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Category: $Money$ ToBeFree Page 15 of 21
Gerald Celente: Director of Trends Research Institute
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03/18/2009 Freedom Watch w/ Judge Napolitano, Ron Paul, Peter Schiff, Alex Jones, and more
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Judge Napolitano’s guests…include Alex Jones, Ron Paul, Lew Rockwell, Peter Schiff, Andy Levy, and Mark Skousen.
Ron Paul joins the discussion in part 5.
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Revealing interview from the August, 1988 broadcast of Frank Morrow’s “Alternative Views” found at archive.org. It cements Dr. Paul’s place as America’s leading economic prophet crying in the wilderness and a voice we ignore at our own loss. At the time of the interview, Dr. Paul was the Libertarian candidate for president.
From the original description: “Former four-term Congressman Ron Paul describes the American power structure. As a member of the House Banking and Currency Committee, Paul was in a unique position to see the inner workings of economic power and control of the country, and how this power translates into political power. Paul describes how, through the control of the Federal Reserve and the banking system, the American power elite is basically out of reach of the democratic system. Concurrently, by using such organizations as the Trilateral Commission and the Council on Foreign Relations, control over the political process is maintained, resulting in what is in reality a in the U.S.”
There’s a lot of information contained. Dr. Paul rightly states that many politicians in DC aren’t informed about the nature of banking or economics, a condition that serves the interests of the central banking establishment. He also rightly states that the Federal Reserve, due to its secrecy and power, is nothing less than evil. This American agrees. And Ron Paul is still the only candidate from either party that isn’t a member of the Council on Foreign Relations.
From: Market Watch
Here It Comes (GE)
This is what is going to happen, as I noted in BlogTalkRadio yesterday afternoon, if “The Bezzle” [from the word ’embezzle’ – ed.] is not removed from our system NOW.
Take a look at that folks. That’s a snapshot of today’s volume for June GE $2.50 PUTs.
That’s over 52,000 contracts traded today, controlling 5.2 million shares.
They were purchased for about 30 cents, which means that the price has to be under $2.20 for them to go “in the money”.
This is a bankruptcy bet on General Electric by the third week of June. …
General Electric is a stalwart of our financial and industrial system. A bankruptcy by GE would be catastrophic for our economy and capital markets. The follow-on damage with suppliers and customers would be even worse.
If “The Bezzle” is not brought under control right d— now this is what is going to to happen to company after company. We WILL see the S&P trade at one hundred if we start to see firms like GE go down the toilet. …
It is my intention to guarantee that these actions and intentional and willful blindness is documented so that when these failures occur, which I have predicted and provided a path by which they can be prevented, occur due to the intentional and willful malfeasance of our lawmakers and policy “wonks”, the people can correctly hold to account the people responsible for their unemployment, homelessness and hunger.
From: The International Forecaster, February 25 2009
Since 1997, real inflation, as opposed to ridiculously understated official inflation, has raged at a minimum of 8% annually, and has soared as high as 14-16%. This means that you have lost a minimum of two thirds of your 1997 purchasing power. So, if you invested $10,000 in the Dow components in 1997, not only would you have no gain whatsoever, you would have losses on the stocks which were dropped from the index due to poor performance and, in addition, to add insult to injury, your purchasing power has been reduced from $10,000 to approximately $3,000 in terms of 1997 dollars. In other words, that $10,000 you invested in 1997 will today only buy what $3,000 would have bought in 1997.
Effectively, anyone playing the general stock markets has been wiped out by this combination of lost capital gains and reduced purchasing power. Those who began investing after 1997 have done even worse because they have suffered major capital losses in addition to having suffered reduced purchasing power. So much for the much touted 10% average annual gains for stocks. By contrast, you could have bought gold in 1997 for about $300 per ounce and more than tripled your money at today’s prices. Your $10,000 would have become $30,000+, however, due to inflation caused by the Fed’s profligate increase in the money supply, which the Fed intentionally orchestrated in order to impoverish you and bring you to your knees so you will accept world government, your purchasing power would only be about $10,000 in 1997 dollars. So you would at least be even in terms of purchasing power. Certainly, $10,000 in purchasing power is a whole lot better than $3,000. This example is a classic illustration of how gold preserves your wealth. As you can see, failure to invest in gold, silver and their related shares is tantamount to committing financial suicide. The bankruptcy courts will soon be full of the tens of millions of US citizens who ultimately will ignore gold and silver as a safe haven, or who will simply lack the capital to invest in gold and silver in any case because they are in hock up to their ears, or because they have become unemployed, or both.
