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Gary Edwards

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

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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.
  • ...11 more annotations...
  • 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
Paul Merrell

China to Start Payments With Russia in National Currencies on December 29 / Sputnik Int... - 0 views

sputniknews.com/...1016284341.html

war & peace economic-warfare China Russia Malaysia New-Zealand de-dollarization

shared by Paul Merrell on 29 Dec 14 - No Cached
  • China will start swaps and forwards between the yuan and the national currencies of Russia, Malaysia and New Zealand on December 29, the China Foreign Exchange Trade System (CFETS) reported Friday. Earlier in December, China's Minister of Commerce Gao Hucheng claimed that China could increase the usage of yuan in trade with Russia amid the ruble's depreciation, which falls in line with China's intention to increase the usage of national currencies in international payments in order to weaken the US dollar's dominance in global finance and promote the yuan as an alternative.
  • In October, the Russian Central Bank and the People's Bank of China reached a three-year agreement on currency swaps worth 150 billion yuan (over $24 billion). Both the Russian and the Chinese leaders have repeatedly praised the decision, saying it would bring positive effects for the countries' economies and currencies. The main benefits of mutual payments in national currencies are the absence of charges for the conversion of the currencies, direct payments and higher transparency in relations between the banks.
  • Paul Merrell on 29 Dec 14
     
    Here we go!
Paul Merrell

Moscow hosts the final Meeting before the Establishment of the EEU in January 2015 | ns... - 0 views

nsnbc.me/...ent-of-the-eeu-in-january-2015

war & peace economic-warfare BRICS EEC ASEAN MERCOSUR

shared by Paul Merrell on 22 Dec 14 - No Cached
  • The Supreme Eurasian Economic Council convenes in the Russian capital Moscow on Tuesday, December 23. The summit will be the final meeting before the formal establishment of the Eurasian Economic Union (EEU) on January 1, 2015 and the expected accession of Armenia and Kyrgyzstan on respectively January 2, and May 15, 2015.  The Council convenes in Moscow to add the finishing touches before the formal establishment of the EEU, which constitutes a customs, trade and consumer potential of more than 170 million people. The EEU is the largest economic union in the post-Soviet era, reports the Russian news agency Tass.
  • The news agency quoted the spokesman of Russian President Vladimir Putin, Yury Ushakov, as saying that the EEU is guided by the principles of the World Trade Organization (WTO) and that it will afford the free movement of goods, services, capital as well as labor force within the Union. The Supreme Eurasian Economic Council is, thus far, constituted by the heads of State of  Belarus, Kazakhstan and Russia. It is expected that the three heads of State also will make announcements pertaining the finalization of the procedures for the membership of Armenia as constituent of the EEU. Armenia is expected to join the EEU on January 2, 2015. Moreover, Kyrgyzstan is expected to join the Union on May 15, 2015 after the ratification of additional protocols.
  • A decision on the presidency over the EEU is also expected to be announced after the Council’s meeting on Tuesday. The presidency over the EEU will circulate in alphabetical order, said Ushakov. Another item on the agenda of the Council will be discussions on issues pertaining the cooperation between the EEU, its constituents, and foreign partners. In particular, are mentioned Egypt, India, Israel and Vietnam. Ushakov added that there also exist plans for the signing of cooperation memorandums with the Association of South East Asian Nations (ASEAN) as well as with the Latin American MERCOSUR.
  • Paul Merrell on 22 Dec 14
     
    BRICS on the march.
Paul Merrell

Russia, Iran to Create Joint Bank for Transactions in National Currencies / Sputnik Int... - 0 views

sputniknews.com/...1017387265.html

war & peace economic-warfare de-dollarization Russia Iran

shared by Paul Merrell on 28 Jan 15 - No Cached
  • Russia and Iran plan to create a joint account for national currency trade, Iranian Ambassador to Russia Mehdi Sanaei told RIA Novosti in an interview Tuesday. "Both sides plan to create a joint bank, or joint account, so that payments may be made in rubles and rials and there is an agreement to create a working group [for this]," Sanaei said. The Iranian ambassador added that relations between Moscow and Tehran "are actively developing" and that 2014 was "a very fruitful year" for both countries. The Iranian Central Bank deputy governor announced last week that it suspended the use of the US dollar in foreign trade transactions, adding that bilateral currency swap agreements were under consideration.
  • The ambassador also said that Tehran expects to sign a contract or memorandum of mutual understanding in 2015 with the Eurasian Economic Union to begin exports to Russia. “I think that in 2015 we need to work on this so that Iran has concrete economic contracts with the EEU…Iran plans to use this opportunity for its exports to Russia and other [countries],” Sanaei said.
  • Speaking about export Iranian ambasaador expressed hope that country's producers will get approval to export dairy and meat products to Russia by March of this year. “The first delivery of shrimp and trout to Russia was announced this week. All that remains is that companies that produce dairy and meat products also receive approval on the export of their goods to Russia,” Sanaei said.
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  • Moreover, Moscow and Tehran are considering the possibility of creating a visa-free regime between the two countries for businessmen and tourists by signing a memorandum of understanding in 2015, Iranian Ambassador to Russia Mehdi Sanaei told RIA Novosti in an inteview Tuesday.
Paul Merrell

Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis - Europe ... - 0 views

www.independent.co.uk/...nd-ukraine-crisis-9638764.html

war & peace Ukraine Russia Germany negotiations

shared by Paul Merrell on 31 Jul 14 - No Cached
  • Merkel and Putin negotiate to trade Crimea’s sovereignty for guarantees on energy security and trade
  • Paul Merrell on 31 Jul 14
     
    That will have the Obama Administration neocons seeing red. Merkel negotiating, inter alia, to keep Ukraine out of NATO.
Paul Merrell

Ukraine, Georgia and Moldova to obtain non-NATO ally status, increase in transfer of mi... - 0 views

stratrisks.com/20345

war & peace Ukraine Russia Georgia Moldova Aserbaijan Bosnia Herzegovina Kosovo Macedonia Montenegro Serbia Crimea NATO

shared by Paul Merrell on 19 Jul 14 - No Cached
  • The U.S. Congress passed in two readings a Russian aggression prevention bill that provides major non-NATO ally status for Ukraine, Georgia, and Moldova (during the period in which each of such countries meets specified criteria) for purposes of the transfer or possible transfer of defense articles or defense services. The bill was submitted to the competent commission for being prepared for the final reading, APA reports, quoting the official website of the U.S. Congress. The bill directs President Barack Obama to increase U.S. Armed Forces interactions with the armed forces of Ukraine, Georgia, Moldova, Azerbaijan, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia; and U.S and NATO security assistance to such states. Armenia is not included in the list. The bill also amends the Natural Gas Act to apply the expedited application and approval process for natural gas exports to World Trade Organization members, and urges the U.S. Agency for International Development (USAID), the Trade and Development Agency, the Overseas Private Investment Corporation (OPIC), the World Bank Group, and the European Bank for Reconstruction to promote assistance to Ukraine, Georgia, and Moldova in order to exploit natural gas and oil reserves and to develop alternative energy sources.
  • The document prohibits any federal department or agency from taking any action that recognizes Russian Federation sovereignty over Crimea or otherwise endorses the Russian Federation’s illegal annexation of Crimea, and directs the Secretary of State to strengthen democratic institutions, the independent media, and political and civil society organizations in countries of the former Soviet Union; and increase educational and cultural exchanges with countries of the former Soviet Union.
Paul Merrell

Palestinian Civil Society Salutes California Dockworkers and Endorses their "Block-the-... - 0 views

www.bdsmovement.net/...lock-the-boat-bds-action-12730

war & peace Israel Palestine BDS Longshoremen

shared by Paul Merrell on 09 Nov 14 - No Cached
  • Occupied Palestine, 7 October 2014 – The Palestinian Boycott, Divestment and Sanctions National Committee (BNC), the largest coalition in Palestinian society that leads the global BDS movement for Palestinian rights, warmly salutes the Oakland, California dockworkers and community activists for their inspiring new victory against the Israeli container ship Zim on 27 September 2014. As widely reported, community and trade union activists demonstrating against the recent Israeli massacre in Gaza have launched a 200-strong fresh picket at the Port of Oakland in California, preventing the Zim Shanghai from unloading its cargo. Heeding Palestinian civil society’s call from Gaza for intensifying BDS actions against Israel and its complicit companies and institutions, the “Block the Boat” campaign activists gathered at the port to prevent the Zim from offloading. Members of the International Longshore and Warehouse Union (ILWU-Local 10) refused to unload the ship, citing “safety fears.” The 5 September Call from Gaza, issued by the BNC and the main trade and professional unions, women’s associations and mass movements in Gaza, called for: “Building effective direct action against Israel and Israeli companies, such as the inspiring Block the Boat actions that prevented Israeli ships from unloading in California and Seattle … .” Abdulrahman Abu Nahel, BNC coordinator in Gaza, commented on this fresh victory saying, “This success will further boost the global Boycott, Divestment and Sanctions (BDS) movement’s ability to hold Israel to account for its siege of Gaza and other crimes committed against the Palestinian people.” “The dockworkers of ILWU-Local 10 and Oakland community activists are showing what effective, principled solidarity looks like. We deeply appreciate their ongoing support for our struggle for freedom, justice and equality,” added Abu Nahel.
  • Paul Merrell on 09 Nov 14
     
    Note carefully that theBDS demonstrators blocking the Israeli ship from unloading included the Longshoreman and Warehouse Union. Same in Los Angeles a couple of days ago. The significance: During the South African apartied BDS movement, the involvement of the same union was the straw that broke South Africa's back and caused the U.S. government, the last nation still supporting South Africa, to drop its support. Very quickly, South Africa had a new government with Nelson Mandela as President. This may not be that critical added straw this time around, but BDS is getting very near critical mass.  
Paul Merrell

