Joseph Stiglitz – Bad Bank Plan is Cash for Trash !

• Nobel laureate Joseph Stiglitz on the Good Bank / Bad Bank plan: it is Cash for Trash which the taxpayer must foot. Bloomberg reports in Stiglitz Criticizes Bad Bank Plan as Swapping ‘Cash for Trash’ :
    
  Nobel laureate Joseph Stiglitz said any decision by President Barack Obama to establish a so-called bad bank to rid financial companies of toxic assets risks swelling the national debt.
   
  Obama’s administration is moving closer to buying the illiquid assets currently clogging bank’s balance sheets and preventing them from boosting lending, people familiar with the matter said this week.
   
  That amounts to swapping taxpayers’ “cash for trash,” Stiglitz said yesterday in a panel discussion at the World Economic Forum in Davos, Switzerland. “You shouldn’t chase good money after bad. We’re talking about a national debt that’s very hard to manage.”
   
  Stiglitz, a professor at Columbia University in New York and a former adviser to President Bill Clinton, says the plan would leave taxpayers paying for years of excess lending by banks. It would also deprive the government of money that would have been better spent shoring up Social Security, he said. 
   
• Why should any citizen bear the consequences and what is essentially trash asset of no value? Why should taxpayers pay for this? The bankers messed up and they are being paid millions of dollars in salary. Taxpayers are suppose to bail them out by buying these toxic assets of no value? The idea that if taxpayers don’t bail them out, America will totally collapse is black mail and crap! Let these banks fail. The pain will be more bearable than bailing them out. Bailing them out means the whole country will suffer bankruptcy! Everybody suffers! It is robbing the poor to feed the rich.

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US$787 B Stimulus Bill Con Job ! No one has read the 1100 pages Spending Bill !

• Leader Boehner speaks before the House after House Democrats push through an 1,100 page, trillion-dollar spending bill with less than 12 hours of public review time.
   
• Government for the People ? Hardly! Government by the People ? If you believe that I can sell you some cheap real estate on Mount Olympos on planet Mars . Give me your number!
   
• Great Balls of Fire Con Job is going on to fleece the sheeple. Wakey wakey ! Using fear mongering, deadly urgency: if this don’t get pass by Valentine’s Day, entire nation will collapse! And all of you will be responsible for the destruction of America! Yeah sure, sure. Pigs can fly right? Their only problem is landing! I believe you.
   
• GOP or Democrat Party ? What’s the difference? The elite control both parties and they are just putting up a lying show for the sheeple! Few honest senators in Congress. Thank God for Ron Paul, Kucinich and ?? Honest people who tell it like it is and are patriots at heart! 
   
• Boehner says in speech :
    
  “The American people expect more of us.  They expect to have something that’s going to work for them – and my opposition to this bill isn’t the fact that we’re doing a bill, we need to act.  But how?  When you look at some of the spending in this bill, it will do nothing about creating jobs in America.  Tell me spending $50 million for some salt marsh mouse in San Francisco is going to help a struggling auto worker in Ohio? Tell me how spending $8 billion in this bill to have a high-speed rail line between Los Angeles and Las Vegas is going to help the construction worker in my district.  
   
  “How about the family who called me about the fact that the bread winner’s hours are going to be cut from 40 hours to 20 hours?  He can hardly make his payment.  What does it do for him?  Absolutely nothing.  And so, my concern about this is that we have to have a plan that will work for the American people, work for families, work for small businesses and help get our economy going again.  I don’t think this bill does it.  I hope this bill works.  I really do, for the good of our country.  But my concern is that the plan that’s outlined will not do what we want it to do.  That’s why Republicans came to the table with what we thought was a better idea, a plan that will create twice as many jobs as the bill that we’re dating and at exactly half the cost.
   
