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Bailout Bill Will Help Chinese Banks, Foreign Banks

Bailout Bill Will Help Chinese Banks, Foreign Banks

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

http://www.youtube.com/watch?v=v8Qn4-1q80A

http://www.youtube.com/watch?v=Ek7zc0lJxbM

 

Congress Approves Bailout Bill

AP
October 3, 2008

With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Read Full Article Here

 

Dow plummets when bailout passes

Recent News:

List of Representatives who Switched from “Nay” to “Yea”
http://www.campaignforliberty.com/blog.php?view=1087#.

Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle
http://www.naturalnews.com/024372.html

California may need emergency $7 billion bailout
http://www.reuters.com/article/newsOne/idUSTRE49229820081003

Hoax Bank Closure Story Peddles Bailout Propaganda
http://www.prisonplanet.co..e-story-peddles-bailout-propaganda.html

Fed Officials Considering Further Rate Cuts: Report
http://www.cnbc.com/id/26986621

Former Head of Fed’s Open Market Operations Says Bailout Might Make Things Worse
http://georgewashington2.blogspot.com/2..ad-of-feds-open-market.html

Bailout Would Only Prolong Crisis: Jim Rogers
http://www.youtube.com/watch?v=49SYpcaWHTE

Wells Fargo Buys Wachovia Nixing Citi Deal
http://biz.yahoo.com/..ls_fargo_wachovia.html?.v=8

Report blames U.S. trade gap for 5.6 million lost jobs
http://www.reuters.com/article/ousiv/idUSTRE4913E220081002

Putin blames US for world economy crisis
http://www.presstv.ir/detail.aspx?id=71042&sectionid=351020602

Bailout bill is 451 pages long
http://news.yahoo.com/s/a..cnWOA64ch9GkocOsJ0lJv24cA

Who’s profiting from the crisis? Goldman Sachs, of course
http://www.marketwatch.c..CDCB7}&print=true&dist=printMidSection

Paulson Bank Rescue Proposal Is ’Crazy,’ O’Neill Says
http://www.bloomberg.com/apps/ne..mClVjevU&refer=home

France Wants $500B Rescue For Europe
http://business.timesonline.co.uk/tol/business/markets/article4864032.ece

Faber: U.S. Bailout Won’t Stop Slowdown
http://www.bi-me.com/main.php?id=25070&t=1&c=35&cg=4&mset=1011

IMF Adds Pressure On Congress To Pass Bailout
http://www.guardian.co.uk/business/2008/oct/01/banking.useconomy

Google stock plunges more than 93% in “erroneous trading”
http://www.tgdaily.com/html_tmp/content-view-39543-118.html

Ford & GM Auto Sales Drop
http://news.yahoo.com/s/ap/20081001/ap_o..OmxGcLJO8EjS5v24cA

Chicago woman buys a house for $1.75
http://www.presstv.ir/detail.aspx?id=71130&sectionid=3510213

Ex-bankers on pushing customers to rack up debt
http://www.cnn.com/2008/LIVING/pers..dex.html?iref=mpstoryview

US economic dominance over – Russia
IMF Warned Of Full-Blown Crisis
September’s ISM Manufacturing Index “Screams Recession,” Economists Say
SEC Extends Ban On Short Selling
Brazilian president: Brazilian economy solid, U.S. should do their homework
Western World Will Become Less Wealthy
’Car sleepers’ the new US homeless

U.S. Economy Collapse News Archive

 



Congress Approval Just 10%

Congress Approval Just 10%

London Guardian
October 1, 2008

The controversy over the failure of the Bush administration’s unpopular financial bail-out is infecting every aspect of government and the presidential election campaign.

Eminent reputations lie in ruins; the august institutions of Congress, the treasury, the Federal Reserve tremble; the presidency itself is shaken. In America’s year of living dangerously, few will emerge unscathed.

The consensus view, if there is one in so divided a nation, is that the US has suffered a calamitous, across-the-board failure of leadership. The bankruptcy is political as well as economic. This conclusion is widely held among both supporters and opponents of the bail-out.

“Monday’s crash and burn of the Paulson plan on Capitol Hill reveals a Washington elite that has earned every bit of the disdain that Americans have for it. This crowd can’t even make sausage,” snarled a Wall Street Journal editorial yesterday. Black Monday’s shambles marked a “historic abdication”.

Republicans and Democrats in the House of Representatives were excoriated for political cowardice, childish disputatiousness, and a selfish desire to get re-elected next month at any cost. It’s clear, whatever they do next, the public simply does not trust them to do it right.

“A political establishment held in higher regard may have been able to hold together some kind of coalition of the willing,” wrote Joel Achenbach in the Washington Post. “But distrust of the nation’s leaders, from the leaders of Congress to the president, foreclosed that possibility.”

This was not mere rhetoric. Congress’s public approval rating was down to 18% before the crisis hit. By some estimates, it is now 10% and falling. Washington has seen a “throw the bums out” mood before, notably Newt Gingrich’s 1994 anti-government “Republican revolution”. But this is something else. Like some others, Gingrich is calling for the resignation of Hank Paulson, the treasury secretary, for presiding over a train wreck and then failing to persuade people why $700bn was needed to get back on the rails.

Other heads enthusiastically recommended for the chopping block include Democratic house speaker, Nancy Pelosi, for being “too partisan” and the Republican house minority leader, John Boehner, for not being partisan enough.

An unhappy Boehner said before the vote that the bail-out was a “crap sandwich” that he and colleagues were obliged to eat. As it turned out, 133 Republicans and 95 Democrats found it too much to swallow.

Many members of Congress found themselves caught between party leadership and angry constituents and sought to explain themselves.

“We are now in the golden age of thieves. And where I come from we put thieves in jail, we don’t bail them out,” said Pete Visclosky, an Indiana Democrat who voted ’no’.

The signal failure, as critics see it, of President George Bush to show a lead out of the morass has provoked a new crop of political obituaries.

“No longer a lame duck, he’s a dead duck,” said Democratic strategist Paul Begala.

Congress takes a break for Jewish holiday
http://www.newsnet14.com/2008..-a-break-for-jewish-holiday/

 



$940B + $630B Already Taken From Taxpayers

Banks borrowed $940 Billion Last Week
Bank Borrowing From Fed Already Exceeded Bailout Total in Last Week

Steve Watson
Infowars.net
September 26, 2008

U.S. banks borrowed $188 billion per day on average in the latest week from the Federal Reserve, meaning that the Fed loaned out more money than the Treasury’s proposed bailout in just one week, still barely managing to keep the economy afloat.

Federal Reserve data showed on Thursday the total amount banks borrowed nearly quadrupled the previous record of $47.97 billion per day notched just the week before, Reuters reports.

$188 billion per day on average over the course of five days means that the total amount borrowed from the Fed in the week ending the 24th September stood at $940 billion – a figure that easily eclipses the proposed $700 billion bailout.

As we have already reported, the $700 billion number was simply pulled out of thin air by the Treasury.

The Treasury’s fact sheet about the bailout states, “The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets.”

This gives the government and the Federal Reserve carte blanche to do whatever they want to long as it is done in the name of stabilizing financial markets, they can nationalize any company or industry and use taxpayer money, above and beyond the initial $700 billion, for whatever purpose is deemed necessary, without any oversight. Paulson’s bailout plan is also unreviewable by any court, it will remain in perpetuity.

Paulson’s draft bailout plans says: “The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.”

As Chris Martenson writes, “This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.”

If the bailout bill passes it is just the beginning of something much larger. $700 billion is a meaningless figure that will do nothing to shore up the economy. It is not a bailout, it is a giveaway that will allow insiders to purge themselves of bad bets and free to continue where they left off. The real reason for the bill is the unprecedented transfer of power to the Executive Branch and into the hands of the global corporate elite.

 

Fed Pumps $630 Billion Into Global Banking System

Bloomberg
September 29, 2008

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed’s expansion of liquidity, the biggest since credit markets seized up last year, comes as Congress prepares to vote on a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

“Today’s blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders,’’ said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. On the other hand, “the Fed’s balance sheet is about to explode.’’

Stocks around the world plunged the most since 1997 today and credit markets deteriorated further as authorities scrambled to save more financial institutions from collapse.

Read Full Article Here

 

Bailout by Stealth
While the public is distracted by the “bailout bill” and its rejection, trillions are pumped in to keep financial balloon inflated

James Corbett
The Corbett Report
September 30, 2008

The media is falling all over itself to report on every minutiae of the so-called Wall Street “bailout bill” and its rejection by Congress yesterday (just a few of the thousands of examples can be seen here and here and here and here). And why not? The media’s breathless coverage of the bill has produced a furious backlash by the public and hysteria on Wall Street in a self-justifying feedback loop that makes the media attention seem merited.

The startling truth which the controlled corporate media is not reporting, however, is that a bailout is actually taking place right now, completely out of the public spotlight. This program has already pumped trillions of dollars into Wall Street (compared to the mere $700 billion proposed in the legislation that the media is focusing on) to help prop up the faltering investment banks and promises to pump in even more, every dime of it to the detriment of the taxpayer though the public will have no stake in its success. Why, then, is this program not being talked about in the media?

Slipping under the radar last week amidst the hullabaloo in Washington over the bailout bill was this story noting that in the past week alone, the Federal Reserve had pumped an astonishing $188 billion per day into the system in the form of emergency credit. This means that in just four days, the Fed injected as much money into the system as the entire $700 billion bailout proposal. After the proposal was rejected, the Fed responded by immediately announcing it would pour another $630 billion into the global financial system.

The Federal Reserve, of course, is America’s central bank and although the above story conjures the reassuring image of a national bank lending out some of its vast reserves to help Wall Street weather the storm, the fact is that the Federal Reserve is not Federal and has doubtful reserves. In fact, the trillions of dollars that have been lent to the banks in the last few weeks were created out of nothing by the privately-owned Federal Reserve. When the Federal Reserve “lends” money to a bank through repurchase agreements (repos), credit auction or other method, it is not actually lending out money from its vaults. It is simply creating the money it “lends” out as electronic credits created in the recipient banks account. It is literally money out of thin air.

That the general public is on the hook for this money created out of nothing is not an exaggeration. It is paid for in a dimly-understood mechanism often known as the “inflation tax.”

Inflation is nothing more than an indication that the ratio of money to products that can be purchased with that money has been increased. Since the overall number of dollars has gone up without any corresponding increase in economic production (as happens when the Federal Reserve creates money out of thin air), the value of each individual dollar goes down. That means that the value of the money in each individuals’ bank account (not to mention their pension and social security dividends) can be reduced simply by the flick of a pen of a Federal Reserve paper-pusher. (Unless of course that individual just happens to be a billionaire investment mogul or a Vice President who can divest themselves of U.S. dollars in time for this inflation not to affect them.) This is sometimes known as an inflation tax because its overall effect is the same as if the government came in and took that value out of the individuals’ bank account. Watch Ron Paul explain the inflation tax in the video below:

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

The most insidious part of this inflation tax is that the inflation does not begin until the new money begins to circulate in the system. In other words, the first person (or, more likely, giant corporate conglomerate) to use the money receives its full value, while those at the bottom of the pyramid retrieve the diminished returns of a devaluing dollar.

Why, then, is the public not furious about this stealth bailout, now taking place at the blistering pace of nearly $1 trillion a week, and all to the taxpayer’s detriment? The obvious answer is that the media is not whipping the public into a frenzy about it, instead focusing its attention on a $700 billion program and allowing the public to feel like they scored a blow against Wall Street when the program gets rejected. If so, it’s time the public got wise to how the system is really being run by and for the benefit of private bankers and at the expense of the average taxpayer. Otherwise, the fleecing of the public will continue unabated even as the public thinks they’ve won the battle.

 



Ron Paul: Greenspan, Bernanke Should Be Criminally Charged

Ron Paul: Greenspan, Bernanke Should Be Criminally Charged

Paul Joseph Watson
Prison Planet
September 26, 2008

Congressman Ron Paul says that the bailout bill is likely to pass, heralding a 10-year plus economic depression for America and the potential for martial law should civil unrest arise as the financial meltdown worsens.

Speaking on The Alex Jones Show, Paul said of the bailout, “They want dictatorship, they want to pass all the penalties and suffering on to the average person on Main Street,” adding, “We will have a depression or recession, it’s locked in place due to previous Federal Reserve actions.”

“When they say that if we don’t do exactly as they say and turn over more of our money and more of our liberties and exempt themselves from any court in the whole nation, they’re trying to intimidate us and lead us into doing the wrong thing,” said Paul.

The Congressman added that serious problems would arise if nothing was done to address the problem, but that more serious consequences would follow should the bailout be passed.

Paul warned that the only question was whether the meltdown would last one year or ten years and how much liberty would be lost in that time frame.

“It looks like from I see in Congress, that they’re opting for a decade plus of depression rather than saying let’s correct our ways, let’s balance the budget, let’s bring our troops home,” said Paul, adding that the same course of printing money would continue – prolonging the agony and preventing a necessary correction.

Asked if civil unrest was a possibility in the midst of an economic depression, referencing a recent Army Times report concerning the use of active duty military being brought back from Iraq for “Homeland patrols” and “crowd control,” Paul questioned, “Are we going to have martial law or are we going to have more freedoms? The more problems that we have, the more likely it is that we’re going to have martial law, so I do think they anticipate and they plan for these things.”

Asked if criminal investigations and prosecutions of individuals on Wall Street should commence, Paul agreed but said that the main target of criminal inquiry should be the Federal Reserve board itself because, “That’s where the fraud is.”

“They want to be lawless, they don’t want to be held accountable,” he added.

Paul said that grand juries should be convened to take on prosecutions rather than the FBI becoming involved, stating, “We have proper authority with that and experience with it and the Enron case is a good example.”

