Skip to main content

Home/ Socialism and the End of the American Dream/ Group items tagged foreign-exchange

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
Gary Edwards

Byron York: Justice Department demolishes case against Trump order | Washington Examiner - 1 views

www.washingtonexaminer.com/...2613988

Byron-York Trump-Immigration-Order

shared by Gary Edwards on 06 Feb 17 - No Cached
  • Gary Edwards on 06 Feb 17
     
    "James Robart, the U.S. district judge in Washington State, offered little explanation for his decision to stop President Trump's executive order temporarily suspending non-American entry from seven terror-plagued countries. Robart simply declared his belief that Washington State, which in its lawsuit against Trump argued that the order is both illegal and unconstitutional, would likely win the case when it is tried. Now the government has answered Robart, and unlike the judge, Justice Department lawyers have produced a point-by-point demolition of Washington State's claims. Indeed, for all except the most partisan, it is likely impossible to read the Washington State lawsuit, plus Robart's brief comments and writing on the matter, plus the Justice Department's response, and not come away with the conclusion that the Trump order is on sound legal and constitutional ground. Beginning with the big picture, the Justice Department argued that Robart's restraining order violates the separation of powers, encroaches on the president's constitutional and legal authority in the areas of foreign affairs, national security, and immigration, and "second-guesses the president's national security judgment" about risks faced by the United States. Indeed, in court last week, Robart suggested that he, Robart, knows as much, or perhaps more, than the president about the current state of the terrorist threat in Yemen, Somalia, Libya, and other violence-plagued countries. In an exchange with Justice Department lawyer Michelle Bennett, Robart asked, "How many arrests have there been of foreign nationals for those seven countries since 9/11?" "Your Honor, I don't have that information," said Bennett. "Let me tell you," said Robart. "The answer to that is none, as best I can tell. So, I mean, you're here arguing on behalf of someone [President Trump] that says: We have to protect the United States from these individuals coming from these countries, and there's no support for that."
Gary Edwards

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

www.google.com/...view

obammunism obamanomics financial-crisis unsustainable-debt banksters

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

How the NSA's Surveillance Procedures Threaten Americans' Privacy | American Civil Libe... - 0 views

www.aclu.org/...res-threaten-americans-privacy

surveillance state NSA surveillance-criteria

shared by Paul Merrell on 22 Jun 13 - No Cached
  • Newly released documents confirm what critics have long suspected—that the National Security Agency, a component of the Defense Department, is engaged in unconstitutional surveillance of Americans' communications, including their telephone calls and emails. The documents show that the NSA is conducting sweeping surveillance of Americans' international communications, that it is acquiring many purely domestic communications as well, and that the rules that supposedly protect Americans' privacy are weak and riddled with exceptions.
  • 3. The Procedures permit the government to conduct surveillance that has no real connection to the government's foreign intelligence interests. One of the fundamental problems with the Act is that it permits the government to conduct surveillance without probable cause or individualized suspicion. It permits the government to monitor people who aren't even thought to be doing anything wrong, and to do so without particularized warrants or meaningful review by impartial judges. Government officials have placed heavy emphasis on the fact that the Act allows the government to conduct surveillance only if one of its purposes is to gather "foreign intelligence information." That term, though, is defined very broadly to include not only information about terrorism but also information about intelligence activities, the national defense, and even "the foreign affairs of the United States." The Procedures weaken the limitation further. Among the things the NSA examines to determine whether a particular email address or phone number will be used to exchange foreign intelligence information is whether it has been used in the past to communicate with foreigners. Another is whether it is listed in a foreigner's address book. In other words, the NSA seems to equate a propensity to communicate with foreigners with a propensity to communicate foreign intelligence information. The effect is to bring virtually every international communication within the reach of the NSA's surveillance.
  • Paul Merrell on 22 Jun 13
     
    "Among the things the NSA examines to determine whether a particular email address or phone number will be used to exchange foreign intelligence information is *whether it has been used in the past to communicate with foreigners."* Let that sink into your mind, please. Have you ever communicated with a foreigner? Have any of your communications ever been routed through servers in a foreign country? (The way the Internet works, it is an everyday event for just about anyone.) Does that constitute communication with a foreigner?  One of the many giant loopholes in the NSA's leaked procedures document for "minimizing" the collection of data on U.S. citizens.  
Paul Merrell

Exclusive: Dozens of Clinton emails were classified from the start, U.S. rules suggest ... - 0 views

www.reuters.com/...n-emails-idUSKCN0QQ0BW20150821

Auction 2016 Hillary Hillary-emails

shared by Paul Merrell on 23 Aug 15 - No Cached
  • For months, the U.S. State Department has stood behind its former boss Hillary Clinton as she has repeatedly said she did not send or receive classified information on her unsecured, private email account, a practice the government forbids.While the department is now stamping a few dozen of the publicly released emails as "Classified," it stresses this is not evidence of rule-breaking. Those stamps are new, it says, and do not mean the information was classified when Clinton, the Democratic frontrunner in the 2016 presidential election, first sent or received it.But the details included in those "Classified" stamps — which include a string of dates, letters and numbers describing the nature of the classification — appear to undermine this account, a Reuters examination of the emails and the relevant regulations has found.The new stamps indicate that some of Clinton's emails from her time as the nation's most senior diplomat are filled with a type of information the U.S. government and the department's own regulations automatically deems classified from the get-go — regardless of whether it is already marked that way or not.In the small fraction of emails made public so far, Reuters has found at least 30 email threads from 2009, representing scores of individual emails, that include what the State Department's own "Classified" stamps now identify as so-called 'foreign government information.' The U.S. government defines this as any information, written or spoken, provided in confidence to U.S. officials by their foreign counterparts.
  • This sort of information, which the department says Clinton both sent and received in her emails, is the only kind that must be "presumed" classified, in part to protect national security and the integrity of diplomatic interactions, according to U.S. regulations examined by Reuters."It's born classified," said J. William Leonard, a former director of the U.S. government's Information Security Oversight Office (ISOO). Leonard was director of ISOO, part of the White House's National Archives and Records Administration, from 2002 until 2008, and worked for both the Bill Clinton and George W. Bush administrations."If a foreign minister just told the secretary of state something in confidence, by U.S. rules that is classified at the moment it's in U.S. channels and U.S. possession," he said in a telephone interview, adding that for the State Department to say otherwise was "blowing smoke."
  • Although it appears to be true for Clinton to say none of her emails included classification markings, a point she and her staff have emphasized, the government's standard nondisclosure agreement warns people authorized to handle classified information that it may not be marked that way and that it may come in oral form.The State Department disputed Reuters' analysis but declined requests to explain how it was incorrect.
  • ...5 more annotations...
  • Clinton and her senior staff routinely sent foreign government information among themselves on unsecured networks several times a month, if the State Department's markings are correct. Within the 30 email threads reviewed by Reuters, Clinton herself sent at least 17 emails that contained this sort of information. In at least one case it was to a friend, Sidney Blumenthal, not in government. The information appears to include privately shared comments by a prime minister, several foreign ministers and a foreign spy chief, unredacted bits of the emails show. Typically, Clinton and her staff first learned the information in private meetings, telephone calls or, less often, in email exchanges with the foreign officials.
  • The findings of the Reuters review are separate from the recent analysis by the inspector general for U.S. intelligence agencies, who said last month that his office found four emails that contained classified government secrets at the time they were sent in a sample of 40 emails not yet made public.The State Department has said it does not know whether the inspector general is correct.
  • The Reuters review also found that the declassification dates the department has been marking on these emails suggest the department might believe the information was classified all along. Gerlach said this was incorrect.
  • A series of presidential executive orders has governed how officials should handle the ceaseless incoming stream of raw, usually unmarked information they acquire in their work. Since at least 2003, they have emphasized that information shared by a foreign government with an expectation or agreement of confidentiality is the only kind that is "presumed" classified.The State Department's own regulations, as laid out in the Foreign Affairs Manual, have been unequivocal since at least 1999: all department employees "must ... safeguard foreign government and NATO RESTRICTED information as U.S. Government Confidential" or higher, according to the version in force in 2009, when these particular emails were sent.
  • A spokeswoman for one of the foreign governments whose information appears in Clinton's emails said, on condition of anonymity to protect diplomatic relations, that the information was shared confidentially in 2009 with Clinton and her senior staff.If so, it appears this information should have been classified at the time and not handled on a private unsecured email network, according to government regulations.The foreign government expects all private exchanges with U.S. officials to be treated that way, the spokeswoman for the foreign government said.Leonard, the former ISOO director, said this sort of information was improperly shared by officials through insecure channels more frequently than the public may realize, although more typically within the unsecured .gov email network than on private email accounts.With few exceptions, officials are forbidden from sending classified information even via the .gov email network and must use a dedicated secure network instead. The difference in Clinton's case, Leonard said, is that so-called "spillages" of classified information within the .gov network are easier to track and contain.
Gary Edwards

