Émission de radio L'Autre Monde

Émission de radio L'Autre Monde

jeudi 30 avril 2009

L'Autre Monde 30 avril 2009: 100e émission!!! Spécial de 2 heures - Volet Économie


L'Autre Monde 30 avril 2009: 100e émission!!! Spécial de 2 heures - Volet Économie

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L'Autre Monde 30 avril 2009

60 min / Radio de l'UQAM, CHOQ FM

Diffusion en direct : Jeudi à 10:00h
Animation : François Marginean
Archives d'émission

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 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 Chicago politics. President Obama clearly knows the elements of fraud.


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-20 in London. The joint communiqué essentially announces a global economic union with uniform regulations and bylaws for all nations, including the United States.

G-20 Must Freeze The $1.5 Quadrillion Derivatives Bubble As The First Step To World Economic Recovery

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 Vouliagmeni, Greece, according to a participant. Alice Rivlin, who has represented the Brookings Institution at Bilderberg, smiled and nodded when asked if the agenda this year includes “world government, a world without borders and an American Union.”

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 U.S. and around the world over the last few months are, in many ways, no surprise. In a September, 2008 financial seminar (http://www.truthpublishing.com/Heal...), I publicly predicted the majority of the big trends you're seeing unfold right now: The wave of commercial bankruptcies, the second round of bailout money, the dangerous creation of new money by the Fed and a continued weakening of both the housing market and the stock market.

These are all playing out like clockwork, driving the U.S. toward financial collapse that now seems irreversible. There is one new element in all this, however, that has emerged in the last month or so, and I'd like to share that with you in this article.

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 New York, he argued for a new global central banking system shortly after attending the 2008 Bilderberg meeting.

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:

  1. G20 To Begin Implementation Of Global Financial Dictatorship
  2. Globalists Exploit Financial Meltdown In Move Towards One World Currency
  3. Calls For New Global Financial Order Increase
  4. Ron Paul Confronts Bernanke On Global Currency Plans
  5. Congresswoman Introduces Bill To Ban Global Currency
  6. Financial Times Editorial Admits Agenda For Dictatorial World Government
  7. Canada Rejects Global Financial Overhaul, Currency Intervention
  8. China Voices Support For New Global Currency To Replace Dollar
  9. CNBC Analyst: Global Bank, Global Currency Within 15 Years
  10. Obama Denounces Global Currency While Creating The Very Means For Its Introduction
  11. Two-Faced Geithner Assures CFR Puppet Masters He’s “Open” To Global Currency
  12. 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 U.S. economy (GDP) at some $14 trillion, and larger than the current U.S. national debt of $11 trillion. This includes, of course, the close to $800 billion Obama Economic Stimulus package that the new administration sent to Congress in February and that Congress passed with a minimum of Republican support (none in the House and three in the Senate).

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 - WASHINGTON, April 18 - President Barack Obama said on Saturday he would soon announce the elimination of dozens of wasteful or ineffective government programs as part of a broad effort to restore fiscal accountability to the federal budget.

The United States posted a record $956.8 billion budget deficit for the first half of fiscal 2009, more than three times the shortfall of a year ago, the Treasury Department reported earlier this month.

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.


Cut out the war on terrorism. Stop terrorizing innocent countries.

Cut out the funding of worldwide terrorism. Stop paying bribe money to Israel.

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 US government’s terrible record of messing with foreign politics. Get out of other countries and leave them alone.

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 US default this summer is becoming clearer as public debt is now completely out of control with skyrocketing expenses (+41%) and collapsing tax revenues (-28%), as LEAP/E2020 anticipated more than a year ago. In March 2009 alone, the federal deficit has nearly reached USD 200-billion (way above the most pessimistic forecasts).

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 US taxpayer.

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 Iraq and Afghanistan-style wars by American imperialism.

How Many Democrats Will Stand Up to Obama's Bloated Military Budget and $75 Billion More in War Spending?

Obama wants billions more for the Iraq/Afghanistan wars on top of a US military budget that already surpasses Bush-era spending by $21 billion. Where is the resistance?

Stiglitz Says White House Ties to Wall Street Doom Bank Rescue

April 16 (Bloomberg) -- The Obama administration’s plan to fix the U.S. banking system is destined to fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said.

"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, 655,000 in January, and 651,000 in February. There does appear to be stabilization, perhaps even a slow improvement.

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.


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 job losses worst since 1982 recession

Module body

OTTAWA (Reuters) - Canada continued to post heftier-than-expected job losses in March as the economy spiraled downward, hardening expectations of more action from the Bank of Canada to stimulate lending.

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-2010 in an effort to arrest the economy's steep fall.

The turnaround point in 2009

Top economists peg these upcoming months as the beginning of the end of Canada's recession.