The Congressman said that Greenspan and Bernanke should be criminally charged but that such an effort would be largely symbolic. “Morally speaking, they’re the culprits,” said Paul.

Asked what his solution to the crisis would be, Paul said, “I think the most important thing to do is to send the message that we’re going to quit living beyond our means and the president can set the standard for that and he has the most control under the Constitution on foreign policy – he can say no more wars, we’re done with the wars, we’re not going to take on the Russians, we’re not going to take on people in Venezuela, we’re going to start talking to the Cubans and bring our troops home and save hundreds of billions of dollars – that would send a powerful message that the dollar would respond to and oil prices would come down.”

Paul said that Americans had to accept a new idea of government that harked back to what the founders envisaged and that the welfare state would have to unravel along with aspirations of building a geopolitical empire.

“In the meantime the policy ought to be – shrink the size of government, decrease regulation, work towards sound money, remove the authority of the Fed to create money out of thin air and get tax reduction,” stated the Congressman. Paul added that eliminating the income tax would mean everybody becoming a lot richer and more money would be ploughed into the economy.

“It will not solve the problem, it just delays the inevitable,” said Paul of the bailout, adding that he expects the bill to pass in a move that would, “Defy the American people.”

“I think they get to the point where they think they’re like God and can control everything and they don’t realize that the market really is more powerful than all the bankers and all the politicians….Ultimately the underground economy is the real economy and I think they could over step themselves and hopefully we could come out with a better world afterwards,” concluded the Congressman.

 

Ron Paul Grills Bernanke on Wallstreet Bailout

http://www.youtube.com/watch?v=dv6rQ0U01Yc

 

Paul: ‘I could never support somebody who thinks that it’s funny to say bomb bomb bomb Iran.’

Think Progress

September 18, 2008

On MSNBC today, Rep. Ron Paul (R-TX) explained to host Norah O’Donnell that he refused former Sen. Phil Gramm’s entreaties for him to endorse Sen. John McCain (R-AZ) because he disagrees with him “on all the major issues,” especially foreign policy. “I mean I could never support somebody who thinks that it’s funny to say ‘bomb bomb bomb Iran,’” said Paul. “That, to me, is not somebody that I could endorse ever.” Watch it:

http://www.youtube.com/watch?v=mOb3cC2FVIg

 



Paulson’s former firm to be among largest beneficiaries of bailout

Paulson’s former firm to be among largest beneficiaries of bailout

John Bryne
Raw Story
September 23, 2008

It certainly pays to be Treasury Secretary if your former firm is a brokerage house, a new study says.

Goldman Sachs Group — formerly run by Treasury Secretary Henry Paulson, and Morgan Stanley, stand to be among the biggest beneficiaries of a $700 billion US bailout.

“Its benefits, in its current form, will be largely limited to investment banks and other banks that have aggressively written down the value of their holdings and have already recognized the attendant capital impairment,” Jeffrey Rosenberg, Bank of America’s head of credit strategy research, wrote in a report obtained by Bloomberg News yesterday.

Paulson was the head of Goldman Sach’s investment banking division from 1990 to 1994. He later became chairman and chief executive officer of Goldman, and left his post to join the Bush Administration.

According to the study, the bailout benefits Paulson’s former firm more because banks haven’t had to write down as many troubled mortage assets under accounting rules. This means that participating in the program would cause them to actually lose capital, as opposed to investment banks, which stand to gain.

Paulson $700 billion program is designed to remove “bad assets” from the US financial markets to prevent credit for businesses from drying up, which would send the economy into a further tailspin. Many businesses rely on credit to fund their daily operations.

Lawmakers are debating the plan today.

“While Goldman and Morgan Stanley, both based in New York, were yesterday granted permission to transform themselves into bank holding companies, the companies so far have operated mostly under investment-bank accounting rules, logging almost $21 billion of asset writedowns and credit losses,” Bloomberg News notes.

Goldman made sizable profits in 2007 from the subprime mortgage sector. It, along with Morgan Stanley, has fared better than investment houses Merrill Lynch, Lehman Brothers and Bear Stearns, because it has held a more conservative capital base.

Paulson has admirers: during his Goldman tenure the firm donated 680,000 acres of land in Chile, and he has personally given away $100 million of his fortune to charitable groups.

According to estimates conducted by Open Secrets, Paulson is the richest cabinet member of the Bush Administration.

Conflict Of Interest? Report Says Goldman Sachs ‘Among Biggest Beneficiaries’ Of Paulson’s Bailout
http://thinkprogress.org/2008/09/22/paulson-goldman-bailout/

 



White House Admits It Drew Up Bailout Months Ago

White House Admits It Drew Up Bailout Months Ago

George Washington’s Blog
September 24, 2008

No one could have seen this coming, right?

Well, actually, the White House has admitted that they drew up the bail out plan months ago:

[White House Deputy Press Secretary Tony] Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

But the government did nothing real to prevent the financial meltdown. Instead, it let the meltdown happen, and now is trying to ram through terrible and counter-productive legislation drafted previously by using fear tactics.

Does this sound familiar? It should.

 



Bailout: Not $700 Billion, More Like $5 Trillion

Bailout: Not $700 Billion, More Like $5 Trillion

Bei Hu
Bloomberg
September 24, 2008

Treasury Secretary Henry Paulson’s $700 billion plan to buy devalued assets from financial companies is “a joke” because it doesn’t go far enough to calm markets, said Kenichi Ohmae, president of Business Breakthrough Inc.

Ohmae, nicknamed “Mr. Strategy” during his 23 years as a McKinsey & Co. partner, called for a $5 trillion “international facility” to be made available to financial institutions. The system could be modeled on one used by Sweden during its banking crisis in the early 1990s, he said.

“This is a liquidity crisis,” Ohmae said at an investor forum hosted by CLSA Asia-Pacific Markets, the regional broking arm of Credit Agricole SA, in Hong Kong yesterday. “The liquidity has to be so big that people won’t get panicky.”

Paulson’s proposal to remove hard-to-sell assets clogging the financial system marks the broadest intervention since at least the Great Depression. Asian stocks fell today, following U.S. shares lower as investors questioned whether the effort is enough to prevent a recession.

The plan came after the collapse of 158-year-old Lehman Brothers Holdings Inc. and the government takeover of insurer American International Group Inc. caused financial markets to seize up last week. The calamity was the culmination of a year during which the U.S. housing market slump left banks and securities firms with more than $520 billion of asset writedowns and credit losses.

Read Full Article Here

 

NO To The Paulson-Bernanke Derivatives Scam Bailout

Webster G. Tarpley
September 24, 2008

WASHINGTON DC – The grand theft bailout now being rammed through Congress by Treasury Secretary Paulson, Federal Reserve Chairman Bernanke, and other officials of the Bush regime with the help of accomplices Pelosi, Majority Leader Harry Reid, and other parliamentarians is a monstrosity for the ages, combining every hideous feature of monetarism, elitism, oligarchism, and sheer feckless incompetence. It is to all intents and purposes a national suicide note of the United States of America, a contract with the devil that absolutely guarantees irrevocable national decline. For any person of goodwill there can be only one impulse at the present moment, and that is to stop this bailout — to block it, to sabotage it, to bottle it up, to load it with killer amendments, and to do everything legally possible to stop this insane design from going through.

IF MCCAIN VOTES AGAINST THE BAILOUT, HE WILL WIN THE PRESIDENCY

In political terms, McCain is now running well to the left of Obama on this issue, with a much stronger populist profile. McCain has attacked the outrageous greed and corruption of Wall Street. Obama does not dare attack Wall Street, since these are his masters. Obama, sounding like Milton Friedman, only attacks Washington. Obama has said that he will support whatever Paulson demands. That is not a surprise, since Paulson represents Goldman Sachs, and Obama is a wholly owned property of Goldman Sachs, which is his single biggest source of campaign contributions. Obama is a creature of Brzezinski, Soros, and Rockefeller, and without them he has no existence; Obama is an abject Wall Street puppet, an agent of finance capital. This week, both senators will have to decide how they vote on the odious derivatives bailout. Obama will surely vote in favor of it, since this is what Wall Street demands. If McCain votes against it, he will most probably propel himself into the White House on the model of Give ‘Em Hell Harry in 1948. Filthy corrupt Democrats like Schumer are already attacking McCain as the new Huey Long. Huey Long, the Louisiana populist of the 1930s, had many positive features, and we could certainly use a good dose of Huey Long in this country to counteract the elitism, oligarchism, condescension, and arrogant snobbery of foundation operatives like Obama. The bailout is already very unpopular 72% of all voters are opposed to it and it will become more and more hated when it becomes clear that it is also a failure. McCain’s course is clear. Will he have the brains and guts to cross Obama’s T on this vital issue?

PAULSON OF GOLDMAN SACHS, WOULD-BE FINANCE DICTATOR

Paulson is a ruthless and brutal eco-freak usurer who learned his trade at the Goldman Sachs stock-jobbing operation. He is now the leading member of the committee of public safety which rules in Washington, and which includes Gates, Rice, and Mullen. He now demands the astronomical sum of 700 billion dollars for the bailout of mortgage-backed derivatives, collateralized debt obligations, credit default swaps, and other poisonous derivatives. Make no mistake — this is not a bailout of homeowners who are threatened with foreclosure; it is a bailout of the lunatic house of cards which desperate bankers have built on these mortgages using derivatives. The entire crisis is not a crisis of subprime mortgages, it is a crisis of the derivatives bubble which was launched by Wendy Gramm of the Commodities Futures Trading Commission and Greenspan of the Fed with the connivance of Robert Rubin of Goldman Sachs and Citibank, and others in the Clinton administration, some 15 years ago.

These derivatives now amount to a total worldwide notional value that can be estimated between 1 quadrillion and two quadrillion US dollars. This sum is so large that it dwarfs the total value of the entire planet earth and all those who live here. Compared to the cancerous, bloated, and fictitious mass of derivatives which is at the root of this crisis, the $700 billion demanded by politicians, large as this may seem, is nothing but a drop in the bucket. And a drop in the bailout bucket is what it will be. The mass of world derivatives between $1 and $2 quadrillion represents an insatiable black hole which is capable of putting an end, not just to civilization, but the human life itself. The moral choice could not be clearer: humanity will either destroy the derivatives bubble in our time, or the derivatives bubble will surely destroy humanity. Those are the stakes in the current exercise.

Paulson and Bernanke, both lawyers for the Wall Street jackals, lampreys, vultures and hyenas, argue that the public interest demands a bailout of their cronies at Goldman Sachs, Morgan Stanley, J.P. Morgan Chase, Citibank, Bank of America, Wachovia, and the other large money center institutions. Before the American public antes up $700 billion just for openers in the game of genocidal poker which run by the infernal croupiers Paulson and Bernanke, we would be very well advised to examine the veracity of this premise.

Read Full Article Here

 

They Want Mama To Make it All Better! – Congresswoman Marcy Kaptur

http://www.youtube.com/watch?v=ANGsBNMY1_c

 

Rep Defazio On The Bailout Package

http://www.youtube.com/watch?v=ANGsBNMY1_c

Recent News:

Bernanke Admits Bailout is NOT Aimed at Helping Taxpayers
http://georgewashington2.bl..ke-admits-bailout-is-not-aimed-at.html

Real Estate Bigwig Zell Sees 2009 Recession
http://www.cnbc.com/id/26858394

Bailout Is Financial Equivalent Of The Patriot Act
http://www.iht.com/articles/2008/09/23/business/sorkin.php?pass=true

America Versus the Financial Elite
http://georgewashington2.blogspot.com/2008/09/america-versus-financial-elite.html

Fed Acted Like a Liquidity Drug Dealer: Economist
http://www.cnbc.com/id/26848829

’Punish’ those responsible for financial crisis: Sarkozy
http://afp.google.com/article/ALeqM5iQvXaV8mO0SRtfD9FEWqf4Vyrzrg

FBI ‘Probe’ Into Mortgage Giants
http://uk.news.yahoo.com/skynews/20080924/twl-fbi-probe-into-mortgage-giants-3fd0ae9.html

Iran Leader Says American Empire Near Collapse
http://ap.google.com/article/ALeqM5iRcJGft_Pr8uMaY1Bz9ieBSwBNTgD93CMVM80

US Fed throws $30 billion into foreign credit markets
http://afp.google.com/article/ALeqM5itOHJbNrxCHKetPtXIPIbY3TalIQ

China Paper Calls For A New Financial Order Without U.S.
http://www.reuters.com/article/ousiv/idUSPEK4365020080917?sp=true

Top Economist Mishkin: Worse Than the Depression
http://www.cnbc.com/id/26850473

Lehman’s Bankruptcy and the Hidden $138 Billion Bailout of JP Morgan
http://www.cnbc.com/id/26850473

Eveillard Says Gold May Surge as Investors Seek ‘Insurance’
http://www.bloomberg.com/apps/news?pid=20601213&sid=a8L00oInO1YM&refer=home

Wachovia, JPMorgan, Wells Fargo tumble
http://www.reuters.com/article/email/idUSN2231756020080922

Goldman, Morgan Stanley Bring Down Curtain on an Era
Goldman Sachs to be regulated by Fed
Fury at U.S. Lehman Brothers’ staff who could net £1.4bn in bonuses as UK employees face bleak future
Europeans on left and right ridicule U.S. money meltdown
Paulson On Verge Of Historic New Powers
Fed To Supervise Goldman And Morgan

U.S. Economy Collapse News Archive

 



Ron Paul: This Bailout Won’t Be the Last

Ron Paul: This Bailout Won’t Be the Last

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

 

Ron Paul on CNN w/ John Roberts

http://www.youtube.com/watch?v=1sfUKZOHtRs

 

Ron Paul Blasts “Secret Government” Running Economy

http://www.youtube.com/watch?v=d73KlhUq1W8

 



Bush Administration Seeks “Dictatorial Power”

Bush Administration Seeks “Dictatorial Power”

GETA
September 21, 2008

The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.

