<http://www.house.gov/apps/
Emergency Economic Stabilization Act of 2008
<http://www.house.gov/apps/
.pdf> Summary of Emergency Economic Stabilization Act of 2008
<http://www.house.gov/apps/
y-section.pdf> Section-by-Section of Emergency Economic Stabilization Act of
2008
Sent: Monday, September 29, 2008 12:35 AM
Subject: Don't let them get them inflict their kleptastrophe on us. Here is
a better way.
Richard C. Cook's Answer to Paulson and Bernanke, prefaced with a costless
and immediate soloution to the kleptastrophe -- and a discussion about how
all of this trouble is coming from Republicans and Democrats who are really
something else.
My introduction to Richard C. Cook's article:
The Kleptastrophe is war being conducted against the United States by
Jewish, Chinese and Israeli communists and their allies whom they have
selected, groomed and prospered to do their bidding in destroying our
economy and our principles of government and our ideals and our liberal
civilization -- to destroy us.
The money-power elites orchestrating the destruction of the American people
are communists, but what are communists? Communists have nothing to do with
"the People," -- communism is a fake opposition raised up by the oppressing
rich themselves to divert liberal opposition against the money power and
imperialism and channel it into a false-promise to the working man and the
intellectual, a promise of "dictatorship by and for the worker," a promise
of "to each according to his need." Communism is nothing more than the
destruction of all of the small-business competition of the big monopoly
corporations and the merger of the big corporations into one giant
conglomerate called World Government where every worker lives the life of a
Wall Mart employee and the ruling class -- communist states always have
their ruling class regardless of the mystical moonshine of "the end of
history" and the "withering away of the state." Communism is bent on the
destruction of liberalism -- and you don't know what the revolutionary idea
liberalism really is so perhaps this law from the French of 1791 as
translated by Jacques Barzan:
"No other interests exist but the particular interests of each individual
and the general interest of all. Nobody shall be permitted to gather
citizens around intermediate interests and thus cut them off by the spirit
of association from the public interest."
In other words, there will be political parties which are actually
conspiracies of interest groups to benefit themselves at the expense of all
others; there will be no more conspiracies of bankers or corporations CEOs
or syndicates of speculators to use their money to bend public policy to
profit them while reducing everyone else to penury.
Communism was taken over by agents of the bankers in order to replace
liberalism with something that is not directed at criminal priviledge, but
which rather aims to destroy the middle class, the "petit bourgeois" while
not only letting the big capitalists and landowners go free but actually
serving as their hit men and their propagandists. All of the big
communists, Marx, Trotsky, Lenin, Zhou Enlai served the interests of the
merchant bankers.
And if you think about it -- this is the only thing that could have
happened. It is far too easy to eliminate a corrupt ruling plutocracy -- a
series of assassinations and kidnappings are all that is necessary. Those
who hold billions or a trillion in wealth while the rest of the world is
driven down to homelessness and starvation are such easy targets. The only
way for them to keep their wealth was to take over leadership of their own
opposition. And so we have Trotsky telling the Communist International that
while world revolution which kills the masses and destroys a country is
good, the targeting of big financiers, the Rothschilds, Schiffs, Warburgs,
Harrimans, Rockefellers, Morgans etc. is to be avoided at all costs and as
counter productive. And we see how the Money Power bankrolled communism and
overthrew the Russian Czar who was quickly liberalizing Russia economically
and socially -- much to the Jewish communists' chagrin. We see that the
British bankers, through Churchill, who was directly controlled by Bernard
Baruch, withdrew British support of the Russian forces that were seeking to
overthrow the Bolshevists. All were allied. -- But before I lose everyone
-- let me jump ahead to today.
It is so easy to simply start killing the rich until they give us a better
deal -- that is revolution on the cheap -- in fact very rational. But that
is NEVER what the communists want, in fact it is what the Communists ALWAYS
actively oppose. Communism in practice is really the cover for the hit men
of Big Finance -- when a country can't pay its bills, the bankers simply
give a wink and a wad of cash to communist agitators and before you know it
the communists have taken over the offending country and shooting all of the
leaders that the bankers were having trouble with. This was true of the
Russian Revolution, of the conquest-revolutions of Eastern Europe and the
East Asian revolutions - China, North Korea, Vietnam, and Cambodia. Even
the French Revolution which killed all of the aristocrats began because
Louis XVI repudiated his debts to the Rothschilds.
