Socio-Economics History Blog

Socio-Economics & History Commentary

Greece ‘Going Under’ to Drive Gold Jump!

  • Yes, the moment is coming when the masses will realize that fiat currencies are in trouble! The Europeans are waking up to this reality and gold is making record highs in UK Sterling and Euro. Gold is also making record highs in JPY. It is a matter of time before gold embark on a smashing run against the USD.
      
    April 29 (Bloomberg) — Gold may rally to a record as the European sovereign debt crisis escalates, with Greece “going under” and investors losing confidence in paper currencies, said David Crichton-Watt, manager of Phoenix Gold Fund Ltd.
     
    “I would be surprised if the gold price doesn’t go over $1,500 this year,” said Crichton-Watt, whose $100 million fund returned 122 percent last year. Gold, which touched a record $1,226.56 an ounce in December, may also benefit from resurgent inflation, Crichton-Watt said in a phone interview today.
     
    The Greek public-debt crisis has infected financial markets worldwide, hurting equities and boosting gold, amid rising investor concern the nation may default. Gold was benefiting from safe-haven buying as contagion risks expanded, according to a report from Edel Tully, an analyst at UBS AG. Holdings in the SPDR Gold Trust climbed to an all-time high this week.
     
    “Now we’ve got Greece going under and a lot of other countries looking likely to follow,” said Kuala Lumpur, Malaysia-based Crichton-Watt, 62. “It’s really a declining confidence in paper currencies,” Crichton-Watt said.
     
    Bullion has risen 30 percent in the past year as investors from central banks to pension funds and individuals sought protection against currency debasement and inflation after governments spent $2 trillion to salvage the global economy from the worst recession since World War II. The precious metal has posted nine straight yearly gains from 2001.
      ….
    “There’s a potential for further price gains in gold as an inability by some European countries to service debt fuels flight-to-quality sentiment,” said Chris Yoo, head of the global derivatives team at Samsung Futures Inc. in Seoul.

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April 30, 2010 Posted by | Economics | , , , , , , , | Comments Off on Greece ‘Going Under’ to Drive Gold Jump!

Dr. Rima Laibow Explains The Illuminati Depopulation Agenda!

  • Dr Rima Laibow is speaking the truth! The Illuminati want to ‘get rid’ of as much as 90% of world population! This is planned genocide. Vaccines are used actively to sterilize women, especially in 3rd world countries. Of course, these snakes will not tell you what is really in the vaccines. The Illuminists own most of the central banks, Big Pharma, MIC, large industrial corporations… of the world. Quotes:
     
    “The WHO is a private corporation just like the Federal Reserve and receives more than two thirds of its funding from the pharmaceutical industry.”
     
    What a head of state told Dr Laibow in 2002: “It’s almost time for the great culling to begin!”
     
  • See also:
     
    Profitable Depopulation Plot Links JP Morgan-Chase
    And Goldman Sachs To Vaccination Contaminations
    And BigPharma Corruption

    A medical investigation into suspicious outbreaks and propaganda used to sell drugs and vaccines has exposed investment bankers at JP Morgan-Chase (JPMC) and Goldman Sachs (GS) for plotting to shock/stress, frighten, poison, and kill billions of people most profitably–pharmaceutically–according to the Editor-in-Chief of Medical Veritas journal.
     
    While researching a powerful Partnership for New York City (PFNYC), uniting Wall Street’s wealthiest industrialists, Harvard-trained public health expert, Dr. Leonard Horowitz, and investigative journalist, Sherri Kane, discovered shocking evidence of a conspiracy to commit global genocide by generating diseases and death to advance profitable pharmaceutical depopulation.
     
    Population planners at the highest levels of government and industry conspired to spread diseases, vaccines, drugs, and death most profitably, according to research published in the latest issue of Medical Veritas.

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April 30, 2010 Posted by | EndTimes, GeoPolitics, Medicine & Health | , , , , , , | 2 Comments

More Than a Million in U.S. May Lose Jobless Benefits !

  • Yes, more green shoots. These people who have exhausted their jobless benefits will be taken out of the official unemployment statistics. They will be classified as ‘too lazy to get a job’! So, we should take them out from the unemployment stats! Main Street is getting killed while Wall Street is awarding themselves billions of dollars in bonus via their fraudulent mark to fantasy accounting! The snakes are using the oxymoronic: ‘jobless recovery’ phrase. They are willing to give unlimited amount of bailout monies to banksters while stuffing the people with the bill. But bailing out the people is a no-no. Bloomberg reports:
      
    April 29 (Bloomberg) — Since the U.S. recession began in December 2007, Congress has extended the length of unemployment benefits for the jobless three times. Now, the lawmakers may have reached their limit. They are quietly drawing the line at 99 weeks of aid, a mark that hundreds of thousands of Americans have already reached. In coming months, the number of those who will receive their final government check is projected to top 1 million.
     
    It’s a deadline that has rarely been mentioned in recent debates over
    jobless benefits, in which Republicans have delayed aid because of cost concerns. The deadline hasn’t been lost on Teauna Stephney, a 39-year-old single mother from Bothell, Washington, who said she could become homeless once her $407 weekly checks stop in June.
     
    “What are people like me supposed to do?” said Stephney, who said almost two years of benefits haven’t proved long enough for her to find work after she lost her last job in August 2008. Referring to lawmakers, she said, “I would like them to come and talk to me and spend a day in my shoes.”
     
    Democrats who have pushed through the past extensions agree there’s insufficient backing to go beyond 99 weeks, largely because of mounting concern over the
    federal deficit, projected to reach $1.5 trillion this year. “You can’t go on forever,” said Senate Finance Committee Chairman Max Baucus, of Montana, whose panel oversees the benefits program. “I think 99 weeks is sufficient,” he said.
     