Pension plans, often heavily invested in stocks and real estate, asset classes which have seen tens of trillions of dollars disappear in a matter of months, are now so far behind in funding due to their ludicrous underlying assumptions about ROI (return on investment) that they are effectively bankrupt and will have to be bailed by the grievously under-funded PBGC (Pension Benefit Guaranty Corporation), which of course can only provide pennies on the dollar unless another bailout is orchestrated to save middle class pensions, which is not going to happen, and these losses do not even take into account loss of purchasing power due to inflation, which is understated officially to screw retirees out of their social security benefits. Instead of a PBGC bailout, we more likely will see the US follow in the footsteps of Argentina by nationalizing private pension money, mixing it with government entitlements. If you were wondering where the elitists plan to park a large portion of those new treasuries being issued to fund all the bailouts, look no further than your IRA’s, 401(k)’s and your company pensions, which will be forced to purchase these treasuries as part of the process by which the elitists will nationalize your pensions. Also, as part of this process, the types of assets you are allowed to invest in will be greatly limited, and your pension will be overseen by your corrupt, bungling government, insuring a complete financial…. That way, you get the unspeakable privilege of owning dollar-denominated paper assets that will be vaporized along with Federal Reserve notes (aka toilet paper, aka “worthless paper”) when foreign owners of dollar forex all head for the exits to see who can dump their dollars the fastest as they try to purchase as many tangible, real assets as they can find in the US. You won’t know, of course, because statistics about foreign ownership in the US are, conveniently, no longer published by the FTC. However, you will find out soon enough as you are Zimbabwe’d and Weimar-ized. And that only addresses problems due to devaluation of the dollar. Wait until the interest rates skyrocket as hyperinflation takes hold and risk reaches new heights. This will collapse the treasury market, and the value of all your pension plan assets, which the government will have forced you to invest in treasuries, will go down in flames with it.
From: Infowars
CNBC anchors were left dumbfounded and acted overtly cantankerous yesterday after Congressman Ron Paul’s opening statement at the House Financial Services Committee was broadcast live to an audience of millions.
CNBC went live to the House, clearly without knowing that the Texas Congressman had the initial Republican statement at the hearing of Fed Chairman Ben Bernanke.
After the Congressman spent two and a half minutes lecturing Bernanke on sound money principles, warning that the financial crisis cannot be solved by merely creating credit out of thin air, CNBC cut back to the studio.
Anchors Erin Burnett and Mark Haines were so perturbed by what they had just heard that they immediately cut to a commercial break:
Haines: “This is not going as planned“
Burnett: “No it is not”
Haines: “We were told that there would be a very limited number of opening statements, and it seems to be getting out of control.”
Burnett: “Here’s what we forgot, everybody is taking this live, you know what that means? Why would they miss an opportunity for free air time?”
Haines: “We’re going to take a commercial break and get them out of the way, so that when something really substandard [he must mean substantial?] is happening, we don’t have to interrupt them.”
Watch the video:
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The Congressman’s speech was powerful and eye opening:
“This is the end of an era,” said Paul, “we can’t reinflate the bubble….if we think that we can reinflate this bubble by artificially creating credit out of thin air and calling it capital, believe me we don’t have a prayer of solving these problems – we have a total misunderstanding of what credit is versus capital.”
From: News with Views, President And Congress Grovel Before The Fed
… America is being run by a private banking cartel, the majority of whom are not even citizens of these United States.
Ever since the Fed was created in 1913, America has been subjected to recession after recession, not to mention one Great Depression. Some are even predicting that the United States is now actually entering a second Great Depression. Please understand this: the Federal Reserve has manipulated every bit of this financial crisis for the express purpose of enriching the international bankers on the backs (and bankruptcies) of the American taxpayers. And what does our illustrious Congress do? They continue to give billions and even trillions of taxpayer dollars to the very same group of gangsters who created and perpetuate this financial fraud. And, as with Congress, Presidents from both major parties likewise promote and defend this chicanery.
