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Gary Edwards

Bailouts Of Bondholders Will Sock Taxpayers With $10-$14 Trillion Loss - 0 views

www.businessinsider.com/ith-10-14-trillion-loss-2009-3

financial-crisis obama-socialism banksters

shared by Gary Edwards on 23 Mar 09 - Cached
  • Gary Edwards on 23 Mar 09
     
    The holders [of this debt] are not just banks, but insurance companies, pension funds, foreign lenders, and others. Even so, there is no way to prevent huge, ongoing losses, because the cash flows off of these assets are not sufficient to service the debt. The only question is whether the bondholders appropriately bear those losses, or whether the public bears them inappropriately. A continued policy of protecting all of these bondholders would eventually require U.S. citizens to be put on the hook for something on the order of $10-14 trillion. We are nowhere near the end of this process. We simply cannot make these bad investments whole unless we are willing to hand the next 10-20 years of U.S. private savings over to the bondholders who financed reckless lending.
Gary Edwards

Flimsy Treasury Auctions Signal the USA Is Heading For A Debt Crisis - 0 views

www.google.com/...view

obammunism obamanomics financial-crisis unsustainable-debt banksters

shared by Gary Edwards on 09 Apr 10 - No Cached
  • Gary Edwards on 09 Apr 10
     
    excerpts:  With a $3.83 trillion budget, a $12.3 trillion federal government debt, a $1.35 trillion 2010 budget deficit and $63 trillion in unfunded liabilities, the fiscal condition of the US has come into question and foreign interest in US Treasuries has declined.  In late March, it was reported that the 10-year US Treasury Note yield had risen 30 basis points and that foreign holders of 10-year Notes were selling in record numbers. It seems unlikely that direct bidders within the US can compensate indefinitely, or to an unlimited extent, for falling foreign demand.  Commenting on the ambitious spending plans of the US federal government, Zhu Min, Deputy Governor of the People's Bank of China said in December 2009 that "the world does not have so much money to buy more US Treasuries." It would certainly be unreasonable for the US federal government and Federal Reserve to assume that ambitious deficit spending and ongoing quantitative easing (QE) would have no cumulative impact on US Treasury auctions.  If there is a limit to foreign appetite for US debt, to foreign capacity to lend to the US, or to international tolerance for US dollar devaluation, the US government and Federal Reserve seem determined to find it. It seems unlikely that direct bidders within the US can compensate indefinitely, or to an unlimited extent, for falling foreign demand.  Commenting on the ambitious spending plans of the US federal government, Zhu Min, Deputy Governor of the People's Bank of China said in December 2009 that "the world does not have so much money to buy more US Treasuries." It would certainly be unreasonable for the US federal government and Federal Reserve to assume that ambitious deficit spending and ongoing quantitative easing (QE) would have no cumulative impact on US Treasury auctions.  If there is a limit to foreign appetite for US debt, to foreign capacity to lend to the US, or to international tolerance for US dollar devaluation, the US government and Feder
Gary Edwards

Government Stupidity - Must-read: How the gov't could save $1.6 trillionand solve the "... - 1 views

www.thedailycrux.com/...eml

Dan-Ferris Federal-Reserve-Bank-Cartel Banksters financial-collapse national-debt-Ceiling banksters

shared by Gary Edwards on 26 Jul 11 - No Cached
  • Gary Edwards on 26 Jul 11
     
    YES!  This works for me.  The Banksters should not profit from the corruption of our politicians.   Keep in mind that the recent GAO audit of the Federal Reserve - the first audit in a 100 yrs, making it the first audit ever, has disclosed that in 2009 and 2010, the bankster cartel gave over $16 Trill to international and wall street banks - interest free.  Don't you think they could spare us $1.6 Trill of our own money?   Many thanks to Dan Ferris ......  There's another solution to the debt ceiling problem that would instantly eliminate $1.6 trillion in government debt. In other words, it would instantly reduce the national debt to approximately $1.6 trillion below the debt ceiling. That would give the President and Congress at least a year to hash out an agreement on spending cuts and tax increases. The plan is elegantly simple and radical. The largest holder of U.S. Treasury debt is the Federal Reserve Bank of the United States, the central bank of the United States. Texas Congressman Ron Paul has proposed the Federal Reserve simply cancel the $1.6 trillion in Treasury debt it holds. The Federal Reserve owns the bonds, so the Treasury is paying the Fed interest. The Fed in turn refunds the interest back to the Treasury. This is theatre of the absurd. Though the Fed is technically a privately owned bank, it's really the hand maiden of the government. It was created by a government act and is overseen by a government-appointed board of governors. For practical intents and purposes, the government owns the Fed's Treasury debt holdings. In other words, the government is borrowing from itself and manufacturing an enormous liability on which it must make interest payments - to itself! I hope you're starting to get the feeling the government is playing games and inventing a phony crisis. That's much closer to the truth. But the government's shell game of lending to itself could turn genuinely ugly.
Gary Edwards

