Filed under: Andrew Maguire, Big Banks, corruption, CTFC, Dollar, Federal Reserve, gold, Goldman Sachs, Greenback, Inflation, LBMA, madoff, manipulated market, manipulation, market manipulation, scam, scandal, silver | Tags: gold manipulation, silver manipulation
MUST READ!
Goldman Sachs Whistleblower Exposes Gold and Silver Price Manipulation by JPMorgan Chase
Michael Snyder
Black Listed News
April 12, 2010
For a long time many of us have had very serious suspicions that the prices of gold and silver were being highly manipulated. But now, thanks to the mind blowing testimony of one very brave whistle blower, the blatant manipulation of the world gold and silver markets is being blown wide open. What you are about to read below is absolutely staggering. Once the American people learn how incredibly corrupt the world financial system is, it is going to change everything. The government that we are all trusting to guard the integrity of the financial system is failing to do that job. It turns out that the Commodities Futures Trading Commission has been sitting on solid evidence that the elite banking powers have been openly and blatantly manipulating the price of gold and silver. Even though they were basically handed a “smoking gun”, they have done absolutely nothing with it. But now the information has gone public and the CFTC is red-faced.
Back in November 2009, Andrew Maguire, a former Goldman Sachs silver trader in Goldman’s London office, contacted the CFTC’s Enforcement Division and reported the illegal manipulation of the silver market by traders at JPMorgan Chase.
Maguire told the CFTC how silver traders at JPMorgan Chase openly bragged about their exploits – including how they sent a signal to the market in advance so that other traders could make a profit during price suppression episodes.
Traders would recognize these signals and would make money shorting precious metals alongside JPMorgan Chase. Maguire explained to the CFTC how there would routinely be market manipulations at the time of option expiries, during non-farm payroll data releases, during commodities exchange contract rollovers, as well as at other times if it was deemed necessary.
On February 3rd, Maguire gave the CFTC a two day warning of a market manipulation event by email to Eliud Ramirez, who is a senior investigator for the CFTC’s Enforcement Division.
Maguire warned Ramirez that the price of precious metals would be suppressed upon the release of non-farm payroll data on February 5th. As the manipulation of the precious metals markets was unfolding on February 5th, Maguire sent additional emails to Ramirez explaining exactly what was going on.
And it wasn’t just that Maguire predicted that the price would be forced down. It was the level of precision that he was able to communicate to the CFTC that was the most stunning. He warned the CFTC that the price of silver was to be taken down regardless of what happened to the employment numbers and that the price of silver would end up below $15 per ounce. Over the next couple of days, the price of silver was indeed taken down from $16.17 per ounce down to a low of $14.62 per ounce.
Because of Maguire’s warning, the CFTC was able to watch a crime unfold, right in front of their eyes, in real time.
So what did the CFTC do about it?
Nothing.
Absolutely nothing.
Which is extremely alarming, because the size of this fraud absolutely dwarfs the Madoff or Enron scandals. In fact, this fraud is so gigantic that it is not even worth comparing to any of the other major financial scandals of recent times.
But Maguire did not give up. He sent several more emails to the CFTC detailing the open manipulation of the gold and silver markets.
The CFTC did not reply.
Finally he sent them a final email: “I have honored my commitment to assist you and keep any information we discuss private, however if you are going to ignore my information I will deem that commitment to have expired.”
The reply by the CFTC?
“I have received and reviewed your email communications. Thank you so very much for your observations.”
No action.
No acknowledgement that anything was wrong.
No recognition that a massive crime had been committed.
Fortunately, that was not the end of it.
On March 25th, the CFTC held a hearing on alleged manipulation in the gold market by the major banking powers.
Maguire wanted to testify during that hearing but he was not invited.
But William Murphy, chairman of Gold Anti-Trust Action (GATA), was invited to testify. GATA has been compiling data on the manipulation of the gold and silver markets for quite a long time now.
Murphy was only given five minutes to deliver his testimony. He raced through his presentation so that he could get as much information on the record as possible.
Very curiously, the live television broadcast of the CFTC hearing suffered a technical failure the minute before Murphy began his testimony. The technical failure was corrected the minute after Murphy was finished.
Coincidence?
Well, it turns out that there were are lot of coincidences surrounding this hearing.
But we’ll get to that in a minute.
When Murphy finished his statement, the panel asked him for some hard proof of market manipulation. Murphy shocked the panel by revealing the name of Maguire and explaining how Maguire had informed the CFTC Enforcement Division of the market manipulation that was taking place by JPMorgan Chase. The CFTC panel seemed stunned by the revelation and seemed reluctant to learn any further and asked nothing else about it.
Video of Murphy’s revelation to the panel is posted below….
In another “coincidence”, Maguire and his wife were subsequently injured and hospitalized when their car was struck by a hit-and-run driver in the London suburbs.
When a bystander who saw the “accident” tried to block the other driver from getting away, the other driver accelerated directly towards the witness, forcing him to leap out of the way to avoid being hit. The hit-and-run driver’s car then hit two additional cars as he left the area.
But Maguire and his wife were fortunate.
In the past, other would-be whistle blowers that had evidence regarding the manipulation in the gold and silver markets died in “unusual accidents” before they were able to bring their evidence to light.
But there were even more “coincidences” surrounding this hearing.
A week before the hearing, the CFTC announced that they had had a fire in the room where its gold and silver records are held.
Isn’t that convenient?
In addition, after the hearing was over, Murphy was contacted by a number of major media outlets for interviews.
Within 24 hours, every single interview was cancelled.
Every single one.
Is that a coincidence too?
It appears that some very powerful people do not want this information to get out.
It also shows how corrupt the mainstream media has become.
This is a story that is so much bigger than the Madoff scandal or the Enron scandal that it is not even funny.
And yet the mainstream media is avoiding it like the plague.
But there were additional bombshells that came out during the hearing as well.
