Archive for the ‘Bailout Rape’ Category

A year after financial crisis, a new world order emerges

September 11, 2009

“Told you.”

-F.F.

300ResisttheNewWorldOrder

By Kevin G. Hall, McClatchy Newspapers

WASHINGTON — One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes.

Historians will look to September 2008 as a watershed for the U.S. economy.

On Sept. 7 , the government seized mortgage titans Fannie Mae and Freddie Mac . Eight days later, investment bank Lehman Brothers filed for bankruptcy, sparking a global financial panic that threatened to topple blue-chip financial institutions around the world. In the several months that followed, governments from Washington to Beijing responded with unprecedented intervention into financial markets and across their economies, seeking to stop the wreckage and stem the damage.

One year later, the easy-money system that financed the boom era from the 1980s until a year ago is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. Banks are building reserves and hoarding cash. And governments are fashioning a new global financial order.

Congress and the Obama administration have lost faith in self-regulated markets. Together, they’re writing the most sweeping new regulations over finance since the Great Depression. And in this ever-more-connected global economy, Washington is working with its partners through the G-20 group of nations to develop worldwide rules to govern finance.

“Our objective is to design an economic framework where we’re going to have a more balanced pattern of growth globally, less reliant on a buildup of unsustainable borrowing . . . and not just here, but around the world,” said Treasury Secretary Timothy Geithner .

The first faint signs that the U.S. economy may be clawing its way back from the worst recession since the Great Depression are only now starting to appear, a year after the panic began. Similar indications are sprouting in EuropeChina and Japan .

Still, economists concur that a quarter-century of economic growth fueled by cheap credit is over. Many analysts also think that an extended period of slow job growth and suppressed wage growth will keep consumers — and the businesses that sell to them — in the dumps for years.

“Those things are likely to be subpar for a long period of time,” said Martin Regalia, the chief economist for the U.S. Chamber of Commerce . “I think it means that we probably see potential rates of growth that are in the 2-2.5 (percent) range, or maybe . . . 1.8-1.9 (percent).” A growth rate of 3 percent to 3.5 percent is considered average.

The unemployment rate rose to 9.7 percent in August and is expected to peak above 10 percent in the months ahead. It’s already there in at least 15 states. Regalia thinks that it could be five years before the U.S. economy generates enough jobs to overcome those lost and to employ the new workers entering the labor force.

All this is likely to keep consumers on the sidelines.

“I think this financial panic and Great Recession is an inflection point for the financial system and the economy,” said Mark Zandi , the chief economist for forecaster Moody’s Economy.com. “It means much less risk-taking, at least for a number of years to come — a decade or two. That will be evident in less credit and more costly credit. If you are a household or a business, it will cost you more, and it will be more difficult to get that credit.”

The numbers bear him out. The Fed’s most recent release of credit data showed that consumer credit decreased at an annual rate of 5.2 percent from April to June, after falling by a 3.6 percent annual rate from January to March. Revolving lines of credit, which include credit cards, fell by an annualized 8.9 percent in the first quarter, followed by an 8.2 percent drop in the second quarter.

That’s a sea change. For much of the past two decades, strong U.S. growth has come largely through expanding credit. The global economy fed off this trend.

China became a manufacturing hub by selling attractively priced exports to U.S. consumers who were living beyond their means. China’s Asian neighbors sent it components for final assembly; Africa and Latin Americasold China their raw materials. All fed off U.S. consumers’ bottomless appetite for more, bought on credit.

“That’s over. Consumers can do their part — spend at a rate consistent with their income growth, but not much beyond that,” Zandi said.

If U.S. consumers no longer drive the global economy, then consumers in big emerging economies such as China and Brazil will have to take up some of the slack. Trade among nations will take on greater importance.

In the emerging “new normal,” U.S. companies will have to be more competitive. They must sell into big developing markets; yet as the recent Cash for Clunkers effort underscored, the competitive hurdles are high: Foreign-owned automakers, led by Toyota , reaped the most benefit from the U.S. tax breaks for new car purchases, not GM and Chrysler .

Need a loan? Tough luck: Many U.S. banks are in no condition to lend. Around 416 banks are now on a “problem list” and at risk of insolvency. Regulators already have shuttered 81 banks and thrifts this year.

The Federal Deposit Insurance Corp. reported on Aug. 27 that rising loan losses are depleting bank capital. The ratio of bank reserves to bad loans was 63.5 percent from April to June, the lowest it’s been since the savings-and-loan crisis in 1991.

For all that, the U.S. economy does seem to be rising off its sickbed. The latest manufacturing data for August point to a return to growth, and home sales are rising. Indeed, there are many encouraging signs emerging in the global economy.

It’s all growth from a low starting point, however, and many economists think that there’ll be a lower baseline for U.S. and global growth if the new financial order means less risk-taking by lenders and less indebtedness by companies and consumers.

That seems evident now in the U.S. personal savings rate. It fell steadily from 9.59 percent in the 1970s to 2.68 percent in the easy-money era from 2000 to 2008; from 2005 to 2007, it averaged 1.83 percent.

Today, that trend is in reverse. From April to June, Americans’ personal savings rate was 5 percent, and it could go higher if the unemployment rate keeps rising. Almost 15 million Americans are unemployed — and countless others are underemployed or uncertain about their job security, so they’re spending less and saving more.

A few years ago, banks fell all over themselves to offer cheap home equity loans and lines of consumer credit. No more. Even billions in government bailout dollars to spur lending haven’t changed that.

“The strategy that was stated at the beginning of the year — which is that you would sustain the banking system in order that it would resume lending — hasn’t worked, and it isn’t going to work,” said James K. Galbraith , an economist at the University of Texas at Austin .

Over the course of 2008, the nation’s five largest banks reduced their consumer loans by 79 percent, real estate loans by 66 percent and commercial loans by 19 percent, according to FDIC data. A wide range of credit measures, including recent FDIC data, show that lending remains depressed.

Why? The foundation of U.S. credit expansion for the past 20 years is in ruin. Since the 1980s, banks haven’t kept loans on their balance sheets; instead, they sold them into a secondary market, where they were pooled for sale to investors as securities. The process, called securitization, fueled a rapid expansion of credit to consumers and businesses. By passing their loans on to investors, banks were freed to lend more.

Today, securitization is all but dead. Investors have little appetite for risky securities. Few buyers want a security based on pools of mortgages, car loans, student loans and the like.

“The basis of revival of the system along the line of what previously existed doesn’t exist. The foundation that was supposed to be there for the revival (of the economy) . . . got washed away,” Galbraith said.

Unless and until securitization rebounds, it will be hard for banks to resume robust lending because they’re stuck with loans on their books.

“We’ve just been scared,” said Robert C. Pozen , the chairman of Boston -based MFS Investment Management . He thinks that the freeze in securitization reflects a lack of trust in Wall Street and its products and remains a huge obstacle to the resumption of lending that’s vital to an economic recovery.

Enter the Federal Reserve. It now props up the secondary market for pooled loans that are vital to the functioning of the U.S. financial system. The Fed is lending money to investors who’re willing to buy the safest pools of loans, called asset-backed securities.

Through Sept. 3 , the Fed had funded purchases of $817.6 billion in mortgage-backed securities. These securities were pooled mostly by mortgage finance giants Fannie Mae , Freddie Mac and Ginnie Mae . In recent months, the Fed also has moved aggressively to lend for purchase of pools of other consumer-based loans.

Today, there’s little private-sector demand for new loan-based securities; government is virtually the only game in town. That’s why on Aug. 17 , the Fed announced that it would extend its program to finance the purchase of pools of loans until mid-2010. That suggests there’s still a long way to go before a functioning securitization market — the backbone of consumer lending — returns to a semblance of normalcy.

http://news.yahoo.com/s/mcclatchy/20090908/pl_mcclatchy/3307834_1

Advertisements

China alarmed by US money printing

September 10, 2009

121381430479539900

The US Federal Reserve’s policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy.

By Ambrose Evans-Pritchard

Cheng Siwei, former vice-chairman of the Standing Committee and now head of China’s green energy drive, said Beijing was dismayed by the Fed’s recourse to “credit easing”.

“We hope there will be a change in monetary policy as soon as they have positive growth again,” he said at the Ambrosetti Workshop, a policy gathering on Lake Como.

“If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies,” he said.

China’s reserves are more than – $2 trillion, the world’s largest.

“Gold is definitely an alternative, but when we buy, the price goes up. We have to do it carefully so as not to stimulate the markets,” he added.

The comments suggest that China has become the driving force in the gold market and can be counted on to
buy whenever there is a price dip, putting a floor under any correction.

Mr Cheng said the Fed’s loose monetary policy was stoking an unstable asset boom in China. “If we raise interest rates, we will be flooded with hot money. We have to wait for them. If they raise, we raise.

“Credit in China is too loose. We have a bubble in the housing market and in stocks so we have to be very careful, because this could fall down.”

Mr Cheng said China had learned from the West that it is a mistake for central banks to target retail price inflation and take their eye off assets.

“This is where Greenspan went wrong from 2000 to 2004,” he said. “He thought everything was alright because inflation was low, but assets absorbed the liquidity.”

Mr Cheng said China had lost 20m jobs as a result of the crisis and advised the West not to over-estimate the role that his country can play in global recovery.

China’s task is to switch from export dependency to internal consumption, but that requires a “change in the ideology of the Chinese people” to discourage excess saving. “This is very difficult”.

Mr Cheng said the root cause of global imbalances is spending patterns in US (and UK) and China.

“The US spends tomorrow’s money today,” he said. “We Chinese spend today’s money tomorrow. That’s why we have this financial crisis.”

Yet the consequences are not symmetric.

“He who goes borrowing, goes sorrowing,” said Mr Cheng.

It was a quote from US founding father Benjamin Franklin.

http://www.telegraph.co.uk/finance/economics/6146957/China-alarmed-by-US-money-printing.html

United Nations conference calls for new global currency

September 9, 2009

UnitedNationsImage2

BY STEPHEN C. WEBSTER

The United Nations Conference on Trade and Development said in a report published Monday that the U.S. dollar should be replaced as the world’s standard reserve currency, giving rise to a new global currency managed by an as-yet undetermined financial regulatory organization.

Heiner Flassbeck, director of the conference, told Bloomberg News that changes needed in the world’s financial systems rival the scope of the Bretton Woods or European Monetary System agreements.

The Bretton Woods agreement established in 1944 the International Monetary Fund and World Bank, following allied victory in World War II.

“[The] dominance of the dollar as the main means of international payments [has] played an important role in the build-up of the global imbalances in the run-up to the financial crisis,” the report says. “Another disadvantage of the current international reserve system is that it imposes a greater adjustment burden on deficit countries (except if it is a country issuing a reserve currency) than on surplus countries.”

The UN adds: “Such a multilateral system would tackle the problem of destabilizing capital flows at its source. It would remove a major incentive for speculation and ensure that monetary factors do not stand in the way of achieving a level playing field for international trade. It would also get rid of debt traps and counterproductive conditionality. The last point is perhaps the most important one: countries facing strong depreciation pressure would automatically receive the required assistance once a sustainable level of the exchange rate had been reached in the form of swap agreements or direct intervention by the counterparty.”

The move should not be surprising to observers of global economics, as a U.N. panel of currency experts came to the same conclusion in March, according to Reuters.

The conference specifically emphasizes the enhancement of the International Monetary Fund’s “special drawing right” (SDR), which may serve as the “supranational” currency.

World-wide shake-up
The past year has seen a dramatic shake-up in oversight and management of the U.S. and global economies.

For months, Russia and China have been calling for a new world reserve currency.

Russia, for its part, supports replacing the dollar on the world stage, suggesting the Chinese yuan may be the quickest path to diversified reserves.

“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” said Russian finance minister Alexei Kudrin in June, noting that China had a lower representation quota than Switzerland or Belgium.

Kudrin also said he did not expect to see any new monetary unions rise, although the Gulf states agreed in May to use Saudi Arabia as a base for a pending “monetary union” and new central banking authority.

The issue of IMF reform should therefore be raised “in earnest, in a bold way,” Kudrin said, adding countries should be “represented in proportion to the strength of these economies and their role in the world economy.”

Over the weekend, U.S. Treasury Secretary Timothy Geithner argued successfully tostrengthen the “Basel II” framework for international commerce, which would see all G20 member nations increase their currency liquidity and allow centralized, “global supervision” of financial industries. The Obama administration is committed to full compliance with the framework by 2011.

The Group of 20 finance ministers and central bank governors plan to meet in Pittsburgh, Pennsylvania on Sept. 24 and 25. Several major liberal groups are planning demonstrations, including the A.N.S.W.E.R. Coalition. The city has alreadysecured a deal to use National Guard troops to provide a security buffer for the world’s financial elite during their meeting.

Also on Sunday, a key Chinese official predicted that the dollar’s increasing supply, which grows with added liquidity, meant the currency could “fall hard” within “a year or two.” The official also signaled that China is moving its reserves away from the dollar and toward gold, euros and yen.

Washington has staunchly defended the dollar as the world’s reserve, with President Obama, Federal Reserve chairman Ben Bernanke and Treasury Secretary Timothy Geithner all insisting there is no need for a new global reserve currency.

The UN report which makes the recommendations is available online (PDF link).

http://rawstory.com/08/news/2009/09/07/united-nations-calls-for-new-world-currency/

Audit the Fed Mass Action Event

September 8, 2009

September 7, 2009

Dear Friend of Liberty,

Seventy-five percent of Americans agree with us that it’s time to thoroughly and completely audit the Federal Reserve System.

Every Republican and over one hundred Democrats in the House of Representatives have signed on as cosponsors of HR 1207. Almost a quarter of the Senate has gotten on board with S 604.

So what does this tell us?

It’s time to go get the rest!!

Last month, I announced that we would be holding an Audit the Fed Mass Action Event starting in the last couple weeks of August and culminating in a nationwide Mass Action Day on September 15.

Since then, C4L members have been knocking on doors, standing outside stores, attending county fairs, and gathering petition signatures in support of S 604.

On September 15, C4L National will deliver over 100,000 petitions to Capitol Hill while members across the country deliver the petitions they’ve collected to their senators’ local offices. Many of your fellow members will be holding rallies outside those offices, and several have contacted local media about covering the event.

Here are three ways you can help ensure the success of this Mass Action Event:

1.) Gather petitions –Hit the streets! Make sure your senators hear from as many people in your state as possible. Let’s spread the word and add to the seventy-five percent of Americans who support our cause. You can download petitions at CampaignforLiberty.com and AuditTheFed.com.

2.) Call your senators– Starting Tuesday, September 8, C4L members will be calling their senators’ offices to urge them to cosponsor S 604. Our objective is to keep their phones ringing off the hook by having members call every day for the week leading up to the petition drop. Commit to calling your senators by signing up here.

3.) Show up on September 15 – Congress counts on grassroots activists being content with just calling and sending petitions. To make sure they get our message that it’s time to Audit the Fed, we’re going to take our cause right to their offices in person. These events will be as effective as you make them. Show your senators that you are serious about real reform by rallying with your fellow members right outside their offices.

State and local coordinators and leaders have been working hard to create the most effective and efficient plans for September 15’s petition drop. Click hereto find out how to take action in your area.

We were able to secure the support of almost two thirds of the House with your hard work gathering petitions, calling, and showing up at your representative’s offices. This could be the event that tips the scales in the Senate!

As we also announced last month, we’re adding an extra incentive. The person who gathers the most signatures in each state will win a pocket Constitution and a copy of Dr. Paul’s new book, End the Fed,both autographed by Congressman Paul himself.

And whichever state collects the most signatures (as a percentage of population) will win a $1,500 gift certificate to the Campaign for Liberty store!

Our representatives and senators are expecting to settle back in to business as usual when they return to D.C. after Labor Day. They think that they can leave your opinions and concerns behind in their districts while they continue to work on completely taking over our health care and finding other new ways to run our lives.

Let’s show them that their top priority should be finding out how the Federal Reserve has doled out trillions of our dollars, what deals they have locked us into with foreign central banks and governments, and why they refuse to disclose the details.

The day after our petition drop will mark the official release of End the Fed.This comprehensive look at the Federal Reserve System and its disastrous effects on our lives and country is sure to be a powerful tool with which to convince your family, friends, and neighbors that it’s time to restore our economy by reinstituting a sound money system.

A year ago, no one would have said we could make an audit of the Fed into a national, mainstream issue. Join us on September 15 as we show the political establishment, entrenched bureaucrats, and the media that our grassroots Revolution is more energized and determined to take back our country than ever before.


In Liberty,


John Tate

President


P.S. Together, we cansee Audit the Fed signed into law. But to do so, we have to take action to grow and secure our support in the House and Senate. Download our petitions and other materials, spread the word, call your senators, and join us on September 15 as we come together across the country to fight to Audit the Fed!

Audit the Fed Action Alert!

September 5, 2009

September 4, 2009

Greetings Liberty Loving Texans!

The drive to audit the Federal Reserve continues to gain momentum, thanks to hundreds of thousands of patriots like you that have made their voices heard on the issue.  Now we need your help again to make sure that our efforts end in victory.  With your support, we will get an audit bill passed!

Here’s the situation:

Right now there are 282 cosponsors to HR 1207 in the House of Representatives.  That’s just under 2/3rds of the House, a truly remarkable accomplishment.  How did we get there?  By calling our congressmen, signing petitions, sending letters, and by letting our representatives know in every possible way that this issue is important to us and important to America.

But there is still work to be done in the Senate.  The Audit the Fed companion bill, S 604 has 23 cosponsors.  That’s a great start and the bill is certainly gaining momentum, with 20 cosponsors since the 4th of July.  But to overcome resistance from the Senate leadership, we’re going to need even greater support.

We didn’t come this far just to watch the audit bill stall out in the Senate!

That’s why Campaign for Liberty is organizing a nationwide Mass Action Event to bring as many senators as possible on board with S 604 and round up some obstinate representatives.  Last spring, a similar effort for HR 1207 resulted in over 50 new cosponsors as the support in the House doubled in just a few weeks.

Since that time, our organization has grown and the American people have become increasingly aware of the damage being done to our country by the Federal Reserve.  Over 75% of Americans want to see an audit of the Fed, and more Americans actually think less of the Federal Reserve than the hated IRS.  We’ve made monetary policy a key issue in the public conscience.  Our efforts can and will be more successful during this Mass Action Event.

We are very fortunate in Texas: both of our senators have already cosponsored S 604 (let’s call and thank them!).  However, we still have a few representatives who have not signed on to HR 1207, and we need to put pressure on them.

If you live in or near any of these congessional districts, please help us make a final push to get them on board! We need to collect petition signatures and deliver them to these representatives:

Green (9), Hinojosa (15), Reyes (16), Jackson Lee (18), Gonzalez (20), Rodriguez (23), Cuellar (28), Green (29), Johnson (30)

We need everyone to show up for petition drop-off events on Tuesday, September 15th at 4PM across Texas.  Campaign for Liberty’s Mass Action Event will culminate with nationwide visits to local congressional offices.  Our goal is to have over 100 people show up for the rally and petition drop at Representative Eddie Bernice Johnson’s Dallas office at 3102 Maple Avenue, Suite 600, Dallas, TX, 75201

Please join us if possible!  From there we will head over to the Federal Reserve Bank, 2200 N Pearl St,  Dallas, TX 75201 for an evening rush hour sign wave.

Smaller events will be planned at office locations across the state.  If you are one whose representative hasn’t signed on, we need you to step up and choose a good location for your area’s rally. Please contact me.

We know what we have to do to succeed. We also know that victory could mean a revolution in the United States’ monetary policy, once the workings of the Fed are finally revealed.

If that’s not enough motivation (really?), Campaign for Liberty is offering prizes for truly outstanding efforts.  The person that collects the most signatures in the state (as certified by a State, Regional, or County Coordinator) will win an autographed copy of Congressman Paul’s new book, End the Fed.   And if Texas collects the most signatures (as a percentage of the population), we’ll win a $1,500 gift certificate to the Campaign for Liberty store.

Working tirelessly for freedom,

Debbie McKee

Interim State Coordinator

Full Spectrum Dominance

September 4, 2009

by: F. William Engdahl

The Piggies Slide Show

September 3, 2009

(Hit Play & Scroll Down)

obamaImage2

George-Bush frowning

55_cheney

Rumsfield_12

biden

BERNANKE

US-CONDOLEEZZA RICE

alangreenspan

US Obama Science

Bill Clinton

nov19_eric_holder

442px-nancy_pelosi_official_portrait

timothy-geithner1

gordon_brown

summerslawrence_w

david_rockefeller

george_soros

brezinski

Etc… Etc… Etc..