The obscure legal system that lets corporations sue countries | Claire Provost and Matt... - 0 views

www.theguardian.com/...rtations-sue-states-ttip-icsid

ISDS TTIP Banksters World-Banksters

shared by Gary Edwards on 10 Jun 15 - No Cached
  • Every year on 15 September, thousands of Salvadorans celebrate the date when much of Central America gained independence from Spain. Fireworks are set off and marching bands parade through villages across the country. But, last year, in the town of San Isidro, in Cabañas, the festivities had a markedly different tone. Hundreds had gathered to protest against the mine. Gold mines often use cyanide to separate gold from ore, and widespread concern over already severe water contamination in El Salvador has helped fuel a powerful movement determined to keep the country’s minerals in the ground. In the central square, colourful banners were strung up, calling on OceanaGold to drop its case against the country and leave the area. Many were adorned with the slogan, “No a la mineria, Si a la vida” (No to mining, Yes to life). On the same day, in Washington DC, Parada gathered his notes and shuffled into a suite of nondescript meeting rooms in the World Bank’s J building, across the street from its main headquarters on Pennsylvania Avenue. This is the International Centre for the Settlement of Investment Disputes (ICSID): the primary institution for handling the cases that companies file against sovereign states. (The ICSID is not the sole venue for such cases; there are similar forums in London, Paris, Hong Kong and the Hague, among others.) The date of the hearing was not a coincidence, Parada said. The case has been framed in El Salvador as a test of the country’s sovereignty in the 21st century, and he suggested that it should be heard on Independence Day. “The ultimate question in this case,” he said, “is whether a foreign investor can force a government to change its laws to please the investor as opposed to the investor complying with the laws they find in the country.”
  • Most international investment treaties and free-trade deals grant foreign investors the right to activate this system, known as investor-state dispute settlement (ISDS), if they want to challenge government decisions affecting their investments. In Europe, this system has become a sticking point in negotiations over the controversial Transatlantic Trade and Investment Partnership (TTIP) deal proposed between the European Union and the US, which would massively extend its scope and power and make it harder to challenge in the future. Both France and Germany have said that they want access to investor-state dispute settlement removed from the TTIP treaty currently under discussion. Investors have used this system not only to sue for compensation for alleged expropriation of land and factories, but also over a huge range of government measures, including environmental and social regulations, which they say infringe on their rights. Multinationals have sued to recover money they have already invested, but also for alleged lost profits and “expected future profits”. The number of suits filed against countries at the ICSID is now around 500 – and that figure is growing at an average rate of one case a week. The sums awarded in damages are so vast that investment funds have taken notice: corporations’ claims against states are now seen as assets that can be invested in or used as leverage to secure multimillion-dollar loans. Increasingly, companies are using the threat of a lawsuit at the ICSID to exert pressure on governments not to challenge investors’ actions.
  • “I had absolutely no idea this was coming,” Parada said. Sitting in a glass-walled meeting room in his offices, at the law firm Foley Hoag, he paused, searching for the right word to describe what has happened in his field. “Rogue,” he decided, finally. “I think the investor-state arbitration system was created with good intentions, but in practice it has gone completely rogue.”
  • ...13 more annotations...
  • The quiet village of Moorburg in Germany lies just across the river from Hamburg. Past the 16th-century church and meadows rich with wildflowers, two huge chimneys spew a steady stream of thick, grey smoke into the sky. This is Kraftwerk Moorburg, a new coal-fired power plant – the village’s controversial next-door neighbour. In 2009, it was the subject of a €1.4bn investor-state case filed by Vattenfall, the Swedish energy giant, against the Federal Republic of Germany. It is a prime example of how this powerful international legal system, built to protect foreign investors in developing countries, is now being used to challenge the actions of European governments as well. Since the 1980s, German investors have sued dozens of countries, including Ghana, Ukraine and the Philippines, at the World Bank’s Centre in Washington DC. But with the Vattenfall case, Germany found itself in the dock for the first time. The irony was not lost on those who considered Germany to be the grandfather of investor-state arbitration: it was a group of German businessmen, in the late 1950s, who first conceived of a way to protect their overseas investments as a wave of developing countries gained independence from European colonial powers. Led by Deutsche Bank chairman Hermann Abs, they called their proposal an “international magna carta” for private investors.
  • In the 1960s, the idea was taken up by the World Bank, which said that such a system could help the world’s poorer countries attract foreign capital. “I am convinced,” the World Bank president George Woods said at the time, “that those … who adopt as their national policy a welcome [environment] for international investment – and that means, to mince no words about it, giving foreign investors a fair opportunity to make attractive profits – will achieve their development objectives more rapidly than those who do not.” At the World Bank’s 1964 annual meeting in Tokyo, it approved a resolution to set up a mechanism for handling investor-state cases. The first line of the ICSID Convention’s preamble sets out its goal as “international cooperation for economic development”. There was sharp opposition to this system from its inception, with a bloc of developing countries warning that it would undermine their sovereignty. A group of 21 countries – almost every Latin American country, plus Iraq and the Philippines – voted against the proposal in Tokyo. But the World Bank moved ahead regardless. Andreas Lowenfeld, an American legal academic who was involved in some of these early discussions, later remarked: “I believe this was the first time that a major resolution of the World Bank had been pressed forward with so much opposition.”
  • now governments are discovering, too late, the true price of that confidence. The Kraftwerk Moorburg plant was controversial long before the case was filed. For years, local residents and environmental groups objected to its construction, amid growing concern over climate change and the impact the project would have on the Elbe river. In 2008, Vattenfall was granted a water permit for its Moorburg project, but, in response to local pressure, local authorities imposed strict environmental conditions to limit the utility’s water usage and its impact on fish. Vattenfall sued Hamburg in the local courts. But, as a foreign investor, it was also able to file a case at the ICSID. These environmental measures, it said, were so strict that they constituted a violation of its rights as guaranteed by the Energy Charter Treaty, a multilateral investment agreement signed by more than 50 countries, including Sweden and Germany. It claimed that the environmental conditions placed on its permit were so severe that they made the plant uneconomical and constituted acts of indirect expropriation.
  • With the rapid growth in these treaties – today there are more than 3,000 in force – a specialist industry has developed in advising companies how best to exploit treaties that give investors access to the dispute resolution system, and how to structure their businesses to benefit from the different protections on offer. It is a lucrative sector: legal fees alone average $8m per case, but they have exceeded $30m in some disputes; arbitrators’ fees at start at $3,000 per day, plus expenses.
  • Vattenfall v Germany ended in a settlement in 2011, after the company won its case in the local court and received a new water permit for its Moorburg plant – which significantly lowered the environmental standards that had originally been imposed, according to legal experts, allowing the plant to use more water from the river and weakening measures to protect fish. The European Commission has now stepped in, taking Germany to the EU Court of Justice, saying its authorisation of the Moorburg coal plant violated EU environmental law by not doing more to reduce the risk to protected fish species, including salmon, which pass near the plant while migrating from the North Sea. A year after the Moorburg case closed, Vattenfall filed another claim against Germany, this time over the federal government’s decision to phase out nuclear power. This second suit – for which very little information is available in the public domain, despite reports that the company is seeking €4.7bn from German taxpayers – is still ongoing. Roughly one third of all concluded cases filed at the ICSID are recorded as ending in “settlements”, which – as the Moorburg dispute shows – can be very profitable for investors, though their terms are rarely fully disclosed.
  • “It was a total surprise for us,” the local Green party leader Jens Kerstan laughed, in a meeting at his sunny office in Hamburg last year. “As far as I knew, there were some [treaties] to protect German companies in the [developing] world or in dictatorships, but that a European company can sue Germany, that was totally a surprise to me.”
  • While a tribunal cannot force a country to change its laws, or give a company a permit, the risk of massive damages may in some cases be enough to persuade a government to reconsider its actions. The possibility of arbitration proceedings can be used to encourage states to enter into meaningful settlement negotiations.
  • A small number of countries are now attempting to extricate themselves from the bonds of the investor-state dispute system. One of these is Bolivia, where thousands of people took to the streets of the country’s third-largest city, Cochabamba, in 2000, to protest against a dramatic hike in water rates by a private company owned by Bechtel, the US civil engineering firm. During the demonstrations, the Bolivian government stepped in and terminated the company’s concession. The company then filed a $50m suit against Bolivia at the ICSID. In 2006, following a campaign calling for the case to be thrown out, the company agreed to accept a token payment of less than $1. After this expensive case, Bolivia cancelled the international agreements it had signed with other states giving their investors access to these tribunals. But getting out of this system is not easily done. Most of these international agreements have sunset clauses, under which their provisions remain in force for a further 10 or even 20 years, even if the treaties themselves are cancelled.
  • There are now thousands of international investment agreements and free-trade acts, signed by states, which give foreign companies access to the investor-state dispute system, if they decide to challenge government decisions. Disputes are typically heard by panels of three arbitrators; one selected by each side, and the third agreed upon by both parties. Rulings are made by majority vote, and decisions are final and binding. There is no appeals process – only an annulment option that can be used on very limited grounds. If states do not pay up after the decision, their assets are subject to seizure in almost every country in the world (the company can apply to local courts for an enforcement order).
  • While there is no equivalent of legal aid for states trying to defend themselves against these suits, corporations have access to a growing group of third-party financiers who are willing to fund their cases against states, usually in exchange for a cut of any eventual award.
  • Increasingly, these suits are becoming valuable even before claims are settled. After Rurelec filed suit against Bolivia, it took its case to the market and secured a multimillion-dollar corporate loan, using its dispute with Bolivia as collateral, so that it could expand its business. Over the last 10 years, and particularly since the global financial crisis, a growing number of specialised investment funds have moved to raise money through these cases, treating companies’ multimillion-dollar claims against states as a new “asset class”.
  • El Salvador has already spent more than $12m defending itself against Pacific Rim, but even if it succeeds in beating the company’s $284m claim, it may never recover these costs. For years Salvadoran protest groups have been calling on the World Bank to initiate an open and public review of ICSID. To date, no such study has been carried out. In recent years, a number of ideas have been mooted to reform the international investor-state dispute system – to adopt a “loser pays” approach to costs, for example, or to increase transparency. The solution may lie in creating an appeals system, so that controversial judgments can be revisited.
  • Brazil has never signed up to this system – it has not entered into a single treaty with these investor-state dispute provisions – and yet it has had no trouble attracting foreign investment.
  • Gary Edwards on 10 Jun 15
     