Yet, the U.S. Constitution, in Article. I. Section. 8. Paragraph. 5., clearly gives Congress the authority “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”
This constitutional requirement makes two obvious demands: 1) only the elected Congress, not some private foreign (or even domestic) banking interest, has the power to make monetary policy, 2) U.S. currency must be hard currency, i.e. gold and silver. Paper money–known as the Federal Reserve Notes–is not even legal tender under the U.S. Constitution.
In truth, the Federal Reserve Act of 1913 is itself unconstitutional. In simple terms, the Act did not amend or expunge Article. I. Section. 8. Paragraph. 5. of the Constitution; it merely ignored it. (And Congresses and Presidents have been ignoring the Constitution ever since.)
In fact, Article. I. Section. 10. Paragraph 1. of the U.S. Constitution specifically states, “No State shall . . . coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts.”
Can anyone not see that the Federal Reserve is an illegitimate system? I will even go so far as to say that the Federal Reserve should be regarded as a corrupt, criminal system! If I were President, not only would I do everything in my power to oppose any and all financial bailouts to these international banksters, I would instruct the Justice Department to pursue criminal charges of fraud, corruption, manipulation, and outright thievery against the Fed. Instead of padding their fat assets in a million-dollar penthouse, they should be serving most of the rest of their lives in the Big House.
Even the man who created the Federal Reserve, President Woodrow Wilson, later admitted the gravity of his sin. Years after signing the Federal Reserve Act into law, Wilson was quoted by Senator Robert Owen, Former Chairman, Committee on Banking and Currency (who was, himself, the chief sponsor of the Federal Reserve Act in the Senate, but who later vehemently repudiated it), as saying, “A great industrial nation is controlled by its system of credit. Our system is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world–no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of small groups of dominant men.”
Obviously, Wilson’s (and Owen’s) recantation was too little, too late. He created the monster that is eating our country alive–even up to this very moment.
In the meantime, Congressman Ron Paul has again introduced a bill in the House of Representatives to terminate the Federal Reserve. It is H.R. 833: To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks. The Bill was introduced on February 3 and, to date, has no cosponsors. That’s right. No cosponsors.
“An Inconvenient Debt”
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“Jefferson said: ~’doing this to our children is immoral.'”
“We have pumped all of this money in,
and devalued our money.
How is it not going to be worthless?”
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Respected economist John Williams, editor of ShadowStats.com, a popular website that tracks real inflation figures, is advising that people hoard physical gold as well as food items in bulk so that they have some means with which to barter as the economic crisis turns ugly.
“Three or four years into the future I think we could be in a hyperinflation, within the current year you’re going to see much higher inflation than most people are looking at,” Williams told MarketWatch.
Williams said that his definition of hyperinflation would be a situation in which a $100 dollar bill would become more functional as a piece of toilet paper than a store of value. …
At least as far back as April 2008, six months before the collapse of Lehman Brothers and Bear Stearns, Williams predicted that the world economy was entering a phase of “hyperinflationary depression” that would peak in 2010.
In a hyperinflation special report, Williams said that the U.S. was on an irreversible course of “financial armageddon” that would likely lead to “extreme political change and/or civil unrest”.
Jim Rogers: Why Bailouts are ‘Terrible Economics,’ ‘Horrible Morality’ and They’re Not Going to Work
From: PrisonPlanet
In an interview with Sir David Frost on Al Jazeera television, veteran investor Jim Rogers pinned the blame for the economic crisis squarely at the feet of the Federal Reserve, and said that the World Bank and the IMF should be abolished, not given more power, if a recovery is to be made.
Rogers strongly slammed Obama’s stimulus package, pointing out that more good money was being thrown after bad, and that the bailouts were only making things worse. The veteran investor said that the U.S. was following the same disastrous policies as Japan in propping up companies that should be allowed to fail, and that the same consequences would be reaped as much as 20 years into the future.
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“The way the system is supposed to work, when times like this come, the solid people, the competent people, take over the assets from the incompetent people and then you start over again from a sound base, this is what South Korea did, this is what Russia did, and they did fine. What they’re doing this time is they’re taking the assets away from the competent people and giving them to the incompetent people and saying now you compete with the competent people with their assets and their money – it’s terrible economics and [it is horrible morality—not that politicians care about morality—but – ed.] it’s not going to work, it hasn’t worked before and it’s not going to work this time,” said Rogers.
Rogers said that price had to be paid for 15 years of excess, but that the crisis could have been overcome in two or three years had zombie companies and banks been allowed to go to the wall.
