Skip to main content

Home/ Socialism and the End of the American Dream/ Group items tagged business-insider

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
12More

Global Financial Meltdown Coming? Clear Signs That The Great Derivatives Crisis Has Now... - 0 views

theeconomiccollapseblog.com/...rivatives-crisis-has-now-begun Banksters
shared by Gary Edwards on 15 Oct 15 - No Cached
  • No one “understands” derivatives. How many times have readers heard that thought expressed (please round-off to the nearest thousand)? Why does no one understand derivatives? For many; the answer to that question is that they have simply been thinking too hard. For others; the answer is that they don’t “think” at all. Derivatives are bets. This is not a metaphor, or analogy, or generalization. Derivatives are bets. Period. That’s all they ever were. That’s all they ever can be.
  • One very large financial institution that appears to be in serious trouble with these financial weapons of mass destruction is Glencore.  At one time Glencore was considered to be the 10th largest company on the entire planet, but now it appears to be coming apart at the seams, and a great deal of their trouble seems to be tied to derivatives.  The following comes from Zero Hedge… Of particular concern, they said, was Glencore’s use of financial instruments such as derivatives to hedge its trading of physical goods against price swings. The company had $9.8 billion in gross derivatives in June 2015, down from $19 billion in such positions at the end of 2014, causing investors to query the company about the swing. Glencore told investors the number went down so drastically because of changes in market volatility this year, according to people briefed by Glencore. When prices vary significantly, it can increase the value of hedging positions. Last year, there were extreme price moves, particularly in the crude-oil market, which slid from about $114 a barrel in June to less than $60 a barrel by the end of December.
  • That response wasn’t satisfying, said Michael Leithead, a bond fund portfolio manager at EFG Asset Management, which managed $12 billion as of the end of March and has invested in Glencore’s debt.
  • ...8 more annotations...
  • According to Bank of America, the global financial system has about 100 billion dollars of exposure overall to Glencore.  So if Glencore goes bankrupt that is going to be a major event.  At this point, Glencore is probably the most likely candidate to be “the next Lehman Brothers”. And it isn’t just Glencore that is in trouble.  Other financial giants such as Trafigura are in deep distress as well.  Collectively, the global financial system has approximately half a trillion dollars of exposure to these firms… Worse, since it is not just Glencore that the banks are exposed to but very likely the rest of the commodity trading space, their gross exposure blows up to a simply stunning number:
  • For the banks, of course, Glencore may not be their only exposure in the commodity trading space. We consider that other vehicles such as Trafigura, Vitol and Gunvor may feature on bank balance sheets as well ($100 bn x 4?)
  • Call it half a trillion dollars in very highly levered exposure to commodities: an asset class that has been crushed in the past year. The mainstream media is not talking much about any of this yet, and that is probably a good thing.  But behind the scenes, unprecedented moves are already taking place. When I came across the information that I am about to share with you, I was absolutely stunned.  It comes from Investment Research Dynamics, and it shows very clearly that everything is not “okay” in the financial world… Something occurred in the banking system in September that required a massive reverse repo operation in order to force the largest ever Treasury collateral injection into the repo market.   Ordinarily the Fed might engage in routine reverse repos as a means of managing the Fed funds rate.   However, as you can see from the graph below, there have been sudden spikes up in the amount of reverse repos that tend to correspond the some kind of crisis – the obvious one being the de facto collapse of the financial system in 2008:
  • What in the world could possibly cause a spike of that magnitude? Well, that same article that I just quoted links the troubles at Glencore with this unprecedented intervention… What’s even more interesting is that the spike-up in reverse repos occurred at the same time – September 16 – that the stock market embarked on an 8-day cliff dive, with the S&P 500 falling 6% in that time period.  You’ll note that this is around the same time that a crash in Glencore stock and bonds began.   It has been suggested by analysts that a default on Glencore credit derivatives either by Glencore or by financial entities using derivatives to bet against that event would be analogous to the “Lehman moment” that triggered the 2008 collapse. The blame on the general stock market plunge was cast on the Fed’s inability to raise interest rates.  However that seems to be nothing more than a clever cover story for something much more catastrophic which began to develop out sight in the general liquidity functions of the global banking system. Back in 2008, Lehman Brothers was not “perfectly fine” one day and then suddenly collapsed the next.  There were problems brewing under the surface well in advance. Well, the same thing is happening now at banking giants such as Deutsche Bank, and at commodity trading firms such as Glencore, Trafigura and The Noble Group. And of course a lot of smaller fish are starting to implode as well.  I found this example posted on Business Insider earlier today…
  • On September 11, Spruce Alpha, a small hedge fund which is part of a bigger investment group, sent a short report to investors. The letter said that the $80 million fund had lost 48% in a month, according the performance report seen by Business Insider. There was no commentary included in the note. No explanation. Just cold hard numbers.
  • Wow – how do you possibly lose 48 percent in a single month? It would be hard to do that even if you were actually trying to lose money on purpose. Sadly, this kind of scenario is going to be repeated over and over as we get even deeper into this crisis. Meanwhile, our “leaders” continue to tell us that there is nothing to worry about.  For example, just consider what former Fed Chairman Ben Bernanke is saying…
  • Former Federal Reserve chairman Ben Bernanke doesn’t see any bubbles forming in global markets right right now. But he doesn’t think you should take his word for it. And even if you did, that isn’t the right question to ask anyway. Speaking at a Wall Street Journal event on Wednesday morning, Bernanke said, “I don’t see any obvious major mispricings. Nothing that looks like the housing bubble before the crisis, for example. But you shouldn’t trust me.”
  • I certainly agree with that last sentence.  Bernanke was the one telling us that there was not going to be a recession back in 2008 even after one had already started.  He was clueless back then and he is clueless today. Most of our “leaders” either don’t understand what is happening or they are not willing to tell us. So that means that we have to try to figure things out for ourselves the best that we can.  And right now there are signs all around us that another 2008-style crisis has begun. Personally, I am hoping that there will be a lot more days like today when the markets were relatively quiet and not much major news happened around the world. Unfortunately for all of us, these days of relative peace and tranquility are about to come to a very abrupt end.
  • Gary Edwards on 15 Oct 15
     
    "Warren Buffett once referred to derivatives as "financial weapons of mass destruction", and it was inevitable that they would begin to wreak havoc on our financial system at some point.  While things may seem somewhat calm on Wall Street at the moment, the truth is that a great deal of trouble is bubbling just under the surface.  As you will see below, something happened in mid-September that required an unprecedented 405 billion dollar surge of Treasury collateral into the repo market.  I know - that sounds very complicated, so I will try to break it down more simply for you.  It appears that some very large institutions have started to get into a significant amount of trouble because of all the reckless betting that they have been doing.  This is something that I have warned would happen over and over again.  In fact, I have written about it so much that my regular readers are probably sick of hearing about it.  But this is what is going to cause the meltdown of our financial system. Many out there get upset when I compare derivatives trading to gambling, and perhaps it would be more accurate to describe most derivatives as a form of insurance.  The big financial institutions assure us that they have passed off most of the risk on these contracts to others and so there is no reason to worry according to them. Well, personally I don't buy their explanations, and a lot of others don't either.  On a very basic, primitive level, derivatives trading is gambling.  This is a point that Jeff Nielson made very eloquently in a piece that he recently published…"
10More

The Impact of NSA Domestic Spying - Business Insider - 0 views

www.businessinsider.com/-of-nsa-domestic-spying-2013-6 NSA Domestic-Spying
shared by Gary Edwards on 06 Jun 13 - No Cached
  • NSA has collected cell records from all major mobile networks.
  • Thanks to AT&T whistleblower Mark Klein and NSA whistleblowers William Binney and Thomas Drake, we know that the NSA has been perpetually amassing not only phone records but virtually all electronic records and communications.
  • As an AT&T engineer, Klein discovered that a special NSA network actively "vacuumed up Internet and phone-call data from ordinary Americans with the cooperation of AT&T," emphasizing that "much of the data sent through AT&T to the NSA was purely domestic."
  • ...6 more annotations...
  • Binney — one of the best mathematicians and code breakers in NSA history — worked for the Defense Department's foreign signals intelligence agency for 32 years before resigning in late 2001 because he "could not stay after the NSA began purposefully violating the Constitution."
  • He's detailed how, ever since 9/11, the NSA has run a top-secret surveillance program that amasses electronic data — phone calls, emails, banking and travel records, social media, entire government databases — and analyzes the information "to be able to monitor what people are doing" and who they are doing it with.
  • Thanks to AT&T whistleblower Mark Klein and NSA whistleblowers William Binney and Thomas Drake, we know that the NSA has been perpetually amassing not only phone records but virtually all electronic records and communications.
  • Binney would know — he built the original software (i.e. ThinThread) that identified, in real time, networks of connections between individuals based on their electronic communications.
  • "I can pull your entire life together from all those domains and map it out and show your entire life over time," Binney told documentarian Laura Poitras while she was investigating the NSA's $2 billion data storage facility in Bluffdale, Utah. "This is something the KGB, the Stasi or the Gestapo would have loved to have had."
  • Binney — one of the best mathematicians and code breakers in NSA history — worked for the Defense Department's foreign signals intelligence agency for 32 years before resigning in late 2001 because he "could not stay after the NSA began purposefully violating the Constitution." He's detailed how, ever since 9/11, the NSA has run a top-secret surveillance program that amasses electronic data — phone calls, GPS information, emails, social media, banking and travel records, entire government databases — and analyzes the information "to be able to monitor what people are doing" and who they are doing it with.
  • Gary Edwards on 06 Jun 13
     
    Excellent coverage.  Follow the links, they are extraordinary. " Glenn Greenwald revealed that the National Security Agency (NSA) is using the so-called "business records" provision of the Patriot Act to secretly collect telephone records of millions of Americans. Although the revelation doesn't surprise privacy advocates, the fact that Greenwald obtained a top secret court order compelling Verizon to give the NSA information on all telephone calls in its systems is the first concrete piece of evidence exposing dragnet domestic surveillance. "
4More

