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Gary Edwards

Michael Lewis on the Hedge Fund Manager Who Saw It Coming - 0 views

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    How did hedge fund manager Steve Eisman win big off the market meltdown? What will Wall Street look like in five years? In this third and final part of our interview, I put those questions to Liar's Poker author Michael Lewis, editor of the new anthology Panic: The Story of Modern Financial Insanity.
Gary Edwards

Obama still flush with cash from financial sector despite frosty relations - The Washin... - 0 views

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    Obama has raised more money from Wall Street Banksters than all the repubican candidates combined! But to see this connection, one has to add funds contributed to the democrat - socialist parties coffers. The more the Obama - Soros machine stirs the class warfare pot, the more money the Banksters are willing to shell out for his re-election. Maybe they know that the only way to get to a New World Order is to collapse the USA in economic and political anarchy and end the Constitution. Once the NWO is in place, there will of course be no further need for the marxist rable. excerpt: Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data.

    Obama's key advantage over the GOP field is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort.

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    As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.
Paul Merrell

The Perfect Storm In Turkey - Corruption Conflict Conspiracy | Scoop News - 0 views

  • The Republic of Turkey is consumed by intense conflict, conspiracy charges, and underlying financial problems that simply won't go away. A perfect storm is brewing in Turkey.
  • Prime Minister Recep Tayyip Erdogan's government and supporters are charged with a secret gold-for-oil deal with Iran. The deal, in violation of trade sanctions against Iran, enriched the PM's ministers and other key supporters involved (including the PM's son), according to prosecutors. The deal also involved misreporting billions of dollars in trade, which, in turn, resulted in Turkey overstating national income and understating its current account deficit. A more ominous charge focuses on Erdogan's open support of a wealthy Saudi known for funding al Qaeda and the PM's alleged support of Al Qaeda fighters engaged against the Syrian government. Just today, we say this headline: Turkish governor blocks police search on Syria-bound truck reportedly carrying weapons . Erdogan is a strong supporter of the Syrian rebels, assumed recipients of the weapons.The crisis started on December 17, 2013 when dozens of Erdogan's close associates were arrested for corruption. The arrests included the CEO of Turkey's state bank caught with million in euros stuffed in shoeboxes. Charges and arrests continued. Prosecutors and police who handled the case were fired at the behest of the Prime Minister. The Turkish supreme court ruled that the government couldn't interfere with police investigations through firings and intimidation. Undeterred, Erdogan fired more prosecutors claiming the charges were an attack on the Turkish state. To top it all off, authorities banned reporters from police stations and pressured the media to stop focusing on the scandals.
  • The risks to Erdogan are substantial and can impact the entire nation.The two biggest concerns are Erdogan's ongoing support for Syrian rebels, particularly the Islamist jihadists sponsored by Saudi Arabia, the Islamic Front. Critics of the PM are raising his open association with Yasin al-Qadi, an alleged funding source for Al Qaeda and a designated international terrorist by the U.S. government. Erdogan was dismissive of any problems when confronted on the association saying that al-Qadi was "a charitable person who loves Turkey." He may have more explaining to do if investigations continue.Reporting on evidence from prosecutors and first hand witnesses, Michael Rubin found:"According to Turkish interlocutors, there are consistent irregularities in 28 government tenders totaling in the tens of billions of dollars, in which kickbacks and other payments were made, a portion of which Turkish investigators believe ended up with al-Qadi’s funds and charities. These funds and charities were then used to support al-Qaeda affiliates and other radical Islamist groups operating in Syria like the Nusra Front." Dec. 27
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  • "Irregularities" in government tenders is part of a much larger financial crisis brought on by Erdogan's policies. As noted in a an article earlier this week:"While the focus to date has been on charges of personal enrichment by Erdogan’s ministers and associates, the real problem for the current government is financial fraud in reporting its current account deficit and national income. These figures are the basis for access to international financing. Intentional, inaccurate reporting constitutes fraud that understates the risk to lenders and provides a more favorable interest rate for the borrower than is warranted." Michael Collins, Dec 29Mustafa Sonmez detailed the problems in Hurriyet Daily News, an important analysis overshadowed by the more spectacular charges of late. Turkey's secret gold-for-oil deal with Iran distorted financial reporting figure. Debt was understated and income overstated as a result. Turkey's economic success is based on foreign investments. When foreign investors look at the political instability combined with the financial reporting problems, they will vote with their feed. A survey of Middle East fund managers found that none planned to raise investments in Turkey in 2014 and 13% planned to reduce their investments.
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    Finally, an article that does a fairly good job of summarizing the situation in Turkey. In a single word, it's a mess. 
Paul Merrell

Breaking Up is Hard to Do: Goldman Sachs Wants JPMorgan in 4 Pieces | nsnbc international - 0 views