Ukraine Finance Minister's American 'Values' | Consortiumnews - 0 views

consortiumnews.com/...ance-ministers-american-values

war & peace U.S.-foreign-policy Ukraine Finance-Minister Jaresko USAID

shared by Paul Merrell on 19 Feb 15 - No Cached
  • Ukraine’s new Finance Minister Natalie Jaresko, who has become the face of reform for the U.S.-backed regime in Kiev and will be a key figure handling billions of dollars in Western financial aid, was at the center of insider deals and other questionable activities when she ran a $150 million U.S.-taxpayer-financed investment fund.Prior to taking Ukrainian citizenship and becoming Finance Minister last December, Jaresko was a former U.S. diplomat who served as chief executive officer of the Western NIS Enterprise Fund (WNISEF), which was created by Congress in the 1990s and overseen by the U.S. Agency for International Development (U.S. AID) to help jumpstart an investment economy in Ukraine.
  • Paul Merrell on 19 Feb 15
     
    A very large whiff that Ms. Jaresko should be doing time in federal prison for insider trading and fraud upon the federal government.
Paul Merrell

Iran No Longer Accepting Dollars For Oil, Demanding Euros Instead - 0 views

www.mintpressnews.com/...213505

war & peace economic-warfare Iran Euros petrodollar banksters

shared by Paul Merrell on 09 Feb 16 - No Cached
  • Even with a number of U.S. sanctions against Iran coming to an end, the Iranian government has recently made a very important decision in regards to its oil payment system and it could spell bad news for the United States. This is because Iran has apparently decided to no longer accept U.S. dollars for payment on both its new and outstanding oil sales. Instead it will receive its payment in euros. Reuters has cited an official from the National Iranian Oil Company (NIOC) as stating that the new plan will apply to “newly signed deals” with France’s Total, Russia’s Lukoil, and Spain’s Cepsa. Reuters quotes the official as saying that “In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery.”   In addition, Iran is also informing its trading partners, including India, that owe billions of dollars that it now prefers to be paid in euros instead of dollars. “Iran shifted to the euro and cancelled trade in dollars because of political reasons,” the official source said, pointing out that this policy was concocted during the time of the sanctions.
Paul Merrell

Farsnews - 0 views

en.farsnews.com/newstext.aspx

war & peace Syria Turkey Erdogan-resignation Russia ISIL oil-smuggling

shared by Paul Merrell on 27 Dec 15 - No Cached
  • Russian Foreign Ministry Spokesperson Maria Zakharova said following independent reports in support of Moscow's intel and evidence on the Turkish scandal of oil trade with the ISIL Takfiri terrorist groups, it's now President Erdogan's turn to act on his words and resign.Addressing a weekly press briefing in Moscow on Thursday, Russian Foreign Ministry Spokeswoman Maria Zakharova said that her country's information about smuggling of ISIL oil in Turkey has been confirmed by other sources now. "For instance, Danish newspaper Klassenkampen has published report on Turkish participation in oil smuggling, which has been prepared by consulting company Rystad Energy," she said. The Spokesperson stressed that Turkish president Recep Tayyip Erdogan had stated earlier that he would step down if ISIL oil smuggling would be confirmed, but Russia has presented evidence on Turkish partnership in the smuggling, implying that it's now Erdogan's turn. "I would like to remind you that not too long ago, Turkish President announced his readiness to resign if it is proven that oil deliveries by Ankara or with the help of the government of Ankara from the terrorist group [are taking place], that ‘if this fact is proven, I’ll leave this chair,’ Erdogan told journalists on the sidelines of the climate summit in Paris. I’d like to understand: What’s up with that chair?" the Russian FM spokeswoman underlined.
  • "Russia is implementing all measures in countering oil smuggling by the ISIL and hopes that other countries will join in cooperating with Moscow," Zakharova said. "As you know, and we’ve said this constantly, Russia is implementing measures in order to stop and close the paths of oil deliveries by terrorists. We hope for active actual cooperation with other countries towards goals," she added. Earlier, the Russian defense ministry announced that Erdogan and his family members are directly involved in illegal oil deliveries from ISIL oil fields in Syria. Turkey’s leadership, including president Erdogan and his family, is involved in illegal oil trade with ISIL militants, the Russian Defense Ministry had said, stressing that Turkey is the final destination for oil smuggled from Syria and Iraq. Satellite and drone images showed hundreds and hundreds of oil trucks moving from ISIL-held territory to Turkey to reach their destination at Turkish refineries and ports controlled by Turkish president's family.
  • Paul Merrell on 27 Dec 15
     
