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Gary Edwards

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

nsnbc.me/...and-capital-appreciation-bonds

Banksters Goldman-Sachs

shared by Gary Edwards on 21 Feb 15 - No Cached
  • In 2008, after collecting millions of dollars in fees to help California sell its bonds, Goldman urged its bigger clients to place investment bets against those bonds, in order to profit from a financial crisis that was sparked in the first place by irresponsible Wall Street speculation. Alarmed California officials warned that these short sales would jeopardize the state’s bond rating and drive up interest rates. But that result also served Goldman, which had sold credit default swaps on the bonds, since the price of the swaps rose along with the risk of default.
  • In 2009, the lenders’ lobbying group than proposed and promoted AB1388, a California bill eliminating the debt ceiling requirement on long-term debt for school districts. After it passed, bankers traveled all over the state pushing something called “capital appreciation bonds” (CABs) as a tool to vault over legal debt limits. (Think Greece again.) Also called payday loans for school districts, CABs have now been issued by more than 400 California districts, some with repayment obligations of up to 20 times the principal advanced (or 2000%).
  • The controversial bonds came under increased scrutiny in August 2012, following a report that San Diego County’s Poway Unified would have to pay $982 million for a $105 million CAB it issued. Goldman Sachs made $1.6 million on a single capital appreciation deal with the San Diego Unified School District.
  • ...10 more annotations...
  • . . . AB1388, signed by then-Gov. Arnold Schwarzenegger in 2009, [gave] banks the green light to lure California school boards into issuing bonds to raise quick money to build schools. Unlike conventional bonds that have to be paid off on a regular basis, the bonds approved in AB1388 relaxed regulatory safeguards and allowed them to be paid back 25 to 40 years in the future. The problem is that from the time the bonds are issued until payment is due, interest accrues and compounds at exorbitant rates, requiring a balloon payment in the millions of dollars. . . . Wall Street exploited the school boards’ lack of business acumen and proposed the bonds as blank checks written against taxpayers’ pocketbooks. One school administrator described a Wall Street meeting to discuss the system as like “swimming with the big sharks.” Wall Street has preyed on these school boards because of the millions of dollars in commissions. Banks, financial advisers and credit rating firms have billed California public entities almost $400 million since 2007. [State Treasurer] Lockyer described this as “part of the ‘new’ Wall Street,” which “has done this kind of thing on the private investor side for years, then the housing market and now its public entities.”
  • The Federal Reserve could have made virtually-interest-free loans available to local governments, as it did for banks. But the Fed (whose twelve branches are 100% owned by private banks) declined. As noted by Cate Long on Reuters:
  • The Fed has said that it will not buy muni bonds or lend directly to states or municipal issuers. But be sure if yields rise high enough Merrill Lynch, Goldman Sachs and JP Morgan will be standing ready to “save” these issuers. There is no “lender of last resort” for muniland.
  • Among the hundreds of California school districts signing up for CABs were fifteen in Orange County. The Anaheim-based Savanna School District took on the costliest of these bonds, issuing $239,721 in CABs in 2009 for which it will have to repay $3.6 million by the final maturity date in 2034. That works out to $15 for every $1 borrowed. Santa Ana Unified issued $34.8 million in CABs in 2011. It will have to repay $305.5 million by the maturity date in 2047, or $9.76 for every dollar borrowed. Placentia-Yorba Linda Unified issued $22.1 million in capital appreciation bonds in 2011. It will have to repay $281 million by the maturity date in 2049, or $12.73 for every dollar borrowed.
  • In 2013, California finally passed a law limiting debt service on CABs to four times principal, and limiting their maturity to a maximum of 25 years. But the bill is not retroactive. In several decades, the 400 cities that have been drawn into these shark-infested waters could be facing municipal bankruptcy – for capital “improvements” that will by then be obsolete and need to be replaced.
  • Then-State Treasurer Bill Lockyer called the bonds “debt for the next generation.” But some economists argue that it is a transfer of wealth, not between generations, but between classes – from the poor to the rich. Capital investments were once funded with property taxes, particularly those paid by wealthy homeowners and corporations. But California’s property tax receipts were slashed by Proposition 13 and the housing crisis, forcing school costs to be borne by middle-class households and the students themselves.
  • According to Demos, per-student funding has been slashed since 2008 in every state but one – the indomitable North Dakota. What is so different about that state? Some commentators credit the oil boom, but other states with oil have not fared so well. And the boom did not actually hit in North Dakota until 2010. The budget of every state but North Dakota had already slipped into the red by the spring of 2009.
  • One thing that does single the state out is that North Dakota alone has its own depository bank.
  • The state-owned Bank of North Dakota (BND) was making 1% loans to school districts even in December 2014, when global oil prices had dropped by half. That month, the BND granted a $10 million construction loan to McKenzie County Public School No. 1, at an interest rate of 1% payable over 20 years. Over the life of the loan, that works out to $.20 in simple interest or $.22 in compound interest for every $1 borrowed. Compare that to the $15 owed for every dollar borrowed by Anaheim’s Savanna School District or the $10 owed for every dollar borrowed by Santa Ana Unified.
  • How can the BND afford to make these very low interest loans and still turn a profit? The answer is that its costs are very low. It has no exorbitantly-paid executives; pays no bonuses, fees, or commissions; pays no dividends to private shareholders; and has low borrowing costs. It does not need to advertise for depositors (it has a captive deposit base in the state itself) or for borrowers (it is a wholesale bank that partners with local banks, which find the borrowers). The BND also has no losses from derivative trades gone wrong. It engages in old-fashioned conservative banking and does not speculate in derivatives. Unlike the vampire squids of Wall Street, it is not motivated to maximize its bottom line in a predatory way. Its mandate is simply to serve the public interest.
  • Gary Edwards on 21 Feb 15
     