    “There’s just been no discussion to go beyond that,” said Senator
    Byron Dorgan, a North Dakota Democrat.
     
    ‘Anxious’
    Some Republicans say cutting off aid will spur people to find work. “We have study after study that shows people are more anxious to get a job after they run out of benefits,” said Representative
    John Linder of Georgia, the top Republican on the Ways and Means subcommittee with jurisdiction over the unemployment program. “Continuing to extend this isn’t helping them or us.” Allowing the ranks of those who lose their aid to swell carries risks for Democrats in November’s elections.
     
    “They’re damned if they do and damned if they don’t,” said
    Stuart Rothenberg, publisher of the Rothenberg Political Report. Voters are “sensitive these days to spending and deficit issues and yet there are going to be people who need help, and if the administration ignores them, they’ll look rather callous.”
     
    Negative ‘Atmospherics’
    Baucus said extension legislation would fail in the Senate because of both the deficit and the negative “atmospherics” of lengthening the weeks of aid into triple digits. “The best thing to do is get this economy turned around” to create jobs, said Baucus.
     
    Unemployment aid has become one of the federal budget’s fastest-growing components, with costs this year likely to reach $200 billion. That’s six times what was typically spent before the recession. Since the recession began, aid extensions added 53 weeks of assistance to the 46 weeks that had been in place. About 11 million Americans, roughly 70 percent of the nation’s jobless, in March received unemployment checks averaging $320 per week.
     
    The challenge for lawmakers is that while benefits have reached record lengths, so has long-term unemployment. According to the
    Bureau of Labor Statistics, 44 percent of the jobless have been out of work for at least six months, the biggest share since the government began keeping track in 1948.
     
    3.4 Million
    About 3.4 million Americans — approximately the population of Connecticut — have been out of work for more than a year, according to a study by the
    Pew Fiscal Analysis Initiative. The states, not the federal government, track how many exhaust their unemployment benefits, said U.S. Labor Department spokesman Matthew Wald.
     
    Interviews with state officials found that in New York, 57,000 people have received their last check. In Florida, 130,000 are no longer eligible as are about 30,000 Ohioans. Those numbers will grow, according to
    Goldman Sachs Group Inc., which projects that more than 400,000 may soon begin losing benefits every month.
     
    “The political climate is not as conducive to additional expansions as it had been last year,” a Goldman analysis said. “The result is likely to be a greater share of unemployed workers not receiving unemployment compensation.”

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April 30, 2010 Posted by | Economics | , , , , , , | Comments Off on More Than a Million in U.S. May Lose Jobless Benefits !

European Central Bank President Calls for Corrupt BIS to Boss Global Government in CFR Speech !

  • The Illuminist owned central bank cartel is waging a massive war against the sheeple of the world. They have allowed enormous amount of debts to build over the past 1-2 decades via extremely low interest rates. History tells us their method: Allow asset inflation via extremely low interest rates. Thereafter, engineer a collapse by contracting the money supply. This is simply stated: Crack up and Boom!
     
  • When the economy collapse, the banksters go in and buy asset at dirt cheap prices, all the while using money provided by the sheeple! They control the printing of fiat currencies and is accountable no no one. Bernanke has publicly admitted that the FedRes essentially printed US$1.3T out of thin air to buy toxic MBS, derivatives…from the banks!
     
  • This cabal is intent on rulng the world via One World Government, One World Central Bank and One World Currency. Either the IMF or the BIS will play the role of the One World Central Bank. If the heat is too much from the sheeple, I believe they will sacrifice the IMF to take the blame and goto the BIS. The BIS is, after all, already the central bank of central banks. Paul J Watson has written a well researched article. This is a must read for all who want to know what is really happening behind the scenes!
      
    In a speech before the elitist Council On Foreign Relations organization in New York earlier this week, President of the European Central Bank Jean-Claude Trichet called for the imposition of global governance to be bossed by the G20 and the corrupt Bank of International Settlements in the name of safeguarding the global economy.
     
    In an address entitled
    “Global Governance Today,” Trichet proclaims how the elite need to impose “A set of rules, institutions, informal groupings and cooperation mechanisms that we call “global governance”. During the course of the speech, Trichet uses the term “global governance” well over a dozen times, outlining how “global governance is of the essence” to avoid another financial crisis.
     
    Section one of Trichet’s speech is entitled, “Why we need global governance,” and from then on he constantly invokes the economic downturn as a justification for empowering secretive, undemocratic and corrupt global institutions with the power to rule the world.
      
    A full transcript of the speech was also carried by the Bank for International Settlements, an international organization of central banks that has constantly lobbied for a centralized global currency to replace that of nation states. Trichet praises the BIS as being “ahead of the curve” in dealing with the financial crisis during the speech.
     
    The primary outfit that will boss the institutions of global governance, according to Trichet, is the Global Economy Meeting (GEM), which regularly meets at the BIS headquarters in Basel. This group, states Trichet, “has become the prime group for global governance among central banks”. The GEM is basically a policy steering committee under the umbrella of the Bank for International Settlements.
     
    The BIS is a branch of the of the Bretton-Woods International Financial architecture and closely allied with the Bilderberg Group. It is controlled by an inner elite that represents all the world’s major central banking institutions. John Maynard Keynes, perhaps the most influential economist of all time, wanted it closed down as it was
    used to launder money for the Nazis during World War II.
     
