noworldsystem.com


Obama’s Stimulus Bill Will Be Called a ‘Jobs Bill’

Congressman: “We’re told not to call it another stimulus bill, we’re calling it a jobs bill”

http://www.youtube.com/watch?v=eEyqf3yoKsk

http://www.youtube.com/watch?v=NYlrDESEZ5E

 

We must spend out way out of recession (and into DEBT)

http://www.youtube.com/watch?v=0JNHj2sP-Y0

Government Uses Stimulus Money To Buy Naked Body Scanners

Senate sends $1.1 trillion spending bill to Obama

$5,500 Golf Cart Tax Credit in Obama Stimulus Bill

 



America’s Impending Master Class Dictatorship

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

http://www.youtube.com/watch?v=zR9JQAl519Y

 



Obama authorizes covert economic war against Venezuela

Obama authorizes covert economic war against Venezuela

Wayne Madsen
Online Journal
January 21, 2010

WMR’s intelligence sources have reported that the Obama administration has authorized an economic war against Venezuela in order to destabilize the government of President Hugo Chavez.

After a successful coup against Chavez ally, President Manuel Zelaya of Honduras, and the very thin 51-49 percent electoral win by Chile’s billionaire right-winger Sebastian Pinera on January 17, a buoyed Obama White House has given a green light for political operatives in Venezuela, many of whom operate under the cover of non-governmental organizations (NGOs), to set the stage for massive street demonstrations to protest Chavez’s devaluation of the bolivar, Venezuela’s currency.

Chavez devalued the bolivar by 50 percent to make Venezuelan oil exports less expensive, thus boosting revenue for his country. However, the devaluation has also seen price rises and inflation in Venezuela and the CIA and its subservient NGOs have wasted little time in putting out stories about consumers rushing to the stories ahead of an increase in consumer products, with imported flat-screen televisions being the favorite consumer item being hyped by the corporate media as seeing a huge price increase and long lines at shopping malls favored by the Venezuelan elites.

The state has exempted certain consumer goods such as food, medicines, school supplies, and industrial machinery from being affected by the bolivar’s devaluation through a different exchange rate and price controls, but it is the price increases on televisions, tobacco, alcohol, cell phones, and computers that has the anti-Chavez forces in Venezuela and abroad hyping the ill-effects on the Venezuelan consumer.

To battle against businessmen who are trying to capitalize on the devaluation of the bolivar, Chavez has threatened to close and possibly seize any business that gouges the consumer by inordinately raising prices. The first target of a temporary closure was a Caracas store owned by the French firm Exito.

International investment analysts praised Chavez’s decision to devalue the bolivar and said the decision was overdue considering the fall of oil prices worldwide. However, the CIA and NGOs, many aligned with George Soros’s Open Society Institute and the U.S. National Endowment for Democracy are planning large street demonstrations against Chavez’s handling of the economy.

National Assembly elections are scheduled for September but the Obama administration has decided that if Chavez can be removed now, his allies in Bolivia, Ecuador, Nicaragua, Paraguay, and some Caribbean island states will quickly abandon Chavez’s alternative to American-led Western Hemisphere financial contrivances and free trade pacts, the Bolivarian Alternative for the Americas (ALBA).

The Obama planners then see Cuba, once again, being isolated in the hemisphere and ripe for increased U.S. political pressure. Cuba was placed on the list of 14 countries requiring additional airline passenger screening as part of the policy to pressure and isolate Cuba. There is a possibility that with the outbreak of U.S.-inspired violence in the streets of Venezuela, that nation could join Cuba on the list as the 15th country.

The Obama administration’s assault is two-fold: economic and political. Pressure is being applied against the gasoline chain Citgo, which is owned by the Venezuelan state oil company, PDVSA, and Venezuelan investment favorability ratings. Politically, the U.S. is overtly and covertly funneling money to anti-Chavez groups through the National Endowment for Democracy (NED), U.S. Agency for International Development (USAID), and groups affiliated with George Soros.

