OT: Countdown: Three Weeks to Chaos

[Arraya]

In a speech before the United Nations last month, Georgian President Mikheil Saakashvili implored world leaders to set up an international investigation to find out the truth about the war in South Ossetia.

I couldn’t agree more. But I think the results of an honest investigation would reveal a very different “truth” than what President Saakashvili claims.
I know this because I was in Tskhinvali, the capital of South Ossetia, on Aug. 7 when Georgian troops marched into the city and killed my friends and neighbors. I huddled with my family in terror for three nights while Saakashvili’s tanks and rockets destroyed hundreds of our homes, desecrated cemeteries, gutted schools and hospitals.

I also have good reason not to trust what Saakashvili says. For three days before the attack I had been getting calls from many Georgian friends warning me to get out. They said Saakashvili was planning an attack. Most of the Georgians living in South Ossetia left because they knew what was coming.

On the night of Aug. 7, Saakashvili went on television and assured the frightened civilian population of South Ossetia that he would not attack us. This was long after the time Saakashvili now claims Russians had begun “invading” Georgia.

Ossetians went to bed relieved and thankful for a peaceful night.
Less than two hours later, according to credible international accounts, his artillery, bombers, and three brigades of ground troops unleashed what I can only describe as a fierce hell on our city. In the moment, we knew only our fear as we hid. Afterward I spoke with hundreds of Ossetians to find out what was done to us.

My friend’s elderly father tried to douse the flames set by Georgian fire on the home he had built with his hands. His leg was severed by shrapnel from Georgian weapons. He bled to death while his disabled wife crawled from their burning home.

Ossetians saw Georgian tanks firing into basements where women and children hid for safety They saw fleeing families shot down by Georgian snipers. We learned that the Georgian military had used Grad rocket systems and cluster bombs against Tskhinvali.
Yes, I would very much like to see an international commission investigate the truth of what happened.

When I came out from hiding, thanking God that the Russians had saved our lives, I was dismayed by the reaction of the international media to what had happened. There was nothing about Ossetian deaths and the unprovoked horrors inflicted by Saakashvili’s military. It made my heart sick.
The truth has been crushed by Georgia’s powerful public relations machine as mercilessly as Georgian tanks rolled over the defenseless civilians of Tskhinvali.

I know that Americans are a generous and fair people. But Americans haven’t been told the truth about what happened to us. Americans don’t understand that Ossetians are an independent, Christian Orthodox people with a deep history in our land. The world talks only about Georgian freedom. What of freedom for my people? Does our suffering, do our voices, mean nothing?
I don’t blame the Georgian people for what happened to us. The vast number of Ossetians and Georgians want to live in peace. I blame Georgia’s leaders.

Saakashvili has persuaded the world that he is a “beacon” of democracy and openness. But he won’t even tell his own people the truth. My Georgian friends weren’t allowed to see any Russian news sites during the conflict because all of those sites were blocked by Saakashvili’s government.
I know we are a small people, and I make no claim to understanding the experts in geopolitics with their theories and pronouncements about the great powers. But I have fought for women’s rights in Ossetia for 12 years and I believe in the truth.

In a recent article, Saakashvili cynically dismissed Ossetian suffering and deaths because, he said, Russia had “lied” about how many of my people were killed by the Georgian military.

It breaks my heart to even engage in this discussion. No one – including Saakashvili – knows how many Ossetians were killed by his Army. I have friends who buried loved ones in their backyards because there were no alternatives. Many people are still missing.

Does Saakashvili believe his vicious attack on a civilian city was justified if he only killed a few hundred rather than a few thousand? Do Americans realize that a military trained and equipped by the US government attacked a civilian population as they slept in their beds? Can they justify sending another billion dollars to Georgia and nothing for those Georgia attacked?
I have made an urgent appeal to the world for humanitarian relief for our people at the website helpossetianow.org. I beg the United States and the world to find out the truth. Please hear our voices.

Lira Tskhovrebova is the founder of the Association of South Ossetian Women for Democracy and Human Rights and has worked for more than a decade to improve relations between people of Georgian and Ossetian descent in the Caucasus.

