Reporting from Lebanon

This blog contains Dan Winter's live reports from Beirut Lebanon. Dan is a long time peace activist from Boulder Colorado.  He has been to Iraq 3 times and Palestine once.  He is  opening a non-profit office in Beirut to provide services for volunteers and the media.  Contact him for assistance.

Sunday, February 22, 2009

Fw: VIPs See 'Collapse, Riots' soros & volker



--- On Sat, 2/21/09, cord macguire <cordymac@hotmail.com> wrote:
From: cord macguire <cordymac@hotmail.com>
Subject: VIPs See 'Collapse, Riots'
To: "cord macguire" <cordymac@hotmail.com>
Date: Saturday, February 21, 2009, 8:03 PM

likened to demise of Soviet.  -Cord   Soros Sees No Bottom For World Financial "Collapse" ///////////////////////////////////////// Reuters http://www.reuters.com/article/newsOne/idUSTRE51K0A920090221 February 21, 2009    NEW YORK - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.  Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.  He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.  "We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."  His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.  Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.  "I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker said.   ***  Brzezinski Warns Of Riots in US  ////////////////////////// by Press TV http://www.presstv.com/detail.aspx?id=86350&sectionid=3510203 February 21, 2009    Zbigniew Brzezinski, a former national security advisor, has warned that the US could witness riots if economy continues its downward spiral.  "There's going to be growing conflict between the classes and if people are unemployed and really hurting, hell, there could be even riots!" said Brzezinski, President Jimmy Carter's national security advisor, in a recent interview with NBC.  "In 1907, when we had a massive banking crisis, when banks were beginning to collapse, there were going to be riots in the streets," he added.  At least 3.6 million jobs have been wiped out throughout the US since the recession began in December 2007. The jobless rate officially reached a 16-year high of 7.6% (11.6 million people) last month.  Earlier this week, a new Federal Reserve report said that US unemployment could increase to 8.8%, causing the economy to contract for a full calendar year for the first time since 1991, when a contraction of 0.2% was registered.  The Obama White House has put forward an array of measures, including a $787 billion stimulus package, in the hopes of reviving the flagging economy.  Brzezinski, meanwhile, made some recommendations to the young administration.  He proposed the creation of a voluntary national solidarity fund, whose contributors would be those who became wealthy in recent times.  "Where is the moneyed class today? Why aren't they doing something: the people who made billions, millions. I'm sort of thinking of Paulson, of Rubin [former treasury secretaries]. Why don't they get together, and why don't they organize a national solidarity fund in which they call on all of those who made these extraordinary amounts of money to kick some back?" he argued.  "I was worrying about it because we're going to have millions and millions of unemployed, people really facing dire straits. And we're going to be having that for some period of time before things hopefully improve," said Brzezinski.   ***

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