There is also a small military component to Obama’s strategy of undermining Chavez. U.S., P-3 Orion overflights of Venezuelan airspace from bases in Aruba and Curacao are designed to intimidate Chavez and activate Venezuelan radar and command, control, communications, and intelligence (C3I) systems to gather electronic and signals intelligence data that would be used by the United States to jam Venezuelan military networks in the event of a U.S.-inspired uprising against Chavez by U.S. loyalists embedded in the Venezuelan military, police, PDVSA, and media. The U.S. is also stoking cross-border incursions into Venezuela by Colombian paramilitaries to gauge Venezuela’s border defenses. Last November, Colombian right-wing paramilitary units killed two Venezuelan National Guardsmen inside Venezuela in Tachira state. Weapons caches maintained by Colombians inside Venezuela have been seized by Venezuelan authorities. Venezuela has also arrested a number of Colombian DAS intelligence agents inside Venezuela.

Obama signed a military agreement with Colombia that allows the United States to establish seven air and naval bases in Colombia. An additional agreement by Obama with Panama will see the U.S. military return to that nation to set up two military bases.

It is estimated that some 25 percent of Venezuelans are likely Fifth Columnists who would take part in a revolt against Chavez. Many of them based in the Venezuelan oil-producing state of Zulia and the capital of Maracaibo, where successive U.S. ambassadors in Caracas have stoked secessionist embers and where the CIA and U.S. Defense Intelligence Agency have concentrated much of their efforts. In November, Venezuelan police arrested in Maracaibo, Magaly Janeth Moreno Vega, also known as “The Pearl,” the leader of the right-wing United Self-Defense Forces of Colombia (AUC), which has been directly linked to Colombia’s pro-U.S. President Alvaro Uribe and members of his government, including former Colombian Attorney General Luis Camilo Osorio Isaza, appointed by Uribe as Colombia’s ambassador to Mexico.

U.S. Provoking War With Venezuela

 



Obama Signed Plans For Martial Law Apparatus

Obama Signed Plans For Martial Law Apparatus

Blacklisted News
January 16, 2010


U.S. government is ratcheting up the militarized police state as they anticipate massive resistance to the economic collapse.

In the wake of the Flight 253 provocation, over-hyped terrorism panics, and last year’s Big Pharma and media-engineered hysteria over the H1N1 flu pandemic, President Barack Obama signed Executive Order 13528 on January 11.

Among other things, the Executive Order (EO) established a Council of Governors, an “advisory panel” chosen by the President that will rubber-stamp long-sought-after Pentagon contingency plans to seize control of state National Guard forces in the event of a “national emergency.”

According to the White House press release, the ten member, bipartisan Council was created “to strengthen further the partnership between the Federal Government and State Governments to protect our Nation against all types of hazards.”

“When appointed” the announcement continues, “the Council will be reviewing such matters as involving the National Guard of the various States; homeland defense; civil support; synchronization and integration of State and Federal military activities in the United States; and other matters of mutual interest pertaining to National Guard, homeland defense, and civil support activities.”

Clearly designed to weaken the Posse Comitatus Act of 1878 which bars the use of the military for civilian law enforcement, EO 13528 is the latest in a series of maneuvers by previous administrations to wrest control of armed forces historically under the democratic control of elected state officials, and a modicum of public accountability.

One consequence of moves to “synchronize and integrate” state National Guard units with those of the Armed Forces would be to place them under the effective control of United States Northern Command (USNORTHCOM), created in 2002 by Bushist legislators in both capitalist parties under the pretext of imperialism’s endless “War on Terror.” At the time, Defense Secretary Donald Rumsfeld called USNORTHCOM’s launch “the most sweeping set of changes since the unified command system was set up in 1946.”

The real-world consequences of those changes weren’t long in coming.