  • JPMorgan Chase & Co (JPM) is paying out a $100 million settlement to keep details about an antitrust lawsuit filed 2 years ago out of the court system and public record.
  • JPM is one of 12 mega-banks named in the suit while they were particularly named for the price manipulation on foreign exchanges markets using digital communications and social media. Several investors including hedge funds, public pension funds, the Philadelphia city and other market investors filed a complaint accusing 12 banks of manipulating WM/Reuters rates through chat rooms, e-mail and instant messaging since Jan 2003. • JPMorgan  • Bank of America  • Goldman Sachs  • Morgan Stanley  • Citigroup  • UBS  • Credit Suisse  • HSBC • Barclays  • The Royal Bank of Scotland  • BNP  • Deutsche Bank.
  • According to court documents, “the banks’ manipulation of WM/Reuters rates impacted the value of financial transactions in the U.S., including foreign exchange trade. Further, the plaintiffs claimed that these also negatively affected the pension and savings accounts that are dependent on global foreign exchange rates.”
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  • Goldman Sachs released a report citing that JPM should be broken up into 4 parts, each culminating in an increase of 25% worth over the total corporate assets. The report stated: “The biggest of the pieces would include the bank’s branch network, which could be worth over $100 billion on its own. JPMorgan’s investment bank would be nearly as large, followed by its commercial bank and an asset management company.” Richard Ramsden, analyst for Goldman Sachs and author of the report explained: “even splitting JPMorgan in two—dividing the investment bank from the traditional bank, returning the company roughly to what was allowed before the Glass Steagall Act was repealed in the early 2000s—would boost the overall value of the current bank by 16%. Our analysis indicates that even accounting for lost synergies, a JPM breakup would be accretive to shareholders in most scenarios.” Sandy Weill, former CEO of Citigroup commented: “[JPM] became the first of the nation’s modern mega-banks. Breaking up the large banks makes sense.” Ramsden asserts “the new capital requirements for big banks proposed by the Federal Reserve in early December make now a good time to consider such a split.”
  • The Federal Reserve Bank (FRB) opened the door for banks to securitize risky derivatives with the announcement to “extend the deadline for banks to sell off stakes in hedge funds and private- equity funds” until 2017. Journalist David Weidner explained: “Now, the ‘push-out’ rule is gone, so we’re in the same position again. And the Fed has delayed a potential roadblock to a taxpayer bailout. In essence, the Federal Deposit Insurance Corp. and the Fed are implicitly suggesting that losses from hedge funds and private equity won’t hold up government support.” Weidner continued: “Ultimately, let’s be honest, the delay isn’t just a delay, it’s to buy time so the bank lobby can eliminate the Volcker Rule altogether. These investments produced risky, but potentially big, returns. Why is it that the bankers are the only ones with good memories?” This was part of the official delay of the Volker Rule, which would ban risky betting with derivatives by banks, approved in 2010. Because of this announcement, Ramsden said: “A break up makes more sense for JPMorgan because, unlike some of its rivals, its individual businesses are strong enough to stand on their own. The bank is partly a victim of its own success.”
Paul Merrell

UNRWA suspends cash aid in Gaza due to lack of fund | Cairo Post - 0 views

  • The cash assistance program in Gaza has been suspended due to lack of fund, the United Nations Relief and Works Agency (UNRWA) announced Tuesday. The program urgently called for raising U.S. $100 million in aid in the first three months of 2015 to 12,000 displaced Palestinians in Gaza, mostly to repair their homes damaged during the latest 51-day war between Palestine and Israel in July and August 2014. “US$ 720 million is required to address this need. To date, UNRWA has received only US$ 135 million in pledges, leaving a shortfall of US$ 585 million,” the UNRWA said in a statement Tuesday. “We are talking about thousands of families who continue to suffer through this cold winter with inadequate shelter. People are literally sleeping amongst the rubble; children have died of hypothermia,” UNRWA Director in Gaza Robert Turner was quoted as saying in the statement.
  • U.S. $ 5.4 billion were pledged at a Cairo-based donor conference on Gaza reconstruction Oct. 12, 2014; however, the program statement noted that none of the announced aid has reached Gaza strip, saying “this is distressing and unacceptable.” “People are desperate and the international community cannot even provide the bare minimum – for example a repaired home in winter – let alone a lifting of the blockade, access to markets or freedom of movement,” Turner continued. UNRWA was established in 1949 to provide more than 5 million registered Palestinian refugees in neighboring countries with aid. In a previous statement, the UNRWA announced that it had spent the “last available dollar on repairs and temporary shelter cash assistance.”
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    Under international law, Israel as the occupier of Palestine and Gaza, bears all financial responsibility for humanitarian aid in Gaza. I'd be all for the U.S. suspending all financial and other forms of aid to Israel until Gaza is repaired, its siege ended, all illegal settlements in the West Bank are removed, and Palestinians driven out of Israel in 1948 (and their heirs) have their property within Israel restored.  And if necessary, sending in the U.S. military to ensure that all happens muy pronto. But I'm not holding my breath until that happens. 
Paul Merrell

Russia Abandons PetroDollar By Opening Reserve Fund - 0 views

  • 2015 has not been good to Russia; the spread between Brent and WTI is gone in anticipation of US exports and both benchmarks have flirted with sub $45 prices. A hostage to such prices, the ruble has yet to begin its turnaround and the state’s finances are in extreme disarray. President Vladimir Putin’s approval ratings remain sky-high, but his country has not faced such difficult times since he took office more than 15 years ago. Since the turn of the new year the ruble has fallen over 13 percent and Russia’s central bank and finance department are running out of options – to date, policy makers have hiked interest rates to their highest level since the 1998 Russian financial crisis and embarked on a 1 trillion-ruble ($15 billion) bank recapitalization plan to little effect. Their latest, and most dramatic, plan is to abandon the dollar – at least somewhat.
  • In late December, the Kremlin ordered five large state-owned exporters – including oil and gas giants Rosneft and Gazprom – to sell their foreign currency reserves. Specifically, the companies must bring their foreign reserves to October levels by the beginning of March. To comply, the exporters may have to sell a combined $1 billion per day until March. Private companies have not yet been hit by these soft capital controls, but have instead been advised to manage their foreign exchange maneuvers responsibly. More recently, the Kremlin announced it will open its $88 billion sovereign wealth fund and flip it for rubles. The plan will see Russia convert as much as $8 billion to rubles (~500 billion) over a two-month span and place them in deposits for banks. Overall, the move will provide the Russian economy with some much needed liquidity and could speed up the healing if oil were to rebound, but it sends the wrong signals to investors and Economy Minister Alexei Ulyukaev believes the country’s credit rating will soon be marked below investment grade.
  • In any case, the move does little for the country’s ailing oil industry. The domestic market is projected to shrink amid the economic slowdown, and competition for market share abroad is increasingly competitive. Production forecasts are no rosier and the EIA predicts Russian crude production growth will be among the worst performers in both 2015 and 2016 – contrasted by continued growth in North America. Russia’s gas industry has fared no better. Gazprom’s 2014 output was historically awful and LNG is ever more a counter to the country’s pipeline politics.
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  • While Russia likely envisioned abandoning its dollars under far better circumstances, the news is just as worrying for the United States and its dollar hegemony. Along with Russia, energy exporters worldwide are pulling their petrodollars out of world financial markets and other USD-denominated assets in favor of greater, and certainly necessary, spending domestically. In the past, these dollars have given life to the loan market and helped fund debt among energy importers, contributing to overall growth.
  • Petrodollar exports – otherwise known as petrodollar recycling – were negative in 2014 for the first time in nearly two decades. The result is falling global market liquidity, record low US Treasury rates, and higher borrowing costs for everyone – a tough pill to swallow for energy producers if oil prices remain low. The US dollar remains the global reserve currency for now, but the fact remains that nations are increasingly transacting on their own terms, and often times without the USD.
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    Re: "EIA predicts Russian crude production growth will be among the worst performers in both 2015 and 2016 - contrasted by continued growth in North America." That's not what is being reported. Many shale oil production facilities are no longer profitable in North America and credit for new efforts has completely dried up. And unless Congress can raise enough votes in both houses to overried Obama's promised veto of a bill to alow construction of the KXL Pipeline, Most of Canada's new oil production capacity will never reach the market. (Canada has ruled out pipelines from the Alberta tar sands to its own ocean coasts, so there is no alternative to KXL.)
Paul Merrell

