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I know I said I would not post any more threads but I am going to have to make an exception for this one folks because what I am about to present here, and please excuse my "french", is ****ing Golden!


Misdirected “Bailout Rage” Sets Pretext For New Financial World Order

Greedy Wall St Execs are flotsam jetsam compared to global banking elites

Steve Watson

Tuesday, March 17, 2009

A so called “bailout backlash”, a huge rise in public antagonism toward banks and Wall Street, is set to provide the Obama administration and the governments of the G20 nations a pretext to usher in a new era of international centralization and control over financial practices and institutions.

The backlash or “bailout rage” as others have dubbed it, has been further heightened by revelations regarding AIG’s squandering of almost $100 billion in taxpayer rescue funding - which it siphoned off to Goldman Sachs and a number of European banks - in addition to the company’s plan to continue issuing massive bonuses to the people in the very division that were responsible for it’s spiraling derivative-driven downturn.

The intention to use such practices to push for increased authoritative regulation is clear.

“Mr. Obama’s advisers argued that to at least some extent, this was a sentiment they could tap to push through his measures in Congress,” reported The New York Times yesterday.

However, the Times article also highlights the fine line that Obama and other heads of state must tread in utilizing such backlash for their own gain.

“The danger, aides said, is that if he were to become identified as an advocate for the banks and Wall Street, people could take out their anger on him.”

This is the stumbling block that must be overcome in order to uncover the real solutions to the induced global financial collapse.

While the practices of those at AIG, Goldman Sachs and their ilk are abhorrent, they represent a mere drop in the ocean compared to the actions of our governments and their central bank bedfellows, who have provided for such circumstances in the first instance anyway.

The Federal Reserve still refuses to answer specific questions about where $2 trillion in bailout funds has gone, a subject that Bloomberg News sued the Fed simply to try and discover.

Staggering scenes unfolded two weeks ago at a Senate budget Committee meeting when Federal Reserve Chairman Ben Bernanke arrogantly refused to state where any of the bailout money had gone despite repeated questioning by U.S. Senator Bernie Sanders.

The economic “stimulus” is the latest phase of an overarching effort to foment another Great Depression, or rather a Greater Depression. It is a debt and inflation tool designed to pump up another bubble in the economy. It is a built-in demolition of an already stressed economy. It is how the global elite and the banksters will take control and create a world banking empire and one-world government that is accountable to no one.

It is blatantly apparent that Obama is merely one of the select frontmen for this, an agenda which is truly global in scale.

The elite have exploited the problem that they created to push for increased regulation of the world economic system in the pursuit of a de-facto global financial dictatorship.

The swift and ruthless exploitation of the economic meltdown on behalf of globalists and central banks revolves around their drive to move towards a one world currency system and an unprecedented centralization of global financial power, a fact that financial analysts are finally beginning to realise.

Last week Ben Bernanke told an elite gathering at the Council on Foreign Relations that a new overarching financial authority should be created and empowered with sweeping new regulatory responsibilities.

Such a suggestion echoes that of über elitist Paul Volcker, an Obama adviser and former Fed chairman, who has consistently called for regulatory crackdowns, along with other members of the elite Group of Thirty and the Trilateral Commission.

During Volcker’s address at the Columbia University’s Center for Capitalism and Society last month, he said only new forms of international financial regulation will save us from the yawning catastrophe. “All banks must be supervised and regulated, but those of systemic significance around the world, which, almost inevitably… are international, they’re not just national, will be subject to a particular layer of supervision,” said Volcker.

British Prime Minister Gordon Brown, EU heads such as Joaquin Almunia and establishment media outlets like the Wall Street Journal amongst many others have all continually used the economic crisis as an excuse to argue for greater financial power, a “new world economic order” in which control is concentrated into fewer hands - with the IMF and the World Bank enjoying the spoils.

UK Business Secretary and top Bilderberg member Peter Mandelson has also pushed for a “Bretton Woods for this century,” to help build the “machinery of global economic governance”.

Former UK Prime Minister Tony Blair, German Chancellor Angela Merkel and French President Nicolas Sarkozy all made the same appeal at a conference in Paris on the future of capitalism earlier this year.

Merkel called for the creation of a new global economic body under the UN, similar to the Security Council, to judge government policy.

Sarkozy called for a “new world, new capitalism” during his speech, as he commented “In capitalism of the 21st century, there is room for the state.”

Meanwhile, Blair called for a new financial order which he said should be constructed upon “values other than the maximum short-term profit.”

More of the same appeals are set to be made this weekend at the meeting of the G20 in England.

The globalists created the problem of wildly irresponsible fractional reserve banking, the debt bubble and the credit crunch by ceaselessly inflating the money supply and now they are offering their solution to the crisis by posing as the saviors and promising to fix the crisis, but only if complete control of the global financial system be signed over to them.

As Ron Paul, Peter Schiff and their ilk have tirelessly argued, the only way to solve the financial crisis is to allow incompetent banks and companies to fail, not to reward their misdeeds by giving them billions in taxpayer money. The only way to re-capitalize the world is to provide incentives for people to work hard and save money, not by creating more credit out of thin air, which is what caused the problem in the first place.

The globalists’ call for a centralized global economic order has nothing to do with providing solutions to the crisis but everything to do with providing themselves with more power and control over the world’s financial system.

http://www.prisonplanet.com/misdirected-bailout-rage-sets-pretext-for-new-financial-world-order.html

The Obama Deception:

http://www.youtube.com/watch?v=exNgRqGa1k4&feature=related (1)

http://www.youtube.com/watch?v=T-sxq-YbTsg&feature=related (2)

http://www.youtube.com/watch?v=ThjSREO3DrM&feature=related (3)

http://www.youtube.com/watch?v=1B-2cbWtbjw&feature=related (4)

http://www.youtube.com/watch?v=nlo0gUkQFTo&feature=related (5)

http://www.youtube.com/watch?v=ahM4VC93iWA&feature=related (6)

http://www.youtube.com/watch?v=T_p5NVvXQdU&feature=related (7)

http://www.youtube.com/watch?v=xvpAwnKZtD8&feature=related (8)

http://www.youtube.com/watch?v=9IRq7y5q6BM&feature=related (9)

http://www.youtube.com/watch?v=4qQ-epj0pXc&feature=related (10)

http://www.youtube.com/watch?v=RJM-gNIHAr0&feature=related (11)

Deception

Deception (also called beguilement, deceit, bluff, or subterfuge) is the act of convincing another to believe information that is not true, or not the whole truth as in certain types of half-truths.

Deception involves concepts like propaganda, distraction and/or concealment.

http://en.wikipedia.org/wiki/Deception

An international regulatory body wouldn't have economic power per se because they don't actually get their hands on money. That's been the problem with them in the past. Because they are effectively civil servants, they don't get paid large sums of money yet they need the best economic minds in order to keep financial systems from committing practices that cause problems like the current one. The best minds in economics aren't going to go for those jobs. They're going to be the ones going for the highest paid and most powerful jobs in the financial sector so you end up with a regulatory body with a bunch of average economic minds trying to keep tabs on the biggest geniuses in economics. They just end up getting the piss taken out of them and have no real power anyway.

This is what happened in the UK with regards to the Financial Services Authority (FSA). They had a whole raft of economic powers but their relative lack of economic experience and knowledge meant that the people in the financial industry stayed 1 or several steps ahead of them.

Codex Alimentarius -

do some research

Should we blame AIG for throwing the money away or should we blame the people in the treasury department who are constantly seeking to reward them for it?

Our treasury department is corrupt. Just a thought. There is something bigger going on here than AIG. Much bigger.

As of this moment, the treasury department is free to make whatever decisions it wants to regarding the American citizen's money. And there is not a damn thing we the people can do about it. If congress does not go along with what the treasury department wishes, they are bombarded by the media for not doing so, and are threatened with the possibility of both physical and psychological harm.

If you want to see how much power the American people have in stopping this process of giving our money away without our permission, try banding together in a majority all over the United States and demand that not a single dollar be given out again on failing corporations and banks and watch what happens. What do you think your current government would do? Do you think they would listen to you? Fat chance.

It's YOUR money. It's money that could have gone to help the homeless, to help secure social security, to help the sick, to help the animals, to help the planet, to help eachother.

And who does it go to instead? Failing banks and corporations. Well guess what folks, the American people are failing. We are losing our jobs left and right, we are losing our houses, we are losing our cars, our ability to receive education, our ability to pay for food, and what are we getting for it? Next to nothing (as compared to the billions and billions and billions that are being given to the failing banks and corporations). And then the CEOs of the banks and corporations (who are already rich and doing very well) are being given Millions of dollars for free! As gifts! For doing nothing! For being the "captains" of ships that are burning and sinking! Meanwhile we can barely hang onto our lives as we know them! The banks and corporations get billions of dollars. BILLIONS! And we get a few hundred dollars a week for unemployment. Hmmmm...billions to hundreds....something seem a little wrong with that ratio? And who has been working our asses off our entire lives to pay into the system? We have! Not the banks, and not the corporations. And what do we get for doing that? High-way Robbery.

The treasury department is the problem folks. Until we stop the children who are running it from spending all of our money, we will see more and more companies abuse their "handouts" like AIG. It is only the tip of the iceberg. The problem starts with the treasury department of the United States Government. Turn your attention towards them. They are the ones who create the policies of giving away our money. They are the ones who are to blame. Not AIG. AIG is just ONE of the many consequences of the treasury departments decisions. The very same desicions that will continue to be made everyday without the American people's permission. Decisions that will end up destroying our country and our way of life until the day we finally draw the line and put and end to it.

You're only accusing him of all this because he's black.

Yeah, I said it. Let's not ignore the elephant in the room gentlemen.

Originally posted by Final Blaxican
You're only accusing him of all this because he's black.

Yeah, I said it. Let's not ignore the elephant in the room gentlemen.

That arguement is not going to work when the facts are presented as the days go on.

And second, you have no way of knowing what color me or Jaden is, so you are a fool to jump to conclusions like that.

And lastly, you have no valid argument against these facts so the only card you can play is the race card.

Race was not mentioned a single time in this thread until you brought it up. I am not going to play that game with you. It has nothing to do with race....and for your information, the treasury department of the United States is neither black or white. It's just plain corrupt.

SO what can be done? It seems to me to be too late. The power brokers are Untouchable. All a Citizen can do is vote and if the Bankers own The Govt. then "We the people" have now power. DO we fight? Do we Storm the next World Banker meetings and gun them down? What is there for us to do? The Machine is in place. What is a man against a Tank? I have been interested in this subject for a long time. I have weapons,canned goods,water but, can I and my Family escape and survive this? It pains me to say I dont think so. I am asking....What is the solution.

Originally posted by Lycanthrope
SO what can be done? It seems to me to be too late. The power brokers are Untouchable. All a Citizen can do is vote and if the Bankers own The Govt. then "We the people" have now power. DO we fight? Do we Storm the next World Banker meetings and gun them down? What is there for us to do? The Machine is in place. What is a man against a Tank? I have been interested in this subject for a long time. I have weapons,canned goods,water but, can I and my Family escape and survive this? It pains me to say I dont think so. I am asking....What is the solution.

It's not difficult to make a bank fall. Organise a run on 1 bank at a time.

NUKE!! I knew you couldnt abandon us!

Originally posted by jaden101
It's not difficult to make a bank fall. Organise a run on 1 bank at a time.

I don't really know what you are eluding to? How dose one "run a Bank"? Do you ask everyone at that Bank (Investors,savings account holders, etc.) to withdraw all their accounts and stock???? One would be hard pressed to persuade individuals, Family, to withdraw all their paper assets. Or am I missing what you are presenting.

Originally posted by Final Blaxican
You're only accusing him of all this because he's black.

Yeah, I said it. Let's not ignore the elephant in the room gentlemen.
That post is just plain moronic as always.If you ever bothered to read Winters threads you would know he has talked about autrocities that "Bush and Clinton" have committed MANY tiems since he has been here.

Originally posted by NuclearWinter
That arguement is not going to work when the facts are presented as the days go on.

And second, you have no way of knowing what color me or Jaden is, so you are a fool to jump to conclusions like that.

And lastly, you have no valid argument against these facts so the only card you can play is the race card.

Race was not mentioned a single time in this thread until you brought it up. I am not going to play that game with you. It has nothing to do with race....and for your information, the treasury department of the United States is neither black or white. It's just plain corrupt.

thats why his posts have no credibility in them cause like you said,race was never mentioned a single time in this thread.Since he has no valid argument against the facts,thats what he comes back with.Seems to me HE must be black.otherwise WHY object to saying Obama is corrupt when you have said that about Bush and Clinton many times in the past?

Originally posted by Mr Parker
thats why his posts have no credibility in them cause like you said,race was never mentioned a single time in this thread.Since he has no valid argument against the facts,thats what he comes back with.Seems to me HE must be black.otherwise WHY object to saying Obama is corrupt when you have said that about Bush and Clinton many times in the past?

Your guess is as good as mine Parker.

And no Jack, Abandonment was never part of the plan. =) Just had to break my rule on this one though I could not sleep at night if I didn't.

Originally posted by Final Blaxican
You're only accusing him of all this because he's black.

Yeah, I said it. Let's not ignore the elephant in the room gentlemen.

He,s not black but a mixture like most people in the world today, so stop trying to hush people up with the race card

With 16 replies, I thought this thread would have an interesting discussion.

I was disappointed, but not surprised.

To the people who took Blax's post seriously, I laugh muchly.

Originally posted by Captain REX
To the people who took Blax's post seriously, I laugh muchly.

I havn´t had time to read it alll yet, my PC crashes every 10 minutes.

Financial Rescue Nears GDP as Pledges Top $12.8 Trillion


Mark Pittman and Bob Ivry

Bloomberg

Wednesday, April 1, 2009


The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

President Barack Obama and Treasury Secretary Timothy Geithner met with the chief executives of the nation’s 12 biggest banks on March 27 at the White House to enlist their support to thaw a 20-month freeze in bank lending.

“The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.”

Commitments include a $500 billion line of credit to the FDIC from the government’s coffers that will enable the agency to guarantee as much as $2 trillion worth of debt for participants in the Term Asset-Backed Lending Facility and the Public-Private Investment Program. FDIC Chairman Sheila Bair warned that the insurance fund to protect customer deposits at U.S. banks could dry up because of bank failures.

http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=worldwide

World Bank President Admits Agenda For Global Government


Paul Joseph Watson

Wednesday, April 1, 2009


World Bank President and Bilderberg elitist Robert Zoellick openly admitted the plan to eliminate national sovereignty and impose a global government during a speech on the eve of the G20 summit.

Speaking about the agenda to increase not just funding but power for international organizations on the back of the financial crisis, Zoellick stated, “If leaders are serious about creating new global responsibilities or governance, let them start by modernising multilateralism to empower the WTO, the IMF, and the World Bank Group to monitor national policies.”

In other words, give global institutions the power to regulate national policy as part of the creation of global government.

What Zoellick is outlining is essentially the end of national sovereignty and the reclassification of national governments as mere subordinates to a global authority that is completely unaccountable to the voting public of any country.

The more cynical amongst us would call this a global dictatorship. Zoellick couches the plan in flowery rhetoric of helping the poor and alleviating poverty, but as we have documented for years, the global elite’s goal of world government has little to do with saving the planet and everything to do with creating a global fascist state.

Zoellick, former Executive Vice President of Fannie Mae and advisor to Goldman Sachs, is a top elitist who was intimately involved in the Enron scandal and the 2000 presidential election debacle. He was also a signatory to the Project For A New American century document that called for invading Iraq as part of implementing a brutal world empire in 1998. He was later a foreign policy advisor to George W. Bush.

As to be expected, Zoellick is a member of the Council on Foreign Relations and the Trilateral Commission. He also attended the annual invitation-only conferences of the Bilderberg Group in 1991, 2003, 2006 and 2007.

Meanwhile, British Prime Minister Gordon Brown will use the G20 summit in London to extend an olive branch to China, offering them a central role in the construction of a new world order and a global government, according to reports.

“Brown will hold talks with Hu Jintao, China’s president, following discussions with Barack Obama, amid signs that developing countries see the G20 summit as a chance to impose a new world order and end the era of Anglo-European dominance,” reports the Guardian.

Under the proposal, China will vastly increase its IMF funding in return for more voting rights.

A central focus of the G20 summit will be the proposal to supplant the dollar with a new global currency. Both the IMF and the United Nations threw their weight behind the implementation of a new global reserve currency system to replace the dollar, in the same week that Treasury Secretary Timothy Geithner told CFR globalists that he was “open” to the idea.

China and Russia brought the issue to the forefront of this week’s G20 when they jointly called for a new global reserve currency a week ago.

Brown has consistently called for global regulation of the financial system as a means towards global governance. In a speech at St Paul’s Cathedral in London yesterday he again called for a new “global society”.

http://www.prisonplanet.com/world-bank-president-admits-agenda-for-global-government.html

UN & IMF Back Agenda For Global Financial Dictatorship


Paul Joseph Watson

Friday, March 27, 2009


Both the IMF and the United Nations have thrown their weight behind proposals to implement a new world reserve currency system to replace the dollar as part of the acceleration towards a global financial dictatorship, in the same week that Treasury Secretary Timothy Geithner told CFR globalists that he was “open” to the idea.

As we reported yesterday, Timothy Geithner initially renounced a Chinese and Russian proposal to supplant the dollar with a new global currency, but he later told CFR elitists, who have consistently lobbied for a global currency as part of a wider agenda for global government, that he was “open” to the idea. Indeed, before Geithner was appointed by Obama when he was still president of the Federal Reserve Bank of New York, he argued for a new global central banking system shortly after attending the 2008 Bilderberg meeting.

Now the U.N. and the IMF have thrown their weight behind the move and reports indicate that the matter will be a major point of discussion at the upcoming G20 conference, with officials having initially dismissed speculation that a global currency would be on the agenda.

“A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies,” reports AFP.

“A new Global Reserve System — what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity,” the panel said.

In addition, “IMF managing director Dominique Strauss-Kahn said that talks on a new global reserve currency to replace the US dollar were “legitimate” and could take place “in the coming months,” according to the report.

As we have repeatedly warned, the introduction of a new global currency system is a key cornerstone in the move towards global government, centralized control and more power being concentrated into fewer hands.

The swift and ruthless exploitation of the economic meltdown on behalf of globalists and central banks who caused the problem in the first place revolves around their drive for a global monetary union, which is a directive coming from the very inner core of the CFR and the Bilderberg Group.

The Federal Reserve is already is a private organization and as such unaccountable to the American people. A global central bank, which is effectively what a new global reserve currency system will create, will establish a de facto financial dictatorship which will wield power over the economies of every country on the planet with no accountability whatsoever.

The ruling elite resolved long ago to force a global currency down our throats. In fact, a global currency is at the very core of their plan to dominate the world. Control money and you control the destiny of states, you eliminate national sovereignty. “The control of money and credit strikes at the very heart of national sovereignty,” A.W. Clausen, president of Bank of America once observed.

As Georgetown professor and CFR historian Carroll Quigley noted, the goal of the banking families and their minions consists of “nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”

In 2007, Robert Mundell, “the father of the euro,” noted that “international monetary reform usually becomes possible only in response to a felt need and the threat of a global crisis.”

That very crisis arrived shortly after, providing the elite with the perfect opportunity to ram through a massive program of financial centralization by posing as the saviors - when they created the problem in the first place.

The very actions of the elite will continue to worsen the financial crisis, providing the necessary political capital for them to institute what they had planned all along - a new global currency for the global government that they plan to implement thereafter.

http://www.prisonplanet.com/un-imf-back-agenda-for-global-financial-dictatorship.html

Ron Paul on the Budget and the G20

Friday, April 3, 2009

On Thursday, Dr. Paul sat down with legislative assistant Paul-Martin Foss to give his thoughts on the budget, global economic regulation, and the gold standard.

Here is the video of the interview:

http://www.prisonplanet.com/ron-paul-on-the-budget-and-the-g20.html

The term “New World Order” was mentioned in connection with the G20 this week hundreds of times by both global leaders and in news reports.

British Prime Minister Gordon Brown himself yesterday announced that the G20 heralded the creation of a “New World Order” which would involve increased global regulation of economic markets:

http://www.youtube.com/watch?v=KbU_Po4sfnw

A Google News search provides well over a thousand results of reports including the term “New World Order” over the past couple of weeks.

Despite the fact that world leaders have been talking about a “New World Order” for decades, in the context of the political agenda to diminish the power of sovereign states in favor of a move towards global governance, it was still regarded as a delusion of paranoid conspiracy theorists by the establishment media until relatively recently.

Now even Fox News and Sean Hannity are throwing their arms in the air and admitting that the “conspiracy theorists were right” as the agenda for global government is openly announced.

http://www.youtube.com/watch?v=iTcJbDg3HbE

The new world order has nothing to do with saving the world and everything to do with centralizing power and control into the hands of a gaggle of criminal globalists who are concerned about nothing other than increasing their domination over the planet - at the expense of the rest of the population.

The new world order is totalitarian by its very nature - shifting power away from sovereign countries to global institutions which have no accountability to the general public whatsoever, and through which the public has no voice or influence. That cannot be defined as anything else but undemocratic. There is no such thing as a “benign” new world order.

This very agenda was again enunciated this week by World Bank President and and Bilderberg elitist Robert Zoellick, who openly admitted the plan to eliminate national sovereignty and impose a global government during a speech on the eve of the G20 summit.

Speaking about the agenda to increase not just funding but power for international organizations on the back of the financial crisis, Zoellick stated, “If leaders are serious about creating new global responsibilities or governance, let them start by modernising multilateralism to empower the WTO, the IMF, and the World Bank Group to monitor national policies.”

Proponents of a new world order have always disguised their rhetoric with flowery notions of achieving some kind of global utopia, but behind the scenes the real agenda has always been sinister, nepotistic and anathema to any reasonable notion of democratic freedom.

It’s about time the establishment media stopped parroting the words of globalists and blithely repeating the term “new world order” like it was going out of fashion, and actually started asking real questions about what it really means.

http://www.prisonplanet.com/new-world-order-still-a-conspiracy-theory.html

Aren't they just talking about policies in relationship to the trade markets? It's not like they're trying to take over the world. And exactly what part of that is the Obama deception? Also using Fox news as a news source is quite funny. They're an entertainment network. Here's another google search you can do that's a lot more informative than the one you posted using New World Order
http://www.google.com/search?hl=en&rlz=1C1GGLS_enUS307US307&q=fox+news+blatantly+lie&btnG=Search
oh and this is what was said at the g20 conference:

G-20 Shapes New World Order

Originally posted by Lycanthrope
I don't really know what you are eluding to? How dose one "run a Bank"? Do you ask everyone at that Bank (Investors,savings account holders, etc.) to withdraw all their accounts and stock???? One would be hard pressed to persuade individuals, Family, to withdraw all their paper assets. Or am I missing what you are presenting.

You don't have to persuade anyone. You simply have someone in the financial sector start a rumour that a bank is failing and the panicky idiotic public will do the rest themselves.

http://www.channel4.com/news/articles/business_money/the+northern+rock+bank+run/802462

http://en.wikipedia.org/wiki/Bank_run

http://en.wikipedia.org/wiki/List_of_bank_runs

Originally posted by LDHZenkai
Aren't they just talking about policies in relationship to the trade markets? It's not like they're trying to take over the world. And exactly what part of that is the Obama deception? Also using Fox news as a news source is quite funny. They're an entertainment network. Here's another google search you can do that's a lot more informative than the one you posted using New World Order
http://www.google.com/search?hl=en&rlz=1C1GGLS_enUS307US307&q=fox+news+blatantly+lie&btnG=Search
oh and this is what was said at the g20 conference:

G-20 Shapes New World Order

How bout watching some of the videos I posted? The Alex Jones ones? You'll see where Obama fits in.

Economist: US collapse driven by ‘fraud,’ Geithner covering up bank insolvency


Stephen C. Webster
Raw Story
Sunday, April 5, 2009


In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance.

But worse still, said Black, Timothy Geithner, President Barack Obama’s Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America’s financial insolvency from its citizens.

The interview, which aired Friday night, is carried on the Bill Moyers Journal Web site.

Black’s most recent published work, “The Best Way to Rob a Bank is to Own One,” released in 2005, was hailed by Nobel-winning economist George A. Akerlof as “extraordinary.”

“There is no one else in the whole world who understands so well exactly how these lootings occurred in all their details and how the changes in government regulations and in statutes in the early 1980s caused this spate of looting,” he wrote. “This book will be a classic.”

But that book only covers the fallout from the 1980s Savings & Loan crisis; Black’s later first-hand involvement in that scandal being the ensuing liquidation of bad banks.

“A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis,” reported PBS. “The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, ‘We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80.’”

That financial calamity, he explained, was brought about not by mishap or accident, but only after a concerted effort to undermine and remove all regulations, allowing a creditor free-for-all that hinged on fraudulent risk ratings for bad loans.

“he way that you do it is to make really bad loans, because they pay better,” he told Moyers. “Then you grow extremely rapidly, in other words, you’re a Ponzi-like scheme. And the third thing you do is we call it leverage. That just means borrowing a lot of money, and the combination creates a situation where you have guaranteed record profits in the early years. That makes you rich, through the bonuses that modern executive compensation has produced. It also makes it inevitable that there’s going to be a disaster down the road.