    "Luis Parada's office is just four blocks from the White House, in the heart of K Street, Washington's lobbying row - a stretch of steel and glass buildings once dubbed the "road to riches", when influence-peddling became an American growth industry. Parada, a soft-spoken 55-year-old from El Salvador, is one of a handful of lawyers in the world who specialise in defending sovereign states against lawsuits lodged by multinational corporations. He is the lawyer for the defence in an obscure but increasingly powerful field of international law - where foreign investors can sue governments in a network of tribunals for billions of dollars. Fifteen years ago, Parada's work was a minor niche even within the legal business. But since 2000, hundreds of foreign investors have sued more than half of the world's countries, claiming damages for a wide range of government actions that they say have threatened their profits. In 2006, Ecuador cancelled an oil-exploration contract with Houston-based Occidental Petroleum; in 2012, after Occidental filed a suit before an international investment tribunal, Ecuador was ordered to pay a record $1.8bn - roughly equal to the country's health budget for a year. (Ecuador has logged a request for the decision to be annulled.) Parada's first case was defending Argentina in the late 1990s against the French conglomerate Vivendi, which sued after the Argentine province of Tucuman stepped in to limit the price it charged people for water and wastewater services. Argentina eventually lost, and was ordered to pay the company more than $100m. Now, in his most high-profile case yet, Parada is part of the team defending El Salvador as it tries to fend off a multimillion-dollar suit lodged by a multinational mining company after the tiny Central American country refused to allow it to dig for gold."
Paul Merrell

5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered... - 0 views

www.nytimes.com/...nishments-may-be-tempered.html

banksters litigation UBS Barclays JPMorgan Chase Citigroup Royal-Bank-of-Scotland guilty-pleas SEC-waivers

shared by Paul Merrell on 16 May 15 - No Cached
  • The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity. Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.
  • The Justice Department is also preparing to resolve accusations of foreign currency misconduct at UBS. As part of that deal, prosecutors are taking the rare step of tearing up a 2012 nonprosecution agreement with the bank over the manipulation of benchmark interest rates, the people said, citing the bank’s foreign currency misconduct as a violation of the earlier agreement. UBS A.G., the banking unit that signed the 2012 nonprosecution agreement, is expected to plead guilty to the earlier charges and pay a fine that could be as high as $500 million rather than go to trial, the people said.
  • Holding companies, while appearing to be the most important entities at the banks, are in less jeopardy of suffering the consequences of guilty pleas. Some banks worried that a guilty plea by their biggest banking units, which hold licenses that enable them to operate branches and make loans, would be riskier, two of the people briefed on the matter said. The fear, they said, centered on whether state or federal regulators might revoke those licenses in response to the pleas. Advertisement Continue reading the main story Behind the scenes in Washington, the banks’ lawyers are also seeking assurances from federal regulators — including the Securities and Exchange Commission and the Labor Department — that the banks will not be barred from certain business practices after the guilty pleas, the people said. While the S.E.C.’s five commissioners have not yet voted on the requests for waivers, which would allow the banks to conduct business as usual despite being felons, the people briefed on the matter expected a majority of commissioners to grant them.In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft. And while banks might prefer a deferred-prosecution agreement that suspends charges in exchange for fines and other concessions — or a nonprosecution deal like the one that UBS is on the verge of losing — the reputational blow of being a felon does not spell disaster.
  • ...6 more annotations...
  • The foreign exchange investigation, which centers on accusations that traders colluded to fix the price of major currencies, will test the Justice Department’s strategy for securing guilty pleas on Wall Street.
  • In the case of UBS, the bank will lose its nonprosecution agreement over interest rate manipulation, the people briefed on the matter said, a consequence of its misconduct in the foreign exchange case. It is unclear why that penalty will fall on UBS, but not on other banks suspected of manipulating both interest rates and currency prices.
  • the bank is expected to avoid pleading guilty in the foreign exchange case, the people said, though it will probably pay a fine. While UBS was unlikely to plead guilty to antitrust violations because it was the first to cooperate in the foreign exchange investigation, the bank was facing the possibility of pleading guilty to fraud charges related to the currency manipulation. The exact punishment is not yet final, the people added.The Justice Department negotiations coincide with the banks’ separate efforts to persuade the S.E.C. to issue waivers from automatic bans that occur when a company pleads guilty. If the waivers are not granted, a decision that the Justice Department does not control, the banks could face significant consequences.For example, some banks may be seeking waivers to a ban on overseeing mutual funds, one of the people said. They are also requesting waivers to ensure they do not lose their special status as “well-known seasoned issuers,” which allows them to fast-track securities offerings. For some of the banks, there is also a concern that they will lose their “safe harbor” status for making forward-looking statements in securities documents.
  • In turn, the S.E.C. asked the Justice Department to hold off on announcing the currency cases until the banks’ requests had been reviewed, one of the people said. As of Wednesday, it seemed probable that a majority of the S.E.C.’s commissioners would approve most of the waivers, which can be granted for a cause like the public good. Still, the agency’s two Democratic commissioners — Kara M. Stein and Luis A. Aguilar, who have denounced the S.E.C.’s use of waivers — might be more likely to balk.
  • Corporate prosecutions are a delicate matter, peppered with political and legal land mines. Senator Elizabeth Warren, Democrat of Massachusetts, and other liberal politicians have criticized prosecutors for treating Wall Street with kid gloves. Banks and their lawyers, however, complain about huge penalties and guilty pleas. Continue reading the main story Recent Comments AvangionQ 14 hours ago These are the sorts of crimes that take down nations, jail sentences should be mandatory. Lance Haley 14 hours ago I find this whole legal exercise not only irrational, but insulting. I am a criminal defense attorney. Punishing the shareholders and the... loomypop 14 hours ago There is much more than Irony in the reality of how America treats criminal action and punishment when the entire determination and outcome... See All Comments And lingering in the background is the case of Arthur Andersen, an accounting giant that imploded after being convicted in 2002 of criminal charges related to its work for Enron. After the firm’s collapse, and the later reversal of its conviction, prosecutors began to shift from indictments and guilty pleas to deferred-prosecution agreements. And in 2008, the Justice Department updated guidelines for prosecuting corporations, which have long included a requirement that prosecutors weigh collateral consequences like harm to shareholders and innocent employees.
  • “The collateral consequences consideration is designed to address the risk that a particular criminal charge might inflict disproportionate harm to shareholders, pension holders and employees who are not even alleged to be culpable or to have profited potentially from wrongdoing,” said Mark Filip, the Justice Department official who wrote the 2008 memo. “Arthur Andersen was ultimately never convicted of anything, but the mere act of indicting it destroyed one of the cornerstones of the Midwest’s economy.”
  • Paul Merrell on 16 May 15
     
    In related news, the Dept. of Justice announced that it would begin using its "collateral consequences" analysis to decisions whether to charge human beings with crimes, taking into account the hardships imposed on innocent family members and other dependents if a person were sentenced to prison.  No? Sounds like corporations have more rights than human beings, yes?
Gary Edwards