Fast And Furious: 22 Shocking Facts About The Scandal That Could Bring Down The Obama A... - 0 views

endoftheamericandream.com/...-down-the-obama-administration

fast-and-furious 2nd-Ammendment Obammunism Obama-destroy-the-Constitution-effort Guns

shared by Gary Edwards on 05 Oct 11 - No Cached
  • Gary Edwards on 05 Oct 11
     
    Good summary of the facts involving the horrific guns for drugs program launched by Obama in his continuing efforts to discredit and compromise the 2nd Amendment.  Over 2,500 assault weapons intentionally sold to illegal Mexican drug gangs, using over $10 Million of Obama "Stimulous Funds".  No wonder there are no shovel ready projects.  Good stuff coming out of CBS too!  From Sharyl Attkisson... excerpt: With the full knowledge of the Department of Justice, ATF agents facilitated the sale of thousands of guns to Mexican drug cartels and dropped all surveillance of those weapons once they crossed the border.  Weapons sold during Operation Fast and Furious have been used to shoot U.S. border control agents.  Weapons sold during Operation Fast and Furious have been found at dozens of crime scenes in Mexico.  Nobody has been held accountable for this scandal yet.  U.S. Attorney General Eric Holder has been stonewalling all efforts by members of Congress to look into Fast and Furious.  A CBS reporter that has been aggressively investigating this story was recently screamed at and cussed at by a high ranking official that works in the White House.  It has become abundantly clear that the Obama administration desperately wants to hide what went on during Operation Fast and Furious.  So will they succeed or will we eventually find out the truth? What you are about to read should shock the living daylights out of you.  The U.S. government purposely armed Mexican drug cartels with thousands of guns and then ordered agents not to follow the weapons across the border. This should be a story that the mainstream media is pounding on every single day. But they aren't. In fact, they are mostly ignoring it.
Gary Edwards

The Right Way To Reform Wall Street: Let Stupid Firms Fail! - 0 views

www.businessinsider.com/errible-washington-idea-2009-9

financial-crisis financial-oligarchs banksters

shared by Gary Edwards on 18 Sep 09 - Cached
  • Gary Edwards on 18 Sep 09
     
    Let stupid firms fail. We need to get back to that. Yes, the fact that the "stupid firms" this time around included most of Wall Street shows that special rules of financial bankruptcy should apply so the whole system doesn't collapse.  But the firms need to be allowed to fail. What should the special rules of financial bankruptcy be? managements should be tossed compensation contracts and other liabilities should be torn up,  bonus pools should be zeroed until the firms return to annual profitability equity and preferred holders should be wiped out, and junior bondholders should get a major haircut through the immediate, forced conversion of debt to equity. All of this should happen not over years in the courts, but overnight--in the manner in which the FDIC seizes failing banks.  In such proceedings, all of Wall Street's idiocy enablers will lose their shirts: The folks who work the at the firms, the folks who lend money to the firms, the folks who invest in the firms and trust the firms' managements to be something other than morons. Losing your shirt generally has a sobering effect on decision-making.  As long as managers, lenders, and shareholders know they will lose their shirts, the next generation of Wall Street enablers will likely be far more careful and demanding than their predecessors, at least for a little while (and don't hallucinate that the Fed's new policy is anything other than temporary). 
Gary Edwards

If You Are Known by the Company You Keep, What do Obama's Associates Say About Him? | P... - 0 views

www.personalliberty.com/...7949

marxism watermelons stallinist international-socialism obama-socialism

shared by Gary Edwards on 26 Oct 09 - Cached
  • Gary Edwards on 26 Oct 09
     
    A compiled list briefly profiling Obama's most important associations.  Most of whom are radical Marxists, racists and social revolutionaries hating Christians, Jews, and the ordered liberty guaranteed by our Constitution.  The list includes William Ayers, Carol Browner, Frank Marshall Davis, Anita Dunn, Dr. Eziekiel Emanuel, Rahm Emanuel, Chai Feldblum, Patrick Gaspard, Eric Holder, John Holdren, Valerie Jarret, Kevin Jennings, Van Jones, Mark Lloyd, Cecelia Munoz, Cass Sunstein, and uber racist Jeremiah Wright.  Good cheat sheet for future reference.
Gary Edwards