(This is just installment # One.  There’s plenty more were that came from).

The Fed’s Interesting Week

September 3, 2009

By Ron Paul
Published 09/01/09

It has been an interesting week indeed for the Federal Reserve. Early this week, it was announced that President Obama intends to reappoint Fed Chairman Ben Bernanke to a second term in January, signaling a vote of confidence in him. Bernanke seems to be popular with the administration and with Wall Street, and with good reason. His lending policies have left big banks flush with newly created cash that covers up old mistakes and allows for new ones. By buying up mountains of Treasury debt he has also enabled spending to soar to ridiculous levels that should startle any responsible economist, and scare any American concerned about the value of the dollar. However, these highly sensitive decisions about our money are not made by economists, they are made by politicians. Bernanke, like most of his predecessors, is the politician’s best friend. However, there is no reason to believe any other central planner would behave any differently, considering the immense political pressure on the Fed.

Fed policies have been as bad for the economy as they are good for politicians and bankers, as the recently released numbers on the debt and deficit demonstrate. For the first time since World War II the annual budget deficit is projected to be over 11 percent of the nation’s gross domestic product. It is also projected that by 2019 the national debt will be 68% of GDP. Our path, if unchanged, is completely untenable.

The administration claims that it inherited a dire situation from the last administration, which is absolutely true. However, that hasn’t stopped them from accepting all the policies and premises that got us here, and accelerating those policies to rapidly make a bad situation much worse. The bailouts started with the last administration. They have gotten bigger with this one. The last administration gave us expanded government involvement in healthcare with a new prescription drug benefit. This administration gave us a renewal and expansion of SCHIP, and now the current healthcare takeover attempts. In reality, we can afford none of this, but shady monetary policy allows Washington to continue along its merry way, aggravating all our economic problems.

Not everyone in government finds it acceptable that the Fed wields so much power and privilege in secrecy. Last week, a federal judge ruled against Fed secrecy, compelling them to release under the Freedom of Information Act information regarding which banks received emergency loans, and under what terms. The Fed will, of course do everything in its power to fight this ruling and it is certainly not the last word on the issue. Still, it is encouraging to see that the interests of the taxpayers were defended victoriously in court, while the Fed only sees the plight of its big banker friends.

Meanwhile HR 1207 and S604, legislation to open up the Fed’s books to a complete audit, continue to gain momentum in Congress as the people continue to insist on real transparency of the Federal Reserve. One way or another, the days of Fed autonomy are coming to an end, as well they should. No one should have the power to debauch the currency and gut the economy as they do. It is time they answered for their actions, so the people can understand that we truly are better off with freedom instead of Fed tyranny.

http://www.campaignforliberty.com/article.php?view=189

No Compromise on Audit the Fed!

September 1, 2009

August 31, 2009

Dear Friend of Liberty,

Our grassroots Revolution has set its sights on restoring a sound monetary policy to our nation, and every day we are awakening more of our countrymen to the dangers of Federal Reserve secrecy and its stranglehold on our economy.

A year ago, no one in the political establishment would have believed that a bill to thoroughly audit the Fed would have almost two-thirds of the House (including every Republican representative and nearly one hundred Democrats) and a quarter of the Senate on board.

Certainly, no one would have bet that three-fourths of the American people would supportsuch an audit.

As many of you may have heard by now, recent statements from Representative Barney Frank, chairman of the House Financial Services Committee, have indicated that the House will vote on Audit the Fed in the next few months.

However, rather than voting on HR 1207 as a standalone bill, many in Congress hope to roll it into the comprehensive regulatory reform package recently proposed by the White House.

This reform package grants new, more comprehensive powers to the Fed and strengthens the government’s control over our economy. C4L and other friends of liberty stand in opposition to this proposal, as well as any other attempt to convert this historic movement for transparency into yet another rubber-stamping of politics as usual.

It is imperative that Audit the Fed come before the House and Senate on its own merits.

The American people stand behind a thorough audit of the Fed, and we should not be adding additional powers when we don’t fully know what is being done with the ones they currently have.

Call Speaker Nancy Pelosi’s office today at (202) 225-0100 and urge her to stand with the American people by giving the Audit the Fed bill full debate and a standalone vote on the House floor.

Click herefor contact information for your representatives and senators and ask them to get behind Audit the Fed if they have not yet done so. If they have already cosponsored, tell them to push for a roll call vote on HR 1207 and S 604 on the bills’ own merits.

Our movement has worked hard to bring transparency and accountability to one of the nation’s most secretive institutions. Audit the Fed has received a bipartisan level of support that is very rare in politics today.

Together, we can see a comprehensive audit of the Federal Reserve signed into law, but it should not be accompanied by more of the same interventionist legislation that helped create the current crisis.

In Liberty,

John Tate

President

P.S. Click hereto take action, and don’t forget to tell your family and friends about AuditTheFed.com, where they can view the coalition in support of transparency, sign a petition, and learn more about this historic effort.

The Anti-Fed Fact Sheet

September 1, 2009

Full View

focus-anti-fed

NM Rothschild Pitches UK Infrastructure Grab

August 31, 2009

Rothschilds

Robert Watts and Dominic O’Connell

A radical plan to raise £100 billion by privatising the motorway network has been presented to the three main political parties by NM Rothschild, the influential investment bank.

Rothschild, an architect of several privatisations, made its pitch in the weeks running up to the summer recess on July 21, Whitehall sources said. Bankers told leading politicians that the sale of the roads overseen by the Highways Agency — all motorways and most big trunk roads — could help revive battered public finances.

Toll-road companies and infrastructure funds would compete to operate and maintain stretches of the network.

In one version of the scheme, the government would pay for upkeep through a system of “shadow” tolls. A more radical, and less politically palatable, option would be for companies to charge motorists directly through toll booths or electronic card readers. The RAC Foundation, a motorists’ group, advocated privatisation in a report last week.

The Rothschild plan has already won the support of Vince Cable, the Liberal Democrats’ deputy leader and Treasury spokesman.

“This is an attractive, positive idea which could release considerable resources to the public finances and may have real environmental merits,” Cable said. “The scale of it is vast — it makes rail privatisation look like small beer.”

Theresa Villiers, the shadow transport secretary, said the Conservatives had “no plans” to back Rothschild’s proposals: “Rothschilds, like many other banks and consultancies, have approached me and my team on a range of ideas for our transport network, including their ideas for our road infrastructure, but we are not working on any proposals for privatisation of the strategic road network and have no plans to do so.”

Motorway privatisation was considered by John Major’s Conservative administration, which sold British Rail, but was rejected.

A spokesman at the Department for Transport said: “It is not unusual for organisations to suggest ideas to government departments but ultimately all policy is decided by ministers and there are no plans to sell off a stake in the Highways Agency.” Rothschild declined to comment.

The bank was behind many of the key privatisations of the 1980s and 1990s, including British Steel, British Gas and British Coal. It has close links to the Conservatives, having employed several senior Party figures including Lord Lamont, John Redwood and Lord Wakeham. Oliver Letwin, the former shadow chancellor, works there part-time.

Politicians of all Parties are seeking ways to decrease the need for large tax rises or heavy cuts in public services. The bank bailouts and a recent collapse in tax revenues has seen public sector debt rise to more than £800 billion, 56.8% of GDP — up from 35.5% just two years ago.

Road tolls are unpopular, however. When Labour mooted road pricing two years ago, more than 230,000 signed a petition on the Downing Street decrying the plan.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6814923.ece

Related:

57% Would Like to Replace Entire Congress

August 31, 2009

“Its time for the tar & feathers people.”

-F.F.

bums

Sunday, August 30, 2009

If they could vote to keep or replace the entire Congress, just 25% of voters nationwide would keep the current batch of legislators.

A new Rasmussen Reports national telephone survey finds that 57% would vote to replace the entire Congress and start all over again. Eighteen percent (18%) are not sure how they would vote.

Overall, these numbers are little changed since last October. When Congress was passing the unpopular $700-billion bailout plan in the heat of a presidential campaign and a seeming financial industry meltdown, 59% wanted to throw them all out. At that time, just 17% wanted to keep them.

There has been a bit of a partisan shift since last fall. With Democrats controlling both chambers of Congress, it’s not surprising to find that the number of Democrats who would vote to keep the entire Congress has grown from 25% last fall to 43% today. In fact, a modest plurality of Democrats would now vote to keep the legislators. Last fall, a plurality of Democrats were ready to throw them all out.

(Want a free daily e-mail update? If it’s in the news, it’s in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

While Democrats have become more supportive of the legislators, voters not affiliated with either major party have moved in the opposite direction. Today, 70% of those not affiliated with either major party would vote to replace all of the elected politicians in the House and Senate. That’s up from 62% last year.

Republicans, not surprisingly, overwhelmingly support replacing everyone in the Congress. Their views have not changed. But Republican voters are disenchanted with their team as much as the Congress itself: 69% of GOP Voters say Republicans in Congress are out of touch with the party base.

Fifty-nine percent (59%) now believe that members of Congress are overpaid. That’s up 10 percentage points from last October. Just five percent (5%) think their Congress member is paid too little. Thirty percent (30%) think the pay is about right.

One reason for this attitude may be that most voters say they understand the health care legislation better than Congress. Just 22% think the legislature has a good understanding of the issue. Three-out-of-four (74%) trust their own economic judgment more than Congress’.

Just 14% give Congress good or excellent review for their overall performance, while only 16% believe it’s Very Likely that Congress will address the most important problems facing our nation. Seventy-five percent (75%) say members of Congress are more interested in their own careers than they are in helping people. On the brighter side, just 37% say most in Congress have extramarital affairs.

Fifty-nine percent (59%) of Americans believe that when members of Congress meet with regulators and other government officials, they do so to help their friends and hurt their political opponents. Most believe that’s why politicians are able to solicit contributions from business leaders. Most, however, say it’s generally a good investment because political donors get more than their money’s worth. Fifty-seven percent (57%) of American adults say political donors get more than their money back in terms of favors from members of Congress.

Despite these reviews, more than 90% of Congress routinely gets reelected every two years. It’s a shock when any incumbent loses. One explanation for this phenomenon frequently heard in Washington, D.C. is that “people hate Congress but love their own congressman.”

Voters have a different perspective, and 50% say ‘rigged’ election rules explain high reelection rate for Congress.

When the Constitution was written, the nation’s founders expected that there would be a 50% turnover in the House of Representatives every election cycle. That was the experience they witnessed in state legislatures at the time (and most of the state legislatures offered just one-year terms). For well over 100 years after the Constitution was adopted, the turnover averaged in the 50% range as expected.

In the 20th century, turnover began to decline. As power and prestige flowed to Washington during the New Deal era, fewer and fewer members of Congress wanted to leave. In 1968, congressional turnover fell to single digits for the first time ever, and it has remained very low ever since.

http://www.rasmussenreports.com/public_content/politics/general_politics/august_2009/57_would_like_to_replace_entire_congress

From dust to bust, America’s poor take on a new type of monster

August 31, 2009

VIDEO HERE

Seventy years after The Grapes of Wrath, Chris McGreal recreates John Steinbeck’s famous fictional journey to reveal life in the worst economic crisis since the Great Depression

Chris McGreal in Tulsa, Oklahoma

Looking back on the past few weeks, Johnnie Levy can see how she was driven to the brink of death and didn’t care.

The sharpest economic downturn of her 63 years stripped Levy of her beloved job as a seamstress and unravelled her world until she found herself sitting in a church hall in the black end of Tulsa waiting to see a nurse with a syringe in one hand and a Bible in the other.

Tulsa has seen its share of poverty and desperation over the years. In the 1930s, it saw a tide of hundreds of thousands struggling west along Route 66 to escape economic collapse in the north and the notorious dustbowl of drought and wind across the Midwest. Whether they had lost their land or their jobs, that flow of desperate humanity – chronicled so devastatingly through the fictional Joad family in John Steinbeck‘s Grapes of Wrath – struggled hard to find enough to feed and clothe their children as they trekked towards an illusory dream of prosperity in distant California.

To travel the old road today – stumbling across crumbling ghost towns and half-abandoned communities, across the sprawling Native American desert reservations, through cities where people work all the hours they aren’t sleeping and still cannot afford to go to the doctor – is to encounter new despair, some of it still recognisable to the Joads.

The banks are once again evicting. Foreclosures plague the parts of northern Arizona and New Mexico traversed by the evicted 70 years ago.

But the monster – as Steinbeck described the financial system – has spawned modern beasts unknown to the Joads, such as the vast multinationals discarding American workers in favour of cheaper labour in Mexico and the health insurance companies that cut off the medical lifelines to the gravely ill.

http://www.guardian.co.uk/world/2009/aug/27/grapes-of-wrath-1-tulsa

Banks Hiding Tsunami of Foreclosures

August 31, 2009

By: Ellen Chang

U.S. banks face a tsunami of home foreclosures soon, says David Karsbol, chief economist at Saxo Bank.

Homeowners may be faced with no choice and will just stop paying their mortgages, he warns.

“I believe we are about to see a tsunami of foreclosures in the U.S. A lot of homes have been held back because if the banks are foreclosing on them they will have to do a writedown on the mortgages they have on their balance (sheets),” Karsbol told CNBC.

“That’s why they have been reluctant to do so.”

Soon homeowners may be looking around their neighborhoods and realizing that their neighbors have opted to stop paying their mortgages and are living scot free, he said.

“The fact that many homeowners are allowed to stay in their houses without paying on their mortgages begs the question: Why should you pay on your mortgage when your neighbor doesn’t?” Karsbol said.

Rising unemployment in the United States is the main cause behind foreclosures, economists and bankers told the Washington Post. Subprime mortgages are becoming less of a culprit.

“It’s a much harder nut to crack, unemployment,” says Mark A. Calabria, director of financial regulation studies at the Cato Institute.

“It’s much easier to bash lenders than to create jobs.”

In 2009, the first three months reported the largest share of foreclosures moved to prime loans from subprime loans, according to the Mortgage Bankers Association.

“Rising unemployment, for the sake of this downturn, has magnified things considerably,” notes John Snyder, manager of foreclosure programs for NeighborWorks, a large housing counseling group.

“It’s less about the payment adjustment.”

http://moneynews.newsmax.com/streettalk/banks_foreclosures/2009/08/28/253604.html

Misinformation Alert: Barney Frank Never Said That HR 1207 Will Pass In October

August 30, 2009

By tmartin • August 28, 2009

Missing Sentence in Transcript Causes Premature HR 1207 Victory Celebration

Several blogs and forums reported during the past 24 hours that Chairman of the House Financial Services Committee, Barney Frank, said that Ron Paul’s bill to audit theFederal ReserveHR 1207, will pass in October.

Incorrect Reports about Barney Frank’s Statement on HR 1207

    A sloppy and incomplete transcript, which appears to have originated at theWashington Times, is making the rounds. The transcript is missing an essential sentence, which is marked in bold:

    Barney Frank: “I have been pushing for more openness from the Fed. I want to restrict the powers of the Federal Reserve. First of all, the Fed will be the major losers of power if we are successful, as I believe we will be, setting up a financial product protection commission. The Federal Reserve is now charged with protecting consumers. They were supposed to do subprime mortgage restrictions.

    Congress in 1994 gave the Fed powers to ban subprime mortgages. Alan Greenspan refused to do it. They had the power to ban credit card abuses. Under Greenspan they did nothing. Under Bernanke they started but only after Congress acted.That’s one of the reasons why in the new consumer protection agency, we will take away from the Federal reserve the power to go consumer protection.

    Secondly, they have has since 1932 a right under Herbert Hoover to intervene in the economy whenever they could. Last September, the Federal Reserve they were going to advance $82 billion to AIG. I was kind of surprised and said, ‘Mr Bernanke do you have $82 billion?’ Mr. Bernanke replied, ‘I have $800 billion and under section 13.3 of the Federal Reserve Act they can lend anything they want.’

    We are going to curtail that lending power. We are going to put some restrictions on it.

    Finally we will subject them to a complete audit. I have been working with Ron Paul, who is the main sponsor of that bill. He agrees that we don’t want to have the audit appear as if it influences monetary policy as that would be inflationary.

    One of the things the audit will show you is what the Federal Reserve buys itself. And that will be made public, but not instantly because if it was made instantly people would be trading off it, so the data would be released after a time period of several months, enough time so it will not be market sensitive. That will be part of the overall federal regulation that we are redacting. This will probably pass in October.”

    With “This will probably pass in October”, Frank is referring not to HR 1207, but to his own financial regulation bill, which might or might not include some aspects of Ron Paul’s HR 1207. The preceding sentence, “That will be part of the overall federal regulation that we are redacting,” is for some reason missing from the widely distributed transcript, and has therefore been completely ignored by bloggers and commentators.

    In recent weeks Ron Paul repeatedly warned against just this sort of thing happening: that HR 1207 might become part of a more comprehensive financial regulation bill and be watered down so that it appeases the angry masses without instituting any real changes. It would be an irony of history if that happened — if HR 1207 were watered down and integrated into an unconstitutional bill that Ron Paul would have to vote against.

    What did Ron Paul really say?

    It has become fashionable for the political elite to try to distort Ron Paul’s statements for political gain or even put entirely new words into his mouth. Just the other day,Treasury Secretary Tim Geithner said, “Even [Ron Paul] recognizes how important it is to us to have the Fed independent of politics.”

    Now Barney Frank claims that “[Ron Paul] agrees that we don’t want to have the audit appear as if it influences monetary policy as that would be inflationary.”

    Ron Paul never said that an audit of the Federal Reserve would be inflationary. In fact, he has credibly demonstrated the exact opposite: that the secretive Federal Reserve itself is responsible for inflation, with the dollar having lost 96% of its value since the Fed’s creation in 1913.

    Here is what Ron Paul actually said about HR 1207, the bill to audit the Federal Reserve, and why only a real audit will protect the public’s interest.

    purchasepower

    Ron Paul: “Mr. Speaker, the big guns have lined up against HR 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: transparency is okay except for those things they don’t want to be transparent.

    Federal Reserve Chairman Ben Bernanke, argues that HR 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain independent, that is; secret. He ignores history because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy.

    Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflationhe brought about in 1971 before Nixon’s reelection, said that the Fed has to do what the president wants it to do, or it would lose its independence. That about tells you everything.

    Not by accident Chairman Burns strongly supported Nixon’s program of wage and price controls the same year, but I guess that’s not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks politicizing monetary policy?

    Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest and serves no special interest, what’s the problem?

    He claims that HR 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. HR 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function under HR 1207 would not change.

    The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?

    Fed sycophants argue that an audit would destroy the financial markets’ faith in the Fed. They say this in the midst of the greatest financial crisis in history brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14th 2007, “A considerable amount of evidence indicates that Central Bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance”.

    They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than a 100 years of its existence, has reduced the value of the 1914 dollar by 96%.

    They claim HR 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter and besides, Congress likes low interest rates.

    It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future. And again, this bill does nothing to allow Congress to interfere with interest rate setting.

    Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Streets are the opponents of HR 1207, and the people are for it. Just who best represents the public’s interest?

    The real question is: why are Wall Street and the Fed so hysterically opposed to HR 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.”

    75% Want A Real Audit

    We need to keep up the pressure to make sure that HR 1207 itself is put up for vote.75% of the American people want a real audit of the Federal Reserve, not a pretend investigation that goes to great pains not to ruffle any feathers, claiming that too close a look at what the Wizard is doing behind the curtain would be “inflationary” (Frank) and “problematic for the country” (Geithner).

http://www.ronpaul.com/2009-08-28/barney-frank-didnt-say-that-hr-1207-will-pass-in-october/

Trailer for the upcoming ‘Fall of the Republic: The Presidency of Barack Obama’

August 30, 2009

Financial Parasites Have Killed the American Economy

August 29, 2009

A Review of Economist Michael Hudson

Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.

Hudson has frequently described Wall Street as “parasitic”. For example, in a 2003 interview, Hudson said:

The problem with parasites is not merely that they siphon off the food and nourishment of their host, crippling its reproductive power, but that they take over the host’s brain as well. The parasite tricks the host into thinking that it is feeding itself.

Something like this is happening today as the financial sector is devouring the industrial sector. Finance capital pretends that its growth is that of industrial capital formation. That is why the financial bubble is called “wealth creation,” as if it were what progressive economic reformers envisioned a century ago. They condemned rent and monopoly profit, but never dreamed that the financiers would end up devouring landlord and industrialist alike. Emperors of Finance have trumped Barons of Property and Captains of Industry.

