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The Independent New York Times

An independent view of the world seen from Tokelau

Tokelau, Saturday, November 24, 2007 Weekend Edition, editor Sumpinein

Black Friday turns sour
It seems that the steam is running out of the US economy. The frenzy of over consumption appears to be slowly fading as the realization comes to consumers that perhaps all is not well as the sub-prime crisis starts to be felt.
Shoppers traded down avoiding the up-market stores for discount chains.  This is of course the effect of an economy that has lived on credit since the last serious downturn when the dotcom crash threatened to pull down down the whole economy.
The genius of Alan Greenspan solved that problem by inventing low interest rates. What is the solution today? A devalued dollar? How long can that work? The difference is that other major world economic players are not dupes. Will China continue to accept monopoly money? Will the European Union accept being priced out of the market? Already there are signs that the dollar is being refused by fashion models, rappers, petrodollar kingdoms and dictators.
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England football team humiliated by Croatia
On a score of 2 goals to 3 England bowed out of the next European Football cup tournament, humiliated by the small and new nation of Croatia. The English footballers, amongst and if not the best paid in the world, returned home to face a storm and the sacking of their hapless team manager.
What a farce, these international sports stars have shown once again that a match is a match and eleven men on a sports field are after all only human. It is estimated that the failure of the English national team will cost 3 billion dollars in unsold team shirts, flags of Saint George - the national patron saint, and plastic souvenirs.
Where have all those British footballers, tennis players, athletes disappeared…they’re all busy calculating how much their home is worth. Perhaps after the much forecast crash we will see them back?
In the meantime the Brits will have to be satisfied with watching the qualifiers play out the European Cup matches next summer, no doubt the pubs will not be full!
World hails the arrival of The Independent New York Times
This non-political, non-commercial, web newspaper offers its readers a new vision of the world where we ask the questions that the international press fails to ask for reasons of political correctness.
SS this the way the financial markets and American economy are headed together with all those who invested in worthless CDOs and other imaginative paper?
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Dow Jones up to 12980 points - Oil reaches $98.18 a barrel

Whilst you were all out hunting for bargains the price of oil was creeping up to the $100 mark. Do you care, of course the gas in your tank costs more, but have you stopped to think how much more you have to work to line the pockets of petrodollar sheiks and countries like Iran and Venezuela? As for the Dow the worse the news the better it gets. In the last week or so it has fallen, but over five years it has risen by approximately 75%, check yourselves on then calculate how much wages and salaries have risen over the same period in the land where people now shop at Wal-Mart, eat at Dairy Queen and work two jobs to make ends meet.

As the festive season approaches, year end bonuses are being calculated, there will be winners and losers. But you out there, what will be your share be? Don't know? Then don't worry, in any you will be part of the final calculation. Why you ask? because those bonuses come from your pocket!

Clapping for 2008 Olympics

It seems that the Chinese are being taught orderly behaviour for next year’s Olympics. Do the millions of Chinese who earn 3 or 4 dollars a day in industrial sweat shops know about or care about the Olympics. If they don’t it will not be long before they discover the emergence of China as a sporting nation, no doubt employing the methods used during the time of the Soviet Union.

Russian Democracy

Vladimir Putin is busy preparing his position in the forthcoming elections in Russia. Any traveller or observer who has visited Russia during the Soviet regime or today can observe that little has changed for the vast majority of people. Glitzy Moscow or cultural St Petersburg are exceptions. But for the ordinary Russian economic change is not the only thing that has stood still, after a short inter-regnum following the collapse of the Soviet Union, the hard face of Russian can be seen again,  dictatorship is back in fashion in Moscow.

2007 is the 50th anniversary of the death of Jean Sibelius the world renowned  Finnish composer Peace talks make slow progress between Israel and the Palestinians.