“He’s asking for a huge amount of power,” said Nouriel Roubini, an economist at New York University. “He’s saying, `Trust me, I’m going to do it right if you give me absolute control.’ This is not a monarchy.”

Paulson is seeking an expansion of federal influence over markets that hasn’t been seen since the Great Depression, said Charles Geisst, author of “100 Years of Wall Street” and a finance professor at Manhattan College in New York.

“This is going to be a big package because it’s a big problem,” Bush said following a meeting with Colombian President Alvaro Uribe at the White House. “We need to get this done quickly, and the cleaner the better.”

Democratic presidential nominee Barack Obama said in a radio address that he “fully supports” Paulson and Fed Chairman Ben S. Bernanke’s efforts to stabilize the financial system. The plan, however, should benefit both main street and Wall Street, he said.

Republican Presidential nominee John McCain “looks forward” to reviewing the proposal while focusing at least in part on “minimizing the burden on the taxpayer,” said Jill Hazelbaker, communications director for the McCain campaign.

The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

Read Full Article Here

 



Socialist Dictatorship: Taxpayers to Pay $700B Bailout

U.S. Treasury Proposes $700B Bailout Plan For Wallstreet

Reuters
September 20, 2008

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation’s housing crisis.

Under the program, the U.S. Treasury Department would buy, or commit to buy, “mortgage-related assets from any financial institution having its headquarters in the United States,” said a copy of the Treasury Department’s draft legislation obtained by Reuters.

The department could hire asset managers to handle the securities, which could include residential or commercial mortgages and related instruments that were originated or issued on or before September 17, 2008, the draft said.

Congressional committees were to be briefed on Saturday on the legislation, which could be considered by the U.S. House of Representatives and Senate as early as next week.

The plan also calls for raising the federal government’s borrowing authority to $11.315 trillion. The debt limit is currently $10.615 trillion.

The government is moving aggressively to soak up billions of dollars of hard-to-sell mortgage-backed securities and related assets that have been choking world capital markets since the bursting of a historic U.S. home price bubble.

 

We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)

George Washington’s Blog
September 21, 2008

Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

In case you haven’t heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

Don’t believe me?

Well, as the Bloomberg article notes: “The bill would bar courts from reviewing actions taken under its authority.”

Bloomberg includes the following quotes by people who understand the significance of the bill:

It sounds like Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon . . . .

***

The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

This power grab is so serious that investigative reporter Larisa Alexandrovna calls it “the final stages of the coup“.

We have days to stop this bill. March on Congress. Educate and motivate everyone around you. Do everything you can to prevent this disaster before it is too late.

 

Krugman: ’Look, this is really scary. This is really bad, This could be 1931’

http://www.youtube.com/watch?v=FKMy8pf9qY8

 

Keiser: US dollar “backed by bananas”

http://www.youtube.com/watch?v=Vhf9KwSUQYw

Recent News:

7 percent of U.S. voters back bailouts
http://www.bizjournals.com/phoenix/stories/2008/09/15/daily63.html

Bush Compares Financial Crisis To 9/11
http://thinkprogress.org/2008/09/19/bush-economy-terrorist/

Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
http://www.prisonplanet.com/nobel-p..epression-or-worse.html

The Market is Now Pricing In the Genuine Possibility that the US will Default on Its Debt
http://georgewashington2.blogspot..-pricing-in-genuine.html

Fury at $2.5bn Lehman bonus
http://business.timesonline..nd_finance/article4795072.ece

Almost Armageddon: Markets Were 500 Trades From Meltdown
http://www.nypost.com..armageddon_130110.htm

Bailout plan is vast patronage under cover of martial law
http://www.gata.org/node/6647

Dodd: US financial system near meltdown
http://www.presstv.ir/detail.aspx?id=70011&sectionid=3510203

Reid Says `No One Knows What to Do’ to Solve Crisis
http://www.bloomberg.com/..VWYw&refer=home

U.S. to Sell $100 Billion in Bills to Fund Fed Moves
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ58hpS0fRH8&refer=home

‘Tent Cities’ Spring Up In The US
http://uk.news.yahoo.com/sk..es-spring-up-in-the-us-3fd0ae9.html

Central Banks Offer Extra Funds to Calm Money Markets
http://www.bloomberg.com/apps/news?pid=20601068&sid=aW2z_iiBnF2E&refer=home

U.S. Turning Into U.S.S.R.A
http://www.presstv.ir/detail.aspx?id=69774&sectionid=3510203

Worst Crisis Since ’30s, With No End Yet in Sight
http://finance.yahoo.com/banking-..-No-End-Yet-in-Sight

Federal bailout of U.S. auto industry
http://www.cyclelicio.us/2008/09/federal-bailout-of-us-auto-industry.html

The Fed Runs out of Money
http://ftalphaville.ft.com/blog/2008/09/17/16019/the-feds-run-out-of-money/

No bank is safe in this alarming atmosphere
http://business.theage.com..phere-20080917-4inu.html

Dollar Might Get Crushed
Hundreds of Lehman investors protest in Hong Kong

U.S. Economy Collapse News Archive

 



Taxpayers to Pay Trillions for Fannie and Freddie Bailout

Fannie and Freddie Seized…Cost to Taxpayer: Over $1 Trillion

Contrarain Profits
September 8, 2008

Uncle Sam has finally taken over Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). Yesterday, the Bush administration placed the mortgage giants under a conservatorship, putting billions of dollars of taxpeyers’ money at risk in the process.

The Treasury says it will stump up $200 billion to back the companies in exchange for a 79.9% stake in each. The government is now the biggest player in the US mortgage market.

Don Rich warns that the government’s bailout spells trouble for anyone holding US dollars. A major issue is that the Congressional Budget Office’s estimation of the costs of the bailout is far too conservative…

This from last Thursday’s Daily Reckoning:

A recent study from the Congressional Budget Office (CBO) has zero credibility. It pegged likely taxpayer losses in the Fannie Mae and Freddie Mac bailouts at $25 billion. For those with a sense of history, it is worth remembering that the S&L bailout had a $160 billion price tag. The numbers diverge so far from reality as to be laugh-out-loud funny. Funny, that is, except that the CBO estimate demonstrates a willful disconnect with the actual consequences of federal government actions.

As demonstrated below, the real cost of the bailouts will easily exceed $1.3 trillion. In fact, the real cost is likely to range between $1.3 trillion to $1.6 trillion, and is not unlikely to reach $2.5 trillion.

Between 2001 and 2007, Fannie and Freddie purchased or guaranteed $700 billion of Alt-A and subprime loans. Given the default rates on these loans – and the fact that the price of the housing that is the ultimate security of the loans will, for reasons demonstrated below, fall by at least thirty percent – this alone implies a loss for Fannie and Freddie on the order of $210 billion.

Fannie and Freddie acknowledge already-impaired loans on the balance sheet of $19 billion, which they have used creative accounting to avoid deleting from the shareholder equity account. This means that Fannie and Freddie have a maximum of $64 billion in capital remaining.

Given the inevitable losses on the Alt-A/subprime portion of their portfolio, it must be the case that if the federal government, as it is doing, guarantees Fannie and Freddie’s solvency, the difference between the loss and the capital to be made up by the government (i.e., the taxpayers) must equal, not $25 billion but $147 billion.

That alone would mean that the CBO is blowing smoke with their estimated cost figures, and if you think back to the S&L cost of $160 billion, this is not a surprising result. The real picture is so much worse that it is pretty obvious the CBO is flat out inventing figures just to get the politicians through November.

It doesn’t take a genius to work out how the government is going to get its hands on such money: the Federal printing press…

I don’t know what those people in Washington are taking to sleep at night after all their electorally driven accounting and finance exercises, but I can tell you what they will be doing to keep the government open for business: printing a whole lot of money.

Chairman Bernanke has the discount window open to any collateralization not worth the paper it is written on, so in effect he has the helicopters ready to drop hundred-dollar bills over Wall Street – as he once famously described the ultimate policy instrument of a fiat-money system.

Of course, if he does that, we will have to change his nickname from Helicopter Ben to Hyperinflation Ben, which answers the question of who picks up the tab of bailing out Fannie and Freddie: anyone owning dollars.

Produce a lot of something, and it becomes worth less. And given the losses at Fannie and Freddie, the taxpayer guarantee, and the ongoing initiation of Boomer retirement, only the inflation tax will work to pay for keeping Fannie and Freddie afloat.

Like it or not, we are about to enter interesting times, and it is too bad our supposed professional civil servants at the Congressional Budget Office have failed to tell the emperor the truth: that he is buck-naked bankrupt and getting ready to take a lot of people with him.

P.S Don Rich is an instructor of economics, finance, and political science at Montgomery County Community College in Blue Bell, PA. He also teaches economics, government, and history at Delaware County Community College in Exton, PA. You can leave comments for Don on the mises.org blog.

 

Greenspan: U.S Economy in ’once-in-a-century’ financial crisis

http://www.youtube.com/watch?v=-t6dLePtyXQ

 

U.S. Is “More Communist than China”: Jim Rogers

CNBC
September 15, 2008

The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is “more communist than China right now” but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe on Monday.

“America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it’s just bailing out financial institutions,” Rogers said.

Stock markets jumped after the U.S. government’s decision to launch what could be its biggest federal bailout ever, in a bid to support the housing market and ward off more global financial market turbulence.

But Rogers said in the long term the move spelled trouble.

“This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I’m not quite sure why I or anybody else should be paying for this,” Rogers told “Squawk Box Europe.”

Read Full Article Here

 

Soros Compares Mishandling Of Current Crisis To Great Depression

Paul Joseph Watson
Prison Planet
September 17, 2008

Billionaire investor George Soros has slammed US Treasury Secretary Hank Paulson for behaving in the same manner as bankers in the 1930’s and mishandling a financial crisis that threatens a repeat of the Great Depression.

Soros told BBC Newsnight that the world was merely at the beginning of a financial storm and warned, “We mustn’t allow the financial system to collapse as it did in the 1930s.”

Referring to Hank Paulson, the US Treasury Secretary, Soros stated, “The way Paulson is handling the situation is reminiscent of the way the bankers handled it in the 1930s.”

He added: “The financial system has gone overboard and the financial engineering has grown to big, it takes up too big a share in the world’s resources.”

“Now it is shrinking. When it becomes regulated it will be less profitable than the last 25 years.”

Soros, a former member of the Board of Directors of the Council on Foreign Relations, is ranked by Forbes as the 99th richest person in the world with a net worth of around $9 billion.

Ironically, Soros made his name by reaping the dividends of another financial meltdown when he “broke the Bank of England” by short-selling the pound sterling before the currency dropped out of the European Exchange Rate Mechanism in 1992, landing Soros a profit of around $1.1 billion.

In 2006, the highest court in France upheld a conviction that Soros had practiced insider trading when he bought shares in French bank Société Générale after discovering that the bank was on the verge of a takeover.

Soros has repeatedly predicted fiscal armageddon, writing three books about a “superbubble” that is on the verge of collapse.

In response to those accusing him of crying wolf in an effort to panic financial markets and benefit from the fallout, Soros stated, “I have a record of crying wolf…. I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book (2008’s The New Paradigm for Financial Markets). So it’s three books predicting disaster. (After) the boy cried wolf three times . . . the wolf really came.”

Respondents to a Daily Mail article about Soros’ comments accused the financier of engaging in wanton hypocrisy.

“I don’t know why on Earth they interview Soros since he has been proven again and again to deliberately spread financial rumour for his own exploitation and gain,” wrote one, “Soros became a multi multi billionaire precisely through manipulating markets like this – if this man says that we are heading for a 1930’s style crash you can guarantee he already has plans to profit from it.”

Recent News:

China paper urges new currency order after “financial tsunami”
http://www.reuters.com/article/ousiv/idUSPEK4365020080917?sp=true

US authorities have now spent $900 billion to prop up the financial system
http://www.swissinfo.ch/eng/..d=9736054&cKey=1221686585000&ty=ti

Central banks pump £100bn into money markets
http://www.telegraph.co.uk/money/m..2008/09/17/cncentral117.xml

Treasury announces debt auctions for Fed
http://ap.google.com/article/ALeqM5jnS9Vm..m4iAD938I1A80

Fed Pumps $70B Into Financial System
http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/fed_credit_..E44U6Xfx.Fe7GUOQ.D1v24cA

Run On The Bank? Americans Could Lose Their Deposits
http://www.prisonplanet.com/run-on-the-bank-americans-could-lose-their-deposits.html

Merrill Lynch seals future with Bank of America deal
http://business.timesonline.co.uk/tol/bu.._finance/article4755438.ece

Rogers: Dollar To Lose World Reserve Status
http://www.prisonplanet.com/rogers-dollar-to-lose-world-reserve-status.html

Paulson: Congress Has No Authority Here
http://bigpicture.typepad.com/comments/2008/09/paulson-congres.html

Goldman profit plunges 70 pct amid market slump
http://news.yahoo.com/s/nm/20080916/bs_nm/goldmansachs_dc

August home starts seen at lowest level in 17 years
http://www.reuters.com/article/newsOne/idUSN1638353220080917

Russia halts trading after 17.5% share price fall
http://money.cnn.com/news/newsfeeds/articles..ORTUNE5.htm

Dow closed down 450
http://news.yahoo.com/s/ap/20..er=1;_ylt=Al5VvbZImvYKFj5hEtFaLktv24cA

Is Britain Heading For Worst Recession Since 1929?
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/15/bcnrecession115.xml

Washington Mutual Tumbles 30%
http://news.yaho..CZ6k2k2Rd38VKPgv6b.HQA

Now fear stalks British banks
Inflation rises to 4.7% and FTSE plunges ANOTHER 90 points as global markets tumble in wake of Meltdown Monday
Bush Claims Economy Can Weather Storm
Bailouts Will Push U.S. Into Depression

U.S. Economic Collapse News Archive

 



Ron Paul: Bernanke Admits Inflation is a Tax

Ron Paul: “Some Big Events Are About To Occur”

Steve Watson
Infowars.net
July 17, 2008

http://www.youtube.com/watch?v=06awZjZTVlQ


Texas Congressman Ron Paul has warned the House that he is “convinced the time is now upon us that some Big Events are about to occur.” that will cause liberty to go “into deep hibernation”.

