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Paul Merrell

Tony Blair, Phantom of the Opera - RT Op-Edge - 0 views

  • The Phantom of the (tragic) Middle East Opera is back. A killer without a clue, he can’t be blamed for not being consistent. His most recent opus speaks for itself; like a Kabuki mask high on Earl Grey tea, the Phantom is eviscerated by his own mighty pen, actually sword. The fact that the Phantom keeps getting away with his vast desert of convoluted lies – instead of languishing in some rotten, extraordinary rendition hotel - spells out all we need to know about so-called Western “elites”, of which he’s been a faithful, and handsomely rewarded, servant. So Western “inaction” in Syria has led to the latest Iraq tragedy? Sorry, Tony; it was yours and "Dubya’s" 2003 Shock and Awe “action” that set the whole Shakespearean tragedy in motion.
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    Pepe Escobar offers his take on Tony Blair's stunningly deceitful argument that Iraq would be in the same mess today even if the U.S./U.K. coalition had not invaded in 2003. 
Paul Merrell

And The Benghazi Media Circus Plays On… | Global Research - 0 views

  • A recent article written by this writer for Global Research posted last Saturday – “The Benghazi Scandal Is Obama’s Watergate But Worse” – was written in an effort to seek and uncover the truth. Accurate reporting on major world events is a challenge in today’s world where propaganda and disinformation are mainstream media norms and where virtually all major players in American politics simply lie through their teeth every time they open their mouths in constant effort to look good and cover up the truth. The American public knows this pathetic and sobering fact that deception has come to rule in the world of both politics and the media. People today neither believe their newscasters nor their political leaders. That is why examining the content of the tidal wave of assertions and opinions spewing forth from politicians and pundits in the aftermath of the latest Benghazi revelations must be taken with a grain of salt. Again, truth in today’s world is hard to come by. But as an investigative reporter, presenting a brief overview of recent comments and statements for any informed citizen to process and digest seems a worthwhile and important enterprise.
  • A timeline of recently unfolding events: On 10/12/12 exactly one month after the Benghazi incident, the legal conservative group Judicial Watch filed a Freedom of Information Act request seeking documents related to the Benghazi attack on September 11th, 2012 that killed the US Ambassador to Libya Christopher Stevens and three other Americans. Obama, who had campaigned on a promise of transparency in the criminal wake of the Bush regime, has proven to be anything but open and transparent. Having to sue the US government for access to the records, on April 18th, 2014, a full year and a half later, the Obama administration’s stonewalling ultimately failed and Judicial Watch successfully got hold of 41 State Department Benghazi related documents. Emails between high level White House officials discussing damage control strategies in the immediate aftermath of the Benghazi assault were released last week. Jubilant Republicans are now calling one of those emails their “smoking gun,” believing it is so incriminating that it will do in their would-be opponent Hillary Clinton from potentially competing in the 2016 presidential election.
  • The newly declassified email written by Obama’s then Deputy Strategic Communications Adviser Ben Rhodes specifically directed then UN Ambassador Susan Rice in preparation for her Sunday morning talk show appearances on September 16th, 2012 to explain the administration’s take on what it knew of the Benghazi murders. Rhodes advised Rice to attribute the Benghazi uprising as “rooted in an Internet video, and not a failure of policy,” pushing talking points designed to bolster Obama’s presidential image as a cool-as-a-cucumber-under-fire kind of wise and benevolent leader and statesman. The major emphasis of the email instructed Rice to blame the bogus anti-Moslem video as inciting a spontaneous protest like in other countries in the region that apparently grew violently out of control, of course all the while knowing that that was a boldface lie. This crucial piece of evidence proves that President Obama and Secretary of State Hillary Clinton both knew that the video did not cause the attack but that they chose to willfully deceive the American public in order to protect their own political careers and hence was born the infamously never ending Benghazi cover-up. Obama and Hillary withheld this damning email evidence even from the House Oversight Committee led by Congressman Darrel Issa (R-CA) requesting all documents pertaining to Benghazi more than a year ago. With the presidential election less than two months away at the time of the attack, Obama and Hillary were determined at all cost to keep hidden from Americans the real truth of criminal Benghazi activity they were guilty of engaging in during the months leading up to the attack. Last Thursday an angry Issa subpoenaed current Secretary of State John Kerry to appear before the committee on May 21st to further explain why those critical State Department records recently given to Judicial Watch were not among the 3200 documents originally handed over to his committee well over a year ago.
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  • Investigative reporter Kenneth R. Timmerman as author of a new forthcoming book entitled ‘Dark Forces: The Truth About What Happened in Benghazi’ states: We know that orders were issued, then recalled, to deploy a 50-man Special Forces unit from Croatia that could have reached Benghazi within hours.Timmerman concludes that to date no documents revealing the person who ordered that unit to stand down have yet to surface.
  • Within hours of the general’s testimony came rebukes from both the senior Republican and Democrat on the powerful House Armed Services Committee making claims backing the administration’s that the military was incapable of responding in time to assist the ill-fated Americans in Benghazi. Because they represent the military in Congress that had already drawn the conclusion that nothing tactically could have been done to save the four Americans, they were quick to rebut the general’s testimony. Yet the day before 9/11 every year since 9/11/01 including on 9/10/11, the president meets with top military and security personnel to ensure that US embassies around the globe are bolstered with much needed extra security for 9/11 readiness. Yet the Benghazi compound was so insecure despite repeated requests, both Obama and the military apparently failed to have any military units on standby that could reach Benghazi to be of service on the night of 9/11/12. And this comes after intelligence sources have been reporting insufficient security at the Benghazi embassy compound.
  • Another disclosure at last Thursday’s House Oversight Committee hearing further damaging the credibility and actions of the Obama administration came from retired Air Force General Robert Lovell who at the time of Benghazi was in Germany serving as the senior African Command deputy director for intelligence. Lovell testified, “We should have sent help,” adding that the White House decision not to attempt military assistance due to the time factor was unacceptable. Lovell also stated unequivocally that the military knew that the Benghazi attack had nothing to do with the video falsely used by the administration to explain away the tragedy. The ex-general felt his military should have intervened and was waiting all night long for the call that never came from his bosses in Washington. Clearly he feels a sense of remorse and regret over the passivity imposed on him by his commander-in-chief Obama and State Department head Clinton.