Jim Kunstler's 2014 Forecast - Burning Down The House | Zero Hedge - 0 views

www.zerohedge.com/...14-forecast-burning-down-house

Banksters

shared by Gary Edwards on 08 Jan 14 - No Cached
  • Gary Edwards on 08 Jan 14
     
    Incredible must read analysis. Take away: the world is going to go "medevil". It's the only way out of this mess. Since the zero hedge layout is so bad, i'm going to post as much of the article as Diigo will allow: Jim Kunstler's 2014 Forecast - Burning Down The House Submitted by Tyler Durden on 01/06/2014 19:36 -0500 Submitted by James H. Kunstler of Kunstler.com , Many of us in the Long Emergency crowd and like-minded brother-and-sisterhoods remain perplexed by the amazing stasis in our national life, despite the gathering tsunami of forces arrayed to rock our economy, our culture, and our politics. Nothing has yielded to these forces already in motion, so far. Nothing changes, nothing gives, yet. It's like being buried alive in Jell-O. It's embarrassing to appear so out-of-tune with the consensus, but we persevere like good soldiers in a just war. Paper and digital markets levitate, central banks pull out all the stops of their magical reality-tweaking machine to manipulate everything, accounting fraud pervades public and private enterprise, everything is mis-priced, all official statistics are lies of one kind or another, the regulating authorities sit on their hands, lost in raptures of online pornography (or dreams of future employment at Goldman Sachs), the news media sprinkles wishful-thinking propaganda about a mythical "recovery" and the "shale gas miracle" on a credulous public desperate to believe, the routine swindles of medicine get more cruel and blatant each month, a tiny cohort of financial vampire squids suck in all the nominal wealth of society, and everybody else is left whirling down the drain of posterity in a vortex of diminishing returns and scuttled expectations. Life in the USA is like living in a broken-down, cob-jobbed, vermin-infested house that needs to be gutted, disinfected, and rebuilt - with the hope that it might come out of the restoration process retaining the better qualities of our heritage.
Paul Merrell

Wanted! Obama » CounterPunch: Tells the Facts, Names the Names - 0 views

www.counterpunch.org/...cyberwarfare-in-high-gear

surveillance state Obama China U.S.-foreign-policy cyberwar

shared by Paul Merrell on 23 May 14 - No Cached
  • It is as though Edward Snowden’s disclosures had never been made, or the US practices in themselves perpetrated. Yet AG Holder with all the majesty of office declares China engaged in criminal economic espionage against America, even DOJ issuing “wanted” posters, pictures and names, of five army officers to stand trial in Pennsylvania for cyberattacks on US corporations and the Steelworkers’ Union. More like it would be, the International Criminal Court issuing an Obama “wanted” poster for war crimes that include intervention, regime change, and assassination, and the World Trade Organization (if it were not dominated already by the US) for the exact kind of espionage Holder charges against China. If we are to be symmetrical, how about a Beijing court issuing subpoenas, accompanied by “wanted” posters for five members of OTNS (Obama Team National Security), say, Clapper, Rice, Comey, Brennan, and Dempsey? The chance of US honoring the request for the extradition of its five, is about as slim as China honoring the request for extraditing, though at a lower functional level in policy making and execution, its five—perhaps selected at random, unless the US has hacked into the computers of, or placed informants in (or both)–the People’s Liberation Army (PLA Unit61398).
  • Paul Merrell on 23 May 14
     
    Interesting essay on the foolishness of the Obama Administrations criminal charges against five Chinese generals for cyber-espionage. 
Paul Merrell

Court Denies Motion to Dismiss State Secrets Case - 0 views

fas.org/...ssp-denial

government secrecy state-secrets Restis litigation court-order

shared by Paul Merrell on 31 Oct 14 - No Cached
  • A federal court yesterday denied a government motion to dismiss a pending lawsuit that the Obama Administration said involved state secrets. It appears to be the first time that such a motion for dismissal has ever been rejected in a state secrets case. [Update: Not so. There was a previous instance; see below.] The lawsuit, Gulet Mohamed v. Eric H. Holder, concerns the constitutionality of the “no fly” list. The government filed its dismissal motion last May 28. It included a declaration from Attorney General Eric Holder in which he asserted “a formal claim of the state secrets privilege in order to protect the national security interests of the United States.” An accompanying memorandum of law elaborated on the government’s claim. In August, Judge Anthony J. Trenga of the Eastern District of Virginia ordered the government to provide copies of the assertedly privileged documents for his in camera review. After initially resisting and seeking reconsideration of that order, the government complied. Based on his review, Judge Trenga yesterday issued his order denying the government motion for dismissal of the case. He said that “the information presented to date by the defendants in support of the state secrets privilege as to these documents is insufficient” to justify suspending the proceeding, though he declined to rule definitively on whether the state secrets privilege did or did not apply to any of the documents. He did allow that some of the documents appear to contain security sensitive information that may be subject to a law enforcement privilege.
  • Paul Merrell on 31 Oct 14
     
    According to the Order, plaintiff's counsel will be allowed to participate in the in camera review of the disputed documents under terms of a protective order. Courts have been noticeably more hostile to government claims of secrecy since Edward Snowden's disclosures.
Paul Merrell

WASHINGTON: CIA admits it broke into Senate computers; senators call for spy chief's ou... - 0 views