Their target is the not capitalist, but the middle-class and poor whom the
capitalists fear will overtake them.
You will note that communism is always opposed to liberalism and populism.
They infiltrate and sabotage and attempt to redirect every liberal or
populist website, forum or public meeting. Just as the Murdoch media
machine constantly badmouths liberalism (which has been given a dual meaning
to futher weaken it -- some calling welfare-state-socialism "liberalism", in
addition to the freedom of the individual championed by Jefferson, Paine,
Madison and the great liberals of Europe. The biggest mistake of all is to
think that "liberal" and "progressive" are at all related. "Progressivism"
is merely a variant of communism, toned down for American sensibilities, but
still the same "bait-and-switch" scam gainst real liberalism-populism.
Progressives and communists are for giant state takeovers where the state is
actually run by the (Zionist) banking interests. Communism and
Progressivism attacks the Henry Fords of the world, never the Rothschilds,
Baruchs, Warburgs or Rockefellers.
Let's take an example or two:
Ruppert Murdoch, the man who owns the Wall Street Journal and Fox and is
pushing the Paulson bailout, is a communist agent. His father was a
communist journalist embedded with the Peoples Liberation Army during the
Chinese Civil War in the 1930's, travelled with Chow En-lai.
Murdoch has set up a modern (american-style) high-tech media
mass-conditioning apparatus in China, TV and websites. He is as exacting in
imposing the constraints of communist line propaganda in China as are his
regulators. For almost 10 years leading up to 9-11 Murdoch was in China
under cover of an attempt to "work a big communications deal" with the
Chinese government. While there he picked up a "Chinese wife," Wendi Deng,
whom I suspect is really a very sharp communist agent assigned to him to,
under the cover of "marriage," to funnel information back and forth between
Murchoch and the Peoples Liberation Army which is orchestrating the war
against the US. Wendy will control the Murdoch empire when Murdoch dies,
bringing it all under Chinese Communist control. In every statement,
Murdoch backs the policies of Red China against the interests of the US.
His organization is full of the children of the Chinese communist ruling
elite. ANd this is the "conservative" who owns American talk radio, the
Wall Street Journal (which people look to for guidance in the current phase
of the kleptastrophe.) I am convinced that Murdoch was planning the "media
control" phase of 9-11 from China during this time -- the attempt to set up
a broadcasting empire on the mainland was just a cover.
Perhaps looking at another example will make what I say about Murdoch more
plausible -- Bill Clinton. Do your remember the official reasons President
Bill Clinton went to China for an entire month in 1998? His real reason, of
course, was to help plan 9-11, but his official reasons included: 1) "To
get China's committment that it will not devalue its yuan currency;" 2) To
reach agreement (without inspection) that the United States and China will
not target each others nations with ICBM's; and 3) with big fat economic
incentives at the expense of America's national economy to make a deal sweet
enough to "persuade" China to join the World Trade Organization. I know
some of you, with hindsight, understand what all this means. Clinton
wanted to keep the high value of the Chinese currency -- the very opposite
of the weakening of the yuan that Treasury Secretary Paulson is calling for
now. Clinton's policy, of course accepted by the Chinese who wanted it in
the first place, meant that everything that Americans bought from China was
made more expensive to us because of the high price we had to pay on the
currency exchanges for the yuan necessary to buy those goods. Of course a
strong yuan meant a weak dollar -- contributing the the crisis of today
centered around low trust of the dollar. But we see that Clinton knew that
a strong currency meant for economic stability. The Clinton policy -- asking
China for what he knew was exactly what China's Triade princelings wanted
from him, was deliberate sabotage of the American national economy -- part
of a detailed plan of sabotage -- of economic war -- that is now being
played out in the current phase of kleptastrophe. One should note too, the
little known fact, that Clinton turned over the plans of our ICBM guidance
and targeting systems as a "good will" jesture to get China to accept our
decision to no longer aim our ICBM's at China. This has been confirmed by
military men who saw it done. This in addition to Clinton handing over the
entire records of the US patent office to China and in several instances
allowing China to steal strategic secrets. And, of course, membership in
the WTO was not something China had to be begged to accept. Clinton's real
purpose for being in China at that time was so he and other American elite
could determine their respective roles in the great 9-11 false-flag black-op
in secure surroundings where their plans could not be overheard and leaked
to other sources. One must also remember that Clinton was put in office by
money channeld to him through John Hwang who got it from Riady whose company
is a front for the Chinese Peoples Liberation Army. And so it goes.