More recently, Hudson said:

You can think of the financial sector as being wrapped around the real economy, almost like a parasite, and that’s why it’s been called parasitic for so long. The financial sector extracts interest from the economy, the property sector extracts economic rent, as do monopolies. Now the key thing about parasites, is that it’s not simply that they extract nourishment from the host. The parasite takes over the host’s brain, to make it think it’s part of the economy, to make it think it’s part of the host’s own body, and, in fact, that’s it almost like a child of the host, to be protected. And that’s what the financial sector has done today.

You have Obama coming out and saying, “We have to save the banks in order to save the real economy”. The fact is, you can’t serve both the parasite and the host.

And see this.

Today, I heard the podcast of an interview by KPFA radio host Bonnie Faulkner in which Hudson went even further. Specifically, he said:

  • The giant financial institutions have already killed their host – the real American economy
  • Since they realize that the American economy is dead, they are trying to suck as much blood out of America as possible while the corpse is still warm
  • Because the American economy is dead, their plan is to soon jump to another host. They will ship all of their money overseas

http://www.globalresearch.ca/index.php?context=va&aid=14922

Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information

August 29, 2009

Article Here

geithner-bernanke-pointing_rt_20090114

The Move to Depopulate the Planet (Is Old Hat To These Old Piggish Control Freaks)

August 29, 2009

“These are sick people in control and they are obsessed with population control. This is what your swine flu hype is about. Those vaccines are full of additive fillers to help you on your way with fun stuff like Cancer and Arthritis. Stop assuming everybody is good like you.”

“The regular seasonal flu kills thousands more every year than this little media contrived, ultra-hyped, Mexico & U.S. outbreak we just had. Time to step back and look at the bigger picture. Stand up for yourselves for once. You can accept the truth or be in love with your indoctrinated self-hatred, (global warming, cough… cough), and love of death.”

-Fred Face 8/28/09

david_rockefeller

kissinger4

un2

Henry Kissinger, 1978:

“U.S. policy toward the third world should be one of depopulation”

It is my intention to give you clips from documents, many from the United Nations that prove there is a plan to depopulate this planet. I will also provide quotes from various people and organizations that further show this agenda is afoot. I pray the guidance of the Lord God Almighty will be with me in this pursuit to warn others of this dark plot against humanity.

Everything written in this paper is easily verifiable. It may take some time and effort, but I took great pains to make this paper as accurate as I possibly could.

The depopulation agenda is based on nature worship, or Gaia worship. In Genesis, God clearly told Adam and Eve, and then Noah and his family to go forth and multiply to fill the earth. Nowhere in the Bible does God rescind that clearly spoken commandment. Therefore man is attempting to supercede the command of the Lord God in heaven: The Creator! I ask you, who knows more about the state of the earth, the created, or the Creator?

The basis for the depopulation agenda is a standard all elitist’s hold dear. This standard is called:

The Hegelian Dialectic:

Problem – Reaction-Solution

Create the Problem Cause a Reaction Offer a Solution

You will see exactly how they have created the problem; caused a reaction so widespread it is really quite impressive how successful they have been; and offered a solution: A deadly solution.

I ask that you please make an attempt to distribute this paper everywhere you possibly can. The time grows short and so many are going to be caught unawares. By getting the word out, you may be able to prevent someone from needless pain and suffering.

Club of Rome, The First Global Revolution, 1991:

“In searching for a new enemy to unite us, we came up with the idea that pollution, the threat of global warming, water shortages, famine and the like would fit the bill (this is absolute proof that man made global warming is a fabrication)…. But in designating them as the enemy, we fall into the trap of mistaking symptoms for causes. All these dangers are caused by human intervention and it is only through changed attitudes and behavior that they can be overcome. The real enemy, then, is humanity itself.”

David Rockefeller: Memoirs 2002 Founder of the CFR:

“We wield over American political and economical institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political structure, one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.”

David Rockefeller, Co-founder of the Trilateral Commission:

“We are grateful to The Washington Post, The New York Times, Time Magazine & other great publications whose directors have attended our meetings and respected their promise of discretion for almost 40 years. It would have been impossible for us to develop our plans for the world if we had been subject to the bright lights of publicity during those years. But, the world is now much more sophisticated and prepared to march towards a world government. Thomas Ferguson, the Latin American Case Officer for the State Department’s Office of Population Affairs (OPA) (now the US State Dept. Office of Population Affairs, est. by Henry Kissinger in 1975): “There is a single theme behind all our work -we must reduce population levels,” said Thomas Ferguson, the Latin American case officer for the State Department’s Office of Population Affairs (OPA). “Either they [governments] do it our way, through nice clean methods or they will get the kind of mess that we have in El Salvador, or in Iran, or in Beirut. Population is a political problem. Once population is out of control it requires authoritarian government, even fascism, to reduce it. “The professionals,” said Ferguson, “aren’t interested in lowering population for humanitarian reasons. That sounds nice. We look at resources and environmental constraints. We look at our strategic needs, and we say that this country must lower its population -or else we will have trouble.

“So steps are taken. El Salvador is an example where our failure to lower population by simple means has created the basis for a national security crisis. The government of El Salvador failed to use our programs to lower their population. Now they get a civil war because of it…. There will be dislocation and food shortages. They still have too many people there.” (1981)

Margaret Sanger (founder of Planned Parenthood, funded by the Rockefellers) said in her proposed “The American Baby Code”, intended to become law:

“The most merciful thing that a family does to one of its infant members is to kill it.”

This is the woman (Margaret Sanger) whom Hillary Clinton publicly declared she looked up to, during the 2008 presidential debates.

Here is a short list of some advocates of eugenics; Alexander Graham Bell, George Bernard Shaw H. G. Wells, Sidney Webb, William Beveridge, John Maynard Keynes, Margaret Sanger, Marie Stopes, Woodrow Wilson, Theodore Roosevelt, Emile Zola, George Bernard Shaw, John Maynard Keynes, John Harvey Kellogg, Winston Churchill, Linus Pauling, Sidney Webb, Sir Francis Galton, Charles B. Davenport Futurist Barbara Marx Hubbard (who wanted to create a Dept. of Peace):

“Out of the full spectrum of human personality, one-fourth is electing to transcend…One-fourth is ready to so choose, given the example of one other…One-fourth is resistant to election. They are unattracted by life ever evolving. One-fourth is destructive. They are born angry with God…They are defective seeds…There have always been defective seeds. In the past they were permitted to die a ‘natural death’…we, the elders, have been patiently waiting until the very last moment before the quantum transformation, to take action to cut out this corrupted and corrupting element in the body of humanity. It is like watching a cancer grow…Now, as we approach the quantum shift from creature-human to co-creative human—the human who is an inheritor of god-like powers—the destructive one-fourth must be eliminated from the social body. We have no choice, dearly beloveds. Fortunately you, dearly beloveds, are not responsible for this act. We are. We are in charge of God’s selection process for planet Earth. He selects, we destroy. We are the riders of the pale horse, Death. We come to bring death to those who are unable to know God…the riders of the pale horse are about to pass among you. Grim reapers, they will separate the wheat from the chaff. This is the most painful period in the history of humanity…”

Alexander Haig is quoted referring to the US State Department Office of Population Affairs, which was established by Henry Kissinger in 1975. The title has since been changed to The Bureau of Oceans, International Environmental and Scientific Affairs:

“Accordingly, the Bureau of Oceans, International Environmental and Scientific Affairs has consistently blocked industrialization policies in the Third World, denying developing nation’s access to nuclear energy technology–the policies that would enable countries to sustain a growing population. According to State Department sources, and Ferguson himself, Alexander Haig is a “firm believer” in population control.

Although the above stated quotes should be sufficient to prove that the elitists in power have definite intent to depopulate this planet to what they deem to be a sustainable level. Some will argue these are only opinions and are of no real consequence. I will now move on to providing bits of documentation showing this is a plan that has a worldwide scope of influence.

Most of these documents are at least 10 years old, some older. That however, does not take away from the seriousness of the content. Do not think them invalid due to their age. It takes time to foment plans on such a grand scale. But, if you are honest with yourself you can see glimpses of these things happening today.

I am going to cover some issues stemming from the UN Treaty on Biological Diversity (Agenda 21), which Bill Clinton signed into law in 1993 before it was sent to the U.S. Senate for ratification.

Continue Article

New Ron Paul Super Hero Comic Book Cover

August 28, 2009

paul-super

Don’t Need No Trojan Horse — when Troy is your Home

August 26, 2009

obama-laughing

By Joe Bageant (about the author)

Almost a year after the Great Giddy Swarming of the Obamians last November, some of the revelers are waking up with one booger of a hangover. And they are asking themselves, “What were we thinking when we had that 10th drink of Democratic Party Kool-Aid?” It was a clear cut case of seduction and date rape. The spike in the drink was of course, hope. Poor pathetic American liberals. Forever doomed to be naive freshmen at the senior beer bash.

Corporate interests? Yup. It’s like this. Congress and the president hands the public treasury to elite financial corporations, via bailouts, special tax breaks and cash stuffed aircraft carriers bound for their fortified French20villas. Then Congress and the administration go looking for some new scheme to the pay for the Congressional Country Club out there in Bethesda, MD, the White House heating bill and money to keep Air Force One in toilet paper and armengnac marinated quail breasts.

This newest Social Security shell game is quite a bit slicker than the previous one. The old one consisted of simply ripping the money out of the SS fund, and replacing it with bad paper — IOUs repayable in up to 100 years. Since our Social Security checks cannot be cut by law, the boys on the Hill had a problem. The solution was to raise the Medicare prescription drug premium deducted from SS payments. Now I ask you, could the old zombie war hero and the semi-slutty Alaskan have come up with anything like that? I doubt it. It takes a Harvard degree in constitutional law and a devil on your shoulder named Tim Geithenr whispering the game plays in your ear.

A poster on AlterNet named monkeywrench observed that Obama couldn’t have handed the corporate owners of this country more if he had been a Trojan Horse candidate. So prescient was the poster that I have highjacked his chain of thought herein. Could Obama be a Trojan horse? Maybe, but it would be a waste of time and effort. Trojan hoses are not necessary in a country that has only one political party anyway – Big Business. You don’t need a Trojan Horse when Troy is your home. The Republicans vs. Democrats mock combat are mere bread and circuses for the clamoring crowd. Personally, I have no problem with that. I fully understand I was born under a corpocracy. But I do wish our masters grasped the importance of free alcohol in the suspension of disbelief.

Continue Article

Millions face shrinking Social Security payments

August 24, 2009

“He’s really doing a bang-up job and with that stupid grin to boot. Ahhhh… duhhhhh?”

-Fred Face 8/23/09

obamagrin

By STEPHEN OHLEMACHER, Associated Press Writer

WASHINGTON – Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years. That hasn’t happened since automatic increases were adopted in 1975.

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

“I will promise you, they count on that COLA,” said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. “To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal.”

Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.

Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.

“For many elderly, they don’t feel that inflation is low because their expenses are still going up,” said David Certner, legislative policy director for AARP. “Anyone who has savings and investments has seen some serious losses.”

About 50 million retired and disabled Americans receive Social Security benefits. The average monthly benefit for retirees is $1,153 this year. All beneficiaries received a 5.8 percent increase in January, the largest since 1982.

More than 32 million people are in the Medicare prescription drug program. Average monthly premiums are set to go from $28 this year to $30 next year, though they vary by plan. About 6 million people in the program have premiums deducted from their monthly Social Security payments, according to the Social Security Administration.

Millions of people with Medicare Part B coverage for doctors’ visits also have their premiums deducted from Social Security payments. Part B premiums are expected to rise as well. But under the law, the increase cannot be larger than the increase in Social Security benefits for most recipients.

There is no such hold-harmless provision for drug premiums.

Kennelly’s group wants Congress to increase Social Security benefits next year, even though the formula doesn’t call for it. She would like to see either a 1 percent increase in monthly payments or a one-time payment of $150.

The cost of a one-time payment, a little less than $8 billion, could be covered by increasing the amount of income subjected to Social Security taxes, Kennelly said. Workers only pay Social Security taxes on the first $106,800 of income, a limit that rises each year with the average national wage.

But the limit only increases if monthly benefits increase.

Critics argue that Social Security recipients shouldn’t get an increase when inflation is negative. They note that recipients got a big increase in January — after energy prices had started to fall. They also note that Social Security recipients received one-time $250 payments in the spring as part of the government’s economic stimulus package.

Consumer prices are down from 2008 levels, giving Social Security recipients more purchasing power, even if their benefits stay the same, said Andrew G. Biggs, a resident scholar at the American Enterprise Institute, a Washington think tank.

“Seniors may perceive that they are being hurt because there is no COLA, but they are in fact not getting hurt,” Biggs said. “Congress has to be able to tell people they are not getting everything they want.”

Social Security is also facing long-term financial problems. The retirement program is projected to start paying out more money than it receives in 2016. Without changes, the retirement fund will be depleted in 2037, according to the Social Security trustees‘ annual report this year.

President Barack Obama has said he would like tackle Social Security next year, after Congress finishes work on health care, climate change and new financial regulations.

Lawmakers are preoccupied by health care, making it difficult to address other tough issues. Advocates for older people hope their efforts will get a boost in October, when the Social Security Administration officially announces that there will not be an increase in benefits next year.

“I think a lot of seniors do not know what’s coming down the pike, and I believe that when they hear that, they’re going to be upset,” said Sen. Bernie Sanders, an independent from Vermont who is working on a proposal for one-time payments for Social Security recipients.

“It is my view that seniors are going to need help this year, and it would not be acceptable for Congress to simply turn its back,” he said.

http://news.yahoo.com/s/ap/20090823/ap_on_go_ot/us_social_security_smaller_checks

White House deficit estimate jumps — by $2 trillion

August 24, 2009

ObamaDeficit

By Agence France-Presse

US President Barack Obama’s administration will raise its 10-year budget deficit forecast to about nine trillion dollars, up about two trillion from the previous forecast, a US official said Friday.

The 2010-2019 projection, due out in a report expected next week, will supercede the previous forecast of about 7.1 trillion dollars, according to an official with the White House’s Office of Management and Budget.

The OMB official requested anonymity.

The figures are expected to fuel a fierce political debate over the US deficit and debt, with Obama’s Republican critics redoubling their calls for him to abandon his plans to remake US health care and fight climate change.

On Wednesday, an Obama administration official said the White House next week would pare the estimated 2009 US budget deficit to 1.58 trillion dollars, around 262 billion dollars lower than forecast.

OMB will make the announcement when it releases its delayed annual mid-year review next week, the official said, on condition of anonymity.

In May, the administration projected a 3.998 trillion dollar budget for 2009 with a deficit of 1.841 trillion dollars, reflecting swollen spending amid the worst economic crisis on record.

The lower-than-expected figure was attributed to the administration spending less money than it had projected on bank failures and aid to the financial industry.

The 2009 deficit will clock in at around 11.2 percent of Gross Domestic Product (GDP) and new projected budget figures will come in at around 3.65 trillion dollars.

The following video was broadcast by CNN on August 21, 2009.

http://rawstory.com/08/news/2009/08/22/white-house-deficit-estimate-jumps-by-2-trillion/

Related Story:

http://www.reuters.com/article/newsOne/idUSTRE57K4XE20090821

“Common Sense 2009” by Larry Flynt

August 24, 2009

rockefeller4

Here’s what Rockefeller said in 1994 at a U.N. dinner: “We are on the verge of a global transformation. All we need is the right major crisis, and the nations will accept the New World Order.”

They’re gaming us. Our country has been stolen from us.

Larry Flynt

Publisher of Hustler magazine and free speech advocate

Posted: August 20, 2009 08:15 PM

The American government — which we once called our government — has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called “economic royalists,” who choose our elected officials — indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.

This was never more obvious than with the Wall Street bailout, whereby the very corporations that caused the collapse of our economy were rewarded with taxpayer dollars. So arrogant, so smug were they that, without a moment’s hesitation, they took our money — yours and mine — to pay their executives multimillion-dollar bonuses, something they continue doing to this very day. They have no shame. They don’t care what you and I think about them. Henry Kissinger refers to us as “useless eaters.”

But, you say, we have elected a candidate of change. To which I respond: Do these words of President Obama sound like change?

“A culture of irresponsibility took root, from Wall Street to Washington to Main Street.”
There it is. Right there. We are Main Street. We must, according to our president, share the blame. He went on to say: “And a regulatory regime basically crafted in the wake of a 20th-century economic crisis — the Great Depression — was overwhelmed by the speed, scope and sophistication of a 21st-century global economy.”

This is nonsense.

The reason Wall Street was able to game the system the way it did — knowing that they would become rich at the expense of the American people (oh, yes, they most certainly knew that) — was because the financial elite had bribed our legislators to roll back the protections enacted after the Stock Market Crash of 1929.

Congress gutted the Glass-Steagall Act, which separated commercial lending banks from investment banks, and passed the Commodity Futures Modernization Act, which allowed for self-regulation with no oversight. The Securities and Exchange Commission subsequently revised its rules to allow for even less oversight — and we’ve all seen how well that worked out. To date, no serious legislation has been offered by the Obama administration to correct these problems.

Instead, Obama wants to increase the oversight power of the Federal Reserve. Never mind that it already had significant oversight power before our most recent economic meltdown, yet failed to take action. Never mind that the Fed is not a government agency but a cartel of private bankers that cannot be held accountable by Washington. Whatever the Fed does with these supposed new oversight powers will be behind closed doors.

Obama’s failure to act sends one message loud and clear: He cannot stand up to the powerful Wall Street interests that supplied the bulk of his campaign money for the 2008 election. Nor, for that matter, can Congress, for much the same reason.

Consider what multibillionaire banker David Rockefeller wrote in his 2002 memoirs:

“Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure — one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.”

Read Rockefeller’s words again. He actually admits to working against the “best interests of the United States.”
Need more? Here’s what Rockefeller said in 1994 at a U.N. dinner: “We are on the verge of a global transformation. All we need is the right major crisis, and the nations will accept the New World Order.” They’re gaming us. Our country has been stolen from us.

Journalist Matt Taibbi, writing in Rolling Stone, notes that esteemed economist John Kenneth Galbraith laid the 1929 crash at the feet of banking giant Goldman Sachs. Taibbi goes on to say that Goldman Sachs has been behind every other economic downturn as well, including the most recent one. As if that wasn’t enough, Goldman Sachs even had a hand in pushing gas prices up to $4 a gallon.

The problem with bankers is longstanding. Here’s what one of our Founding Fathers, Thomas Jefferson, had to say about them:

“If the American people ever allow private banks to control the issuance of their currency, first by inflation, and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their father’s conquered.”

We all know that the first American Revolution officially began in 1776, with the Declaration of Independence. Less well known is that the single strongest motivating factor for revolution was the colonists’ attempt to free themselves from the Bank of England. But how many of you know about the second revolution, referred to by historians as Shays’ Rebellion? It took place in 1786-87, and once again the banks were the cause. This time they were putting the screws to America’s farmers.Daniel Shays was a farmer in western Massachusetts. Like many other farmers of the day, he was being driven into bankruptcy by the banks’ predatory lending practices. (Sound familiar?) Rallying other farmers to his side, Shays led his rebels in an attack on the courts and the local armory. The rebellion itself failed, but a message had been sent: The bankers (and the politicians who supported them) ultimately backed off. As Thomas Jefferson famously quipped in regard to the insurrection: “A little rebellion now and then is a good thing. The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.”

Perhaps it’s time to consider that option once again.

I’m calling for a national strike, one designed to close the country down for a day. The intent? Real campaign-finance reform and strong restrictions on lobbying. Because nothing will change until we take corporate money out of politics. Nothing will improve until our politicians are once again answerable to their constituents, not the rich and powerful.

Let’s set a date. No one goes to work. No one buys anything. And if that isn’t effective — if the politicians ignore us — we do it again. And again. And again.

The real war is not between the left and the right. It is between the average American and the ruling class. If we come together on this single issue, everything else will resolve itself. It’s time we took back our government from those who would make us their slaves.

http://www.huffingtonpost.com/larry-flynt/common-sense-2009_b_264706.html

Unemployment Edges Up to Great Depression Level

August 23, 2009

adjusted

obama-homeless-dees

Kurt Nimmo
Infowars
August 22, 2009

Here is a chart released by the government that claims to show the percentage of unemployed people in the United States as of July, 2009. It is a fictional snapshot of the actual number of unemployed and under-employed people.