www.mcclatchydc.com/...-staffers-accessed-senate.html

surveillance state CIA torture Senate-Intelligence_Committee-Report Brennan

shared by Paul Merrell on 01 Aug 14 - No Cached
  • An internal CIA investigation confirmed allegations that agency personnel improperly intruded into a protected database used by Senate Intelligence Committee staff to compile a scathing report on the agency’s detention and interrogation program, prompting bipartisan outrage and at least two calls for spy chief John Brennan to resign.“This is very, very serious, and I will tell you, as a member of the committee, someone who has great respect for the CIA, I am extremely disappointed in the actions of the agents of the CIA who carried out this breach of the committee’s computers,” said Sen. Saxby Chambliss, R-Ga., the committee’s vice chairman.
  • The rare display of bipartisan fury followed a three-hour private briefing by Inspector General David Buckley. His investigation revealed that five CIA employees, two lawyers and three information technology specialists improperly accessed or “caused access” to a database that only committee staff were permitted to use.Buckley’s inquiry also determined that a CIA crimes report to the Justice Department alleging that the panel staff removed classified documents from a top-secret facility without authorization was based on “inaccurate information,” according to a summary of the findings prepared for the Senate and House intelligence committees and released by the CIA.In other conclusions, Buckley found that CIA security officers conducted keyword searches of the emails of staffers of the committee’s Democratic majority _ and reviewed some of them _ and that the three CIA information technology specialists showed “a lack of candor” in interviews with Buckley’s office.
  • The inspector general’s summary did not say who may have ordered the intrusion or when senior CIA officials learned of it.Following the briefing, some senators struggled to maintain their composure over what they saw as a violation of the constitutional separation of powers between an executive branch agency and its congressional overseers.“We’re the only people watching these organizations, and if we can’t rely on the information that we’re given as being accurate, then it makes a mockery of the entire oversight function,” said Sen. Angus King, an independent from Maine who caucuses with the Democrats.The findings confirmed charges by the committee chairwoman, Sen. Dianne Feinstein, D-Calif., that the CIA intruded into the database that by agreement was to be used by her staffers compiling the report on the harsh interrogation methods used by the agency on suspected terrorists held in secret overseas prisons under the George W. Bush administration.The findings also contradicted Brennan’s denials of Feinstein’s allegations, prompting two panel members, Sens. Mark Udall, D-Colo., and Martin Heinrich, D-N.M., to demand that the spy chief resign.
  • ...7 more annotations...
  • Another committee member, Sen. Ron Wyden, D-Ore., and some civil rights groups called for a fuller investigation. The demands clashed with a desire by President Barack Obama, other lawmakers and the CIA to move beyond the controversy over the “enhanced interrogation program” after Feinstein releases her committee’s report, which could come as soon as next weekMany members demanded that Brennan explain his earlier denial that the CIA had accessed the Senate committee database.“Director Brennan should make a very public explanation and correction of what he said,” said Sen. Carl Levin, D-Mich. He all but accused the Justice Department of a coverup by deciding not to pursue a criminal investigation into the CIA’s intrusion.
  • “I thought there might have been information that was produced after the department reached their conclusion,” he said. “What I understand, they have all of the information which the IG has.”He hinted that the scandal goes further than the individuals cited in Buckley’s report.“I think it’s very clear that CIA people knew exactly what they were doing and either knew or should’ve known,” said Levin, adding that he thought that Buckley’s findings should be referred to the Justice Department.A person with knowledge of the issue insisted that the CIA personnel who improperly accessed the database “acted in good faith,” believing that they were empowered to do so because they believed there had been a security violation.“There was no malicious intent. They acted in good faith believing they had the legal standing to do so,” said the knowledgeable person, who asked not to be further identified because they weren’t authorized to discuss the issue publicly. “But it did not conform with the legal agreement reached with the Senate committee.”
  • Feinstein called Brennan’s apology and his decision to submit Buckley’s findings to the accountability board “positive first steps.”“This IG report corrects the record and it is my understanding that a declassified report will be made available to the public shortly,” she said in a statement.“The investigation confirmed what I said on the Senate floor in March _ CIA personnel inappropriately searched Senate Intelligence Committee computers in violation of an agreement we had reached, and I believe in violation of the constitutional separation of powers,” she said.It was not clear why Feinstein didn’t repeat her charges from March that the agency also may have broken the law and had sought to “thwart” her investigation into the CIA’s use of waterboarding, which simulates drowning, sleep deprivation and other harsh interrogation methods _ tactics denounced by many experts as torture.
  • Buckley’s findings clashed with denials by Brennan that he issued only hours after Feinstein’s blistering Senate speech.“As far as the allegations of, you know, CIA hacking into, you know, Senate computers, nothing could be further from the truth. I mean, we wouldn’t do that. I mean, that’s _ that’s just beyond the _ you know, the scope of reason in terms of what we would do,” he said in an appearance at the Council on Foreign Relations.White House Press Secretary Josh Earnest issued a strong defense of Brennan, crediting him with playing an “instrumental role” in the administration’s fight against terrorism, in launching Buckley’s investigation and in looking for ways to prevent such occurrences in the future.Earnest was asked at a news briefing whether there was a credibility issue for Brennan, given his forceful denial in March.“Not at all,” he replied, adding that Brennan had suggested the inspector general’s investigation in the first place. And, he added, Brennan had taken the further step of appointing the accountability board to review the situation and the conduct of those accused of acting improperly to “ensure that they are properly held accountable for that conduct.”
  • The allegations and the separate CIA charge that the committee staff removed classified documents from the secret CIA facility in Northern Virginia without authorization were referred to the Justice Department for investigation.The department earlier this month announced that it had found insufficient evidence on which to proceed with criminal probes into either matter “at this time.” Thursday, Justice Department officials declined comment.
  • In her speech, Feinstein asserted that her staff found the material _ known as the Panetta review, after former CIA Director Leon Panetta, who ordered it _ in the protected database and that the CIA discovered the staff had it by monitoring its computers in violation of the user agreement.The inspector general’s summary, which was prepared for the Senate and the House intelligence committees, didn’t identify the CIA personnel who had accessed the Senate’s protected database.Furthermore, it said, the CIA crimes report to the Justice Department alleging that panel staffers had removed classified materials without permission was grounded on inaccurate information. The report is believed to have been sent by the CIA’s then acting general counsel, Robert Eatinger, who was a legal adviser to the interrogation program.“The factual basis for the referral was not supported, as the author of the referral had been provided inaccurate information on which the letter was based,” said the summary, noting that the Justice Department decided not to pursue the issue.
  • Christopher Anders, senior legislative counsel with the American Civil Liberties Union, criticized the CIA announcement, saying that “an apology isn’t enough.”“The Justice Department must refer the (CIA) inspector general’s report to a federal prosecutor for a full investigation into any crimes by CIA personnel or contractors,” said Anders.
  • Paul Merrell on 01 Aug 14
     