During the hearing it was revealed that the gold manipulators have accumulated a huge short position in gold and that these huge short positions are “naked”, which means that these positions are not hedged.
These massive short positions have put some of the largest financial institutions in the world in an extremely vulnerable position.
In addition, it has now come out that most “gold” that is traded is not backed by the actual metal itself. For years, most people have assumed that the London Bullion Market Association (LBMA), the world’s largest gold market, had actual gold to back up the massive “gold deposits” at the major LBMA banks.
But that is not the case.
People are now realizing that there is very little actual gold in the LBMA system.
When people think they are buying “gold”, they are actually just buying pieces of paper that say they own gold.
In fact, during the CFTC hearings, Jeffrey Christian of CPM Group confirmed that the LBMA banks actually have approximately a hundred times more gold deposits than actual gold bullion.
Uh oh.
So what happens if everyone decides that they want actual physical delivery of their gold?
It would be such a mess that it is painful even to think about it.
The truth is that right now most of the trading activities on the London exchange are just paper for paper.
But people get into gold because they want to be in a real commodity.
In fact, there are thousands of clients around the globe who think they own huge deposits of gold bullion, and are being charged large storage fees on that imaginary bullion, but what they really own are a bunch of pieces of paper.
If there comes a time when everyone starts asking for their gold it is going to create a squeeze of unimaginable proportions.
Maguire explains this situation this way: “for 100 customers who show up there is only one guy who is going to get his gold or silver and there’s 99 who will be disappointed, so without any new money coming into the market, just asking for that gold and silver will create a default.”
The truth is that it is absolutely impossible for the LBMA to ever deliver all the gold and silver owed to the owners of contracts.
Yes, it is a gigantic mess.
But this type of things is not entirely unprecedented. For example, Morgan Stanley paid out several million dollars back in 2007 to settle claims that it had charged 22,000 clients storage fees on silver bullion that did not exist.
But the scale of the fraud going on now is absolutely mind blowing. The following video contains footage from the hearing related to these issues….
So what is the bottom line?
The bottom line is that the precious metals markets are cesspools of fraud and manipulation.
The markets have been suppressed by the major financial institutions for years, and this has created the potential for a “squeeze” in the precious metals markets that could send the prices of gold and silver into the stratosphere.
You see, the reality is that there would be no gold left in the entire world if all the Gold ETFs (Exchange Traded Funds) asked for physical delivery.
Are you starting to get the picture?
In fact, Maguire claims that the naked short selling scam by the major financial institutions is well into the trillions of dollars, making it by far the biggest financial fraud in history.
Maguire calls what has been going on “financial terrorism”, and he accuses the financial institutions involved in this fraud of “treason” for putting national security at risk.
And national security is at risk.
Because if the true extent of this fraud comes out, it could collapse the entire financial system.
If you have never heard an interview with Andrew Maguire, we encourage you to listen to the audio interview posted below. It will really open your eyes to what is going on in the precious metals markets….
The Century’s Biggest Fraud Revealed
This is one of the biggest financial stories of the decade. Because it is complex, most Americans will not understand it. But the fraud and manipulation in the gold and silver markets has the potential to cause a massive economic collapse even without all of the other factors talked about on this blog.
Some very powerful people have been doing some really, really bad things. Once people understand the truth, they will never look at the financial markets the same way again. Already, faith in the major financial institutions of this country has been shaken by revelations about what has been going on over at Goldman Sachs. The American people have no more appetite for any more financial scandals or for any more Wall Street bailouts. But if the fraud and manipulation taking place in the precious metal markets ever gets totally exposed it will change the U.S. financial system forever.
Please get this information out to as many people as you can. There are a number of very powerful people who are not going to be pleased that sites like this are attempting to get the truth about this massive scandal out.
Filed under: american union, bernanke, bilderberg, Carbon Tax, Central Banks, CFR, DEBT, Dollar, Economic Collapse, economic crisis, economic depression, Economy, Europe, global economy, Great Depression, Greenback, imf, Income Tax, Inflation, jim tucker, manipulation, New World Order, North American Union, NWO, Paul Volcker, Stock Market, tax, UN, US Economy, van rompuy, VAT, world government
Bilderberg: Raise Taxes, Cut Services in U.S. and Europe
NoWorldSystem.com
April 11, 2010
The Bilderberg Group will meet in Sitges Spain on June 3-6 in efforts to advance their agenda for a new global economic system, they will agree to prolong the recession until 2011. The Bilderberg will discuss plans to level the living standards of Europeans and Americans with 3rd world countries so that we’re all poor together under their World Government Dictatorship.
Bilderberg watcher Jim Tucker discusses his inside information on the groups current agenda; they intend to make all “Europeans and Americans to pay higher income taxes because their plan to level the world so that 3rd world countries rather than living the European and American standard of living drops until we’re all poor together under their world government.” says Jim Tucker. “They manipulated the worldwide depression and now their exploiting it for their own selfish reasons, they intend to [prolong the recession] at least until 2011 for their own purposes, and now we have Bernanke (Bilderberg Member) telling a private group businessmen in Texas ‘it always seems easier putting them off until the day they cannot be put off any more’ he said that ‘we’ve got to raise taxes and cut services.'”.
UPDATE
This week, both past Bilderberg attendees Bernanke and Volcker called out for tax increases.
Bernanke said quote; “These choices are difficult, and it always seems easier to put them off — until the day they cannot be put off anymore.” “To avoid large and ultimately unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above,”. [Source]
Obama’s economic adviser Paul Volcker has promoted an economy killing tax called the ‘Value-Added Tax’ (VAT), on Tuesday he urged the U.S. should raise taxes to help bring deficits under control and add a new European-style VAT tax along with a carbon or other energy-related tax and raise existing taxes, here’s what he said; “If at the end of the day we need to raise taxes, we should raise taxes,”. [Source]
Prisonplanet.com
April 9, 2010
This year’s confab will focus around prolonging the global financial recession and creating more economic woe in order to provide the pretext for more regulation in pursuit of world economic governance, according to Jim Tucker’s sources.