Web's Reach Binds N.S.A. and Silicon Valley Leaders - NYTimes.com - 0 views

www.nytimes.com/...ound-by-strengthening-web.html surveillance state NSA Silicon-Valley Skype Microsoft revolving-door
shared by Paul Merrell on 24 Jun 13 - No Cached
  • When Max Kelly, the chief security officer for Facebook, left the social media company in 2010, he did not go to Google, Twitter or a similar Silicon Valley concern. Instead the man who was responsible for protecting the personal information of Facebook’s more than one billion users from outside attacks went to work for another giant institution that manages and analyzes large pools of data: the National Security Agency. Mr. Kelly’s move to the spy agency, which has not previously been reported, underscores the increasingly deep connections between Silicon Valley and the agency and the degree to which they are now in the same business. Both hunt for ways to collect, analyze and exploit large pools of data about millions of Americans. The only difference is that the N.S.A. does it for intelligence, and Silicon Valley does it to make money.
  • Yet technology experts and former intelligence officials say the convergence between Silicon Valley and the N.S.A. and the rise of data mining — both as an industry and as a crucial intelligence tool — have created a more complex reality. Silicon Valley has what the spy agency wants: vast amounts of private data and the most sophisticated software available to analyze it. The agency in turn is one of Silicon Valley’s largest customers for what is known as data analytics, one of the valley’s fastest-growing markets. To get their hands on the latest software technology to manipulate and take advantage of large volumes of data, United States intelligence agencies invest in Silicon Valley start-ups, award classified contracts and recruit technology experts like Mr. Kelly. “We are all in these Big Data business models,” said Ray Wang, a technology analyst and chief executive of Constellation Research, based in San Francisco. “There are a lot of connections now because the data scientists and the folks who are building these systems have a lot of common interests.” Although Silicon Valley has sold equipment to the N.S.A. and other intelligence agencies for a generation, the interests of the two began to converge in new ways in the last few years as advances in computer storage technology drastically reduced the costs of storing enormous amounts of data — at the same time that the value of the data for use in consumer marketing began to rise. “These worlds overlap,” said Philipp S. Krüger, chief executive of Explorist, an Internet start-up in New York. The sums the N.S.A. spends in Silicon Valley are classified, as is the agency’s total budget, which independent analysts say is $8 billion to $10 billion a year.
  • Despite the companies’ assertions that they cooperate with the agency only when legally compelled, current and former industry officials say the companies sometimes secretly put together teams of in-house experts to find ways to cooperate more completely with the N.S.A. and to make their customers’ information more accessible to the agency. The companies do so, the officials say, because they want to control the process themselves. They are also under subtle but powerful pressure from the N.S.A. to make access easier.
  • ...1 more annotation...
  • Skype, the Internet-based calling service, began its own secret program, Project Chess, to explore the legal and technical issues in making Skype calls readily available to intelligence agencies and law enforcement officials, according to people briefed on the program who asked not to be named to avoid trouble with the intelligence agencies. Project Chess, which has never been previously disclosed, was small, limited to fewer than a dozen people inside Skype, and was developed as the company had sometimes contentious talks with the government over legal issues, said one of the people briefed on the project. The project began about five years ago, before most of the company was sold by its parent, eBay, to outside investors in 2009. Microsoft acquired Skype in an $8.5 billion deal that was completed in October 2011. A Skype executive denied last year in a blog post that recent changes in the way Skype operated were made at the behest of Microsoft to make snooping easier for law enforcement. It appears, however, that Skype figured out how to cooperate with the intelligence community before Microsoft took over the company, according to documents leaked by Edward J. Snowden, a former contractor for the N.S.A. One of the documents about the Prism program made public by Mr. Snowden says Skype joined Prism on Feb. 6, 2011. Microsoft executives are no longer willing to affirm statements, made by Skype several years ago, that Skype calls could not be wiretapped. Frank X. Shaw, a Microsoft spokesman, declined to comment.
2More

Is The US Using Prism To Engage In Commercial Espionage Against Germany And Others? | T... - 1 views

www.techdirt.com/...e-against-germany-others.shtml NSA-Patriot-Act-NDAA
shared by Gary Edwards on 07 Aug 13 - No Cached
  • Gary Edwards on 07 Aug 13
     
    Meanwhile, illegal NSA spying is expected to cost USA Cloud Computing companies $35 Billion in lost sales and services. "whistleblower Edward Snowden worked for the CIA, rather than the NSA. Here's the original text in the Guardian: By 2007, the CIA stationed him with diplomatic cover in Geneva, Switzerland. His responsibility for maintaining computer network security meant he had clearance to access a wide array of classified documents. That access, along with the almost three years he spent around CIA officers, led him to begin seriously questioning the rightness of what he saw. He described as formative an incident in which he claimed CIA operatives were attempting to recruit a Swiss banker to obtain secret banking information. Snowden said they achieved this by purposely getting the banker drunk and encouraging him to drive home in his car. When the banker was arrested for drunk driving, the undercover agent seeking to befriend him offered to help, and a bond was formed that led to successful recruitment. In that quotation, there's the nugget of information that the CIA was not targeting terrorists on this occasion, at least not directly, but "attempting to recruit a Swiss banker to obtain secret banking information". That raises an interesting possibility for the heightened interest in Germany, as revealed by Boundless Informant. Given that the NSA is gathering information on a large scale -- even though we don't know exactly how large -- it's inevitable that some of that data will include sensitive information about business activities in foreign countries. That could be very handy for US companies seeking to gain a competitive advantage, and it's not hard to imagine the NSA passing it on in a suitably discreet way. Germany is known as the industrial and economic powerhouse of Europe, so it would make sense to keep a particularly close eye on what people are doing there -- especially if those people happen to work in companies that compete with US firms.
  • Paul Merrell on 08 Aug 13
     
    Closely related: see http://www.theguardian.com/business/2013/aug/02/telecoms-bt-vodafone-cables-gchq (,) an article on British telecom's collaboration with wiretapping by the UK's counterpart to the NSA, GCHQ. According to an inside source: "The source said analysts used four criteria for determining what was examined: security, terror, organised crime and Britain's economic wellbeing." I also recall that years ago during the furor over the Echelon system, an EU Parliament investigation had concluded that there were concrete instances of commercial intelligence being passed on by NSA to American companies. Specifically, I recall a finding that during development of the AirBus, details of its design had been intercepted by NSA and passed on to Boeing. There was testimony received that more generically discussed the types of economic surveillance conducted. http://cryptome.org/echelon-nh.htm (page search for "economic"). The same researcher stressed that in public statements: "Those targets like terrorism and weapons transport are used as a cover for the traditional areas of spying, the predominant areas of spying, which are political, diplomatic, economic and military."
47More

The Daily Bell - Catherine Austin Fitts on Moral Investing and the Coming Equity 'Crash... - 1 views

www.thedailybell.com/...and-the-Coming-Equity-Crash-Up Banksters Federal-Reserve-Bankster-Cartel Catherine-Austin-Fitts
shared by Gary Edwards on 16 Oct 13 - No Cached
  • If you talk about legacy systems and then a breakaway civilization, the legacy systems were financed with debt and if the resources have basically been shifted out and over into "NewCo" then that's going to be an equity model. We're literally coming into what I consider to be a planetary debt for equity swap. So the question for all of us is how do we navigate the turn? When do you leave the bond market and when does the equity increase occur? We've seen North America equity markets rising and the emerging markets falling this year.
  • We're seeing a tremendous divergence in the economy in North America between those portions of the economy that are adapting new technology and growing and the rest of the economy.
  • The other thing I watch is what the divergence means to bond credits and to equity valuations. If you look at the indices you don't really see it. If you look inside the indices you see some enormous splits in quality and value going on.
  • ...43 more annotations...
  • The slow burn is a world in which for most people income is flat or falling and expenses are steadily rising. It's a debasement scenario. And the reality is the central banks have been able to have a quite liberal monetary policy because we've been able to offset that with labor deflation. So by globalizing labor and instituting technology you have tremendous deflationary pressures, which offset very generous monetary policy.
  • Starting in the '90s a decision was made to move significant amounts of capital out of existing systems in  the developed world and literally trillions of dollars of financial fraud was engineered to do that. As a financial phenomenon it was quite clever and trillions have literally been moved out between the fraud and the bailouts. I think what the Fed has been doing with quantitative easing is running a shredding operation where they buy up the fraudulent mortgage securities paper and are shredding it.
  • If you look at the Treasury, they've run a very tight regulatory process where that money doesn't seep out on Main Street. It's quite phenomenal the way they've managed to control it. I think one of the big questions is where is that money going to go now? It certainly looks to me like a great effort is being made to make sure it goes into equities, sort of keeps the bond market afloat and goes into equities. So I look it as a very political move.
  • You can balance the budget with fiscal measures or you can balance the budget by the Fed just buying bonds and if you look at the Fed's balance sheet, I think they have a much greater capacity to buy bonds. If you look at all the money that was stolen, the breakaway civilization has plenty of money to buy bonds.
  • I would say so far the Fed's policies have worked for what they're intended to do. We've moved a tremendous amount of money out of the economy. We've now basically run through the statute of limitations or done whatever management needed to cut the cords so that what I call the legacy systems can't get the money back. So the financial coup d'état has been successful and now the cover-up is pretty much over and successful.
  • So now you have big decisions. You have two economies. Before this started what I call the legacy systems had $100 trillion of liabilities and $100 trillion of assets – now, I'm just pulling those numbers out of the air – and
  • the coup moved $40 trillion of assets over into NewCo
  • if you will. Now we've got the legacy systems trying to reconcile $60 trillion of assets to $100 trillion of liabilities and there is a long, drawn-out, grinding process by which some people will get 50 cents on the dollar, some people will get zero cents on the dollar, some people will get 100 cents on the dollar. It's just a very difficult, complex and tangled political scene as to how that's going to all happen. Meantime, NewCo, with $40 trillion dollars, is investing and going gangbusters. NewCo is enjoying an unprecedented boom, investing in lots of new technology and new frontiers, including space. So I think the next step is to manage the lowering of expectations in the legacy systems. That's basically what the administration and the Fed are going to be doing for the next couple years, is just gutting their way through retirees' disappointment.
  • There are three things
  • Number one, Obamacare was created to create a framework that would allow significant reduction of costs and benefits under Medicare over time and healthcare over time;
  • Well, the goal of Obamacare is to control.
  • number two, Obamacare was to provide much more control over both the medical establishment and the population at large;
  • and then, three, to do it in a way that will protect corporate profits.
  • in a relatively short period of time US Medicare expenses would be several multiplicities of the GNP.
  • It's clearly a system that makes no economic sense. It's not just that people are aging. If we eat food that has little nutrition and provide healthcare in which pharmaceutical companies are allowed to charge many multiples of what they charge in other countries you're going to get a financial train wreck, which is where we're headed.
  • So I think the goal was to reconcile that and do it in a way that favors corporations and control.
  • If you go around the entire financial ecosystem, they're getting hit within every line by the same pro-centralization policies that ultimately go up to the same people.
  • Do I think it will snuff out the recovery? No. I think it will simply destroy the economics for a whole world of people who were productive.
  • I don't think the banks are fragile. What happened was they were asked to do a job, they did it and now they've taken all the fraudulent paper and sold it to the Fed or torn it up because they had so much in federal credit arbitrage earnings during this period. So I don't think they're fragile.
  • So it certainly puts us in a position where the creditworthiness of a lot of sovereign debt depends on government military might and the ability to debase a variety of players.
  • There's been a lot of regulation to make it easy for Wall Street to control and make it difficult for small businesses to raise and circulate liquid equity. It's one of the areas in the economy where there really has been a very serious conspiracy.
  • if you want to go really fast and prototype and build out infrastructure, the best way to do it is to make capital available to early venture and start-ups.
  • we, as a society, have stopped the markets from working in the start-up and the small business space.
  • If you look at it across all the different tools, from fabrication technology to new composite materials to robotics to lasers, we're reaching a critical mass of the economic costs dropping and the speed of learning accelerating.
  • If you look back at the history of the US stock market you'll see two huge spikes, one in the '20s, one in the '90s, both when very profound new communication and information technology came out.
  • I think we're in danger of another tech bubble. If you look at who's interested in putting money in this and getting lots of prototypes, the last time they did this was in the '90s. They made a fortune on fraud and they used it not only to serve some fundamental economic purposes but they used it to drain out the pension funds and the retail investors.
  • securities convertible into store credits
  • Wall Street doesn't understand about crowdfunding, are the new alignments that are going to be created in terms of circulating knowledge and purchases and money between consumers and entrepreneurs and companies. It's going to create a whole new level of intimacy.
  • I recommend the documentary, "The Naked Brand." It gives a good sense of the worth of that intimacy and the change from a mass media model to much more intimate relationships
  • awakening of global consciousness.
  • in North America there is almost an astonishing lack of transparency about how government money works within the jurisdiction for which we vote for political representation.
  • So if you were going to have proper transparency in America you would have annual financial statements for your congressional district as well as for the whole country.
  • Now, the government has refused since 1995, as required by law, to produce annual financial statements let alone for the places in which you're voting for jurisdiction. And if you're going to have any kind of citizenry accountability or legislator accountability you have to have that kind of transparency and the government has gone to enormous lengths to prevent that kind of transparency while pretending that we're very transparent. So the Internet is going to make it more and more difficult for that absence of transparency to continue or be justified, and that's good.
  • if you have all your assets in the legacy economy and none in the growing economy you're going to suffer.
  • That's number one.
  • Number two, a lot of households have assets which represent liabilities of the legacy economy, whether Social Security, Medicare or others, and one of the things you have to understand is the politics – you need to not get trapped in the politics of stringing people out for those benefits. Do the best you can but don't get lost in the treadmill of trying to get promised benefits that may or may not come true. And to the extent that you can not get financially dependent on those benefits it would be very good.
  • The final thing is, of course, and readers know this if they're reading The Daily Bell, you're dealing in a system that includes a significant amount of corruption and fraud so you just need to be extremely careful about the quality of the people or the enterprises in which you invest or do business with and keep your assets fairly diversified in terms of both areas of the economy, or sectors, and places.
  • Take a look at different predictions that gold is going to increase significantly in value. All those predictions assume that the monetary inflation is going to spill into commodities. And what you're watching instead is the G-7 have been essentially building a corral that forces the horses to run out through the stock market. That's why I call it a crash-up.
  • I think one scenario we're looking at is the possibility of a crash-up scenario where that monetary increase is funneled into the equity markets. One of the most important questions there is, can you get the global population interested in investing in equities? Because the long bond market bull is coming to a close.
  • We have two choices. We can basically write down the debt and go through a huge crunch period or we can have a crash-up in the equity markets.
  • Right after 9/11 – and General Wesley Clark has said this and I experienced it in my tiny little community in Tennessee – we were basically given what the battle plan was going to be – the US military taking over Eurasia. First we were going to go to Afghanistan, then we were going to go to Iraq, then we were going to go to Libya, then we were going to go to Syria and then we're going to Iran. It was all laid out for us and we seem to be following that battle plan, albeit slower than predicted at that time.
  • If we're going to create a global financial system and a one-world currency, you need everybody in the central banking model. You have outliers. We seem to be bringing in all the outliers. As we do, we are trying to checkmate Russia and China within Eurasia, because I think control of Eurasia is essential for maintaining global empire.
  • what we're watching is an effort to bring everybody into a centrally controlled central banking model.
  • Gary Edwards on 16 Oct 13
     