  • Meanwhile, last week in a heated exchange with ABC correspondent Jon Karl a visibly agitated White House Press Secretary Jay Carney insisted that Rhodes’ email was not related to Benghazi at all but referred to the Moslem protests generally taking place in the region in response to the video. The next day Fox reporter Ed Henry engaged Carney on the same issue, eliciting the same haranguing reaction. All this appears to be yet more desperate lies in a feeble attempt to cover his bosses’ Obama and Hillary’s asses called criminal guilt, and by so doing committing his own. Carney had been among the original recipients of Rhodes’ email. Carney further explained that the same Rhodes talking points echoed those delivered earlier to Congress and the White House by deputy CIA director Mike Morell who a month ago claimed he received no pressure or influence from anyone in the Obama administration in coming up with his version of what most likely transpired on 9/11/12 based on all CIA intelligence sources available at the time. Yet on his own Morell admitted to toning down the intelligence reports leading up to the Benghazi attack purposely so as to not appear to be an “I told you so” gesture that would offend Hillary and her State Department. That said, Hillary’s underling and rising star Victoria Nuland (the later promoted to profanity-speaking Assistant Secretary of State who played such a key role in the recent US backed fascist Ukrainan coup) objected to Morell’s talking points that in her mind leaned too heavily toward blaming her boss and their State Department for insufficient security at the Benghazi compound. Her words:
  • Why do we want Hill to start fingering Ansar Al Sharia [the known al Qaeda affiliated attackers that murdered the four Americans], when we aren’t doing that ourselves until we have the investigation results…and the penultimate point could be abused by Members to beat the State Department for not paying attention to Agency warnings so why do we want to feed that?… Concerned.Observe how the exclusive focus of all post-Benghazi interdepartmental correspondence from Rhodes’ to Morell’s to Nuland’s all center on appearance and potential perception to avoid CYA blame. Furthest down on their priority list is honest and truthful disclosure and self-accountability. Again, the name of the game in the world of politics is passing the buck whenever possible to minimize potential heat that comes with looking bad and maximizing looking good by any means or lies necessary. Benghazi perfectly illustrates all of this.
  • Based on the information finally coming to light all last week, last Friday House Speaker John Boehner (R-OH) called for a special select committee not unlike the one for Watergate to further investigate Benghazi. Representative Trey Gowdy (SC-R) has already been selected as its lead investigator. This grandstanding ploy seems a bit superfluous and redundant since the House Oversight Committee has ostensibly been trying to get to the bottom of Benghazi for nearly a year and a half, albeit thus far ineffective in its results, no help from the State Department’s prior email omissions. Not only is Benghazi the hot topic buzzing here in America, on that same day last Friday, more bullets was buzzing in Benghazi as well. Nine police security soldiers were gunned down by, you guessed it, the same murderers still remaining at large that were behind the 9/11/12 Benghazi attack – the militant group the US has for years labeled an al Qaeda affiliated terrorist organization Ansar al-Sharia. After massacring 31 peaceful demonstrators protesting outside the militants’ headquarters last June, last week’s massacre is a powerful statement showing that the terrorists are still in charge in Benghazi and immune from any accountability from the US installed puppet government either in Tripoli or Washington. They remain free men at large despite Obama’s promise to hunt them down and bring them to justice.
  • The senior Democratic House Intel Committee Representative Adam Schiff (D-CA) typifies the partisan Obama-Hillary politics games of each side racing to the media to point fingers at each other in their same old, same old blame game. On Sunday Schiff stated he does not want any Democrats to participate in the newly forming select committee that the Republican House Speaker Boehner has just recently called for, already naming its GOP chair. That is simply a game the Dems will refuse to play. Why? Because Republicans cannot make them. Sound familiar? Perhaps your 7-year old child might employ this same game strategy. Insider Dems like former White House advisor turned ABC analyst (and another original recipient of Rhodes’ infamous email) David Plouffe conveniently took to ABC’s Sunday morning On This Week with George Stephanopoulos crying foul even louder with their familiar “conspiracy” chant they customarily use to discredit any criticism leveled at the Obama administration. His cries reaching desperation this week accuse a “very loud, delusional minority” of Republicans of an obsessive politics game over Benghazi. Another all too familiar grade school tactic, whatever misbehavior you are accused of, simply accuse your enemy of the same offense, an old early childhood trick that you never need outgrow in the world of politics.
  • Still another indignant reaction hardcore defenders of Hillary and Obama are now quick to cite are the thirteen embassy attacks that occurred as so called “Benghazi’s on Bush’s watch” when not a peep was ever heard from the press. This straw house strategy is designed to show how Republicans and Fox News are hypocritical in their obsession to find dirt on Benghazi where they deny any exists. Yet this accusation seems to omit one very significant fact. Not one of those embassy attacks during the Bush regime resulted in any murdered Americans, much less four of them and one being a US Ambassador, something that has not happened in the last 32 years before Benghazi. The media circus demonizing partisan politics players on both sides epitomizes why the US government is so utterly broken, horribly dysfunctional, morally bankrupt and totally ineffective in addressing any and all of the most pressing problems facing America and the world today. The blame game is all they know. Yet in all their exaggeration, lies, name calling and finger pointing, not one of them is even addressing the pink elephant in the room.
  • Obama, Hillary and then CIA Director retired General Betrayus Petraeus were/are international gun running criminal outlaws of the worst kind, working with the very same al Qaeda terrorist bunch that murdered those four nearly forgotten Americans. US tax dollars were/are going into the pockets of Ansar al-Sharia and al Qaeda mercenaries that looted Muammar Kaddafi’s gold cache and enormous weapon arsenal that included chemical weapons as well as surface to air missiles. And Obama, Petraeus and 2016 presidential heir apparent Hillary were in deep over their heads under Hillary and Stevens’ State Department cover, shipping them from Benghazi through Turkey to Syria to covertly fight a war by proxy against Assad’s government forces. After more than three bloody years, to this day the US is still bent on destroying another sovereign nation posing absolutely no security threat to America. These are the war crimes constantly being committed by Obama, Petraeus and Hillary and their lies upon lies are unraveling at an accelerated clip with each passing month. Thus, expect to see more desperate acts of aggression from desperate despots who know that their jig is up. Yet desperate despots do not care how many humans they will take down with them. But justice for these longtime perpetrators of multiple crimes against humanity will be served in the end.
Gary Edwards

