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It's complicated.  The bottom line is that we know where the $1.6 Billion in customer assets, squandered and "lost" by Corzine, is.  JP Morgan is holding the bulk of it, and due to recent changes in the 546(e) section of the Federal Bankruptcy code, JP Morgan and the other big banksters will be able to keep that money from it's rightful owners.  Oh, yeah.  One other thing.  The big banksters now running off with the assets of investors are the very same people who lobbied hard and heavy ($$$) to have the changes in the code pushed through by their unwitting stooges in Congress. excerpt: This week in The Institutional Risk Analyst we published a comment on the ongoing financial genocide at MF Global, "MF Global: Where's the Cash?"  http://us1.irabankratings.com/pub/IRAstory.asp?tag=515 The comment correctly identifies the location of the "missing" $1.6 billion as JP Morgan Chase and other bank custodians of MF Global.  The trouble is that even though we now know where the missing customer money has gone, namely JPMorgan, there is little chance that the defrauded customers of Jon Corzine will ever recover a dime. Here's the link to a video by William Rochelle of Bloomberg News explaining how the safe harbor in Section 546(e) of the Bankruptcy Code likely will prevent MF Global customers from ever getting their $1.6 billion back -- even when it's located, as it has been evidently. ... (MONEY SHOT) The problem here is that the existing laws against pillaging customer accounts and other acts of fraud are in conflict with the bankruptcy statute designed to make the world safe for large banks and over-the-counter derivatives.  Specifically, the post 2005 bankruptcy laws prohibit trustees from clawing back the $1.6 billion in stolen customer funds.  Indeed, the Bankruptcy Court and trustee are precluded from pursuing the banks just as the trustee in the Madoff fraud has likewise been stymied.    In addition to the clients of MF Global who were ap

Socialist blogger and Rolling Stone Magazine journalist Matt Taibi has made a career out of exposing Banksters and their criminal activities causing the 2008 collapse of the global financial industry.  Here he sights a story in American Banker that fully demonstrates the depths of depravity and criminal activities that continues to characterize big Banksters. The mortgage-foreclosure-robo signing scandal is just the tip of the ice berg.  Matt recounts the story of Linda Almonte, a JP Morgan Chase employee in charge of Credit Card debt bundling.  It's horrific. Money shot: The financial crash wouldn't have happened if even a slim plurality of financial executives had done what Linda Almonte did, i.e. simply refuse to sign off on a bogus transaction. If companies had merely upheld their own stated policies and stayed within the ballpark of the law, none of these messes could have accumulated: fraudulent mortgages wouldn't have been sold, families wouldn't have been foreclosed upon based on robo-signed documentation, investors wouldn't have been duped into buying huge packets of "misrepresented assets." ............. excerpt: In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I've known since last September; I'm working on a recount of her story for my next book. One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms as a test case for that proposition. American Banker reporter Jeff Horwitz did an outstanding job in this story detailing the sweeping irregularities in-house at Chase, but his very thoroughness means the news may have ram

Peter Schiff talks about his new book "The Real Crash: America's Coming Bankruptcy, How to Save Yourself and Your Country".  I caught the Coast-to-Coast "Financial Crisis Special" interview with Peter earlier this week where he spoke on the "Real Crash" issues.  Stunning stuff.  His hour on Coast was followed by Lindsey Williams who pointed out that the New World Order - Illuminati - Bankster trigger point would be signaled by a collapse in the derivatives market. The derivatives market is now over a quadrillion dollars of  casino style gambling.  This is where Banksters make huge bets on things like whether or not interest rates will go up or down.  Then they take out insurance to cover their bets, which further compounds the cost.  Recent events like the Jon Corzine MF Global gamble that the Federal Reserve Bankster Cartel would backstop explosive European sovereign bankster debt are the first indications of collapse in the derivatives market.  We now know that JP Morgan placed similar bets on a European bailout by the Federal Reserve and World Bank, and lost big.  The only difference is that Corzine robbed his clients personal accounts to cover his bets. While Schiff argues the facts on the table, the "what", Lindsay argued the "why"; claiming that this escalating debt mess is all by design.  Lindsay claims that an operational fundamental of the New World Order elites is to first overturn the USA Constitution.  Using a Machiavellian Principle known as, "out of chaos comes order", they seek to de-stabilize and overthrow the USA Constitutional Republic using massive and crushing debt to first destroy the dollar currency.  This will create massive chaos requiring martial law and government seizure of private property and production. Peter Schiff warns that the government is driving us deeper into debt at exactly the time we should be saving and investing those savings in future private sector productivity.  Lindsay argues that this is all by desig

