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Paul Merrell

Britain commits to NATO 2 percent defense spending target for next five years | Reuters - 0 views

www.reuters.com/...-defence-idUSKCN0PI1IL20150708

economy UK austerity NATO-spending

shared by Paul Merrell on 10 Jul 15 - No Cached
  • The British government said on Wednesday it would commit to NATO's defense spending pledge of two percent of GDP for the next five years, a decision which will help ease U.S. fears about their future ability to rely on a close military ally.The United States immediately welcomed the pledge and urged all NATO members to do the same.Britain has reduced defense spending by about 8 percent in real terms since 2010 to help cut a record budget deficit, shrinking the size of the armed forces by around one sixth.
  • Several top U.S. military figures, including U.S. Army Chief of Staff General Raymond Odierno, had also expressed concern about declining defense spending by Britain, which still spends more on defense than any other European NATO member.
  • Shares of BAE Systems, Britain's biggest defense contractor, traded up 3 percent on the day, making the company one of the top risers on Britain's bluechip index.
Gary Edwards

Paul Ryan -- the Man Who Could Save America - Casey Research - 0 views

www.caseyresearch.com/...3249

paul-ryan constitutional-conservatism

shared by Gary Edwards on 03 Mar 10 - Cached
  • Gary Edwards on 03 Mar 10
     
    incredible plan!  This article is a quick synopsis of the comprehensive, but "short" plan Republican representative Paul Ryan introduced to Congress in 2009.  It covers everything.  And if ever there was a Conservative Manifesto, this is the nuts and bolts of how to get it done.  Unbelievable.  
Paul Merrell

The Fed's Plan B: "We're Going to Kill the Dollar" - 0 views

www.informationclearinghouse.info/article33685.htm

Banksters financial-crisis financial-collapse Federal-Reserve-Bankster-Cartel financial-oligarchs

shared by Paul Merrell on 24 Jan 13 - No Cached
  • “How do you solve a problem when you’re running a 10% fiscal budget deficit? You are not going to get growth without private sector credit demand. The government’s idea right now is that we’re going to export our way out of this, and when I asked a senior member of the Obama administration last week how are we going to grow exports if we will not allow nominal wage deflation? He said, “We’re going to kill the dollar.” Kyle Bass interview. Last week, amid growing rumors of a global currency war, the Fed’s balance sheet broke the $3 trillion-mark for the first time in history. According to blogger Sober Look: “For the first time since this program was launched (QE) it is starting to have a material impact on bank reserves … which spiked last week. 2013 will look quite different from last year. The monetary base will be expanded dramatically as long as the current securities purchases program is in place. ‘Money printing” is in now full swing.’”
Paul Merrell

30 Major U.S. Companies Spent More on Lobbying than Taxes - DailyFinance - 0 views

www.dailyfinance.com/...nt-more-on-lobbying-than-taxes

financial-crisis financial-collapse corporate-taxes

shared by Paul Merrell on 16 Feb 13 - No Cached
  • Thirty large American corporations spent more money on lobbying than they paid in federal taxes from 2008 to 2010, according to a report from the nonpartisan reform group Public Campaign. All of the companies were profitable at the time. In spite of this, and the massive federal budget deficit, 29 out of the 30 companies featured in the study managed through various legal tax-dodging measures to pay no federal income taxes at all from 2008 through 2010. The lone exception, FedEx (FDX), paid a three-year tax rate of 1%, nowhere near the 35% called for by the federal tax code. In fact, the report explains, the 29 companies that paid no tax actually received tax rebates over those three years, "ranging from $4 million for Corning (GLW) to nearly $5 billion for General Electric (GE)." The total value of the rebates received was nearly $11 billion; combined profits during the same period were $164 billion.
  • The amounts spent on lobbying ranged from $710,000 by Intergrys Energy Group to $84 million by General Electric. Others that spent heavily on lobbyists were PG&E (PCG), Verizon (VZ), Boeing (BA) and FedEx. It all added up to a total of almost half a billion dollars -- $476 million -- over three years. Or, as the report notes, "in other words, roughly $400,000 each day, including weekends." The same firms spent an additional $22 million on donations to federal campaigns. Logically enough, the two biggest contributors were defense contractors: Honeywell International (more than $5 million) and Boeing ($3.85 million). General Electric wasn't far behind ($3.64 million). For a complete list of the companies surveyed, as well as information on executive compensation, read the full report.
Gary Edwards

