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Gary Edwards

Reinventing Banking: From Russia to Iceland to Ecuador - 1 views

www.counterpunch.org/...m-russia-to-iceland-to-ecuador

Banksters

shared by Gary Edwards on 12 Dec 15 - No Cached
  • Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items: * In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the West but is based on different design principles. * In Iceland, the booms and busts culminating in the banking crisis of 2008-09 have prompted lawmakers to consider a plan to remove the power to create money from private banks. * In Ireland, Iceland and the UK, a recession-induced shortage of local credit has prompted proposals for a system of public interest banks on the model of the Sparkassen of Germany. * In Ecuador, the central bank is responding to a shortage of US dollars (the official Ecuadorian currency) by issuing digital dollars through accounts to which everyone has access, effectively making it a bank of the people.
  • A major concern with stripping private banks of the power to create money as deposits when they make loans is that it will seriously reduce the availability of credit in an already sluggish economy. One solution is to make the banks, or some of them, public institutions. They would still be creating money when they made loans, but it would be as agents of the government; and the profits would be available for public use, on the model of the US Bank of North Dakota and the German Sparkassen (public savings banks). In Ireland, three political parties – Sinn Fein, the Green Party and Renua Ireland (a new party) — are now supporting initiatives for a network of local publicly-owned banks on the Sparkassen model. In the UK, the New Economy Foundation (NEF) is proposing that the failed Royal Bank of Scotland be transformed into a network of public interest banks on that model. And in Iceland, public banking is part of the platform of a new political party called the Dawn Party.
  • Particularly interesting is a proposal to provide targeted lending for businesses and industries by providing them with low-interest loans at 1-4 percent, financed through the central bank with quantitative easing (digital money creation). The proposal is to issue 20 trillion rubles for this purpose over a five year period. Using quantitative easing for economic development mirrors the proposal of UK Labour Leader Jeremy Corbin for “quantitative easing for people.”
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  • William Engdahl concludes that Russia is in “a fascinating process of rethinking every aspect of her national economic survival because of the reality of the western attacks,” one that “could produce a very healthy transformation away from the deadly defects” of the current banking model.
  • Iceland’s Radical Money Plan Iceland, too, is looking at a radical transformation of its money system, after suffering the crushing boom/bust cycle of the private banking model that bankrupted its largest banks in 2008. According to a March 2015 article in the UK Telegraph: Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.
  • Under this “Sovereign Money” proposal, the country’s central bank would become the only creator of money. Banks would continue to manage accounts and payments and would serve as intermediaries between savers and lenders. The proposal is a variant of the Chicago Plan promoted by Kumhof and Benes of the IMF and the Positive Money group in the UK.
  • Ever since 2000, when Ecuador agreed to use the US dollar as its official legal tender, it has had to ship boatloads of paper dollars into the country just to conduct trade. In order to “seek efficiency in payment systems [and] to promote and contribute to the economic stability of the country,” the government of President Rafael Correa has therefore established the world’s first national digitally-issued currency.
  • Unlike Bitcoin and similar private crypto-currencies (which have been outlawed in the country), Ecuador’s dinero electronico is operated and backed by the government. The Ecuadorian digital currency is less like Bitcoin than like M-Pesa, a private mobile phone-based money transfer service started by Vodafone, which has generated a “mobile money” revolution in Kenya.
  • According to a National Assembly statement: Electronic money will stimulate the economy; it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The electronic currency will be backed by the assets of the Central Bank of Ecuador.
  • That means there is no fear of the bank going bankrupt or of bank runs or bail-ins. Nor can the digital currency be devalued by speculative short selling. The government has declared that these are digital US dollars trading at 1 to 1 – take it or leave it – and the people are taking it. According to an October 2015 article titled “
  • Banking Moves into the 21st Century The catastrophic failures of the Western banking system mandate a new vision. These transformations, current and proposed, are constructive steps toward streamlining the banking system, eliminating the risks that have devastated individuals and governments, democratizing money, and promoting sustainable and prosperous economies.
  • Gary Edwards on 16 Dec 15
     
    Excellent article on banking, lending, and currency reform initiatives.  Thanks to Marbux!
Gary Edwards

States negotiating immunity for banks over foreclosures - 0 views

newsandinsight.thomsonreuters.com/...ty_for_banks_over_foreclosures

MERS financial-collapse Banksters Mortgage-fraud Liar-Loans Undocumented-mortgages

shared by Gary Edwards on 22 Jul 11 - No Cached
  • Gary Edwards on 22 Jul 11
     
    Thanks to Marbux.  Seems like nothing will stop the Banksters from seizing it all.  I think i've previously posted that when i was with Virtual Realty (VRi), we were forever trying to crack into the MERS electronic database.  Wow did the Banksters screw this one up.  Now only their corrupt sycophants in Congress and the Coursts can save them.  Not even the lap dog media will touch this. excerpt: A coalition of all 50 states' attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and commitments to follow new rules. In exchange, the banks would get immunity from civil lawsuits by the states, as well as similar guarantees by the Justice Department and Department of Housing and Urban Development, which have participated in the talks. State and federal officials declined to say if any form of immunity from criminal prosecution also is under discussion. The banks involved in the talks are Bank of America, Wells Fargo, CitiGroup, JPMorgan Chase and Ally Financial. REUTERS REPORT PROMPTS LETTER Reuters reported Monday that major banks and other loan servicers have continued to file questionable documents in foreclosure cases. These include false mortgage assignments, and promissory notes with suspect or missing "endorsements," which prove ownership. The Reuters report also showed continued "robo-signing," in which lenders' employees or outside contractors churn out reams of documents without fully understanding their content. The report turned up several cases involving individuals who were publicly identified as robo-signers months ago. Reuters found that such activity has continued even after 14 major mortgage lenders signed settlements with federal bank regulators promising to halt such practices and give remediation to some homeowners who were harmed. In response to these disclosures, Sen. Robert Menendez (D-NJ), chairman of the Senate Subcommittee on Housing, Trans
Gary Edwards

A Crisis Worse than ISIS? Bail-Ins Begin - nsnbc international | nsnbc international - 0 views

nsnbc.me/...worse-than-isis-bail-ins-begin

Banksters

shared by Gary Edwards on 31 Dec 15 - No Cached
  • Propping Up the Derivatives Scheme Dodd-Frank states in its preamble that it will “protect the American taxpayer by ending bailouts.” But it does this under Title II by imposing the losses of insolvent financial companies on their common and preferred stockholders, debtholders, and other unsecured creditors. That includes depositors, the largest class of unsecured creditor of any bank.
  • Title II is aimed at “ensuring that payout to claimants is at least as much as the claimants would have received under bankruptcy liquidation.” But here’s the catch: under both the Dodd Frank Act and the 2005 Bankruptcy Act, derivative claims have super-priority over all other claims, secured and unsecured, insured and uninsured.
  • The over-the-counter (OTC) derivative market (the largest market for derivatives) is made up of banks and other highly sophisticated players such as hedge funds. OTC derivatives are the bets of these financial players against each other. Derivative claims are considered “secured” because collateral is posted by the parties. For some inexplicable reason, the hard-earned money you deposit in the bank is not considered “security” or “collateral.” It is just a loan to the bank, and you must stand in line along with the other creditors in hopes of getting it back. State and local governments must also stand in line, although their deposits are considered “secured,” since they remain junior to the derivative claims with “super-priority.”
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  • Under the old liquidation rules, an insolvent bank was actually “liquidated” – its assets were sold off to repay depositors and creditors. Under an “orderly resolution,” the accounts of depositors and creditors are emptied to keep the insolvent bank in business.
  • The point of an “orderly resolution” is not to make depositors and creditors whole but to prevent another system-wide “disorderly resolution” of the sort that followed the collapse of Lehman Brothers in 2008.
  • The concern is that pulling a few of the dominoes from the fragile edifice that is our derivatives-laden global banking system will collapse the entire scheme. The sufferings of depositors and investors are just the sacrifices to be borne to maintain this highly lucrative edifice.
  • At first glance, the “bail-in” resembles the normal capitalist process of liabilities restructuring that should occur when a bank becomes insolvent. . . . The difference with the “bail-in” is that the order of creditor seniority is changed. In the end, it amounts to the cronies (other banks and government) and non-cronies. The cronies get 100% or more; the non-cronies, including non-interest-bearing depositors who should be super-senior, get a kick in the guts instead. . . . In principle, depositors are the most senior creditors in a bank. However, that was changed in the 2005 bankruptcy law, which made derivatives liabilities most senior. Considering the extreme levels of derivatives liabilities that many large banks have, and the opportunity to stuff any bank with derivatives liabilities in the last moment, other creditors could easily find there is nothing left for them at all.
  • A study involving the cost to taxpayers of the Dodd-Frank rollback slipped by Citibank into the “cromnibus” spending bill last December found that the rule reversal allowed banks to keep $10 trillion in swaps trades on their books. This is money that taxpayers could be on the hook for in another bailout; and since Dodd-Frank replaces bailouts with bail-ins, it is money that creditors and depositors could now be on the hook for.
  • As of September 2014, US derivatives had a notional value of nearly $280 trillion
  •  Citibank is particularly vulnerable to swaps on the price of oil. Brent crude dropped from a high of $114 per barrel in June 2014 to a low of $36 in December 2015.
  • What about FDIC insurance? It covers deposits up to $250,000, but the FDIC fund had only $67.6 billion in it as of June 30, 2015, insuring about $6.35 trillion in deposits. The FDIC has a credit line with the Treasury, but even that only goes to $500 billion; and who would pay that massive loan back? The FDIC fund, too, must stand in line behind the bottomless black hole of derivatives liabilities
  • You can move your money into one of the credit unions with their own deposit insurance protection; but credit unions and their insurance plans are also under attack.
  • In short, the goal of the bail-in scheme is to place losses on private creditors. Alternatives that allow them to escape could soon be blocked.
  • The Dodd Frank Act and the Bankruptcy Reform Act both need a radical overhaul, and the Glass-Steagall Act (which put a fire wall between risky investments and bank deposits) needs to be reinstated.
  • Meanwhile, local legislators would do well to set up some publicly-owned banks on the model of the state-owned Bank of North Dakota – banks that do not gamble in derivatives and are safe places to store our public and private funds.
  • Gary Edwards on 31 Dec 15
     
