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The Daily Bell - Catherine Austin Fitts on Moral Investing and the Coming Equity 'Crash... - 1 views

  • If you talk about legacy systems and then a breakaway civilization, the legacy systems were financed with debt and if the resources have basically been shifted out and over into "NewCo" then that's going to be an equity model. We're literally coming into what I consider to be a planetary debt for equity swap. So the question for all of us is how do we navigate the turn? When do you leave the bond market and when does the equity increase occur? We've seen North America equity markets rising and the emerging markets falling this year.
  • We're seeing a tremendous divergence in the economy in North America between those portions of the economy that are adapting new technology and growing and the rest of the economy.
  • The other thing I watch is what the divergence means to bond credits and to equity valuations. If you look at the indices you don't really see it. If you look inside the indices you see some enormous splits in quality and value going on.
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  • The slow burn is a world in which for most people income is flat or falling and expenses are steadily rising. It's a debasement scenario. And the reality is the central banks have been able to have a quite liberal monetary policy because we've been able to offset that with labor deflation. So by globalizing labor and instituting technology you have tremendous deflationary pressures, which offset very generous monetary policy.
  • Starting in the '90s a decision was made to move significant amounts of capital out of existing systems in  the developed world and literally trillions of dollars of financial fraud was engineered to do that. As a financial phenomenon it was quite clever and trillions have literally been moved out between the fraud and the bailouts. I think what the Fed has been doing with quantitative easing is running a shredding operation where they buy up the fraudulent mortgage securities paper and are shredding it.
  • If you look at the Treasury, they've run a very tight regulatory process where that money doesn't seep out on Main Street. It's quite phenomenal the way they've managed to control it. I think one of the big questions is where is that money going to go now? It certainly looks to me like a great effort is being made to make sure it goes into equities, sort of keeps the bond market afloat and goes into equities. So I look it as a very political move.
  • You can balance the budget with fiscal measures or you can balance the budget by the Fed just buying bonds and if you look at the Fed's balance sheet, I think they have a much greater capacity to buy bonds. If you look at all the money that was stolen, the breakaway civilization has plenty of money to buy bonds.
  • I would say so far the Fed's policies have worked for what they're intended to do. We've moved a tremendous amount of money out of the economy. We've now basically run through the statute of limitations or done whatever management needed to cut the cords so that what I call the legacy systems can't get the money back. So the financial coup d'état has been successful and now the cover-up is pretty much over and successful.
  • So now you have big decisions. You have two economies. Before this started what I call the legacy systems had $100 trillion of liabilities and $100 trillion of assets – now, I'm just pulling those numbers out of the air – and
  • the coup moved $40 trillion of assets over into NewCo
  • if you will. Now we've got the legacy systems trying to reconcile $60 trillion of assets to $100 trillion of liabilities and there is a long, drawn-out, grinding process by which some people will get 50 cents on the dollar, some people will get zero cents on the dollar, some people will get 100 cents on the dollar. It's just a very difficult, complex and tangled political scene as to how that's going to all happen. Meantime, NewCo, with $40 trillion dollars, is investing and going gangbusters. NewCo is enjoying an unprecedented boom, investing in lots of new technology and new frontiers, including space. So I think the next step is to manage the lowering of expectations in the legacy systems. That's basically what the administration and the Fed are going to be doing for the next couple years, is just gutting their way through retirees' disappointment.
  • There are three things
  • Number one, Obamacare was created to create a framework that would allow significant reduction of costs and benefits under Medicare over time and healthcare over time;
  • Well, the goal of Obamacare is to control.
  • number two, Obamacare was to provide much more control over both the medical establishment and the population at large;
  • and then, three, to do it in a way that will protect corporate profits.
  • in a relatively short period of time US Medicare expenses would be several multiplicities of the GNP.
  • It's clearly a system that makes no economic sense. It's not just that people are aging. If we eat food that has little nutrition and provide healthcare in which pharmaceutical companies are allowed to charge many multiples of what they charge in other countries you're going to get a financial train wreck, which is where we're headed.
  • So I think the goal was to reconcile that and do it in a way that favors corporations and control.
  • If you go around the entire financial ecosystem, they're getting hit within every line by the same pro-centralization policies that ultimately go up to the same people.
  • Do I think it will snuff out the recovery? No. I think it will simply destroy the economics for a whole world of people who were productive.
  • I don't think the banks are fragile. What happened was they were asked to do a job, they did it and now they've taken all the fraudulent paper and sold it to the Fed or torn it up because they had so much in federal credit arbitrage earnings during this period. So I don't think they're fragile.
  • So it certainly puts us in a position where the creditworthiness of a lot of sovereign debt depends on government military might and the ability to debase a variety of players.
  • There's been a lot of regulation to make it easy for Wall Street to control and make it difficult for small businesses to raise and circulate liquid equity. It's one of the areas in the economy where there really has been a very serious conspiracy.
  • if you want to go really fast and prototype and build out infrastructure, the best way to do it is to make capital available to early venture and start-ups.
  • we, as a society, have stopped the markets from working in the start-up and the small business space.
  • If you look at it across all the different tools, from fabrication technology to new composite materials to robotics to lasers, we're reaching a critical mass of the economic costs dropping and the speed of learning accelerating.
  • If you look back at the history of the US stock market you'll see two huge spikes, one in the '20s, one in the '90s, both when very profound new communication and information technology came out.
  • I think we're in danger of another tech bubble. If you look at who's interested in putting money in this and getting lots of prototypes, the last time they did this was in the '90s. They made a fortune on fraud and they used it not only to serve some fundamental economic purposes but they used it to drain out the pension funds and the retail investors.
  • securities convertible into store credits
  • Wall Street doesn't understand about crowdfunding, are the new alignments that are going to be created in terms of circulating knowledge and purchases and money between consumers and entrepreneurs and companies. It's going to create a whole new level of intimacy.
  • I recommend the documentary, "The Naked Brand." It gives a good sense of the worth of that intimacy and the change from a mass media model to much more intimate relationships
  • awakening of global consciousness.
  • in North America there is almost an astonishing lack of transparency about how government money works within the jurisdiction for which we vote for political representation.
  • So if you were going to have proper transparency in America you would have annual financial statements for your congressional district as well as for the whole country.
  • Now, the government has refused since 1995, as required by law, to produce annual financial statements let alone for the places in which you're voting for jurisdiction. And if you're going to have any kind of citizenry accountability or legislator accountability you have to have that kind of transparency and the government has gone to enormous lengths to prevent that kind of transparency while pretending that we're very transparent. So the Internet is going to make it more and more difficult for that absence of transparency to continue or be justified, and that's good.
  • if you have all your assets in the legacy economy and none in the growing economy you're going to suffer.
  • That's number one.
  • Number two, a lot of households have assets which represent liabilities of the legacy economy, whether Social Security, Medicare or others, and one of the things you have to understand is the politics – you need to not get trapped in the politics of stringing people out for those benefits. Do the best you can but don't get lost in the treadmill of trying to get promised benefits that may or may not come true. And to the extent that you can not get financially dependent on those benefits it would be very good.
  • The final thing is, of course, and readers know this if they're reading The Daily Bell, you're dealing in a system that includes a significant amount of corruption and fraud so you just need to be extremely careful about the quality of the people or the enterprises in which you invest or do business with and keep your assets fairly diversified in terms of both areas of the economy, or sectors, and places.
  • Take a look at different predictions that gold is going to increase significantly in value. All those predictions assume that the monetary inflation is going to spill into commodities. And what you're watching instead is the G-7 have been essentially building a corral that forces the horses to run out through the stock market. That's why I call it a crash-up.
  • I think one scenario we're looking at is the possibility of a crash-up scenario where that monetary increase is funneled into the equity markets. One of the most important questions there is, can you get the global population interested in investing in equities? Because the long bond market bull is coming to a close.
  • We have two choices. We can basically write down the debt and go through a huge crunch period or we can have a crash-up in the equity markets.
  • Right after 9/11 – and General Wesley Clark has said this and I experienced it in my tiny little community in Tennessee – we were basically given what the battle plan was going to be – the US military taking over Eurasia. First we were going to go to Afghanistan, then we were going to go to Iraq, then we were going to go to Libya, then we were going to go to Syria and then we're going to Iran. It was all laid out for us and we seem to be following that battle plan, albeit slower than predicted at that time.
  • If we're going to create a global financial system and a one-world currency, you need everybody in the central banking model. You have outliers. We seem to be bringing in all the outliers. As we do, we are trying to checkmate Russia and China within Eurasia, because I think control of Eurasia is essential for maintaining global empire.
  • what we're watching is an effort to bring everybody into a centrally controlled central banking model.
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    Catherine is a frequent guest on CoastToCoastAM.com, so I've come to know her well.  Although this interview doesn't discuss her ability to see into the future, I know from experience that she is a real visionary hitting the mark at an astounding clip.  Chalk this interview up as a must read.
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Economy Roundtable - Coast to Coast AM - 0 views