Excellent analysis and statement of facts in evidence.   Conclussion is that Osama is well on his way to winning on every one of his stated objectives, and GM is heading for a real bankruptcy, despie $100 Billion in taxpayer bailout funds.  GM is expected to cost taxpayers upwards of $56 Billion when all is said and done. excerpt: "Vice President Joe Biden has a suggested slogan for the Obama/Biden 2012 campaign. He repeats it everywhere he goes. "Osama Bin Laden is dead," he bellows, "and General Motors is alive!" There's only one problem. He's wrong. Yes, Bin Laden's dead, thank God. And General Motors is still an operating concern. But in point of fact, the cause for which Osama Bin Laden stood is stronger than at any time in American history, thanks in large part to the Obama administration. And as for GM, it's not so much alive as it is a member of the corporate living dead, feasting on taxpayer brains while slowly deteriorating, the first zombie company created by Obama's cronyism. On the eleventh anniversary of Osama Bin Laden's attack on America, it's worthwhile to examine just what he hoped to accomplish. He spelled out his goals in three documents: a 1996 fatwa titled, "Declaration of War Against The Americans Occupying The Land of the Two Holy Places"; a 2002 "Letter to America"; and a 2004 video. In these manifestos, he declared his willingness to die, of course. His goals included:"

Good article on Newt; covers the good, the bad, and the ugly.  Personally i don't trust Newt.  As former repubican senator Jim Talent of Missouri says, "He's not a reliable and trusted conservative leader".  Strangely, Talent supports Romney. And there is nothing conservative about Romney.   The one thing i do like about Newt is that he is a bomb thrower extraordinaire.  There isn't a Libertarian (moi), conservative, or Constitutional conservative anywhere that wouldn't love to see Newt in the ring with Obama, hammering his Marxist ass without mercy.  But i'm not so sure that that desire is enough to overcome the serious character flaws and self centered egotistical baggage Newt hauls around.  He proves time and again that he lacks the core values of a true conservative, including dedication to the upholding the Constitution and Rule of Law. Funny though that a valueless establishment repubican "we can manage big government more efficiently and make it work" guy like Romney is attacking Newt as not being a true conservative?  What does that make Romney?  At least Newt can point to the awesome Contract with America repubican take over of Congress - after 40 years in the wilderness. Even though Ron Paul has lost it on foreign policy, i continue to send money.  My switch from Reagan Constitutional Conservative to Libertarian has "nearly" everything to do with the 2008 financial collapse, and the years of research and study that followed.   I say "nearly" because i just couldn't pull the trigger until unexpectedly i found myself in a Bloomberg discussion questioning my support for Herman Cain.  Sadly, Herman supports the Federal Reserve, including full approval of both Greenspan and Bernacke policies that have destroyed the US dollar and enabled the Banksters to run off with over $29 Trillion of our money.  Of course, this is an indefensible and inexcusable position.  The Libertarian's in the discussion pointed out that the problems this country faces cann

disclosure: I met Cokie and Steve Roberts at an intimate house party in NH. Probably in 1991. Very nice people but they are full blown unionist-socialist-progressives iron bent on the European Socialism model. Not Constitutionalist in any way shape of form. Certainly not Constitutional Capitalist or free market types either.

The bottom line is that the public unions continue to increase their wages and benefits, inspite of the economic free fall the economy is in, because they ruthlessly use members dues for lobbying and bargaining with politicians who are paying them with "other people's money". CC provides some interesting diagrams describing how the scam works, and, he does point to two solutions being tested in Wisconsin and Indiana. In Wisconsin, gov Walker is trying to end public sector "collective bargaining". While Gov Daniels in Indiana has successfully ended the the requirement that the State deduct union workers membership dues from their pay checks. When given the chance to choose, most union workers chose NOT to pay those dues. The Daniels method seems to be working very well, and is based on an easy to understand Constitutional principle; money earned is personal property, and the individual should have the right to chose what happens to their property. There are some other things that might be tried, although i think the Daniels principle should be an automatic first step taxpayers take to restore Constitutional Rule of Law. .... Break strike threat with non union replacements President Reagan was tested by the public sector unions when they threatened a strike by the thought to be essential and irreplaceable Air Controllers union. Reagan called them on it, and brought in non union replacements to break the strike. Painful, but it worked. ..... Privatization The most basic and Constitutional response is to privatize the service, and turn it over to the open market of competitive contract bids. Works every time, but the awarding of contracts has it's own level of political corruption and influence peddling. Personally i would prefer a grand jury approach to oversight problem involved in the awarding of contracts. Citizens need to be pressed into the task of backstopping political corruption. Any connection of cross channeling of people or t