    Excellent analysis of the coming banking crisis anw how our politicians have put the citizens on the hook for risky bank derivative gambling.  Thanks Marbux! Ellen H. Brown (nsnbc) : While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US.  Poverty also kills.
Gary Edwards

Of Bailouts, Bonuses, and Generational Responsibility from The Daily Bail - 0 views

www.google.com/...view

obammunism baby-boomers john-gallo financial-collapse

shared by Gary Edwards on 09 Apr 10 - No Cached
  • When one transfers the learned behavior of selfishness to the world of economics, it is east to see how we got to the world of adjustable rate mortgages, thirty-to-one leverage, credit default swaps, and thirty year hedge fund workers acting as is million dollar paychecks was an otherwise normal entitlement.  If it felt good, it was therefore right – and by all means, don’t rock the boat.  And what we are witnessing today in Washington and Wall Street in response to our economic crisis is nothing but a conscious and willing decision to pass off to the next generation the cost of our mistakes.
  • the fundamental principles of capitalism – namely that bad actors need to fail.
  • First and most foremost, the Congress needs to institute a modernized version of Glass-Stegall and separate commercial banking from investment banking activities. What we have seen in the abolishment Glass-Stegall (please thank Mr. Rubin formerly of Goldman Sachs) is the creation of federally subsidize casinos masquerading as publicly traded financial institutions.  They kept profits from over-leveraged bets and were kind enough to pass their losses onto the taxpayers.  Second, Congress needs to repeal legislation (Gramm-Leach) that allowed financial institutions not only to leverage in ways previously not permitted, but which also granted banks and financial situations exemption from federal gambling laws. Third, and this is where moral outrage hits home to those on Wall Street, we cannot live in a country in which any company is allowed to manipulate the levers of government in such a way as to make itself obscenely rich at the expense of the public.
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  • We saw as we proceeded through life that pursuing one’s self-interest was rewarded just as often than doing what was right, that morals were relative, and that there would be no consequences to bad behavior. It became de rigueur to assume that our parents (and their lawyers) would save us from our bad behavior.
  • no consequences to irresponsible behavior.
  • it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand.
  • Goldman is only the largest corporate contributor to the Obama administration
  • Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of most Americans, and in the process commit the greatest financial rape of the American public in the history of the country.  And if that does resonate, then either you have not been paying attention for the past two years, or you have received your paycheck form Goldman Sachs.
  • Capitalism remains the best economic system on the planet, but when those who have profited handsomely seek to socialize losses caused by their errors, then those in power in Washington have a moral responsibility to demand an accounting.  Our anger comes from the fact that our leaders have failed in their public obligations at the expense of the interests on Wall Street, and in the process created the greatest social divide that this country has seen in the past 40 years.
  • our nation has one of the highest ratios of debt to GDP on the globe
  • Finally, the administration should demand (I know it won’t) that Goldman Sachs return the approximately $13 billion it received in backdoor payments through AIG when AIG received $180 billion in bailout money. That $13 billion belongs to the taxpayers of this country, and the decision to allow Goldman to receive that money perhaps stands as the greatest moral outrage of this entire sordid affair.  
  • he nation will not die; to the contrary, it would become stronger if we permit free markets to work, and allow the next-generation to live unburdened by our mistakes and arrogance.
  • The proposal in question was Ryan's "Roadmap for America's Future," a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. Its debt-reducing claims aren't based on mere fantasy -- the Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
  • There's no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn't last long.)
  • Gary Edwards on 09 Apr 10
     
    Wow!  This is the best response to the financial collapse i have read to date.  Exceptional in clarity, but written with a tone of mixed sorrow and shame.  Mr. Gallow places the blame exactly where it should be placed.  It's a generational thing with one exception Mr. Gallow overlooks - the Obama margin of victory was very much due to the massive turnout and votes of post baby boomer generations.  We boomers may have created and caused the financial collapse and destruction of America, but they were dumb enough to put the decline of capitalism and ordered liberty on marxist steroids. excerpt:  .... this is the first time that I have been so angered by incompetence and greed in government and Wall Street to express publicly my own thoughts.  In simple terms, what has dawned on me is that my generation, the "Baby Boomers" between the ages of 45 and 65, has emerged not as not the most significant or talented generation in our history (as we thought we were), but rather as the most self-absorbed and reckless. Because ours will be the first generation in the history of this country to leave to its successors a nation in worse shape than that which it inherited; put differently, we will be the first generation in this nation to have taken from our parents and stolen from our children. .. it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand. ... Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of mo
Gary Edwards

CHILDREN KILLED OF KEVIN KRIM, CHIEF EXECUTIVE OF CNBC DIGITAL, AFTER RELEASING INFORMA... - 0 views

www.fourwinds10.net/...news.php

Banksters Federal-Reserve-Bankster-Cartel assasination murder

shared by Gary Edwards on 02 Nov 12 - No Cached
  • Gary Edwards on 02 Nov 12
     
    Incredible article about the behind-the-scenes story of the nanny murder of two small children in NYC.   First, it's a staged murder meant to send a clear message to ALL media.  The children were the offspring of Kevin Krim, CEO of CNBC digital.  His website had published a story about the Spire Law Group suing an entire class of bigshot BANKSTERS for the theft of $43 TRILLION dollars of tax payer money.  Second, this involves the US Government.  The Spire allegation is that the Feds actively helped and assisted the Bankster theft. Third, the story describes the historical background of these Bankster hits, assassination and threats.  Although not covered in the article, Presidential assassinations in particular have an unmistakable link to Executive Orders that the Treasury print Silver Certificates that would compete against Bankster notes.  In one way or another, it's all about control of the money system.  This list of Presidents includes Jackson, Lincoln, Garfield, McKinley, Kennedy and Reagan. Original Press Release from the Spire Law Group:  ... http://goo.gl/ynV6O .... Wow! ................................... excerpt:: "On 10/25/2012 two corporate financial media bastions,  MarketWatch  (an affiliate of the Wall Street Journal) and CNBC, presented their readers with a bombshell.  In a too-good-to-be-true lawsuit, the top echelons of the USA's banking and civilian government had been sued for "racketeering and money laundering."  The suit requested "the return of $43 trillion to the United States Treasury."  Yes, you've read that right: 43 trillion-roughly 3 years worth of America's GDP or 3 times America's underestimate of its own national debt. The suit characterizes itself, according to these two corporate media tabloids, as the largest money laundering and racketeering lawsuit in United States History.  [It identifies] $43 trillion ($43,000,000,000,000.00) of laundered money by the 'Banksters' and their U.S. r
Gary Edwards

Major Banksters, Governmental Officials and Their Comrade Capitalists Targets of Spire ... - 0 views

www.marketwatch.com/...ted-states-treasury-2012-10-25

Banksters Federal-Reserve-Bankster-Cartel

shared by Gary Edwards on 02 Nov 12 - No Cached
  • Gary Edwards on 02 Nov 12
     
    "NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) - known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers - now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests. In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver - Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patri
  • Gary Edwards on 02 Nov 12
     
    This is the first time anyone has tried to go after the Bankster class of midievil (mediæval) elites to recover theft of funds. Charges include racketeering, fraud and international money laundering. The mass tort action is now in the Brooklyn Federal Courts. Dead bodies are starting to show up as the Banksters move to shut down press coverage. Amazing stuff.
Paul Merrell