Obama's Occidental College transcripts provides concrete evidence to annul his presiden... - 1 views

askmarion.wordpress.com/...idence-to-annul-his-presidency

Obama-Birth-Certificate Obama-Citizenship Occidental-College-Registration

shared by Gary Edwards on 05 Dec 12 - No Cached
  • f Obama didn’t legally have his name changed from Barry to Barack then the birth certificate he passed to Congress is a fake, a forgery.
  • If his name was registered as Barry Soetoro even though Obama claims his real name is Barack Obama then Obama defrauded the state of California in order to receive college funding. 
  • Obama knowingly presented a false document to the state wherein he claimed to be a foreign student in order to illegally acquire financial aid.
  • Gary Edwards on 05 Dec 12
     
    Interesting update on Obama.  His Occidental College Registration records are on file with the State of California.  They reveal that he is indeed ineligible to President of the US. The registration form shows that he is an Indonesian national (citizen), and his religion is Islam.   There is no record of a Barack Obama or Barry Soetoro having applied for US Citizenship, or even attempting to renew/re file his citizenship claim of having been born in Hawaii.  Either way though, Obama fails the Constitutional "natural born Citizen" test, as his father was a British colonial citizen of Kenya.  The term "natural born Citizen" requires that both parent be US Citizens. The Occidental College Registration also shows that Obama, aka Barry Soetoro, applied for financial aid and was awarded a fellowship for foreign students from Fulbright Foundation Scholarship program. "Occidental Registration transcript states ~ Name: Barry Soetoro - Religion: Islam - Nationality: Indonesian The smoking gun evidence that annuls Obama's presidency is Obama's college transcripts regarding his application for and receiving of foreign student aid.  Obama's college transcripts from Occidental College indicates that Obama, under the name Barry Soetoro, received financial aid as a foreign student from Indonesia as an undergraduate at the school. The transcript from Occidental College shows that Obama (Barry Soetoro) applied for financial aid and was awarded a fellowship (scholarship) for foreign students from the Fulbright Foundation Scholarship program - an international educational exchange program sponsored by the U.S. government.  Grants are available for U.S. citizens to go abroad and for non-U.S. citizens with no U.S. permanent residence to come to the U.S.  To qualify, for the non-US citizen scholarship to study in the U.S., a student applicant must claim and provide proof of foreign citizenship. This document would seem to provide the smoking gun that many of Obama
Paul Merrell

"De-Dollarization" Continues - China Starts Direct Trade With UK | Zero Hedge - 0 views

www.zerohedge.com/...s-china-starts-direct-trade-uk

de-dollarization China renminbi British-pound banksters Fed economic-warfare

shared by Paul Merrell on 22 Jun 14 - No Cached
  • Following the initial de-dollarization meeting, there has been a slew of anti-dollar moves around the world (including Gazprom's shift of 90% of its clients to non-dollar payments). However, on the heels of the "anti-dollar alliance" discussions yesterday, DW reports that China would start direct trade between the renminbi and the British pound on Thursday. China's Foreign Exchange Trade System (CFETS) confirmed Sterling and yuan would be directly swapped without using the US dollar as an intermediary.   Via DW, China's Foreign Exchange Trade System (CFETS) said Wednesday the Asian nation would start direct trade between the renminbi and the British pound on Thursday.   Sterling and yuan would be directly swapped without using the US dollar as an intermediary, the trade platform noted.   "The move will promote the bilateral trade and investment between China and the United Kingdom and facilitate the use of renminbi and pound in the cross-border trade settlement," CFETS commented.
  • Paul Merrell on 22 Jun 14
     
    "Following the initial de-dollarization meeting, there has been a slew of anti-dollar moves around the world (including Gazprom's shift of 90% of its clients to non-dollar payments). However, on the heels of the "anti-dollar alliance" discussions yesterday, DW reports that China would start direct trade between the renminbi and the British pound on Thursday. China's Foreign Exchange Trade System (CFETS) confirmed Sterling and yuan would be directly swapped without using the US dollar as an intermediary.   Via DW, China's Foreign Exchange Trade System (CFETS) said Wednesday the Asian nation would start direct trade between the renminbi and the British pound on Thursday.   Sterling and yuan would be directly swapped without using the US dollar as an intermediary, the trade platform noted.   "The move will promote the bilateral trade and investment between China and the United Kingdom and facilitate the use of renminbi and pound in the cross-border trade settlement," CFETS commented.   China has long had direct currency trade with the US and has recently added Japan's yen, the Australian, New Zealand and Canadian dollars, Russia's ruble and the Malaysian ringgit to its options.   Wednesday's announcement came during a visit to the UK by China's Prime Minister Li Keqiang and after the signing of various bilateral business contracts.   Britain for its part has been looking to make London a European hub for overseas yuan trading in competition with Frankfurt and Paris. China's central bank announced Wednesday that a subsidiary of China Construction Bank had been chosen to undertake yuan clearing business in London. Still - there's always Iraq to trade USDs with..."
Paul Merrell

