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India. Trade heavily hit. Ordinary people unhappy. Protests escalate. State brought to standstill amidst rising fuel prices
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Police in Indian-administered Kashmir have used water canons and batons to disperse hundreds of government employees upset over fuel price rises. Dozens of people were detained after protesters gathered outside the office of the state's chief minister in the centre of the summer capital, Srinagar. "Roll back price of petrol, diesel and cooking gas," the protesters shouted before they were dispersed. Similar protests have also taken place in the north-eastern state of Assam.
The state was brought to a standstill on Monday by opposition parties unhappy about the fuel price rises. They have accused the central government of "inept handling" of oil prices. Offices, banks, shops and schools were closed and traffic stayed off the road. "The government has no concern for the common people," the coalition of tribal groups from Assam's hill areas said in a statement. "This will force tribals into starvation."
Airline industry in crisis - impact of Iraq War: oil prices skyrocket non-stop, surge to record $139/barrel and soon to hit $150
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Oil prices surged to a record level of more than $139 a barrel last Friday, following analysts’ predictions that the price will soon hit $150 and could go as high as $200.
Ryanair boss Michael O’Leary said he expected several European airlines to go out of business thanks to high oil prices.The industry would restructure into a handful of strong players, he said. O’Leary predicts that just three European “network” airlines - British Airways, Lufthansa and Air France/KLM - will survive, and one low-cost airline, Ryanair. Budget rival Easyjet would be bought by one of the big three, he said.
United Airlines, a unit of UAL symbol, said Wednesday it will close Ted, a low-fare airline within an airline, in 2009 and reconfigure its 56 A320 aircraft with first-class seats. Ted serves leisure destinations from Denver and other United hubs.
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US military suicides: 2,200 soldiers died within 2yrs of leaving service. 1 veteran dies by suicide per 80 minutes, 18 each day
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*Update Sep. 11, 2012*
Curbing Suicide Now a National Priority - Hoping to curb the escalating suicide rate in the United States, especially among military personnel and young Americans, health officials are spearheading a program that encompasses Facebook and other private companies.
"America loses approximately 100 Americans every 24 hours from suicide," said Pamela Hyde, administrator of the U.S. Substance Abuse and Mental Health Services Administration, at a press conference Monday morning. Among people 18 to 24, suicide is now the third leading cause of death, officials said.
U.S. Surgeon General Dr. Regina Benjamin said, "It's time to turn our attention to prevention." The new strategy brings together government, the private sector, schools and communities to raise suicide awareness, increase prevention efforts and develop new treatments for those at risk, she said, speaking at the news conference.
In 2009, more than 37,000 Americans took their own lives, and "more than 500,000 Americans were depressed enough to have actually tried it," Hyde said. This is as critical a public health issue as good drinking water, safe food and infectious-disease prevention, Hyde said.
The military has been hit particularly hard. "Right now we are losing more of our soldiers to suicide than we are to combat," said Army Secretary John McHugh. Kathleen Sebelius, secretary of the Department of Health and Human Services, said that in July alone "the Army lost 38 soldiers to suicide - an all-time and month high."
*Update Feb. 25, 2012* read more »
Euro, Franc, Krona to Benefit From Oil, U.S. dollar ranks bottom
Original Source: Bloomberg
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May 26 (Bloomberg) -- Currencies in Europe will benefit from record oil prices because of the region's energy efficiency, exports to oil-producing nations and vigilance against inflation, according to Barclays Capital. The euro, the British pound, the Swiss franc, the Swedish krona and the Norwegian krone should perform "relatively well" as oil prices rise, wrote David Woo, global head of foreign exchange strategy in London at the bank, the third-biggest currency trader. The U.S. dollar ranks bottom in terms of potential performance as energy prices climb, it said. "Europe is well positioned in the new paradigm, the U.S. is not," Woo wrote in a research note dated May 23.
The dollar slid as much as 8.9 percent to a record low against the euro this year as losses from the subprime mortgage collapse threatened to send the U.S. economy into a recession. At the same time, oil futures have soared to a record as a crude producers sought higher dollar prices to compensate for lower import revenues, according to Barclays Capital. This has created a "vicious circle'' where high energy prices increase the U.S. trade deficit and make other central banks reluctant to lower interest rates, leading to further dollar declines, Barclays Capital said. The euro bought $1.5757 at 5:23 p.m. in Tokyo, little changed from late in New York on May 23. It rose to $1.6019 on April 22, the highest since the common European currency's introduction in January 1999.
The U.S., Canadian, New Zealand and Australian score poorly in terms of their intensity of energy use because of their dispersed populations and focus on manufacturing or commodity industries, Barclays said. European economies are more densely populated, service-orientated and energy efficient, it said. Oil consumption accounts for less than 2 percent of nominal gross domestic product in Norway, Switzerland, the U.K. and Sweden in 2006, compared with more than 3.5 percent in the U.S. and Canada, the report showed. "The U.S. is the world's third-largest oil producer but because of the high energy intensity of its economy, its petroleum trade deficit is not much smaller than the eurozone, which produces no oil," Woo wrote. Japan and Switzerland may also suffer deteriorating trade balances as oil prices rise, the report said. Crude oil for July delivery rose by 96 cents to $133.15 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It reached $135.09 on May 22, the highest since trading began in 1983.
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Next month marks the tenth anniversary of the European Central Bank, guardian of the euro, which itself will turn ten thereafter.
Images courtesy of AP Photo/Haraz N. Ghanbari and AFP
"Gave up golf as a sacrifice for the war, gave up going in the Blue Room for the housing crisis, taxes for the national debt..."
Original Source: Washington Post
Ron Paul Supporters Organize GOP Convention Showdown Against McCain
Original Source: Los Angeles Times
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Quietly, largely under the radar of most people, the forces of Rep. Ron Paul have been organizing across the country to stage a public revolt against Sen. John McCain when Republicans gather for their national convention in Minnesota at the beginning of September.
In the last three months, Paul's forces, who donated $34.5 million to his White House effort and upward of a million total votes, have, as The Ticket has noted, been fighting a series of guerrilla battles with party establishment officials at county and state conventions from Washington and Missouri to Maine and Mississippi. Their goal: to take control of local committees, boost their delegate totals and influence platform debates.
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Paul, for instance, favors a drastically reduced federal government, abolishing the Federal Reserve, ending the Iraq war immediately and withdrawing U.S. troops from abroad.
Paul’s supporters hope to demonstrate their disagreements with McCain vocally at the convention through platform fights and an attempt to get Paul a prominent speaking slot. Paul, who's running unopposed in his home Texas district for an 11th House term, still has some $5 million in war funds and has instructed his followers that their struggle is not about a single election, but a long-term revolution for control of the Republican Party. Paul's supporters have driven his new book, "The Revolution: A Manifesto," to the top of several bestseller lists.
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Photos courtesy of AP and RonPaul.com
“The U.S. National Debt on 01-01-1791 was $75 million. Today, it rises by $75 million every hour or so.”
"Q: What is the difference between the Debt and the Deficit?
A: The National Debt is the total amount of money owed by the government; the federal budget deficit is the yearly amount by which spending exceeds revenue. Add up all the deficits (and subtract those few budget surpluses we've had) for the past 200+ years and you'll get the current National Debt.
Q: How has the National Debt grown over time?
A: The National Debt on January 1st 1791 was just $75 million dollars. Today, it rises by that amount every hour or so. "