Paul told the House:

“These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.”

“There are reasons to believe this coming crisis is different and bigger than the world has ever experienced. Instead of using globalism in a positive fashion, it’s been used to globalize all of the mistakes of the politicians, bureaucrats and central bankers.” Paul continued.

In one of Paul’s most memorable speeches to date, the Congressman spoke of rampant authoritarianism having replaced the principles of liberty that the United States was founded upon and warned that current empire building financed through inflation and debt signals a most frightening period in history.

“Our arrogance and aggressiveness have been used to promote a world empire backed by the most powerful army of history. This type of globalist intervention creates problems for all citizens of the world and fails to contribute to the well-being of the world’s populations. Just think how our personal liberties have been trashed here at home in the last decade.” Paul urged fellow representatives.

Paul outlined the history of the current economic crisis and alluded to key events such as the inception of the Federal Reserve System, the creation of the Bretton-Woods Monetary System and the creation of a “dollar bubble”.

“This bubble is different and bigger for another reason.” Paul argued.

“The central banks of the world secretly collude to centrally plan the world economy. I’m convinced that agreements among central banks to “monetize” U.S. debt these past 15 years have existed, although secretly and out of the reach of any oversight of anyone–especially the U.S. Congress that doesn’t care, or just flat doesn’t understand.”

Yesterday, the Congressman also confronted Federal Reserve Chairman Ben Bernanke over what he described as a 35 plus year dollar bubble, telling him “You are probably the biggest taxer in the country”, citing the inflationary fiat money system as the most unfair and regressive form of taxation there is.

A stunned Bernanke put up little resistance and simply agreed with Paul, stating “Congressman, I couldn’t agree with you more that inflation is a tax, and that inflation is currently too high.”

Paul also pointed out that government bail out packages for lenders will inevitably lead to a further increases in the already stratospheric national debt.

Read Full Article Here

 

Ron Paul on Kudlow and Company

Part 1

Part 2

 

Ron Paul on Glenn Beck

 

Ron Paul on Fox Business News

 



U.S. Taxpayers to pay for Wall Street Banking Collapse

U.S. Taxpayers to pay for Wall Street Banking Collapse

WSWS
July 10, 2008

In speeches delivered Tuesday, Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Henry Paulson outlined the ruthless class policy being carried out to place the burden for the financial and housing crisis on the backs of working people.

Bernanke indicated that the Fed would extend its policy of offering unlimited loans to major Wall Street investment banks. The provision of Fed funds to non-commercial banks and brokerage firms, a departure from the Fed’s legal mandate without precedent since the Great Depression, is part of a policy of bailing out the banking system to the tune of hundreds of billions of dollars. The Fed announced its loan program for investment banks last March when it dispensed $29 billion to JPMorgan Chase as part of a rescue operation to prevent the collapse of Bear Stearns.

In his speech, Treasury Secretary Paulson acknowledged that home foreclosures in 2007 reached 1.5 million and predicted another 2.5 million homes would be foreclosed in 2008. But he made clear that nothing would be done to save the vast majority of distressed homeowners from being thrown onto the street.

Paulson, the former CEO of Goldman Sachs, said that “many of today’s unusually high number of foreclosures are not preventable.” With a callous indifference reminiscent of Marie Antoinette’s “Let them eat cake,” he went on to say that “some people took out mortgages they can’t possibly afford and they will lose their homes. There is little public policymakers can, or should, do to compensate for untenable financial decisions.”

In other words, low-income home owners who were lured into high-interest mortgages by predatory mortgage companies and banks are getting their just deserts! Of course, the Wall Street CEOs and big investors who made billions of dollars by speculating on these loans, creating a vast edifice of fictitious capital that was bound to collapse, are not to be held accountable for any “untenable financial decisions.” On the contrary, they are to be subsidized with hundreds of billions of dollars of credit, ultimately to be paid for by public funds.

The two speeches, presented at a Federal Deposit Insurance Corporation forum on the housing crisis held in Virginia, underscore the real social interests—those of the financial aristocracy—that are being protected by the policies of the Fed, the Bush administration, and the Democratic Congress.

Bernanke made clear that his call for an extension of loans to big investment banks is part of a more comprehensive proposal to systemize and regularize federal subsidies and bailouts for troubled banking giants. Particularly significant was the following remark: “Because the resolution of a failing securities firm might have fiscal implications, it would be appropriate for the Treasury to take a leading role in any such process, in consultation with the firm’s regulator and other authorities.” The implication is that the US Treasury should be ready to fund bank bail-outs with whatever taxpayer funds are necessary.

In neither speech was there even a hint that the government has any responsibility to protect home owners, or that the people responsible for the “lax credit and underwriting standards” that led to the current crisis might be called to account by regulators, Congress, or the courts.

 



Oil Hit Record $147, Gold $969, Euro $1.59

Oil Hit Record $147, Gold $969, Euro $1.59
On Friday Oil hit record of $147.27, Gold $969, Euro $1.5972 against the greenback, Today July 14, 2008 11:31 AM EDT Crude price sinks to $145, Gold $969, Euro 1.5859.

AP
July 12, 2008

Gold prices rose Friday, making their largest advance since first hitting $1,000 earlier this year, after another record crude rally and a tumbling stock market led jittery investors to the safety of hard assets.

Other commodities traded mostly higher, with corn, soybeans, wheat and other agriculture futures rising.

Gold’s rally suggests investors are increasingly concerned about rising inflation as Americans struggle with $4 gasoline and the U.S. dollar continues to lose ground against its main rivals.

After a week of volatile trading in the commodities complex, a myriad of dour economic developments pushed gold prices skyward: Oil soared above $147 for the first time, stocks dove on concerns that mortgage companies Freddie Mac and Fannie Mae might collapse and the dollar tumbled further against the euro.

“All of these things are a pretty good recipe for safe-haven buying into bullion,” said James Steel, analyst with HSBC in New York. “You’re really spoiled for choice on a day like this.”

Gold for August delivery added $18.60 to settle at $960.60 an ounce on the New York Mercantile Exchange, after earlier rising as high as $969.10. That was gold’s highest trading level since first cracking the $1,000 threshold on March 13 after the collapse of Bear Stearns & Co.

Nervousness about the U.S. economy, record energy prices and the falling dollar have helped propel gold 34 percent higher in the past year, but it’s not clear if the current climate is gloomy enough to push gold back into record territory.

“The $1,000 mark accompanied a bank failure the last time so it’s questionable whether the situation now is as severe, but that doesn’t mean it won’t go back to that level,” Steel said.

Other precious metals also traded higher. September silver prices added 50 cents to settle at $18.82 an ounce on the Nymex, while September copper gained 2.15 cents to settle at $3.74 a pound.

Read Full Article Here

 

Euro falls one cent vs dollar from day’s highs

Reuters
July 14, 2008

The euro fell over one cent from the day’s highs against the dollar on Monday, after the U.S. Treasury and Federal Reserve launched emergency steps to restore investor confidence in U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac.

The euro fell to as low as $1.5866 on trading platform EBS, down from an intraday high of $1.5972.

 

Jim Rogers: Dollar Doomed, Fed Will Fail

Recent News:

High gas prices make gas stations go out of business
http://www.nydailynews.com/ny_local/2008/07/12/2..siness-2.html

Bush acknowledges ’tough times’
http://rawstory.com/news/afp/Bush_..mes__07112008.html

Dow Drops Below 11,000
http://news.yahoo.com/s/ap/2008..TBWOFUn8JIG0V8Jn7V5dv24cA

Stimulus Checks for the Dead
http://taxprof.typepad.com/taxprof_blog/2008/07/stimulating-the.html

Budget Deficit Twice as Big as Last Year’s
http://www.washingtonpost.com/wp..7.html?hpid=sec-nation

World Bank’s Zoellick: Food Prices High Until 2012
http://www.washingtonpost.com/..AR2008071101987_pf.html

Mexican Illegal Aliens Leaving U.S.
http://www.dallasnews.com/sharedc..nmetimmigrants.24395628.html

Experts Worry Euro Might Replace US Dollar as Primary Reserve Currency
http://rawstory.com/news/2008/The_buck_doesnt_stop_here_it_0706.html

IMF says world economy between recession and inflation
http://uk.news.yahoo.com/rtrs/20..economy-imf-bd5ae06.html

Oil’s Rise Stirs Talk Of $200 A Barrel This Year
http://online.wsj.com/article/SB12..od=hpp_us_whats_news

Bank of Israel to buy more US dollars
http://www.jpost.com/servlet/Satel..me=JPost%2FJPArticle%2FShowFull

Bank of America CEO: Recession “feel” may last year
http://www.reuters.com/article/ousiv/idUSWNAB018220080709

Similarities between 1929 and 2008 terrifying
Emirates calls on GCC countries to depeg currencies from US dollar to curb inflation
Pension plans suffer huge losses

U.S. Economic Collapse News Archive

 



Hennecke Says U.S. Faces ’Hyperinflationary Depression’

Hennecke Says U.S. Faces ’Hyperinflationary Depression’

 



Fed Auctions $75 Billion to Big Banks

Fed Auctions $75 Billion to Big Banks

AP
July 1, 2008

The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced it will provide a fresh batch of the loans this month.

The central bank on Tuesday released the results of its most recent auction — the 15th since the program began in December. It’s part of an ongoing effort to ease financial turmoil and credit stresses.

In the latest auction, commercial banks paid an interest rate of 2.340 percent for the 28-day loans. There were 77 bidders. The Fed received bids for $90.88 billion worth of the loans. The auction was conducted on Monday with the results made public on Tuesday.

The Fed also said it will conduct two auctions in July. Banks will have an opportunity to bid on a slice of $75 billion in short-term loans in each auction.

In mid-December the Fed announced it was creating an auction program that would give banks a new way to get short-term loans from the central bank and to help them over the credit hump. A global credit crunch has made banks reluctant to lend to each other, which has crimped lending to individuals and businesses.

Read Full Article Here

 

Europe May Push The Fed To Raise Rates

CNN
July 1, 2008

The fireworks may come a day early for the financial markets if the European Central Bank, as expected, raises interest rates on Thursday.

If the ECB, Europe’s counterpart to the Federal Reserve, hikes rates, that could put even further pressure on the anemic dollar and send commodity prices even higher.

The ECB will announce its decision on interest rates early the morning of July 3 and will hold a press conference shortly thereafter to discuss the decision.

Read Full Article Here

 

Global economy faces deep slowdown and deflation threat, BIS warns

Telegraph
July 1, 2008

The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world’s biggest economies is now a possibility, according to one of the world’s most highly regarded economic institutions.

The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.

The Swiss institution – known as the central bankers’ bank – issued the alert in its annual report, released today.

Read Full Article Here

 

Peter Schiff Demonized On Fox Business

Recent News:

World Bank Chief: World Entering Danger Zone
http://news.xinhuanet.com/english/2008-07/03/content_8478565.htm

Ron Paul Calls For Hearings On Falling Dollar
http://www.fortbendno..t=push&instance=home_news_bullets&open=&

Thieves Stealing Manhole Covers
http://www.usatoday.com/printedition/news/20080630/a_manhole30.art.htm

Bank Giving Debit Cards To 11 Year Olds
http://www.telegraph.co.uk/mone..?xml=/money/2008/06/30/cnvisa130.xml

U.S. Stocks Tumble
http://www.bloomberg.com/a..d=aF4fDOUXmP2k&refer=worldwide

LA Times To Cut 250 Jobs
http://biz.yahoo.com/ap/080702/la_times_cuts.html?.v=1&printer=1

Forecast for U.S. workers: Gloom
http://www.iht.com/articles/2008/07/02/business/02jobs.php

U.S. Treasury’s Paulson: Downturn has ’further to go’
http://www.marketwatch.com/news/story/us-trea..7D&dist=msr_6

Starbucks to cut as many as 12,000 positions
http://news.yahoo.com/s/nm/20080701/bs_nm/starbucks_dc_1

Analyst sees ‘ghost town’ in Inland Empire
http://latimesblogs.latimes.com/laland/2008/07/analyst-sees-gh.html

Oil Prices Rise To Record Highs Above $144
http://www.breitbart.com/article.php?id=D91LTE8O0&show_article=1

Utah company puts operations on hold due to food and fuel prices
http://www.ksl.com/?nid=148&sid=3637972

CBS Story On $7 Gas
http://rawstory.com/rawreplay/?p=1365

Dow Has Worst 1st Half Since 1970
http://www.reuters.com/article/newsOne/idUSL1764662020080630?sp=true

Saudi king urges consumers to get used to high oil prices
http://www.breitbart.co..24505.gb3mxog6&show_article=1

Merrill says General Motors bankruptcy possible
Ron Paul On Financial Crisis: Something Big is Going On
Paulson: Banking Regulations Need Overhaul
IndyMac denies that it’s close to collapse
Dow Jones breaks Great Depression record for poor performance
Oil Rises to Record on Concern Iran Supplies May Be Disrupted
Euro Inflation Highest In 16 Years
IMF To Investigate The Federal Reserve

 



Fortis Bank predicts U.S. market meltdown within weeks

3rd largest bank predicts U.S. financial market meltdown within weeks

DFT
June 28, 2008

Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets. That explains the bank insurers interventions of the series Thursday at dealing with € 8 billion. “We are ready at the last minute. It goes in the United States much worse than thought, “said Fortis chairman Maurice Lippens, who maintains that CEO Votron to live. Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage. “But Citigroup, General Motors, there begins a complete meltdown in the U.S..”

