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L'Autre Monde 30 avril 2009: 100e émission!!! Spécial de 2 heures - Volet Économie
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L'Autre Monde 30 avril 2009: 100e émission!!! Spécial de 2 heures - Volet Économie
Pour écouter, ou pour télécharger, simplement cliquer sur le lien ici:
L'Autre Monde 30 avril 2009
60 min / Radio de l'UQAM, CHOQ FM
 | Diffusion en direct : Jeudi à 10:00h
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Émission du 30 avril 2009:
- Tour du monde de l'actualité avec la chronique des nouvelles internationales ainsi que du 9/11;
- Dossier du Moyen-Orient: Israël, Irak, Gaza, Iran, Pakistan, Afghanistan et plus!
- Il sera aussi question d'informations importantes sur l'économie.
Soyez au rendez-vous les jeudis à 11h sur les ondes de CHOQ FM!
***Hyperliens vers les sources des informations discutées sur l'émission d'aujourd'hui:
Is Obama even more Dangerous than Bush?
We have carefully watched the new President’s first 100 days and we are appalled. We find that Obama has continued Bush policies affecting the abuses of Wall Street banks, and allowing Wall Street wrongdoers to manage our economy and the "recovery."
Forget the impeachment of Bush and Cheney, the prosecution of Eliot Spitzer for his sexual indiscretion, and Bernard Madoff’s little Ponzi-scheme. What about prosecuting those bankers who profited from the most massive fraudulent swindle in human history?
THE INTENTIONAL FRAUD OF THE WALL STREET BANKERS, RATING COMPANIES, AND THEIR CONGRESSIONAL ENABLERS
The legal elements or requirements of the crime or wrong of fraud known to every first year law student are:
1. An intentional misrepresentation of facts or a false promise
2. Knowledge of falsity
3. Intent to deceive
4. Justifiable and actual reliance on the truth of what was represented or promised
5. Resulting Damage
President Obama is a brilliant lawyer, top of his class at Harvard Law, and a ten year professor of Constitutional Law. His roots are in
OBAMA’S CHOSEN FINANCIAL AND ECONOMIC ADVISORS KNOWINGLY DEREGULATED SO AS TO ENABLE THE FRAUD, AND THEN PARTICIPATED IN THE FRAUD AND PROFITED FROM IT
Obama’ Chief Economic Advisor, Larry Summers one of Clinton’s Secretaries of the Treasury, and Robert Rubin along with Republican Senator Phil Gramm lead the lobbying effort to repeal the Glass Steagall Act thereby enabling Wall Street Banks to invest in derivatives, hedge funds, and credit default swaps, and permitting Wall Street insurance companies to engage in banking.
Then the same three men, Summers, Rubin, and Gramm together with Alan Greenspan lead the effort to persuade Congress to pass a law in 2000 without debate in either the House or the Senate prohibiting the regulation of these newly enabled Wall Street financial giants. It is known as The Commodity Futures Modernization Act of 2000, and is found in Title 7 USC Section 2. The exemptions from regulation are found in Sections 2 (g) and 2(h).2 President Clinton signed the new law on December 21, 2000.
Obama’s Chief Economic Advisor Larry Summers and his Secretary of Treasury Timothy Geithner both pushed for the enactment of this law which enabled the ensuing fraud involving mortgages and the layers of derivatives that were known to be risky and worthless.
The Declaration Of Independence Has Been Repealed
On April 2, 2009, the work of July 4, 1776 was nullified at the meeting of the G
Derivatives are financial instruments based on other financial instruments paper based on paper. Derivatives are one giant step away from the world of production and consumption, plant and equipment, wages and employment in the production of tangible physical wealth or hard commodities. In the present hysteria of the globalized financial oligarchy, the very term of "derivative" has become taboo: commentators prefer to speak of toxic assets, complex securities, exotic instruments, and counterparty arrangements. At the time of the Bear Stearns bankruptcy, Bernanke warned against "chaotic unwinding." All of these code words are signals that derivatives are being talked about.
Borderless World the Long-held Dream of Bilderberg Group
Bilderberg will continue to push for world government at the May 14-19 secret meeting in
Why the Economic Destruction of America May Be Step One of A Global Banking Power Grab
It's important to note that regardless of which side of this battle we're talking about, none of these power elite are looking out for YOU, the People. This is all just a high-level territorial chess match in which you and I are the lowly pawns.
The financial events that have taken place in the
These are all playing out like clockwork, driving the
Over the last few months, I've kept in touch with some extremely well-connected individuals who have been cluing me in on what's really happening behind the scenes in the world of global finance. For obvious reasons, these people shall go unnamed, but what they're now telling me is that the economic meltdown is merely a means to an end. It is being done deliberately, they say, at the very highest levels to achieve a well-planned outcome. What outcome is that? Global rule over all banking, of course.
How to take over the world's finances
Imagine an international Federal Reserve that creates and controls the money supply for the entire world. The centralization of financial power into the hands of the few would be unprecedented. What power the Fed wields over the United States today, a "global Fed" could soon wield across the entire world.
Achieving such a power grab, however, is no small task. Nations will not voluntarily surrender power over their currencies...
Unless there is a crisis!