    And no one but the lowest ranking staffer knew anything about it, not even the CIA lawyer who made the criminal referral to the Justice Dept., alleging that the Senate Intelligence Committee had accessed classified documents it wasn't authorized to access. So the Justice Dept. announces that there's insufficient evidence to warrant a criminal investigation. As though the CIA lawyer's allegations were not based on the unlawful surveillance of the Senate Intelligence Committee's network.  Can't we just get an official announcement that Attorney General Holder has decided that there shall be a cover-up? 
Paul Merrell

Frightening People into Silence by Andrew P. Napolitano -- Antiwar.com - 0 views

original.antiwar.com/...chilling-governmental-behavior

surveillance state 1st Amendment chill Obama Holder Napolitano COINTELPRO

shared by Paul Merrell on 18 Jul 14 - No Cached
  • by Andrew P. Napolitano, July 17, 2014 Print This | Share This “Chilling” is the word lawyers use to describe governmental behavior that does not directly interfere with constitutionally protected freedoms, but rather tends to deter folks from exercising them. Classic examples of “chilling” occurred in the 1970s, when FBI agents and U.S. Army soldiers, in business suits with badges displayed or in full uniform, showed up at anti-war rallies and proceeded to photograph and tape record protesters. When an umbrella group of protesters sued the government, the Supreme Court dismissed the case, ruling that the protesters lacked standing – meaning, because they could not show that they were actually harmed, they could not invoke the federal courts for redress. Yet, they were harmed, and the government knew it. Years after he died, longtime FBI boss J. Edgar Hoover was quoted boasting of the success of this program. The harm existed in the pause or second thoughts that protesters gave to their contemplated behavior because they knew the feds would be in their faces – figuratively and literally. The government’s goal, and its limited success, was to deter dissent without actually interfering with it. Even the government recognized that physical interference with and legal prosecutions of pure speech are prohibited by the First Amendment. Eventually, when this was exposed as part of a huge government plot to stifle dissent, known as COINTELPRO, the government stopped doing it.
  • Until now. Now, the government fears the verbal slings and arrows of dissenters, even as the means for promulgating one’s criticisms of the government in general and of President Obama in particular have been refined and enhanced far beyond those available to the critics of the government in the 1970s. So, what has the Obama administration done to stifle, or chill, the words of its detractors? For starters, it has subpoenaed the emails and home telephone records of journalists who have either challenged it or exposed its dark secrets. Among those journalists are James Risen of The New York Times and my colleague and friend James Rosen of Fox News. This is more personal than the NSA spying on everyone, because a subpoena is an announcement that a specific person’s words or effects have been targeted by the government, and that person continues to remain in the government’s crosshairs until it decides to let go.
  • This necessitates hiring legal counsel and paying legal fees. Yet, the targeting of Risen and Rosen was not because the feds alleged that they broke the law – there were no such allegations. Rather, the feds wanted to see their sources and their means of acquiring information. What journalist could perform his work with the feds watching? The reason we have a First Amendment is to assure that no journalist would need to endure that.
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  • And just last week, Attorney General Eric Holder, while in London, opined that much of the criticism of Obama is based on race – meaning that if Obama were fully white, his critics would be silent. This is highly inflammatory, grossly misleading, patently without evidential support and, yet again, chilling. Tagging someone as a racist is the political equivalent of applying paint that won’t come off. Were the Democrats who criticized Attorney General Alberto Gonzales or Secretary of State Condoleezza Rice racists? Is it appropriate for government officials to frighten people into silence by giving them pause before they speak, during which they basically ask themselves whether the criticism they are about to hurl is worth the pain the government will soon inflict in retaliation? The whole purpose of the First Amendment is to permit, encourage and even foment open, wide, robust debate about the policies and personnel of the government. That amendment presumes that individuals – not the government – will decide what language to read and hear. Because of that amendment, the marketplace of ideas – not the government – will determine which criticisms will sink in and sting and which will fall by the wayside and be forgotten.
  • Surely, government officials can use words to defend themselves; in fact, one would hope they would. Yet, when the people fear exercising their expressive liberties because of how the governmental targets they criticize might use the power of the government to stifle them, we are no longer free. Expressing ideas, no matter how bold or brazen, is the personal exercise of a natural right that the government in a free society is powerless to touch, directly or indirectly. Yet, when the government succeeds in diminishing public discourse so that it only contains words and ideas of which the government approves, it will have succeeded in establishing tyranny. This tyranny – if it comes – will not come about overnight. It will begin in baby steps and triumph before we know it. Yet we do know that it already has begun.
Paul Merrell