How 'Free Markets' Defame 'Democracy' | Consortiumnews - 0 views

consortiumnews.com/...-free-markets-defame-democracy

war & peace U.S.-foreign-policy U.S.-front-groups NED Freedom-House CIA BIden

shared by Paul Merrell on 13 Mar 15 - No Cached
  • Venezuela seems to be following Ukraine on the neocon hit list for “regime change” as Washington punishes Caracas for acting against a perceived coup threat. But a broader problem is how the U.S. conflates “free markets” with “democracy,” giving “democracy” a bad name, writes Robert Parry.
  • The one common thread in modern U.S. foreign policy is an insistence on “free market” solutions to the world’s problems. That is, unless you’re lucky enough to live in a First World ally of the United States or your country is too big to bully.So, if you’re in France or Canada or – for that matter – China, you can have generous health and educational services and build a modern infrastructure. But if you’re a Third World country or otherwise vulnerable – like, say, Ukraine or Venezuela – Official Washington insists that you shred your social safety net and give free reign to private investors.
  • If you’re good and accept this “free market” domination, you become, by the U.S. definition, a “democracy” – even if doing so goes against the wishes of most of your citizens. In other words, it doesn’t matter what most voters want; they must accept the “magic of the market” to be deemed a “democracy.”Thus, in today’s U.S. parlance, “democracy” has come to mean almost the opposite of what it classically meant. Rather than rule by a majority of the people, you have rule by “the market,” which usually translates into rule by local oligarchs, rich foreigners and global banks.Governments that don’t follow these rules – by instead shaping their societies to address the needs of average citizens – are deemed “not free,” thus making them targets of U.S.-funded “non-governmental organizations,” which train activists, pay journalists and coordinate business groups to organize an opposition to get rid of these “un-democratic” governments.
  • ...6 more annotations...
  • If a leader seeks to defend his or her nation’s sovereignty by such means as requiring these NGOs to register as “foreign agents,” the offending government is accused of violating “human rights” and becomes a candidate for more aggressive “regime change.”Currently, one of the big U.S. complaints against Russia is that it requires foreign-funded NGOs that seek to influence policy decisions to register as “foreign agents.” The New York Times and other Western publications have cited this 2012 law as proof that Russia has become a dictatorship, while ignoring the fact that the Russians modeled their legislation after a U.S. law known as the “Foreign Agent Registration Act.”So, it’s okay for the U.S. to label people who are paid by foreign entities to influence U.S. policies as “foreign agents” – and to imprison people who fail to register – but not for Russia to do the same. A number of these NGOs in Russia and elsewhere also are not “independent” entities but instead are financed by the U.S.-funded National Endowment for Democracy (NED) and the U.S. Agency for International Development.
  • There is even a circular element to this U.S. complaint. Leading the denunciation of Russia and other governments that restrain these U.S.-financed NGOs is Freedom House, which marks down countries on its “freedom index” when they balk at letting in this back-door U.S. influence. However, over the past three decades, Freedom House has become essentially a subsidiary of NED, a bought-and-paid-for NGO itself.
  • That takeover began in earnest in 1983 when CIA Director William Casey was focused on creating a funding mechanism to support Freedom House and other outside groups that would engage in propaganda and political action that the CIA had historically organized and financed covertly. Casey helped shape the plan for a congressionally funded entity that would serve as a conduit for this U.S. government money.But Casey recognized the need to hide the CIA’s strings. “Obviously we here [at CIA] should not get out front in the development of such an organization, nor should we appear to be a sponsor or advocate,” Casey said in one undated letter to then-White House counselor Edwin Meese III – as Casey urged creation of a “National Endowment.” [See Consortiumnews.com’s “CIA’s Hidden Hand in ‘Democracy’ Groups.”]Casey’s planning led to the 1983 creation of NED, which was put under the control of neoconservative Carl Gershman, who remains in charge to this day. Gershman’s NED now distributes more than $100 million a year, which included financing scores of activists, journalists and other groups inside Ukraine before last year’s coup and now pays for dozens of projects in Venezuela, the new emerging target for “regime change.”
  • But NED’s cash is only a part of how the U.S. government manipulates events in vulnerable countries. In Ukraine, prior to the February 2014 coup, neocon Assistant Secretary of State Victoria Nuland reminded Ukrainian business leaders that the United States had invested $5 billion in their “European aspirations.”Nuland then handpicked who would be the new leadership, telling U.S. Ambassador Geoffrey Pyatt that “Yats is the guy,” referring to “free market” politician Arseniy Yatsenyuk, who not surprisingly emerged as the new prime minister after a violent coup ousted elected President Viktor Yanukovych on Feb. 22, 2014.The coup also started a civil war that has claimed more than 6,000 lives, mostly ethnic Russians in eastern Ukraine who had supported Yanukovych and were targeted for a ruthless “anti-terrorist operation” spearheaded by neo-Nazi and other far-right militias dispatched by the U.S.-backed regime in Kiev. But Nuland blames everything on Russia’s President Vladimir Putin. [See Consortiumnews.com’s “Nuland’s Mastery of Ukraine Propaganda.”]On top of Ukraine’s horrific death toll, the country’s economy has largely collapsed, but Nuland, Yatsenyuk and other free-marketeers have devised a solution, in line with the wishes of the Washington-based International Monetary Fund: Austerity for the average Ukrainian.
  • Before the Senate Foreign Relations Committee on Tuesday, Nuland hailed “reforms” to turn Ukraine into a “free-market state,” including decisions “to reduce and cap pension benefits, increase work requirements and phase in a higher retirement age; … [and] cutting wasteful gas subsidies.”In other words, these “reforms” are designed to make the hard lives of average Ukrainians even harder – by slashing pensions, removing work protections, forcing people to work into their old age and making them pay more for heat during the winter.‘Sharing’ the Wealth In exchange for those “reforms,” the IMF approved $17.5 billion in aid that will be handled by Ukraine’s Finance Minister Natalie Jaresko, who until last December was a former U.S. diplomat responsible for a U.S. taxpayer-financed $150 million investment fund for Ukraine that was drained of money as she engaged in lucrative insider deals – deals that she has fought to keep secret. Now, Ms. Jaresko and her cronies will get a chance to be the caretakers of more than 100 times more money. [See Consortiumnews.com’s “Ukraine’s Finance Minister’s American ‘Values.’”]
  • Other prominent Americans have been circling around Ukraine’s “democratic” opportunities. For instance, Vice President Joe Biden’s son Hunter was named to the board of directors of Burisma Holdings, Ukraine’s largest private gas firm, a shadowy Cyprus-based company linked to Privat Bank.Privat Bank is controlled by the thuggish billionaire oligarch Ihor Kolomoysky, who was appointed by the Kiev regime to be governor of Dnipropetrovsk Oblast, a south-central province of Ukraine. In this tribute to “democracy,” the U.S.-backed Ukrainian authorities gave an oligarch his own province to rule. Kolomoysky also has helped finance paramilitary forces killing ethnic Russians in eastern Ukraine.Burisma has been lining up well-connected American lobbyists, too, some with ties to Secretary of State John Kerry, including Kerry’s former Senate chief of staff David Leiter, according to lobbying disclosures.As Time magazine reported, “Leiter’s involvement in the firm rounds out a power-packed team of politically-connected Americans that also includes a second new board member, Devon Archer, a Democratic bundler and former adviser to John Kerry’s 2004 presidential campaign. Both Archer and Hunter Biden have worked as business partners with Kerry’s son-in-law, Christopher Heinz, the founding partner of Rosemont Capital, a private-equity company.” [See Consortiumnews.com’s “The Whys Behind the Ukraine Crisis.”]
Paul Merrell

China to 'Regulate' Foreign NGOs | The Diplomat - 0 views

thediplomat.com/...china-to-regulate-foreign-ngos

war & peace U.S.-foreign-policy NGOs China Russia

shared by Paul Merrell on 24 Dec 14 - No Cached
  • On Monday, China announced that it would move to “regulate” foreign non-governmental organizations (NGOs) to keep political checks on these organizations and to prevent them from fomenting political unrest. NGO regulation is part of a new law being discussed this week, according to reports in Chinese state media. Reuters reports that the new law will primarily step up supervision of the “fast-growing” NGO sector in China. The law is under debate following a months-long investigation into foreign NGO operations in China as part of a national security initiative. Chinese President Xi Jinping himself headed the national panel under which the NGO investigation was conducted.
  • On the current debate over the national law, Xinhua, citing Deputy Public Security Minister Yang Huanning, notes that ”the bill aims to regulate the activities of overseas NGOs in China, protect their legal rights and interests, and promote exchanges and cooperation between Chinese and foreigners.” Additionally, under the law, all levels of government bureaucracy in China will be required to ”provide policy consultation, assistance and guidance for overseas NGOs so that they can effectively and legally operate in the mainland.” ”It is necessary to have a law to regulate, guide and supervise their activities,” Yang added. There is no confirmation of when this law might come into effect, but it could be as soon as early 2015. China’s anxiety over foreign NGOs multiplied following this year’s protests in Hong Kong, which Beijing attributed to hostile foreign forces. Recently, speaking to the Macau Special Administrative Region (SAR) on the occasion of the 15th anniversary of its transfer to Chinese control, Xi Jinping warned Macau residents to guard against interference by these same foreign forces. Xi’s anxieties echo concerns in other countries. Most notably, Vladimir Putin’s government in Russia has banned several prominent U.S.-affiliated NGOs under the pretext of national security concerns.
  • Paul Merrell on 24 Dec 14
     
    No U.S.color revolutions will be permitted to get off the ground in China and Russia.
Gary Edwards

Obama's Occidental College transcripts provides concrete evidence to annul his presiden... - 1 views

askmarion.wordpress.com/...idence-to-annul-his-presidency

Occidental Obama-muslim natural-born-citizen

shared by Gary Edwards on 10 Mar 12 - No Cached
  • Gary Edwards on 10 Mar 12
     
    Occidental Registration transcript states ~ Name: Barry Soetoro - Religion: Islam - Nationality: Indonesian The smoking gun evidence that annuls Obama's presidency is Obama's college transcripts regarding his application for and receiving of foreign student aid.  Obama's college transcripts from Occidental College indicates that Obama, under the name Barry Soetoro, received financial aid as a foreign student from Indonesia as an undergraduate at the school. The transcript from Occidental College shows that Obama (Barry Soetoro) applied for financial aid and was awarded a fellowship (scholarship) for foreign students from the Fulbright Foundation Scholarship program - an international educational exchange program sponsored by the U.S. government.  Grants are available for U.S. citizens to go abroad and for non-U.S. citizens with no U.S. permanent residence to come to the U.S.  To qualify, for the non-US citizen scholarship to study in the U.S., a student applicant must claim and provide proof of foreign citizenship. This document would seem to provide the smoking gun that many of Obama's detractors have been seeking.  The United States Constitution requires that Presidents (and Vice Presidents) of the United States be natural born citizens of the United States.
Paul Merrell

The fix is in: how banks allegedly rigged the US$5.3 trillion foreign exchange market |... - 0 views