    " Remember when Goldman Sachs - dubbed by Matt Taibbi the Vampire Squid - sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt."
Gary Edwards

Do You Live In A Death Spiral State? - Forbes - 0 views

www.forbes.com/...u-live-in-a-death-spiral-state

William-Baldwin Forbes Death-Spiral-States

shared by Gary Edwards on 27 Nov 12 - No Cached
  • Gary Edwards on 27 Nov 12
     
    Takers vs. Makers.  It all comes down to that ratio.  Incredibly, California is not at the top of high risk States!  New Mexico holds that honor. excerpt: Don't buy a house in a state where private sector workers are outnumbered by folks dependent on government. Thinking about buying a house? Or a municipal bond? Be careful where you put your capital. Don't put it in a state at high risk of a fiscal tailspin. Eleven states make our list of danger spots for investors. They can look forward to a rising tax burden, deteriorating state finances and an exodus of employers. The list includes California, New York, Illinois and Ohio, along with some smaller states like New Mexico and Hawaii. "Ranked on the taker/maker ratio, our 11 death spiral states range from New Mexico, with 1.53 takers for every maker, down to Ohio, with a 1-to-1 ratio. The taker count is the number of state and local government workers plus the number of people on Medicaid plus 1 for each $100,000 of unfunded pension liabilities. Sources: the Bureau of Labor Statistics, the Kaiser Commission on Medicaid and a study of state worker pensions done in 2009 by two academics, Joshua Rauh and Rovert Novy-Marx. Professor Rauh estimates that the shortage in pension funding is on average a third higher today. The second element in the death spiral list is a scorecard of state credit-worthiness done by Conning & Co., a money manager known for its measures of risk in insurance company portfolios. Conning's analysis focuses more on dollars than body counts. Its formula downgrades states for large debts, an uncompetitive business climate, weak home prices and bad trends in employment."
Gary Edwards

Member List - ICLEI Local Governments for Sustainability USA - 0 views

www.icleiusa.org/...member-list

Property-Rights Property-Seizure-AND-Redistribution-of-Wealth Agenda-21 ICLEI

shared by Gary Edwards on 25 Jan 13 - Cached
  • Gary Edwards on 25 Jan 13
     
    ICLEI is a UN Agenda 21 initiative.  It's a direct assault on property ownership rights.  I had my own first hand view of these Marxists at work in the small town of Belmont California, when the Fire Chief presented a plan to turn 2/3rd's of the cities land over to the State by declaring it "a risk fire hazard zone".  The declaration would move the 2/3rds to State control and regulation, dramatically increasing the costs of building codes compliance and insurance, while effectively ending development and property improvement.  It would also end the sale of homes in these sectors since Home Owners insurance and property compliance would be prohibitively expensive.  Agenda 21 at work.  Right next door.   From TeaPartyORG:  http://goo.gl/QHIOS ......   "The International Council for Local Environmental Initiatives (ICLEI) is a conglomerate of 600 national, regional, and local government associations who promote "sustainable development" and protection of the environment because of man-made global warming that does not exist. "Sustainable development" is the United Nations effort to contain and limit economic development in developed countries and thus control population growth. It is "sustainable de-growth," plain and simple. The focus is "low-income agriculture" and to set limits on the developed world. United Nations and its affiliates believe that first world countries polluted significantly during their development while urging third world countries to reduce pollution thus impeding their growth. Implementation of"sustainable development" would revert our society to a pre-modern lifestyle. ICLEI wants to keep the environment as pristine as possible through "ideal-seeking behavior." These euphemisms are not clearly defined in terms of what or who will evaluate or set the standards for this "ideal-seeking behavior." Agenda 21 sets up the global infrastructure to manage, count, and control assets. It is not concerned with
Gary Edwards

Treaties as Law of the Land - United States Constitution - 0 views

law.onecle.com/...eaties-as-law-of-the-land.html

Alexis-de-Tocqueville freedom-liberty The-Constitution Globalist-Elites

shared by Gary Edwards on 09 Jul 13 - No Cached
  • Gary Edwards on 09 Jul 13
     
    "Treaties as Law of the Land" Intro: Treaty commitments of the United States are of two kinds. In the language of Chief Justice Marshall in 1829: "A treaty is, in its nature, a contract between two nations, not a legislative act. It does not generally effect, of itself, the object to be accomplished; especially, so far as its operation is intraterritorial; but is carried into execution by the sovereign power of the respective parties to the instrument." "In the United States, a different principle is established. Our constitution declares a treaty to be the law of the land. It is, consequently, to be regarded in courts of justice as equivalent to an act of the legislature, whenever it operates of itself, without the aid of any legislative provision. But when the terms of the stipulation import a contract-when either of the parties engages to perform a particular act, the treaty addresses itself to the political, not the judicial department; and the legislature must execute the contract, before it can become a rule for the Court."270 To the same effect, but more accurate, is Justice Miller's language for the Court a half century later, in the Head Money Cases: "A treaty is primarily a compact between independent nations. It depends for the enforcement of its provisions on the interest and the honor of the governments which are parties of it.... But a treaty may also contain provisions which confer certain rights upon the citizens or subjects of one of the nations residing in the territorial limits of the other, which partake of the nature of municipal law, and which are capable of enforcement as between private parties in the courts of the country."271"
Gary Edwards