Main U.S.-Backed Syrian Rebel Group Disbanding, Joining Islamists - The Daily Beast - 0 views

  • The Syrian rebel group Harakat al-Hazm, one of the White House’s most trusted militias fighting President Bashar al-Assad, collapsed Sunday, with activists posting a statement online from frontline commanders saying they are disbanding their units and folding them into brigades aligned with a larger Islamist insurgent alliance distrusted by Washington.
  • The apparent implosion comes just weeks after the Obama administration halved its funding of the 4,000-strong secular brigade—one of several more moderate rebel militias that have seen their U.S. funding cut or scaled back since Christmas.   Hazm has suffered an increasing number of defections in recent weeks in the face of repeated attacks from al Qaeda affiliate Jabhat al-Nusra on its remaining redoubts in Aleppo and in the area west of the city.This weekend the brigade suffered 300 casualties, say opposition officials, from fighting with the jihadists, and its leaders say that to avoid further bloodshed they have had no choice but to dissolve themselves and throw in their lot with the larger Shamiah Front, an alliance of mainly-Islamist militias in Aleppo. They say the morale of the militia—one of the few rebel brigades to have been trusted in the past by the U.S. with TOW anti-tank rockets—had plummeted as the American money spigot was slowly turned off.
  • A U.S. official said the secular militia had no alternative but to disband. He said it will now be crucial to see what individual Hazm fighters do, indicating that he hoped some would volunteer for the train-and-equip program.. A 50-man intelligence unit formed by Hazm to assist in on-the-ground damage assessment of U.S. airstrikes on ISIS and to provide information on al Nusra was disbanded because of the funding reductions, a senior opposition source told The Daily Beast.
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  • Hazm was frequently touted by Obama aides as one of the militias they could rely on—a brigade that could partner on train-and-equip.But like other moderate militias, the program didn’t sit well with Hazm fighters, who were infuriated with Washington at what they saw as a downgrading of their efforts to topple President Assad.
  • Hazm’s problems with al Nusra, al Qaeda’s franchise in Syria, have multiplied since late October when their jihadist foes overran several of the militia’s key strongholds in Idlib, including Khan al-Subul, where it stored about 10 percent of its equipment. Hazm denied reports that al Nusra fighters managed to seize U.S.-supplied TOW anti-tank missiles, but conceded that al Nusra was able to secure 20 tanks, five of which were fully functional; six new armored personnel carriers recently supplied from overseas; and dozens of the group’s walkie-talkies, which Hazm leaders bought themselves from Best Buy during a visit to the U.S.
  • The brigade’s failure to hold the line against al Nusra—as well as the failure of other Western-backed armed groups to assist the beleaguered Hazm—was one of the reasons given to The Daily Beast by a State Department official for the cutbacks in funding for several rebel groups.Another reason cited was the increasing tendency of the moderate and secular militias to coordinate with the Shamiah Front.
  • Aleppo-based rebels insist they have no choice but to work with the Front, which also coordinates operations against Syrian government forces inside Aleppo with al Nusra. “Without the front, Assad would overwhelm us,” says a secular rebel commander. He and other brigade commanders say the Obama administration’s train-and-equip plan has little to do with what is unfolding rapidly on the ground. Brigades are demoralized, disintegrating, and fighting among themselves.
  • While al Nusra has been fighting the moderate armed opposition to Assad, it has been left alone by rival ISIS, with clashes between the competing jihadists all but ceasing.
Paul Merrell