The gloomier outlook follows dismal early data for the first quarter that has put Canada on track for one of its worst economic performances in history. The median forecast is for a 6.1 percent contraction, which would follow a 3.4 percent downturn in the fourth quarter of last year.

The steepest quarterly decline on record for Canada was a 5.9 percent drop in the first quarter of 1991.

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.

Canada should eke out growth of 0.5 percent in the July-September quarter before accelerating in each quarter throughout 2010, the survey showed. Economists pegged growth in 2010 at 1.9 percent.

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 US financial system, and therefore has a clearer idea of American finances than just about any other organization.

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.

It's a Depression

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 Main Street, and the future capacities of our workforce.

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

Greece is on the brink of bankruptcy despite the fact that the global recession has yet to hit the country with full force. Strikes are paralyzing the country and the EU is putting on the pressure. But the government is still trying to put a positive spin on things.

Swiss slide into deflation signals the next chapter of this global crisis

Watch Switzerland closely. It is tipping into deflation, the first Western country to succumb to Japan's disease.

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 US government has given Citigroup $45 billion in direct cash injections while guaranteeing another $291 billion of the banks toxic (worthless) assets. Citi’s cost to the taxpayer now totals $336 billion.

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 US taxpayer a whopping $519 billion.

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, 3M, and Kraft foods while still having a cool $6 billion in cash left over.

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 California, the cost of a "fix-it ticket" nearly tripled on Jan. 1, meaning that drivers in the Golden State can pay up to $100 for having a broken headlight — an infraction that didn't even garner a citation years ago. A bill approved by the state Legislature raised fix-it fines to $25 from $10 and hiked surcharges on regular traffic tickets by $35. Parking tickets and court costs to attend traffic school also increased, by $3 and $25 respectively.

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 Boston suburb of Malden, Mass., Police Chief Kenneth Coye urged officers to bring in revenue for the cash-strapped suburb by writing at least one parking or traffic ticket per shift.

"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 Asia," the report adds.

Nearly 65 percent of these hunger stricken individuals live in India, China, Pakistan, Bangladesh, Indonesia, Ethiopia and the Congo.

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 Washington's financial coup d'etat in the context of discussing Michael Hudson's important, very lengthy and detailed April 5 Global Research.ca one titled: "The Financial War Against Iceland - Being defeated by debt is as deadly as outright military warfare." It reviews its key information in advance of Hudson's April 14 scheduled appearance on The Global Research News Hour to discuss.

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. Cook County, Illinois is home to Chicago and surrounding areas — and is also traditionally a foreclosure hotspot.

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 U.S. history after amassing $27 billion in debt during an acquisition spree that turned it into the second-largest shopping mall owner.

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 US, with its $71 foreign reserves, will not be able to do anything to counteract this mass exodus from the dollar. With outflows of this magnitude, the dollar’s value will collapse to a fraction of where it is now.

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) US credit markets will collapse. As the dollar fall, a mass exodus from credit market will begin. Investors sitting on toxic securities will sell at firesale prices to escape the currency depreciation.

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) US interest rates will soar, despite (or because of) the fed's efforts.

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: Japan, Mexico, etc…
B) Nations with large dollar reserves: Japan, China, Gulf oil states, etc…
C) Nations which receive large amount of US foreign aid: Israel, Egypt, etc…
D) Nations which rely on remittances from citizens working in the US: Mexico, India, etc...
E) Nations which use dollars as their official currency: Liberia, Panama, etc…
F) Nations which have large amounts of dollars in circulation: Central and South America (especially Argentina), Eastern Europe, etc…

6) Some nations will see benefits from the dollar’s decline. These countries include:

A) Nations with large gold reserves: EU zone, Switzerland, etc…
B) Nations which owe dollar denominated debt will see that debt wiped out: Iceland, African nations, etc…
C) Nations who stable currencies: EU zone, Switzerland, China, etc…

7) World politics will be greatly altered. There will be considerable anger at the US from nations hurt by dollar’s fall. The US will lose influence to Asia (mainly China).

8) US retailers will get crushed. As the dollar falls, the cost of imports for retailers will increase, but the American consumer will be unable to afford to these higher prices. Competition between desperate retailers will force them the sell inventory at below cost, creating massive losses. Retailers most heavily dependent on imports (ie: Wal-Mart) will be the first to go under. Eventually as more and more retailers go bankrupt, the few survivors will be able to raise prices enough to cover costs, and the sector will stabilize at a fraction of its current size.

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.


America has become an oligarchy ( a government ruled by a powerful few ) versus a Republic ( a government limited by law ) as the banking and Wall Street Masters of the Universe continue their tyranny and class economic rape while the public ignites in furor.

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 America's money policy and permits the state to conduct business in gold and silver instead of the Fed's legal tender notes.

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 Britain's state-run banks will receive full bonuses in defiance of Government pledges to rein in pay.