'Clinton death list': 33 spine-tingling cases - 0 views

www.wnd.com/...-list-33-most-intriguing-cases

Clinton-Body-Count

shared by Gary Edwards on 05 Feb 17 - No Cached
  • Gary Edwards on 05 Feb 17
     
    "(Editor's note: This list was originally published in August 2016 and has gone viral on the web. WND is running it again as American voters cast their ballots for the nation's next president on Election Day.) How many people do you personally know who have died mysteriously? How about in plane crashes or car wrecks? Bizarre suicides? People beaten to death or murdered in a hail of bullets? And what about violent freak accidents - like separate mountain biking and skiing collisions in Aspen, Colorado? Or barbells crushing a person's throat? Bill and Hillary Clinton attend a funeral Apparently, if you're Bill or Hillary Clinton, the answer to that question is at least 33 - and possibly many more. Talk-radio star Rush Limbaugh addressed the issue of the "Clinton body count" during an August show. "I swear, I could swear I saw these stories back in 1992, back in 1993, 1994," Limbaugh said. He cited a report from Rachel Alexander at Townhall.com titled, "Clinton body count or left-wing conspiracy? Three with ties to DNC mysteriously die." Limbaugh said he recalled Ted Koppel, then-anchor of ABC News' "Nightline," routinely having discussions on the issue following the July 20, 1993, death of White House Deputy Counsel Vince Foster. In fact, Limbaugh said, he appeared on Koppel's show. "One of the things I said was, 'Who knows what happened here? But let me ask you a question.' I said, 'Ted, how many people do you know in your life who've been murdered? Ted, how many people do you know in your life that have died under suspicious circumstances?' "Of course, the answer is zilch, zero, nada, none, very few," Limbaugh chuckled. "Ask the Clintons that question. And it's a significant number. It's a lot of people that they know who have died, who've been murdered. "And the same question here from Rachel Alexander. It's amazing the cycle that exists with the Clintons. [Citing Townhall]: 'What it
Gary Edwards

California Government Hides Billions From Taxpayers « REALITY BLOG - 0 views

realitybloger.wordpress.com/...-hides-billions-from-taxpayers

Clint-Richardson Bay-Area-Patriots California-Budget California-Debt-Deception

shared by Gary Edwards on 26 May 12 - No Cached
  • Gary Edwards on 26 May 12
     
    This must read post from Clint Richardson is a Bay Area Patriots catch.  Stunning stuff.  Clint walks us through the CAFR - Comprehensive Annual Rinancial Report - for the State of California.  Governor Moonbeam is claiming that the State has a $16 Trillion dollar debt, and he's threatening to shut down public education unless California citizens agree to massive tax hikes.  Clint rips through the entire annual report discovering that Gov Moonbeam is not only lying, but that there is an official "debt increase" methodology in place to deceive citizens into voting for government seizure of their property and prosperity.  Note also that this local-state-federal "debt bomb" methodology involves conversion of tax dollars into hard assets.  Like property and productive assets.  Awful, reprehensible stuff.  Brace yourselves. excerpt: the Government is lying to you.  It promotes debt and hides assets. This should not be construed as the only hidden wealth in the California State government… just the wealth we have uncovered today. And you must understand that this is only the State government's CAFR. Each County, city, district, and other local governments and pension funds have their own CAFR's with their own funds and hidden wealth - hidden in plain sight. Totals for Los Angeles, San Francisco, and other counties and municipalities in California will, when combined together, dwarf the investment wealth of the State government alone. They will tell you that some of these investments are restricted and not able to be used for taxpayer services. And as a taxpayer, that should really piss you off! They will also tell you that laws are in place that don't allow these funds to be transferred for other purposes other than what they are designated for. And yet Obama and State legislators continuously speak of raiding the pension funds for their own benefit. In their opinion, it's government's money after all, not the employees or the taxpayers. But of
Gary Edwards

The Beholden State by Steven Malanga, City Journal Spring 2010 - 1 views

city-journal.org/...20_2_california-unions.html

california public-unions pension-crisis

shared by Gary Edwards on 20 Apr 10 - Cached
  • Gary Edwards on 20 Apr 10
     
    The video, "The Beholden State", has become a sensation among California taxpayer groups for its vivid depiction of the audacious power that public-sector unions wield in their state. The unions' political triumphs have molded a California in which government workers thrive at the expense of a struggling private sector. The state's public school teachers are the highest-paid in the nation. Its prison guards can easily earn six-figure salaries. State workers routinely retire at 55 with pensions higher than their base pay for most of their working life. Meanwhile, what was once the most prosperous state now suffers from an unemployment rate far steeper than the nation's and a flood of firms and jobs escaping high taxes and stifling regulations. This toxic combination-high public-sector employee costs and sagging economic fortunes-has produced recurring budget crises in Sacramento and in virtually every municipality in the state. How public employees became members of the elite class in a declining California offers a cautionary tale to the rest of the country, where the same process is happening in slower motion. The story starts half a century ago, when California public workers won bargaining rights and quickly learned how to elect their own bosses-that is, sympathetic politicians who would grant them outsize pay and benefits in exchange for their support. Over time, the unions have turned the state's politics completely in their favor. The result: unaffordable benefits for civil servants; fiscal chaos in Sacramento and in cities and towns across the state; and angry taxpayers finally confronting the unionized masters of California's unsustainable government.
Gary Edwards

