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The Group of 20 (G20)‘s pledge to return balance to the world economy may place the US dollar in a precarious position in the long run, experts feel. Over recent weeks, the dollar has fallen 4.3 percent this quarter because of equity market weakness as well as emerging major currencies as other countries begin their recovery from the worst economic downturn since the 1930s. Some G20 meeting attendees see the dollar as susceptible to damage while questioning its stability as well as its status as the global reserve currency, although the recent weakness of the dollar is not being blamed on the weakness of the US economy. Analysts say that short-term effects to the G20 meeting of other wealthy, developing economies will be subdued; however, they say that over a longer period, bank stocks and energy prices as well as the dollar may be harmed by G20 economic balancing actions. World leaders have expressed concern that the US economy’s recovery cannot be sustained because its rebound is due to government stimulus and increased borrowing. During the meeting in Pittsburgh, the leaders agree that to balance the global economy, the US needs to save more while the massive exporter China needs to consume more to support its growth. David Gilmore, partner at FX Analytics in Essex, Connecticut, explains, “The real problem is the world needs a huge consumer and the US has been basically doing it for decades, and now it’s spent.”
US Dollar as Reserve Currency - Robert Zoellick, president of the World Bank, says the US should not take the dollar’s status as the key global reserve currency for granted now that other options are emerging. Zoellick says that shifting global economic forces reveal that it is time to prepare for growth to come from multiple global sources. Although the world’s largest economies also agree to phase out subsidies on oil and other fossil fuels over the “medium term” to combat global warming, they acknowledge that the phase-out probably will not affect energy markets in the short term. In the long term, they say, the move could weigh on energy markets, cutting fuel demand in emerging markets. As for emergency economic support, G20 leaders promise to continue support until recovery is “at hand,” thus providing some relief for foreign currencies.
Economic Rebalancing Equals Shift from Dollar as Reserve Currency? - Global economic balancing is a two-edged sword for the dollar because the currency has been damaged by extremely low interest rates and the glut of dollars in the international monetary system. But the recession already has triggered partial rebalancing as US consumers cut spending while China spends $600 billion to stimulate its economy while making itself less dependent on exports. Analysts quickly note that minus tangible steps, the pledge only serves as lip service. The analysts also say it is improbable that countries would bend to G20 rules on how to run their economies. Nonetheless, the plan would be a clear shift, signaling a move away from the dollar. Currency strategist Kevin Chau of New York’s IDEAglobal says: “In the long run, I think they want another reserve currency, whether it’s the Special Drawing Rights or the Chinese yuan. For any country’s currency to gain that kind of credibility and trust, it would take years of development.” Still, last week, the dollar fell to a new low against the euro and even dropped below the key 90 yen-per-dollar level. [Reuters, 9/27/2009]

Entity Tags: IDEAglobal, David Gilmore, World Bank, Robert B. Zoellick

Timeline Tags: US International Relations

A chain email circulating on the Internet claims that because Barack Obama went to Pakistan in 1981, he cannot be a US citizen. The argument, according to the email, is: “Pakistan was on the US State Department’s ‘no travel’ list in 1981. [Therefore,] when Obama went to Pakistan in 1981 he was traveling either with a British passport or an Indonesian passport.” Had Pakistan actually been on the “no travel” list in 1981, Obama would have had to either travel there illegally, or use the passport of a foreign national. PolitiFact, the nonpartisan, political fact-checking organization sponsored by the St. Petersburg Times, investigates the claim. It is true that Obama went to Pakistan in 1981, during a summer vacation; he went to Indonesia to visit his mother and then to Pakistan with a college friend. But in 1981, according to the State Department, Pakistan was perfectly accessible to US citizens. State Department public affairs officer Ivna Giauque says, “According to our Pakistan experts, there was no travel ban to Pakistan in 1981.” PolitiFact notes that in August 1981, the State Department issued a “travel advisory” for Pakistan, but that would not have precluded any American from visiting Pakistan had he or she chosen to do so. In August 1981, the US consul general in Lahore wrote a letter to the New York Times encouraging Americans to visit the country. And a March 1981 New York Times featured an advertisement listing Karachi and Lahore as two destinations in their travel package. PolitiFact concludes that in the case of the email, “[s]omebody was just looking for an excuse to promote the birther conspiracy.” [St. Petersburg Times, 6/28/2010] The “travel ban” was advanced as an argument against Obama’s citizenship in a 2008 lawsuit which was summarily thrown out of court (see August 21-24, 2008).