Fortis took yesterday € 1.5 billion with a share issue. At the end of last year was the Belgian-Dutch group € 13 billion of new shares for the takeover of ABN Amro, for which it paid € 24 billion. Lippens bases its concern on interviews with bankers. “Two months ago we knew not so bad that it is in America. And it will be much worse. We have a thick mattress needed for the next eighteen months to come when we can bring to ABN Amro. “

Two weeks ago reported the U.S. investment bank and adviser to Fortis Merrill Lynch certainly € 6.2 billion in additional capital was needed. The VEB yesterday demanded clarification of Fortis: CEO Jean-Paul Votron stopped in late april Fortis maintains that after the purchase of ABN Amro does not need on the capital market. In one year € 30 billion in market capitalization destroyed. After Votron last confession kelderde the share price by 19.4%, although yesterday climbed by 4.4% to € 10.65.

The massive unrest around the bank insurers, especially with our neighbours in Belgium as a bomb broken. While the fuss arose in the Netherlands to the limited financial world, it is with our neighbours the call of the day. Not only is the bank dominates the streetscape, but by the mokerslag for the Belgian volksaandeel are also hundreds of thousands of small investors hit hard.

All Belgian newspapers opened yesterday with real rampenkoppen, where the free fall of the bank insurers was wide coverage. ’Fortis crashes, “” Rampdag for Fortis’ and’ Fortis loses 5.3 billion, “opened three leading newspapers.

The panic around the group across the border so great that the national regulator CFBA has had reassuring words to speak to the desperate savers. “The emergency of Fortis is no reason to bank run and money to get off,” said a CFBAwoordvoerder. “The bank complies with all legal requirements, but has itself just very sharp targets.”

Maurice Lippens claims that all major shareholders yesterday “unanimously support” have pledged.

Like arrows in the Netherlands focus mainly on CEO Jean-Paul Votron, who are heavily vertild appears to have complied with the takeover of ABN Amro. But while the Netherlands in Brussels calling his bonus of € 2.5 million to be paid back in Belgium is demanding his departure.

Who makes such big mistakes, must bear the consequences and therefore resign, “said Huybregtse chairman of the Flemish federation of Investment and Investors. The fall of the share is for him a confirmation that the takeover of ABN Amro far too expensive and was poorly timed.

“The former shareholders of ABN Amro are now taking a bath in champagne”, stressed Huybrechts. “Who makes major mistakes, must go. Fortis is a really volksaandeel and with confidence that you can not cope reckless. ”

The Belgian newspaper the Standard is tough on the CEO: “The kredietcrisis has affected all banks, but it is no excuse. Fortis is much sharper fall, “says the commentator. “Fortis has always denied that there was still a capital increase. They were therefore either lies or ignorance. Both are equally bad, so must Votron the honour to itself. He is the only one who has earned something to the whole operation. ”

According to Belgian media wanted Fortis announce Thursday that the bonus Votron would be removed, but this is at the last moment not yet happened. Also, all press speculation about his succession, with the name of Filip Dierckx.

Votron itself will of being firm. “The shareholders are behind me and also in the top of the group, I only support for this I have put in operation,” said the under fire lying Fortis chief executive.

The refund of the now controversial bonus points he resolutely. “What I do with my money, my case. The bonus had nothing to do with ABN Amro, but was about the year 2007, “said Votron. The CEO is a willing part of his salary in Fortis documents.

Votron may also still rely entirely on chairman Lippens, who denies that the bank itself on the takeover of ABN Amro has completed. “Votron remains simply the CEO. At present intervention, which is difficult, that’s really show leadership. “

 

Barclays warns of disaster as Fed loses all credibility

Telegraph
June 28, 2008

US central bank accused of unleashing an inflation shock that will rock financial markets, reports Ambrose Evans-Pritchard

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero”.

“We’re in a nasty environment,” said Tim Bond, the bank’s chief equity strategist. “There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth.”

Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. “This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that’s possible. It has lost all credibility,” said Mr Bond.

Read Full Article Here

 

Faber: Federal Reserve Could Fail, Buy Gold.

Citigroup sinks to 10-year low, Goldman urges short sale
http://www.reuters.com/article/ousiv/idU..Number=2&virtualBrandChannel=0

Intervention Will Not Stop Dollar’s Slide
http://www.321gold.com/editorials/schiff/schiff062708.html

What’s behind the dollar’s decline in value?
http://www.latimes.com/business/inves..ain22-2008jun22,0,6088160.story

Dow Crashes while Gold rises
http://www.gold-eagle.com/editorials_08/wallenwein062808.html

Families’ cash fears worst for 26 years
http://business.timesonline.co.uk/tol/business/economics/article4238319.ece

Family Storms Pittsburgh Bank, Protests Mortgage Crisis
http://www.wpxi.com/news/16727813/detail.html

Biofuel Plants Go Bankrupt on Feedstock Costs
http://moneynews.newsmax.com/headline..y/2008/06/27/107992.html

Tax means fewer travellers at main Dutch airport: report
http://www.breitbart.com/article.php?i..54.yhsfzix8&show_article=1

U.S. Economic Collapse News Archive

 



South American Union To Have Single Currency

South American Union To Have Single Currency

Natural News
June 21, 2008

Brazilian President Luiz Inacio Lula da Silva recently revealed that the South American countries are planning for a common currency as part of the integration of the individual countries into the Union of South American Nations. This integration is patterned after the formation of the European Union, and parallels the plan for the North American Union.

The union of South American nations would create a trade block designed to be competitive with the European and North American trade blocks. Central to the formation of the union is the creation of a central bank to oversee the new common currency that would replace the currencies of the individual countries in the block. In a recent broadcast, President Lula stated that he sees the implementation of this plan as not being a fast one.

In his message, the president stressed the need to help the countries of South America that are economically weak, such as Paraguay, Uruguay and Bolivia. “We have to help them because the stronger the countries in South America economically are, the more tranquility, peace, democracy, trade, companies, jobs, incomes and development”, he is quoted at ((http://www.nuwireinvestor.com/articles/…) .

Another unfolding feature of the South American Union similar to that of the North American Union is its dependence on newly created infrastructure. The South American alliance will promote the cross-nation construction of railroads, highways, bridges and transmission lines that will connect the entire region resulting in smooth interaction and movement within the trading block. The NAFTA and CAFTA Superhighways epitomize the infrastructural development of the North American Union trading block.

The union plan also calls for a regional defense council, apparently the beginning of the imposition of a regional government. This council would resolve regional conflicts, promote military cooperation and allow for the regional coordination of weapons production, much as the military integration of Canada and the U.S. initiates the unification of governments in the North American Countries.

The plan to establish a new common currency for the Union of South American Nations is the latest development in the initiation of common currencies representative of multi-country trading blocks. The euro was the first trade block currency, established as part of the European Union. The amero is the name of what may be the North American Union’s counterpart to the euro, debuting after economic integration and homogenization of Mexico, the U.S. and Canada have been completed, at exchange rates that represent the lowered standard of living of the Americans and the Canadians.

Critics of the Union of South American Nations’ efforts to establish a common currency see it as playing right into the hands of the world banking cartel. The clustering and assimilation of currencies facilitates the eventual merger into a one world currency promoted by the Council on Foreign Relations and its political puppets. They see the move toward the South American Union with its single currency as easily fitting with the European Union and current efforts to establish the North American Union. Once the formation of these major trading blocks is completed, the next step would be the unification of the blocks into a one world government.

This one world government is sometimes referred to as the New World Order. The Council on Foreign Relations has openly stated that its intentions are to bring about the surrender of the sovereignty of the national independence of the U.S. with the aim of creating a one world government. The Council, referred to as CFR, has influence in all vital areas of American life and around the world. Members have run or are running the major media outlets including NBC, CBS, the New York Times, the Washington Post, and many other publications.

CFR members dominate the political world. U.S. presidents since Franklin Roosevelt have been CFR members, with the exception of Ronald Reagan. CFR members also dominate the academic world, top corporations, unions and the military. They are on the board of directors of the Federal Reserve. Barack Obama and John McCain are CFR members, as well as the Bushes and the Clintons. There are many corporate members of the CFR. CFR plans are not subject to the scrutiny, debate, or vote of the people. Discussion of the plans has been conspicuously absent from the endless debating of the presidential candidates.

South American Union Formed
http://news.bbc.co.uk/2/hi/americas/7417896.stm

Arizona Governor Approves Prohibition on Real ID
http://www.freedomsphoenix.com/Feature-Article.htm?InfoNo=034608

Bill C-51 Codex & The SPP
http://intelstrike.com/?p=277

SuperCorridor Defeat? Don’t Bet On It
http://sjlendman.blogspot.com/2008/06/supercorridor-defeat-dont-bet-on-it.html

Comments At 4th Annual North America Forum
http://www.agoracosmopolitan.com/home/Frontpage/2008/06/13/02404.html

North American Union agenda whether Canadians want it, or not, is a top priority for elite interests
http://www.agoracosmopolitan.com/home/Frontpage/2008/06/13/02404.html

What is the ’North American Union’?

 



RBS and BIS Signal Economic Collapse

RBS issues global stock and credit crash alert

London Telegraph
June 18, 2008

The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.

“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.

A report by the bank’s research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as “all the chickens come home to roost” from the excesses of the global boom, with contagion spreading across Europe and emerging markets.

Read Full Article Here

 

BIS Warns Of Great Depression

Banking Times
June 11, 2008

The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.

In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.

According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.

The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.

It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.

 

Notional Value Of Derivatives Hits One Quadrillion

Jim Sinclair
JS Mineset
June 11, 2008

The notional value of all outstanding derivatives now totals approximately $1.144 QUADRILLION.

This appears to be Bank of International Settlement Spin to announce the largest gain in derivatives outstanding since they started to report. As of the last report it appeared that both listed and OTC derivatives was under $600 trillion. Now listed credit derivatives alone stood at $548 Trillion. The OTC derivatives are shown as $596 trillion notional value, as of December 2007. One can only imagine what number they are at now.

Well we hit a QUADRILLION. We have more than $1000 trillion dollars in all derivatives outstanding. That is simply NUTS because notional value becomes real value when either counterparty to the OTC derivative goes bankrupt. $548 trillion plus $596 trillion means $1.144 quadrillion.

It would be an interesting piece of research to see what the breakdown is of listed derivatives according to exchange to see if it adds up to the reported number. Spin is now everywhere.

This means that no OTC derivative house can be allowed to go broke. This means that whatever funds are required to rescue failing international investment banks, banks and financial entities will be provided.

Keep this economic law in mind. Monetary inflation proceeds price inflation and is its primary cause in economic history from Rome to present.

Nothing can stop the juggernaut of price inflation heading towards every nation like a runaway freight train down a mountain.

Gold is going to at least $1650. I am probably way too low with that estimate.

The US dollar will trade down to at least .5200 as measured by the USDX.

Policy-makers around the globe declared soaring inflation a top threat on Monday, with pressure rising for central banks to raise interest rates amid protests against higher costs of living.

Gold is the easiest market to trade for the aggressive investor. Sell 1/3 when the market looks like a Rhino Horn which you will see with your French Curves at the point of the rollover.

Buy 1/3 back when the price of gold looks like a fishing line hanging off a fishing rod. Your maximum power down trend line will give you this.

Related News:

European Central Bank may raise interest rates by 25 basis points
http://news.yahoo.com/s/nm/20080616/b..3n0dX.bIygjaM4as0NUE

Morgan Stanley warns of ’catastrophic event’ as ECB fights Federal Reserve
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/16/bcnecb116.xml

Washington Post says Bernanke will not raise rates
http://www.reuters.com/article/ousiv/idUSN1647075820080616

Bank Robberies Up Around USA
http://www.usatoday.com/news/nation..ankrobberies_N.htm?csp=1

IMF Economist Calls For World Currency
http://www.atimes.com/atimes/Global_Economy/JF06Dj04.html

Corn Jumps To Record
http://biz.yahoo.com/ap/080612/commodities_review.html?.v=3&printer=1

Inflation jumps by biggest amount in 6 months
http://news.yahoo.com/s/ap/2..CNtc5x1gy4CWdv24cA

US trade deficit jumps to 60.9 billion dollars
http://rawstory.com/news/afp/US_trad.._06102008.html

Zimbabwe faces worst harvest on record
Global food supply is a growing problem
NY Fed Chief Urges Global Bank Framework
Food Scarcity ’Creating New World Order’
AFGHANISTAN: Over 3.5 million at” high risk” of food insecurity – ministry
Water Crisis To Be World’s Big Risk
U.S. Banks Hiding $5 Trillion

U.S. Economic Collapse News Archive

 



Bilderberg Plans Microchip Implant Campaign in America


Secret Bilderberg Agenda To Microchip Americans Leaked
Elitists want to microchip Americans in name of fighting terrorism, Europeans universally opposed to attack on Iran, Globalists fear oil prices rising too quickly

Paul Joseph Watson
Prison Planet
June 10, 2008

Sources from inside the 2008 Bilderberg meeting have leaked the details of what elitists were discussing in Chantilly Virginia last week and the talking points were ominous – a plan to microchip Americans under the pretext of fighting terrorist groups which will be identified as blonde haired, blue eyed westerners.