    As articles begin to break into U.S. mainstream media about Turkey's interactions with ISIL and al-Nusrah, Erdogan hasn't heard the last call for his resignation. Alternative media are helpfully cataloging Erdogan's sins. See e.g., http://journal-neo.org/2015/12/24/turkey-a-criminal-state-a-nato-state/
Paul Merrell

Most Americans Believe Palestinians Occupy Israeli Land - Antiwar.com Original by -- An... - 0 views

original.antiwar.com/...lestinians-occupy-israeli-land

war & peace Israel Palestine occupation public-opinion U.S.

shared by Paul Merrell on 31 Mar 16 - No Cached
  • According to an IRmep poll fielded by Google Consumer Surveys the majority of Americans (49.2 percent) believe that Palestinians occupy Israeli land rather than the reverse. The statistically-significant survey was fielded on March 9 in four nations and had a margin of error of 1.7-4.3 percent. The U.S. adult internet population is alone in North America believing that Israelis are under a Palestinian occupation. A simultaneous survey of Canadians reveals that 51.4 percent correctly believe Israelis occupy Palestinian land, while 54.6 percent of Mexicans also believe Israel occupies Palestinian territory. Adults living in the United Kingdom were the most convinced among the four countries surveyed with 57.7 percent believing “Israelis occupy Palestinian land.” The issue has taken on new relevance with the EU’s efforts to clearly label the origin of goods produced in Israeli West Bank settlements. The organization tasked with lobbying congress on behalf of many Israel affinity organizations in the US, the American Israel Public Affairs Committee or AIPAC, deems the EU labeling measure an “attack” on Israel and has sought to legitimize products from “Israeli-controlled territories” in US trade legislation. AIPAC has sought to “blur” the issue by promoting the Israeli government formulation of the lands as “disputed” rather than “occupied.”
  • Paul Merrell on 31 Mar 16
     
    While the statistic on the American public's ignorance is facially dismaying, it's going to change and change rather quickly as a result of the educational efforts of the mushrooming Palestinian Boycott, Divestment, and Sanctions movement in the U.S. It's good to have a baseline public opinion to work from.
Paul Merrell

Iran bans using dollar as base import pricing currency - Business | Kashmir Observer - 0 views

kashmirobserver.net/...-import-pricing-currency-29375

war & peace Iran de-dollarization

shared by Paul Merrell on 04 Mar 18 - No Cached
  • Iran moved a step closer to a plan to ditch the dollar in its trade activities by announcing that purchase orders by merchants that are based on the greenback would no longer be allowed to go through import proceedings.Iran’s domestic media reported that the policy was in line with an official request by the Central Bank of Iran (CBI) and was specifically meant to address fluctuations in market rates of the dollar.IRNA news agency quoted Mehdi Kasraeipour, CBI’s director of Foreign Exchange Rules and Policies Affairs, as saying that the move had become effective from Wednesday by virtue of a letter sent to the Ministry of Industry, Mines and Trade.
Paul Merrell

China's yuan gets support from Africa central banks to replace US dollar reserve - Quartz - 0 views

qz.com/...s-to-replace-us-dollar-reserve

war & peace economic-warfare de-dollarization China yuan Africa

shared by Paul Merrell on 03 Jun 18 - No Cached
  • African central bank leaders are currently discussing whether to hold the yuan as part of their foreign reserves, highlighting the Chinese money’s rise as one of the world’s major reserve currencies. Government officials from 14 African nations in eastern and southern Africa are meeting today (May 29) in the Zimbabwean capital Harare to discuss sovereign reserve management, according to a report from the official China press agency Xinhua. The forum is being held by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), a regional establishment with members including Angola, Kenya, Tanzania, Zambia, and Tanzania. Besides strategizing on how to improve the weakened external positions of member nations during the global economic downturn, policymakers will also debate how to keep pace with large shifts in the global economy, where China has risen as a dominant and disruptive player. “Most countries in the MEFMI region have loans or grants from China and it would only make economic sense to repay in renminbi (Chinese yuan),” MEFMI spokesperson Gladys Siwela-Jadagu said. “With China as the largest trading partner of over 130 countries, the main challenge for African countries is how to benefit from the new pattern of international commerce,” she added.
  • The move underscores China’s push to internationalize its currency in order to promote trade and investment, besides boosting its soft power. This is especially true in the era of Xi Jinping whose extended rule and assertive governance are set to reshape the country’s diplomatic, military, and economic place in coming years. The move is also indicative of China’s emergence as a greater power willing to fill in a financial gap, especially in the isolationist post-Brexit and “America first” era.
Paul Merrell