How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared... - 0 views

www.alternet.org/...C_and_why_you_should_be_scared

Banksters JP-Morgan-Chase financial-collapse

shared by Gary Edwards on 06 Aug 11 - No Cached
  • Writing in response to the JP lawsuit on his Rolling Stone blog, Taibbi lamented that big banks were getting away with crimes that, when pulled off by blue-collar muscle outfits like the mob (and they are), result in lengthy jail sentences. Fraud on the part of JP Morgan and other corporate banks, he concluded, is “not going to stop until people start doing hard time for these crimes.”
  • Gary Edwards on 06 Aug 11
     
    On July 1, JP Morgan Chase became the Commonwealth's bank. As the state's official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain. Yes, you should be worried. JP's decade A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble. It then made even more money by packaging hundreds of these shitty loans into a single "product," a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook-and not JP-for the shitty loans that it had helped create. When, inevitably, individual homeowners began to default on their loans, thereby triggering the stock market collapse of 2008, JP Morgan found a way to make money on that, too, by buying insurance (known as credit default swaps) on the shitty securities of shitty mortgages that it had sold to unwitting investors. For good measure, the U.S. government handed the corporation $25 billion in TARP funds, $30 billion in U.S. treasury backing to purchase bankrupt Bear Stearns (previously a global leader in mortgage backed securities), and the biggest chun
Paul Merrell

Infrastructure destruction in Gaza throws doubt on Israeli motives | Middle East Eye - 0 views

www.middleeasteye.net/...yed-livelihoods-gaza-564166894

war & peace Israel Palestine Gaza humanitarian-crisis

shared by Paul Merrell on 17 Jul 14 - No Cached
  • On Friday afternoon a municipal worker, Adnan Al Ashhab ,died of injuries sustained two days earlier. He was targeted when fixing a water well in central Gaza.  Also on Friday, a car with municipal workers in al-Bureij refugee camp was a target of an Israeli pilot, who killed three people in the attack: two workers and a passer-by, a nine-year-old Shahd Al Qreenawi - according to Al Mezan, a human-rights organization in Gaza Strip. Since then, the Gaza water services provider decided to suspend all the maintenance work in the field, fearing further deaths of their employees. "Hundreds of thousands of people in Gaza are now without water. Within days, the entire population of the Strip may be desperately short of water," said Jacques de Maio, head of the ICRC delegation in Israel and the occupied territories.
  • While the Israeli pilots have mostly targeted residential houses, Gaza’s infrastructure and public buildings suffered too. According to figures from a PLO press conference on Tuesday, the partial damage extended to 72 schools, three hospitals and five other health centers, eight ministries and 64 mosques. Three mosques were completely destroyed. One of the damaged health centers is El-Wafa hospital in Shajjaiyya area, east of Gaza city, hit by five missiles on Friday.
Paul Merrell

Killing Off Community Banks - Intended Consequence of Dodd-Frank? | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...nded-consequence-of-dodd-frank

banksters consolidation Dodd-Frank community-banks too-big-to-fail too-big-to-jail too-big-to-regulate

shared by Paul Merrell on 25 Oct 15 - No Cached
  • The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.  At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.
  • Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses – the ones that hire two-thirds of new employees – are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders. Even some well-heeled clients are being rejected. In an October 19, 2015 article titled  “Big Banks to America’s Firms: We Don’t Want Your Cash,” the Wall Street Journal reported that some Wall Street banks are now telling big depositors to take their money elsewhere or be charged a deposit fee. Municipal governments are also being rejected as customers. Bank of America just announced that it no longer wants the business of some smaller cities, which have been given 90 days to find somewhere else to put their money. Hundreds of local BofA branches are also disappearing.
  • Hardest hit, however, are the community banks. Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010, before the Dodd-Frank regulations were signed into law. Collateral Damage or Intended Result?
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  • Obviously, making the big banks bigger also serves the interests of the megabanks, whose lobbyists are well known to have their fingerprints all over the legislation. How they have been able to manipulate the rules was seen last December, when legislation drafted by Citigroup and slipped into the Omnibus Spending Bill loosened the Dodd-Frank regulations on derivatives. As noted in a Mother Jones article before the legislation was passed: The Citi-drafted legislation will benefit five of the largest banks in the country—Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo. These financial institutions control more than 90 percent of the $700 trillion derivatives market. If this measure becomes law, these banks will be able to use FDIC-insured money to bet on nearly anything they want. And if there’s another economic downturn, they can count on a taxpayer bailout of their derivatives trading business.
  • Regulation is clearly inadequate to keep these banks honest and ensure that they serve the public interest. The world’s largest private banks have been caught in criminal acts that former bank fraud investigator Prof. William K. Black calls the greatest frauds in history. The litany of frauds involves more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; and engaging in multiple forms of mortgage fraud. According to US Attorney General Eric Holder, the guilty have gone unpunished because they are “too big to prosecute.” If they are too big to prosecute, they are too big to regulate.
jacob logan