The Federal Reserve is a privately owned Corporation « orwelliania - 0 views

orwelliania.wordpress.com/...-a-privately-owned-corporation

End-the-Fed Banksters Globalist Rothschild-Banksters Central-Banks

shared by Gary Edwards on 22 Jun 12 - No Cached
  • Gary Edwards on 22 Jun 12
     
    Incredible.  Watch your breathing rate as you read this.  Otherwise you might pass out. excerpt: Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed: Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of New York Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York (Reference 14, P. 13, Reference 12, P. 152) These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22). The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22) First National Bank of New York James Stillman National City Bank, New York Mary W. Harnman National Bank of Commerce, New York A.D. Jiullard Hanover National Bank, New York Jacob Schiff Chase National Bank, New York Thomas F. Ryan Paul Warburg William Rockefeller Levi P. Morton M.T. Pyne George F. Baker Percy Pyne Mrs. G.F. St. George J.W. Sterling Katherine St. George H.P. Davidson J.P. Morgan (Equitable Life/Mutual Life) Edith Brevour T. Baker (Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179) How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefell
Paul Merrell

The Hows and Whys of Gold Price Manipulation - PaulCraigRoberts.org - 0 views

www.paulcraigroberts.org/...s-whys-gold-price-manipulation

financial-collapse gold Federal-Reserve-Bankster-Cartel banksters market-manipulation

shared by Paul Merrell on 21 Jan 14 - No Cached
  • The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.” Removed from market discipline, the banks became wards of the government requiring massive creation of new money by the Federal Reserve in order to support through the policy of Quantitative Easing the prices of financial instruments on the banks’ balance sheets and in order to finance at low interest rates trillion dollar federal budget deficits associated with the long recession caused by the financial crisis.
  • The Fed’s policy of monetizing one trillion dollars of bonds annually put pressure on the US dollar, the value of which declined in terms of gold. When gold hit $1,900 per ounce in 2011, the Federal Reserve realized that $2,000 per ounce could have a psychological impact that would spread into the dollar’s exchange rate with other currencies, resulting in a run on the dollar as both foreign and domestic holders sold dollars to avoid the fall in value. Once this realization hit, the manipulation of the gold price moved beyond central bank leasing of gold to bullion dealers in order to create an artificial market supply to absorb demand that otherwise would have pushed gold prices higher. The manipulation consists of the Fed using bullion banks as its agents to sell naked gold shorts in the New York Comex futures market. Short selling drives down the gold price, triggers stop-loss orders and margin calls, and scares participants out of the gold trusts. The bullion banks purchase the deserted shares and present them to the trusts for redemption in bullion. The bullion can then be sold in the London physical gold market, where the sales both ratify the lower price that short-selling achieved on the Comex floor and provide a supply of bullion to meet Asian demands for physical gold as opposed to paper claims on gold.
  • The evidence of gold price manipulation is clear. In this article we present evidence and describe the process. We conclude that ability to manipulate the gold price is disappearing as physical gold moves from New York and London to Asia, leaving the West with paper claims to gold that greatly exceed the available supply.
Paul Merrell