As economics professor John Miller notes in an article posted on the Dollars&Sense website, the actual number of unemployed and — importantly — under-employed people is actually in the double-digits, probably twice the official figure. Miller writes that government figures

dramatically understate the true extent of unemployment. First, they exclude anyone without a job who is ready to work but has not actively looked for a job in the previous four weeks. The Bureau of Labor Statistics classifies such workers as “marginally attached to the labor force” so long as they have looked for work within the last year. Marginally attached workers include so-called discouraged workers who have given up looking for job-related reasons, plus others who have given up for reasons such as school and family responsibilities, ill health, or transportation problems.

The government figures also leave out out part-time workers looking for full-time work because part-time workers are “employed” even if they work as little as one hour a week, according the the bean counters and number crunchers in the district of criminals. “The vast majority of people working part time involuntarily have had their hours cut due to slack or unfavorable business conditions,” Miller explains. “The rest are working part time because they could only find part-time work.” Miller notes that “forced part-time work” is at an all-time high, going all the way back to 1956 and including the 1982 recession. In May 2009, 8.8 million workers were forced to work part time for economic reasons, in other words they were forced out of the job market by the banksters and their long-standing plot to turn the country into a third world cesspool (the latter was not stated by Mr. Miller).

During the last bankster engineered economic depression in the 1930s, the official unemployment rate was 24.9%. If we accept the premise that the actual unemployment rate is double the officially cooked figures, then the states in the above chart with 12 percent or higher unemployment are actually experiencing unemployment on par with the so-called Great Depression. If we accept the “or higher” on the chart, some parts of the country are suffering unemployment worse than the Great Depression.

The GDP is now floundering in negative territory — officially at -1.89% — which means massive job losses will continue. Conventional economic wisdom states that in order to maintain stable employment, the GDP must be around 2.5% per year and it must go much higher to make up for the catastrophic losses suffered since the “recession” began in November, 2007.

Once again, the government is playing a shell game with the numbers. The GDP numbers are distorted by manipulation of the money supply, which creates inflation. If you look at the Federal Reserve’s M3 data, you will see that GDP has decreased substantially since 1990. In order to hide this from the American people, the Fed stopped publishing the M3 monetary aggregate report on March 23, 2006. The discontinuation of the M3 “detracts from the transparency the Fed preaches and adds to the suspicion that the Fed wants to hide anything showing money growth high enough to fuel inflation, just so people won’t know how bad it is and possibly react and thus make it worse,” writes Bud Conrad for Financial Sense.

Or react and storm the castle with pitch forks and raised fists.

Earlier this month, the U.S. government told the one-worlders at the European Union that at the end of the third quarter it will not meet its forecast for the annual budget deficit and the forecast must be revised to a figure in excess of 10.75%. On Saturday, Obama’s budget office said the figure will be 11.2% of GDP, a staggering $1.8 trillion, the highest deficit as a percentage of GDP since 1945 when the people were obliged to pay for the last world war created by the banksters and their international minions.

In order to give this dire situation a somewhat softer and fuzzier glow, Obama’s folks removed from the 2009 budget deficit projection $250 billion given away to the banksters.

Even if the “recession” ends this quarter — and in the meantime, you may as well wish for a pony — Obama’s number crunchers admit unemployment will continue to skyrocket. “Unemployment has continued to rise for several months after six of the past seven recessions. That’s just what it does as a lagging indicator,” write the brain surgeons over at the CIA’s favorite newspaper, the Washington Post. “What we’ll be watching for, however, is whether the gap between the officially and unofficially unemployed continues to grow. If it does, this recovery will take even longer than people think.”

Of course, we shouldn’t expect the Grand Dame of Operation Mockingbird to level with us, even if her scribes realized the truth — the “economic crisis” is an engineered affair. It is the largest and most elaborate transfer of wealth from the people to the banksters in the history of mankind.

Back when Obama signed the so-called American Recovery and Reinvestment Act — absurdly called the “stimulus” bill — he said the plan would create three and a half million jobs over a two year period and that unemployment would be less than 8 percent — 16 percent? — by June of 2009. The corporate media is now turning somersaults over an officially reported drop in unemployment — from 9.5% in June to 9.4% (multiply by two) — but with the caveat that things will get worse before they get better.

It doesn’t take a rocket scientist to figure out things will get worse — much worse — and there will be no recovery at the end of the rainbow.

“There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology,” economist and former Assistant Secretary of the Treasury Paul Craig Roberts wrote last month. “The real economy was traded away for a make-believe economy. When the make-believe economy collapsed, Americans’ wealth in their real estate, pensions, and savings collapsed dramatically while their jobs disappeared.” Americans are “over their heads in debt. Jobs are disappearing. America’s consumer economy, approximately 70% of GDP, is dead. Those Americans who still have jobs are saving against the prospect of job loss. Millions are homeless. Some have moved in with family and friends; others are living in tent cities.”

“Obama’s policy, like Bush’s before him, is keyed to the enrichment of Goldman Sachs and the armament industries,” Roberts concluded.

“Will Americans realize that they are not ruled by elected representatives but by an oligarchy that owns the Washington whorehouse?” the economist wrote more recently. “Will Americans ever understand that they are impotent serfs?”

At this late hour, it remains to be seen.

http://www.infowars.com/unemployment-edges-up-to-great-depression-level/

Ron Paul- “The Free Market as Regulator.”

August 22, 2009

By Ron Paul
Published 08/21/09

Since the bailouts last fall, lawmakers have been behaving as quasi-owners of the bailed-out banks and businesses, leading to calls for increased regulation of executive compensation and other wasteful expenditures. We have heard much about bonuses and executive pay packages that sound more like lottery winnings than an honest salary.

Many lawmakers voted in favor of these unconstitutional bailouts, believing that these corporations were too big to fail, and allowing them to go under would precipitate widespread economic disaster. This second wave of citizen outrage at the bailouts has left these lawmakers with a bit of egg on their face, and once again, they feel the need to “do something” to “fix” it. Shouldn’t there be a regulatory structure in place governing executive compensation? Politically, it seems quite feasible. People are outraged that the system has once again gutted the many to make a few at the top fantastically wealthy. But they are incorrectly demonizing the free market.

What we need to realize is that there WAS a regulatory structure in place that was attempting to stop bad management, including overpaying executives. That regulatory structure is the free market, and when poor management brought these companies to the point of bankruptcy, Congress circumvented the wisdom of the free market, and inserted its own judgment at our expense. And now because of that intervention, we will burdened with massive new regulations. We can be certain this effort will fail.

The free market is a naturally occurring phenomenon that can’t be eliminated by governments, not even totalitarian ones like the former Soviet Union. It can be regulated, over-taxed and manipulated until it is driven underground. Lately it has been wrongly accused of doing so many things it just doesn’t do, that are really the fault of crony corporatism and convoluted government policies that brought on the crisis. Too many people equate the free market with big business doing whatever it wants, but that is not the free market. Unconstitutional taxpayer funded bailouts are what allow giant corporations to run roughshod over the economy. The free market is what puts them out of business when they misbehave.

The free market is you and your neighbors working hard to produce what you produce, and exchanging goods and services voluntarily, in mutually agreeable arrangements. The free market is about respecting property rights and contracts. It is not about building up oligarchs and monopolies and confiscatory tax theft — these are creatures of government.

We must watch out when government comes up with interventionist solutions to interventionist problems. The root of our problems lie in interventionism. Trusting the free market is the solution.

http://www.campaignforliberty.com/article.php?view=175

Concentration of wealth in hands of rich greatest on record

August 17, 2009

“That be the plan, no?”

-F.F.
bigmoney

BY DANIEL TENCER

The wealthiest 10 percent of Americans now have a larger share of total income than they ever have in records going back nearly a century — an even larger amount than during the Roaring Twenties, the last time the US saw such similar disparities in wealth.

In recent years, the fact that differences between rich and poor are the greatest they’ve been since the Great Depression has become a popular talking point among liberal-leaning economists.

But an updated study (PDF) from University of California-Berkeley economist Emanuel Saez shows that, in 2007, the wealth disparity grew to its highest number on record, based on US tax data going back to 1917.

According to Saez’s study, which Nobel prize-winning economist Paul Krugman drew attention to at his New York Times blog, the top 10 percent of earners in America now receive nearly 50 percent of all the income earned in the United States, a higher percentage than they did during the 1920s.

“After decades of stability in the post-war period, the top decile share has increased dramatically over the last twenty-five years and has now regained its pre-war level,” Saez writes. “Indeed, the top decile share in 2007 is equal to 49.7 percent, a level higher than any other year since [records began in] 1917 and even surpasses 1928, the peak of stock market bubble in the ‘roaring’ 1920s.”

By comparison, during most of the 1970s the top 10 percent earned around 33 percent of all the income earned in the United States.

The contrast is even starker for the super-rich. The top 0.01 percent of earners in the US are now taking home six percent of all the income, higher than the 1920s peak of five percent, and a whopping six-fold increase since the start of the Reagan administration, when the top 0.01 percent earned one percent of all the income.

There is no consensus among economists on whether large disparities in income lead to economic disruption, but it is hard to ignore the correlation between rising income inequality and the onset of economic crisis. The last time the US saw similar differences in income was in 1928 and 1929, just before the start of the Great Depression.

Saez also broke the numbers down by administration, and found that while the wealthiest few saw their incomes rise as quickly during the Bush years as they did during the Clinton years, the same was not true for the rest of the population.

Saez suggests that the economic growth seen on paper during the Bush years was little more than an illusion for the vast majority of Americans, who saw their income grow much more slowly in the 2002-2007 period than they did during the Clinton years.

During both expansions, the incomes of the top 1 percent grew extremely quickly at an annual rate over 10.3 and 10.1 percent respectively. However, while the bottom 99 percent of incomes grew at a solid pace of 2.7 percent per year from 1993–2000, these incomes grew only 1.3 percent per year from 2002–2007. As a result, in the economic expansion of 2002-2007, the top 1 percent captured two thirds of income growth.

Those results may help explain the disconnect between the economic experiences of the public and the solid macroeconomic growth posted by the US economy since 2002. Those results may also help explain why the dramatic growth in top incomes during the Clinton administration did not generate much public outcry while there has been an extraordinary level of attention to top incomes in the press and in the public debate over the last two years.

Saez, who this spring won the prestigious John Bates Clark Medal for economists under 40, links this disparity to the Bush tax cuts, noting that “top income tax rates went up in 1993 during the Clinton administration (and hence a larger share of the gains made by top incomes was redistributed) while top income tax rates went down in 2001 during the Bush administration.”

TWO MORE RECESSIONS?

The economic crisis that has taken hold over the past year isn’t over, and the world could in fact see two more recessions before the crisis is finally over, says the chief economist of Germany’s influential Deutsche Bank.

Norbert Walter told CNBC that investors are worried about the health of the US dollar, and many countries are facing difficult financial problems because of overspending by governments on bailouts and stimulus. Those things combined could push the world economy downwards not once but two more times in the near future, he said.

“I believe that the rescue packages brought on have been so costly for so many governments that the exit from this fiscal policy will be very painful, very painful indeed,” he said. “Some of us are already talking about a W-shaped recovery. I’d probably talk about a triple-U-shaped recovery because there are so many stumbling blocks here to get out of this.”

“The world is in trouble,” Walter told CNBC.

http://rawstory.com/08/news/2009/08/15/concentration-of-wealth-in-hands-of-rich/

A video with some sensationalized images but the text is pointing to the truth

August 15, 2009

Audit the Fed . Com

August 14, 2009

August 13, 2009


Dear Friend of Liberty,

As you and I both know, Campaign for Liberty is leading the fight to pass Ron Paul’s bill to
Audit the Fed.  With 282 cosponsors in the House and 23 in the Senate, your efforts have so far proven very successful in establishing large, bipartisan support for Federal Reserve transparency.  We’ve come a long way in demonstrating to the nation that monetary policy is a critical issue, and every day more and more people are waking up to the harm that the Fed has caused our economy.

But our mission is not yet complete.  There are more Americans to educate, more signatures to collect, and more work to be done to combat the “big guns” that have come out against Ron Paul’s Audit the Fed bill.  That’s why today I’m proud to announce that we’ve taken the next step in our efforts by launching
AuditTheFed.com, a focused, coalition website with one purpose: to push this historic piece of legislation through Congress, past the President’s desk, and into law.

AuditTheFed.com includes:
contact informationfor your congressman and senators,petitions, widgets, and bannersto promote the website, dynamic graphs of the bill’scosponsors, a detailed summaryof the Audit the Fed bill, a list of our growingcoalition, a blog to keep you up to date on all the latest Audit the Fed news, a sign up for email updates, and social networksto help get the word out online.  This website was designed to put you, the liberty-loving activist, in a position to efficiently and effectively promote Audit the Fed to family, friends, neighbors, and strangers alike.

This new website is the latest addition to our efforts to Audit the Fed, but it is by no means the culmination.  Stay tuned to CampaignforLiberty.comin the coming days for information on how we plan to mobilize to gain not only more cosponsors for HR 1207 and S 604, but support for a vote in the House and Senate.

For Liberty,



John Tate

President

P.S. If you are able, please consider donatingto Campaign for Liberty today to help ensure Audit the Fed becomes law and we can finally bring transparency and accountability to one of our country’s most secretive institutions.

Cash for Clunkers

August 13, 2009

wylercashforclunkers

By Ron Paul

Published 08/11/09

The Cash for Clunkers program has received a lot of attention this week on Capitol Hill and across the country. The program offers a voucher of up to $4500 in federal funds to anyone who trades in a working used car for a new one with better fuel economy. Congress was shocked at how quickly people responded to promises of free money and drained the program, while car dealers have been equally shocked at how slow and arduous the government’s website to claim the rebates has been.

It’s not a shock that people respond to incentives. The program has been deemed a resounding success, and Congress has authorized 2 billion more taxpayer dollars for it. But not everyone is happy about this. Low-income earners who would have been in the market for those perfectly serviceable, working cars will have fewer to choose from, and those cars will probably be more expensive than they normally would have been. Automotive repair shops actively lobbied against this program, as it will destroy many of the cars they would have repaired. They were out-lobbied. And of course, Americans as a whole are hurt, because this additional bailout of auto companies comes at our expense through inflation.

I have introduced a somewhat similar bill that would have provided a much better alternative to Cash for Clunkers because it does not rely on increased government bureaucracy or spending. My bill HR 1768 provides tax credits to people trading in used cars for new cars with better fuel economy. There is a big difference, in my mind, between letting people keep their own money versus giving them someone else’s. It is clear which one a free and fair society would choose. Not only that, but my bill would not have required working, serviceable cars to be destroyed for scrap metal.

Cash for Clunkers is a popular program right now, but in the larger scheme of things it does very little towards accomplishing its stated goals. Requiring cars to be destroyed and new ones made to replace them might help the auto industry in the short run, but any improved fuel economy will not make up for the environmental impact of junking one car and making a new one. So this is not a program that should really make environmentalists happy.

There is also much evidence that the boost in demand for autos, that has made dealers happy, is just borrowed demand from the past and the future. In other words, many have put off purchases they would have made anyway because they were waiting to see what the government would do. Others who would have waited a little longer to trade in a vehicle are accelerating their decisions so they can get in before the money runs out. So I would not be surprised to find that this artificial boom in auto sales is followed by an extended drop. This should serve as a very tangible example of how government meddling in the economy creates booms and busts. While everyone loves the booms, the busts are what creates the crises that government thrives on, and that is what we really need to watch out for!

http://www.campaignforliberty.com/article.php?view=165

Obamageddon

August 11, 2009

fraud-obama-6-787596

by Justin Raimondo, August 10, 2009

An American president is launching the most ambitious, the most expensive, and certainly the most dangerous military campaign since the Vietnam War – and the antiwar movement, such as it is, is missing in action. After a long and bloodycampaign in Iraq and the election of a U.S. president pledged to get us out, our government is once again revving up its war machine and taking aim at yet another “terrorist” stronghold, this time in Afghanistan. Yet the antiwar movement’s motor seems stuck in the wrong gear, making no motions toward mounting anything like an effective protest. What gives?

We shouldn’t doubt the scope of the present war effort. Make no mistake: the Obama administration is radically ramping up the stakes in the “war on terrorism,” which, though renamed, has not been revised downward, as the Washington Post reports:

Continue Article


Ron Paul: Government Is A Failure

August 9, 2009

“The next President of the United States… if you have a shred of logic, common sense, or compassion for ALL the good people of this country… then this is your guy.”

-Fred Face 8/8/09

060809RP

Steve Watson
Infowars.net
Thursday, August 6, 2009

Texas Congressman Ron Paul, founder of the advocacy group Campaign for Liberty, spoke on a number of issues yesterday including the growing opposition to socialized healthcare, the threat of martial law, his ongoing effort to audit the Federal Reserve and the prospect of running for president in 2012.

Below are the highlights of the Congressman’s comments followed by video of the full interview.

Ron Paul on the Obama administration’s healthcare proposals:

“It is nationalized healthcare, this pretence that it isn’t completely just means that there is some transition involved. Their goal is to have one party payer, which means that they control everything. And there’s a lot of other bad things in too like this effort to consult with anybody who’s over a certain age and talk to them about end of life type of procedures.”

“This bill is just such an outrage, the American people see it for what it is, it’s going to cost a lot of money, their care is not going to be improved, and special interests will be served.”

Ron Paul on the spate of protests at town hall meets:

“I don’t remember seeing the people so angry as they are now, but I think what they have discovered is that the government is a failure… I think a lot of people have come to the realisation that you can’t trust government.”

“That’s a healthy start. It is our job now to fill the void and tell them what the role of government ought to be, so that we can take all this energy and anger and redirect it.”

Ron Paul on government use of fear tactics:

“Up until now they have been able to use fear as their best tactic, and whether it’s on foreign policy issues or domestic policy issues, that’s how that first TARP fund went through… If things get worse, they’ll say this is more reason than ever for the government to take over and of course we still have the threat of martial law coming in because they havn’t forgotten about that and I don’t think they’d hesitate to use it.”

“It’s pure propaganda to get us involved overseas, it’s war propaganda saying someone is going to attack us with a nuclear weapon if we don’t go in and invade other countries. The same way you domestically scare people.”

“When you hear these stories about the use of force and the use of martial law and the tremendous invasion of our privacy, that to me is scary, nothing is private anymore, everything in the government is secret and your privacy is non existent, that is where the real problem is, we need to reverse that sentiment.”

Ron Paul on talk of mandatory swine flu inoculations:

“I don’t like the mass treatment of people, it’s just bad medicine. That doesn’t mean I have an attitude that inoculations are never good, matter of fact I think polio was truly eradicated by inoculations, well a small part. But the question is should government be making massive decisions, when in the Constitution there is not supposed to be any government involvement at all.”

Ron Paul on the effort to audit the Federal Reserve:

“We worry about how much pressure and how much authority the Fed has, but because we’ve done our grassroots work, we’ve gotten the large majority of members of Congress to support our auditing bill. And that didn’t come from me persuading the Congressman, that came from exactly what is going on at these town hall meetings, people being upset. In this way I think we are harnessing the energy in the correct way.”

“Once we hit the 290 cosponsors, which means we’ll have two thirds vote, or the 300, right in that area, I think that’s the time I’m going to really start putting pressure on the leadership to bring this up. So far they’re indicating that they are going to bring the bill up in a mixture of other bills, but they might get bogged down, so I think after we go back you may be hearing some announcements on where we want to direct our energies because we have such great momentum on that issue.”

“It’s a little bit more than Bernanke shaking hands with somebody… it’s the immorality of the system, the violation of the Constitution, the idea that you can print money, the idea that gold is evil, and that deficits don’t matter. It’s a philosophical argument that is so crucial, and we’ve suffered from it.”

“I think eventually they are going to use national security as an excuse to keep the books closed. A lot of times what the CIA does is use national security… because they do use funds to get involved in foreign affairs, because they can make deals with other governments, other central banks, other international financial organisations, and that’s the kind of stuff they don’t want us to know about.”

Ron Paul on the future of the economy and false optimism:

“There is a limit to how long they can fool the people, if you’ve been out of work and you don’t have enough money to feed your kids, and you listen to this you just don’t buy into this stuff. I’ve always argued that the people are always ten to fifteen years ahead of Congress.”

“There will be a time when the psychology changes, when it turns into a rout, and that’s what they can’t control. But I don’t think there will be a bank holiday, that will help cause panic… they’re not going to close the banks, they’re going to keep the presses running. They don’t default by not paying the bills… if they can inflate by 50% they’ve just defaulted on half of the debt.”