“The central bank in the United States, the Federal Reserve, would not let people fail,” said Rogers, pointing out that had former Fed chairman Alan Greenspan let Long Term Capital Management fail in 1998, both Bear Stearns, Fannie Mae and Lehman Brothers would still be in business, “because people would have taken such a hit, and so many people would have been fired, these bozos that were doing this sort of thing, that you would not have had these problems.”
“The way the system is supposed to work is when you make a mistake you go broke, he refused to let people go broke, he saved his friends and now we’re all having to pay for them,” added Rogers.
Asked if he had any respect for the World Bank and the IMF, Rogers responded, “Zero….the best thing that would happen would be if we could abolish the World Bank and the IMF, they were set up in 1945 and ‘46 with very sound goals and very sound aspirations – they have far far far left behind those aspirations and goals, they’re now run by people who do little more than take care of themselves….look at their projects and you would be mortified.”
In response to a question about what if any sectors would be profitable amidst the crash, Rogers advised people invested in stocks to “get yourself a tractor and learn how to farm”.
Ron Paul On 1040 WHO Radio Feb. 05 2009
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“All great empires end with the destruction of the currency.
… We don’t even need an enemy to do it.
We do it to ourselves.”
– Ron Paul
From: Radio Liberty
Why is Henry Paulson trying to conceal the true origin of the crisis? Because he works for the Financial Elite (the Brotherhood of Darkness) that created the problem. How did they create the problem? Wall Street banks, and other BOD financial institutions, wrote trillions of dollars of derivative contracts that defaulted, and left thousands of foreign and domestic banks without sufficient financial reserves to continue operating. What are derivative contracts? They are unfunded insurance policies that guarantee the value of financial vehicles: i.e. Collateralized Debt Obligations (bundled home mortgages-CDOs), Asset Backed Securities (bundled student loans, credit card loans, and auto loans-ABS) and Structured Investment Vehicles (SIVs). The Financial Elite sold thousands of derivative contracts valued at between $500 trillion and $1 quadrillion to other financial institutions, but didn’t maintain the financial reserves needed to redeem the financial vehicles if they defaulted. Was that stupidity, or something far more sinister? [7]
Henry Paulson is one of the primary architects of the problem because he could have intervened in 2007, and stopped the home foreclosures, but he didn’t. Why? Because the Financial Elite sent Henry Paulson to Washington, D.C., to carry out their agenda, and he has served them well.
Henry Paulson worked for Goldman Sachs for twenty-two years, from 1974-2006, and helped the investment bank bundle thousands of subprime and Alt A mortgages into Collateralized Debt Obligations (CDOs) that were sold to unsuspecting clients throughout the world. [8] In 2004 Henry Paulson led a contingent of bankers to Washington, D.C., and tried to convince the Securities and Exchange Commission that financial institutions shouldn’t be required to maintain the monetary reserves needed to cover their derivative contracts. Henry Paulson and his Wall Street friends succeeded, and are directly responsible for the derivative-driven economic collapse that is taking place today. [9]
Henry Paulson could have used part of the $700 billion TARP funds he got from Congress to purchase most of the defective home mortgages that are causing the current economic collapse, or he could have backed Sheila Bair’s effort (the FDIC program) to keep people in their homes, but Paulson opposed both programs. [10]
Henry Paulson was richly rewarded for his services. During his tenure at Goldman Sachs, he amassed a personal fortune that is estimated to be $800 million, and he was sent to Washington, D.C., in 2006 to preside over the transfer of trillions of taxpayer dollars to the Wall Street banks and the Financial Elite. [11]
By the end of November 2008, Henry Paulson (CFR-BB), and FED Chairman Ben Bernake (BB), had loaned, pledged, or given over $7.4 trillion to the Financial Elite that rules the world. The Federal Reserve Board chronicled their 2008 expenditures.
Related: Dr. Stanley Monteith: The Financial Elite – Part II
From: Radio Liberty
My November 2008 Radio Liberty letter concluded with this statement:
“Henry Paulson and Ben Bernanke aren’t trying to stop the financial meltdown because they need a legitimate excuse to transfer the wealth of the American people to the Financial Elite.”
The statement is true, but it doesn’t address the cause of the current problem, or identify the “Financial Elite” (Brotherhood of Darkness – BOD).
Who are they?