“Bilderberg hopes to keep the global recession going for at least a year, according to an international financial consultant who deals personally with many of them. This is because, among several reasons, Bilderberg still hopes to create a global “treasury department” under the United Nations. Bilderberg first undertook this mission at its meeting last spring in Greece, but the effort was blocked by nationalists in Europe and the United States. “Nationalists” (a dirty word in Bilderberg) objected to surrendering sovereignty to the UN,” writes Tucker.
Tucker’s source highlighted a recent speech by French President Nicolas Sarkozy in which he called for a “new global monetary order.” As we have highlighted, such rhetoric has been abundant over the past year, with British Prime Minister Gordon Brown and EU President Herman Van Rompuy repeatedly echoing similar ideas.
As Bilderberg investigator Daniel Estulin revealed during last year’s Bilderberg meeting in Greece, elitists were planning to paint a false picture of economic recovery in order to sucker investors into ploughing their money back into the stock market, which is exactly what has happened with the Dow soaring back to just below the 11,000 level.
Estulin correctly predicted the housing crash and the 2008 financial meltdown as a result of what his sources inside Bilderberg told him the elite were planning based on what was said at their 2006 meeting in Canada and the 2007 conference in Turkey.
“Bilderberg’s ultimate goal remains unchanged,” writes Tucker. “Turn the UN into a world government with “nation-states” becoming merely geographic references. The European Union is to become a single political entity, followed by the “American Union” and, finally, the “Asian-Pacific Union.” The “American Union” is to include the entire Western Hemisphere, including Cuba and other offshore islands.”
Filed under: Big Banks, DEBT, deindustrialization, despotism, detroit, devaluation, Dictatorship, Economic Collapse, economic crisis, economic depression, Economy, Empire, Fascism, ghost town, global warming cult, Great Depression, Greenback, housing market, Inflation, middle class, real estate, US Economy | Tags: collapse of detroit, death of detroit, detriot extinction
Detroit family homes sell for just $10
London Telegraph
March 12, 2010
Family homes in Detroit are selling for as little as $10 (£6) in the wake of America’s financial meltdown.
The once thriving industrial city has suffered a dramatic decline following the global economic crisis.
According to Tim Prophit, a real estate agent, the crisis has led to a unprecedented portfolio of homes, but they are failing to sell.
He said there were homes on the market for $100 (£61), but an offer of just $10 (£6) would be likely to be accepted.
Speaking on a BBC 2 documentary, Requiem for Detroit, to be screened on Saturday, Mr Prophit said: “The property is listed by the city of Detroit as being worth $35,000 (£22,000), but the bank know that is impossible to ask.
The Death of Detroit (Pictures of an Economic Disaster)
Filed under: aristocrats, bailout, bank bailout, Bank of England, bankruptcy, bernanke, Big Banks, Carbon Tax, Co2, co2 tax, Credit Crisis, DEBT, depopulation, depression, despotism, devaluation, Dictatorship, Dollar, dollar drop, dollar dump, Economic Collapse, economic crisis, economic depression, Economy, Empire, environmental taxation, Eugenics, Fascism, Federal Reserve, GDP, global currency, global economy, global elite, global government, Global Warming, Great Depression, Greenback, hyperinflation, imf, Inflation, internationalist, main street, malthusian, malthusian catastrophe, middle class, New World Order, NWO, obama deception, oligarchy, One World Government, Population Control, Propaganda, ruling class, SDRs, single currency, slavery, Stock Market, Taxpayers, third world, US Economy, Wall Street, webster tarpley, World Bank, world currency, world government
America’s Impending Master Class Dictatorship
cryptogon.com
January 23, 2010
Holy shit, this one will scorch your eyeballs!
Forget my excerpts. Click through and read the whole thing. Highly recommended.
Via: Kitco:
Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.
One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.
…
It is estimated that the top 1% of Americans control roughly 40% of the nation’s wealth. In other words, 3 million people own $21,400,000,000,000.00 ($21.4 trillion) in net private assets, while the other 305 million own the remaining $32,000,000,000,000.00 ($32 trillion). 77,000,000 (77 million) Americans (the lowest 25%) have mean net assets of minus $2,300 ($-2,300.00) per person; they live from paycheck to paycheck, or on public assistance. The lower 50% of Americans own mean net assets of $27,800 each, about enough to purchase a modest car. Obviously, it would be impossible to retire on such an amount without significant government or other assistance. Meanwhile, the richest 10% of Americans possess mean net assets of $3,976,000.00 each, or 143 times those of the bottom 50%; the top 2% control assets worth more than 1,500 times those in the bottom 50%. When you combine these facts with Wall Street’s typical multi-million dollar annual bonuses, you get an idea of wealth inequality in America. Historically, such extreme inequality has been a well-documented breeding ground for totalitarianism.
If the government decides to expropriate (steal) or commandeer (e.g., force into Treasuries) America’s private wealth in order to buy survival time, such a measure will be designed to destroy the common citizens, not the elite. Insiders will be given advance warning about any such plan, and will be able to transfer their money offshore or into financial vehicles immune from harm. Assuming that the elite moves its money to safety, there would then be $120,000,000,000,000.00 ($120 trillion) in American debt and liabilities supported by only $32,000,000,000,000.00 ($32 trillion) in private net worth, for a deficit of $88,000,000,000,000.00 ($88 trillion). In that case, each American would owe $285,714.29 to balance the country’s books. (Remember to multiply this amount by every person in your household, including any infant children.)