“…This stuff, the exotic stuff that you’re talking about was created out of things like liars’ loans, that were known to be extraordinarily bad,” he continued. “And now it was getting triple-A ratings. Now a triple-A rating is supposed to mean there is zero credit risk. So you take something that not only has significant, it has crushing risk. That’s why it’s toxic. And you create this fiction that it has zero risk. That itself, of course, is a fraudulent exercise. And again, there was nobody looking, during the Bush years. So finally, only a year ago, we started to have a Congressional investigation of some of these rating agencies, and it’s scandalous what came out. What we know now is that the rating agencies never looked at a single loan file. When they finally did look, after the markets had completely collapsed, they found, and I’m quoting Fitch, the smallest of the rating agencies, “the results were disconcerting, in that there was the appearance of fraud in nearly every file we examined.”

He equated the entire US financial system to a giant “ponzi scheme” and charged Treasury Secretary Timothy Geithner, like Secretary Henry Paulson before him, of “covering up” the truth.

“Are you saying that Timothy Geithner, the Secretary of the Treasury, and others in the administration, with the banks, are engaged in a cover up to keep us from knowing what went wrong?” asked Moyers.

“Absolutely, because they are scared to death,” he said. “All right? They’re scared to death of a collapse. They’re afraid that if they admit the truth, that many of the large banks are insolvent. They think Americans are a bunch of cowards, and that we’ll run screaming to the exits. And we won’t rely on deposit insurance. And, by the way, you can rely on deposit insurance. And it’s foolishness. All right? Now, it may be worse than that. You can impute more cynical motives. But I think they are sincerely just panicked about, ‘We just can’t let the big banks fail.’ That’s wrong.”

Ultimately, said Black, the financial downfall of the United States in the wake of the Bush years is due to “the most elite institutions in America engaging in or facilitating fraud.”

“When will Americans wake up and hold the real criminals - Banksters - accountable for their actions, and pressure the government to enact systemic changes to prevent future abuses?” asked Huffington Post blogger Mike Garibaldi-Frick.


http://www.pbs.org/moyers/journal/04032009/profile.html

http://www.pbs.org/moyers/journal/04032009/watch.html

http://www.prisonplanet.com/economist-us-collapse-driven-by-fraud-geithner-covering-up-bank-insolvency.html

Where exactly is the proof that anyones covering anything up? We already know exactly whats going on. Also, Congress are the ones in charge of oversight of things like that, not Obama. And yet again, just saying something doesn't mean it's real. What was Blacks proof that there has been any cover up or attempt to deceive?

dont know if this has been posted on your thread or not Winter,if it has then I apologize,I just havent had time to read through this whole thing yet so I figured if it hasnt,I would post this for the people who dont want to take time to watch the videos.I just came across this by accident when I was doing research on clinton today.

The Audacity of Deceit (Book)

By: Brad O’Leary

WHO IS BARACK OBAMA?

You will be shocked to learn what lies beneath the well-polished rhetoric of this slick orator. Obama speaks vaguely about “change,” but as this book reveals, Obama’s brand of change is a hostile attack on the Judeo-Christian values and freedoms most Americans hold dear.

This isn’t “change you can believe in”—it is change designed to uproot American culture and replace it with the failed, secular, socialist policies of the past.

In "The Audacity of Deceit" you’ll learn how Obama:

Blocked emergency medical aid for babies who survived abortion.

Plans to ban the use of firearms by lawabiding citizens—even for self-defense.

Was abandoned by his bigamist father and raised in a Muslim society—and
how this influences his values.

Would raise tax rates to a Hoover-like 60 percent.

Will transform the U.S. Treasury into the United Nations’ ATM.

Wants fuel prices high and farmland taken out of production.

Will grant federal medical insurance to 12 million illegal aliens and increase
emergency room costs alone by $15.4 billion annually.

Would transfer child-rearing from parents to the federal government with his
secular “0 to 5” program.
You will also read exclusive polling results that reveal the 30 percent of Americans who pay no taxes, what they believe, and who they are planning to vote for.

His goal? Replace the Judeo-Christian values that gave birth to the “land of the free” with failed radical leftist beliefs.

This is the one book every American must read—before it’s too late!

NOTE: Purchasing "The Audacity of Deceit" from WND's online store also qualifies you to receive three FREE issues of WND's acclaimed monthly print magazine, Whistleblower. Watch for the FREE offer during checkout.

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Welcome to Obamaland: I Have Seen Your Future and It Doesn't Work (Book) - $27.95


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Thanks Parker you know if you get that book and learn alot from it I would be most grateful if you could pass along some of that info on here. Perhaps an Obama thread to go along with your Clinton one?

That book sounds so good though that I may end up getting it myself. =) People need to learn all they can about this man. It's "Mega-importante" As Jaden would say. lol.

sure.glad to hear that you hadnt already talked about it here.yeah I'll let you know WHEN I get it.I for sure am going to,and if I see things in there scary as hell like there is about clinton,you can bet I'll make an Obama thread as well.as you already know,every president who gets in is always worse than the previous one whether it be the demopublicans or the reprocrats and Obama aint no different than his other evil CFR mates Clinton and Bush.

Obama is the latest puppet for the Illuminati who is willing to do their bidding.people need to wake up and get it through their heads what dangerous times were in and that there is no difference between the two parties and understand that if there isnt a revolution by the people soon and we dont overthrow the corrupt people in congress soon and get a third party created soon,there isnt any hope for the future of the world and our grandchildren are in for a nightmarish hell in the future years.their going to have it far worse than we ever have had it if that doesnt happen.Obama has lied about everything he was going to do going back a a year ago.If you go back and look at his speechs from back then,they'll hear how he was talking about bringing the troops HOME.what does he go and do? he calls up for something of a 100,000 more troops to be deployed to afhanistan before the year is over.making HELLARY secretary of state? making 21 of his 27 staff members former aides of clintons the people voted out of office? keeping former cabinet members of the bush administration in his cabinet? yeah thats real change all right. how many more lies do president have to commit before people around here wake up and smell the coffee that american is a fascist state now?

Originally posted by NuclearWinter

That book sounds so good though that I may end up getting it myself. =) People need to learn all they can about this man. It's "Mega-importante" As Jaden would say. lol.

Na I probably wouldn't.

Originally posted by Mr Parker
sure.glad to hear that you hadnt already talked about it here.yeah I'll let you know WHEN I get it.I for sure am going to,and if I see things in there scary as hell like there is about clinton,you can bet I'll make an Obama thread as well.as you already know,every president who gets in is always worse than the previous one whether it be the demopublicans or the reprocrats and Obama aint no different than his other evil CFR mates Clinton and Bush.

Obama is the latest puppet for the Illuminati who is willing to do their bidding.people need to wake up and get it through their heads what dangerous times were in and that there is no difference between the two parties and understand that if there isnt a revolution by the people soon and we dont overthrow the corrupt people in congress soon and get a third party created soon,there isnt any hope for the future of the world and our grandchildren are in for a nightmarish hell in the future years.their going to have it far worse than we ever have had it if that doesnt happen.Obama has lied about everything he was going to do going back a a year ago.If you go back and look at his speechs from back then,they'll hear how he was talking about bringing the troops HOME.what does he go and do? he calls up for something of a 100,000 more troops to be deployed to afhanistan before the year is over.making HELLARY secretary of state? making 21 of his 27 staff members former aides of clintons the people voted out of office? keeping former cabinet members of the bush administration in his cabinet? yeah thats real change all right. how many more lies do president have to commit before people around here wake up and smell the coffee that american is a fascist state now?
Alright Broseph. Sounds good. I'll watch you handle that one. And as for the other stuff you said, I agree with it 100%. If I tried to find any flaws in it, I couldn't. And the sad part is neither could anyone else on this board. Because it's the Truth.

Originally posted by NuclearWinter
Alright Broseph. Sounds good. I'll watch you handle that one. And as for the other stuff you said, I agree with it 100%. If I tried to find any flaws in it, I couldn't. And the sad part is neither could anyone else on this board. Because it's the Truth.
you all never really did listen to obamas speeches did you? I'm assuming you just caught the abridged Faux News version. He shifted soldires from Iraq to Afghan b/c that's where they were actually needed. And he did bring troops back home. Oh and you stated that this country was founded on judeo-christian values? http://www.britannica.com/blogs/2007/03/the-us-founding-fathers-their-religious-beliefs-cont/
http://www.earlyamerica.com/review/summer97/secular.html
also...
The Treaty of Tripoli, passed by the U.S. Senate in 1797, read in part: "The government of the United States is not in any sense founded on the Christian religion."

I watched the DVD not so long ago. It was alright - it kept my attention for almost 2 hours.

I finally got the chance to watch the video Winter.Man that is some great stuff there.All those idiots in chicago who were going ape crazy over him getting elected,when they see this DVD,their going to realize what a bunch of idiot dupes they were.That he is no different than Clinton or Bush.A lot of great stuff there on the banking system,talking about how they made several attempts to kill Andrew Jackson since he tried to expose them and that they killed Lincoln as well cause he succeeded temporary getting rid of the private bank of England. and also killing Kennedy cause he wanted to get rid of the fed-the last good president we had of course.Great to see how Jones talked about the kennedy assassination in there.

Yes glad to see that you saw it Parker. I was extremely impressed by the quality of it as well. Makes a nice addition to End Game his last movie.

Peter Schiff On Glenn Beck: Inflation Nation?

http://www.youtube.com/watch?v=jB9fuIvksLw&eurl=http%3A%2F%2Fwww.prisonplanet.com%2Fglenn-beck-highlights-threat-of-martial-law-following-economic-crisis.html&feature=player_embedded

I can't even believe they are asking this question. The Rockefellers? Give me a f-ckin break. The day I let bankers tell me what to do with my rights is the day that I take a flying leap off a cliff into a giant bowl of acid!


Should Obama Control the Internet?


A new bill would give the President emergency authority to halt web traffic and access private data.

—By Steve Aquino


Should President Obama have the power to shut down domestic Internet traffic during a state of emergency?

Senators John Rockefeller (D-W. Va.) and Olympia Snowe (R-Maine) think so. On Wednesday they introduced a bill to establish the Office of the National Cybersecurity Advisor—an arm of the executive branch that would have vast power to monitor and control Internet traffic to protect against threats to critical cyber infrastructure. That broad power is rattling some civil libertarians.

The Cybersecurity Act of 2009 (PDF) gives the president the ability to "declare a cybersecurity emergency" and shut down or limit Internet traffic in any "critical" information network "in the interest of national security." The bill does not define a critical information network or a cybersecurity emergency. That definition would be left to the president.

The bill does not only add to the power of the president. It also grants the Secretary of Commerce "access to all relevant data concerning networks without regard to any provision of law, regulation, rule, or policy restricting such access." This means he or she can monitor or access any data on private or public networks without regard to privacy laws.

Rockefeller made cybersecurity one of his key issues as a member of the Senate intelligence committee, which he chaired until last year. He now heads the Committee on Commerce, Science and Transportation, which will take up this bill.

"We must protect our critical infrastructure at all costs—from our water to our electricity, to banking, traffic lights and electronic health records—the list goes on," Rockefeller said in a statement. Snowe echoed her colleague, saying, "if we fail to take swift action, we, regrettably, risk a cyber-Katrina."

But the wide powers outlined in the Rockefeller-Snowe legislation has at least one Internet advocacy group worried. "The cybersecurity threat is real," says Leslie Harris, head of the Center for Democracy and Technology (CDT), "but such a drastic federal intervention in private communications technology and networks could harm both security and privacy."

The bill could undermine the Electronic Communications Privacy Act (ECPA), says CDT senior counsel Greg Nojeim. That law, enacted in the mid '80s, requires law enforcement seek a warrant before tapping in to data transmissions between computers.

"It's an incredibly broad authority," Nojeim says, pointing out that existing privacy laws "could fall to this authority."

Jennifer Granick, civil liberties director at the Electronic Frontier Foundation, says that granting such power to the Commerce secretary could actually cause networks to be less safe. When one person can access all information on a network, "it makes it more vulnerable to intruders," Granick says. "You've basically established a path for the bad guys to skip down."

The bill's scope, she says, is "contrary to what the Constitution promises us." That's because of the impact it could have on Internet users' privacy rights: If the Commerce Department uncovers evidence of illegal activity when accessing "critical" networks, that information could be used against a potential defendant, even if the department never had the intent to find incriminating evidence. And this might violate the Constitutional protection against searches without cause.

"Once information is accessed, it can be used for whatever purpose, no matter the original reason for accessing something," Granick says. "Who's interested in this ? Law enforcement and people in the security industry who want to ensure more government dollars go to them."

Nojeim, though, thinks it's possible the bill's powers could be trimmed as it moves through Congress. "We will be working with them to clarify just what is needed and how to accomplish that," he says. "We're hopeful that some of the very broad powers that the bill would confer won't be included."

http://www.motherjones.com/politics/2009/04/should-obama-control-internet

Am I dreaming or is this for real?

Jay Rockefeller, who declared last month that we would all be better off if the internet was never invented, is spouting his mouth off that the internet needs to be controlled for "security purposes".

And not only that, but two bills have already been created to do just that.

Indeed, there are political forces are behind Senate bills No. 773 and 778.

Rockefeller meant the government would be better off if the internet was never invented. If the internet was never invented, the corporate media would dominate news and information and alternative media restricted to print would have a far more difficult time counter balancing government propaganda. Government and the elite behind it are sincerely worried about the fact increasing numbers of people get their news from alternative media sources on the internet and corporate media newspapers are falling like dominoes.

Rockefeller’s bills introduced in the Senate — known as the Cybersecurity Act of 2009 — would create yet another government bureaucracy, the Office of the National Cybersecurity Advisor. It would report directly to Obama. Rockefeller’s legislation would grant “the Secretary of Commerce access to all privately owned information networks deemed to be critical to the nation’s infrastructure “without regard to any provision of law, regulation, rule or policy restricting such access”.

In other words, Obama would have a Cyber Czar in the Commerce Department and the power to shut down the internet.

Here is a video of Jay Rockefeller peddling this BS:

http://www.youtube.com/watch?v=Ct9xzXUQLuY&eurl=http%3A%2F%2Fwww.infowars.com%2Fcybersecurity-bill-gives-obama-dictatorial-power-over-internet%2F&feature=player_embedded

The cybersecurity fraud now in motion will grant the Department of Commerce oversight of “critical” networks, such as banking records, would grant the government access to potentially incriminating information obtained without cause or warrant, a violation of the Constitution’s prohibition against unlawful search and seizure.

Obama’s internet agenda is an extension of his effort to impose government control over the private sector. It should be obvious what is going on here. Not if but when the next false flag attack occurs here in America, the elite will turn off the internet in order to control the flow of information. They will tell us they were forced to do this in order to deny terrorists in caves or driving around with Ron Paul bumper stickers on their cars the ability to sabotage the power grid and banks.

Senate bills No. 773 and 778 are about controlling information. The bills have nothing to do with mischievous kids with laptops in Latvia.

That's definitely something I think is total nonsense. "Cyber-Katrina"...I've rarely seen such blatent scaremongering aimed to rile up people who are ignorant of such matters.

I'd also like to know what they mean by "real threats" because I notice none are actually specified.

It also seems to hint that the government network isn't secure as of now. Surely you would make sure these sensitive networks are isolated and secure from the public networks that can be abused.

One thing, though, is that I still doubt the government have control over the internet that is currently claimed. If they did there wouldn't be such high volumes of illegal activity on the internet now.

No End in Sight


Mike Whitney
April 11, 2009


It’s been 21 months since two Bear Stearns hedge funds defaulted setting off a series of events which have led to the gravest economic crisis since the Great Depression. No one expected the financial meltdown to hit this hard or spread this fast. The failure at Bear triggered a freeze in the secondary market where mortgage loans are repackaged into securities and sold to investors. That market is now completely paralyzed cutting off 40 percent of funding for consumer and business loans and thrusting the broader economy into a deep recession. Banks and financial institutions have been forced to curtail their off-balance sheet operations and build their reserves which have ballooned from $45 billion to nearly $700 billion in the last 6 months alone. Like millions of homeowners who have seen their home equity vanish and their retirement savings slashed in half, the banks are hunkering down hoping they can outlast the deflationary hurricane ahead.

The deteriorating economic conditions have taken their toll on consumer confidence and forced businesses to lay off employees that won’t be needed during the slowdown. The system is bursting with overcapacity. Demand is falling faster than any time since the 1930s. Inventories will have to be trimmed and budgets cut to muddle through the down-times. Foreign trade has slowed to a crawl, auto sales are down by 40 percent or more, and unemployment is rising at 650,000 per month. Policymakers have pushed through a $800 billion stimulus plan, but it won’t be nearly enough to stop the steady rise in unemployment or take up the slack in an economy where industrial output has been cut in half, new home construction has dropped to record lows, and manufacturing has fallen off a cliff. Economists warn that when governments don’t step in and provide stimulus to increase aggregate demand, consumers cut back sharply on spending and push the economy deeper into depression.

Treasury Secretary Geithner and Fed chief Bernanke have lent or committed $13 trillion, but they’ve only managed to plug a few holes. The financial system is hobbled and unable to provide sufficient credit to generate growth. Every sector has suffered cutbacks, layoffs and slimmer profits. The problems go beyond toxic assets or complex derivatives. The system is plagued with stagnation, overcapacity and redundancy. Economics professor Robert Brenner sums it up like this in an interview in the Asia Pacific Journal:

Robert Brenner: "The current crisis is more serious than the worst previous recession of the postwar period, between 1979 and 1982, and could conceivably come to rival the Great Depression, though there is no way of really knowing. Economic forecasters have underestimated how bad it is because they have over-estimated the strength of the real economy and failed to take into account the extent of its dependence upon a buildup of debt that relied on asset price bubbles. In the U.S., during the recent business cycle of the years 2001-2007, GDP growth was by far the slowest of the postwar epoch. There was no increase in private sector employment. The increase in plants and equipment was about a third of the previous, a postwar low. Real wages were basically flat. There was no increase in median family income for the first time since World War II. Economic growth was driven entirely by personal consumption and residential investment, made possible by easy credit and rising house prices. Economic performance was weak, even despite the enormous stimulus from the housing bubble and the Bush administration’s huge federal deficits. Housing by itself accounted for almost one-third of the growth of GDP and close to half of the increase in employment in the years 2001-2005. It was, therefore, to be expected that when the housing bubble burst, consumption and residential investment would fall, and the economy would plunge. " ("Overproduction not Financial Collapse is the Heart of the Crisis", Robert P. Brenner speaks with Jeong Seong-jin, Asia Pacific Journal)

The economy is now in a downward spiral. Tightening in the credit markets has made it harder for consumers to borrow or businesses to expand. Overextended financial institutions are forced to shed assets at firesale prices to meet margin calls from the banks. Asset deflation is ongoing with no end in sight. Price declines in housing have reached 30 percent already and are now accelerating on the downside. This is the nightmare scenario; a capitulation in real estate that drags the rest of economy into a black hole. Economist Nouriel Roubini and market analyst Meredith Whitney predict that housing prices will drop another 20 percent before they hit bottom. Nearly half of all homeowners will be underwater and owe more on their mortgages than the current value of their homes. That will increase the foreclosures and push scores of banks into default. According to Merrill Lynch’s economist David Rosenberg:

"It would take over three years to achieve price stability (in housing) The problem is that prices do not begin to stabilize until we break below eight months’ supply – and they tend to deflate 3% per quarter until that happens. So as impressive as it is that the builders have taken single-family starts below underlying sales, their efforts are just not sufficient to prevent real estate prices from falling further. In fact, even if the builders were to declare a moratorium immediately, that is, taking starts to zero, demand is so weak and the unsold inventory so intractable that it would now take over three years to achieve the holy grail of price stability in the residential real estate market."

The main economic indicators all point to a long period of retrenchment ahead. The slowdown in global trade has hit Germany, Japan, and most of Asia particularly hard. The export-driven model of growth has suffered a major setback and won’t rebound for some time to come. With the US consumer unable to continue his debt-fueled spending spree, surplus countries will have to develop domestic markets for growth, but it won’t be easy. Chinese workers save 50 percent of what they earn and German workers already have a comfortable life without increasing personal consumption. Higher wages and lower interest rates can help stimulate demand, but cultural influences make it difficult to change spending habits. Meanwhile, the economy will continue to languish operating well below its optimum capacity.

Capital flows have also suddenly reversed causing turmoil in the currency markets. January’s TIC data indicates that net capital outflows for the US were negative $148 billion in January. Capital is now fleeing the country. Financial protectionism has triggered the repatriation of foreign investment causing a sharp drop in the purchase of US sovereign debt. This is from Brad Setser, economist for the CFR:

"The obvious implication of the recent downturn in total reserve holdings — and the $180 billion fall in q4 wasn’t driven by currency moves — is that the pace of growth in the world’s dollar reserves has slowed dramatically…

The obvious implication: most of the 2009 US fiscal deficit WILL NEED TO BE FINANCED DOMESTICALLY. The Fed’s custodial data indicates central banks are still buying Treasuries, though at a somewhat slower pace than in late 2008. But their demand hasn’t kept up with issuance. (Foreign Central banks aren’t going to finance much of the 2009 US fiscal deficit; Their reserves aren’t growing anymore", Brad Setser, Council on Foreign Relations)

The United States does not have the reserves to finance it own massive deficits which will soar to $1.9 trillion by the end of 2009. The Fed will have to increase its purchases of US Treasuries and monetize the debt. Foreign holders of Treasuries and dollar-backed assets ($5 trillion overseas) will be watching carefully as Bernanke revs up the printing presses to fight the recession and meet government obligations. China, Russia, Venezuela and Iran have already called for a change in the world’s reserve currency. It won’t happen overnight, but the momentum is steadily growing.

The S&P 500 has soared 23 percent in the last four weeks, but the current bear market rally is misleading. The prospects for a quick recovery are remote at best. The fundamentals are all weak. Corporate profits are down, GDP is negative 6 percent, housing is in a shambles, and the banking system broken. The Fed has increased the money supply by 22 percent, but economic activity is at a standstill. The velocity at which money is spent is the slowest since 1987. Nothing is moving. The banks are hoarding, credit has dried up, and consumers are saving for the first time in 2 decades. The banks’ credit-conduit cannot function properly until bad assets are removed from their balance sheets. But the magnitude of the losses make it impossible for the government to purchase them outright without bankrupting the country. According to the Times Online, the IMF has increased its estimates of how much toxic mortgage-backed paper the banks are holding:

"Toxic debts racked up by banks and insurers could spiral to $4 trillion, new forecasts from the International Monetary Fund (IMF) are set to suggest.

The IMF said in January that it expected the deterioration in US-originated assets to reach $2.2 trillion by the end of next year, but it is understood to be looking at raising that to $3.1 trillion in its next assessment of the global economy, due to be published on April 21. In addition, it is likely to boost that total by $900 billion for toxic assets originated in Europe and Asia.

Banks and insurers, which so far have owned up to $1.29 trillion in toxic assets, are facing increasing losses as the deepening recession takes a toll, adding to the debts racked up from sub-prime mortgages. The IMF’s new forecast, which could be revised again before the end of the month, will come as a blow to governments that have already pumped billions into the banking system."

Since banks lend at a ratio of 10 to 1; the amount of credit cut off to the broader economy will ensure that sluggish growth well into the future. If there is a recovery, it will be weak. The Obama administration will have to increase its capital injections even though they will add to mushrooming deficits. So far, financial institutions have only written down $1 trillion or 25 percent of their losses. This means the banking system is insolvent. Eventually, Obama will have to resolve the bad banks and auction off troubled assets, even though political support is rapidly eroding. According to political analyst F. William Engdahl, most of the garbage assets are concentrated in the nation’s five biggest banks:

"Today five US banks according to data in the just-released Federal Office of Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activity, hold 96% of all US bank derivatives positions in terms of nominal values, and an eye-popping 81% of the total net credit risk exposure in event of default.

The five are, in declining order of importance: JPMorgan Chase which holds a staggering $88 trillion in derivatives (€66 trillion!). Morgan Chase is followed by Bank of America with $38 trillion in derivatives, and Citibank with $32 trillion. Number four in the derivatives sweepstakes is Goldman Sachs with a ‘mere’ $30 trillion in derivatives. Number five, the merged Wells Fargo-Wachovia Bank, drops dramatically in size to $5 trillion. Number six, Britain’s HSBC Bank USA has $3.7 trillion. ("Geithner’s ‘Dirty Little Secret’: The Entire Global Financial System is at Risk", F. William Engdahl, Global Research)

These five banking Goliaths are at the center of political power in America today. Their White House emissary, Timothy Geithner, has concocted a rescue plan–the Public-Private Investment Program–which will provide 94 percent funding from the FDIC for the purchase bad assets. The program is designed to keep asset prices artificially high while transferring the bulk of the losses to the taxpayer. The plan has been widely criticized and has even raised a few eyebrows even among usually-supportive members of the establishment like the Financial Times:

"US banks that have received government aid, including Citigroup, Goldman Sachs, Morgan Stanley and JP Morgan Chase, are considering buying toxic assets to be sold by rivals under the Treasury’s $1,000bn (Ł680bn) plan to revive the financial system.

The plans proved controversial, with critics charging that the government’s public-private partnership - which provide generous loans to investors - are intended to help banks sell, rather than acquire, troubled securities and loans.

Banks have three options if they want to buy toxic assets: apply to become one of four or five fund managers that will purchase troubled securities; bid for packages of bad loans; or buy into funds set up by others. The government plan does not allow banks to buy their own assets, but there is no ban on the purchase of securities and loans sold by others." (The Financial Times)

It’s a multi-billion dollar shell game with myriad opportunities for fraud. In theory, the banks could create their own off-balance sheet operations (SIVs or SPEs) and use them to purchase their own bad assets taking advantage of the government’s 94 percent low interest non recourse loans. It’s a blatant swindle and another windfall for Wall Street.

