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Paul Merrell

China's Official Press Agency Calls For New Reserve Currency, And New World Order | Zero Hedge - 1 views

www.zerohedge.com/...ncy-calls-new-reserve-currency

China U.S. dollar reserve currrencies Federal-Reserve-Bankster-Cartel

shared by Paul Merrell on 14 Oct 13 - No Cached
  • We assume it is a coincidence that on the day in which we demonstrate China's relentless appetite for gold, driven by what we and many others believe is the country's desire to have a call option on a gold-backed reserve currency when the time comes, just posted in China's official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the "US fiscal failure which warrants a de-Americanized world" and flatly states that the world should consider a new reserve currency "that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States." Of course, if China were serious, and if the world were to voluntarily engage in such a (r)evolutionary reserve currency transition, then all Magic Money Tree theories that the only thing better than near infinite debt is beyond infinite debt, would promptly be relegated to the historic dust heap of idiotic theories where they belong. Some of China's (which as a reminder is the single largest offshore holder of US Treasury paper, and the second largest of all only second naturally to the Federal Reserve whose $85 billion in monthly monetizing "flow" is what is keeping rates from exploding higher) thoughts as captured in the Xinhua Op-ed:
  • Reform of the world’s financial system should include the introduction of a new internatonal reserve currency to replace the U.S. dollar The international community could thus permanently stay away from the spillover of intensifying domestic political turmoil in the U.S. Fiscal impasse in the U.S. is a good time for “befuddled world” to start considering building a “de-Americanized world” Impasse has left many nations’ dollar assets in jeopardy and the international community agonized Other cornerstones should be laid to underpin a de-Americanized world, including respect for sovereignty, recognizing authority of UN in handling global hotspot issues and giving developing and emerging market economies more say in major international financial institutions Purpose of such changes is not to “completely toss the United States aside,” rather to encourage Washington to play a much more constructive role in addressing global affairs Of course, if and when the day comes that the USD is no longer the reserve currency, kiss America's superpower, or any power, status, which is now based purely on the USD's reserve currency status, and the ability to fund half the US budget deficit with debt promptly monetized by the Fed, goodbye.
  • Paul Merrell on 14 Oct 13
     
    Sounds like more than a hint from China that Congress needs to act quickly to remove concerns that the U.S. may default on its debt. (The Xinhua op-ed is republished on the linked page.)  I must admit that I have my moments when I like the idea of the entire corrupt Western bankster cartel would just get on with committing financial suicide so the world could get on with whatever is to rise from those ashes. 
Paul Merrell

How Wall Street Money Is Driving Out the Last Populist House Republican | The Nation - 0 views

www.thenation.com/...last-populist-house-republican

banksters Auction-2014 North-Carolina Jones Griffin

shared by Paul Merrell on 18 Apr 14 - No Cached
  • Congressman Walter Jones, a Republican who represents a wide swath of eastern North Carolina, might not strike you as a populist. But as a lawmaker, the veteran politician with a slow Southern drawl has become a gadfly in his own party for thumbing his nose at powerful political interests. He is the only GOP co-sponsor of the DISCLOSE Act, a measure to reveal the donors of dark-money campaign advertisements. He is among the loudest critics of the war in Iraq and Afghanistan, telling an audience one that “Lyndon Johnson’s probably rotting in hell right now because of the Vietnam War, and he probably needs to move over for Dick Cheney.” And Speaker John Boehner removed Jones from the House Financial Services Committee, which oversees Wall Street. His sin? Bucking leadership and supporting many bills to further regulate the financial sector, along with serving as the last remaining House Republican to have voted for the Dodd-Frank reform package. The Republican establishment has attempted to remove Jones from office by dispatching a number of primary challengers over the years. For this cycle, a former Bush administration aide named Taylor Griffin is the party favorite to finally wipe out Jones. Several outlets, such as Bloomberg News, have reported that Griffin’s candidacy is being heavily promoted by the financial industry. JPMorgan Chase, Bank of America, Wells Fargo and other banks helped fuel the $114,000 fundraising haul Griffin reported in his first campaign disclosure report. Earlier this week, a Super PAC financed in part by hedge fund titan Paul Singer went on air with a negative ad against Jones.
  • What hasn’t been reported, however, is that Griffin himself is a longtime political consultant for the biggest predators on Wall Street. Republic Report has obtained a disclosure report that shows that Griffin’s client list reads like a who’s who of financial interests that have preyed upon North Carolina families for short term gain.
Paul Merrell

The Economic Scam of the Century » CounterPunch: Tells the Facts, Names the Names - 0 views

www.counterpunch.org/...e-economic-scam-of-the-century

banksters bail-outs legislation

shared by Paul Merrell on 29 Mar 14 - No Cached
  • The leaders of the U.S. Senate Banking Committee,  Sen. Tim Johnson (D., S.D.) and Sen. Mike Crapo (R., Idaho),  released a draft bill on Sunday that would provide explicit government guarantees on mortgage-backed securities (MBS) generated by privately-owned banks and financial institutions. The gigantic giveaway to Wall Street would put US taxpayers on the hook for 90 percent of the losses on toxic MBS the likes of which crashed the financial system in 2008 plunging the economy into the deepest slump since the Great Depression. Proponents of the bill say that new rules by the Consumer Financial Protection Bureau (CFPB) –which set standards for a “qualified mortgage” (QM)– assure that borrowers will be able to repay their loans thus reducing the chances of a similar meltdown in the future. However, those QE rules were largely shaped by lobbyists and attorneys from the banking industry who eviscerated strict underwriting requirements– like high FICO scores and 20 percent down payments– in order to lend freely to borrowers who may be less able to repay their loans.  Additionally, a particularly lethal clause has been inserted into the bill that would provide blanket coverage for all MBS  (whether they met the CFPB’s QE standard or not) in the event of another financial crisis. Here’s the paragraph:
  • “Sec.305. Authority to protect taxpayers in unusual and exigent market conditions…. If the Corporation, the Chairman of the Federal Reserve Board of Governors and the Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, determine that unusual and exigent circumstances threaten mortgage credit availability within the U.S. housing market, FMIC may provide insurance on covered securities that do not meet the requirements under section 302 including those for first loss position of private market holders.” (“Freddie And Fannie Reform – The Monster Has Arrived”, Zero Hedge) In other words, if the bill passes,  US taxpayers will be responsible for any and all bailouts deemed necessary by the regulators mentioned above.  And, since all of those regulators are in Wall Street’s hip-pocket, there’s no question what they’ll do when the time comes. They’ll bailout they’re fatcat buddies and dump the losses on John Q. Public. If you can’t believe what you are reading or if you think that the system is so thoroughly corrupt it can’t be fixed; you’re not alone. This latest outrage just confirms that the Congress, the executive and all the chief regulators are mere marionettes performing whatever task is asked of them by their Wall Street paymasters.
Paul Merrell

