Monthly Archives: July 2011

Update: Man Arrested In Poland For Participating In Oslo Terror, Bomber Jailed For 8 Weeks

According to the Norwegian newspaper “Dagbladet” have Polish police conducted a raid in the town Wroclaw. One man is allegedly arrested and is being charged with providing the Oslo bomber – Anders Behring Breivik – with fertilizers to be used in making of the bomb that demolished the Norwegian government building on Friday afternoon.

“I have no comment on this.”

Carol Sandbye

Several Polish media reports Monday that a man is charged with complicity in the attack on government officials in Oslo, Friday. This is supposed to have happened in connection with a raid in the city of Wroclaw on Sunday. However, Norwegian police are not able to verify this information.

“I have no comment on this,” says police prosecutor Carol Sandby to Dagbladet.

According to Polish media the arrested man is the owner of an internet store in the local town Wroclaw.

Other Polish media reports that the store owner also is holder of a company that supplies chemical products over the internet.

He was detained on Sunday by people from the Polish police and state security police.

The man lives in Wroclaw – and runs his business from there.

According to the website Onet.pl the Polish government on Friday received an urgent message from the Norwegian police. They were asked to examine the particular man, and the business he runs over the net.

Today, his reported to have been  arrested.

A Polish lawyer told the news paper “Dagbladet” that the man can be detained for up to 48 hours without having to be brought before a judge.

The lawyer says that there must be solid evidence against him, since the Polish government already is releasing details about the initial indictment.

The man could be charged with assistance to the murder of several people.

The contact with the Polish company appears in his so-called manifesto written by Anders Behring Breivik himself.

A court meeting in Oslo is just about to start. The meeting will decide is Mr. Breivik shall remain in jail until the investigation is concluded.

Anders Behring Breivik has asked for an open meeting with presence of the media, but this has been denied by the judge for security reasons.

One of the reasons for denying the accused an open court hearing is a fear of Mr. Breivik sending secret messages to possible accomplices.

HERE’s LIVE WEB CAM FROM OUTSIDE THE OSLO DISTRICT COURT

LATEST: WILL REMAIN IN CUSTODY FOR EIGHT WEEKS, JUDGE RULES.

The accused admit to the actual bombing and shooting, but pleaded NOT GUILTY as charged before the court.

The court denied the accused his wish for an open hearing, in addition to wear a uniform, and sentenced him to eight week in custody under total isolation.

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Week Ahead: Debt, Debt and More Debt

There is no doubt that the national debt circus in both the US and in the euro zone will make a grand finale this week. Or perhaps a total fiasco. I don’t dare think about the consequences of the last alternative. But if I understand the expert I trust right, the most likely outcome over the next days is a band aid solution that will keep us floating for a while longer – not much longer, thou. Here’s two independent analysis of the situation i Europe at the moment, in addition to an oversight of this weeks key numbers releases.

“Once bond yields start rising and the Euro is under pressure and the fund starts issuing bonds to pay for its obligations, who is buying the debt? China? The banks under pressure? The US?”

Steen Jakobsen

“Through this entire process, free markets continue to take a back seat, as all market returns this year have been driven exclusively by the politicians and their machinations. This deal does not at all change that dynamic, unfortunately, and we wonder what will.” Saxo Bank Chief Economist Steen Jakobsen writes in a commentary.


