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Gary Edwards

Operation Sleeping Giant: "Breaking The Silver Manipulation Barrier" by Brandon Smith - 0 views

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    Written in August of 2011, this article continues to be an important guideline to understanding Gold and Silver prices, and the efforts of Banksters to manipulate these competing forms of monetary exchange to the US Dollar.  Good stuff.  And i did write Brandon a proposal for a mobile application connecting PayPal to the Storage Vault Depositories he sites in this article (based on the GOLD app design i provided to Tino in 2008). excerpt: China Competes With The Comex As of this summer China now has its own Comex, called the Hong Kong Mercantile Exchange. The exchange opened for trade on May 18th (the CME's incredible margin hikes in silver began only weeks before, which suggests to me that they were trying to preempt the positive effects the HKMEX would have on metals). The HKMEX moved into action only five months after the Chinese Pan American Gold Exchange was instituted. The exchange issues its own ETF's in gold and silver. These securities, though, are not based on leverage or derivatives like most Comex based ETFs. The bottom line; the Comex global monopoly on commodities trade is over: How To Break The Barrier Methods for smaller investors to fight back against the market manipulations of large banks have been sparse, and often limited to desperate appeals to the CFTC and the government, who are bought and paid for, and who have no intention of ever stopping global financiers from dragging their unwashed behinds across the face of the planet. Relying on bureaucrats to mend the wounds they themselves encouraged or inflicted is foolhardy, to say the least. Top down solutions are NOT an option now, and I'm not sure if they ever were. This leaves us with only one other choice; to fix the problem with our own hands from the bottom up. This is, of course, easier said than done… In the case of silver manipulation, what we are faced with is an unprecedented effort to subvert and suppress an alternative system so that the mainstream system can continue to
Gary Edwards

My Blog - 0 views

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    Extensive explanation of how the Banksters and fellow globalists work.  this time with the focus on the Federal Reserve and Treasury activities in the Gold Market.   At the heart of this explanation though is the discovery that the German Bundesbank has emptied the vaults holding the entire German Gold horde.  The leased vaults were located in NYC, deep under the Manhattan Federal Reserve Bankster headquarters.  It's gone.  And the German people have yet to wake up to that fact.  Amazingly, Italy and Greece have more Gold than Germany - the country whose Banksters they owe billions in debt to. Business Insider has an Aug 2012 list, form the World Gold Council, of the 10 Countires with the biggest Gold Reserves: http://goo.gl/IGU3n Italy is #3, and Germany is #2.  The USA is #1.  Notably, according this BI report, Germany has refused to use their Gold to bolster the European Financial Stability Fund (EFSF).  Maybe it's because they do not have any GOLD?  Inquiring minds need to know :) "Turk added, "Half of the gold they (the Germans) leased themselves.  The other half of Germany's gold hoard was eventually leased into the market as well through complicated swaps with the US.  But the reality is that as of 2001, all of that German gold was gone.  Meaning all German gold worldwide, which was supposed to be stored in vaults, the vaults were emptied of German gold and the gold was leased into the market." Turk went on to say, "It's uncertain if any of that leased gold has ever been returned to those vaults.  Meaning, the vaults which are supposed to be storing the German gold hoard may still be empty." Incredibly, 11 years ago James Turk had diagnosed the problems of the missing German gold hoard.  Here is the 2001 piece titled, "Behind Closed Doors" in which he exposed the German gold was in fact missing: "
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

Wikileaks Releases "NightSkies 1.2": Proof CIA Bugs "Factory Fresh" iPhones | Zero Hedge - 0 views

  • The latest leaks from WikiLeaks' Vault 7 is titled “Dark Matter” and claims that the CIA has been bugging “factory fresh” iPhones since at least 2008 through suppliers.
  • And here is the full press release from WikiLeaks: Today, March 23rd 2017, WikiLeaks releases Vault 7 "Dark Matter", which contains documentation for several CIA projects that infect Apple Mac Computer firmware (meaning the infection persists even if the operating system is re-installed) developed by the CIA's Embedded Development Branch (EDB). These documents explain the techniques used by CIA to gain 'persistence' on Apple Mac devices, including Macs and iPhones and demonstrate their use of EFI/UEFI and firmware malware.   Among others, these documents reveal the "Sonic Screwdriver" project which, as explained by the CIA, is a "mechanism for executing code on peripheral devices while a Mac laptop or desktop is booting" allowing an attacker to boot its attack software for example from a USB stick "even when a firmware password is enabled". The CIA's "Sonic Screwdriver" infector is stored on the modified firmware of an Apple Thunderbolt-to-Ethernet adapter.   "DarkSeaSkies" is "an implant that persists in the EFI firmware of an Apple MacBook Air computer" and consists of "DarkMatter", "SeaPea" and "NightSkies", respectively EFI, kernel-space and user-space implants.   Documents on the "Triton" MacOSX malware, its infector "Dark Mallet" and its EFI-persistent version "DerStake" are also included in this release. While the DerStake1.4 manual released today dates to 2013, other Vault 7 documents show that as of 2016 the CIA continues to rely on and update these systems and is working on the production of DerStarke2.0.   Also included in this release is the manual for the CIA's "NightSkies 1.2" a "beacon/loader/implant tool" for the Apple iPhone. Noteworthy is that NightSkies had reached 1.2 by 2008, and is expressly designed to be physically installed onto factory fresh iPhones. i.e the CIA has been infecting the iPhone supply chain of its targets since at least 2008.   While CIA assets are sometimes used to physically infect systems in the custody of a target it is likely that many CIA physical access attacks have infected the targeted organization's supply chain including by interdicting mail orders and other shipments (opening, infecting, and resending) leaving the United States or otherwise.
Paul Merrell