    Catherine is a frequent guest on CoastToCoastAM.com, so I've come to know her well.  Although this interview doesn't discuss her ability to see into the future, I know from experience that she is a real visionary hitting the mark at an astounding clip.  Chalk this interview up as a must read.
4More

US Military Uses IMF and World Bank to Launder 85% of Its Black Budget | Global Researc... - 1 views

www.globalresearch.ca/...5469097 Dark-State black-budget banksters IMF World-Bank WTO CIA Fitts
shared by Paul Merrell on 24 Aug 15 - No Cached
  • hough transparency was a cause he championed when campaigning for the presidency, President Obama has largely avoided making certain defense costs known to the public. However, when it comes to military appropriations for government spy agencies, we know from Freedom of Information Act requests that the so-called “black budget” is an increasingly massive expenditure subsidized by American taxpayers. The CIA and and NSA alone garnered $52.6 billion in funding in 2013 while the Department of Defense black ops budget for secret military projects exceeds this number. It is estimated to be $58.7 billion for the fiscal year 2015. What is the black budget? Officially, it is the military’s appropriations for “spy satellites, stealth bombers, next-missile-spotting radars, next-gen drones, and ultra-powerful eavesdropping gear.” However, of greater interest to some may be the clandestine nature and full scope of the black budget, which, according to analyst Catherine Austin Fitts, goes far beyond classified appropriations. Based on her research, some of which can be found in her piece “What’s Up With the Black Budget?,” Fitts concludes that the during the last decade, global financial elites have configured an elaborate system that makes most of the military budget unauditable. This is because the real black budget includes money acquired by intelligence groups via narcotics trafficking, predatory lending, and various kinds of other financial fraud.
  • The result of this vast, geopolitically-sanctioned money laundering scheme is that Housing and Urban Devopment and other agencies are used for drug trafficking and securities fraud. According to Fitts, the scheme allows for at least 85 percent of the U.S. federal budget to remain unaudited. Fitts has been researching this issue since 2001, when she began to believe that a financial coup d’etat was underway. Specifically, she suspected that the banks, corporations, and investors acting in each global region were part of a “global heist,” whereby capital was being sucked out of each country. She was right.
  • As Fitts asserts, “[She] served as Assistant Secretary of Housing at the US Department of Housing and Urban Development (HUD) in the United States where I oversaw billions of government investment in US communities…..I later found out that the government contractor leading the War on Drugs strategy for U.S. aid to Peru, Colombia and Bolivia was the same contractor in charge of knowledge management for HUD enforcement. This Washington-Wall Street game was a global game. The peasant women of Latin America were up against the same financial pirates and business model as the people in South Central Los Angeles, West Philadelphia, Baltimore and the South Bronx.” This is part of an even larger financial scheme. It is fairly well-established by now that international financial institutions like the World Trade Organization, the World Bank, and the International Monetary Fund operate primarily as instruments of corporate power and nation-controlling infrastructure investment mechanisms. For example, the primary purpose of the World Bank is to bully developing countries into borrowing money for infrastructure investments that will fleece trillions of dollars while permanently indebting these “debtor” nations to West. But how exactly does the World Bank go about doing this? John Perkins wrote about this paradigm in his book, Confessions of an Economic Hitman. During the 1970s, Perkins worked for the international engineering consulting firm, Chas T. Main, as an “economic hitman.” He says the operations of the World Bank are nothing less than “pure economic colonization on behalf of powerful corporations and banks that use the United States government as their tool.”
  • ...1 more annotation...
  • In his book, Perkins discusses Joseph Stiglitz, the Chief Economist for the World Bank from 1997-2000, at length. Stiglitz described the four-step plan for bamboozling developing countries into becoming debtor nations: Step One, according to Stiglitz, is to convince a nation to privatize its state industries. Step Two utilizes “capital market liberalization,” which refers to the sudden influx of speculative investment money that depletes national reserves and property values while triggering a large interest bump by the IMF. Step Three, Stiglitz says, is “Market-Based Pricing,” which means raising the prices on food, water and cooking gas. This leads to “Step Three and a Half: The IMF Riot.” Examples of this can be seen in Indonesia, Bolivia, Ecuador and many other countries where the IMF’s actions have caused financial turmoil and social strife. Step 4, of course, is “free trade,” where all barriers to the exploitation of local produce are eliminated. There is a connection between the U.S. black budget and the trillion dollar international investment fraud scheme. Our government and the banking cartels and corporatocracy running it have configured a complex screen to block our ability to audit their budget and the funds they use for various black op projects. However, they can not block our ability to uncover their actions and raise awareness.
12More

From Energy War to Currency War: America's Attack on the Russian Ruble | Global Research - 0 views