Sen. Menendez Top Recipient of MEK-Related Campaign Funding « LobeLog - 0 views

  • As readers of this blog already know, Sen. Robert Menendez (D-NJ) was the top congressional recipient of “pro-Israel” campaign funding in the 2012 election cycle, the last time he ran for office, according to the Center for Responsive Politics. He has since distinguished himself as the leading proponent among Senate’s Democrats of new sanctions against Iran. He has repeatedly co-sponsored sanctions legislation—with Mark Kirk (R-IL), the top recipient of pro-Israel campaign funding for the past decade—with the ostensible purpose of increasing pressure on Tehran to make far-reaching concessions at the negotiating table. It appears that Menendez has also been the top recipient of campaign funding from donors with ties to the Mojahedin-e Khalq (MeK), the cultish group that was until recently included on the State Department’s terrorism list, according to a new investigative report published Thursday by LobeLog alumni and occasional contributors Ali Gharib and Eli Clifton on The Intercept website. The article, “Long March of the Yellow Jackets: How a One-Time Terrorist Group Prevailed on Capitol Hill,” details how Menendez, then chairman of the Senate Foreign Relations Committee, maintained a hold for some six months—from July 2013 until late January 2014—on an arms package for the Iraqi government that included 24 Apache helicopters. Menendez explained publicly that he was concerned about then-Iraqi Prime Minister Nouri al-Maliki’s record of attacks against civilians and his tacitly allowing Iran to use Iraqi airspace to transport weapons to Syria.
  • But Ali and Eli cite sources that cumulatively suggest that Menendez’s position may have been influenced by intense lobbying on the part of pro-MeK individuals, including the lobbyist for one of the MeK’s political fronts and Menendez’s immediate predecessor, Robert Torricelli. Menendez finally lifted his hold after the Islamic State of Iraq and the Levant (ISIL) launched their first major offensive into al-Anbar province from bases along the Syrian-Iraqi border, taking Fallujah and most of Ramadi.
  • According to the article,Menendez accepted more than $25,000 from donors with ties to the MEK, making him the largest recipient from 2012, when the MeK was delisted that September, to the present. That’s not much compared to the well over $300,000 Menendez received from pro-Israel groups during the 2012 election cycle, but it was more than twice what was provided to the next biggest recipients, Sen. John McCain (R-AZ) and Rep. Dana Rohrabacher (R-CA). In any event, the article casts light on the seamier side of the politics around Iran, and it’s a good read besides.
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    MEK has a long history of serving as the "source" of forged documents Mossad wishes to place into circulation that purport to paint Iran as untrustworthy, e.g., the documents that say Iran used to have a nuclear weapons program. 
Paul Merrell

Leaked Audio Reveals Venezuelan Opposition in Secret Talks with IMF | venezuelanalysis.com - 0 views

  • A leaked audio of a conversation between Venezuelan businessman, Lorenzo Mendoza, and former politician, Ricardo Hausman, has revealed Venezuela’s political and business opposition to be seeking collaboration with the IMF (International Monetary Fund) ahead of the country’s parliamentary elections on December 6th. In the phone conversation, leaked in Venezuela last Wednesday, both men speak about the possibility of IMF intervention in the Venezuelan economy and frequently refer to each other as “mate”.   Mendoza currently ranks as one the wealthiest businessmen in the world and controls key areas of the Venezuelan economy, such as the production of cornflour, beer and other household staples. Government supporters hold him responsible for the widespread shortage of key products, which they say is an attempt to destabilise the administration of current leftwing President Nicolas Maduro.   Hausman was formerly Planning Minister (1992-1993) to disgraced ex-Venezuelan President president, Carlos Andres Perez. He currently resides in the US where he is a lecturer at the Kennedy School of Government at Harvard University. 
  • The recording has caused shockwaves amongst Venezuela’s citizens, who have widely rejected any IMF involvement in the country’s economics. The fund is largely held responsible by citizens for the country’s debt crisis in the 1980s, the economic turmoil of the 1990s, as well as for the riots known as the Caracazo in 1989 which led to widespread police repression and thousands of killings.  The IMF’s poisonous legacy in the country has led the country’s political opposition to distance itself publicly from the organisation. Nonetheless, its spokespeople have been consistently linked to the ill reputed fund over the past fifteen years of leftist government.  Earlier in February 2015, the political opposition led by Leopoldo Lopez, Maria Corina Machado and Antonio Ledezma, released a “Call for a National Transition Agreement” just days before the national government reported that it had uncovered plans for an attempted coup amongst the airforce.  “The Call for a National Transition” contained a number of points orientating the politics of a transitional regime in Venezuela, including selling off national public enterprises and the input of “international financial organisations”. 
  • In the audio, which is dominated by Hausman, the ex-minister reveals that he is a longterm friend of the IMF’s Vice-president for the Western Hemisphere, who has asked him to go to the organisation to “talk about Venezuela”. He explains that the fund is “worried” that it will have to “intervene” in the country.   “The condition is that we have a small committee meeting to speak, gloves off, about what the hell we can do to see… Or, if you were to receive a call from Obama or Holland, or whoever and they say… Hell, mate, for us it’s really important that they get involved in Venezuela,” says Hausman.  The economist also assures Mendoza that he is committed to the “war in Venezuela” despite his absence, stating that “there is no exit for Venezuela without substantial international help,” appearing to reference the opposition’s violent street campaign to unseat the government last year, entitled La Salida (the exit).  Specifically Hausman recommends a 40-50 billion dollar loan from the IMF, which he says will entail a significant restructure of the country’s “debt profile” and “what they euphemistically term, private sector involvement”. The two men also reference a group of Hausman’s students in the US, who appear to have been pinned by both men to carry out the economic restructuring in a post-Chavista government.  The conversation finishes with Hausman revealing that he has “projects” in Colombia, Mexico, Peru and Albania, and confirming that the time is right for “carrying out an adjustment plan in Venezuela”. 
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  • After the government publicly released the recording between Hausman and Mendoza last week, Venezuelan President Nicolas Maduro accused the opposition of once again seeking financial support from the IMF in order to promote “insurrectionary violence” in the country.  “I have proof that the IMF has received a visit from a group of technocrats… who have requested 60 billion dollars in order to put their plan into action, and the fund has told them that they will give them [the money] if they unseat the government,” stated the president on his weekly television show, In Contact with Maduro.  Although Maduro has yet to reveal evidence, Mendoza at least seems to have corroborated the authenticity of the phone conversation, which he has slammed as an “illegal” recording of a “private talk” that he had with Hausman.  Maduro has called for Mendoza to be prosecuted.  “I hope the judicial bodies react,” he stated. 
Paul Merrell