nsnbc.me/...illion-foreign-exchange-market

banksters fraud litigation settlements currency-exchange

shared by Paul Merrell on 15 Nov 14 - No Cached
  • Suppose you’re in the supermarket shopping for groceries. While you’re strolling the aisle with your cart, a shadowy figure looms over your shoulder and changes the prices on the items you want to buy before you get a chance to pick them up. As you reach for some vine tomatoes, you notice the price just jumped 20 cents. When you select some brie from among the cheeses, you witness the number on the sticker change right before your eyes. Ditto when you look for your favorite brand of granola.
  • This is the essence of what regulators learned might be happening in the foreign exchange market, where US$5.3 trillion of dollars, euros and yen are traded every day. In June 2013, Bloomberg reported that traders at some of the world’s biggest banks worked to manipulate key currency rates, racking up profits and costing investors – including your retirement fund – hundreds of millions of dollars globally. They are accused of placing their own transactions ahead of trades requested by clients – known as front-running – which was the reason prices kept changing as people tried to make their own trades, like in the shopping analogy above. They bought euros or dollars, driving up the rate, and then profited by selling to other investors at a higher level.
  • This week six of the currency-dealers being investigated – including JP Morgan, Citigroup and HSBC – agreed to pay a total of US$4.3 billion to regulators in the US, UK and Switzerland to resolve the allegations. The deal is likely only the first in a series of settlements and other penalties that will emerge from the ongoing investigations. The investors most concerned with the alleged manipulation are funds that invest internationally, such as hedge funds, the endowments of charitable or cultural institutions and insurance companies. But it also includes the mutual funds in which many of your 401K or IRA assets are likely invested.
  • ...3 more annotations...
  • When institutions like these need to buy or sell assets across borders, they call a dealer at one of the big banks, which provides what is basically a wholesale version of the cambio currency kiosks you see at the airport. The dealer quotes a buying price and a selling price, and the fund chooses whether to buy or sell. In addition to trading with customers, the dealers trade among themselves, sometimes to manage their inventory and sometimes hoping to make money by taking speculative positions for a few minutes or even seconds. And that’s how we arrive at the scandal. Every day at 4pm in London, the market sets special “fixing” exchange rates that are used to value the funds’ international investments. The fixing price is set in a simple way: it’s just the average of all prices paid among dealing banks during the 30 seconds before and after the clock strikes 4. Many international fund managers prefer to trade currencies at exactly the fixing price because it’s simpler and smarter to trade at the same price used to value your portfolio. To make these transactions happen, international funds often place large orders with dealers at major banks before the fix.
  • Suppose, for example, a pension fund with major investments in Europe knows it will receive a lot of new IRA money on November 30, when many US employees get paid. And suppose the fund plans to invest €100 million of that in European stocks. At 3:30pm that day the fund might instruct its bank to purchase €100 million at the fixing price. With this kind of advance order, the bank could book its own trades before the fund does, buying the euros it will later sell to the investor.
  • The banks – or more accurately, specific dealers at specific banks – are accused of manipulating the fixing prices based on their knowledge of advance customer orders. In a nutshell, the accusation is that dealers from different banks got together before the fix and compared notes in chat rooms. Most currency trading is handled by 10 or so mega banks, so if just a few of them compared notes, they would have a good sense of whether the exchange rate would rise or fall during the fixing interval that day. The shadowy figure looking over your shoulder at the supermarket to see what you’re going to buy next is like the banks comparing their customer orders before the fix. To finish the supermarket analogy, we need to know how and why the dealing banks could raise the fixing rate to the disadvantage of international pension and mutual funds. Suppose once again that many customers have placed big orders to buy euros at the fix, and the banks figure the euro-dollar exchange rate will rise during the window. This would give them an incentive to buy a lot of euros before it’s set (remember the golden rule of trading: buy low, sell high).
Gary Edwards

Will The Dollar Standard Collapse? - 0 views

www.businessinsider.com/-inflation-or-deflation-2009-5

financial-crisis obama-socialism inflation dollar-destruction Banksters

shared by Gary Edwards on 19 May 09 - Cached
  • Before I begin, I’ll make a prediction, since I’m an investor and my job is to predict. I increasingly believe that the dollar will collapse, and its ramifications could be as violent as when the credit markets cracked in July 2007. Currency collapses are nothing new, just as the bursting of a credit market bubble was nothing new. A dollar collapse could very well lead to carnage in domestic asset markets, whether it be the stock market, bond market, etc. Also, US imports and the overvalued dollar are fueling many of the export-oriented economies abroad, so a dollar collapse could wreak havoc on foreign asset markets as well. And once it happens, we’re going to view the collapse of the dollar as an obvious event that we should have long seen coming. Just as we now view the subprime wreckage and bursting of the real estate bubble as an event we should have easily predicted.The problem is timing. Does the dollar collapse in 2009, or 2015? And is it a slow depreciation, or a sudden 50% fall? Those are tougher questions. Richard Duncan predicted the dollar’s demise in 2002. His error of timing discredited an otherwise brilliant book.
  • In a sentence, “The Dollar Crisis” is about how the world changed in 1971. That was when Richard Nixon dropped the gold standard (or its close cousin, the Bretton Woods international monetary system). Here’s the youtube video: Youtube Bretton Woods. The end of the gold standard ushered in a new era of large trade imbalances and the buildup of foreign currency reserves, and these trade imbalances and large foreign currency reserves have had significant impacts on the global economy that many people don’t realize. Huge trade imbalances and large foreign reserves didn’t really exist during the gold standard. During the gold standard, a country’s money supply was determined by the amount of gold it had. Banks’ reserves were either gold or indirectly tied to gold, and so the amount of money they could lend, and that the nation could print, was backed by the nation’s gold reserves. To see the implications of that sort of monetary system on trade imbalances, let’s take a hypothetical United States and China, where the US is buying lots of goods from China. The US gets goods; China gets dollars. China takes its excess dollars, gives them to the US, and gets gold in exchange. The US gold reserves would decline, causing credit contraction in the US. This would lead to recession; prices would adjust downwards; and falling prices would enhance the trade competitiveness of the US. The US would stop exporting so many goods from China as China’s costs of production begin rising relative to the United States’. The US would stop being a net importer; gold would flow back in; and equilibrium on the balance of payments would be re-established.Under the gold standard, trade imbalances were unsustainable and self-correcting.
  • Today, in the system of fiat money, that’s no longer the case.
  • Gary Edwards on 19 May 09
     
    The Dollar Crisis Quick Synopsis:     * Abandoning the gold standard in 1971 has resulted in large global trade imbalances and a massive buildup of foreign currency reserves     * These trade imbalances and buildup of foreign reserves have resulted in frequent booms and busts since 1971     * The Japanese bust of 1989, the Asian economic crisis of 1997, and the current US credit market collapse have resulted from the post-1971 paper money monetary system     * Abandoning the gold standard has gradually resulted in a very overvalued US dollar, and that the dollar is headed for disaster     *  "The dollar standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st century."
Paul Merrell

U.S. Says It Spied on 89,000 Targets Last Year, But the Number Is Deceptive | Threat Le... - 0 views

www.wired.com/...foreigners-targeted-for-spying

surveillance-state NSA FBI stats 2013

shared by Paul Merrell on 29 Jun 14 - No Cached
  • About 89,000 foreigners or organizations were targeted for spying under a U.S. surveillance order last year, according to a new transparency report. The report was released for the first time Friday by the Office of the Director of Intelligence, upon order of the president, in the wake of surveillance leaks by NSA whistleblower Edward Snowden. But the report, which covers only surveillance orders issued in 2013, doesn’t tell the whole story about how many individuals the spying targeted or how many Americans were caught in the surveillance that targeted foreigners. Civil liberties groups say the real number is likely “orders of magnitude” larger than this. “Even if it was an honest definition of ‘target’—that is, an individual instead of a group—that also is not encompassing those who are ancillary to a target and are caught up in the dragnet,” says Kurt Opsahl, deputy general counsel of the Electronic Frontier Foundation.
  • The report, remarkably, shows that the government obtained just one order last year under Section 702 of FISA—which allows for bulk collection of data on foreigners—and that this one order covered 89,138 targets. But, as the report notes, “target” can refer to “an individual person, a group, an organization composed of multiple individuals or a foreign power that possesses or is likely to communicate foreign intelligence information.” Furthermore, Section 702 orders are actually certificates issued by the FISA Court that can cover surveillance of an entire facility. And since, as the government points out in its report, the government cannot know how many people use a facility, the figure only “reflects an estimate of the number of known users of particular facilities (sometimes referred to as selectors) subject to intelligence collection under those Certifications,” the report notes.
  • “If you’re actually trying to get a sense of the number of human beings affected or the number of Americans affected, the number of people affected is vastly, vastly larger,” says Julian Sanchez, senior fellow at the Cato Institute. “And how many of those are Americans is impossible to say. But [although] you may not think you are routinely communicating with foreign persons, [this] is not any kind of assurance that your communications are not part of the traffic subject to interception.” Sanchez points out that each individual targeted is likely communicating with dozens or hundred of others, whose communications will be picked up in the surveillance. “And probably a lot of these targets are not individuals but entire web sites or companies. While [a company like the Chinese firm] Huawei might be a target, thousands of emails used by thousands of employees will be swept up.” How many of those employees might be American or communicating with Americans is unknown.
  • ...5 more annotations...
  • Also revealed in today’s report is the number of times the government has queried the controversial phone records database it created by collecting the phone records of every subscriber from U.S. providers. According to the report, the government used 423 “selectors” to search its massive phone records database, which includes records going back to at least 2006 when the program began. A search involves querying a specific phone number or device ID that appears in the database. The government has long maintained that its collection of phone records isn’t a violation of its authority, since it only views the records of specific individuals targeted in an investigation. But such searches, even if targeted at phone numbers used by foreigners, would include calls made to and from Americans as well as calls exchanged with people two or three hops out from the targeted number.
  • In its report, the government indicated that the 423 selectors involved just 248 “known or presumed” Americans whose information was collected by the agency in the database. But Opsahl says that both of these numbers are deceptive given what we know about the database and how it’s been used. “We know it’s affecting millions of people,” he points out. But “then we have estimated numbers of affected people [that are just] in the three digits. That requires some effort [on the government's part] to find a way to do the definition of the number [in such a way] to make it as small as possible.”
  • One additional figure today’s report covers is the number of National Security Letters the government issued last year to businesses to obtain data on accountholders and users—19,212. NSLs are written demands from the FBI that compel internet service providers, credit companies, financial institutions and others to hand over confidential records about their customers, such as subscriber information, phone numbers and e-mail addresses, websites visited, and more. These letters are a powerful tool because they do not require court approval, and they come with a built-in gag order, preventing recipients from disclosing to anyone that they have received an NSL. An FBI agent looking into a possible anti-terrorism case can self-issue an NSL to a credit bureau, ISP, or phone company with only the sign-off of the Special Agent in Charge of their office. The FBI has merely to assert that the information is “relevant” to an investigation into international terrorism or clandestine intelligence activities.
  • The FBI has issued hundreds of thousands of NSLs over the years and has been reprimanded for abusing them. Last year a federal judge ruled that the use of NSLs is unconstitutional, due to the gag order that accompanies them, and ordered the government to stop using them. Her ruling, however, was stayed pending the government’s appeal.
  • According to the government’s report today, the 19,000 NSLs issued last year involved more than 38,000 requests for information.
Paul Merrell