I suppose I should mention McCain at this point. His father was the admiral
who covered up the attack of the USS Liberty by Israel, that was conducted
in an effort to get the US into a shooting war in Egypt. McCain lost five
planes, only two of the crashes were deemed his fault, but the last time he
crashed he was escorted to a prison camp where he collaborated with his
captors earning the sobriquet "songbird" -- yet is tauted as a "hero" and is
running for President with no knowledge of economics and a willingness, like
"W" Bush, to take orders from whichever advisor the bankers assign to him.
Recall Bush saying in 1999 -- "If I don't know I will just ask Condi Rice,
Paul Wolfowitz or Dick Cheney." McCain is going to be more of the same.
(And, if his VP pick is any indication, so will O'Bama -- as much as one is
inclined to prefer him to McCain -- It seems Obama will be only a marginal
improvement.)
So where was I? Oh, yes, the kleptastrophe is a communist plot and the
international bankers are leading the communists.
And their greatest strategy is to turn one faction of the good people of the
world against another.
Bin Ladin was a good man -- I assume he has been dead for some time. Bin
Laden and Ronald Reagan threw the atheisitic Communists out of Afghanistan
so that the people of that country could have their own religion and their
own ways -- a public will manifested in the rule of the Taliban. But
China was worried that its Eastern Provinces, also filled with conquered
Moslems restive under enforced atheism of a Communist dictatorship, would
attempt to do what Afghanistan did, perhaps with bin Ladin's help. And so
the internationa crime syndicate of China princelings tied to Jewish
merchant bankers and other billionaires with their operative assets Mossad
and the 'black-box" CIA and MI6 undertook the false-flag bombing of an
American warship in Yeman and blamed it on bin Laden. Then in 2001 the
great operation of the false-flag attack on the World Trade Center towers in
New York City and on the financial auditors and independent office of naval
intelligence at the Pentagon (men who knew too much were in each building
that went down -- except for building 7 where much of the attack in New York
was coordinated and the evidence of that coordination had to be destroyed).
So China and the bankers got what they wanted. War between the Christian
West and all Islam. War between Americans and Moslems in Afghanistan and
now Pakistan, taking out the enemies of the Han, of the communism, of
domination by the criminal Triad princelings who have positioned themselves
as the "voice" of 1.3 billion people as if all those people agree with
everything they are doing.
In 1998 Clinton spent a month in China for the
alleged purpose of persuading them to keep
the yuan strong against the dollar -- when
in fact that is what the Chinese wanted
all along.
In Europe the governments and the international pact makers have arranged
for Europe to be flooded with Moslems. Why? Why, if the people controlling
European governments (France etc.) are Jews or servitors Jewish banking
interests, why have they flooded Europe with Moslems? The answer is simple.
They have plans for Christians and Moslems in Europe to exterminate each
other. They have plans that in severe economic depression where starvation
is at hand that the Moslems and Chistians will turn on each other and --
with egging-on from infiltrated professional agitators and several
false-flag terror actions will enjoy the greatest slaughter of Christian and
Jew since the Crusades. That is the plan of the Merchant Bankers and the
China Princelings. (No I am not trying to prove it to you here -- I am
merely telling you that this is my conclusion and that over the years I have
proven it to myself. I invite you to keep this conclusion of mine in your
own mind and check it against reality -- you will see how well it stands up
and how it explains so much that is otherwise unexplainable.
As you see I have reached the same conclusion -- along a completey different
route, as Antony C. Sutton in his book, Wall Street And The Bolshevik
Revolution: ``There has been a continuing, albeit concealed, alliance
between international political capitalists and international revolutionary
socialists - to their mutual benefit.''
The communists like to march out Marx's theory that history passes through
stages of material conflict, from Feudalism to Capitalism to Socialism.
