Monday, October 24, 2011

Saudi Crown Prince Sultan dies (Reuters)

DUBAI (Reuters) ? Saudi Arabia's Crown Prince Sultan has died, the royal court said on Saturday, opening the way for Interior Minister and reputed conservative Prince Nayef to become the likely heir apparent of the world's top oil exporter.

Prince Sultan, whose age was officially given as 80 and who died in New York of colon cancer early on Saturday Saudi time, had been a central figure in Saudi decision-making since becoming defence minister in 1962 and was made crown prince in 2005.

Saudi analysts predicted an orderly transition at a time when much of the rest of the Middle East is in turmoil as populations have risen up against their autocratic leaders.

Sultan's health had declined in recent years and he spent long periods outside the kingdom for medical treatment. A 2009 U.S. diplomatic cable released by WikiLeaks described him as "to all intents and purposes incapacitated".

The country's ruler, King Abdullah, is now likely to summon an untested Allegiance Council of the ruling al-Saud family to approve his preferred heir.

Most analysts believe that is likely to be Prince Nayef, who was appointed second-deputy prime minister in 2009, a position usually given to the man who is third-in-line to rule.

"The succession will be orderly," said Asaad al-Shamlan, a professor of political science in Riyadh. "The point of reference will be the ruling of the Allegiance Council. It seems to me most likely Nayef will be chosen. If he becomes crown prince, I don't expect much immediate change."

He has gained a reputation as more conservative than either King Abdullah or Prince Sultan, with a close relationship with the country's powerful clergy. However, as king he might be more likely to follow to a moderate line in keeping with the al-Saud tradition of governing by consensus, say analysts.

King Abdullah set up the Allegiance Council in 2006 to make the family's complex succession process more transparent. In the past, the succession was decided in secret by the king and a coterie of powerful princes, before being made public.

Under the new system, the 34 branches of the ruling family born to the kingdom's founder King Abdulaziz Ibn Saud will each have a vote to confirm the king's nominee for crown prince or appoint their own candidate.

Prince Nayef has been interior minister since 1975 and has managed the kingdom's day-to-day affairs during absences of both the king and crown prince.

KORANIC VERSES

Saudi television broke its normal schedule early on Saturday to broadcast Koranic verses and footage of pilgrims circling the Kaaba in Mecca, Islam's holiest site.

However, as the royal court prepared for the transition of Prince Sultan's role to a new crown prince, shops, schools and universities were open as normal in Riyadh.

"With deep sorrow and sadness the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz mourns the death of his brother and his Crown Prince Sultan... who died at dawn this morning Saturday outside the kingdom following an illness," said a Saudi royal court statement carried on official media.

Funeral services for Sultan, who died on Friday New York time, will be held on Tuesday in Riyadh. An official at the Saudi embassy in Washington confirmed that Prince Sultan had died in New York but declined to give further details.

U.S. Secretary of State Hillary Clinton expressed her condolences over the death, saying U.S.-Saudi ties are strong.

"The Crown Prince was a strong leader and a good friend to the United States over many years, as well as a tireless champion for his country," Clinton said during a visit to Tajikistan, in the first official U.S. comment on his death.

"Our relationship with Saudi Arabia is strong and enduring and we will look forward to working with the (Saudi) leadership for many years to come," she told a news conference.

Kuwait, where the ruling family has been allied to the al-Saud for more than a century, said it would mark Sultan's death with three days of official mourning.

Jordan's King Abdullah said: "I would like to express my sincere condolences to my brother, the custodian of the two holy mosques. Jordan mourns the passing of such an Arab statesman and a leader and a champion of the Arab and Muslim cause."

SUCCESSION

Saudi King Abdullah, who is in his late 80s, had undergone a back surgery earlier this month but has been pictured since then in apparently good health.

"The stability of Saudi Arabia is more important than ever," said Turad al-Amri, a political analyst in Saudi Arabia. "All the countries around it are crumbling. The balance of power is changing in the Middle East."

Abdullah has gained a reputation as a cautious reformer since becoming de facto regent of the conservative Islamic country in 1995 and as king since 2005.

He was absent for three months in late 2010 and early 2011 following treatment for a herniated disc that caused blood to accumulate around his spine.

Unlike in European monarchies, the line of succession does not move directly from father to eldest son, but has moved down a line of brothers born to the kingdom's founder Ibn Saud, who died in 1953.

Sultan's death also means King Abdullah will have to select a new defence and aviation minister, key posts in a country that spends billions of dollars on weapons procurement.

Prince Khaled bin Sultan, the son of the late crown prince, has been deputy defence minister since 2001 and is one candidate to replace his father as minister.

"There traditionally has been a way of balancing the power relationships within the family that are important," said Robert Jordan, U.S. ambassador to Riyadh from 2001-03. "So I don't think we should automatically assume that Khaled bin Sultan will become the defence minister, although he has much experience and his father was in place for many years."