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    "Date: 05-07-14 Host: George Noory Guests: Catherine Austin Fitts, Gerald Celente, George Ure, Robert Zimmerman This special panel discussion on the economy and related topics featured investment advisor Catherine Austin Fitts, trends analyst Gerald Celente, and consultant George Ure. Currently, the financial system is still being pumped with cheap money, such as $45 billion a month in mortgage-backed securities, and interest rates remain at record lows-- but once those interest rates go back up, the economy will tumble, said Celente. Fitts cited the continued inequality and centralization in the economy as hampering growth, while Ure noted that we're in the bottoming process with the Fed, which is trying to print money fast enough so we don't drop into something like the Great Depression. While the US continues its behind-closed-doors propping up of the economy, "I still believe we're going to see something like a panic level by the end of the second quarter," Celente remarked. America used to be the land of opportunity, but now the wealth is concentrated in the hands of the few, he added. Globalization is lowering the wealth of the middle class, and the reality is "we're automating or outsourcing jobs, and putting people on government checks," Fitts commented. Ure, who studies cyclical patterns of the economy or "long waves," said right now we're seeing a "war on cash," with a huge effort to get people into an electronic system, where all their transactions and investments can be tracked. The revelations by Edward Snowden about America's surveillance state has had a depressing effect on US economic growth, as well as inspiring other countries around the world to pull out of the system, Fitts suggested. "We live in a country where the system of creating money has basically been sublet from Congress to the Federal Reserve...and government is wholesale now, in the business of granting different franchises such as in communications and money operations," Ure detail
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Obama reassures Europeans over US surveillance - NorthJersey.com - 1 views

