Entries in Fraud (2)


The Home of All Things Interesting

China and Russia Agree on something

To Quit the U.S. Dollar




St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday. Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.

The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities. The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

“That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries,” he said.

Putin made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation. Wen said at the press conference that the partnership between Beijing and Moscow has “reached an unprecedented level” and pledged the two countries will “never become each other’s enemy”.

Over the past year, “our strategic cooperative partnership endured strenuous tests and reached an unprecedented level,” Wen said, adding the two nations are now more confident and determined to defend their mutual interests.

There goes the Dollar, time to go back to the Gold Standard.



The Home of All Things Interesting

Feds Probing Possible Oil Market




The Commodity Futures Trading Commission, the government agency responsible for overseeing the trading of energy contracts, has taken the unusual step of revealing a six-month investigation into possible price manipulation.

The announcement comes amid a breathtaking spike in oil prices and growing speculation that speculators are a big cause of consumer misery.

"All Americans are significantly affected by high energy prices—whether it's paying more at the pump, or higher costs for farmers and entrepreneurs," said CFTC Acting Chairman Walt Lukken. "The Commission is taking important steps to ensure that the U.S. energy futures markets function properly and operate free from manipulation and abuse. With these initiatives, we are improving our oversight capabilities and bringing greater sunshine to these markets."

Prices on the oil futures market have surged 32 percent this year and have increased fourfold in the last five years.

On Thursday, oil futures fell more than $4 a barrel to $126.62 on the New York Mercantile Exchange, after topping $130 a barrel earlier in May. Gasoline prices at the pump have reached a national average of $3.95 a gallon, up from about $3.20 a gallon a year ago. In a number of states, the average price has exceeded $4 a gallon.

Read more: "Feds Probing Possible Oil Market Manipulation" - http://www.consumeraffairs.com/news04/2008/05/gas_prices246.html#ixzz0H0Lq57Y8&A