Geithner’s plan does not fix the problems with the banks, it only delays the final outcome. The next leg-down in the recession will push many of the undercapitalized banks into receivership. Geithner’s PPIP won’t change that. As housing prices fall and foreclosures rise, the capital position of many of the banks will become untenable leading to a rash of bank failures. An article in Monday’s Wall Street Journal puts adds some historical perspective to today’s financial crisis:

"The events of the past 10 years have an eerie similarity to the period leading up to the Great Depression. Total mortgage debt outstanding increased from $9.35 billion in 1920 to $29.44 billion in 1929. In 1920, residential mortgage debt was 10.2% of household wealth; by 1929, it was 27.2% of household wealth….

The causes of the Great Depression need more study, but the claims that losses on stock-market speculation and a monetary contraction caused the decline of the banking system both seem inadequate. It appears that both the Great Depression and the current crisis had their origins in excessive consumer debt — especially mortgage debt — that was transmitted into the financial sector during a sharp downturn.

Why does one crash cause minimal damage to the financial system, so that the economy can pick itself up quickly, while another crash leaves a devastated financial sector in the wreckage? The hypothesis we propose is that a financial crisis that originates in consumer debt, especially consumer debt concentrated at the low end of the wealth and income distribution, can be transmitted quickly and forcefully into the financial system. It appears that we’re witnessing the second great consumer debt crash, the end of a massive consumption binge." (From Bubble to Depression? Steven Gjerstad and Vernon L. Smith, Wall Street Journal)

PARTY LIKE ITS 1929

Two leading economic historians, Barry Eichengreen and Kevin H. Rourke, have written an article "A Tale of Two Depressions" which has been widely circulated on the Internet. It illustrates (with graphs) how the global economy is plummeting faster now than during the 1930s.

http://www.voxeu.org/index.php?q=node/3421

By nearly every objective standard, the present downturn is worse than the Great Depression. Manufacturing, industrial production, foreign trade, capital flows, consumer confidence, housing, and even stocks are falling faster today than after the crash of 1929. So far, there hasn't been a wholesale collapse of the financial system, but that could change. The economy continues its downhill slide and it looks like there’s nothing to stop it from falling further still.

http://www.infowars.com/no-end-in-sight/

Obama and his administration are not telling us the cold hard facts, and they are making the problem much much worse for our country by throwing more and more of our tax dollars at it with no major beneficial results in return. Basicly in the long run they are only adding fuel to the blaze, and it seems at least to me that they are doing it deliberately. They had to have known that their methods and efforts were only going to end up increasing the problem for all of us over time. And yet, even now they seem to be doing nothing to stop themselves from continuing their behavior. This is a mark of betrayel in my opinion. The betrayel of us as individual tax payers, and the betrayel of our nation as a whole. We mine as well just stamp the word "sucker" on all of our foreheads folks, because right now we're being played as fools.

Originally posted by NuclearWinter
Alright Broseph. Sounds good. I'll watch you handle that one. And as for the other stuff you said, I agree with it 100%. If I tried to find any flaws in it, I couldn't. And the sad part is neither could anyone else on this board. Because it's the Truth.
yeah unfortunately.the other thing i forgot to mention is that Obama is no different than those other bastards clinton or bush in the fact that he has pardoned Bush for any crimes he committed while he was in office.Presidents violate the constitution all the time.By the law of the constitution :which has been trashed by evil and corrupt men in high power in government and no longer exists anymore along with the bill of rights? by their law,presidents violate the law when they issue a pardon for previous presidents.they do that everytime they come in there.pardon the previous president from any crimes.Also people think he is accomplishing change for us by shutting down Guantanamo Bay.the thing the mainstream media fails to mention though is he is not trying to shut down these other torture camps going on around the world that the us government funds though.The only difference in him and other presidents is that he is the first black CEO president for the Illuminati.

Also Winter many people dont know that Ford when he pardoned that bastard Dick Nixon,that he should have gone to jail because he violated the constitution which of course no longer exists anymore along with the bill of rights.

Originally posted by NuclearWinter
Am I dreaming or is this for real?

Jay Rockefeller, who declared last month that we would all be better off if the internet was never invented, is spouting his mouth off that the internet needs to be controlled for "security purposes".

And not only that, but two bills have already been created to do just that.

Indeed, there are political forces are behind Senate bills No. 773 and 778.

Rockefeller meant the government would be better off if the internet was never invented. If the internet was never invented, the corporate media would dominate news and information and alternative media restricted to print would have a far more difficult time counter balancing government propaganda. Government and the elite behind it are sincerely worried about the fact increasing numbers of people get their news from alternative media sources on the internet and corporate media newspapers are falling like dominoes.

Rockefeller’s bills introduced in the Senate — known as the Cybersecurity Act of 2009 — would create yet another government bureaucracy, the Office of the National Cybersecurity Advisor. It would report directly to Obama. Rockefeller’s legislation would grant “the Secretary of Commerce access to all privately owned information networks deemed to be critical to the nation’s infrastructure “without regard to any provision of law, regulation, rule or policy restricting such access”.

In other words, Obama would have a Cyber Czar in the Commerce Department and the power to shut down the internet.

Here is a video of Jay Rockefeller peddling this BS:

http://www.youtube.com/watch?v=Ct9xzXUQLuY&eurl=http%3A%2F%2Fwww.infowars.com%2Fcybersecurity-bill-gives-obama-dictatorial-power-over-internet%2F&feature=player_embedded

So you do realize that privately owned companies deemed crucial to national security are the banks, water companies, and other things that are not government owned. It's not like they would be spying on normal every day home users, unless said user was trying to hack into said companies. Spreading fear with ignorance is an idiotic thing to do. Has there been any evidence at all that the Obama administration is partaking in secret dark evil things? Because all I've noticed is them trying to figure out ways to get out of the horrible mess that was sat in their lap.

"The McCain deception", if McCain had won.

Originally posted by LDHZenkai
So you do realize that privately owned companies deemed crucial to national security are the banks, water companies, and other things that are not government owned. It's not like they would be spying on normal every day home users, unless said user was trying to hack into said companies. Spreading fear with ignorance is an idiotic thing to do. Has there been any evidence at all that the Obama administration is partaking in secret dark evil things? Because all I've noticed is them trying to figure out ways to get out of the horrible mess that was sat in their lap.

Watch the video man. Obviously this Rockefeller, like all the rest of them I'm sure, are not big fans of the internet. Any policy they create that relates to the internet is sure to be one that centers around controlling it.

He states plainly in the video that , "It makes one ask if the internet should have ever been created", or something along those lines. As if he has anything to say about it's creation. Also....this is a Rockefeller talking this shit. There is no way in hell LDH, no way in all ur bag of tricks, that you could ever get me to respect a member of the Rockefeller family. And to change my opinions of what they are really up to. I know too much about their history. As do many others on this board.

Your blind support for Obama is one thing, but if you're going to try and support one of the Rockefellers and then tell me that I have nothing to worry about, you need to save it because you are just wasting your own time. I'm not buying it.

Originally posted by Robtard
"The McCain deception", if McCain had won.

It probably would be. The title is not where the substance is found. It's catchy though, I'll give you that.

Originally posted by NuclearWinter
It probably would be. The title is not where the substance is found. It's catchy though, I'll give you that.
yeah Im sure he would have made that.Their both CFR men and both are evil and corrupt.they both voted to reinstate the patriot act which members of congress have come out and regretted signing without looking at it like the idiots they were since they wernt allowed to look at it.

Originally posted by NuclearWinter
Watch the video man. Obviously this Rockefeller, like all the rest of them I'm sure, are not big fans of the internet. Any policy they create that relates to the internet is sure to be one that centers around controlling it.

He states plainly in the video that , "It makes one ask if the internet should have ever been created", or something along those lines. As if he has anything to say about it's creation. Also....this is a Rockefeller talking this shit. There is no way in hell LDH, no way in all ur bag of tricks, that you could ever get me to respect a member of the Rockefeller family. And to change my opinions of what they are really up to. I know too much about their history. As do many others on this board.

Your blind support for Obama is one thing, but if you're going to try and support one of the Rockefellers and then tell me that I have nothing to worry about, you need to save it because you are just wasting your own time. I'm not buying it.

yes you obviously havent watched the video in this thread.

The problem with the internet is that it apparently gave every paranoid half-baked moron with faulty logic a voice...and it provided an equally paranoid throng of idiotic sheep with the inability to register a rational thought or the ability to use common sense and figure things out on their own (in a rational manner) as an audience.

Originally posted by Captain REX
To the people who took Blax's post seriously, I laugh muchly. I just read them.

Originally posted by KharmaDog
The problem with the internet is that it apparently gave every paranoid half-baked moron with faulty logic a voice...and it provided an equally paranoid throng of idiotic sheep with the inability to register a rational thought or the ability to use common sense and figure things out on their own (in a rational manner) as an audience.

Not to mention that it also gave you the ability to feel better about yourself by talking down others.....

Originally posted by NuclearWinter
It probably would be. The title is not where the substance is found. It's catchy though, I'll give you that.

With 100% certainty, sir. Conspiracy nutters will always find a conspiracy. Just like 4-8 years from now, the 45th US president will have a conspiracy this, or that.

Edit: Wait, will there be a 45th president in 4-8 years, or will Obama (and Co) seize power completely and set himself as the US emporer, like Bush was supposed to?

To be honest I think the American people are getting fed up with the two headed snake system we have in place at the moment. I see big changes coming for our government and it's entire structure. The American people simply don't have much faith left in it all anymore. I am sure that the people will eventually force the government to come up with a more efficient way of governing.

Originally posted by NuclearWinter
To be honest I think the American people are getting fed up with the two headed snake system we have in place at the moment. I see big changes coming for our government and it's entire structure. The American people simply don't have much faith left in it all anymore. I am sure that the people will eventually force the government to come up with a more efficient way of governing.

True enough. People inevitabley tire of any form of government after long enough. Some times it isn't even long at all. You only need to look at Thailand over the last few years to see it.

The problem, from the people's point-of-view is that it's now virtually impossible to effect change through revolution because the physical power that the government can bring down upon those who do revolt is in massive disparity with what protesters can bring. A stark example of which is shown below.

http://souvenirsandscars.files.wordpress.com/2008/12/tank_rock.jpg

So I think forcing government to change has to be done from the inside.

Originally posted by NuclearWinter
Not to mention that it also gave you the ability to feel better about yourself by talking down others.....

People had the ability to do that long before the Internet. As for me "feeling better" for talking down to others, it's just the opposite. I find it stressful that such people exist "to talk down to". But it would stress me out more if people just sat back and let them prattle on.

Originally posted by jaden101
True enough. People inevitabley tire of any form of government after long enough. Some times it isn't even long at all. You only need to look at Thailand over the last few years to see it.

The problem, from the people's point-of-view is that it's now virtually impossible to effect change through revolution because the physical power that the government can bring down upon those who do revolt is in massive disparity with what protesters can bring. A stark example of which is shown below.

So I think forcing government to change has to be done from the inside.

True enough, but in cultures with a little more wealth and a little more education, I like to think that change can be brought on through other means. It's just finding those with the forethought and testicular fortitude to not only enact change, but enact positive changes.

Originally posted by NuclearWinter
To be honest I think the American people are getting fed up with the two headed snake system we have in place at the moment. I see big changes coming for our government and it's entire structure. The American people simply don't have much faith left in it all anymore. I am sure that the people will eventually force the government to come up with a more efficient way of governing.

that will only come when there is a revolution and we get a third party created.Whats encouraging though is people are finally starting to see that congress is ignoring what the people want and that they dont serve the people like the constitution says they are suppose to.It was all over the front page of my newspaper yesterday how on freaking tax day when the government steals our money we make,their were hundreds of people photographed outside the federal reserve bank protesting the IRS with signs that said-end the fed.some had some great ones that read-"end the fed,kennedy tried and died." thats why their were millions of people all over the country on tax day protesting income tax because its illegal against the constitution their starting to learn.How much further proof do people around here need that the government does not serve the interests of the people and only the elite in the fact that they are ignoring and HAVE been ignoring the american people to get rid of the federal reserve?

Its nausiating for me seeing all these OBAMA BIDEN bumper stickers everywhere I go.All those idiots in chicago dont realise he is no different than Bush or Clinton like they want to believe.People are finally waking up-although it might be too late,that the government is not here to serve the people and that we have a two headed snake system that doesnt work.That neither party is for the people.Thats why I was glad to see Obama get elected because everybody thinks he is going to bring great changes when he has proven he has lied about everything he has said he was going to do.

If Mccain had been elected,the people would just go and say-well its the republicans,their still continuing to screw up america.Obama would have pulled us out of these wars. Well NOW they wont be able to say that,their now starting to see that Obama is no different than all those other corrupt presidents such as both Bush presidents,Reagan,Nixon,Clinton after making 21 of his 27 appointees former Clinton appointees,the same corrupt ones people voted out of office and of course keeping some Bush administration members on as well.their starting to see the light that NEITHER party -the reprocrats or the demopublicans are for the people and that congress is bought off and paid for and not here to represent the people either.

Originally posted by NuclearWinter
Not to mention that it also gave you the ability to feel better about yourself by talking down others.....

same old dog as always.arrogant and disrespectful to everybody in the world who doesnt have his twisted logic and think like he does.

Originally posted by Mr Parker
same old dog as always.arrogant and disrespectful to everybody in the world who doesnt have his twisted logic and think like he does.

I should also add on-and childish in the fact that he has to stoop to name calling and childish insults when people dont share his twisted and warped logic.

Feel better about yourself now that you've gotten all that off your chest, Parker?

Originally posted by Mr Parker
same old dog as always.arrogant and disrespectful to everybody in the world who doesnt have his twisted logic and think like he does.



I don't think I really need to point out who that describes more than any other person in this forum.

Originally posted by Mr Parker
that will only come when there is a revolution and we get a third party created.Whats encouraging though is people are finally starting to see that congress is ignoring what the people want and that they dont serve the people like the constitution says they are suppose to.It was all over the front page of my newspaper yesterday how on freaking tax day when the government steals our money we make,their were hundreds of people photographed outside the federal reserve bank protesting the IRS with signs that said-end the fed.some had some great ones that read-"end the fed,kennedy tried and died." thats why their were millions of people all over the country on tax day protesting income tax because its illegal against the constitution their starting to learn.How much further proof do people around here need that the government does not serve the interests of the people and only the elite in the fact that they are ignoring and HAVE been ignoring the american people to get rid of the federal reserve?

Its nausiating for me seeing all these OBAMA BIDEN bumper stickers everywhere I go.All those idiots in chicago dont realise he is no different than Bush or Clinton like they want to believe.People are finally waking up-although it might be too late,that the government is not here to serve the people and that we have a two headed snake system that doesnt work.That neither party is for the people.Thats why I was glad to see Obama get elected because everybody thinks he is going to bring great changes when he has proven he has lied about everything he has said he was going to do.

If Mccain had been elected,the people would just go and say-well its the republicans,their still continuing to screw up america.Obama would have pulled us out of these wars. Well NOW they wont be able to say that,their now starting to see that Obama is no different than all those other corrupt presidents such as both Bush presidents,Reagan,Nixon,Clinton after making 21 of his 27 appointees former Clinton appointees,the same corrupt ones people voted out of office and of course keeping some Bush administration members on as well.their starting to see the light that NEITHER party -the reprocrats or the demopublicans are for the people and that congress is bought off and paid for and not here to represent the people either.

Actually it was a quarter of a million people and they were organizing a "tea bagging" (guess they didn't know that meant putting your nuts on someones face). They were protesting the raise in taxes obama proposed...despite the fact that it only affects something like 8% of the U.S. Which is basically none of the people that were protesting. What's funny is that when asked if they knew that most of them didn't and still kept bashing Obama. Of course I do agree that congress and the like are grossly misusing tax money.

Originally posted by jaden101
I don't think I really need to point out who that describes more than any other person in this forum.

Isn't the irony just too much?

Originally posted by KharmaDog
Isn't the irony just too much?

Gotta love the fact that he quotes himself and replies to it more than he does to anyone elses posts too.

Except for when he's performing his regular bouts of internet fellatio on members he agrees with of course.

Housing Bubble Smackdown: Bigger Crash Ahead

Mike Whitney
Global Research
April 21, 2009

Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing is gaining speed. The moratorium was initiated in January to give Obama’s anti-foreclosure program—which is a combination of mortgage modifications and refinancing—a chance to succeed. The goal of the plan was to keep up to 9 million struggling homeowners in their homes, but it’s clear now that the program will fall well-short of its objective.

Another 20 percent carved off the aggregate value of US housing means another $4 trillion loss to homeowners.

In March, housing prices accelerated on the downside indicating bigger adjustments dead-ahead. Trend-lines are steeper now than ever before–nearly perpendicular. Housing prices are not falling, they’re crashing and crashing hard. Now that the foreclosure moratorium has ended, Notices of Default (NOD) have spiked to an all-time high. These Notices will turn into foreclosures in 4 to 5 months time creating another cascade of foreclosures. Market analysts predict there will be 5 MILLION MORE FORECLOSURES BETWEEN NOW AND 2011. It’s a disaster bigger than Katrina. Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy. 40 percent of delinquent homeowners have already vacated their homes. There’s nothing Obama can do to make them stay. Worse still, only 30 percent of foreclosures have been relisted for sale suggesting more hanky-panky at the banks. Where have the houses gone? Have they simply vanished?

600,000 "DISAPPEARED HOMES?"

Here’s a excerpt from the SF Gate explaining the mystery:

"Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.

"We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market," said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. "California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage."

In a recent study, RealtyTrac compared its database of bank-repossessed homes to MLS listings of for-sale homes in four states, including California. It found a significant disparity - only 30 percent of the foreclosures were listed for sale in the Multiple Listing Service. The remainder is known in the industry as "shadow inventory." ("Banks aren’t Selling Many Foreclosed Homes" SF Gate)

If regulators were deployed to the banks that are keeping foreclosed homes off the market, they would probably find that the banks are actually servicing the mortgages on a monthly basis to conceal the extent of their losses. They’d also find that the banks are trying to keep housing prices artificially high to avoid heftier losses that would put them out of business. One thing is certain, 600,000 "disappeared" homes means that housing prices have a lot farther to fall and that an even larger segment of the banking system is underwater.

Here is more on the story from Mr. Mortgage "California Foreclosures About to Soar…Again"

"Are you ready to see the future? Ten’s of thousands of foreclosures are only 1-5 months away from hitting that will take total foreclosure counts back to all-time highs. This will flood an already beaten-bloody real estate market with even more supply just in time for the Spring/Summer home selling season…Foreclosure start (NOD) and Trustee Sale (NTS) notices are going out at levels not seen since mid 2008. Once an NTS goes out, the property is taken to the courthouse and auctioned within 21-45 days….The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium."

JP Morgan Chase, Wells Fargo and Fannie Mae have all stepped up their foreclosure activity in recent weeks. Delinquencies have skyrocketed foreshadowing more price-slashing into the foreseeable future. According to the Wall Street Journal:

"Ronald Temple, co-director of research at Lazard Asset Management, expects home prices to fall 22% to 27% from their January levels. More than 2.1 million homes will be lost this year because borrowers can’t meet their loan payments, up from about 1.7 million in 2008." (Ruth Simon, "The housing crisis is about to take center stage once again" Wall Street Journal)

Another 20 percent carved off the aggregate value of US housing means another $4 trillion loss to homeowners. That means smaller retirement savings, less discretionary spending, and lower living standards. The next leg down in housing will be excruciating; every sector will feel the pain. Obama’s $75 billion mortgage rescue plan is a mere pittance; it won’t reduce the principle on mortgages and it won’t stop the bleeding. Policymakers have decided they’ve done enough and are refusing to help. They don’t see the tsunami looming in front of them plain as day. The housing market is going under and it’s going to drag a good part of the broader economy along with it. Stocks, too.

http://www.infowars.com/housing-bubble-smackdown-bigger-crash-ahead/

And yet still, the media says nothing about these things.

Change you have been told to believe in: A closer examination of Barack Obama’s foreign policy

Freedom of Information
April 17, 2009

“What you want in a media system is ostensible diversity that conceals actual uniformity”

- Joseph Goebbels

The election of Barack Obama has been rightly heralded across the world as a defining moment in the history of the United States. The election of the nation’s first black president is symbolic of the progress made in terms of attitudes towards racial harmony and acceptance in a country where less than fifty years previously basic rights and entitlements were routinely denied to non-white people, and a dehumanising structure incorporating segregation and separation kept people permanently excluded from any sort of meaningful political representation according to their ethnicity.

Obama’s victory has cued an outpouring of elation and hope both among the American people and abroad, which says much for the disastrous two-term presidency that preceded his victory. For many Americans and those of the younger generations in particular, the election of the Democratic candidate represents a rejection of eight years of George W. Bush’s neoconservative rule. The Bush administration was characterised by callous militarism, total disregard for international consensus on matters such as war and torture and policies that have progressively eroded civil and constitutional rights within the United States.

Bush left office with plummeting approval ratings, his hugely unpopular policies having engendered overwhelming anti-American sentiment internationally and created a climate of fear and intimidation in the United States that has undermined the preservation of freedom of speech and justice. The wars started by Bush’s administration have taken an enormous toll; an ORB survey estimates that more than a million Iraqis had died by August 2007 following the 2003 invasion of that country, in addition to the millions of displaced, and American military casualties since Bush took office now number more than 5,000, with over 100,000 soldiers estimated wounded.

Public opinion demanded an end to the wars of aggression, the torture and warrantless wiretapping. The American people cried out for an end to the no-bid contracts for Halliburton and a halt to the intimate relationship with the highest echelons of elected power enjoyed by big business. People had had enough of a government which seemed to revel in trampling on the country’s core values, and under whose rule those suspected of being enemies of the state are now guilty until proven innocent. It was in this context that Barack Obama was elected; indeed his campaign could be succinctly represented by one word: “Change”.

Those who elected Obama on anti-war grounds, however, had not read the small print. Indeed, Obama’s status as a champion of pacifism can be attributed in no small part to the stance taken by his Republican opponent during the campaign; compared to John McCain’s overt belligerence, Obama became the candidate of peace by default. Whereas McCain hypothesised that American military involvement in Iraq could continue for “a hundred years”, Obama affirmed in September 2007 that, “here is no military solution in Iraq and there never was. The best way to protect our security and to pressure Iraq’s leaders to resolve their civil war is to immediately begin to remove our combat troops. Not in six months or one year - now.”

In July 2008, Obama said that a previous commitment and campaign pledge to complete a full withdrawal of combat troops within 16 months could be “refined” at a later date, and following his inauguration he indeed extended the timetable for the prospective pullout to between 19 and 23 months. Obama’s current position is that a “residual force” of up to 50,000 troops will be left in the country after this 23-month period has elapsed – giving rise to consternation from anti-war activists and from some within the Democratic Party. There are currently 142,000 U.S. troops in Iraq, and therefore the proposed 50,000-strong residual force represents more than one third of the American forces currently serving in the country. Under an agreement signed between George W. Bush and the Iraqi government in 2008, all U.S. troops must be out of Iraq by December 31st 2011.

Aside from the somewhat confused stance with regards to the Iraq pullout, President Obama has been criticised by opponents of the ‘war on terror’ for pledging to almost double the number of U.S. troops serving in Afghanistan. His proposal to supplement the existing force of 36,000 with an additional 30,000 troops – presumably consisting in no small part of soldiers who have already served in Iraq – contradicts statements made in July 2008, in which Obama had suggested increasing the U.S. presence in Afghanistan by just 7,000. Since taking office, Obama has already dispatched an additional 17,000 U.S. troops to the country.

The newly elected President wasted no time whatsoever in continuing another policy inherited from his predecessor; attacks by unmanned drones inside Pakistani territory. In September 2008, Obama called the first attacks carried out by the government of George W. Bush inside Pakistan a “small step in the right direction.” Susan Rice, top foreign policy advisor to Obama’s campaign, said of the raids – undertaken without approval from Islamabad - that the U.S. had a right “Not to invade. Not to take over Pakistan’s sovereignty, but to take out that target as an act of self-defence”. Obama stated publicly as far back as July 2007 that he had no qualms whatsoever about using military force against “al-Qaeda” in Pakistan, even without consultation with the Pakistani government, provoking outrage in a country that has been a key strategic ally of the United States during the ‘war on terror’. Following his inauguration, Obama did not dawdle in making good on those threats.

The new President carried out the first such strike just three days into his term in office on January 23 2009, killing 22 people inside Pakistani territory and provoking huge protests in the tribal heartlands of North & South Waziristan. The total number of unauthorised U.S. raids inside Pakistani territory since August 2008 now stands at more than 30. Pakistani officials were quick to condemn these attacks as violations of their national sovereignty, pointing out that many civilians have been killed by missiles fired from unmanned drones since the raids began last summer, and emphasising that in terms of winning hearts and minds in the region such aggressions are counter productive to say the least.

Another potential sphere of conflict following Obama’s electoral success is Iran. In a statement made before the American Israeli Public Affairs Committee (AIPAC) – widely considered to be the most powerful lobby group representing the interests of any foreign nation in Washington - in March 2007, Obama called Iran “a threat to all of us” and received a standing ovation from the crowd in attendance as he said global leaders must do “whatever it takes” to stop Iran from enriching uranium – refusing to rule out a recourse to force, and called Iranian President Mahmoud Ahmedinejad “reckless, irresponsible and inattentive”.