New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners | nsnbc internati... - 0 views

nsnbc.me/...-ins-hit-depositors-pensioners

banksters G20-summit deposits Cyprus bail-ins

shared by Paul Merrell on 02 Dec 14 - No Cached
  • On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again.
  • It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking. Russell Napier, writing in ZeroHedge, called it “the day money died.” In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a “haircut,” says Napier, deposits are now “just part of commercial banks’ capital structure.” That means they can be “bailed in” or confiscated to save the megabanks from derivative bets gone wrong.
  • Rather than reining in the massive and risky derivatives casino, the new rules prioritize the payment of banks’ derivatives obligations to each other, ahead of everyone else. That includes not only depositors, public and private, but the pension funds that are the target market for the latest bail-in play, called “bail-inable” bonds. “Bail in” has been sold as avoiding future government bailouts and eliminating too big to fail (TBTF). But it actually institutionalizes TBTF, since the big banks are kept in business by expropriating the funds of their creditors. It is a neat solution for bankers and politicians, who don’t want to have to deal with another messy banking crisis and are happy to see it disposed of by statute. But a bail-in could have worse consequences than a bailout for the public. If your taxes go up, you will probably still be able to pay the bills. If your bank account or pension gets wiped out, you could wind up in the street or sharing food with your pets.
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  • In theory, US deposits under $250,000 are protected by federal deposit insurance; but deposit insurance funds in both the US and Europe are woefully underfunded, particularly when derivative claims are factored in. The problem is graphically illustrated in a chart from a March 2013 ZeroHedge post. OCC Chart (Image, upper left).
  • Paul Merrell on 02 Dec 14
     
    With commercial banks overloaded by investment bank derivative debt, a bank is the very last place one should park their money. See http://tinyurl.com/3oj7vbs and http://tinyurl.com/3ovf6ze FDIC insurance is now of value only to senior debtors, not to deposit account holders.
Paul Merrell

Russell Napier Declares November 16, 2014 The Day Money Dies | Zero Hedge - 0 views

www.zerohedge.com/...ovember-16-2014-day-money-dies

banksters G20-summit deposits Cyprus bail-ins

shared by Paul Merrell on 02 Dec 14 - No Cached
  • It is with regret and sadness we announce the death of money on November 16th 2014 in Brisbane, Australia
  • On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is. If a banknote cannot be subjected to a decline in nominal value, we need to ask whether banknotes can act as a superior store of value than bank deposits? If that is the case, will some investors prefer banknotes to bank deposits as a form of savings? Such a change in preference is known as a "bank run."
  • Each country will introduce its own legislation to effect the ‘ bail-in’ agreed by the G20 this coming weekend. The consultation document from the UK’s Treasury lists the following bank creditors who will rank ABOVE depositors in a ‘failing’ financial institution:
  • ...4 more annotations...
  • The above list makes it clear that deposits larger than GBP85,000 will rank ahead of the bond holders of banks, but they will rank above little else. Importantly, both borrowings of the banks of less than 7 days maturity from other financial institutions and sums owed by banks in their role as counterparties to OTC derivatives will rank above large deposits. Large deposits at banks are no longer money, as this legislation will formally push them down through the capital structure to a position of material capital risk in any "failing" institution. In our last financial crisis, deposits were de facto guaranteed by the state, but from November 16th holders of large-scale deposits will be, both de facto and de jure, just another creditor squabbling over their share of the assets of a failed bank.
  • If we have another Lehman Brothers collapse, large-scale depositors could find themselves in the courts for years before final adjudication on the scale of their losses could be established. During this period would this illiquid asset, formerly called a deposit and now subject to an unknown capital loss, be considered money? Clearly it would not, as its illiquidity and likely decline in nominal value would make it unacceptable as a medium of exchange.
  • From November 16th 2014 the large-scale deposit at a commercial bank is, at best, a lesser form of money, and to many it will cease to be money at all as its nominal value can fall and it could cease to be accepted as a medium of exchange.
  • As the world’s smartest lawyer Charlie Munger is fond of saying, "Show me the incentive and I will show you the outcome." Some simple mathematics reveals that the November 16th announcement will create a very major incentive for investors to change deposits into banknotes.
Paul Merrell