Entity Tags: PolitiFact (.org ), Barack Obama, US Department of State, Ivna Giauque

Timeline Tags: Domestic Propaganda

News reports indicate that former al-Qaeda spokesperson Suliman abu Ghaith has been released after years of house arrest in Iran. Abu Ghaith had been held in Iran with other al-Qaeda leaders under a kind of secret house arrest since early 2002 (see Spring 2002). Sometime earlier in the year, abu Ghaith was allegedly sent to Afghanistan as part of a deal with the Taliban in exchange for the release of an Iranian diplomat named Heshmatollah Attarzadeh, who was kidnapped in 2008. [United Press International, 9/29/2010]

Entity Tags: Suliman abu Ghaith, Heshmatollah Attarzadeh

Timeline Tags: Complete 911 Timeline

Bryan Fischer, the director of issue analysis for government and public policy at the American Family Association (AFA), accuses the Obama administration of planning to give the entire North American landmass to Native American tribes. Fischer is reacting to a recent announcement by President Obama that the US will sign a non-binding United Nations declaration on the rights of indigenous peoples, which has been endorsed by 145 countries. The declaration states that “indigenous peoples have the right to the lands, territories, and resources which they have traditionally owned, occupied, or otherwise used or acquired,” and nations “shall give legal recognition and protection to these lands, territories, and resources.” Fischer writes that Obama “wants Indian tribes to be our new overlords.” He continues, “Perhaps he figures that, as an adopted Crow Indian, he will be the new chief over this revived Indian empire.” [Raw Story, 12/22/2010]

Entity Tags: Barack Obama, American Family Association, United Nations, Bryan Fischer, Obama administration

Timeline Tags: Domestic Propaganda

Libertarian Representative Ron Paul (R-TX) reintroduces the American Sovereignty Restoration Act of 2009, which would withdraw the United States from the United Nations. He introduced the same act in 2009, where it died in committee (see February 24, 2009). The bill specifically claims it is designed “[t]o end membership of the United States in the United Nations.” It would repeal the United Nations Participation Act of 1945 and the United Nations Headquarters Agreement Act of 1947, and order the president to “terminate all participation by the United States in the United Nations, and any organ, specialized agency, commission, or other formally affiliated body of the United Nations.” The bill would remove the UN Mission from New York City to somewhere outside US borders. The US would terminate all funding it provides to the UN and terminate any participation in UN peacekeeping operations. It would also withdraw the US from the World Health Organization (WHO) and repeal the United Nations Environment Program Participation Act of 1973. Any treaties, conventions, agreements, and other such interactions between the US and UN would be terminated. [US Fed News Service, 4/4/2011]

Entity Tags: United Nations, American Sovereignty Restoration Act of 2009, Ron Paul, United Nations Headquarters Agreement Act of 1947, United Nations Participation Act of 1945, World Health Organization, United Nations Environment Program Participation Act of 1973