As Wall Street Sinks Global Markets, China's Economic Policies Build Independence & Immunity - 0 views

www.mintpressnews.com/...237608

war & peace China economy

shared by Paul Merrell on 15 Feb 18 - No Cached
  • The recent economic “correction” in the U.S. markets, which saw stocks drop back down from recent record-highs, has begun to spread to the east, reaching the stock exchanges in Tokyo, Taiwan and Shanghai. While all three of these markets depend, to some extent, on the performance of Wall Street, one is likely to emerge stronger as the U.S. market corrects itself. Many Western economic analysts — such as those at the pillar of U.S. financial journalism, Bloomberg — have continued to predict future financial downturns would be caused by Chinese debt, or the country’s massive “shadow” economy (or, more specifically, low level loans that aren’t tightly regulated by the central government). This latest downturn, however, shows once again that Wall Street is still the primary factor in sinking global markets. China has been faced with — and continued to grow throughout — a previous U.S.-triggered global recession just under a decade ago. While the current condition of the markets is nothing like the end of 2008, there is still the same fear in the West that China is somehow on the brink of catastrophe. Yet China pulled through the Great Recession, despite a huge decrease in demand for Chinese export goods. Beijing presided over GDP growth only falling below 8 percent in the last quarter of 2008 and first of 2009 and made a faster recovery than any Western nation.
  • China is obviously in a position much different now from that of 2008. Now — as a clear competitor with the U.S. in key economic sectors such as cutting-edge technology, and playing a unifying role for a large portion of the global population — Beijing is making even more major domestic economic reforms and preparing to project its new prosperity outward. In order to better understand how China is likely not just to survive any fluctuations in the U.S. market but also to thrive, it is best to understand both how China managed to recover from the last recession faster than any other country and the new economic policies of President Xi Jinping, which will harness the power of the world’s largest planned economy in its march into the future.
Gary Edwards

The Manifesto : Porter Stansberry and the Project to Restore America - 1 views

www.theprojecttorestoreamerica.com/TheManifesto

Porter-Stansberry Project-to-Restore-America Liberty-Tryanny Federal-Reserve-Bankster-Cartel Banksters

shared by Gary Edwards on 01 Oct 12 - No Cached
  • 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.
  • ...5 more annotations...
  • 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.
  • Gary Edwards on 01 Oct 12
     
    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
Gary Edwards

The Fed's $16 Trillion Bailouts Under-reported - Forbes - 0 views

www.forbes.com/...illion-bailouts-under-reported

Federal-Reserve-Audit GAO-Audit-of-Federal-Reserve Banksters

shared by Gary Edwards on 28 Nov 11 - No Cached
  • Gary Edwards on 28 Nov 11
     
    The audit of the Fed's emergency lending programs was scarcely reported by mainstream media - albeit the results are undoubtedly newsworthy.  It is the first audit of the Fed in United States history since its beginnings in 1913.  The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for "financial assistance" during and after the 2008 fiscal crisis. Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.  Upon hearing the announcement that the first-ever audit would take place in July, the media was bowled over and nearly every broadcast network and newspaper covered the story.  However, the audit's findings were almost completely overlooked, even with a number as high as $16 trillion staring all of us in the face.
Paul Merrell

How an arrest in Iraq revealed Isis's $2bn jihadist network | World news | The Guardian - 0 views

www.theguardian.com/...-arrest-jihadists-wealth-power

war & peace Iraq U.S.-foreign-policy ISIL cover-story lies

shared by Paul Merrell on 20 Jun 14 - No Cached
  • Seizure of 160 computer flash sticks revealed the inside story of Isis, the band of militants that came from nowhere with nothing to having Syrian oil fields and control of Iraq's second city
  • Paul Merrell on 20 Jun 14
     
    This article has a strong stench of cover story to hide the financing of the Islamic State of Iraq and the Levant (al Sham), known by the acronyms "ISIL" or "ISIS." The essence of the cover story is here: "'They had taken $36m from al-Nabuk alone [an area in the Qalamoun mountains west of Damascus]. The antiquities there are up to 8,000 years old,' the intelligence official said. 'Before this, the western officials had been asking us where they had gotten some of their money from, $50,000 here, or $20,000 there. It was peanuts. Now they know and we know. They had done this all themselves. *There was no state actor at all behind them, which we had long known.* They don't need one.'" To the contrary, it has been long known that financial backing for ISIL has been coming from the governments of Saudi Arabia, United Arab Emirates, and Qatar. Command and control was by the House of Saud's former chief of intelligence,  Bandar Bush. Supply was via Turkey, with the active involvement of the U.S. State Dept. and CIA. A ratline had been run from Benghazi to Turkey to supply them with weapons formerly controlled by the Libyan government before Gadhafi was deposed.   But political pressure has been growing for the Obama Administration to get tough with the Gulf states and force them to stop funding and supplying both ISIL and al-Nusrah to bring the Syrian War to an end. Suddenly, we have an elaborate cover story absolving the Gulf States of guilt in funding ISIL. Over 160 captured thumb drives decrypted by the CIA, with a set of books detailing its funds, their sources, and a complete list of its commanders. All told, with the money supposedly seized from banks in Mosul, we have an ISIL with $2.375 billion in cash, enough to launch a fledgling ISIL national government in the portions of Syria and Iraq that it has captured.        So now those calling on Obama to crack down on the Gulf states to end their funding of ISIL are supposed to accept this story and walk awa
Gary Edwards