WikiLeaks Reveals The "Snowden Stopper": CIA Tool To Track Whistleblowers - 0 views

  • As the latest installment of it’s ‘Vault 7’ series, WikiLeaks has just dropped a user manual describing a CIA project known as ‘Scribbles’ (a.k.a. the “Snowden Stopper”), a piece of software purportedly designed to allow the embedding of ‘web beacon’ tags into documents “likely to be stolen.” The web beacon tags are apparently able to collect information about an end user of a document and relay that information back to the beacon’s creator without being detected. Per WikiLeaks’ press release:
  • Today, April 28th 2017, WikiLeaks publishes the documentation and source code for CIA’s “Scribbles” project, a document-watermarking preprocessing system to embed “Web beacon”-style tags into documents that are likely to be copied by Insiders, Whistleblowers, Journalists or others. The released version (v1.0 RC1) is dated March, 1st 2016 and classified SECRET//ORCON/NOFORN until 2066. Scribbles is intended for off-line preprocessing of Microsoft Office documents. For reasons of operational security the user guide demands that “[t]he Scribbles executable, parameter files, receipts and log files should not be installed on a target machine, nor left in a location where it might be collected by an adversary.”
  • The ‘Scribbles’ User Guide explains how the tool generates a random watermark for each document, inserts that watermark into the document, saves all such processed documents in an output directory, and creates a log file which identifies the watermarks inserted into each document. Scribbles can watermark multiple documents in one batch and is designed to watermark several groups of documents.
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  • Dr. Martin McHugh, Information Technology Programme chair at Dublin Institute of Technology, gave the RT more details on how the “Scribbles” tool can be used for “bad as well as good.” “Methods of tracking have historically been developed for our protection but have evolved to become used to track us without our knowledge.” “Web beacons typically go unnoticed. A tiny file is loaded as part of a webpage. Once this file is accessed, it records unique information about you, such as your IP address and sends this back to the creator of the beacon.” But, the “Scribbles” user guide notes there is just one small problem with the program…it only works with Microsoft Office products.  So, if end users use other programs such as OpenOffice of LibreOffice then the CIA’s watermarks become visible to the end user and their cover is blown.
Gary Edwards

Larry Summers and the Secret "Bankster End Game" Memo : http://goo.gl/wDhDhL - 1 views

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    Diigo is screwing up the URL AGAIN!!!!! WTF!!! The correct title is "Larry Summers and the Secret "End-Game" Memo :: http://goo.gl/wDhDhL From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial ba
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    Related link: Summers Withdraws From Consideration for Fed Chairmanship, http://www.bloomberg.com/news/2013-09-15/obama-said-he-accepted-summers-decision-to-withdraw-his-name.html
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    From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "d
Paul Merrell

Ukraine Admits Its Gold Is Gone: "There Is Almost No Gold Left In The Central Bank Vaul... - 0 views

  • Back in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...
  • ... and notably under the previous "hated" president, Ukraine gold's reserves had constantly increased hitting a record high just before the presidential coup...
  • ... we reported of a strange incident that took place just after the Ukraine presidential coup, namely that according to at least one source, "in a mysterious operation under the cover of night, Ukraine's gold reserves were promptly loaded onboard an unmarked plane, which subsequently took the gold to the US." To wit: Tonight, around at 2:00 am, an unregistered transport plane took off took off from Boryspil airport. According to Boryspil staff, prior to the plane's appearance, four trucks and two cargo minibuses arrived at the airport all with their license plates missing. Fifteen people in black uniforms, masks and body armor stepped out, some armed with machine guns. These people loaded the plane with more than forty heavy boxes.   After this, several mysterious men arrived and also entered the plane. The loading was carried out in a hurry. After unloading, the plateless cars immediately left the runway, and the plane took off on an emergency basis.   Airport officials who saw this mysterious "special operation" immediately notified the administration of the airport, which however strongly advised them "not to meddle in other people's business."   Later, the editors were called by one of the senior officials of the former Ministry of Income and Fees, who reported that, according to him, tonight on the orders of one of the "new leaders" of Ukraine, all the gold reserves of the Ukraine were taken to the United States.
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  • Needless to say there was no official confirmation of any of this taking place, and in fact our report, in which we mused if the "price of Ukraine's liberation" was the handover of its gold to the Fed at a time when Germany was actively seeking to repatriate its own physical gold located at the bedrock of the NY Fed, led to the usual mainstream media mockery. Until now. In an interview on Ukraine TV, none other than the head of the Ukraine Central Bank made the stunning admission that "in the vaults of the central bank there is almost no gold left. There is a small amount of gold bullion left, but it's just 1% of reserves."
  • As Ukraina further reports, this stunning revelation means that not only has Ukraine been quietly depleting its gold throughout the year, but that the latest official number, according to which Ukraine gold was 8 times greater than the reported 1%, was fabricated, and that the real number is about 90% lower.
  • Oddly enough there was no official gold reduction just prior to the time when Victoria "Fuck the EU" Nuland was planning Yanukovich's ouster, and as shown above, quite the contrary. It is a little more odd that it was during the period when Ukraine was "supported" by its western allies that several billion dollars worth of physical gold - the people's gold - just "vaporized." In any event, now that the disappearance of Ukraine's gold has been confirmed, perhaps it is time to refresh the "unconfirmed" story that a little after the current Ukraine regime took power the bulk of Ukraine's gold was taken to the United States. As of this writing, The NY Fed has still not answered our March request for a comment whether Ukraine's gold has been redomiciled at the gold vault located some 80 feet below Liberty 33.
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    Pillage is a war crime.
Gary Edwards