But this is all wrong. The name of the game was the same in ancient Rome as
it was in Feudal Times and as it is today. Yes, the the state as tax
collector and fighter of wars and enforcer of contracts replaces feudalism
-- but that is simply an innovation for convenience -- the state can
consolidate its military for tax collecting purposes and conquest and
defense, leaving the lords of the land to other pursuits -- and in the
communist state the corporations simply are run by the state, but all that
really happens is that the name over the front door of the factory is
changed -- corporations are always little communist police states --
there is no market system within corporations and no honest competition
between them -- but feudalism, capitalism or communism, the basis of elite
domination by land holding, industrial monopoly and credit monopoly
continues apace -- under capitalism and under communism (as the your plight
and the plight of the workers in China and other slave nations around the
world attests. Ever and always the battle is between Aristocracy and
Populism -- and right now Aristorcracy is about to solidifiy a position of
total police, military and economic control over a people they view as
enemies and as their natural slaves. But it is not being done at the end of
a gun. It is being done by the subversion of the national systems of finace
and credit and by disinformation telling us that being robbed is good and
that debt slavery is freedom and that pillage is economic security. The
Kleptastrophe is merely the unleasing of a terror weapon -- one that uses
the laws of economics rather than physics, market collapse instead of atomic
fission, decayed purchasing power and growing debt obligations rather than a
mighty blast of heat and radio-active fallout.
Four Bankers, the Mastermind, and some of their victims.
$15 trillion national debt -- and as a $5,000 debt on which you make regular
payments it is NEVER paid off so under the system we are bailing out by
risk-proofing and rewarding the financiers who created the Kleptastrophe we
and our children's children to the last generation will be saddled with
unpayable debt, with debt slavery and never a chance to get ahead, except
for the priviledge of being the one to shine the masters shoes etc.
The Intelligent Woman's Guide to Stopping the Kleptastrophe
Part Two
This is the only article with the painless and immediate solution to the
current Klelptastrophe. So bare with me through the first three paragraphs
following that prepare the ground to take the seed.
The credit monpoly; i.e., the people who make money out of thin air; want
the you and me gouge out our insides and the insides of our spouces and
children and everyone we know so we can give them $700 billion dollars. They
have had this "only-solution emergency-fix"" prepared and waiting long
before before the current kleptastrophe entered was brought to its critical
extortion phase we are now witnessing. (Just as the Patriot Act, Homeland
Security, the War on Terror and plans for aggessive war against innocent
Afghanistan and Iraq were planned by International Bankers, China's Triad
government, and the Rothschilds' very own Psycho-Israel well before the
execution of their false-flag murder of upwards of 2000 victims on that
"very-good-for-Israel" day Tuesday, the 254th day of the new millennium.
Yes, we are not in a recession, the total of money being made by anyone
dealing in the US (defense corporations, corporation lawyers, Wall Street
bankers, China-linked corporations like Wal Mart, brokers and speculators,
national disaster corporations, and government purchases etc.) by "the US
economy" has been rising so by definition the times are good. Recession is
therefore a worthless esoteric piece of jargon that ranks with "how many
demons can dance on the tip of a dredle."
Let's look at the lie (and then we will get to the solution to all of this
Kleptastrophe business.)
First, GDP; which is the total sales recepts and total unsold inventory
receipts for goods and services bought by Goverment, Investment
Entrepreneurs, Consumers, Foreigners and unsold inventory holders; is a
statistic that is totally misrepresented by the National Bureau of Economic
Research (NBER) which produces it, because the statistic is "deflated" with
dishonest understated inflation estimates prepared by the department of
labor -- real GDP is actually negative!!! -- real inflation for the American
household is well over 10 percent -- and that mere increase in prices is
deliberroneously being counted as GDP growth, i.e., as increase in real
output, instead of what it is, e.g., US domestic output shrinkage.
I demonstrate the irrelevance of the GDP measure and the recession
derivation from GDP as measures of the well-being of the people of the
United States to my Money and Banking students with this demonstration:
How worthless is GDP and the concept of recession?
If on January 1, 2009 every American except Congress, the President and the
Secretary of the Treasury was suddenly to drop dead of aggravated fright and
despair and if Congress when it convened solved the problem by approving $15
trillion to be borrowed from London merchant bankers to pay Mexicans and
Canadians to come in and bulldoze mass graves for 300 million American
corpses so the place wouldn't smell so bad and appear so morbid for new
immigration coming in to occupy the newly available foreign-owned rental
housing the following year. If that happened there would be, as
kleptastrophe-serving economists reckon, a one percent growth of the
economy as measured by GDP and there would still be no recession nowhere
near.