DOD, HUD Defrauded Taxpayers Of $21 Trillion From 1998 To 2015 - 0 views

  • Last year, a Reuters article brought renewed scrutiny to the budgeting practices of the U.S. Department of Defense (DOD), specifically the U.S. Army, after it was revealed that the department  had “lost” $6.5 trillion in 2015 due to “wrongful budget adjustments.” Nearly half of that massive sum, $2.8 trillion, was lost in just one quarter. Reuters noted that the Army “lacked the receipts and invoices to support those numbers [the adjustments] or simply made them up” in order to “create an illusion that its books are balanced.” Officially, the DOD has acknowledged that its financial statements for 2015 were “materially misstated.” However, this was hardly the first time the department had been caught falsifying its accounting or the first time the department had mishandled massive sums of taxpayer money.
  • The report, which examined in great detail the budgets of both the DOD and the Department of Housing and Urban Development (HUD), found that between 1998 and 2015 these two departments alone lost over $21 trillion in taxpayer funds. The funds lost were a direct result of “unsupported journal voucher adjustments” made to the departments’ budgets. According to the Office of the Comptroller, “unsupported journal voucher adjustments” are defined as “summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment [receipts, etc.] or are not tied to specific accounting transactions.” The report notes that, in both the private and public sectors, the presence of such adjustments is considered “a red flag” for potential fraud. The amount of money lost is truly staggering. As co-author Fitts noted in an interview with USA Watchdog, the amount unaccounted for over this 17 year period amounts to “$65,000 for every man, woman and child resident in America.” By comparison, the cost per taxpayer of all U.S. wars waged since 9/11 has been $7,500 per taxpayer. The sum is also enough to cover the entire U.S. national debt, which broke $20 trillion less than a month ago, and still have funds left over. What’s more, the actual amount of funds lost — measured at $21 trillion – is likely to be much higher, as the researchers were unable to recover data for every year over the period, meaning the assessment is incomplete.
Gary Edwards

Porter Stansberry- Porter Stansberry: These events confirm my greatest fears - 0 views

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    The Central Banksters of the World are printing money as fast as possible, and using this paper to buy up tons of GOLD.  Rather than lending to productive businesses, the Banksters are using their fiat paper volumes to buy up hard assets, with land, precious metals, and controlling positions in asset rich productive or leading commodity enterprises.  This is not going to end well for those left holding paper when it all crashes. "If you didn't take our warnings or strategies seriously before, I hope now you can see that we have been right: The authorities mean to print their bad sovereign debts away through an ongoing and massive inflation. Just how big is this inflation likely to be? When you look at the world's largest external debt positions, two economic areas appear as outliers: the European Union ($16 trillion) and the U.S. ($14.7 trillion). Even on a per-capita basis, the external foreign debts of the U.S. are enormous ($50,000 per person). Many countries in the European Union are in an even more precarious position. France has $74,000 in external debt per person. Germany has $57,000. These countries obviously have much to gain by printing the currency necessary to repay their obligations. I estimate we'll see at least another doubling of the monetary base in both the U.S. and the ECB. The question is how these nations' creditors will respond. In response... the West's creditors are piling into the one reserve asset no one can print: gold. Since the beginning of quantitative easing in America, Russia has almost doubled its holdings of gold, buying 500 tons. China bought 454 tons during the same period. And it's not only America's economic and military rivals who obviously no longer trust the U.S. dollar or the euro. In the last year, Switzerland's central bank has quietly increased its holdings of gold by nearly 25%. We are approaching the moment of a global paper currency collapse: In the second quarter of this year, central banks around the world
Gary Edwards

ObamaCare Turns Three: 10 Disturbing Facts Americans Have Learned - Investors.com - 0 views

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    Nice list of the top ten friction points certain to have Americans up in arms over ObamaCare as the socialization of the American Healthcare System kicks in.  I can't help but think that the real reason the Republican Party continues in their determination to fully FUND and implement ObamaCare is they know it will be the end of the Democrat Socialist Political Party.  What i'm not so sure about is if the Repubicans can avoid the anger of America for their  having funded ObamaCare, broken the treasury, destroyed the currency, and wrecked the country - all for the purpose, right or wrong, of getting rid of their socialist political enemies. excerpts: "... as ObamaCare's third anniversary approaches - President Obama signed it into law on March 23, 2010 - the country is starting to find out what the sweeping health care overhaul will actually do. ObamaCare backers typically tout popular features that went into effect almost immediately. The law expanded Medicare's drug coverage, for example, and let children stay on their parents' plans until they turned 26. But the bulk of ObamaCare doesn't take effect until next year. That's when the so-called insurance exchanges are supposed to be up and running, when the mandate on individuals and businesses kicks in, and when the avalanche of regulations on the insurance industry hits. As this start date draws near, evidence is piling up that ObamaCare will: ..... " ..... Boost Insurance Costs ................. ..... Push Millions Off Employer Coverage ............ ..... Cause Premiums to Skyrocket ............ ..... Cost Millions of People Their Jobs .............. .....  Tax The Middle Class Hard ............ .....  Add To The Growing Deficit .... $1.5 Trillion per year and counting........... .....  Cost Far More Than Promised ............. .....  Become a Bureaucratic Nightmare .... .....  Exacerbate Doctor Shortages ............ .....  Keave Millions of Americans Uninsured ....... 
Paul Merrell

The Progressive Movement is a PR Front for Rich Democrats » Counterpunch: Tel... - 0 views