  • President Barack Obama sought Wednesday to reassure Europeans outraged over U.S. surveillance programs that his government isn't sifting through their emails or eavesdropping on their telephone calls. He acknowledged that the programs haven't always worked as intended, saying "we had to tighten them up." Obama said once-secret U.S. surveillance programs that became public knowledge after a government contractor leaked details about them are meant to improve America's understanding of what is happening around the world. He sought to allay the concerns of Europeans upset by the thought that their personal communications may have been swept up in the U.S. government's massive data collection operations. "I can give assurances to the publics in Europe and around the world that we're not going around snooping at people's emails or listening to their phone calls," Obama said at a news conference with Prime Minister Fredrik Reinfeldt on his first visit as president to Sweden. "What we try to do is to target very specifically areas of concern." Leaks by former National Security Agency contractor Edward Snowden about U.S. surveillance programs sparked outrage overseas, particularly among Europeans who place a premium on personal privacy and civil liberties and recall life under governments that routinely spied on them. The NSA program was the first question he received from the Swedish press.
  • Obama said additional changes to the programs may be required because of advances in technology. He said his national security team along with an independent board is reviewing everything to strike the right balance between the government's surveillance needs and civil liberties. "There may be situations in which we're gathering information just because we can that doesn't help us with our national security, but does raise questions in terms of whether we're tipping over into being too intrusive with respect to the ... the interactions of other governments," Obama said. "We are consulting with the (European Union) in this process; we are consulting with other countries in this process and finding out from them what are their areas of specific concern and trying to align what we do in a way that, I think, alleviates some of the public concerns that people may have."
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    Obama says, "we're not going around snooping at people's emails ... "What we try to do is to target very specifically areas of concern." That's a falsehood. We already know that NSA and GCHQ scan every email they can get their hands on for the presence of keywords.  And it's so nice that he's concerned the U.S. may be too intrusive in its spying on other governments. Now could he rustle up some concern about their spying  on U.S. citizens? I think not anytime soon unless his feet are held to a much hotter fire. 
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It's the Profiling, Stupid! - The Patriot Post - 0 views

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    Good article briefly describing th ehistory of the NSA and how it has evolved to the politicized monster it has become today. excerpt: "Last week, Barack Hussein Obama deflected new concerns about the National Security Administration's intrusive domestic data-mining operations, saying, "If people can't trust ... the executive branch ... to make sure we're abiding by the Constitution, due process, and rule of law, then we're going to have some problems here." Barack, we have some problems here. Of course, trusting the Executive Branch is not the issue. The problem is Obama's life-long record of deceit and deception, and his utter contempt for Rule of Law. Amidst recent revelations that Obama's black-bag cutouts inspired his "low-level" union cadres at the IRS to target his Patriot and Tea Party political enemies list, and scripted a cover-up of the Benghazi murders in order that it not derail his 2012 re-election campaign momentum, is it conceivable that his "low-level" union cadres at the NSA might collect intelligence data on U.S. citizens to profile those whom oppose Obama? As with the other scandals, Obama's political handlers and their Leftmedia talkingheads are obfuscating the facts regarding NSA data collection. They ignore legitimate civil liberty concerns, and focus instead on the question of whether such data is essential to our national security. Allow me to reframe a quote from James "Ragin' Cajun" Carville's political playbook about focusing on the big issue, and adapt it for the big data debate: "It's the profiling, stupid!" The question is not whether intelligence data collection is critical to our nation's ability to defend itself -- good intelligence is, and has always been a critical component of national defense and security. The overarching questions are, what is the scope of domestic NSA intelligence gathering, and what is the potential for an administration to use that information to profile and target political opponents? Here is a ver
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Limbaugh on Obama's 'Chip on His Shoulder,' the Phenomenon of the 'Not-Romney' and the ... - 0 views

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    Awesome!  Once again Rush takes us to school. excerpt: VAN SUSTEREN: I guess I mean a motive to -- an intentional motive to hurt the country, versus his (Obama) ideology is one that the way you achieve ideals is different values. LIMBAUGH: This is the question. We are living under a number of assumptions about Obama that have been presented to us by elites of both parties. One of the illusions is Obama's brilliant, that he's smarter than anybody else in the room, messianic. We have never had a politician like this in our midst, we were told in 2007, 2008. Nobody like Obama has ever trod our soil. He was going to unify us. The world was going to love us again. It's going to lower the sea levels. I mean, ridiculous stuff. So the question is, is he just dumb? Does he really believe this economic stuff? Does he really believe that taking capital, money out of the private sector and transferring it to government and unions is the way you grow the private sector? Is that the way (INAUDIBLE) Does he really believe that? Is he that ill educated? Is he the product of nothing other than the American education system and whoever influenced him at home when he was young? Or is he an ideologue? Is he a Marxist socialist who has an agenda that's oriented toward cutting the country down to size? I mean, that's the question. For me, the answer to the question is irrelevant. I think that whatever he's doing, why he's doing it, it's obvious he is doing it. He is taking steps, these 10 policies that are injurious to the country, injurious to individuals, targeting as the enemy the people who work in this country, targeting as the enemy that people that pay taxes. This business of this Occupy Wall Street crowd, which is his -- it was created I think on the basis that Romney was going to be the Republican nominee. Romney's Wall Street, so you get Obama's band out there, Occupy Wall Street, protesting. It was set up to oppose Romney -- Wall Street blamed for all these ills in the e
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20 deeply disturbing economic facts | Western Free Press - 0 views