The West Dethroned -- Paul Craig Roberts - PaulCraigRoberts.org - 0 views

www.paulcraigroberts.org/...t-dethroned-paul-craig-roberts

war & peace G20-summit obama Israel AIPAC decline of the American Empire

shared by Paul Merrell on 09 Sep 13 - No Cached
  • The “New American Century” proclaimed by the neoconservatives came to an abrupt end on September 6 at the G20 meeting in Russia. The leaders of most of the world’s peoples told Obama that they do not believe him and that it is a violation of international law if the US government attacks Syria without UN authorization. Putin told the assembled world leaders that the chemical weapons attack was “a provocation on behalf of the armed insurgents in hope of the help from the outside, from the countries which supported them from day one.” In other words, Israel, Saudi Arabia, and Washington–the axis of evil. China, India, South Africa, Brazil, Indonesia, and Argentina joined Putin in affirming that a leader who commits military aggression without the approval of the UN Security Council puts himself “outside of law.” In other words, if you defy the world, obama, you are a war criminal.
  • We are yet to see an american president who can stand up to Israel. Or, for that matter, a Congress that can. Or a media. The obama regime tried to counter its smashing defeat at the G20 Summit by forcing its puppet states to sign a joint statement condemning Syria. However the puppet states qualified their position by stating that they opposed military action and awaited the UN report.
  • What this reveals is that the support behind the liar obama is feeble and limited. The ability of the Western countries to dominate international politics came to an end at the G20 meeting. The moral authority of the West is completely gone, shattered and eroded by countless lies and shameless acts of aggression based on nothing but lies and self-interests. Nothing remains of the West’s “moral authority,” which was never anything but a cover for self-interest, murder, and genocide.
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  • The idiot Western governments have pissed away their clout. There is no prospect whatsoever of the neoconservative fantasy of US hegemony being exercised over Russia, China, India, Brazil, South Africa, South America, Iran. These countries can establish their own system of international payments and finance and leave the dollar standard whenever they wish. One wonders why they wait. The US dollar is being printed in unbelievable quantities and is no longer qualified to be the world reserve currency. The US dollar is on the verge of total worthlessness. The G20 Summit made it clear that the world is no longer willing to go along with the West’s lies and murderous ways. The world has caught on to the West. Every country now understands that the bailouts offered by the West are merely mechanisms for looting the bailed-out countries and impoverishing the people.
  • In the 21st century Washington has treated its own citizens the way it treats citizens of third world countries. Untold trillions of dollars have been lavished on a handful of banks, while the banks threw millions of Americans out of their homes and seized any remaining assets of the broken families. US corporations had their taxes cut to practically nothing, with few paying any taxes at all, while the corporations gave the jobs and careers of millions of Americans to the Chinese and Indians. With those jobs went US GDP, tax base, and economic power, leaving Americans with massive budget deficits, a debased currency, and bankrupt cities, such as Detroit, which once was the manufacturing powerhouse of the world. How long before Washington shoots down its own homeless, hungry, and protesting citizens in the streets?
  • Washington represents Israel and a handful of powerful organized private interests. Washington represents no one else. Washington is a plague upon the American people and a plague upon the world. http://rt.com/news/g20-against-syria-strike-527/
  • About Dr. Paul Craig Roberts Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments.
  • Paul Merrell on 09 Sep 13
     
    Paul Craig Roberts makes a compelling case that the just-completed G20 summit is a historic event, marking the virtual end of U.S. ability to influence other nations to assist in imposing the Neocon/right-wing Israeli hegemonic agenda on the world. The Israel-first AIPAC lobbyists hit the hill beginning Monday morning to produce the authorization for war against Syria, painting it as essential to the Israeli goal of destroying the Iranian government. http://www.politico.com/story/2013/09/aipac-syria-96344.html The Israel-first lobby almost invariably attains its Congressional goals, regardless of those goals' damage to America. They are willing to fight to the very last drop of American blood to fulfill the Eeretz Israel dream of a Jewish empire in the Mideast and North Africa. Will Congress roll over for Israel's right-wing government yet again? We will know very soon. The key members of Congress to watch on their position in regard to war against Syria are those who are up for re-election next year. None will want to disturb voters this close to election by voting for war. Will that give them sufficient spine to withstand the Israel-firsters?  One can hope.  But the citizen message to Congress needs to be: "No to Obama. No to AIPAC. No to war."
Paul Merrell

China's Official Press Agency Calls For New Reserve Currency, And New World Order | Zer... - 1 views