Savings & Loan crisis regulator Bill Black testifies in front of the House in 2011.  He explains the financial collapse of 2008, the role of subprime and liar's loans, and the incredible fraud running rampant through the Bankster industry.  Lehman Brothers alone was responsible for near 80% of the fraudulent liar loan mortgage security packages sold throughout the world.  Black lays much of the blame on the Federal Reserve, the SEC, and three individuals: Greenspan, Bernanke, and Timothy Geitner (NY Federal Reserve).  He compares how regulators with limited authority were able to contain and minimise the Savings and Loan fraud problem, with the near total lack of effort by the Federal Reserve, FDIC and SEC regulators.  Extrordinary testimony.  And Congress, the Justice Department, the Federal rEserve, the SEC, the FDIC and all the other elite regulators continue to do NOTHING!

Very interesting post from Douglas French concerning the repubican primaries and F.A. Hayek's "Road to Serfom" comments on modern politics. Fascinating stuff. Hayek argues that, in politics, "the worst rise to the top", and he outlines three reasons why: .... Choosing is the problem. Informed people are more "nuanced" - they have many divergent opinions and views. Uniformity however drives the group dynamics behind a democratic process. Uniformity of opinion rules, and the less informed a person is, the more uniform and drawn to larger groups they will be. The "lowest common denominator" rule rules the democratic process. Mobocracy at work. .... Those on top, pursuing the political leadership positions, must appeal to the masses and weave together the groups driven by the "lowest common denominator" rule. The docile and gullible "are ready to accept whatever values and ideology drummed into them". Advantage to big media, the socialist assemblage ruling public education, and public workers unions. ..... Third, political leaders "don't promote a positive agenda, but a negative one of hating an enemy and envy of the wealthy. To appeal to the masses, leaders preach an "us" against "them" program." The great unwashed and uninformed being guided and driven "by emotion and passion rather than critical thinking." Not sure i agree with any of this, much as i admire and recognize the importance of Hayek and his seminal, game changing "Road to Serfdom". One reason is that some of the most informed people i know are goose stepping socialist hell bent on ending individual liberty - as in "life, liberty and the pursuit of happiness", in exchange for Marxist social equality. Another reason i would disagree is that the salt of the earth "bitter clingers" Reagan Conservatives that rock the Tea Party movement are exactly what the establishment elites call the "uninformed masses". Not sure if that's what Hayek meant, but his viewpoint does look a

Petition Time!  Last week, in a bipartisan action, the House of Representatives voted 267-159 to repeal the CLASS Act. excerpt from the Independent Woman's Voice call-to-action ; The CLASS Act is a microcosm of two of the primary problems that plague ObamaCare - it's unaffordable and completely unworkable. Indeed, that's why Department of Health & Human Services Secretary Kathleen Sebelius had to pull the plug on the CLASS Act back in October. Sebelius was required to certify that CLASS - the health care law's provision to provide for long-term insurance for assisted living - would remain affordable and fiscally solvent for the next 75 years. To the surprise of only those who believe the fairy tail that ObamaCare will never add to the national debt, Secretary Sebelius was compelled to finally cease defending CLASS and abandon it. If only that same standard could be applied to all of ObamaCare. Now, the repeal of the CLASS Act moves on to the Senate. It's high time the Patriots mobilize to put pressure on the Senate to follow the House in repealing CLASS and sending it on to President Obama's desk. Not surprisingly the President has indicated he wouldn't sign repeal of CLASS.  Nonetheless, he should feel the pressure from the American people to do so.