UN & IMF Back Agenda For Global Financial Dictatorship
As Georgetown professor and CFR historian Carroll Quigley noted, the goal of the banking families and their minions consists of “nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”
In 2007, Robert Mundell, “the father of the euro,” noted that “international monetary reform usually becomes possible only in response to a felt need and the threat of a global crisis.”
Both the IMF and the United Nations have thrown their weight behind proposals to implement a new world reserve currency system to replace the dollar as part of the acceleration towards a global financial dictatorship, in the same week that Treasury Secretary Timothy Geithner told CFR globalists that he was “open” to the idea.
As we reported yesterday, Timothy Geithner initially renounced a Chinese and Russian proposal to supplant the dollar with a new global currency, but he later told CFR elitists, who have consistently lobbied for a global currency as part of a wider agenda for global government, that he was “open” to the idea. Indeed, before Geithner was appointed by Obama when he was still president of the Federal Reserve Bank of
As we have repeatedly warned, the introduction of a new global currency system is a key cornerstone in the move towards global government, centralized control and more power being concentrated into fewer hands.
The swift and ruthless exploitation of the economic meltdown on behalf of globalists and central banks who caused the problem in the first place revolves around their drive for a global monetary union, which is a directive coming from the very inner core of the CFR and the Bilderberg Group.
The Federal Reserve is already is a private organization and as such unaccountable to the American people. A global central bank, which is effectively what a new global reserve currency system will create, will establish a de facto financial dictatorship which will wield power over the economies of every country on the planet with no accountability whatsoever.
The ruling elite resolved long ago to force a global currency down our throats. In fact, a global currency is at the very core of their plan to dominate the world. Control money and you control the destiny of states, you eliminate national sovereignty. “The control of money and credit strikes at the very heart of national sovereignty,” A.W. Clausen, president of Bank of America once observed.
That very crisis arrived shortly after, providing the elite with the perfect opportunity to ram through a massive program of financial centralization by posing as the saviors - when they created the problem in the first place.
The very actions of the elite will continue to worsen the financial crisis, providing the necessary political capital for them to institute what they had planned all along - a new global currency for the global government that they plan to implement thereafter.
Research related articles:
- G20 To Begin Implementation Of Global Financial Dictatorship
- Globalists Exploit Financial Meltdown In Move Towards One World Currency
- Calls For New Global Financial Order Increase
- Ron Paul Confronts Bernanke On Global Currency Plans
- Congresswoman Introduces Bill To Ban Global Currency
- Financial Times Editorial Admits Agenda For Dictatorial World Government
- Canada Rejects Global Financial Overhaul, Currency Intervention
- China Voices Support For New Global Currency To Replace Dollar
- CNBC Analyst: Global Bank, Global Currency Within 15 Years
- Obama Denounces Global Currency While Creating The Very Means For Its Introduction
- Two-Faced Geithner Assures CFR Puppet Masters He’s “Open” To Global Currency
- Global Financial Domination: The $8.5 Trillion Chip
US backing for world currency stuns markets
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.
The Dance of the Trillions to Shore up Banks, Bankers, and Gamblers
- by Rodrigue Tremblay - 2009-03-26
Global Research, March 26, 2009
It has been evaluated that all these public bailouts of the financial system amount together to a staggering $12.9 trillion, nearly as large as the
That is where we stand.
On Monday, March 23, Treasury Secretary Timothy Geithner announced that the Obama administration had decided to create a Public-Private Investment Program, and to pour $75 to $100 billion into it, the money coming from remnants of the old TARP program. The purpose, this time, is to rid American banks of the bad financial assets that are destroying their balance sheets, to the point of insolvency. What the new “Program” calls for is the purchase of as much as a half-trillion dollars of the American banks' so-called toxic assets, with the government providing 85 percent of the funds to willing private investors at low interest rates, and guaranteeing (through FDIC) any loss on the financial assets that banks will unload through public auctions. The political attractiveness of this measure is that it provides a public subsidy to the banks and other financial institutions without Congress having to debate and vote new funds. It can be done administratively.
I can't bear to look! - Obama says he'll cut dozens of wasteful programs
Reuters -
The
Much of the deficit was caused by spending on financial and economic rescue programs aimed at propping up companies whose collapse could worsen the global recession.
Republicans have accused Obama and the Democratic-controlled Congress of wasteful spending. They say Obama's $3.5 trillion federal budget plan carries too much deficit spending and too few tax cuts.
Fine.
Cut out the war on terrorism. Stop terrorizing innocent countries.
Cut out the funding of worldwide terrorism. Stop paying bribe money to
Cut out the bailout program.
Cut out the military bases that are spread all over the planet. The only reason they are needed is because of the
The international monetary system’s breakdown is underway
Our researchers anticipate the different forms a US default will take at the end of summer 2009, a US default which can no longer be concealed concealable from this April (most taxes are collected in April in the US) onward. The perspective of a
Bernanke's Financial Rescue Plan: The growing prospect of a U.S. default
Fed chief Ben Bernanke has embarked on the most radical and ruinous financial rescue plan in history. According to Bloomberg News, the Fed has already lent or committed $12.8 trillion trying to stabilize the financial system after the the bursting of Wall Street's speculative mega-bubble. Now Bernanke wants to dig an even bigger hole, by creating programs that will provide up to $2 trillion of credit to financial institutions that purchase toxic assets from banks or securities backed by consumer loans. The Fed's generous terms are expected to generate a flurry of speculation which will help strengthen the banking system while leaving the taxpayer to bear the losses.
