Not to mention some of the major progressions listed in my post in this forum along with other's warnings. All together, I think these economic issues will have a very long term effect on the U.S.'s standing in the world as well as it's economic health in the shorter run. I don't think things will ever be the same again (which is not to say that a new economy that emerges from all this collapse of our system won't ultimately be a good thing):
WTO Ready for U.S. Sanctions
http://tinyurl.com/5o5qq WTO Ready for U.S. Sanctions
GENEVA (Reuters) - The World Trade Organization cleared the way on Thursday to impose $150 million of trade sanctions on the United States, sought by the European Union and others, after lawyers resolved a legal wrangle.
The sanctions request, which stems from a row over an illegal U.S. anti-dumping law, had been expected to be rubber-stamped by the WTO on Wednesday.
But U.S. lawyers delayed authorization for 48 hours, when they queried some of the wording in the demand made by the EU and its allies -- Canada, Mexico, Brazil, India, Japan and South Korea.
"The problem has been resolved. We can resume our meeting tomorrow," Kenyan ambassador Amina Mohamed, chairwoman of the WTO's disputes settlement body (DSB), told Reuters.
The case, one of a number pitting Brussels against Washington, involves the so-called Byrd amendment, a measure the Geneva body has repeatedly declared breaks trade rules.
The green light for sanctions from the DSB is effectively automatic because the case has gone through all the WTO stages for settling disputes, including appeals and arbitration.
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Putin and Petro-dollar Revolt
Subtle changes are in the wind on the energy front. As much as some people want to regard Russia as a strong American ally, their behavior on several fronts testifies to the contrary. Some truly staggering developments are underway, not adequately reported. Behind the scenes, covered little by the intrepid US press & media, a meeting was convened two weeks ago in the Urals of Russia. European leaders, and OPEC representatives, and Putin quietly are plotting to establish stronger ties between Europe and Russia in their basis for financial transactions. Putin is adroitly offering to install euro pricing of crude oil, which would surely favor Germany and other large EU nations. He strives to obtain geopolitical concessions from EU leaders, namely a more powerful voice for Russia in world politics.
OPEC appears to be willing and eager to join in new alliances to undermine the US domination from owning the world reserve currency. Enormous consequences follow, which lie completely in US blind spots. A strange contrasting parallel might exist between the United States and Russia, regarding relationships with large energy companies. The USA has evolved into a cooperative collusion with big companies like Halliburton. Russia has broken down into a confrontational situation steeped in confiscation with big companies like Yukos. The USA seems to work constructively with large firms, with governmental support. This is seen in sponsored foreign grain sales, in development of petro-chemical plants, in defense contracts for the military complex, in permissiveness toward software monopolies, in protection of the steel industry, and elsewhere. Russia seems to work in adversarial roles to steal back and forth with their big firms.
RUSSIAN ASSAULT ON FREE ENTERPRISE
Russian legal treachery embodies a big insult to free enterprise and rights to property. One might say Yukos Oil began as a company with stolen property, or cozy deals to gather in several purchases from state-owned regions, or tax scoffs at Russian authorities enabled growth. Fine, whatever. My attention is trained on current methods, which can be aptly labeled as legal warfare, and trends which betray private property. The Yukos tax & fine bill submitted was revealed to be $18.5 billion, which exceeds the company's annual revenue, and goes far beyond the level where embarrassment is profoundly clear. The Russian government has established a modus operandi, i.e. method of operation. A company is targeted for seizure. It is charged with tax evasion. Their assets are then frozen, pending investigations and legal outcomes. Cash flow is interrupted, only to put debt service repayments in jeopardy. The courts declare debt default, a fresh new problem for the targeted company, whose stock declines in value, and possibly sharply. Under financial duress, a deal is cut, as taxes are paid as a fraction of the original demand in return for a sale of large tracts of the company's properties to the Russian govt. Charges are reduced or negotiated along with the distress sale of their property. Such a pattern has shown itself clearly with the Yukos case....cont'd
http://www.gold-eagle.com/editorials_04/willie112404.html