BanksterUSA -- A Project of the Center for Media and Democracy - 3 views

salsa.democracyinaction.org/...public

Audit-the-Fed federal-reserve bankster banksters

shared by Gary Edwards on 04 May 10 - Cached
  • Gary Edwards on 04 May 10
     
    Contacts congress critters with direct eMail.  Latest issue is the effort to Audit the Federal Reserve.  Vermont Senator and uber Socialist Berny Sanders has proposed to include the Audit the Fed proposal in the Dodd Permanent Wall Street Bailout Bill also known as the Dodd Financial Reform Bill.
Gary Edwards

Americans Have Been Taken Hostage | Dylan Ratigan - 0 views

www.businessinsider.com/have-been-taken-hostage-2009-9

Dylan-Ratigan financial-crisis financial-oligarchs banksters Banksters

shared by Gary Edwards on 14 Sep 09 - Cached
  • Gary Edwards on 14 Sep 09
     
    A system where bank lobbyists have been spending in record numbers to make sure it stays that way. A system that corrupts the most basic principles of competition and fair play, principles upon which this country was built. It is a system that so far has forced the taxpayer to provide the banks with the use of $14 trillion from the Federal Reserve, much of the $7 trillion outstanding at the US Treasury and $2.3 trillion at the FDIC. A system partially built by the very people who currently advise our President, run our Treasury Department and are charged with its reform. And most stunningly -- it is a system that no one in our government has yet made any effort to fundamentally change.
Paul Merrell

Banks pushing for repeal of credit unions' federal tax exemption - Los Angeles Times - 0 views

articles.latimes.com/...fi-credit-union-taxes-20130706

banksters credit-unions Congress Obama lobbying Competition

shared by Paul Merrell on 16 Sep 13 - No Cached
  • Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street's role in the financial crisis.Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.With fast-growing credit unions posing more formidable competition to banks, industry trade groups are pressing the White House and Congress to end a tax break that dates to the Great Depression. "Many tax-exempt credit unions have morphed from serving 'people of small means' to become full-service, financially sophisticated institutions," Frank Keating, president of the American Bankers Assn., wrote to President Obama last month."The time has come to abolish this exemption," Keating said in the letter, which was part of a blitz that included print and radio ads in the nation's capital.
  • Bankers long have complained the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code that is aimed at eliminating many corporate exemptions and lowering the overall tax rate.The exemption cost $1.6 billion this year in taxes avoided and would rise to $2.2 billion annually in 2018, according to Obama's proposed 2014 budget.In a 2010 report on tax reform, the President's Economic Recovery Advisory Board said eliminating the exemption would raise $19 billion over 10 years and remove the credit unions' "competitive advantage relative to other financial institutions" in the tax code.Credit unions said the effort to take away their tax exemption was simply an attempt to stifle competition and remove one of the only checks on bank fees for consumers.And it comes as some in Congress are pushing to loosen regulations on credit unions so they can expand their business further, including legislation that would lift a cap on the amount of money they can lend to businesses.The tax exemption is crucial to credit unions, which by law can't raise capital through public stock offerings the way that banks can, said Fred R. Becker Jr., president of the National Assn. of Federal Credit Unions, a trade group with about 3,800 federally chartered members."They'll have to convert to banks, which is what the banks want," he said. "Then they'd have, for lack of a better term, a monopoly."
  • Paul Merrell on 16 Sep 13
     
    So instead of competing on quality and service, banksters aim to eliminate the competition grown by disgruntled bankster customers. Unfortunately, corporate lobbying of government officials is exempt from the anti-trust laws, a consequence of (in my opinion, ill-considered) judicial recognition of a corporate First Amendment right of petition. So once again, we have legal fictions acquiring human rights. Trustees of Dartmouth College v. Woodward, 4 Wheat. 518, 636 (1819) (Marshall, C. J.). ("A corporation is an artificial being, invisible, intangible, and existing only in contemplation of law. Being the mere creature of law, it possesses only those properties which the charter of its creation confers upon it"). May a corporate charter permissibly bestow the rights of citizenship on an imaginary being? According to latter-day justices of the Supreme Court, corporations have First Amendment rights even if it doesn't say so in the corporate charter. See for example, Citizens United v. Federal Election Com'n, 130 S. Ct. 876 (2010) (chilling effect on "people" used to justify finding a First Amendment right of wholly imaginary corporations). 
Paul Merrell

'Massive fraud' at center of trial against BofA over U.S. mortgages | Reuters - 0 views

www.reuters.com/...a-hustle-idUSBRE98M11H20130924

banksters fraud BofA litigation

shared by Paul Merrell on 26 Sep 13 - No Cached
  • Bank of America Corp's Countrywide unit placed profits over quality in a "massive fraud" selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday. The claim came at the start of the first case by the government to go to trial against a major bank over defective mortgage practices leading up to the 2008 financial crisis.
  • The lawsuit is brought under the Financial Institutions Reform, Recovery, and Enforcement Act. The law, passed in the wake of the 1980s savings-and-loan scandals, covers fraud affecting federally insured financial institutions.The Justice Department estimates Fannie and Freddie has a gross loss of $848.2 million on the Countrywide HSSL loans, though their net loss on loans it says were materially defective was $131.2 million.
Paul Merrell