    Financial website Investors Insight describe the BIS as “the most powerful bank you’ve never heard of,” labeling it “the most powerful financial institution on earth”. The bank wields power through its control of vast amounts of global currencies. The BIS controls no less than 7% of the world’s available foreign exchange funds, as well as owning 712 tons of gold bullion.
     
    “By controlling foreign exchange currency, plus gold, the BIS can go a long way toward determining the economic conditions in any given country,” writes Doug Casey. “Remember that the next time Ben Bernanke or European Central Bank President Jean-Claude Trichet announces an interest rate hike. You can bet it didn’t happen without the concurrence of the BIS Board.” The BIS is basically a huge slush fund for global government through which secret transfers of wealth from citizens are surreptitiously handed to the IMF.
     
    “For example, U.S. taxpayer monies can be passed through BIS to the IMF and from there anywhere. In essence, the BIS launders the money, since there is no specific accounting of where particular deposits came from and where they went,” writes Casey.
     
    “The bank was a major player promoting the adoption of the euro as Europe’s common currency. There are rumors that its next project is persuading the U.S., Canada and Mexico to switch to a similar regional money, perhaps to be called the “amero,” and it’s logical to assume the bank’s ultimate goal is a single world currency. That would simplify transactions and really solidify the bank’s control of the planetary economy,” adds Casey.
     
     …. to continue
    reading click here!

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April 30, 2010 Posted by | Economics, EndTimes, Social Trends | , , , , , , , , , | 1 Comment

EMU Domino Fears As Spain Downgraded, Germany Drags Feet on Rescue!

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  • This Greece mini meltdown will past. I don’t believe the Illuminists are ready to pull the plug on the sovereign debt crisis. They will build this into an even bigger problem over the next 12 months. After which, all Eurozone countries will be stuffed to their noses in debts. They will then detonate this ginormous debt bomb and crash the global economic, financial and currency system. The smart money are all quietly fleeing into hard assets particularly gold!
     
  • What we are seeing: is the controlled demolition of the old order to make way for a New World Order. This is for One World Government, One World Bank and One World Currency! This is a planned collapse orchestrated by the Illuminist money powers!
     
    German leaders have agreed in principle to a rescue package of up to €135bn for Greece in emergency talks with EU and IMF officials, but failed to offer any clarity on the conditions for such aid.
      
    Hopes for a respite for Southern Europe’s battered bond markets were quickly dashed as Standard & Poor’s downgraded Spain. Rainer Brüderle, Germany’s economy minister, said the Greek bail-out would be much larger than first thought, acknowledging that Greece cannot hope to tap the private debt markets for three years.
      
    The heads of the European Central Bank and the International Monetary Fund made a joint pilgrimage to Berlin, pleading with lawmakers in the Bundestag to throw their full weight behind rescue efforts before the chain-reaction spreads to Portugal and the rest of the EMU periphery. Their presence as supplicants in Berlin marks the symbolic moment when Germany appears the undisputed master of Europe.
     
    Dominique Strauss-Kahn, the IMF’s chief, said the stability of the eurozone itself is in danger. “We need to act swiftly and strongly,” he said. German Chancellor Angela Merkel once again refused to give concrete assurances, leaving the markets as wary as ever over the real intentions of Berlin. “This is about the stability of the euro overall, and we won’t avoid this responsibility. But the challenge is for Greece to accept an ambitious program,” she said.
     
    “Europe risks the biggest coordination failure in modern history,” said David Simmonds, research chief at RBS. The Berlin talks are as vague as ever. “We believe that markets will remain very sceptical.” 
       ….
    The Greek debt market came close to disintegration yesterday. Yields on two-year bonds rose briefly to 38pc. “This no longer has anything to do with interest rates: it is a forward contract on the return of the Greek Drachma,” said Charles Dumas, head of Lombard Street Research.
     
    Markets are already looking beyond Greece to Portugal where spreads on 10-year bonds rose to 330 points — higher than the level that first prompted Athens to invoke aid — before falling back on pledges of further austerity. Premier Jose Socrates is to bring welfare cuts planned for 2011 and 2012, accepting that the markets will not give Portugal another year to tackle its deficit of 9.4pc of GDP.
     
    S&P cut Spanish debt one notch to AA with a negative outlook, warning that the fall-out from the housing bust will keep the country trapped in near slump until 2016. It said private sector debt of 178pc of GDP was a major concern. Daniel Cohn-Bendit, leader of the European Greens, said Europe’s handling of the crisis had been “catastrophic” and rebuked Germany for resorting the “discipline of the whip”.
       ….
    Greece knows it can opt for default at any time, setting off an EMU-wide crisis and bringing down Europe’s banks. It also knows that key figures in the Bundestag favour debt restructuring. “Those who chased high yield by purchasing Greek debt must share the costs,“ said Volker Wissing, chair of Bundestag’s finance committee. Leo Dautzenberg from the Christian Democrats said banks should prepare for a `haircut’ of up to 50pc.
     
    The ECB, Brussels, and the IMF have been fighting feverishly to head off such a move, fearing a financial chain-reaction. Julian Jessop from Capital Economics said investors have been too complacent about the EMU crisis. “This could pose as big a risk to the global economy and financial markets as the collapse of Lehman Brothers in September 2008. In some respects the wider fall-out might even be worse,” he said. The world has already used up its fiscal and monetary ammunition. What happens if there is a fresh shock?

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April 30, 2010 Posted by | Economics | , , , , , , , , , , | Comments Off on EMU Domino Fears As Spain Downgraded, Germany Drags Feet on Rescue!

Nouriel Roubini Warns Greece is Just The ‘Tip of The Iceberg’!