In an address to the Iranian people given in March 2009, Obama appeared to change tack somewhat, declaring, “The United States wants the Islamic Republic of Iran to take its rightful place in the community of nations. You have that right - but it comes with real responsibilities.” This apparent reference to Iran’s nuclear programme, which the Persian state claims is purely for civilian and not military purposes, reiterates the line taken by the Bush administration. Earlier in the month Barack Obama had extended U.S. sanctions against Iran that began under Bill Clinton in 1995 and had been continued throughout the presidency of George W. Bush, claiming that Iran poses a threat to U.S. “national security”. The sanctions would have expired automatically had Obama not extended them for another 12 months. In an address to the U.S. congress, the new President stated, “The actions and policies of the government of Iran are contrary to the interests of the United States in the region and pose a continuing and unusual and extraordinary threat”. Obama’s refusal to rule out using force against Iran and his decision to extend American sanctions has not gone unnoticed in Tehran. “Unlimited sanctions which still continue and have been renewed by the United States are wrong and need to be reviewed”, said President Ahmadinejad in response to Obama’s message to the Iranian people. “By fundamentally changing its behaviour America can offer us a friendly hand,” he added. A fundamental change in behaviour does not look on the cards however, and Defense Secretary Robert Gates confirmed as much when he stated, “the opportunity for success in is probably more in economic sanctions than it is in diplomacy”

One area of U.S. foreign policy that the newly elected President is coming under increasing pressure to act on is the United States’ controversial relationship with Israel, particularly in the wake of evidence that the Israeli military committed war crimes during the 23-day Gaza war. Barack Obama maintained a deafening silence throughout the Israeli onslaught, which was carried out in the period between his election and his inauguration, even though the then President-elect was vocal in his condemnation of the attacks in Mumbai, and gave numerous statements regarding the global financial crisis during the same period.

In his aforementioned address to AIPAC in March 2007, Barack Obama stated, “We must preserve our total commitment to our unique defense relationship with Israel by fully funding military assistance and continuing work on the Arrow and related missile defense programs”. The then senator’s performance at the forum received a rave review from the Washington correspondent of Israeli newspaper Ha’aretz, who remarked that Obama “sounded as strong as Clinton, as supportive as Bush, as friendly as Giuliani. At least rhetorically, Obama passed any test anyone might have wanted him to pass. So he is pro-Israel. Period.”

Israel has been the largest recipient of foreign aid from the United States since the Second World War, receiving approximately $3 billion per year in grants since 1985. In August 2007 under the government of George W. Bush, the U.S. signed an agreement pledging Israel $30 billion in armaments over the next decade. 26.3% of the money may be spent on arms produced by Israeli manufacturers, with the rest being earmarked for the purchase of weapons and military equipment from U.S. arms producers. Nicholas Burns, the U.S. Undersecretary of State who signed the deal during Bush’s presidency called it an “investment in peace”, saying that, “peace cannot be made without strength”.

Some of the appointments the new President has made since taking office have also done little to assuage those who fear there is little difference between his policies and those of his predecessor. Obama decided to retain Robert Gates as Defense Secretary, who picks up where he left off in the same position to which George W. Bush appointed him. Obama has appointed Rahm Emanuel, a former investment banker and one-time volunteer in the Israeli army, as his Chief of Staff. Emanuel is a particularly polemic figure in the context of the economic downturn because of his strong ties to Wall Street – he has been one of Congress’ top recipients of Wall Street contributions since his congressional election in 2002. Indeed, Rahm Emanuel was the top House recipient in the 2008 election cycle of contributions from hedge funds, private equity firms and the securities/investment industry – putting him at odds with Obama’s frequent criticism of Wall Street’s financial institutions, although Obama himself also took large contributions from the securities and investment industries.

Despite Obama’s affirmation that none of his appointees would be placed in positions that, “directly and substantially related to their prior employer, for two years”, the new President has selected William J. Lynn III as deputy Defense Secretary. This has provoked outrage among peace campaigners and anti-war activists, as Lynn served as head of government relations for arms manufacturer Raytheon, where he was also a top executive, prior to his selection by Obama, prompting accusations of a conflict of interest. In November 2007, Obama announced that,

“I am in this race to tell the corporate lobbyists that their days of setting the agenda in Washington are over. I have done more than any other candidate in this race to take on lobbyists and won. They have not funded my campaign, they will not run my White House, and they will not drown out the voices of the American people when I am president.”

However just weeks into his administration that is already starting to look like dated campaign rhetoric. Other notable lobbyists appointed to high-level positions by Obama include former lobbyist for investment banking giant Goldman Sachs Mark Patterson who has been selected as Chief of Staff at the Treasury, Attorney General Eric Holder who formerly lobbied for the now bankrupt telecommunications firm Global Crossing Ltd. and Mona Sutphen, who lobbied for a number of corporate clients including Angliss International, who has been selected as deputy White House Chief of Staff.

Finally, one of the first high-profile ‘changes’ Obama made after taking office was to sign an order that many media outlets reported would close the United States’ detention camp in Guantanamo Bay, Cuba within a year and return America to “the moral high ground” in the ‘war on terror’. Such reports were premature however, and skated over the fact that Obama has signed executive orders since taking office that preserve and protect the controversial practice of rendition; secret abduction and transfer of prisoners and ‘terror suspects’ to “countries that cooperate with the United States”. Current and former U.S. intelligence officials even stated that there might be an “expansion” of the practice of rendition given that other avenues for ‘interrogation’, such as the transfer of suspects to Guantanamo Bay, have been closed by the government. Obama administration officials confirmed that the orders to shut the CIA’s network of secret prisons “do not refer to facilities used only to hold people on a short-term, transitory basis”, according to the LA Times. Suspects who have been held in secret prisons have given harrowing accounts in recent years of brutal torture experienced at these ‘black world’ camps in countries such as Algeria and Poland, and under executive orders signed by Obama such treatment of detainees will be allowed to continue.

It is frequently stated that Obama and his administration must be given time before judgement can be passed; that perhaps Obama is holding back his more radical policies until he is able to gain a stronger grounding that will enable him to better implement real change. However, in the face of the available information, this looks like wishful thinking. Barack Obama has unquestionably softened the rhetoric used in comparison with his predecessor, who seemed unmoved by his overwhelming unpopularity and by consistent opposition to his unethical policy decisions. Obama is a much more palatable figure than the likes of George W. Bush and Dick Cheney; he is more charismatic, more charming and clearly more intelligent than the man he has replaced as president, and this has evidently endeared him to many in the U.S. and around the world. The underlying problem is that, as notorious neoconservative commentator Ann Coulter observed whilst commenting on Obama’s handling of issues of ‘national security’, “we ought to be gloating because he seems to be continuing the policies of George Bush”.

Smooth rhetoric aside, as of yet there is precious little that distinguishes President Obama from his Republican forerunner in terms of foreign policy and the rolling out of a draconian police state within the United States. It is looking increasingly unlikely with each passing day that those who were wooed by the most expensive presidential campaign in U.S. history and swept Barack Obama into the White House on an unprecedented wave of popular fervour will stand up and hold the new President to account for the flagrant violations of his campaign’s principles that are already piling up within the first hundred days of his term in office.

http://www.infowars.com/change-you-have-been-told-to-believe-in-a-closer-examination-of-barack-obama%e2%80%99s-foreign-policy/

It's time for good people to stand up and do something.

What the World needs now more possibly than at any other time in history, is for good people to stand up and do something. As Edmund Berke once said, "All that is necessary for the triumph of evil is that good men do nothing."

Think about that statement for a second. In order for Evil to triumph, Good people have to do nothing. The two go hand in hand. What the World, and all of the nations around the World need most right now, is REAL hope and REAL change. Not manufactured cope and change. Not hope and change promised to us from corrupt politicians. But the kind of hope and change that comes from inside of each and every single good hearted good natured person in the World.

When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle. Edmund Burke

The bottom line is, and we all know it's true, is that we have given too much power over to our governments and our politicians. And unfortunately these governments and politicians have become intoxicated by that power. And if we want things to change, we have to dissolve some of that power.

Those who have been once intoxicated with power, and have derived any kind of emolument from it, even though but for one year, never can willingly abandon it. They may be distressed in the midst of all their power; but they will never look to any thing but power for their relief. Edmund Burke

All who have ever written on government are unanimous, that among a people generally corrupt, liberty cannot long exist.

The true danger is when liberty is nibbled away, for expedients, and by parts. Edmund Burke

People crushed by law, have no hopes but from power. If laws are their enemies, they will be enemies to laws; and those who have much to hope and nothing to lose, will always be dangerous. Edmund Burke

A man full of warm, speculative benevolence may wish his society otherwise constituted than he finds it, but a good patriot and a true politician always considers how he shall make the most of the existing materials of his country. A disposition to preserve and an ability to improve, taken together, would be my standard of a statesman. Everything else is vulgar in the conception, perilous in the execution. Edmund Burke

Originally posted by NuclearWinter
And yet still, the media says nothing about these things.

To be fair, only some people are interested in the details behind foreclosures.

I also don't think it's in the banks interests to flood the market and drive prices down. In fact it's counter intuitive and counter productive for them to do it. They're far better to trickle the houses back onto the market in order to get the maximum they can so they can pay back government loans.

Not to mention, although this is highly ironic, the banks can't sell the properties because hardly anyone can get a mortgage from the same banks who own the houses.

In the UK it probably wouldn't be a back thing to flood the market and drive down prices because they've been unsustainably and artificially high for 10 years. It might actually allow people to start buying again and kick start that section of the economy.

U.S. Initial Jobless Claims Rose to 640,000 Last Week

Bob Willis
Bloomberg
April 23, 2009

The number of Americans filing first-time applications for unemployment insurance rose last week to 640,000 as forecast, while total benefit rolls reached a record, indicating the labor market continues to deteriorate.

Initial jobless claims increased by 27,000 in the week that ended April 18, from a revised 613,000 the prior week, the Labor Department said today in Washington. The number of people staying on jobless-benefit rolls rose by 93,000 to 6.14 million, the 12th straight week the figure has set a record.

Job losses may continue all year even as the longest recession in the postwar era shows signs of reaching a trough. The release indicates employment cuts may come close to topping 650,000 for a record fifth straight month in April because today’s report covers the week of the monthly payroll survey.

http://www.infowars.com/us-initial-jobless-claims-rose-to-640000-last-week/

I'd say the US has it a lot better than the UK. Our population is 1/5 of the US but out unemployment is between 1/3 and 1/2.

Originally posted by NuclearWinter
U.S. Initial Jobless Claims Rose to 640,000 Last Week

Bob Willis
Bloomberg
April 23, 2009

The number of Americans filing first-time applications for unemployment insurance rose last week to 640,000 as forecast, while total benefit rolls reached a record, indicating the labor market continues to deteriorate.

Initial jobless claims increased by 27,000 in the week that ended April 18, from a revised 613,000 the prior week, the Labor Department said today in Washington. The number of people staying on jobless-benefit rolls rose by 93,000 to 6.14 million, the 12th straight week the figure has set a record.

Job losses may continue all year even as the longest recession in the postwar era shows signs of reaching a trough. The release indicates employment cuts may come close to topping 650,000 for a record fifth straight month in April because today’s report covers the week of the monthly payroll survey.

http://www.infowars.com/us-initial-jobless-claims-rose-to-640000-last-week/

unfortunately Obama is not just continuing what Bush got started,he's EXPANDING it.every president that gets in there whether they are a reprocrat or demopublican,is always worse than the previous one.

CFR Corporate Members Get Lion's Share of Bailout Funds


Written by Thomas R. Eddlem


Newspapers are fixated upon $160 million in bonuses given to American International Group (AIG) executives. And it’s nice to know where the millions are going (note: the bonuses could have been cancelled had the federal government let the company go bankrupt, as officials should have). But where are the trillions in TARP, TALC and Federal Reserve Bank bailout funds going?

The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations before being hired in 2003 to head the New York City branch of the Federal Reserve Bank (Fed). As the vice chairman of the Fed’s Open Market Committee, Geithner is probably a poor choice to get the nation out of it’s current economic mess. He served as Alan Greenspan’s number two man at the Fed, so Geithner is as responsible as anyone for facilitating the severity of the real estate and financial bubble and its subsequent collapse. After all, the Fed was the driving force behind the asset bubble, inflating the bubble larger and larger through artificially low interest rates and an inflationary easy-money policy.

Under Geithner and his predecessor (former Goldman Sachs CEO Henry “Hank” Paulson), the majority of bailout funds have been awarded to high-level donors to Geithner's former employer: the Council on Foreign Relations (CFR).

Here’s a survey of TARP bailout awards to the CFR’s corporate members (there are a total of only a little more than 200 corporate members at all levels):

Among the “Founders,” those who give $100,000 or more to the CFR, can be found:

* American Express Company: $3.389 billion TARP
* Goldman Sachs: $10 billion TARP, plus a separate Federal Reserve bailout and more than $13 billion of the allotment to AIG
* Merrill Lynch: $45 billion through its corporate parent, Bank of America, which is also a CFR Premium corporate member, plus $6.8 billion of AIG’s bailout funds

“President’s Circle” CFR members ($60,000 or more) received the following bailout funds:

* American International Group (AIG): $182 billion in total TARP/TALF funds to date
* Citibank: $50 billion TARP
* Morgan Stanley: $10 billion TARP

Premium members ($30,000 or more to CFR):

* Bank of New York/Mellon Corporation: $3 billion TARP
* Freddie Mac: Sharing with Fannie Mae $1.25 trillion — that’s $1,250 billion — in mortgage securities being purchased from the Federal Reserve Bank
* Chrysler: $4 billion TARP, plus $1.5 billion TARP for Chrysler Financial
* JP Morgan Chase: $25 billion TARP
* CIT Group: $2.33 billion TARP

That’s a total of more than $1 trillion in bailout funds for CFR corporate members, easily the lion’s share of the total bailout funds awarded to date. CFR Membership seems to have its benefits, and then some.

So why is no one asking questions about why most of the funds are going to the former employers of our Treasury secretaries? Perhaps because many of the entities who should ask "why" are also CFR corporate members. Among the financial press, the CFR counts among its members Bloomberg, General Electric (NBC, CNBC, MSNBC), News Corporation (Fox, Fox Business), Standard and Poor's, ABC News, Time Warner (CNN, Time magazine, etc.), Moody's, and McGraw Hill (book publishers).

Somebody should ask the question why the same people who brought us this financial crisis are now bringing us the "cure," and why that cure necessarily involves financing former employers of the people making the decisions.

http://www.thenewamerican.com/economy/commentary-mainmenu-43/915

Bank Lending Keeps Dropping


Oxdown Gazette
April 22, 2009


This Wall Street Journal article confirms a milestone of what Krugman, Galbraith, Stiglitz, Prins and many others have been predicting. The TWELVE TRILLION that is being floated to insolvent US banks is essentially being looted in the paper economy. As Hugh has pointed out so often, it is not getting into the real economy and it will not be there when the paltry $787 billion in stimulus runs out in 2010.

For Wall Street Journal subscribers, the article contains a very helpful spread sheet sortable by TARP recipient.

"Bank Lending Keeps Dropping: Analysis of Treasury Data Paints Starker Picture Than Official Government Snapshots"

Lending at the biggest U.S. banks has fallen more sharply than realized, despite government efforts to pump billions of dollars into the financial sector.

According to a Wall Street Journal analysis of Treasury Department data, the biggest recipients of taxpayer aid made or refinanced 23% less in new loans in February, the latest available data, than in October, the month the Treasury kicked off the Troubled Asset Relief Program.

The total dollar amount of new loans declined in three of the four months the government has reported this data. All but three of the 19 largest TARP recipients with comparable data originated fewer loans in February than they did at the time they received federal infusions.

On a related matter, the Milwaukee Journal Sentinel has done a nice piece on Elizabeth Warren’s visit to Milwaukee on April 29.

"Is rescue of banks stabilizing economy? Panel seeks local input on U.S. fiscal efforts"

The panel often criticizes TARP’s lack of transparency. Its chair, Harvard University law professor Elizabeth Warren, complains that the Treasury often blocks requests for information. "It is difficult for Congress and the American public to have confidence in an initiative for which so much money is at stake and so little key information is available," Warren told a congressional committee this month.

The stop in Milwaukee, scheduled at the UWM Student Union and open to the public, will be the panel’s third hearing outside the capital. It previously held public hearings near Las Vegas and Baltimore. Both of those, however, focused on home foreclosure issues.

In my opinion it is critical that Ms. Warren receive a very strong showing of support. Lacking subpoena power, public support is the only leverage she and her panel have.

http://oxdown.firedoglake.com/diary/4863

Betrayal of the People By Wall Street, Banks, and Government

Bob Chapman
The International Forecaster
April 27, 2009

This past January, before the new president was inaugurated, in commemoration of the 30th anniversary of the establishment of diplomatic relations between the US and China, a conference was held by the Chinese People’s Institute of Foreign Affairs and the Kissinger Institute on China. Former President Jimmy Carter, Henry Kissinger, Brent Snowcroft and Zbigniew Brzezinski led the US delegation.

As the charlatan Timmy Geithner tells us, “Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are living through.” No kidding Dick Tracy.

Mr. Brzezinski proposed at that conference that a US-China G-2 be formed. He stated a long list of international problems that China could help the US find solutions for, such as the global financial crisis, climate change, North Korean and Iranian nuclear ambitions, tension in India and Pakistan and the Israeli-Palestinian conflict.

Behind Zbig’s proposals are his perpetual efforts to act to the disadvantage of Russia, so that a western power base can be built in Eastern Europe and down into the Middle East and over into West Asia. This is really what Iraq and Afghanistan are all about. He cited China’s rapid growth of the past 20 years and reminded China that it would have taken years longer without the expansion of US-China trade relations. He said there should be interdependence, yet relations still were those of unending US provocation and hostility.

On the other hand Larry Summers, Mr. Obama’s top economic advisor and director of the White House National Economic Council, has proposed a multilateral approach to deal with multilateral global economic problems that would involve a new grouping larger than the Group of Seven richest nations with advanced economies. This, of course, is in opposition to Brzezinski’s approach.

It looks like Summers has the upper hand at the moment, even though Brzezinski brought Mr. Obama to his present position.

China faces 30 million unemployed workers and inflation that will soon be close to 20% again. Demonstrations are widespread and often lead to violence and death. China, like the US and UK is taking the easy way out for the moment, but in time they will suffer hyperinflation and eventually deflationary depression. That will lead to a major challenge of Chinese Communist leadership.

Among that 30 million unemployed are bright college graduates who have been unable to find work for a year and they will be joined by 7 million more in 2009. Government expects 8% GDP growth in 2008 and 2009, and we see 6% at best. That represents a time bomb of civil disorder for the government. That would only produce six million new jobs each year leaving 20 million unemployed rural migrant laborers out of work for two years at least.

At the top of the heap are the party members that make large incomes and have access to large loans that do not really have to be repaid. The income disparity is enormous as are job opportunities. This has not gone unnoticed by the public, which displays simmering anger, particularly regarding massive corruption and illegal farmland seizures by private developers, who pay off party members to circumvent the law. Government believes things will work out fine, but we do not. One important problem is declining consumer spending that has been prevalent for ten years, which portends a slowing economy. High-income citizens invest and do not consume what they could and the poor cannot do anything other than to exist.

Zbigniew Brzezinski’s communist answer is for China to adapt a full employment objective and an income policy financed by sovereign credit in order to fund such a program. We find it of interest that he didn’t recommend using US dollars to finance such a project, but to go into debt to do so. Either that or demand payment for exports in yuan. That would, of course, make the yuan stronger and make Chinese goods for export more expensive, which would cut exports and GDP and put more people out of work.

The communists exercising power as a class of aristocracy want to maintain that position without revolution. They want peaceful rising global influence, but they have to remember how they came to power – by killing over 1 billion of their fellow citizens. The average still sees the blood on their hands. World deflationary depression will bring revolution to China and the destruction of communism; just as the Illuminati’s dream of world government will come to no good end.

The Congressional Budget Office, CBO, sees a fiscal deficit of 13% of GDP in 2009 and 10% in 2010, based on a strong recovery from stimulus and other massive spending. At that rate the ratio of government debt to GDP would be 80% by 2018. As a guideline we cite the eurozone Maastricht guideline of fiscal debt limits of 3% of GDP.

Financial history tells us fiscal and monetary profligacy brings about inflation - in today’s case, hyperinflation. Instead of purging the system and facing the music, governments worldwide are increasing money and credit at an exponential rate and lowering interest rates to zero. The outcome is guaranteed. Do not forget those sterilized ominous increases in commercial bank reserves sitting over at the Fed will be converted into faster money growth at a ratio of 10 to 1. M2 is already up 15% and M3, our original version, at about 18%. Do not think for one second that the Fed will reduce the excessive stock of money and credit. They can’t, because if they do the financial system will collapse.

It should be noted that many prime rated mortgage accounts of big hitters who haven’t made their mortgage payments for several months have not been contacted by their lenders – banks. The reason is upkeep, inventory and real estate taxes – all of which banks will have to assume if they take over the house. That means default rates are much higher than statistics show. These good loans now have a 50% default rate for subprime and ALT-A loans and prime loans will soon reach that level. We are seeing a complete looting of the system before they collapse it. Our corporate structure and are government are being run by crooks.

Regarding the stress test, it is apparent that most major banks won’t pass the test. They are insolvent and will have to be nationalized. It is no wonder the market was manipulated up to 8200 on the Dow, which was in anticipation of such news. This is a dire situation because banks will be forced to adhere to a higher fee structure. Banks will also have to set aside more funds to meet the requirements of the FDIC. The banks have no cushion for such legitimate demands. What are they going to do when the jumbo and prime loan defaults hit 50%?

Wells Fargo, as many others did committed fraud in their earnings statement. Wait until next quarter. They have 41% of their mortgages in California and 50% of their portfolio is in pay-option ARMs, which are entering a bulge period of resets and are widely considered to be the most toxic of the first lien mortgages.

As tax revenue plunges for all government entities, billions in additional debt will have to be funded. That means higher real interest rates.

The spending on unemployment insurance and other safety-net programs is rising exponentially as unemployment gets set to exceed 20%. Who pray tell will buy all this debt? The Fed, of course, as monetization flourishes. It is a nightmare as government spending has risen 33% in just six months.

Sadly and tragically we predicted all this chapter and verse. As the charlatan Timmy Geithner tells us, “Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are living through.” No kidding Dick Tracy. Where were you nine years ago when we predicted all this? This guy is dumber than dumb. If you want to know who is to blame you need not go any further than our Illuminist banks and Wall Street.

Treasuries continue to sit on the 200 DMA and we have auctions for 2, 5 and 7-year paper coming next week. If that line is broken they’ll be lots of selling. If the offerings are larger than expected you can anticipate heavy Fed involvement in the market.

Large-scale layoffs rose again in March: 2,933 more mass layoffs of 50 or more workers. This brought the total number of people who lost their jobs in this manner to 299,388, the highest on a record that dates to 1995.

Since the recession officially began in December 2007 (it began in February 2007), layoffs now total 31,414 since the start of the recession.

In desperation GM wants to exchange $1 billion in bonds for common stock. If they cannot pay interest on bonds or redeem them what good is common stock? This is an attempt by derivative writers to avoid paying much more in credit default swaps. They will only have to wait 39 days to see what is going to happen.

The Federal government is now spending about double what they are collecting in taxes.

Bank of America CEO Ken Lewis was told by Ben Bernanke and Hank Paulson to shut up about the “material adverse change,” that took place at Merrill Lynch before their merger. This is called strong-arm tactics in the underworld. Lewis was told if he did not follow orders his board would be disbanded and the management team would be fired. That is extortion as well. Lewis should have pulled the plug on this riff raff, but he didn’t have the guts to do so – what a wimp. He shafted the shareholders.

The bottom line now is BoA will be sued by every shareholder for accepting such a losing deal forced on them by government and for accepting this deal and not disclosing material information and lying.

There will now be a run on Bank of America because the liability is unpayable.

NY State AG Andrew Como has released a letter that will lead to lawsuits against BoA, Lewis, Bernanke and Paulson for fraud. The rats are trapped in a corner and are turning on each other.

The frugality trend has just begun, which will take us back to a lifestyle much like that of the 1940s and 1950s. the vast populace hasn’t gotten it yet. People do not view the current recession as a major economic phenomenon or as a major event. They believe government won’t let it happen, they will save us. They are incapable of thinking the unthinkable.

Unemployment of almost 20% is producing a downward spiral of negative growth. 85% of Americans have no clue as to what lies ahead. Until the system is purged there will be no recovery.

It will be interesting to see how little Timmy deals with Goldman Sachs’ TARP desertion. NYSE data shows Goldman traded 5 times as much volume for themselves compared to customer and agency orders in program trading. Huge short interest stocks were the largest market gainers and the cost to borrow shares to short have soared and it is almost impossible to get stock, because illegally the brokerage houses have called in share loans on financial stocks. How’s that for rigging the market?

New Rules Let Bank Increase Capital Reserves By $4 Billion: The increase could make a critical difference in the federal government’s evaluation of the company’s ability to withstand a deepening recession, accounting experts said.

After the FASB change, which allows banks to substitute their own judgment in some cases, Wells Fargo decided market prices were too low by more than $4 billion, and it returned that amount to its capital pool.

Something was curiously absent from Wells Fargo’s triumphant first-quarter earnings material: Any statement that the bank would try and quickly pay back government capital. 49% of Wells Fargo’s $119 billion of core home-equity loans are now on properties where the combined loan-to-value ratio is over 90%, up from 43% in the fourth quarter. With risks like these, don’t expect Wells Fargo to repay the taxpayers anytime soon.