  • There is good news in the Boston Globe today for the managers, development directors, visionaries, political hacks and propaganda flacks who run “the Progressive Movement.”   More easy-to-earn and easy-to-hide soft money, millions of dollars,  will be flowing to them from super rich Democrats and business corporations.  It will come clean, pressed and laundered through Organizing for Action, the latest incarnation of the Obama Money Machine which has recently morphed into a “nonpartisan non-profit corporation” that will  ‘‘strengthen the progressive movement and train our next generation of leaders.’’
  • Does this information concern you?  If not, you need to get out of the propaganda bubble of your Progressive Movement echo chamber and think.  Think hard.  Think about fundamental, radical, democratic, social and economic change, who might bring it about and how.  Ask yourself if the the rich elite, the 1%, are going to fund that.   Leave The Nation and Mother Jones on the shelf;  turn off Ed Schultz, Rachel Madow and Chris Hayes;  don’t open that barrage of email missives from Alternet, Media Matters, MoveOn, and the other think tanks;  and get your head out of the liberal blogosphere for a couple days.  Clear your mind and consider this:
  • The self-labeled Progressive Movement that has arisen over the past decade is primarily one big propaganda campaign serving the political interests of the the Democratic Party’s richest one-percent who created it.  The funders and owners of the Progressive Movement get richer and richer off Wall Street and the corporate system.  But they happen to be Democrats, cultural and social liberals who can’t stomach Republican policies, and so after bruising electoral defeats a decade ago they decided to buy a movement, one just like the Republicans, a copy. The Progressive Movement that exists today is their success story.  The Democratic elite created  a mirror image of the type of astroturf front groups and think tanks long ago invented, funded and promoted by the Reaganites and the Koch brothers.  The liberal elite own the Progressive Movement. 
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  • Real movements are not the creation of and beholden to millionaires.  The Progressive Movement is astroturf beholden to the rich elite, just as the Democratic millionaires and operatives of the Democracy Alliance intended.  The “movement’s” funding is in the hands of a small number of super rich Democrats and union bureaucrats and advisors who run with them.  Its talking points, strategies, tactics and PR campaigns are all at the service of the Democratic elite.  There is no grassroots organized progressive movement with power in the United States, and none is being built.  Indeed,  if anything threatens to emerge,  the cry  “Remember Nader!” arises and the budding insurgency is marginalized or coopted, as in the case of the Occupy Wall Street events.  Meanwhile, the rich elite who fund the Progressive Movement, and their candidates such as Barack Obama, are completely wedded to maintaining the existing status quo on Wall Street and in the corporate boardroom.  Their well-kept Progressive Movement is adept at PR, propaganda, marketing and fundraising necessary in the service of the Democratic Party and the corporate elite who rule it.
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    Why the anti-war and 99-percenter "progressives" never get around to ending wars and reforming Wall Street. Spot on. An excellent snapshot of where the real political power in the U.S. is. And for Gary, George Soros gets mentioned more than once.
Paul Merrell

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors - 0 views

  • Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.  
  • Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.”  The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
  • The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state: An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.
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  • No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.
  • If our IOUs are converted to bank stock, they will no longer be subject to insurance protection but will be “at risk” and vulnerable to being wiped out, just as the Lehman Brothers shareholders were in 2008.  That this dire scenario could actually materialize was underscored by Yves Smith in a March 19th post titled When You Weren’t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives.  She writes: In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders.
  • One might wonder why the posting of collateral by a derivative counterparty, at some percentage of full exposure, makes the creditor “secured,” while the depositor who puts up 100 cents on the dollar is “unsecured.” But moving on – Smith writes: Lehman had only two itty bitty banking subsidiaries, and to my knowledge, was not gathering retail deposits. But as readers may recall, Bank of America moved most of its derivatives from its Merrill Lynch operation [to] its depositary in late 2011. Its “depositary” is the arm of the bank that takes deposits; and at B of A, that means lots and lots of deposits. The deposits are now subject to being wiped out by a major derivatives loss. How bad could that be? Smith quotes Bloomberg:
  • . . . Bank of America’s holding company . . . held almost $75 trillion of derivatives at the end of June . . . . That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show. $75 trillion and $79 trillion in derivatives! These two mega-banks alone hold more in notional derivatives each than the entire global GDP (at $70 trillion).
  • Are you safe, then, if your money is in gold and silver? Apparently not – if it’s stored in a safety deposit box in the bank.  Homeland Security has reportedly told banks that it has authority to seize the contents of safety deposit boxes without a warrant when it’s a matter of “national security,” which a major bank crisis no doubt will be.
  • Another alternative was considered but rejected by President Obama in 2009: nationalize mega-banks that fail. In a February 2009 article titled “Are Uninsured Bank Depositors in Danger?“, Felix Salmon discussed a newsletter by Asia-based investment strategist Christopher Wood, in which Wood wrote: It is . . . amazing that Obama does not understand the political appeal of the nationalization option. . . . [D]espite this latest setback nationalization of the banks is coming sooner or later because the realities of the situation will demand it. The result will be shareholders wiped out and bondholders forced to take debt-for-equity swaps, if not hopefully depositors.
  • President Obama acknowledged that bank nationalization had worked in Sweden, and that the course pursued by the US Fed had not worked in Japan, which wound up instead in a “lost decade.”  But Obama opted for the Japanese approach because, according to Ed Harrison, “Americans will not tolerate nationalization.” But that was four years ago. When Americans realize that the alternative is to have their ready cash transformed into “bank stock” of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal.
Gary Edwards

Doug Casey: All Banks Are Bankrupt - Casey Research - 1 views

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    This interview should be must reading for every citizen of this world.  Doug Casey lays it out, explaining in the simplest of terms the problem of corrupt governments and banksters.  Put this RSS feed right next to Sir Charles' Priced In Gold" blog as essential to start your day with reading. excerpt: "Anyone with any sense should withdraw whatever cash they have in European banks, whether in euros or any other currency, immediately. Cyprus demonstrated that governments are quite willing and able to confiscate money sitting in a bank account in order to preserve the banking system. We live in Bizarro World. L: Why would it spread? Cyprus was said to be particularly vulnerable because of its strong Greek connections; Cypriot banks had bought of lot Greek debt. Would people in Luxembourg be as exposed? Doug: All banks are in effect creatures of the state at this point. They all own a lot of government bonds, which are considered the most secure form of capital. Of course, that's the opposite of the truth; all these governments are bankrupt as well. The Greek government is just more overtly bankrupt than most. Actually, we should take a minute here to discuss what a properly run banking system looks like. Historically, banks offered two types of accounts: demand deposits and time deposits. Demand deposits are what we call checking accounts today, but the original idea was that you'd pay your bank to store your money securely, and you had the right to "demand" your deposit back immediately, and to transfer funds via check. The idea of time deposits, which became savings accounts, was that the bank would pay you interest when you deposited your money with them for a specific period of time. That's why it's called a "time" deposit; you lent the bank your money for a given time, as did other depositors, and the banks would always know how much money they could lend out - at higher interest rates. Furthermore, loans made against time deposits were always short term
Gary Edwards