Webmaster's Commentary:
The new "taxation without representation" is upon the American people. Congress is bought and paid for by the large corporations it has just bailed out.
The question is, just how will the American people respond???
And with the loosening of restrictions on Mark-to-market accounting, banks will have a free-for-all wildly inflating the value of the toxic assets, dumping them for pennies, then getting a check for 85% of the "loss" courtesy of the
Pentagon preps for economic warfare
The Pentagon sponsored a first-of-its-kind war game last month focused not on bullets and bombs — but on how hostile nations might seek to cripple the U.S. economy, a scenario made all the more real by the global financial crisis.
Webmaster's Commentary:
Translation: "WE NEED TO BLAME THOSE NASTY ARABS FOR THE CRASH!!!!!!" -- Official White Horse Souse
Pentagon budget envisions a series of Iraq-style wars
At a formal press announcement Monday and in media appearances over the next day, US Secretary of Defense Robert Gates unveiled the biggest military budget in world history, in anticipation of an endless series of
Obama wants billions more for the Iraq/Afghanistan wars on top of a
Stiglitz Says White House Ties to Wall Street Doom Bank Rescue
April 16 (Bloomberg) -- The Obama administration’s plan to fix the
"All the ingredients they have so far are weak, and there are several missing ingredients," Stiglitz said in an interview. The people who designed the plans are "either in the pocket of the banks or they’re incompetent."
Speaking of "in the pocket of the banks", from the NY Times: Government Sachs
Will Job Numbers Keep Being Revised Down?
Today’s report says that there were 681,000 jobs lost in December,
But Robert Barbera, the chief economist of ITG, points out a more disturbing trend: The Labor Department keeps concluding that its initial estimates were too optimistic.
Webmaster's Commentary:
The government is clearly massaging the data, "1984" style, to create the best looking outcome.
Jobless claims top 6M; housing starts plummet
Lending By Bailout Recipients Falls Again
Lending by the nation's largest banks fell 6 percent in February from the previous month, continuing a downward trend that began in October with the financial crisis, according to data published yesterday by the Treasury Department.
The 21 banks in the survey have received more than $211 billion in federal funding to support new lending with the aim of stimulating the economy. The money has not accomplished its purpose.
Webmaster's Commentary:
Which is what the blog-o-sphere PREDICTED would be the case.
GM DEFAULTS
This was only a matter of time. Everyone from inside and outside GM assumed that the company would default on its debt and likely go bankrupt barring some miracle.
But now it's official. The company's CFO says the firm will not make its June 1, $1 billion debt payment reports WSJ.
The announcement comes as smaller rival Chrysler appears headed for liquidiation.
Webmaster's Commentary:
And all that bailout money was just good taxpayer dollars poured after bad, and you are stuck with the bills.
Canada's job losses worst since 1982 recession
Canada
The unemployment rate jumped to a seven-year high of 8 percent last month and the economy lost 61,300 more jobs, resulting in the sharpest five-month employment decline since the 1982 recession, Statistics Canada said on Thursday.
Bank of Canada's dramatic cut
Central bank cuts interest rate to its lowest level ever.
OTTAWA - The Bank of Canada has taken its key policy interest rate to the lowest practical level in an effort to combat what it says has become a deeper than expected economic slump.
The central bank sliced its target for the overnight rate in half to 0.25 per cent - "the effective lower bound" - and signalled it will keep it there until at least mid
The turnaround point in 2009
Top economists peg these upcoming months as the beginning of the end of
The gloomier outlook follows dismal early data for the first quarter that has put
The steepest quarterly decline on record for
All economists surveyed said the economy would contract in the first three months of 2009, and all but one said the economy would shrink again in the second quarter.
Investment losses hit public sector pensions
The crisis facing pension plans for US state and municipal employees is deepening as investment losses deplete the resources of retirement funds for teachers, police officers, firefighters and other local government workers.
Webmaster's Commentary:
Guess how the government will make up the shortfall.
It's More or Less Official: We're In a Global Depression
The IMF has also performed a complete audit of the whole
So the fact that the head of the IMF is saying that the world's advanced economies are already in a depression carries great weight.
This is still not the Great Depression of the 1930s, but it is a Depression. And the only way out is government spending on a very large scale. We should stop worrying about Wall Street. Worry about American workers. Use money to build up
China Slows Purchases of U.S. and Other Bonds
The New York Times - Keith Bradsher -HONG KONG — Reversing its role as the world’s fastest-growing buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China’s central bank.
Greece Teeters on the Verge of Bankruptcy
Swiss slide into deflation signals the next chapter of this global crisis
Watch
13 firms receiving federal bailouts have unpaid taxes, congressman says
Thirteen firms receiving federal bailouts owe more than $220 million in unpaid federal taxes, a powerful House Democrat said Thursday.