Veteran Bilderberg sleuth Jim Tucker relies on sources who regularly attend Bilderberg as aides and assistants but who are not Bilderberg members themselves. The information they provided this year is bone-chilling for those who have tracked the development of the plan to make the general public consider implanted microchips as a convenience as routine as credit cards.

“Under the heading of resisting terrorism there were points made about how the terrorist organizations are recruiting people who do not look like terrorists – blonde, blue eyed boys – they’re searching hard for those types to become the new mad bombers,” said Tucker

As we have documented, the blue eyed blonde haired Al-Qaeda line is a familiar talking point that has been pushed on Fox News and within other Neo-Con circles in an attempt to turn the anti-terror apparatus around to target dissidents, protesters and the American people in general.

Ominously, Tucker’s source also told him that Bilderberg were discussing the microchipping of humans on a mass scale, which would be introduced under the pretext of fighting terrorism whereby the “good guys” would be allowed to travel freely from airports so long as their microchip could be scanned and the information stored in a database.

Tucker said the idea was also sold on the basis that it would help hospital staff treat a patient in an emergency situation because a scan of the chip would provide instantaneous access to health details.

Tucker underscored that Bilderberg were talking about subdermally implanted chips and not merely RFID chips contained in clothing. The discussion took place in a main conference hall and was part of the agenda, not an off-hand remark in the hotel bar.

Such a bizarre concept may seem unbelievable to some, but over the last ten years there have been dozens of examples of people accepting implanted chips for a variety of different reasons.

In 2004, Mexico’s attorney general and 160 of his office staff were implanted with tracker chips to control access to to secure areas of their headquarters.

The Baja Beach Club in Barcelona and other nightclubs around the world are already offering implantable chips to customers who want to pay for drinks with the wave of a hand and also get access to VIP areas of the club lounge.

Bilderberg skeptical of attack on Iran

Tucker’s source told him that Secretary of Defense Robert Gates did attend Bilderberg despite him not appearing on the official list.

Tucker said that his sources told him Gates was in attendance to present his case for war with Iran, but that the majority of Bilderberg members were against an attack at this time.

“The Europeans were generally opposed to an invasion of Iran – Gates made the regular war propaganda drill about how Iran is a nuclear threat to everybody,” said Tucker, adding that European Bilderbergers made snide comments about where such nuclear weapons actually were being kept and at one point joking that they were possibly “in Saddam Hussein’s tomb”.

Despite Bilderberg opposition, Tucker said that the administration was still considering an attack before Bush leaves office in January.

“At least 90 per cent of the Europeans oppose a war, probably closer to 100 per cent,” said Tucker, adding, “most of the Americans were passive and deferential to the Secretary of Defense and Condoleezza Rice’s pitch in so far as Iran is concerned”.

Tucker said that most Americans present at the meeting were opposed to attacking Iran but dare not be as visible and loud in their opposition as the Europeans.

Energy and oil prices

“One of the Bilderberg boys raised this question – should we put a lid on the rise in oil prices, are we reaching the point of diminishing returns,” said Tucker, adding that Bilderberg noted how Americans were trading in their SUV’s in record numbers for small and more fuel efficient cars and using more public transport to combat high gas prices.

Tucker’s source said that Bilderberg were predicting $5 for a gallon of gas by the end of this summer and oil over $150 dollars a barrel, but that this was a ceiling and oil prices would probably begin to decline thereafter because they thought the acceleration had happened too quickly.

As we previously reported, Bilderberg called for oil prices to soar in 2005 when oil was a mere $40 a barrel.

During the conference in Germany, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what happened.

During their 2006 meeting in Ottawa Canada, Bilderberg agreed to push for $105 a barrel before the end of 2008. With that target having been smashed months ago, the acceleration towards $150 is outstripping even Bilderberg’s goal, which is why the elitists expressed a desire to cool prices at least in the short term.

Just two days after he left Bilderberg, Fed Chairman Ben Bernanke, George W. Bush and others expressed support for a strong dollar and Bernanke hinted that interest rates could rise, which immediately caused oil prices to drop in line with Bilderberg’s consensus.

 

Rice Formalized Missile Defense Policy At BilderbergSecretary of State discussed radar treaty with Czech Foreign Minister

Paul Joseph Watson
Prison Planet
June 12, 2008

U.S. Secretary of State Condoleezza Rice moved the U.S. missile defense shield agenda a step forward during her attendance at the Bilderberg meeting last week, during which she formalized plans to sign a treaty on installing a U.S. radar base in the Czech Republic with Czech Foreign Minister Karel Schwarzenberg.

The news underscores the fact that important policy decisions are advanced at Bilderberg and that the event is not an insignificant talking shop, as debunkers often claim.

Reports out of both Czech newspapers and Chinese sources confirm that Rice formalized the policy at Bilderberg.

“U.S. Secretary of State of Condoleezza Rice has confirmed she will fly to Prague in early July to sign two U.S.- Czech treaties on the installation of a radar base on the Czech soil, the Czech daily Pravo said Tuesday,” reports Xinhua.

“According to the paper, Rice confirmed her plan to Schwarzenberg at the Bilderberg conference in Chantilly, Virginia, last week.”

“Bilderberg Club, also called the “Group of the Powerful,” is an informal invitation-only organization of politicians, representatives of the military and industrial complex, bankers and businessmen. Schwarzenberg was the only Czech participant in this year’s forum,” according to the report.

The prospect of the radar base, along with the planned installation of an interceptor missile base in Poland, has infuriated the Russians who believe the program is aimed at countering the Kremlin as well as Chinese military dominance, and not as a means of defending against Iranian nuclear ambitions as the U.S. claims.

In response to U.S. aggression, Russia has resumed long-range bomber patrols over the Atlantic which were mothballed at the end of the Cold War. NATO warplanes have intercepted Russian Bear Bombers on numerous occasions.

In February, Russia’s military chief of staff General Yuri Baluyevsky (pictured left) threatened to use nuclear weapons to defend Russia should an attack on Iran put the Kremlin in the line of fire.

In November last year, Baluyevsky dubbed America “evil” while cautioning that the “insidious” U.S. missile defense shield weapons system has nothing to do with countering Iran and is aimed squarely at Moscow.

“If the Americans deploy the radar by 2011 and anti-ballistic missiles by 2012-2013, they will certainly be directed against Russia, and we can easily prove it,” Baluyevsky told Russia Today.

“Today, there is no need to be afraid of the Russian Armed Forces. However, I do not believe that the Russian military is obliged to defend the world from the evil Americans,” he added.

 

Washington Post Mentions Bilderberg & Bohemian Grove

Washington Post
June 13, 2008

It was a quintessentially Washington moment:

There, in the Ritz-Carlton ballroom Monday, stood Vernon Jordan — the political insider, corporate networker and financial rainmaker, tall and impeccably turned out — presiding over his last meeting as head of the Economic Club of Washington.

During his four-year tenure, Jordan had used his incomparable connections to bring the heads of J.P. Morgan Chase, Kohlberg Kravis Roberts, American Express, Pfizer and General Electric, along with the secretary of the Treasury, the chairman of the Federal Reserve and the president of the United States, to speak to 400 of the city’s top business executives.

Now, for his final act, Jordan had reached beyond the Old Economy establishment and snared the chief executive of Google, the hottest company on the planet. Jordan had met Eric Schmidt the year before at Bilderberg, the super-secret gathering that falls between Davos and Bohemian Grove on the calendars of the global elite. By the end of that three-day meeting in Istanbul, Jordan had snared his final speaker.

Depending on your point of view, Jordan represents everything that is right or wrong with Washington.

To the cynical and conspiratorial, Jordan epitomizes the clubby and back-scratching Washington power broker, an amoral fixer who uses his web of connections to enrich himself and his clients while corrupting the political process.

Read Full Article Here

Iran Threatened After Gates Bilderberg Visit
http://www.prisonplanet.com/articles/june2008/061008_iran_threatened.htm

Kaine, elected leaders and the mystery of Bilderberg
http://www.loudountimes.com/blogs/..rs-and-mystery-bilderberg/

Bilderberg Seeks Bank Centralization Agenda
http://www.roguegovernment.com/news.php?id=9845

Canadian Powerbrokers at Bilderberg
http://www.embassymag.ca/html/index..8/june/11/chatterhouse/

 



Bernanke and Madeline Albright Attend Bilderberg

Bernanke and Madeline Albright Attend Bilderberg

 

Czech Foreign Minister Attends Bilderberg

Short News
June 9, 2008

Nearly 140 powerful men and women met in secret over the past weekend to attend the annual Bilderberg Convention, also known as the “Group of the Powerful”, in Chantilly, Virginia. Among them was Czech Foreign Minister Karel Schwarzenberg.

Prime Minister Mirek Topolanek has yet to comment on Schwarzenberg’s visit. Communist leader Vojtech Filip said, “I learnt about it today (on Sunday) and I was furious.”

Guests at the convention included World Bank President Robert Zoellick, US Secretary of State Condoleezza Rice, and businessman David Rockefeller. Bilderberg is an invite-only organization of businessmen, politicians and military representatives.

The Epoch Times interviews Alex Jones at Bilderberg
http://www.youtube.com/watch?v=GGd19q8pu28

Virginia Police Explain Bilderberg to We Are Change Ohio
http://youtube.com/watch?v=TjlxokLR4TU

We Are Change Bullhorn Bilderberg
http://www.youtube.com/watch?v=pDVqQDwd_NU

Washington Post Mentions Obama’s Handler Is Bilderberg
http://blog.washingtonpost.com/..ser_faces_scrutiny_o.html

Washington Post Owned Slate Runs Puff Piece On Bilderberg
http://www.slate.com/id/2193220/

Castrated Media Remains Silent On Bilderberg
http://www.prisonplanet.com/articles/june2008/060908_castrated_media.htm

Bilderberger Resigns From Obama VP Team
http://news.yahoo.co..es;_ylt=ApGy2OjHTJMa7v.7lzbebHis0NUE

No Excuse For Lack Of Bilderberg Coverage
Bilderberg Goon with a Gun
Did Clinton & Obama Attend Bilderberg?
Dirty Tricks Campaign Against Alex Jones
The Bilderberg Blackout
Mainstream Media Blackout on Bilderberg Meeting

 



U.S. Media Blackout On Bilderberg 2008

U.S. Media Blackout On Bilderberg 2008
Condi Rice, Ben Bernanke, Head of Google and many others in attendance

Lee Rogers
Rogue Government
June 6, 2008

The 2008 Bilderberg Meeting is now in full swing at the Westfields Marriott in Chantilly, Virginia, USA but you wouldn’t know it from the media blackout of this event by virtually all mainstream media outlets in the United States. Each year, Bilderberg hosts some of the most powerful people in North America and Europe where these individuals set and shape policies for the world. The 2008 Bilderberg Meeting is slated to run from June 5th through June 8th. Since 1954, Bilderberg has met in secrecy primarily thanks to the intentional lack of media attention paid to it. One would think that an event where over 100 of the most high profile and powerful people from North America and Europe are meeting would receive a great deal of mainstream media attention, but there is virtually none. As a result of the media blackout, only independent journalists and alternative researchers have been covering this event on a year to year basis. Due to a greater amount of attention being paid to this event, a press release on the Bilderberg Meeting was issued from a group that identified themselves as the American Friends of Bilderberg. The press release provides spin on how wonderful Bilderberg is and even provides a contact number that can be used to obtain a list of attendees. The Logan Act states that it is illegal for those holding public office in the United States to attend secret meetings like Bilderberg where policy is set. Regardless, that has not stopped people like Rick Perry from attending the 2007 Bilderberg Meeting as the sitting Texas governor. Jim Tucker, who has covered the Bilderberg meeting for over 30 years, has accurately made future predictions based upon information he has received from moles within Bilderberg. There is no doubt that policy is set at this meeting and quite frankly if you think that some of the most powerful people in the world are getting together just for laughs, you are sorely mistaken.

Below is taken directly from the press release on the Bilderberg Meeting issued by the American Friends of Bilderberg which provides positive spin for the Bilderberg Meeting.

The 56th Bilderberg Meeting will be held in Chantilly, Virginia, USA 5 – 8 June 2008. The Conference will deal mainly with a nuclear free world, cyber terrorism, Africa, Russia, finance, protectionism, US-EU relations, Afghanistan and Pakistan, Islam and Iran. Approximately 140 participants will attend, of whom about two-thirds come from Europe and the balance from North America. About one-third is from government and politics, and two-thirds are from finance, industry, labor, education and communications. The meeting is private in order to encourage frank and open discussion.

Bilderberg takes its name from the hotel in Holland, where the first meeting took place in May 1954. That pioneering meeting grew out of the concern expressed by leading citizens on both sides of the Atlantic that Western Europe and North America were not working together as closely as they should on common problems of critical importance. It was felt that regular, off-the-record discussions would help create a better understanding of the complex forces and major trends affecting Western nations in the difficult post-war period. The Cold War has now ended. But in practically all respects, there are more, not fewer, common problems – from trade to jobs, from monetary policy to investment, from ecological challenges to the task of promoting international security. It is hard to think of any major issue in either Europe or North America whose unilateral solution would not have repercussions for the other. Thus the concept of a European-American forum has not been overtaken by time. The dialogue between these two regions is still – even increasingly – critical. What is unique about Bilderberg as a forum, is the broad cross-section of leading citizens that are assembled for nearly three days of informal and off-the-record discussion about topics of current concern especially in the fields of foreign affairs and the international economy; the strong feeling among participants that in view of the differing attitudes and experiences of the Western nations, there remains a clear need to further develop an understanding in which these concerns can be accommodated; the privacy of the meetings, which has no purpose other than to allow participants to speak their minds openly and freely. In short, Bilderberg is a small, flexible, informal and off-the-record international forum in which different viewpoints can be expressed and mutual understanding enhanced.