Venezuela Bucks Petrodollar, Announces Cryptocurrency Backed by Oil - 0 views

www.mintpressnews.com/...235131

war & peace economic-warfare Venezuela cryptocurrency reserve currrencies

shared by Paul Merrell on 05 Dec 17 - No Cached
  • Months after Russia became the first country to announce the creation of a state-backed Cryptorouble, Venezuela has followed suit, announcing the creation of El Petro, a state-sanctioned cryptocurrency to be backed by Venezuela’s extensive reserves of crude oil. Venezuela has already broken free of Dollar dependence months ago when Caracas announced it would be trading its oil using China’s Petroyuan. Venezuelan President Nicolas Maduro also stated that he would like to begin trade with Russia in the Rouble. With Venezuela heavily sanctioned by the United States, El Petro looks to be another tool which Venezuela can use to continue and conduct international commerce without relying on Dollar based financial institution.
  • Crucially, while existing Cryptocurrencies tend to create their initial value through an arithmetic process called “mining”, leaving them heavily subject to market fluctuation, El Petro will be backed by a known commodity, oil, thus giving it a clear advantage for risk-averse investors. While the world’s most popular cryptocurrency Bitcoin, has seen its value skyrocket against the Dollar, some remain unconvinced of its long-term prospects for stability. A currency, backed by oil would, by contrast, ostensibly fluctuate in accordance with the well established global price of Brent Crude.
  • An official oil-backed cryptocurrency could work in tandem with Russia’s soon to be launched Cryptorouble, a digital currency which will ostensibly be backed by the vast resources of the Russian state. With western governments ambivalent about how to treat existing cryptocurrencies, Russia and Venezuela have taken the lead to both normalize cryptos while backing them by well-known assets.
  • Paul Merrell on 05 Dec 17
     
    The petrodollar takes another hit.
Paul Merrell

Asia Times Online :: The Fall of the House of Europe - 0 views

www.atimes.com/...WOR-01-110313.html

banksters financial-collapse EU collapse Italy

shared by Paul Merrell on 12 Mar 13 - No Cached
  • There's more, much more. These four characters - Bersani, Monti, Grillo, Berlusconi - happen to be at the heart of a larger than life Shakespearean tragedy: the political failure of the troika (European Commission, European Central Bank and International Monetary Fund), which translates into the politics of the European Union being smashed to pieces. That's what happens when the EU project was never about a political ''union'' - but essentially about the euro as a common currency. No wonder the most important mechanism of European unification is the European Central Bank. Yet abandon all hope of European politicians asking their disgruntled citizens about a real European union. Does anybody still want it? And exactly under what format?
  • All hell is breaking loose in the EU. Le Monde insists Europe is not in agony. Oh yes, it is; in a coma. And yet Brussels (the bureaucrat-infested European Commission) and Berlin (the German government) simply don't care about a Plan B; it's austerity or bust. Predictably, Dutch Finance Minister Jeroen Dijsselbloem - the new head of the spectacularly non-transparent political committee that runs the euro - said that what Monti was doing (and was roundly rejected by Italians) is ''crucial for the entire eurozone''.
  • The verdict is of an Italy ''in the hands of polit-clowns that may shatter the euro or force the country to exit''. Even the liberal-progressive Der Tagesspiegel in Berlin defines Italy as ''a danger to Europe''
  • ...3 more annotations...
  • So whatever government emerges in Italy, the message from Brussels, Berlin and Frankfurt remains the same: if you don't cut, cut and cut, you're on your own. Germany, for its part, has only a plan A. It spells out ''Forget the Club Med''. This means closer integration with Eastern Europe (and further on down the road, Turkey). A free trade deal with the US. And more business with Russia - energy is key - and the BRICS in general. Whatever the public spin, the fact is German think-tanks are already gaming a dual-track eurozone.
  • Philosopher Franco Berardi - who way back in the 1970s was part of the Italian autonomous movements - correctly evaluates that what Europe is living today is a direct consequence of the 1990s, when financial capital hijacked the European model and calcified it under neoliberalism. Subsequently, a detailed case can be made that the financial Masters of the Universe used the aftermath of the 2008 financial crisis to turbo-charge the political disintegration of the EU via a tsunami of salary cuts, job precariousness for the young, the flattening of pensions and hardcore privatization of everything. No wonder roughly 75% of Italians ended up saying ''No'' to Monti and Merkel.
  • What Grillo's movement has already done is to show how ungovernable Europe is under the Monti-Merkel austerity mantra. Now the ball is in the European financial elite's court. Most wouldn't mind letting Italy become the new Greece. So we go back full circle. The only way out would be a political reformulation of the EU. As it is, most of Europe is watching, impotently, the death of the welfare state, sacrificed in the altar of Recession. And that runs parallel to Europe slouching towards global irrelevance - Real Madrid and Bayern Munich notwithstanding. The Fall of the House of Europe might turn into a horror story beyond anything imagined by Poe - displaying elements of (already visible) fascism, neo-Dickensian worker exploitation and a wide-ranging social, civil war. In this context, the slow reconstruction of a socially based Europe may become no more than a pipe dream.
Paul Merrell