I believe they are the powerful men who direct the policies of the Trilateral Commission (TC), the Bilderbergers (BB), the Council on Foreign Relations (CFR), and the Group of Thirty (GRP 30).
What is their objective?
They want to destroy the financial stability of our nation, impoverish the American people, undermine Christianity, and install an authoritarian world government. [5]
From: New American
What began early last year as a “credit crunch” and an “economic downturn” is now being characterized as a “long, severe recession.” Once upon a time, such a crisis was known as a “depression” before Americans became squeamish about such stark language.
As with our reluctant semantic retreat from “credit crunch” to “recession,” the reality of another Great Depression will probably not be acknowledged until years after the fact. But America and the rest of the modern world, by doggedly pursuing the same mistaken policies of the 1920s and ’30s, have made a full-blown depression — lasting years, not months, and featuring catastrophic failures in entire economic sectors along with chronic double-digit unemployment and monetary malaise — all but inevitable. In fact, the parallels between the run-up to the Great Depression and today’s economic havoc are stunning.
The Roaring ’20s, ’80s, and ’90s
By 1929, the United States — and most of the rest of the industrial world — had been on a nine-year joy ride known as the “Roaring Twenties.” It was an age of unparalleled new technology — the heyday of the silent film era and the Model T Ford, and the beginning of radio and commercial air service, among many other modern marvels. The first American generation to consecrate itself to mass entertainment came of age in the Twenties. It was the first recognizably modern decade, and the future, to the flappers, barnstormers, and other bons vivants that characterized the age, looked very bright indeed. Accordingly, it was also an age of bold enterprises — of the beginning of mass production and of skyscraper construction. For the first time ever, Americans had enough extra money to turn sports into a lucrative industry. From the vantage point of the mid-Twenties, the party was never going to end.
Like the Roaring Twenties, the long boom from approximately 1982 to 2000 was characterized by boundless optimism and an explosion of new technology. New forms of mass entertainment — MTV, cable television, video games, and the Internet — proliferated, turning the United States of America into the world’s entertainment capital. Men with big ideas — the leveraged-buyout moguls of the ’80s and the high-tech wizards of the ’90s chief among them — had no trouble finding capital to leverage their grandiose ambitions. Like the Twenties, the last two decades of the 20th century were a time of larger-than-life colossi like Donald Trump, Warren Buffett, and numerous flamboyant entertainers, from rock stars and hectomillionaire athletes to the instant celebrities of reality TV and American Idol. Risk and chutzpah were everywhere rewarded and nowhere penalized, or so it seemed. Old-school caution and frugality were cast to the wind; the world belonged to the extravagant, the glitzy, and the fully leveraged.
But behind these two parallel utopias, separated by more than six decades, lay a common reality that none but a very few astute, well-connected, or economically well-schooled were able to perceive: an artificial economic expansion created by the issuance of vast amounts of paper money. The great episodes of monetary expansion of the ’20s, ’80s, and ’90s resulted from the magic of central banking — in America’s case, of the Federal Reserve’s ability to create new debt by lowering interest rates far below any rational market pricing. This resulted in years of easy credit, abundant borrowing, and an illusion of far greater prosperity and growth rates than actually existed. The result was cultural and societal no less than economic: because so few Americans, then or more recently, understood how the banking and Federal Reserve System works, the illusion of unnatural prosperity encouraged waste, leisure, and the notion of American invincibility.
In both cases, the party came to a calamitous end. But despite what we assume nowadays, few in the late fall of 1929 — even after the storied stock market meltdown — imagined that more than a decade of economic hardship lay ahead. Indeed, had the federal government, and the Federal Reserve in particular, allowed the crisis to run its course, the American economy during the 1930s would have been far different, probably recovering after a severe recession at the beginning of the decade helped restore sanity to the markets.
Disastrous Intervention
Unfortunately, the Hoover administration chose to intervene in the markets to an unprecedented degree.
From: News with Views
46 Of 50 States Could File Bankruptcy In 2009-2010
“It’s very possible you’ll see the end of the United States as we know it. If the Fed doesn’t bailout the States when their cash dries up and the banks don’t loan them money, then our States will be left in financial ruin. This would be a tragic and unprecedented event never experienced in the United States.”