Following their criminal inaction during 2005’s Hurricane Katrina catastrophe, the Bush regime sought, but failed, to seize control of depleted Gulf Coast National Guard units, the bulk of which had been sent to Iraq along with equipment that might have aided the recovery. Bush demanded that then Louisiana Governor Kathleen Blanco sign over control of the Guard as well as state and local police units as the blood price for federal assistance.

At the height of the crisis, Bush cited presidential prerogatives for doing so under the Insurrection Act, a repressive statute which authorizes the President to federalize National Guard units when state governments fail to “suppress rebellion.” How the plight of citizens engulfed by Katrina’s flood waters could be twisted into an act of “rebellion” was achieved when Orwellian spin doctors, aided and abetted by a compliant media, invented a new criminal category to cover traumatized New Orleans residents: “Drowning while Black.”

Fast forward five years. Given the serious implications such proposals would have for a functioning democracy, the media’s deafening silence on Obama’s Executive Order is hardly surprising. Like their role as cheerleaders in the escalating wars in Afghanistan and Pakistan, media self-censorship tell us much about the state of affairs in “new normal” America.

Like his predecessors in the Oval Office, stretching back to the 1960s with Pentagon “civil disturbance” plans such as Cable Splicer and Garden Plot, both of which are continuously updated, our “change” President will forge ahead and invest the permanent National Security bureaucracy with unprecedented power.

Under color of the 2008 National Defense Authorization Act, an unsavory piece of Bushist legislative detritus, “The President shall establish a bipartisan Council of Governors to advise the Secretary of Defense, the Secretary of Homeland Security, and the White House Homeland Security Council on matters related to the National Guard and civil support missions.”

The toothless Council, whose Executive Director will be designated by the Secretary of Defense no less, “shall meet at the call of the Secretary of Defense or the Co-Chairs of the Council.”

Will such a Council have veto power over administration deliberations? Hardly. They are relegated “to exchange views, information, or advice with the Secretary of Defense; the Secretary of Homeland Security” and “the Assistant to the President for Homeland Security and Counterterrorism.”

Additional entities covered by the EO with whom the Governors Council will “exchange views” include, “the Assistant to the President for Intergovernmental Affairs and Public Engagement; the Assistant Secretary of Defense for Homeland Defense and Americas’ Security Affairs; the Commander, United States Northern Command; the Chief, National Guard Bureau; the Commandant of the Coast Guard; and other appropriate officials of the Department of Homeland Security and the Department of Defense, and appropriate officials of other executive departments or agencies as may be designated by the Secretary of Defense or the Secretary of Homeland Security.”

In other words, right from the get-go, the Council will serve as civilian cover for political decisions made by the Executive Branch and the security apparat. EO 13528 continues, “Such views, information, or advice shall concern: (a) matters involving the National Guard of the various States; (b) homeland defense; (c) civil support; (d) synchronization and integration of State and Federal military activities in the United States; and (e) other matters of mutual interest pertaining to National Guard, homeland defense, and civil support activities.”

When news first broke last summer of Obama’s proposal to expand the military’s authority to respond to domestic disasters, it was opposed by the National Governors Association (NGA).

Congressional Quarterly reported that a letter sent on behalf of the NGA opposed creation of the Council on grounds that it “would invite confusion on critical command and control issues, complicate interagency planning, establish stove-piped response efforts, and interfere with governors’ constitutional responsibilities to ensure the safety and security of their citizens,” Govs. Jim Douglas, R-Vt., and Joe Manchin III, D-W.Va., wrote.

According to their August letter to Paul N. Stockton, Assistant Secretary of Defense for Homeland Defense and Americas’ Security Affairs, Douglas and Manchin III argued that “without assigning a governor tactical control” of military forces during a natural disaster such as a flood or earthquake, or an unnatural disaster such as a terrorist attack or other mass casualty event, the “strong potential exists for confusion in mission, execution and the dilution of governors’ control over situations with which they are more familiar and better capable of handling than a federal military commander.”

