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Stunning stuff.  The end of the petrodollar is explained, incluiding it's history, meaning and importance to the American way of life.  March 20th was the trigger date, when Iran begqan accepting settlement payments for oil in non dollar denominations.  A currency basket backed by hard commodity ratios (gold :) is being used instead of the dollar.  China is now aggresively promoting the yuan as a gold backed alternative to the inflated dollar.  The tipping point will probably happen in June of 2012.  

Excerpt from:  To the Class of 2012, by Bret Stevens Dear Class of 2012: Allow me to be the first one not to congratulate you. Through exertions that-let's be honest-were probably less than heroic, most of you have spent the last few years getting inflated grades in useless subjects in order to obtain a debased degree. Now you're entering a lousy economy, courtesy of the very president whom you, as freshmen, voted for with such enthusiasm. Please spare us the self-pity about how tough it is to look for a job while living with your parents. They're the ones who spent a fortune on your education only to get you back- return-to-sender, forwarding address unknown...............

Good web site arguing for Liberty and the Tyranny of Big Government Banksters.  Good Quotes to: "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." -Thomas Jefferson

Good summary of the Levy Economics Intitute's study of the Federal Reserve Bankster cartel.  Focus on the traditional meaning of overnight lending, and what the Fed Bankster cartel is using it for.   $29,616 Trillion! excerpt: There is a fascinating new study coming out of the Levy Economics Institute of Bard College.  Its titled "$29,000,000,000,000: A Detailed Look at the Fed's Bail-out by Funding Facility and Recipient" by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve. The researchers took all of the individual transactions across all facilities created to deal with the crisis, to figure out how much the Fed committed as a response to the crisis. This includes direct lending, asset purchases and all other assistance. (It does not include indirect costs such as rising price of goods due to inflation, weak dollar, etc.) The net total? As of November 10, 2011, it was $29,616.4 billion dollars - (or 29 and a half trillion, if you prefer that nomenclature). Three facilities-CBLS, PDCF, and TAF- are responsible for the lion's share - 71.1% of all Federal Reserve assistance ($22,826.8 billion).

Author David Malone digs into world events, suggesting that all the saber rattling over Iran and nuclear weapons is really about GOLD!   He argues that the dollar is rapidly being replaced as the world's "settlement" currency.  As a function, "settlement" is different than "reserve", but since WWII and the Basel Conference, the USA Dollar has been both the currency of "reserve" and settlement".  That is now changing, and fast! David further suggests that the Iraqi wars with Saddam Hussein were also about his use of the Euro to "settle" oil purchases.  It could also be argued that Muamma Gaddafi in Lybia was removed because he was organizing all of Africa to "settle" oil and other commodity purchases in GOLD, and not the USA Dollar. Are the Islamic wars really about oil?  Or are they about how oil purchases are "settled"? David further argues that Russia, India, China and Japan are actively pursuing a GOLD based settlement currency agreement series where the Chinese Yuan plays a central role.  Interestingly, all of these countries have cut agreements with Iran.  Which seems to have triggered the December 2011 Obama response banning any banks, both private and government controlled, from dealings with Iran.   It's increasingly looking like it's not the Iranian nuclear weapons program that is upsetting to Obama and his Bankster buddies.  It's the rapid replacement of the worthless paper USA dollar as a settlement currency. One of the interesting points the venerable "Veterans Today" news sight is making is that our military is being used to forcefully prop up an inflationary Bankster Dollar, and force oil producing countries into accepting that inflated Bankster Dollar as payment.  The one thing the International Bankster Cartel doesn't want is for the trade of important commodities, especially energy, to be paid for in GOLD instead of the worthless paper they control. excerpt: I think the stand-off with Iran in the Straits of Hormuz over sanctions is a

