the scale of the problem the world financial system is now facing,


Financial turmoil in Europe is no longer a problem of small, peripheral economies like Greece. What’s under way right now is a full-scale market run on the much larger economies of Spain and Italy. At this point countries in crisis account for about a third of the euro area’s G.D.P., so the common European currency itself is under existential threat.

Most Americans don't spend a lot of time thinking about the financial condition of Europe.

But they should.

Right now, the U.S. economy is really struggling to stay out of another recession. If Europe has a financial meltdown, there is no way that the United States is going to be able to avoid another huge economic downturn.

If you think that things are bad now, just wait. After the next major financial crisis what we are going through right now is going to look like a Sunday picnic.

The following are 20 signs of imminent financial collapse in Europe,

#1 The yield on 2 year Greek bonds is now over 60 percent. The yield on 1 year Greek bonds is now over 110 percent. Basically, world financial markets now fully expect that Greece will default.

#2 European bank stocks are getting absolutely killed once again today. We have seen this happen time after time in the last few weeks. What we are now witnessing is a clear trend. Just like back in 2008, major banking stocks are leading the way down the financial toilet.

#3 The German government is now making preparations to bail out major German banks when Greece defaults. Reportedly, the German government is telling banks and financial institutions to be prepared for a 50 percent "haircut" on Greek debt obligations.

#4 With thousands upon thousands of angry citizens protesting in the streets, the Greek government seems hesitant to fully implement the austerity measures that are being required of them. But if Greece does not do what they are being told to do, Germany may withhold further aid. German Finance Minister Wolfgang Schaeuble says that Greece is now "on a knife’s edge".

#5 Germany is increasingly taking a hard line with Greece, and the Greeks are feeling very pushed around by the Germans at this point. Ambrose Evans-Pritchard made this point very eloquently in a recent article for the Telegraph,


Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets to take control of Greek tax collection and liquidate state assets. They had better be well armed. The headlines in the Greek press have been "Unconditional Capitulation", and "Terrorization of Greeks", and even “Fourth Reich”.

#6 Everyone knows that Greece simply cannot last much longer without continued bailouts. John Mauldin explained why this is so in a recent article,


It is elementary school arithmetic. The Greek debt-to-GDP is currently at 140%. It will be close to 180% by year’s end (assuming someone gives them the money). The deficit is north of 15%. They simply cannot afford to make the interest payments. True market (not Eurozone-subsidized) interest rates on Greek short-term debt are close to 100%, as I read the press. Their long-term debt simply cannot be refinanced without Eurozone bailouts.

#7 The austerity measures that have already been implemented are causing the Greek economy to shrink rapidly. Greek Finance Minister Evangelos Venizelos has announced that the Greek government is now projecting that the economy will shrink by 5.3% in 2011.

#8 Greek Deputy Finance Minister Filippos Sachinidis says that Greece only has enough cash to continue operating until next month.

#9 Major banks in the U.S., in Japan and in Europe have a tremendous amount of exposure to Greek debt. If they are forced to take major losses on Greek debt, quite a few major banks that are very highly leveraged could suddenly be in danger of being wiped out.

#10 If Greece goes down, Portugal could very well be next. Ambrose Evans-Pritchard of the Telegraph explains it this way,


Yet to push Greece over the edge risks instant contagion to Portugal, which has higher levels of total debt, and an equally bad current account deficit near 9pc of GDP, and is just as unable to comply with Germany's austerity dictates in the long run. From there the chain-reaction into EMU's soft-core would be fast and furious.

#11 The yield on 2 year Portuguese bonds is now over 15 percent. A year ago the yield on those bonds was about 4 percent.

#12 Portugal, Ireland and Italy now also have debt to GDP ratios that are well above 100%.

#13 Greece, Portugal, Ireland, Italy and Spain owe the rest of the world about 3 trillion euros combined.

#14 Major banks in the "healthy" areas of Europe could soon see their credit ratings downgraded. For example, there are persistent rumors that Moody's is about to downgrade the credit ratings of several major French banks.

#15 Most major European banks are leveraged to the hilt and are massively exposed to sovereign debt. Before it fell in 2008, Lehman Brothers was leveraged 31 to 1. Today, major German banks are leveraged 32 to 1, and those banks are currently holding a massive amount of European sovereign debt.

#16 The ECB is not going to be able to buy up debt from troubled eurozone members indefinitely. The European Central Bank is already holding somewhere in the neighborhood of 444 billion euros of debt from the governments of Greece, Italy, Portugal, Ireland and Spain. On Friday, Jurgen Stark of Germany resigned from the European Central Bank in protest over these reckless bond purchases.

#17 According to London-based think tank Open Europe, the European Central Bank is now massively overleveraged,


"Should the ECB see its assets fall by just 4.23pc in value . . . its entire capital base would be wiped out."

#18 The recent decision issued by the German Constitutional Court seems to have ruled out the establishment of any "permanent" bailout mechanism for the eurozone. Just consider the following language from the decision,


"No permanent treaty mechanisms shall be established that leads to liability for the decisions of other states, especially if they entail incalculable consequences"

#19 Economist Nouriel Roubini is warning that without "massive stimulus" by the governments of the western world we are going to see a major financial collapse and we will find ourselves plunging into a depression,


“In the short term, we need to do massive stimulus; otherwise, there's going to be another Great Depression”

#20 German Economy Minister Philipp Roesler is warning that "an orderly default" for Greece is not "off the table",


''To stabilize the euro, we must not take anything off the table in the short run. That includes, as a worst-case scenario, an orderly default for Greece if the necessary instruments for it are available.''

Right now, Greece is caught in a death spiral. The more austerity measures they implement, the more their economy slows down. The more their economy slows down, the more their tax revenues go down. The more their tax revenues go down, the worse their debt problems become.

Greece could end up leaving the euro, but that would make their economic problems far, far worse and it would be very damaging to the rest of the eurozone as well.

Quite a few politicians in Europe are touting a "United States of Europe" as the ultimate solution to these problems, but right now the citizens of the eurozone are overwhelming against deeper economic integration.

Plus, giving the EU even more power would mean an even greater loss of national sovereignty for the people of Europe.

That would not be a good thing.

So what we are stuck with right now is the status quo. But the current state of affairs cannot last much longer. Germany is getting sick and tired of giving out bailouts and nations such as Greece are getting sick and tired of the austerity measures that are being forced upon them.

At some point, something is going to snap. When that happens, world financial markets are going to respond with a mixture of panic and fear. Credit markets will freeze up because nobody will be able to tell who is stable and who is about to collapse. Dominoes will start to fall and quite a few major financial institutions will be wiped out. Governments around the world will have to figure out who they want to bail out and who they don't want to bail out.

It will be a giant mess.

For decades, the governments of the western world have been warned that they were getting into way too much debt.

For decades, the major banks and the big financial institutions were warned that they were becoming way too leveraged and were taking far too many risks.

Well, nobody listened.

So now we get to watch a global financial nightmare play out in slow motion.

Grab some popcorn and get ready. It is going to be quite a show.[/b]