The Bank Swindle: Putting it in Perspective
he
Think you over paid? You did. The entire market capitalization of Citigroup is only $19 billion which means that anyone can buy the entire company and assume full control for $19 billion. Taxpayers have paid Citi almost 18 times what the entire company is worth, while receiving no control, voting rights, or even an ATM fee reversal!
Bank of America is a similar story. $183 billion in injections and guarantees of worthless assets on a company that can be bought and controlled entirely for $27 billion.
Bank of America and Citigroup have already cost the
To put things in better perspective, at $519 billion, you could completely own and control General Motors, Alcoa, American Express, The Disney Corporation, McDonalds, Home Depot, Hewlett Packard, Merck, Du Pont, Boeing, Caterpillar, Intel,
Nearly half of a trillion dollars has gone to Citigroup and Bank of America alone. The government has overpaid by more than 11 times the total value of the two companies and has absolutely nothing to show for it. The taxpayers receive no dividend or interest payments, have no ownership or control, and are at the mercy of paying back interest and fees to organizations running on public money.
Northern Rock to reward 500 executives with bonuses despite announcing £1.4bn loss
Northern Rock will hand big bonuses to 500 executives despite condemning taxpayers to losses of £3.8million a day.
Speeding, Parking Tickets on Rise as Government Revenue Source
Drivers across the country, beware — a heftier fine could be coming to a dashboard near you. Faced with rising deficits and dwindling revenues, many states and local municipalities are turning to increased traffic and parking fines to fill their coffers.
In
Motorists in Pensacola, Fla., saw fines for parking in front of a fire hydrant or in a fire lane skyrocket from $10 to $100 — a 900 percent increase — after the city's Downtown Improvement Board reportedly unanimously approved the hike earlier this month. Statewide, speeding fines also increased by $10 this month, along with an increase of an additional $25 for exceeding the speed limit by 15 to 29 miles per hour.
And in the
"We need to increase enforcement in areas that create revenue … write 'ONE TAG A DAY,'" Coye told officers in a memo obtained by the Boston Herald.
With Legions of Two-Bit Nepotism Jobs at Stake - Municipalities Turn to Fees to Fill Budget Gaps
The New York Times - David Segal After her sport utility vehicle sideswiped a van in early February, Shirley Kimel was amazed at how quickly a handful of police officers and firefighters in Winter Haven, Fla., showed up. But a real shock came a week later, when a letter arrived from the city billing her $316 for the cost of responding to the accident.
Such cash-per-crash ordinances tend to infuriate motorists, and they often generate bad press, but a lot of cities are finding them hard to resist. With the economy flailing and budgets strained, state and local governments are being creative about ways to raise money. And the go-to idea is to invent a fee — or simply raise one.
Citigroup Shares "Break the Buck" on Massive Volume
Shares of Citigroup “Broke the buck” today trading down below $1/share, the lowest in the history of the company. The stock traded at a high of $57 only 15 months ago and hit a low of 97 cents today.
Two weeks ago we warned that Citigroup and Bank of America would be taken over by the government within 60 days and mentioned the possibility of shareholder value being destroyed as in Fannie and Freddie.
Nearly 1 billion starving in world
The increasing price of food has spiked the number of hunger-stricken people in the world by 40 million to reach 923 million in 2008.
According to a recent report by the Food and Agriculture Organization of the United Nations (FAO), more people will fall under the undernourished category if the current economic trend continues in the world.
"With a very large population and relatively slow progress in hunger reduction, nearly two-thirds (583 million) of the hungry live in
Nearly 65 percent of these hunger stricken individuals live in
The hunger report issued by the UN body cites soaring food prices as the main reason behind the deepening crisis.
"Prices of major cereals have fallen by over 50 per cent from their peaks earlier in 2008, but they remain high compared to previous years."
Senator: “We’ve Seen Money Go Out The Back Door Of This Government Unlike Any Time In The History Of Our Country . . . Nobody Knows" Where It Went
“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”
Webmaster's Commentary:
"The last official act of any government is to loot the nation." -- Some blogger guy
Obama's New World Order
This article addresses
Realizing Real Estate is Just a Liability - Banks Starting to Walk Away on Foreclosures
The New York Times - Susan Saulny - City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — [and elevated property taxes] exceeds the diminishing value of the real estate.
Foreclosures Soar in March, Up 44 Percent Over February’s High
Completed foreclosures hit another monthly record in March as 175,199 homes were lost to foreclosure, up 44 percent from February’s record high, according to the latest U.S. Foreclosure Index released today by ForeclosureS.com, a leading real estate information provider.
Industrial Production Declines Sharply in March
How about this headline from Rex Nutting at MarketWatch: Biggest drop in industrial output since VE Day
Industrial production is down 13.3% since the recession began in December 2007, the largest percentage decline since the end of World War II. ... Factory output has fallen 15.7% during the recession, also the largest decline since 1945-1946.
Click on graph for larger image in new window.
Here is some serious cliff diving. Also - since capacity utilization is at a record low (the series starts in 1967), there is little reason for investment in new production facitilies.
The Federal Reserve reported:
Industrial production fell 1.5 percent in March after a similar decrease in February. For the first quarter as a whole, output dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current contraction. At 97.4 percent of its 2002 average, output in March fell to its lowest level since December 1998 and was nearly 13 percent below its year-earlier level. Production in manufacturing moved down 1.7 percent in March and has registered five consecutive quarterly decreases.