Unions join forces with Turkish protesters - CNN.com - 0 views

edition.cnn.com/...index.html

war & peace Turkey Arab Spring

shared by Paul Merrell on 04 Jun 13 - No Cached
  • Istanbul (CNN) -- Trade unions claiming 240,000 members are throwing their weight behind anti-government demonstrations across Turkey. The KESK confederation of public sector workers was calling a two-day strike starting Tuesday to protest what it called the "fascism" of the governing party of Prime Minister Recep Tayyip Erdogan, who has become one of the focal points of demonstrators' anger. They have united demonstrators from across the political spectrum against a common foe: security forces who unleashed tear gas and water cannon on them in response to what had been largely peaceful protests against Erdogan's government.
  • Turkish Deputy Prime Minister Bulent Arinc on Tuesday apologized "for the police aggression against our citizens who were involved in the initial protests and acted with environmental concern," Turkey's semiofficial Anadolu news agency reported. But, Arinc said, "I don't think we owe an apology to those who caused destruction on the streets and who interfered with people's freedom." The Turkish Medical Association said that at least 3,195 people were injured in clashes Sunday and Monday. Of them, 26 were in serious or critical condition, it said. One protester, Mehmet Ayvalitas, died of his injuries, the association said. And the governor of Hatay in southeastern Turkey said that a 22-year-old man, Abdulah Comert, was killed with a firearm by unknown people during demonstrations late Monday, Anadolu reported.
  • The protests have spread to 67 of Turkey's 81 provinces, according to Anadolu.
Gary Edwards

James Madison and the States Natural Right of Nullification ; Publius-Huldah's Blog - 0 views