  “But our ideas weren’t considered.  We weren’t allowed in the room.  We weren’t allowed to participate at all.  And all the talk about bipartisanship that we have heard over the last several months went down the drain.  Now my Democrat colleagues know that I know how to be bipartisan, even when we were in the majority.  I have worked with many members on the other side of the aisle to bring bills to this floor that truly were done together.  But we would usually start at the beginning of the process.  Not only were we not included in the beginning of the process, we weren’t included at the end f the process.  
    
  “It’s not about us being excluded, it’s about our ideas to help make this economy better, our ideas about how to get American families and small businesses the ability to keep more of what they earn, to help their families, to help their businesses and create more jobs.  That’s what the American people want.  They don’t want spending on a couple of million dollars to get the country for a national health plan, money that’s going to go to the bureaucracy.  They want to know how their budgets are going to be helped – and unfortunately, they’re not. 
    
  “If all of that wasn’t enough, here I have, 1,100 pages, not one member of this body has read.  Not one.  There may be a staffer in the appropriations committee that read all of this last night.  I don’t know how you can read 1,100 pages between midnight and now.  Not one member’s read this.  What happened to the promise that we’re going to let the American people see what’s in this bill 48 hours?  No – we don’t have time to do that.  We owe it to the American people to get this bill right.  We owe to American families, we owe it to small businesses and we owe it to ourselves to get this right so we can, in fact, help our economy. 
    
  “I don’t believe this is the way to do it.  It’s disappointing.  The way this process has worked and the outcome that we’ve got.  And we shouldn’t come to the floor and talk about process, but bad process leads to bad policy, and that’s what we havehere, in my view, bad policy that will drive up the debt and put all of this cost on the back of our kids, grandkids and their kids.  I hope it works, but I surely have my doubts.  
    
  “So I’m going to vote no.  I’m going to vote no, and I’m going to hope – hope – that the next time that we get into a major piece of legislation on this floor that you include us, you’ll include our ideas.  I said on opening day that republicans would not be the party of no, that we would be the party of better ideas.  And I’m committed to bringing better ideas to the floor and let’s debate those better ideas.  Our fast-acting tax policy that helps American families and small businesses does create twice as many jobs – twice as many jobs – because we want the American people to keep their money and invest in their families and their small business.  
   
  “We aren’t interested in growing the size of government.  I asked my colleagues yesterday in our conference, think about the first time you ran for congress.  Freshman members can remember this because they just did it.  For me it was 18 years ago.  But I can tell you what I said 18 years ago, that I would come here to fight for a smaller, less costly and more accountable federal government.  This is the epitome of what I came here to stop.  I don’t think there is one member of congress who came here to pass a $890 billion bill, $1.1 trillion of spending to help grow the size of the federal government and to do very little to help American families and small businesses.  
   
  “I’d suggest that you vote no.”

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Wanda Sykes on Government Bailout (Humor)

• Wanda Sykes is hilarious in this Jay Leno interview. The poor bailing out the rich! This is welfare for the rich! She tells it like it is and in her funny way.

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Bob Chapman – Economic And Financial Systems Deliberately Destabilized

• Bob Chapman of International Forecaster  goes on the Alex Jones show (6 Feb) to explain how the Illuminati financial elite has engineered this worldwide financial collapse. Chapman a Wall Street insider and major gold trader before he retired explains in his insightful manner the mechanism by which the Illuminati does it. He gives a big picture of the intent of this Satanic Cabal. They are planning and implementing their Satanic New World Order, 1 World Government and 1 World Financial System —> ’666′ .
   
• Mr Chapman explains in Economic And Financial Systems Deliberately Destabilized :
    
  Several months ago we said the relationship between the dollar and gold was over. The days of a lower dollar and a higher gold price are no longer connected in the same way. Gold is now trading on its own as the best of all currencies. The world is headed for zero interest rates and massive increases in money and credit. The rally in the dollar versus other currencies over the past eight months ended a month ago as we forecast. December was the watershed month for gold as it began its present rally, which will soon take it to new highs.
   