[Arraya]

International Trade Seizing Up Due to Banking Crisis (Updated)

I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.

By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the difficulty if you are, say, a Chinese manufacturer who wants to sell his wares to buyers overseas. How can he be sure the goods he ships will ever be paid for? Imagine the considerable difficulty and cost of chasing a deadbeat in a foreign country. Letters of credit. issued by banks, assure payment. They can also serve to finance the shipment (ie, fund the inventory while it is in transit).

Not only are banks now leery of lending to each other for much longer than overnight, they are also starting to refuse to honor letters of credit from other banks. From the above-mentioned reader:
At the end of the day, if every counterparty is bad then you don’t have a market and you don’t have an economy. I spoke to another friend of mine this afternoon, whose father has been in the shipping business forever. Pristine credit rating, rock solid balance sheet. He says if he takes his BNP Paribas letter of credit to Citi today for short term funding for his vessels, they won’t give it to him. That means he can’t ship goods, which means that within the next 2 weeks, physical shortages of commodities begins to show up. THE CENTRAL BANKS CAN’T LET THAT HAPPEN OR WE HAVE NO ECONOMY, LET ALONE A CREDIT SYSTEM.

[Arraya]

International Trade Seizing Up Due to Banking Crisis (Updated)

I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.

By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the difficulty if you are, say, a Chinese manufacturer who wants to sell his wares to buyers overseas. How can he be sure the goods he ships will ever be paid for? Imagine the considerable difficulty and cost of chasing a deadbeat in a foreign country. Letters of credit. issued by banks, assure payment. They can also serve to finance the shipment (ie, fund the inventory while it is in transit).

Not only are banks now leery of lending to each other for much longer than overnight, they are also starting to refuse to honor letters of credit from other banks. From the above-mentioned reader:
At the end of the day, if every counterparty is bad then you don’t have a market and you don’t have an economy. I spoke to another friend of mine this afternoon, whose father has been in the shipping business forever. Pristine credit rating, rock solid balance sheet. He says if he takes his BNP Paribas letter of credit to Citi today for short term funding for his vessels, they won’t give it to him. That means he can’t ship goods, which means that within the next 2 weeks, physical shortages of commodities begins to show up. THE CENTRAL BANKS CAN’T LET THAT HAPPEN OR WE HAVE NO ECONOMY, LET ALONE A CREDIT SYSTEM.

[Arraya]

International Trade Seizing Up Due to Banking Crisis (Updated)

I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.

By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the difficulty if you are, say, a Chinese manufacturer who wants to sell his wares to buyers overseas. How can he be sure the goods he ships will ever be paid for? Imagine the considerable difficulty and cost of chasing a deadbeat in a foreign country. Letters of credit. issued by banks, assure payment. They can also serve to finance the shipment (ie, fund the inventory while it is in transit).

Not only are banks now leery of lending to each other for much longer than overnight, they are also starting to refuse to honor letters of credit from other banks. From the above-mentioned reader:
At the end of the day, if every counterparty is bad then you don’t have a market and you don’t have an economy. I spoke to another friend of mine this afternoon, whose father has been in the shipping business forever. Pristine credit rating, rock solid balance sheet. He says if he takes his BNP Paribas letter of credit to Citi today for short term funding for his vessels, they won’t give it to him. That means he can’t ship goods, which means that within the next 2 weeks, physical shortages of commodities begins to show up. THE CENTRAL BANKS CAN’T LET THAT HAPPEN OR WE HAVE NO ECONOMY, LET ALONE A CREDIT SYSTEM.

[Arraya]

International Trade Seizing Up Due to Banking Crisis (Updated)

I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.

By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the difficulty if you are, say, a Chinese manufacturer who wants to sell his wares to buyers overseas. How can he be sure the goods he ships will ever be paid for? Imagine the considerable difficulty and cost of chasing a deadbeat in a foreign country. Letters of credit. issued by banks, assure payment. They can also serve to finance the shipment (ie, fund the inventory while it is in transit).