Wells Fargo fails to end U.S. mortgage fraud lawsuit | Reuters - 0 views

www.reuters.com/...ge-fraud-idUSBRE98N0WT20130924

banksters fraud Wells-Fargo litigation

shared by Paul Merrell on 26 Sep 13 - No Cached
  • A federal judge has rejected Wells Fargo & Co's bid to dismiss a U.S. government lawsuit accusing the nation's largest mortgage lender of fraud, a victory for federal investigators pursuing cases tied to the recent housing and financial crises. U.S. District Judge Jesse Furman in Manhattan said on Tuesday that the government may pursue its key federal claims that Wells Fargo lied about the quality of mortgages it submitted to a government insurance program, costing hundreds of millions of dollars over roughly a decade.In particular, Furman sided with the U.S. Department of Justice's interpretation of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a law adopted after the 1980s savings-and-loan crisis that lets the government sue for fraud affecting a federally-insured financial institution.Wells Fargo said the FIRREA claim should be tossed because the only institution affected by its conduct was itself.But Furman concluded otherwise, following the lead of two colleagues on the Manhattan federal court, Jed Rakoff and Lewis Kaplan, in cases against Bank of America Corp and Bank of New York Mellon Corp, respectively
Paul Merrell

Volcker Rule: How It Work, and Why It May Still Fail | New Republic - 0 views

www.newrepublic.com/...work-and-why-it-may-still-fail

banksters Volcker-rule commercial-banks Glass-Steagall

shared by Paul Merrell on 17 Dec 13 - No Cached
  • s a starting point, we think the Proposed Rule is simply too tepid.” That was how Senators Jeff Merkley and Carl Levin opened their February 2012 comment letter to federal banking regulators about the “Volcker rule,” designed to prevent large banks from making risky proprietary trades for their own profit, the kinds of trades that nearly took down the financial system in 2008. The senators, who authored the rule in Congress, were displeased about a number of loopholes added to the proposal, which they said did not “fulfill the law’s promise.” They demanded that regulators “draw brighter lines, remove unnecessary complexities, and enable cost-effective, consistent enforcement.”Twenty months later, five regulators will today finalize the Volcker rule, and Merkley, for one, is pleased with the result. “I believe the loopholes inherent in that [2012] draft have been significantly reduced or eliminated,” he said in an interview on the eve of the final votes. “I have a much more positive feeling about what will be voted on.” 
  • The tougher rule is a pleasant surprise, given how reliably Wall Street lobbyists have gutted such efforts in the past. For once, the hard work of members of Congress, advocates, and the public actually produced something that could work. But if you view financial reform like a football game, today’s votes kick off the third quarter of a contest destined for 34 consecutive overtimes. Today’s vote mostly triggers an extended period of data collection and guideline-setting, giving mega-banks many future opportunities to water down the rules. And even if implementation wraps up strongly—as it certainly could—regulatory spine will be needed to prevent another financial crisis. As Merkley noted, in matters like this, “you need eternal vigilance.” And, in Washington and on Wall Street, vigilance has often been anything but.
Paul Merrell

Voters Say "Yes" to the Republican Who Said "No" to Wall Street | The Nation - 0 views

www.thenation.com/...blican-who-said-no-wall-street

Auction-2014 Libertarians Jones banksters neocons

shared by Paul Merrell on 07 May 14 - No Cached
  • House Speaker John Boehner and his cronies removed North Carolina Congressman Walter Jones from the House Financial Services Committee in late 2012, as part of a purge that removed Republicans who were not all in for Wall Street -- and for Boehner's brand of "service" to the industries that are supposed to be regulated by Congress -- from the one panel with the power to hold bankers and brokers to account. But Jones, who had opposed bank bailouts and favored Wall Street regulation, did not go quietly. He spoke up about the purge and made little secret of his sense that -- though he had split with Boehner on a number of issues -- his biggest "sin" in the eyes of the party leadership was his refusal to bow to the demands of big campaign donors. “This whole place is all about money. Money is more important than policy,” complained Jones, who has in recent years co-sponsored most major pieces of campaign-finance reform legislation in the House -- including a call for a constitutional amendment designed to restore the ability of federal, state and local officials to regulate campaign spending.
  • The congressman's bluntness did not go over well with the masters of the universe on Wall Street. So, this spring, they set out to purge Walter Jones from Congress altogether. They found a consummate DC insider with close ties to the financial-services industry, Taylor Griffin, and filled the challenger's campaign treasury with PAC checks from J.P. Morgan, Wells Fargo and Bank of America, as well as political powerbrokers like former Republican National Committee chairman Haley Barbour and Wayne Berman of the Blackstone Group. It did not stop there. Jones' independence extended far beyond debates over Wall Street bailouts and regulation. The Republican is a social and economic conservative -- make that a social and economic very conservative -- but he has repeatedly broken with the party establishment on issues of war and peace, privacy rights, trade policy and budgets. He even voted against proposals by the darling of Wall Street and the party establishment, Congressman Paul Ryan
  • Bush administration aides and apologists rushed in with public statements and "independent" expenditures to attack Jones for his opposition to wars in Iraq and Afghanistan, and for his refusal to go along with moves that might lead to wars with Iran and other countries. Former Bush White House spokesman Ari Fleischer gave his enthusiastic backing to Griffin, as did former national security adviser Juan Zarate. Sarah Palin, one of the party's most consistent militarists, came in big for Griffin, who hailed her as an "old friend." A neo-conservative group, the Emergency Committee For Israel, spent at least $250,000 on ads that claimed Jones "preaches American decline." What Jones actually said was that, “Lyndon Johnson’s probably rotting in hell right now because of the Vietnam War, and he probably needs to move over for Dick Cheney.” At the same time, the wealthy champions of Ryan's crony-capitalist approach to budgeting were in with big money for TV ads and direct mail from the "Ending Spending Action Fund" -- a super PAC backed by billionaire businessman Joe Ricketts. By a lot of DC measures, Jones should have been doomed.
  • ...1 more annotation...
  • But the ten-term congressman bet that the voters of eastern North Carolina would stick with him. “I’m not going to sacrifice my integrity for anyone or any party,” he said. “It’s the price you pay. I didn’t come (to Washington) to be a puppet for anyone. And I think the public back in my district, which is the most important, has seen I’m willing to do what I think is right.” It was the right bet. On Tuesday, Republican primary voters in eastern North Carolina decided to purge the Wall Street donors and the special interests. The reelected Walter Jones by a solid 51-45 margin.
Paul Merrell