The starkly different fates of the neighboring banks show how the U.S. government’s approach to dealing with the industry’s worst crisis in a generation has shifted. The decision to allow only one of the two banks to survive has fueled criticism that regulators are picking winners and losers, without disclosing their criteria for making the calls. That, in turn, has shaken the confidence of bankers and private investors trying to decide whether to wade into the troubled sector.

With spending on unemployment insurance and other safety- net programs rising, the deficit is already at a record $956.8 billion six months into the fiscal year. To help close that gap, the Treasury Department has more than quadrupled borrowing, pushing the government deeper into debt.

“Tax receipts are just collapsing,” said Chris Ahrens, head of interest-rate strategy at UBS Securities LLC in Stamford, Connecticut, one of 16 primary dealers required to bid at Treasury auctions. The need to sell more debt “is a big issue in the Treasury market and it is ongoing. The surging budget deficit is the primary cause.” The government will have to sell $2.4 trillion in new bills, notes and bonds in fiscal 2009, according to UBS.

When Warren Buffett speaks, it’s usually worth paying attention. This time, the Oracle of Omaha is voicing concerns about the ability of some battered local and state governments to pay off their debts.

The WSJ notes that hedge funds are competing with end-users for homes. This boosts home sales data but it is a distortion of reality because the homes are not moving into ‘end user’ hands.

The Fed monetized another $7B (3s & 4s) on Thursday. The Treasury auction $8B of TIPS. Who’s the patsy?

Morgan Stanley notes that with 40% of S&P 500 reporting earnings, 77% of non-financial companies have met or beat earnings expectations but only 28% have met or beat revenue expectations, Cost cutting is the theme for Q1. But as we have cautioned, cost cutting will be more difficult in coming quarters.

Gold is back above $900. Though most of the western world is ignoring the Taliban’s attempt to take over Pakistan and its nuclear arsenal, some people are acutely aware of the gravity of the situation.

The Fed’s balance sheet surged to $2.2 trillion due to its monetization of $94.5B in securities for the week ended on Wednesday. The Fed bought an astounding $75B of mortgage-backed securities (MBS).

Last month West Coast real estate rose 3.6% says CNBC, as foreclosures rose 80% in California.

As American citizens bailout the financial system we see bonuses being handed out to incompetents, who caused the problems – companies like Merrill Lynch and AIG should not be giving bonuses. Politicians have expressed outrage but nothing will be done about it. We have also found out government was complicit in the hiding of the Merrill Lynch bonuses. It shows you what kind of government and financial institutions we have. At any price fellow Illuminists have to be bailed out or falsely rewarded. At AIG alone derivative traders received $165 million in taxpayer funds. It is no coincidence that Senator Obama received $103,000 from AIG – his biggest campaign contribution. Treasury’s Tiny Tim Geithner engineered all this even when he was at the NY Fed. Then there are the bonuses for Fannie and Freddie employees who lost $100 billion. these were performance bonuses and did not have to be paid – government paid them anyway. Adding frosting to the cake, 12 of the TARP recipient companies owe millions of dollars in back taxes, out of 23. We wonder how much is owed by the other 450 companies?

There is no question that Wall Street, banking and government have betrayed the American people. The question is how long will it be before Americans forcibly take their government back? All 3 branches, Executive, Judicial and Legislative are controlled from behind the scenes by Illuminists.

We are all now paying for the sellout of Congress that began years ago. The main cogs in this horrible machine were the 1999 passed the Gramm-Leach-Bliley Act, which eliminated The Glass-Steagall Act and the 1995 Private Securities Litigation Reform Act, both of which allowed Wall Street to run rampant.

http://www.infowars.com/betrayal-of-the-people-by-wall-street-banks-and-government/

Originally posted by jaden101
I'd say the US has it a lot better than the UK. Our population is 1/5 of the US but out unemployment is between 1/3 and 1/2.

WTF, didn't know the U.K. was doing that poorly.

230,000 at last count....Projected to do as high as 320,000 by next year.

on average, every job vacancy gets about 200 applicants. It's exceptionally tough.

Obama Supports Treaty Outlawing Gun Possession


As Lou Dobbs notes here, Obama is in favor of the ratifying CIFTA, the Inter-American Convention Against Illicit Manufacturing of and Trafficking in Firearms. On its face, the treaty sounds reasonable because it would “prevent, combat, and eradicate the illicit manufacturing of and trafficking in firearms, ammunition, explosives, and other related materials” (emphasis added). However, upon reading the bill we discover the following:

Stressing the need, in peace processes and post-conflict situations, to achieve effective control of firearms, ammunition, explosives, and other related materials in order to prevent their entry into the illicit market.

http://www.youtube.com/watch?v=D9X2VbhSH9o&eurl=http%3A%2F%2Fwww.infowars.com%2Fobama-supports-treaty-outlawing-gun-possession%2F&feature=player_embedded

Obama has promised Mexican President Felipe Calderon that he would urge the Senate to take up CIFTA. He is doing this under the cover of the drug cartel violence in Mexico. Obama and Calderon quoted a statistic echoed by the corporate media that 90% of the weapons seized in Mexican raids were purchased from U.S. gun shops and a reason why the U.S. needs to ratify this treaty. In fact, this is a lie — only a mere 17% of guns found at Mexico crime scenes have been traced to the U.S.

CIFTA would bury the Second Amendment under “pertinent resolutions of the United Nations General Assembly.” It would criminalize ammunition reloading (defined as explosives manufacture) and gun assembly (including firearm kits and presumably breaking down weapons for cleaning or transport).

Language contained in the CIFTA treaty insists it respects “the principles of sovereignty, nonintervention, and the juridical equality of states.” Not mentioned is the fact the Vienna Convention on the Law of Treaties has a superior rank to national laws. If the CIFTA treaty is ratified without exception, it would kill U.S. sovereignty and lead the way to destroying the Second Amendment.

It should be noted that only the Senate needs to ratify the treaty. Article II, section 2, of the Constitution states that the president “shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two-thirds of the Senators present concur.”

The United States was one of the first signatories to CIFTA in November, 1997. The Convention was transmitted to the Senate in June 1998 and to this day awaits the Senate’s advice and consent. 29 of the 34 OAS member states have ratified CIFTA. Only the US, Canada, the Dominican Republic, Jamaica and St. Vincent & Grenadines have yet to do so.

http://www.infowars.com/obama-supports-treaty-outlawing-gun-possession/

Rep. Weiner: Do We Give Obama an Internet On-Off Switch?


C-Span
May 3, 2009


http://www.youtube.com/watch?v=5rDEw3uSK54&eurl=http%3A%2F%2Fwww.infowars.com%2Frep-weiner-do-we-give-obama-an-internet-on-off-switch%2F&feature=player_embedded

Obama Pushing Treaty To Ban Reloading


Remember CANDIDATE Barack Obama? The guy who “wasn’t going to take away our guns”?

Well, guess what?

Less than 100 days into his administration, he’s never met a gun he didn’t hate.

Obama went to Mexico, whined about the United States, and bemoaned (before the whole world) the fact that he didn’t have the political power to take away our semi-automatics. Nevertheless, that didn’t keep him from pushing additional restrictions on American gun owners.

It’s called the Inter-American Convention Against Illicit Manufacturing of and Trafficking in Firearms, Ammunition, Explosives, and Other Related Materials. To be sure, this imponderable title masks a really nasty piece of work.

First of all, when the treaty purports to ban the “illicit” manufacture of firearms, what does that mean?

1. “Illicit manufacturing” of firearms is defined as “assembly of firearms ammunition … without a license….”

Hence, reloading ammunition — or putting together a lawful firearm from a kit — is clearly “illicit manufacturing.”

Modifying a firearm in any way would surely be “illicit manufacturing.” And, while it would be a stretch, assembling a firearm after cleaning it could, in any plain reading of the words, come within the screwy definition of “illicit manufacturing.”

2. “Firearm” has a similarly questionable definition.

“ny other weapon” is a “firearm,” according to the treaty — and the term “weapon” is nowhere defined.

So, is a BB gun a “firearm”? Probably.

A toy gun? Possibly.

A pistol grip or firing pin? Probably. And who knows what else.

If these provisions (and others) become the law of the land, the Obama administration could have a heyday in enforcing them. Consider some of the other provisions in the treaty:

* Banning reloading. In Article IV of the treaty, countries commit to adopting “necessary legislative or other measures” to criminalize illicit manufacturing and trafficking in firearms.

Remember that “illicit manufacturing” includes reloading and modifying or assembling a firearm in any way. This would mean that the Obama administration could promulgate regulations banning reloading on the basis of this treaty — just as it is currently circumventing Congress to write legislation taxing greenhouse gases.

* Banning gun clubs. Article IV goes on to state that the criminalized acts should include “association or conspiracy” in connection with said offenses — which is arguably a term broad enough to allow, by regulation, the criminalization of entire pro-gun organizations or gun clubs, based on the facilities which they provide their membership.

* Extraditing US gun dealers. Article V requires each party to “adopt such measures as may be necessary to establish its jurisdiction over the offenses it has established in accordance with this Convention” under a variety of circumstances.

We know that Mexico is blaming U.S. gun dealers for the fact that its streets are flowing with blood. And we know it is possible for Mexico to define offenses “committed in its territory” in a very broad way. And we know that we have an extradition obligation under Article XIX of the proposed treaty. So we know that Mexico could try to use the treaty to demand to extradition of American gun dealers.

Under Article XXIX, if Mexico demands the extradition of a lawful American gun dealer, the U.S. would be required to resolve the dispute through “other means of peaceful settlement.”

Does anyone want to risk twenty years in a sweltering Mexican jail on the proposition that the Obama administration would apply this provision in a pro-gun manner?

* Microstamping. Article VI requires “appropriate markings” on firearms. And, it is not inconceivable that this provision could be used to require microstamping of firearms and/or ammunition — a requirement which is clearly intended to impose specifications which are not technologically possible or which are possible only at a prohibitively expensive cost.

* Gun registration. Article XI requires the maintenance of any records, for a “reasonable time,” that the government determines to be necessary to trace firearms. This provision would almost certainly repeal portions of McClure-Volkmer and could arguably be used to require a national registry or database.

------------------

ACTION: Write your Senators and urge them to oppose the Inter-American Convention Against Illicit Manufacturing of and Trafficking in Firearms, Ammunition, Explosives, and Other Related Materials.

http://gunowners.org/a042109.htm

Top Senate Democrat: bankers “own” the U.S. Congress


Sen. Dick Durbin, on a local Chicago radio station, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken: "And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place." The blunt acknowledgment that the same banks that caused the financial crisis "own" the U.S. Congress — according to one of that institution’s most powerful members — demonstrates just how extreme this institutional corruption is.

The ownership of the federal government by banks and other large corporations is effectuated in literally countless ways, none more effective than the endless and increasingly sleazy overlap between government and corporate officials. Here is just one random item announcing a couple of standard personnel moves:

Goldman Sachs' new top lobbyist was recently the top staffer to Rep. Barney Frank, D-Mass., on the House Financial Services Committee chaired by Frank. Michael Paese, a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank's committee in September, will join Goldman as director of government affairs, a role held last year by former Tom Daschle intimate, Mark Patterson, now the chief of staff at the Treasury Department. This is not Paese's first swing through the Wall Street-Congress revolving door: he previously worked at JP Morgan and Mercantile Bankshares, and in between served as senior minority counsel at the Financial Services Committee.

http://www.salon.com/opinion/greenwald/2009/04/30/ownership/

http://www.huffingtonpost.com/2009/04/29/dick-durbin-banks-frankly_n_193010.html

Economy on the Ropes


MIKE WHITNEY
Counterpunch
Saturday, May 2, 2009


The economy continued to shrink in the first quarter of 2009 at an annual pace of 6.1 percent, making it the worst recession in more than 50 years. Gross Domestic Product slipped into negative territory from January to March for back-to-back quarters of negative 6 per cent growth. The news of falling GDP was preceded on Tuesday by a dismal housing report which showed that housing prices have continued their historic downward plunge with only modest slowing in the tempo of doom. Since their peak in July 2006, housing prices have dropped 31 per cent, falling 18.6 per cent in the last year alone. The rate of decline has decelerated slightly but — on their present trajectory — prices are on target to tumble 45 to 50 per cent from their 2006 highs. Another 20 per cent loss in home equity means another $4 trillion loss for US homeowners.

The news on the employment front is equally bleak. In the week ending April 25, initial jobless claims increased by another 631,000, bringing the 4-week moving average to 637,000. Ongoing unemployment claims are now at 6.27 million, an all time record.

According to the Associated Press:“Unemployment rates rose in all of the nation’s largest metropolitan areas for the third straight month in March… The Labor Department reported Wednesday all 372 metropolitan areas tracked saw jobless rates move higher last month from a year earlier.”

Consumer spending also fell more than forecast, with purchases decreasing 0.2 per cent in March and wages and benefits rising at the slowest pace in three decades.

GDP is falling, unemployment is soaring and business and residential investment are at their nadir. Even so, the stock market has continued its seven-week surge, on signs that the market may be bottoming.

Although the bad news continues to mount, Northern Trust economists Asha Bangalore and Paul Kasriel have issued a report “US Economic and Interest Rate Outlook” asserting that the worst is over and that the huge quarterly contractions to GDP should gradually improve ending in positive growth by the forth quarter of this year. Kasriel is a first-rate economist and his work should be taken seriously. Still, whether there is a uptick in business activity in the near-term or not, deeper economic problems persist. There is no doubt, however, that Fed chief Ben Bernanke’s massive injections of liquidity have had an effect on stabilizing the financial system and reviving the sluggish economy. The Fed chief has committed or loaned $13 trillion in public funds to avoid an impending disaster and to restart speculation in the equities markets.

Barron’s Randall W. Forsyth provides an original account of Bernanke’s intervention:

“The Federal Reserve has been roundly castigated in some quarters — even former high officials of the central bank — for its aggressive and unprecedented steps to combat the credit crisis. But data just released by the Bank for International Settlements suggest that, if anything, the expansionary measures taken by the Fed (and in concert with the Treasury) were dwarfed by the record contraction in the global banking system brought on by the crisis. According to the BIS, which acts as a central bank for central banks, total bank claims shrank by $1.8 trillion in the fourth quarter, or 5.4 per cent, to $31 trillion. This was the largest decline ever recorded.

“In other words, there never has been a global run on the banking system such as was seen in the final three months of 2008, which followed the bankruptcy of Lehman Brothers and the near-collapse of American International Group in September. The numbers serve to confirm the extent of the tsunami the swept through the world’s financial system….

…Unlike in the 1930s, when central banks actually aided and abetted the collapse of the banking system, today’s leaders responded to the unprecedented crisis in the fourth quarter with equally unprecedented force…..

“To be sure, banks, including the I-banks, have benefited from the actions of the Fed and the Treasury. But that is separate from the question of the macroeconomic impact of their actions.

“Those who contend that the expansion of central bank balance sheets is inflationary ignore the contraction of balance sheets in the banking system, as well as the so-called shadow banking system of assets and liabilities not recorded on banks’ books. …The new BIS data bear out the justification for the Fed’s actions, notwithstanding the critics’ claims.” (”Fed Fights a Record Global Bank Run”, Randall W. Forsyth, Barrons)

While Bernanke may have avoided a global bank-run, the bleeding continues in housing, business investment, manufacturing, industrial capacity, and global trade. Every sector is falling precipitously with no end in sight. Even worse, nothing has been done to remove the trillion dollars of toxic assets from the banks’ balance sheets which is causing credit to tighten even more.

Treasury Secretary Timothy Geithner has failed to take advantage of the uptick in investor confidence to resolve the problem of underwater banks. Instead, he has stubbornly stuck with his Public Private Investment Program (PPIP) which has made less than $6 billion in transactions so far. Unless the banks are restored to health and their balance sheets repaired, a sustainable recovery will not be possible. According to Bloomberg, 6 of the 19 largest banks (which contain 75 per cent of the system’s total assets) are insufficiently capitalized.

Geithner continues to nibble at the edges, using unreliable accounting maneuvers instead of addressing the problem head-on and forcing a debt-to-equity swap that would recapitalize the banks by giving bond holders a haircut. Geithner thinks that if he stalls long enough, the rotten assets will regain their original value and the banks will be fine. He’s ignoring the fact that many of the mortgage-backed securities (MBS) are collateralized with fraudulent loans to borrowers who have no way of paying the money back. The losses need to be accounted for and written down while there’s still a glimmer of optimism in the market. The IMF believes that the losses on securitized assets may reach $4 trillion by the end of 2010 and that banks will be on the hook for roughly 61 per cent of the writedowns. Nonperforming loans at the big banks are skyrocketing. “Bank of America Corp. bad assets increasing 229 percent to $25.7 billion. Problem assets at New York-based Citigroup Inc. rose 128 percent to $27.4 billion, and San Francisco-based Wells Fargo & Co.’s jumped 180 percent to $12.6 billion.” (Bloomberg)

There’s no way to sweep losses of this magnitude under the rug.

In an article in the Financial Times, economics editor Martin Wolf fleshes-out the projected costs of the financial system bailout:

“These are not the only sums required. Governments have so far provided up to $8,900bn in financing for banks, via lending facilities, asset purchase schemes and guarantees. But this is less than a third of their financing needs. On the assumption that deposits grow in line with nominal GDP, the IMF estimates that the “refinancing gap” of the banks – the rollover of short-term wholesale funding, plus maturing long-term debt – will rise from $20,700bn in late 2008 to $25,600bn in late 2011, or a little over 60 per cent of their total assets. This looks like a recipe for huge shrinkage in balance sheets. Moreover, even these sums ignore the disappearance of securitized lending via the so-called “shadow banking system”, which was particularly important in the US.” (Fixing bankrupt systems is just the beginning”, Martin Wolf, Financial Times)

Fixing the banking system will be a continual drain on public resources ensuring that any rebound will be slow and any recovery weak. Even if the equities markets show signs of life, the real economy will stumble listlessly from one quarter to the next unable to make up the losses from unemployment and under-consumption. Working people will feel as if they are in the grips of another Great Depression whether GDP shows marginal gains or not. Housing prices will stay flat for a decade or more, plundered 401ks will force older workers to stay on at their jobs longer than they planned, and reduced credit-availability will force consumers to set aside more of their wages in savings accounts. 10 per cent unemployment and 10 per cent personal savings is the nightmare scenario that economists dread. The 10-10 combo will send the economy into a deflationary tailspin regardless of “green shoots” in the stock market or other fleeting intimations of hope. In a bifurcated system, where most of the public resources go to the banks and investor class, the underlying economy is bound to slip into severe inertia. The Fed has become the guarantor of investor class entitlement while the working stiff gets table-scraps.

This is from an article “Income Gaps hit record levels in 2006, new data show”:

”New data from the Congressional Budget Office (CBO) show that in 2006, the top 1 percent of households had a larger share of the nation’s after-tax income, and the middle and bottom fifths of households had smaller shares, than in any year since 1979, the first year the CBO data cover. As a result, the gaps in after-tax incomes between households in the top 1 percent and those in the middle and bottom fifths were the widest on record.

“Taken together with prior research, the new data suggest greater income concentration at the top than at any time since 1929.”

Among the CBO’s findings was that “The average after-tax income of the top 1 percent of the population more than tripled, from $337,000 to over $1.2 million. (An increase 256 per cent) while “The average after-tax income of the poorest fifth of the population rose only from $14,900 to $16,500″ (an increase of 11 per cent.)

The CBO shows that the same inequality thrives in the tax system which is blatantly regressive: “Households in the bottom fifth of the income spectrum received tax cuts averaging $20″ whereas “within the top 1 percent, those with incomes exceeding $1 million received tax cuts averaging $118,000.” (”New data show the rich-poor gap tripled between 1979 and 2006.” Center on Budget and Policy priorities, Arlen Sherman)

Growing inequality–now more flagrant than ever given the government bailouts and preferential treatment of financial institutions–is feeding an anger which is spreading across America. Timothy Geithner has become the face of a thoroughly corrupted system run by money-grubbing speculators, avaricious banksters and shyster fund managers. He has become a lightening-rod for all manner of criticism which should be directed at the inherent flaws of a system which provides obscene riches to crafty tycoons and securities fraudsters while the people who shine the rich folks’ limos or build their homes find themselves perusing the want ads the end of an unemployment line.

The real economy is sinking fast and, with it, any hope for a quick recovery. Policymakers are completely at a loss. The public knows that things are worse than they are being told.

http://www.counterpunch.org/whitney05012009.html

International Monetary Fund Slowly Taking Over as Global Economic Regulator and Banker


Washington’s Blog
Saturday, May 2, 2009


AP writes:

The Group of 20 countries have made the the linchpin in their efforts to combat the worst economic downturn since the Great Depression

http://news.yahoo.com/s/ap/20090425/ap_on_an/us_imf_to_the_rescue_analysis

The Washington Post notes:

Global financial chiefs agreed yesterday to reshape the International Monetary Fund, moving to broaden its mission …

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/25/AR2009042502769.html?hpid%3Dtopnews&sub=AR

The IMF, which in recent years had become largely an advisory body to nations in crisis, will now be charged with aggressive monitoring of the global economy. Underscoring that role, Treasury Secretary Timothy F. Geithner said yesterday that Washington had consented to a rigorous IMF review of the U.S. financial system for the first time since the fund was created at the end of World War II.

(Actually, the IMF began the review last year - under the condition that the results not be released until Bush was out of office).
So the IMF appears to have become the world’s global financial cop.

The IMF will also, apparently, sell treasury-like bonds to raise money for loans it makes to ailing countries. This ties into statements some time ago by an economist that investors would eventually buy IMF bonds as a safe-haven investment, thus quickening the shift away from the dollar and American treasuries as reserve currency and safe-haven investments.

As previously noted, the IMF’s Special Drawing Rights currency may replace the dollar as world reserve currency.

Indeed, the Telegraph’s lead financial writer Ambrose Evans-Pritchard argues that “the world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.”

http://www.georgewashington2.blogspot.com/2009/05/international-monetary-fund-imf-is.html

Leaked Agenda: Bilderberg Group Plans Economic Depression


Paul Joseph Watson
Prison Planet.com
Wednesday, May 6, 2009


http://www.prisonplanet.com/images/may2009/060509top2.jpg


On the eve of the 2009 Bilderberg Group conference, which is due to be held May 14-17 at the 5 star Nafsika Astir Palace Hotel in Vouliagmeni, Greece, investigative reporter Daniel Estulin has uncovered shocking details of what the elitists plan to do with the economy over the course of the next year.

The Bilderberg Group meeting is an annual confab of around 150 of the world’s most influential powerbrokers in government, industry, banking, media, academia and the military-industrial complex. The secretive group operates under “Chatham House rules,” meaning that no details of what is discussed can ever be leaked to the media, despite editors of the world’s biggest newspapers, the Washington Post, the New York Times and the Financial Times, being present at the meeting.

According to Estulin’s sources, which have been proven highly accurate in the past, Bilderberg is divided on whether to put into motion, “Either a prolonged, agonizing depression that dooms the world to decades of stagnation, decline and poverty … or an intense-but-shorter depression that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency.”

The information takes on added weight when one considers the fact that Estulin’s previous economic forecasts, which were based on leaks from the same sources, have proven deadly accurate. Estulin correctly predicted the housing crash and the 2008 financial meltdown as a result of what his sources inside Bilderberg told him the elite were planning based on what was said at their 2006 meeting in Canada and the 2007 conference in Turkey.

Details of the economic agenda were contained in a pre-meeting booklet being handed out to Bilderberg members. On a more specific note, Estulin warns that Bilderberg are fostering a false picture of economic recovery, suckering investors into ploughing their money back into the stock market again only to later unleash another massive downturn which will create “massive losses and searing financial pain in the months ahead,” according to a Canada Free Press report.

http://canadafreepress.com/index.php/article/10854

According to Estulin, Bilderberg is assuming that U.S. unemployment figures will reach around 14% by the end of the year, almost doubling the current official figure of 8.1 per cent.

Estulin’s sources also tell him that Bilderberg will again attempt to push for the enactment of the Lisbon Treaty, a key centerpiece of the agenda to fully entrench a federal EU superstate, by forcing the Irish to vote again on the document in September/October despite having rejected it already, along with other European nations, in national referendums.

“One of their concerns is addressing and neutralizing the anti-Lisbon treaty movement called “Libertas” led by Declan Ganley. One of the Bilderberger planned moves is to use a whispering campaign in the US media suggested that Ganley is being funded by arms dealers in the US linked to the US military,” reports CFP.

Daniel Estulin, Jim Tucker, and other sources who have infiltrated Bilderberg meetings in the past have routinely provided information about the Bilderberg agenda that later plays out on the world stage, proving that the organization is not merely a “talking shop” as debunkers claim, but an integral planning forum for the new world order agenda.

Indeed, just last month Belgian viscount and current Bilderberg-chairman Étienne Davignon bragged that Bilderberg helped create the Euro by first introducing the policy agenda for a single currency in the early 1990’s. Bilderberg’s agenda for a European federal superstate and a single currency likely goes back even further.

http://www.prisonplanet.com/bilderberg-chairman-%E2%80%98bilderberg-helped-create-the-euro%E2%80%99.html

http://euobserver.com/9/27778

A BBC investigation uncovered documents from the early Bilderberg meetings which confirmed that the European Union was a brainchild of Bilderberg.

http://www.propagandamatrix.com/bbc_radio_4_bilderberg.mp3

In spring 2002, when war hawks in the Bush administration were pushing for a summer invasion of Iraq, Bilderbergers expressed their desire for a delay and the attack was not launched until March the following year.

http://www.prisonplanet.com/bilderberg_split_on_iraq_war.html

In 2006, Estulin predicted that the U.S. housing market would be allowed to soar before the bubble was cruelly popped, which is exactly what transpired.

http://www.youtube.com/watch?v=y99WD9ejfmk&eurl=http%3A%2F%2Fwww.infowars.com%2Fleaked-agenda-bilderberg-group-plans-economic-depression%2F&feature=player_embedded

In 2008, Estulin predicted that Bilderberg were creating the conditions for a financial calamity, which is exactly what began a few months later with the collapse of Lehman Brothers.