Why Public Banks Outperform Private Banks: Unfair Competition or a Better Mousetrap? | ... - 0 views

ellenbrown.com/...petition-or-a-better-mousetrap

banksters TPP TTIP public-owned-banks fast-track

shared by Paul Merrell on 12 Feb 15 - No Cached
  • Public banks in North Dakota, Germany and Switzerland have been shown to outperform their private counterparts. Under the TPP and TTIP, however, publicly-owned banks on both sides of the oceans might wind up getting sued for unfair competition because they have advantages not available to private banks.
  • Paul Merrell on 12 Feb 15
     
    Ellen Brown opposes fast-tracking the TPP and TTIP in part because they would allow private banksters to sue publically-owned banks for unfair competition. I have no sympathy for the private banksters. None. 
Paul Merrell

Jamie Dimon's $13 Billion Secret | The Nation - 0 views

m.thenation.com/...jamie-dimons-13-billion-secret

financial-collapse banksters fraud litigation settlement JPMorgan

shared by Paul Merrell on 23 Aug 14 - No Cached
  • In the end, the abject fear of Ben Wagner got Jamie Dimon to cave.For much of 2013, Dimon, the chairman and chief executive of the formidable JPMorgan Chase & Company, was telling anyone who would listen that it was unfair and unjust for federal and state prosecutors to blame him and his bank for the manufacture and sale of mortgage-backed securities that occurred at Bear Stearns & Company and at Washington Mutual in the years leading up to the financial crisis. When JPMorgan Chase bought those two failing firms in 2008, Dimon argued, he was just doing what Ben Bernanke, Hank Paulson and Timothy Geithner had asked him to do. Why should his bank be held financially accountable for the bad behavior at Bear and WaMu?It was a clever argument—and wrong. Dimon's relentless effort to spin his patriotic story soon collided with the fact that Wagner, the US Attorney for the Eastern District of California, had uncovered evidence that JPMorgan itself was guilty of many of the same greedy and irresponsible behaviors. Piles of subpoenaed documents and e-mails revealed that JPMorgan bankers and traders had underwritten billions of dollars' worth of questionable mortgage-backed securities that Dimon had been telling everyone had originated at Bear Stearns and WaMu. Worse, the bad behavior had occurred on Dimon's watch.
  • The likelihood that the Justice Department would file Wagner's civil complaint last fall—exposing publicly for the first time the litany of wrongdoing at JPMorgan and threatening to push it off the perch that Dimon had so artfully constructed for it over the years—ultimately brought Dimon to the table. On September 26, just weeks after the Justice Department shared a draft copy of Wagner's complaint with Dimon, the two sides arranged for a summit meeting between Dimon and Attorney General Eric Holder. By mid-November, the bank had agreed to pay $13 billion in a comprehensive settlement of mortgage-related securities claims with various branches of the federal government and a group of states, led by the attorneys general of New York, California, Illinois, Massachusetts and Delaware.It was the largest financial settlement of all time, and it kept Wagner's complaint away from the prying eyes of the public. One thing is clear: Dimon's claim that his own bankers and traders had done nothing wrong in the years leading up to the financial crisis wasn't true. "The investigators and the lawyers were uncovering very viable evidence," explains Associate Attorney General Tony West, who headed up the settlement negotiations on behalf of the Justice Department. "I think there was recognition that we had enough evidence there that would support the complaint and would support a robust lawsuit."
  • [A disclosure of my own: after JPMorgan Chase fired me as a managing director in January 2004, I brought—and lost—a wrongful-dismissal arbitration against the bank. Separately, I remain in litigation with the bank as the result of a soured investment I made in 1999.]
  • ...1 more annotation...
  • Dimon was more circumspect. In a conference call the day the settlement was announced, he mostly kept quiet while Marianne Lake, the firm's CFO, led financial analysts through the details, including how $7 billion of the $13 billion fine would be tax-deductible.
  • Paul Merrell on 23 Aug 14
     
    In a Matt Taibbi-quality lengthy report, William Cohan takes the reader inside the lengthy negotiations of JPMorgan's $13 billion settlement with state and federal prosecutors. JPMorgan admitted to criminal wrongdoing, and the settlement does not include immunity from criminal prosecution for anybody. But the author notes that there is not even a hint that anyone is working on criminal charges. There's a lot of discussion of dissension within the ranks of different state and federal attorneys involved. The article paints Ben Wagner, the US Attorney for the Eastern District of California, as the hero.  In my book, no one involved deserves hero status because no criminal charges have been filed against any JPMorgan managers or board members, hence there is still no incentive for any of the fraudsters who brought down the economy in 2008 to behave differently in the future. JPMorgan emains not too big to fail but too politically connected for its principals to be jailed. According to the article, the government lawyers had iron-clad proof that a group of JPMorgan managing directors had been informed that pools of mortages they were planning to buy were toxic but "buy two of the loan pools anyway, including those with the squirrelly mortgages. JPMorgan then proceeded to bundle "hundreds of millions of dollars of loans from those pools into one security." Wagner found that between the start of 2006 and the middle of 2007-when the mortgage securitization frenzy was at its peak-JPMorgan packaged and sold securities containing thousands of mortgages that were rated by a third-party evaluator to be of extremely low quality, meeting few, if any, of the bank's underwriting standards." If true, that is very serious fraud deserving of the directors' prosecution for criminal fraud and lengthy prison sentences.   The article touches on A.G. Holder's too big to jail argument but that argument, in my opinion, deserves no credibility before antitrust actions are filed to c
Paul Merrell

Chris Hedges: Overthrow the Speculators - Chris Hedges - Truthdig - 0 views

www.truthdig.com/...throw_the_speculators_20131229

banksters speculators bank-reform

shared by Paul Merrell on 31 Dec 13 - No Cached
  • Speculators at megabanks or investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the vulnerable from the powerful—to steal from everyone, including their shareholders. They are parasites. They feed off the carcass of industrial capitalism. They produce nothing. They make nothing. They just manipulate money. Speculation in the 17th century was a crime. Speculators were hanged. We can wrest back control of our economy, and finally our political system, from corporate speculators only by building local movements that decentralize economic power through the creation of hundreds of publicly owned state, county and city banks.
  • The establishment of city, regional and state banks, such as the state public bank in North Dakota, permits localities to invest money in community projects rather than hand it to speculators. It keeps property and sales taxes, along with payrolls for public employees and pension funds, from lining the pockets of speculators such as Jamie Dimon and Lloyd Blankfein. Money, instead of engorging the bank accounts of the few, is leveraged to fund schools, restore infrastructure, sustain systems of mass transit and develop energy self-reliance. The Public Banking Institute, founded by Ellen Brown, the author of “Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free,” Marc Armstrong and other grass-roots activists are attempting to build a system of public banks. States such as Vermont and Washington and cities such as Philadelphia, Washington, D.C., San Francisco and Reading, Pa., have begun public banking initiatives. Public banks return economic power, and by extension political power, to the citizens. And because they are local they are possible. These and other grass-roots revolts, including sustainable agriculture, will be the brush fires that will, if they succeed, ignite the overthrow of the corporate state.
Paul Merrell

Stand Firm, John Kerry - Zbigniew Brzezinski and Frank Carlucci and Lee Hamilton and Ca... - 0 views