Good primer on world economics.  First of a three part series, focusing on the basic economic terms and the certain bankruptcy-default of Greece.  Short explanation of the Euro  "Greek Bailout" dance we see today, and how it all about buying time for Big Euro Banksters to unload their Greek debt before the inevitable collapse. excerpt: The measure you're seeing frequently, especially in reference to Greece is "debt to GDP", or the amount of sovereign debt - debt guaranteed by the "full faith and credit" of a nation - compared to the nation's GDP. Anything over 120% is generally considered "not sustainable", in other words the country is in a position where they will not be able to make the interest payments on their debt and will likely default unless drastic measures are taken. Greece is running about 160%. Here's an important note. Look back at the definition of GDP and take special note that one of the elements of it is government spending. In other words, the federal government has the ability to impact the GDP - and create the perception of economic growth and stability - by borrowing money and increasing spending - and governments across the world, including the US, have been doing it for decades. OK. let's talk about Greece. And why a little country in the Mediterranean is getting all this attention. Greece is a socialist country whose population is declining at a rapid rate and whose government employees, who represent 10% of their workforce, are retiring at rapid pace with fixed retirement benefits that approach what they were making when they worked. Right now Greece spends 12% of their GDP on public pensions and that's going to go up dramatically because their population is aging rapidly. Their public debt, held primarily by other European countries and the European Central Bank (ECB) is running 160% of their GDP and their last round of bond sales produced interest rates of 17%. Their problem is exacerbated by the fa

Exceellent repub of Mike Shedlock's wonderful article describing the 3 Schools of Economic Wizardry.  Includes a simplified but exacting view of the "why and how"  the Keynesian and Monetarist Wizardry Schools wreck havoc on the world.   ... Keynesian Voodoo Wizards ... Monetarist Voodoo Wizards ... Austrian Realists Remember the voodoo motto: "If it doesn't work, keep doing more of it, even if that is what got you in trouble in the first place!" ..... Excerpt: Once upon a time (today), in a land not so far away (USA), there lived a trio of economic wizards (economists), whose names shall remain anonymous (Paul Krugman, Greg Mankiw, Ben Bernanke). A fourth wizard, Murry Rothbard, is no longer among the living but resides in the netherworld. The above wizards seldom agree with each other because they come from competing schools of wizardry. Three Schools of Economic Wizardry 1. Keynesian School of Fiscal Voodoo and Witchcraft 2. Monetarist School of Monetary Voodoo and Witchcraft 3. Austrian School of Sound Money, Sound Economic Principles and Common Sense. "Dark Arts" Wizardry The first two wizardry schools belong to a class of wizardry promoted to aspiring wizards as the "Dark Arts." Philosophical Beliefs Keynesian wizards believe governments can spend their way to economic health and although fiscal deficits may matter at some point in time, they never matter now, in practice. Monetarist wizards believe money will cure any and every problem if enough is dropped from helicopters and interest rates held low. Austrian wizards believe that economic problems are created by unsound money, haphazard loans, excessive debts, and government manipulations. Keynesian and Monetarist wizards believe in the voodoo principle "the problem is the solution if only you do more of it." The former relies primarily on fiscal voodoo; the latter relies primarily on monetary voodoo. Austrian wizards do not believe "the problem is the solution," no matter ho

Incredible.  Watch your breathing rate as you read this.  Otherwise you might pass out. excerpt: Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed: Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of New York Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York (Reference 14, P. 13, Reference 12, P. 152) These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22). The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22) First National Bank of New York James Stillman National City Bank, New York Mary W. Harnman National Bank of Commerce, New York A.D. Jiullard Hanover National Bank, New York Jacob Schiff Chase National Bank, New York Thomas F. Ryan Paul Warburg William Rockefeller Levi P. Morton M.T. Pyne George F. Baker Percy Pyne Mrs. G.F. St. George J.W. Sterling Katherine St. George H.P. Davidson J.P. Morgan (Equitable Life/Mutual Life) Edith Brevour T. Baker (Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179) How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefell

Okay. The Bank of England finally fesses up and tells the truth about banking and government. Incredible!