No where in the press release does it explain why many alternative researchers and independent journalists have been harassed and in many cases threatened in their attempts to cover this meeting. In fact, for many decades there were consistent denials of Bilderberg’s existence so it is quite amazing that they have finally decided to make an official recognition of the meeting. Not only that, but if the meeting really is just an informal discussion to allow its participants to speak openly and freely, than there shouldn’t be any need for threats, harassment and decades of secrecy. The meeting has been kept secret for many years because it is quite obvious that the participants do not want sunlight shone on the meeting’s agenda. This press release is nothing more than a smoke screen to make the average person believe that this is a legitimate meeting when it is not. All of of these very powerful people would not be meeting once a year if there wasn’t a real specific purpose for them to do so.

According to the official list of Bilderberg attendees, there is no doubt that this is the who’s who of elites in the Western world. The list includes the likes of banking and oil tycoon David Rockefeller, former Secretary of State Henry Kissinger, Federal Reserve Chairman Ben Bernanke, Secretary of State Condoleezza Rice, Google CEO Eric Schmidt, World Bank President Paul Wolfowitz, Robert Zoellick, CEO of the Washington Post Donald Graham, Richard Perle, the Queen of Spain and many other incredibly powerful and well known people. Often times the list of Bilderberg attendees does not actually include everyone who makes an appearance.

There is also speculation that Hillary Clinton and Barack Obama met at the Bilderberg Meeting yesterday. Jim Johnson the former Fannie Mae CEO and 2008 Bilderberg attendee is one of the individuals tasked to choose Obama’s running mate so an appearance at Bilderberg by Obama and Clinton makes perfect sense. Despite that, the media has been running a story saying that Clinton and Obama met at Senator Dianne Feinstein’s house which flies in the face of logic. There is a distinct possibility that this story is actually cover so Obama and Clinton could briefly attend Bilderberg and possibly work out a deal. Of course, we will probably never know the entire truth. Despite that, both Clinton and Obama were in the Washington DC area yesterday, and Obama’s campaign actually misdirected the press core that follows him. While Obama stayed in the Washington DC area, the media was told to fly out to Chicago only to find out Obama did not fly out with them. Needless to say, the press was not very happy about this. But either way, why all the secrecy if Clinton and Obama are just meeting at Feinstein’s house? The more likely answer is that the secrecy and misdirection was required to conceal the fact that they were actually going to Bilderberg to work something out. If the media tracked down Clinton or Obama to the Bilderberg Meeting, the chances of the mainstream media covering Bilderberg would increase substantially. Currently, several protesters have gathered outside of the Westfields Marriott expressing disgust at the secretive and conspiratorial agenda that these elites have to destroy United States sovereignty and form a centralized world government. There is little doubt that the Bilderberg Meeting would quickly turn into a media circus if mainstream media outlets tracked Obama back to this location.

It remains to be seen what sort of agenda the Bilderberg Group will decide to push forward throughout the next year, but we should find out bits and pieces over the next few weeks and months. The lack of mainstream media coverage of this event is simply incredible especially considering that the American Friends of Bilderberg issued a press release on the meeting. This is more evidence that the mainstream media is run by a bunch of fascist hacks. When over 100 of the most powerful people in the world meet in one location it should be front page news. Instead, the corporate controlled media prefers to focus in on tabloid news stories covering the antics of celebrities and other rubbish. The fact that there has been almost no media coverage of this event in the United States is evidence as to how bought and paid for the corporate controlled media in the United States actually is. Be sure to continue to check out the alternative media for coverage on this very important yearly meeting of the global elite. Simply put, it doesn’t look as if the corporate controlled media has the balls to cover Bilderberg so the alternative media has to do their job for them.

 

Inside the Bilderberg Hotel

 

Department of Justice ordered 125 ipods for Bilderberg Group
Your tax dollars at work…

Infowars
June 5, 2008

Infowars has received an anonymous email reporting that the Department of Justice has placed an order for a large number of ipods with “Bilderberg 2008″ engraved on the back and shipping to Chantilly, Virginia, at American tax payer expense. According to the source, the DOJ is “freaking out” because the order will arrive late.

Of course, it should probably come as no surprise a gaggle of global elitists, meeting in secret outside of the District of Criminals to plot their one world agenda, would get engraved iPod freebies. It is, however, yet another indication that a Bilderberg coterie indeed exists and is meeting in Chantilly, Virginia this week. Thanks to Alex Jones, Jim Tucker, Daniel Estulin and others, we have a better understanding of the Bilderberg agenda, never mind the concerted effort of the corporate media to characterize the Bilderbergers as a harmless association of politicians and business types.

Read Full Article Here

 

Jim Tucker On the Scene at This Year’s Bilderberg

Recent News:

Video from Bilderberg
http://www.infowars.com/?p=2570

Bilderberg Announces 2008 Conference
http://www.centredaily.com/business/story/640197.html

Bilderberg meeting attracts prominent politicians, businessmen
http://rawstory.com/news/2008/..minent_politicians_businessmen_0606.html

Official 2008 Bilderberg Participant List
http://prisonplanet.com/articles/june2008/060608_b_list.htm

Secretive meeting held in United States
http://www.turkishdailynews.com.tr/article.php?enewsid=106654

Photos: Bilderberg 2008 at the Westfields
http://www.prisonplanet.com/articles/june2008/060608Photos.htm

Dutch PM and foreign minister visit Bush & Bilderberg
http://www.radionetherlands.nl/new..-PM-and-foreign-minister-visit-the-US

Portuguese Newspaper Admits Bilderberg Kingmaker Power
http://www.prisonplanet.com/articles/..bilderberg_kingmaker.htm

Spooks Infest Marriott Hotel As Bilderberg Begins
Alex Jones’ Bilderberg Report on Coast to Coast AM
Bilderberg, Shadow Supergovernment

 



Obama & Hillary May Have Attended Bilderberg


Obama’s Office Won’t Deny Senator Attended Bilderberg
Tight security around Westfields Marriott suggests Illinois Senator and Hillary Clinton met at elite confab

Paul Joseph Watson
Prison Planet
June 6, 2008

Senator Barack Obama’s office has refused to deny that the Democratic nominee attended Bilderberg last night following reports that he and Hillary Clinton were present at “an event in Northern Virginia.”

As we reported earlier today, Obama’s press entourage were not informed of his secret meeting with Hillary Clinton in Northern Virginia until they were literally locked inside a plane that was taxiing down the runway on its way to Chicago.

Reporters were duped into believing that they were getting on a plane back to the campaign headquarters in Chicago with the presumptive nominee, while in reality Obama’s motorcade instead sped off in secrecy to Northern Virginia, which is also the scene of this week’s Bilderberg conference. The plane was stationed at Dulles International, which is less than a 20 minute drive from Chantilly Virginia as is shown below.

Bilderberg sleuth Jim Tucker called Obama’s office today to ask if he had attended Bilderberg. A campaign spokeswoman refused to discuss the matter but would not deny that Obama had attended Bilderberg.

According to Alex Jones, security is so tight around Bilderberg that it does befit the visit of a potential future President.

Armored cars, men in suits hanging out of vehicles with guns and what looked like Marines have all been spotted in the vicinity of the Westfields Marriott.

Despite the controversy of Obama and Hillary’s secret meeting and its obvious link to the ongoing Bilderberg conference, not one U.S. corporate media outlet, or any mainstream media outlet, has reported on over a hundred of the world’s most powerful people meeting in secret on U.S. soil.

There was one reporter from the Fairfax Times who showed up today but they were not completely confident that any such report would make it to print.

 

Press Let Rip At Obama Spokesman Over Exclusion From Secret Meeting
Reporters flown out of Washington as nominee meets Hillary at Bilderberg confab

Steve Watson
Infowars.net
June 6, 2008

It has emerged that Obama’s press entourage were not informed of his secret meeting with Hillary Clinton in Northern Virginia until they were literally locked inside a plane that was taxiing down the runway on its way to Chicago.

The press reacted angrily to the way in which Obama’s campaign organizers covered up the meeting, which is now suspected by many to have been planned in conjunction with the secretive 2008 Bilderberg Group meeting of around 140 corporate and political luminaries.

Reporters were duped into believing that they were getting on a plane back to the campaign headquarters in Chicago with the presumptive nominee, while in reality Obama’s motorcade instead sped off in secrecy to Northern Virginia.

“Why were we not told about this meeting until we were on the plane, the doors were shut and the plane was about to taxi to take off?” one reporter asked Obama spokesman Robert Gibbs in a heated exchange that was caught on camera by CNN.

“Senator Obama had a desire to do some meetings, others had a desire to meet with him tonight in a private way and that is what we are doing.” Gibbs replied.

“Is there more than one meeting, is there more than one person with whom he is meeting” asked another reporter.

“I am not going to get into all the details of the meeting.” Gibbs fired back.

Gibbs denied that the secret meetings were planned beforehand and indicated Obama’s attendance was a last minute rearrangement.

“There was a desire to do some meetings tonight, he was interested in doing them, others were interested in doing them, and to do them in a way that was private.” Gibbs repeated.

“If the president goes bike riding, we go with him. If he goes out to dinner or goes to visit a friend three blocks up the road, we go with him in the motorcade,” another reporter told Gibbs. “That’s the expectation in a general election, and that’s the way it’s been with previous candidates…That’s the way it is done.”

Watch the angry press confront Obama’s spokesman:

“You could tell the media you’re having a private meeting and give them the option of not getting on the plane.” came another comment. Of course, had this transpired, the media would most probably have connected the location of the Obama/Hillary meeting with that of the Bilderberg group.

The last thing the Bilderberg elite would have wanted was a confused and inquisitive mob of journalists at their Marriott hotel doorstep, along with scores of protesters and alternative media reporters such as Infowars’ Alex Jones, American Free Press Editor Jim Tucker and We Are Change’s Luke Rudkowski.

Following an unusual solitary press release this morning, a full list of the attendees of this year’s Bilderberg meeting has been released. It would hardly be surprising to find Obama and Clinton rubbing shoulders with the likes of Condoleeza Rice, Fed chairman Ben Bernanke, former White House advisor Richard Perle and former Deputy Secretary of Defense and President of the World Bank Paul Wolfowitz.

Also in attendance is Bilderberg luminary and top corporate elitist James A. Johnson, who, as we reported last month, will select Obama’s running mate for the 2008 election and in turn potentially act as kingmaker for America’s future President.

It is now seems increasingly likely that the secret meetings with Bilderberg this weekend will herald the decision to name Hillary Clinton as Obama’s VP candidate.

 

Bilderberg To Choose Obama’s VP

Canada Free Press
June 6, 2008

Related: Bilderberg Luminary To Select Obama’s Running Mate

Although coming on like a freight train as the Messiah For Change, Barack Obama’s just another poodle of the powerbrokers when it comes to who will be his Veep.

Visit to Mrs. Clinton notwithstanding, Obama’s in no position to play favours in the vice president department, the big boys will decide who fills that slot.

“It has been announced that Bilderberg luminary and top corporate elitist James A. Johnson will select Democratic candidate Barack Obama’s running mate for the 2008 election and in turn potentially act as a kingmaker for America’s future president.” (Paul Joseph Watson, Prison Planet, May 23, 2008).

For the Bilderberg uninitiated, Johnson also selected John Kerry’s running mate John Edwards in 2004 after Edwards had impressed Bilderberg elitists Henry Kissinger and David Rockefeller with a speech he gave at the globalist conflab in Italy that year, says Prison Planet.

For all of their power, Bilderberg Pooh-bahs are just as vulnerable to political speeches as are their lessers known as John & Josephine Q. Public.

Bilderbergers pull the puppet strings of contemporary politicians. While the media tends to present Bilderberger luminaries as bigwigs in pinstripe suits attending endless secret meetings, they’re the global elitists pushing the envelope on one-world government.

“In reality, the group is shaping some of the primary developments in the domestic and geopolitical arena today, particularly in the context of oil prices which continue to accelerate towards Bilderberg’s target of $200 dollars a barrel.” (Prison Planet).

Some say it is the Bilderbergers behind all market trends.

Having to march along to the tunes of Bilderberg Blues Band makes Obama’s promise for change something of a mirage.

In the opinion of Prison Planet, “It also ridicules once again any notion that an Obama presidency would bring “change” to the status quo of America being ruled by an unelected corporate and military-industrial complex elite.”

“Former Fannie Mae CEO Jim Johnson has been asked by Senator Barack Obama on Thursday to start the search for a viable Vice Presidential candidate,” reports Trans World News.

“Johnson and Obama are starting the top-secret search as Obama edges closer to the Democratic nomination. Johnson did the same job for Democratic nominees John Kerry in 2004 and Walter Mondale in 1984.”

“The report lists Johnson as a member of “American Friends of Bilderberg,” which is an offshoot Bilderberg front group that has accepted donations from the Ford Foundation to fund Bilderberg meetings where lavish hotels are entirely booked up for three days, by no means an inexpensive feat. The organization is basically a steering committee for the Bilderberg Group—a secretarial outpost through which Bilderberg conferences are organized.

“Johnson has also directly attended Bilderberg meetings, therefore he can be classed as a Bilderberg luminary. He attended last years’s meeting in Istanbul, Turkey.

“Johnson is also “A vice chairman of the private banking firm Perseus LLC, a position he has held since 2001. He is also a board member at Goldman Sachs, Gannett Company Inc., a media holding group, KB Home, a home construction firm, Target Corporation, Temple-Inland and UnitedHealth Group.

“Predictably, he is also a member of the Trilateral Commission and the Council on Foreign Relations.

In 2004 it was reported that John Edwards’ Goody Two Shoes performance in front of the Bilderberg big boys in Italy was a factor in his selection as John Kerry’s Number Two. Edwards was so in sync with the brass that attendees even dispensed with house rules to applaud him at the end of the speech he gave about American politics.