www.politico.com/...rm-john-kerry-105483_full.html

war & peace Palestine Israel negotiations Brzezinski

shared by Paul Merrell on 11 Apr 14 - No Cached
  • By ZBIGNIEW BRZEZINSKI, FRANK CARLUCCI, LEE HAMILTON, CARLA A. HILLS, THOMAS PICKERING and HENRY SIEGMAN
  • e commend Secretary of State John Kerry’s extraordinary efforts to renew Israeli-Palestinian talks and negotiations for a framework for a peace accord, and the strong support his initiative has received from President Barack Obama. We believe these efforts, and the priority Kerry has assigned to them, have been fully justified. However, we also believe that the necessary confidentiality that Secretary Kerry imposed on the resumed negotiations should not preclude a far more forceful and public expression of certain fundamental U.S. positions: Settlements: U.S. disapproval of continued settlement enlargement in the Occupied Territories by Israel’s government as “illegitimate” and “unhelpful” does not begin to define the destructiveness of this activity. Nor does it dispel the impression that we have come to accept it despite our rhetorical objections. Halting the diplomatic process on a date certain until Israel complies with international law and previous agreements would help to stop this activity and clearly place the onus for the interruption where it belongs.
  • Palestinian incitement: Prime Minister Benjamin Netanyahu’s charge that various Palestinian claims to all of historic Palestine constitute incitement that stands in the way of Israel’s acceptance of Palestinian statehood reflects a double standard. The Likud and many of Israel’s other political parties and their leaders make similar declarations about the legitimacy of Israel’s claims to all of Palestine, designating the West Bank “disputed” rather than occupied territory. Moreover, Israeli governments have acted on those claims by establishing Jewish settlements in East Jerusalem and throughout the West Bank. Surely the “incitement” of Palestinian rhetoric hardly compares to the incitement of Israel’s actual confiscations of Palestinian territory. If the United States is not prepared to say so openly, there is little hope for the success of these talks, which depends far more on the strength of America’s political leverage and its determination to use it than on the good will of the parties.
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  • The Jewishness of the state of Israel: Israel is a Jewish state because its population is overwhelmingly Jewish, Jewish religious and historical holidays are its national holidays, and Hebrew is its national language. But Israeli demands that Palestinians recognize that Israel has been and remains the national homeland of the Jewish people is intended to require the Palestinians to affirm the legitimacy of Israel’s replacement of Palestine’s Arab population with its own. It also raises Arab fears of continuing differential treatment of Israel’s Arab citizens. Israelis are right to demand that Palestinians recognize the fact of the state of Israel and its legitimacy, which Palestinians in fact did in 1988 and again in 1993. They do not have the right to demand that Palestinians abandon their own national narrative, and the United States should not be party to such a demand. That said, Palestinian recognition of Israel as a Jewish state, provided it grants full and equal rights to its non-Jewish citizens, would not negate the Palestinian national narrative.
  • Israeli security: The United States has allowed the impression that it supports a version of Israel’s security that entails Israeli control of all of Palestine’s borders and part of its territory, including the Jordan Valley. Many former heads of Israel’s top intelligence agencies, surely among the best informed in the country about the country’s security needs, have rejected this version of Israel’s security. Meir Dagan, a former head of the Mossad, dismissed it as “nothing more than manipulation.” Israel’s confiscation of what international law has clearly established as others’ territory diminishes its security. Illegal West Bank land grabs only add to the Palestinian and the larger Arab sense of injustice that Israel’s half-century-long occupation has already generated, and fuels a revanchismthat sooner or later will trigger renewed violence. No Palestinian leader could or would ever agree to a peace accord that entails turning over the Jordan Valley to Israeli control, either permanently or for an extended period of time, thus precluding a peace accord that would end Israel’s occupation. The marginal improvement in Israel’s security provided by these expansive Israeli demands can hardly justify the permanent subjugation and disenfranchisement of a people to which Israel refuses to grant citizenship in the Jewish state.
  • The terms for a peace accord advanced by Netanyahu’s government, whether regarding territory, borders, security, resources, refugees or the location of the Palestinian state’s capital, require compromises of Palestinian territory and sovereignty on the Palestinian side of the June 6, 1967, line. They do not reflect any Israeli compromises, much less the “painful compromises” Netanyahu promised in his May 2011 speech before a joint meeting of Congress. Every one of them is on the Palestinian side of that line. Although Palestinians have conceded fully half of the territory assigned to them in the U.N.’s Partition Plan of 1947, a move Israel’s president, Shimon Peres, has hailed as unprecedented, they are not demanding a single square foot of Israeli territory beyond the June 6, 1967, line. Netanyahu’s unrelenting efforts to establish equivalence between Israeli and Palestinian demands, insisting that the parties split the difference and that Israel be granted much of its expansive territorial agenda beyond the 78 percent of Palestine it already possesses, are politically and morally unacceptable. The United States should not be party to such efforts, not in Crimea nor in the Palestinian territories. We do not know what progress the parties made in the current talks prior to their latest interruption, this time over the issue of the release of Palestinian prisoners. We are nevertheless convinced that no matter how far apart the parties may still be, clarity on America’s part regarding the critical moral and political issues in dispute will have a far better chance of bringing the peace talks to a successful conclusion than continued ambiguity or silence.
  • The co-authors, senior advisers to the U.S./Middle East Project, are, respectively, former national security adviser, former U.S. secretary of defense; former chair of the House Foreign Affairs Committee; former U.S. trade representative; former under secretary of state for political affairs, and president, U.S./Middle East Project.
  • Paul Merrell on 11 Apr 14
     
    Brzezinski and other high former foreign relations officials publicly criticizing the Israeli position and calling for a hardened U.S. position that Israel must halt enlargement of settlements in East Jerusalem and the West Bank before negotiations will resume to "clearly place the onus for the interruption where it belongs," whew! Times are definitely changing. 
Paul Merrell

Violence in Israel and the Palestinian territories - the Guardian briefing | News | The... - 0 views

www.theguardian.com/...-territories-guardian-briefing

war & peace Israel Palestine escalating-violence

shared by Paul Merrell on 09 Oct 15 - No Cached
  • Israel and the occupied Palestinian territories have been convulsed by a wave of escalating violence in recent days. The lethal tensions ratcheted up sharply last Thursday when a married couple, Jewish settlers from Neria in the northern West Bank, were shot and killed in a car in front of their four children near Beit Furik, allegedly by members of a five-man Hamas cell who were subsequently arrested. Two more Israelis were stabbed and killed in Jerusalem’s Old City on Saturday by a Palestinian youth, who was shot dead at the scene. On Sunday, an 18-year-old Palestinian was shot dead by Israeli forces in clashes near the West Bank town of Tulkarem. The mounting friction has seen attacks by settlers on Palestinians, clashes between Palestinians and Israeli security forces and attempted attacks continue. On Wednesday. there were incidents in Jerusalem, where a Palestinian woman stabbed an Israeli man who then shot and seriously wounded her in the Old City, the southern Israeli city of Kiryat Gat, where a Palestinian was killed after reportedly trying to seize a gun from a soldier and stabbing him, and when a female Israeli settler’s car was stoned near Beit Sahour, which adjoins Bethlehem, in an incident in which it appears other settlers fired on Palestinians, seriously injuring a youth.
  • On the Palestinian side, anger escalated earlier this week after a 13-year-old boy in Bethlehem’s Aida refugee camp was shot and killed by an Israeli sniper in an incident the Israeli military has claimed was “unintentional” as soldiers were aiming at another individual.
  • Jerusalem has remained tense now for almost a year. Most analysts blame the recent heightened tension on several factors. Key among them has been the issue of the religious site in Jerusalem known to Muslims as al-Haram al-Sharif, or the Noble Sanctuary, and Jews as the Temple Mount. A long-running campaign by some fundamentalist Jews and their supporters for expanding their rights to worship in the Al-Aqsa mosque compound on the Temple Mount, supported by rightwing members of Israeli prime minister Binyamin Netanyahu’s own cabinet, has raised the suspicion – despite repeated Israeli denials – that Israel intends to change the precarious status quo for the site, which has been governed under the auspices of the Jordanian monarchy since 1967.
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  • Recent Israeli police actions at the site scandalised the Muslim world and raised tensions. Israel has also banned two volunteer Islamic watch groups – male and female – accusing them of harassing Jews during the hours they are allowed to visit. That has combined with the lack of a peace process and growing resentment and frustration in Palestinian society aimed at both Israel and the Palestinian president, Mahmoud Abbas, and the Palestinian Authority. Israel has complained in recent weeks of an increase in stone throwing and molotov cocktail attacks on West Bank roads and in areas adjoining mainly Palestinian areas of Jerusalem, where an elderly motorist died after crashing his car during an alleged stoning attack. In response, Netanyahu and his cabinet have loosened live-fire regulations over the use of .22 calibre bullets on Palestinian demonstrators. Although described by Israel as “less lethal”, it is this type of ammunition that killed 13-year-old Abdul Rahman Shadi on Monday.
  • Part of the problem is the leadership on both sides. Netanyahu leads a rightwing/far-right coalition with the smallest of majorities. Several cabinet ministers support the settler movement and have publicly criticised him for not cracking down harder on Palestinian protest. Netanyahu’s weakness is reflected on the Palestinian side, where the ageing Abbas is seen as isolated, frustrated and increasingly out of step with other members of the Palestinian leadership, who would like a tougher line against Israel over continued settlement building and the absence of any peace process.
  • In his recent speech to the UN general assembly, Abbas went further than he had ever done before in threatening to end what he claims is Palestine’s unilateral adherence to the Oslo accords, which he said Israel refuses to honour. “We cannot continue to be bound by these signed agreements with Israel and Israel must assume fully its responsibilities of an occupying power,” he said. Abbas, however, stopped short of ending security cooperation between Israel and Palestinian security forces – mainly aimed at Hamas on the West Bank – and asked the UN for international protection. His speech at the United Nations has been seen as a move to placate growing discontents in Palestinian society. Both Abbas and Netanyahu are now both engaged in a delicate balancing act, trying to avoid further escalation that would be detrimental to both while trying not to lose the support of key constituencies. On Abbas’s side, that has meant ordering Palestinian factions and security forces to desist from joining the conflict, while on Netanyahu’s side it has seen numerous warnings of harsh measures – many of which have been repeatedly announced.
  • Nentanyahu does not want to risk a position where Abbas ends security cooperation and in the local jargon “hands back the keys” – in other words revokes the Oslo accords and insists on Israel once again taking full responsibility for administering the occupied territories. For his part, Abbas is said to see a limited popular uprising as useful because of the message it delivers to both Israel and the international community of the mounting risks of a moribund peace process and how serious things could become if security cooperation were to end.
  • At the end of the last round of the peace process last year, US diplomats warned about this potential outcome and Washington has largely withdrawn from a guiding role, exhausted by the lack of progress and frustrated with Netanyahu. Despite the Palestinian desire for a new multilateral international approach, it has failed to materialise as have any US guarantees to Abbas that they intend to advance the peace process. While Syria, migration and Russia are preoccupying western governments, Israel and Palestine have been largely left to their own devices.
  • Flare-ups of violence have a habit of coming and going but hopes that this one is coming to an end appear premature for now. However, the likelihood of the current violence fading away still remains the strongest bet. The biggest risk is a miscalculation by either side, which is out of the hands of either leader, that would alter the dynamics. Individuals on both sides have led some of the worst attacks: Jewish extremists in the summer burning three members of a Palestinian family to death, and “lone wolf attacks” launched by Palestinians angry about al-Aqsa and other issues. With neither side having a clear exit strategy, there is a risk is that Netanyahu and Abbas are being led by events rather than leading.
Paul Merrell