Overwhelmed Illinois Court Postpones Foreclosures Until September
Citing a backbreaking caseload of foreclosures, the court serving the nation’s second-most populous county has decided to postpone most foreclosures until September, while it attempts to work through tens of thousands of existing filings.
Banks aren't reselling many foreclosed homes
Observers say several factors are at work.
-- The "pig in the python": Digesting all those foreclosures takes awhile. It's time-consuming to get a home vacant, clean and ready for sale. "The system is overwhelmed by the volume," Sharga said. "In a normal market, there are 160,000 (foreclosures for sale nationwide) over the course of a year. Right now, there are about 80,000 every month."
-- Accounting sleight-of-hand: Lenders could be deferring sales to put off having to acknowledge the actual extent of their loss. "With banks in the stress they're in, I don't think they're anxious to show losses in assets on their balance sheets," O'Toole said.
General Growth Files Biggest U.S. Property Bankruptcy
General Growth Properties Inc. filed the biggest real estate bankruptcy in
Webmaster's Commentary:
Here comes the commercial real estate crash.
Citigroup Stock Costs Less Than Their ATM Fee
At $1.41, the shareholders have essentially been wiped out. Shares of Fannie Mae and Freddie Mac, AFTER being nationalized, have traded higher than Citigroup is now.
Citigroup has been nationalized. The government is now the largest shareholder. I expect even the mainstream media will eventually start calling this what it truly is - A public takeover.
How big a deal is the loss of the dollar's reserve status?
The process of foreign nations extracting themselves from the dollar is not going to be pretty.
As the dollar loses its reserves status, at least half of the world’s $5,385 billion dollar reserves will be sold off and replaced with other currencies (yuan, euro, khaleeji, gold, rand, etc…). The
The process of foreign nations extracting themselves from the dollar is not going to be pretty. The likely impacts are:
1) The dollar’s value will plunge as investors see the writing on the wall and jump ship.
2)
3) The fed’s balance sheet will explode beyond all reason. In response to the mass exodus from credit markets, the fed will buy trillions worth debt in a desperate attempt to hold interest rates down. Unfortunately, the more debt the fed buys, the more quickly the dollar will fall, and the more panicked the credit selloff will become.
4)
5) Countries around the world will be hurt badly by the dollar’s decline. These countries include:
A) Nations which are heavily dependent on US exports:
B) Nations with large dollar reserves:
C) Nations which receive large amount of US foreign aid:
D) Nations which rely on remittances from citizens working in the
E) Nations which use dollars as their official currency:
F) Nations which have large amounts of dollars in circulation: Central and South America (especially
6) Some nations will see benefits from the dollar’s decline. These countries include:
A) Nations with large gold reserves: EU zone,
B) Nations which owe dollar denominated debt will see that debt wiped out:
C) Nations who stable currencies: EU zone,
7) World politics will be greatly altered. There will be considerable anger at the
8)
9) American lifestyles will change radically. The end of cheap oil, low interest rates, and deficit spending will mean a lower quality of life and higher taxes.
10) The price of gold and other precious metals will explode.
11) US will experience hyperinflation.
THE TAKEOVER OF AMERICA / REPUBLIC BECOMES OLIGARCHY
What ARE the Toxic Assets Everyone Is Talking About?
I obviously agree with Krugman, Smith, Mish and everyone else who is not directly making money off of this scam that it is a horrible plan which will probably fail and end up sticking it to the taxpayer.
MT State considers return to gold, silver dollars
A bill being considered in the Montana Legislature blasts the Federal Reserve's role in
Montana H.B. 639, sponsored by State Rep. Bob Wagner, R-Harrison, doesn't require the state or citizens to conduct business in gold or silver, but it does require the state to calculate certain transactions in both the current legal tender system and in an electronic gold currency. It further mandates that the state must accept payments in gold or silver for various fees and purchases.
Bailed-out banks to 'lend' staff their deferred bonuses immediately, making mockery of Government ban
Tens of thousands of staff at
Royal Bank of
Bailed-Out Companies Owe $220 Million in Taxes
According to the
AIG systematically denies claims of injured US contractors
Insurance giant AIG is already in trouble with the taxpayers from whom it has received billions in bailout money. Now an investigation by ABC News, the Los Angeles Times, and the non-profit Pro Publica has found that AIG has been ripping off its own insurance customers as well.
According to ABC’s Brian Ross, “AIG covers about 90% of the people who get hurt working overseas for American defense contractors.” Pro Publica analyzed 30,000 of those cases and found that, although minor injuries were covered without question, AIG had challenged an astonishing 43% of the more serious claims
Webmaster's Commentary:
If these folks have taken billions of our tax dollars because of bad business decisions, some government watchdog should be providing complete oversight of their decisions to compensate our vets so that our wounded vets get the best possible level of care possible, and not the worst.
I want every wounded vet to get the level of care Dick Cheney gets.
And if you think for a second that's going to be "too expensive to provide", I am absolutely certain, beyond any doubt, that there is something, somewhere, the number crunchers at the Pentagon can cut without compromising this country's safety.