Excellent white board illustrated discussion on capitalism and the financial crisis.   I have a question though?  How do you discuss capitalism without also discussing borrowing, interest rates and dividends?  Seriously.  No mention of interest rates?  No mention of the relationship between GOLD, commodities and fiat money?   Yes, the Banksters collapsed the world economy with the willing consent of corrupt crony politicians.   The corruption and practice of crony corporatism is NOT Capitalism!  It's fascism.   Nor are the bailouts of the Banksters and big unions capitalism!  In capitalism there is no such thing as a government bailout or two big too fail.  Capitalism would have put the Banksters into the dirt without blinking. There is an interesting transection where the cartoonist suggest that global corporatism demanded capital from creative financiers.  And that caused the the problem.  Seems the Banksters got too too creative. I disagree with this perspective, and am left wondering how the connection between global commerce and creative "casino" financial instruments are natural consequences of each other?  It's a commonly held belief that global explosion was due to the a Reagan - Thatcher conservative revolution where one of the key corporate organizing principles was that of the "franchise" backed by IPO style public stock offerings.  Clowns like Warren Buffett gobbled up tons of Coca Cola and McDonalds stock, waiting for global trade barriers to fall in the wake of Reagan - Thatcher liberty.  When the Soviet Union collapsed, the "walls" truly did come down.  And USA corporations were uniquely positioned and structured to roll out globally. That doesn't have anything to do with the kind of creative casino gambling that brought the world to it's knees.  What do exotic financial derivatives have to do with funding corporations?  Yes, they were used to hedge financial positions as sovereign governments were maddeningly borrowing and s

The Williams article does no more than to sing to the choir and certainly is no scholarly work. First he stuffs the Nazis into his own "socialist" bag, ignoring the fact that the "socialist" label in the party name was only window dressing for what was in reality a mix of fascism and capitalism, not socialism. Then he declares that "communists" in the Soviet Union were responsible for mass murders, blinking past the fact that the Soviet Union was communist in name only. It was a fascist state during the entire period when the mass murders there took place and wound up an oligarchy before it died. "Communist China" likewise was never a communist state. It began as a socialist state ruled by an oligarchy, became near-fascist under Chairman Mao, and returned to being an oligarchy after his death, but this time sprouting capitalist wings. (Nixon removing the U.S. trade barriers with China had a lot to do with this.) Having stuffed everything in sight into his "socialist" bag, deserving or not, and labeling *all* socialists as government mass murders, Williams takes the insurmountable mental leap to paint groups like the "NAACP, the National Council of La Raza, Green for All, the Sierra Club and the Children's Defense Fund" as mass murderers, apparently should their views ever become dominant in the U.S. (Williams provides no connective tissue for his illogic there.) Then to top it all off, the web site's editor slaps a title on the essay lumping liberals and progressives in with the socialists, so apparently liberals and progressives are potential mass murderers too, which is unmistakably his innuendo. Williams seems to have a problem with organizations working *through our legal system* to expand civil liberties and to raise ethnic minorities out of poverty. Love 'em or hate 'em, those are not groups of mass murderers. Williams has the right to dislike those organizations. He also has the right to make absurd arguments, which he has fully exercised. But he wa

More great charts, this time courtesy of the US Treasury Department. The charts use select areas of measurement to show a slowly improving economy, with the private sector leading the way. What the charts don't show or discuss is that the Obama economy has been assisted by $3 Trillion in Federal Reserve Bankster Cartel "quantitative easing", and the $5 Trillion in debt that Obama spending has racked up. Throw in the secret $16.1 Trillion the Federal Reserve pumped into the international bankster system, and the question becomes, "Where is all this money going? And why isn't the economy jumping?" The numbers are staggering. One chart provided by Treasury shows a successful TARP program where the Banksters have paid back in full the massive bailout funds. One has to wonder though, are they paying back the taxpayer bailout with newly generated profits? Or are they simply using freshly printed Federal Reserve dollars ($19.1 Trillion by the Federal Reserve's count), passed to them at zero interest? The shell game Obama, the ruling establishment, and the Federal Reserve Bankster Cartel have been playing may be running out of steam. We're now in the money laundering stage where Banksters and trading partners like China are dumping their digital-ions of dollars for real property, corporate assets and hard currencies. The St Louis branch of the Federal Reserve Cartel says as much in their most recent economic study. From the article: ....... The nation's debt load has grown to the point where the U.S. is now threatened with bankruptcy but the economy is not likely to grow fast enough to reduce the need for additional government borrowing. Empirical studies have shown a strong correlation between high levels of debt and reduced economic growth which results in decreased government revenue as explained below.......... An essay published by the St. Louis Federal Reserve on the Federal debt poised the question, "Too Little Revenue or Too Much Spe