www.globalresearch.ca/...5421554 war & peace U.S.-foreign-policy Russia China de-dollarization blowback
shared by Paul Merrell on 29 Dec 14 - No Cached
  • Putin announced that Russia has cancelled the South Stream project on December 1, 2014. Instead the South Stream pipeline project has been replaced by a natural gas pipeline that goes across the Black Sea to Turkey from the Russian Federation’s South Federal District. This alternative pipeline has been popularly billed the «Turk Stream» and partners Russian energy giant Gazprom with Turkey’s Botas. Moreover, Gazprom will start giving Turkey discounts in the purchase of Russian natural gas that will increase with the intensification of Russo-Turkish cooperation. The natural gas deal between Ankara and Moscow creates a win-win situation for both the Turkish and Russian sides. Not only will Ankara get a discount on energy supplies, but Turk Stream gives the Turkish government what it has wanted and desired for years. The Turk Stream pipeline will make Turkey an important energy corridor and transit point, complete with transit revenues. In this case Turkey becomes the corridor between energy supplier Russia and European Union and non-EU energy customers in southeastern Europe. Ankara will gain some leverage over the European Union and have an extra negotiating card with the EU too, because the EU will have to deal with it as an energy broker.
  • For its part, Russia has reduced the risks that it faced in building the South Stream by cancelling the project. Moscow could have wasted resources and time building the South Stream to see the project sanctioned or obstructed in the Balkans by Washington and Brussels. If the European Union really wants Russian natural gas then the Turk Stream pipeline can be expanded from Turkey to Greece, the former Yugoslav Republic (FYR) of Macedonia, Serbia, Hungary, Slovenia, Italy, Austria, and other European countries that want to be integrated into the energy project. The cancellation of South Stream also means that there will be one less alternative energy corridor from Russia to the European Union for some time. This has positive implications for a settlement in Ukraine, which is an important transit route for Russian natural gas to the European Union. As a means of securing the flow of natural gas across Ukrainian territory from Russia, the European Union will be more prone to push the authorities in Kiev to end the conflict in East Ukraine.
  • From the perspective of Russian Presidential Advisor Sergey Glazyev, the US is waging its multi-spectrum war against Russia to ultimately challenge Moscow’s Chinese partners. In an insightful interview, Glazyev explained the following points to the Ukrainian journalist Alyona Berezovskaya — working for a Rossiya Segodnya subsidiary focusing on information involving Ukraine — about the basis for US hostility towards Russia: the bankruptcy of the US, its decline in competitiveness on global markets, and Washington’s inability to ultimately save its financial system by servicing its foreign debt or getting enough investments to establish some sort of innovative economic breakthrough are the reasons why Washington has been going after the Russian Federation. [13] In Glazyev’s own words, the US wants «a new world war». [14] The US needs conflict and confrontation, in other words. This is what the crisis in Ukraine is nurturing in Europe. Sergey Glazyev reiterates the same points months down the road on September 23, 2014 in an article he authors for the magazine Russia in Global Affairs, which is sponsored by the Russian International Affairs Council — a think-tank founded by the Russian Foreign Ministry and Russian Ministry of Education 2010 — and the US journal Foreign Affairs — which is the magazine published by the Council on Foreign Relation in the US. In his article, Glazyev adds that the war Washington is inciting against Russia in Europe may ultimately benefit the Chinese, because the struggle being waged will weaken the US, Russia, and the European Union to the advantage of China. [15] The point of explaining all this is to explain that Russia wants a balanced strategic partnership with China. Glazyev himself even told Berezovskaya in their interview that Russia wants a mutually beneficial relationship with China that does reduce it to becoming a subordinate to Beijing. [16]
  • ...9 more annotations...
  • It is because of the importance of Irano-Turkish and Russo-Turkish trade and energy ties that Ankara has had an understanding with both Russia and Iran not to let politics and their differences over the Syrian crisis get in the way of their economic ties and business relationships while Washington has tried to disrupt Irano-Turkish and Russo-Turkish trade and energy ties like it has disrupted trade ties between Russia and the EU. [9] Ankara, however, realizes that if it lets politics disrupt its economic ties with Iran and Russia that Turkey itself will become weakened and lose whatever independence it enjoys Masterfully announcing the Russian move while in Ankara, Putin also took the opportunity to ensure that there would be heated conversation inside the EU. Some would call this rubbing salt on the wounds. Knowing that profit and opportunity costs would create internal debate within Bulgaria and the EU, Putin rhetorically asked if Bulgaria was going to be economically compensated by the European Commission for the loss.
  • It is clear that Russian business and trade ties have been redirected to the People’s Republic of China and East Asia. On the occasion of the Sino-Russian mega natural gas deal, this author pointed out that this was not as much a Russian countermove to US economic pressure as it was really a long-term Russian strategy that seeks an increase in trade and ties with East Asia. [10] Vladimir Putin himself also corroborated this standpoint during the December 18 press conference mentioned earlier when he dismissed — like this author — the notion that the so-called «Russian turn to the East» was mainly the result of the crisis in Ukraine. In President Putin’s own words, the process of increasing business ties with the Chinese and East Asia «stems from the global economic processes, because the East – that is, the Asia-Pacific Region – shows faster growth than the rest of the world». [11] If this is not convincing enough that the turn towards East Asia was already in the works for Russia, then Putin makes it categorically clear as he proceeds talking at the December 18 press conference. In reference to the Sino-Russian gas deal and other Russian projects in East Asia, Putin explained the following: «The projects we are working on were planned long ago, even before the most recent problems occurred in the global or Russian economy. We are simply implementing our long-time plans». [12]
  • According to Presidential Advisor Sergey Glazyev, Washington is «trying to destroy and weaken Russia, causing it to fragment, as they need this territory and want to establish control over this entire space». [18] «We have offered cooperation from Lisbon to Vladivostok, whereas they need control to maintain their geopolitical leadership in a competition with China,» he has explained, pointing out that the US wants lordship and is not interested in cooperation. [19] Alluding to former US top diplomat Madeline Albright’s sentiments that Russia was unfairly endowed with vast territory and resources, Putin also spoke along similar lines at his December 18 press conference, explaining how the US wanted to divide Russia and control the abundant natural resources in Russian territory. It is of little wonder that in 2014 a record number of Russian citizens have negative attitudes about relations between their country and the United States. A survey conducted by the Russian Public Opinion Research Center has shown that of 39% of Russian respondents viewed relations with the US as «mostly bad» and 27% as «very bad». [20] This means 66% of Russian respondents have negative views about relations with Washington. This is an inference of the entire Russian population’s views. Moreover, this is the highest rise in negative perceptions about the US since 2008 when the US supported Georgian President Mikheil Saakashvili in Tbilisi’s war against Russia and the breakaway republic of South Ossetia; 40% viewed them as «mostly bad» and 25% of Russians viewed relations as «very bad» and at the time. [21]
  • In more ways than one the Turk Stream pipeline can be viewed as a reconfigured of the failed Nabucco natural gas pipeline. Not only will Turk Stream court Turkey and give Moscow leverage against the European Union, instead of reducing Russian influence as Nabucco was originally intended to do, the new pipeline to Turkey also coaxes Ankara to align its economic and strategic interests with those of Russian interests. This is why, when addressing Nabucco and the rivalries for establishing alternate energy corridors, this author pointed out in 2007 that «the creation of these energy corridors and networks is like a two-edged sword. These geo-strategic fulcrums or energy pivots can also switch their directions of leverage. The integration of infrastructure also leads towards economic integration». [8] The creation of Turk Stream and the strengthening of Russo-Turkish ties may even help placate the gory conflict in Syria. If Iranian natural gas is integrated into the mainframe of Turk Stream through another energy corridor entering Anatolia from Iranian territory, then Turkish interests would be even more tightly aligned with both Moscow and Tehran. Turkey will save itself from the defeats of its neo-Ottoman policies and be able to withdraw from the Syrian crisis. This will allow Ankara to politically realign itself with two of its most important trading partners, Iran and Russia.
  • Whatever Washington’s intentions are, every step that the US takes to target Russia economically will eventually hurt the US economy too. It is also highly unlikely that the policy mandarins in Beijing are unaware of what the US may try to be doing. The Chinese are aware that ultimately it is China and not Russia that is the target of the United States.
  • The United States is waging a fully fledged economic war against the Russian Federations and its national economy. Ultimately, all Russians are collectively the target. The economic sanctions are nothing more than economic warfare. If the crisis in Ukraine did not happen, another pretext would have been found for assaulting Russia. Both US Assistant-Secretary of State Victoria Nuland and US Assistant-Secretary of the Treasury Daniel Glaser even told the Foreign Affairs Committee of the US House of Representatives in May 2014 that the ultimate objectives of the US economic sanctions against Russia are to make the Russian population so miserable and desperate that they would eventually demand that the Kremlin surrender to the US and bring about «political change». «Political change» can mean many things, but what it most probably implies here is regime change in Moscow. In fact, the aims of the US do not even appear to be geared at coercing the Russian government to change its foreign policy, but to incite regime change in Moscow and to cripple the Russian Federation entirely through the instigation of internal divisions. This is why maps of a divided Russia are being circulated by Radio Free Europe. [17]
  • Without question, the US wants to disrupt the strategic partnership between Beijing and Moscow. Moscow’s strategic long-term planning and Sino-Russian cooperation has provided the Russia Federation with an important degree of economic and strategic insulation from the economic warfare being waged against the Russian national economy. Washington, however, may also be trying to entice the Chinese to overplay their hand as Russia is economically attacked. In this context, the price drops in the energy market may also be geared at creating friction between Beijing and Moscow. In part, the manipulation of the energy market and the price drops could seek to weaken and erode Sino-Russian relations by coaxing the Chinese into taking steps that would tarnish their excellent ties with their Russian partners. The currency war against the Russian ruble may also be geared towards this too. In other words, Washington may be hoping that China becomes greedy and shortsighted enough to make an attempt to take advantage of the price drop in energy prices in the devaluation of the Russian ruble.
  • Russia can address the economic warfare being directed against its national economy and society as a form of «economic terrorism». If Russia’s banks and financial institutions are weakened with the aim of creating financial collapse in the Russian Federation, Moscow can introduce fiscal measures to help its banks and financial sector that could create economic shockwaves in the European Union and North America. Speaking in hypothetical terms, Russia has lots of options for a financial defensive or counter-offensive that can be compared to its scorched earth policies against Western European invaders during the Napoleonic Wars, the First World War, and the Second World War. If Russian banks and institutions default and do not pay or delay payment of their derivative debts and justify it on the basis of the economic warfare and economic terrorism, there would be a financial shock and tsunami that would vertebrate from the European Union to North America. This scenario has some parallels to the steps that Argentina is taken to sidestep the vulture funds.
  • The currency war eventually will rebound on Washington and Wall Street. The energy war will also reverse directions. Already, the Kremlin has made it clear that it and a coalition of other countries will de-claw the US in the currency market through a response that will neutralize US financial manipulation and the petro-dollar. In the words of Sergey Glazyev, Moscow is thinking of a «systemic and comprehensive» response «aimed at exposing and ending US political domination, and, most importantly, at undermining US military-political power based on the printing of dollars as a global currency». [22] His solution includes the creation of «a coalition of sound forces advocating stability — in essence, a global anti-war coalition with a positive plan for rearranging the international financial and economic architecture on the principles of mutual benefit, fairness, and respect for national sovereignty». [23] The coming century will not be the «American Century» as the neo-conservatives in Washington think. It will be a «Eurasian Century». Washington has taken on more than it can handle, this may be why the US government has announced an end to its sanctions regime against Cuba and why the US is trying to rekindle trade ties with Iran. Despite this, the architecture of the post-Second World War or post-1945 global order is now in its death bed and finished. This is what the Kremlin and Putin’s presidential spokesman and press secretary Dmitry Peskov mean when they impart—as Peskov stated to Rossiya-24 in a December 17, 2014 interview — that the year 2014 has finally led to «a paradigm shift in the international system».
8More