Timeline Tags: US International Relations

Accused Aurora gunman James Holmes looks on during a recent court hearing regarding his alleged crimes. At some point, Holmes dyed his hair, allegedly to more closely resemble ‘The Joker,’ a villain in the Batman movies.Accused Aurora gunman James Holmes looks on during a recent court hearing regarding his alleged crimes. At some point, Holmes dyed his hair, allegedly to more closely resemble ‘The Joker,’ a villain in the Batman movies. [Source: Reason (.com)]The New American, the official publication of the right-wing John Birch Society (JBS—see March 10, 1961, November 1963, April 13, 2009, December 11, 2009, April 26, 2010, and December 2011), promotes a theory from an Internet publication that the recent massacre by a lone gunman in a Colorado movie theater was orchestrated by the Obama administration or its surrogates as a way to impose gun control laws. Writer Bob Adelmann admits the conspiracy theory is merely “conjecture.” The theory comes from the Natural News Network (NNN), which describes itself as a “non-profit collection of public education Web sites.” NNN is incorporated by Truth Publishing International, a Taiwan corporation. The article is titled “Colorado Batman shooting shows obvious signs of being staged,” referencing the film being shown in the theater, The Dark Knight Rises, the third in the “Batman trilogy” by Christopher Nolan. Adelmann introduces the NNN conspiracy theory by reporting that a Forbes magazine article says the US may ratify a United Nations arms treaty that would regulate the international trade in conventional weapons. Adelmann says the UN treaty poses “a formidable threat” to gun ownership in the US. He then introduces the NNN theory as posited by NNN writer Mike Adams. [Forbes, 6/7/2011; New American, 7/23/2012; Samuel Warde, 7/30/2012]
Brainwashed Obama Operative? - The shooter, James Eagan Holmes, fired multiple bursts of gunfire in the Aurora, Colorado, theater, but then surrendered to the police without offering any resistance. Adams says his peaceful surrender was inconsistent with Holmes’s apparent desire to “kill everyone.” Adams also finds it curious that Holmes told police his apartment was booby-trapped with explosives. Someone truly wishing to kill many people would not have told police about the bombs. “It doesn’t add up,” Adams says. Holmes’s character as reported by neighbors and friends—quiet, shy, obsessed with video games—does not correlate with the picture of a maddened gunman, he continues. Moreover, Holmes must have had help from somewhere—he was living on unemployment insurance, Adams contends, yet owned thousands of dollars’ worth of weaponry, ammunition, explosives, and SWAT gear. “Where did that come from?” Adams’s answer: Obama administration operatives or someone else doing the administration’s bidding by launching a “false flag” attack. In fact, Adams writes: “There is already conjecture that James Holmes may have been involved in mind-altering neuroscience research and ended up becoming involved at a depth he never anticipated. His actions clearly show a strange detachment from reality, indicating he was not in his right mind. That can only typically be accomplished through drugs, hypnosis, or trauma (and sometimes all three).” Adams continues: “Someone else taught this guy these skills and funded the acquisition of the equipment.… This is somebody who was selected for a mission, given equipment to carry it out, then somehow brainwashed into getting it done. This is not your run-of-the-mill crime of passion. It was a carefully planned, heavily funded, and technically advanced attack.” Adams concludes that Holmes completed his “mission” and then surrendered, “admitting everything” to police. “The mission, as we are now learning, was to cause as much terror and mayhem as possible, then to have that multiplied by the national media at exactly the right time leading up the UN vote next week on a global small arms treaty that could result in gun confiscation across America.” The FBI has carried out “numerous” missions such as this one, Adams contends, though its history until now is to stop the attacks before they reach the point of violence. Adams also compares the Holmes massacre to the “Fast and Furious” operation conducted by Arizona police officers and the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATF), which has become a popular topic of discussion on the right as another Obama conspiracy theory. Adams concludes: “In other words, this has all the signs of Fast & Furious, Episode II. I wouldn’t be surprised to discover someone in Washington was behind it all. After all, there’s no quicker way to disarm a nation and take total control over the population than to stage violence, blame it on firearms, then call for leaders to ‘do something!’ Such calls inevitably end up resulting in gun confiscation, and it’s never too long after that before government genocide really kicks in like we saw with Hitler (see March 13, 2008 and November 11, 2008), Stalin (see October 13, 2009), Pol Pot (see December 17, 2009 and April 27, 2011), Mao (see January 2009), and other tyrants.” [Natural News Network, 7/20/2012]
JBS: Attack's Timing with UN Treaty Signing More than Coincidental - Adelmann admits the theory is “strictly conjectural at this point,” but observes that “the timing of the shootings coinciding with the final details of the UN Arms Trade Treaty (ATT) being polished up in New York by Secretary of State Hillary Clinton.” The timing must be more than coincidental, Adelmann writes. According to Adelmann, if the US signs the arms treaty, it would have to abide by strict licensing requirements; confiscate untold numbers of citizen-owned weaponry; ban the trade, sale, and private ownership of all weapons; create an international gun registry (which would, Adelmann warns, open the door “for full-scale gun confiscation”); and finally, “[o]verride our national sovereignty, and in the process, provide license for the federal government to assert preemptive powers over state regulatory powers guaranteed by the Ten Amendments in addition to our Second Amendment rights.” The UN treaty would not apply to US citizens, experts note, but Adelmann and others do not believe that assertion. John Bolton, the former UN ambassador and chief political advisor to the Romney presidential campaign, is one of those: he says that while the UN “is trying to act as though this is just a treaty about international arms trade among nation states, but there is no doubt that the real agenda here is domestic firearms control.” Adelmann says the UN treaty is the next step in the Obama administration’s creation of an “authoritarian dictatorship” and ultimate plans for domestic genocide, or what he calls “democide.” He concludes: “That is the nightmare that faces American citizens if in their haste to rid the world of shooters such as Holmes they allow the United Nations to do the job for them. The end result will be immeasurably, horrifyingly, worse.” [Forbes, 6/7/2011; New American, 7/23/2012]
More Coverage - Other right-wing outlets also pick up Adams’s conspiracy theory, including Gun Owners of America (GOA), whose president Larry Pratt issues a press release promoting the theory and offering himself for interviews about the theory and about the Obama administration’s purported intent to ban gun ownership in America. [Special Guests, 7/2012; Samuel Warde, 7/30/2012]
Treaty Not Passed - The media later reports that the US is refusing to go along with the treaty as it is currently written. [CBS News, 7/30/2012]

Entity Tags: Bob Adelmann, John R. Bolton, Gun Owners of America, John Birch Society, Hillary Clinton, James Eagan Holmes, United Nations, US Bureau of Alcohol, Tobacco, Firearms and Explosives, Larry Pratt, Mike Adams, Natural News Network, Obama administration, Truth Publishing International

Timeline Tags: Domestic Propaganda, US Domestic Terrorism

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