Retail chain SPAR Hungary launches new online shop - 1 views

www.retail-insight-network.com/...ngary-launches-new-online-shop

#Retail_Chain #SPAR_Hungry #New_Online_Store #Retail_Chain_SPAR #Online_Shop #Capital_City

shared by jacob logan on 31 May 19 - No Cached
  • jacob logan on 31 May 19
     
    Retail chain SPAR has launched an online shop in Hungary, which provides home delivery service across Budapest and 49 municipalities surrounding the capital city.
Paul Merrell

From Detroit to Cyprus, Banksters in Search of Prey | Black Agenda Report - 0 views

www.blackagendareport.com/...t-cyprus-banksters-search-prey

Banksters Cyprus confiscation financial-collapse

shared by Paul Merrell on 24 Mar 13 - No Cached
  • “Detroit and the people of Cyprus share the same enemy.” The Lords of Capital, who are preparing to snatch chunks of cash straight out of ordinary people’s accounts in Cyprus, to pay for a bank bailout, are the same class that has “devalued the franchise of the 49 percent of Michigan’s Black population that live in municipalities and school districts under the thumb of outside financial managers.”
  • From Nicosia, Cyprus, to Detroit, Michigan, the global financial octopus is squeezing the life out of society, stripping away public and individual assets in a vain attempt to fend off its own, inevitable collapse. The bankers “troika” that effectively rules Europe prepares to reach into the individual accounts of ordinary depositors on the island nation of Cyprus to fund the bailout of their local banking brethren. Across the Atlantic, a corporate henchman makes arrangements to seize the assets and abolish the political rights of a Black metropolis. The local colorations may vary, but the crisis is the same: massed capital is devouring its social and natural environment. Either we liquidate the banksters, or Wall Street will liquidate us.
Paul Merrell

Syrian Army Moves to Rebel-Held Qusayr - NYTimes.com - 0 views

www.nytimes.com/...oves-to-rebel-held-qusayr.html

war & peace Syria Lebanon Iran

shared by Paul Merrell on 25 May 13 - No Cached
  • Syrian government forces backed by Lebanese fighters from the militant group Hezbollah pushed Sunday into parts of Qusayr, a strategic city long held by rebels, according to an antigovernment activist and pro-government news channels. If the advance holds, it would be a serious setback for opponents of President Bashar al-Assad.
  • Both sides called it one of the war’s most intense ground battles. The fight seemed likely to inflame regional tensions as Hezbollah plunges more deeply into the conflict in Syria, increasing fears of a regional conflagration. The Syrian military hammered Qusayr, on the Lebanon border, with airstrikes and artillery, killing at least 52 people and wounding hundreds as civilians cowered, unable to flee the city, activists said. By day’s end about 60 percent of the city, including the municipal office building, was under the army’s control for the first time in months, one activist said. Residents said rebels kept fighting into the night in Qusayr, killing a number of Hezbollah and government fighters.
  • The battle for the city, in heavily contested Homs Province, is viewed by both loyalists and government opponents as a turning point that could, in the words of one activist in Qusayr, “decide the fate of the regime and the revolution.”
  • ...2 more annotations...
  • Mr. Assad, according to people who have spoken with him, believes that reasserting his hold in Homs Province is crucial to maintaining control of a string of population centers in western Syria, and eventually to military campaigns to retake rebel-held territory in the north and east. Many analysts say it is unlikely that the government will be able to regain control of those areas, but that it could consolidate its grip on the west, leading to a de facto division of the country. The battle has brought Hezbollah’s role in Syria to the forefront as the war becomes a regional conflict, pitting Shiite-led Iran, the main backer of Mr. Assad and Hezbollah, against the Sunni Muslim states and their Western allies that support the uprising.
  • Tensions have risen in Lebanon as Syrian rebels have shelled Hezbollah-controlled areas. On Sunday, they hit the Lebanese town of Hermel with Grad rockets, activists said.
Paul Merrell

In bold move, Pope names commission to reform Vatican bank | Reuters - 0 views

uk.reuters.com/...ope-bank-idUKBRE95P0JV20130626

banksters money-laundering tax-evasion Vatican municipal bankruptcies

shared by Paul Merrell on 26 Jun 13 - No Cached
  • Pope Francis set up a special commission of inquiry on Wednesday to reform the Vatican bank, his boldest move yet to get to grips with an institution that has embarrassed the Catholic Church for decades. The high-powered, five-member panel, which includes four prelates and a female Harvard law professor, will report directly to him, bypassing the Vatican bureaucracy that itself has sometimes been hit by allegations of scandal and corruption.The Institute for Works of Religion (IOR), as the bank is formally known, has long been tarnished by accusations that it has failed to meet international transparency standards intended to combat money laundering and tax evasion.
Paul Merrell