Transatlantic Trade and Investment Partnership (TTIP) Negotiations Fall Apart Following Mass Protest in the EU | Global Research - Centre for Research on Globalization - 0 views

www.globalresearch.ca/...5479985

TTIP EU negotiations France

shared by Paul Merrell on 07 Oct 15 - No Cached
  • Back in January the EU Commission published their response to the consultation on TTIP and it was found that 97% of the 150,000 responses opposed the trade deal. These respondents represented the general public. The biggest petition in the EU’s history was then presented that contained the signatures of 2 million citizens (now nearly 3 million) opposed to TTIP. Both were rejected as were proposals even for a simple hearing of the European Citizens Initiative. Then in April this year, thousands of protestors took to the streets of cities all over Europe as unelected officials of the EU Commission continue to ignore the concerns of its citizens. In June, fellow MEPs from many political parties who are also opposed to TTIP joined Ukip in standing, shouting, booing and clapping to show their dissatisfaction with proceedings. MEPs were due to set out their first formal position on TTIP since negotiations started two years ago and the meeting descended into chaos (video). The meeting was then stopped by the commissioners. Meanwhile David Cameron has persistently attempted to call out those working to derail the deal. Cameron has accused critics of inventing false scare stories whilst urging business chiefs to help make the case to overcome sustained attacks from left-wing opponents and warned Britain would “rue the day if we miss this opportunity” to open up transatlantic markets.
  • Cameron, who (increasingly) seldom listens to the general public or elected members of parliament representing the electorate will no doubt use all his powers to get this deal though to redeem himself after being called incompetent by his own military generals and by the Obama administration over Syria. In sharp comparison, both Paris and Berlin want the Investor State Dispute Settlement mechanism (ISDS) of TTIP removed from the transatlantic trade treaty currently being negotiated with Washington. This is a game changer. Matthias Fekl, the French Secretary of State for Foreign Trade, told EurActiv France that he would “never allow private tribunals in the pay of multinational companies to dictate the policies of sovereign states, particularly in certain domains like health and the environment”. That was back in January. Nine months later and France has now reinforced that message and gone one big step forward. In an interview with Sud-Ouest, Matthias Fekl threatened to “call a complete halt” to the TTIP negotiations if things do not change. EurActiv France reports. America has shown no desire to change any of the major issues that have been challenged. Fekl told the French newspaper that he believes the “total lack of transparency” in the Transatlantic Trade and Investment Partnership (TTIP) negotiations poses a “democratic problem”.
  • Fekl, the Minister of State for Foreign Trade called on the United States to show “reciprocity” in the negotiations. “American members of parliament have access to a much higher number of documents than we do in Europe,” he said. The German people are now taking a stand and now it is being reported in the USA that sentiment is going against the deal – “It is entirely possible that the U.S. could seek to conclude the deal in the next few years only to find that European governments are unwilling to risk the ire of their voters”. Matthias Fekl, explained that, ever since the negotiations began in 2013, “These negotiations have been and are being conducted in a total lack of transparency,” and that France has, as of yet, received “no serious offer from the Americans.” The reasons for this stunning public rejection had probably already been accurately listed more than a year ago. Jean Arthuis, a member of the European Parliament, and formerly France’s Minister of Economy and Finance, headlined in Le Figaro, on 10 April 2014, “7 good reasons to oppose the transatlantic treaty”. There is no indication that the situation has changed since then, as regards the basic demands that President Obama is making. Arthuis said at that time, that he was opposed to;
  • ...3 more annotations...
  • Private arbitration of disputes between States and businesses. Such a procedure is strictly contrary to the idea that I have of the      sovereignty of States. … Any questioning of the European system of appellations of origin. According to the US proposal, there would be a non-binding register, and only for wines and spirits. Such a reform would kill many European local products, whose value is based on their certified origin. Signing of an agreement with a power that legalizes widespread and systematic spying on my fellow European citizens and European businesses. As long as the agreement does not protect the personal data of European and US citizens, it cannot be signed. Allowing the United States proposal of a transatlantic common financial space, who adamantly refuse a common regulation of finance, and they refuse to abolish systematic discrimination by the US financial markets against European financial services. The questioning of European health protections. We do not want our animals treated with growth hormones nor products derived from GMOs, or chemical decontamination of meat, or of genetically modified seeds or non-therapeutic antibiotics in animal feed.
  • The signing of an agreement if it does not include the end of the US monetary dumping. Since the abolition of the gold convertibility of the dollar and the transition to the system of floating exchange rates, the dollar is both American national currency and the main unit for exchange reserves in the world. The Federal Reserve then continually practices monetary dumping, by influencing the amount of dollars available to facilitate exports from the United States. As things now stand, America’s monetary weapon has the same effect as customs duties against every other nation. [And he will not sign unless it’s removed.] Allow the emerging digital services in Europe to be swept up by US giants such as Google, Amazon or Netflix. They’re giant absolute masters in tax optimization, which make Europe a “digital colony.”
  • France is now considering “all options including an outright termination of negotiations” says France’s Trade Minister.
Paul Merrell