Ron Paul on Obama’s plummeting ratings:

“I don’t think he’ll be reelected but it’s way way to early to know that for sure, his circumstances are much more difficult. I often thought early on whether he would be like Roosevelt and never get blamed for anything… but I think Obama is going to receive some of the blame and rightfully so.”

Ron Paul on running for president in 2012:

“In which country?!!”

“I have no plans for that, I wouldn’t be able to make a decision on that today, it’s such a long way off.”

Watch the full interview below:

http://www.infowars.com/ron-paul-government-is-a-failure/

“Cash for Clunkers” Hurts the Poor

August 5, 2009

In his latest C4L video, Dr. Paul discusses the true effects of the “Cash for Clunkers” program and talks about how government intervention into the economy will only make things worse.

75% of Americans Support Audit the Fed!

August 4, 2009

August 3, 2009

Dear Friend of Liberty,

For the first time in nearly 100 years, the secretive Federal Reserve is a mainstream topic for debate.

Results of a recent surveyreleased by Rasmussen Reports show that 75% of Americans support thoroughly auditing the Fed.

Read our press release about this great news here.

Before Campaign for Liberty started just a little over a year ago, no one could have imagined that such a survey result would be possible.

In less than six months since Ron Paul’s Audit the Fed bill was introduced, we have reached millions of Americans through phone calls, mailings, and radio and television interviews. Combined with tremendous grassroots efforts including having a presence at events, contacting Congress, spreading the word on the internet, and petitioning, we are achieving true, lasting change by fighting for accountability from the cause of so many of our nation’s struggles.

The House of Representatives is already out for its August recess, and the Senate will follow at the end of this week. This month-long recess gives us a perfect opportunity to challenge those who have not yet cosponsored to join the growing national movement to require transparency and accountability from Washington’s most shrouded institution.

Members of Congress will be hosting townhalls and appearing at fairs and other local events as they travel their districts to promote their agenda. C4L members should be at every stop along the way to push Audit the Fed.

Stay tuned to CampaignforLiberty.com in the coming days for more information on how we intend to take advantage of the August recess to promote issues including Audit the Fed.

One indication of our success has been the number of ardent Fed supporters who have recently attacked both Dr. Paul and the idea of a thorough audit.  When HR 1207 was first introduced, many of them believed it was a fringe bill that would never gain traction.  Your efforts have proved them wrong.

Click on the video below to see Congressman Paul respond to Fed Chairman Ben Bernanke and these other critics in his latest speech on the House floor.

If you have not yet signed our Audit the Fed petition or need contact details for your members of Congress, check out our Audit the Fed action page here. You can also find information on which representatives and senators have cosponsored HR 1207 and S 604. Be sure to send the link to family and friends and ask them to spread the word!

We are winning this fight, and Audit the Fed is only the beginning of our national efforts. With our membership continuing to grow by leaps and bounds as more Americans dedicate themselves to reclaiming their neighborhoods and their country, the political establishment hasn’t seen anything yet.

Together, we can continue to push back big government tyranny and restore the freedoms our Founders fought to give us.

Thank you for all of your time and dedication, and keep up the great work!

In Liberty,

John F. Tate

President


P.S. Don’t forget to visit our Audit the Fed action pagefor congressional information, our petition, videos, letters to the editor, grassroots actions, event reports, and more!

Ron Paul: What Are They So Afraid Of?

August 3, 2009

Barack Obama and the Democrats did not inherit the bad economy; they caused it and made it worse

August 3, 2009

An interesting ad in USA Today…

http://www.bettergovernmentassociation.com/pdfs/ad_1.pdf

Rolling Stone: The Great American Bubble Machine

July 27, 2009

Source: Rolling Stone / Youtube

Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression.

In Rolling Stone Issue 1082-83, Matt Taibbi takes on “the Wall Street Bubble Mafia” — investment bank Goldman Sachs. The piece has generated controversy, with Goldman Sachs firing back that Taibbi’s piece is “an hysterical compilation of conspiracy theories” and a spokesman adding, “We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good.” Taibbi shot back: “Goldman has its alumni pushing its views from the pulpit of the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts; it also has former players fronting major TV shows. They have the ear of the president if they want it.” Here, now, are excerpts from Matt Taibbi’s piece and video of Taibbi exploring the key issues.

From Matt Taibbi’s “The Great American Bubble Machine” in Rolling Stone Issue 1082-83
http://www.rollingstone.com/politics/…


Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’

July 26, 2009

 

“Here’s the idea of the century…(drum-roll)…(wait for it)… Ron Paul for President & Eliot Spitzer for Vice President in 2012. Sounds pretty fuckin’ good to me!”

-Fred Face 7/25/09

governor-eliot-spitzer

BY DANIEL TENCER 

 

The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

In a wide-ranging discussion of the bank bailouts on MSNBC’s Morning Meeting, host Dylan Ratigan described the process by which the Federal Reserve exchanged $13.9 trillion of bad bank debt for cash that it gave to the struggling banks.

Spitzer — who built a reputation as “the Sheriff of Wall Street” for his zealous prosecutions of corporate crime as New York’s attorney-general and then resigned as the state’s governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to “America’s greatest theft and cover-up ever.”

Advocating in favor of a House bill to audit the Federal Reserve, Spitzer said: “The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, it’s supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.

“The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.

“The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didn’t get stock in those banks, they didn’t ask what was going on — this begs and cries out for hard, tough examination.

“You look at the governing structure of the New York [Federal Reserve], it was run by the very banks that got the money. This is a Ponzi scheme, an inside job. It is outrageous, it is time for Congress to say enough of this. And to give them more power now is crazy.

“The Fed needs to be examined carefully.”

Spitzer resigned as governor of New York in March, 2008, after news reports stated Spitzer had paid for a $1,000-an-hour New York City call girl.

At the time, Spitzer had been raising the alarm about sub-prime mortgages. In the wake of the economic meltdown triggered last fall by sub-prime loans, some observers have suggested that Spitzer may have been targeted by law enforcement because of his high-profile opposition to Wall Street financial policies.

Investigative reporter Greg Palast wrote that federal agents’ revealing of Spitzer’s identity as a call-girl customer was no coincidence.

Palast wrote that the principle of “prosecutorial discretion” is often used to keep the names of high-profile persons out of the media when they are tangentially linked to a criminal investigation. In the case of Spitzer, the Justice Department chose not to invoke prosecutorial discretion.

Funny thing, this ‘discretion.’ For example, Senator David Vitter, Republican of Louisiana, paid Washington DC prostitutes to put him in diapers (ewww!), yet the Senator was not exposed by the US prosecutors busting the pimp-ring that pampered him.

Naming and shaming and ruining Spitzer – rarely done in these cases – was made at the ‘discretion’ of Bush’s Justice Department.

Spitzer recently told Bloomberg News that President Obama’s regulatory reforms of the financial sector are “irrelevant” because regulatory agencies have not been enforcing corporate laws to begin with.

“Regulatory agencies already had the power to do everything they needed to do,” he said. “They just affirmatively chose not to do it.”

– Daniel Tencer

 

http://rawstory.com/08/news/2009/07/25/spitzer-federal-reserve-is-a-ponzi-scheme-an-inside-job/

 

Related Story:

“This is the real reason why Eliot Spitzer was ousted from his Governors seat. Not because of some margarita sippin’ call girl.”

-F.F. 

Ron Paul- “The Federal Reserve is a Government Unto Itself”

July 24, 2009

Freedom Watch 24: REAL Health Care Solutions, Federal Reserve

July 24, 2009

Kucinich: ‘Is the Fed paying banks not to loan mon

July 24, 2009

kucinich1

BY STEPHEN C. WEBSTER 

 

Update (at bottom): White House does not know how TARP funds were used

House Domestic Policy Subcommittee plans probe of TARP funds

 

Ohio Democratic Congressman Dennis Kucinich wants to know: “If [the Troubled Asset Relief Program] isn’t about keeping people in their homes or providing credit to businesses, what is it for?”

Expressing his frustration before the Government and Oversight Committee, the two-time presidential candidate suggested that the Federal Reserve may be paying banks to hoard money and avoid making loans.

Before the committee — which assembled Tuesday to hear the testimony of Neil Barofsky the Special Inspector General for TARP, along with Federal Reserve Chairman Ben Bernanke — Kucinich wondered aloud if “banks are parking a historic amount of taxpayers’ money in the Federal Reserve while the businesses and consumers across America are starved for credit,” and whether the Federal Reserve is paying banks to avoid making loans.

“Is the Fed paying banks NOT to loan money?” a Kucinich media advisory pondered.

To support his line of questioning, he cited a Bloomberg report which noted that “banks’ excess reserves at the Fed rose to a record $877.1 billion daily average in the two weeks ended May 20, from $2 billion a year earlier.

“Excess reserves — money available for lending that banks choose to leave with the Fed instead — averaged $743.9 billion in the first two weeks of this month,” the report continued.

“First, Congress was told that TARP was for the purchase of toxic assets, to help keep people in their homes,” the Congressman said. “Then the Bush Administration switched the program. Next, Congress was told that the TARP funds were instead needed to bail out the banks, in the form of a direct capital infusion, to keep credit markets alive.”

He continued: “If TARP isn’t about keeping people in their homes or providing credit to businesses, what is it for? I think the vast majority of Americans would be outraged to learn their tax dollars were facilitating hoarding at the Fed and increased profit making for banks.”

In his testimony, Bernanke said the pace of America’s economic decline seems to have slowed, but he expects continued unemployment near 10 percent of the population through the end of 2010.

“The weak job market in the United States, coupled with falling home prices and tight credit, he said, are putting downward pressure on households, undermining ‘the recent stabilization in household spending,’” according to The New York Times.

Increased oversight soon?

Kucinich said the House Domestic Policy Subcommittee will probe how the $700 billion in troubled asset relief funds were used, in light of the Fed’s nondisclosure. It will not be the first time the nation’s largest bank has faced efforts to increase oversight of its policy decisions and accounting.

In a letter to Bernanke regarding the use of TARP funds for a $3.6 billion bonus package given out to Merrill Lynch & Co. employees, Kucinich insisted that “[the] answers the Subcommittee seeks will be of interest to the American public, who are rightly concerned about how recipient firms have used TARP monies, and how well the Federal Government has monitored the use of those funds and safeguarded them from waste and abuse.”

Bernanke told the panel in late June that the Federal Reserve “acted with the highest integrity throughout its discussions with Bank of America regarding that company’s acquisition of Merrill Lynch.”

Republican Congressman Ron Paul of Texas has, in particular, been a thorn in the side of the bank which controls America’s currency. His bill, House Resolution 1207, which would audit the Fed, has garnered 274 co-sponsors: “[Every] House Republican and almost 100 Democrats — and counting,” noted The Wall Street Journal.

“Although Federal Reserve officials regularly explain the rationale for their policy decisions in public venues, the process of vetting ideas and proposals, many of which are never incorporated into policy decisions, could suffer from the threat of public disclosure,” Federal Reserve deputy chairman Donald Kohn argued earlier this month.

“The big guns are coming out now,” said Congressman Paul in a recent video update. “They are trying to line up the establishment economists and other business people to warn people about the great danger of the American people finding out who’s benefiting from the behind the doors, seeing the activities of the Federal Reserve.

“I think it’s going to be impossible for them to ignore everything we’ve done and just walk away,” he said.

Update: White House does not know how TARP funds were used

During Tuesday’s White House press briefing, Press Secretary Robert Gibbs gave a convoluted answer to a reporter who asked why the hundreds of billions in TARP funds have not been tracked.

“I think that Treasury Department puts out monthly reports on the lending activities from banks,” he began. “Again one of the suggestions was, in some ways being able to follow what might not be, according to us, followable. In other words you have thefungibility of money that is not put in a separate TARP lending account for the deposit and guarantee in Auburn, Alabama, for us to measure the increase in lending.

“The administration believes that that transparency is important but can be done better in measuring the increase in that lending. But it is going to be hard to follow, again, something as fungible as money moving from one bank to the other.”

 

http://rawstory.com/08/news/2009/07/21/kucinich-is-the-fed-paying-banks-not-to-loan-money/

 

 

Bernanke: “I Don’t Know” Which Foreign Banks Were Given Half a Trillion

July 24, 2009

APTOPIX Bernanke

Paul Joseph Watson
Prison Planet.com
Wednesday, July 22, 2009

 

Federal Reserve chairman Ben Bernanke was confronted yesterday by Congressman Alan Grayson about which foreign banks were the recipients of Federal Reserve credit swaps, but he was unable to provide an answer as to where over half a trillion dollars had gone.

Asked which European financial institutions received the money, which was handed out by The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, Bernanke responded, “I don’t know.”

“Half a trillion dollars and you don’t know who got the money?” asked Grayson.

As we have previously reported, the destination of trillions in bailout funds remains hidden after the Fed refused to disclose where it had gone despite a lawsuit filed by Bloomberg.

Bernanke said the Fed had a “long standing legal authority” to hand money to foreign banks under section 14 of the Federal Reserve Act, a claim contradicted by Bernanke’s own report, as Grayson soon highlighted.

Grayson said that he had investigated one of the arrangements, a $9 billion dollar package to New Zealand, which works out at $3000 dollars for every citizen of New Zealand.

“Seriously, wouldn’t it have been better to extend that kind of credit to Americans rather than New Zealanders,” said Grayson.

The Congressman then implied that handing money to foreign institutions was unconstitutional, reading from Article I, “No money shall be drawn from the treasury, but in consequence of appropriations made by law.”

“Do you think it’s in the spirit of the Constitution for a group like the FOMC to hand out a half a trillion dollars to foreigners without any action by this Congress?” asked Grayson, to which Bernanke responded that Congress had approved it with the Federal Reserve act of 1913. Grayson responded that in 1913, the entire GDP of the U.S. was well under half a trillion dollars.

“Is it safe to say that nobody in 1913 contemplated that a small little group of people would decide to hand out half a trillion dollars to foreigners?,” asked Grayson, to which Bernanke again claimed that the authority had been used numerous times before.

Grayson debunked this claim by pointing to Bernanke’s own report, which stated that the entire amount had been handed out starting from the last quarter of 2007, and the amount given out before that to foreign banks was zero.

 

http://www.infowars.com/bernanke-i-don’t-know-which-foreign-banks-were-given-half-a-trillion/

 

Ron Paul on CNBC 7/21/2009

July 22, 2009

Audit the Fed Update

July 21, 2009

Tax Group: Obama’s $4 Trillion Tax Increase

July 21, 2009

WRH, (http://whatreallyhappened.com/), Commentary:

“Giving more taxes to this government is like handing a bottle of scotch and the keys to the family car to a bunch of teenage boys.”

By Paul Bedard, Washington Whispers

Americans for Tax Reform doesn’t like taxes or President Obama much. But even Obama fans might choke on the additional 10-year tax bill that the group tallied under the president’s plans: $4 trillion. Americans for Tax Reform figures $2.3 trillion more if the Bush tax cuts are allowed to expire; $1 trillion from the cap-and-trade bill; and $722 billion for healthcare reform. It’s roughly $4,000 per household, a ton more than Obama allies believe Americans will face but not as bad as some GOP warnings.

http://www.usnews.com/blogs/washington-whispers/2009/07/20/tax-group-obamas-4-trillion-tax-increase.html

VIDEO: Congressman Stearns: Mr Paulson How Do You Have Any Credibility?

July 21, 2009

Cost Of Bailout Hits A Whopping $24 Trillion Dollars

July 21, 2009

“Hey, two shit-bags.”

-F.F.

200709top

Paul Joseph Watson
Prison Planet.com
Monday, July 20, 2009

According to the watchdog overseeing the federal government’s financial bailout program, the full exposure since 2007 amounts to a whopping $23.7 trillion dollars, or $80,000 for every American citizen.

The last time we were able to get a measure of the total cost of the bailout, it stood at around $8.5 trillion dollars. Eight months down the line and that figure has almost tripled.

The $23.7 trillion figure comprises “about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve,” according to the Associated Press.

In testimony which will be delivered to the House Oversight and Government Reform Committee tomorrow, Neil Barofsky, the inspector general for the TARP, will tell Congress that “the Treasury Department has repeatedly failed to adopt recommendations aimed at making the TARP program more accountable and transparent.”

According to Barofsky, taxpayers are in the dark as to who has received the money and what they are doing with it.

As we have repeatedly highlighted, the destination of some $2 trillion in TARP funds was the subject of a lawsuit filed by Bloomberg late last year after the Fed refused to disclose the recipients. The suit is still ongoing as Bloomberg attempts to discover names of private financial institutions that received the money.

The American people will ultimately pick up the tab as their dollar is devalued because the Fed lends the money from its own balance sheet or essentially just prints more money, as a San Francisco Chronicle article explained last year.

Wages will not keep pace with inflation and if we add to the equation the raft of new taxes being introduced by the Obama administration, the consequences are clear – another lowering of the living standard for millions of middle class Americans.

Meanwhile, Henry Paulson, one of the chief architects of the bailout and the man who committed financial terrorism by threatening the Congress with martial law and food riots if they didn’t pass the initial TARP package, brazenly pockets $200,000 in Goldman Sachs profits tax free while handing out billions in ill-gotten gains to his bankster buddies, all this after he pulled a bait and switch by changing the entire focus of the bailout from buying up toxic debt to giving money directly to financial institutions.

We dread to think what the bailout figure will be in another eight months. Will it triple again to $70 trillion dollars? How about $100 trillion dollars?

The only thing that can bring an end to the wanton looting is Ron Paul’s bill to audit the Fed, which has received overwhelming support in the House but is being blocked by the bought and paid for traitors in the Senate who would rather see a continuation of the grand larceny rather than real accountability and transparency.

Watch a CNBC discussion of the $24 trillion figure

Governors Discover Resisting the Fed Has Consequences

July 21, 2009

USREPORT-US-USA-SCANDALS-WIVES

Kevin Jones
Infowars
July 19, 2009

Cynical observers of the U.S. political scene weren’t surprised when it was revealed in June 2009 that Mark Sanford, Governor of South Carolina, who is married, had been carrying on a long-term affair. Sanford admitted that the affair had been going on for at least a year and soon resigned as chairman of the Republican Governors Association.

Matters became worse for Sanford when it was revealed the following month that he had visited and entertained his mistress, an Argentine commodities broker named María Belén Chapur, using public funds. As of this writing, Sanford is clinging to the governorship, but his hold appears to be tenuous.

Here’s the more interesting part. Earlier in 2009, Sanford had resisted accepting stimulus funds for South Carolina from the American Recovery and Reinvestment Act of 2009, which he correctly saw as part of the process of bringing the states further under Federal control. His resistance led to a lawsuit heard by the South Carolina Supreme Court, and the state was ultimately forced to accept the money.

The public humiliation of Mark Sanford following his fight against the U.S. Treasury Dept. and the Federal Reserve banks that control it is part of a clear and disturbing pattern:

Governors who speak out against member banks of the New York Federal Reserve and other major Wall Street institutions tend to be publicly humiliated and taken down through the discretionary leaking of compromising information.

Consider the case of former Gov. Eliot Spitzer of New York. Prior to serving as governor, he had been New York Attorney General, a role in which he made a name for himself by taking on organized crime and securities fraud. Among those he charged in lawsuits was Richard Grasso, former chairman of the New York Stock Exchange. Spitzer also campaigned against stock price inflation by investment houses, predatory practices by mortgage lenders, and mutual fund fraud. He continued to pursue his campaign against corrupt banking practices as governor.

In March 2008, the NewYork Times reported that Spitzer was a client of a prostitution ring then under investigation by the Federal government. Spitzer resigned two days later. Who leaked the information? The New York Times wasn’t saying. Could it have been retaliation for Spitzer’s campaign against Wall Street corruption?

Or consider the case of Rod Blagojevich, former governor of Illinois. He was nabbed by the Feds in December 2008 on a comprehensive catalog of charges, including wire fraud and solicitation of bribery. Many observers thought Blagojevich was simply carrying out business as usual and had simply had the misfortune of being caught.

The public was treated to the entertaining spectacle of politicians across the ideological spectrum—including” Blagojevich’s former allies and supporters—stumbling over one another to express their indignation and moral rectitude. Of course, none of them would do things like solicit bribes and accept kickbacks.