Here are some highlights:
“On the surface, the deal for Greece and troubled sovereigns is a compromise par excellence – there was something in it for everyone, and as such it was two steps forward, one step back for the fans of a fiscal union. Fiscal union, however is a concept that is foreign not only to most individual countries in the EU, but also clearly one which is tests the outer limits of the Lisbon Treaty, if it doesn’t tread beyond them.
“The declaration that this was a deal only for Greece was understandable from a political and practical point of view, but in reality it is an extremely dangerous challenge to the market. Greek “exceptionalism” could potentially be the Achilles heel of the deal as it is certainly the weakest moving part of the entire construct.”
“I could give you my take on the details of the plan – the formation of a European Monetary Fund in President Sarkozy’s words – but there are simply too many loose ends here. Still, I would like to make a few key points here: As always, there are good intentions and certainly a political will to make the debt crisis go away. Full credit give on this account and again a stern reminder to all market participants that European Leaders will do absolutely everything to keep the EU a going concern – something too many fail to understand.”
“The EFSF is now a de facto special purpose vehicle (SPV) – a vehicle for the ‘transfer union’ – a transfer union which ultimately only Germany and to some degree France can vouch and pay for.”
“This is the biggest risk here – the EFSF and the ideas behind it are fine as long as there is no need for it to actually operate to any significant degree. Once bond yields start rising and the Euro is under pressure and the fund starts issuing bonds to pay for its obligations, who is buying the debt? China? The banks under pressure? The US?
“Also what is it really the EFSF would be selling? Bail-out bonds for Greece, recapitalization of banks, loans to countries with no access to credit markets? Take your pick, it’s an awfully murky investment for any treasury to add to its portfolio.”
“Drawing any major conclusion is too dangerous at this stage, but to me the obvious thing would be to accept this as a deal that has finally altered – as least in theory – the dynamics of the EU debt crisis. It’s too convoluted and contains the awkward Greek exceptionalism component, but offers more realistic relief for the periphery and theoretically increased flexibility for employing the EFSF.”
“Through this entire process, free markets continue to take a back seat, as all market returns this year have been driven exclusively by the politicians and their machinations. This deal does not at all change that dynamic, unfortunately, and we wonder what will.
By Saxo Bank Chief Economist Steen Jakobsen.
His opinions are often contrarian by nature and provide an interesting take on key events driving market sentiment. His coverage is broad and includes opinions on macroeconomic events, forex, stock and fixed income markets.

You’ll find the whole analysis here.

Private Sector? That’s You!

Next up is managing director Sony Kapoor of the international think tank re-define.org.

Kapoor has a shady past as as a Wall Street derivative trader – among others at Lehman Brothers. For the last five years or so he’s been an adviser to governments and international organizations.

In his latest blog post, he takes a closer look at the discussion on private sector involvement in Greece, and tries to  figure out what the EU leaders actually means by that:

“The first thing to consider is, whether one believes that the Greek debt burden is sustainable or not. This very basic assumption will strongly drive whether one thinks the private sector involvement on offer is good or bad. There are three opinions on this 1) Greek debt is not sustainable at current levels and will continue to depress investment and thwart growth through a debt overhang 2) Greek debt is on the knife edge of sustainability but does not pose an overhang 3) Greek debt is sustainable. We will look at all three perspectives.”
“In summary, the whole mechanism of private sector involvement does little to increase the sustainability of Greek debt and in fact imposes significant additional risks on EU taxpayers.” he concludes.
.
See also the latest post by professor George Irvin:  Euro: short term gain and long term
.
Houses, Prices and Consumers
.
Hmm… I have a feeling we – “the consumers” – will get the blame this time, too.
We don’t by enough houses, we don’t borrow as mush money as we should do and we don’t spend money as much as we ought to, to get this long overdue recovery going.
Shame on us!
This is the more predictable news of the week ahead:

Key releases for the week will be the first estimates of second quarter GDP for the UK and US, published on Tuesday and Friday respectively.

“We estimate that the UK economy contracted by 0.1% whereas the US grew by 0.5% (or 1.9% annualized),” Markit Financial Information says:

“Both are weaker than governments and policymakers would have hoped for, highlighting a soft-patch in growth as both countries face the combined headwinds of weak domestic consumer demand and a downturn in global trade flows, which has hit export sales.”

Confirmation of such disappointing performance could tip the balance towards more quantitative easing in both countries, where policymakers are currently split three ways between hawks, doves and fence-sitters.

The US GDP numbers will be preceded by house price data from Case-Shiller on Tuesday and durable goods orders on Wednesday, while the first insight into whether the weakness of the UK household sector persisted into the second half of the year will be provided by the Markit Household Finance Index, which showed sentiment dropping back to levels last seen at the height of the recession in June.

Mortgage lending and consumer credit data will also be published for the UK on Friday.