Exit South Stream, enter Turk Stream - RT Op-Edge - 0 views

rt.com/...turkey-russia-east-pipeline-eu war & peace Pipelinestan Russia Turkey EU energy
shared by Paul Merrell on 03 Dec 14 - No Cached
  • So the EU “defeated” Putin by forcing him to cancel the South Stream pipeline. Thus ruled Western corporate media. Nonsense. Facts on the ground spell otherwise. This “Pipelineistan” gambit will continue to send massive geopolitical shockwaves all across Eurasia for quite some time. In a nutshell, a few years ago Russia devised Nord Stream – fully operational – and South Stream – still a project – to bypass unreliable Ukraine as a gas transit nation. Now Russia devised a new deal with Turkey to bypass the “non-constructive” (Putin’s words) approach of the European Commission (EC). Background is essential to understand the current game. Five years ago I was following in detail Pipelineistan’s ultimate opera – the war between rival pipelines South Stream and Nabucco. Nabucco eventually became road kill. South Stream may eventually resurrect, but only if the EC comes to its senses (don’t bet on it.)
  • The 3,600 kilometer long South Stream should be in place by 2016, branching out to Austria and the Balkans/Italy. Gazprom owns 50 percent of it - along with Italy’s ENI (20 percent), French EDF (15 percent) and German Wintershall, a subsidiary of BASF (15 percent). As it stands these European energy majors are not exactly beaming – to say the least. For months Gazprom and the EC were haggling about a solution. But in the end Brussels predictably succumbed to its own. Russia still gets to build a pipeline under the Black Sea – but now redirected to Turkey and, crucially, pumping the same amount of gas South Stream would. Not to mention Russia gets to build a new LNG (liquefied natural gas) central hub in the Mediterranean. Thus Gazprom has not spent $5 billion in vain (finance, engineering costs). The redirection makes total business sense. Turkey is Gazprom’s second biggest customer after Germany. And much bigger than Bulgaria, Hungary, and Austria combined. Russia also advances a unified gas distribution network capable of delivering natural gas from anywhere in Russia to any hub alongside Russia’s borders.
  • And as if it was needed, Russia gets yet another graphic proof that its real growth market in the future is Asia, especially China – not a fearful, stagnated, austerity-devastated, politically paralyzed EU. The evolving Russia-China strategic partnership implies Russia as complementary to China, excelling in major infrastructure projects from building dams to laying out pipelines. This is business with a sharp geopolitical reach – not ideology-drenched politics.
  • ...5 more annotations...
  • Turkey also made a killing. It’s not only the deal with Gazprom; Moscow will build no less than Turkey’s entire nuclear industry, apart from increased soft power interaction (more trade and tourism). Most of all, Turkey is now increasingly on the verge of becoming a full member of the Shanghai Cooperation Organization (SCO); Moscow is actively lobbying for it. This means Turkey acceding to a privileged position as a major hub simultaneously in the Eurasian Economic Belt and of course the Chinese New Silk Road(s). The EU blocks Turkey? Turkey looks east. That’s Eurasian integration on the move. Washington has tried very hard to create a New Berlin Wall from the Baltics to the Black Sea to “isolate” Russia. Now comes yet another Putin judo/chess/go counterpunch – which the opponent never saw coming. And exactly across the Black Sea. A key Turkish strategic imperative is to configure itself as the indispensable energy crossroads from East to West – transiting everything from Iraqi oil to Caspian Sea gas. Oil from Azerbaijan already transits Turkey via the Bill Clinton/Zbig Brzezinski-propelled BTC (Baku-Tblisi-Ceyhan) pipeline. Turkey would also be the crossroads if a Trans-Caspian pipeline is ever built (slim chances as it stands), pumping natural gas from Turkmenistan to Azerbaijan, then transported to Turkey and finally Europe.
  • So what Putin’s judo/chess/go counterpunch accomplished with a single move is to have stupid EU sanctions once again hurt the EU. The German economy is already hurting badly because of lost Russia business. The EC brilliant “strategy” revolves around the EU’s so-called Third Energy Package, which requires that pipelines and the natural gas flowing inside them must be owned by separate companies. The target of this package has always been Gazprom – which owns pipelines in many Central and Eastern European nations. And the target within the target has always been South Stream.
  • Now it’s up to Bulgaria and Hungary – which, by the way, have always fought the EC “strategy” – to explain the fiasco to their own populations, and to keep pressing Brussels; after all they are bound to lose a fortune, not to mention get no gas, with South Stream out of the picture. So here’s the bottom line; Russia sells even more gas – to Turkey; and the EU, pressured by the US, is reduced to dancing like a bunch of headless chickens in dark Brussels corridors wondering what hit them. The Atlanticists are back to default mode – cooking up yet more sanctions while Russia is set to keep buying more and more gold.
  • This is not the endgame – far from it. In the near future, many variables will intersect. Ankara’s game may change – but that’s far from a given. President Erdogan – the Sultan of Constantinople – has certainly identified a rival Caliph, Ibrahim of ISIS/ISIL/Daesh fame, trying to steal his mojo. Thus the Sultan may flirt with mollifying his neo-Ottoman dreams and steer Turkey back to its previously ditched “zero problems with our neighbors” foreign policy doctrine. The House of Saud is like a camel in the Arctic. The House of Saud’s lethal game in Syria always boiled down to regime change so a Saudi-sponsored oil pipeline from Syria to Turkey might be built – dethroning the proposed, $10 billion Iran-Iraq-Syria “Islamic” pipeline. Now the Saudis see Russia about to supply all of Turkey’s energy needs – and then some. And “Assad must go” still won’t go.
  • US neo-cons are also sharpening their spears. As soon as early 2015 there may be a Ukrainian Freedom Act approved by the US Congress. Translation: Ukraine as a “major US non-NATO ally” which means, in practice, a NATO annexation. Next step; more turbo-charged neo-con provocation of Russia. A possible scenario is vassal/puppies such as Romania or Bulgaria – pressed by Washington – deciding to allow full access for NATO vessels into the Black Sea. Who cares this would violate the current Black Sea agreements that affect both Russia and Turkey? And then there’s a Rumsfeldian “known unknown”; how the weak Balkans will feel subordinated to the whims of Ankara. As much as Brussels keeps Greece, Bulgaria and Serbia in a strait jacket, in energy terms they will start depending on Turkey’s goodwill. For the moment, let’s appreciate the magnitude of the geopolitical shockwaves. There will be more, when we least expect them.
3More

Jeb Bush's Administration Steered Florida Pension Money to George W. Bush's Fundraisers - 0 views

www.ibtimes.com/ge-w-bushs-fundraisers-1880592 Auction 2016 Jeb-Bush bribery
shared by Paul Merrell on 15 Apr 15 - No Cached
  • Four years before the financial collapse, Goldman Sachs executive George Herbert Walker IV had much to be thankful for. "I've been fortunate to be a small part of teams leading U.S. restructurings, European privatizations, global pension management and now hedge fund and private equity investing,” he said in the annual report of a banking colossus that would soon be known as the “great vampire squid” of Wall Street. “The world,” said Walker, “just keeps getting more interesting." As the head of Goldman Sachs’ alternative investment unit, Walker’s ebullience was understandable. At the same time he was raising $100,000 for his cousin George W. Bush’s successful presidential re-election effort, the administration of another cousin, Florida Gov. Jeb Bush, returned the family favor, delivering $150 million of Florida pension money to an alternative investment fund run by Walker’s firm. Like other executives whose companies received Florida pension money, Walker is now renewing the cycle, reportedly attending in February a high-dollar fundraiser for Jeb Bush’s political committee.
  • Walker is not alone: He is one of 19 top fundraisers for George W. Bush -- known as “Pioneers” and “Rangers” -- whose financial firms received state business from Jeb Bush’s administration in Tallahassee. In all, an International Business Times’ review of government documents shows Jeb Bush oversaw Florida directing at least $1.7 billion of state workers’ retirement money to the financial firms of his elder brother’s major donors. As Jeb Bush oversaw the State Board of Administration (SBA) that runs Florida’s massive public pension system, the state shifted billions of dollars into higher-risk, higher-fee alternative investments, benefiting the same sector of the investment industry he would work in upon leaving office. Many of those state deals delivered returns that fell short of projections. Roughly 20 percent of that system’s 53 private investment deals during Bush’s governorship went to companies that employed his brother’s Pioneers. Those financial firms, in turn, delivered more than $5 million of campaign cash to George W. Bush, the Republican National Committee and Jeb Bush’s Republican Party of Florida. (Click here to see the full list of Bush Pioneers whose firms received Florida pension investments from Jeb Bush’s administration).
  • Ethics experts say the connection between Bush family donors and Florida pension deals raises questions about whether the investments were properly insulated from political influence. “If not an actual conflict of interest, these examples would provide fodder for apparent conflicts of interest,” said Common Cause Florida’s Peter Butzin. “Those folks who give … expect something in return. And if that something in return is not blatantly sending business their way or resulting in a particular vote, it most certainly is at least providing an opportunity for access, to get the foot in the door, so that they can make the case with that official.” Jeb Bush’s aides did not respond to questions from IBTimes, and Walker declined to comment for this story. Dennis MacKee, an SBA spokesperson, said the agency’s “elected Trustees do not now, nor did they during Governor Bush’s term, participate in the selection of individual investments.” MacKee’s statement conflicts with emails reviewed by IBTimes that show that, as governor, Jeb Bush was deeply involved in the state’s investment decisions, periodically brokering conversations between Florida officials and individual financial firms, including one whose top executive was a longtime Bush family donor.
5More

Lawmaker Says There More To NSA Spying - Business Insider - 0 views

www.businessinsider.com/here-more-to-nsa-spying-2013-6 surveillance state NSA future-disclosures
shared by Paul Merrell on 04 Jul 13 - No Cached
  • A House Democrat said information revealed about the National Security Agency's secret surveillance programs are "the tip of the iceberg," Daniel Strauss of The Hill reports. "I think it's just broader than most people even realize, and I think that's, in one way, what astounded most of us, too," Rep. Loretta Sanchez (D-Calif.) told C-SPAN's "Washington Journal" after a classified briefing with national security officials. Rep. Joe Barton (R-Texas), who also attended the meeting, said that the NSA "violated the spirit of the law when it started collecting data from everyone in the country just because technology now makes that possible.” Barton added that "in America ... You don’t target everyone and violate their 4th Amendment rights just because of a handful of threats. But that is exactly what is happening at the NSA ... it is wrong and it needs to stop now.” More from Sanchez: "I don't know if there are other leaks, if there's more information somewhere, if somebody else is going to step up, but I will tell you that I believe it's the tip of the iceberg."
  • A House Democrat said information revealed about the National Security Agency's secret surveillance programs are "the tip of the iceberg," Daniel Strauss of The Hill reports. "I think it's just broader than most people even realize, and I think that's, in one way, what astounded most of us, too," Rep. Loretta Sanchez (D-Calif.) told C-SPAN's "Washington Journal" after a classified briefing with national security officials. Rep. Joe Barton (R-Texas), who also attended the meeting, said that the NSA "violated the spirit of the law when it started collecting data from everyone in the country just because technology now makes that possible.” Barton added that "in America ... You don’t target everyone and violate their 4th Amendment rights just because of a handful of threats. But that is exactly what is happening at the NSA ... it is wrong and it needs to stop now.”
  • Glenn Greenwald of the Guardian, who has served as a conduit for Snowden's leaks, recently said that there will me many more "significant revelations that have not yet been heard." Greenwald told The New York Times that he received “thousands” of classified documents — “dozens” of which are newsworthy — from the the 29-year-old ex-Booz Allen employee who was contracted by the NSA. Sanchez said that what lawmakers learned "is significantly more than what is out in the media today," which is interesting when considering previous reports by journalists and whistleblowers.
  • ...2 more annotations...
  • Here's a rundown of the reports and the allegations: In 2006 NSA insiders told Leslie Cauley of USA Today that the NSA has been collecting almost all U.S. phone records since shortly after 9/11. In 2010 Dana Priest and William Arkin of The Washington Post reported that "collection systems at the [NSA] intercept and store 1.7 billion emails, phone calls, and other types of communications" every day. According to a 2007 lawsuit, Verizon built a fiber optic cable to give the "access to all communications flowing through the carrier’s operations center." In April 2012 Wired's James Bamford reported how the U.S. government hired two secretive Israeli companies to wiretap AT&T. AT&T engineer Mark Klein discovered the "secret room" at AT&T central office in San Francisco, through which the NSA actively "vacuumed up Internet and phone-call data from ordinary Americans with the cooperation of AT&T" through the wiretapping rooms, emphasizing that "much of the data sent through AT&T to the NSA was purely domestic." Former NSA executive and whistleblower Thomas Drake testified that the NSA is using Israeli-made hardware to "seize and save all personal electronic communications."
  • A classified program called Prism, leaked by Snowden, appears to acquire information from the servers of nine of the biggest internet companies. The Washington Post reported that the government's orders "serve as one-time blanket approvals for data acquisition and surveillance on selected foreign targets for periods of as long as a year." NSA Whistleblower William Binney that the NSA began using the program he built (i.e. ThinThread) to use communications data for creating, in real time, profiles of nearly all Americans so that the government is "able to monitor what people are doing" and who they are doing it with. In July the Foreign Intelligence Surveillance Court (FISC), established to "hear applications for and grant orders approving electronic surveillance," found that the NSA violated the Fourth Amendment's restriction against unreasonable searches and seizures "on at least one occasion." BONUS: In March CIA Chief Technology Officer Ira "Gus" Hunt said: "It is really very nearly within our grasp to be able to compute on all human generated information." If there is "significantly more" to the NSA's domestic snooping, then we're all ears and eyes.
4More