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    Christopher Cook sums it up nicely and points us to "The Economic Collapse", where there are 20 economic facts that are quite contrary to all the election year happy talk we're hearing from big media and big government.  These facts are beyond nasty.  We're looking at national bankruptcy.  The kind no election year happy talk can gloss over. excerpt: More than one analyst is warning that, contrary to rosy projections, the economy is not only weakening, but headed for collapse. While I am making no predictions about what will come to pass, this is an entirely reasonable position for a number of reasons. The sovereign debt crisis alone threatens to bring down the economies of the West. The United States is holding its own now, in part because Europe's trauma is making it so that the dollar is still the world's reserve currency. If that scenario changes and there is a flight away from dollars, however, then all bets are off. And there's no one who can bail us out, the way Germany et al are trying to bail out Greece. We're too big. Our debt is too big. One of the sites that has been keeping track of all this doom and gloom is The Economic Collapse Blog. They were one of the resources I cited when making Top Ten Disturbing Facts, Top 10 Disturbing facts: The Details, Five more disturbing facts and related posts; they are very helpful. Yesterday, they produced another helpful (yet deeply disturbing) list of facts, under the title 20 Economic Statistics To Use To Wake Sheeple Up From Their Entertainment-Induced Comas. You should read all 20, and the rest of the post, but here is a selection:
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ISTANBUL: Iraq unraveling as top Shiite cleric issues call to arms - World Wires - Miam... - 0 views

  • The likely breakup of Iraq into feuding ethnic and sectarian bastions accelerated Friday as Iraq’s senior Shiite Muslim cleric broke years of support for the central government and decreed that every able-bodied Shiite man had a religious obligation to defend the sect’s holy sites from rebellious Sunni Muslims led by fighters from the extremist Islamic State of Iraq and Syria.In answer to the call, thousands of Shiites _ many with militia experience from the sectarian war that pitted Sunnis against Shiites and killed thousands from 2006 to 2008 _ flooded the cities of Baghdad, Najaf and Karbala to receive weapons, enlist in organized units and receive their orders.
  • Hours later, President Barack Obama made it clear that the United States was unwilling to commit itself to the defense of a government that had been unable to resolve Iraq’s ethnic and sectarian differences. “We're not going to allow ourselves to be dragged back into a situation in which, while we're there, we're keeping a lid on things, and after enormous sacrifices by us, as soon as we're not there, suddenly people end up acting in ways that are not conducive to the long-term stability and prosperity of the country,” Obama said.With Sunni Islamists in control of much of the north and west, Kurds expanding their control of the long-contested Kirkuk region and Shiites gathering for sectarian war, the likelihood of any accommodation seemed remote. Emma Sky, a fellow at Yale University who advised U.S. forces in Iraq until 2010, called the events “the slow death” of the Iraqi state in an interview with McClatchy.
  • Iranian and Iraqi news organizations were filled with reports that the commander of the Iranian Revolutionary Guard Corps’ al Quds Force, the cross between an intelligence agency and special forces that’s often deployed to pursue Iranian foreign and security policy, had arrived in Baghdad to direct the fight against ISIS after four days that saw the army crumble.Iranian Gen. Qassem Suleimani was, according to numerous credible reports, said to be directing the defenses of Baghdad personally. Suleimani, a well-known figure in Middle East security circles, is said to control Iranian operations in Iraq, Syria, Lebanon and the Gaza Strip. Supporters of Iran often credit him with devising the strategy that’s salvaged the Syrian government of President Bashar Assad during the past year of civil war there.On Friday, CNN reported that a senior Iraqi official had said that as many as 500 troops from the al Quds Force had begun arriving to help protect Baghdad. CNN said the official had said the Iranians would be deployed to Diyala province, a mixed Sunni and Shiite area, where their presence would generate less anger than in the mostly Sunni areas now under ISIS control.A former European intelligence official, who runs a consultancy in the region and regularly deals with Iranian government representatives in the Persian Gulf and Afghanistan, said in an interview that he expected any Iranian troops sent to Iraq would augment what was already a robust covert presence.
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  • “Hajj Qassem does not get taken by surprise, not next door to his own country,” the consultant said, asking that his own name not be used on such a sensitive subject. “Hajj” is an Islamic honorific. The consultant said he suspected that ISIS’s rapid advance hadn’t surprised the Iranians. “I’ve been hearing about the problems with ISIS in the desert outside Mosul for a year and have been told the Iranians were warning Maliki about this,” he said.The claim that the government of Prime Minister Nouri al Maliki had had ample warning of a serious problem, beyond the loss of the western desert of al Anbar nearly six months ago, also was made by a top security official of the peshmerga, the Kurdish militia.
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Gold Report - Porter Stansberry's Theories of Relativity - 0 views

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    We have been in such a bizarre period since 2006. Nothing makes any sense in terms of economics or finance globally. It didn't make sense for people to be able to get a 30-year mortgage with no income, no job and no equity in the home. We haven't yet recovered from all of that and other nonsense that's been going on, and it continues. It doesn't make sense for American's largest and most important conglomerate to be levered 30 times tangible equity. It doesn't make sense for a country like Italy, which has a horrible record of paying creditors, to be able to borrow 110% of GDP. So we have all these things that just don't make any sense going on. And then people ask, "What should I do with my money?" The thing to do, my friends, is be very, very careful because there are tremendous panics and volatility to come. We are a long way from the lifeguards declaring the "all clear." So be very, very cautious, don't be upset about having a large cash position. I told my readers earlier this year that if they weren't prepared to put half their portfolio in short stocks, if they weren't prepared to truly hedge themselves this year, that they should be 50% in short-term Treasuries and 50% in gold. That's the only way to have a totally safe cash position, because you're hedged with the gold versus the dollar. I am happy to sit in that position for a long time until I see some terrific values. We're still very, very early in the bull market in precious metals, and despite some public awareness of gold, you don't yet see signs of the kind of market top coming over the next five to 10 years. Last year was the first time since the end of Bretton Woods in 1972 that central banks were net buyers of gold. That is not a trend that will end after one year, not at all. People who think that we must be at the top of the market because gold has gone from $300 to $1,200 really don't understand the gold demand that has yet to manifest in the world's markets. Gold will become the basis of th
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Gerald Celente: The Greatest Depression & The First Great War or the 21st Century - 0 views