With slim prospects of congressional authorization for the scheme, in fact the 2008 language was removed from subsequent Defense spending legislation, other means were required. Playing bureaucratic hardball with the governors, this has now been accomplished by presidential fiat, further eroding clear constitutional limits on Executive Branch power.

These maneuvers as I have previously written, have very little to do with responding to a catastrophic emergency. Indeed, EO 13528 is only the latest iteration of plans to expand the National Security State’s writ and as such, have everything to do with decades-old Continuity of Government (COG) programs kept secret from Congress and the American people.

Derided by neocons, neoliberals and other corporatists as a quaint backwater for “conspiracy theorists” railing against “FEMA concentration camps,” Continuity of Government, and the nexus of “civil support” programs that have proliferated like noxious weeds are no laughing matter.

Indeed, even members of Congress are considered “unauthorized parties” denied access “to information on COG plans, procedures, capabilities and facilities,” according to a Pentagon document published by the whistleblowing web site Wikileaks, as are the classified annexes of National Security Presidential Directive 51 and Homeland Security Presidential Directive 20 (NSPD 51/HSPD 20). In a new twist on administration promises of transparency and open government, even the redacted version of these documents have been removed from the White House web site.

As Antifascist Calling previously reported (see: “Vigilant Shield 09: A Cover for Illegal Domestic Operations?“), the Congressional Research Service issued a 46-pagereport in 2008 that provided details on the COG-related National Exercise Program, a “civil support” operation that war games various disaster scenarios.

Among other things, the document outlines the serious domestic implications of military participation in national emergency preparedness drills. CRS researchers pointed to the Reagan-era Executive Order 12656 (EO 12656) that “directs FEMA to coordinate the planning, conduct, and evaluation of national security emergency exercises.” EO 12656 defines a national security emergency as “as any occurrence, including natural disaster, military attack, technological emergency, or other emergency that seriously degrades or seriously threatens the national security of the United States.”

Such programs, greatly expanded by the Bush-era Homeland Security Presidential Directive 8 (HSPD-8), also removed from the White House web site, established “a national program and a multi-year planning system to conduct homeland security preparedness-related exercises.” CRS avers, “The program is to be carried out in collaboration with state and local governments and private sector entities.”

The Defense Department’s role during such emergencies were intended to focus “principally on domestic incident management, either for terrorism or non terrorist catastrophic events.” DoD would play a “significant role” in the overall response. Such murky definitions cover a lot of ground and are ripe with a potential for abuse by unscrupulous securocrats and their corporate partners.

The primary DoD entity responsible for “civil support,” a focus of Obama’s EO is USNORTHCOM and its active combat component, U.S. Army North. However, as with almost everything relating to COG and current plans under EO 13528 that propose to “synchronize and integrate State and Federal military activities,” USNORTHCOM’s role is shrouded in secrecy.

As researcher Peter Dale Scott revealed in 2008, when Congressman Peter DeFazio, Homeland Security Committee Chairman Bennie Thompson and Oversight Subcommittee Chairman Christopher Carney sought access to classified COG annexes, their request was denied by the White House. Scott wrote: “DeFazio’s inability to get access to the NSPD Annexes is less than reassuring. If members of the Homeland Security Committee cannot enforce their right to read secret plans of the Executive Branch, then the systems of checks and balances established by the U.S. Constitution would seem to be failing.”

One hammer blow followed another. In 2008, Army Times reported, that the “3rd Infantry Division’s 1st Brigade Combat Team [BCT] has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys. Now they’re training for the same mission–with a twist–at home.”

Analyst Michel Chossudovsky commented, “What is significant in this redeployment of a US infantry unit is the presumption that North America could, in the case of a national emergency, constitute a ‘war theater’ thereby justifying the deployment of combat units.” According to Chossudovsky, “The new skills to be imparted consist in training 1st BCT in repressing civil unrest, a task normally assumed by civilian law enforcement.”

“It is noteworthy, the World Socialist Web Site commented, “that the deployment of US combat troops ‘as an on-call federal response force for natural or manmade emergencies and disasters’ … coincides with the eruption of the greatest economic emergency and financial disaster since the Great Depression of the 1930s.”