The Feds & Media: How the FBI Destroyed Journalism | nsnbc international - 0 views

nsnbc.me/...media-fbi-destroyed-journalism

surveillance state FBI malware AP

shared by Paul Merrell on 08 Nov 14 - No Cached
  • James Comey, director of the Federal Bureau of Investigations (FBI) defended the use of an FBI agent posing as an Associated Press journalist in order to install spyware into the computer of a teenager from Lacy, Washington State.
  • Comey said in an open letter published in mainstream media that the FBI did not “overstep its bounds” while using deceptive tactics during their investigation into the teen who was in communication “online with the” FBI agent.” According to Comey: “An F.B.I. agent communicated online with the anonymous suspect. Relying on an agency behavioral assessment that the anonymous suspect was a narcissist, the online undercover officer portrayed himself as an employee of The Associated Press, and asked if the suspect would be willing to review a draft article about the threats and attacks, to be sure that the anonymous suspect was portrayed fairly.” To entrap the student, the FBI produced a fake news report provided by the FBI agent to the Associated Press regarding a “technology savvy student holds Timberline High School hostage.”
  • The FBI agent made sure the teen saw the article which facilitated the downloading of spyware into the boy’s computer in order to track the child’s online whereabouts. Kathy Best, executive editor of the Seattle Times commented : “The FBI, in placing the name of The Associated Press on a phony story sent to a criminal suspect, crossed a line and undermined the credibility of journalists everywhere – including at The Times.” The FBI maintains that “the operation was aimed at preventing tragedy. We were fortunate that information provided by the public gave us the opportunity to step into a potentially dangerous situation before it was too late.” Kathleen Carroll, executive editor of AP said : “This latest revelation of how the FBI misappropriated the trusted name of the Associated Press doubles our concern and outrage, expressed earlier to Attorney General Eric Holder, about how the agency’s unacceptable tactics undermine AP and the vital distinction between the government and the press.”
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  • The Reporters Committee for Freedom of the Press (RCFP) wrote a letter to Holder and Comey explaining : “The warrant for such action apparently did not mention that the tracker was delivered as an AP article, with an AP byline “and therefore impersonated a news media organization.” Concerned that the FBI not only failed to follow its own guidelines for such activity, but also did not make clear to the judge who signed the warrant or FBI counsel that the software ‘impersonated a media organization or that there were First Amendment concerns at stake’.”
  • The RCFP continued in their letter: “The utilization of news media as a cover for delivery of electronic surveillance software is unacceptable. This practice endangers the media’s credibility and creates the appearance that it is not independent of the government. It undermines media organizations’ ability to independently report on law enforcement.” Ironically, the FBI have a program targeting teenagers called, “The FBI Teen Reporter’s Workshop” where “selected” high school students in New York are brought to the FBI field office to “learn about how the FBI interacts with the media. In addition to hearing about the overall mission of the FBI and the mission of the Office of Public Affairs, the teens have the opportunity to meet members of the media and to take photos with FBI equipment.”
Paul Merrell

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare | Rolling Stone - 0 views

www.rollingstone.com/...the-9-billion-witness-20141106

banksters fraud JPMorgan whistleblowers

shared by Paul Merrell on 10 Nov 14 - No Cached
  • Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking By Matt Taibbi | November 6, 2014
  • tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore.  "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'"  Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.
  • Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing. Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations. Thanks to a confidentiality agreement, she's kept her mouth shut since then. "My closest family and friends don't know what I've been living with," she says. "Even my brother will only find out for the first time when he sees this interview." 
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  • Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her. She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.
  • This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts. 
  • And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history." 
  • Paul Merrell on 10 Nov 14
     
    Matt Taibbi is back at Rolling Stone, relaunching with a major blockbuster.
Paul Merrell

Killing Off Community Banks - Intended Consequence of Dodd-Frank? | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...nded-consequence-of-dodd-frank

banksters consolidation Dodd-Frank community-banks too-big-to-fail too-big-to-jail too-big-to-regulate

shared by Paul Merrell on 25 Oct 15 - No Cached
  • The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.  At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.
  • Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses – the ones that hire two-thirds of new employees – are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders. Even some well-heeled clients are being rejected. In an October 19, 2015 article titled  “Big Banks to America’s Firms: We Don’t Want Your Cash,” the Wall Street Journal reported that some Wall Street banks are now telling big depositors to take their money elsewhere or be charged a deposit fee. Municipal governments are also being rejected as customers. Bank of America just announced that it no longer wants the business of some smaller cities, which have been given 90 days to find somewhere else to put their money. Hundreds of local BofA branches are also disappearing.
  • Hardest hit, however, are the community banks. Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010, before the Dodd-Frank regulations were signed into law. Collateral Damage or Intended Result?
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  • Obviously, making the big banks bigger also serves the interests of the megabanks, whose lobbyists are well known to have their fingerprints all over the legislation. How they have been able to manipulate the rules was seen last December, when legislation drafted by Citigroup and slipped into the Omnibus Spending Bill loosened the Dodd-Frank regulations on derivatives. As noted in a Mother Jones article before the legislation was passed: The Citi-drafted legislation will benefit five of the largest banks in the country—Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo. These financial institutions control more than 90 percent of the $700 trillion derivatives market. If this measure becomes law, these banks will be able to use FDIC-insured money to bet on nearly anything they want. And if there’s another economic downturn, they can count on a taxpayer bailout of their derivatives trading business.
  • Regulation is clearly inadequate to keep these banks honest and ensure that they serve the public interest. The world’s largest private banks have been caught in criminal acts that former bank fraud investigator Prof. William K. Black calls the greatest frauds in history. The litany of frauds involves more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; and engaging in multiple forms of mortgage fraud. According to US Attorney General Eric Holder, the guilty have gone unpunished because they are “too big to prosecute.” If they are too big to prosecute, they are too big to regulate.
Paul Merrell