Economy Roundtable - Coast to Coast AM - 0 views

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    "Date: 05-07-14 Host: George Noory Guests: Catherine Austin Fitts, Gerald Celente, George Ure, Robert Zimmerman This special panel discussion on the economy and related topics featured investment advisor Catherine Austin Fitts, trends analyst Gerald Celente, and consultant George Ure. Currently, the financial system is still being pumped with cheap money, such as $45 billion a month in mortgage-backed securities, and interest rates remain at record lows-- but once those interest rates go back up, the economy will tumble, said Celente. Fitts cited the continued inequality and centralization in the economy as hampering growth, while Ure noted that we're in the bottoming process with the Fed, which is trying to print money fast enough so we don't drop into something like the Great Depression. While the US continues its behind-closed-doors propping up of the economy, "I still believe we're going to see something like a panic level by the end of the second quarter," Celente remarked. America used to be the land of opportunity, but now the wealth is concentrated in the hands of the few, he added. Globalization is lowering the wealth of the middle class, and the reality is "we're automating or outsourcing jobs, and putting people on government checks," Fitts commented. Ure, who studies cyclical patterns of the economy or "long waves," said right now we're seeing a "war on cash," with a huge effort to get people into an electronic system, where all their transactions and investments can be tracked. The revelations by Edward Snowden about America's surveillance state has had a depressing effect on US economic growth, as well as inspiring other countries around the world to pull out of the system, Fitts suggested. "We live in a country where the system of creating money has basically been sublet from Congress to the Federal Reserve...and government is wholesale now, in the business of granting different franchises such as in communications and money operations," Ure detail
Gary Edwards

The Qatari Deal To Hold The Taliban - The Qataris Have Been Used Before By President Ob... - 1 views