2015 Will Be All About Iran, China and Russia / Sputnik International - 0 views

sputniknews.com/...1016436434.html

war & peace economic-warfare U.S.-foreign-policy Russia China Eurasia

shared by Paul Merrell on 03 Jan 15 - No Cached
  • Fasten your seatbelts; 2015 will be a whirlwind pitting China, Russia and Iran against what I have described as the Empire of Chaos.
  • So yes – it will be all about further moves towards the integration of Eurasia as the US is progressively squeezed out of Eurasia. We will see a complex geostrategic interplay progressively undermining the hegemony of the US dollar as a reserve currency and, most of all, the petrodollar. For all the immense challenges the Chinese face, all over Beijing it's easy to detect unmistakable signs of a self-assured, self-confident, fully emerged commercial superpower. President Xi Jinping and the current leadership will keep investing heavily in the urbanization drive and the fight against corruption, including at the highest levels of the Chinese Communist Party (CCP). Internationally, the Chinese will accelerate their overwhelming push for new 'Silk Roads' – both overland and maritime – which will underpin the long-term Chinese master strategy of unifying Eurasia with trade and commerce.
  • Global oil prices are bound to remain low. All bets are off on whether a nuclear deal will be reached by this summer between Iran and the P5+1. If sanctions (actually economic war) against Iran remain and continue to seriously hurt its economy, Tehran’s reaction will be firm, and will include even more integration with Asia, not the West.
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  • Now let’s take a look at Russian fundamentals. Russia’s government debt totals only 13.4% of its GDP. Its budget deficit in relation to GDP is only 0.5%.  If we assume a US GDP of $16.8 trillion (the figure for 2013), the US budget deficit totals 4% of GDP, versus 0.5% for Russia. The Fed is essentially a private corporation owned by regional US private banks, although it passes itself off as a state institution. US publicly held debt is equal to a whopping 74% of GDP in fiscal year 2014. Russia’s is only 13.4%. The declaration of economic war by the US and EU on Russia – via the run on the ruble and the oil derivative attack – was essentially a derivatives racket. Derivatives – in theory – may be multiplied to infinity. Derivative operators attacked both the ruble and oil prices in order to destroy the Russian economy. The problem is, the Russian economy is more soundly financed than America's.
  • Considering that this swift move was conceived as a checkmate, Moscow’s defensive strategy was not that bad. On the key energy front, the problem remains the West’s – not Russia’s. If the EU does not buy what Gazprom has to offer, it will collapse. Moscow’s key mistake was to allow Russia's domestic industry to be financed by external, dollar-denominated debt. Talk about a monster debt trap  which can be easily manipulated by the West. The first step for Moscow should be to closely supervise its banks. Russian companies should borrow domestically and move to sell their assets abroad. Moscow should also consider implementing a system of currency controls so the basic interest rate can be brought down quickly. And don’t forget that Russia can always deploy a moratorium on debt and interest, affecting over $600 billion. That would shake the entire world's banking system to the core. Talk about an undisguised “message” forcing the US/EU economic warfare to dissolve.
  • Russia does not need to import any raw materials. Russia can easily reverse-engineer virtually any imported technology if it needs to. Most of all, Russia can generate — from the sale of raw materials – enough credit in US dollars or euros. Russia's sale of its energy wealth — or sophisticated military gear — may decline. However, they will bring in the same amount of rubles — as the ruble has also declined.  Replacing imports with domestic Russian manufacturing makes total sense. There will be an inevitable “adjustment” phase – but that won’t take long. German car manufacturers, for instance, can no longer sell their cars in Russia due to the ruble's decline. This means they will have to relocate their factories to Russia. If they don’t, Asia – from South Korea to China — will blow them out of the market.
  • The EU's declaration of economic war against Russia makes no sense whatsoever. Russia controls, directly or indirectly, most of the oil and natural gas between Russia and China: roughly 25% of the world's supply. The Middle East is bound to remain a mess. Africa is unstable. The EU is doing everything it can to cut itself off from its most stable supply of hydrocarbons, prompting Moscow to redirect energy to China and the rest of Asia. What a gift for Beijing – as it minimizes the alarm about the US Navy playing with "containment" across the high seas.  Still, an unspoken axiom in Beijing is that the Chinese remain extremely worried about an Empire of Chaos losing more and more control, and dictating the stormy terms of the relationship between the EU and Russia. The bottom line is that Beijing would never allow itself to be in a position where the US could interfere with China's energy imports – as was the case with Japan in July 1941 when the US declared war by imposing an oil embargo, cutting off 92% of Japanese oil imports. Everyone knows a key plank of China’s spectacular surge in industrial power was the requirement for manufacturers to produce in China. If Russia did the same, its economy would be growing at a rate of over 5% per year in no time. It could grow even more if bank credit was tied only to productive investment.
  • Now imagine Russia and China jointly investing in a new gold, oil and natural resource-backed monetary union as a crucial alternative to the failed debt "democracy" model pushed by the Masters of the Universe on Wall Street, the Western central bank cartel, and neoliberal politicians. They would be showing the Global South that financing prosperity and improved standards of living by saddling future generations with debt was never meant to work in the first place. Until then, a storm will be threatening our very lives – today and tomorrow. The Masters of the Universe/Washington combo won’t give up their strategy to make Russia a pariah state cut off from trade, the transfer of funds, banking and Western credit markets and thus prone to regime change. Further on down the road, if all goes according to plan, their target will be (who else) China. And Beijing knows it. Meanwhile, expect a few bombshells to shake the EU to its foundations. Time may be running out – but for the EU, not Russia. Still, the overall trend won’t be altered; the Empire of Chaos is slowly but surely being squeezed out of Eurasia.
Paul Merrell