Is NSA Surveillance Mastermind Keith Alexander Selling US Secrets to Wall Street? | VICE United States - 0 views

www.vice.com/...-us-secrets-to-wall-street-630

surveillance state NSA Alexander revolving-door

shared by Paul Merrell on 02 Jul 14 - No Cached
  • Perhaps you already assume that there's some kind of twisted marriage between Wall Street megabanks and the US global surveillance regime. Why wouldn't there be? But not even a total cynic could have anticipated spymaster Keith Alexander cashing in this hard, this fast. As Bloomberg recently reported, the former National Security Agency chief, who resigned in March at the age of 62, quickly offered his cyber-security expertise at the eye-popping price of $1 million per month to an assortment of shady business lobbies. And now at least one member of Congress is probing this most delightfully dystopian of arrangements, raising the possibility that Alexander will be shamed out of the practice, if nothing else. “Disclosing or misusing classified information for profit is, as Mr. Alexander well knows, a felony. I question how Mr. Alexander can provide any of the services he is offering unless he discloses or misuses classified information, including extremely sensitive sources and methods,” Florida Democratic Rep. Alan Grayson wrote one of the business groups, the Security Industries and Financial Markets Association (SIFMA), which holds it down for Wall Street in Washington. “Without the classified information that he acquired in his former position, he literally would have nothing to offer to you.”
  • In an interview Monday, Grayson was even more strident in his criticism. "Frankly, what the general is doing is beginning to resemble an extortion racket," he told me. "This is a man who basically lied for a living, and he continues to do that." To be clear, what's uniquely outrageous about Alexander, who has apparently lowered his asking price to $600,000, is not that he is a former US official dangling his alleged expertise and the allure of privileged access to government officials before Wall Street. Former Secretary of State Hillary Clinton, who served under Barack Obama and is the odds-on favorite to succeed him, does this all the time, usually at a rate of about $250,000 a pop. (Indeed, one might argue that the very fact she has managed to do so while enjoying a stellar national reputation is what signaled to Alexander he might as well dive headlong through the revolving door.) But the former NSA head presumably knows things about sophisticated intelligence-gathering practices that very, very few people on Earth have been privy to—information that could be useful in the private sector, which has a tendency to collude with the military in ways that made former President and World War II General Dwight Eisenhower very sad.
  • "What could he possibly have that's worth $1 million a month other than classified information?" wonders Melanie Sloan, founder of Citizens for Responsibility and Ethics in Washington (CREW), a good government group. "That's more than former presidents make." Indeed, even former President Bill Clinton, whose corruption since leaving office is by now the stuff of legend, doesn't have the gall to ask for that much per gig. There's a sort of "fuck it!" attitude to what Alexander is doing, seemingly kicking sand in the face of everyone angry at his surveillance regime by getting paid to reflect on the experience of assembling it. More ominously, there's the prospect that Alexander, whether deliberately or otherwise, may have left behind vulnerabilities while running the NSA so as to put himself in prime position to effectively hold the banks hostage now. Certainly, there have been reports suggesting the agency was aware of some vulnerabilities it either could or did not address.   "What is especially troubling is he might actually be worth it," says former North Carolina Democratic Congressman Brad Miller, who worked extensively on financial regulation and Wall Street reform in Congress. "He's obviously not a computer geek. Some of the things that might have seemed paranoid a few years ago now seem more than plausible given what we've already learned the NSA has been doing."
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  • In an email, former New York Times reporter and Goldman Sachs regulatory guru Stephen Labaton—who is currently president of communications and influence powerhouse RLM Finsbury and apparently fielding the General's media inquiries—dismissed Grayson's critique and Miller's concerns. "The letter is ludicrous," he wrote me, before adding about Miller, "The congressman’s kidding, right? Will he [Alexander] next be tied to the Kennedy assassination?" But as Marcy Wheeler points out, given that the former NSA boss has spent the last year hyping the incredible risk of catastrophic cyber-attack, as well as the alleged damage done by Edward Snowden (an assessment his successor does not seem to share), it's fair to ask if his consultancy is essentially a scam. That the victims are, for now, Wall Street bankers—some of the least sympathetic human beings around—is a sweet bit of irony. But it doesn't change the bigger picture: In this age of total surveillance and unchecked financial power, the frontiers of corruption never seem to stop expanding.
Paul Merrell