ISIS Launches New Supply Route on Syria-Iraq Border - 0 views

www.aina.org/...20151129042512.htm

war & peace U.S.-foreign-policy ISIL Mosul Deir-Ezzor U.S. Saudis deal

shared by Paul Merrell on 17 Oct 16 - No Cached
  • Posted 2015-11-29 09:25 GMTThe radical group of Islamic State (ISIS) started a project on the Syria-Iraq border aimed at opening a highway linking Mosul in northwestern Iraq to Deir ez-Zor and Raqqa in northeastern Syria, local sources reported on Saturday.The move comes after the Kurdish Peshmerga forces took over the strategic Yezidi region of Sinjar (Shingal), cutting-off the supply lines between ISIS-held areas in Syria and Iraq.Speaking to ARA News in Mosul, journalist Abdullah al-Mulla said that ISIS has moved dozens of workers, engineers, technicians and engineering vehicles from the municipalities of Mosul and Tal Afar to the district of al-Baaj on the Syrian border."ISIS wants to renovate the road connecting the district with Sufuk police outpost, after losing the road between Sinjar in northern Iraq and Syria's al-Hawl and Raqqa to the Kurdish Peshmerga and allied local fighters," he added.
  • "The new ISIS-held highway is also expected to connect the group's major stronghold Raqqa with Deir ez-Zor. The trucks take their way from Deir ez-Zor to Hasakah reaching al-Sour down to Sufuk outpost on the border with Iraq, and finally reaching al-Baaj and Tal Afar," an ISIS-linked informed source told ARA News on the condition of anonymity.
  • Paul Merrell on 17 Oct 16
     
    From November, 2015. ISIL improving the highway from Mosul to Deir Ezzor. Apparently, the ISIL "escape" from Mosul to Deir Ezzor in Syria was planned at least a year ago.
Paul Merrell

Israel's Right, Cheering Donald Trump's Win, Renews Calls to Abandon 2-State Solution -... - 0 views

www.nytimes.com/...p-palestinian-settlements.html

war & peace U.S.-foreign-policy Israel Palestine 2-state-solution

shared by Paul Merrell on 16 Nov 16 - No Cached
  • Emboldened by the Republican sweep of last week’s American elections, right-wing members of the Israeli government have called anew for the abandonment of a two-state solution to the conflict with the Palestinians.“The combination of changes in the United States, in Europe and in the region provide Israel with a unique opportunity to reset and rethink everything,” Naftali Bennett, Israel’s education minister and the leader of the pro-settlement Jewish Home party, told a gathering of the Foreign Press Association in Jerusalem on Monday.Mr. Bennett, who advocates annexing 60 percent of the occupied West Bank to Israel, exulted on the morning after Donald J. Trump’s victory: “The era of a Palestinian state is over.”That sentiment was only amplified when Jason Greenblatt, a lawyer and co-chairman of the Trump campaign’s Israel Advisory Committee, told Israel’s Army Radio that Mr. Trump did not consider West Bank settlements to be an obstacle to peace, in a stark reversal of longstanding American policy.
  • Members of Prime Minister Benjamin Netanyahu’s Likud party and other rightist politicians jumped to make hay of the change. Advertisement Continue reading the main story Yoav Kish, a Likud member of Parliament, called for the expansion of Israeli sovereignty into the West Bank; Meir Turgeman, the chairman of Jerusalem’s municipal planning committee, said he would now bring long-frozen plans for thousands of Jewish homes in the fiercely contested eastern part of the city up for approval.
  • Israel’s Supreme Court on Monday rejected a government request for a seven-month delay of the demolition of an illegal West Bank outpost built on privately owned Palestinian land. The court-ordered demolition is slated for Dec. 25, and the government had argued for the delay in part to temper a potentially violent settler response.On Sunday, a ministerial committee of rightists within the Likud party and the governing coalition approved a contentious bill to retroactively legalize illegal settlement on privately owned Palestinian land. Prompted by the effort to salvage the Amona outpost, it may be a precursor of things to come.Although the pro-settler camp was promoting the bill long before Mr. Trump’s victory, the decision was taken, unusually, over Mr. Netanyahu’s vehement objections and despite his exhortations for it to be postponed.
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  • Israeli analysts point out that the Trump campaign has spread contradictory messages. While many here assume that he will have more pressing priorities than the long-running Israeli-Palestinian conflict, Mr. Trump told The Wall Street Journal on Friday that he would like to seal an Israeli-Palestinian peace agreement, calling it the “ultimate deal.”
  • Acknowledging that Mr. Trump’s positions are not entirely clear, Mr. Bennett, the leader of Jewish Home, said, “We have to say what we want first.”
  • But Mr. Gold suggested that a Trump administration was likely to roll back the demand that Israel withdraw to the 1967 lines and support borders that are more accommodating to Israel. “Trump’s policy paper spoke about Israel having defensible borders, which are clearly different from the 1967 lines,” he said.
Paul Merrell

#AdiosStarbucks: Mexicans Launch Boycott Campaign Of US Goods - 0 views

www.mintpressnews.com/...224500

Trump Mexico trade-war

shared by Paul Merrell on 28 Jan 17 - No Cached
  • The day after U.S. President Donald Trump initiated construction of a border wall and proposed a 20 percent tax on Mexican imports, Mexicans turned to social media to launch their own boycott campaign against U.S. goods. On Thursday the hashtags #AdiosStarbucks (“Goodbye Starbucks”) and #AdiosProductosGringos (“Goodbye Gringo Goods”) began trending in Mexcio as thousands promised to buy local and boycott U.S. consumer goods in response to Trump’s anti-Mexican policies. “We’re a country that has everything, we are rich in meats, all of the basic goods we have in Mexico,” Maria Guadalupe told EFE. “We don’t need to import anything.”
  • Financial advisor Jesus Bravo said that while Mexico’s commercial relations with the U.S. are important, there’s no reason why Mexicans can’t look to deepen ties with other countries, adding that a boycott campaign which hurts U.S. companies could force Trump to realize that, “commercial wars only end with agreements, with good policies.”
  • The restaurant chain Papa Guapa announced Thursday that they will stop using U.S. products and base their menu on Mexican produced goods “to reactivate a self-sustaining economy.” Days earlier several large Mexican corporations and municipalities announced they would no longer buy vehicles from companies which leave Mexico under pressure from Trump.
  • Paul Merrell on 28 Jan 17
     