  • Three months, a naval fleet, 3,000 marines, one Billion dollars, and 450 cruise missiles later, it’s May 2011 and Obama had yet to ask for permission to engage in his offensive war from anyone but himself and the previously noted ‘club of the traveling pantsuits’. Despite the Office of Legal Council (the golfers own legal team) telling him approval is needed, he chose to violate the War Powers Act and more importantly the Constitution. It is critical to remember the political battle being waged at the time over whether President Obama had the authority to take “offensive military action”, without congressional approval,  when the threat was not against the United States. It’s critical because from that initial impetus you find the reason why arming the Libyan rebels had to be done by another method – because President Obama never consulted congress, nor sought permission.
  • Normally, in order to send arms to the rebels lawfully, President Obama would have to request approval from Congress. He did not want to do that.   Partly because he was arrogant, and partly because he did not want the politically charged fight that such a request would engage.  It would hamper his ability to take unilateral action in Libya.
  • So an alternate method of arming the rebels needed to be structured.    Enter the State Department, Hillary Clinton, and CIA David Petraeus. Weapons, specifically MANPADS or shoulder fired missiles, would be funneled to the Benghazi rebels by the State Dept, through the CIA under the auspices of ongoing NATO operations.   May, June, July, August, Sept, 2011 this covert process was taking place. It was this covert missile delivery process which later became an issue after Gaddafi was killed.    It was during the recovery of these missiles , and the redeployment/transfer to the now uprising “Syrian Rebels” when Ambassador Chris Stevens was killed on Sept. 11th 2012.
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  • [O]n July 25, 2012, Taliban fighters in Kunar province successfully targeted a US Army CH-47 helicopter with a new generation Stinger missile. They thought they had a surefire kill. But instead of bursting into flames, the Chinook just disappeared into the darkness as the American pilot recovered control of the aircraft and brought it to the ground in a hard landing. The assault team jumped out the open doors and ran clear in case it exploded. Less than 30 seconds later, the Taliban gunner and his comrade erupted into flames as an American gunship overhead locked onto their position and opened fire. The next day, an explosive ordnance disposal team arrived to pick through the wreckage and found unexploded pieces of a missile casing that could only belong to a Stinger missile. Lodged in the right nacelle, they found one fragment that contained an entire serial number. The investigation took time. Arms were twisted, noses put out of joint. But when the results came back, they were stunning: The Stinger tracked back to a lot that had been signed out by the CIA recently, not during the anti-Soviet ­jihad. Reports of the Stinger reached the highest echelons of the US command in Afghanistan and became a source of intense speculation, but no action. Everyone knew the war was winding down. Revealing that the Taliban had US-made Stingers risked demoralizing coalition troops. Because there were no coalition casualties, government officials made no public announcement of the attack. My sources in the US Special Operations community believe the Stinger fired against the Chinook was part of the same lot the CIA turned over to the ­Qataris in early 2011, weapons Hillary Rodham Clinton’s State Department intended for anti-Khadafy forces in Libya. They believe the Qataris delivered between 50 and 60 of those same Stingers to the Taliban in early 2012, and an additional 200 SA-24 Igla-S surface-to-air missiles.  (link)
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    The pieces of the puzzle are slowly coming together, and it isn't pretty. This article connects Qatar, Afghanistan and hero of Benghazi, to the fabulous five terrorist dream team Obama let out of the gitmo prison. Incredible story. excerpt: "How Our Stinger Missiles Wound Up In Afghanistan Being Used Against Our Own Troops: On February 15th 2011 a civil war erupted inside Libya.   Egyptian Islamists previously  freed from jail by the Muslim Brotherhood flooded into Eastern Libya and joined with their ideological counterparts.  al-Qaeda operatives hell bent on using the cover of the Arab Spring to finally rid themselves of their nemesis, Muammar Gaddafi. President Obama chose to ignore an outbreak of violence in Libya for 19 days.  Perhaps Obama was tentative from the criticism he and Hillary received over the mixed messaging in Egypt.  Regardless, eventually Obama was begged to engage himself by leaders from France, The United Kingdom, and Italy. The White House advisors (Emanuel, McDonough, Donolin, Jarrett, Axelrod, Plouffe) were more cautious this time.  Initially Obama ignored the EU requests and later chose to dispatch the Secretary of State, Hillary Clinton, to Europe to address their concerns. "Look, enough with the jokes shorty; you got us into this mess, now the turban heads are laughing at us"… "ah, bot of course, zeah av bullets, no? Vee ave to shoot" For the following 11 days American citizens, including State Dept. embassy officials, were trying to evacuate the country as vast swathes of the country erupted in bloodshed and violence, they became trapped in Tripoli.   A bloody national revolution was underway. The United Nations Security Council held urgent immediate emergency meetings to try to determine what to do.    However, the United States Ambassador to those meetings, Susan Rice, was not present.    She was attending a global warming summit in Africa. Without the U.S. present the United  Natio
Paul Merrell