Larry Summers and the Secret End Game Memo - by Greg Palast | Investigative Reporter - 1 views

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    excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "derivatives trading."  JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as "assets." Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives. But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws? The answer conceived by the Big Bank Five:  eliminate controls on banks in every nation on the planet - in one single move.    It was as brilliant as it was insanely dangerous. How could they pull off this mad caper?  The bankers' and Summers' game was to use the Financial Services Agreement, an abstruse and benign addendum to the international trade agreements policed by the World Trade Organization. Until the bankers began their play, the WTO agreements dealt simply with trade in goods-that is, my cars for your bananas.  The new rules ginned-up by Summers and the banks would force all nations to accept trade in "bads" - toxic assets like financial derivatives. Until the bankers' re-draft of the FSA, each nation controlled and chartered the banks within their own borders.  The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives "products." And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives. The job of turning the FSA into the bankers' battering ram was given to Geithner, who was named Ambassador to the World Trade Organization. "
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    Greg Palast does good work. I'm reminded of a passage from Carl Oglesby's The Yankee and Cowboy War where he argued rather convincingly that conspiracy is the norm rather than the exception at the boundary line between government and big business.
Paul Merrell

M of A - Ukraine: Kerry Urging For "Evidence" Of Russian Involvement - 0 views

  • Somewhat funny. April 8 - U.S. and NATO Warn Russia Against Further Intervention in Ukraine Secretary of State John Kerry accused the Kremlin of fomenting the unrest, calling the protests the work of saboteurs whose machinations were as “ham-handed as they are transparent.” Speaking to the Senate Foreign Relations Committee, he added: “No one should be fooled — and believe me, no one is fooled — by what could potentially be a contrived pretext for military intervention just as we saw in Crimea. It is clear that Russian special forces and agents have been the catalysts behind the chaos of the last 24 hours.” Russia (recommended reading) QUESTION: But, Mr President, the United States and the White House claim they have evidence that Russia intervened in the conflict, sent its troops and supplied weapons. They claim they have proof. Do you believe that? VLADIMIR PUTIN: Proof? Why don’t they show it? "Any evidence?" ... June 5 - Obama, Seeking Unity on Russia, Meets Obstacles Secretary of State John Kerry also spent time talking with Mr. Poroshenko, privately urging him to provide evidence of Russian involvement with separatists with which to confront Russian officials. What a lying piece of shit.
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    In related news, the U.S. State Department today awarded a no-bid contract for rapid construction of a specially-designed climate-controlled evidence vault to stem its problems with evaporating evidence. 
Paul Merrell

Hayek: Cryptocurrency backed by gold - Business Insider - 0 views

  • There's a new cryptocurrency coming to the market.  What makes it unique to existing cryptocurrencies like Bitcoin? It's backed by gold. Anthem Vault, the metals and technology company, will launch the coin on May 25.  The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek."  Anthem Blanchard, the CEO of Anthem Vault, told Business Insider that "gold is arguably the most trusted store of value of all time," which is why he chose it to back his new cryptocurrency.
Gary Edwards

MAULDIN: It's All About The Jobs -- And Gold - 0 views

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    But as I live in the real world, I buy gold, even though I am optimistic we'll get through this rough patch; because I simply don't trust the bas*%*ds who are driving this ship with 100% of my money in dollars, or any fiat currency, for that matter. Gold to me is a neutral currency. While the metal looks good over the last ten years (and I became bullish on it in 2002 in this letter), over the last 32 years it has not had all that much luster. Bonds have been much better as an investment. It is all about timing. If I wanted to buy gold for investment or trading, I would simply buy GLD. (It is an excellent vehicle for traders; however, GLD is not what I think of as insurance.) And if I were buying gold as a trade, I would buy it in terms of the euro or yen, which I think are both going down against the US dollar. For those who want to buy larger sums of gold, there is a program that I like backed/sponsored by the state government of Western Australia, called the Perth Mint. You can buy gold certificates that represent actual bullion in vaults in Perth at reasonable prices. While your gold is stored in Perth, you can take delivery if you want and leave the country with no taxes owed. Or you can sell the gold and get cash. You diversify your country risk, have excellent and safe storage facilities, diversify your currency risk (if, like me, you think of gold as a currency), and have a different asset class than traditional portfolios. You can learn more about the Perth Mint at www.perthmint.com. And one of their dealers is an old friend of mine, Mike Checkan of Asset Strategies International. I have known Mike for about 30 years, and he does what he says and shoots straight. He is well-known in the investment information world, with lots of endorsements. You can learn more about his outfit at www.assetstrategies.com or call them toll-free at (800) 831-0007 in the U.S. and Canada, or direct at (301) 881-8600. You can also email them from their web site. Where to buy
Joseph Skues

Non-Hybrid Seeds | Non-Hybrid Vegetable Fruit Grain Herb Seeds - 0 views

  • The Seed Vault is for emergency backup and 1 or 2-person use. The Family Pack is for larger family yards and seed storage. The Homestead and Farm Packs are for large properties, groups and investment-grade seed purchase. The Specialty Packs cover a wide variety of specialty needs. For an overview of Heirloom Organics Non-Hybrid Seed packs, see our seed pack comparison chart. If you are shopping seed suppliers, or are new to the subject on Non-Hybrid Seeds, read our guide: 7 Things You Should Know When Buying Non-Hybrid Seeds.
  • Drying and Storing Herbs for Cooking Knowing what to do with an overabundance of unused herbs is a dilemma many of us encounter. Dealing with an extra supply of herbs on our hands does not only occur as we begin to hang up our gardening hat towards the end of the season. Read More >> Researchers Germinate 4,000-Year-Old Seed Announcing yesterday that a 4,000-year-old seed that was found during an archaeological dig in the Aegean city of Kütahya has germinated, Professor Nejat Bilgen from Dumlupinar University said that being able to analyze the characteristics of plants from centuries ago would be a scientific breakthrough. Read More >>
  • Monsanto Will Soon Be Allowed To Police Itself4A Government of Monsanto, by Monsanto, and for Monsanto2YouTube - DON'T BE FOOLED..... ELENIN IS NIBIRU3Planetary Alignments with Comet Elenin Causing Big Earthquakes2ARE THESE GIANT UFO'S TRAILING COMET ELENIN?3Hyperinflation!See more stories dugg by NonHybrid on Digg.com
Paul Merrell