White House defends 'Cuban Twitter' to stir unrest - Yahoo News - 0 views

news.yahoo.com/ter-stir-unrest-222510641.html

surveillance state propaganda psywar USAID State-Dept. Obama

shared by Paul Merrell on 06 Apr 14 - No Cached
  • The Obama administration defended its creation of a Twitter-like Cuban communications network to undermine the communist government, declaring the secret program was "invested and debated" by Congress and wasn't a covert operation that required White House approval.
  • But two senior Democrats on congressional intelligence and judiciary committees said Thursday they had known nothing about the effort, which one of them described as "dumb, dumb, dumb." A showdown with that senator's panel is expected next week, and the Republican chairman of a House oversight subcommittee said that it, too, would look into the program.An Associated Press investigation found that the network was built with secret shell companies and financed through a foreign bank. The project, which lasted more than two years and drew tens of thousands of subscribers, sought to evade Cuba's stranglehold on the Internet with a primitive social media platform.First, the network was to build a Cuban audience, mostly young people. Then, the plan was to push them toward dissent.
  • Yet its users were neither aware it was created by a U.S. agency with ties to the State Department, nor that American contractors were gathering personal data about them, in the hope that the information might be used someday for political purposes.It is unclear whether the scheme was legal under U.S. law, which requires written authorization of covert action by the president as well as congressional notification. White House spokesman Jay Carney said he was not aware of individuals in the White House who had known about the program.
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  • USAID's top official, Rajiv Shah, is scheduled to testify on Tuesday before the Senate Appropriations State Department and Foreign Operations Subcommittee, on the agency's budget. The subcommittee's chairman, Patrick Leahy, a Democrat, is the senator who called the project "dumb, dumb, dumb" during an appearance Thursday on MSNBC.The administration said early Thursday that it had disclosed the initiative to Congress — Carney said the program had been "debated in Congress" — but hours later the narrative had shifted to say that the administration had offered to discuss funding for it with the congressional committees that approve federal programs and budgets."We also offered to brief our appropriators and our authorizers," said State Department spokeswoman Marie Harf. She added that she was hearing on Capitol Hill that many people support these kinds of democracy promotion programs. And some lawmakers did speak up on that subject. But by late Thursday no members of Congress had acknowledged being aware of the Cuban Twitter program earlier than this week.
  • Harf described the program as "discreet" but said it was in no way classified or covert. Harf also said the project, dubbed ZunZuneo, did not rise to a level that required the secretary of state to be notified. Neither former Secretary of State Hillary Rodham Clinton nor John Kerry, the current occupant of the office, was aware of ZunZuneo, she said.In his prior position as chairman of the Senate Foreign Relations Committee, Kerry had asked congressional investigators to examine whether or not U.S. democracy promotion programs in Cuba were operated according to U.S. laws, among other issues. The resulting report, released by the Government Accountability Office in January 2013, does not examine whether or not the programs were covert. It does not say that any U.S. laws were broken.The GAO report does not specifically refer to ZunZuneo, but does note that USAID programs included "support for the development of independent social networking platforms."
  • "I know they said we were notified," Leahy told AP. "We were notified in the most oblique way, that nobody could understand it. I'm going to ask two basic questions: Why weren't we specifically told about this if you're asking us for money? And secondly, whose bright idea was this anyway?"The Republican chairman of a House oversight subcommittee said his panel will be looking into the project, too."That is not what USAID should be doing," said Rep. Jason Chaffetz, the Republican chairman of the House Oversight and Government Reform National Security Subcommittee. "USAID is flying the American flag and should be recognized around the globe as an honest broker of doing good. If they start participating in covert, subversive activities, the credibility of the United States is diminished."
  • At minimum, details uncovered by the AP appear to muddy the USAID's longstanding claims that it does not conduct covert actions, and the details could undermine the agency's mission to deliver aid to the world's poor and vulnerable — an effort that requires the trust and cooperation of foreign governments.Leahy and Rep. C.A. Dutch Ruppersberger, the top Democrat on the House Intelligence Committee, said they were unaware of ZunZuneo.
  • USAID and its contractors went to extensive lengths to conceal Washington's ties to the project, according to interviews and documents obtained by the AP. They set up front companies in Spain and the Cayman Islands to hide the money trail, and recruited CEOs without telling them they would be working on a U.S. taxpayer-funded project."There will be absolutely no mention of United States government involvement," according to a 2010 memo from Mobile Accord Inc., one of the project's creators. "This is absolutely crucial for the long-term success of the service and to ensure the success of the Mission."ZunZuneo was publicly launched shortly after the 2009 arrest in Cuba of American contractor Alan Gross. He was imprisoned after traveling repeatedly to the country on a separate, clandestine USAID mission to expand Internet access using sensitive technology that only governments use.The AP obtained more than 1,000 pages of documents about the ZunZuneo project's development. It independently verified the project's scope and details in the documents through publicly available databases, government sources and interviews with those involved.
  • The social media project began after Washington-based Creative Associates International obtained a half-million Cuban cellphone numbers. It was unclear to the AP how the numbers were obtained, although documents indicate they were done so illicitly from a key source inside the country's state-run provider. Project organizers used those numbers to start a subscriber base.ZunZuneo's organizers wanted the social network to grow slowly to avoid detection by the Cuban government. Eventually, documents and interviews reveal, they hoped the network would reach critical mass so that dissidents could organize "smart mobs" — mass gatherings called at a moment's notice — that could trigger political demonstrations, or "renegotiate the balance of power between the state and society."At a 2011 speech at George Washington University, Clinton said the U.S. helps people in "oppressive Internet environments get around filters." Noting Tunisia's role in the Arab Spring, she said people used technology to help "fuel a movement that led to revolutionary change."Suzanne Hall, then a State Department official working on Clinton's social media efforts, helped spearhead an attempt to get Twitter founder Jack Dorsey to take over the ZunZuneo project, documents indicate. Dorsey declined to comment.
  • The estimated $1.6 million spent on ZunZuneo was publicly earmarked for an unspecified project in Pakistan, public government data show, but those documents don't reveal where the funds were actually spent.ZunZuneo's organizers worked hard to create a network that looked like a legitimate business, including the creation of a companion website — and marketing campaign — so users could subscribe and send their own text messages to groups of their choice."Mock ad banners will give it the appearance of a commercial enterprise," one written proposal obtained by the AP said. Behind the scenes, ZunZuneo's computers were also storing and analyzing subscribers' messages and other demographic information, including gender, age, "receptiveness" and "political tendencies." USAID believed the demographics on dissent could help it target its other Cuba programs and "maximize our possibilities to extend our reach."
  • Executives set up a corporation in Spain and an operating company in the Cayman Islands — a well-known British offshore tax haven — to pay the company's bills so the "money trail will not trace back to America," a strategy memo said. Disclosure of that connection would have been a catastrophic blow, they concluded, because it would undermine the service's credibility with subscribers and get it shut down by the Cuban government.Similarly, subscribers' messages were funneled through two other countries — and never through American-based computer servers.Denver-based Mobile Accord considered at least a dozen candidates to head the European front company. One candidate, Francoise de Valera, told the AP she was told nothing about Cuba or U.S. involvement.
  • James Eberhard, Mobile Accord's CEO and a key player in the project's development, declined to comment. Creative Associates referred questions to USAID.For more than two years, ZunZuneo grew, reaching at least 40,000 subscribers. But documents reveal the team found evidence Cuban officials tried to trace the text messages and break into the ZunZuneo system. USAID told the AP that ZunZuneo stopped in September 2012 when a government grant ended.
  • Paul Merrell on 06 Apr 14
     
    More coming related to this story.
Paul Merrell

How to Cut Infrastructure Costs in Half - nsnbc international | nsnbc international - 0 views

nsnbc.me/...t-infrastructure-costs-in-half

Trump infrastructure banksters publicly-owned-banks

shared by Paul Merrell on 28 Jan 17 - No Cached
  • Americans could save $1 trillion over 10 years by financing infrastructure through publicly-owned banks like the one that has long been operating in North Dakota.
  • President Donald Trump has promised to rebuild America’s airports, bridges, tunnels, roads and other infrastructure, something both Democrats and Republicans agree should be done. The country needs a full $3 trillion in infrastructure over the next decade. The $1 trillion plan revealed by Trump’s economic advisers relies heavily on public-private partnerships, and private equity firms are lining up for these plumbing investments. In the typical private equity water deal, for example, higher user rates help the firms earn annual returns of anywhere from 8 to 18 percent – more even than a regular for-profit water company might expect. But the price tag can come as a rude surprise for local ratepayers.
Paul Merrell