If the common people suspect that something diabolical was in the works, a portion of the $32 trillion in non-elite wealth could be evacuated as well prior to a government expropriation and/or currency devaluation, resulting in less money for the government to steal. What these statistics mean is that it is absolutely impossible for the government to fund its debt and deficits, even if it steals all of the nation’s private wealth. Therefore, the government’s only solutions are either formal bankruptcy (outright debt repudiation and the dismantling of bankrupt government programs) or unprecedented American monetary inflation and debt monetization. If the government chooses to inflate its way out of this fiscal catastrophe, the United States dollar will essentially become worthless. You can be absolutely certain that a PhD. in economics, such as Dr. Bernanke, is well aware of these realities, despite what he might say in speeches. For that matter, so are Chinese schoolchildren, who, when patronized by Treasury Secretary Geithner about America’s “strong dollar,” laughed in his face. One day, perhaps America’s school children will receive a real education so that they, too, will know when to laugh at absurd propaganda.
…
These deficits and debts are now so gargantuan that they have become surreal abstractions impossible even for sophisticated financiers to begin to comprehend. The common citizen has absolutely no idea what these numbers mean, or imply for his or her future. The people have been deluded into thinking that America’s arrogant, egomaniacal, always-wrong-but-never-in-doubt fiscal witch doctors and charlatans, including Greenspan, Rubin, Summers, Geithner and Ponce de Bernanke, have discovered a Monetary Fountain of Youth that endlessly spits up free money from the center of earth, in a geyser of good will toward the United States. Unfortunately, this delusion is false: there is no Monetary Fountain of Youth, and contrary to the apparent beliefs of the self-deified man-gods in Washington, D.C., the debt and deficits are real, completely out of control, and 100% guaranteed to create catastrophic consequences for the nation and its people.
When government “representatives” deliberately sell into slavery the citizens of a so-called free Republic, they have committed treason against those people. This is exactly what has happened in the United States: the citizens have been sold into debt slavery that they and their descendants can never escape, because the debts piled onto their backs can never, ever be paid. Despite expensive and sophisticated brainwashing campaigns emanating from Washington, claiming that America can “grow” out of its deficits and debt, it is arithmetically impossible for the country to do so. The government’s statements that it can dig the nation out of its fiscal hole by digging an even deeper chasm have become parodies and perversions of even totally discredited and morally disgusting Keynesianism.
The people no longer have elected representatives; they have elected traitors.
The enslavement of the American people has been orchestrated by a pernicious Master Class that has taken the United States by the throat. This Master Class is now choking the nation to death as it accelerates its master plan to plunder the people’s dwindling remaining assets. The Master Class comprises politicians, the Wall Street money elite, the Federal Reserve, high-end government (including military) officials, government lobbyists and their paymasters, military suppliers and media oligarchs. The interests and mindset of the Master Class are so totally divorced from those of the average American citizen that it is utterly tone deaf and blind to the justifiable rage sweeping the nation. Its guiding ethics of greed, plunder, power, control and violence are so alien to mainstream American culture and thought that the Master Class might as well be an enemy invader from Mars. But the Master Class here, it is real and it is laying waste to America. To the members of the Master Class, the people are not fellow-citizens; they are instruments of labor, servitude and profit. At first, the Master Class viewed the citizens as serfs; now that they have raped and destroyed the national economy, while in the process amassing unprecedented wealth and power for themselves, they see the people as nothing more than slaves.
Know Your Enemy-The Oligarchs
Filed under: commodities, Credit Crisis, DEBT, devaluation, Dollar, dollar bubble, dollar collapse, Economic Collapse, economic crisis, economic depression, Economy, Federal Reserve, forecast, global economy, gold, Great Depression, Greenback, hyperinflation, Inflation, predictions, Robert McEwen, Stock Market, US Economy, Wall Street
Gold May Reach $5,000 an Ounce By 2012
Filed under: AIG, bailout, bank bailout, bankergate, Big Banks, central bank, corruption, Credit Crisis, DEBT, deception, despotism, Deutsche Bank, devaluation, Dictatorship, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Empire, end the fed, Federal Reserve, geithner, Goldman Sachs, Great Depression, Greenback, hyperinflation, Inflation, main street, Merrill Lynch, middle class, obama bailout, obama deception, scandal, SEC, Société Générale, Taxpayers, Tim Geithner, Wall Street
SEC Orders AIG Info Sealed Until November… 2018!
Business Insider
January 12, 2010
Good news. It looks as though we’ll be getting access to secret data on the bailout of AIG and its counterparties.
The bad news: We’re going to have to wait until November of 2018, according to Matthew Goldstein at Reuters.
- In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.
The SEC’s Division of Corporation Finance, in granting AIG’s request for confidential treatment, said the “excluded information” will not be made public until Nov. 25, 2018, according to a copy of the agency’s May 22 order.
The SEC said the insurer had demonstrated the information in the exhibit, called Schedule A, “qualifies as confidential commercial or financial information.” More
By then, Wall Street will have significantly recycled many people (and probably some more firms) and perhaps the American public just won’t care about how Tim Geithner helped bail out a gigantic black hole of a firm, upon which so many ostensibly rock solid firms had their foundation.
Filed under: Credit Crisis, DEBT, devaluation, Dollar, dollar collapse, dollar drop, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, forecast, global economy, gold, Great Depression, Greenback, housing market, hyperinflation, Inflation, peter schiff, predictions, Stock Market, unemployment, US Economy, Wall Street
Schiff: No Economic Recovery in 2010
Filed under: agriculture, Credit Crisis, DEBT, depression, devaluation, Dollar, dollar bubble, dollar collapse, dollar drop, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, food crisis, food inflation, food market, food shortage, global economy, Great Depression, Greenback, hyperinflation, Inflation, liquidation, malthusian, malthusian catastrohe, u.s. economy, USDA
Food shortages THIS year! Want to know why the media is not covering this?