Royal Bank of Scotland and Lloyds Banking Group have drawn up plans to reward middle managers despite being propped up by the taxpayer.

Bailed-Out Companies Owe $220 Million in Taxes

According to the House Ways and Means Committee's oversight panel, the delinquent companies owe as much as $220 million in income or employment tax to the federal government.

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 la New York Federal Reserve Bank – faisait valoir que son intention « n’était pas de soutenir les banques faibles aux dépends des banques fortes ». Toutefois, c’est précisément ce que fait le PPPIP : les banques faibles sont les cinq plus grandes banques du système.

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 1998 a probablement eu un effet sur M. Clinton.

Une loi importante abrogeait le Glass-Steagall Act de 1933, adopté durant la Grande Dépression, interdisant la fusion entre les banques commerciales, les compagnies d’assurances et les firmes de courtage telles que Merrill Lynch ou Goldman Sachs. Une autre loi soutenue par le secrétaire au Trésor Larry Summers en 2000 était l’obscure, mais cruciale Commodity Futures Modernization Act (CFMA). Cette loi empêchait l’organisme gouvernemental de réglementation, la Commodity Futures Trading Corporation (CFTC) [Commission du commerce à terme des marchandises], de superviser le commerce des instruments financiers dérivés. La nouvelle loi CFMA stipulait que ce que l’on appelle communément les dérivés négociés hors bourse, comme les swaps sur défaillance en cause dans le désastre des assurances de AIG (que Warren Buffett a déjà qualifiés d’armes de destruction financière massive), ne soient pas réglementés par le gouvernement.

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 la Maison-Blanche. Mettre MM. Geithner et Summers en charge de réparer les dégâts financiers équivaut à faire du renard le gardien du poulailler.

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. La Federal Deposit Insurance Corporation (FDIC) met la banque sous séquestre et ses actifs et ses passifs sont triés par un audit indépendant. On évince les gestionnaires irresponsables, les actionnaires accusent des pertes et une fois épurée, la banque est finalement divisée en en plus petites unités. Lorsqu’elle est assainie, on la vend au public. Le pouvoir des cinq méga banques de faire chanter le pays en entier serait alors moins grand. Ooohh. Ouais ?

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 la FDIC et le Trésor, le gouvernement devrait légiférer afin d’abroger immédiatement la déréglementation bancaire de Larry Summers, comprenant la remise en application de la loi Glass-Steagall et l’annulation du Commodity Futures Modernization Act de 2000 ayant permis l’actuel abus criminel des banques. L’on pourrait alors commencer à discuter de réformes financières sérieuses, en commençant par des mesures pour « fédéraliser » la Réserve fédérale et retirer le pouvoir monétaire des mains des banques privées comme JP Morgan Chase, Citibank ou Goldman Sachs.

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 US and world financial system, the absence of credit for trade and the lack of financing for investment. A world depression, in which upward of a quarter of the world’s labor force will be unemployed, is looming. The biggest decline in trade in recent world history – down 40% year to year – defines the future.

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 Washington lobby). (Financial Times , March 10, 2009 p.9).

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 US will run a budget deficit of 12.3% of gross domestic product…giant fiscal deficits…that will ultimately ruin public finances.

The world markets have been in a vertical fall:

The TOPIX has fallen from 1800 in mid-2007 to 700 in early 2009;

Standard and Poor from 1380 in early 2008 to below 700 in 2009;

FTSE 100 from 6600 to 3600 in early 2009;

Hang Seng from 32,000 in early 2008 to 13,000 at the start of 2009 (Financial Times, Feb 25, 2009; p27).

In the fourth quarter of 2008, GDP shrank at annualized rate of 20.8% in South Korea, 12.7% in Japan, 8.2% in Germany, 2.9% in the UK and 3.8% in the US (FT, Feb.25, 2009; p9).

The Dow Jones Industrial Average has declined from 14,164 in October 2007 to 6500 in March 2009.

Year on year declines in industrial output were 21% in Japan, 19% in South Korea, 12% in Germany, 10% in the US, and 9% in the UK (Financial Times, Feb.25, 2009; p.9.)

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 US domestic market, durable goods sales are declining by 22% (BBC, Feb. 27, 2009).

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 US economy has begun to deflate for the first time in more than half a century as a slump in demand pushes energy and food costs lower.

The consumer price index fell at an annual rate of 0.4% in March, the first decline since August 1955, figures from the US labour department showed today. It was bigger than the 0.1% drop expected by economists.

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 U.S. banks are painting lipstick on some of the fattest pigs ever raised.

Bank Lending Keeps Dropping

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

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

U.S. Commerce Department: U.S. economy worst in 50 years

It's official. The United States is mired in its worst economic downturn in half a century, the U.S. Commerce Department reported Wednesday.