Senate Democrats Pushed for IRS Tea Party Snooping Before Criticizing It - Brian Walsh ... - 0 views

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    Democrats caught red handed pushing the IRS to audit, harass and delay efforts to establish Constitutional Patriot and Jewish Homeland non profit groups.   The Democrats political efforts behind the IRS's blatant violation of these American citizens 4th Amendment Right to organize and assemble dates back to the 2009 Supreme Court decision known as "Citizens United". In "Citizens Untied", the court ruled that corporations are people, and thus are entitled to 1st Amendment Rights.  Including full participation and monetary contributions in political campaigns. this ruling was further confirmed when the Supreme Court overturned a century old Montana Law prohibiting corporate spending in that State's elections.   The "Citizens United" ruling so upset Obama and the Socialist Party that he publicly scolded the Supreme Court justices during a State of the Union address.  The Progressives rightfully feared that corporations would ppour "unregulated independent expenditures" into newly formed Tea Party Patriot based non profits.  Unable to overturn Citizens United, the Dems called on the IRS and a host of other government bureaucracies to block, harass and slow down the funding of their political opposition. this article exposes the same Dem clowns who are now crying foul as the same tyrants who kicked off the IRS led effort to slow down the Tea Party Patriot opposition movement.   How the Jewish Homeland groups got into the IRS gun sights is still a mystery, but one thing is known:  With the election of Obama in 2008, the IRS moved from targeting non profit Muslim Groups as possible terrorist funding organizations, to targeting Tea Party Patriot movements.  Maybe that's also when they took on Jewish Homeland groups?  excerpt: "With Washington gripped by a trio of exploding scandals this week - from Benghazi to government spying on news outlets to thug tactics by the Internal Revenue Service - Senate Democrats seem to be hoping that if they just yell lou
Paul Merrell

Saudi Arabia in Search of a New Course | nsnbc international - 0 views

  • Saudi Arabia, one of the wealthiest countries in the world, is experiencing serious financial problems. The ongoing plummeting of oil prices is forcing the Saudis to be more careful with money. Tens of billions of dollars invested abroad are making a return to the kingdom. In July 2015, Saudi Arabia’s authorities, for the first time in 8 years, issued governmental bonds worth $4 bn.
  • Bloomberg reports that Saudi Arabia has already withdrawn $50-70 bn, which it had previously invested worldwide through management companies. It is noteworthy that the country has been withdrawing funds for the past six months. For example, Saudi Arabia’s SAMA Foreign Holdings reached its maximum in August 2014, having amounted to $737 bn. But since then, the fund has been shrinking because oil prices have dropped more than twice in this period. Saudi Arabia’s budget deficit is forecast to reach 20%; however, reduction of expenditures still remains a sensitive topic. In the context of the continuous fall in oil prices, Riyadh has worked out a plan to gradually reduce public spending to cope with a sharp decrease in budget revenues caused by the slumping oil prices. For example, Saudi Arabia’s Ministry of Finance has issued an order prescribing all state companies to temporary stop hiring new employees and launching new projects until the end of the fiscal year. In addition, the government procurement of new cars and furniture has also been put on hold as well as the signing and approval of new lease agreements for state institutions and enterprises. The expropriation of plots of land for the purpose of the subsequent extraction of oil has also been suspended throughout the country. The Ministry of Finance has, at the same time, demanded an acceleration in the collection procedure of oil revenues.
  • “To prove that the country indeed has a sound fiscal discipline, the government has to take steps to cut expenditures in the 4th quarter. Subsequently Saudi Arabia will be compelled to find new ways to reduce expenditures and boost efficiency in order to assure there will be no budget deficit in 2016,” John Sfakianakis, Director of the Middle East Division of the Ashmore Group, said in his interview to Bloomberg. It should be pointed out in that regard that oil revenues comprise about 90% of Saudi Arabia’s budget, and the landslide of oil prices of over 40% within the last 12 months adversely affected the country’s financial standing. And, although the kingdom’s debt burden remains one of the lowest in the world (less than 2% of the GDP), the kingdom’s international assets have been consistently shrinking for the last nine months and reached a two year minimum. This situation directly influences the policy of OPEC since Saudi Arabia (which extracts almost 30% of the OPEC’s oil, positions itself as an extremely influential raw material supplier, maintains powerful military forces, and has its own global ambitions, immense resources and substantial diplomatic experience) de facto plays the role of the shadow leader of this organization. At times siding with the US, and then pursuing its own interests, the kingdom has assumed such an influential position in the international community that other countries revere its opinion, and as for the last oil crisis, Saudi Arabia is seen as its key player.
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  • And, based on the information provided by the international mass media, the Saudi leadership has split in their opinion on whether to continue funding Syria or to begin reducing their financial commitment. “Riyadh is facing a choice: to give more support to the moderate opposition or to look for a compromise,” an American expert on national security, James Farvell, wrote in The National Interest. The expert explained that if Saudis offer more support, that would trigger a confrontation with Russia, but if they side with Moscow, Russia’s regional influence might be reinforced and that might, in turn, challenge Saudi Arabia’s interests. Because of this dilemma, controversial information regarding Saudi’s decisions are appearing in the press. On the one hand, Saudi Arabia was one of the first to condemn Russia after the beginning of the Russian military operation in Syria on September 30. It accused Russia of bombing the troops of moderate opposition instead of ISIS. “These attacks resulted in the deaths of numerous innocent victims. We call for a stop it immediately,” demagogically and groundlessly said the representative of Saudi Arabia Abdallah al-Muallimi in the UN. Simultaneously 53 religious leaders signed an online appeal to support a jihad against the Syrian authorities as well as the presence of Russia and Iran in this country. They appealed to the countries of the Muslim world to render “moral, financial, military and political support to those who are called the ‘holy warriors of Syria’.” The authors of the appeal explicitly stated that if they fail, the other Sunni states in the region, and, first of all, Saudi Arabia will be the next victims.
  • With reference to a high-ranking Saudi official who wished to remain anonymous, the BBC stated that armed groups of the so-called moderate opposition would receive new, high-tech weapons, including tank destroyers. Jaish al-Fath, The Free Syrian Army and The Southern Front moderate opposition groups will also receive support. According to the source, it is quite likely that the “moderate opposition” in Syria will receive surface-to-air systems as well. Keeping in mind that Russia is carrying out air strikes across not only the facilities of ISIS, but also the above listed groups, a scenario when Saudis turn their weapon against Russian aviation is quite possible. On the other hand, a curious document, apparently a copy of the instructions issued for the embassies of Saudi Arabia in the Middle Eastern countries, has been uploaded to the Internet. The main idea of the documents is that all the diplomatic representative offices should gradually cease financial support of the armed Syrian opposition, apparently owing to the low efficiency of militants’ activities. The authenticity of the document raises certain doubts, as is always the case with such documents. However, specialists in the Arabic language concluded that the text was written by a native speaker, and that the document’s design conforms to the style adopted in Saudi Arabia. It shouldn’t be ruled out that the drying up of the source of funding, that militants used to receive from the Saudis, against the backdrop of a certain degree of success of the government troops as well as the increasing military and technical assistance to Syria on the part of Russia, have convinced many “oppositionists” to surrender and change masters. This process is expected to only accelerate in the future.
  • On Sunday, October 11, the Defense Minister, Mohammed bin Salman, visited Sochi. The search for common ground on the issues related to the situation in Syria was the main theme of the meeting held by the son of the Saudi king and Vladimir Putin. The parties also discussed the prospects of their economic cooperation. And, since Saudi Arabia is currently experiencing certain financial difficulties and is in the “clutches” of economic uncertainty, this topic was of a special interest. It was the second visit to the Russian Federation of the Saudi prince, who currently carries out sensitive missions related to the complex relations between the two countries. It should be noted that King of Saudi Arabia Salman bin Abdulaziz Al Saud has been admitted to hospital in a critical condition and is currently being kept in the intensive care unit of the King Faisal royal hospital in Riyadh.
Gary Edwards

