- So much for the global warming cult. Even Hawaii is experiencing snow. We are seeing snow in Arizona’s desert! There are still some people who are so gullible, so credulous, they will believe anything the MSM tells them. Naive brainwashed idiots. Man-made global warming is engineered by Wall Street Illuminist banksters so that they can make billions of dollars out of carbon trading. So that they can finance their World Government via this tax on all humanity. It is a total FRAUD! A mini ice age is upon us now!
Blanket of ice: U.S. shivers as 49 of 50 states are hit by snow storms
The U.S. is shivering in the grips of a freezing winter with 49 of its 50 states now having snow on the ground. Two winter storms have dumped several inches of snow in some states and left flights grounded from Texas to the Carolinas.
The only state to avoid the icy conditions was Florida, but even the Sunshine State suffered flight cancellations due to heavy fog. New York and Boston were braced for more heavy snow today after one storm was forecast to dump up to a foot on the northeast of the U.S. Southern states also experienced unusual snow fall, with motorists left stuck in Atlanta due to a shortage of clearing equipment.
The storm began in Texas and is heading north east towards New York, which was badly hit by snow just two weeks ago. So far 11 deaths have been blamed on the weather and schools and other institutions were expected to remain closed today as icy conditions continued. Even Hawaii has experienced snow fall on the slopes of Mauna Loa and Mauna Kea, which takes place every winter.
The second winter storm began in the Midwest, and is expected to also move east where it could combine with the other storm as it hits the northeast. Forecasters have predicted Boston will get between 12 and 16 inches; Hartford in Connecticut will get between 15 and 20 inches; New York between six and 12 inches; Philadelphia between four and six inches and Washington D.C. two to four inches of snow.
Boston Mayor Thomas Menino declared a snow emergency last night, which bans parking on all major streets and cancels public schools. More than 3,500 flights were cancelled yesterday from Atlanta, Chicago and Boston, and more were expected to go today.
- Do you believe that 19 Muslim terrorists, who just got their Cessna pilot licences, took down 3 WTC buildings? Do you believe your enemies are Afghans? No Afghans were involved in 9/11. They were all Saudi Arabians. 9/11 was an inside job done. All 3 WTC towers were taken down via controlled demolition. If you believe in all the government fantasy stories, I have a seaside bungalow on Planet Jupiter I like to sell to you.
- Here is the wonderful FedRes once again trying to screw the American people to serve their Illuminist masters! America, your enemies are at home, in Congress, in the MIC, in Pentagon, in Wall Street …. Illuminist snakes!
Fed Moves To Gut Predatory Lending Regulation
The Federal Reserve is pushing a new mortgage regulation that would effectively eliminate the most powerful federal remedy for predatory lending.
The regulation would severely limit a practice called “rescission,” used to strike down demonstrably-illegal or fraudulent loan contracts and void a bank’s ill-gotten gains from such predatory lending practices. When a mortgage borrower wins a rescission case in court, the bank loses the right to foreclose, and has to give up all profits from interest and fees on the loan. The borrower still has to repay the principal — the original amount of money extended by the bank — but can’t be kicked out of the house.
Under the Fed’s new proposal, however, borrowers would be required to pay off the balance of the loan before the bank loses its right to foreclose — that means borrowers could still lose their homes, even in cases where banks have broken the law. Unsurprisingly, banks support the move, but consumer advocates say this would essentially make rescission worthless to borrowers.
“The … proposal would eviscerate the single most effective tool that homeowners have to stop foreclosures and avoid predatory loans,” reads a letter penned by Margot Saunders of the National Consumer Law Center and signed by 16 national public interest groups, along with 33 state housing and legal aid groups and 144 individual attorneys. “Passage of the proposed rule will considerably exacerbate foreclosure statistics in this nation.”
- Massive fraud was committed during the real estate boom by banksters. So, why is the government giving them free money and screwing Main Street? Of course, the snakes in the District of Criminals (DC) are in the payroll of the Wall Street banksters! Now they are trying to change the law to allow (legalize) foreclosure fraud to protect the banksters!