    Oh, goody, a trade war with our second largest trading partner.
Paul Merrell

Armed citizens in more than 100 pick-up trucks seize Mexican town from drug cartel | Th... - 0 views

www.rawstory.com/...-mexican-town-from-drug-cartel

war & peace Mexico drug-cartels vigilantes self-defense

shared by Paul Merrell on 14 Jan 14 - No Cached
  • Vigilantes seized a drug cartel’s bastion in western Mexico, sparking a shootout as the civilian militias gain new ground in their struggle against drug gangs in a violence-plagued region. Hundreds of armed civilians riding in more than 100 pick-up trucks rolled into the Michoacan state town of Nueva Italia and were met by gunfire from presumed members of the Knights Templar cartel when they reached the municipal office. “They shot at us from two locations and the clash lasted around an hour and a half,” Jaime Ortiz, a 47-year-old farmer and vigilante leader from the town of La Ruana, told AFP. Two members of the self-defense unit were wounded, he said, standing in the 40,000-population town’s main square, surrounded by hundreds of men armed with AK-47 assault rifles, bulletproof vests and radios.
  • The growing civilian militia movement, which first emerged in Michoacan nearly a year ago, has seized more communities in recent weeks in their bid to oust the Templars from the state.
  • Interior Minister Miguel Osorio Chong has said the self-defense units are illegal. Yet some critics charge the government is protecting them. The Templars have accused the vigilantes of being a proxy force for the rival Jalisco New Generation drug cartel, a charge the militias deny. The militias have now surrounded Apatzingan, a city of 123,000 people considered the main Templar stronghold in Michoacan’s lime and avocado growing region known as Tierra Caliente, or Hot Country.
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  • Towns began to form vigilante forces in February 2012, saying they were fed up with the local police’s inability of unwillingness to stop the cartel’s murders, kidnappings and extortion rackets.
  • Michoacan Governor Fausto Vallejo said new “coordinated actions” with the federal government would be announced on Monday to deal with the unrest. Critics say Michoacan has become a “failed state,” with local authorities powerless to control the situation. “What we are observing is the absence of the state, the absence of governability,” the head of the National Human Rights Commission, Raul Plascencia, told El Universal newspaper.
    • Paul Merrell
      Paul Merrell on 14 Jan 14
       
      Note that the drug-cartel bloodbath in Mexico would be ended within months were the U.S. to end drug prohibition, which has had the same effects within the U.S. as alcohol prohibition, the emergence of powerful criminal organizations. 
  • Paul Merrell on 14 Jan 14
     
    What happens when government fails to protect its citizens from violence? Collective self-defense, sometimes deprecatingly referred to as "vigilantes." 
Paul Merrell

Crimean leaders blame Kiev for selling Ukraine off for IMF loans - News - World - The V... - 0 views

voiceofrussia.com/...Ukraine-off-for-IMF-loans-1082

war & peace Ukraine IMF banksters

shared by Paul Merrell on 12 Mar 14 - No Cached
  • Crimea's deputy prime minister, Olga Kovitidi, described as predatory the terms of an agreement Kiev is ready to accept from the International Monetary Fund. The tentative agreement with the IMF which the Ukrainian authorities signed with the IMF on March 2, says that the country's entire gas pipeline system will be handed over for free in the American company Chevron's ownership the moment the basic agreement is signed, while the owners of the Mariupol, Zaporizhzhya and Dnipropetrovsk steel mills will be obliged to surrender their 50% stakes to Germany's Ruhr.
  • The Donbass coal industry will be handed over to Ruhr's subsidiary in Finland, she told Interfax on Sunday, citing media reports. It emerged recently that Kyiv has pledged to make territory available near Kharkiv to host US missile defense systems and a wing of American fighter jets to provide cover for the missile defense installations, she also said. Ukraine's interim prime minister Arseniy Yatsenyuk has assured the West that Kiev will fulfill all of the IMF's terms in order to secure a loan, Kovitidi said. The Crimean leaders have also learned that Kyiv promised the West to take a package of unpopular measures in order to fill gaps in the Ukrainian budget, she said. Gas prices for municipal companies will have to be increased by 50% and for private will double.
  • Electricity tariffs will be raised by 40%, housing utility tariffs will be raised, too, gasoline excises will go up 60% and transportation tariffs 50%, while state support for childbirth will be cancelled, the free distribution of textbooks will be annulled at schools and the VAT relief will be scrapped in rural regions, she said. Concurrently, VAT will be introduced on medications, which will push up prices and bring citizens' living standards down," Kovitidi said. "The planned annulment of the moratorium on the sale of farmland looks appalling. The selloff of Ukraine's black soil zone, including to foreign countries, may have disastrous economic and social consequences," she said. Kovitidi said that the Crimean legislature's decision to hold a referendum on March 16 was correct. "The recent developments in Ukraine and the decisions being made have a direct bearing on the people of Crimea, who must know the truth and decide their own and their children's future in a referendum," she said.
  • Paul Merrell on 12 Mar 14
     