Bilderberg has routinely flexed its muscles in establishing its role as kingmaker. The organization routinely selects presidential candidates as well as running mates and prime ministers.

Bill Clinton and Tony Blair were both groomed by the secretive organization in the early 1990’s before rising to prominence.

Barack Obama’s running mate Joe Biden was selected by Bilderberg luminary James A. Johnson, and John Kerry’s 2004 running mate John Edwards was also anointed by the group after he gave a glowing speech at the conference in 2004. Bilderberg attendees even broke house rules to applaud Edwards at the end of a speech he gave to the elitists about American politics.

http://www.propagandamatrix.com/articles/may2008/052308_bilderberg_luminary.htm

http://www.prisonplanet.com/articles/july2004/080704bilderbergperformance.htm

The choice of Edwards was shocking to media pundits who had fully expected Dick Gephardt to secure the position. The New York Post even reported that Gephardt had been chosen and “Kerry-Gephardt” stickers were being placed on campaign vehicles before being removed when Edwards was announced as Kerry’s number two.

http://www.thesmokinggun.com/archive/0706041post1.html

A 2008 Portuguese newspaper report highlighted the fact that Pedro Santana Lopes and Jose Socrates attended the 2004 meeting in Stresa, Italy before both going on to become Prime Minster of Portugal.

Several key geopolitical decisions were made at last year’s Bilderberg meeting in Washington DC, again emphasizing the fact that the confab is far more than an informal get-together.

http://www.propagandamatrix.com/articles/june2008/060308_bilderberg_kingmaker.htm

As was reported at the time, Bilderberg were concerned that the price of oil was accelerating too fast after it hit $150 a barrel and wanted to ensure that “oil prices would probably begin to decline”. This is exactly what happened in the latter half of 2008 as oil again sunk below $50 a barrel. We were initially able to predict the rapid rise in oil prices in 2005 when oil was at $40, because Bilderberg had called for prices to rise during that year’s meeting in Munich. During the conference in Germany, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what happened.

http://www.propagandamatrix.com/articles/june2008/061008_secret_agenda.htm

Also at last year’s meeting, former U.S. Secretary of State Condoleezza Rice formalized plans to sign a treaty on installing a U.S. radar base in the Czech Republic with Czech Foreign Minister Karel Schwarzenberg.

http://www.propagandamatrix.com/articles/june2008/061208_missile_defense.htm#

Rice was joined at the meeting by Defense Secretary Robert Gates, who reportedly encouraged EU globalists to get behind an attack on Iran. Low and behold, days later the EU threatened Iran with sanctions if it did not suspend its nuclear enrichment program.

http://www.propagandamatrix.com/articles/june2008/061008_iran_threatened.htm

There was also widespread speculation that Hillary Clinton and Barack Obama’s “secret meeting,” which was accomplished with the aid of cloak and dagger tactics like locking journalists on an airplane to keep them from tracking the two down, took place at the Bilderberg meeting in DC.

http://www.propagandamatrix.com/articles/june2008/060608_hillary_obama.htm

It remains to be seen what kind of mainstream media press coverage Bilderberg 2009 will be afforded because, despite the proven track record of Bilderberg having a central role in influencing subsequent geopolitical and financial world events, and despite last year’s meeting being held in Washington DC, the U.S. corporate media oversaw an almost universal blackout of reporting on the conference, its attendees, and what was discussed.

http://www.prisonplanet.com/articles/june2008/060708_media_blackout.htm

Once again, it will be left to the alternative media to fill the vacuum and educate the people on exactly what the globalists have planned for us over the coming year.

http://www.infowars.com/leaked-agenda-bilderberg-group-plans-economic-depression/

People “Running” Into Gun Shows, Panic Buying Ammo


Wednesday, May 6, 2009


A San Francisco Chronicle report about a gun show in Daly City notes that when the doors were opened, people came running in and immediately started panic buying ammo, again emphasizing fears about shortages and the Obama gun ban agenda.

“Everybody’s panic buying,” said a wholesale ammunition dealer, who also requested anonymity. “When the doors opened (on Saturday), people we’re running in,” according to the report.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/05/04/BA3817DSLR.DTL

Gun dealers across the country are reporting a virtual run on ammo as prices soar.

Semiautomatic firearms “are going fast,” according to a dealer quoted in the report. “People are afraid the Obama administration will ban assault weapons.”

Gun owners are also concerned that Obama, despite claiming before the election that he wouldn’t target the second amendment, recently bemoaned the fact that he didn’t have the political power to ban semi-automatic weapons, falsely blaming U.S. gun shops for the violence in Mexico.

Obama is also pushing a treaty that would ban “illicit” manufacture of firearms and reloading.

According to Gun Owners of America,”Illicit manufacturing includes reloading and modifying or assembling a firearm in any way. This would mean that the Obama administration could promulgate regulations banning reloading on the basis of this treaty — just as it is currently circumventing Congress to write legislation taxing greenhouse gases.”

http://gunowners.org/a042109.htm

Despite Obama promising that he was not interested in going after the second amendment before his election, one of his first actions was to appoint the rabidly anti-gun Eric Holder as his Attorney General.

http://gunowners.org/a012009.htm

The leaked Obama gun ban list would make millions of Americans criminals for owning weapons such certain types of rifles or pistols. Anti-gun legislation has found its way into stimulus and other unrelated bills as pork barrel. The first steps of the Obama administration with regard to gun control have resulted in record firearm and ammunition purchases across the country.

http://www.prisonplanet.com/obamas-gun-ban-list-is-out.html

http://gunowners.org/a021809htm.htm

Globalizing the Internet


LEIGH PHILLIPS
EUobserver
May 6, 2009


The European Commission wants the US to dissolve all government links with the body that ‘governs’ the internet, replacing it with an international forum for discussing internet governance and online security.

The rules and decisions on key internet governance issues, such as the creation of top level domains (such as .com and .eu) and managing the internet address system that ensures computers can connect to each other, are currently made by the Internet Corporation for Assigned Names and Numbers (ICANN), a private, not-for profit corporation based in California which operates under an agreement with the US Department of Commerce.

The decisions made by ICANN affect the way the internet works all around the world.

EU information society commissioner Viviane Reding on Monday (4 May) suggested a new model for overseeing the internet from October this year, when the Commerce Department agreement runs out.

She called on US President Barack Obama to fully privatise ICANN and set up an independent judicial body, described as a “G12 for internet governance,” which she described as a “multilateral forum for governments to discuss general internet governance policy and security issues.”

http://euobserver.com/19/28065

Originally posted by jaden101
230,000 at last count....Projected to do as high as 320,000 by next year.

on average, every job vacancy gets about 200 applicants. It's exceptionally tough.

Ouch, crime been on the rise?

There's your solution, you hire all the 199's that didn't make the cut to review applications, pass it along to your superiors, no need to thank me.

Ponzi hiring schemes?

A) Obama's Christian.
B) I guess that him attacking America's freedoms will balance out how George Bush attacked everyone else's, won't it?




Um... proof?



Oh no! Gun control! What kind of monster would try to make it harder for you to shoot kids!?



I fail to see how this is relevant to anyone other than fascist Republican bigots and Neo-Nazis.



OMFG! Islam! He's gonna blow everyone up! It's a terrorist conspiracy! We're doooomed! Jesus...



You do realise tax money does go somewhere, right? It's not just to annoy you...



Very cool metaphor, but it's still tiresome, jingoistic fearmongering.



Because we all know America would be a much better place with heaps of dead immigrants in the streets. You/ guy who wrote this is/are almost as bad as the fascist ***** in England who blame the Poles for ****ing everything...



Since when were Judeo-Christian and left wing, "Socialist" view points mutually exclusive? I would love someone to explain to me when Jesus declared that the rich guys should keep all the money and promoted the use of firearms...



Awesome marketing ploy...


In short: I disagree. I assume this makes me a Communist. Apologies for the ridiculously late response, but this post really pissed me off.

Local community responds to the Obama Deception screening and street action

We Are Change Ohio
May 13, 2009

On May 9th 2009 We Are Change Ohio hosted a screening of the Obama Deception in Dayton Ohio at the Neon movie theater. Many fresh faces showed up to the event and there was several interviews of first time viewers of the film to get their take on it. All in all the event went well and they were able to educate many local citizens of the city.

http://www.infowars.com/local-community-responds-to-the-obama-deception-screening-and-street-action/

U.S. Economy: Retail Sales Unexpectedly Fall for Second Month


Courtney Schlisserman
Bloomberg
May 13, 2009

Retail sales in the U.S. unexpectedly dropped in April for a second month, indicating that rising unemployment is prompting consumers to conserve cash.

The 0.4 percent decrease followed a revised 1.3 percent drop in March that was larger than previously estimated, the Commerce Department said today in Washington. Other reports showed companies continued to cut stockpiles as demand slowed, and climbing oil costs pushed up prices for imported goods.

Fewer jobs, falling home values and the biggest loss of household wealth on record may limit consumers’ ability to spend for years, analysts said. Stocks dropped for a third day as the reports indicated any recovery from the worst recession in at least half a century is likely to be subdued.

“It looks like consumers are losing momentum heading into the second quarter and that is a very worrisome development,” said Carl Riccadonna, an economist at Deutsche Bank Securities Inc. in New York. “They have very significant headwinds and number one among them is that the labor market is far from turning the corner.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aY.wKp__I7kE&refer=home

It's ironic that when we were spending we were being urged to save more...And now the economy is ****ed we're being told not to save but to spend.

Bizarre.

Originally posted by Kovacs86
A) Obama's Christian.
B) I guess that him attacking America's freedoms will balance out how George Bush attacked everyone else's, won't it?

A.Uh so what,in case you werent aware of this little fact,so was Hitler.Bush is as well.
B.Obama is not only continuing what Bush got started-theres no difference between the two parties,their both corrupt.He is EXPANDING it.





Oh no! Gun control! What kind of monster would try to make it harder for you to shoot kids!?

The same kind of monster who has pardoned Bush from all crimes he committed while in office. a kind of person who like Bush,also does not believe in the constituion of the united states which gives us the right to bear arms.geez are you really THIS ignorant about the constitution of the united states? some posters that have posted on here i would expect these kinds of posts from THEM since they dont live here in the states,but You? thats pretty bad.Lets just let Obama have his way and disarm america making it easy for burglers to break into our homes and kill us in the middle of the night with no way to defend ourselves.that really makes sense.



I fail to see how this is relevant to anyone other than fascist Republican bigots and Neo-Nazis.

Like I said,there is no difference between the two parties.why dont you watch the video here in his links he has given you?

Do you actually put any coherent thought into your posts or do you just mash your keyboard with a mallet and hope that something that makes sense comes out in the end?

Originally posted by Mr Parker
Originally posted by Kovacs86
A) Obama's Christian.
B) I guess that him attacking America's freedoms will balance out how George Bush attacked everyone else's, won't it?

A.Uh so what,in case you werent aware of this little fact,so was Hitler.Bush is as well.
B.Obama is not only continuing what Bush got started-theres no difference between the two parties,their both corrupt.He is EXPANDING it.





Oh no! Gun control! What kind of monster would try to make it harder for you to shoot kids!?

The same kind of monster who has pardoned Bush from all crimes he committed while in office. a kind of person who like Bush,also does not believe in the constituion of the united states which gives us the right to bear arms.geez are you really THIS ignorant about the constitution of the united states? some posters that have posted on here i would expect these kinds of posts from THEM since they dont live here in the states,but You? thats pretty bad.Lets just let Obama have his way and disarm america making it easy for burglers to break into our homes and kill us in the middle of the night with no way to defend ourselves.that really makes sense.



I fail to see how this is relevant to anyone other than fascist Republican bigots and Neo-Nazis.

Like I said,there is no difference between the two parties.why dont you watch the video here in his links he has given you?

I hate to say it but I think I'm finally starting to see where your coming from. No guns is just one step closer to the New World Order. maybe these conpiracies are actually real...

And Jaden, why don't you start making some sense out of your posts instead of making fun of people that put some thought into what they're writing.

Originally posted by Spartan005
I hate to say it but I think I'm finally starting to see where your coming from. No guns is just one step closer to the New World Order. maybe these conpiracies are actually real...

And Jaden, why don't you start making some sense out of your posts instead of making fun of people that put some thought into what they're writing.

Because him and his buddie Kharma Dog are just trolls here to put people here down who dont swallow the lies and propaganda of the government as evidenced by their behaviour on this thread THATS why.

I've seen a couple of threads that Winter has made in the past that I myself thought was just absolutley crazy and did not agree with him either, but you never saw ME attacking him or calling him childish names like they always do here with people.

That being said,glad to see your finally coming around and seeing the light about our government.That much being said,see when i talk about government conspiracys,I only talk about ones that have cold hard facts to back them up and the evidence is overwhelming.

Thats why usually when i talk about them,it usually consists of 9/11, or the kennedy assassination where the evidence is overwhelming that it was an inside job.I dont do like Deano and talk about something like Lizard people where theres no hard evidence to back it up.Btw,since your being mature and nice about all this - I appreciate you defending me against jaden like that,since last time we spoke about it,at the time I didnt know near as much about 9/11 as I do now.since then I have learned so much more than I did now of overwhelming evidence that is out there that proves it was for sure an inside job.since your being nice and respectful to me -which again I appreciate that,would you like me to send you some stuff by pm to you about 9/11 that will blow you away that we can talk about? oh and you should watch that video THE OBAMA DECEPTION.

All those idiots in chicago acting like he is going to be the next best thing to kennedy and do good things for the people,are in for a rude awakening.He has alrealy proved he isnt any different than Bush or Clinton or any of the others by pardoning Bush from all crimes he committed in offfice saying crap like-its time to move on and forget stuff like that "which in essence is the same thing as saying-Let these autrocities keep happening."

Originally posted by Spartan005
I hate to say it but I think I'm finally starting to see where your coming from. No guns is just one step closer to the New World Order. maybe these conpiracies are actually real...

And Jaden, why don't you start making some sense out of your posts instead of making fun of people that put some thought into what they're writing.

Always a good idea to read the thread and engage your brain before engaging your typing hands.

Try that...then we'll talk.



1: You're a spineless coward who puts everyone who rapes your nonsensical drivel to shreds on ignore

2: You lack the intelligence or sense to put paid to anyone's arguments so for once in your life, stop embarressing yourself and stop typing.

Originally posted by Mr Parker


Thats why usually when i talk about them,it usually consists of 9/11, or the kennedy assassination where the evidence is overwhelming that it was an inside job.I dont do like Deano and talk about something like Lizard people where theres no hard evidence to back it up.Btw,since your being mature and nice about all this - I appreciate you defending me against jaden like that,since last time we spoke about it,at the time I didnt know near as much about 9/11 as I do now.since then I have learned so much more than I did now of overwhelming evidence that is out there that proves it was for sure an inside job.since your being nice and respectful to me -which again I appreciate that,would you like me to send you some stuff by pm to you about 9/11 that will blow you away that we can talk about? oh and you should watch that video THE OBAMA DECEPTION.



What's the matter? Do you not have the courage of your convictions enough to post this new "evidence" in the public forum? Or are you afrai that, once again, it'll fall massively short of truth and will be destroyed by the likes of me?

Bilderberg 2009 Attendee List (revised)


May 18, 2009


Dutch Queen Beatrix

Queen Sofia of Spain

Prince Constantijn (Belgian Prince)

Prince Philippe Etienne Ntavinion, Belgium

Étienne, Viscount Davignon, Belgium (former vice-president of the European Commission)

Josef Ackermann (Swiss banker and CEO of Deutsche Bank)

Keith B. Alexander, United States (Lieutenant General, U.S. Army, Director of the National Security Agency)

Roger Altman, United States (investment banker, former U.S. Deputy Treasury Secretary under Bill Clinton)

Georgios A. Arapoglou, Greece (Governor of National Bank of Greece)

Ali Babaca , Turkey (Deputy Prime Minister responsible for economy)

Francisco Pinto Balsemăo, Portugal (former Prime Minister of Portugal)

Nicholas Bavarez, France (economist and historian)

Franco Bernabč, Italy (Telecom Italia)

Xavier Bertrand, France (French politician connected to Nicolas Sarkozy)

Carl Bildt, Sweden (former Prime Minister of Sweden)

January Bgiorklount, Norway (?)

Christoph Blocher, Switzerland (industrialist, Vice President of the Swiss People’s Party)

Alexander Bompar, France (?)

Ana Patricia Botin, Spain, (President of Banco Banesto)

Henri de Castries, France (President of AXA, the French global insurance companies group)

Juan Luis Cebrián, Spain (journalist for Grupo PRISA; his father was a senior journalist in the fascist Franco regime)

W. Edmund Clark, Canada (CEO TD Bank Financial Group)

Kenneth Clarke, Great Britain (MP, Shadow Business Secretary)

Luc Cohen, Belgium (?)

George David, United States (Chairman and former CEO of United Technologies Corporation, board member of Citigroup)

Richard Dearlove, Great Britain (former head of the British Secret Intelligence Service)

Mario Draghi, Italy (economist, governor of the Bank of Italy)

Eldrup Anders, Denmark (CEO Dong Energy)

John Elkann, Italy (Italian industrialist, grandson of the late Gianni Agnelli, and heir to the automaker Fiat)

Thomas Enders, Germany (CEO Airbus)

Jose Entrekanales, Spain (?)

Isintro phenomena casket, Spain (?)

Niall Ferguson, United States (Professor of History at Harvard University and William Ziegler Professor at Harvard Business School)

Timothy Geithner, United States (Secretary of the Treasury)

Ntermot convergence, Ireland (AIV Group) (?)

Donald Graham, United States (CEO and chairman of the board of The Washington Post Company)

Victor Chalmperstant, Netherlands (Leiden University)

Ernst Hirsch Ballin, Netherlands (Dutch politician, minister of Justice in the fourth Balkenende cabinet, member of the Christian Democratic Appeal)

Richard Holbrooke, United States (Obama’s special envoy for Afghanistan and Pakistan)

Jaap De Hoop Scheffer, Netherlands (Dutch politician and the current NATO Secretary General)

James Jones, United States (National Security Advisor to the White House)

Vernon Jordan, United States (lawyer, close adviser to President Bill Clinton)

Robert Keigkan, United States (? - possibly Robert Kagan, neocon historian)

Girki Katainen, Finland (?)

John Kerr (aka Baron Kerr of Kinlochard), Britain (Deputy Chairman of Royal Dutch Shell and an independent member of the House of Lords)

Mustafa Vehbi Koç, Turkey (President of industrial conglomerate Koç Holding)

Roland GT, Germany (?)

Sami Cohen, Turkey (Journalist) (?)

Henry Kissinger, United States

Marie Jose Kravis, United States (Hudson Institute)

Neelie Kroes, Netherlands (European Commissioner for Competition)

Odysseas Kyriakopoulos, Greece (Group S & B) (?)

Manuela Ferreira Leite, Portugal (Portuguese economist and politician)

Bernardino Leon Gross, Spain (Secretary General of the Presidency)

Jessica Matthews, United States (President of the Carnegie Endowment for International Peace)

Philippe Maystadt (President of the European Investment Bank)

Frank McKenna, Canada (Deputy Chairman of the Toronto-Dominion Bank)

John Micklethwait, Great Britain (Editor-in-chief of The Economist)

Thierry de Montbrial, France (founded the Department of Economics of the École Polytechnique and heads the Institut français des relations internationales)

Mario Monti, Italy (Italian economist and politician, President of the Bocconi University of Milan)

Miguel Angel Moratinos, Spain (Minister of Foreign Affairs)

Craig Mundie, United States (chief research and strategy officer at Microsoft)

Egil Myklebust, Norway (Chairman of the board of SAS Group, Scandinavian Airlines System)

Mathias Nass, Germany (Editor of the newspaper Die Zeit)

Denis Olivennes, France (director general of Nouvel Observateur)

Frederic Oudea, France (CEO of Société Générale bank)

Cem Özdemir, Germany (co-leader of the Green Party and Member of the European Parliament)

Tommaso Padoa-Schioppa, Italy (Italian banker, economist, and former Minister of Economy and Finance)

Dimitrios Th.Papalexopoulo, Greece (Managing Director of Titan Cement Company SA)

Richard Perle, United States (American Enterprise Institute)

David Petraeus, United States (Commander, U.S. Central Command)

Manuel Pinho, Portugal (Minister of Economy and Innovation)

J. Robert S. Prichard, Canada (CEO of Torstar Corporation and president emeritus of the University of Toronto)

Romano Prodi, Italy (former Italian Prime Minister and former President of the European Commission)

Heather M. Reisman, Canada (co-founder of Indigo Books & Music Inc.).

Eivint Reitan, Norway (economist, corporate officer and politician for the Centre Party)

Michael Rintzier, Czech Republic (?)

David Rockefeller, United States

Dennis Ross, United States (special adviser for the Persian Gulf and Southwest Asia to Secretary of State Hillary Clinton)

Barnett R. Rubin, United States (Director of Studies and Senior Fellow, Center for International Cooperation)

Alberto Rouith-Gkalarthon, Spain (?)

Susan Sampantzi Ntintzer, Turkey (?) Guler Sabanci, President of Sabanci Holdings (?)

Indira Samarasekera, Canada (President of University of Alberta, Board of Directors Scotiabank)

Rountol Solten, Austria (?)

Jürgen E. Schrempp, Germany (CEO DaimlerChrysler)

Pedro Solbes Mira, Spain (economist, Socialist, Second Vice President and Minister of Economy and Finance)

Sampatzi Saraz, Turkey (banker) (?) possibly Süreyya Serdengeçti (former Governor of the Central Bank of Turkey) http://arsiv.zaman.com.tr/2002/05/29/ekonomi/h6.htm

Sanata Seketa, Canada (University of Canada) (?)

Lawrence Summers, United States (economist, Director of the White House’s National Economic Council)

Peter Sutherland, Ireland (Chairman, BP and Chairman of Goldman Sachs International)

Martin Taylor, United Kingdom (former chief executive of Barclays Bank, currently Chairman of Syngenta AG)

Peter Thiel, United States (Clarium Capital Management LCC, PayPal co-founder, Board of Directors, Facebook)

Agan Ourgkout, Turkey (?)

Matti Taneli Vanhanen, Finland, (Prime Minister)

Daniel L. Vasella, Switzerland (Chairman of the Board and Chief Executive Officer at Novartis AG)

Jeroen van der Veer, Netherlands (CEO of Royal Dutch Shell)

Guy Verhofstadt, Belgium (former Prime Minister)

Paul Volcker, U.S. (former Federal Reserve director, Chair of Obama’s Economic Recovery Advisory Board)

Jacob Wallenberg, Sweden (chairman of Investor AB and former chairman of Skandinaviska Enskilda Banken)

Marcus Wallenberg, Sweden (CEO of Investor AB, former chairman of Skandinaviska Enskilda Banken)

Nout Wellink, Netherlands (Chairman of De Nederlandsche Bank, Board of Directors, the Bank of International Settlements)

Hans Wijers, Netherlands (CEO of the multinational corporation AkzoNobel)

Martin Wolf, Great Britain (associate editor and chief economics commentator at the Financial Times)

James Wolfensohn, United States (former president of the World Bank)

Paul Wolfowitz, United States (for U.S. Deputy Secretary of Defense, President of the World Bank, currently AEI scholar)

Fareed Zakaria, United States (journalist, author, and CNN host)

Robert Zoellick, United States (former managing director of Goldman Sachs, President the World Bank)

Dora Bakoyannis, Greece (Minister of Foreign Affairs)

Anna Diamantopoulou, Greece (Member of Parliament for the Panhellenic Socialist Movement)

Yannis Papathanasiou, Greece (Minister of Finance)

George Alogoskoufis, Greece (former Minister)

George A. David, Greece (businessman, president of Coca-Cola)


http://www.infowars.com/bilderberg-2009-attendee-list/

Guardian Writer Hounded And Threatened Over Bilderberg Reporting


Monday, May 18, 2009


London Guardian writer Charlie Skelton has further detailed the constant harassment and stalking he has been forced to endure for daring to cover the 2009 Bilderberg meeting near Athens.

A somewhat distressed and emotionally exasperated Skelton has filed a fresh report explaining how he has been consistently followed around and spied upon by undercover police (pictured opposite) and government security officials during his time in Vouliagmeni, Greece.

http://www.guardian.co.uk/world/2009/may/18/bilderberg-charlie-skelton-dispatch1

“I came to make a few cracks about Bilderberg and ended up getting sledgehammered in the nuts.” Skelton writes, referring to the fact that his initial posts were written with a lighthearted and comical approach.

The situation quickly turned serious for Skelton however, once the secretive elite confab kicked off.

He has been arrested twice for attempting to take photographs close to the Astir Palace resort, inside of which 150 or so of the world’s most influential powerbrokers have been trading words and strategies for the past four days.

Skelton relates how he has been threatened by his stalkers and has even gotten into a scuffle with two of them.

“I have been stalked and harassed by Greek government security, I have hidden from them in stairwells, challenged them in the street, tried to arrest them, and been lied to by them.” he writes.