FindLaw | Cases and Codes - 0 views

  • SMITH v. MARYLAND, 442 U.S. 735 (1979)
  • The telephone company, at police request, installed at its central offices a pen register to record the numbers dialed from the telephone at petitioner's home. Prior to his robbery trial, petitioner moved to suppress "all fruits derived from" the pen register. The Maryland trial court denied this motion, holding that the warrantless installation of the pen register did not violate the Fourth Amendment. Petitioner was convicted, and the Maryland Court of Appeals affirmed. Held: The installation and use of the pen register was not a "search" within the meaning of the Fourth Amendment, and hence no warrant was required. Pp. 739-746. (a) Application of the Fourth Amendment depends on whether the person invoking its protection can claim a "legitimate expectation of privacy" that has been invaded by government action. This inquiry normally embraces two questions: first, whether the individual has exhibited an actual (subjective) expectation of privacy; and second, whether his expectation is one that society is prepared to recognize as "reasonable." Katz v. United States, 389 U.S. 347 . Pp. 739-741.
  • (b) Petitioner in all probability entertained no actual expectation of privacy in the phone numbers he dialed, and even if he did, his expectation was not "legitimate." First, it is doubtful that telephone users in general have any expectation of privacy regarding the numbers they dial, since they typically know that they must convey phone numbers to the telephone company and that the company has facilities for recording this information and does in fact record it for various legitimate business purposes. And petitioner did not demonstrate an expectation of privacy merely by using his home phone rather than some other phone, since his conduct, although perhaps calculated to keep the contents of his conversation private, was not calculated to preserve the privacy of the number he dialed. Second, even if petitioner did harbor some subjective expectation of privacy, this expectation was not one that society is prepared to recognize as "reasonable." When petitioner voluntarily conveyed numerical information to the phone company and "exposed" that information to its equipment in the normal course of business, he assumed the risk that the company would reveal the information [442 U.S. 735, 736]   to the police, cf. United States v. Miller, 425 U.S. 435 . Pp. 741-746. 283 Md. 156, 389 A. 2d 858, affirmed.
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    The Washington Post has reported that "on July 15 [2001], the secret surveillance court allowed the NSA to resume bulk collection under the court's own authority. The opinion, which remains highly classified, was based on a provision of electronic surveillance law, known as "pen register, trap and trace," that was written to allow law enforcement officers to obtain the phone numbers of incoming and outgoing calls from a single telephone line." .  The seminal case on pen registers is the Supreme Court's 1979 Smith v. Maryland decision, bookmarked here and the Clerk's syllabus highlighted, with the Court's discussion on the same web page. We will be hearing a lot about this case decision in the weeks and months to come.  Let it suffice for now to record a few points of what my antenna are telling me:  -- Both technology and the law have moved on since then. We are 34 years down the line from the Smith decision. Its pronouncements have been sliced and diced by subsequent decisions. Not a single Justice who sat on the Smith case is still on the High Bench.   -- In Smith, a single pen register was used to obtain calling information from a single telephone number by law enforcement officials. In the present circumstance, we face an Orwellian situation of a secret intelligence agency with no law enforcement authority forbidden by law from conducting domestic surveillance perusing and all digital communications of the entire citizenry. -- The NSA has been gathering not only information analogous to pen register results but also the communications of American citizens themselves. The communications themselves --- the contents --- are subject to the 4th Amendment warrant requirement. Consider the circuitous route of the records ordered to be disclosed in the Verizon FISA order. Verizon was ordered to disclose them to the FBI, not to the NSA. But then the FBI apparently forwards the records to the NSA, who has both the "pen register
Paul Merrell

BP Settlement in Gulf Oil Spill Is Raised to $20.8 Billion - The New York Times - 0 views

  • The Justice Department on Monday announced a final settlement with the oil giant BP of $20.8 billion for its role in the disastrous 2010 Gulf of Mexico oil spill, raising the total from the initial $18.7 billion settlement announced in July.At either amount, it is the largest environmental settlement — and the largest civil settlement with any single entity — in the nation’s history.The United States attorney general, Loretta Lynch, called the filing of the final settlement “a major step forward in our effort to deliver justice to the gulf region in the wake of the Deepwater Horizon tragedy — the largest environmental disaster our nation has ever endured.”Gina McCarthy, the Environmental Protection Agency administrator, estimated that the final settlement represented a payment of $1,725 for each barrel of oil spilled in the disaster. The maximum amount that a judge could have assessed in the case was $4,300 a barrel.
  • The settlement resolves a 2010 lawsuit filed by the Justice Department against BP. It includes civil claims under the Clean Water Act, for which BP has agreed to pay a $5.5 billion penalty, the largest civil penalty in the history of environmental law. Also, it includes natural resources damages claims under the Oil Pollution Act, for which BP has agreed to pay $7.1 billion, on top of the $1 billion it previously committed to pay for early restoration work. Continue reading the main story Related in Opinion Editorial: BP Deal Will Lead to a Cleaner GulfJULY 8, 2015 In addition, the settlement includes economic damages claims, for which BP has agreed to pay $4.9 billion to the five gulf states — Alabama, Florida, Louisiana, Mississippi and Texas — and up to $1 billion to local governments. Louisiana, the hardest hit of the states, will receive $5 billion of the $8.8 billion allocated for restoration.Ms. Lynch said the increase in the total settlement represented a “refining of the numbers” over the initial settlement. “Over time, we refine numbers as the settlement is finalized,” she said.
  • Geoff Morrell, BP senior vice president for United States communications, said in a statement that the revised overall figure did not change the settlement announced in July, but included amounts previously spent or disclosed by the company. The settlement, he said, “resolves the largest litigation liabilities remaining from the tragic accident,” and provides the company “certainty with respect to its financial obligations.”Under the draft restoration plan, $8.8 billion would be allocated to restore the gulf ecosystem.
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  • A panel responsible for assessing the damages to the gulf ecosystems found effects on the region’s wildlife, including fish, oysters, plankton, birds and sea mammals; habitat, including marshes and beaches; and recreational activities.The proposed $8.8 billion in restoration would be invested across the five gulf states over 15 years, in a range of projects intended to restore those resources.“This restoration plan ensures that the funds will be distributed in ways that make sense,” Ms. McCarthy said.
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    Let's see. $20.8 billion total settlement. $8.8 billion going to environmental restoration. The Feds pocket $12 billion. And it's all pennies on the dollar in terms of ongoing damage.  The Feds, knowing that they can profit from environmental havoc committed by corporations, only paused deep ocean drilling permits for a few months, hoping for more damage to be caused by other companies.  The real scandal was and is that BP had a long and extremely well-documented history of causing environmental disasters in their pursuit of oil profits. Were there truly any environmental justice, the result would have been corporate capital punishment and virtually all of its executives in prison for the remainder of their lives, preferably at hard labor cleaning up the mess they created. But throw enough zeros after the settlement number and the human beings whose penny-pinching on safety caused the disaster walk free, free to do it all over again. They must have joined the same Too Big to Jail Golf Club that the banksters use.  
Gary Edwards