    Cute. The Ukrainian government needs $17 billion to service its debt to the banksters. The IMF agrees to hand over another $3 billion loan, while Obama promises another $1 billion, not nearly what is needed (Russia had offered $15 billion, an offer withdrawn in light of the coup instigated by the U.S. Now the austerity measures and privatization that always accompanies IMF loans begin. One of the first announced was to cut pensioners' monthly checks in half. Meanwhile, Iceland's economy continues to rebound after having refused to bail out its banksters and putting them in prison instead.
Gary Edwards

The Economic Philosopher's Outcast: Mises | Steve Mariotti - 1 views

www.huffingtonpost.com/...ic-philosophers_b_3787489.html

Ludwig-Von-Mises Libertarian Liberty-Tryanny

shared by Gary Edwards on 25 Aug 13 - No Cached
  • Mises, the modern day creator of the Classical Liberal movement (today also called libertarianism) destroyed the intellectual arguments of socialism by proving that it was impossible to allocate scarce resources effectively without private property and free-market prices. He showed that the more the state limited economic incentives to individuals, the greater the harm to low-income people and the general population.
  • Centralized planning, something that was characteristic of all three types of socialism: the Nazis, the Fascists and the Communists, led to the ruin of an economy, and resulted in more and more tyranny and the rise of the totalitarian state.
  • What economists failed to understand was that massive government spending and a authoritative centralized government would bring economic ruin to Germany, Russia, and many other countries.
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  • Sooner or later government debt has to be repaid out of tax receipts. Our current revenue base is not strong enough to sustain a viable repayment program to service the debt. Today we create money -- billions a month -- to meet the debt repayments. As new money floods the market its value declines. The country experiences inflation destroying the savings, and pensions of its citizens.
  • Similar conditions led to the downfall of the Weimar Republic. The rampant inflation of the 1920s in Germany was a contributing factor to the rise of Hitler, Himmler and the centralized planning of the ultimate socialist organization the National Socialist Workers Party (Nazis).
  • The anticipation of future consumer demand impacts the output of entrepreneurs intent on meeting that demand in the future and thereby make a profit
  • Author of dozens of seminal books and hundreds of articles, Mises works were studied by the Nazis in the 1930s as part of their assault on pro-democracy individuals, particularly those who were Jewish. Mises' unparalleled contributions to economic theory, which upheld a free market over one controlled by a coercive government, later fostered a world-wide movement. His books were significant for their discussions of money, credit, Socialism, central planning, and human action.
  • Mises' most remarkable argument for the free market came in his 1922 piece, "Socialism: an Economic and Sociological Analysis." In a Socialist state, there were no prices, essential to allocating resources. Prices signaled information simultaneously to both entrepreneurs and consumers.
  • The centralized decision making over both production and consumption is impossible because of the complexity of an economy composed of hundreds millions of people and trillions of decisions every second. This insight gave Mises a greater appreciation of the value of a market economy, one that allows for the change of prices based on changes in supply and demand.
  • The recent bankruptcy of the City of Detroit is a harbinger of serious problems for the $2.9 trillion municipal bond market. Mises witnessed firsthand rampant government spending, overwhelming debt, and inflation in both Germany and Austria. The results of similar economic policies are threatening major urban centers around our country.
  • This defense of limited government and the rights of all citizens made Professor Mises a threat to the ultimate central planners and explains why the Gestapo had sped to his home to arrest him.
  • Mises, leader of the Austrian School of Economics, mentored the great Nobel Prize winner Friederich Hayek, who I studied with in 1979 at the Institute for Humane Studies. They influenced noted economists such as Israel Kirzner, Robert Higgs, Lawrence White, Peter G. Klein, Roger Garrison, Edward Stringham, Peter Boettke, and the novelist Ayn Rand who later made popular classical liberal economic policies. Mises disciples today see the threat of government intervention in our nation's economy as seriously undermining economic productivity and self-starting growth.
  • People are increasingly disenchanted with mainstream Keynesian views of the economy. Keynesians were blindsided by the housing bubble and the financial crisis. Their response was to pump the economy with cheap credit and huge government spending which has only prolonged the agony. The Austrians led by Mises offer a compelling alternative explanation in which booms and busts are caused by central-bank manipulation of interest rates in vain attempts to stimulate or stabilize the economy.
  • Klein further points out that monetary central planning, combined with misguided housing regulation led the economy to produce the wrong kinds of goods and services. For Klein recovery means getting the government out of the way and letting entrepreneurs fix the mistakes.
  • According to Paul Wisenthal, the country's leading journalist authority on entrepreneurship education for young people, America was built on new small business development, led by its forefathers who were primarly entrepreneurs. He believes the U.S. may continue to diminish small business incentives as government expands on taxpayer dollars that don't exist.
  • Paul Merrell on 26 Aug 13
     
    I've said for more than 40 years that "inflation is the cruelest tax of all." In a fiat currency economy, it is robbery, pure and simple; and the poor are hardest hit because they lack the capital to make investments that can outpace inflation. The net effect is to transfer wealth from the lower economic classes to the wealthy, most of all the investment banksters and "old wealth".
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