One of the factors that might help lifting the global economy out of its current soft-spot is a v-shaped recovery in Japan.

The Markit/JMMA Manufacturing PMI, industrial production, retail sales and unemployment data should help shed some light on how this recovery is taking shape.

Any increase in the inflation data for Germany on Wednesday could meanwhile pose problems for the ECB, where rates have already been hiked twice since April but recent data have shown a worryingly steep downturn in euro zone economic growth.

Other central banks remain worried about inflation, including most notably the Reserve Bank of India, which is expected to hike rates on Tuesday.

Monday
Markit’s Household Finance Index (HFI) will provide an insight into consumer spending, savings and debt trends, as well as inflation expectations, house prices and job security. June’s figures showed household finances deteriorating at the fastest pace since early 2009.

Tuesday
The UK will take center stage mid-morning, when economic growth estimates for the second quarter are published by the Office of National Statistics (ONS).

A quarterly decline in GDP is not out of the question, given especially weak official measures of construction output in recent months.

Investor attention will then shift to the United States, where the S&P Case-Shiller House Price Index will shed light on the health of the housing market. The index of home prices in the nation’s largest cities is expected to signal another fall in prices following April’s 4.0% annual decline.
New homes sales in the US will also be watched closely to see if a dip in May, which followed two months of robust increases, is a temporary blip. A noteworthy reduction could dash housing market recovery hopes raised by stronger-than-expected home starts data for June.

Sandwiched between these releases is the publication of the Conference Board barometer of consumer sentiment for July.

Alongside the University of Michigan survey published last week, June’s numbers showed a stagnation of consumer confidence.

Wednesday
The publication of German consumer price inflation is the key release for the euro zone on Wednesday. Meanwhile, CBI industrial trends data will provide insight into the UK manufacturing sector.
In the US, building permits and weekly MBA mortgage applications numbers are published in advance of durable goods orders data.

Thursday
Thursday begins with the publication of Japanese retail sales numbers ahead of German unemployment and Italian wages data.
The CBI distributive trades is the only data release in the UK, though recent data have been a poor guide to retail sales, while usual jobless claims numbers are accompanied by pending home sales data in the US.

Friday
The day starts with the release of the Markit/JMMA Japan Manufacturing PMI, which showed Japan’s manufacturing recovery remained on track in June, with output growth quickening amid easing supply side pressures.

A host of official data for Japan follows shortly afterwards, with the preliminary estimate of industrial production for June the pick of the bunch. Unemployment, inflation, household spending, construction and housing starts data will all be watched to see how quickly the economy is recovering from March’s earthquake and tsunami.

In the euro zone, producer prices data for Italy and France are published ahead of the flash estimate of consumer price inflation across the single currency area as a whole. The headline rate of inflation was steady at 2.7% in June.

UK consumer credit, mortgage lending/applications and money supply data are also released.
The first estimate of US economic growth for the second quarter tops the bill on Friday, with the pace of annualized GDP growth forecast to remain broadly similar to the 1.9% expansion seen in the first quarter.

University of Michigan consumer sentiment data (final) are accompanied by the Chicago PMI, which will be watched closely due to its good track record with the ISM manufacturing index.

Happy Trading!

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Here It Is: The Oslo Bombers Manifesto

The almost 1500 pages manifesto – or book – was published just a couple of hours before the bomb went of at the Norwegian government building in Oslo on Friday afternoon. In this document the christian extremest, and Freemason, Anders Behring Breivik, describes in detail how he planned and carried out the gruesome attack. The European Deceleration of  Independence” also shed a light on a dangerous underground movement that EconoTwis’s have been warning about several times over the last couple of years.