  • Greece will be bailed out, no doubt about that. The talk is a bailout package of $120-$135B Euros spread over 3 years. Think about it for a moment: if Greece cannot pay its debts, you lend them even more at a higher interest rate and call it a bailout. The MSM sings: We are all safe and everything is ok. What do you think? How likely is Greece going to pay back the loans after a few years? This is a bankster engineered crisis!
     
  • Can the people accept economic depression and eat grass to survive while all available money is sucked dry to pay the banksters? Greece is being sold to slavery to the banksters. Of course, the people must bailout the banksters and give them unlimited monies or the world will end. Will the banksters forgive the debts of the people, debts that were dumped on them by the banksters in the first place? This is just another scam! Bankster debts have been dumped onto sovereign nations and banksters are making the sheeple pay for it.
     
    Greece is just the “tip of the iceberg” of a sovereign debt crisis that has the potential to derail a global recovery, Nouriel Roubini has warned.
    Professor Roubini, the New York-based academic who was one of the few to anticipate the scale of the financial crisis, told a panel in California that the buildup of debt is likely to lead to countries defaulting or resorting to inflation to ease the burden on their populations.
     
    “While today markets are worried about Greece, Greece is just the tip of the iceberg,” Roubini told the Milken Institute Global Conference in Beverly Hills, California. “The thing I worry about is the buildup of sovereign debt.”
      
    Although Greece’s misreporting of the scale of its own debt has helped shatter investors’ faith, the southern European country is not alone in its struggle. The depth of the property bust in both Spain and Portugal has prompted the ratings agency Standard & Poor’s to downgrade the creditworthiness of both.
     
    European leaders, led by German chancellor Angela Merkel, the International Monetary Fund and Greece’s leaders are scrambling to approve a bail-out for Greece as financial markets drive its borrowing costs higher.
     
    “The ripple effects across the market are now more visible,” said Ciaran O’Hagan, an analyst at Societe Generale. “Contagion is amplifying.” Italy’s sale of up to €8bn euros of debt today will, according to analysts, provide a good gauge of whether the concerns about Greece and Portugal are spreading to other members of the Eurozone.

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April 30, 2010 Posted by | Economics | , , , , , , , | Comments Off on Nouriel Roubini Warns Greece is Just The ‘Tip of The Iceberg’!

Tsunami Alarm: Tarpley Predicts 2nd Wave of Global Crisis Emerging from Greece !

  • Financial terrorism! We have large Illuminist bankster corporations that are financially bigger than many countries attacking the Eurozone. Thereafter, UK, Japan and finally America! Why are many countries saddled with huge debts? They have been bailing out the banksters! Corrupt governments are providing banksters with unlimited bailouts and funding. In America alone, the bailouts, loan guarantees… amount to about US$27T for these banksters. This is an engineered crisis against the sheeple!

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April 30, 2010 Posted by | Economics | , , , , , , , , , | Comments Off on Tsunami Alarm: Tarpley Predicts 2nd Wave of Global Crisis Emerging from Greece !

More than 50% of US Government Spending Goes to the Military!

More wars! Not peace!

  • Why does the US government continue to waste money on the military industrial complex? Of what threat are goat herders and farmers in Afghanistan to America? Most people think that this is just the usual government bureaucratic incompetence. This is not the case I assure you. It is done deliberately to bankrupt America! The Illuminist ruling class want to bring the standard of living down to that of Mexico (ie 3rd world country) to facilitate a North American Union of : America, Mexico and Canada!
     
  • The beneficiaries are not the American people. But the military industrial complex and the snakes in the District of Criminals(DC). How much do you think these people pocket? Definitely, a humongous amount of money from defence spending. The Illuminists are building up their military industrial complex(MIC), private mercenary armies and also profiting from the massive opium harvest in Afghanistan.
     
  • Once America collapses, no nation in the world will be a superpower. America must be crippled so that no country can be of a threat to a One World Government. Much of the military might will reside in the MIC owned by the Illuminists. Looking at the defence expenditures, it is clear: more wars are coming for America and for the world. ie World War 3! (See: Major General Smedley Butler – War is a Racket !)
     
    2010 US Spending Priorities
    Recently, Live Science published a chart showing that the US spends about one-fifth of its budget on the military. But this aggregate view hides how Congress prioritizes spending, when you consider what is discretionary and voted upon each year. A more salient view of these figures segregates ‘discretionary’ spending from ‘mandatory’ spending. During the severe economic downturn of the past two years, how has Congress prioritized spending?
     
    When it comes to discretionary spending, Congress gives 58% to the military. Here are US budget charts for the years 2009 and 2010, according to the
    National Priorities Project (NPP):

    39.x million people on food stamps, U6 unemployment about 22% (www.shadowstats.com) and we spend more on wars?

  • Rady Ananda explains:
     
    NPP describes these charts this way, explaining the difference between ‘mandatory’ and ‘discretionary’ spending:
     
    “[These charts show] the breakdown of the proposed federal discretionary budget for fiscal year 2010… by function area. “The discretionary budget refers to the part of the federal budget proposed by the President, and debated and decided by Congress each year. The part of the budget constitutes more than one-third of total federal spending. The remainder of the federal budget is called ‘mandatory spending.’ ….”Note that this chart includes the war-related spending requested by the administration as supplemental to the regular budget proposal.”
     
    Note, too,
    per NPP: “Federal Discretionary and Mandatory Spending
     
    “Congress directly sets the level of spending on programs which are discretionary. Congress can choose to increase or decrease spending on any of those programs in a given year…. “About half of the discretionary budget is ‘national defense,’ a government-defined function area that roughly corresponds in common parlance as ‘military.’ However, this category does not include foreign military financing, security assistance, and other programs commonly thought of as military. Other types of discretionary spending include the budget for education, many health programs, and housing assistance.