www.zerohedge.com/...ncy-calls-new-reserve-currency

China U.S. dollar reserve currrencies Federal-Reserve-Bankster-Cartel

shared by Paul Merrell on 14 Oct 13 - No Cached
  • We assume it is a coincidence that on the day in which we demonstrate China's relentless appetite for gold, driven by what we and many others believe is the country's desire to have a call option on a gold-backed reserve currency when the time comes, just posted in China's official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the "US fiscal failure which warrants a de-Americanized world" and flatly states that the world should consider a new reserve currency "that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States." Of course, if China were serious, and if the world were to voluntarily engage in such a (r)evolutionary reserve currency transition, then all Magic Money Tree theories that the only thing better than near infinite debt is beyond infinite debt, would promptly be relegated to the historic dust heap of idiotic theories where they belong. Some of China's (which as a reminder is the single largest offshore holder of US Treasury paper, and the second largest of all only second naturally to the Federal Reserve whose $85 billion in monthly monetizing "flow" is what is keeping rates from exploding higher) thoughts as captured in the Xinhua Op-ed:
  • Reform of the world’s financial system should include the introduction of a new internatonal reserve currency to replace the U.S. dollar The international community could thus permanently stay away from the spillover of intensifying domestic political turmoil in the U.S. Fiscal impasse in the U.S. is a good time for “befuddled world” to start considering building a “de-Americanized world” Impasse has left many nations’ dollar assets in jeopardy and the international community agonized Other cornerstones should be laid to underpin a de-Americanized world, including respect for sovereignty, recognizing authority of UN in handling global hotspot issues and giving developing and emerging market economies more say in major international financial institutions Purpose of such changes is not to “completely toss the United States aside,” rather to encourage Washington to play a much more constructive role in addressing global affairs Of course, if and when the day comes that the USD is no longer the reserve currency, kiss America's superpower, or any power, status, which is now based purely on the USD's reserve currency status, and the ability to fund half the US budget deficit with debt promptly monetized by the Fed, goodbye.
  • Paul Merrell on 14 Oct 13
     
    Sounds like more than a hint from China that Congress needs to act quickly to remove concerns that the U.S. may default on its debt. (The Xinhua op-ed is republished on the linked page.)  I must admit that I have my moments when I like the idea of the entire corrupt Western bankster cartel would just get on with committing financial suicide so the world could get on with whatever is to rise from those ashes. 
Gary Edwards

The Project To Restore America - 0 views

www.theprojecttorestoreamerica.com

Federal-Reserve-Bankster-Cartel

shared by Gary Edwards on 18 Dec 13 - No Cached
  • One hundred years ago this month, on December 23, 1913, the Congress passed the Federal Reserve Act, establishing a national central-banking system in the United States. The governing board of the Federal Reserve was organized on August 12, 1914, and the Federal Reserve banks opened for operation on November 16, 1914.   On the surface, the preamble to the Act, which summarized the purpose of the new government-created institution, seemed fairly innocuous:   “An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.”
  • The Powers of the Federal Reserve   But what this meant was the start of the monopolization of monetary matters in the hands of a single politically appointed authority within the boundaries of the United States.   Those innocuously sounding functions listed in the Act’s preamble, however, gave the Federal Reserve the power to:   (a) Control the quantity of money and credit supplied in the United States.   (b) Influence the value, or purchasing power, of the monetary unit that is used by the citizenry of the country in all their transactions.   (c) Indirectly manipulate the rates of interest at which borrowers and lenders transfer savings for investment and other purposes, including the funding of government budget deficits.
  • A Century of Central Bank Mismanagement   The 100-year record of the Federal Reserve has been a roller coaster of inflations and recessions, including the disaster of the Great Depression of the 1930s, the “excessive exuberance” of the late 1990s that resulted in the “Dot.Com” bubble that burst in the early 2000s, and the recent boom-bust cycle of the last decade from which the U.S. economy is still slowly recovering.   The crucial and fundamental problem with the power and authority of the Federal Reserve is that it represents monetary central planning. In a world that has, for the most part, turned its back on the theoretical error and practical disaster of believing that governments have the wisdom and ability to centrally plan the economic affairs of a society, central banking remains one of the major remaining forms of socialism practiced around the globe.   Government control and planning of the monetary system has resulted in extensive political power over virtually every aspect of our economic life. In 1942 Gustav Stolper, a German free-market economist then in exile in America from war-torn Europe, published a book titled “This Age of Fables.” He pointed out:
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  • “Hardly ever do the advocates of free capitalism realize how utterly their ideal was frustrated at the moment the state assumed control of the monetary system . . . A ‘free’ capitalism with government responsibility for money and credit has lost its innocence. From that point on it is no longer a matter of principle but one of expediency how far one wishes or permits government interference to go. Money control is the supreme and most comprehensive of all governmental controls short of expropriation.”
  • Gary Edwards on 18 Dec 13
     