Why the United States Always Loses Its Wars | Global Research - 0 views

www.globalresearch.ca/...5430986

war & peace U.S.-foreign-policy foreign-wars

shared by Paul Merrell on 15 Feb 15 - No Cached
  • America loses all its wars because it seems we’ve always been on the wrong side of history. Morally nor legally should any nation have the right to invade and occupy another sovereign nation, much less believe it can achieve victory in long, protracted wars. Yet in violation of all ethical precepts and all international laws, the sole global superpower citing its impunity through exceptionalism hypocritically insists it can maintain its moral high ground in its relentless pursuit of regime changes anywhere it so chooses on earth. We are the global village bully that’s hated by much of the world. And it’s pure self-aggrandizing bullshit to perpetrate the myth that America is hated because of our “freedom,” another rhetorical brainwashing lie. We now live in a fascist totalitarian police state run by a globalized crime syndicate of the central banking cabal. As of last April per a Princeton-Northwestern study the US has officially been designated an oligarchy. Last year after a group of ethnic Russians living in Crimea voted to become part of Russia, the Russian military claimed control over its own naval base there that the US-NATO had been lusting to steal after the unlawful overthrow of Ukraine’s democratically elected sovereign government. Ever since it’s been nonstop lies and propaganda propagated to demonize Putin as the aggressor when in fact all along it’s the American Empire that’s been recklessly pushing what could end up World War III against nuclear powered Russia. With US-NATO missiles installed on Russia’s doorstep in virtually every former Soviet eastern bloc nation, hemming Russia in, who’s really the aggressor here?
  • Meanwhile, despite costing US taxpayers up to six trillion dollars and counting in Iraq alone and another trillion so far in Afghanistan in this age of increasing austerity, the albeit detached reverence for the US military and its abysmal losing war record fail to draw much notice or reflection, much less any real criticism or troubleshooting that might correct the same pattern of mistakes being repeated indefinitely. Another article in the same issue calls for resurrecting the draft as the feeble answer, something my ex-West Point roommate-former Afghan Ambassador-retired general and current Council on Foreign Relations (CFR) member Karl Eikenberry has also publicly advocated. They are all missing the point, unwilling or unable to address the pink elephant in the global room. Respected author-activist David Swanson wrote an incisive rebuttal also confronting the Atlantic article for not answering the obvious question of why America loses at war. He makes the excellent point: The U.S. has killed huge numbers of men, women, and children, made itself hated, made the world more dangerous, destroyed the environment, discarded civil liberties, and wasted trillions of dollars that could have done a world of good spent otherwise. A draft would do nothing to make people aware of that situation. But Swanson merely glides over as a passing fact that the ruling elite is the only entity that stands to gain from war. He fails to emphasize that it is the elite’s power, money and influence that both initiates, but then by calculated design, willfully sabotages the chance of any US military victory after World War II. The reason is simple. If the US triumphed in war it would only delay the totalitarian New World Order from materialization. Only a weakened United States would expeditiously promote a one world government.
  • As a brief historical review tracing events from the dawn of the twentieth century, media mogul Randolph Hearst used the false flag of the Spanish American War to “remember the USS Maine” sinking in the 1898 Havana harbor as its deceitful justification to ruthlessly, violently colonize Cuba and the Philippines, committing ethnic cleansing with estimates as high as near a half million dead Filipinos in that bloodbath. Then it was the “great” English statesman Winston Churchill who plotted the sinking of the Lusitania killing nearly 1200 of his own British citizens (along with 128 Americans) as the baited sacrifice secretly carrying arms to ignite the First World War that was supposed to end all wars.
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  • Then several years later the US encouraged South Korean incursions into Communist North Korea in order to manipulate North Korea into responding in kind. Guaranteeing South Korea full UN support, when the baited North Koreans retaliated by moving two miles inside the South Korean border, that June 1950 “transgression” immediately became the false pretense used to initiate the Korean War.
  • in August 1964 President Johnson lied to the American people with the bogus claim that a US Navy ship was attacked by North Vietnamese gunboats in the Gulf of Tonkin to launch America’s longest running war in history (that is until this century’s everlasting war of terror). That false flag cost near 60,000 American lives and over 3 million dead Southeast Asians, in addition to being the first US humiliating war defeat in its history, marking the first of many consecutive losses.
  • The smaller, less intensive military campaigns of Grenada, Panama, Nicaragua and El Salvador, the First Gulf War, Haiti, Bosnia and Kosovo were all jingoistic saber rattling manipulations of imperialistic Empire overpowering far weaker opponents to take down former US allied dictators (or in the case of Saddam Hussein a preliminary step to the father-son neocon tag team), balkanizing a divide and conquer strategy for global hegemony and imperial war profiteering from the always lucrative drug trafficking trade.
  • Meanwhile, the only true winners of all wars is the oligarch owned and controlled central banking cabal and its Wall Street 500. Once American Empire wreaks military havoc to achieve another ravaged failed state, be it Afghanistan, Iraq, Libya, Somalia, Yemen, a second invasion that becomes the permanent occupation arrives in the form of IMF and World Bank loans. When the war destroyed nation cannot pay the bankster cabal’s loan shark extortion, privatization through transnational corporations rapidly descends as economic hit men-vultures move in for the final kill. The game’s been rigged, set up so no one but the filthy, gluttonous, bloodthirsty, psychopathic vampires comprising the ruling elite can possibly win from all this rigged warring death and destruction.
  • The Zionist neocon creation with a little help from their Saudi-Israeli evil axis friends pulled off the coup of the century on 9/11, massacring 3,000 Americans as their sacrificial lambs, setting into motion the fabricated war on terror masking their actual war on Islam to ensure that a constant fresh supply of made-by-the-USA enemy materializes to justify permanent global violence. During the near ten years that Americans fought in Iraq near a half million Iraqis lost their life, mostly innocent civilians. That toll has only since risen with war still raging. The Islamic State jihadists that the US-Saudi-Israeli unholy alliance secretly created, trained, armed and has funded (just as it did al Qaeda for decades) invaded Iraq last June and is currently in control of more area in Iraq than the weak US puppet government in Baghdad with no end of sectarian violence in sight. Afghanistan looks no better with the puppet Kabul government holding less territory than the surging Taliban that has been waiting for the US military exodus by December 2014 leaving 10,800 US military advisors still remaining behind.
  • The proxy wars leaving Libya as a corrupt and lawlessly violent failed state and Syria a stalemated quagmire with Islamic State mercenaries our not-so-secret friendly boots on the ground still unable to topple and remove Assad from power. Meanwhile, near a quarter of a million people have died in the war in Syria and an astounding 6.5 million have been displaced in that colossal human tragedy supported and caused by the United States.
Paul Merrell

How Much Is Donald Trump Worth? An Examination Of The Evidence | ThinkProgress - 0 views

thinkprogress.org/...trump-net-worth

Auction 2016 Trump net-worth lies

shared by Paul Merrell on 22 Jul 16 - No Cached
  • How much money does Donald Trump actually have? Trump’s image as a savvy, deal-making, and, most importantly, fabulously wealthy businessman isn’t just about his personal brand. He’s made it a key selling point for his presidential campaign as he’s run to be the Republican Party’s nominee. “I’m really rich,” he assured voters as he launched his run for president. That message was intended to convey not only that he doesn’t “need anybody’s money” to fuel his campaign but also that he will help create wealth for everyone. “We’re going to make America wealthy again,” he’s promised his supporters. “I will give you everything.” He pledges to Make America Great Again, but also explained that “you have to be wealthy in order to be great, I’m sorry to say.” Yet the nominee has also refused to release his tax returns, which would tell the public exactly how much money he has. He’s maintained that he’s worth more than $10 billion. But he’s also become known for a slippery relationship with the truth, and there’s a pile of evidence to indicate that he may be worth a lot less than that. (Neither the Trump Organization nor the Trump campaign responded to a request for comment on this evidence or on whether he will be releasing his tax returns.)
  • It’s difficult to get a handle on the more than 500 businesses Trump owns, plus other potential investments and sources of wealth, without him disclosing them himself. Even then, much of the valuation rests on what import one gives to the Trump brand itself and how to adequately assess the worth of his various real estate holdings. Financial media outlets have estimated what they think the mogul is worth, but none have ever come close to backing Trump’s claim of $10 billion. When Bloomberg ran a tally this week of all of his major assets, including stock holdings and the value of properties like golf courses and luxury towers, it came up with $3 billion. Forbes, after interviews with 80 sources and a piece by piece look at Trump’s empire, concluded $4.5 billion. The Bloomberg analysis, however, relies at least in part on statements Trump himself made in financial disclosure forms, while Forbes has always had to rely on information given by the Trump Organization — and Forbes has admitted that Trump consistently pushes for a higher valuation. Fortune also caught him conflating revenue and income in his campaign filing reports and thereby significantly inflating how much income he says he has. In other places, Trump has submitted information on forms that would revise his wealth significantly downward. As Crain’s reported in March, Trump got a break in his latest property tax bill for Trump Tower in New York City that is only available to married couples who have an annual income of $500,000 or less.
  • The trend of publicly boasting about his money and then privately swearing that his assets are worth less goes pretty far back. In 1988, Trump a told Forbes that his personal residences were worth $50 million, but he said in sworn statements that they were in fact a net liability because the debt load was more than they were worth. In 1989, while Trump insisted that he was worth between $4 and $5 billion, Forbes obtained records he had submitted to a government body that his assets were only worth $1.5 billion. In 2005, a bank evaluated his net worth to be $788 million when underwriting a construction loan for some of his real estate projects — a time when Trump claimed his worth was more like $3.6 billion. lost the lawsuit.)
  • Paul Merrell on 22 Jul 16
     
    Gary Johnson and Jill Stein are starting to look awfully good. "If God had wanted us to vote, he would have given us candidates." -- Jay Leno.
Paul Merrell

Netanyahu Has Never Actually Supported a Palestinian State, Despite What He Told Obama - 0 views