  There isn’t a word to describe the tremendous amount of financial creation the US government will need. For that matter many other governments as well. That is why we are seeing competitive devaluations. Nation’s are carrying 64.5% of their foreign reserves in US dollars. It is no wonder they are manipulating their currencies.
   
  The juggling game by the US Treasury and the Fed cannot go on indefinitely. The dollar has broken down and will try to keep its momentum as long as possible. The 2-year Treasury bill has risen from.70% to 1.01% and the 10-year T-note is up from 2.16% to 3.03%. That battle as well seems to be going against the elitists.
   
  We continue to see the spectra of devaluation. It is at least a year away from this vantage point and perhaps two to three years. When it comes it will be all currencies devaluing and defaulting simultaneously, as the elitists attempt to implement a New One World currency.
   
  This correction in Treasuries could bring derivative destruction and cause a meltdown. Such an event would push the dollar down quickly and strongly. As this transpires foreign buyers of dollar denominated assets would flow to a trickle causing terrible disruption. That would cause US and world trade to grind to a near halt. Lenders would be none-existent and we would enter a time frame when all currencies would plunge against gold, devaluation and default would follow, and then the elitists will try to force anew One World currency upon us.
     
  Another key here is can the elitists hold the bond and stock markets up indefinitely along with the dollar and continue to suppress gold and silver prices? We know they cannot, so it is only when do the elitists want to pull the plug? We do not believe that will happen until WWIII has begun, so that they can blame their failure on the war.
   
  Soon as a result of the growing crisis gold and silver will break out to new highs. This will happen over the next two months. There has been, as we said for the past couple of months, secret issuance of US Treasuries by the Treasury that has ballooned the money supply and that should start to show up in higher inflation in March or April. Those of you who have listened and have done your homework will reap great rewards.
   
  The psychological affect of what has happened on Wall Street, in banking and in government has been shattering to any thinking person. Our entire economic and financial systems have been deliberately destabilized. No collapse has occurred, but collapse is in motion. The financial and economic collapse is ongoing as witnessed by raging unemployment and massive bailouts. Confidence and trust in banking and on Wall Street is gone and won’t return for sometime to come. Securities, bonds and credit instruments having been discredited no longer supply the mechanism for credit expansion. The dollar and other currencies have barely been able to sustain credibility during this last year, as witnessed by the flight to silver and gold related assets, and particularly by physical possession.
   
  The Fed errors of 2002 and 2003, which were responsible for the housing bubble, are again taking place. As you know these events are being used as a method of extending the system until it is time to implement world government. This is why inflation is being tolerated even though its damage is attempted to be hidden by lies and bogus statistics. As we reflect the elitists should have turned back and accepted recession several times since 1987. They should have allowed the system to be purged, but that was not to be. Their ambition for world government was too strong, too great.There probably won’t be bank runs as in the 1930s. You will wake up one morning and find you are going to receive one new dollar for 10 old dollars and that new dollar will be for all nations, as they all devalue and default.The key here is business and individuals stop borrowing and finally deflation takes control.
   
  The powers that be are not trying to save the economy. They are extending the timeline, so that total collapse will come when they want it to come. Do not underestimate what is going on. This could well he the worst financial and economic collapse of all time. This is the creation of synchronized stimulus, deficits and reflationary policy making.
   
  What really disturbs us is that so few economists and analysts see what we see. They may, of course, be reluctant to say what they feel for fear of losing their jobs. We do see a few speaking out, but not many. It has to be that, because these are professionals and they are not dumb. Be as it may their silence is defining as our economy is being destroyed and along with it the world economy. They must at least be able to see the stage is being set for a devastating bust.
   
  Massive government spending and reflation is not going to work, history tells us that. One thing that we know for sure is that it could take more than 20 years to recover from this crash. Another will follow the first new stimulus of $780 billion in a year of $2 trillion, and on and on. We are in a new cycle dominated by the printing press. Through all this remember “he who has the gold makes the rules.”
   