Soros, Leader of the Liberal Empire - New Emails Reveal His Control in the Clinton Camp... - 0 views

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    "If Hillary Clinton becomes the President of the United States, then liberal billionaire George Soros becomes the most powerful person on the planet.  EARLIER TODAY, DML POSTED A VIDEO OF SOROS STATING HE WANTS ONE-WORLD-GOVERNANCE (SEE IT WITH YOUR OWN EYES BY CLICKING HERE). That said, WikiLeaks has unleashed another flood of emails showing Soros was the VIP to be pleased by all Clinton aides and team members, almost at any cost. A new batch of John Podesta emails show Clinton was advised to do fundraisers and profiting events for one simple reason: to make Soros "happy." Example 1: On Oct. 7, 2014, top aide Huma Abedin wrote an email to campaign manager Robby Mook that Soros is expecting Clinton to appear at a fundraiser for America Votes, a liberal Soros-funded organization. "I would only do this for political reasons (ie to make Soros happy)," Mook replied. Example 2: On Jan. 23, 2011, Soros wrote a specifically scripted email to Clinton regarding a "a serious situation" in Albania, claiming certain actions needed to be done "urgently." He suggested appointing a mediator, Miroslav Lajcak. The next day, Lajcak met Albanian leaders for a mediation effort. Example 3: This one is downright sinister in nature. Hours after Justice Antonin Scalia was reported dead on Feb. 13, 2016, Chris Stone, the president of the Open Society Foundations that Soros funds, cryptically emailed Podesta the following: "Remember our discussion of Wallace Jefferson, [former] Chief Justice in Texas?" Podesta's simple response: "Yup." Other examples of emails show a plethora of Soros' policy beliefs and suggestions being passed on to Clinton and Podesta: An invitation to the screening of a film about climate change at Soros' house in July 2015; a short documentary based on Soros' essays about Ukraine in January 2015; a Soros-authored piece titled "Recapitalize the Banking System" in October 2008; the crisis in Malaysia and TPP. In the en
sandy0988

Zakir Naik's IRF gets fund from Dawood and ISI, ED hinted - 0 views

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    IRF funded from many accounts belong to Karachi
Gary Edwards

Tomgram: Nomi Prins, Goldmanizing Donald Trump | TomDispatch - 0 views

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    "The Goldman Sachs Effect How a Bank Conquered Washington By Nomi Prins This is a MUST READ document. Yeah, and it should scare the crap out of all of us. .............................................. Irony isn't a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people did not share in its wealth."  Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come. Infusing Washington with Goldman alums isn't exactly an original idea. Three of the last four presidents, including The Donald, have handed the wheel of the U.S. economy to ex-Goldmanites. But in true Trumpian style, after attacking Hillary Clinton for her Goldman ties, he wasn't satisfied to do just that.  He had to do it bigger and better.  Unlike Bill Clinton and George W. Bush, just a sole Goldman figure lording it over economic policy wasn't enough for him. Only two would do. The Great Vampire Squid Revisited Whether you voted for or against Donald Trump, whether you're gearing up for the revolution or waiting for his next tweet to drop, rest assured that, in the years to come, the ideology that matters most won't be that of the "forgotten" Americans of his Inaugural Address. It will be that of Goldman Sachs and it will dominate the domestic economy and, by extension, the global one. At the dawn of the twentieth century, when President Teddy Roosevelt governed the country on a platform of trust busting aimed at reducing corporate power, even he could not bring himself to bust up the banks.  That was a mistake
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