Where The Bailout Was Born: One Year Ago, at Stanford - March 10th, 2008 - 0 views

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    We just passed the first anniversary of an important, if little noted, meeting where the plans for what would become the government's attempted bailout of the banking system were first hatched. One year ago, a group of venture capitalists, Silicon Valley executives and professors at the Stanford Institute for Economic Policy Research met to discuss the looming crisis in finance and debate a possible bailout. It was early for such talk. Bear Stearns had not yet collapsed. Hank Paulson was still deriding the notion of a bailout and knotting his brow about moral hazard. But the group gathered at Stanford, which included Larry Summers and Long-Term Capital Management veteran and Nobel laureate Myron Scholes, saw what was coming: the government would eventually spend a lot of tax payer money in an attempt to clean up the credit mess.
Gary Edwards

Why Mark-To-Market Accounting Rules Must Die - Forbes.com - 0 views

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    Good explanation of this 2007 FASB accounting rule that wrecked havoc in September of 2008 when GSA subprime mortgage giants Fannie Mae and Freddie Mac both failed. When the bottom fell out from under the government backed securitized mortgage pools, banks were forced by this accounting rule to radically downgrade their assets. Since banks can only lend against their assets using government controlled ratios, as the asset value was marked to a market decimated by Fannie and Freddie failures and falling housing values, this accounting rule triggered the failure of Lehman Brothers. Because of credit default swaps used to insure these thought to be publicly guaranteed securities, the Lehman failure triggered a massive default at AIG as all Lehman security holders filed insurance claims. What a mess. The authors here propose an end or at the least suspension of mark-to-market accounting rules as an immediate solution. ".... In the 1930s, because mark-to-market accounting existed, we limited the amount of time available to fix problems. At the same time, the U.S. raised taxes, increased spending and economic interference, and became protectionist. This hurt growth. The reason the Great Depression was so bad is that we took away time and growth.
Gary Edwards

Volcker: A "Little Inflation" Is A Terrible Idea - 0 views

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    Henry Blodgett picks up Paul Volkers comments on inflation ".....The government would quietly but desperately love to inflate our way out of this mess--destroying the dollar so the real burden of our mountain of debt shrivels to a molehill.  This remedy, of course, would punish everyone who has saved up a nest egg or lives on a fixed-income, but they're likely to be considered an expendable minority...." There is also a link on this page to the Aron Task interview with Peter Schiff, "The stimulous bill will lead to unmitigated disaster." http://www.businessinsider.com/2009/2/peter-schiff-stimulus-bill-will-lead-to-unmitigated-disaster Peter compares Bush to Hoover and Obama to Roosevelt, predicting an unmitigated disaster; a depression with hyperinflation. He argues that the great depression was tempered by the fact that government spending and intervention was limited by the godl standard. Today, the Federal Reserve has no such limitation!
Gary Edwards

Michael Lewis And David Einhorn: Bonfire Of The Absurdities - 0 views

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    Two of the sharpest minds in the Wall Street analysis and commentary business--Michael Lewis and David Einhorn--team up in the NYT to provide a recap of our historic charge off the financial cliff.  The main message: Sure, greed played a role, as it always does, but the ridiculous conflicts, self-interest, and short-termism in our system made the current mess inevitable.
Gary Edwards

30 reasons for Great Depression 2 by 2011: Paul Ferrel of MarketWatch - 0 views

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    New-New Deal, bailouts, trillions in debt, antitax mindset spell disaster .... 1) Dot-Com Crash .. Stock market loses $8 Trillion ....2) SubPrime Meltdown: $8.2 Trillion taxpayer loses ....3) MegaBubble Cycles Continue to Hit: 41,000 special-interest lobbyist working a Congress determined to cut taxes while exploding spending, a credit crunch based on consumer debt of $2.5 Trillion, unfunded obligations in SS and Medicare now at $60 Trillion, hidden bailout costs of $5 Trillion, Fannie and Freddie $5 Trillion securitized subprime leveraged 40 times over into $200 Trillion of insured loans and custom derivatives. It's a mess ......
Gary Edwards