An all too familiar refrain. California is getting the highest visibility. A state run by a nit wit governor who has continued to rubber stamp the mass fleecing of taxpayers year after year by the Democrat controlled state legislature. Barack Hussein Obama aka Barry Soetoro aka and so forth, is claiming that Republican governors are begging for the gang rape “economic stimulus package.” Actually, governors of both parties want their share of the booty, some $176 BILLION dollars that doesn’t exist:
Minnesota Gov. Tim Pawlenty, who is widely viewed as a potential presidential contender in 2012, said governors have little choice but to accept the relief being offered. “States have to balance their budgets,” he said. “So if we’re going to go down this path, we are entitled to ask for our share of the money.”
They’re all lining up, including Saint Sarah Palin. I got beat up from Sarah fans during the pretend election because I would never vote for her based on her past record as a governor, her phony rhetoric about being a reformer and the poor judgment she displayed regarding her former brother-in-law. Palin signed bloated budgets and now she’s lined up with her hands out for you to pay for her state’s shortfall under her stewardship:
“We in Alaska all know Alaska has a fiscal disaster waiting to happen. If the oil production decline rate steepens and oil prices drop, the state’s rosy financial situation could turn bleak, which could be a problem with a bloated state budget.”
This woman has never met an earmark she didn’t love. Palin attended the Alfalfa Dinner last weekend in Washington, DC. This ‘closed club’ of 200 of Washington’s “elites” was established in 1913. No press allowed. Saint Sarah was introduced to the attendees by none other than Vernon Jordan. Remember him? He was the adulterer-in-chief’s legal fixer when he dropped his drawers for Monica Lewinsky. Jordan also introduced Slick Willy to world “leaders” at the Bilderberger conference in 1991. That’s when the fix was in to install a little known governor who raped a woman named Juanita Broaddrick and was famous for his sexual escapades and cocaine use. I have some advice for Palin: Lie down with dogs, get up with fleas. However, as she is a player and not some neophyte in the world of politics, Palin has her own agenda. She also has a financial mess in her own state.
Where is this $176 BILLION dollars supposed to come from? Not the people’s treasury. It’s now over drawn $10.6 TRILLION dollars with the interest compounding faster than a speeding bullet and another $72 TRILLION DOLLARS in debt for programs like social security, Medicare the these endless “wars” against terrorism.
Are all these governors stupid? Have they never heard of the ‘national debt’? Where do they think this “money” will come from? This worthless fiat currency will have to be borrowed by CON-gress from the “FED.” They will create more debt to reward state legislatures for incompetence and they want you, me, our children and grand children to hand over every penny we make to fund this lunacy. It will turn into nothing more than another massive “income” tax hike through the back door.
But, are the states really broke?
At least ten years ago, a man named Walter Burien began exposing something called a CAFR: Comprehensive Annual Financial Report. Walter managed to get on a SF radio show hosted by my friend, Geoff Metcalf. It was a real eye opener. Try as we all did, not one newspaper in the State of California would expose the truth of how the taxpayers were being fleeced. Nor would 99% of the radio stations statewide. I guess they all love being flogged every April 15th to reward the thieves in the state house.
I’ve written about this issue before and perhaps now, with the states crying poor, the citizens of the 50 states will do what I did years ago: I went to the Comptroller’s Office in downtown Sacramento and got a copy of the CAFR. Oh, they didn’t want to give it to me, but I whipped out my press credentials and after some muss and fuss, I obtained a copy. I am not an accountant so a lot of that tome was foreign to me. However, thanks to Walter and Gerald Klatt, even someone like me can understand this complicated shell game:
How many newspapers and TV networks will run this? Zero?
From: Congressman Dennis Kucinich
Washington D.C. (January 26, 2009) – Congressman Kucinich (D-OH) today made the following statement addressing news reports that President Obama and advisors are considering nationalizing parts of the U.S. banking system. In the statement, Kucinich urges Congress not to nationalize banks, but to place the Federal Reserve under the Treasury Department.
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“At a time when millions of Americans are losing jobs, homes, and pensions, our government is prepared to give another trillion to the banks. We are ready to compound the moral hazard by nationalizing banks, which are allegedly profit-making entities.
“This is anti-democratic. Instead of nationalizing banks, we should nationalize the money system by placing the Federal Reserve under the U.S. Treasury, end the fractional reserve system and stop banks from lending credit into circulation. Then instead of borrowing money from the banks and creating debt, government can spend the money into circulation to rebuild and restore America with money for jobs housing, healthcare and education I will soon be introducing legislation to accomplish this.