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    The fake "recovery" was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun's over, and we're headed for what Celente describes as the "Greatest Depression." Specifically, the always startling Celente says the country is headed for rising unemployment, poverty, and violent class warfare as the government efforts to keep the economy going begin to fail. The crux of the problem, Celente argues, is that the middle class has been wiped out. America used to be a land of opportunity for all, where hard-working people could build their own small businesses in their own communities and live prosperous and fulfilling lives. But now a collusion of state and corporate interests that Celente describes as "fascism" have conspired to help only the biggest companies and the richest Americans. This has put a shocking amount of the country's wealth in the hands of a privileged few and left the rest of the country to subsist on chicken-feed wages and low job satisfaction as Wal-Mart "associates" -- or worse. The answer, Celente says, is to bring back the laws that prevented huge companies from getting so big and powerful, and put some opportunity back in the hands of ordinary people.  But doing that is going to take a while.  And in the meantime, we're headed for trouble. (Celente's dead right about U.S. wealth inequality, by the way.  It's shocking.  And it's getting worse.) 
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The 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up (GS, AIG) - 1 views

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    WOW!  Everyday brings new revelations.  We've been robbed! excerpt:  Now we know: Geithner and Friedman interceded on behalf of Goldman and Wall Street (Merrill received $6.2 billion, Societe General - a whopping $16.5 billion) to deliver a stealth bailout, one that wouldn't need Congressional approval, and even better wouldn't require the counterparties to pay any of it back NOR would it require that they issue shares, warrants or any other instrument to AIG (taxpayers) in return for more than $32 billion in free money. In any other time, a sitting Treasury Secretary who interceded on behalf of Wall Street to screw taxpayers out of tens of billions, would not be sitting long.  But Democrats control both the House and Senate, so there are no investiagtions (Issa's letter aside).  Traditional media is content not to rock the boat for President Banks Obama lest they be shunned by their peers, and ultimately, 99% of TV and print journalists don't understand the issues well enough to complain with any conviciton, especially against the merry backdrop of the Dow rising and their deflated 401ks beginning to show life. They fall prey to fear and weakly submit to duplicitous hyperbole (Paulson threatening martial law and blood in the streets), when they should instead be consulting with the objective, critical voices who foresaw the crisis and were prepared with alternative solutions when it finally came (Stiglitz said instead of TARP, create new banks). A pox on Congress, President Banks Obama, Bush, Paulson, Friedman, Bernanke and Geithner (plus Greenspan and Rubin).  You may have gotten away with it for now, but I would wager there are a few million of us, roughly, who do understand everything that went down last Fall, and we're not amused.  We're not just going to let this one pass, and we will not stop filling the vast interweb with the truth (and our distaste and vitriol for your wretched souls) day after day, week after week, all over message boards and fin
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In NSA-intercepted data, those not targeted far outnumber the foreigners who are - The ... - 0 views

  • Ordinary Internet users, American and non-American alike, far outnumber legally targeted foreigners in the communications intercepted by the National Security Agency from U.S. digital networks, according to a four-month investigation by The Washington Post. Nine of 10 account holders found in a large cache of intercepted conversations, which former NSA contractor Edward Snowden provided in full to The Post, were not the intended surveillance targets but were caught in a net the agency had cast for somebody else. Many of them were Americans. Nearly half of the surveillance files, a strikingly high proportion, contained names, e-mail addresses or other details that the NSA marked as belonging to U.S. citizens or residents. NSA analysts masked, or “minimized,” more than 65,000 such references to protect Americans’ privacy, but The Post found nearly 900 additional e-mail addresses, unmasked in the files, that could be strongly linked to U.S. citizens or U.S.residents.
  • In order to allow time for analysis and outside reporting, neither Snowden nor The Post has disclosed until now that he obtained and shared the content of intercepted communications. The cache Snowden provided came from domestic NSA operations under the broad authority granted by Congress in 2008 with amendments to the Foreign Intelligence Surveillance Act. FISA content is generally stored in closely controlled data repositories, and for more than a year, senior government officials have depicted it as beyond Snowden’s reach. The Post reviewed roughly 160,000 intercepted e-mail and instant-message conversations, some of them hundreds of pages long, and 7,900 documents taken from more than 11,000 online accounts.
  • Taken together, the files offer an unprecedented vantage point on the changes wrought by Section 702 of the FISA amendments, which enabled the NSA to make freer use of methods that for 30 years had required probable cause and a warrant from a judge. One program, code-named PRISM, extracts content stored in user accounts at Yahoo, Microsoft, Facebook, Google and five other leading Internet companies. Another, known inside the NSA as Upstream, intercepts data on the move as it crosses the U.S. junctions of global voice and data networks.
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  • The Obama administration declines to discuss the scale of incidental collection. The NSA, backed by Director of National Intelligence James R. Clapper Jr., has asserted that it is unable to make any estimate, even in classified form, of the number of Americans swept in. It is not obvious why the NSA could not offer at least a partial count, given that its analysts routinely pick out “U.S. persons” and mask their identities, in most cases, before distributing intelligence reports. If Snowden’s sample is representative, the population under scrutiny in the PRISM and Upstream programs is far larger than the government has suggested. In a June 26 “transparency report,” the Office of the Director of National Intelligence disclosed that 89,138 people were targets of last year’s collection under FISA Section 702. At the 9-to-1 ratio of incidental collection in Snowden’s sample, the office’s figure would correspond to nearly 900,000 accounts, targeted or not, under surveillance.
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    Now that we're getting into the "incidental" search of American's emails and online docs, we're getting much closer to learning *who* is surveilled other than foreign leaders. It isn't a pretty sight. Note that the President's Privacy and Civil Liberties Oversight Board just issued a report on NSA's FISA sec. 702 program and gave it the legal green light. Their Fourth Amendment analysis was stunningly poor.   http://goo.gl/3Ufc9n 
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Larry Summers and the Secret "Bankster End Game" Memo : http://goo.gl/wDhDhL - 1 views