“Justified as a response to terrorist threats,” socialist critic Bill Van Auken averred, “the real source of the growing preparations for the use of US military force within America’s borders lies not in the events of September 11, 2001 or the danger that they will be repeated. Rather, the domestic mobilization of the armed forces is a response by the US ruling establishment to the growing threat to political stability.”

Since USNORTHCOM’s deployment of a combat brigade on U.S. soil, the capitalist crisis has deepened and intensified. With unemployment at a post-war high and the perilous economic and social conditions of the working class growing grimmer by the day, EO 13258 is a practical demonstration of ruling class consensus when it comes to undermining the democratic rights of the American people.

After all, where the defense of wealth and privileges are concerned corporate thugs and war criminals have no friends, only interests…

HR 1585 Authorizes Plans For Martial Law Apparatus

 



Gold May Reach $5,000 an Ounce By 2012

Gold May Reach $5,000 an Ounce By 2012

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



SEC Orders AIG Info Sealed Until 2018

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.

Bankergate: Emails Expose Criminal Financial Dictatorship At Work

Geithner’s Fed told AIG to hide “backdoor bailout”

New York Fed Faces House Subpoena Over AIG Bailout

 



Schiff: No Economic Recovery in 2010

Schiff: No Economic Recovery in 2010

http://www.youtube.com/watch?v=DWDD3lTWv9w

 



Food Shortages in 2010

Food shortages THIS year! Want to know why the media is not covering this?

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

2010 Food Crisis For Dummies

 



Geithner Could Face Criminal Charges Over AIG Coverup

Geithner Could Face Criminal Charges Over AIG Coverup

http://www.youtube.com/watch?v=0D7h1Nz7ySA

Lawsuit: Goldman Sachs bonuses bigger than its earnings

Obama Claims He’s Not a Puppet for Big Banks

Cap and Trade is a Goldman Sachs and Enron Scam

Celente: Americans getting raped by Goldman Sachs mafia

 



Bob Chapman: A New U.S. Dollar is Underway

Bob Chapman: A New U.S. Dollar is Underway

http://www.youtube.com/watch?v=IHadp7GXSdk

 



Government Uses Stimulus Money To Buy Naked Body Scanners

Government Uses Stimulus Money To Buy Naked Body Scanners

CNN
January 6, 2010

The U.S. government is using $25 million in stimulus money to buy and install full body scanners in airports this year, in an effort to ramp up security and create jobs.

The Transportation Security Administration is using funds from the American Recovery and Reinvestment Act to purchase 150 of the full body scanners, according to TSA spokeswoman Sarah Horowitz.

These “backscatter” scanners, which use X-rays to provide detailed images of hidden objects in or under a person’s clothing, are manufactured by Rapiscan, a subsidiary of Hawthorn, Calif.-based OSI (OSIS). The scanners cost from $150,000 to $180,000 apiece, according to the company.

Peter Kant, vice president of global government affairs for Rapiscan, said his company received a $25 million contract from the TSA to produce the 150 backscatter scanners. The contract has helped create 25 jobs, mostly manufacturing positions in the company’s Ocean Springs, Miss. facility, as well as some engineering jobs, he said.

Horowitz would not specify how much money had been earmarked for TSA spending on scanners, but she said the agency has enough funds that would come from the stimulus program and other federal sources to buy an additional 300 scanners.

Read Full Article Here

 



No Jobs for The Next Ten Years?

No Jobs for The Next Ten Years?