    Interesting two part summary of the Federal Reserve that emphasis' the essential relationship between central banking and socialism.  The author, Richard Ebeling, goes as far as to say that not only is central banking essential to socialism but also that free market - individual liberty capitalism cannot coexist with central banking. IIRC, there is a clause int he Federal Reserve Act of 1913 where the US Treasury can purchase back control of the money supply at a cost of $144 Million dollars.  Not sure where I read that, but the cancellation of near two thirds of the interest due on our national debt would work wonders for the dollar.
Gary Edwards

The Great Deceiver - The Federal Reserve - 0 views

www.thedailybell.com/...-Deceiver--The-Federal-Reserve

Paul-Craig-Roberts Federal-Reserve-Bankster-Cartel

shared by Gary Edwards on 13 May 14 - No Cached
  • From November 2013 through January 2014 Belgium with a GDP of $480 billion purchased $141.2 billion of US Treasury bonds. Somehow Belgium came up with enough money to allocate during a 3-month period 29 percent of its annual GDP to the purchase of US Treasury bonds. Certainly Belgium did not have a budget surplus of $141.2 billion. Was Belgium running a trade surplus during a 3-month period equal to 29 percent of Belgium GDP? No, Belgium's trade and current accounts are in deficit. Did Belgium's central bank print $141.2 billion worth of euros in order to make the purchase? No, Belgium is a member of the euro system, and its central bank cannot increase the money supply. So where did the $141.2 billion come from?
  • There is only one source. The money came from the US Federal Reserve, and the purchase was laundered through Belgium in order to hide the fact that actual Federal Reserve bond purchases during November 2013 through January 2014 were $112 billion per month. In other words, during those 3 months there was a sharp rise in bond purchases by the Fed. The Fed's actual bond purchases for those three months are $27 billion per month above the original $85 billion monthly purchase and $47 billion above the official $65 billion monthly purchase at that time. (In March 2014, official QE was tapered to $55 billion per month and to $45 billion for May.) Why did the Federal Reserve have to purchase so many bonds above the announced amounts and why did the Fed have to launder and hide the purchase? Some country or countries, unknown at this time, for reasons we do not know dumped $104 billion in Treasuries in one week.
  • What are the reasons for this deception by the Federal Reserve?
  • ...6 more annotations...
  • The Fed realized that its policy of Quantitative Easing initiated in order to support the balance sheets of "banks too big to fail" and to lower the Treasury's borrowing cost was putting pressure on the US dollar's value. Tapering was a way of reassuring holders of dollars and dollar-denominated financial instruments that the Fed was going to reduce and eventually end the printing of new dollars with which to support financial markets. The image of foreign governments bailing out of Treasuries could unsettle the markets that the Fed was attempting to soothe by tapering.
  • Its wars and hundreds of overseas military bases could not be financed.
  • Washington's power ultimately rests on the dollar as world reserve currency. This privilege, attained at Bretton Woods following World War 2, allows the US to pay its bills by issuing debt. The world currency role also gives the US the power to cut countries out of the international payments system and to impose sanctions.
  • As impelled as the Fed is to protect the large banks that sit on the board of directors of the NY Fed, the Fed has to protect the dollar. That the Fed believed that it could not buy the bonds outright but needed to disguise its purchase by laundering it through Belgium suggests that the Fed is concerned that the world is losing confidence in the dollar. If the world loses confidence in the dollar, the cost of living in the US would rise sharply as the dollar drops in value. Economic hardship and poverty would worsen. Political instability would rise. If the dollar lost substantial value, the dollar would lose its reserve currency status. Washington would not be able to issue new debt or new dollars in order to pay its bills.
  • A hundred billion dollar sale of US Treasuries is a big sale. If the seller was a big holder of Treasuries, the sale could signal the bond market that a big holder might be selling Treasuries in large chunks. The Fed would want to keep the fact and identity of such a seller secret in order to avoid a stampede out of Treasuries. Such a stampede would raise interest rates, collapse US financial markets, and raise the cost of financing the US debt. To avoid the rise in interest rates, the Fed would have to accept the risk to the dollar of purchasing all the bonds. This would be a no-win situation for the Fed, because a large increase in QE would unsettle the market for US dollars.
  • The withdrawal from unsustainable empire would begin. The rest of the world would see this as the silver lining in the collapse of the international monetary system brought on by the hubris and arrogance of Washington.
  • Gary Edwards on 13 May 14
     