"The penalties Americans will be required to pay under Obamacare for going without health insurance were declared constitutional in a US. Supreme Court decision that hinged on Chief Justice John Roberts' assertion that the assessments are taxes. But a legal challenge to the federal government takeover of health-care decision-making says that's a problem, because Harry Reid created the Obamacare legislation, with all of its new "taxes," in the U.S. Senate. The Constitution requires any tax bills to begin in the House. The demand for an explanation is being raised in an amended complaint filed by the Pacific Legal Foundation, which is representing a man who believes the new bureaucracy isn't legal."

This is the largest part of the real back story on John Kerry's feverish effort to negotiate a two-state solution to the Israel-Palestine apartheid problem. The Palestinian Boycott, Divestment, and Sanctions ("BDS") movement against Israel is growing rapidly, nearly doubling the rate of growth of the former BDS movement that successfully ended apartheid government of South Africa.   Israel has become a pariah state diplomatically because of its war crimes against Palestinians and because of BDS, is increasingly becoming a pariah state economically. At the same time, Israel has illegally colonized Palestine to the extent that a 2-state solution is all but impossible, meaning that the most likely outcome is that Israel will cease being the "Jewish State" and be forced to grant equality to Palestinians as well in a new secular government. The situation became all the more dire for Israel as the "Jewish State" when the U.N. General Assembly granted Palestine observer state status, opening the way for Palestine to, e.g., pursue criminal prosecution of Israeli leaders for war crimes before the International Criminal Court.  That has dramatically increased the Palestinian Authority's leverage in negotiations. Kerry is on a rescue mission to see if he can coerce the Palestinian Authority to cede sufficient land and powers to Israel to make a 2-state solution credible. Kerry's leverage is that the U.S. has been underwriting the Palestinian Authority's expenses and can threaten to withdraw the financial support.  All of which brings it down to the question of Palestinian Authority leadership corruption. If the PA stands tall and refuses to accept Kerry's ridiculous demands, there will almost certainly be no 2-state solution, ever, because Israel continues to colonize Palestine and has locked up most of Palestine's water resources. Further colonization means still less water for an "independent" Palestine state. The Palestine Authority, on the other hand, suffered f

Glenn Greenwald offers his take on Obama's NSA "reform" speech.

Even radio transceivers emplanted in USB jacks. So now to be truly secure, we need not only an air gap but also a Faraday cage protecting the air gap. 

Article includes tables indicating which agencies are out of compliance with which FOIA directives. 

Wow.  Documentation up the ying yang .......... "The U.S. Senate's "Gang of Eight" immigration-reform plan, as well as a strikingly similar plan now being backed by Rep. Paul Ryan, R-Wis., and a bi-partisan House "Gang," both offer the "roadmap to citizenship" originally conceived and carefully developed by members of the Communist Party USA working within the Democratic Party and the radical left activist network for the purpose of using amnestied illegals to build a "permanent progressive majority." That is the inescapable conclusion readers will draw after reading the forthcoming book by acclaimed researcher and blogger Trevor Loudon, titled "The Enemies Within: Communists, Socialists and Progressives in the U.S. Congress." Although not yet published, Loudon agreed to allow WND readers to preview one chapter, titled "Latino Immigrants: Tools to Ensure a 'Governing Coalition' for the Left." Ads by Google Marriage Visa Lawyer $195 Get Your Fiance/Spouse to the USA. Free Consultation. (888) 902-9285 EasyFianceVisa.com/SpousalVisa Canadian Rockies By Train Experience the Rockies By Train. Luxury Mountain Travel By Rail TravelAlberta.us/Train In the book, Loudon exhaustively documents the Left's longtime agenda regarding illegal aliens and how its activists have gone about implementing it. He provides irrefutable proof that the entire immigration-reform movement was the brainchild of American communists and that their goal has long been to establish unchallengeable political supremacy. According to Loudon, the Communist Party USA has influenced U.S. policy toward illegals since at least the 1960s. He traces the history, showing how communists and communist-founded organizations slowly built the movement from the ground up. While other groups certainly joined the effort, the communists were always at the center. For example, he tells the story of CPUSA member Bert Corona, the "Communist Father of the 'Immigrants Rights' move