      …..
    Also see discussion at How Are Our Federal Tax Dollars Spent? which shows that the military budget is one-fifth (21%) of our total budget: 

    But, which is the more realistic view of military spending? Which captures how Congress prioritizes spending? Which is more relevant to us? Arguably, discretionary spending is most relevant to ordinary citizens, as we continue to suffer under rising unemployment, increased foreclosures, bankster bailouts, million dollar industry bonuses while the minimum wage remains below poverty, all amid a global financial crisis.
     
    And what does that 58% of discretionary spending amount to? In 2010: $1,027.8 billion, or over a trillion dollars, according to Robert Higgs of the Independent Institute, at Defense Spending Is Much Greater than You Think: more than $1Trillion a year.

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April 29, 2010 Posted by | GeoPolitics | , , , , , | 2 Comments

The $2.3 Trillion State and Local Government Debt Monster ! Banks Bet Against U.S. Cities, States!

Not a pretty picture!

  • America is dead broke at all levels: federal, state, municipal, cities… There is simply too much debt in the economy. These debts have to be liquidated one way or another. Considering the fact that the Feds are borrowing money to pay back interest, I doubt the debts(principal) will ever be paid back. The FedRes and the snakes in DC have chosen the path of inflation, even hyperinflation in my opinion, to inflate away all debts. Protect your savings by going into physical gold!
      
    Much of the focus on government debt over the past few years has revolved around the federal government.  No doubt, this is a stunningly large amount.  Yet the government has the ability to finance this debt through the U.S. Treasury and Federal Reserve with a buffet of choices.  You have direct bailouts to Wall Street, quantitative easing, and systematically dismantling the U.S. dollar.  But one issue that is rising to the top is that of state and local government debt.  States do not have the ability to print money at the whim of any central banker.  And the state and local government debt market is up to a whopping $2.3 trillion.  At this point, trillion is the new billion. Let us examine the growth of this debt over the last forty years:  see chart on top of post.
      
    The growth in local government debt has exploded since the 1970s.  We went from $295 billion in 1968 to $2.3 trillion today.  But as Greece is demonstrating, there is such a thing as having too much debt and at a certain point the markets no longer have an appetite for so much borrowing. 
    Average Americans probably have a hard time examining the large numbers being thrown around.  Yet state and local governments are now finding a hard time balancing their budgets.  In many cases, the ability to balance their budget goes in direct conflict with paying out pension distributions.  Or in many cases states need to raise taxes or cut services.
     
    Wall Street enjoys exploiting this fact because they actually loot the public sufficiently with golden parachutes and ridiculous bonuses that they never need any sort of pension.  Yet the truth is, many of the gold plated pensions are just another side of the Wall Street mentality coin.  That coin relies on having others pay for your bailout or extended retirement. Now Wall Street has implemented the biggest transfer of wealth in history with the
    $13 trillion in bailouts and backstops
     
    Banks Bet Against U.S. Cities, States
    Amidst growing pessimism about the financial condition of U.S. cities and states, investors are increasingly buying financial instruments that essentially allow them to short sell – or bet against – cities and states, says a Wall Street Journal report. Offered by banks like JP Morgan, Bank of America, and Citigroup, the so-called municipal credit default swaps can be used by investors to bet that insurance contracts protecting holders of municipal bonds will default.
     
    Some states say the derivatives not only scare away potential buyers of municipal bonds by creating a perception of risk, but ultimately drive up states’ borrowing costs. Others contend that the instruments are traded too thinly to affect municipal bond markets or a state’s credit rating.
     
    The California treasurer is just one of a number of state treasurers that have launched a probe into the sale of these derivatives and the sale of municipal bonds by big Wall Street firms that might reveal “speculative abuse of CDS in the muni market,” says one regulator.
     

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April 29, 2010 Posted by | Economics | , , , , , , , , , | Comments Off on The $2.3 Trillion State and Local Government Debt Monster ! Banks Bet Against U.S. Cities, States!

Strategist: Gold Is the ‘Only Currency’!

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  • The reality is: the FedRes, ECB, Bank of England and Bank of Japan will go massively into Quantitative Easing! This is nothing more than printing money out of thin air to buy your own debts (Monetization). This implies debasement of the major currencies in the world. A global monetary crisis is brewing and about to explode. Gold will rocket higher in all currencies! Gold (and silver) is the money of choice for 5000+ years! The sheeple will awaken and there will be a stampede to gold!
     
    Gold is “the only currency” worth investing in as it is a good hedge against the eurozone’s fiscal troubles, said Mathew Kaleel, co-founder & portfolio manager, H3 Global Advisors. “Gold, (in) and every currency, is going up. It’s going up a lot more than (the) euro and sterling,” Kaleel said on CNBC Tuesday.
     
    He believes Europe’s fiscal issues have not ended as yet, saying the International Monetary Fund’s package for Greece is “literally a band-aid solution.” “We’re going to see other countries (facing) the same kind of difficulties in Europe. That’s going to be negative for the euro,” Kaleel said.
     
    Gold is a very good form of insurance as there’s limited supply in terms of increased mine output, so that’s a really good way to hedge yourself against euro issues, he continued.

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April 29, 2010 Posted by | Economics | , , , , , | Comments Off on Strategist: Gold Is the ‘Only Currency’!

Max Keiser: The IMF is a Financial Mafia!