    Incredible.  Since 2009, the Fed has been pumping $85 Billion per month into the Wall Street hedge funds of it's member banks.  Economist Paul Craig Roberts noticed some funny business the past few months regarding the Fed's numbers.  It turns out that while the Fed has been trying to convince the world that they are tapering off on their $85 Billion per month debt printing spree, the truth is just the opposite.  They have increased the debt spree to $112 Billion per month; with the help of a secret money laundering operation involving Belgium! Incredible!
Paul Merrell

Czech and Slovak Reservists Memorandum against NATO. "We Reject Fighting in NATO Ranks ... - 0 views

www.globalresearch.ca/...5441588

war & peace Czechoslovakia military-reserves mutiny NATO-breakup

shared by Paul Merrell on 09 Apr 15 - No Cached
  • On January 19th 2015 the facebook group, which combines all members of the CSLA, PS, VMV, SNB in reserve or decommissioned, issued an important memorandum, which has become even more urgent in light of the situation today. A defensive back up location in the event that the group gets „disappeared“ from Facebook, the group of the same name exists on VK.com. as well. For the first time since the end of the 2nd World War we see a genuine threat of war yet again. Consequently, we consider it necessary to issue the following statement. We, the Czechoslovak soldiers in reserve, unanimously reject any participation in battles that are geopolitical acts of aggression of the global elite by way of NATO and the support of our governments. We swore to defend our homeland the Czech and Slovak Republics. We swore to protect the freedom and independence of our proud and sovereign nations, for which our ancestors laid down their lives in the world wars. We are guided by this oath in a civilian initiative to deal with a crisis situation. Freedom and independence is being jeopardized long time by a system of representative pseudo-democracy, where an elected representative does not have the obligation to advance the interests of voters and in practice, laws represent but the personal interests of the legislators, the interests of political parties and economic interest groups. Our homeland is under the pressure of global elites and economic interest groups, who are doing away with the power of citizens through a system of representative democracy.
  • Our deliberately flawed constitution and charter of rights and freedoms is being perverted and constitutional laws are violated by legislators themselves. Legislative power is being privatized, executive power is being politicized and judicial power corrupted by lobbying laws and pressure from our governments. The results are an unplayable public deficit, deindustrialization, the privatization of the republic’s property and defrauded budgets, food and energy dependence, the privatization of natural resources, pensions and the health of citizens. Our country has been unlawfully divided, looted, indebted, people enslaved and their families liquidated by repossession genocide, national infrastructure transferred into the hands of western corporations. Destructive chaos and despair dominates in the community. For this reason, we the Czechoslovak soldiers in reserve recognize our military oath and together we come with a vision for the defense of our nations. We unequivocally reject fighting in the ranks of NATO against the Russian federation or other Slavic nations and we likewise intend to stand up firmly through organized civilian pressure against the further liquidation of our democracy, freedom and independence. We are uniting in a crisis situation and by utilizing our civilian and military skills and expertise we intend to create sufficiently strong, organized civil pressure for the period of time necessary to assert our patriotic goals. We swore allegiance to our homeland, the Czech and Slovak Republics. We, the Czechoslovak reserve soldiers, will fulfill this oath!
  • Paul Merrell on 09 Apr 15
     
    If true, U.S. hegemony and NATO just took another big hit. What if they gave a war and nobody came?
Paul Merrell