That time, Johnson himself selected Edwards in a last-minute change decision after it appeared as though Dick Gephardt was going to secure the position. The New York Post even reported that Gephardt had been chosen and “Kerry-Gephardt” stickers were being placed on campaign vehicles before being removed when Edwards was announced as Kerry’s handmaiden.

Kerry, of course went on to lose to what Prison Planet calls “his fellow Skull and Bones member George W. Bush.

“But with Obama enjoying an 8-point lead over Republican candidate John McCain, this year’s running mate decision is all the more important, with the individual selected likely to have a shot at becoming President in 2012.

“Bilderberg has a proven history of acting in a kingmaker capacity. Both Bill Clinton and Tony Blair attended Bilderberg meetings in the early 90’s before becoming President and Prime Minister respectively.”

History may record the Democrats bringing both the first black and first female president and vice president to the White House.

Barack Obama may look like the Messiah For Change when in reality he’s just another Bildeberg Boy.

 

WeAreChange confronts Bill and Hillary Clinton on Bilderberg

We Are Change Confronts Bilderberg Darlings, the Clintons
http://www.infowars.com/?p=2554

Bilderberg Luminary To Select Obama’s Running Mate
http://www.prisonplanet.com/article..erberg_luminary.htm

Obama-Clinton talks spark frenzy
http://uk.news.yahoo.com/afp/20080606/tts-us-vote-3c8ed92.html

Clinton & Obama Meet In Washington DC
http://www.msnbc.msn.com/id/24993082/

 



Fed Pumps Another $50 billion Into Banking System

Fed Pumps Another $50 billion Into Banking System

AP
April 8, 2008

The Federal Reserve, still working to combat the effects of a severe credit squeeze, said Tuesday that it had auctioned another $50 billion to cash-strapped banks.

Separately, some Fed officials said they were concerned about a “prolonged and severe” economic downturn when they cut interest rates last month.

The Fed auction marked the ninth in a series that began in December that so far have pumped $310 billion in short-term loans into the nation’s banking system.

Read Full Article Here

 

Bernanke: “Recession Is Possible”

Reuters

April 4, 2008

For the second time this week, a senior Federal Reserve official conceded the United States economy could slip into recession, but suggested the central bank should wait to see if more rate cuts are needed.

“The economy has all but stalled and could contract over the first half of the year,” San Francisco Federal Reserve President Janet Yellen, who is not a voter on the policy-setting committee in 2008, said on Thursday.

“Current indicators suggest that, starting in the fourth quarter, the economy, at best, slowed to a crawl,” she said, adding later that the Fed is still battling a “negative feedback loop” of tight credit conditions, falling house prices and low consumer confidence.

Yellen’s remarks, in a speech to the Stanford Institute for Economic Policy Research, echoed those from Fed Chairman Ben Bernanke during testimony to a Congressional Joint Economic Committee on Wednesday.

“Recession is possible,” Bernanke said. “There’s a chance that for the first half as a whole, there might be a slight contraction.”

But, like Bernanke, Yellen declined to point the way toward additional interest rate cuts to pull the economy out of its malaise.

Instead, she forecast a minor pickup in growth in the second half on the back of rate cuts already in the pipeline, and “timely” fiscal stimulus checks — even though the drag from falling house prices will linger into 2009.

Read Full Article Here

 

Fed rate cut plans up on weak jobs

Ros Krasny

Reuters
April 4, 2008

U.S. short-term interest rate futures rose on Friday on news that U.S. firms cut payrolls for a third consecutive month, as dealers raised bets that the Federal Reserve will make an aggressive interest rate cut this month and beyond.

The implied prospects for the Fed to cut its benchmark lending rate by 50 basis points at the April 29-30 policy meeting hit 40 percent against 20 percent late on Thursday.

A smaller, 25 basis point rate cut from the Federal Open Market Committee, which would take the fed funds rate to 2 percent, is fully priced.

Read Full Article Here

 

More than 50 percent chance of U.S. recession: Greenspan

Sonya Dowsett
Reuters
April 6, 2008

There is more than a 50 percent chance the United States could go into recession, former Federal Reserve chairman Alan Greenspan told El Pais newspaper in an interview published on Sunday.

However, the U.S. has not yet entered recessionary state marked by sharp falls in orders, strong rises in unemployment and intensive weakening of the economy, he said.

“We would have to see signs of this intensification: there are some, but not many yet,” he said. “Therefore … I would not describe the situation we are in as a recession, although the chances that we’ll have one are more than 50 percent.”

Read Full Article Here

Recent News:

Wall Street brokerages borrowing $38.1 billion a day from Federal Reserve
http://www.reuters.com/articl..wsAndPR/idUSL0539983320080405

Paulson Unveils 218 Page Bank Regulation Plan
http://www.telegraph.co.uk/money/m..8/04/01/cnusbanks101.xml

Huge Job Losses Set Off Recession Alarms
http://news.yahoo.com/s/ap/20080405/ap_on_bi_go_ec_fi/economy

81 percent of Americans think country on “wrong track”
http://www.reuters.com/article/newsOne/idUSN0348141520080404

Karl Rove Claims The Economy Is Only ‘Apparently Struggling’
http://thinkprogress.org/2008/04/02/rove-economy-struggling/

IMF gives gloomy economic outlook
http://www.reuters.com/article/ousiv/idUSL0553300520080405

Fed’s interest rate games could destroy the dollar
http://www.detnews.com/apps/pb..PINION01/804040313/1008

Carlyle Group’s Plan to Takeover the Banking System
http://www.economicanalyticsgroup.co..oups-plan-to-take-over.html

Bankrupticies Up 27%
http://money.cnn.com/2008/04/02..dex.htm?postversion=2008040212

BOE’s King Might Be Sleepwalking Into Recession
http://www.bloomberg.com/apps/news?..mnist_lynn&sid=aD237XXZ.Hok

IMF Says U.S. In Worst Economic Crisis Since Great Depression
http://prisonplanet.com/articles/april2008/040208_great_depression.htm

Federal Reserve Staff Moves Into Monitor Banks
http://business.timesonline.co.uk/tol/business/industr..ce/article3678053.ece

The Federal Reserve is a Private Financial Institution
http://www.globalresearch.ca/index.php?context=va&aid=8518

Banks Swamped By Foreclosures
Senate Sets Urgent Push For Housing Compromise
Bernanke Meets With House GOP On Economy
Bernanke Faces Scrutiny in Congress Over Bear Stearns Buyout
Fed Official Urges Tighter Wall Street Regulation
Ron Paul On Money Inflation & Government
Radical action to fight credit crisis discussed

U.S. Economic Collapse News Archive

 



Paul Lectures Bernanke: U.S. Moving Towards Fascism

Paul Lectures Bernanke: U.S. Moving Towards Fascism
Congressman says we’ve “given up on the Republic, freedom, the marketplace and sound money”

Paul Joseph Watson
Prison Planet
April 3, 2008

http://www.youtube.com/watch?v=Jbi-0Tg1b_g

The Federal Reserve’s insistence on rewarding its own failures by granting itself new powers was harshly rebuked by Congressman Ron Paul during yesterday’s Joint Economic Committee meeting, as Paul all but accused Ben Bernanke of contributing economicallly to a broader move towards fascism in America.

“There’s a political philosophy that advocates merging together the interests of business and government at the same time with a loss of civil liberties of the people and I’m afraid we’re moving in that direction,” said the Congressman, citing warrantless searches, lack of medical, Internet and financial privacy as well as the loss of habeas corpus since 9/11.

“I see….the proposal by the Treasury as a massive move to a lot closer association of business and government,” said Paul, adding that a military-industrial complex, a medical-industrial complex and a media-industrial complex were already in place.

Paul was refering to the Treasury Department’s recent proposal to give the Fed, “Broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system,” as the New York Times reported.

“We should be regulating the government – when you think of the authority you as the Chairman of the Federal Reserve can do, it really goes unaudited and very little oversight,” said Paul, adding that the creation of the President’s Working Group on Financial Markets meant that “we had really given up on the Republic, freedom, the marketplace and sound money”.

“It looks like this is a massive increase in the combination of government and big business,” said the Congressman.

 

Ron Paul on Neil Cavuto FOX Business – (4/3/2008)

http://www.youtube.com/watch?v=WcIszUQPt1k

 

Ron Paul Discusses Fed With Glenn Beck – (4/1/2008)

http://www.youtube.com/watch?v=kuTcRg_AKA8

Ron Paul “Freedom Rally” in D.C April 15th!!
http://www.freedomrally.info/

Ron Paul supporter Bob Barr to declare for President
http://www.nolanchart.com/article3354.html

 



Federal Reserve Plans To Nationalize All US Banks

Federal Reserve Plans To Nationalize All US Banks

Telegraph
March 31, 2008

The US Federal Reserve is examining the Nordic bank nationalisations of the 1990s as a possible interim solution to the US financial crisis…

The Fed has been criticised for its rescue of Bear Stearns, which critics say has degenerated into a taxpayer gift to rich bankers…

A senior official at one of the Scandinavian central banks told The Daily Telegraph that Fed strategists had stepped up contacts to learn how Norway, Sweden and Finland managed their traumatic crisis from 1991 to 1993, which brought the region’s economy to its knees…

It is understood that Fed vice-chairman Don Kohn remains very concerned by the depth of the US crisis and is eyeing the Nordic approach for contingency options…

Scandinavia’s bank rescue proved successful and is now a model for central bankers, unlike Japan’s drawn-out response, where ailing banks were propped up in a half-public limbo for years…

While the responses varied in each Nordic country, there a was major effort to avoid the sort of “moral hazard” that has bedevilled efforts by the Fed and the Bank of England in trying to stabilise their banking systems…

Norway ensured that shareholders of insolvent lenders received nothing and the senior management was entirely purged. Two of the country’s top four banks – Christiania Bank and Fokus – were seized by force majeure…

“We were determined not to get caught in the game we’ve seen with Bear Stearns where shareholders make money out of the rescue,” said one Norwegian adviser…

“The law was amended so that we could take 100pc control of any bank where its equity had fallen below zero. Shareholders were left with nothing. It was very controversial,” he said…

Stefan Ingves, governor of Sweden’s Riksbank, said his country passed an act so it could seize banks where the capital adequacy ratio had fallen below 2pc. Efforts were also made to protect against “blackmail” by shareholders…

Mr Ingves said there were parallels with the US crisis, citing the use of off-balance sheet vehicles to speculate on property. All the Nordic banks were nursed back to health and refloated or merged…

The tough policies contrast with the Fed’s bail-out of Bear Stearns, where shareholders forced JP Morgan to increase its Fed-led rescue offer from $2 to $10 a share. Christopher Wood, chief strategist at brokers CLSA, says the Fed’s piecemeal approach has led to “appalling moral hazard”…

“Shareholders have been able to lobby for a higher share price only because the Fed took over the credit risk on $30bn of the investment bank’s dubious paper. The whole affair also amounts to a colossal subsidy for JP Morgan,” he said…

 

Federal Reserve SWAT Teams To Police The Economy?

NY Times
March 3, 2008

WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.

[…]

Under the Treasury proposal, Fed officials would be allowed to examine the practices and even the internal bookkeeping of brokerage firms, hedge funds, commodity-trading exchanges and any other institution that might pose a risk to the overall financial system.

Read Full Article Here

 

Real Estate Price Collapse, Paradise Lost in SW Florida

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

 

Recession: The Movie – Now playing everywhere

http://www.youtube.com/watch?v=x4OOCReeLWo

Recent News:
U.S. & UK To Deal With Financial Crisis
http://www.ft.com/cms/s/0/991194..000077b07658.html?nclick_check=1

Fed Bailout Of Bear Streans Looks Like Investment
http://www.businessweek.com/..4/b4078000069548.htm

German watchdog eyes $600 bln global bank losses: report
http://biz.yahoo.com/rb/080329/germany_banks_losses.html?.v=1

Weak dollar not at odds with policy: ex-US official
http://www.reuters.com/article/ousiv/idUSHKG3018120080331

Dollar Falls to Near Record Low Against Euro on Inflation Data
http://www.bloomberg.com/apps/news?pi..4V7YusRk&refer=japan

Market Plunges, Fed Acts
http://norris.blogs.nytimes.com/2008/03/31/market-plunges-fed-acts/

Paulson Claims Stimulus To Create 600K Jobs
http://news.yahoo.com/s/nm/2008.._nNh3mLV3UPKb.HQA

Paulson warns US house prices must plunge; Orders for Durable Goods in U.S. Unexpectedly Fell
http://business.timesonline.co.uk/tol/b.._finance/article3627054.ece

Paulson Backs Regulatory Overhaul, Broader Fed Role
http://www.bloomberg.com/apps/new..sid=a9LEWNdBhrf8&refer=home

Is Cheney betting on Economic Collapse?
http://www.informationclearinghouse.info/article13851.htm

Fed Auctions Another $50 Billion To Banks
http://news.yahoo.com/s/ap/200..vxGaVFf7P_qKL62bAV9mpv24cA

Paulson To Visit China Next Week
One In Six West Virginians On Food Stamps
Bush: Rebate Checks Will Make Economy ‘Stronger Than Ever Before’
Eurozone Struggles With Inflation
USA 2008: The Great Depression
Fed Official: U.S. Slipping Into Recession
Investment Firms Tap Fed For Billions

U.S. Economic Collapse News Archive

 



Ron Paul: Abolish The Fed

Abolish the Fed – Ron Paul on CNBC

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

 

Financial Advisor to Glenn Beck: Ron Paul Gets It

http://www.youtube.com/watch?v=Es2SZ1Z2lW8