The day prior to his arrest, Blagojevich had declared that the State of Illinois would stop doing business with Bank of America, a member bank of the Federal Reserve. His action came in response to Bank of America’s cutting off a line of credit to a Chicago factory—an incident that had gained wide press coverage in the Chicago area and become a cause célèbre that Blagojevich would have been foolish to ignore.

Early on the morning of Dec. 8, 2008, the day following his declaration that Illinois would no longer deal with Bank of America, Blagojevich was taken away from his home in handcuffs by Federal agents. Interestingly, on the same morning but before the arrest had hit the news wires, Bloomberg.com quoted John Douglas, attorney for Bank of America and former general counsel for the Federal Deposit Insurance Corp., as describing Blagojevich’s declaration against Bank of America as “dangerous.”

Dangerous for whom? For the banking industry, or for those who dare to resist it? Perhaps for both?

One former governor who has talked openly about the extortion game played against governors by the Federal government and the banks that own it is Jess Ventura, who served as Governor of Minnesota from 1999 to 2003. He ran for and won the governorship as an independent with Libertarian leanings, which placed him outside the political establishment.

Shortly after becoming governor, Ventura says he was summoned to a meeting with numerous people who turned out to be agents of the Central Intelligence Agency. In a television interview, Ventura said:

I wouldn’t have known a CIA guy if he would’ve came up and bit me. I went to my old friends, my old teammates to try to get advice to pick up why they were questioning me and he was exactly right. He said, ‘They didn’t see you coming.’ They wanted to know if there were more independent governors on the horizon.”

Ventura correctly pointed out to the agents—if indeed that is what they were—that their domestic operation was illegal. He has since concluded that the agents were there to let him know who’s really in charge at the state level, and that it isn’t the state governors and legislatures.

A holder of public office needn’t be a governor to feel the nip of the wringer after criticizing member banks of the Federal Reserve. Just ask Sen. Richard Durbin of Illinois.

Never one to conceal what he really thinks, Sen. Durbin appeared on a Chicago radio talk show near the end of April 2009 and said, “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.”

A month and a half later, Durbin was blindsided by accusations that he had sold more than $115,000 worth of stock after being tipped off to the severity of the financial crisis during a closed meeting with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke in Sept. 2008.

The Chicago Sun-Times, which broke the “story,” reported that Durbin had bought about $43,000 worth of Berkshire Hathaway stock the same day he had liquidated his mutual funds and eventually invested a total of about $98,000 with the Oracle of Omaha’s fund.

A Durbin spokesman correctly pointed out that “Durbin was doing what a lot of other people were doing, taking a look at their savings” and seeing it “start to tank and trying to preserve some level of wealth by getting out of the market.”

This non-scandal has since gone nowhere, and in fact the original story has disappeared from the Sun-Times’ archives. But perhaps Durbin has gotten the message: If you’re a high-profile holder of public office, you don’t question or resist the banks.

As corrupt or immoral as many of them may be, governors and members of Congress probably deserve more pity than scorn. After all, most private citizens are subjected merely to passive surveillance—our telephone conversations and e-mails are filtered through facilities run by the National Security Agency in partnership with AT&T and other telecommunications companies that search out “hot” keywords. Our communications aren’t examined by a human being unless they’re flagged as containing something “suspicious.”

Governors and members of Congress, on the other hand, are far more likely to be placed under active surveillance—their communications are routinely eavesdropped upon by security personal working for the advancement of the takeover of the Federal government by Federal Reserve and its member banks, both domestic and foreign.

So before becoming too outraged at the next story about a corrupt governor or member of Congress, remember that we’re all living under the same tyranny. High-profile politicians are simply more likely to be humiliated when successfully nailed for refusing to go along with the program. In any story involving the humiliation of one of them, always look for the banking connection. You’ll usually find one.

http://www.infowars.com/governors-discover-resisting-the-fed-has-consequences/

The Return of America’s Anathema, “Taxation without representation is tyranny.”

July 20, 2009

By Jerry Salcido
Published 07/18/09

As most American school children know, one of the chief complaints that the American colonists had against the mother country was that they were taxed without their consent. “Taxation without representation is tyranny,” a phrase often credited to the revolutionary James Otis, became an American maxim. Colonial Americans were anti-tax to begin with, but to be taxed by a parliament three thousand miles away without any say in the matter was intolerable.

The colonists revolted and after sacrificing their lives and treasure they defeated the pariah which is taxation without representation; and, consequently, the freest nation the world had ever seen was born. Victory, however, was short-lived, as taxation without representation was resurrected and transmogrified a little more than 100 years later, in 1913, in the form of the Federal Reserve System, America’s third and most menacing iteration of a central bank.

Technically, the Federal Reserve has no power of taxation. In fact, it is not even a governmental entity or agency. It is a bank composed of unelected officials who answer to their shareholders… and who once in a while appear before Congress to discuss a whole lot about nothing. How then does the Federal Reserve effect taxation without representation? Through its manipulation of the money supply, that is, through varying degrees of continual inflation. As even Federal Reserve Chairman Ben Bernanke admitted, “Inflation is a tax.”

The problem is that unlike those in 1776, Americans today—courtesy of the fractional reserve banking system led by the Federal Reserve—do not even realize they are being taxed without their consent. One reason for this general dearth of understanding concerning such vital subject matter is the perception that acquiring knowledge of the economics of central banking is equivalent to earning a PhD in quantum physics. Not so; and, if liberty is to return to America Americans must understand that the Federal Reserve is their new King George.

No Representation

To begin, calling it the “Federal Reserve” is a misnomer, because it is not “federal” (or a “reserve” for that matter, but that is not important for our purposes). Nonetheless, it does have loose, somewhat incestuous, ties to the federal government. As one federal circuit court explained it is “composed of both public and private elements.” Committee for Monetary Reform v. Board of Governors of Federal Reserve System, 766 F.2d 538, 539 (D.C. Cir. 1985). The Federal Reserve System was created by Congress’s 1913 Federal Reserve Act, and consequently derives its powers from the federal government. It consists of twelve districts each of which has one Federal Reserve Bank (“Fed Regional Banks”) and more than 5,000 other privately owned banks, that is, your bank. The Federal Reserve System’s powers are distributed primarily among three separate bodies, none of which are composed of elected officials: the Board of Governors (“Board”), the Federal Open Market Committee (“FOMC”), and the Federal Advisory Counsel (“FAC”). The Board governs the day-to-day business of the Federal Reserve and consists of seven members each of whom is appointed by the President with the advice and consent of the Senate. Board members serve fourteen year terms — more than twice as long as U.S. Senators. While the original text of the Federal Reserve Act allowed the President to remove a Board member “for cause,” that is no longer the case. Today Board members may only be removed through Congressional impeachment, a next to impossible process.

Continue Article

“Obama dances to Goldman Sach’s Tune”

July 19, 2009

http://www.breitbart.tv/goldman-sachs-are-scum-analyst-says-firm-should-face-financial-terrorism-charges/

obama-mafia

Larry Summers cites Google search as progress

July 19, 2009

“I know Larry Summers is a pig thief and was one of the evil artist in creating our economic depression but is he that stupid to come out with a statement like this one… say it ain’t so bottom feeding parasite? Oh, just kidding Larry, all the informed American people just love that cute little face of yours.”

 

-Fred Face  7/18/09

 

090717_summers_reuters_223

WRH Commentary:

Is this man “foaming at the mouth mad” to have made such a stupid statement?

With mortgage defaults cascading their way through the economy?

Larry, that statement makes it apparent that you don’t get out much.

You really need to talk to those business owners in depressed areas which have had to close their doors as the economic misery the last and present administrations have left them with has made it impossible for them to continue to do business.

Talk to the single working moms who had their high-paying jobs shipped overseas, working twice as hard for half the money, desperately trying to keep their families together.

Talk to the still-unemployed, skilled people who have worked all their lives, want to work, who can barely find jobs as gas station attendants.

It is only then that you might, possibly (if you are, in fact capable of a rare moment of intellectual honesty) understand just how catastrophically, non-plugged in, inane and insulting that statement was to hurting American workers, those employed, and those who are desperately trying to find work in this economy.

 

http://whatreallyhappened.com/

 

Finally The Story:

 

By EAMON JAVERS

 

Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one Friday to make his case that theeconomic free-fallhas ended. 

The number of peoplesearchingfor the term “economic depression” on Google is down to normal levels, Summers said.

 Searches for the term were up four-fold when the recession deepened in the earlier part of the year, and the recent shift goes to show consumer confidence is higher, Summers told the Peterson Institute for International Economics.

 Summers continued the administration’s push-back against critics of President Barack Obama’s handling of the recession, defending theeconomic stimulus packageagainstRepublicanswho have tried to paint the program as a failure because it hasn’t stemmed the unemployment rate.

 “We pledged at the time the Recovery Act became law that some of the spending and tax effects would begin almost immediately.,” Summers said in prepared remarks. “We also noted that the impact of the Recovery Act would build up over time, peaking during 2010 with about 70 percent of the total stimulus provided in the first 18 months. Now, five months after the passage, we are on track to meet that timeline. “

 Summers rattled off a list of accomplishments of thestimulus package:

 “More than $43 billion in immediate tax relief has reachedhouseholdsand businesses. Another $64 billion has been channeled into the economy through aid to state and local governments, expansions in social programs, and spending on education,housing, and transportation projects. In addition to the amount that has already been paid out, another $120 billion in spending has been obligated by the federal government and is on track to begin working its way into the economy.”

Read more:http://www.politico.com/news/stories/0709/25083.html#ixzz0LeQejkTz

Debt consolidator makes hay from financial crisis by preying on the poor: US Federal Trade Commission complaints on Morgan Drexen

July 18, 2009

PDF: http://88.80.13.160.nyud.net/leak/morgan-dexrex-complaints-2009.pdf

July 16, 2009
Summary

The 2008 financial crisis left many in the United States with substantial debts and dwindling incomes. Into this void stepped “debt consolidators” such as Morgan Drexen, who promise to negotiate lower repayments with creditors; “give us your money and we’ll deal with the banks”, they say. But what happens when people do?

They conviced [my mother] that she’d be relieved of some of the debt on her credit card. By paying them a monthly payment that was even lower than the card was billing her, they would start a trust account and make an offer to Chase at some time in the future but set her up on a 48 month plan to pay 166.88 with 45 each month being their fee. After she had paid 810 the trust would start to build. The attorney representing her sent a “cease an desist” order to Chase. She was not even deliquent on the card until Morgan Drexen got involved. Within 3 months Chase had increased the interest rate from 3.99 to 29%. This started 01/08….they scammed her. She was 78.

This company was to negotiate my credit card debts with 4 credit card companies. They were also to set up a payment plan so that over a 3 year period, my debt would be paid to those companies. I was told to inform those companies I hired Morgan Drexen to negotiate the debt… Those credit card companies harrassed me at work and in essence informed me that they do no business with Morgen Drexen because they’re frauds. I was then introduced to the Federal Trade Commission website, which directed me to the Attorney General which supported the claim of fraud.

The attached file contains hundreds of similar complaints about Morgan Drexen submitted by consumers to the United States Federal Trade Commission. Consumers who are approached by Morgan Drexen should carefully consider the contents of these complaints.

The file was obtained under the Freedom of Information Act. Consumers could gain access to the information in this file if they submitted a Freedom of Information Act request themselves. The problem is that the people who need this information the most are not likely to take such a step. Even if they were to do so, the information would come too late to be helpful to them.

The FTC will not comment about Morgan Drexen on the phone because of an “ongoing investigation”.

Paulson Threatened Great Depression, Food Riots To Get Bailout Bill Passed

July 18, 2009

“This guys sits close to the top tier of the scum-fuck list. That’s right, scum-fuck list.”

-F.F.

PAULSON ECONOMY

By Stephen Foley in New York

The Bush administration and Congress discussed the possibility of a breakdown in law and order and the logistics of feeding US citizens if commerce and banking collapsed as a result of last autumn’s financial panic, it was disclosed yesterday.

Making his first appearance on Capitol Hill since leaving office, the former Treasury secretary Hank Paulson said it was important at the time not to reveal the extent of officials’ concerns, for fear it would “terrify the American people and lead to an even bigger problem”.

Mr Paulson testified to the House Oversight Committee on the Bush administration’s unpopular $700bn (£426bn) bailout of Wall Street, which was triggered by the failure of Lehman Brothers last September. In the days that followed, a run on some of the safest investment vehicles in the financial markets threatened to make it impossible for people to access their savings.

Paul Kanjorski, a Pennsylvania Democrat, asked Mr Paulson to reveal details of officials’ concerns, which were relayed to Congress in hasty conference calls last year. The calls included discussion of law and order and whether it would be possible to feed the American people, and for how long, according to Mr Kanjorski.

“In a world where information can flow, money can move with the speed of light electronically, I looked at the ripple effect, and looked at when a financial system fails, a whole country’s economic system can fail,” Mr Paulson said. “I believe we could have gone back to the sorts of situations we saw in the Depression. I try not to use hyperbole. It’s impossible to prove now since it didn’t happen.”

The Oversight committee is investigating the takeover of Merrill Lynch by Bank of America, a deal forged in the desperate weekend that Lehman Brothers failed, and which later required government support because of Merrill’s spiralling losses.

Mr Paulson defended putting pressure on Bank of America when it had last-minute doubts about the deal in December. Not to have done so could have rekindled the “financial havoc” the bailout had calmed.

http://www.independent.co.uk/news/business/news/paulson-reveals-us-concerns-of-breakdown-in-law-and-order-1750076.html

Bank of America Corp operating under secret regulatory sanction: report

July 17, 2009

dr-evil

 

(Reuters) – Bank of America Corp is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar with the situation.

Rarely disclosed publicly, the so-called memorandum of understanding (MOU) gives banks a chance to work out their problems without the glare of outside attention, the paper said.

Financial institutions that fail to address deficiencies can be slapped with harsher penalties that include a publicly announced cease-and-desist order, the newspaper said.

According to the paper, the order was imposed in early May, shortly after shareholders of the bank stripped Chief Executive Kenneth Lewis of his duties as chairman.

The MOU is the most serious procedural action taken against Bank Of America by federal regulators since the financial crisis erupted, the newspaper said.

The report said the MOU surprised some Bank Of America executives who had not expected federal regulators to issue such a formal rebuke. It said the bank responded swiftly with six directors resigning since May 26.

Bank of America faces a series of deadlines, some at the end of July and others in August, the paper said.

Bank of America could not be immediately reached for comment by Reuters.

(Reporting by Hezron Selvi in Bangalore; Editing by Valerie Lee)

 

http://www.reuters.com/article/businessNews/idUSTRE56F15X20090716?feedType=RSS&feedName=businessNews&rpc=23&sp=true

Quickly Sign The Petitions To Support HR 1207 and S 604

July 15, 2009

This is Vital: When you sign the petition it automatically generates a letter to your Representative in Washington, both House and Senate.  It’s extremely simple and quick.  PLEASE, take 30 seconds and help make a difference.  We Can Still Win.

 

http://www.campaignforliberty.com/campaigns/hr1207petition.php

Bailed-out Goldman Sachs profit soars to 3.44 bln dlrs

July 15, 2009

l2satan1

 

Wall Street giant Goldman Sachs on Tuesday posted second-quarter profit of 3.44 billion dollars, beating market expectations and possibly signaling recovery in the battered US financial sector.

Goldman Sachs, which has repaid a 10-billion-dollar US government bailout in full in the quarter, said its net profit soared 65 percent thanks to robust trading operations.

Goldman is the first of the “big guns” in the financial sector to report second-quarter results. It saw earnings per share of 4.93 dollars, besting analysts’ forecast of 3.54 dollars.

Investors are keenly awaiting the quarterly results to see whether massive public aid and better conditions in the stock market have put the ailing sector back on the road to recovery.

“While markets remain fragile and we recognize the challenges the broader economy faces, our second-quarter results reflected the combination of improving financial market conditions and a deep and diverse client franchise,” Lloyd Blankfein, chairman and chief executive, said in a statement.

The Wall Street investment giant said the results included its payback of government aid under the Treasury’s 700-billion-dollar Troubled Asset Relief Program (TARP).

The bailout program was launched as the global financial crisis accelerated after the collapse of Wall Street investment bank Lehman Brothers in September.

The government has poured billions into the financial sector in an effort to unblock frozen credit and pull the economy from the worst recession since the Great Depression.

Last month Goldman was among 10 major US banks repaying the Treasury for the capital injections, in a sign of a stabilizing financial system.

The repayments came after the Federal Reserve and Treasury agreed to allow some banks to begin reimbursing a total of 68 billion dollars of aid.

The New York-based Goldman repurchased the 10 billion dollars in preferred shares taken by the government in October and paid a dividend of 425 million dollars.

Goldman said that excluding that dividend, it had second-quarter earnings per share of 5.71 dollars.

As widely anticipated by the market, trading was the key profit driver for the bank, which converted to a commercial bank amid the financial meltdown last year to gain access to Federal Reserve resources.

“Goldman Sachs is living up to every bit of its expectations on how it is routinely and systematically taking money out of the markets in its trading activities,” said Jon Ogg of 24/7WallSt.com.

For Charles Geisst, a finance professor at Manhattan College, the consolidation of the financial sector amid the crisis has been a boon to Goldman.

Fewer competitors exist today, he said, “allowing them more latitude in trading and underwriting.”

“Also, their appetite for risk never diminished and as a result, they were able to take advantage of the market which has some distinct bargains in it. They may not be that successful in the future, however, if the competition returns.”

Goldman’s gold-plated earnings came as investors fretted about the possible bankruptcy of CIT Group, a major player in industrial loans.

CIT, which operates in more than 50 countries and provides financial services to small and middle market businesses, said late Sunday it was in talks with regulators “to improve the company’s near-term liquidity position.”

In December, CIT Group won approval to change its charter to a bank holding company and received 2.33 billion dollars in TARP funds.

 

http://rawstory.com/news/afp/Bailed_out_Goldman_Sachs_profit_soa_07142009.html

Don’t Tread on Me

July 14, 2009

July 13, 2009

Dear Friend of Liberty: 

When you’re backed into a corner, all you can do is FIGHT your way out. 

Today, that’s exactly where Patriots like you and me find ourselves

It doesn’t matter that the big government politicians from BOTH parties have nearly wrecked and bankrupted our country. 

The out of control Fed…Trillion dollar stimulus bills…Record deficits under both Presidents Bush and Obama… 

Bailouts…Government takeover of the Auto industry…Taxpayer-funded handouts for bankers and Wall Street… 

I’m sick and tired of it.  And I’m sure you are too.

You and I can’t count on politicians in either party to do the right thing, not without being pushed. 

The good news is Ron Paul and Campaign for Liberty are fighting back.  And you and I are starting to see results

Not only that, but there’s a groundswell of folks all over the country who are also FED UP and are supporting our cause of Liberty. 

With our battles heating up, I’m asking you to dig deep today to support Ron Paul’s Campaign for Liberty

These battles simply can’t be won without your help. 

Your support for ALL of Campaign for Liberty’s critical efforts is absolutely vital, including: 

*** AUDIT THE FED, so the American people can finally see the corruption and economic devastation caused by the central planning of a handful of bankster bureaucrats;

*** STOPPING the radical environmentalists’ Cap-and-Tax schemethat would drive already sky-high energy costs through the roof, massively hike taxes on hardworking Americans and grind our economy to an immediate halt;

*** DEFEATING Big Government Medicinethat would not only lead to astronomical tax hikes, but would give big government bureaucrats decision-making power over our healthcare system and virtually EVERY medical decision.

That’s why Campaign for Liberty is fighting – and why I’m asking you to act TODAY to push our battles forward! 

You see, Campaign for Liberty supporters are making a REAL impact in Washington

So many patriotic Americans are FED UP, and it’s thanks to your efforts on H.R. 1207, AUDIT THE FED. 

Already, Dr. Paul’s bill has gained the support of over half of the House of Representatives!  That would have been unthinkable just a year ago. 

But today is a new day for our movement.

You know, it’s funny.  If you read a newspaper, you won’t see a call for a full-fledged audit of the Federal Reserve.

Turn on the television and you won’t hear the talking heads calling for AUDIT THE FED. 

So what’s happening?  Where is the pressure coming from? 

It’s simple. It’s YOU! 

It’s called a grassroots R3VOLUTION. 

And if you and I can succeed, Washington DC and your state government will never be the same. 

But the truth of the matter is there’s still much, MUCH work to be done if we’re going to hold on to the precious freedoms we still enjoy and restore the freedoms that have been whittled away

This is not a battle that will be won in weeks, or even months.  You and I must prepare for long-term revolution to take back our country and our liberty. 