“Banking is not a proper function of the government, but oversight is. The Treasury Department should not be outsourcing to the Fed its oversight responsibilities. The Fed, which failed miserably to oversee the banks, should be put under Treasury instead.
“Its time for the government to operate in the public interest, not in the interest of private banks. Its time to stop bailing out banks and begin building up America.”
Ron Paul Discusses Geithner On Bloomberg TV, 1/21/2009
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“Look for the dollar crisis. It has to come. You just can’t create trillions of dollars out of thin air for every bailout and expect the dollar to maintain its value.” [my transcription]
From: Infowars
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Texas Congressman Ron Paul has slammed Federal Reserve Chairman Ben Bernanke for his decision to skip Congressional Financial Services hearings in favor of secretive meetings with European central bankers.
The hearings, which took place yesterday, incorporated discussions on the TARP funds, the additional $350 billion being requested by the Treasury from Congress.
“At the very last minute, the chairman of the Federal Reserve Board, Bernanke has cancelled, as well as Sheila Bear, who is the chairwoman of the FDIC, she will not show up either.” Paul told viewers of his video blog on the Campaign for Liberty website.
“But here I find out that they have a much more important meeting,” the Congressman added with a degree of irony.
“They are going to Basel Switzerland to attend the meeting at the Bank of International Settlements, with other international bankers.” Paul explained.
The meetings in Basel, chaired by the European Central Bank president Jean-Claude Trichet, have been ongoing this week, yet very little details over what has been discussed have emerged in the media.
“But here it is, an emergency meeting for them to run off to Europe and talk about monetary policy and who knows what. One thing for sure is that the people will never hear. As a matter of fact the people in the Congress won’t hear either.” Paul asserted.
“Who knows what they are planning?” The Congressman said. “I will do my darndest to find out what really went on at these meetings that they are holding over in Switzerland right now with all the central bankers.”
“All we do know is that at the very last minute Congress meant nothing to them for them to meet their commitment.” Paul added, pointing out that the pair also skipped meetings with the Financial Services Committee last Wednesday.
The Congressman explained that there is now an ongoing debate, over what should be done with the remaining bailout money, that has completely overshadowed the core issue of why the taxpayer is being asked to give up the money in the first instance.
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“The banks have shown that they can’t be trusted with the American economy. That’s generally been the case, but now it’s out in the open, 350 billion dollars later.
In 1913, the money power of the country was taken away from the people — by Constitutional privilege it belongs with the Congress — but it was given up in the Federal Reserve Act.
The Federal Reserve is no more federal than Federal Express, but yet it has the power to determine the direction and use of money in our economy. If we could take that power back and put the Federal Reserve under Treasury, we start to be in a position of being able to control monetary policy on behalf of the United States people.
We also have to address the issue of the fractional reserve system, which is how banks create money out of thin air. And then, as they do that, they’ve created the conditions where we’ve had this kind of ponzi scheme collapsing — banks and the hedge funds working together.
So we have to halt the banks’ privilege to create money by ending the fractional reserve system. Past monetized credit would be converted into U.S. government money, and banks would act as intermediaries, accepting deposits and loaning them out to borrowers.”
Transcribed by Jeff Fenske
Related: Kucinich Rocks! “Instead of nationalizing banks, we should nationalize the money system”
From: CNS News
The total value of the bailouts undertaken by the federal government in 2008 now exceeds the combined cost of every major war the United States has ever engaged in, according to a comparison of war costs calculated by the Congressional Research Service (CRS) and the value of the bailouts as calculated by Bloomberg News or Bianco Research.According to CRS, all major U.S. wars (including such events as the American Revolution, the War of 1812, the Civil War, the Spanish American War, World War I, World War II, Korea, Vietnam, Iraq and Afghanistan, but not the invasion of Panama or the Kosovo War), cost a total of $7.2 trillion in inflation-adjusted 2008 dollars.
According to Bloomberg, the federal government has made commitments worth a total of $8.5 trillion in the bailouts of 2008. That includes actual expenditures as well as loan and asset guarantees.
Bianco Research puts the total value of the bailouts at $8.7 trillion.
The $296 billion spent on World War II, America’s most expensive war, would be $4.1 trillion adjusted to today’s dollars, according to the CRS report from June.