Financiers Plan To Put Controls On Derivatives
With the blessing of the Federal Government, some of the world's largest financial institutions reached an agreement today to try to set their own industrywide standards in the huge and volatile market of the complex securities known as derivatives.
Webmaster's Commentary:
Fox -> Guard -> Henhouse.
Official says post office is running out of cash
The agency lost $2.8 billion last year and is looking at much larger losses this year. Reducing mail delivery from six days to five days a week could save $3.5 billion annually, Potter said.
Webmaster's Commentary:
How much could they save by making advertisers pay full postage rates on junk mail?
Why Gold Prices Didn't Really Rise Last Week
Last Wednesday afternoon, after the FOMC announcement, the price of gold (in dollars) went up. On Thursday gold ETF GLD (GLD) closed at its highest level since February 25th. But what actually happened? The FOMC announced that it would begin buying U.S. treasuries on the open market, this at the same time that U.S. treasury auctions are tripling and quadrupling their bond sales in order to pay for the massive increase in the U.S. budget deficit.
Detroit to close another 23 schools this fall
Local Currencies: Communities Print Own Money To Keep Cash Flowing
A small but growing number of cash-strapped communities are printing their own money.
Borrowing from a Depression-era idea, they are aiming to help consumers make ends meet and support struggling local businesses.
Webmaster's Commentary:
This reinforces my observation that the only reason the Liberty Dollar came under attack was that Ron Paul's image was on them.
Local Currencies: Communities Printing Own Money To Keep Cash Flowing
Le terrible secret de Tim Geithner : le système financier mondial est en péril
- par William Engdahl - 2009-04-05
Quand la solution à la crise financière en devient la cause
Mondialisation.ca, Le 5 avril 2009
Le secrétaire au Trésor des États-Unis, Tim Geithner, a révélé son plan tant attendu d’assainissement du système bancaire étatsunien, mais il a refusé de divulguer le « terrible secret » de la crise financière actuelle. En agissant de la sorte, il tente de sauver des banques étatsuniennes de facto en faillite, lesquelles menacent de faire tomber le système mondial dans une nouvelle phase encore plus dévastatrice de destruction de la richesse.
Nous l’avons déjà mentionné, le plan Geithner, son soi-disant Programme d’investissement en partenariat public-privé ou PPPIP, n’est pas dédié à restaurer un système de prêt salutaire donnant du crédit aux entreprises et aux consommateurs. Il s’agit plutôt d’une autre manigance complexe servant à verser davantage de centaines de milliards de dollars directement aux banques dominantes et aux firmes de Wall Street, responsables du présent bourbier dans les marchés mondiaux du crédit, sans toutefois leur demander de changer leur modèle opérationnel. Pourtant, on pourrait se dire que ce plan, en assainissant les banques, aidera tôt ou tard à surmonter le problème.
Il ne le fera pas si l’administration Obama procède comme elle le fait en ce moment. En défendant son plan à la télévision étatsunienne récemment, M. Geihner – protégé de Henry Kissinger, autrefois PDG de
Le « terrible secret » que M. Geithner tente vigoureusement de cacher au public est très simple. À la source des actifs toxiques bouleversant le système financier mondial, il y a au plus peut-être cinq banques étatsuniennes. C’est cette réalité que M. Geithner tente désespérément de protéger. Contrairement aux crises bancaires précédentes, le problème ne consiste pas en des pertes sur prêt ordinaires. C’est plutôt une variété de dérivés financiers exotiques qui se trouvent au cœur du problème, plus spécifiquement les soi-disant swaps sur défaillance (Credit Default Swaps).
En 2000, le secrétaire au Trésor de l’administration Clinton était un dénommé Larry Summers. M. Summers venait tout juste d’être promu No. 1 de Goldman Sachs par son supérieur, le banquier de Wall Street Robert Rubin, lorsque ce dernier a quitté Washington pour occuper le poste de vice-président de Citigroup. Comme je le décris en détails dans mon nouveau livre à paraître cet été, Power of Money: The Rise and Fall of the American Century, M. Summers a convaincu le président Clinton d’approuver plusieurs projets de loi républicains, ouvrant ainsi les vannes aux banques pour qu’elles abusent de leur pouvoir. Que les grandes banques de Wall Street aient dépensé quelque 5 milliards en lobbyisme pour ces changements après
Une loi importante abrogeait le Glass-Steagall Act de 1933, adopté durant
À l’époque où M. Summers s’affairait à ouvrir les vannes de l’abus financier pour les sociétés de fiducie de Wall Street, son assistant était nul autre que Tim Geithner, l’homme aujourd’hui secrétaire du Trésor. À l’heure actuelle, l’ancien patron de M. Geithner, Larry Summers, est conseiller économique en chef du président Obama puisqu’il est chef du Conseil économique de
Le « terrible secret »
M. Geithner ne souhaite pas que le public comprenne son petit secret, soit que l’abrogation de la loi Glass-Steagall et l’adoption du CFMA en 2000 ont permis la création d’un petite poignée de banques qui allaient pratiquement monopoliser des pans importants des activités hors bilan mondiales ou l’émission des dérivés hors bourse.