"War is a Racket" by General Smedly Butler - 1 views

www.lexrex.com/...warisaracket.htm Smedly-Butler
shared by Gary Edwards on 16 Sep 13 - Cached
  • by MAJOR GENERAL SMEDLEY D. BUTLER, USMC - Retired TWO-TIME Congressional Medal of Honor Recipient FULL TEXT ON LINE FREE
  • GET THE NEW PAPERBACK EDITION including two bonus titles.
  • Paul Merrell on 16 Sep 13
     
    An accidental find, the full text online of USMC Maj. Gen. Smedley Butler's 1935 book, War Is a Racket. Butler served in the Marine Corps from 1899 to 1931 and at the time of his retirement was the most-decorated Marine in history, for both valor and accomplishments. Following his retirement, he became a vehement anti-war activist and public speaker.  This book is easily his most-cited and most-quoted published work. You can capture the flavor from an article he published in a magazine that included the following lines: "I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents." http://en.wikipedia.org/wiki/Smedley_Butler#Lectures  I look forward to reading this book. The book was reprinted in 2003 and is available from the linked web site, together with two bonus titles. 
  • Gary Edwards on 18 Sep 13
     
    "WAR IS A RACKET" - free online book CHAPTER ONE WAR is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives. A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small "inside" group knows what it is about. It is conducted for the benefit of the very few, at the expense of the very many. Out of war a few people make huge fortunes. In the World War [I] a mere handful garnered the profits of the conflict. At least 21,000 new millionaires and billionaires were made in the United States during the World War. That many admitted their huge blood gains in their income tax returns. How many other war millionaires falsified their tax returns no one knows. How many of these war millionaires shouldered a rifle? How many of them dug a trench? How many of them knew what it meant to go hungry in a rat-infested dug-out? How many of them spent sleepless, frightened nights, ducking shells and shrapnel and machine gun bullets? How many of them parried a bayonet thrust of an enemy? How many of them were wounded or killed in battle? Out of war nations acquire additional territory, if they are victorious. They just take it. This newly acquired territory promptly is exploited by the few - the selfsame few who wrung dollars out of blood in the war. The general public shoulders the bill. And what is this bill? This bill renders a horrible accounting. Newly placed gravestones. Mangled bodies. Shattered minds. Broken hearts and homes. Economic instability. Depression and all its attendant miseries. Back-breaking taxation for generations and generations. For a great many years, as a soldier, I had a suspicion that war was a racket; not until I retired to civil life did I fully realize it. Now that I see the international war clouds g
2More

How The CIA Can Send A Drone After Any Mobile Phone | Fast Company | Business + Innovation - 0 views

www.fastcompany.com/...a-drone-after-any-mobile-phone surveillance state NSA Cell-phone-tracking
shared by Paul Merrell on 19 Nov 13 - No Cached
  • Since 2001, armed Predator drones have been used by the CIA in many foreign nations to attack individuals on the ground. There's a new revelation about them, too: In some cases, the NSA helped the CIA find targets by locking onto their powered-off mobile phones. Even when phones have their batteries removed, it appears the NSA still has the ability to locate them. Buried inside a Washington Post story by Dana Priest is the following tidbit: By September 2004, a new NSA technique enabled the agency to find cellphones even when they were turned off. JSOC troops called this "The Find," and it gave them thousands of new targets, including members of a burgeoning al-Qaeda-sponsored insurgency in Iraq, according to members of the unit. At the same time, the NSA developed a new computer linkup called the Real Time Regional Gateway into which the military and intelligence officers could feed every bit of data or seized documents and get back a phone number or list of potential targets. It also allowed commanders to see, on a screen, every type of surveillance available in a given territory.
  • "The Find," the Post article says, is run by a team in the basement of the NSA's headquarters whose job is to track the location of mobile phones in real time. Because many phones have chips that stay on even after a battery has been removed, tracking powered-down phones is within the realm of possibility. The revelations fit right in with the Edward Snowden disclosures, but the NSA isn't the only one tracking phones: Other government agencies and private companies regularly track them without warrants or court orders as well.
4More

Erdogan's Dirty Dangerous ISIS Games | nsnbc international - 0 views

nsnbc.me/...ans-dirty-dangerous-isis-games war & peace ISIL Turkey Erdogan
shared by Paul Merrell on 24 Aug 15 - No Cached
  • Turkey is a beautiful land, rich in resources, with many highly intelligent and warm people. It also happens to have a President who seems intent on destroying his once-proud nation. More and more details are coming to light revealing that the Islamic State in Iraq and Syria, variously known as ISIS, IS or Daesh, is being fed and kept alive by Recep Tayyip Erdoğan, the Turkish President and by his Turkish intelligence service, including MIT, the Turkish CIA. Turkey, as a result of Erdoğan’s pursuit of what some call a Neo-Ottoman Empire fantasies that stretch all the way to China, Syria and Iraq, threatens not only to destroy Turkey but much of the Middle East if he continues on his present path.
  • In October 2014 US Vice President Joe Biden told a Harvard gathering that Erdoğan’s regime was backing ISIS / ISIL with “hundreds of millions of dollars and thousands of tons of weapons…” Biden later apologized clearly for tactical reasons to get Erdogan’s permission to use Turkey’s Incirlik Air Base for airstrikes against ISIS in Syria, but the dimensions of Erdoğan’s backing for ISIS since revealed is far, far more than Biden hinted. ISIS militants were trained by US, Israeli and now it emerges, by Turkish special forces at secret bases in Konya Province inside the Turkish border to Syria, over the past three years. Erdoğan’s involvement in ISIS goes much deeper. At a time when Washington, Saudi Arabia and even Qatar appear to have cut off their support for ISIS, they remaining amazingly durable. The reason appears to be the scale of the backing from Erdoğan and his fellow neo-Ottoman Sunni Islam Prime Minister, Ahmet Davutoğlu. Nice Family Business The prime source of money feeding ISIS these days is sale of Iraqi oil from the Mosul region oilfields where they maintain a stronghold. The son of Erdoğan it seems is the man who makes the export sales of ISIS-controlled oil possible. Bilal Erdoğan owns several maritime companies. He has allegedly signed contracts with European operating companies to carry Iraqi stolen oil to different Asian countries. The Turkish government buys Iraqi plundered oil which is being produced from the Iraqi seized oil wells. Bilal Erdoğan’s maritime companies own special wharfs in Beirut and Ceyhan ports that are transporting ISIS’ smuggled crude oil in Japan-bound oil tankers.
  • In addition to son Bilal’s illegal and lucrative oil trading for ISIS, Sümeyye Erdoğan, the daughter of the Turkish President apparently runs a secret hospital camp inside Turkey just over the Syrian border where Turkish army trucks daily being in scores of wounded ISIS Jihadists to be patched up and sent back to wage the bloody Jihad in Syria, according to the testimony of a nurse who was recruited to work there until it was discovered she was a member of the Alawite branch of Islam, the same as Syrian President Bashar al-Assad who Erdoğan seems hell-bent on toppling. Turkish citizen Ramazan Başol, captured this month by Kurdish People’s Defence Units,YPG, as he attempted to join ISIS from Konya province, told his captors that said he was sent to ISIS by the ‘İsmail Ağa Sect,’ a strict Turkish Islam sect reported to be tied to Recep Erdoğan. Başol said the sect recruits members and provides logistic support to the radical Islamist organization. He added that the Sect gives jihad training in neighborhoods of Konya and sends those trained here to join ISIS gangs in Syria. According to French geopolitical analyst, Thierry Meyssan, Recep Erdoğan “organised the pillage of Syria, dismantled all the factories in Aleppo, the economic capital, and stole the machine-tools. Similarly, he organised the theft of archeological treasures and set up an international market in Antioch…with the help of General Benoît Puga, Chief of Staff for the Elysée, he organised a false-flag operation intended to provoke the launching of a war by the Atlantic Alliance – the chemical bombing of la Ghoutta in Damascus, in August 2013. “
  • ...1 more annotation...
  • Meyssan claims that the Syria strategy of Erdoğan was initially secretly developed in coordination with former French Foreign Minister Alain Juppé and Erdoğan’s then Foreign Minister Ahmet Davutoğlu, in 2011, after Juppe won a hesitant Erdoğan to the idea of supporting the attack on traditional Turkish ally Syria in return for a promise of French support for Turkish membership in the EU. France later backed out, leaving Erdoğan to continue the Syrian bloodbath largely on his own using ISIS. Gen. John R. Allen, an opponent of Obama’s Iran peace strategy, now US diplomatic envoy coordinating the coalition against the Islamic State, exceeded his authorized role after meeting with Erdoğan and “promised to create a « no-fly zone » ninety miles wide, over Syrian territory, along the whole border with Turkey, supposedly intended to help Syrian refugees fleeing from their government, but in reality to apply the « Juppé-Wright plan ». The Turkish Prime Minister, Ahmet Davutoğlu, revealed US support for the project on the TV channel A Haber by launching a bombing raid against the PKK.” Meyssan adds. There are never winners in war and Erdoğan’s war against Syria’s Assad demonstrates that in bold. Turkey and the world deserve better. Ahmet Davutoğlu’s famous “Zero Problems With Neighbors” foreign policy has been turned into massive problems with all neighbors due to the foolish ambitions of Erdoğan and his gang.
8More