  $30 trillion has been lost in world markets over the last 19 months and more than $1 trillion has been lost by banks. Bank losses could be as much as $3 trillion. Global trade has plunged 45%. The elitists are finding inter-connectivity works both ways. Banks have suspended letters of credit, which are used in 90% of trade. There can be no global growth when bankers refuse to or cannot lend. Global growth has ended and as we stated months ago it will be minus 3% to 5% in 2009.
    ……
  One of the things that should be kept in mind is that the current economic and financial problems are five times worse than in the 1930s. In the 30s, stocks declined 89%. That would be in today’s terms a Dow of 1,260. During that fall in prices there were six rallies that rose more than 20%, which sucked in the unwary. That is why you have to recognize the trend. The economy and the financial conditions continue to weaken due to massive debt and the decreasing value of assets. The Hoover administration had the equivalent of today’s TARP, the Troubled Asset Relief Program in the Reconstruction Finance Corp. Just like today the RFC’s stimulus program and tax cuts created more spending, and the budget deficit increased some 45%. Worldwide other countries were doing the same thing just as they are today. The trick is to rekindle lending. They couldn’t do that in the 30s and they won’t be successful in doing so today.
   
  What our masters of the universe are trying to do is cause devaluation via inflation and it won’t work, because other countries are doing the same. In time they will all agree to devalue simultaneously. During such a scenario gold and silver rise strongly. That means the market and bonds will eventually go substantially lower. That is why as gold and silver rise you should sell bonds and buy more gold and silver coins and shares. When we say the market is going down we do not include gold and silver shares.
   
  This is why the dollar has to go lower versus other currencies and why all currencies will continue to fall versus gold.   
   
• See also :
   
  Professional Runs on Banks Has Begun !
  Economic Meltdown 2009 – Gerald Celente, Bob Chapman & Robbie Noel
  The Great Depression of 2009 – Bob Chapman

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Lindsey Williams – Hyper-Inflationary Destruction of America

• Pastor Lindsey Williams goes on the Alex Jones show (9 Feb) to explain what the Illuminati elite who controls the world is about to do next.
   
• The current plunge in oil price from US$147/barrel to below US$40/barrel is engineered to destroy the Middle East Oil producing nations: the petrol-dollar oil powers. The Satanic plan is to bankrupt them and then engineer a Middle East War between Zionists and Muslim countries.
   
• The elite has engineered this financial and economic collapse to bankrupt the world, engineer chaos and buy up the world at pennies to the dollar. They are hoarding all their illicit monies to buy countries and companies throughout the world.
   
• The implosion of the United States will happen because of the decline in tax revenues, inability to get financing for the budget deficits and the FedRes printing money out of thin air to buy bonds. Monetization of Debt and Quantitative Easing will destroy the USD through hyper-inflation. Americans will need wheel barrows of USD to buy a loaf of bread.
   
• Once hyper-inflation kicks in, the elite will come in with their North American Union (NAU) – Amero currency solution. 1 Amero will likely be equivalent to US$10 ! USD will totally be destroyed! There will be a merger of US, Canada and Mexico (and possibly UK too). Hyper-inflation will likely kick in within 9-12 months, ie a total collapse of the USD.
   
• When USD and bonds collapse, many countries will go down too. Massive worldwide destabilization will come. Dubai will become a ‘ghost town’.
   
• Is there a shortage of oil? Pastor Williams say No ! The USGS has openly declared the Bakken oil field find in North Dakota which is far larger than any existing Saudi Arabia, Iraq and Iran oil fields. It has 8x more oil than Saudi Arabia! But the elite wants to preserve this Bakken oil field and not allow its development. The intent is to completely deplete foreign oil resources and eventually be the main provider of oil worldwide. Thus consolidating their grip on the world.
   
• See also :
   
  Lindsey Williams – 22 Jan 2009 Update
  Lindsey Williams – Next 12 months Update
  Lindsey Williams – The Next 12 Months

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