Daily Bell
December 30, 2009

The decade ahead could be a brutal one for America’s unemployed – and for people with jobs hoping for pay raises. At best, it could take until the middle of the decade for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there. At worst, that won’t happen until much later – perhaps not until the next decade. The deepest and most enduring recession since the 1930s has battered America’s work force. The unemployed number 15.4 million. The jobless rate is 10 percent. More than 7 million jobs have vanished. People out of work at least six months number a record 5.9 million. And household income, adjusted for inflation, has shrunk in the past decade. Most economists say it could take until at least until 2015 for the unemployment rate to drop down to a historically more normal 5.5 percent. And with the job market likely to stay weak, some also foresee another decade of wage stagnation. Even though the economy will likely keep growing, the pace is expected to be plodding. That will make employers reluctant to hire. Further contributing to high unemployment is the likelihood of more people competing for jobs, baby boomers delaying retirement and interest rates edging higher. All this would come after a decade that created relatively few jobs: a net total of just 464,000. By contrast, 21.7 million new jobs were generated between 1989 and 1999. – Huffington Post

Dominant Social Theme: It’s looking grim?

Free-Market Analysis: There are a lot of statistics cited in this article but like many articles with a mainstream tone, most of them are besides-the-point or shed little illumination about what is going on. First of all the jobless rate in America is closer to 20-30 percent, we figure, when you throw in everyone who wants to work but can’t find work, even part-time work. And second, we distrust the other unemployment figures cited in this article. Finally, we look in vain for a reason as to why all this is happening. Can we find it somewhere else in the body of the article? Here’s some more:

That’s mainly because the economy’s recovery, sluggish by historical standards, isn’t expected to regain its vigor over the next few years. As a result, companies will be in no rush to ramp up hiring. Other analysts think the economy will recover the jobs wiped out by the recession by 2013 or 2014 but that the unemployment rate will stay high. They note that the healing economy will cause more people to stream back into the labor force, vying for too-few jobs.

In addition, baby boomers whose retirement accounts have shrunk could put off retiring and stay in the work force longer. That would leave fewer positions available for the unemployed. Other contributing forces – businesses squeezing more work from employees they still have and relying more on part-time and overseas help – have intensified. And record-high federal budget deficits and the threat of inflation could drive up interest rates, which could hobble growth and restrict job creation. All those factors could combine to keep unemployment high.

“It will be the mother of all jobless recoveries,” predicts economic historian John Steel Gordon. On the other hand, it’s possible some technological innovation not yet envisioned could generate a wave of jobs. Yet at the moment, most economists aren’t betting that any such breakthroughs will rescue the labor market.

The last time the jobless rate reached double digits, in the early 1980s, it took six years to bring it down to normal levels.
Unemployment hit a post-World War II high of 10.8 percent at the end of 1982 as the country was emerging from a severe recession. The rate fell to around 5 percent in 1988. It took less than two years for the number of jobs to return to its pre-recession level. In this recovery, the economy is far more fragile. Hard-to-get credit is exerting a drag. Wounds from the banking system’s worst crisis since the Great Depression will take years to fully heal. People and companies, scarred by the crisis, are likely to restrain borrowing, spending and investing.

From our perspective this article does what all such articles do, it describes what’s going on without explaining anything. You can read the whole article, and you’ll never come up with a reason why 20 percent or more of America is unemployed. Is it because people are lazy? They don’t want jobs even though they pretend they do?

We would write the article differently. We would start by explaining that for the past 100 years America’s manufacturing might has been disintegrating even though the country has looked relatively healthy. But the combination of the income tax and central banking, introduced in the ‘teens, has robbed the country of its industrial muscle. Many big companies have moved away rather than be subject to the income tax. And employees have given up productive trade and agricultural jobs to chase after the latest Fed-stimulated bubble. The tech sector looked attractive in the 1990s, and the mortgage business was great during the 2000s. But neither business lasted because they weren’t real. They were the chaff of central bank monetary stimulation.

The income tax and central banking have hollowed out American industrial capacity. This is the reason that jobs will not return to America – and the world – for a long time. It wasn’t enough by the way that all this happened over a period of nearly 100 years now, but every time there’s a cyclical bust, the West stimulates – throws good money after bad that only prolongs the agony by confusing the market signals that the economy would otherwise present to rational investors.