Friday July 22 – Day 82:

Initiate blasting sequenses at pre-determined sites. Test dirt for gram of gold per kg. Have enough material for at least 20 blasts. Start capitalization of project as soon as I have results. Time is running out, liquidity squeese inc. Call/email all my investor contacts with updated online prospectus/pdf. This is going to be an all-or-nothing scenario. If I fail to generate acceptable precious metals yields, in combination with swift initiation of the capitalization for securing the areas I will be heavily indebted. I must complete capitalization of the mineral extraction project within August at latest! When I have the required seed capital I will have enough funds to employ the services of professional blasting engineers. If all fails, I will initiate my career with a private security firm in conflict zones to acquire maximum funds in the shortest period of time to repay the debts. First coming costume party this autumn, dress up as a police officer. Arrive with insignias:-) Will be awesome as people will be very astonished:-)
Side note; imagine if law enforcement would visit me the next days. They would probably get the wrong idea and think I was a terrorist, lol :o)

On 22 July 2011, Breivik allegedly approached a Labour Party youth camp on Utøya island, posing as a police officer, and then opened fire on the adolescents present, reportedly killing at least 100.

He has also been linked with the bomb blasts which had taken place approximately two hours earlier in Oslo. He was arrested on Utøya, and is currently in police custody. Following his apprehension, Breivik was characterized by officials as being a right-wing extremist

According to Reuters and the BBC, deputy police chief Roger Andresen described Breivik as a “Christian fundamentalist“.

He was reportedly a former member of the conservative “Progress Party.”

According to the newspaper Verdens Gang, he has no previous history with the police, apart from traffic violations

According to the same source, Breivik has a Glock pistol, a rifle and a shotgun registered to his name.

Breivik moved in late June or early July to the rural small town of Rena in Åmot, Hedmark county, about 140 km (86 miles) northeast of Oslo,where he operated a farming sole proprietorship under the name “Breivik Geofarm”.

According to Reuters, a farming supplier had sold to Breivik’s company six tonnes of fertilizer in May.

Fertilizer can be used to produce fertilizer explosives, although fertilizer explosives were not reported to have been used in the attacks.

In his manifesto, Breivik describes himself as an economically liberal, revolutionary cultural conservative.

He is also a former member of the Progress Party (FrP) and its youth wing FpU. According to the current FpU leader Ove Vanebo, Breivik was active early in the 2000s, but he left the party in 2007 as his viewpoints became more extreme.

Breivik has also been linked to the online persona “Fjordman”, who has penned numerous online sites such as Gates of Vienna and Atlas Shrugs. In these writings, Fjordman develops a radically pro-Israeli and anti-Muslim worldview.

Breivik described himself as being interested in hunting and computer games, including World of Warcraft and Modern Warfare 2.

Breivik identified himself in a multitude of social media services as an admirer of, among others, Winston Churchill, Max Manus, and Dutch politician Geert Wilders, whose political party he described as “the only true party for conservatives”.

On Twitter he paraphrased philosopher John Stuart Mill: “One person with a belief is equal to the force of 100,000 who have only interests.”

Breivik listed as one of his interests freemasonry, he was a Freemasona member of St. John’s Lodge in Osl

Breivik is reported to have written many posts on the website document.no,described by Aftenposten as “Islam-critical and Israel-friendly”.

He also attended meetings of “Documents venner” (Friends of Document), affiliated with the website.

Dagens Næringsliv writes that Breivik sought to start a Norwegian version of the Tea Party movement in cooperation with the owners of document.no, but that they, after expressing initial interest, ultimately turned down his proposal because he did not have the contacts he promised.

Due to the media attention on his Internet activity following the 2011 attacks, document.no compiled a complete list of comments made by Breivik on its website between September 2009 and June 2010.

Breivik penned a 1.500-page manifesto titled “2083 — A European Declaration of Independence,” under the pseudonym “Andrew Berwick”, published July 22, 2011.

In the document he describes his background and discusses his political viewpoints.

“Berwick” details his preparation for the attacks including but not limited to; the preparation of ANFO, methods of acquisition of chemical precursors, and his mental state in the days leading up to the attacks. In the preface he says he devoted nine years of his life to writing the book, working full time during the last three.

Six hours before the attacks, Breivik posted a YouTube video urging conservatives to “embrace martyrdom” and showing himself wearing a wetsuit and pointing a Ruger Mini 14.