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    Diigo is screwing up the URL AGAIN!!!!! WTF!!! The correct title is "Larry Summers and the Secret "End-Game" Memo :: http://goo.gl/wDhDhL From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial ba
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    Related link: Summers Withdraws From Consideration for Fed Chairmanship, http://www.bloomberg.com/news/2013-09-15/obama-said-he-accepted-summers-decision-to-withdraw-his-name.html
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    From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "d
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After almost 13 years, it's time to end Congress' blanket authorization of force | Wash... - 0 views

  • t may sound hard to believe, but Senate Majority Leader Harry Reid, D-Nev., isn't always wrong -- at least when he states the obvious: “9/11 is a long time ago,” he said Wednesday, “and it's something that needs to be looked at again.” The “it” is the post-9/11 Authorization for Use of Military Force resolution, or AUMF, adopted three days after the terror attacks, and now going on its lucky 13th year. It's been in effect nearly twice as long as the Gulf of Tonkin resolution authorizing Vietnam, what was “America's Longest War” -- until the 21st century, that is.
  • On Sept. 14, 2001, Congress authorized the president to use “all necessary and appropriate force” against the perpetrators of the 9/11 attacks and those who “harbored” them. Two successive administrations have since turned the 60 words of the AUMF's operative clause into what journalist Gregory Johnsen calls “the most dangerous sentence in U.S. history” -- a writ for a war without temporal or spatial limits. The last time the Senate held hearings on the AUMF, Sen. Lindsey Graham, R-S.C., asked the Pentagon's civilian special operations chief, Michael Sheehan, “does [the president] have the authority to put boots on the ground in the Congo?” Answer: “Yes, sir, he does.” Predictably, the hawkish Graham was totally okay with that. “The battlefield is wherever the enemy chooses to make it,” right? Right, said Sheehan: “from Boston to the [Federally Administered Tribal Areas of Pakistan]."
  • Asked how much longer the war on terrorism will last, Sheehan replied, “at least 10 to 20 years.” So presumably the AUMF can serve as the basis for Chelsea Clinton's “kill list” in 2033, after she trounces George P. Bush. Lyndon Johnson once compared the Gulf of Tonkin resolution to “Grandma’s nightshirt” because “it covers everything.” Even LBJ might have marveled at how the last two administrations have stretched the post-9/11 AUMF. Under the theory that “the United States is a battlefield in the war on terror,” the Bush administration invoked it to justify warrantless wiretapping and military detention of American citizens on American soil. The Obama administration cites it as legal authority for the extrajudicial killing of Americans via remote-control.
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  • The Senate Foreign Relations Committee will be taking another look at the AUMF this week. The hearing's title, “Authorization For Use Of Military Force After Iraq And Afghanistan,” hints at a preordained conclusion: that an updated authorization is needed. Ranking Republican Sen. Bob Corker of Tennessee wants to be sure the executive branch has “all the tools and capabilities” it needs to address “threats that did not exist in 2001.” Rep. Barbara Lee, D-Calif., the sole member of Congress to vote “no” on the original AUMF, has a better idea: end it, don't mend it. Joined by libertarian-leaning, antiwar Republicans like Reps. Justin Amash and Walter Jones, she's introduced legislation to repeal the AUMF. Two imperial presidents in a row have treated that authorization like a permanent delegation of congressional war power to the president. Their successors would no doubt do the same with any new “tools and capabilities” they’re given.
  • Without the AUMF, presidents still retain the constitutional power to “repel sudden attacks,” as James Madison put it. And if they think groups like al-Shabaab or Boko Haram demand a more sustained military response, they'll be free to make that case to Congress. But delegating new authorities in advance might permanently change our constitutional default setting from peace to war. Madison also said that “No nation could preserve its freedom in the midst of continual warfare.” We're now into our second decade running that experiment; how much longer do we want to risk proving him right?
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    I looked at Barbara Lee's bill. It requires a report from the Executive on all actions currently undertaken pursuant to the AUMF and requires that each action identified be terminated 60 days after the report unless Congress reauthorizes the action. It also repeals the AUMF. It's a good approach, but should require a sunset provision for each re-authorization so the Executive is blocked from maintaining us in a perpetual state of war as it has done with the AUMF itself. We're a long way from 9/11 and we are now fighting multiple wars in multiple nations against organizations that had nothing to do with 9/112, ostensibly to retaliate against those responsible for 9/11. No more open ended authorizations for war. 
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European Banks vs. Greek Labour   :  Information Clearing House - ICH - 0 views