Why The Founding Fathers Would Want Obama's Plans to Fail: by Byron York - 0 views

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    James Madison was not specifically contemplating Barack Obama, or Nancy Pelosi, when he wrote Federalist No. 63. But reading the document - one of the seminal arguments in favor of adopting the U.S. Constitution - it's clear Madison knew their type. And he knew they would come along again and again in American history, if Americans were lucky enough to have a long history. Obama and Pelosi, along with their most ardent supporters, are the types to see a crisis, like our current economic mess, as a "great opportunity," as the president put it last Saturday. They are the types, after a long period out of power, to attempt to use that "great opportunity" to push through far-reaching changes in national policy that had only a tangential connection, if at all, to the crisis at hand. And they are the types the Founding Fathers wanted to stop. In the Federalist Papers, written 221 years ago, Madison addressed the need for a Senate to accompany the more populist House of Representatives. An upper body, he wrote, "may be sometimes necessary as a defense to the people against their own temporary errors and delusions."
Gary Edwards

The American Spectator : Obamacare: Still a Threat to Your Life - 0 views

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    The decimation of our health care system under Obamacare begins with government mandates, regulations, bureaucracies, and controls. The House and Senate health care bills that President Obama and the Democrats refuse to take off the table create close to 100 new health care bureaucracies, boards, commissions and programs. This is the government takeover of health care. These new authorities arrogate to the government the power to decide "what works" in health care, and what doesn't. The code words they use include "best practices" -- a government bureaucracy in Washington is going to decide what are the "best practices" in providing health care for you and your children, not you and your doctor. Another code phrase is "reward doctors for quality not quantity." Government bureaucracies in Washington do not know how to do this. But they will make a huge mess out of your health care in trying to. These government bureaucracies will also have the power to cut off your health care when they decide it is no longer worth the money. We have already seen a glimpse of this in the declaration by a bureaucracy, to be expanded with more powers under Obamacare, that women over 72 should not have mammograms. What they are saying here is that if you are over 72 and get breast cancer, they don't want to know about it. Just take the painkiller and go home, to paraphrase President Obama. They believe they can buy more votes taking the money for your care and spending it somewhere else. This is called "cost effectiveness." The destruction of the health care system is then expanded through the payment system. Among the code words here are "pay for performance" and "accountable care." This is how the bureaucracy will enforce its dictates concerning what works and what doesn't, best practices, cost effectiveness, and termination of health care no longer deemed worthy. Doctors and hospitals will be rewarded through payments if they follow the centralized bureaucracy's dictates; they will b
Gary Edwards

Obama's Letter to Americans: Stand Behind Efforts to Raise Debt Limit - 0 views

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    excerpt: The fact that the wealthiest already pay their fair share and more is borne out by this from the IRS: Individuals earning in the top one percent paid 40 percent of all income taxes, while those in the top 10 percent paid 71 percent of all income taxes. The fact that going after the wealthiest for even more isn't going to generate significant additional revenues - certainly not enough to make a dent in the debt - isn't mentioned by the President in his letter. And if Obama is so determined to be "fair", why doesn't he simply offer to write a check to the IRS for the part of his income that he feels he doesn't deserve? He doesn't say. The President did get one thing right: The middle class is the target of any deficit-reduction plans likely to come out of Washington in the next few days: "It's just not right to ask them to pay the whole tab - especially when they're not the ones who caused this mess in the first place." He's right: The middle class didn't create the financial crisis; the Ruling Class did. Instead, the middle class, by and large, just want to be left alone to work out their own lives. Whenever possible, they resist further government intrusions into their lives - witness the growth of the Tea Party - and are waiting to see if Washington will, for the first time in memory, not listen to the siren song of entitlement protection and class warfare being sung by the President, and instead ignore him and start some serious cutting back of Leviathan. Perhaps what the President should be saying to the American people is what he said as Senator in railing against raising the debt ceiling back in March, 2006: The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. In
Gary Edwards