Breivik wrote that it was essential to “fight” for a “Judeo-Christian Europe”, praised the rejection of “anti-Jewish views” and stated that “the new Conservatist ‘new right’ is rapidly developing into a pro-Israel, anti-Jihad alliance.”

He applauds Israel, and considers Israel to be a victim of alleged “cultural Marxists” who “see Israel as a ‘racist’ state”.

Hours before the shootings occurred, Breivik released an anti-Muslim video detailing that many Christian groups desired a violent staged revolution in Europe to kill the “cultural Marxists” who were, as he saw it, working to weaken Christendom and the “cultural purity” of Europe.

He advocated the organization called the “Poor Fellow Soldiers of Christ and the Temple of Solomon.”

His video urged Christian Europeans to be “justiciar knights,” and rely on the virtues of the crusaders and other Christians in Europe who had battled Muslims in the name of Christianity.

Breivik grew up in the affluent west-end of Oslo, son of Jens Breivik, a Siviløkonom (Norwegian professional title, literally “civil economist”), and Wenche Behring, a nurse. He has two half-brothers and two half-sisters. His parents divorced when he was one year old and he lived with his mother and half-sister.

He attended Smestad Grammar School, Ris Junior High, Hartvig Nissen High School and Oslo Commerce School. He took online study courses on Small Business Management at American InterContinental University.

A former classmate has recalled that he was an intelligent student who often took care of people who were bullied.

A former co-worker has described him as an “exceptional colleague” without racist tendencies.

Breivik was a freemason. After the attacks, his lodge claimed he had only minimal contact with the lodge, and suspended his membership.

Breivik completed his service in the Norwegian Army, and studied at the BI Norwegian School of Management.

In late June or early July 2011, Breivik moved to the small rural town of Rena in Åmot, Hedmark county, about 140 km (86 miles) northeast of Oslo,where he operated a farming sole proprietorship under the name “Breivik Geofarm”.

There is speculation that he could have used the company as a cover to legally obtain large amounts of artificial fertilizer and other chemicals for the manufacturing of fertilizer explosives.

A farming supplier sold Breivik’s company six tonnes of fertilizer in May.

In his manifesto he details how he used the company as a facade to acquire the chemicals without raising suspicion.

Cultural Marxism/multiculturalism: term describing the current Western European/US
political/moral systems based on “political correctness” – a mix of Marxism, extreme
egalitarianism, suicidal humanism, anti-nationalism, anti-Europeanism and capitalist
globalism. The ML ideology or political platform (Maoist-Leninism) ML which is also a
European hate ideology, was later refined “toned down” and disguised and incorporated into
politically correct movements such as; feminism, pro-drugs, pro-sexual revolusion, antiracism,
anti-fascism, anti-Christendom, anti-capitalism, gay and disability rights
movements, environmentalism etc. (see chapters explaining the Frankfurt School). The
current ideology is in fact a “communism light” or a deceptive form of communism which
was created and propagated as soon as the Marxist-Leninists’ understood that the
Europeans globally (Western Europe, US, Canada, Australia) would not follow the example
of their Russian comrades (in early 20th century). Feminism (including Sexual Revolution),
egalitarianism, humanism are highly compatible and/or similar overlapping political
concepts/ideologies. The purpose of cultural Marxism is to destroy or deconstruct Western
Civilisation (where the Christian European patriarchy has dominated historically) and
instead create the USASSR/EUSSR, a communist utopia based on Marxist-Leninist
principles. In order to achieve this they must destroy traditional European social cohesion in
society which is the basis for traditional European nation states. They are therefore focused
on the gradual deconstruction of European cultures, identities and the traditional structures
(nuclear family, traditional morality and patriarchal structures) which has dominated
humanity for the last 300 000 years. They understood early that political indoctrination
would not be enough. They must destroy the very fabric of Europeanism so they (together
with humanists and capitalist globalists) pushed for mass-third world immigraton. However,
they made one critical mistake. They underestimated Islam which proved to be simply too
resilient to be assimilated/pacified/feminised, even for them. Communism is often used
when describing a complete ideology (economical principles included) while “cultural
Marxism” does not describe economical principles.

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