Nightmare on Wall Street
In a ruling that could be historic, the Supreme Judicial Court of Massachusetts ruled against two fraudster banks, US Bancorp and Wells Fargo, who illegally foreclosed on homes. In short, the two banks stole homes to which they had no legal claim.
This rattled stock markets, causing the broad-based KBW Bank Index to fall by 2.2%, with Wells Fargo’s stock prices falling by 3.4% as markets began to recognize that “business as usual” theft of American homes by banksters will be subject to greater scrutiny. Tellingly, the banks have been arguing that they are following industry practice. The ruling in Massachusetts (one of the most respected Supreme Courts in the US) affirms that industry practice is fraudulent. Perhaps as many as 66 million mortgages (those tainted by improper industry recording procedures) could be affected by the ruling.
As I have been arguing in a series of pieces (see here and here and here), in their haste to commit lender fraud, the banks that securitized mortgages also perpetrated tax fraud and securities fraud. The inevitable outcome of those frauds is foreclosure fraud. As Lynn Szymoniak and Ray Brown have written, 2010 became the year in which “‘foreclosure fraud’ emerged in case law’ — defined as ‘fraud by mortgage companies, mortgage servicing companies, and banks servicing as trustees for securitized trusts.” Foreclosure fraud is not a matter of some pesky little paperwork problems. It is the designated solution to paper-over the lending and securities and tax frauds that the banksters used to bubble-up and then collapse the US real estate sector. To put it simply, the Court found that the practices followed by the industry have made legal foreclosure impossible.
All of this, in turn, was happily consistent with the Bush “Ownership Society” plan to transfer all wealth to the top few tenths of one percent of the wealthiest Americans. The banksters would simultaneously burden homeowners with so much debt that they’d lose their homes, and would sell to investors fraudulent toxic waste securities while using credit default swaps to bet on failure. Bush’s ownership class would end up as the creditors who got all the homes, who got all the financial wealth sucked out of pension funds and other managed funds, and with their gambling winnings from the inevitable defaults.
But in their haste to steal property, the Wall Street banksters ran up against US property law. They thought the judges would turn a blind eye to blatant theft. Unfortunately, courts across the country have awakened and are beginning to rule against them. As I have said, the banks are toast — as anyone still holding bank stocks will discover in coming months. Losses will easily wipe out all equity at the biggest banks, several times over. Further, the vulture predators now buying up foreclosed properties will find that the titles are not clear. It will take at least a decade to sort out the mess created by Wall Street’s securitization of home mortgages and to restore property rights law.
Here is the good news: Bush’s Ownership Society dream has morphed into a Nightmare on Wall Street. The banks have no legal standing to foreclose. Delinquent homeowners that have been subject to foreclosure fraud can remain in their homes. While they still owe their mortgages, no one has the right to take their homes away from them. This improves their negotiating power to secure mortgage modifications — to get payments down to something they can afford. That is good — for the homeowners, for their neighbors, for the nation as a whole. And, ironically, even for those holding the “securitized mortgages” — including the fraudster banks.
The current wave of foreclosures — expected to reach 13 million by 2012 — is not good for anyone. It is a classic example of a negative externality, where pursuit of apparent individual self-interest results in losses for everyone. Stopping foreclosures and shutting down the fraudsters will stop those losses. The only ones who will be hurt are the top management officials at the biggest banks — who will lose their bonuses and who will be prosecuted for numerous felonies. The other 99.9% of the rest of us will experience a Pareto improvement — as economists call it when you win and no one (but the criminal class) loses.