Egypt's foreign policy accommodates world's multipolarity: ECFA discussion | Cairo Post - 0 views

www.thecairopost.com/...-multipolarity-ecfa-discussion

economic-warfare Egypt Russia China New-Silk-Road Suez-Canal

shared by Paul Merrell on 11 Feb 15 - No Cached
  • In a step to follow the world’s political  evolution, Egypt is working on changing its foreign policy to accommodate the “multipolarity” system, former Minister of Foreign Affairs Mohamed Kamel Amr said in a conference held by the Egyptian Council for Foreign Affairs (ECFA), Tuesday. The two-day international conference dubbed “Egypt and the World… a New Era” was held in order to “correct misconceptions” of Egypt’s political development after the ouster of President Mohamed Morsi. The members of ECFA, which was formed 15 years ago, are predominantly former diplomats. “To say that Egypt is turning its back to a certain power is emotional for it is rebalancing its relations,” Amr said at the “Egypt and the World’s Major Powers” session of the conference. The U.S. delivered 10 Apache Helicopters to Egypt in November, but other than that, strategic cooperation has pretty much stopped in the past two years, said Mostafa Elwi, a Cairo University professor of political science. China and Russia supported the change after June 30, 2013, when millions marched to topple Morsi, and exchanged visits between Egyptian officials and their counterparts from these two countries have been “very fruitful,” unlike U.S. Secretary of State John Kerry’s visits to Egypt, Elwi added. Amr explained that Egypt’s foreign policy has been successful in moving forward in coalitions, rather than its own, in the face of major powers, such as the Non-Aligned Movement, the Arab League and as part of coordination with regional forces.
  • “Ridding Egypt of the U.S. dominancy is not an easy task because it is the only country in the world that has the four factors of being a dominant power: military, economy, culture and science,” Elwy said. However, he added that as bilateral relations with China and Russia have very wide and open horizons, renewed strategic relations with them should not stop at purchasing arms, but should expand to cooperation in manufacturing weapons in Egypt.
  • For his part, Councilor of the Chinese People’s Institute of Foreign Affairs Wu Sike emphasized that China respects the Egyptian people’s will, and that foreign interference in Egypt’s internal affairs is “unacceptable.” Economically, Elwy and Sike underlined that their countries realize the potential of their anticipate cooperation, especially in the New Suez Canal Project and the proposed project of the New Silk Road, planned to pass through Egypt and expected to change the course of world trade. “After the revolution of June 30, relations with Egypt, including strategic relations, will deepen. Our government encourages Chinese companies to invest in Egypt’s Suez Canal and the route of the Silk Road in its territory,” said Sike, who was also a former Egyptian Ambassador, calling on Egypt to focus on development efforts to “compensate for the time it lost.”
  • Paul Merrell on 11 Feb 15
     
    One I had missed in December, 2014. China is bankrolling an upgrade of the Suez Canal and Egypt has rejected U.S. hegemony. Egypt will buy Russian and Chinese weapons but wants to expand to collaborative manufacture of weapons in Egypt.  The U.S. is paying the price of having initiated a failed "color revolution" in Egypt that gave temporary control of Egyptian government to the non-secular Muslim Brotherhood, subsquently overthrown by the Egyptian military with enormous public support. 
Paul Merrell

Argentina Prosecutor Who Accused Kirchner Had Steady Contact With US Embassy, Leaked Ca... - 0 views

news.vice.com/...-us-embassy-leaked-cables-show

war & peace U.S.-foreign-policy Argentina interference-in-foreign-governments

shared by Paul Merrell on 02 Feb 15 - No Cached
  • Alberto Nisman, the prosecutor who accused Argentina's president of a cover-up plot over the 1994 bombing of a Jewish center before being found shot to death, met repeatedly with the US embassy in Buenos Aires during his investigation, leaked diplomatic cables show.Nisman gave US officials advanced notice on his procedural moves and was apparently coached by the embassy in "improving" his requests for arrest warrants for Iranians that Nisman suspected of carrying out the deadly attack against the Argentine Israeli Mutual Association, or AIMA, according to cables published by Wikileaks."Embassy can now more logically approach the [government of Argentina] about [its] anticipated next steps and ways we might be able to coordinate outreach to other governments [...] to bring attention to the warrants and pressure to bear on Iran and Hezbollah," says one US cable dated November 1, 2006, after a meeting with Nisman.The revelations are adding fodder to the entangled scandal over the AIMA center bombing, Nisman's mysterious death, and the reactions of President Cristina Fernandez de Kirchner and her government loyalists.The president and her supporters have piled doubt on Nisman's investigation, suggesting he didn't himself write the inquiry accusing Kirchner of a cover-up deal with Iran, and that he was influenced by foreign agents in his claims. Kirchner said this week that Nisman was manipulated and double-crossed by government spies plotting against her.
  • Nisman on January 16 told VICE News he had proof that Kirchner sought a back-channel deal with Iran — swapping Iranian oil for Argentine grain — in exchange for abandoning efforts to prosecute former Iranian diplomats in connection to the Jewish center bombing.Eight-five people were killed in the terror attack, which remains unsolved. Survivors and opposition forces are now blaming Kirchner's government for Nisman's death.
  • The prosecutor, who was found dead the night before making his blockbuster claim against Kirchner and her foreign minister in Argentina's Congress, is mentioned in 46 leaked US cables.In the cable from November 2006, Nisman informed US officials of the likelihood that a judge would follow his recommendations to seek charges against Iranian suspects for the bombing. American embassy officials discussed plans to inform "other governments" ahead of time, in an apparent push to make the case against the Iranians an international matter.Another cable, dated January 19, 2007, suggests the US embassy had a hand in shaping Nisman's warrant requests with Interpol, the international diplomatic police force. The cable shows US officials thought Nisman's work was shoddy and needed help.Before the Justice Department's Office of International Affairs intervened in the warrant applications, the cable says, Nisman's paperwork contained "statements that were presumptuous conclusions of guilt."Nisman took on the case of the AIMA center bombing in 2004, at the request of the then-President Nestor Kirchner, Cristina Fernandez's late husband. In his interview with VICE News — perhaps his last with a foreign news organization — Nisman denied connections with any foreign spy agencies.
  • ...4 more annotations...
  • The cable also notes that US officials "have for the past two years recommended to Nisman that he focus on the perpetrators of the terrorist attack and not on the possible mishandling of the first investigation."Santiago O'Donnell, author of two books based on the cables released by Julian Assange, said in an interview that the leaked cables show the US influenced Nisman throughout his work on the AIMA bombing investigation."The embassy gave instructions to the prosecutor Nisman for him to follow the Iranian lead, and not follow other leads, like the Syrian lead, or the local connection, because that would detract from the terrorist image that the US was trying to impose on Iran," O'Donnell said.President Kirchner this week proposed in a nationally televised address to disband and reform the government's intelligence agency. In doing so, she said rogue government spies were responsible for Nisman's death. Opposition voices, meanwhile, said the reform plan for the Secretaría de Inteligencia, or SI, would further politicize the work of the embattled spy agency and make it more responsive to the president's political whims.
  • The relationship was apparently so involved that Nisman apologized for not letting then-ambassador Earl Anthony Wayne know that he would call for the arrest of former president Carlos Menem in relation to the case."AMIA Special Prosecutor Alberto Nisman called the Ambassador on May 23 to apologize for not giving the Embassy advance notice of his request for the arrest of former President Menem and other [government of Argentina] officials for their alleged roles in the cover up of the 'local connection' in the 1994 terrorist bombing of the AMIA Jewish community center," says a cable from May 2008.The prosecutor also apologized that the judicial order coincided with a visit to Argentina from the former deputy director of the FBI, John Pistole, adding it was "completely unintentional," the cable shows."He noted that he was very sorry and that he sincerely appreciates all of the [US government's] help and support and in no way meant to undermine that," the cable continues.
  • "You won't find reports from the CIA, Mossad, or the MI5 in my files. I have no doubt that there is a link between them and the Argentine intelligence agency, but I never dealt with any foreign intelligence agencies," Nisman said, two days before he was found dead.The US embassy in Buenos Aires declined to discuss its officers' interactions with Nisman. "We will not comment on the contents of these alleged cables that purport to include classified information," an embassy spokesman told VICE News.
  • Alberto Nisman, the prosecutor who accused Argentina's president of a cover-up plot over the 1994 bombing of a Jewish center before being found shot to death, met repeatedly with the US embassy in Buenos Aires during his investigation, leaked diplomatic cables show.Nisman gave US officials advanced notice on his procedural moves and was apparently coached by the embassy in "improving" his requests for arrest warrants for Iranians that Nisman suspected of carrying out the deadly attack against the Argentine Israeli Mutual Association, or AIMA, according to cables published by Wikileaks."Embassy can now more logically approach the [government of Argentina] about [its] anticipated next steps and ways we might be able to coordinate outreach to other governments [...] to bring attention to the warrants and pressure to bear on Iran and Hezbollah," says one US cable dated November 1, 2006, after a meeting with Nisman.
  • Paul Merrell on 02 Feb 15
     