U.S. urges allies to think twice before joining China-led bank - Yahoo Finance - 0 views

finance.yahoo.com/...taly-join-china-002209014.html

economic-warfare dedollarization AIIB Germany France Italy Luxembourg EC

shared by Paul Merrell on 20 Mar 15 - No Cached
  • (Reuters) - The United States urged countries on Tuesday to think twice about signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank, after Germany, France and Italy followed Britain in saying they would join. The concerted move by U.S. allies to participate in Beijing's flagship economic outreach project is a diplomatic blow to the United States and its efforts to counter the fast-growing economic and diplomatic influence of China. Europe's participation reflects the eagerness to partner with China's economy, the world's second largest, and comes amid prickly trade negotiations between Brussels and Washington.
  • European Union and Asian governments are frustrated that the U.S. Congress has held up a reform of voting rights in the International Monetary Fund that would give China and other emerging powers more say in global economic governance.
  • Washington insists it has not actively discouraged countries from joining the new bank, but it has questioned whether the Asian Infrastructure Investment Bank (AIIB) will have sufficient standards of governance and environmental and social safeguards. "I hope before the final commitments are made anyone who lends their name to this organization will make sure that the governance is appropriate," Treasury Secretary Jack Lew told U.S. lawmakers. Lew warned the Republican-dominated Congress that China and other rising powers were challenging American leadership in global financial institutions, and he urged lawmakers to swiftly ratify stalled reform of the IMF.
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  • In a joint statement, the foreign and finance ministers of Germany, France and Italy said they would work to ensure the new institution "follows the best standards and practices in terms of governance, safeguards, debt and procurement policies." Luxembourg’s Finance Ministry confirmed the country, a big financial centre, has also applied to be a founding member of the $50 billion AIIB.
  • A spokeswoman for the European Commission, the EU's executive arm, endorsed member states' participation in the AIIB as a way of tackling global investment needs and as an opportunity for EU companies.
  • Lew told lawmakers that the U.S. delay in ratifying the agreement was undermining its credibility and influence as countries question the United States' commitment to international institutions. “It's not an accident that emerging economies are looking at other places because they are frustrated that, frankly, the United States has stalled a very mild and reasonable set of reforms in the IMF,” Lew said.
  • Some Republicans have complained the changes would cost too much at a time Washington is running big budget deficits. The reforms have also ran afoul of a growing isolationist trend among the party's influential Tea Party wing.
  • Washington says it sees a role for the IAAB given Asia's immense infrastructure needs and regards it as a potential partner for established institutions like the ADB. But its strategy of questioning the IAAB's standards has drawn criticism from some observers, who say the administration should have been more accepting of the new bank or offered alternatives within the existing institutions. "If you try to fight the rising power's peaceful ascent you sow big problems in the future," said Fred Bergsten, a former top international affairs official at the U.S. Treasury and currently a fellow at the Peterson Institute in Washington. Scott Morris, a former U.S. Treasury official who led U.S. engagement with the multilateral development banks during the first Obama administration, said Washington was paying the price for delay on IMF reform. "It's a clear sentiment among a pretty diverse group of countries: We would like to mobilize more capital for infrastructure through MDBs (multilateral development banks)," said Morris, now with the Washington-based Center for Global Development. "And the U.S. stands in the way of that and now finds itself increasingly isolated as a result.”
  • Japan, Australia and South Korea remain notable regional absentees from the AIIB. Australian Prime Minister Tony Abbott said at the weekend he would make a final decision on membership soon. South Korea has said it is still in discussions with China and other countries about possible participation. Japan is unlikely to join the AIIB, but ADB head Takehiko Nakao told the Nikkei Asian Review that the two institutions were in discussions and could work together.
  • Paul Merrell on 20 Mar 15
     
    Oh, man. Angela Merkel just hitched Germany's wagon to China's, which implictly means Russia's and the rest of BRICS too. Plus the European Commission, UK, France, Italy, and Luxembourg   Keep in mind that China will open its RMB trading centers in the major financial hubs in September and that the folks in Brussels are making noises about a European combined defense organization, independent of NATO anjd the U.S.   I want more information to be certain that there is more here than moves to create bargaining leverage with Washington, D.C.. but it might soon be time to buy a wheelbarrow to carry my walkabout spending money. Wow!
Paul Merrell