In the past, the Socialists and Statists have used crises like our current economic disaster to grab more and more power. 

They’re trotting out the same tired playbook now, trying to take more of our money and liberty each passing day

The only difference is that — in the past — there’s been no cohesive, organized opposition ready and able to fight back. 

But today, we have Ron Paul. 

Today, there is Campaign for Liberty.

And you. 

There are literally hundreds of thousands of folks all over the country just like YOU

And together, we must fight back, and not back down from this challenge. 

Of course, just knowing how the regime works and what it’s up to isn’t going to be enough

As I said before, we have to start “throwing punches.” 

It’s sad but true — too many politicians don’t care about right or wrong or what’s good or bad for America.

If they did, they wouldn’t be so intent on stripping us of our God-given rights, plunging us into unconstitutional, undeclared wars and spending us to the verge of bankruptcy!

At the end of the day, too many politicians care ONLY about getting and keeping POWER.

That’s why if our movement is to succeed, you and I must FIGHT back and DEFEAT the big government politicians’ pet legislation.

And then hold the politicians accountable as well.

But to do this, the R3VOLUTION must continue to grow.

Already, we’ve recruited over 180,000 supporters for Campaign for Liberty.  But that’s nowhere near the number we’ll need to really bring pressure to our elected officials.  And my research indicates there may be as many as 700,000 more ready to join us – if we can reach them. 

As I’m sure you know, reaching like-minded Americans through direct mail, phone banking and the internet to recruit them to our cause all takes a good deal of money.

Media campaigns like the one we’re about to embark on to help push Audit the Fed are even more expensive.

And unlike the government, we can’t just print money to cover our operations.

That’s why I’m counting on you.

I’m counting on you to make a generous contributionTODAY to help Campaign for Liberty fight back against the politicians’ big government schemes and recruit hundreds of thousands of new supporters.

When Dr. Paul announced he was running for President in 2007, few people could have imagined the movement he — and you — would create.

You see, you are an important part of this movement.

And today, despite all the naysayers, YOU have a very real opportunity to help turn our movement into a major political force in Washington through Campaign for Liberty.

And what you and I are able to accomplish over the next several months will help determine whether Dr. Paul’s Presidential run was truly the “start of something” or just “a flash in the pan.” 

I think I know the answer.  But I’m counting on every single one of Dr. Paul’s supporters to heed his call to arms today.

So please make a generous contributionof $250, $100, or $50 TODAY.

Nothing worth achieving is ever easy.  Nor is it free.  And I’m sure you agree, restoring real liberty in our time is truly a goal worth achieving

Sincerely, 

John F. Tate
President

DIGITAL STRIP SEARCH

July 13, 2009

Ron Paul questions Meltzer and Galbraith during hearing on Federal Reserve independence 07/09/09

July 12, 2009

Obama For Dummies

July 12, 2009

Robert M. Bowman On Alex Jones

July 9, 2009

“This is a good overview for people who have no idea what is really happening in this country. A “Dot Dot Dot For Dummies” kind of overview of American politics and World politics. This is what is happening. Stop living in denial and stop supporting an administration that used your liberal goodwill by baiting you with the promise of change by ushering in a fake, (corporate shill puppet), black President.

I hate to say it but… wake up people. Your civil liberties will be on the chopping block for good soon, if all you good people do not speak up. Get your confidence back and start standing up for yourselves.”

-Fred Face 7/8/09

 

 

Robert M. Bowman, former Director of Advanced Space Programs Development for the U.S. Air Force in the Ford and Carter administrations, a former United States Air Force Lieutenant Colonel with 101 combat missions, and presidential candidate for the Reform Party in 2000.

 

Obama Adviser Says U.S. Should Mull Second Stimulus

July 8, 2009

“Are there still people out there that think Obama is not just another scum-bag corporate shill liar like most of our past Presidents?? Keep being played like chumps people. False hope… false hope… false hope… your being a dope. Keeps those heads up people because they must be lying low. We’re supposed to be evolving. This kinda stuff is old hat to a lot of conscious Americans and more so with people living outside of the USA bubble that has so many of you tightly wrapped. Lets get on with it people, I mean come on?

-Fred Face 7/8/09

data

By Shamim Adam

 

July 7 (Bloomberg) — The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an outside adviser to President Barack Obama.

The current plan “will have a positive effect, but the real economy is a sicker patient,” Tyson said in a speech in Singapore today. The package will have a more pronounced impact in the third and fourth quarters, she added, stressing that she was speaking for herself and not the administration.

Tyson’s comments contrast with remarks made two days ago by Vice President Joe Biden and fellow Obama adviser Austan Goolsbee, who said it was premature to discuss crafting another stimulus because the current measures have yet to fully take effect. The government is facing criticism that the first package was rolled out too slowly and failed to stop unemployment from soaring to the highest in almost 26 years.

Obama said last month that a second package isn’t needed yet, though he expects the jobless rate will exceed 10 percent this year. When Obama signed the first stimulus bill in February, his chief economic advisers forecast it would help hold the rate below 8 percent.

Unemployment increased to 9.5 percent in June, the highest since August 1983. The world’s largest economy has lost about 6.5 million jobs since December 2007.

Worse Than Forecast

“The economy is worse than we forecast on which the stimulus program was based,” Tyson, who is a member of Obama’s Economic Recovery Advisory board, told the Nomura Equity Forum. “We probably have already 2.5 million more job losses than anticipated.”

Republicans, including House Minority Leader John Boehner of Ohio, seized on the latest labor numbers to attack the Obama administration’s handling of the economy.

Even Democrats have bemoaned the pace of the package’s implementation. House Majority Leader Steny Hoyer, a Maryland Democrat, said on “Fox News Sunday” June 5 that congressional Democrats are “disappointed” stimulus funds weren’t distributed faster.

“The money is just really starting to come out in more significant amounts now,” Tyson said. “The stimulus is performing close to expectations but not in timing.”

Package Affordable

Tyson, 62, later told reporters that the U.S. can afford to pay for a second package, even as the fiscal deficit soars. She said the budget shortfall is “likely to be worse” than the equivalent of 12 percent of gross domestic product that the administration forecast for 2009 and the 8 percent to 9 percent it projected for next year.

The professor at the University of California’s Walter A. Haas School of Business downplayed worries from China and other countries with dollar reserves that the U.S. will let inflation soar as the deficit expands.

“The concern is that the U.S. will have to inflate away its debt. I do not think that is a valid concern,” she said. “The Federal Reserve is not going to let the U.S. government inflate away its debt.”

The U.S. needs to communicate its determination to reduce the annual shortfall once the economy recovers, she said.

While unemployment is worsening, other data have shown the economy is improving. U.S. manufacturing shrank last month at the slowest rate since August, according to the Institute for Supply Management’s factory index, and a measure of pending home sales advanced in May for a fourth month.

Tyson said the U.S. should shift away from its dependence on consumption to grow, and promote expansion through investment and exports. The dollar will need to weaken in the longer term to promote export-led growth, she said.

To contact the reporter on this story: Shamim Adam in Singapore atsadam2@bloomberg.net

 

http://www.bloomberg.com/apps/news?pid=20601068&sid=ajQbZ.WrAVwQ

 

 

Senate Blocks Bill To Audit The Fed As Government Prepares For Second Round Of Looting

July 8, 2009

070709top

 

Paul Joseph Watson
Prison Planet.com
Tuesday, July 7, 2009

 

A Senate amendment based on Congressman Ron Paul’s successful House bill to audit the Federal Reserve was blocked by the Senate yesterday evening on procedural grounds, as Jim DeMint slammed the Fed for refusing to disclose where trillions in bailout funds had gone, while a top Obama administration advisor called for a second “stimulus” package to be prepared.

Republican Senator DeMint had attempted to get a provision attached to the 2010 spending bill that would have removed restrictions on auditing the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments.

However, the amendment was blocked by Senate authorities who claimed that it violated rules for provisions attached to spending bills.

Of course, when the elite want to get their own legislation rammed through, such as the recent climate bill in the House, it’s perfectly fine for Congressmembers to be prevented from even reading it, for it to have 300 pages added at 3am in the morning before the vote, and for all kinds of pork barrel to be attached. But God forbid should representatives actually try to pass something that would benefit the American people and not the private bankers that are beyond all scrutiny and above the law.

DeMint said that the Fed has enjoyed a monopoly over money and credit in the United States since 1913 yet has never been transparent or accountable to Congress, while during that time the dollar has lost 95% of its purchasing power.

“The Federal Reserve will create and disburse trillions of dollars in response to our current financial crisis,” DeMint said. “Americans across the nation, regardless of their opinion on the bailout, want to know where the money has gone,” he added, referring to the Fed’s refusal to disclose where trillions in bailout funds has gone.

“Allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life,” said DeMint.

A Reuters article about the Senate’s move to block the bill said that the Federal Reserve was “facing growing pressure as it tries to heal the ailing economy.”

In reality, the Federal Reserve has done nothing to “heal” the economy as unemployment outstrips expectations and the financial picture only looks bleaker every day. The private, run for profit Fed has taken trillions in “stimulus” funds and refused to even divulge where it has gone, even under threat of lawsuits file by Bloomberg.

Meanwhile, people like Ben Bernanke have committed financial terrorism by threatening an economic collapse if the Fed is allowed to be audited.

Any real audit of the Fed would of course create a giant roadblock for the Obama administration’s plans to launch a whole new program of looting and grand larceny in the guise of a second “stimulus” package.

“We should be planning on a contingency basis for a second round of stimulus,” Laura D’Andrea Tyson, a member of the panel advising President Barack Obama on tackling the economic crisis, said on Tuesday,” reports CNBC.

This is precisely why Senate authorities, bought and paid for by the private bankers that now own the United States, have blocked efforts to audit the Fed, because they know that the fallout will spell disaster for their place on the power peanut gallery and in turn end the ceaseless feasting at the trough of the battered, bruised and shaken-down American taxpayer.

Watch a clip of DeMint’s comments on the Senate floor yesterday.

 

http://www.infowars.com/senate-blocks-bill-to-audit-the-fed-as-government-prepares-for-second-round-of-looting/

 

Breaking News on Audit the Fed!

July 7, 2009

July 6, 2009


Dear Friend of Liberty,

Earlier today, the first shot in our battle to pass Audit the Fed through the U.S. Senate was fired on the Senate floor by Senator Jim DeMint of South Carolina. 

Senator DeMint, who has a well-deserved reputation for taking the battle to the other side in the Senate, once again proved why he is such a valuable ally in our fight to bring transparency and accountability to the Federal Reserve. 

A little while ago, the Senate voted to pass HR 2918, the Legislative Branch Appropriations Act. This $3 billion bill contains, among many other things, provisions for GAO audits on certain agencies. 

Seizing on a chance to take quick action to bring Audit the Fed up for a vote, and with the GAO provisions in mind, Senator DeMint attached the full text of S 604, the Senate version of Ron Paul’s Audit the Fed bill, to HR 2918 as Senate Amendment 1367 before it was considered for final passage. 

However, Senate Democrats refused to even allow a vote on the amendment!   That’s right.  The internationalist, Fed-loving elite in the Senate used a parliamentary tactic to shut down DeMint’s amendment. 

After Senator DeMint brought Audit the Fed to the floor, Senator Ben Nelson of Nebraska raised a “point of order” to prevent a vote, claiming that the amendment violated Senate Rule 16 by “legislating” on an appropriations bill. The Senate president agreed, and the amendment was shot down. 

Senator DeMint did not back down, though, and directly challenged Senate leadership by pointing out the other GAO audits contained in the bill. As Senator DeMint listed them off, the Senate president was forced to agree with Senator DeMint that each one he described, all of which would be left in for final passage, also violated Senate Rule 16.

Which tells us at least one thing: the problem wasn’t with “legislating” on the bill or violating Senate Rules (which is commonly done).  Shooting down the amendment was about preventing a thorough audit of the Federal Reserve for the first time in its history!

Senate leadership is hoping this issue will just fade away so they can get on to what they deem to be more “important” business, like dictating what kind of healthcare plan you and I can carry or passing destructive Cap-and-Tax legislation. 

But the American people deserve answers on what the Fed has done with trillions of our tax dollars and what they are committing us and future generations to as part of their secret deals with foreign central banks and governments.

The leadership decided today to turn their backs on transparency, but our fight is just beginning.

As Senator DeMint made clear on the floor, the Audit the Fed bill has wide bipartisan support.  He rightly warned the Senate that even if they delay today, they WILL have to deal with the issue on the floor. 

It is up to you and me to back up Senator DeMint’s words by making sure the momentum continues to build and the bill comes up for a final vote. 

The rejection of the Audit amendment is just the first battle in our war. Now is the time to really put the pressure on the U.S. Senate to Audit the Fed!

Senator DeMint fired the opening salvo and showcased the hypocrisy of the Senate for allowing other GAO audits to be included in the bill while refusing to even allow a vote on Fed transparency. 

Again, we’re just getting started. Senator DeMint will keep fighting to pass Audit the Fed on its own or as an amendment, and we need to continue putting pressure on our senators to do everything in their power to achieve a floor vote! 

Click hereto sign our online petition.  And visit our Audit the Fed action pagefor contact information to call, write, and fax your senators and urge them to support S 604 and to push for a final vote.  

Together, we will finish this fight to Audit the Fed! 


In Liberty,

John Tate

President

The Globalists Move Ahead to Steal our Wealth and Sovereignty

July 3, 2009

By Timothy R. Homan

July 1 (Bloomberg) — The International Monetary Fund’s board of directors plans to approve authorization to issue as much as $150 billion of bonds for the first time as it seeks new sources of funds, an IMF official said.

The board is scheduled to vote on the matter today, the official said on condition of anonymity. The bonds are part of a wider effort to seek new funding as the lender helps countries from Iceland to Pakistan combat the global financial crisis.

The securities, the culmination of months of talks between the fund and its members, will offer the largest emerging-market nations a new way of making IMF contributions while they seek greater say at the fund. China, Brazil and Russia have favored the bonds instead of regular contributions as they wrangle with other members over redistributing the IMF’s voting power.

“The emerging market economies want to call the shots a little bit more,” saidSimon Johnson, a former chief economist at the IMF who is now a senior fellow at the Peterson Institute for International Economics in Washington. “It’s all part of a longer evolution of the IMF.”

Leaders from the Group of 20 industrial and emerging nations agreed in April to boost IMF coffers by $750 billion to help the Washington-based agency shore up nations roiled by the credit crunch. The U.S. last month agreed to boost its contribution for the IMF by more than $100 billion.

Rates, Currency

Today’s vote likely will address details such as how to set the interest rates for the bonds and their currency.

Chinese officials have sought a greater role over time for the IMF’s unit of account, called Special Drawing Rights or SDRs, in an effort to reduce the U.S. dollar’s dominance in the global economy.

China’s government has also said it will buy $50 billion in notes. Russia and Brazil in June month announced plans to each buy $20 billion of bonds from the IMF.

India has indicated it would contribute to an IMF bond program. Montek Singh Ahluwalia, deputy chairman of the nation’s Planning Commission, wasn’t available to comment today.

IMF Managing Director Dominique Strauss-Kahn said last month there will be a “little” secondary market for the bonds. Strauss-Kahn said June 13 in Lecce, Italy, that they could be traded between “bondholders, either government or central banks.”

The IMF is also considering making them tradable between all central banks from countries that are IMF members, said a G- 8 official, who spoke on condition of anonymity. It would stop short of allowing them to trade on the open market, he said.

Budget Deficit

Treasury yields climbed this year and the dollar fell in part on concern that foreign central banks would reduce holdings of U.S. financial assets just as the Obama administration sells a record amount of debt to finance a growing budget deficit and pull the economy from the deepest recession since the 1930s.

China’s central bank last month renewed its call for a new global currency and said the IMF should manage more of members’ foreign-exchange reserves, triggering a decline in the U.S. dollar. IMF First Deputy Managing Director John Lipsky said on June 6 it’s possible some day to take the “revolutionary” step of making SDRs a reserve currency.

SDRs were created by the IMF in 1969 to support the Bretton Woods exchange-rate system that collapsed in 1971. They act as a unit of account rather than a currency. The cash is disbursed in proportion to the money each member nation pays into the fund.

To contact the reporter on this story: Timothy R. Homan in Washington atthoman1@bloomberg.net

 

http://www.bloombergnews.com/apps/news?pid=20601087&sid=a1OjABXlOBS4#

House Passes the 1,200-page Climate Bill that Congress was Not Allowed to Read

July 2, 2009

During Boehner’s brief attempt at filibuster, he reads passages related to the usage of “qualified youth corps” to regulate energy efficiency in regards to “the sustainability of low-end income communities.” “I wonder if ACORN qualifies for these grants,” Boehner quipped.

 

Aaron Dykes
Infowars
June 26, 2009

 

Despite heated objections by some Republicans, the unread 1,200-page Waxman-Markey climate bill was passed 219-212 in the House on Friday.

Final roll call votes are listed here.

Objecting to the fact that 300 pages were added to the bill at 3 a.m., Minority leader John Boehner attempted a brief filibuster, giving time for colleagues and aides to scan the unread extra passages and present certain excerpts on the floor. Politicoblasts his effort, reporting:

Shockingly, co-sponsor Henry Waxman objected to Boehner’s reading the bill on the House floor, and tried to prevent it on procedural grounds so that is contents would remain unknown and no one would shift support or delay the bill’s passage. Passing “laws” in secret is not law at all– it is tyranny, and it is shameful:

 

Waxman also wondered if any “historical records would be broken” by Boehner reading part of the bill and queried whether the tactic was “an attempt to try to get some people to leave on a close vote?”

Politico reports that Rep. Joe Barton (R-TX) raised questions about whether “there was even a copy of the current version of the bill anywhere in the House chamber.”

Remarkably, Ed Markey, one of the bill’s co-sponsors, rose to report that a copy was only available at the speaker’s desk or online, whichPolitico reports, would require members “to leave the floor to access.”

Rep. Michele Bachmann stated plainly that the bill was “a choice between liberty and tyranny,” claiming that the bill institute “control over nearly every aspect in the lives of the American people” and advocating the Forbes amendment.

 

Rep. Michele Bachmann stated plainly that the bill was “a choice between liberty and tyranny,” claiming that the bill institute “control over nearly every aspect in the lives of the American people” and advocating the Forbes amendment.    

 

 

House Passes Landmark Climate Bill

WSJ | June 26, 2009 7:31 PM EST

WASHINGTON — Landmark legislation to curb U.S. greenhouse gas emissions was approved by the House of Representatives in a close vote late Friday, securing a hard-fought victory for a cornerstone of President Barack Obama’s agenda.

The 1,200 page bill—formally known as the “American Clean Energy and Security Act”—will reach into almost every corner of the U.S. economy. By putting a price on emissions of common gases, such as carbon dioxide, the bill would affect the way electricity is generated, how homes and offices are designed, how foreign trade is conducted and how much Americans pay to drive or to heat their homes.

READ MORE

RED ALERT: The Total Takeover Of America Enters Its Final Phase

June 30, 2009

290609top2

 

Paul Joseph Watson
Prison Planet.com
Monday, June 29, 2009

 

The wholesale looting of America and the transfer of wealth and power over to a private banking elite who are setting up a world government, along with the complete obliteration of any remaining freedom to protest, resist, or even speak out against this agenda, is now entering its final phase as numerous different pieces of the jigsaw puzzle fall into place and portray a clear picture of tyranny.

We are about to sound the death knell for the United States if every one of the following attacks on our liberty, free speech, sovereignty, and right to not be ruled over by an unelected banking dictatorship is not fiercely opposed and crushed.

RED ALERT 1

The passage of the “Climate Bill” by the House and its likely approval by the Senate represents the entrée for the complete and total subjugation of any freedoms we had left and the beginning ofnightmare regulation and suffocating control over every aspect of our personal lives by millions of green stasi tasked with enforcing impossible to attain goals of 80% carbon dioxide reduction – all based on the manufactured threat of global warming.

This bill will also sink the economy and create a new great depression, effectively obliterating America’s first world status. It represents a transfer of power and wealth from both the U.S. government and the American taxpayer over to the system of world government and global regulation now being erected by means of the climate change hoax.

This is far worse than just a “new tax” as Republicans are complaining – this is the total takeover of the American economy by private banking interests through the carbon trading system.

As we have attempted to warn, the major beneficiaries of the climate bill will be the elitists who own the carbon trading systems that will be used to handle the ‘cap and trade’ program, namely Al Gore and Maurice Strong, two figures intimately involved with a long standing movement to use the theory of man made global warming as a mechanism for profit and social engineering.