Filed under: Big Banks, bob chapman, DEBT, depression, devaluation, Dictatorship, Dollar, dollar bubble, dollar drop, dollar dump, Economic Collapse, economic crisis, economic depression, economic disaster, Economy, Empire, Federal Reserve, global economy, global government, Great Depression, Greenback, hyperinflation, Inflation, market manipulation, New World Order, NWO, One World Government, Stock Market, US Economy, US Treasury, world government
Bob Chapman: A New U.S. Dollar is Underway
Filed under: bailout, bank bailout, Barney Frank, Big Banks, Congress, corruption, DEBT, deception, Dollar, Economic Collapse, economic depression, Economy, Great Depression, Greenback, H.R. 4173, House, hypocrisy, main street, middle class, Senate, Taxpayers, Too Big to Fail, US Economy, Wall Street | Tags: Wall Street Reform and Consumer Protection Act
Bankers Get $4 Trillion Gift From Barney Frank
Cryptogon
December 30, 2009
Via: Bloomberg:
I quickly discovered why members of Congress rarely read legislation like this. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog. And yes, I plowed through all those pages. (Memo to Chairman Frank: “ystem” at line 14, page 258 is missing the first “s”.)
The reading was especially painful since this reform sausage is stuffed with more gristle than meat. At least, that is, if you are a taxpayer hoping the bailout train is coming to a halt.
If you’re a banker, the bill is tastier. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises.
Nuggets Gleaned
Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:
– For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.
– Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
Filed under: Credit Crisis, DEBT, depression, Dictatorship, Dollar, dollar collapse, ecnomy, Economic Collapse, economic depression, Empire, Federal Reserve, Great Depression, Greenback, hyperinflation, Inflation, Naomi Wolf, national debt, New World Order, NWO, truth movement, US Economy, Wall Street
America At Empires End
Filed under: bankruptcy, California, Credit Crisis, DEBT, depression, Dollar, Economic Collapse, economic depression, Economy, Great Depression, Greenback, hyperinflation, Inflation, small business, US Economy
Small-business bankruptcies rise 81% in California
LA Times
December 28, 2009
The Obama administration’s new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation’s economy is stabilizing.
As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration’s office of advocacy.
“While bankruptcies are up, overall, small-business closures are up even more,” Headd said.
California has been particularly hard hit. The latest data show small-business bankruptcies up 81% in the state for the 12 months ended Sept. 30, compared with the previous year. Filings nationwide were up 44%, according to the credit analysis firm Equifax Inc.
The actual number of small businesses in trouble is probably higher, experts said, because many owners file for personal bankruptcy rather than seek
protection for the business.
Filed under: DEBT, depression, despotism, devaluation, Dictatorship, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Empire, GDP, Great Depression, Greenback, health care reform, hyperinflation, Inflation, john williams, middle class, obama care, obamacare, riot, unemployment, Weimar, Zimbabwe
U.S. Halfway to Depression Level
ShadowStats.com founder John Williams explains the risk of hyperinflation. Worst-case scenario? Rioting in the streets and devolution to a bartering system.
Fairfield Weekly
December 31, 2009
Do you believe everything the government tells you? Economist and statistician John Williams sure doesn’t. Williams, who has consulted for individuals and Fortune 500 companies, now uncovers the truth behind the U.S. government’s economic numbers on his Web site at ShadowStats.com. Williams says, over the last several decades, the feds have been infusing their data with optimistic biases to make the economy seem far rosier than it really is. His site reruns the numbers using the original methodology. What he found was not good.
Maymin: So we are technically bankrupt?
Williams: Yes, and when countries are in that state, what they usually do is rev up the printing presses and print the money they need to meet their obligations. And that creates inflation, hyperinflation, and makes the currency worthless.
Obama says America will go bankrupt if Congress doesn’t pass the health care bill.
Well, it’s going to go bankrupt if they do pass the health care bill, too, but at least he’s thinking about it. He talks about it publicly, which is one thing prior administrations refused to do. Give him credit for that. But what he’s setting up with this health care system will just accelerate the process.
Where are we right now?
In terms of the GDP, we are about halfway to depression level. If you look at retail sales, industrial production, we are already well into depressionary. If you look at things such as the housing industry, the new orders for durable goods we are in Great Depression territory. If we have hyperinflation, which I see coming not too far down the road, that would be so disruptive to our system that it would result in the cessation of many levels of normal economic commerce, and that would throw us into a great depression, and one worse than was seen in the 1930s.
What kind of hyperinflation are we talking about?
I am talking something like you saw with the Weimar Republic of the 1930s. There the currency became worthless enough that people used it actually as toilet paper or wallpaper. You could go to a fine restaurant and have an expensive dinner and order an expensive bottle of wine. The next morning that empty bottle of wine is worth more as scrap glass than it had been the night before filled with expensive wine.
We just saw an extreme example in Zimbabwe. … Probably the most extreme hyperinflation that anyone has ever seen. At the same time, you still had a functioning, albeit troubled, Zimbabwe economy. How could that be? They had a workable backup system of a black market in U.S. dollars. We don’t have a backup system of anything. Our system, with its heavy dependence on electronic currency, in a hyperinflation would not do well. It would probably cease to function very quickly. You could have disruptions in supply chains to food stores. The economy would devolve into something like a barter system until they came up with a replacement global currency.
Filed under: 2-party system, bailout, Barack Obama, Bill Clinton, bush, Credit Crisis, DEBT, debt clock, deficit, devaluation, Dictatorship, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Empire, GDP, George Bush, Great Depression, Greenback, health care reform, hyperinflation, Inflation, John McCain, left right paradigm, main street, middle class, national debt, obama, obama spending, obama stimulus, obamacare, stimulus, Stock Market, Taxpayers, US Economy, US Treasury, Wall Street, White House
U.S. Debt Hits $12 Trillion, Will Double By 2019
Outside the Beltway
November 18, 2009
Barack Obama has been president for just under 10 months but he’s added two trillion to the national debt and will double it by the end of the decade. CBS’ Mark Knoller:
- This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.
Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.
[…]
The National Debt has increased about $1.6 trillion on Mr. Obama’s watch, though less than $4.9 trillion run up during the presidency of George W. Bush.
But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion. It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.