Classified Report on the C.I.A.'s Secret Prisons Is Caught in Limbo - The New York Times - 0 views

  • A Senate security officer stepped out of the December chill last year and delivered envelopes marked “Top Secret” to the Pentagon, the C.I.A., the State Department and the Justice Department. Inside each packet was a disc containing a 6,700-page classified report on the C.I.A.’s secret prison program and a letter from Senator Dianne Feinstein, urging officials to read the report to ensure that the lessons were not lost to time. Today, those discs sit untouched in vaults across Washington, still in their original envelopes. The F.B.I. has not retrieved a copy held for it in the Justice Department’s safe. State Department officials, who locked up their copy and marked it “Congressional Record — Do Not Open, Do Not Access” as soon as it arrived, have not read it either. Continue reading the main story Related Coverage document The Senate Committee’s Report on the C.I.A.’s Use of TortureDEC. 9, 2014 Panel Faults C.I.A. Over Brutality and Deceit in Terrorism InterrogationsDEC. 9, 2014 Senate Votes to Turn Presidential Ban on Torture Into LawJUNE 16, 2015 Outside Psychologists Shielded U.S. Torture Program, Report FindsJULY 10, 2015 Nearly a year after the Senate released a declassified 500-page summary of the report, the fate of the entire document remains in limbo, the subject of battles in the courts and in Congress. Until those disputes are resolved, the Justice Department has prohibited officials from the government agencies that possess it from even opening the report, effectively keeping the people in charge of America’s counterterrorism future from reading about its past. There is also the possibility that the documents could remain locked in a Senate vault for good.
  • In a letter to Attorney General Loretta E. Lynch last week, Ms. Feinstein, a California Democrat, said the Justice Department was preventing the government from “learning from the mistakes of the past to ensure that they are not repeated.”Although Ms. Feinstein is eager to see the document circulated, the Senate is now under Republican control. Her successor as head of the Intelligence Committee, Senator Richard M. Burr of North Carolina, has demanded that the Obama administration return every copy of the report. Mr. Burr has declared the report to be nothing more than “a footnote in history.”It was always clear that the full report would remain shielded from public view for years, if not decades. But Mr. Burr’s demand, which means that even officials with top security clearances might never read it, has reminded some officials of the final scene of “Raiders of the Lost Ark,” when the Ark of the Covenant is put into a wooden crate alongside thousands of others in a government warehouse of secrets.
  • The full report is not expected to offer evidence of previously undisclosed interrogation techniques, but the interrogation sessions are said to be described in great detail. The report explains the origins of the program and names the officials involved. The full report also offers details on the role of each agency in the secret prison program.The Justice Department, which played a central role in approving the interrogation methods, has even prohibited its own officials from reading the full report.“The Department of Justice was among those parts of the executive branch that were misled about the program, and D.O.J. officials’ understanding of this history is critical to its institutional role going forward,” Ms. Feinstein wrote to the Justice Department last week in a letter she signed with Senator Patrick J. Leahy of Vermont, the top Democrat on the Judiciary Committee.In court, Justice Department lawyers have agreed with Mr. Burr’s contention that the document belongs to Congress. As evidence, they point to an agreement between the C.I.A. and the Senate as the Intelligence Committee began its lengthy investigation. The Senate was under Democratic control at the time.
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  • The American Civil Liberties Union has sued the C.I.A. for access to the document, and at this point the case hinges on who owns it. Senate documents are exempt from public records laws, but executive branch records are not. In May, a federal judge ruled that even though Ms. Feinstein distributed the report to the executive branch, the document still belongs to Congress. That decision is under appeal, with court papers due this month.Justice Department officials defend their stance, saying that handling the document at all could influence the outcome of the lawsuit. They said that a State Department official who opened the report, read it and summarized it could lead a judge to determine that the document was an executive branch record, altering the lawsuit’s outcome. The Justice Department has also promised not to return the records to Mr. Burr until a judge settles the matter.“It’s quite bizarre, and I cannot think of a precedent,” said Steven Aftergood, the director of the Project on Government Secrecy at the Federation of American Scientists. He said there are any number of classified Senate documents that are shared with intelligence agencies and remain as congressional records, even if they are read by members of the executive branch.
  • The agreement says that any “documents, draft and final recommendations, reports or other materials” generated during the investigation are congressional documents. “As such these records are not C.I.A. records under the Freedom of Information Act,” the agreement says.The A.C.L.U. argues that agreement was void once Ms. Feinstein sent the report to the government agencies. Because she clearly intended the executive branch to use the report, the A.C.L.U. contends, the committee gave up control of the document.If Mr. Burr were to succeed in getting copies of the report returned to the Intelligence Committee, Mr. Aftergood said, he could slowly make it irrelevant.“The longer that it’s buried, the less relevant it becomes,” he said.
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    If it is ultimately found that the report is an Executive Branch record, then the FOIA requires disclosure of all "segregable portions" that are not properly classified.  
Paul Merrell

Wikileaks: CIA "False Flag" Attack Likely Used To Plant Evidence For Trump Tower Wiretap - 0 views