Selon le récent Rapport trimestriel sur le commerce bancaire et les produits dérivés du Federal Office of Comptroller of the Currency, cinq banques étatsuniennes possèdent actuellement 96 % des positions de dérivés de toutes les banques des États-Unis en terme de valeurs symbolique, ainsi qu'un pourcentage ahurissant, soit 81 %, d'exposition au risque de crédit net total en cas de défaillance.
Ces cinq banques sont JPMorgan Chase, qui détient la première place avec une somme étourdissante de 88 billions de dollars en dérivés (66 billions d’euros!). Morgan Chase est suivie par Bank of America et Citibank lesquelles possèdent respectivement 38 billions et 32 billions en dérivés. La quatrième place dans les sweepstakes des dérivés revient à Goldman Sachs avec ses « maigres » 30 billions, somme qui baisse de façon draconienne à 5 billions de dollars en cinquième position où se situe la banque fusionnée Wells Fargo-Wachovia. Par ailleurs, au sixième rang, la britannique HSBC Bank USA détient 3,7 billions de ces actifs toxiques.
Par la suite, l’exposition des banques des États-Unis à ces dérivés hors bilan non réglementés diminue dramatiquement. Afin d’en souligner l’ampleur, notons qu’un billion s’écrit 1 000 000 000 000. Continuer à investir d’énormes quantités d’argent des contribuables dans ces cinq banques sans modifier leur système opérationnel revient à traiter un alcoolique avec de l’alcool gratuit à volonté.
Le sauvetage gouvernemental d’AIG, dépassant à ce jour les 180 milliards, a d’abord servi à payer ses swaps sur défaillance aux contreparties, les joueurs Goldman Sachs, Citibank, JP Morgan Chase et Bank of America, des banques se croyant « trop importantes pour faire faillite ». En effet, ces cinq institutions se croient maintenant si grandes qu’elles peuvent dicter la politique du gouvernement fédéral. Certains ont appelé cette opération un coup d’État des banquiers. Elle n’a définitivement rien de salutaire.
Voilà le terrible secret que le secrétaire Geithner et Wall Street tentent désespérément de cacher car il dirigerait l’attention des électeurs vers de vraies solutions. Le gouvernement fédéral dispose depuis longtemps de lois pour faire face aux banques insolvables.
C’est ce que Wall Street et Tim Geithner cherchent frénétiquement à prévenir. Le problème est centralisé sur ces cinq grandes banques et le cancer financier doit être isolé et réfréné par une agence fédérale afin que la victime, l’économie réelle, puisse fonctionner à nouveau sainement.
Voilà ce qui doit être mis sous séquestre ou nationalisé. En retardant cela et en refusant de demander un contrôle gouvernemental des comptes totalement indépendant pour déterminer si ces cinq banques sont réellement solvables, le gouvernement Obama provoque des pertes pour les États-Unis et l’économie mondiale, lesquelles seront inévitablement exponentielles lorsque les pertes en dérivés exploseront. Il s’agit de la détérioration préprogrammée de la récession, signifiant une augmentation des faillites d’entreprises, la multiplication des manquements des débiteurs hypothécaires et la montée en flèche du chômage. Cette situation devient hors de contrôle (d’un gouvernement responsable) parce qu’elle est permise par le secrétaire Geithner, Larry Summers et ultimement le président, qu’il ait ou non eu le temps de chercher à comprendre ce qui est en jeu.
Une fois que les cinq banques problématiques isolées par
World Depression: Regional Wars and the Decline of the US Empire
All the idols of capitalism over the past three decades crashed. The assumptions and presumptions, paradigm and prognosis of indefinite progress under liberal free market capitalism have been tested and have failed. We are living the end of an entire epoch: Experts everywhere witness the collapse of the
Indicators of the deepening depression in 2009 are found everywhere:
Bankruptcies rose by 14% in 2008 and are set to rise another 20% in 2009 (Financial Times, Feb. 25, 2009; p27).
The write-down of the Western big banks is running at 1 Trillion dollars and growing (according to the Institute for International Financing, the banking groups
And according to the Financial Times (ibid) the losses arising from banks having to mark their investments down to market prices stand at 3 Trillion dollars – equivalent to a year’s worth of British economic production. In the same report, the Asian Development Bank is quoted as having estimated that financial assets worldwide have fallen by more than $50 trillion – a figure of the same order as annual global output. For 2009, the
The world markets have been in a vertical fall:
The TOPIX has fallen from
Standard and Poor from
FTSE 100 from 6600 to
Hang Seng from
In the fourth quarter of 2008, GDP shrank at annualized rate of 20.8% in
The Dow Jones Industrial Average has declined from
Year on year declines in industrial output were 21% in
Net private capital flows to less developed capitalist countries from the imperial countries were predicted to shrink by 82% and credit flows by $30 billion USD (Financial Times, Feb. 25, 2009; p9).
The US economy declined by 6.2% in the last three months of 2008 and fell further in the first quarter of 2009 as a result of a sharp decline in exports (23.6%) and consumer spending (4.3%) in the final quarter of 2008 (British Broadcasting Corporation, Feb. 27, 2009).