According to the Treasury Department, the debt stood at $5.727 trillion on January 19, 2001, Bill Clinton’s last day in office, and $10.627 trillion when Bush left office eight years later. That’s $612.5 billion (or $0.6125 trillion) a year, during which we fought two major wars, had the 9/11 attacks, and at least two major bailouts to deal with a global financial crisis.
We’re thus far averaging $1.92 trillion a year under Obama, or a factor of 3.146 more. And the government is projecting that we’ll continue spending at this crisis rate for the next decade, more than doubling the current record level?
That ain’t good.
Presumably, we’d have had another major bailout had Bush stayed in office for a third term (were that Constitutionally or politically possible) or had John McCain been elected. So spending and thus the debt would have escalated substantially regardless. But we likely wouldn’t be talking about adding a massive health care payment on top of the pile.
Obama: We must spend our way out of recession (and into deeper debt)
No End in Sight to Govt. Spending Spree: $12.1T Debt Ceiling Set to Be Raised
Filed under: AGW, Al Gore, Alex Jones, anti-human, Ben Santer, cap-and-tax, carbon credit system, carbon credits, carbon dioxide, Carbon Tax, China, climate change, climate cult, climate science, climategate, Co2, common currency, Communism, Conditioning, cop15, copenhagen, Copenhagen treaty, corruption, cult, darwinists, depopulation, Dictatorship, Dollar, dollar collapse, dollar dump, Empire, environmentalist, environmentalists, Eugenics, Euro, Fascism, george hunt, global currency, global government, Global Warming, global warming hoax, Greenback, greenpeace, Hoax, hypocrisy, imf, indoctrination, ipcc, jesse ventura, kyoto, Lord Monckton, man made global warming, manipulation, maurice strong, monckton, Nazi, New World Order, NWO, Oil, oil companies, One World Government, Population Control, rothschild, scam, scandal, SDR, SDRs, single currency, truTV, UN, united nations, Whistleblowers, World Bank, world currency, world government | Tags: hara
Conspiracy Theory With Jesse Ventura: Global Warming
Airs Wednesdays at 10PM on TruTV
Filed under: audit the fed, Credit Crisis, DEBT, devaluation, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, end the fed, Federal Reserve, Great Depression, Greenback, hyperinflation, Inflation, Joe Scarborough, morning joe, MSNBC, private bank, Ron Paul, TIME, US Economy, Wall Street
Financial Crisis Perpetrator Bernanke Hailed As World’s Saviour By TIME
The real person of the year, Ron Paul, puts the record straight
Steve Watson
Prisonplanet.com
December 16, 2009
Federal Reserve chairman Ben Bernanke has been named TIME person of the year for 2009 and hailed as a saviour when in the real world he has overseen the worsening of the financial crisis, the looting of the American economy by foreign offshore banks and the destruction of the Dollar.
In a world where those vastly escalating war are awarded the Nobel Peace Prize, it makes perfect sense to award the Federal Reserve chairman with person of the year.
“His creative leadership helped ensure that 2009 was a period of weak recovery rather than catastrophic depression, and he still wields unrivaled power over our money, our jobs, our savings and our national future.” writes TIME.
The magazine also bizarrely states that Bernanke launched “a groundbreaking public relations campaign to demystify the Fed”, despite the fact that the chairman has consistently lobbied Congress for protection of the Fed’s “independence” (read secrecy), while categorically refusing to answer questions regarding the Fed’s decision making.
Bernanke has overseen the handing over of trillions of dollars to foreign banks and has defied lawsuits to keep secret the destination of the money from the American people.
The timing of the announcement couldn’t be more perfect. As NBC’s Matt Laur pointed out, Bernanke can go to Capitol Hill tomorrow, hold up TIME magazine and ask to be reappointed as Fed chairman.
Of course, if TIME’s person of the year award was really judged on toil in the best interests of the American people, the clear winner would be Congressman Ron Paul, who has railed against the Fed and Bernanke with great success this year.
Paul’s tireless effort to wrestle power away from the Federal Reserve and put it back into the hands of the American people has seen a major victory with the progression of legislation slated to audit the Fed and put it’s activities under public scrutiny.
Paul has consistently exposed how the Fed has delivered the financial crisis to America and the world via excessive spending, debt expansion and monetary inflation.
Instead TIME’s article on Bernanke refers to Ron Paul in the context of “Bleeding-heart liberals and tea-party reactionaries”.
Paul gave his opinion on the announcement regarding Bernanke on MSNBC’s Morning Joe earlier today, commenting:
“He is the most powerful man in the world, I believe a case can be made for that.”
“Because he controls the supply of money, the Dollar which is the reserve currency of the world. He can create a trillion dollars in secret without any monitoring of the Congress. So there is no transparency and I think he is more powerful than the president.” the Congressman added.
“The big question is, has he used that power for good or for evil? And of course, my side of the argument is that the system is evil, and the chairman, whether it’s Greenspan or Bernanke, they can do no good.”
“They cause our troubles, they cause inflation, they cause the bubbles, and therefore the bust, the correction is always their fault.” Paul stated.
Watch the full interview below:
Filed under: 60 minutes, austan goolsbee, bailout, bank bailout, Barack Obama, bernanke, Big Banks, bob rubin, CBS, citigroup, Congress, Credit Crisis, DEBT, deregulation, devaluation, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, Fascism, Federal Reserve, free market, gangsters, geithner, Goldman Sachs, Great Depression, Greenback, House, hyperinflation, hypocrisy, Inflation, Jamie Rubin, larry summers, mafia, main street, middle class, obama, obama bailout, obama deception, oligarchy, Paul Volcker, Propaganda, Robert Rubin, Senate, socialism, Stock Market, Taxpayers, Timothy Geithner, Too Big to Fail, unemployment, US Economy, Wall Street, White House | Tags: Matt Taibbi
Obama’s Bullshit-Meter Off The Charts:
“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street”
Zero Hedge
December 13, 2009
Obama goes back to his Wall Street-bashing rhetoric in today’s 60 Minutes on CBS, after he has already doomed this country to tens of trillions in excess debt to make sure that Wall Street not only thrives, but prospers, courtesy of Bernanke’s vertical bond curve and the daily destruction of the dollar. With statements such as “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street” which the WSJ disclosed will be uttered by Obama shortly, only the most clueless viewers will find empathy with Obama’s latest message of banker “anti-hope.”