  • The first “false flag” operation conducted by the CIA’s UMBRAGE program - exposed by Wikileaks’ release of the “Vault 7” documents - may have involved planting “proof” that led to the approval of a request to wiretap Trump Tower last October.
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    Trump --- now that he is President --- may have proof that he was wiretapped by Obama after all.
Paul Merrell

FBI Releases Redacted Clinton Foundation Files One Week Before US Election - 0 views

  • With only one week left before the US election, the Federal Bureau of Investigation has released heavily redacted files related to a 2001 investigation into the William J. Clinton Foundation.The investigation concerned former President Bill Clinton’s pardon of Marc Rich during his last days in office. "In accordance with the policy regarding Public Corruption investigations, the authority of the SAC is requested to open a Preliminary Investigation," one portion of the documents reads.
  • Both Rich and his partner, Pincus Green, were indicted on a number of charges, including mail fraud, wire fraud, tax evasion, and racketeering, and lived in exile in Switzerland before being pardoned.
  • "[Redacted] has been a major political donor to the Democratic Party, and these donations may have been intended to influence the fugitive’s pardon," the documents state, adding that "public records also indicate that [redacted] contributed approximately [redacted] to the William J. Clinton Presidential Foundation, a foundation to support the Clinton library. "Pursuant to testimony provided at the aforementioned hearings, it appears that the required pardon standards and procedures were not followed."
Paul Merrell

Ukraine's Gold Reserves Secretely Flown Out and Confiscated by the New York Federal Res... - 0 views

  • A Russian Internet news site Iskra (“Spark”) based in Zaporozhye, eastern Ukraine,  reported on March 7, that  “Ukraine’s gold reserves had been hastily airlifted to the United States from Borispol Airport east of Kiev”. This alleged airlift and confiscation of Ukraine’s gold reserves by the New York Federal Reserve has not been confirmed by the Western media.
  • Later a returned call from a senior official of the former Ministry of Revenue reported that tonight, on the orders of one of the new leaders of Ukraine, the United States had taken custody of all the gold reserves in Ukraine.” Сегодня ночью из “Борисполя” в США страртовал самолёт с золотым запасом Украины,  iskra-news.info. Zaporozhye, Ukraine, March 7, 2014, translated from Russian by the Gold Anti-Trust Action Committee Inc (GATA), emphasis added)
  • Of significance in this interview with William Kaye is the analogy between Ukraine, Iraq and Libya. Lest we forget, both Iraq and Libya had their gold reserves confiscated by the US:
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  • While the unconfirmed report regarding Ukraine’s gold reserves has not been the object of coverage by the mainstream financial news, the story was nonetheless picked up by the Shanghai Metals Market at  Metal.com. which states, quoting a report from the Ukrainian government, that Ukraine’s gold reserves had been “moved on an aircraft from … Kiev to the United States… in 40 sealed boxes” loaded on an unidentified aircraft. The unconfirmed source quoted by Metal.com, says that the operation to airlift Ukraine’s gold had been ordered by the acting Prime Minister Arseny Yatsenyuk with a view to safe-keeping Ukraine’s gold reserves at the NY Fed, against a possible Russian invasion which could lead to the confiscation of Ukraine’s gold reserves. On March 10, kingworldnews, a prominent online financial blog site published an incisive interview with William Kaye, a Hong Kong based hedge fund manager at Pacific Group Ltd. who had previously worked for Goldman Sachs in mergers and acquisitions.  ‎
  • Kaye:  “There are now reports coming from Ukraine that all of the Ukrainian gold has been airlifted, at 2 AM Ukrainian time, out of the main airport, Boryspil Airport, in Kiev, and is being flown to New York — the presumable destination being the New York Fed…. Now that’s 33 tons of gold which is worth somewhere between $1.5 billion – $2 billion.  That would amount to a very nice down payment to the $5 billion that Assistant Secretary of State Victoria Nuland boasted that the United States has already spent in their efforts to destabilize Ukraine, and put in place their own unelected  government. Eric King:  “Whether the United States is taking down Saddam Hussein in Iraq, or Muammar Gaddafi in Libya, there always seems to be gold at the end of the rainbow, which the U.S. then appropriates.” Kaye:  “That’s a good point, Eric.  The United States installed a former banker in Ukraine who is very friendly to the West.  He is also a guy with central bank experience.  This would have been his first major decision to transport that gold out of Ukraine to the United States.
  • You may recall that allegedly the logistical requirements prevented the New York Fed from returning the 300 tons of gold the United States stores for Germany back to Germany.  After a year of waiting, the New York Fed only sent Germany 5 tons of gold.  So only 5 tons of gold was sent from the Fed to Germany, and it wasn’t even the 5 tons that had been originally stored with the Fed. Even the Bundesbank has admitted that the gold sent to them by the New York Fed had to be melted down and tested for purity because it wasn’t Germany’s original bars.  So how is it, since logistical requirements are supposedly such a major issue, that in one airlift, assuming this report is accurate, all the gold Ukraine possessed in their vault was taken out of Ukraine and delivered to the New York Fed? I think anybody with any active brain cells knows that just like Germany, Ukraine will have to wait a very long time, and very likely will never see that gold again.  Meaning, that gold is gone.” (KingsWorldNews, March 10, 2014, emphasis added)
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    Note that the New York Fed is *not* the U.S. Treasury nor is it Ft. Knox. The New York Fed is owned by banksters, not by U.S. citizens or their government. 
Gary Edwards

Everyone is on the Gold Standard. It's not a choice any country or central bank can make. - 0 views

Dear WSJ Moderator, I tried to post a comment to the community forum for the article, "Currency Chaos; Where do we go from here?" My comments were rejected with the error message, "The language y...