We must rally now to lobby members of Congress who voted for the legislation and demand they change their vote before July 2nd. Failing that, we must demand that the Senate does not rubber stamp this nightmare legislation. Failing that, we must support and organize to craft more legislation based on the example of Arizona, who recently passed state Senate legislation refusing to comply with insane climate laws coming from the federal level.

RED ALERT 2

The seemingly endless economic “bailouts” represent the wholesale looting of the American taxpayer and the grand theft of trillions of dollars by private banking interests who refuse to even disclose where the money went.

Not satisfied with stealing tens of trillions, under the Obama administration’s new regulatory reform plan, the Federal Reserve is now trying to enrich itself with dictator powers that will give it complete control over the U.S. economy, handing them the authority to “regulate” and shut down any company whose activity it believes could threaten the economy and the markets.

We must rally now and lobby more members of Congress to support Ron Paul’s H.R. 1207 bill to audit the Federal Reserve and highlight the fact that Bernanke is spewing financial terrorism when he threatens an economic collapse should the Fed be opened up to scrutiny.

RED ALERT 3

Federal hate crimes legislation, which in reality would criminalize “thought crimes,” has cleared the House and now faces the Senate as S.909, the Matthew Shepard Hate Crimes Prevention Act (officially, the Local Law Enforcement Hate Crimes Prevention Act).

S.909 is a direct violation of the First Amendment. It allows the federal government to prosecute people involved in “hate speech” transmitted over television, radio, and the internet. The House version of the bill states:

“Whoever transmits in interstate or foreign commerce [radio, TV, internet] any communication, with the intent to coerce, intimidate, harass, or cause substantial emotional distress to a person, using electronic means to support severe, repeated, and hostile behavior, shall be fined under this title or imprisoned not more than two years, or both. (HR 1966, SEC 3, Sec. 881a)”

In other words, if a talk show host engages in “hostile” speech against a person or persons of the above mentioned federally protected group that talk show host will face federal prosecution and the prospect of a two year prison term.

The Megan Meier Cyberbullying Prevention Act would similarly criminalize free speech on the Internet if it can be deemed in any way to have been “harmful” to an individual. This represents the end of political blogging and free speech on the world wide web.

If both bills are not opposed and thrown out then the First Amendment will become nothing more than a relic of a bygone age.

RED ALERT 4

The Senate bill S.787, otherwise known as the Clean Water Restoration Act (CWRA), would replace language in the regulatory act currently using “navigable waters” with “waters of the United States.”

What this means is that “the government would essentially be able to regulate everything from standing water in floodplains to creeks that run behind business and residences,” according to anEnvironmental Leader report.

This represents a complete takeover of private land and waterways by the federal government, a total assault on private property rights and a complete federalization of America’s land and water.

“In a letter to Senate Environment and Public Works Chair Barbara Boxer and ranking member James Inhofe, the American Farm Bureau Federation said that the proposed law would “extend to all water — anywhere from farm ponds, to storm water retention basins, to roadside ditches, to desert washes, to streets and gutters, even to a puddle of rainwater,” stated the letter. “For the first time in the 36-year history of the act, activities that have no impact on actual rivers and lakes would be subject to full federal regulation.”

If this bill becomes law, it will empower the federal government to seize private property on a whim, using similar powers that Communist China employed during Chairman Mao’s “great leap forward,” where landowners had their property violently confiscated and stolen by the government.

If this bill passes the Senate, private property rights in the United States are effectively null and void and the federal government would legally have the power to bulldoze families from their homes as routinely happens in Communist China.

RED ALERT 5

Amongst the myriad of assaults on the Second Amendment rights of American citizens undertaken by the Obama administration during the course of its first year in office, the one that stands out as the most alarming is the attempt to ban people who appear on the terrorist watch list from buying guns.

But isn’t stopping terrorists from buying guns surely a sensible measure to take? The problem is that the terrorist watch list, sometimes called the no fly list, is not a list of likely terrorists, it is a sprawling database of of innocent people that contains the names of over one million Americans. This is a rise of 32% since 2007 alone.

Members of Congress, nuns, war heroes, reverends, the former assistant attorney general, toddlers and children, the ACLU administrator, people with difficult names and all American names like Robert Johnson and Gary Smith, have become caught in the vast tentacle of this list, documents the ACLU.

Moreover, once a person is included on the terrorist watch list it is virtually impossible to get off it.

The terrorist watch list is an ever-expanding tool with which to deny Americans basic rights as well as to strip them completely of the Fourth Amendment.

Now it is being used to prevent law-abiding citizens from purchasing firearms. Legislation sponsored by the The Government Accountability Office seeks to “close the gap” and prevent victims of the terrorist watch list from being able to purchase firearms.

This represents a new end run around the Second Amendment and a concerted effort on behalf of the federal government to classify millions of innocent Americans as potential terrorists, thus stripping them of their Constitutional right to own firearms.

RED ALERT 6

Our right to protest against any of the egregious assaults on the Constitution that are listed above is itself being removed by new law enforcement and Pentagon training manuals and guidelines that define protesting as domestic terrorism.

Current Department of Defense anti-terrorism training course material states that the exercise of First Amendment rights in the U.S. constitutes terrorist activity.

Over the last few years we have documented countless examples of security assessment reports from the likes of the Department of Defense, the Department of Homeland Security and the FBI, as well as police training manuals, which state that anti-war protesters, gun owners, veterans, Ron Paul supporters and those who merely cite the Constitution should be equated with extremists and domestic terrorists.

The fact that the government is now treating people who merely criticize its conduct as domestic terrorists is the clearest signal possible that the United States has entered a period in history similar to Germany in the early 1930’s and that it can only be a matter of time before the right “emergency” provides the justification for dissidents to be targeted for round-ups and mass imprisonment.

No one can claim now that this is merely a paranoid delusion – the government itself is training its law enforcement and military arms that protesters and people who use their First Amendment rights are domestic terrorists. The last time this happened was under King George shortly before the American Revolution.

ONE MINUTE TO MIDNIGHT

If we don’t stand up in unison and exercise our right to protest and free speech now more than ever before, while pointing out that the real terrorists are those who would seek to destroy the freedoms enshrined in the Bill of Rights, then we may find ourselves doing our protesting behind the barbed wires and the concrete blocks of an internment camp.

The hour is late, the clock stands at one minute to midnight, and the federal government, through all the examples documented above, is on the verge of implementing nothing less than a total environmental, financial and societal dictatorship and killing what once was the United States of America.

Almost identical programs of total enslavement are also being pushed through in almost every other major western country at the same time.

If we don’t stop obsessing about the minutia of life and actually concentrate on the imminent destruction of the very principles of our livelihoods, the bedrock freedoms that allow us to operate in relative comfort on a daily basis and be reasonably secure in our own homes, being able to pay our bills, put food on the table, earn money, and air our grievances when government threatens to impinge on those basic freedoms, then there will be nothing left but a rotten hollow carcass and a memory of what America once strived to be – land of the free, home of the brave – not land of the thief, home of the slave.

 

http://www.infowars.com/red-alert-the-total-takeover-of-america-enters-its-final-phase/

Goldman Sachs: “Engineering Every Major Market Manipulation Since The Great Depression”

June 28, 2009
Posted by Tyler Durden at 2:58 PM

With a subtitle like “From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again” run, don’t walk, to your nearest kiosk and buy Matt Taibbi’s latest piece in Rolling Stone magazine. One of the best comprehensive profiles of Government Sachs done to date. Speaking of GS, they sure must be busy today, now that Bernanke is about to be impeached and take the fall for all their machinations.

http://zerohedge.blogspot.com/2009/06/goldman-sachs-engineering-every-major.html

Fighting the New World Order: Information Revolution 2009

June 28, 2009

Ben Bernanke on Ron Paul’s Proposed Leglslation to Audit the Federal

June 27, 2009

“My concern about that legislation is that if the GAO is auditing not only the operational aspects of our programs and the details of the programs, but is making judgments about our policy decisions, that would effectively be a takeover of monetary policy by the Congress, a repudiation of the independence of the Federal Reserve, which would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.”

Lawmaker accuses Fed of “cover-up” in Bank of America deal

June 26, 2009

Federal_Reserve

 

By Kim Dixon

 

WASHINGTON (Reuters) – The Federal Reserve sought to hide its involvement in Bank of America Corp’s (BAC.N) acquisition of Merrill Lynch as Merrill’s financial condition worsened, the top Republican on the House Oversight and Government Reform Committee said on Wednesday.

The Fed “engaged in a cover-up and deliberately hid concerns and pertinent details regarding the merger from other federal regulatory agencies,” Representative Darrell Issa said in a statement released to Reuters.

Bernanke has in the past denied any inappropriate pressure on Bank of America. Fed spokeswoman Michelle Smith on Wednesday referred to a letter Bernanke sent Representative Dennis Kucinich on April 30 and later testimony in which he offered an “unconditional assertion” that he did not ask Bank of America CEO Ken Lewis to withhold information regarding Merrill.

“The Federal Reserve acted with the highest integrity throughout its discussions with Bank of America,” Bernanke wrote to the Ohio Democrat, who chairs a subcommittee on the Oversight panel.

The Democrat who heads the committee, Edolphus Towns of New York, has called Bernanke to testify on Thursday. “I am not going to prejudge these issues. We are not even close to finishing the Bank of America-Merrill Lynch investigation at this point,” Towns said in a statement.

r

POLITICAL FOOTBALL

Democrats on the panel have focused on whether Bank of America’s Lewis illegally misled investors about Merrill’s finances, while Republicans have zeroed in on whether the Fed and former Treasury Secretary Henry Paulson inappropriately pressured Lewis to seal the deal.

The issue has become a political football as lawmakers look to blame someone for the troubled deal amid taxpayer anger over the billions of dollars the government infused into banks to try to ease the world financial crisis.

A Democratic source close to the committee said Republican members leaked documents just before a hearing earlier this month where Lewis testified. “They framed the story by looking at only a few of the documents,” said the source, who was not authorized to be quoted on the matter.

Some Democrats believe Bank of America’s Lewis had to know about Merrill’s deepening losses and that Lewis was threatening to pull out of the deal as a way to get more assistance from the Fed. Still, the Democratic source said, “The Fed does not come out smelling like roses.”

Kucinich said what is remarkable about the situation was that the Fed required no changes in the bank’s leadership or conditions on the billions that did go to Bank of America.

The bank, which did not return a phone call seeking comment, has taken $45 billion in bailout funds from the government.

Other documents released by the committee earlier this month revealed that a Fed analysis found deficiencies in the due diligence conducted by Bank of America prior to the Merrill deal.

r-1

PRESSURE, DISCLOSURE

Earlier this month, the same panel questioned Lewis about whether he was pressured to complete the deal with Merrill, which lost $15.8 billion in the fourth quarter of 2008. Lewis told the lawmakers that Bernanke never asked him to keep secret any information the bank wanted to disclose to shareholders.

The committee has obtained a number of emails and documents from the Fed about its behind-the-scenes role in the merger, which was quickly brokered late in 2008 amid turmoil in the U.S. banking sector, according to sources familiar with documents. The sources declined to be identified because they were not authorized to speak publicly on the matter.

The sources said documents showed the Fed tried to keep some information about the Bank of America deal secret from the Office of Comptroller of the Currency, the North Carolina-based bank’s direct regulator, and from the Securities and Exchange Commission. The bank is also regulated by the Fed.

In one email cited, then-Merrill Lynch chief financial officer Nelson Chai wrote to then-Merrill CEO John Thain, about a discussion he had just had with New York Federal Reserve official Arthur Angulo:

“His hope is that there is no disclosure prior to (Bank of America) quarterly announcement. We told him this was current plan.”

That behavior “raises important questions” about whether the Fed can work collaboratively with other regulators and should gain additional power, as proposed in the Obama administration’s financial regulation plan, the sources said.

Documents obtained by Republican panel members suggest that the Fed pushed Bank of America to complete the deal by threatening to fire Lewis and the board, according to the sources.

They cited a December 20, 2008 email in which Jeffrey Lacker, president of the Richmond Fed, said he had spoken to Bernanke about Bank of America potentially trying to get out of the deal by claiming that a “material adverse change” (MAC) had occurred.

“Just had a long talk with Ben (Bernanke). Says that they think the MAC threat is irrelevant because it’s not credible. Also intends to make it even more clear that if they play that card and they need assistance, management is gone,” Lacker wrote, according to the sources.

Bernanke’s term as Fed chairman expires in January.

(Reporting by Julie Vorman and Kim Dixon; Additional reporting by Mark Felsenthal; Editing by Gary Hill and Carol Bishopric)

 

http://www.reuters.com/article/innovationNews/idUSTRE55N4KL20090624?pageNumber=1&virtualBrandChannel=10531

Obama’s (Latest) Surrender to Wall Street

June 23, 2009

obama-mafia

 

 

How the Financial Reform Plan Protects the Status Quo

By MICHAEL HUDSON

In reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector Pres. Obama is morphing into Joe Lieberman. There also is a touch of Boris Yeltsin in his sponsorship of a financial “reform” ominously similar to what advisor Larry Summers backed in Russia – relinquishing government power to a banking elite. The Financial Regulatory Reform proposal promotes Wall Street’s “product,” debt creation, at the expense of the economy at large, and lets financial chieftains continue to self-regulate the debt industry – and to keep scot-free all their gains from the past decade’s worth of fraudulent lending.

Confronting the wreckage of a debt crisis worse than any since the Great Depression, Mr. Obama has achieved what no Republican could have: rescuing the Bush Administration’s pro-creditor policies that fostered the Bubble Economy in the first place. “Most of the financial sector lobby community is happy with what has emerged,” theFinancial Times summarized. A spokesman for the Financial Services Forum, a major Wall Street lobbying organization, called the proposals “careful and balanced.”1/ With such endorsements, victims of predatory lending have good reason to worry. The Obama plan is just the opposite from reforming the financial system along lines that progressive Democrats and other critics have urged.

The plan’s six most fatal flaws are apparent in its preamble, which lays out a false diagnosis of the financial problem in a way that whitewashes Wall Street (in contrast to Mr. Obama’s nice televised populist speech giving verbal criticism to “culture of irresponsibility”). A false diagnosis must lead to wrong-headed cures – rarely by accident. There invariably is a financial beneficiary who gains from blind spots in a legal “reform” package.

 

Continue Article

Obama’s Regulatory Plan Strengthens Federal Reserve

June 23, 2009

June 20, 2009

 

Dear Friend of Liberty,

 

This week, the Obama administration unveiled another scheme to give more power to an already out of control Federal Reserve under the guise of regulatory “reform.” (The 85 page “plan” can be read in its entirety here.)

 

This Fed power grab will do nothing to help our economy or enable us to take control back from banksters and Wall Street insiders.  Instead, their proposal will address our economic crisis by creating more rules, regulations, and government agencies.  And of course, the plan is to spend more money we don’t have to implement this bureaucratic nightmare.

 

The Federal Reserve, currently taking hits from all sides, receives a substantial increase in powers from this proposal.  Yes, you read that right.  In the midst of the unprecedented squandering of TRILLIONS of taxpayer dollars, the Fed is going to get MORE power, unless you and I stop this scheme.

 

According to The Wall Street Journal:

 

The proposal, if passed into law, would represent one of the biggest changes ever in the Fed’s role. The central bank would win power to monitor risks across the financial system, and sweeping authority to examine any firm that could threaten financial stability, even if the Fed wouldn’t normally supervise the institution. The nation’s biggest and most interconnected firms would be subject to heightened oversight by the central bank….

 

Read the rest (which also has an Audit the Fed mention) here.

 

In another WSJ article, we find that:

 

The Fed emerges from the plan with the power to oversee from top to bottom almost any financial company in the country, including the firms’ foreign affiliates….

 

So any financial firm, even if it doesn’t actually own an insured depository institution, would be subject to regulation by the Federal Reserve.

 

The same institution that fueled the housing bubble and made our current economic crisis possible is now the one who gets to decide who poses a risk to the economy!

 

The idea that the Fed’s power would be increased right now is absurd.

 

Thanks to the efforts of Ron Paul and Campaign for Liberty supporters, well over half of the House of Representatives is now on record supporting a thorough audit of the Federal Reserve.

 

So why would Congress even consider granting the Fed new powers?

 

As you may have seen, recorded testimony from the Fed’s Inspector General shows she has NO IDEA how our money is being spent there and NO IDEA what is really going on — or at least won’t say.

 

And the central bank is under so much fire that it has to hire a lobbyist to defend itself on Capitol Hill.

 

You might assume that the Fed would be in retreat. Or at least that the Obama administration wouldn’t even THINK about granting them new powers right now.

 

Think again.  Politics trumps logic once more.

 

Despite all the promises of “change” that were so easy to make during the primary season, the Obama administration is practicing business as usual.

 

Like previous administrations, its ideas involve centralizing power among a few under the guise of “streamlining” the process. Instead of achieving accountability, this plan will further empower the Fed and their allies on Wall Street and in international banks.

 

It all goes to show that our work to Audit the Fed is only beginning.

 

While the support we have so far achieved is historic, you and I are taking on more than just our nation’s central bank.

 

We are challenging a long-held, firmly entrenched mindset that begins and ends any conversation by asking how the federal government can increase its power.

 

So today, let’s do two things:

 

1. Urge your Congressman and Senators to support H.R. 1207/S. 604, Ron Paul’s Audit the Fed bill, to pull back the curtain and expose the out of control Fed once and for all.   If your Congressman or Senator is already a cosponsor, urge him or her to do everything in their power to ensure this vital bill comes to a vote in the near future.

 

2.  Insist your Congressman and Senators resist granting any new power to the Fed by rejecting the Obama administration’s new financial regulatory scheme.

 

Thank you for all your work on behalf of the cause of freedom. In the face of growing threats to everything our movement stands for, your support enables Campaign for Liberty to champion the principles that made this nation great.

 

 

In Liberty,

John F. Tate

 

President

Ron Paul Slams Federal Reserve’s New Dictatorial Powers

June 21, 2009

Obama Financial Overhaul

 

Paul Joseph Watson
Prison Planet.com
Friday, June 19, 2009

 

Responding to the Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress.

Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with.

 

“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress,” said Paul.

As we reported yesterday, 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.

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.

“They’re giving a tremendous amount of more power to the Federal Reserve – the very institution that created our problem. That’s about the way Washington works,” said the Congressman

“Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It’s fiat money that’s the problem, so we allow them to double the money supply – you can’t solve the problems that way. That’s like saying you can take care of a drug addict by just giving them more drugs,” concluded Paul, adding that the lack of understanding about how the Federal Reserve created the problem and how the free market ought to work was the root of the crisis.

 

 

http://www.infowars.com/ron-paul-slams-federal-reserves-new-dictatorial-powers/

 

Senator cashed out during big stock collapse — after meeting with Fed, Treasury chiefs!

June 16, 2009

As U.S. stock markets plummeted last September, the Senate’s No. 2 Democrat, Dick Durbin, sold more than $115,000 worth of stocks and mutual-fund shares and used much of the money to invest in Warren Buffett’s Berkshire Hathaway Inc.

The Illinois senator’s 2008 financial disclosure statement shows he sold mutual-fund shares worth $42,696 on Sept. 19, the day after then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged congressional leaders in a closed meeting to craft legislation to help financially troubled banks. The same day, he bought $43,562 worth of Berkshire Hathaway’s Class B stock, the disclosure shows.

Altogether, Durbin sold investments worth $116,000 in September. By Oct. 2, he had invested $98,046 in Omaha, Neb.-based Berkshire Hathaway, the form shows.

The Standard & Poor’s 500 index plunged 4.7 percent last Sept. 15 after the bankruptcy of Lehman Brothers Holdings Inc. and Bank of America Corp.’s government-engineered takeover of Merrill Lynch & Co. By the end of October, the index had fallen 22.6 percent.

“Durbin was doing what a lot of other people were doing, taking a look at their savings” and seeing it “start to tank and trying to preserve some level of wealth by getting out of the market,” said his spokesman, Joe Shoemaker.

Shoemaker said Durbin didn’t capitalize on anything Paulson and Bernanke told congressional leaders at the Sept. 18 meeting.

Whatever information Paulson gave lawmakers wasn’t secret or classified and was disclosed publicly the next day, Shoemaker said.

Bloomberg News

 

http://www.suntimes.com/news/1620776,CST-NWS-durbin13.article