  • PERIES: So, Michael, these international banks represented by the finance ministers now in Brussels, when they were in crisis and we the public treasury bailed them out, they had no problem with that. Why are they now refusing to assist Greece at a time of need when in fact some politicians and even the troika is being more receptive to what Greece is saying? HUDSON: Because what's at issue really is a class war. It's not so much Germany versus Greece, as the papers say. It's really the war of the banks against labor. And it's a continuation of Thatcherism and neoliberalism. The problem isn't simply that the troika wants Greece to balance the budget; it wanted Greece to balance the budget by lowering wages and by imposing austerity on the labor force. But instead, the terms in which Varoufakis has suggested balancing the budget are to impose austerity on the financial class, on the tycoons, on the tax dodgers. And he said, okay, instead of lowering pensions to the workers, instead of shrinking the domestic market, instead of pursuing a self-defeating austerity, we're going to raise two and a half billion from the powerful Greek tycoons. We're going to collect the back taxes that they have. We're going to crack down on illegal smuggling of oil and the other networks and on the real estate owners that have been avoiding taxes, because the Greek upper classes have become notorious for tax dodging.
  • Well, this has infuriated the banks, because it turns out the finance ministers of Europe are not all in favor of balancing the budget if it has to be balanced by taxing the rich, because the banks know that whatever taxes the rich are able to avoid ends up being paid to the banks. So now the gloves are off and the class war is sort of back. Originally, Varoufakis thought he was negotiating with the troika, that is, with the IMF, the European Central Bank, and the Euro Council. But instead they said, no, no, you're negotiating with the finance ministers. And the finance ministers in Europe are very much like Tim Geithner in the United States. They're lobbyists for the big banks. And the finance minister said, how can we screw up this and make sure that we treat Greece as an object lesson, pretty much like America treated Cuba in 1960?
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    Just as you've given up on society, life throws you some comedy. 
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Articles: Socialist Sweep New Hampshire - 1 views

  • In case this confuses you: According to Trump, the problem is business, not government.
  • Additionally, it seems the Donald thinks that big pharma and big hospital and big insurance went to Obama and begged him to totally ruin our health care system.  Either that or he's just flat pandering and lying because he thinks the odd ball liberals in New Hampshire will lap it up.  Obviously they did.
  • Oh, and for the record, underlying Trump's premise is that only rich people should run for office.  Now there's a conservative principle if there ever was one
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  • For decades – as we all know – Trump has been an advocate for universal government health care.
  • And while now he promises to replace Obamacare "with something terrific," other than mentioning something about state lines, his rhetoric reeks of a big-government program and has nothing to do with market economics.
  • He's said very recently that "we're gonna take care of everybody" and that Ted Cruz was "heartless" for apparently wanting to immediately replace Obamacare without some government-based Cruzcare.
  • What the hell does it mean that "we" and "I" will take care of everybody?  It means our money and some iteration known as Trumpcare.
  • Trump is sounding like Bernie now and as Obama sounded in 2008-9-10.  We have to elect Trump to know what is in him, I guess.  But actually, we don't.  When you sound like a Marxist on health care and attack someone like Cruz the way a Marxist would attack someone like Cruz, then it follows logically to apply "the duck test."
  • Trump has promised to allow the government to negotiate drug prices — a common position among Democrats but rarely heard at nominally Republican events.
  • He said he would not raise military spending, arguing that the nation's defenses can be improved without increasing its already huge Pentagon budget.
  • He promised tough sanctions on American companies that move jobs overseas."
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    Shortly after Barack Obama swept into the White House while giving Nancy Pelosi and Harry Reid a coattail Marxist Congress, Newsweek Magazine ran the cover "We're all Socialists now," based on Jon Meacham's lead article with the same headline.  Without a doubt, the election of that president and that Congress moved reality closer to Meacham's point.  It was astonishing that liberal apologist Meacham admitted as much. Yet it took until last night before it was literally true, as New Hampshire gave a full-throated socialist a rout over semi-socialist Hillary Clinton on the Democrat side and the once and now apparently again socialist Donald Trump won the GOP primary after going left of Bernie Sanders in his final rallies in the state.  To translate, Obama's hope and change and fundamental transformation of the nation are right on track - barreling warp-speed to the left in both presidential primary contests.
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The Manifesto : Porter Stansberry and the Project to Restore America - 1 views

  • First, we should have a balanced budget amendment.
  • Next, we need a constitutional amendment that ensures sound money.
  • Finally... we need a logical way to put a stop to the narrowing of the tax base.
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  • a constitutional amendment that limits state and federal taxation to 20% of income (from whatever the source) and abolishes all other forms of taxation at the state and local level. Give each household a $24,000 annual exemption.
  • We could eliminate the IRS.
  • How much did you make? Send the government 20% of it.
  • we should word the constitutional amendment to make clear our intentions:
  • Every U.S. citizen has the right to keep 80% of his income.
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    I've been following and reading Porter's publications since September of 2008, when the mighty Marbux pointed me to Porter and the libertarian economists as a first step to understanding the financial collapse of 2008, and the incredible role the Federal government / Federal Reserve Bankster Cartel played. Porter started the Project to Restore Americqa, and wrote this very concise and well thought out manifesto explaining a new direction for America to consider.  If you love your country, please take a few minutes to read this.  Rarely has the truth been so clearly stated, and a solution so precisely, yet simply, presented.  Good stuff.  +1 "We have to stop giving our citizens improper incentives. We have to increase the "skin" voters have in the game by spreading the burden of government more equally. And we have to ensure the government doesn't have the power to destroy our currency. Americans now owe $56 trillion in total debt, much of it held by foreign investors. We must spend $3.5 trillion each year on interest. That is already more than the federal government spends, in total. We will never be able to repay these debts - already equal to roughly four times our country's GDP. The largest components of the debts we owe are government debts... and they are growing rapidly and show no signs of stopping. Do you think it's more likely we'll find a way to actually pay down these debts... or simply choose to print more money to pay these debts? That's what we're doing right now. So far, the Federal Reserve has printed more than $2 trillion of new money and used it to finance our government's borrowing binge. So the question is, what can we do to change the direction in which we are headed? We have to fundamentally restructure our system. There must be more balance between rights and responsibilities. There must be some fundamental limit on spending and on taxes. And we need sound money to prohibit the government from taxing us silently via inflation an
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Ace of Spades HQ :: The Unmitigated Disaster Known As Project ORCA - 1 views