White House economic adviser Larry Summers also voiced aggravation with Wall Street on Sunday. “Here is what I think they don’t get…It was their irresponsible risk-taking in many cases that brought the economy to collapse,” Mr. Summers, who chairs the National Economic Council, said on CNN’s “State of the Union.”
“And they don’t get in some cases that they wouldn’t be where they are today, and they certainly would not be paying the bonuses they are paying today, if their government hadn’t taken extraordinary actions.”
“For them to be complaining about serious regulation directed at making sure this never happens again is wrong. For $300 million to be spent on lobbyists trying to gut serious efforts at financial reform is not how this country should be operating,” Mr. Summers said. “For firms that have benefited from taxpayer support to be complaining about the government burdening them is, frankly, a bit rich.”
And it is not only Obama, but Wall Street protege Larry Summer himself who continues the banker bashing:
- White House economic adviser Larry Summers also voiced aggravation with Wall Street on Sunday. “Here is what I think they don’t get…It was their irresponsible risk-taking in many cases that brought the economy to collapse,” Mr. Summers, who chairs the National Economic Council, said on CNN’s “State of the Union.”
“And they don’t get in some cases that they wouldn’t be where they are today, and they certainly would not be paying the bonuses they are paying today, if their government hadn’t taken extraordinary actions.”
“For them to be complaining about serious regulation directed at making sure this never happens again is wrong. For $300 million to be spent on lobbyists trying to gut serious efforts at financial reform is not how this country should be operating,” Mr. Summers said. “For firms that have benefited from taxpayer support to be complaining about the government burdening them is, frankly, a bit rich.”
First you bail them out, and now you bash them? It is one thing to dash criticism upon rhetoric but at least be consistent. If people can not read between the lines of this administration’s endless hypocrisy, they deserve all they get. And if Matt Taibbi’s latest controversial piece in Rolling Stone “Obama’s Big Sellout” needed any final validation, you just provided it Mr. President. Because while your Wall Street-centric policies can be explained by your lack of financial comprehension and private-sector experience (thereby justifying your desire to be “advised” by those who are an integral part of the banker syndicate), your complete disdain for the average American’s intellectual level exemplified by your most recent, upcoming 7 pm TV appearance is what is truly insulting. Maybe you can put Mr. Geithner up there next to you on the TV screen, and he can justify his reasoning for why incremental “fat cat” bonuses are such a bad idea. Come to think of it, why not make it into a round table, and include Larry Summer and Robert Rubin: we are confident they will have no problem distancing themselves from the very bankers they talk to 10 hours a day, telling them (and thus you) how to run national policy.
You say “Some people on Wall Street still don’t get it”… The problem, Mr. President, is that more and more people on Main Street, do get it. They now realize just whose agenda you have at heart. And said Main Street expects nothing but merely more theatrics during your upcoming meeting with Wall Street “fat cats” tomorrow.
Obama’s sellout to Wall Street creates ‘permanent bailout’
Obama turns to Big Bankers for campaign cash
WSWS
October 21, 2009
Under conditions of growing unemployment and deepening social misery for working people throughout the US, President Barack Obama flew into New York City Tuesday to raise millions of dollars in campaign donations from America’s financial elite.
He was expected to clear at least $3 million, largely from a Manhattan bash with an entry fee of $30,400 per couple—the maximum contribution allowed by law.
According to the Los Angeles Times, four of the seven co-chairs of the event and about a third of the guests come from the big banks and Wall Street.
Behind all the rhetoric about “change,” this is Obama’s most important constituency. In his run for the presidency in 2008, he captured the lion’s share of donations from Wall Street, taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.
Under conditions of growing unemployment and deepening social misery for working people throughout the US, President Barack Obama flew into New York City Tuesday to raise millions of dollars in campaign donations from America’s financial elite.
He was expected to clear at least $3 million, largely from a Manhattan bash with an entry fee of $30,400 per couple—the maximum contribution allowed by law.
According to the Los Angeles Times, four of the seven co-chairs of the event and about a third of the guests come from the big banks and Wall Street.
Behind all the rhetoric about “change,” this is Obama’s most important constituency. In his run for the presidency in 2008, he captured the lion’s share of donations from Wall Street, taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.
Top contributors to Obama and McCain are big banks
Filed under: auto bailout, Barack Obama, Congress, Credit Crisis, DEBT, devaluation, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, Fascism, Great Depression, Greenback, hyperinflation, Inflation, main street, middle class, Military, Military Industrial Complex, obama, obama stimulus, Senate, spending bill, stimulus, Taxpayers, US Economy, Wall Street, wall street bailout
Senate sends $1.1 trillion spending bill to Obama
AP
December 13, 2009
The Senate on Sunday passed a $1.1 trillion spending bill with increased budgets for vast areas of the federal government, including health, education, law enforcement and veterans’ programs.
he more-than-1,000-page package, one of the last essential chores of Congress this year, passed 57-35 and now goes to President Barack Obama for his signature.
The weekend action underlined the legislative crush faced by Congress as it tries to wind up the year. After the vote, the Senate immediately returned to the debate on health care legislation that has consumed its time and energy for weeks. Senate Democrats hope to reach a consensus in the coming days on Obama’s chief domestic priority.
The spending bill combines six of the 12 annual appropriation bills for the 2010 budget year that began Oct. 1. Obama has signed into law five others.
The final one, a $626 billion defense bill, will be used as the base bill for another catch-all package of measures that Congress must deal with in the coming days. Those include action to raise the $12.1 trillion debt ceiling and proposals to stimulate the job market.