Not only are banks now leery of lending to each other for much longer than overnight, they are also starting to refuse to honor letters of credit from other banks. From the above-mentioned reader:
At the end of the day, if every counterparty is bad then you don’t have a market and you don’t have an economy. I spoke to another friend of mine this afternoon, whose father has been in the shipping business forever. Pristine credit rating, rock solid balance sheet. He says if he takes his BNP Paribas letter of credit to Citi today for short term funding for his vessels, they won’t give it to him. That means he can’t ship goods, which means that within the next 2 weeks, physical shortages of commodities begins to show up. THE CENTRAL BANKS CAN’T LET THAT HAPPEN OR WE HAVE NO ECONOMY, LET ALONE A CREDIT SYSTEM.

[Arraya]

International Trade Seizing Up Due to Banking Crisis (Updated)

I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.

By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the difficulty if you are, say, a Chinese manufacturer who wants to sell his wares to buyers overseas. How can he be sure the goods he ships will ever be paid for? Imagine the considerable difficulty and cost of chasing a deadbeat in a foreign country. Letters of credit. issued by banks, assure payment. They can also serve to finance the shipment (ie, fund the inventory while it is in transit).

Not only are banks now leery of lending to each other for much longer than overnight, they are also starting to refuse to honor letters of credit from other banks. From the above-mentioned reader:
At the end of the day, if every counterparty is bad then you don’t have a market and you don’t have an economy. I spoke to another friend of mine this afternoon, whose father has been in the shipping business forever. Pristine credit rating, rock solid balance sheet. He says if he takes his BNP Paribas letter of credit to Citi today for short term funding for his vessels, they won’t give it to him. That means he can’t ship goods, which means that within the next 2 weeks, physical shortages of commodities begins to show up. THE CENTRAL BANKS CAN’T LET THAT HAPPEN OR WE HAVE NO ECONOMY, LET ALONE A CREDIT SYSTEM.

[Arraya]

And the hits just keep on rolling in….

http://www.guardian.co.uk/uk/2008/oct/12/transport-utilities

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.

Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.

[Arraya]

And the hits just keep on rolling in….

http://www.guardian.co.uk/uk/2008/oct/12/transport-utilities

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.

Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.

[Arraya]

And the hits just keep on rolling in….

http://www.guardian.co.uk/uk/2008/oct/12/transport-utilities

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.

Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.

[Arraya]

And the hits just keep on rolling in….

http://www.guardian.co.uk/uk/2008/oct/12/transport-utilities

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.

Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.

[Arraya]

And the hits just keep on rolling in….

http://www.guardian.co.uk/uk/2008/oct/12/transport-utilities

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.

Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking vital services with it. His words follow jitters in the City about the damage a freeze in bank lending could do to some companies that have borrowed heavily to invest in infrastructure.

[CardiffBaseball]

Interestingly I had a conversation with a friend who sells alternative electricity contracts to business, and a big sale is being held up because his company is asking the prospective buyer for an LOC.

Apparently this is completely new, i.e. asking for the LOC before agreeing to do business. The company so far is ignoring the LOC so he could lose the sale.

[CardiffBaseball]

Interestingly I had a conversation with a friend who sells alternative electricity contracts to business, and a big sale is being held up because his company is asking the prospective buyer for an LOC.

Apparently this is completely new, i.e. asking for the LOC before agreeing to do business. The company so far is ignoring the LOC so he could lose the sale.

[CardiffBaseball]

Interestingly I had a conversation with a friend who sells alternative electricity contracts to business, and a big sale is being held up because his company is asking the prospective buyer for an LOC.

Apparently this is completely new, i.e. asking for the LOC before agreeing to do business. The company so far is ignoring the LOC so he could lose the sale.

[CardiffBaseball]

Interestingly I had a conversation with a friend who sells alternative electricity contracts to business, and a big sale is being held up because his company is asking the prospective buyer for an LOC.

Apparently this is completely new, i.e. asking for the LOC before agreeing to do business. The company so far is ignoring the LOC so he could lose the sale.

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