The left resurgent in Australian State election


Timidity the likely cause for conservative electoral loss in the weekend’s Victorian State election.The loss by the incumbent conservative Liberal / National coalition government in Victoria, to the State Labour left is a warning to the current Australian Federal conservative Abbott administration. Continue reading

Update: Dateline Cairo, el-Sissi battles Muslim Brotherhood supporters


A coalition of several radical Muslim Brotherhood youth groups named as ‘The Road to Revolution Front’ has called for street protests across eleven Egyptian universities. The opposition comes, as news from the Egyptian Court of Appeals that the former President Mubarak has been found not guilty of the murders of hundreds of Muslim Brotherhood supporters. His acquittal, on technical grounds involving, inadmissibility of evidence. Over 100 MB supporters have been arrested, 2 were killed and 13 injured by Police and security forces, using tear gas and rubber bullets. Egyptian government will not allow MB supporters any ‘oxygen’ and will actively suppress any groups who support the MB, through the strict imposition of laws banning unauthorised demonstrations that threaten national security.

International Quantitive Easing QE fears spark physical gold movements worldwide

The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.

An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad. Continue reading

The Illusion of Russian Power

The slump in world oil prices, reinforced by the likely increases in alternative hydrocarbon fuel markets, leaves Russia seriously exposed economically. With the bulk of an  economy addicted to a narrow set of export products, namely oil, gas and metals, Russia is in serious systemic economic trouble. With an exchange rate that has grown by 130% over the past decade or more, the balance between Russia’s internal and external economy is severely out of sorts. In the first post Soviet decade, Russia’s non hydrocarbon export economy slowly fell to just 21%, as a consequence of the breakup of the Soviet trading system. Russian non energy exports to Eastern Europe fell significantly as former Warsaw Pact nations joined the EU. Since 2000 that steady decline in non hydrocarbon exports has fallen precipitously from 21% in 2000 to just 8% currently. Continue reading