The spending bill passed Sunday includes $447 billion for departments’ operating budgets and about $650 billion in mandatory payments for federal benefit programs such as Medicare and Medicaid. Those programs under immediate control of Congress would see increases of about 10 percent.
The FBI gets $7.9 billion, a $680 million increase over 2009; the Veterans Health Administration budget goes from $41 billion to $45.1 billion; and the National Institutes of Health receives $31 billion, a $692 million increase.
All but three Democrats voted for the bill, while all but three Republicans opposed it. Democrats said the spending was critical to meet the needs of a recession-battered economy. “Every bill that is passed, every project that is funded and every job that is created helps America take another step forward on the road of economic recovery,” Senate Majority Leader Harry Reid, D-Nev., said after the vote.
Republicans decried what they called out-of control spending and pointed to an estimated $3.9 billion in the bill for more than 5,000 local projects sought by individual lawmakers from both parties.
The Citizens Against Government Waste said those projects included construction of a county farmer’s market in Kentucky, renovation of a historic theater in New York and restoration of a mill in Rhode Island.
Sen. John McCain, R-Ariz., a longtime critic of such projects, said it was “shameful” that so many had found their way into the legislation. Most Americans, he said, were watching football and not the Senate debate, adding, “If they knew what we are about to pass ….”
The legislation also contains numerous items not directly related to spending. It provides help for auto dealers facing closure, ends a ban on funding by the District of Columbia government for abortions and allows the district to permit medical marijuana, lets Amtrak passengers carry unloaded handguns in their checked baggage and permits detainees held at Guantanamo Bay to be transferred to the United States to stand trial, but not to be released.
The bill also approves a 2 percent pay increase for federal workers.
With the Senate concentrating on health care, attention on the upcoming jobs plan shifts to the House.
The defense bill that will be the basis for the package normally enjoys wide bipartisan support, but Republicans, and some fiscally conservative Democrats, are unhappy with the prospect of another jolt of deficit-swelling spending.
Congress must soon raise the debt ceiling, now at $12.1 trillion, so the Treasury can continue to borrow, and Democratic leaders are eyeing a new figure close to $14 trillion, pushing the issue past next November’s election.
But a bipartisan group in the Senate says a higher ceiling should be tied to creation of a task force on deficit reduction, and House Democratic moderates say their votes could depend on winning a “pay-as-you-go” law requiring that new tax cuts or spending programs don’t add to the deficit.
Sen. Mark Warner, D-Va., on CNN’s “State of the Union,” favored a deficit task force. He said he didn’t “see how this process where everybody kind of lards on is going to actually ever come to an end unless we finally have the discipline to do a straight up-or-down vote across the board on revenues and spending cuts.”
Proposals to put people back to work include tax breaks for new company hires, small business tax breaks, public works spending and federal aid to states.
Congress is also likely to extend measures, included in the $787 billion stimulus act last February, that provide jobless payments and health insurance subsidies for the unemployed.
Filed under: 2008 Election, auto bailout, bailout, bank bailout, Barack Obama, Bear Stearns, bernanke, brad sherman, bush, campaign for liberty, cash for clunkers, Congress, Credit Crisis, DEBT, devaluation, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, Fascism, fearmongering, George Bush, Goldman Sachs, Great Depression, Greenback, House, housing market, hyperinflation, Inflation, jim kramer, main street, Martial Law, Media Manipulation, middle class, Military Industrial Complex, obama, obama stimulus, Paulson, real estate, Ron Paul, Senate, spending bill, stimulus, Stock Market, subprime, subprime lending, subprime mortgage bubble, Taxpayers, US Economy, US Treasury, Wall Street, wall street bailout, War On Terror
Houses Passes $1.1 Trillion Spending Bill
Antiwar.com
December 10, 2009
There was a time when the federal government’s annual budget was submitted by the president and decided by the Congress in a relatively straightforward fashion. A time when it wasn’t so difficult to figure out what the government spent taxpayers’ money on.
But this is, or soon will be, 2010, and President Obama’s promises of transparency aside, the new way of doing things in the perpetual wartime economy is to pass bulky spending bills filled with anything and everything Congressmen want on an accelerated schedule, every few months.
In today’s example, a 1088 page $1.1 trillion “compromise” spending bill passed through the House of Representatives in a 221-202 vote along partisan lines. The bill covers everything from veteran’s benefits to arbitration for car dealers and, of course, a hefty raise in the foreign aid budget.
The latest massive spending bill comes less than two months after the White House signed a $680 billion “Defense Spending Bill,” which included hate crimes legislation provisions and restarted military tribunals at Guantanamo Bay.
That bill itself came just a few months after a $106 billion “emergency” war spending bill, which included a number of “pet projects,” including the so-called Cash for Clunkers program that subsidized new car purchases in return for a promise to destroy what were in many cases serviceable used cars.
Which of course came not long after the $787 billion “stimulus bill” aimed at hurling enough money at assorted government programs that the economy would improve.
When President Obama took office, he promised a more transparent budget, particularly with promises to stop requesting “emergency” war spending bills to pay for what are now several year old wars.
This promise, like so many others, will likely be ignored, as the defense budgets have projected a more rapid pullout from Iraq and did not include last week’s massive escalation of the Afghan War, itself a $30 billion addition to the annual cost. Instead, America seems poised to continue the new way of doing things, piecemeal spending bills which provide ample opportunity to include the trendy projects that Congress craves and the unclear picture of the overall cost of war that keeps the voter largely in the dark about how much the nation’s assorted adventures really cost.
Look Who got the economy wrong and why are they still in charge
Filed under: audit the fed, DEBT, Dissent, Dollar, Economic Collapse, economic depression, Economy, end the fed, Federal Reserve, Great Depression, Greenback, hyperinflation, Inflation, private bank, Protest, Ron Paul, street action, Texas, truth movement, US Economy, Wall Street, We Are Change
End the Fed San Antonio (11-22-2009)
noworldsystem.com 