  • Max Keiser is correct. I would add that so is the World Bank, FedRes, Goldman Sachs… ie all Illuminist owned banks. We are at the endgame stage of the move to a One World Government and One World Currency! Quotes:
     
    “We are grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the work is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national autodetermination practiced in past centuries.” David Rockefeller, founder of the Trilateral Commission, in an address to a meeting of The Trilateral Commission, in June, 1991.
     
    “In the next century, nations as we know it will be obsolete; all states will recognize a single, global authority. National sovereignty wasnt such a great idea after all.” Strobe Talbot, President Clintons Deputy Secretary of State, as quoted in Time, July 20th, 1992.
     
    “The UN is but a long-range, international banking apparatus clearly set up for financial and economic profit by a small group of powerful One-World revolutionaries, hungry for profit and power. ….. “The depression was the calculated shearing of the public by the World Money powers, triggered by the planned sudden shortage of supply of call money in the New York money market….The One World Government leaders and their ever close bankers have now acquired full control of the money and credit machinery of the U.S. via the creation of the privately owned Federal Reserve Bank.” Curtis Dall, FDRs son-in-law as quoted in his book, My Exploited Father-in-Law 
     
    “The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.” Tragedy and Hope: A History of The World in Our Time (Macmillan Company, 1966,) Professor Carroll Quigley of Georgetown University, highly esteemed by his former student, William Jefferson Blythe Clinton. 
     
  • Max Keiser’s interview in Proto Thema:
        
    At a time when Greece is being dragged through the mud by the international press, Max Keiser, one of the most radical and outspoken financial analysts, stands by our side and talks openly about a “financial mafia” and “financial terrorists” that drove this country to its destruction.
     
    As a former Wall Street broker for almost 25 years, he knows how the financial system operates. Max Keiser had foreseen the financial collapse of Iceland, he asks for the arrest of Goldman Sachs bankers and encourages Greeks to hold a referendum on whether the country should turn to the International Monetary Fund. He is a presenter of financial shows on major worldwide TV networks, including the BBC, the English Al Jazeera and Russia Today. Max Keiser told “THEMA” that the government’s measures are unsubstantial maintaining that the IMF will impose the real measures. He believes that Greece is a country that will be sacrificed by the international markets and urges the Greek people to fight this prospective.
      
    PT: Is the International Monetary Fund Greece’s only solution, or are there other alternatives?
    MK: The only solution for Greece is to arrest the Goldman Sachs bankers immediately and all those involved in the fabrication of Greek economic data in 2000, when you became a member of the eurozone. The next step is to nationalize all banks like Sweden did in 1993. The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.
     
    PT: There are those who believe that the IMF is not the “bad wolf” but the only solution for Greece
    MK: If someone burns down your house in order to sell you charcoal, would you consider this logical? That is exactly what Goldman Sachs did to the Greek economy. They burned you down like arsonists and then they tell you not to worry they’ll give you charcoal. It’s outrageous. The IMF has said that it can provide Greece with help. The Wall Street investment hedge funds are attacking Greece’s bond market so that the Greek economy collapses. And they’re doing this for a simple reason; to force the Greek people to ask for help from the IMF. The IMF will say, we came because you asked for our help. Wall Street bankers work very closely with the IMF. It’s a financial mafia and the hedge funds are the assassins. Research conducted on Goldman Sachs in the USA and in Europe show how big a mafia it is. They are involved in illegal activity throughout the world.
     
    PT: Where is the European Union? How would you explain the stance of France and Germany?
    MK: Germany is on the side of the Wall Street bankers. Germany doesn’t care about Greece or the euro. The euro replaced a cheap capital in order to uphold competitiveness in its export market. As long as Greece is a problem, the euro falls, which is something that is in Germany’s interest.
     
    The European Union and the euro are competing with the dollar. Unfortunately, the crisis will destroy the euro. The financial terrorists on Wall Street intend to destroy Portugal, and other countries, after Greece. The destruction of the euro will allow the dollar to be the only international currency, the only fiscal reserve. If a country wants to buy petroleum, it must purchase dollars first. If a country wants to buy copper, it must purchase dollars first. Because these and many other commodities are only sold in dollars. This means that the U.S. is making a continuous profit. The whole world is obliged to buy dollars. The euro threatened the empire of the dollar. It was naturally not appreciated by Wall Street bankers. They are using the crisis to destroy the euro. The Greek people must stand up to the bankers, just like the Icelandic people did.  

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April 29, 2010 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , | Comments Off on Max Keiser: The IMF is a Financial Mafia!

Eurozone Edges Closer to Endgame As Greek Contagion Hits Portugal ! S&P Slashes Spain’s Debt Rating!

  • In the Illuminist plans, there are 2 scenarios. One of which calls for an intermediate step of a: North American Union, European Union, Africa Union and Asia Union. All controlled by privately owned central banks. Thereafter, these regional unions will merge to form a One World Government.
     
  • My feeling is that they are accelerating the pace towards a World Government. Note the many remarks by these Illuminist ruling class: ‘first year of world governance’, ‘world constitution’, ‘world financial crisis needing a global solution’… and so on. They know that as much as 10-15% of the sheeple are waking up. The numerous radio talk shows and alternative news media sites are attacking and refuting them daily. Their window of opportunity is closing.
     
  • Once, the ECB is reformed to allow it to have mandatory control over the economies of the Eurozone and to control the printing of all Euros, the integration between the EU and North American Union (America, Canada and Mexico) will begin in earnest. I doubt they have the time to allow the EU and NAU to settle before they begin the integration. It will likely be a, on the fly move to world government without any formal declaration of the NAU  ie. the intermediate step is done away.
     