"According to a recent study, from 2009 to 2012, 95 percent of all new income went to the top 1 percent. Meanwhile, since 1999, median family income declined by more than $5,000 after adjusting for inflation. Today, a record-breaking 46.5 million people live in poverty in the United States. At 21.8 percent, we have the highest rate of childhood poverty in the industrialized world. One out of four of our kids now lives in a family that receives food stamps. "

"Our examination of the future of public debt leads us to several important conclusions. First, fiscal problems confronting industrial economies are bigger than suggested by official debt figures that show the implications of the financial crisis and recession for fiscal balances. As frightening as it is to consider public debt increasing to more than 100% of GDP, an even greater danger arises from a rapidly ageing population. The related unfunded liabilities are large and growing, and should be a central part of today's long-term fiscal planning. "It is essential that governments not be lulled into complacency by the ease with which they have financed their deficits thus far. In the aftermath of the financial crisis, the path of future output is likely to be permanently below where we thought it would be just several years ago. As a result, government revenues will be lower and expenditures higher, making consolidation even more difficult. But, unless action is taken to place fiscal policy on a sustainable footing, these costs could easily rise sharply and suddenly. "Second, large public debts have significant financial and real consequences. The recent sharp rise in risk premia on long-term bonds issued by several industrial countries suggests that markets no longer consider sovereign debt low-risk. The limited evidence we have suggests default risk premia move up with debt levels and down with the revenue share of GDP as well as the availability of private saving. Countries with a relatively weak fiscal system and a high degree of dependence on foreign investors to finance their deficits generally face larger spreads on their debts. This market differentiation is a positive feature of the financial system, but it could force governments with weak fiscal systems to return to fiscal rectitude sooner than they might like or hope. "Third, we note the risk that persistently high levels of public debt will drive down capital accumulation, productivity growth and lon

So, what's the government doing about the economy?  The Fed has set interest rates at near 0% for more than a year and a half.  The economy is not taking off.  According to a recent article from financial writer Jim Willie, who has a PhD in Statistics, "Never in US history has a recession struck after several extended months of emergency ultra-low interest rates. This will be the first such occurrence. The policy response from the USFed must therefore be limited. They cannot reduce the official interest rate, unless below 0% (which did happen briefly in Japan). The nation stands on the doorstep of hyper-inflation.  The only available tool within the USFed tool bag is Printing Pre$$ activity, pure monetization of both USTreasurys and USAgency Mortgage Bonds."  (For the complete Willie article click here.)   

Key Stat: The amount of the government's revenues that must go towards paying interest. The U.S. already has more debt than it can afford, which puts it at an enormous risk of a debt and currency collapse.  ... Our "short term" debt means we'll have to "roll over" roughly $4 trillion in the next 30 months. That's in addition to funding another $3 trillion or so in additional annual deficits. As of today, China is a net seller of Treasury debt. If we can't fund our debts in the bond market, the Federal Reserve will be forced to monetize our deficits by buying Treasury bonds. If that happens, inflation will soar and the price of gold will double or triple almost overnight. By the end of OBAMA!'s first presidency (2013), I believe the U.S. will owe roughly: $17.8 trillion in federal debt, $2 trillion in GSE debt/guarantees, $500 billion in FDIC obligations, and $500 billion in FHA obligations. My only big assumption is $1.5 trillion in additional deficits each year, which is what the president's budget also predicts.  Right now, it costs the U.S. government almost 5% to borrow for 30 years. Let's assume the blended borrowing cost goes to that amount - which is well below the government's average borrowing costs since 1980. That would equal $1 trillion in interest payments due, per year. That's 100% of all income taxes paid in 2009. This amount of debt isn't sustainable. Felix Zulauf, one of Europe's top money managers, "Eventually the U.S. will arrive at the point where, as Marc Faber says, interest payments on government debt all of a sudden go to 20%, 25%, 30% of tax revenue. And once you go above 30%, you are done. You go into default or your currency breaks down and your system collapses."  act now to protect yourself. If you wait until the last minute to get your assets out of the U.S., you'll never make it.