With over 600,000 workers losing their jobs monthly in the first three months of 2009, and many more on short hours and scheduled for axing throughout 2009, real and disguised unemployment may reach 25% by the end of the year. All of the signs point to a deep and prolonged depression:
Automobile sales of General Motors, Chrysler and Ford were down nearly 50% year to year (2007-2008). The first quarter of 2009 saw a further decline of 50%.
Foreign markets are drying up as the depression spreads overseas.
In the
Residential investments fell by 23.6% and business investment was down 19.1%, led by a 27.8% drop in equipment and software.
The rising tide of depression is driven by private business led disinvestment. Rising business inventories, declining investment, bankruptcies, foreclosures, insolvent banks, massive accumulative losses, restricted access to credit, falling asset values and a 20% reduction in household wealth (over 3 trillion dollars) are cause and consequence of the depression. As a result of collapse of the industrial, mining, real estate and trade sectors, there are at least $2.2 trillion USD of “toxic” (defaulting) bank debt worldwide, far beyond the bailout funds allocated by the White House in October 2008 and February and March 2009.
The depression is diminishing the worldwide economic presence of imperial countries and undermining the foreign capital-financed export strategies of Latin American, Eastern European, Asian and African regions.
Is Goldman Sachs Running the Plunge Protection Team?
Is the current stock market rebound based on fundamentals, or are more sinister forces at work? Tyler Durden, one of the best financial bloggers around, have found some circumstantial evidence that suggests the mysterious Plunge Protection Team (PPT) has recently been boosting the stock market. And some might say Goldman Sachs is running the show...
How Goldman Posted a Profitable Quarter: They "Skipped" December
How did Goldman do it?
Well, as Floyd Norris - chief financial correspondent for the New York Times - explains, Goldman simply didn't report results for December 2008, a month in which it took huge write-downs.
Its easy to look profitable when you can cook the books . . .
CNN Video: Ron Paul Response to Obama Speech
Barack Obama is "preaching inflation...economic fascism" ~ Ron Paul
Ron Paul Response to Obama Speech MSNBC 04-14-09
Dr. Paul was on MSNBC news to respond to the Obama "Five Pillars" state of the economy speech.
"You can't start a war to end a depression, that scares the living daylights out of me." ~Ron Paul
US economy goes back to 1955 as deflation returns
The
The consumer price index fell at an annual rate of 0.4% in March, the first decline since August 1955, figures from the
Webmaster's Commentary:
Translation: As Wall Street and Washington suck more and more money out of the people, the nation starts to collapse like a balloon with the air escaping.
Ron Paul: Reckless Spending And Taxation Prolonged Great Depression
Congressman takes on Obama’s claim that only solution to economic crisis is more government spending.
Webmaster's Commentary:
I don’t care if the government spends its own money to fix the economy; after all it was the government that broke it with tax credits to help export jobs, repealing Glas-Steagal, the Federal Reserve act, etc.
The problem is the government does not have any money. So they are spending YOURS.
The government is taking money from people who need it to shower on people so rich they cannot remember how many houses they own.
Obama to 'tea-bag' protesters: I've already cut taxes
Obliquely answering the hundreds of "tea bag" protests around the country on tax day, President Barack Obama said Wednesday that he's already delivered the most progressive tax cut in history, with 95% of families getting a tax break in every paycheck.
Webmaster's Commentary:
Yeah, a nickle here and a nickle there, and maybe a $50 tax credit it takes a $400 tax accountant to find.
Talk about a "token" President!
Here is the deal. Obama has added $100,000 to the total tax debt of every taxpayer and wants to hand you back $100 and thinks this will buy you off?
This is an insult!
This is like the scene in "Tale of Two Cities" where the Nobleman runs over a small child with his carriage and tosses a coin out the window to pay for it.
This is Obama's "Let them eat cake" moment.
Big bank profits are bogus! Massive public deception!
A big bank CEO on a mission to deceive the public doesn’t have to tell outright lies. He can con people just as easily by using “perfectly legal” tricks, shams, and accounting ruses.
First, I’ll give you the big-picture facts. Then, I’ll show you how big
Bank Lending Keeps Dropping
Lending at the biggest
Webmaster's Commentary:
Further indications that B of A's announcement of huge profits is more accounting tricks than reality.
Obama is pouring trillions of dollars into the wrong place in the economy. He is taking trillions of dollars from the taxpayers and giving it to the banks to loan back to the taxpayers at interest.
And we're not borrowing because it is absurd to be borrowing our own money at interest and second, with taxes clearly planned to increase and our jobs evaporating, who wants more loans?
Four more banks fail
It Is Time to Dissolve All Central Banks
As previously noted, the Federal Reserve has failed on its own terms. Specifically, it has failed to provide the counter-cyclical influence on the economy which is its very justification for existing in the first place.
Moreover, prominent Wall Street economist Henry Kaufman says that the Federal Reserve is primarily to blame for the financial crisis:
U.S. Initial Jobless Claims Rose 27,000 to 640,000 Last Week
Bloomberg.com -Bob Willis - The number of Americans filing first- time applications for unemployment insurance rose last week to 640,000 as forecast, while total benefit rolls reached a new record, a sign companies remain in job-cutting mode.
Initial jobless claims increased by
U.S. Commerce Department: U.S. economy worst in 50 years
It's official. The