How a false witness helped the CIA make a case for torture | Al Jazeera America - 0 views

america.aljazeera.com/...false-witness-ciatorture.html war & peace CIA torture NSA lies
shared by Paul Merrell on 24 Dec 14 - No Cached
  • Buried amid details of “rectal rehydration” and waterboarding that dominated the headlines over last week’s Senate Intelligence Committee findings was an alarming detail: Both the committee’s summary report and its rebuttal by the CIA admit that a source whose claims were central to the July 2004 resumption of the torture program  — and, almost certainly, to authorizing the Internet dragnet collecting massive amounts of Americans’ email metadata — fabricated claims about an election year plot. Both the torture program and President Bush's warrantless wiretap program, Stellar Wind, were partly halted from March through June of 2004. That March, Assistant Attorney General Jack Goldsmith prepared to withdraw Pentagon authorization for torture, amid growing concern following the publication of pictures of detainee abuse at Iraq's Abu Ghraib, and a May 2004 CIA inspector general report criticizing a number of aspects of the Agency's interrogation program. On June 4, 2004, CIA Director George Tenet suspended the use of torture techniques.
  • During the same period, the DOJ lawyers who pushed to stop torture were also persuading President George W. Bush to halt aspects of Stellar Wind, a program that conducted warrantless wiretapping of Americans’ communications inside the U.S., on top of the Internet metadata. After a dramatic confrontation in the hospital room of Attorney General John Ashcroft on March 10, 2004, acting Attorney General Jim Comey and Goldsmith informed Bush there was no legal basis for parts of the program. Ultimately, Bush agreed to modify aspects of it, in part by halting the collection of Internet metadata. But even as Bush officials suspended that part of the program on March 26, they quickly set about finding legal cover for its resumption. One way they did so was by pointing to imminent threats — such as a planned election-season attack — in the United States.
  • The CIA in March 2004 received reporting from a source the torture report calls "Asset Y,” who said a known Al-Qaeda associate in Pakistan, Janat Gul — whom CIA at the time believed was a key facilitator — had set up a meeting between Asset Y and Al-Qaeda's finance chief, and was helping plan attacks inside the United States timed to coincide with the November 2004 elections. According to the report, CIA officers immediately expressed doubts about the veracity of the information they’d been given by Asset Y. A senior CIA officer called the report "vague" and "worthless in terms of actionable intelligence." He noted that Al Qaeda had already issued a statement “emphasizing a lack of desire to strike before the U.S. election” and suggested that since Al-Qaeda was aware that “threat reporting causes panic in Washington” and inevitably results in leaks, planting a false claim of an election season attack would be a good way for the network to test whether Asset Y was working for its enemies. Another officer, assigned to the group hunting Osama bin Laden, also expressed doubts. In its rebuttal to the Senate report, the CIA argues the agency was right to take seriously Asset Y’s reporting , in spite of those initial doubts. The CIA wrote numerous reports about the claim “even as we worked to resolve the inconsistencies.” Reports from detainee Hassan Ghul, who was captured in January 2004, supported the possibility that a cell of Al-Qaeda members in Pakistan’s tribal areas might be planning a plot of which he was unaware. And the CIA corroborated other parts of Asset Y's reporting.
  • ...5 more annotations...
  • Still, the CIA had one further reason for doubting claims that Gul was at the center of an Al-Qaeda election-year plot. Ghu told the CIA about an attempt by Gul, in the fall of 2003, to sell anti-aircraft missiles to Al-Qaeda; the Qaeda figure in Ghul’s story didn't even want to work with Gul. And Ghul later learned Gul was probably lying about his ability to acquire the missiles.
  • Nevertheless, the CIA took seriously Asset Y’s claim that Gul was involved in an election plot and moved quickly to gain custody of him after his arrest by Pakistan in June 2004. Even before CIA rendered Gul to its custody, Tenet started lobbying to get torture techniques reapproved for his interrogation. On June 29, Tenet wrote National Security Adviser Condoleezza Rice seeking approval to once again use some of the techniques whose use he suspended less than four weeks earlier, in the hope of gathering information on the election season plot. "Given the magnitude of the danger posed by the pre-election plot and Gul's almost certain knowledge of any intelligence about that plot” Tenet wrote, relying on Asset Y's claims, “I request the fastest possible resolution of the above issues." On July 20, according to the report, top administration officials gave CIA verbal approval to get back into the torture business. Ashcroft stated that most previously approved interrogation techniques would not violate U.S. law on July 22 (though not waterboarding). And by the end of July, CIA started coaxing DOJ to approve other techniques — such as slapping someone in the stomach or hosing them down with cold water or limiting their food — which had already been used by the CIA but never officially approved by DOJ.
  • At the same time, the government was also using the ostensible election-season plot, among others, to persuade the Foreign Intelligence Surveillance Court (FISC) – the secret court that approves domestic spying on Americans – to authorize the Internet dragnet. After Bush halted the Internet dragnet on March 26, his aides began working with FISC presiding judge Colleen Kollar-Kotelly to find a way to use FISA authority -- normally been used to access records for a single phone or Internet account -- to collect Internet metadata in bulk. They provided a series of briefings, including one attended by Terrorist Threat Integration Center head John Brennan and CIA Director George Tenet, to explain the threat. In addition, they provided what – under Stellar Wind – analysts called a “scary memo,” summarizing all the threats facing the country to underscore the urgency of the program. Tenet's declaration included as an appendix to an application submitted in the days before July 14, 2004, laid out the threats CIA and others were fighting that summer.
  • Judge Kollar-Kotelly invoked Tenet's material in a redacted section of her opinion authorizing the phone dragnet, pointing to it as a key reason to permit collection of what she called “enormous” amounts of data from innocent Americans.
  • Soon after the reauthorization of the torture and the Internet dragnet, the CIA realized ASSET Y's story wasn't true. By September, an officer involved in Janat Gul's interrogation observed, “we lack credible information that ties him to pre-election threat information or direct operational planning against the United States, at home or abroad.” In October, CIA reassessed ASSET Y, and found him to be deceptive. When pressured, ASSET Y admitted had had made up the story of a meeting set up by Gul. ASSET Y blamed his CIA handler for pressuring him for intelligence, leading him to lie about the meeting. By 2005, CIA had concluded that ASSET Y was a fabricator, and Janat Gul was a “rather poorly educated village man [who is] quite lazy [who] was looking to make some easy money for little work and he was easily persuaded to move people and run errands for folks on our target list” (though the Agency wasn't always forthright about the judgment to DOJ). The torture program, which was resumed in part because of a perceived urgency of extracting information from Gul on a plot that didn't exist, continued for several more years. The Internet dragnet continued under FISC authorization, on and off, until December 2011. And several other still active NSA programs, including the phone dragnet, relied on Kollar-Kotelly's earlier authorization as precedents – the case for which had also been derived, in part, from one long discredited fabricator.
3More

Saudi Arabia Hosting Training Camps For Syrian Rebels - Business Insider - 0 views

www.businessinsider.com/-training-syrian-rebels-2014-9 war & peace ISIL Syria Saudis moderate-rebels training U.S.-foreign-policy
shared by Paul Merrell on 11 Sep 14 - No Cached
  • (Reuters) - Saudi Arabia has agreed to host training camps for moderate Syrian rebels as part of President Barack Obama's broad strategy to combat Islamic State militants who have taken over parts of Syria and Iraq, U.S. officials said on Wednesday. The agreement, outlined by Obama's aides on the night of his speech to the American people laying out his expanded campaign against the Islamist group, appeared to reflect the depth of Saudi concern about Islamic State's threat to the region. Obama announced he had authorized stepped-up U.S. airstrikes in Iraq and for the first time would extend the aerial assault into Syria, where he also vowed to beef up support for moderate rebels fighting to overthrow Syrian President Bashar al-Assad. U.S. officials said a critical component of the plan to train and equip the Syrian insurgents, who have received only modest American backing so far and have failed to coalesce into a potent fighting force, was the Saudis' willingness to allow use of their territory for the U.S. training effort.
  • "Now what we have is a commitment from the kingdom of Saudi Arabia ... to be a full partner with us in that effort, including by hosting that training program," a senior U.S. official told reporters in a conference call. The Saudi decision came to light after Obama spoke by phone earlier in the day with Saudi King Abdullah. Saudi Arabia, the main Arab Sunni power in the region, was dismayed last September when Obama backed off air strikes against Assad's forces over the use of chemical weapons, and had pressed Washington to do more to strengthen the poorly organized moderate Syrian rebels. "Both leaders agreed that a stronger Syrian opposition is essential to confronting extremists like (Islamic State) as well as the Assad regime, which has lost all legitimacy," the White Housesaid. The Obama administration wants the Syrian rebels to play a role in the fight against the stronger Islamic State forces inside Syria. U.S. officials declined to specify where on Saudi territory the rebels would be trained. U.S. Secretary of State John Kerry, on a Middle East mission to drum up support for a coalition against Islamic State, is due to fly from Amman to Saudi Arabia on Thursday. He will have talks there with senior officials from Egypt, Turkey, Jordan and the Gulf Cooperation Council (GCC), which comprises Saudi Arabia, Bahrain, the United Arab Emirates,Kuwait, Oman and Qatar. Saudi Arabia, the world's biggest oil exporter, is unnerved by the rapid advance of Islamic State this year and fears it could radicalize some of its own citizens. Arab League foreign ministers agreed on Sunday to take all necessary measures to confront Islamic State.
  • Paul Merrell on 11 Sep 14
     
    "Moderate rebels" from Syria willing to travel to Saudi Arabia to be trained to fight both ISIL and Syria. Moderate, my a-s.  Obama decided that he did not need Congressional authorization because the post-9/11 authorization for use of military force was sufficient authority. Oh, really? Broad enough to encompass waging war against Syria? The 2001 AUMF authorized the Executive "to use all necessary and appropriate force against those nations, organizations, or persons he determines planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001, or harbored such organizations or persons, in order to prevent any future acts of international terrorism against the United States by such nations, organizations or persons." Are we now to pretend that Syria played any such part? Or that ISIL, which has been specifically disavowed by Al Qaeda as too radical, had such a role? 
2More