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    Wondering why the Republicans failed so miserably to get out the vote in the six states where it mattered most?  The Ace of Spades explains his own mis adventures with Romney's new technology plan to get  out the vote: "Project ORCA" This story is beyond sad.  Idiot Republican consultants and advisors cost us this election.  Romney may have struggled with conservatism, but he would have been an awesome CEO - President.  Maybe the best equipped, most successful, and most experienced executive ever to run for the Presidency.  Yet, the buffoonery of Project ORCA falls on him and him alone. excerpt: What is Project Orca? Well, this is what they told us: Project ORCA is a massive undertaking - the Republican Party's newest, unprecedented and most technologically advanced plan to win the 2012 presidential election. Pretty much everything in that sentence is false. The "massive undertaking" is true, however. It would take a lot of planning, training and coordination to be done successfully (oh, we'll get to that in a second). This wasn't really the GOP's effort, it was Team Romney's. And perhaps "unprecedented" would fit if we're discussing failure. The entire purpose of this project was to digitize the decades-old practice of strike lists. The old way was to sit with your paper and mark off people that have voted and every hour or so, someone from the campaign would come get your list and take it back to local headquarters. Then, they'd begin contacting people that hadn't voted yet and encourage them to head to the polls. It's worked for years. From the very start there were warning signs. After signing up, you were invited to take part in nightly conference calls. The calls were more of the slick marketing speech type than helpful training sessions. There was a lot of "rah-rahs" and lofty talk about how this would change the ballgame."
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DEMOCRATS  AGAINST  U. N.  AGENDA  21 - OK, So what is Agenda 21? And why sho... - 0 views

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    "UN Agenda 21/Sustainable Development is implemented worldwide to inventory and control all land, all water, all minerals, all plants, all animals, all construction, all means of production, all information, and all human beings in the world.   INVENTORY AND CONTROL. Have you wondered where these terms 'sustainability' and 'smart growth' and 'high density urban mixed use development' came from?  Doesn't it seem like about 10 years ago you'd never heard of them and now everything seems to include these concepts?  Is that just a coincidence?  That every town and county and state and nation in the world would be changing their land use/planning codes and government policies to align themselves with...what? First, before I get going, I want to say that yes, I know it's a small world and it takes a village and we're all one planet etc.  I also know that we have a government of the people, by the people, and for the people, and that as cumbersome as that can be sometimes (Donald Rumsfeld said that the Chinese have it easy; they don't have to ask their people if they agree.  And Bush Junior said that it would be great to have a dictator as long as he was the dictator), we have a three branch government and the Bill of Rights, Constitution, and self-determination.  This is one of the reasons why people want to come to the US, right?  We don't have Tiananmen Square here, generally speaking (yes, I remember Kent State--not the same, and yes, an outrage.) So I'm not against making certain issues a priority, such as mindful energy use, alternative energy sponsorship, recycling/reuse, and sensitivity to all living creatures. But then you have UN Agenda 21.  What is it?  See our videos and radio shows at the bottom of this page (or search YouTube for Rosa Koire) or buy BEHIND THE GREEN MASK: U.N. Agenda 21 by Rosa Koire click here"
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INFOGRAPHIC: How The NSA Intercepts The Electronic Communications Of Americans - Busine... - 1 views

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    Nice INFOGRAPHIC that includes the timeline.  We're still in the early days of discovering just how awful and un-constitutional the Feds worldwide dragnet really is.  But this infographic does a good job of pulling it all together.  These are far more than impeachable offenses.  This treason.  This is a coupe d'etat. "We've covered how, since 9/11, the National Security Agency has spied on electronic communications of Americans without the court-approved warrants ordinarily required for domestic spying. The organization has done this by hiring Israeli contractors to bug the U.S. telecommunications network and building massive complexes such as their secretive $2 billion Utah spy center. Now the American Civil Liberties Union has created this handy infographic that shows how the NSA's domestic spying program thrives with impunity today:"
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Using Metadata to find Paul Revere - Kieran Healy - 0 views

  • London, 1772. I have been asked by my superiors to give a brief demonstration of the surprising effectiveness of even the simplest techniques of the new-fangled Social Networke Analysis in the pursuit of those who would seek to undermine the liberty enjoyed by His Majesty’s subjects. This is in connection with the discussion of the role of “metadata” in certain recent events and the assurances of various respectable parties that the government was merely “sifting through this so-called metadata” and that the “information acquired does not include the content of any communications”. I will show how we can use this “metadata” to find key persons involved in terrorist groups operating within the Colonies at the present time. I shall also endeavour to show how these methods work in what might be called a relational manner.
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    It's just metadata; we're not reading your mail, they say. So it doesn't matter, right?  Wrong.
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