In fact, the long-plotted $700 "buyout" that Paulson and Bernanke are
peddling and has just been bought by Congress -- the House holdouts caving
under pressure, having been completely surrounded and drowned out so that
continued resistance was futile, is quite a lot like this example -- the
last gasp of the remaining virture within the GOP expiring with the effort.
Remember, the future comes from investment, not from savings; and standard
of living comes from the productivity of the wage earner -- you have to
produce something in order to save it - in order to expand without simply
financing ventures with debt the interest on which will always outstrip the
whatever the venture earns within the domestic economy loop. -- from the
amount of and smartness of American machinery wrapped around each worker.
But Americans have been stripped out machinery, industrial capital having
been moved to China by the international billionaires allied with the
Chinese and Israel against us who are controlling our critical government,
our information and our financial institutions. {Yes, the international
bankers and China and their agents controlling the governments and
information sources of the UK, Israel, France and almost every government
in the world (Chavez, being one of very few current exceptions; and the
governments of Saddam Huessein and Mohamad Omar being representative of
recent exceptions) -- are at war with the American people and the
Jeffersonian principles, the "everybody-middle-class" idealism that
Americans once sought to realize and except for the investment bankers
actually would have realized.
Remember the IMF audited the FED, (which the US government itself, by the
Federal Reserve Act, is not allowed to do !!!) just prior to the execution
stage of this engineered kleptastrophe. They know that $600 has been used
for the bailout and that the FED has only $200 Billion remaining on its
balance sheet. They know exactly what they need to take from the US to
render us totally their bond slaves forever -- $700 billion. Where were
Paulson and Bernanke telling us that the Kleptastrophe was coming? Where
were the financiers spelling out what we could expect? Who (besides the
conspiracy theory crowd) publically anticipated this event and attempted to
find ways of preventing it? No one. And yet we find this sudden solution
-- the full weight of all financial expenses of the Money Power being
carried by the tax payer. The financial system, created loans, then it
manipulated the markets so that the loans would fail, so that they get to
buy up all of the foreclosed and distressed homes and businesses and they
themselves get the bailout funds -- when it was us who put up the
collateral of our homes and other assets to back the loans. The create a
bank loan on the basis of our house -- the loan costs them nothing to
create -- and we end up losing our houses and we end up paying the
financiers for the loss in value of their securitized mortgages because the
housing market has collapsed under the weight of all of these foreclosed
houses coming on the market and the disappearance of effective purchasing
power (and debt paying power) in the hands of the public. The crisis was
planned and the poisoned medicine that they are offering has been planned
-- the disaster being foisted upon us so that we would accept the medicine.
How clear it is that Paulson and Bernanke are extorting us -- promising
more foreclosures and worse conditions if we do not pay extortion money to
them and turn over our economy to JPMorgan and Goldman Sachs and do so so
completley that the power exercised by the original J. P. Morgan will not
even come close to matching the power of this new financial monster riding
our backs.
Well, I have a way to end the Klepastrophe immediately. A way that will not
cost a cent. A way that will put purchasing power back in the hands of the
people. A way that utilizes existing financial machinery, taken over by
emergency martial law that reaches finance and not just starving populations
trying to find food in a broken down system -- which we can expect if we do
not end the Kleptastrophe now.
The following is a hasty transcription of the announcement by Brig. Gen.
Elmer Lane on nationwide hookup, Thursday October 23, 2008. Gen. Lane has
been assigned by the Joint Cheifs of Staff to report upon the National
authority's emergency economic plan.
Gen. Lane: "Citizens of the nation, good evening. The Chairman of the
Joint Chiefs of Staff has assigned me to report to you the corrective
interventions that will immediately be undertaken across the country in this
time of dire national financial emergency. Within three weeks we have
sufferred the murder of a nominated political candidate, the declaring of
martial law by a President linked to that murder, and the removal of that
President under military procedures for officers to take against superiors
in the chain of command when it is determined that the superiors are acting
on behalf of foreign powers to effect the overthrow of the United States
Constitution in an undeclared war waged by infiltration and subversion. The
military authorities are working toward free elections in November as the
electors of the party of the stricken candidate have been recalled to a
reconvened convention for the purpose of selecting a new candidate.
Meanwhile the economic crisis which began well before the assassination must
be addressed.