James Risen's CIA Story Op Merlin - Business Insider - 0 views

www.businessinsider.com/ens-cia-story-op-merlin-2015-1 war-on-whistleblowers Risen testimony
shared by Paul Merrell on 14 Jan 15 - No Cached
  • For the past seven years, New York Times journalist James Risen has been embroiled in a legal battle with two presidential administrations over his refusal to reveal an inside government source. It turns out he will not be called to testify at a leak trial scheduled to begin this week.
  • Paul Merrell on 14 Jan 15
     
    Sounds like Obama blinked first.
2More

CIA Drug Trafficking Exposed by Political Prisoner - YouTube - 0 views

www.youtube.com/watch U.S.-foreign-policy covert-action CIA drug-trafficking
shared by Paul Merrell on 21 Jan 15 - No Cached
  • Published on Dec 30, 2012Political prisoner Beau Abbott, a former narco-pilot for the CIA, tells of his experience in the drug import business. He's now hidden away in a federal prison for his whistleblowing activities.
  • Paul Merrell on 21 Jan 15
     
    Video. Well worth watching this interview. Abbott is highly convincing and offers insider details of CIA and DEA drug-trafficking. 
12More

Congress Is Irrelevant on Mass Surveillance. Here's What Matters Instead. - The Intercept - 0 views

firstlook.org/...topping-nsas-mass-surveillance surveillance state nsa-reform
shared by Paul Merrell on 20 Nov 14 - No Cached
  • The “USA Freedom Act”—the proponents of which were heralding as “NSA reform” despite its suffocatingly narrow scope—died in the august U.S. Senate last night when it attracted only 58 of the 60 votes needed to close debate and move on to an up-or-down vote. All Democratic and independent senators except one (Bill Nelson of Florida) voted in favor of the bill, as did three tea-party GOP Senators (Ted Cruz, Mike Lee, and Dean Heller). One GOP Senator, Rand Paul, voted against it on the ground that it did not go nearly far enough in reining in the NSA. On Monday, the White House had issued a statement “strongly supporting” the bill. The “debate” among the Senators that preceded the vote was darkly funny and deeply boring, in equal measure. The black humor was due to the way one GOP senator after the next—led by ranking intelligence committee member Saxby Chambliss of Georgia (pictured above)—stood up and literally screeched about 9/11 and ISIS over and over and over, and then sat down as though they had made a point.
  • So the pro-NSA Republican senators were actually arguing that if the NSA were no longer allowed to bulk-collect the communication records of Americans inside the U.S., then ISIS would kill you and your kids. But because they were speaking in an empty chamber and only to their warped and insulated D.C. circles and sycophantic aides, there was nobody there to cackle contemptuously or tell them how self-evidently moronic it all was. So they kept their Serious Faces on like they were doing The Nation’s Serious Business, even though what was coming out of their mouths sounded like the demented ramblings of a paranoid End is Nigh cult. The boredom of this spectacle was simply due to the fact that this has been seen so many times before—in fact, every time in the post-9/11 era that the U.S. Congress pretends publicly to debate some kind of foreign policy or civil liberties bill. Just enough members stand up to scream “9/11″ and “terrorism” over and over until the bill vesting new powers is passed or the bill protecting civil liberties is defeated.
  • Eight years ago, when this tawdry ritual was still a bit surprising to me, I live-blogged the 2006 debate over passage of the Military Commissions Act, which, with bipartisan support, literally abolished habeas corpus rights established by the Magna Carta by sanctioning detention without charges or trial. (My favorite episode there was when GOP Sen. Arlen Specter warned that “what the bill seeks to do is set back basic rights by some nine hundred years,” and then voted in favor of its enactment.) In my state of naive disbelief, as one senator after the next thundered about the “message we are sending” to “the terrorists,” I wrote: “The quality of the ‘debate’ on the Senate floor is so shockingly (though appropriately) low and devoid of substance that it is hard to watch.” So watching last night’s Senate debate was like watching a repeat of some hideously shallow TV show. The only new aspect was that the aging Al Qaeda villain has been rather ruthlessly replaced by the show’s producers with the younger, sleeker ISIS model. Showing no gratitude at all for the years of value it provided these senators, they ignored the veteran terror group almost completely in favor of its new replacement. And they proceeded to save a domestic surveillance program clearly unpopular among those they pretend to represent.
  • ...8 more annotations...
  • Ever since the Snowden reporting began and public opinion (in both the U.S. and globally) began radically changing, the White House’s strategy has been obvious. It’s vintage Obama: Enact something that is called “reform”—so that he can give a pretty speech telling the world that he heard and responded to their concerns—but that in actuality changes almost nothing, thus strengthening the very system he can pretend he “changed.” That’s the same tactic as Silicon Valley, which also supported this bill: Be able to point to something called “reform” so they can trick hundreds of millions of current and future users around the world into believing that their communications are now safe if they use Facebook, Google, Skype and the rest. In pretty much every interview I’ve done over the last year, I’ve been asked why there haven’t been significant changes from all the disclosures. I vehemently disagree with the premise of the question, which equates “U.S. legislative changes” with “meaningful changes.” But it has been clear from the start that U.S. legislation is not going to impose meaningful limitations on the NSA’s powers of mass surveillance, at least not fundamentally. Those limitations are going to come from—are now coming from —very different places:
  • All of that illustrates what is, to me, the most important point from all of this: the last place one should look to impose limits on the powers of the U.S. government is . . . the U.S. government. Governments don’t walk around trying to figure out how to limit their own power, and that’s particularly true of empires. The entire system in D.C. is designed at its core to prevent real reform. This Congress is not going to enact anything resembling fundamental limits on the NSA’s powers of mass surveillance. Even if it somehow did, this White House would never sign it. Even if all that miraculously happened, the fact that the U.S. intelligence community and National Security State operates with no limits and no oversight means they’d easily co-opt the entire reform process. That’s what happened after the eavesdropping scandals of the mid-1970s led to the establishment of congressional intelligence committees and a special FISA “oversight” court—the committees were instantly captured by putting in charge supreme servants of the intelligence community like Senators Dianne Feinstein and Chambliss, and Congressmen Mike Rogers and “Dutch” Ruppersberger, while the court quickly became a rubber stamp with subservient judges who operate in total secrecy.
  • There is a real question about whether the defeat of this bill is good, bad, or irrelevant. To begin with, it sought to change only one small sliver of NSA mass surveillance (domestic bulk collection of phone records under section 215 of the Patriot Act) while leaving completely unchanged the primary means of NSA mass surveillance, which takes place under section 702 of the FISA Amendments Act, based on the lovely and quintessentially American theory that all that matters are the privacy rights of Americans (and not the 95 percent of the planet called “non-Americans”). There were some mildly positive provisions in the USA Freedom Act: the placement of “public advocates” at the FISA court to contest the claims of the government; the prohibition on the NSA holding Americans’ phone records, requiring instead that they obtain FISA court approval before seeking specific records from the telecoms (which already hold those records for at least 18 months); and reducing the agency’s “contact chaining” analysis from three hops to two. One could reasonably argue (as the ACLU and EFF did) that, though woefully inadequate, the bill was a net-positive as a first step toward real reform, but one could also reasonably argue, as Marcy Wheeler has with characteristic insight, that the bill is so larded with ambiguities and fundamental inadequacies that it would forestall better options and advocates for real reform should thus root for its defeat.
  • 1) Individuals refusing to use internet services that compromise their privacy.
  • 2) Other countries taking action against U.S. hegemony over the internet.
  • 4) Greater individual demand for, and use of, encryption.
  • 3) U.S. court proceedings.
  • The “USA Freedom Act”—which its proponents were heralding as “NSA reform” despite its suffocatingly narrow scope—died in the august U.S. Senate last night when it attracted only 58 of the 60 votes needed to close debate and move on to an up-or-down vote. All Democratic and independent senators except one (Bill Nelson of Florida) voted in favor of the bill, as did three tea-party GOP Senators (Ted Cruz, Mike Lee, and Dean Heller). One GOP Senator, Rand Paul, voted against it on the ground that it did not go nearly far enough in reining in the NSA. On Monday, the White House had issued a statement “strongly supporting” the bill.
  • Paul Merrell on 20 Nov 14
     
    Glenn Greenwald on why the death of the USA Freedom Act is actually a Very Good Thing. I couldn't agree more.
1More

Egypt Joins Fight against the Petrodollar - Russia Insider - 0 views

russia-insider.com/...3291 economic-warfare de-dollarization Russia Egypt
shared by Paul Merrell on 10 Feb 15 - No Cached
  • It is "quite natural" that business circles in both Russia and Egypt have raised the issue of the advisability of using their respective national currencies for bilateral payments, Russian President Vladimir Putin has told the Egyptian daily newspaper Al-Ahram.The President added that Russia already uses national currencies for trade with a number of CIS states, as well as China.“This practice proves its worth; we are ready to adopt it in our relations with Egypt as well. This issue is being discussed in detail by the relevant agencies of both countries,” Putin told Al-Ahram.
3More

Tapie Affair: IMF head Christine Lagarde ordered to face trial by French court over tyc... - 0 views

www.ibtimes.co.uk/t-over-tycoon-payments-1533856 banksters IMF Lagarde prosecution negligence
shared by Paul Merrell on 18 Dec 15 - No Cached
  • A French court has ordered IMF boss Christine Lagarde to face trial over the part she played in the Tapie Affair, regarding a €400m (£291m, $433m) transfer to French business tycoon and entrepreneur Bernard Tapie.In September, France's main prosecutor recommended magistrates at the Cour de Justice de la Republique, which deals with crime allegations against government officials, drop the investigation. The magistrates were probing Lagarde's alleged negligence in regards to the affair when she was finance minister of the country.Why advertise with usIn 2008, when Lagarde served under Nicolas Sarkozy's government, she approved a three member arbitration panel that awarded the payment from the taxpayers' pockets. Lagarde and Sarkozy have both been under fire since then for approving the panel.The payment followed Tapie's accusation that French bank Credit Lyonnais defrauded him when it handled the businessman's sale of his majority stake in German sports retailer Adidas in 1993. Tapie alleged the bank of deliberately undervaluing the company after it sold the stake for a higher sum.
  • Because the now bust Credit Lyonnais was partly state owned, at least some of the money came from French taxpayers. Tapie sold his Adidas shares to become a cabinet minister. He backed and supported Sarkozy in his bid for presidency in 2007.
  • The case has been brought up numerous times throughout the years, but some have accused current president Francois Hollande of playing politics. While others say that Lagarde and Sarkozy approved the payment because the influential Tapie backed their government.Tapie used to be popular among the French, as an entrepreneur and 'rags to riches' success story. Apart from Adidas, he has owned cycling team and Tour de France winner La Vie Claire and French football club Olympique Marseille.
« First ‹ Previous 41 - 60 of 123 Next › Last »
Showing 20▼ items per page