Stansberry's Investment Advisory - 0 views

    • Gary Edwards
       
      excerpt: THE FOLLOWING IS A FICTIONAL DRAMATIZATION OF A PRESS CONFERENCE BY PRESIDENT BARACK OBAMA, ADDRESSING THE AMERICAN PEOPLE, FROM THE EAST ROOM OF THE WHITE HOUSE Set in December 2012, this speech details what we believe The President might say on the day America's foreign creditors finally stop lending us money, and demand repayment for our country's debts. The largest debts EVER accumulated in the history of mankind. intro: Barack Obama Impersonator Records Shocking "Speech"  It may be fiction for now... But this eye-opening "speech," recently recorded by a Barack Obama impersonator, is sending shock waves through the financial community. It could forever change how you think about our country and your safety. 
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    Comment:  While researching the September 2008 financial collapse, a freind introduced me to Porter Stansberry (thanks Marux!).  I've been following Porter through the Daily Crux Report ever since, and, as extreme as his opinions appear, time and again he has proven to be drop dead right.  This latest presentation summarizes Porter's thinking and is buttressed with facts and quotes.  The first part of the presentation is a fictional press conference dated December 2012.  This about 15 minutes.  Porter then follows that with near 45 minutes of facts and quotes woven into a comprehensive summary of how we got into this mess and what the possible outcomes going forward.   The basics are simple enough: the combination of Government borrowing, spending, printing and regulating is killing the dollar.  Our currency is very special in that it's the world's reserve currency; a good fortune that has unfortunately resulted in our spending and borrowing way more than we produce.  On top of this dilemma, the financial crisis of 2008 resulted in the world's Banksters offloading their $Trillions of debt and losses onto the US Treasury; the taxpayers.  So now we have the taxpayers holding the debt of an out of control socialist government spending, borrowing, and regulating us into the dirt regulating.  And, these same taxpayers picking up all the losses of the World's most greedy and evil criminals - the Banksters.  At the center of it all is the Federal Reserve, a world Bankster cartel in control of our currency, and printing it out like there's no tomorrow.  Porter talks about that tomorrow, and what it might look like if we the people do not take back our government and our currency.   excerpt: THE FOLLOWING IS A FICTIONAL DRAMATIZATION OF A PRESS CONFERENCE BY PRESIDENT BARACK OBAMA, ADDRESSING THE AMERICAN PEOPLE, FROM THE EAST ROOM OF THE WHITE HOUSE Set in December 2012, this speech details what we believe The President might say on the day America's fore
Gary Edwards

Dismantling the Temple | William Greider - The Nation - 0 views

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    The financial crisis has propelled the Federal Reserve into an excruciating political dilemma. The Fed is at the zenith of its influence, using its extraordinary powers to rescue the economy. Yet the extreme irregularity of its behavior is producing a legitimacy crisis for the central bank. The remote technocrats at the Fed who decide money and credit policy for the nation are deliberately opaque and little understood by most Americans. For the first time in generations, they are now threatened with popular rebellion. Share this article RELATED ALSO BY Obama's False Reform ECONOMIC POLICY WILLIAM GREIDER: Congress should step up its investigations of the roots of the financial crisis and slow down the rush to weak solutions--especially the empowerment of the Federal Reserve. Bucking the Banks ECONOMIC POLICY CHRISTOPHER HAYES: How can we expect the experts to reform the financial system when it's experts who got us into this mess to begin with? » More During the past year, the Fed has flooded the streets with money--distributing trillions of dollars to banks, financial markets and commercial interests--in an attempt to revive the credit system and get the economy growing again. As a result, the awesome authority of this cloistered institution is visible to many ordinary Americans for the first time. People and politicians are shocked and confused, and also angered, by what they see. They are beginning to ask some hard questions for which Federal Reserve governors do not have satisfactory answers. Where did the central bank get all the money it is handing out? Basically, the Fed printed it, out of thin air. That is what central banks do. Who told the Fed governors they could do this? Nobody, really--not Congress or the president. The Federal Reserve Board, alone among government agencies, does not submit its budgets to Congress for authorization and appropriation. It raises its own money, sets its own priorities.
Gary Edwards

Obama's Ersatz Capitalism: Joseph Stiglitz "Heads i win, tales the taxpayer loses" Oba... - 0 views

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    Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time. Some Americans are afraid that the government might temporarily "nationalize" the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later), and Washington Mutual (seized last September, and immediately resold). What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a "partnership" in which one partner robs the other. And such partnerships - with the private sector in control - have perverse incentives, worse even than the ones that got us into the mess. So what is the appeal of a proposal like this? Perhaps it's the kind of Rube Goldberg device that Wall Street loves - clever, complex and nontransparent, allowing huge transfers of wealth to the financial markets. It has allowed the administration to avoid going back to Congress to ask for the money needed to fix our banks, and it provided a way to avoid nationalization. But we are already suffering from a crisis of confidence. When the high costs of the administration's plan become apparent, confidence will be eroded further. At that point the task of recreating a vibrant financial sector, and resuscitating the economy, will be even harder.
Gary Edwards

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

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    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

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

Making Sense of The Turkey-ISIS Mess « LobeLog - 0 views

  • Many US analysts still worry about Ankara not getting on board with Obama on fighting ISIS–as if relations are newly strained. The fact is, Ankara declared its foreign policy independence from the US a decade ago, in multiple areas. Turkey will never again play the role of “loyal US ally.” It has its own regional and global interests and will pursue them; Washington’s preferences will play only a modest role among the many factors influencing Turkish decision-making. Obama may help/persuade Erdoğan to back off from his reckless willingness to tolerate even the ISIS card to bring down Assad. But Erdoğan may well remain intractable on the Assad issue. That policy, among other things, has served to seriously damage Ankara’s relations with Iran, Iraq, and Lebanon. So we should not look forward to much cordial cooperation between Ankara and Washington except to the extent that Washington changes its policies on Palestine, Israel, Iran, and overall military intervention in the region. The two countries essentially do not share a common regional strategic outlook.
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