  • Their plan is fraught with risks. If things go awry. many heads will come off. The Illuminati know this. They will thus activate their World War 3 plan to distract the sheeple from what is really going on. This will also fulfil their long-term depopulation plan. While this engineered WW3 is going on, the real moves to a One World Government will be negotiated and set in place. The end result is a Illuminist ruling class and a serf class.
     
    Eurozone edges closer to endgame as Greek contagion hits Portugal
    Parallels with Lehman’s collapse in 2008 as markets predict that Greece will default on debt. The eurozone “lurched towards the endgame” yesterday as Standard & Poor’s finally relegated Greece’s sovereign credit rating to “junk” status, downgraded Portugal by two steps to A-, and the yields on Greek debt climbed beyond 15 per cent, a signal that the market regards a default as virtually certain.
     
    The contagion that many feared is threatening to overwhelm the entire single currency area in a remarkably short time. The course of events has parallels with the banking crises of the autumn of 2008, when successive institutions came under attack and their interrelationships and size devastated confidence in the financial system, famously so after the failure of Lehman’s.
       
    For many observers yesterday, it was a matter of “for Lehman’s, read Greece”, as sovereign debt became the new sub-prime. Again there was classic domino effect: bond yields also rose in the other so-called PIIGS group of highly indebted nations – Ireland, Spain and even Italy, as investors demanded higher risk premia to take on these governments’ debts. It raises fears of a sovereign debt crisis on a pan-eurozone scale, and beyond even the resources of Germany and France to resolve, and could leave the very future of the euro in doubt, a little past its tenth birthday celebrations.
     
    Should that happen, or appear remotely likely, then it could plunge the world economy into a further crisis of confidence, jeopardising shaky growth prospects. Investor nervousness was signalled by the fall in the FTSE 100 index – down 2.6 per cent to close at 5603.5 – its biggest one-day fall since last November. UK and European banks, with varying exposure to Greece, slid and the euro fell a further 1 per cent against the dollar. German Bund futures hit a session high as institutions caught the flight to safety, also driving up US Treasury bills and gold. European equities suffered their biggest losses in two months. British banks have a near-£100bn exposure to the struggling European economies, of which £8bn is to Greece, including public and private entities.
       ….
    A more substantial worry would be if there was an indiscriminate dumping of PIIGS paper, freezing the market in much the same way the interbank market closed down in 2008. Banks, insurance companies and fund managers that hold vast quantities of these bonds would find them effectively unmarketable and valueless – hence “the new subprime” label.

     
    S&P slashes Spain’s debt rating
    NEW YORK (CNNMoney.com) — Standard and Poor’s downgraded the sovereign debt ratings of Spain to a lower investment grade status Wednesday, citing “risks to budgetary position” for the troubled European nation. Spain’s long-term sovereign debt rating was reduced to “AA” from “AA+.” The short-term rating was left unchanged at “A-1+.”
      
    The downgrade primarily reflects S&P’s revision of the country’s economic outlook. The ratings agency reduced Spain’s 2010-2016 economic growth forecast to an annualized rate of 0.7% from a previous 1%. “We now believe that the Spanish economy’s shift from a credit-fueled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed,” said Marko Mrsnik, S&P credit analyst, in the report.
       …..
    Other so-called PIIGS nations — Portugal, Italy, Ireland and Spain — have seen their borrowing costs spike in recent weeks amid growing concerns that Greece’s debt problems could spread. Greek bond yields
    hit an all-time high Wednesday.

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April 29, 2010 Posted by | Economics, EndTimes, GeoPolitics, Social Trends | , , , , , , , , , , , , , , | Comments Off on Eurozone Edges Closer to Endgame As Greek Contagion Hits Portugal ! S&P Slashes Spain’s Debt Rating!

ECB May Have to Turn to ‘Nuclear Option’ to Prevent Southern European Debt Collapse! EU: Euro-Zone States Decided Member Default Isn’t An Option !

  • The ECB will definitely not allow any of its 16 member countries to leave the EMU. This is contrary to their agenda of global government. The ECB is unlike the US FedRes. It does not have the power to print Euro out of thin air to activate Quantitative Easing. I think this will change shortly.
     
  • Member countries of the EMU print their own Euro based on guidelines. The ECB sets interest rates but is largely powerless when it comes to the economic policies of member countries. These are left to the political class of member countries. The game the Illuminists are playing is the destruction of national sovereignty in favour of supra-national sovereignty.
     
  • This will be the next move: the crisis will build till member countries will agree to surrender their economic and monetary rights to the ECB. The ECB will then have the right, in their amended constitution, to print Euros out of thin air to bailout member countries. This is checkmate! The privately owned Illuminist central banks win! National sovereignty is toast! The Hegelian dialectic in action.
     
    ECB may have to turn to ‘nuclear option’ to prevent Southern European debt collapse
    The European Central Bank may soon have to invoke emergency powers to prevent the disintegration of southern European bond markets, with ominous signs of investor flight from Spain and Italy.
      
    Greece’s fortunes were dealt yet another blow as Standard & Poor’s slashed its credit rating to junk status – BB+ – the first time that has happened to a euro member since the single currency was created, pushing yields on 10-year Greek bonds up to a record 9.73pc.
     
    The credit-rating agency also cut Portugal’s sovereign debt ratings by two notches to A-, as the swirling storm hit the country with full-force. “We have gone past the point of no return,” said Jacques Cailloux, chief Europe economist at the Royal Bank of Scotland.“There is a complete loss of confidence. The bond markets are in disintegration and it is getting worse every day.
     
    “The ECB has been side-lined in the Greek crisis so far but do you allow a bond crash in your region if you are the lender-of-last resort? They may have to act as contagion spreads to larger countries such as Italy. We started to see the first glimpse of that today.” Mr Cailloux said the ECB should resort to its “nuclear option” of intervening directly in the markets to purchase government bonds.
     