publiushuldah.wordpress.com

Publius-Huldah USA-Constitution Nullification States-Rights tenth-amendment

shared by Gary Edwards on 01 Feb 13 - No Cached
  • What are the Two Conditions Precedent for Nullification?
  • The act of the federal government must be unconstitutional –  usually a usurpation of a power not delegated to the federal government in the Constitution; and
  • The act must be something The States or The People can “nullify”- i.e., refuse to obey:  the act must order them to do something or not do something.
  • ...38 more annotations...
  • If the federal government should overpass the just bounds of its authority and make a tyrannical use of its powers, the people, whose creature it is, must appeal to the standard [the Constitution] they have formed, and take such measures to redress the injury done to the Constitution as the exigency may suggest and prudence justify.”
  • When the act of the federal government is unconstitutional and orders The States or The People to do – or not do – something, nullification is the proper form of interposition.
  • When the act of the federal government is unconstitutional, but doesn’t order The States or The People to do – or not do – something (the alien & sedition acts), nullification is not possible. The States may interpose by objecting, as in The Virginia & Kentucky Resolutions of 1798.
  • When the act of the federal government is constitutional, but unjust (the Tariff Act of 1828), the States may not nullify it; but may interpose by objecting and trying to get the Tariff Act changed.
  • Our Founding Principles in a Nutshell
  • Rights come from God;
  • People create governments;
  • The purpose of government is to secure the rights God gave us; and
  • When a government We created seeks to take away our God given rights, We have the Right – We have the Duty – to alter, abolish, or throw off such government.
  • The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected.
  • The powers reserved to the several States will extend to all the objects which … concern the lives, liberties, and properties of the people, and the internal order, improvement, and prosperity of the State.”
  • These enumerated powers concern: Military defense, international commerce & relations; Control of immigration and naturalization of new citizens; Creation of a uniform commercial system: Weights & measures, patents & copyrights, money based on gold & silver, bankruptcy laws, mail delivery & some road building; and With some of the Amendments, protect certain civil rights and voting rights (for blacks, women, citizens who don’t pay taxes, and citizens 18 years and older).
  • It is only with respect to the enumerated powers that the federal government has lawful authority over the Country at large. All other powers are “reserved to the several States” and The People.
  • It is to secure our rights to life and liberty by:
  • Military defense (Art. I, Sec. 8, cl. 11-16); Laws against piracy and other felonies committed on the high seas (Art. I, Sec. 8, cl. 10); Protecting us from invasion (Art IV, Sec. 4); Prosecuting traitors (Art III, Sec. 3); and Restrictive immigration policies (Art. I, Sec. 9, cl. 1).
  • It is to secure our property rights by:
  • Regulating trade & commerce so we can produce, sell & prosper (Art. I, Sec. 8, cl.3). The original intent of the interstate commerce clause is to prohibit States from levying tolls & taxes on articles of commerce as they are transported thru the States for buying & selling. Establishing uniform weights & measures and a money system based on gold & silver (Art I, Sec. 8, cl. 5) – inflation via paper currency & fractional reserve lending is theft! Punishing counterfeiters (Art I, Sec. 8, cl. 6); Making bankruptcy laws to permit the orderly dissolution or reorganization of debtors’ estates with fair treatment of creditors (Art I, Sec 8, cl. 4); and Issuing patents & copyrights to protect ownership of intellectual labors (Art I, Sec 8, cl 8)
  • It is to secure our right to liberty by:
  • Laws against slavery (13th Amendment); Providing fair trials in federal courts (4th, 5th, 6th, 7th, and 8th Amendments); and          Obeying the Constitution!
  • The fourth Founding Principle in our Declaration is this: When government takes away our God given rights, We have the Right & the Duty to alter, abolish, or throw off such government. Nullification is thus a natural right of self-defense:
  • 1. As we have just seen, Jefferson, Madison, and Hamilton saw nullification of unconstitutional acts of the federal government as a “natural right” – not a “constitutional right”. And since Rights come from God, there is no such thing as a “constitutional right”!
  • 2. The Right of Nullification, transcending as it does, the Constitution; and being nowhere prohibited by the Constitution to the States, is a reserved power.
  • The 10th Amendment says: “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”
  • Madison’s Report on the Virginia Resolutions (1799-1800)
  • Now! Note Well:  Madison actually says, in the same Report Barnett cites, that it is “a plain principle, founded in common sense” that The States are the final authority on whether the federal government has violated our Constitution! Under his discussion of the 3rd Resolution, Madison says:
  • “It appears to your committee to be a plain principle, founded in common sense, illustrated by common practice, and essential to the nature of compacts; that where resort can be had to no tribunal superior to the authority of the parties, the parties themselves must be the rightful judges in the last resort, whether the bargain made, has been pursued or violated. The Constitution of the United States was formed by the sanction of the States, given by each in its sovereign capacity. It adds to the stability and dignity, as well as to the authority of the Constitution, that it rests on this legitimate and solid foundation. The States then being the parties to the constitutional compact, and in their sovereign capacity, it follows of necessity, that there can be no tribunal above their authority, to decide in the last resort, whether the compact made by them be violated; and consequently that as the parties to it, they must themselves decide in the last resort, such questions as may be of sufficient magnitude to require their interposition.” [emphasis mine]
  • Madison explains that if, when the federal government usurps power, the States cannot act so as to stop the usurpation, and thereby preserve the Constitution as well as the safety of The States; there would be no relief from usurped power. 
  • This would subvert the Rights of the People as well as betray the fundamental principle of our Founding:
  • …If the deliberate exercise, of dangerous power, palpably withheld by the Constitution, could not justify the parties to it, in interposing even so far as to arrest the progress of the evil, and thereby to preserve the Constitution itself as well as to provide for the safety of the parties to it; there would be an end to all relief from usurped power, and a direct subversion of the rights specified or recognized under all the State constitutions, as well as a plain denial of the fundamental principle on which our independence itself was declared.” [emphasis mine]
  • Madison answers the objection “that the judicial authority is to be regarded as the sole expositor of the Constitution, in the last resort”.
  • Madison explains that when the federal government acts outside the Constitution by usurping powers, and when the Constitution affords no remedy to that usurpation; then the Sovereign States who are the Parties to the Constitution must likewise step outside the Constitution and appeal to that original natural right of self-defense.
  • Madison goes on to say that all three Branches of the federal government obtain their delegated powers from the Constitution; and they may not annul the authority of their Creator.
  • but, where powers are assumed which have not been delegated, a nullification of the act is the rightful remedy: that every State has a natural right in cases not within the compact, (casus non foederis,) to nullify of their own authority all assumptions of power by others within their limits: that without this right, they would be under the dominion, absolute and unlimited, of whosoever might exercise this right of judgment for them…” [boldface mine]
  • Application Today
  • When WE THE PEOPLE ratified our Constitution, and thereby created the federal government, WE did not delegate to our “creature” power to control our medical care, restrict guns and ammunition, dictate what is done in the public schools, dictate how we use our lands, and all the thousands of things they do WE never gave them authority in our Constitution to do.
  • Accordingly, each State has a natural right to nullify these unconstitutional dictates within its borders.  These dictates are outside the compact The Sovereign States made with each other –WE never gave our “creature” power over these objects.
  • To sum this up:
  • Nullification is a natural right of self-defense. Rights don’t come from the Constitution. Like all Rights, the right of self-defense comes from God (The Declaration of Independence, 2nd para). Nullification is a reserved power within the meaning of the 10th Amendment. The Constitution doesn’t prohibit States from nullifying, and We reserved the power to do it. God requires us to disobey civil authorities when they violate God’s Law. That’s why the 2nd para of the Declaration of Independence says we have the duty to overthrow tyrannical government. See: The Biblical Foundation of our Constitution. Nullification is required by Oath of Office:  Article VI, cl. 3 requires all State officers and judges to “support” the federal Constitution. Therefore, when the federal government violates the Constitution, the States must smack them down.
  • Gary Edwards on 01 Feb 13
     
    Incredible and passionate argument concerning the States natural God given right to nullify and render unenforceable un-Constitutional actions of the Federal Government.  As "creators" of the Federal Government, the States are obligated to nullify un-Constitutional actions and interpose Constitutional alternatives.  Huldah sites Jefferson, Madison and Hamilton as the primary Constitutional authorities for her rock solid argument.   If ever you want to learn about the Constitution, Publius Huldah is clearly the place to go.  
Gary Edwards

The End of the Middle Class is The End of America - 0 views

Financial expert Porter Stansberry recently posted the following commentary at The Project to Restore America. Chilling stuff. The number speak for themselves. This comes from Porter's newslette...