    Well this is interesting. The U.S. was covertly working through an Argentinian prosecutor to topple Argentina's head of state. On the plan to reform the Argentine intelligence service, that service's subordination to the CIA was the prototype operation than led to Operation Condor, in which the CIA subverted most intelligence services in Latin America, leading to coups and the deaths and disappearnaces of hundreds of thousands Latin American citizens suspected of being left-leaning. The overthrow of the Allende government in Chile is perhaps the best known in the U.S. 
Gary Edwards

What the Mailman Knows about Ayers and Obama : Jack Cashill - The American Thinker - 0 views

www.americanthinker.com/...ows_about_ayers_and_obama.html

Obama-history

shared by Gary Edwards on 19 Mar 12 - No Cached
  • Gary Edwards on 19 Mar 12
     
    The history of terrorist Weatherman Bill Ayers and foreign exchange student, Barack Obama, goes back much further than Obama is willing to admit.  This report investigates the suspicious rise of Obama and how he got into Harvard Law School in 1988.  Involves wealthy Marxist Tom Ayers, father of bill Ayers, New York power broker Percy Sutton, Dr. Kalid al-Mansour, Palestinian activist Edward Said, and Saudi Prince Al-Waleed bin Talal.  What a strange mix of characters, all vested in the effort to get a foreign exchange student from Indonesia into the White House.
Gary Edwards

Google News - 0 views

news.google.com/?ar=1378752090

Obama-Muslim-Brotherhood Obama-Bribes

shared by Gary Edwards on 09 Sep 13 - No Cached
  • Gary Edwards on 09 Sep 13
     
    An incredible story is unfolding in Egypt where the new military government is digging through volumes of documents seized in raids on the Muslim Brotherhood. The documents are said to show that Barak Obama has been funneling Billions of dollars into the Muslim Brotherhood. excerpt: "Bare Naked Islam has done extensive reporting on the "bribes." The ... Evidence we have obtained lends credibility to the charges of "gifts" (bribes) being taken in U.S. dollars from the U.S. Embassy in Cairo" that were distributed to top ministerial level officials in the Mursi government. Via Almesryoon: "A judicial source stated that over the past few days, a number of complaints have beenfiled with the Attorney General Hisham Barakat. These complaints accuse the leaders of the Muslim Brotherhood and leaders of the centrist party of receiving gifts from the American embassy in Cairo. The sponsors of these complaints stated that among these leaders are Mohamed Badie, General Guide of the Muslim Brotherhood, Khairat Al-Shater, deputy leader and businessman, Mohamed Beltagy leading the group, Essam el-Erian, deputy head of the Freedom and Justice Party of, and Abu Ela Mady, head of the Wasat Party, Essam Sultan, deputy head of the Wasat Party." The strength of these allegations is seemingly bolstered by another case alluded to by the newspaper in which a document is referenced. This document reportedly reveals monthly "gifts" being paid to Muslim Brotherhood leaders in Egypt by the Prime Minister Hamad bin Jassim bin Jabor Al Thani, Minister of Foreign Affairs to the Mursi government. These monthly payments were said to be denominated in U.S. dollars to each leader. Evidence for such allegations are substantiated by a document we have obtained. It includes the names of several recipients of funds and even includes their signatures acknowledging receipt of the funds. This ledger, obtained from inside the Mursi government, lends additional credibility to the rep
Paul Merrell

Bigger than Libor? Forex probe hangs over banks - Nov. 20, 2013 - 0 views

money.cnn.com/...index.html

banksters forex foreign-exchange fraud

shared by Paul Merrell on 22 Nov 13 - No Cached
  • Yet another dark cloud is looming over global banks as officials examine their behavior in the massive foreign exchange market, threatening to deal a new blow to earnings and reputations. Regulators in the U.S., Europe and Asia are in the early stages of investigating whether traders at the world's top banks manipulated foreign exchange benchmarks to profit at the expense of their clients. Goldman Sachs (GS, Fortune 500), Citigroup (C, Fortune 500), JP Morgan (JPM, Fortune 500), Deutsche Bank (DB), Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS) and HSBC (HBCYF)are among the firms in their sights. Financial lawyers say the probe could have steep and uncertain consequences as the impact of currency market abuse would reverberate far beyond Wall Street.
  • It's unwelcome timing for an industry already fighting a raft of legal battles over foreclosure abuses, misleading investors over mortgages and payment protection insurance. And then there's the Libor scandal. A global investigation into the setting of the London interbank lending rate, and related global benchmarks, has so far yielded about $3.6 billion in fines. Penalties for some of the biggest players are still to come. Traders have also faced criminal charges. As the extent of damage caused by Libor-rigging is revealed, lawyers say the probe into fixing currency rates could unfold in a similar way, and rival its impact. London is the center of the loosely regulated foreign exchange market, the biggest in the world's financial system with average daily turnover of $5.3 trillion. Proven abuse in this market would have a significant ripple effect, exposing offending firms to a host of legal action.
  • Paul Merrell on 22 Nov 13
     
    For more detail see http://money.cnn.com/2013/10/30/news/companies/global-forex-probe/ I'll get excited if and when major bankster executives face prison time. Until then, the "fines" against corporations are just a cost of doing business usually dwarfed by the unjust riches that one group of human beings fraudulently acquires from others. Reality check: corporations are an entirely imaginary legal fiction; it's actually people that are committing the misbehavior. Fines for corporations are as fictional as the corporations themselves; you must prosecute the people and send them to prison to deter bankster misbehavior.  And it is human beings working for another legal fiction, government, who are making the decisions to prosecute corporations rather than misbehaving people. 
Gary Edwards

Gold Forecaster - Gold is back as money! The BIS 382 tonne Gold Swap - Good or Bad for ... - 0 views

news.goldseek.com/...1278723600.php

gold Gold-currency gold-swaps BIS

shared by Gary Edwards on 09 Jul 10 - Cached
  • Gary Edwards on 09 Jul 10
     
    What is significant about this or these transactions is that gold is being used in international settlements after so many decades of being sidelined in the monetary system!   The transaction itself confirms that gold is being used in international settlements, which is a dynamic confirmation of gold's return to the monetary system.   A "Swap" might be the first desperate step in such a transaction with the swapping bank hoping to repay the foreign exchange, but should it fail, the B.I.S . would have to decide either to keep the gold on its books or to sell it.   Again, keeping it on its books is part confirmation that gold is active again on the monetary system, a big boost by itself! Gold is back and alive in the monetary system!   What appears to have really happened is that one nation or more needed foreign exchange to counter some shortfall in its accounts and raised these funds as a short-term liquidity measure, believing that it would be able to return the currency and receive its gold back.   The gold would then be returned at the conclusion of the swap period in return for the currencies swapped.   If it fails to return these funds to the BIS, then the BIS could discreetly place the gold with another central bank, should it not want to keep the gold.   If it did so, the BIS would simply report its disposal of the gold, the originating central bank would report the drop in its gold reserves and the gold buying bank would report its increase in the reserves.     This puts the transaction into an entirely different category.   It seems that one or more of the developed world's central bank's credit is not good enough for other governmental institutions.   If word got out as to which this country is, then the financial markets would go into quite a spin, shaking the global financial system to its core.   No wonder the B.I.S. is keeping such a low profile!
1 - 20 of 149 Next › Last »
Showing 20▼ items per page