Conclusion: Deprived of market signals, investors have a hard time determining what’s an efficient business and what is not. They’ve decided, with considerable reason, that too-big-too-fail banks are probably a good investment. Well, this may be so, but it does nothing for the larger economy. Putting good money after bad into these large fiat-money sinkholes only retards real innovation and sets the economy up for another bout of inflationary bleeding and boom-bust madness. What’s needed is a return to a private market gold-and-silver standard that will provide real feedback to those who want to purchase equity in winning entrepreneurial companies. See, it’s not hard to explain, but for some reason, the story just doesn’t get told, certainly not in the mainstream press.

 



2010 could be a year that sparks unrest

2010 could be a year that sparks unrest

Economist.com
December 31, 2009

IF THE world appears to have escaped relatively unscathed by social unrest in 2009, despite suffering the worst recession since the 1930s, it might just prove the lull before the storm. Despite a tentative global recovery, for many people around the world economic and social conditions will continue to deteriorate in 2010. An estimated 60m people worldwide will lose their jobs. Poverty rates will continue to rise, with 200m people at risk of joining the ranks of those living on less than $2 a day. But poverty alone does not spark unrest—exaggerated income inequalities, poor governance, lack of social provision and ethnic tensions are all elements of the brew that foments unrest.

 



America At Empires End

America At Empires End

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

U.S. Halfway to Depression Level

U.S. Debt Hits $12 Trillion, Will Double By 2019

U.S. pays $57,077 a minute in Afghanistan

 



Small-business bankruptcies rise 81% in California

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.

Read Full Article Here

 



U.S. Halfway to Depression Level

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.

Read Full Article Here

 



2010 Is The Year of Terrorism, Economic Crash

2010 Is The Year of Terrorism, Economic Crash

http://www.youtube.com/watch?v=NqpKLxU3sKw

http://www.youtube.com/watch?v=ofPK5n715-M

 



Big Banks: Keep The Taxpayer Money Coming

AIG, Fannie Mae, Freddie Mac and GMAC: “Long-Term Wards of the State”

Cryptogon
December 18, 2009

Via: New York Times:

Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support.

These companies, the American International Group, Fannie Mae, Freddie Mac and GMAC, are not only unable to repay the government, they are in need of continuing infusions that make them look increasingly like long-term wards of the state.

And the total risk they pose to the taxpayer far exceeds that of the big banks. Fannie and Freddie, in the final days of the year, are even said to be negotiating with the Treasury about greatly expanding the money available to them.

Though the four are not in all the same businesses, they were caught in one of the same traps: They sold mortgage guarantees — in some cases to each other. Now when homeowners default, as they are doing in record numbers, these companies are covering the losses. Essentially, taxpayer money to these companies is being used partly to protect banks and other investors who own the mortgages.

 



U.S. Debt Hits $12 Trillion, Will Double By 2019

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)

http://www.youtube.com/watch?v=0JNHj2sP-Y0

Senate sends $1.1 trillion spending bill to Obama ADDING TO THE DEBT

No End in Sight to Govt. Spending Spree: $12.1T Debt Ceiling Set to Be Raised

 



Bernanke Named Time Magazine Man Of The Year

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:

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

 



Obama Claims He’s Not a Puppet for Big Banks

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

http://www.youtube.com/watch?v=q-z9jeCi3Bw

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’

http://www.youtube.com/watch?v=G4it-Fs8RLw

 

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.

Rolling Stone: Obama’s Big Sellout

Top contributors to Obama and McCain are big banks

Giant Banks Are Trying to Make Bailouts Permanent

The Big Banks Get Bigger Under Obama

 



Sign at Tent City: ‘Welcome to Obamaville’

Sign at Tent City: ‘Welcome to Obamaville’

http://www.youtube.com/watch?v=aMeEi2aCfrc

 

http://www.youtube.com/watch?v=WEUINE0nUpM

 



Senate sends $1.1 trillion spending bill to Obama

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.