When radical leaders over the last 2,500 years have sought to enforce equality of results, their prescriptions were usually predictable: redistribution of property; cancellation of debts; incentives to bring out the vote and increase political participation among the poor; stigmatizing of the wealthy, whether through the extreme measure of ostracism or the more mundane forced liturgies; use of the court system to even the playing field by targeting the more prominent citizens; radical growth in government and government employment; the use of state employees as defenders of the egalitarian faith; bread-and-circus entitlements; inflation of the currency and greater national debt to lessen the power of accumulated capital; and radical sloganeering about reactionary enemies of the new state. The modern versions of much of the above already seem to be guiding the Obama administration - evident each time we hear of another proposal to make it easier to renounce personal debt; federal action to curtail property or water rights; efforts to make voter registration and vote casting easier; radically higher taxes on the top 5 percent; takeover of private business; expansion of the federal government and an increase in government employees; or massive inflationary borrowing. The current class-warfare "them/us" rhetoric was predictable. Usually such ideologies do not take hold in America, given its tradition of liberty, frontier self-reliance, and emphasis on personal freedom rather than mandated fraternity and egalitarianism. At times, however, the stars line up, when a national catastrophe, like war or depression, coincides with the appearance of an unusually gifted, highly polished, and eloquent populist. But the anointed one must be savvy enough to run first as a centrist in order later to govern as a statist.

That GOLD! app for iOS and Android is looking pretty good :)  C'mon Tino.  Now is the time.  Link to Priced-in-gold (http://pricedingold.com) excerpt: You may be dreaming of a gold backed dollar, or just everyone carrying around clinking gold coins in their pockets, but a rising community has a different idea. It's called Bitcoin, and it's a peer-to-peer currency that can be used to exchange goods and services online, digital and otherwise, without fees. In order to get Bitcoins, you need to exchange other currencies for Bitcoins (like dollars, euros, or pounds) at places like Mt.Gox. You can also sell goods and services online for Bitcoins. Some examples of Bitcoin stores include online gaming credits, pet wear, and coffee (more examples here). OR, you can create a new 'block,' which is a series of transactions, and you will receive 50 bitcoins. This is very rare, however, and the value of creating a new block will decrease over time. The idea behind Bitcoin is that it is a peer-to-peer exchange system, with an established and predictable rate of currency production. The creation of bitcoins is restricted by an algorithm, so the currency's worth cannot be modified by any actor (banks, central banks, treasuries). Individuals are involved in "mining" for Bitcoins, but it is extremely costly and requires significant computing power. Bitcoins could theoretically act as a store of value in the event of further inflation and devaluation of the U.S. dollar or other currencies.

excerpt:  Indeed, it is now clear that governments prevented a full-scale collapse of the financial system in 2008 by transforming toxic private debt into public debt. It worked then, but it cannot work now, in large part because it contributed to the new, looming crisis in financial markets brought on by countries' soaring public-debt burdens. We cannot blame today's emerging crisis solely on our current and recent governments' actions. For more than 20 years, the world's major capitalist economies have been led to borrow heavily and unabashedly, in large by a new rule, adopted worldwide beginning in the 1970's and 1980's, that tied monetary policy to targets for price growth. This dangerous idea - proposed in France by Jacques Rueff in 1958, adopted throughout Europe over the following two decades, and extended to the European Central Bank - was intended to limit the tendency of capitalist economies to aggravate inflation as soon as they hit full employment. But the rule ultimately had the terrifying result of obliging countries to borrow from private banks at market prices to guarantee their treasuries' integrity. This created powerful barriers to public investment, as government spending was siphoned into massive profits for banks and their shareholders.