theintercept.com/...ate-despite-what-he-told-obama

war & peace Israel Palestine 2-state-solution Netanyahu

shared by Paul Merrell on 13 Nov 15 - No Cached
  • IN A MEETING with President Obama today, Benjamin Netanyahu went through the familiar motions of expressing rhetorical support for a two-state solution to the Israel-Palestine conflict. Stating, “I remain committed to a vision of peace of two states for two peoples,” Netanyahu said that he wanted “make it clear that we have not given up our hope,” for achieving a two-state solution to the conflict. Just a day before this statement, however, the Israeli government took steps to ensure such a vision could never become reality, moving to authorize the construction of an additional 2,200 housing units in the occupied territories in the face of Palestinian opposition. The reason behind this apparent discrepancy between word and deed is that Netanyahu does not, and has essentially never, supported the creation of an actual Palestinian state. Last year, during the Israeli election, Netanyahu briefly acknowledged this fact himself, explicitly stating to voters that there would not be a Palestinian state during his tenure as prime minister if he was reelected. Despite this, the convenient fiction that the Israeli prime minister supports a “two-state solution” continues to linger in the United States. Why?
  • In 2009, however, that began to change. In June of that year, newly elected President Barack Obama, who had made rebuilding ties with the Muslim world a part of his foreign policy platform, gave a landmark speech in Cairo in which he said the United States “does not accept the legitimacy of continued Israeli settlements,” going on to describe them as contrary to previous agreements and an impediment to peace in the region. Israeli media would report at the time that Obama’s words “resonated through Jerusalem’s corridors.” In seeming recognition of shifting American sentiments on this issue, 10 days later Netanyahu gave what was billed as a landmark speech at Bar-Ilan University near Tel-Aviv, dealing in part with the subject of Palestinian statehood. In his address, hailed by the White House as an “important step forward,” Netanyahu endorsed for the first time the creation of what he called “a demilitarized Palestinian state” in the occupied territories. But the same speech added stipulations that, in sum, turned this so-called state into a rebranded version of Netanyahu’s 2000 “Palestinian entity,” with only limited autonomy. In private, just three months before the speech, Netanyahu was even more blunt about the limits he required for a more independent Palestinian territory, stipulating he could only support one “without an army or control over air space and borders,” according to diplomatic cables later released by WikiLeaks.
  • In a speech two years later to Congress, Netanyahu would go into more detail about the ridiculous conception of Palestinian “statehood” he was imagining, one in which the West Bank would be essentially bifurcated by massive Israeli settlement blocs, the prospective Palestinian capital of East Jerusalem would be surrounded by settlements, and the Israeli Defense Forces would continue to have “a long-term military presence” inside the newly independent “state.” Needless to say, such a proposal was unlikely ever to be accepted by the Palestinians, nor did it bear much resemblance to the independent statehood they had actually been seeking. Netanyahu let the mask drop even further in July 2014, when he stated in a press conference that “there cannot be a situation, under any agreement, in which we relinquish security control of the territory west of the River Jordan,” essentially outlining a position of permanent military occupation of Palestinian territories. In the run-up to the 2015 election, when he publicly disowned the idea of Palestinian statehood, Netanyahu would specifically repudiate his 2009 Bar-Ilan speech, stating that “there will be no withdrawals and no concessions,” and that the speech was “not relevant.” As recently as last week, Netanyahu told the Knesset Foreign Affairs and Defense Committee that “we need to control all of the territory for the foreseeable future,” before adding darkly that Israel “will forever live by the sword.”
  • ...1 more annotation...
  • In light of all this, it’s difficult to take seriously Netanyahu’s most recent claim that he supports the creation of a Palestinian state. At best, he has in the past expressed support for a Palestinian “entity” with some features of self-governance (an idea that has well-known historical precedents), but certainly not one that affords genuine independence, freedom or statehood to its inhabitants. At his most brazen, he has denied the possibility of even that limited form of self-determination, stating bluntly that Israel will control the entire West Bank and keep its inhabitants under indefinite military subjugation. Netanyahu has nonetheless been allowed to maintain a convenient fiction that he supports the negotiated goal of Palestinian self-determination. In reality, he has never really supported it. Thanks in large part to Netanyahu’s leadership, a Palestinian state will likely never emerge. Due to his own obstinance, as well as American indulgence, a binational state or a formalized Apartheid regime have now become the most probable remaining outcomes to this disastrous, decades-long conflict.
  • Paul Merrell on 13 Nov 15
     
    Negotiation of a "2-state solution" for Israel and Palestine has never been anything more than an excuse for continuing the status quo, with Israel dominating both territories in an apartheid state. The 2-state solution, moreover, denies all residents of the former British Mandate Territory of Palestine (including present day Israel) of their fundamental right to self-determination of their form of government established by the U.N. Charter. And the notion of a 2-state solution with territorial swaps ignores the right of Arab residents of the Mandate Territory to return to their homes at the close of hostilities, a right specifically forbidden from being negotiable by Israel and the Palestinian authority; it is an individual right that governments cannot lawfully barter away.   I'm glad to see The Intercept taking a no holds barred, speak-truth-to-power  approach to the Israel-Palestine question. 
Paul Merrell

FBI Admits It Controlled Tor Servers Behind Mass Malware Attack | Threat Level | Wired.com - 0 views

www.wired.com/...freedom-hosting-fbi

surveillance state FBI Tor NSA

shared by Paul Merrell on 05 Oct 13 - No Cached
  • It wasn’t ever seriously in doubt, but the FBI yesterday acknowledged that it secretly took control of Freedom Hosting last July, days before the servers of the largest provider of ultra-anonymous hosting were found to be serving custom malware designed to identify visitors. Freedom Hosting’s operator, Eric Eoin Marques, had rented the servers from an unnamed commercial hosting provider in France, and paid for them from a bank account in Las Vegas. It’s not clear how the FBI took over the servers in late July, but the bureau was temporarily thwarted when Marques somehow regained access and changed the passwords, briefly locking out the FBI until it gained back control. The new details emerged in local press reports from a Thursday bail hearing in Dublin, Ireland, where Marques, 28, is fighting extradition to America on charges that Freedom Hosting facilitated child pornography on a massive scale. He was denied bail today for the second time since his arrest in July. Freedom Hosting was a provider of turnkey “Tor hidden service” sites — special sites, with addresses ending in .onion, that hide their geographic location behind layers of routing, and can be reached only over the Tor anonymity network. Tor hidden services are used by sites that need to evade surveillance or protect users’ privacy to an extraordinary degree – including human rights groups and journalists. But they also appeal to serious criminal elements, child-pornography traders among them.
  • On August 4, all the sites hosted by Freedom Hosting — some with no connection to child porn — began serving an error message with hidden code embedded in the page. Security researchers dissected the code and found it exploited a security hole in Firefox to identify users of the Tor Browser Bundle, reporting back to a mysterious server in Northern Virginia. The FBI was the obvious suspect, but declined to comment on the incident. The FBI also didn’t respond to inquiries from WIRED today. But FBI Supervisory Special Agent J. Brooke Donahue was more forthcoming when he appeared in the Irish court yesterday to bolster the case for keeping Marques behind bars, according to local press reports. Among the many arguments Donahue and an Irish police inspector offered was that Marques might reestablish contact with co-conspirators, and further complicate the FBI probe. In addition to the wrestling match over Freedom Hosting’s servers, Marques allegedly dove for his laptop when the police raided him, in an effort to shut it down.
  • The apparent FBI-malware attack was first noticed on August 4, when all of the hidden service sites hosted by Freedom Hosting began displaying a “Down for Maintenance” message. That included at least some lawful websites, such as the secure email provider TorMail. Some visitors looking at the source code of the maintenance page realized that it included a hidden iframe tag that loaded a mysterious clump of Javascript code from a Verizon Business internet address. By midday, the code was being circulated and dissected all over the net. Mozilla confirmed the code exploited a critical memory management vulnerability in Firefox that was publicly reported on June 25, and is fixed in the latest version of the browser. Though many older revisions of Firefox were vulnerable to that bug, the malware only targeted Firefox 17 ESR, the version of Firefox that forms the basis of the Tor Browser Bundle – the easiest, most user-friendly package for using the Tor anonymity network. That made it clear early on that the attack was focused specifically on de-anonymizing Tor users. Tor Browser Bundle users who installed or manually updated after June 26 were safe from the exploit, according to the Tor Project’s security advisory on the hack.
  • ...2 more annotations...
  • Perhaps the strongest evidence that the attack was a law enforcement or intelligence operation was the limited functionality of the malware. The heart of the malicious Javascript was a tiny Windows executable hidden in a variable named “Magneto.” A traditional virus would use that executable to download and install a full-featured backdoor, so the hacker could come in later and steal passwords, enlist the computer in a DDoS botnet, and generally do all the other nasty things that happen to a hacked Windows box. But the Magneto code didn’t download anything. It looked up the victim’s MAC address — a unique hardware identifier for the computer’s network or Wi-Fi card — and the victim’s Windows hostname. Then it sent it to a server in Northern Virginia server, bypassing Tor, to expose the user’s real IP address, coding the transmission as a standard HTTP web request.
  • The official IP allocation records maintained by the American Registry for Internet Numbers show the two Magneto-related IP addresses were part of a ghost block of eight addresses that have no organization listed. Those addresses trace no further than the Verizon Business data center in Ashburn, Virginia, 20 miles northwest of the Capital Beltway. The code’s behavior, and the command-and-control server’s Virginia placement, is also consistent with what’s known about the FBI’s “computer and internet protocol address verifier,” or CIPAV, the law enforcement spyware first reported by WIRED in 2007. Court documents and FBI files released under the FOIA have described the CIPAV as software the FBI can deliver through a browser exploit to gather information from the target’s machine and send it to an FBI server in Virginia. The FBI has been using the CIPAV since 2002 against hackers, online sexual predators, extortionists, and others, primarily to identify suspects who are disguising their location using proxy servers or anonymity services, like Tor. Prior to the Freedom Hosting attack, the code had been used sparingly, which kept it from leaking out and being analyzed.
  • Paul Merrell on 05 Oct 13
     
    Taking down the entire Freedom Hosting service because some content was kiddie porn is reminiscent of the U.S. government's proxy take-down of Mega-Upload in New Zealand. Such actions that disable legitimate users or deny access to their data are in my opinion violative of the 1st and 4th Amendments.  It suppresses the Freedom of Speech and seizes more than the 4th Amendment allows.  That our own government would use malware for surveillance purposes under any circumstance is just plain chilling.
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