 



Houses Passes $1.1 Trillion Spending Bill

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

http://www.youtube.com/watch?v=O23YCB7F5SQ

Obama’s sellout to Wall Street creates ‘permanent bailout’

 



End the Fed San Antonio (11-22-2009)

End the Fed San Antonio (11-22-2009)

http://www.youtube.com/watch?v=e_Y2tl3edCg

 



Obama’s sellout to Wall Street creates ‘permanent bailout’

Obama’s sellout to Wall Street creates ‘permanent bailout’

http://www.youtube.com/watch?v=G4it-Fs8RLw

 



Gold hits record near $1,200 as dollar slips

Gold hits record near $1,200 as dollar slips

Reuters
December 1, 2009

Gold hit record highs near US$1,200 an ounce on Tuesday as dollar weakness fuelled buying of the metal as an alternative asset, while investors speculating on more gains were cheered by recovery from last week’s setback.

Spot gold hit a peak of US$1,198.70 an ounce and was bid at US$1,190.20 an ounce at 1315 GMT, against US$1,179.10 late in New York on Monday.

“The fact that we are seeing the dollar weaken is helping to drive gold,” said Ole Hansen, senior manager at Saxo Bank.

He said investors had been encouraged by the strength of gold’s recovery after it fell to below US$1,140 an ounce last week, with the fall being met with strong fund buying.

“Everyone was waiting for that correction, and the way gold recovered suggested there was a lot of buying lurking in the wings (among) people who missed the opportunity to get into the market in the first place,” said Mr. Hansen.

U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange also hit a record US$1,200.50 an ounce and were later up US$9.40 at US$1,191.70.

The dollar index, which tracks the U.S. currency’s performance against a basket of six others, fell on Tuesday as more clarity about Dubai’s debt situation eased some concerns over the region’s stability, lifting risk appetite.

The dollar also pared gains against the yen after comments from the Bank of Japan on monetary policy.

Weakness in the U.S. unit boosts gold’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Other commodity prices also firmed on the back of the weaker dollar, with base metals firming and oil rising more than half a percent to nearly US$78 a barrel.

Gold tends to track crude prices, as the metal can be bought as a hedge against oil-led inflation.

Elsewhere the world’s biggest gold miner, Barrick Gold Corp., said on Tuesday it has completed the elimination of all of its gold hedges as planned. De-hedging has represented a significant source of demand in recent years.

During times of weak prices, gold miners often sell a portion of their future production to protect, or hedge, against the possibility that prices will fall.

When prices rise, as they have done since 2001, the company suffers because the value of the future production it has sold does not increase with the gold price.

In the physical market, the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings rose 2.134 tonnes to 1,129.994 tonnes as of Nov. 30.

Indian gold offtake abated on Tuesday as prices resumed their upward trend, after a modest pick-up in recent sessions when traders stocked up ahead of wedding demand.

Sales of scrap persisted in other parts of Asia on Tuesday, cutting premiums, dealers said.

Analysts say they expect the gold market to continue taking support from fund and other investment demand, and further buying from central banks.

News in early November that India’s central bank had bought 200 tonnes of gold, followed by acquisitions by Russia, Sri Lanka and Mauritius, sparked a 13% price rise that month.

“We expect to see further announcements of Central Bank gold purchases over the coming months as these banks realign their U.S. dollar and other asset holdings,” said Fairfax analyst John Meyer in a note.

On the supply side, Harmony Gold Mining Co., the world’s No. 5 gold miner, said output was suspended at a South African shaft on Tuesday after a fatality.

Among other precious metals, spot silver was bid at US$18.64 an ounce against US$18.45.

Platinum was at US$1,465.50 an ounce against US$1,452, while palladium was at US$376.50 against US$363.50, having earlier touched a high of US$379 an ounce, its firmest since August 2008.

 

Mark Dice Tries To Give Away One Ounce Gold Coin To Random People

http://www.youtube.com/watch?v=WAaVK5AkZzI