HARDBALL
Banks lend by creating credit. They create the means for payment out of nothing.
- Ralph M. Hawtrey, former Secretary of British Treasury |
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MUST-BUY/READ BOOKS
March
1. Dr. T.D Singh
God is A Person – Reflections of Two Nobel Laureates, Charles H . Townes & William D. Phillips
(FF: When my daughter came back from her Odissi dance tour in India, she gave me this book for my 60th birthday. What a thoughtful gift! The majority of the public have a warped sense that scientists are generally anti-religion. It is heartening to read that two Nobel Laureates have put to rest this ridiculous notion. Charles Townes is the inventor of maser and laser and in 2005 won the Templeton Prize and has devoted a large part of his life to promote the convergence of science and religion. Prof William Phillips pioneered laser cooling of atoms and paved the way for scientists to create Bose-Einstein condensation and the atomic clocks, without which Global Positioning System (GPS) would not be possible.
Charles Townes has this to say about God: “God is very personal. He has very personal interactions with us. I think there is continuous interaction between God and this universe, especially with us personally. That is very important to our lives… I believe that and I feel it.”
Prof. William Phillips shares similar sentiments – “I think God wants from us is to have a personal relationship with Him and to have good personal relationships with each other. That is why we are here. The relationship God wants us to have with him is a kind of model… It models for us the kinds of relationships we ought to have with each other.
When I read these words, I was more than inspired. There are so many incredible insights by these two scientific giants in this remarkable book. If only the so-called experts in religion have the humility and understanding of God as shown by the Nobel Laureates, the world would be more peaceful and harmonious. Champions of various faiths, instead of cultivating empathy and understanding, have been sowing discords and hate. It behoves these extremists to read this book so that they may be true to God.
I have read this book three times and I cannot wait for another moment of free time to read it once more. It has given me a new perspective as to how we should conduct ourselves in relation to God and to our neighbours. Get this book now. Contact Bhaktivedanta Institute, Kolkata – Tel/Fax 91-33-2500-9018: 2500-6091
January / February
1. Federick J. Sheehan
Panderer To Power
(FF: In 2007/2008, the Global Financial Tsunami almost collapsed the global financial system. We have yet to recover from that turmoil. The 2nd wave of financial destruction is about to begin. While many writers have pin-pointed the key global banks as the culprits, headed by Goldman Sachs, few have dared identify specific individuals responsible for the financial fiasco. Mr. Sheehan’s immaculate research have established an iron-clad case that Alan Greenspan was one of the key players that nurtured and promoted the various scams that have destroyed the livelihood of millions across the globe.
The mass media promoted Alan Greenspan as a financial genius, but this remarkable book tells a different story. In simple language, Alan Greenspan has been exposed as a scam artist, manipulator, charlatan and as the title of the book suggest, a panderer to power. Bernanke is following Alan Greenspan’s footsteps and we hope that Mr Sheehan will also expose this latter day panderer to power. This is a must read, and will be a classic.
Please read also Greenspan Bubbles which the above author co-wrote with William A. Fleckenstein which was reviewed in 2008. See archives.
2. Jocelyn Hurndall
Defy The Stars
(FF: Having just got back from Gaza and experienced first hand the devastation and cruelty suffered by the Palestinians at the hands of Israel’s war criminals, reading the story of a 21-year old student shot in the head by an Israeli sniper while trying to help a Palestinian child and died nine months later, aroused extreme anger in me. Tom Hurndall was unarmed, yet he was gunned down mercilessly.
The war criminals denied the crime, but the persistent efforts for justice by Tom’s Mother, the author, ensured that Tom did not die in vain. Finally, Israel admitted its culpability. This is a story of the courage of a young man making the ultimate sacrifice, a family’s determination to see that justice is done and the brutality of the Israeli regime. A story told with dignity and compassion. It is also a story about the Palestinians in Gaza, of all the mothers who have lost their sons in sixty years of occupation. Be prepared to stay up all night when you pick up this book.
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"One who breaks an unjust law must do so openly, lovingly, and with a willingness to accept the penalty. I submit that an individual who breaks a law that conscience tells him is unjust and who willingly accepts the penalty of imprisonment in order to arouse the conscience of the community over its injustice, is in reality expressing the highest respect for law."
- Martin Luther King
Conspiracy Theory or Reality?
"Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it."
- President Woodrow Wilson, 28th President of the United States
MUST-READ ARTICLES
Views, Without Fear or Favour
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Nathan Vardi
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Thursday, 11 March 2010 08:11 |
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By Nathan Vardi – Forbes.com
Lots of people claim to have seen the financial crisis coming, but few actually banked on it. Andy Beal did. He virtually shut down his Beal Bank between 2004 and 2007. When the financial crisis hit, he started buying, and the early results of his work are now in.
So what is Beal’s current outlook? Beal says his ideas are hardly novel, but given his track record, I thought readers would be interested. From my notes of our recent conversation, here are some of Beal’s thoughts:
1. We are back in a credit bubble due to the Fed and easy money. Other than failed banks, Beal has again nearly stopped buying assets.
2. We are in for some tough sledding. The U.S. economy is being supported by zero interest rates and deficit spending. None of this is sustainable, and when it goes away, things will get worse. The consumer can’t come to the rescue.
3. Unemployment will remain at current levels for several years. This, Beal reasons, is partly because the states have not even started laying people off. “I see all the governments having to tighten their belts, which is going to feed this snowball effect. I don’t think we have felt the impact yet of governmental staff reductions,” says Beal.
4. California? “I can’t imagine the feds bail them out. They can’t afford to. If they bail out California they have to bail out every state, and then there is no discipline in the states,” says Beal.
5. A deflationary period. Beal thinks short-term deflation is very likely for the next year or two.
6. Commercial real estate is headed for trouble. Beal thinks the government has delayed equilibrium in a number of areas, especially commercial real estate. “We just keep putting it off, nothing is trading, there are no buyers and sellers meeting . . . nobody wants to sell at what they could get at today’s market.”
7. The unfairness of the Fed. “I think using the currency in the way it is being used is unfair to people who have saved all their lives and depend on the currency,” says Beal. “To drive interest rates to zero may stimulate the economy, but it is just stealing from savers, and I think it’s unfair for the government to do that.”
8. Stock investors should be very careful. Stocks are currently being supported by zero interest rates and easy money. “They will be gone,” says Beal. “When they are, I don't see how stock values don’t drop.”
9. Community banking is back. Beal doesn’t see securitization returning so insured deposits might become a major source of lending again like they were 20 years ago.
Beal is a self-described libertarian kind of guy. But I have found him first and foremost to be an independent thinker. While he can be very critical of the government’s intervention in the economy, he doesn’t speak in absolutes.
For example: Beal thinks the federal bailout of money-market funds was necessary. But that makes his observations all the more sincere. “The goal of currencies used to be to provide a store of value,” says Beal. “Once the government took that over it had an obligation to fulfill that role, and the fact that they can use that role to steal from Peter to pay Paul doesn’t make it right.”
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Jerusalem Post (Middle East News)
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