Skelton describes how he has approached different police departments around the city to demand answers on why he is being hounded, and how he has even seen one of his stalkers inside a police department.

Despite also visiting the British embassy after fearing for his safety, Skelton has been completely stonewalled by the authorities.

He repeats the words spoken to him by a police captain in Athens:

“No, I don’t think you have a problem. They only follow you to see where you are going. I think they don’t want to harm you. And if they do want to harm you, I’d sooner they don’t do that in Athens.”

“They follow you from police station to police station. They know that you have informed police that you are threatened. They are more careful now.”

http://www.guardian.co.uk/world/series/charlie-skeltons-bilderberg-files

Bilderberg Fears Losing Control In Chaos-Plagued World


Monday, May 18, 2009


Investigative journalist Daniel Estulin, whose information from inside Bilderberg has routinely proven accurate, states that the global elite’s plan to completely destroy the economy and ultimately lower global population by two thirds has stoked fears even within Bilderberg itself that the fallout from such chaos could ultimately result in the globalists losing their control over the world.

In a telephone interview, Estulin re-iterated his original points about Bilderberg’s 2009 agenda, which were released in a pre-meeting booklet to members. These include the notion that investors, whipped up into a false state of euphoria by the belief that the economy is recovering, are being suckered into ploughing their money back into the system as a set up for “massive losses and searing financial pain in the months ahead” as the stock market reverses its uptrend and plummets to new lows.

http://www.prisonplanet.com/leaked-agenda-bilderberg-group-plans-economic-depression.html

One of Bilderberg’s main topics of conversation at this year’s meeting was whether to oversee a long period of economic stagnation or to quickly sink the economy with a rapid depression.

Estulin called the “bank stress tests” recently conducted as being “little more than a shameless hoax based on the irrational assumption that the economy wont get as bad as it already is.”

Bilderberg are also intent in pushing through the Lisbon Treaty despite it being rejected by countries in Europe who allowed their population to vote on the issue, and are prepared to manufacture demonization campaigns against anti-EU pressure groups, namely the Libertas organization fronted by Declan Ganley.

One of Bilderberg’s primary concerns according to Estulin is the danger that their zeal to reshape the world by engineering chaos in order to implement their long term agenda could cause the situation to spiral out of control and eventually lead to a scenario where Bilderberg and the global elite in general are overwhelmed by events and end up losing their control over the planet.

Estulin said that the economic crisis is a vastly greater threat than a mere recession and that, as long as the present structure of the global economy remains the same, it will ultimately lead to a massive population reduction of two thirds within a generation or two.

Estulin said that such a massive crisis would bring many unknowns that “Scare and frighten some of the more savvy members of the Bilderberg inner circle who are wondering how far they have actually gone not only to destroy the world but perhaps even destroy themselves,” adding that this subject was a topic of conversation at this year’s meeting.

Estulin highlighted a phrase that he first ran across in Bilderberg documents many years ago but only came to understand more recently following the 2002 meeting in Chantilly Virginia, the term “demand destruction”.

Estulin said that a source connected to the World Bank explained to him that, “You destroy demand by destroying the world economy on purpose - which is what we’re witnessing right now,” added Estulin, “destruction of the world economy on purpose.”

Listen to Estulin’s interview with The Corbett Report below.

http://www.youtube.com/watch?v=hjjaGPMrK90&eurl=http%3A%2F%2Fwww.infowars.com%2Fbilderberg-fears-losing-control-in-chaos-plagued-world%2F&feature=player_embedded

http://www.infowars.com/bilderberg-fears-losing-control-in-chaos-plagued-world/

Who Rules America?


May 14, 2009


What do you suppose it is like to be elected president of the United States only to find that your power is restricted to the service of powerful interest groups?

A president who does a good job for the ruling interest groups is paid off with remunerative corporate directorships, outrageous speaking fees, and a lucrative book contract. If he is young when he assumes office, like Bill Clinton and Obama, it means a long life of luxurious leisure.

Fighting the special interests doesn’t pay and doesn’t succeed. On April 30 the primacy of special over public interests was demonstrated yet again. The Democrats’ bill to prevent 1.7 million mortgage foreclosures and, thus, preserve $300 billion in home equity by permitting homeowners to renegotiate their mortgages, was defeated in the Senate, despite the 60-vote majority of the Democrats. The banksters were able to defeat the bill 51 to 45.

These are the same financial gangsters whose unbridled greed and utter irresponsibility have wiped out half of Americans’ retirement savings, sent the economy into a deep hole, and threatened the US dollar’s reserve currency role. It is difficult to imagine an interest group with a more damaged reputation. Yet, a majority of “the people’s representatives” voted as the discredited banksters instructed.

Hundreds of billions of public dollars have gone to bail out the banksters, but when some Democrats tried to get the Senate to do a mite for homeowners, the US Senate stuck with the banks. The Senate’s motto is: “Hundreds of billions for the banksters, not a dime for homeowners.”

If Obama was naive about well-intentioned change before the vote, he no longer has this political handicap.

Democratic Majority Whip Dick Durbin acknowledged the voters’ defeat by the discredited banksters. The banks, Durbin said, “frankly own the place.”

It is not difficult to understand why. Among those who defeated the homeowners bill are senators Jon Tester (Mont), Max Baucus (Mont), Blanche Lincoln (Ark), Ben Nelson (Neb), Many Landrieu (La), Tim Johnson (SD), and Arlan Specter (Pa). According to reports, the banksters have poured a half million dollars into Tester’s campaign funds. Baucus has received $3.5 million; Lincoln $1.3 million; Nelson $1.4 million; Landrieu $2 million; Johnson $2.5 million; Specter $4.5 million.

The same Congress that can’t find a dime for homeowners or health care appropriates hundreds of billions of dollars for the military/security complex. The week after the Senate foreclosed on American homeowners, the Obama “change” administration asked Congress for an additional $61 billion dollars for the neoconservatives’ war in Iraq and $65 billion more for the neoconservatives’ war in Afghanistan. Congress greeted this request with a rousing “Yes we can!”

The additional $126 billion comes on top of the $533.7 billion “defense” budget for this year. The $660 billion–probably a low-ball number–is ten times the military spending of China, the second most powerful country in the world.

How is it possible that “the world’s only superpower” is threatened by the likes of Iraq and Afghanistan? How can the US be a superpower if it is threatened by countries that have no military capability other than a guerilla capability to resist invaders?

These “wars” are a hoax designed to enrich the US armaments industry and to infuse the “security forces” with police powers over American citizenry.

Not a dime to prevent millions of Americans from losing their homes, but hundreds of billions of dollars to murder Muslim women and children and to create millions of refugees, many of whom will either sign up with insurgents or end up as the next wave of immigrants into America.

This is the way the American government works. And it thinks it is a “city on the hill, a light unto the world.”

Americans elected Obama because he said he would end the gratuitous criminal wars of the Bush brownshirts, wars that have destroyed America’s reputation and financial solvency and serve no public interest. But once in office Obama found that he was ruled by the military/security complex. War is not being ended, merely transferred from the unpopular war in Iraq to the more popular war in Afghanistan. Meanwhile, Obama, in violation of Pakistan’s sovereignty, continues to attack “targets” in Pakistan. In place of a war in Iraq, the military/security complex now has two wars going in much more difficult circumstances.

Viewing the promotion gravy train that results from decades of warfare, the US officer corps has responded to the “challenge to American security” from the Taliban. “We have to kill them over there before they come over here.” No member of the US government or its numerous well-paid agents has ever explained how the Taliban, which is focused on Afghanistan, could ever get to America. Yet this hyped fear is sufficient for the public to support the continuing enrichment of the military/security complex, while American homes are foreclosed by the banksters who have destroyed the retirement prospects of the US population..

According to Pentagon budget documents, by next year the cost of the war against Afghanistan will exceed the cost of the war against Iraq. According to a Nobel prize-winning economist and a budget expert at Harvard University, the war against Iraq has cost the American taxpayers $3 trillion, that is, $3,000 billion in out-of-pocket and already incurred future costs, such as caring for veterans.

If the Pentagon is correct, then by next year the US government will have squandered $6 trillion dollars on two wars, the only purpose of which is to enrich the munitions manufacturers and the “security” bureaucracy.

The human and social costs are dramatic as well and not only for the Iraqi, Afghan, and Pakistani populations ravaged by American bombs. Dahr Jamail reports that US Army psychiatrists have concluded that by their third deployment, 30 percent of American troops are mental wrecks. Among the costs that reverberate across generations of Americans are elevated rates of suicide, unemployment, divorce, child and spousal abuse, drug and alcohol addiction, homelessness and incarceration. http://www.truthout.org/051209J?n

In the Afghan “desert of death” the Obama administration is constructing a giant military base. Why? What does the internal politics of Afghanistan have to do with the US?

What is this enormous waste of resources that America does not have accomplishing besides enriching the American munitions industry?

China and to some extent India are the rising powers in the world. Russia, the largest country on earth, is armed with a nuclear arsenal as terrifying as the American one. The US dollar’s role as reserve currency, the most important source of American power, is undermined by the budget deficits that result from the munition corporations’ wars and the bankster bailouts.

Why is the US making itself impotent fighting wars that have nothing whatsoever to do with its security, wars that are, in fact, threatening its security?

The answer is that the military/security lobby, the financial gangsters, and AIPAC rule. The American people be damned.

http://www.infowars.com/who-rules-america/

ABC News Reports On Secret Meeting Of The Rich, Yet Ignores Bilderberg Completely


Wednesday, May 20, 2009


ABC News today devoted a prominently featured three page story to a “secret meeting” of rich philanthropists which took place earlier this month in New York, and yet one of the biggest news corporations in America was completely silent during a far more important meeting of around 150 of the world’s powerbrokers at the Bilderberg conference last week.

At time of press, the ABC News story is the second top story on the ABCNews.com website under the headline, America’s Richest Givers’ Secret Meeting.

http://abcnews.go.com/Business/story?id=7628545&page=1

“Under a cloak of secrecy, some of the world’s wealthiest people gathered in an unprecedented meeting early this month in New York City possibly to coordinate strategies for giving their vast fortunes to charity in the midst of the financial crisis,” begins the report, before descending into a deluge of fawning idolatry about how people like David Rockefeller, Bill Gates and Ted Turner, who has repeatedly called for world population to be reduced by a shocking 95% as well as a one child policy instituted in the west, are committed to saving the poor from the ravages of the economic crisis with their benign acts of philanthropy.

http://www.jonesreport.com/article/04_08/28turner_911.html

The report states that the meeting is “enough to spark the imaginations of conspiracy theorists everywhere,” linking to a previous ABC News report that implies people who believe that powerful individuals conspire to rule the world in secret are probably mentally ill.

http://a.abcnews.com/Health/MindMoodNews/story?id=6443988&page=1

The most vomit inducing paragraph of the whole article arrives when ABC asks, “There remain as many questions about the meeting’s details as there are about the logistics behind its organization. How did some of the world’s most public figures coordinate their schedules, travel, and security with no one in media knowing about it?”

Well how indeed did they manage to do that I wonder? 150+ of the global elite manage to do it on a routine basis every single year without barely a whimper from the corporate media, despite the location of the Bilderberg meeting leaking in advance every time.

They manage to do it because the corporate media was castrated decades ago and is merely a PR machine for the establishment, which is why they dutifully follow orders not to report on what would otherwise be a gargantuan story of worldwide interest in the form of the secret Bilderberg Group meetings.

ABC News is owned by the Walt Disney Company, Vice Chairman of which is Roy Disney, nephew of Walt Disney himself. Roy Disney is a Bilderberg member, having attended the secretive cabal’s 1999 conference in Sintra, Portugal.

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=17083

Since all Bilderberg members adhere to “Chatham House Rules,” forbidding the revelation of anything that was discussed, it’s unsurprising that ABC refused to report on the global elite’s annual confab in Greece near Athens last week, a story that dwarves this much vaunted “meeting of the rich” in terms of both the number and the influence of the numerous powerbrokers who attended.

Bilderberg 2009 coverage was left to a gaggle of alternative media citizen journalists who were harassed, stalked, detained and physically assaulted every step of the way by secret police and security goons at the behest of Bilderberg.

ABC News’ “meeting of the rich” exclusive is a pathetic attempt at convincing its declining audience that the corporate media has any interest in uncovering the secret agenda of the elite, when in reality the story is nothing more than a sophistic exercise in ass kissing and creeping adulation for people like David Rockefeller and Ted Turner, who are portrayed as philanthropic saviors of the planet, when they are in fact nothing more than globalist scum intent on destroying U.S. sovereignty and eliminating us “useless feeders” by means of population reduction programs which they have routinely advocated.

http://www.youtube.com/watch?v=keLC-_4C5RM&eurl=http%3A%2F%2Fwww.infowars.com%2Fabc-news-reports-on-secret-meeting-of-the-rich-yet-ignores-bilderberg-completely%2F&feature=player_embedded

Bilderberg Club’s plan

http://www.youtube.com/watch?v=IGTScCy-do0&eurl=http%3A%2F%2Fwww.infowars.com%2Falex-jones-bilderberg-clubs-plan%2F&feature=player_embedded

We all need to wake up and stop these animals from culling us and enslaving us. We need a Revolution, we need to wake up all our neighb ours and defend our freedoms.

Obama's economic model versus reality


Prior to Obama's Inauguration on January 20th, his economic team released a model projecting what the American Recovery and Reinvestment Plan would do to the US economy and how many jobs it would create, etc. The report was written by Christina Romer and Jared Bernstein. The report in full is available here: http://otrans.3cdn.net/45593e8ecbd339d074_l3m6bt1te.pdf

I would like to turn attention to Figure 1 which is located on page 4. That figure shows the estimated unemployment rate WITH the economic recovery package versus the unemployment rate WITHOUT the economic recovery package.

Now, this was prior to the passing and final draft of the AEEP. However, they took estimates as to the size and scope of the plan and by and large, they were fairly accurate. The final bill is estimated at costing $787 billion dollars while it was estimated in this report to be around $775 billion. The bill was signed into law less than four weeks after taking office.

Now, back to Figure 1. As can be seen, they estimated that by this time (June 2009), the unemployment rate WITHOUT the stimulus package would have been about 8.2%. With the economic package, it would have been a whopping 7.9%. That's a full 1.5% lower than what the BLS estimates the unemployment rate to currently be.

Obama's economic models, much like his policies, are failing horribly when tested against reality. It's quite clear that Obama's models are horribly inaccurate and overly optimistic, given that it was expecting the economy to turn around almost immediately upon his arrival at the White House as well as the magnitude of that error in analysis and prediction.

They've only actually spent a relatively small fraction of the money so far.

Originally posted by edisonik
We all need to wake up and stop these animals from culling us and enslaving us. We need a Revolution, we need to wake up all our neighb ours and defend our freedoms.

exactly.the problem though and i have relatives who are like this,is that they only see what they WANT to see and are in too much denial.for instance some can accept it that the kennedy assassination was an inside job-but they dont realise how it still affects us today,but they cant accept it that 9/11 was cause that tragedy hits closer to home with them and they cant see how evil Bush really is being die hard loyal republicans that they are.when I tell them how evil and corrupt Clinton is,they listen and take in what I say,but ANYTHING about Bush just goes through one ear and out the other with them.they just dont get it how both parties are corrupt and theres no difference between the two.

Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship

Thursday, June 18, 2009

President Obama’s plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy, which is likely to be enacted before the end of the year, will officially herald the beginning of a new form of government in the United States - an ultra-powerful banking dictatorship controlled by a small gaggle of shadowy and corrupt elitists.

The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets.

This goes a step further than the centrally planned economies of the Soviet Union or Communist China, in that the Federal Reserve is not even accountable to the U.S. government, it is a private entity that according to former Fed chairman Alan Greenspan, is accountable to nobody but the banking families that own it.

Obama’s regulatory “reform” plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed.

According to an Associated Press report today, Democratic leaders have committed to enacting the plan before the end of the year and Republicans in both the House and Senate have indicated that they won’t stand in the way of the overhaul.

“The final plan….is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the Washington Times.

In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the U.S. financial system, to do as it wishes without repercussion.

As the LA Times reports, the government, in conjunction with the private Federal Reserve, would effectively have the clout to simply seize and take over any company it desires.

In order to appease those opposed to the plan, such as Sen. Christopher J. Dodd, chairman of the Committee on Banking, Housing and Urban Affairs, the Obama administration has agreed to create a “watchdog” council of regulators to “advise the Fed”.

However, as former chairman Alan Greenspan has most recently pointed out, given that the Fed is an independent entity, and therefore accountable to no one, it will have the power to simply reject and overrule any advice it is offered.

Pointing out the flagrant conflict of interest in empowering the Federal Reserve to essentially regulate itself, Professor of public affairs at the University of Texas at Austin Robert Auerbach writes, “The Federal Reserve has massive conflicts of interest that make it ill suited for its present regulatory functions and certainly for an expanded regulatory reach. The officials leading the Fed today preside over an organization that is run in substantial part by the bankers they regulate. Bank regulation begins at its 12 district Federal Reserve Banks, each governed by a nine-member board of directors, two-thirds of whom are elected by the bankers in the district.”

As economic author Nomi Prins highlights, Obama’s plan does nothing whatsoever to fix the excesses of financial institutions blamed for the financial collapse, it only ensures their continued operation and an expansion of the practices that contributed to the economic crisis in the first place.

“The ’sweeping overhaul’ of the financial system detailed by Geithner on behalf of the Obama administration does not overhaul the system at all,” writes Prins, “giving the Fed a bigger role, creating a ‘council of regulators’ to oversee the existing oversight bodies and allowing the biggest Wall Street players to maintain their status, leaves the system intact.”

“The Federal Reserve is not a fully public entity. It has amassed a set of $7.87 trillion worth of facilities and other entities through which it has lavished cheap loans in return for questionable collateral from the banking system. It has kept the true nature of these transactions a secret despite numerous FOIA requests. And, it has actively promoted the creation of bigger institutions in a chaotic environment, rather than putting the brakes on the creation of these giants,” concludes Prins.

Proof that the agenda of implementing overt financial dictatorship is being carefully coordinated can be seen in the fact that an almost identical scheme is also being set up in the United Kingdom, where “The governor of the Bank of England has called for greater powers to allow it to fulfil its new role of promoting financial stability,” according to a BBC report

Just as in the U.S., King is calling for traditional independent regulatory bodies to be all but abolished and replaced by the Bank of England itself, which just like the Federal Reserve is a private outfit with no accountability to the government whatsoever.

The mainstream media, for the most part, has reported the oversight plan as a much needed regulatory crackdown on those responsible for the financial crisis. However, the details of the plan constitute almost exactly what lobbyists for leading bankers have been pushing for over the past few weeks.

“All derivatives contracts will be subject to regulation and all derivatives dealers subject to supervision,” Treasury Secretary Timothy F. Geithner said at a Time Warner Economic Summit in New York on Monday, also noting “When you have too many people involved, there’s an accountability problem.”

As we reported earlier this month, heads of nine of the biggest banks in the derivatives market, including JP Morgan Chase, Goldman Sachs, Citigroup and Bank of America, secretly lobbied to keep derivatives under Federal Reserve “oversight” and away from real scrutiny.

As reported by The New York Times, they all met secretly to discuss how to use the lax regulation and institutional secrecy of the NY Fed to shield their credit-default swaps business from prying eyes and attempts at regulation.

The banks formed a lobby– the CDS Dealers Consortium– only weeks after accepting TARP funds in October 2008 to protect its interests. Heading this effort was Edward Rosen, who previously helped fend off derivatives regulation. Rosen wrote and circulated a “confidential memo” to the Treasury Department and leaders on Capital Hill, making their agenda clear, the Times reported.

Rosen and his backers propose that derivatives be “traded in privately managed clearinghouses, with less disclosure,” according to the Times. The clearinghouse of choice for the big banks in Rosen’s CDS Consortium is ICE U.S. Trust, which is in turned regulated only by the Federal Reserve system.

So the upshot of all this is that the bankers get what they want, are allowed to carry on as they were, while at the same time the fractional reserve banking system and the federal government are both greatly expanded and empowered, and the compliant corporate media ludicrously tells us that a strict crackdown is underway.

This kind of activity is exactly what some leading representatives have warned of in recent weeks.

A fortnight ago, the Democratic Chairman of the Agriculture Committee, Collin Peterson, announced to the press that “The banks run the place,” in reference to the US Congress.

While Peterson is also pushing for legislation to regulate derivatives trading, his proposed bill would limit derivatives trading to public exchanges, rather than private clearinghouses, which are managed by banks.

Peterson’s warning mirrors that of Democratic Senator Dick Durbin, who just a few weeks before uttered the same rarely acknowledged truth.

“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place,” Durbin said.

How simultaneously dangerous and ridiculous it is that the Federal Reserve is given more authority to oversee the economy. This is the same privately run entity that refused to comply with congressional demands for transparency and disclose the destination of trillions dollars in bailout funds. It is the same privately owned entity that has withheld internal memos, in spite of freedom of information act requests. It is the same private entity, run for the most part by European banking elites, that has arrogantly refused to tell Senators and Congressmen which banks were in receipt of government loans.

The government is ready to hand over everything to a monolithic private corporation and a gaggle of bastard banker offspring, that have gobbled up an amount close to the entire GDP of the country in taxpayers’ money and figuratively stuck the middle finger up regarding questions over where that money has gone.

It can be no more apparent than at this time that legislation to audit, repeal and eventually end the Federal Reserve, must be supported by Americans if they want to see their children and their grandchildren grow up without indentured debt and entrenched servitude to a fascistic marriage of private banks and hugely inflated government.

http://www.infowars.com/obama-regulatory-reform-plan-officially-establishes-banking-dictatorship/

Heres the report from the associated press that states that neither the Democrats OR the Republicans will stand in the way of the banksters plans to take over:

http://apnews.myway.com/article/20090618/D98T16I80.html

Here is the report from the Washington Times that describes just how far reaching the power of this privately owned banking institution - the Federal Reserve - will be after the changes are enforced:

http://www.washingtontimes.com/news/2009/jun/16/plan-gives-fed-sweeping-power-over-companies/?feat=home_headlines

Here is a report from the LA times basicly stating that the Federal Reserve will now have the power to take over any company it chooses to:

http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story

The Democratic Chairman of the Agriculture Committee, Collin Peterson, announced to the press that “The banks run the place,” in reference to the US Congress:

http://infowars.net/articles/june2009/020609Bankers.htm

Dick Durban said the same thing:

http://www.huffingtonpost.com/2009/04/29/dick-durbin-banks-frankly_n_193010.html

International Bailout Brings Us Closer to Economic Collapse

Ron Paul

June 24, 2009

Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.

We are buying nothing but evil and global oppression by sending your taxdollars to the IMF.

Many of my colleagues who voted with me as I opposed every war supplemental request under the previous administration seem to have changed their tune. I maintain that a vote to fund the war is a vote in favor of the war. Congress exercises its constitutional prerogatives through the power of the purse, and as long as Congress continues to enable these dangerous interventions abroad, there is no end in sight, that is until we face total economic collapse.

From their spending habits, an economic collapse seems to be the goal of Congress and this administration. Washington spends with impunity domestically, bailing out and nationalizing everything they can get their hands on, and the foreign aid and IMF funding in this bill can rightly be called an international bailout!

As Americans struggle through the worst economic downturn since the Great Depression, this emergency supplemental appropriations bill sends $660 million to Gaza, $555 million to Israel, $310 million to Egypt, $300 million to Jordan, and $420 million to Mexico. Some $889 million will be sent to the United Nations for so-called “peacekeeping” missions. Almost one billion dollars will be sent overseas to address the global financial crisis outside our borders. Nearly $8 billion will be spent to address a “potential pandemic flu” which could result in mandatory vaccinations for no discernable reason other than to enrich the pharmaceutical companies that make the vaccine.

Perhaps most outrageous is the $108 billion loan guarantee to the International Monetary Fund. These new loan guarantees will allow that destructive organization to continue spending taxpayer money to prop up corrupt leaders and promote harmful economic policies overseas.

Not only does sending American taxpayer money to the IMF hurt citizens here, evidence shows that it even hurts those it pretends to help. Along with IMF loans comes IMF required policy changes, called Structural Adjustment Programs, which amount to forced Keynesianism. This is the very fantasy-infused economic model that has brought our own country to its knees, and IMF loans act as the Trojan Horse to inflict it on others. Perhaps most troubling is the fact that leaders in recipient nations tend to become more concerned with the wishes of international elites than the wishes and needs of their own people. Argentina and Kenya are just two examples of countries that followed IMF mandates right off a cliff. The IMF frequently recommends currency devaluation to poorer nations, which has wiped out the already impoverished over and over. There is also a long list of brutal dictators the IMF happily supported and propped up with loans that left their oppressed populace in staggering amounts of debt with no economic progress to show for it.

We are buying nothing but evil and global oppression by sending your taxdollars to the IMF. Not to mention there is no Constitutional authority to do so. Our continued presence in Iraq and Afghanistan does not make us safer at home, but in fact undermines our national security. I vehemently opposed this Supplemental Appropriations Bill and was dismayed to see it pass so easily.

http://www.infowars.com/international-bailout-brings-us-closer-to-economic-collapse/

On March 20, 1969, Dr. Richard Day, the National Medical Director of the Rockefeller-sponsored “Planned Parenthood” told a meeting that American industry will be sabotaged and shown to be uncompetitive.

In view of the recent bankruptcy of General Motors, his remarks are especially pertinent.