Obama to Place Some Restraints on Surveillance - NYTimes.com - 0 views

www.nytimes.com/...hamper-surveillance-court.html

surveillance state NSA Obama Obama-decision

shared by Paul Merrell on 16 Jan 14 - No Cached
  • President Obama will issue new guidelines on Friday to curtail government surveillance, but will not embrace the most far-reaching proposals of his own advisers and will ask Congress to help decide some of the toughest issues, according to people briefed on his thinking.Mr. Obama plans to increase limits on access to bulk telephone data, call for privacy safeguards for foreigners and propose the creation of a public advocate to represent privacy concerns at a secret intelligence court. But he will not endorse leaving bulk data in the custody of telecommunications firms, nor will he require court permission for all so-called national security letters seeking business records.
  • President Obama will issue new guidelines on Friday to curtail government surveillance, but will not embrace the most far-reaching proposals of his own advisers and will ask Congress to help decide some of the toughest issues, according to people briefed on his thinking.Mr. Obama plans to increase limits on access to bulk telephone data, call for privacy safeguards for foreigners and propose the creation of a public advocate to represent privacy concerns at a secret intelligence court. But he will not endorse leaving bulk data in the custody of telecommunications firms, nor will he require court permission for all so-called national security letters seeking business records.
  • The emerging approach, described by current and former government officials who insisted on anonymity in advance of Mr. Obama’s widely anticipated speech, suggested a president trying to straddle a difficult line in hopes of placating foreign leaders and advocates of civil liberties without a backlash from national security agencies. The result seems to be a speech that leaves in place many current programs, but embraces the spirit of reform and keeps the door open to changes later. The decision to provide additional privacy protections for non-American citizens or residents, for instance, largely codifies existing practices but will be followed by a 180-day study by the director of national intelligence about whether to go further. Likewise, instead of taking the storage of bulk data out of government hands, as recommended by a review panel he appointed, Mr. Obama will leave it in place for now and ask lawmakers to weigh in.The blend of decisions, to be outlined in a speech at the Justice Department and in a presidential guidelines memorandum, will be Mr. Obama’s highest-profile response to the disclosures about the National Security Agency made in recent months by Edward J. Snowden, a former N.S.A. contractor who has fled to Russia.
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  • The developments came as the nation’s judiciary waded into the highly charged debate. In a letter made public on Tuesday, a judge designated by Chief Justice John G. Roberts Jr. to express the views of the judicial branch warned that some changes under consideration would have a negative “operational impact” on a secret foreign intelligence court.Judge John D. Bates, a former chief judge of the Foreign Intelligence Surveillance Court, urged Mr. Obama and Congress not to alter the way the court is appointed or to create an independent public advocate to argue against the Justice Department in secret proceedings. Any such advocate, he wrote, should instead be appointed only when the court decided one was needed.Judge Bates objected to the workload of requiring that courts approve all national security letters, which are administrative subpoenas allowing the F.B.I. to obtain records about communications and financial transactions without court approval. And he raised concerns about greater public disclosure of court rulings, arguing that unclassified summaries would be “likely to promote confusion and misunderstanding.”
  • The judge’s letter, versions of which he sent to the leaders of several congressional committees, was released as all five members of Mr. Obama’s surveillance review group testified Tuesday before the Senate Judiciary Committee, seeking support for their recommendations.Illustrating the cross-pressures on the president, the advisers argued for the appointment of the independent version of a public advocate, a recommendation the president is expected to follow, though it is not clear how he will structure the position.
  • The judge’s objection to the proposal on national security letters dovetailed with that of the F.B.I. director, James B. Comey, who argued it would be inefficient to have to go to a judge each time records were sought. Mr. Obama has decided not to require court approval in every case, but might still require it in some circumstances, according to one administration official.Mr. Obama will cut back on the number of people whose phone records can be examined by the N.S.A. through its bulk data program. Currently the agency can scrutinize call records of people as far as three steps, or “hops,” removed from a suspect. Mr. Obama’s review panel proposed limiting searches to people just two steps removed. He is also likely to cut down the number of years such data can be retained; currently it is deleted after five years.
  • But the president will not, at least for now, back the panel’s suggestion that telecommunications firms keep such data and that the government be allowed to tap into those databases only when necessary. Intelligence officials complained it would be inefficient to have to go to multiple companies, so some officials proposed creating an independent consortium to store the data instead.Mr. Obama has decided against keeping the data at the private providers because they do not want that responsibility, officials said, and no independent consortium currently exists. As a result, he will ask Congress to work with him to determine the best way to store the data.
  • The letter by Judge Bates was accompanied by 15 pages of often specific comments about possible surveillance reforms.It is highly unusual for judges to weigh in on public policy debates involving the other two branches of government, but Judge Bates, the director of the Administrative Office of the United States Court, said that Chief Justice Roberts had designated him to “act as a liaison” and that he had consulted other judges.
  • Paul Merrell on 16 Jan 14
     
    I keep wondering if Barack Obama just might be the most timid President the U.S. has ever had. Certainly, he lacks the courage to lead the nation. 
Paul Merrell