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- To those of you who are greatly concerned with the recent drop in the price of silver: Don’t worry be happy! The bullion banksters cannot keep the price manipulation up for a long time. You should consider the cheaper price as a free gift and accumulate more physical silver. Max Keiser’s: Crash JP Morgan Buy Silver Campaign is succeeding like wildfire. People are loading up on physical silver in startling quantities! So let me just say: Thank you very much you bankster idiots! (emphasis mine)
US Mint Reports Unprecedented Buying Spree Of Physical Silver
Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver “a number which if run-rated would be an absolutely all time monthly record,” A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010.
Mike Krieger presents the following disturbing observation on this trend: “In the first 12 days of January 3.4 million silver eagles have been sold. I have never seen anything like this. The amount of physical being taken off the market on this paper sell off is EXTRAORDINARY. We must be VERY close to the end.” Whoever has adopted JPM’s legacy paper silver short position is in for some very troubling days ahead.
- Bob Chapman once again provides us with a useful dose of sobering reality and truth. (emphasis mine)
The Global Economic Crisis: Financial Fraud has Become Increasingly Pervasive
The U6 number fell to 16-7/8% from 17% last month, thus, the real unemployment number is 22-1/4%, off 3/8 of 1 percent in two months. The average duration of unemployment heads back up to a new record 34.2-weeks and when the share of the unemployed ranks looking for a job without success rises 2% to 44.3% you have a problem. It is hardly a winner. The workweek was unchanged at 34.3-hours. The employment rate was 58.3%, the same level it was at late in 1983. In order to re-ascend to peak employment levels 11 million jobs would have to be created. That cannot happen as the transnational conglomerates execute free trade, globalization, offshoring and outsourcing. That would be 2.75 million jobs annually over the next four years. Still millions of illegal aliens are streaming across our borders to find work and push American citizens out of their jobs.
There has been a decline in the number of jobless claims, but layoffs of state, country and city employs has added to the jobless, some 20,000 a month. Even with all the funds being injected into the system, the economy is still stagnant. The municipal layoffs will become acute in the last quarter of the year and carry over into 2012, as more and more towns, cities and states seek protection from bankruptcy.
Personal income is stagnant, as are hours worked, as inflation increases robbing workers of purchasing power, thereby negatively affecting consumption. Adding to this discouraged workers hit a record high of 1.32 workers. If it were not for extended unemployment benefits we might just be approaching revolution. You can throw in food stamps as well for 44 million Americans; 16% of the elderly are below the poverty line and 15.7% of the public is in the same boat.
This year foreign governments will finally realize that Europe and the US won’t be able to repay most of their debts. In Europe, during the first 6-months of the year, countries will be stressed to pay back debt. All of the funding necessary won’t be available and the six with debt problems will need more assistance from the more solvent EU countries, the ECB and the IMF. There will be negotiations concerning how to solve this problem throughout the remainder of the year. The damage to European countries will be staggering. Not only will the debtor countries be hanging on by a thread, but due to a massive funds outflow the solvent countries will be in trouble as well.
In the US the problems of municipalities will finally start to be addressed as federal funding and loans are ended. We warned of the possible bankruptcy of municipal insurers, AMBAC being the focus of our concerns. At that time, three years ago, we recommended the sale of municipals and have done so since. These predictions came to fruition in December 2010 when AMBAC went bankrupt.
In the final quarter of this year both the European and American problems will be exposed full force. This will bring about a worldwide financial crisis as the true depths of the problems are fully revealed. The impact on western finance will be more devastating than the Bear Stearns and Lehman Bros. collapses. At this juncture the timing is difficult, but that time frame seems reasonable.
Our prediction of QE2 and perhaps QE3 last May proved to be correct. Others didn’t begin to catch on until August. We projected another form of government stimulus and it came in the subtle form of a pork tax package. The renewal of the Bush tax cuts. That ended up being $868 billion. That means the Fed or someone will have to come up with about $1.6 trillion to keep the economy from keeling over and going sideways. We projected a full expenditure of $2.5 trillion in exchange for a 2 to 2-1/4% growth in GDP.