“The stated plan was that different parts of the world would be assigned different roles of industry and commerce in a unified global system. The continued preeminence of the United States and the relative independence and self-sufficiency of the United States would have to be changed… in order to create a new structure, you first have to tear down the old, and American industry was one example of that.”

“Each part of the world will have a specialty and thus become inter-dependent, he said. The US will remain a center for agriculture, high tech, communications, and education but heavy industry would be “transported out.”

These remarks to the Pittsburgh Pediatric Society were reported by Dr. Lawrence Dunegan, a Pittsburgh pediatrician who died in Jan. 2004. The speech described “A New World System” already in place which would permanently transform the world.

Dr. Day wanted the 80 or so physicians present to be prepared. The transcript of Dunegan’s recollections has been posted here and should be read in full. However, I’ll provide a summary here.

http://www.overlordsofchaos.com/html/new_order_of_barbarians.html

Much of what Day promised in 1969 is looking like a rear-view mirror today. But ominous events have yet to transpire. They do want to implant a chip in us so they can find and identify us, as well as monitor and control our purchases.

They are weaning us off national allegiance and will resort to terrorism to win our assent to their global police state. They may use “one or two nuclear bombs to convince people we mean business,” Day said.

He refrained from mentioning who “we” are but said the names are recognizable. Given that he worked for the Rockefellers, I assume he meant the Rockefellers and their bosses, the Rothschilds.

This adds weight to the widely-held view that the central bankers are responsible for most terrorism, using MI-6, Mossad and the CIA. Dr. Day also said that “war is obsolete” given the danger of nuclear exchange so terrorism would be used instead. This was 1969.

He said that there are always two reasons for anything the Rockefellers do: the pretext which makes it palatable to the gullible public and the real reason. Thus, as I argued in my book “Cruel Hoax” (2007), we are being turned into homosexuals in the name of “women’s and gay rights.” Gender-neutered and promiscuous, fewer people are able to bond permanently with a member of the opposite sex for the purpose of procreation.

Dr. Day said sex will be separated from marriage and reproduction ( i.e. “sexual liberation”) to break up the family and reduce population. Abortion, divorce and homosexuality will be made socially acceptable.

“Homosexuals will be given permission to act out. Everyone including the elderly will be encouraged to have sex. It will be brought out into the open. Anything goes.” The ultimate goal is to have sex without reproduction. Reproduction without sex will occur in laboratories. Family size will be limited as in China.

It will be made more difficult for families to stay together. More women will work outside the home and more people will remain single. Sports instead of dolls will be promoted to girls so they will seek achievement instead of family. Girls will be taught they are the same as boys.

In general, international sports like soccer and hockey will be pushed so Americans will see themselves as “world citizens.” American sports like baseball and football will not be similarly encouraged.

Pornography, violence and obscenity on TV and in movies will be increased. People will be desensitized to violence and porn and made to feel life is short, precarious and brutish. Music will “get worse” and will be used for indoctrination.

There will be unemployment and mass migration in order to uproot long established (conservative) communities. Social change will be introduced in port cities and work its way to the heartland. (Thus, the east and west coast are liberal.)

He said a cure to cancer exists in the Rockefeller Institute but is kept secret for purposes of depopulation. He said there will be an increase in infectious man-made diseases.

Dr. Day, who worked in weather modification during the war, said weather can be used to wage war or create drought and famine. The food supply will be monitored so no one can get enough food to “support a fugitive from the New System.” Growing your own food will be outlawed under the pretext of it being unsafe.

He said people are controlled by means of the information they are given. Thus, information will be selective. Not everyone will be allowed to own books. “Certain books will disappear from libraries.” Literary classics will be subtly altered. People will spend longer in school but not learn anything. There will be restrictions on travel; and private home ownership will disappear.

He said people who don’t want to go along will be “disposed of humanely.” He said there will be no martyrs–”people will just disappear.”

Our political and cultural “leaders” are accomplices in a plot to re-engineer humanity to serve the Judeo-Masonic central banking cartel. Wars, terrorism, depressions, political and social change, entertainment and fads are all contrived to gradually bring about an Orwellian police state.

Dr. Day says politicians are manipulated “without their even knowing it.” Their failure to protect us from this Satanic conspiracy is a betrayal of the first order. We have to alert the sincere ones and reach soldiers and police too. Civilization hangs in the balance. We are in real danger and should organize in small independent units.

People are hurting now and are more receptive to this information. This “economic downturn” is deliberate and part of the police state agenda. We have to educate people who think these events are random. The Rockefellers and their traitorous lackeys won’t bring this off if the intelligentsia and masses are aware of the truth.

http://www.henrymakow.com/illuminati_bankers_seek_revolu.html

Progressives and Leftists need to learn that “progress” and “change” really refer to totalitarian world government. This is the change they “believe in.” Dr. Day said in 1969, “people will have to get used to constant change.” I used to be a Liberal-Leftist myself. If I can see the real meaning of “changing the world,” others can too.

We also have to take practical steps to defend ourselves, our families and our freedom.

Our society and culture are a fraud based on one central fraud, the monopoly over government credit in the hands of Cabalist private bankers. They are using this power to extend their monopoly over every aspect of our lives by manipulating world events and social behavior. The only way to save civilization from failure is to nationalize the Central Banks.

Ron Paul: Obama’s ‘goal’ is economic collapse


David Edwards and Stephen Webster

June 23, 2009


Ron Paul, the popular Republican Congressman from Texas, is ripping into the president and Congress for what he sees as their “goal” with round after round of stimulus: complete economic collapse.

“From their spending habits, an economic collapse seems to be the goal of Congress and this administration,” he said in his June 22, 2009, weekly address.

He added that Democrats who voted for the president’s war funding request, which gave an additional $106 billion to military operations in Afghanistan and Iraq — among other, unrelated items — were actually voting in favor of the wars, not just authorization of the president’s agenda.

He called it an affront to everyone who believed a vote for Obama was a vote for a peace candidate.

The president’s insistence on including an additional $108 billion in asset exchange with the International Monetary Fund is merely “buying global oppression,” he said.

http://rawstory.com/news/afp/US_Senate_keeps_IMF_financing_in_wa_05212009.html

Paul added that, “this $660 million to Gaza, $555 million to Israel, $310 million to Egypt, $300 million to Jordan and $420 million to Mexico; and some $889 million will be sent to the United Nations for so-called peace keeping missions.”

In other words, the latest U.S. war funding was an “International bailout,” he said.

The legislation’s provisions for the IMF included 100 billion dollars for the New Arrangements to Borrow (NAB), a credit instrument providing the multilateral institution with additional resources to deal with exceptional risks to the stability of the international monetary system.

They also include an expansion of the nation’s special drawing rights by five billion SDRs, adding roughly eight billion dollars to the IMF’s financial firepower.

The 100 billion dollars for the NAB acts as a credit line for the IMF in case member countries need emergency loans that exceed the institution’s resources. As such, the money is not considered an immediate budget expense.

Sen. Jim DeMint (R-SC) had proposed to strip out the IMF funds, but his measure was defeated in May by a vote of 64-30.

“Not only does sending money to the IMF hurt citizens here, evidence shows that it even hurts those it pretends to help,” Paul said. “Along with IMF loans come IMF required policy changes called ’structural adjustment programs,’ which amount to forced Keynesianism. This is the very fantasy-infused economic model that brought our own country to its knees.”

http://www.history-ontheweb.co.uk/concepts/keynesianism51.htm

http://rawstory.com/08/news/2009/06/23/ron-paul-obamas-goal-is-economic-collapse/

Bilderberg 2009 Intel Already Proving Accurate


James Corbett
The Corbett Report
Thursday, June 25, 2009


Observers of the annual elitist confab known as Bilderberg have long known that plans discussed at the conference quickly become reality. In 2002, Bilderberg researcher Jim Tucker correctly predicted that the Iraq war would start in March 2003 (not late 2002, as many were predicting at the time). In 2006, Daniel Estulin correctly forecast the popping of the housing bubble and subsequent economic crash, a possibility that most talking heads in the corporate media were laughing at at the time. In 2008, Tucker forecast a dramatic drop in oil prices while most analysts were fretting about the possibility of $200 a barrel oil. Tucker and Estulin have proven so stunningly accurate in their predictions not because they have a crystal ball, but because they have sources inside the Bilderberg Group and other organizations where financial oligarchs and their political puppets make decisions about our geopolitical future.

2009 is not even half over, but it seems the forecasts made by both Estulin and Tucker based on their 2009 Bilderberg sources are already proving to be accurate. In a phone interview conducted as this year’s conference was getting underway in Greece, Daniel Estulin warned The Corbett Report that the powers that be were preparing to run up the stock market one final time in order to draw the masses back into investing before crashing the market. Now, a worrying new report suggests that this is precisely the case as corporate executives start ditching their stocks at a rate not seen in years. Watch an excerpt from the interview in the video player below:

The Bloomberg report suggests that the market—currently enjoying one of the greatest rallies in decades as stocks continue to rise from last year’s post-crash nadir—is about to have the rug pulled out from under it, a fact that corporate executives in the know are taking to heart as they scramble to get rid of their worthless stocks before the general public realize what’s going on. Add to this the stunning news that U.S. Embassies around the globe have been instructed to prepare for a bank holiday in September and growing opposition to the Obama Administration’s stunning proposal to give the private Federal Reserve sweeping new dictatorial powers over the entire U.S. economy and there is little doubt that an economic collapse the likes of which Estulin discussed is becoming more likely by the day.

Should an economic collapse occur as predicted, social and political changes of world historical importance will be the inevitable result. Jim Tucker, who also recently joined The Corbett Report for a telephone interview, has predicted that the ongoing world financial crisis will be manipulated by Bilderberg to further their long-held goal of crafting a North American Union along the lines of the European Union. Indeed, we have already seen call for the centralization of financial regulatory power from Bilderbergers like German chancellor Andrea Merkel, who argue that national sovereignty over financial regulation is what caused the crisis in the first place. More chillingly, Estulin believes the worldwide economic depression which we are currently entering could ultimately result in the deaths of over 4 billion people, or roughly 2/3 of the planet’s population. This is certainly one way to achieve elitist goals of vast population reduction, an item high on the agenda of another secretive meeting of billionaires (chaired by Bilderberger David Rockefeller) just weeks before this year’s Bilderberg conference.

Jim Tucker also stressed that manipulation of the swine flu hysteria was high on this year’s agenda, and that this crisis too would be used to consolidate power in international bodies such as the WHO. Preparations for ceding more and more power to unaccountable international bureaucrats in the event of a flu pandemic have been carefully crafted for years, and now the butchering of national sovereignty is to begin in earnest.

Again, recent events have made Tucker’s Bilderberg intelligence that much more credible. Since Bilderberg, the WHO has declared the first pandemic of the 21st century, opening the door to the very WHO power grab that Tucker warned about. The first real test of those powers may be as early as this fall, when a much-hyped seasonal resurgence of the surprisingly weak H1N1 flu may be used as an excuse to implement mass vaccinations. Preparations for just such a plan have been made in country after country including Canada, the U.S. and France.

The prospect of the WHO using their own campaign of swine flu hysteria to justify mass vaccinations in countries around the globe is triply frightening. Firstly, the vaccinations could be made mandatory, thus breaking fundamental tenants of freedom from forced medication which is the very pillar of a free society. Secondly, the swine flu vaccine is being developed by the very company that earlier this year sent out doses of live bird flu to be mixed in with their flu vaccines, an “accident” so incredibly likely that doctors in the Czech Republic accused the company of actually attempting to provoke a pandemic. Thirdly, the idea of a mass vaccination campaign is worrying because, as one of the co-developers of Tamiflu recently surmised, the recent swine flu strain itself was likely created during the vaccine production process.

Video On Medical Martial Law:

http://www.youtube.com/watch?v=dcX2MX35juw&eurl=http%3A%2F%2Fwww.prisonplanet.com%2Fbilderberg-2009-intel-already-proving-accurate.html&feature=player_embedded

http://www.prisonplanet.com/bilderberg-2009-intel-already-proving-accurate.html

Although the verification of this Bilderberg intelligence is of course quite worrying, the fact that Tucker and Estulin’s sources have proven accurate yet again provides some small solace. Firstly, it shows that the elitist plans can be exposed (and, if enough political will can be mustered, stopped) by legitimate researchers and alternative media. Secondly, it further discredits the corporate controlled media, which has only begun to shift from its previous canard that Bilderberg doesn’t exist to its latest canard that Bilderberg exists but is not important. The longer the corporate media continues to hold to this line in the face of blatantly obvious facts, the further discredited they will become and the faster the public will abandon the fast-disappearing media apparatus of the corporate propaganda machine. Meanwhile, the alternative media will continue to grow exponentially and awareness of Bilderberg amongst the general public will continue to rise.

Life On The Edge Of A Bubble:

http://www.mefeedia.com/entry/life-on-the-edge-of-a-bubble/18721622

Bernanke fearmongers that Fed audit would be ‘takeover’ by Congress, trigger economic collapse

Federal Reserve chair utilizes financial terrorism while rebuking attempt by Ron Paul, Congress to hold the independent organization accountable


Aaron Dykes

June 26, 2009


Federal Reserve chairman Ben Bernanke unleashed an alarming veiled threat of financial terrorism when he was questioned by Rep. Duncan on Thursday about his response to the fact that a majority of Congress co-sponsoring Ron Paul’s H.R. 1207 bill to audit the Federal Reserve.

Bernanke clearly regarded the bill’s intent as hostile to the institution he represents:

"My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."

The brunt of Bernanke’s statement is as crystal clear as a threat from a common street thug– back off from the Fed, or the economy gets it.

The chairman clearly implies that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a "takeover" and that the defensive and "repudiated" Fed would respond destructively.

Of course Congress’ constitutional power over money is enumerated in Article I, Section 8 of the U.S. Constitution:

The Congress shall have power… To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

http://www.law.cornell.edu/constitution/constitution.articlei.html

Bernanke’s open use of financial terrorism in the face of Congress’ blatant Constitutional authority is absurd and dispicable.

Greenspan, Bernanke and other Fed-related cronies have already bad-mouthed the Dollar and signaled it’s decline as the world’s currency. So what else is new?

http://www.prisonplanet.com/articles/february2008/022608_abandon_dollar.htm

Here is the Video of Bernanke’s blatant disregard for anyone trying to shed some light on the FED:

http://www.youtube.com/watch?v=rjULF_Xg6Ps&eurl=http%3A%2F%2Fwww.infowars.com%2Fbernanke-congress-audit-would-be-takeover-pressure-on-fed-monetary-policy-would-trigger-economic-collaps&feature=player_embedded

What exactly would the Fed gain by destroying the economy out from under themselves?

Originally posted by Symmetric Chaos
What exactly would the Fed gain by destroying the economy out from under themselves?

What are you talking about? Who do you think would present the solution? Who do you think has plans for something even more sinister than the Federal Reserve system that we have in America today? Who do you think has the ultimate say so when it comes to our financial future at the moment? Who has all the control over the United States money supply at the moment? Who sets interest rates nationwide and controls inflation/deflation? Who rules the roost when it comes to money? It's the Federal Reserve Baking System. The Privately owned and operated one. The one owned and operated by banks and banksters.

These people....want more power. Their plan is to destroy their own system at the moment in order to present a brand new one that is far far far far far more complex and far reaching and powerful than the current one they have in place at the moment. They are the ones who will offer the solution to their own self-created problem when they destroy our economy. They and no one else. Not you, not congress, but only the banks and the banksters both national and international who currently run the Federal Reserve system of the United States of America. Of course they will be working in conjunction with the IMF, and they plan to create a system of global currency based upon their own rules and their own policies only. They will answer to no one, and will have complete control over the financial structure and system of the World. Which they want to compartmentalize for their own selfish interests.

Exclusive Conversation With Ron Paul: The Future Of The Federal Reserve


President Obama's financial regulatory plan has created controversy over the role of the Federal Reserve in our economy like rarely before. The person in Congress with perhaps the most unconventional point of view on these issues in American politics is Congressman and former presidential candidate Ron Paul (R-TX), a longtime critic of the very institution of the Fed and fractional reserve banking. He has recently sponsored a bill that would audit the Fed, which has attracted cosponsors such as Dennis Kucinich (D-OH).


Do you think the Fed is the main culprit behind the current economic crisis?

Ron Paul: I don't believe you can have financial bubbles without artificially expanding the supply of money and credit, and only the Fed can do that in collusion with the banks, who can operate under fractional reserve banking. So that's where the financial bubbles come from, whether it's housing or the stock market or the bond market. That's the source of the bubble, and that's what has to be addressed, and yet the Fed has been able to operate in secrecy on exactly how they allocate credit and what they do with international markets. So yes, the Fed is the number one culprit.

I guess the response from defenders of Greenspan would be that to jack up interest rates enough to defuse the housing bubble would have been really bad for growth and unemployment, and that was unacceptable at the time.

Ron Paul: Yes, and that's why he inflated it instead. It's like a drug addiction. Nobody wants the pain that comes with getting off the drug. But it's more than the pain of avoiding addiction that drives Bernanke. It's a deep-seated philosophy that inflation is the cure, and that it can prevent the correction. But the correction has been locked in place. In the year 2000 it was locked in place. The market was trying to tell us we needed a correction. But it was prolonged so the bubble was made even bigger. This bubble has been going on since 1971 when the dollar became fiat and we had international reserve currency without backing. Ultimately, no matter what the Fed does, you can't prop up a bad system, and that's why this one is different than any recession we've had since 1971.

So that's where your bill to audit the Fed comes in?

Ron Paul: In a way it's a mini-step, but it's also the reason I have a lot of co-sponsors because I haven't gotten into the controversy of fractional reserve banking and the issue of monetary policy per se. My main goal is to find out exactly what the Fed has been doing, especially in this crisis. Since the crisis has hit, there's been this whole idea of transparency about what the Treasury does with the TARP funds. So now the American people want to know what the Fed does. I believe that reform is inevitable, and that's the second step.

What do you mean by "what the Fed is doing"?

Ron Paul: What they're doing with foreign governments, international financial organizations, what they buy and sell, and what markets they interfere with... how decisions are made. We don't have absolute figures, but it's estimated that they might have a guarantee of 3 or 4 or 5 trillion dollars. It doesn't have to be on the books because it might just be guarantees. This is big stuff and the Congress should know about it.

What do you mean by reform of the Fed?

Ron Paul: This system has failed in a financial sense. I believe the dollar will fail too. We are going to have very high interest rates and price inflation rates. Finally, they will have to stop. That's why I want to see what the Fed is talking about and what they're saying to the central banks in other countries. They know that reform is coming--they're looking to the IMF, and Obama's on that side of the argument. That's exactly the opposite type of reform that free-market and strict-constitutionalist people don't want. We want reform toward honest money and sound money, rather than looking to internationalism propping up the flawed system just by changing it from a dollar-run system to an international system. Debate has to come on what types of reform are necessary.

Why audit the Fed if the goal is to end it?

Ron Paul: To expose them, and then people will be convinced of what the problems are. A lot of people don't know too much about the Fed. If we audited the Fed, I would learn a whole lot. I think we'd learn that there's a lot of special-interest financing going on. We saw with the TARP funds--which were more open--these go to certain corporations but not others, some had to go bankrupt, some people got huge bonuses. I think we would see a lot of that in the way the Fed runs their finances.

Tim Geithner has said in statements defending the Obama administration's plan that the Fed is the only player big enough to defend against systemic risk.

Ron Paul: I wouldn't be surprised to hear him say that, coming from someone who's been the ultimate insider. When he was at the New York Fed, he was a permanent member of the FOMC , so therefore he's going to protect that whole institution. In an interview not long ago, he was quite frank that the Fed kept interest rates down too long and too low. I think he was caught off-guard. But he was telling the truth.

People who don't always see eye-to-eye with you on the role of government in the economy have signed on to the bill, like Dennis Kucinich, what do you think is going on there?

Ron Paul: The person who introduced my bill in the Senate is Bernie Sanders, a so-called socialist. They're opposed to special-interest corporatism. They don't like corporatism anymore than I do. I don't like welfare for anybody, let alone corporations.

The Republicans in the Financial Services Committee have floated a plan that would also promote the Fed as a guard against systemic risk.

Ron Paul: I understand what they're doing, and it's not knock-down, drag-out battle. Actually, if I had my druthers, I wouldn't advocate closing the Fed tomorrow. It'd be much better to work out a transition. What I want is competition in money--to have two circulating currencies in the United States, just like you have dozens of currencies circulating around the world, instantaneously adjusting value, and you can do that domestically. In some ways it helps my bill because I can say, look: the American people want transparency, and if you're going to give more power, it's important that we act in our capacity for oversight. People who might be supporting more power for the Fed still are receptive to the idea that we should know what they are doing.

http://www.usnews.com/blogs/capital-commerce/2009/06/24/exclusive-conversation-with-ron-paul-the-future-of-the-federal-reserve.html

The one thing you haven't factored in is the fact that government employees simply aren't the cream of the crop. Public sector jobs can't attract the best and brightest because they can't pay enough compared with private industries. The same goes for regulation. This was the problem in the UK...The regulators were simply too stupid and ignorant to know the complexities of the financial markets and those experts who ran it from the private sector. Hence they couldn't regulate it and those within the private sphere who wished to manipulate the markets for extreme short term personal gains were able to do so and it was THIS that caused the problems we are now seeing.

This is why I wouldn't be adverse to the idea of allowing regulators to also hold jobs in the private sector....Wholesale private regulation is a step too far in my book though. I don't think it would be unwise to take advice from people in the private sector but not give them direct control.

Originally posted by jaden101
I don't think it would be unwise to take advice from people in the private sector but not give them direct control.

Right. Advice is one thing and total control over the whole kaboodle is an entirely different thing all together.

Originally posted by NuclearWinter
Right. Advice is one thing and total control over the whole kaboodle is an entirely different thing all together.

Indeed....It's like swinging the pendulum to the complete opposite extreme. Everyone recognises that public sector regulators of a private sector industry didn't work. But throwing it all over to the private sector wont work either. It's like trusting pro athletes to do their own doping tests.

So if I follow: the entire government (except Ron Paul) is a conspiracy and the entire private sector (except Ron Paul) is a conspiracy.

Are we really expected to believe that's more plausible than any other explanation?

Why couldn't the conspiracy be that Ron Paul isn't a conspiracy, but really is the conspiracy?

Originally posted by Symmetric Chaos
So if I follow: the entire government (except Ron Paul) is a conspiracy and the entire private sector (except Ron Paul) is a conspiracy.

Are we really expected to believe that's more plausible than any other explanation? Not everyone is savy enough to catch on to what really is going on. Just watch c-span. Most of the time these guys get there news from the newspapers.

And some of us aren't stupid enough to fall for conspiracy theorists.

Originally posted by Symmetric Chaos
So if I follow: the entire government (except Ron Paul) is a conspiracy and the entire private sector (except Ron Paul) is a conspiracy.

Are we really expected to believe that's more plausible than any other explanation?

Who said Ron Paul isn't? Alex Jones? He's no better than national news!

Originally posted by Symmetric Chaos
And some of us aren't stupid enough to fall for conspiracy theorists. And some of us aren't stupid enough to trust a government that has lied to us countless times.

Originally posted by jgiant
And some of us aren't stupid enough to trust a government that has lied to us countless times.

False dichotomy. Just because you react to the government not being totally honest at all times by being a stupid little sheep that will believe anything that sounds counter-culture doesn't mean I'm limited to those two options.

Originally posted by Symmetric Chaos
False dichotomy. Just because you react to the government not being totally honest at all times by being a stupid little sheep that will believe anything that sounds counter-culture doesn't mean I'm limited to those two options.
"Not being totally honest" Our government getting us involved in wars that kill and disfigure thousands of our men and women over lies. Gulf of Tonkin (Nam) and 9/11, or if your not into the whole 9/11 inside job conspiracy then I can go with Sadam harboring weapons of mass destruction (War on Terror). Seems like your sugar coating the truth to me. Just my opinion. Your entitled to yours and so am i, but the way this country is going soon we'll have to be walking around on eggshells in the land of free speech.

So "what is really going on"?

Originally posted by jgiant
"Not being totally honest" Our government getting us involved in wars that kill and disfigure thousands of our men and women over lies. Gulf of Tonkin (Nam) and 9/11, or if your not into the whole 9/11 inside job conspiracy then I can go with Sadam harboring weapons of mass destruction (War on Terror). Seems like your sugar coating the truth to me. Just my opinion. Your entitled to yours and so am i, but the way this country is going soon we'll have to be walking around on eggshells in the land of free speech.

Biggest problem with the US and UK is people who don't know the difference between "your" and "you're".

Originally posted by jgiant
And some of us aren't stupid enough to trust a government that has lied to us countless times.

exactly.could not have said it better myself.

Originally posted by jgiant
"Not being totally honest" Our government getting us involved in wars that kill and disfigure thousands of our men and women over lies. Gulf of Tonkin (Nam) and 9/11, or if your not into the whole 9/11 inside job conspiracy then I can go with Sadam harboring weapons of mass destruction (War on Terror). Seems like your sugar coating the truth to me. Just my opinion. Your entitled to yours and so am i, but the way this country is going soon we'll have to be walking around on eggshells in the land of free speech.

Not being totally honest? you mean like lying to the american people that the government murdered JFK,RFK AND MLK and blaming it on a lone nut? and like he said,getting us involved in wars that kill and disfigure thousands of our men and women over lies just so all these big corporations can profit from war? and like he said as well,lying to us that there were weapons of mass destruction? Bush and cheney does this and yet Obama pardons them for all crimes like all presidents always do.

So what are you two rebels doing to oppose the 'evil government'?