The Anti-Empire Report #126 - March 7th, 2014 - William Blum - 0 views

williamblum.org/126

war & peace Ukraine Russia NED NATO banksters

shared by Paul Merrell on 09 Mar 14 - No Cached
  • Since the end of the Cold War the United States has been surrounding Russia, building one base after another, ceaselessly looking for new ones, including in Ukraine; one missile site after another, with Moscow in range; NATO has grabbed one former Soviet Republic after another. The White House, and the unquestioning American mainstream media, have assured us that such operations have nothing to do with Russia. And Russia has been told the same, much to Moscow’s continuous skepticism. “Look,” said Russian president Vladimir Putin about NATO some years ago, “is this is a military organization? Yes, it’s military. … Is it moving towards our border? It’s moving towards our border. Why?” The Holy Triumvirate would love to rip Ukraine from the Moscow bosom, evict the Russian Black Sea Fleet, and establish a US military and/or NATO presence on Russia’s border. (In case you were wondering what prompted the Russian military action.) Kiev’s membership in the EU would then not be far off; after which the country could embrace the joys of neo-conservatism, receiving the benefits of the standard privatization-deregulation-austerity package and join Portugal, Ireland, Greece, and Spain as an impoverished orphan of the family; but no price is too great to pay to for being part of glorious Europe and the West!
  • The Ukrainian insurgents and their Western-power supporters didn’t care who their Ukrainian allies were in carrying out their coup against President Viktor Yanukovych last month … thugs who set policemen on fire head to toe … all manner of extreme right-wingers, including Chechnyan Islamic militants … a deputy of the ultra-right Svoboda Party, part of the new government, who threatens to rebuild Ukraine’s nukes in three to six months. … the snipers firing on the protestors who apparently were not what they appeared to be – A bugged phone conversation between Urmas Paet, the Estonian foreign minister, and EU foreign policy chief Catherine Ashton, reveals Paet saying: “There is now stronger and stronger understanding that behind the snipers it was not Yanukovych, but it was somebody from the new coalition.” … neo-Nazi protestors in Kiev who have openly denounced Jews, hoisting a banner honoring Stepan Bandera, the infamous Ukrainian nationalist who collaborated with the German Nazis during World War II and whose militias participated in atrocities against Jews and Poles. The Israeli newspaper Haaretz reported on February 24 that Ukrainian Rabbi Moshe Reuven Azman advised “Kiev’s Jews to leave the city and even the country.” Edward Dolinsky, head of an umbrella organization of Ukrainian Jews, described the situation for Ukrainian Jews as “dire” and requested Israel’s help. All in all a questionable gang of allies for a dubious cause; reminiscent of the Kosovo Liberation Army thugs Washington put into power for an earlier regime change, and has kept in power since 1999.
  • The now-famous recorded phone conversation between top US State Department official Victoria Nuland and the US ambassador to the Ukraine, wherein they discuss which Ukrainians would be to Washington’s liking in a new government, and which not, is an example of this regime-change mentality. Nuland’s choice, Arseniy Yatseniuk, emerged as interim prime minister. The National Endowment for Democracy, an agency created by the Reagan administration in 1983 to promote political action and psychological warfare against states not in love with US foreign policy, is Washington’s foremost non-military tool for effecting regime change. The NED website lists 65 projects that it has supported financially in recent years in Ukraine. The descriptions NED gives to the projects don’t reveal the fact that generally their programs impart the basic philosophy that working people and other citizens are best served under a system of free enterprise, class cooperation, collective bargaining, minimal government intervention in the economy, and opposition to socialism in any shape or form. A free-market economy is equated with democracy, reform, and growth; and the merits of foreign investment in their economy are emphasized. The idea was that the NED would do somewhat overtly what the CIA had been doing covertly for decades, and thus, hopefully, eliminate the stigma associated with CIA covert activities. Allen Weinstein, who helped draft the legislation establishing NED, declared in 1991: “A lot of what we do today was done covertly 25 years ago by the CIA.”
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  • NED, receives virtually all its financing from the US government ($5 billion in total since 1991 ), but it likes to refer to itself as an NGO (Non-governmental organization) because this helps to maintain a certain credibility abroad that an official US government agency might not have. But NGO is the wrong category. NED is a GO. Its long-time intervention in Ukraine is as supra-legal as the Russian military deployment there. Journalist Robert Parry has observed: For NED and American neocons, Yanukovych’s electoral legitimacy lasted only as long as he accepted European demands for new “trade agreements” and stern economic “reforms” required by the International Monetary Fund. When Yanukovych was negotiating those pacts, he won praise, but when he judged the price too high for Ukraine and opted for a more generous deal from Russia, he immediately became a target for “regime change.” Thus, we have to ask, as Mr. Putin asked – “Why?” Why has NED been funding 65 projects in one foreign country? Why were Washington officials grooming a replacement for President Yanukovych, legally and democratically elected in 2010, who, in the face of protests, moved elections up so he could have been voted out of office – not thrown out by a mob? Yanukovych made repeated important concessions, including amnesty for those arrested and offering, on January 25, to make two of his adversaries prime minister and deputy prime minister; all to no avail; key elements of the protestors, and those behind them, wanted their putsch.
  • Carl Gershman, president of NED, wrote last September that “Ukraine is the biggest prize”. The man knows whereof he speaks. He has presided over NED since its beginning, overseeing the Rose Revolution in Georgia (2003), the Orange Revolution in Ukraine (2004), the Cedar Revolution in Lebanon (2005), the Tulip Revolution in Kyrgyzstan (2005), the Green Revolution in Iran (2009), and now Ukraine once again. It’s as if the Cold War never ended. The current unbridled animosity of the American media toward Putin also reflects an old practice. The United States is so accustomed to world leaders holding their tongue and not voicing criticism of Washington’s policies appropriate to the criminality of those policies, that when a Vladimir Putin comes along and expresses even a relatively mild condemnation he is labeled Public Enemy Number One and his words are accordingly ridiculed or ignored. On March 2 US Secretary of State John Kerry condemned Russia’s “incredible act of aggression” in Ukraine (Crimea) and threatened economic sanctions. “You just don’t in the 21st century behave in 19th century fashion by invading another country on completely trumped up pre-text.” Iraq was in the 21st century. Senator John Kerry voted for it. Hypocrisy of this magnitude has to be respected.
Gary Edwards

How Bank Regulation Helped Destroy AIG - 0 views

www.businessinsider.com/tion-helped-destroy-aig-2009-3

financial-crisis government-regulation banksters

shared by Gary Edwards on 02 Mar 09 - Cached
    • Gary Edwards
      Gary Edwards on 02 Mar 09
       
      Great comment! I've never heard it phrased this way before, but i think it hits the mark: the mark-to-market" risk that CDS were designed to take away, were simply moved from the banks/traders books to that of AIG.
  • The problem AIG an the other insurers face is that they got the analysis so wrong that many of those CDS payments are coming due now and the mark to market that they took away from the traders, is now on their book! Result = AIG insolvent.
  • Gary Edwards on 02 Mar 09
     
    in many ways the last round of regulatory reform helped cause the disaster in AIG. How could AIG's destruction have been caused by banking regulation? Most people wil probably be surprised by the very idea. After all, they've been told that what really happened to AIG involved unregulated credit default swaps, insurance contracts on bonds that AIG sold across the world. They suspect AIG might have been caused by too little regulation. In fact, much of AIG's problem was caused by credit default swaps and regulation. After Hank Greenberg was ousted from AIG, the company began to get heavily involved in the credit default swap market. That market was growing in large part because of banking regulation.
Gary Edwards

Morning Bell: The Obama Fiscal Responsibility Farce Continues | The Foundry: Conservative Policy News. - 3 views

blog.heritage.org/...sponsibility-farce-continues-2

obammunism progressive-socialism fiscal-irresponsibility facts

shared by Gary Edwards on 27 Apr 10 - Cached
  • This February, after signing the largest single-year increase in domestic federal spending since World War II, President Obama held a “fiscal responsibility” summit designed to “send a signal that we are serious” about putting the nation on sounder financial footing. The Washington Post’s Dana Milbank quipped at the time: “Holding a ‘fiscal responsibility summit’ at the White House in the middle of a government spending spree is a bit like having an Alcoholics Anonymous meeting at a frat house on homecoming weekend.”
  • Gary Edwards on 27 Apr 10
     
    Conn puts the numbers into the context of events and issues.  Good read. Today President Barack Obama's National Commission on Fiscal Responsibility and Reform will convene for the first time at the White House. Tasked with making recommendations to Congress that would put the budget in primary balance by 2015 and "meaningfully improve" our nation's long-term fiscal outlook, the commission meets a little over a month after Congress approved a new $2.5 trillion health care entitlement that the Obama administration now confirms will increase our nation's total health care spending. This is a now familiar pattern for the White House: first enact record breaking levels of deficit spending, then turn right around and promise austerity sometime in the future.
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