Porter-Stansberry financial-collapse Federal-Reserve-Bankster-Cartel

started by Gary Edwards on 27 Jun 13 no follow-up yet
Paul Merrell

Latin America is ready to defy the US over Snowden and other issues | Stephen Kinzer | ... - 0 views

www.guardian.co.uk/...den-ecuador-defy-united-states

surveillance state NSA Snowden Latin-America decline of the American Empire

shared by Paul Merrell on 27 Jun 13 - No Cached
  • Any country that grants asylum to Snowden risks retaliation from the United States, including diplomatic isolation and costly trade sanctions. Several don't seem to care. The fact that Latin America has become the favored refuge for a United States citizen accused of treason and espionage is an eye-popping reminder of how fully the continent has emerged from Washington's shadow."Latin America is not gone, and we want to keep it," President Richard Nixon told aides as he was pressing the covert operation that brought down the Chilean government in 1973. A decade later, the Reagan administration was fighting proxy wars in Nicaragua, El Salvador and Guatemala. In the 1980s the US Army invaded two Caribbean countries, Grenada and Panama, to depose leaders who had defied Washington.
  • During the 1990s the United States sought to impose the "Washington Consensus" on Latin American governments. It embodied what Latin Americans call "neo-liberal" principles: budget cuts, privatization, deregulation of business, and incentives for foreign companies. This campaign sparked bitter resistance and ultimately collapsed. In spite of these military, political, and economic assaults – or perhaps because of them – much of Latin America has become profoundly dissatisfied with the made-in-USA model. Some of the continent's most popular leaders rose to power by denouncing the "Washington Consensus" and pledging to pull their countries out of the United States orbit.Because President Hugo Chavez of Venezuela was the most flamboyant of these defiant leaders, some outsiders may have expected that following his death, the region would return to its traditional state of submission. In fact, not just a handful of leaders but huge populations in Latin America have decided that they wish for more independence from Washington.
  • This is vital for Snowden because it reduces the chances that a sudden change of government could mean his extradition. If he can make it to Latin America, he will never lack for friends or supporters.
  • ...1 more annotation...
  • From Ecuador, Snowden could travel widely. Everything from the splendor of Bolivia's Lake Titicaca to the vibrancy of teeming Caracas awaits him. With luck, he might even be able to visit Guatemala in September to attend the grand festival being planned for the 100th anniversary of the birth of Jacobo Arbenz, the reformist president who the United States deposed in 1954.
  • Paul Merrell on 27 Jun 13
     
    Remember when the U.S. routinely overthrew Latin-American governments at will, at the first sign of a government's resistance to U.S. dictates? The last time that occurred overtly was in 1989, with the invasion of Panama (although there have been later clandestine attempts). The cases of Julian Assange and Edward Snowden's selection of Ecuador as the refuge nation least likely to hand them over for U.S. prosecution illustrates the declining influence of U.S. government in Latin America.   
Paul Merrell

Bob Graham gets call from White House and word that declassification of secret 9/11 doc... - 1 views

www.tampabay.com/...2272945

war & peace 9-11 28-pages Obama declassification-review

shared by Paul Merrell on 14 Apr 16 - No Cached
  • After years of pushing to gain public release of 28 secret pages of a report on the Sept. 11, 2001, terrorist attacks, former U.S. Sen. Bob Graham said he got a call from the White House on Tuesday.
  • Graham told the Tampa Bay Times that Brett Holmgren, a senior policy adviser to the assistant to the president for Homeland Security, told him the declassification review of the documents withheld from a report issued by a Joint Congressional Commission in 2003 will soon be completed. Graham, who asked the president to declassify the records more than two years ago, said he asked how soon he could expect a decision and was told “one or two months.” Graham was co-chairman of a joint congressional committee that investigated the attacks. The 28 pages were classified at the request of the FBI. Graham has been pushing for release of the documents since 2011 when he learned that the FBI had failed to disclose part of its investigation that included reports that high-ranking Saudi Arabian officials provided financial aid and other help to the 19 hijackers who flew airplanes into the World Trade Center and the Pentagon. He says the FBI initially denied there were such reports but has since turned over 80,000 pages in a federal lawsuit seeking the release of all reports on the investigation. Graham said he believes recent news reports on the secrecy surrounding the 28 pages, including a report Sunday on 60 Minutes, prompted the White House to react. “The decisionmakers at the White House have realized the public cares about it and there is an urgency to come to a decision,’’ Graham said.
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