As we write European and US debt is expanding at a fast clip. The service of this debt is being exacerbated by lack of a recovery, which began in the Treasury market in June. During the past six months banks have tried to increase lending to middle and small sized companies, but there have been few who wanted to borrow. This lack of growth has impeded tax revenues for both the federal government and state entities. The fall in the stream of funds has forced major new borrowing by both groups. This trap mitigates against drawing savings from foreign countries. This limitation has started to force real interest rates higher as we have recently seen with the US 10-year note whose yield jumped from 2.40% to 3.50%. This in turn has forced interest rates on 30-year fixed rate mortgages to more than 4.8%.
Beneath the surface both in the US and Europe all matter of things are being done to keep both entities afloat. What is being done is being done without the consent of the people. Politicians are terrified and are doing as they are being told. The financial community and central banks are making all the decisions. In order to cover-up what is going on they simply lie about everything. These Sherpa’s working behind the scenes fashioning a solution are preparing for debt settlement and some sort of a stabilization fund.
As we have predicted in the past we see a meeting of all countries, as opposed to unilateral action by Europe or the US. A meeting along the lines of the Smithsonian talks in the 1970s, the Plaza Accord of 1985 and the Louvre Accord of 1987, where all nations will revalue and devalue and default multilaterally 50% to 66%. Everything will be on the table. By doing it this way it becomes a simple business transaction and not a situation where everyone is ostracized. This will be detrimental to currencies, bonds and shares. Commodities and gold and silver and the shares will appreciate as they did in the 1930s and the late 1970s. It’s a hard road to take, but it is the only one open to the elites.
Today we have the destruction of money – the mediums of exchange – free trade, globalization and the phony terrorism all linked together. A 3-pronged attack to create confusion and fear and as an extension to control and destroy the wealth of the masses. This is a marriage of monetary, fiscal, geopolitical, economic and financial terrorism. The terrorists are in the banks, on Wall Street, in the City of London and running transnational conglomerates that are destroying our society and that of Europe. This complex paradigm is relentlessly day by day creating chaos within society. Needless to say, we have war and occupation thrown in for good measure in Iraq and Afghanistan. This is a profitable distraction and at the same time a method of culling the population of useless eaters. As this all transpires, immune from prosecution, Wall Street and banking pull one outrageous fraud after another. As an example, as we predicted, the Attorney Generals have rolled for the bankers in Foreclosuregate. Five major banks are being allowed to settle with some 50 states. This decision was made in secret by your elected states’ Attorney Generals. This is one of the biggest frauds in American history and all that will happen is the major banks involved will get a slap on the hand and a chump change fine. The public will get nothing. Any fraud by the too big to fail banks is now permissible.
The fraud is now so pervasive and systemic that foreigners, particularly at the upper levels of the corporate world simply refuse to do business with American companies. American executives, particularly from Wall Street and banking, contend there are simply no rules or only their rules. This will elevate into trade war eventually, which has been coming for a long time and actually a trump card for US elitists. The ugliness is still under the surface, but it exists and is gaining momentum. Once that becomes reality the financial system will break down. As we have said many times once that happens all these criminals will become fugitives from justice. If other countries try to hide these people they will be sanctioned and isolated, and that shouldn’t take long. We should have courts to try these crooks. They should go to jail and their entire families be stripped of their wealth, which would go to the US Treasury. Those who committed treason should have all their assets confiscated and they should be hung.
The BIS, the Bank for International Settlements, says the six nations in trouble in Europe are indebted more than $350 billion to these sovereign nations. As we have said month’s ago it will take more than $3 trillion to bail these sovereigns out and if not bailed out many central banks and the ECB will be wiped out. As usual the bankers are trying to stall for time, hoping some miracle or some war will bail them out. Either way the taxpayers, they have decreed will pay the bill. We wonder what the rating agencies, that have been propping up the dollar and the pound will do, when they can no longer get away with lying about these ratings? We don’t believe Spain, Portugal and Belgium and perhaps Italy can survive without going bankrupt. That will take many other nations close to insolvency as well.