Brazil's Epic Scandal Takes Down a Banker - Bloomberg Business - 0 views

www.bloomberg.com/...ic-scandal-takes-down-a-banker

banksters Brazil Esteves criminal-prosecution litigation obstruction corruption

shared by Paul Merrell on 12 Dec 15 - No Cached
  • Brazilians have become inured to seeing politicians and businessmen marched off to prison for corruption. But the mug shot of banker André Esteves—unshaven and frowning—that flashed across TV screens in early December was a shock. Part of a cadre of mavericks who got astonishingly rich from Brazil’s transformation into one of the world’s top 10 economies in the 2000s, Esteves helped turn Grupo BTG Pactual into Latin America’s biggest standalone investment bank. Supremely confident, Esteves—who was a billionaire by his mid-30s—liked to quip that the initials in his company’s name stood for “Better than Goldman.”Around dawn on Nov. 25, Esteves’s fortunes soured in an instant. Police showed up at his apartment, which faces Rio de Janeiro’s legendary Ipanema beach, and hauled him away on allegations of obstructing a federal investigation into a massive pay-to-play scheme centered on Brazil’s state-run oil giant, Petrobras. Now Esteves, 47, resides in a cell block with concrete beds and communal toilets at Bangu, a high-security prison in Rio better known for housing drug traffickers and murderers.
  • Having its founder, chief executive officer, and chairman behind bars has pushed BTG Pactual to the brink of insolvency as clients pull their money out. Within days of his arrest, Esteves had relinquished his controlling stake in the firm, and his partners had begun a wholesale selloff of assets. To avert disaster, Brazil’s central bank helped engineer a $1.6 billion rescue line from the country’s privately funded deposit guarantee fund. Still, the bank’s shares have lost half their value since Esteves’s arrest. On Dec. 7, prosecutors formally accused the banker of obstruction of justice. Antônio Carlos de Almeida Castro, Esteves’s lawyer, says his client has done nothing wrong.The metastatic graft scandal that sent Esteves to jail threatens more than the survival of BTG. So many legislators are implicated, Congress has been unable to pass legislation to contain an exploding budget deficit. President Dilma Rousseff has grown so unpopular that lawmakers are maneuvering to impeach her for allegedly cooking the government’s books. Meanwhile, the economy is sliding into what Goldman Sachs calls a full-blown depression.
  • BTG’s collapse won’t cause Brazil’s capital markets to seize up as Lehman Brothers’ failure did in the U.S. in 2008. Yet having one of the country’s most prominent financiers behind bars is a body blow to the confidence of investors at a time when Brazil needs their cash. “It very much gives you the impression that the corruption scheme is so widespread that it induces a kind of counterparty risk,” says Monica de Bolle, a former International Monetary Fund economist. “You enter into transactions with people in Brazil without knowing whether or not they might be implicated in something.” The result: “Nothing gets done. There’s no business,” she says.
Paul Merrell

Saudi Arabia Will Be Broke In 5 Years, IMF Predicts | Zero Hedge - 0 views

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war & peace Saudis IMF Saudi-economy Syria

shared by Paul Merrell on 22 Oct 15 - No Cached
  • As crazy as it sounds, the Saudis are going broke. Of course you wouldn’t know it if you read the account of King Salman’s latest visit to Washington which included booking the entire DC Four Seasons and procuring a veritable fleet of Mercedes S-Class sedans.
  • You’d also be inclined to think that everything is fine if you simply looked at SAMA holdings (i.e. FX reserves) which still total nearly $700 billion. 
  • The problem however, is the outlook.  Fighting wars costs money and so does bribing the citizenry to ensure you don’t get some kind of Arab Spring-type uprising. When you endeavor to artificially suppress the price of the export that is the source for your wealth and international prestige (all in an epic attempt to bankrupt the competition and secure geopolitical “ancillary benefits”) you don’t do yourself any favors from a financial perspective and now, the Saudis are staring down a massive budget deficit and a current account that’s in the red for the first time in ages. So while things may look on the up and up from an FX reserve perspective (even as the cushion is at its lowest level since 2013) and while the kingdom has plenty of capacity to borrow with a debt-to-GDP ratio of just a little over 2%, things are about to get ugly very quickly going forward and if Riyadh decides to plunge headlong into Syria’s civil war, it will only get worse. Note that while debt levels are likely to stay low relative to a world where countries like Japan are borrowing so much that the number of decimal places won't even fit into a title, going from basically 0% to ~16% of GDP in the space of just 24 months isn't exactly a good sign:
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