    This is prohibited in normal times under the EU Treaties but the bank can buy a wide range of assets under its “structural operations” mandate in times of systemic crisis, theoretically in unlimited quantities. Mr Cailloux added: “This feels like the banking crisis in late 2008 post-Lehman, though it has not yet spread to other asset classes. The ECB will have to act it if does.”
      
    Yields on 10-year Portuguese bonds spiked 48 basis points to 5.67pc, replicating the pattern seen as the Greek crisis started. Portugal’s public debt will be just 84pc of GDP by the end of this year, far lower than that of Greece, at 124pc. However, its private debt is much higher and data from the IMF shows that its external debt position is worse. Interest payments on foreign debt will be 8pc of GDP this year. Portugal’s net international investment position is minus 100pc of GDP, the worst in the eurozone.
     
    The interest rate on a €9.5bn (£8.2bn) issue of Italian notes jumped to 0.814pc, up from 0.568pc in March. The bid-to-cover ratio was wafer-thin, falling to 1.02. Italy has the world’s third biggest debt in absolute terms.
     
    The issue of the ECB buying bonds is a political minefield. Any such action would inevitably be viewed in Germany as a form of printing money to bail out Club Med debtors, and the start of a slippery slope towards in an “inflation union”. But the ECB may no longer have any choice. There is a growing view that nothing short of a monetary blitz — or “shock and awe” on the bonds markets — can halt the spiral under way.
     
    EU: Euro-Zone States Decided Member Default Isn’t An Option
    BRUSSELS (Dow Jones)–The 16 countries that use the euro have decided not to allow any euro-zone nation to default on its debt, refuting growing speculation that Greece might default, a European Commission spokesman said Wednesday. Debt restructuring for Greece or any other euro-zone country “is not an option because the 16 member states of the euro area have decided so,” said spokesman Amadeu Altafaj Tardio.
     
    The possibility of a restructuring isn’t even being discussed as part of negotiations in Athens between the International Monetary Fund, the EU and the Greek authorities, he said.

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April 29, 2010 Posted by | Economics | , , , , , , , | Comments Off on ECB May Have to Turn to ‘Nuclear Option’ to Prevent Southern European Debt Collapse! EU: Euro-Zone States Decided Member Default Isn’t An Option !

Max Keiser On Goldman Sachs And Fraud !

April 28, 2010 Posted by | Economics | , | Comments Off on Max Keiser On Goldman Sachs And Fraud !

Has Noah’s Ark Been Found on Turkish Mountaintop?

  • This looks like the real stuff.

    THE remains of Noah’s Ark have been discovered 13,000ft up a Turkish mountain, it has been claimed.
    A group of Chinese and Turkish evangelical explorers say wooden remains they have discovered on Mount Ararat in eastern Turkey are the remains of Noah’s Ark. The group claims that carbon dating proves the relics are 4,800 years old, meaning they date to around the same time the ark was said to be afloat. Mt. Ararat has long been suspected as the final resting place of the craft by evangelicals and literalists hoping to validate biblical stories.

    Yeung Wing-Cheung, from the
    Noah’s Ark Ministries International research team that made the discovery, said: “It’s not 100 percent that it is Noah’s Ark, but we think it is 99.9 percent that this is it.”  There have been several reported discoveries of the remains of Noah’s Ark over the years, most notably a find by archaeologist Ron Wyatt in 1987. At the time, the Turkish government officially declared a national park around his find, a boat-shaped object stretched across the mountains of Ararat.

    Nevertheless, the evangelical ministry remains convinced that the current find is in fact more likely to be the actual artifact, calling upon Dutch Ark researcher Gerrit Aalten to verify its legitimacy.


    “The significance of this find is that for the first time in history the discovery of Noah’s Ark is well documented and revealed to the worldwide community,” Aalten said at a press conference announcing the find. Citing the many details that match historical accounts of the Ark, he believes it to be a legitimate archaeological discovery.

    “There’s a tremendous amount of solid evidence that the structure found on Mount Ararat in Eastern Turkey is the legendary Ark of Noah,” said Aalten. Representatives of Noah’s Ark Ministries said the structure contained several compartments, some with wooden beams, that they believe were used to house animals.The group of evangelical archaeologists ruled out an established human settlement on the grounds none have ever been found above 11,000 feet in the vicinity, Yeung said.


    During the press conference, team member Panda Lee described visiting the site. “In October 2008, I climbed the mountain with the Turkish team. At an elevation of more than 4,000 meters, I saw a structure built with plank-like timber. Each plank was about 8 inches wide. I could see tenons, proof of ancient construction predating the use of metal nails.”

    We walked about 100 meters to another site. I could see broken wood fragments embedded in a glacier, and some 20 meters long. I surveyed the landscape and found that the wooden structure was permanently covered by ice and volcanic rocks.” Local Turkish officials will ask the central government in Ankara to apply for UNESCO World Heritage status so the site can be protected while a major archaeological dig is conducted.

    The biblical story says that God decided to flood the Earth after seeing how corrupt it was. He then told Noah to build an ark and fill it with two of every animal species. After the flood waters receded, the Bible says, the ark came to rest on a mountain. Many believe that Mount Ararat, the highest point in the region, is where the ark and her inhabitants ran aground.

    An explorer examines wooden beams inside what some are nearly certain is the remains of Noah’s Ark. Noah’s Ark Ministries International

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April 28, 2010 Posted by | History | | Comments Off on Has Noah’s Ark Been Found on Turkish Mountaintop?