gold gold-currency wsj robert-mundell milton-friedman fiat-currencies

started by Gary Edwards on 20 Oct 10 no follow-up yet
Paul Merrell

FBI Flouts Obama Directive to Limit Gag Orders on National Security Letters - The Inter... - 0 views

  • Despite the post-Snowden spotlight on mass surveillance, the intelligence community’s easiest end-run around the Fourth Amendment since 2001 has been something called a National Security Letter. FBI agents can demand that an Internet service provider, telephone company or financial institution turn over its records on any number of people — without any judicial review whatsoever — simply by writing a letter that says the information is needed for national security purposes. The FBI at one point was cranking out over 50,000 such letters a year; by the latest count, it still issues about 60 a day. The letters look like this:
  • Recipients are legally required to comply — but it doesn’t stop there. They also aren’t allowed to mention the order to anyone, least of all the person whose data is being searched. Ever. That’s because National Security Letters almost always come with eternal gag orders. Here’s that part:
  • That means the NSL process utterly disregards the First Amendment as well. More than a year ago, President Obama announced that he was ordering the Justice Department to terminate gag orders “within a fixed time unless the government demonstrates a real need for further secrecy.” And on Feb. 3, when the Office of the Director of National Intelligence announced a handful of baby steps resulting from its “comprehensive effort to examine and enhance [its] privacy and civil liberty protections” one of the most concrete was — finally — to cap the gag orders: In response to the President’s new direction, the FBI will now presumptively terminate National Security Letter nondisclosure orders at the earlier of three years after the opening of a fully predicated investigation or the investigation’s close. Continued nondisclosures orders beyond this period are permitted only if a Special Agent in Charge or a Deputy Assistant Director determines that the statutory standards for nondisclosure continue to be satisfied and that the case agent has justified, in writing, why continued nondisclosure is appropriate.
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  • Despite the use of the word “now” in that first sentence, however, the FBI has yet to do any such thing. It has not announced any such change, nor explained how it will implement it, or when. Media inquiries were greeted with stalling and, finally, a no comment — ostensibly on advice of legal counsel. “There is pending litigation that deals with a lot of the same questions you’re asking, out of the Ninth Circuit,” FBI spokesman Chris Allen told me. “So for now, we’ll just have to decline to comment.” FBI lawyers are working on a court filing for that case, and “it will address” the new policy, he said. He would not say when to expect it.
  • There is indeed a significant case currently before the federal appeals court in San Francisco. Oral arguments were in October. A decision could come any time. But in that case, the Electronic Frontier Foundation (EFF), which is representing two unnamed communications companies that received NSLs, is calling for the entire NSL statute to be thrown out as unconstitutional — not for a tweak to the gag. And it has a March 2013 district court ruling in its favor. “The gag is a prior restraint under the First Amendment, and prior restraints have to meet an extremely high burden,” said Andrew Crocker, a legal fellow at EFF. That means going to court and meeting the burden of proof — not just signing a letter. Or as the Cato Institute’s Julian Sanchez put it, “To have such a low bar for denying persons or companies the right to speak about government orders they have been served with is anathema. And it is not very good for accountability.”
  • In a separate case, a wide range of media companies (including First Look Media, the non-profit digital media venture that produces The Intercept) are supporting a lawsuit filed by Twitter, demanding the right to say specifically how many NSLs it has received. But simply releasing companies from a gag doesn’t assure the kind of accountability that privacy advocates are saying is required by the Constitution. “What the public has to remember is a NSL is asking for your information, but it’s not asking it from you,” said Michael German, a former FBI agent who is now a fellow with the Brennan Center for Justice. “The vast majority of these things go to the very large telecommunications and financial companies who have a large stake in maintaining a good relationship with the government because they’re heavily regulated entities.”
  • So, German said, “the number of NSLs that would be exposed as a result of the release of the gag order is probably very few. The person whose records are being obtained is the one who should receive some notification.” A time limit on gags going forward also raises the question of whether past gag orders will now be withdrawn. “Obviously there are at this point literally hundreds of thousands of National Security Letters that are more than three years old,” said Sanchez. Individual review is therefore unlikely, but there ought to be some recourse, he said. And the further back you go, “it becomes increasingly implausible that a significant percentage of those are going to entail some dire national security risk.” The NSL program has a troubled history. The absolute secrecy of the program and resulting lack of accountability led to systemic abuse as documented by repeated inspector-general investigations, including improperly authorized NSLs, factual misstatements in the NSLs, improper requests under NSL statutes, requests for information based on First Amendment protected activity, “after-the-fact” blanket NSLs to “cover” illegal requests, and hundreds of NSLs for “community of interest” or “calling circle” information without any determination that the telephone numbers were relevant to authorized national security investigations.
  • Obama’s own hand-selected “Review Group on Intelligence and Communications Technologies” recommended in December 2013 that NSLs should only be issued after judicial review — just like warrants — and that any gag should end within 180 days barring judicial re-approval. But FBI director James Comey objected to the idea, calling NSLs “a very important tool that is essential to the work we do.” His argument evidently prevailed with Obama.
  • NSLs have managed to stay largely under the American public’s radar. But, Crocker says, “pretty much every time I bring it up and give the thumbnail, people are shocked. Then you go into how many are issued every year, and they go crazy.” Want to send me your old NSL and see if we can set a new precedent? Here’s how to reach me. And here’s how to leak to me.
Paul Merrell