(Addtional reporting Sami Aboudi in Dubia, Asma Alsharif in Abu Dhabi, Tom Pfeiffer in Amman and Andrew Quinn in Dushanbe; Editing by Sami Aboudi and David Stamp)

Source: http://us.rd.yahoo.com/dailynews/rss/india/*http%3A//news.yahoo.com/s/nm/20111022/india_nm/india600606

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Video: Urgent Action Needed in Europe

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Source: http://www.msnbc.msn.com/id/21134540/vp/45014179#45014179

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Sunday, October 23, 2011

Taylor Armstrong Tweets Down Matt Nordgren Romance Rumors


Taylor Armstrong will gladly go into detail about her late husband allegedly beating her, but the reality star only has one sentence to say about rumors that she's getting it on with Most Eligible Dallas star Matt Nordgren.

"I am NOT dating anyone from anywhere! Stop the rumors! I am trying to heal with my daughter," Armstrong Tweeted yesterday.

We are very sorry, Taylor. When reporting you might be with Nordgren, we should have considered your five-year old child. By the way: when is your next primetime interview scheduled where you slam the heck out of your five-year old child's father?

Photograph of Taylor Armstrong

Both Nordgren and Armstrong admit they attended a ball together in Dallas, but merely as friends.

Taylor, meanwhile, recently said she may have "subconsciously" signed up for The Real Housewives of Beverly Hills because she was getting beaten and this allowed her "problems to be in the public eye to some extent... it was my saving grace."

Dina Lohan, take note: THIS is how you exploit a family tragedy for personal gain.

Source: http://www.thehollywoodgossip.com/2011/10/taylor-armstrong-tweets-down-matt-nordgren-romance-rumors/

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It all started with Bork! (Balloon Juice)

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Senate votes to end subsidies to wealthier farmers (AP)

WASHINGTON ? The Senate has voted to end direct payments to farmers whose annual incomes exceed $1 million.

The 84-15 vote approving the provision by Oklahoma Republican Sen. Tom Coburn came as the Senate worked into the early morning hours Friday on a vast spending bill.

Coburn argued that the government shouldn't be subsidizing the highest earning farmers at a time of deep budget deficits. The leaders of the Senate Agriculture Committee, who opposed Coburn, are working on legislation that could eliminate the entire $5 billion-a-year direct payment program for farmers.

Direct payments go to farmers regardless of crop prices or yields. They are relied on heavily by many rice and cotton farmers in the South.

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20111021/ap_on_go_co/us_senate_farm_aid

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The new American standard of living

In 2005, few people on the planet could afford Americans? standard of living. Not even Americans.

Skip to next paragraph Bill Bonner

Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily Reckoning (dailyreckoning.com).

Recent posts

But now the wheel has turned. The US is facing financial reality. And yesterday, we gave you our most audacious forecast ever: the popolo minuto are headed for the barricades. Yes, dear reader, prepare for revolution, repression, and ruin. Buy stocks in companies that make police batons and pepper gas?prisons and window glass?drones and bandages.

The Christian Science Monitor:

A Long, Steep Drop for Americans? Standard of Living

Think life is not as good as it used to be, at least in terms of your wallet? You?d be right about that. The standard of living for Americans has fallen longer and more steeply over the past three years than at any time since the US government began recording it five decades ago.

Bottom line: The average individual now has $1,315 less in disposable income than he or she did three years ago at the onset of the Great Recession ? even though the recession ended, technically speaking, in mid-2009. That means less money to spend at the spa or the movies, less for vacations, new carpeting for the house, or dinner at a restaurant.

In short, it means a less vibrant economy, with more Americans spending primarily on necessities. The diminished standard of living, moreover, is squeezing the middle class, whose restlessness and discontent are evident in grass-roots movements such as the tea party and ?Occupy Wall Street? and who may take out their frustrations on incumbent politicians in next year?s election.

Per capita disposal personal income ? a key indicator of the standard of living ? peaked in the spring of 2008, at $33,794 (measured as after-tax income). As of the second quarter of 2011, it was $32,479 ? almost a 4 percent drop. If per capita disposable income had continued to grow at its normal pace, it would have been more than $34,000 a year by now.

The misery index ? which combines inflation and unemployment ? is almost back to where it was 30 years ago ? after inflation had reached 13% and stocks had been going down for 16 years.

But wait. Things didn?t turn out so bad after that, did they? In the early ?80s came ?Morning in America? and a 20-year boom.

Don?t count on it this time, dear reader. 1981 was everything 2011 is not. Back then, interest rates and inflation were sky high. Stocks were low. And Paul Volcker had just taken over at the Fed. When he said he was going to turn things around, he meant it.

Today, interest rates are at a half-century low?stocks are still expensive?and Ben Bernanke is as confused as Volcker was clear-headed. Turn things around now and you get rising interest rates, falling stock prices?and more misery. Look out the window. You can see the sun on the horizon twice a day. But only once is it rising.

The world has turned. Against us. Mitt Romney may have God in his pocket. But from our perch here at The Daily Reckoning headquarters in Paris, it looks more likely that the gods have gone over to the other side.

Here?s more?from Atlantic Monthly. There are six million more ?workers? in the US than there were 10 years ago. Well, they would be workers?if they could get jobs. Trouble is, there are fewer jobs today than there were then. In other works, over the decade, the US economy backed up. Here?s more:

Americans are getting poor faster than they got rich.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on dailyreckoning.com.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/9IRE3GDN5f0/The-new-American-standard-of-living

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'When People Get on Cain Train, They Don't Get Off' (ABC News)

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