Dr Alan Sabrosky- Mossad Did 9-11 | Centurean2\'s Weblog - 0 views

centurean2.wordpress.com/...-alan-sabrosky-mossad-did-9-11

war & peace 9-11 Mossad Israel

shared by Paul Merrell on 07 Dec 12 - No Cached
  • “What we need to stand up and say is not only did they attack the USS Liberty, they did 9/11. They did it. I have had long conversations over the past two weeks with contacts at the Army War College, at it’s headquarters, Marine Corps and I made it absolutely clear in both cases that it is 100 percent certain that 9/11 was a Mossad operation. Period.” - Dr. Alan Sabrosky, March 14, 2010 – listen to podcast
  • Alan Sabrosky (Ph.D., University of Michigan) is a writer and consultant specializing in national and international security affairs. In December 1988, he received the Superior Civilian Service Award after more than five years of service at the U.S. Army War College as Director of Studies, Strategic Studies Institute, and holder of the General of the Army Douglas MacArthur Chair of Research. He is listed in WHO’S WHO IN THE EAST (23rd ed.). A Marine Corps Vietnam veteran and a 1986 graduate of the U.S. Army War College, Dr. Sabrosky’s teaching and research appointments have included the United States Military Academy, the Center for Strategic and International Studies (CSIS), Middlebury College and Catholic University; while in government service, he held concurrent adjunct professorships at Georgetown University and the Johns Hopkins University School of Advanced International Studies (SAIS).
Paul Merrell

Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chi... - 0 views

www.telegraph.co.uk/...rises-says-eurozone-chief.html

Cyprus banksters financial-collapse confiscation

shared by Paul Merrell on 28 Mar 13 - No Cached
  • Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.
  • The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy. The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.
  • "If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'," he said. "If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders." Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.
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  • "If we want to have a healthy, sound financial sector, the only way is to say, 'Look, there where you take on the risks, you must deal with them, and if you can't deal with them, then you shouldn't have taken them on,'" he said. "The consequences may be that it's the end of story, and that is an approach that I think, now that we are out of the heat of the crisis, we should take." The announcement is highly significant as it signals the mothballing of the euro's €700bn bailout fund, the European Stability Mechanism (ESM), which Spain and Ireland wants to be used to recapitalise their troubled banks.
  • he eurozone had been planning to roll out the ESM as a "big bazooka" in mid-2014 that could help save banks and prevent financial turmoil in countries such Spain or Italy, a development that has been delayed by German resistance. Mr Dijesselbloem's comments will alarm countries like Ireland and Spain that had been hoping to access the ESM in order to restructure banks without killing off their financial sector by inflicting huge losses on investors. "I think the approach needs to be, let's deal with the banks within the banks first, before looking at public money or any other instrument coming from the public side," he said. "Banks should basically be able to save themselves, or at least restructure or recapitalise themselves as far as possible."
Paul Merrell

Former Justice attorney seeks $23 billion in damages for NSA surveillance programs - 0 views

www.washingtonpost.com/...-for-nsa-surveillance-programs

surveillance state NSA class action

shared by Paul Merrell on 14 Jun 13 - No Cached
  • A former Reagan-era Justice Department prosecutor who runs a right-leaning political-advocacy group is suing the federal government over its controversial electronic-surveillance programs. Activist attorney Larry Klayman filed two class-action lawsuits this week in the U.S. District Court for the District of Columbia, seeking a combined $23 billion in damages. Klayman, who founded the political advocacy group Freedom Watch, claims the National Security Administration surveillance programs that monitor phone data and Internet communications violate citizens’ reasonable expectation of privacy, as well as their rights to free speech and freedom from unreasonable searches and seizures.
  • Klayman named the NSA, the Justice Deparment, President Obama, Attorney General Eric Holder and 12 communications and Internet companies as defendants in a class-action lawsuit he filed on Wednesday. In that case, he seeks $20 billion in damages, as well as orders to stop the surveillance programs and eliminate any records collected through them. Earlier in the week, Klayman filed a separate lawsuit against Verizon and the Obama administration, requesting the same orders in addition to $3 billion in damages.
  • A former Reagan-era Justice Department prosecutor who runs a right-leaning political-advocacy group is suing the federal government over its controversial electronic-surveillance programs. Activist attorney Larry Klayman filed two class-action lawsuits this week in the U.S. District Court for the District of Columbia, seeking a combined $23 billion in damages. Klayman, who founded the political advocacy group Freedom Watch, claims the National Security Administration surveillance programs that monitor phone data and Internet communications violate citizens’ reasonable expectation of privacy, as well as their rights to free speech and freedom from unreasonable searches and seizures.
Jeremy Stanfords

Incredible Financial Alternative Availbale Online For Vehicle Holders! - 0 views

goo.gl/V4ZQrV

title loans boston title loans loan against vehicle car equity loans car title loans

shared by Jeremy Stanfords on 16 May 16 - No Cached
  • Jeremy Stanfords on 16 May 16
     
    Car title loans only require you to use your car's title as collateral when you apply for these loans scheme via online mode. You can get sufficient funds from lender within quick span, the loan amount will be deposited into the borrower's bank account by the lender and you can use this borrowed loan amount for your personal purpose.
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