Hard News

I read widely from newspapers and news outlets around the world. Even if we say that those outlets are handing out their own versions of propaganda, there are still so many interesting things happening around the rest of the planet that constitute what I call "hard news." Hard news is something that involves real action, real documentation, or real decision-making, not just someone's opinion or interpretation of the facts. #1 The Chinese newspaper Xinhua reported that the Federal Reserve Board met and decided that banking institutions that had made unreasonably risky investments (as in billions of dollars worth of derivatives) would have to keep that risk if things went badly and there was another financial crisis. They could not pass the problem onto American taxpayers or anyone else. This leaves few options for these too-big-to-fail banks...either go under when these risks blow up, or take the derivatives off their books! #2 The APEC Conference taking place in China has been presented in the U.S. as something that the U.S. was 'almost' in charge of. It was made to look like the point of the conference was to set up another free trade agreement with countries in Asia. No mention was made of the fact that during the conference Russia and China decided to sell and trade oil in Chinese yuan - not American dollars. The days of the dollar being the world's reserve currency are over, but no one is telling us that. Be prepared for a change in the money system...unless the U.S. wants to join the rest of the world in creating a basket of currencies, which would then give us an excuse to simply erase all the false debt on the American financial books.