The adjusted cost of the Civil War would be $60.4 billion for both the Union and the Confederacy combined. The inflation-adjusted cost of the Vietnam War would be $686 billion. The cost of the current Iraq war up to last June was $648 billion, while the adjusted cost for Afghanistan to that point was $171 billion.
“People will welcome socialism in order to relieve their pain.”
[youtube=http://uk.youtube.com/watch?v=w5VrJmgzItM]
Related: Pat Robertson’s NWO God: U.S. Will Embrace Socialism
From: RBN, Dave Hodges
In the United States, credit swap derivatives created national debt totals of over one quadrillion dollars. That is one thousand trillion dollars! The entire GDP of the planet is estimated at $66 trillion dollars. And somehow, in the infinite wisdom of Congress, we falsely and naively believed that a $750 billion transfer of wealth (i.e., bailout) was magically going to save the economy and the collective futures of the American middle class. In short, the debt created by futures speculation is approximately 16 times greater than the sum total of the entire wealth on the planet! And we think we are going to climb out of this?
The bailout is enough, just enough, to float the economy through the 2009 presidential inauguration. The placebo effect of the anticipated widespread public hope, which will be fueled by the Obama inauguration, may push the inevitable economic crash out another 30 days, but not much further. America is living on both borrowed money and borrowed time.
The present bail out (i.e., the public theft of our collective private assets) will not save your job, your mortgage or your pension. If the bailout was going to preserve anything but the bottom line of the international banksters, then ask yourself why NORTHCOM is constantly conducting riot suppression activities. What does NORTHCOM and the Government know that most Americans do not know with regard to what lies ahead?
The bailout is nothing but a power play which provided the means for the Treasury Secretary (i.e., the treasury czar), the former head of Goldman Sachs, Henry Paulson, to gain absolute power over the economy. Does any well-informed person think that Obama is going to bring about real change? Where is Obama’s new Treasury Secretary coming from?
Meet the new boss, the same as the old boss. The new Treasury Secretary elect, Timothy Geithner, is the President the New York Fed. And what about Clinton’s chief financial advisor, Larry Summers who has now resurfaced in the Obama administration? Summers and Robert Rubin, another Goldman Sachs colleague, in conjunction with Paulson, undermined the Glass-Steagall Act during the Clinton administration. The Glass-Steagall Act resulted from Depression era policies which wisely prohibited banks from becoming insurance brokers and engaging in other unsavory practices such as participating in the credit swap derivatives ponzi schemes. If Rubin and company had not convinced Clinton to scrap Glass-Steagall, we might not be on the precipice of economic disaster.
To the wise and prudent,
What’s coming down looks ugly. The both-wise-and-honest (scarce, these days) economic strategists are saying hyperinflation will soon be upon us, maybe within months.
This is all being done by design, as the Illuminists continue the destruction of America through those they’ve once again put into power, in order to bring us into the one-world government, antichrist system.
Most Americans rejected, many even went along with the laughing at Ron Paul. Now, we’ll have to eat crow. And McCain is their man too. Either way they win.
And Obama didn’t choose his cabinet, just as Jimmy Carter didn’t.
Presidential elections are largely a sham. That is to say, while the party is of minor importance, the actual person of the President is largely irrelevant. What’s more important is the Cabinet; they control the flow of information to the President, and no President can make a correct decision without the correct information.
The best explanation of this is from Pat Robertson in his book The New World Order (Written in the ’80s before, IMHO, he went off the deep end). Mr. Robertson speaks of after the ’76 election and how Jimmy Carter was essentially handed a listing saying who his cabinet members would be; he had little choice in the matter. source
But there are strategies that can make the “Change has come to America” less painful.
I recently heard one of the wisest strategists, Bob Chapman of The International Forecaster, suggest that if a person does have extra money right now, buy gold. So when the value of the Dollar plummets, gold will retain value and spike. The international banksters can only keep the price of gold down so long.
Then sell the gold and pay off your house or whatever.
Freedom!
Jeff Fenske
Related: Who Picks Obama’s Cabinet? Why Did Jimmy Carter Cry?
Transcribed by Jeff Fenske from Andre Eggelletion on US Talk Network, 12/18/08
“Now that they’ve [the ‘Fed’] cut interest rates down to zero, they’re going to continue to print money. That’s the only game, those are the only bullets they have left — just print money: print, print, print, print. …your paycheck will be worthless in a few years.”
– Andre Eggelletion, author, Thieves in the Temple: America Under the Federal Reserve System