The Collapse of Europe? « LobeLog - 0 views

  • And yet, for all this success, the European project is currently teetering on the edge of failure. Growth is anemic at best and socio-economic inequality is on the rise. The countries of Eastern and Central Europe, even relatively successful Poland, have failed to bridge the income gap with the richer half of the continent. And the highly indebted periphery is in revolt. Politically, the center may not hold and things seem to be falling apart. From the left, parties like Syriza in Greece are challenging the EU’s prescriptions of austerity. From the right, Euroskeptic parties are taking aim at the entire quasi-federal model. Racism and xenophobia are gaining ever more adherents, even in previously placid regions like Scandinavia. Perhaps the primary social challenge facing Europe at the moment, however, is the surging popularity of Islamophobia, the latest “socialism of fools.” From the killings at the Munich Olympics in 1972 to the recent attacks at Charlie Hebdo and a kosher supermarket in Paris, wars in the Middle East have long inspired proxy battles in Europe. Today, however, the continent finds itself ever more divided between a handful of would-be combatants who claim the mantle of true Islam and an ever-growing contingent who believe Islam — all of Islam — has no place in Europe.
  • Europeans are beginning to realize that Margaret Thatcher was wrong and there are alternatives — to liberalism and European integration. The most notorious example of this new illiberalism is Hungary. On July 26, 2014, in a speech to his party faithful, Prime Minister Viktor Orban confided that he intended a thorough reorganization of the country. The reform model Orban had in mind, however, had nothing to do with the United States, Britain, or France. Rather, he aspired to create what he bluntly called an “illiberal state” in the very heart of Europe, one strong on Christian values and light on the libertine ways of the West. More precisely, what he wanted was to turn Hungary into a mini-Russia or mini-China. “Societies founded upon the principle of the liberal way,” Orban intoned, “will not be able to sustain their world-competitiveness in the following years, and more likely they will suffer a setback, unless they will be able to substantially reform themselves.” He was also eager to reorient to the east, relying ever less on Brussels and ever more on potentially lucrative markets in and investments from Russia, China, and the Middle East.
  • For some, the relationship between Hungary and the rest of Europe is reminiscent of the moment in the 1960s when Albania fled the Soviet bloc and, in an act of transcontinental audacity, aligned itself with Communist China. But Albania was then a marginal player and China still a poor peasant country. Hungary is an important EU member and China’s illiberal development model, which has vaulted it to the top of the global economy, now has increasing international influence. This, in other words, is no Albanian mouse that roared. A new illiberal axis connecting Budapest to Beijing and Moscow would have far-reaching implications.
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  • That July speech represented a truly Oedipal moment, for Orban was eager to drive a stake right through the heart of the ideology that had fathered him. As a young man more than 25 years earlier, he had led the Alliance of Young Democrats — Fidesz — one of the region’s most promising liberal parties. In the intervening years, sensing political opportunity elsewhere on the political spectrum, he had guided Fidesz out of the Liberal International and into the European People’s Party, alongside German Chancellor Angela Merkel’s Christian Democrats. Now, however, he was on the move again and his new role model wasn’t Merkel, but Russian President Vladimir Putin and his iron-fisted style of politics. Given the disappointing performance of liberal economic reforms and the stinginess of the EU, it was hardly surprising that Orban had decided to hedge his bets by looking east. The European Union has responded by harshly criticizing Orban’s government for pushing through a raft of constitutional changes that restrict the media and compromise the independence of the judiciary. Racism and xenophobia are on the uptick in Hungary, particularly anti-Roma sentiment and anti-Semitism. And the state has taken steps to reassert control over the economy and impose controls on foreign investment.
  • The Hungarian prime minister, after all, has many European allies in his Euroskeptical project. Far right parties are climbing in the polls across the continent. With 25% of the votes, Marine Le Pen’s National Front, for instance, topped the French elections for the European parliament last May. In local elections in 2014, it also seized 12 mayoralties, and polls show that Le Pen would win the 2017 presidential race if it were held today. In the wake of the Charlie Hebdo shootings, the National Front has been pushing a range of policies from reinstating the death penalty to closing borders that would deliberately challenge the whole European project. In Denmark, the far-right People’s Party also won the most votes in the European parliamentary elections. In November, it topped opinion polls for the first time. The People’s Party has called for Denmark to slam shut its open-door policy toward refugees and re-introduce border controls. Much as the Green Party did in Germany in the 1970s, groupings like Great Britain’s Independence Party, the Finns Party, and even Sweden’s Democrats are shattering the comfortable conservative-social democratic duopoly that has rotated in power throughout Europe during the Cold War and in its aftermath.
  • The Islamophobia that has surged in the wake of the murders in France provides an even more potent arrow in the quiver of these parties as they take on the mainstream. The sentiment currently expressed against Islam — at rallies, in the media, and in the occasional criminal act — recalls a Europe of long ago, when armed pilgrims set out on a multiple crusades against Muslim powers, when early nation-states mobilized against the Ottoman Empire, and when European unity was forged not out of economic interest or political agreement but as a “civilizational” response to the infidel.
  • Euroskepticism doesn’t only come from the right side of the political spectrum. In Greece, the Syriza party has challenged liberalism from the left, as it leads protests against EU and International Monetary Fund austerity programs that have plunged the population into recession and revolt. As elsewhere in Europe, the far right might have taken advantage of this economic crisis, too, had the government not arrested the Golden Dawn leadership on murder and other charges. In parliamentary elections on Sunday, Syriza won an overwhelming victory, coming only a couple seats short of an absolute majority. In a sign of the ongoing realignment of European politics, that party then formed a new government not with the center-left, but with the right-wing Independent Greeks, which is similarly anti-austerity but also skeptical of the EU and in favor of a crackdown on illegal immigration.
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    Greece and Hungary moving to the right *and toward Russia and China.* The Syrza Party won big in Greece on Sunday. 
Gary Edwards

Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bon... - 0 views

  • In 2008, after collecting millions of dollars in fees to help California sell its bonds, Goldman urged its bigger clients to place investment bets against those bonds, in order to profit from a financial crisis that was sparked in the first place by irresponsible Wall Street speculation. Alarmed California officials warned that these short sales would jeopardize the state’s bond rating and drive up interest rates. But that result also served Goldman, which had sold credit default swaps on the bonds, since the price of the swaps rose along with the risk of default.
  • In 2009, the lenders’ lobbying group than proposed and promoted AB1388, a California bill eliminating the debt ceiling requirement on long-term debt for school districts. After it passed, bankers traveled all over the state pushing something called “capital appreciation bonds” (CABs) as a tool to vault over legal debt limits. (Think Greece again.) Also called payday loans for school districts, CABs have now been issued by more than 400 California districts, some with repayment obligations of up to 20 times the principal advanced (or 2000%).
  • The controversial bonds came under increased scrutiny in August 2012, following a report that San Diego County’s Poway Unified would have to pay $982 million for a $105 million CAB it issued. Goldman Sachs made $1.6 million on a single capital appreciation deal with the San Diego Unified School District.
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  • . . . AB1388, signed by then-Gov. Arnold Schwarzenegger in 2009, [gave] banks the green light to lure California school boards into issuing bonds to raise quick money to build schools. Unlike conventional bonds that have to be paid off on a regular basis, the bonds approved in AB1388 relaxed regulatory safeguards and allowed them to be paid back 25 to 40 years in the future. The problem is that from the time the bonds are issued until payment is due, interest accrues and compounds at exorbitant rates, requiring a balloon payment in the millions of dollars. . . . Wall Street exploited the school boards’ lack of business acumen and proposed the bonds as blank checks written against taxpayers’ pocketbooks. One school administrator described a Wall Street meeting to discuss the system as like “swimming with the big sharks.” Wall Street has preyed on these school boards because of the millions of dollars in commissions. Banks, financial advisers and credit rating firms have billed California public entities almost $400 million since 2007. [State Treasurer] Lockyer described this as “part of the ‘new’ Wall Street,” which “has done this kind of thing on the private investor side for years, then the housing market and now its public entities.”
  • The Federal Reserve could have made virtually-interest-free loans available to local governments, as it did for banks. But the Fed (whose twelve branches are 100% owned by private banks) declined. As noted by Cate Long on Reuters:
  • The Fed has said that it will not buy muni bonds or lend directly to states or municipal issuers. But be sure if yields rise high enough Merrill Lynch, Goldman Sachs and JP Morgan will be standing ready to “save” these issuers. There is no “lender of last resort” for muniland.
  • Among the hundreds of California school districts signing up for CABs were fifteen in Orange County. The Anaheim-based Savanna School District took on the costliest of these bonds, issuing $239,721 in CABs in 2009 for which it will have to repay $3.6 million by the final maturity date in 2034. That works out to $15 for every $1 borrowed. Santa Ana Unified issued $34.8 million in CABs in 2011. It will have to repay $305.5 million by the maturity date in 2047, or $9.76 for every dollar borrowed. Placentia-Yorba Linda Unified issued $22.1 million in capital appreciation bonds in 2011. It will have to repay $281 million by the maturity date in 2049, or $12.73 for every dollar borrowed.
  • In 2013, California finally passed a law limiting debt service on CABs to four times principal, and limiting their maturity to a maximum of 25 years. But the bill is not retroactive. In several decades, the 400 cities that have been drawn into these shark-infested waters could be facing municipal bankruptcy – for capital “improvements” that will by then be obsolete and need to be replaced.
  • Then-State Treasurer Bill Lockyer called the bonds “debt for the next generation.” But some economists argue that it is a transfer of wealth, not between generations, but between classes – from the poor to the rich. Capital investments were once funded with property taxes, particularly those paid by wealthy homeowners and corporations. But California’s property tax receipts were slashed by Proposition 13 and the housing crisis, forcing school costs to be borne by middle-class households and the students themselves.
  • According to Demos, per-student funding has been slashed since 2008 in every state but one – the indomitable North Dakota. What is so different about that state? Some commentators credit the oil boom, but other states with oil have not fared so well. And the boom did not actually hit in North Dakota until 2010. The budget of every state but North Dakota had already slipped into the red by the spring of 2009.
  • One thing that does single the state out is that North Dakota alone has its own depository bank.
  • The state-owned Bank of North Dakota (BND) was making 1% loans to school districts even in December 2014, when global oil prices had dropped by half. That month, the BND granted a $10 million construction loan to McKenzie County Public School No. 1, at an interest rate of 1% payable over 20 years. Over the life of the loan, that works out to $.20 in simple interest or $.22 in compound interest for every $1 borrowed. Compare that to the $15 owed for every dollar borrowed by Anaheim’s Savanna School District or the $10 owed for every dollar borrowed by Santa Ana Unified.
  • How can the BND afford to make these very low interest loans and still turn a profit? The answer is that its costs are very low. It has no exorbitantly-paid executives; pays no bonuses, fees, or commissions; pays no dividends to private shareholders; and has low borrowing costs. It does not need to advertise for depositors (it has a captive deposit base in the state itself) or for borrowers (it is a wholesale bank that partners with local banks, which find the borrowers). The BND also has no losses from derivative trades gone wrong. It engages in old-fashioned conservative banking and does not speculate in derivatives. Unlike the vampire squids of Wall Street, it is not motivated to maximize its bottom line in a predatory way. Its mandate is simply to serve the public interest.
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    " Remember when Goldman Sachs - dubbed by Matt Taibbi the Vampire Squid - sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt."
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