"Today the Federal authority is authorizing the creation of new special
status reserves to be added to the reserves of US depository institutions to
bolster existing bank reserves upon which banks may lend money. These fresh
reserves over and above each banks required reserves will be held on books
separate from the banks vault cash and from money the bank has on deposit
with the Federal Reserve. In effect these new reserves will put the Federal
government in the provider of new credit in the form of additional fiat
reserves upon which these banks may issue new loans up to the full amount of
the deposits created. The Federal Reserve has been instructed that under
the present state of economic emergency it must treat all checks and
deposits created from these new reserves as official reserves equal to the
Federal Reserve Note. Using these new funds the banks my use the funds to
extend home mortgage payment grace periods for homeowners unable to meet
their mortgage obligations under the stress of increased prices resulting
from the fall in the dollar in international currency markets and the
monopolistic increases in oil prices and the restriction of oil supply that
are now being investigated by the military authority. Persons who have
already lost their homes will be entitled special loans with which to secure
new housing. Small businesses will be given additional grace periods on
payment of loans outstanding and local entrepreneurs will be granted
interest free loans for housing or expansion of production or productive
capacity of any kind. The purpose of this intervention is to place the
newly created purchasing power in hands that will lead to the purchasing of
pre-existing housing that has been put on the market due to the recent
contraction of credit, to the construction of new housing and to the
creation of new local businesses in each community. These loans will not
have to be repayed -- as they have been created by fiat and they are backed
by the very houses they will purchase, by the new construction and the new
output they will generate.
"The economists who have devised this plan realize that foreign holders of
dollars may misunderstand the course we are taking, that they may view our
actions is deliberate inflation of the dollar and will seek to unload the
dollars they hold by buying other American assets such as land and companies
and anything else that the dollar can buy other than financial instruments
that pay back dollars. We invite this action. We feel that given our very
low productive capacity, since our financiers and corporations CEO's have
seen fit to eliminate the industrial capacity of the United States -- that
it is entirely fitting and proper that the American dollar become of little
value in international currency markets. It was wrong for those setting
American economic policy and regulating the American economy to permit the
vast imbalance of trade where a people who no longer produced products to
trade with foreigners continually became more and more dependent upon
imports from foreigners paid for by increasing debt and increasing sales of
American property to foreigners. Well as the foreigner attempts to unload
his dollars by buying up America it is only right that the government of the
United States provide the American people with purchasing power so they can
bid against the flood of foreign-owned dollars. Unlike the failed prosposal
offered by Goldman Sach's agent Henry Paulson a few weeks ago, the military
authority is not bailing out the financiers who have put American in this
world of pain. Rather we are creating the new purchasing power in the hands
of the American people whom we know will spend and invest that money right
here and not in China or India or Vietnam. Our new economy is going to be
based on purchasing power originating in the hands of the American household
-- rather than putting the money in the hands of investment bankers who will
use it to float new international corporations or new investments in Chinese
firms to sell us goods made with cheap starvation-wage labor but without
passing on the cost savings to the seller. The American people are through
dealing with international monopolists.
"So then, fellow citizens, new purchasing power is coming directly to you.
You will find that while you have more money that imported products will be
more expensive. That is because foreigners are no longer accepting our
dollars. We must regard that as our opportunity. This country is still
capable of producing food to feed itself and making fuel and housing
insulation to keep us warm in the winter. One again we must learn to
provide for ourselves, to make our own products, to become, as we were
throughout most of our history, self-sufficient in the essentials of our
survival.
"This emergency measure -- the supply of so-called "wildcat" reserves -- is
only the first phase of a new economic system in this country. The team of
economists that the military authority has assembled are working on a plan
of social credit whereby every family will be given purchasing power to meet
the needs of their families -- a negative income tax -- but not one funded
by government going further into debt to international bankers. Stimulus
funded by debt that must be paid back at compound interest is no stimulus at
all. Nothing that loans at compound interest stimulates could possibly earn
enough to meet the obligation created by the loan. Production created in
that old way does not allow the American people to buy the goods they
produce. For a nation to survive and not get into the trap of having to
export in order to make work for people who could not otherwise pay for what
they produce -- the nation must have fiat credit granted by the government
directly to the American family -- not to the bankers who only lend at
compound interest and then only when the loan is backed by collateral on
which they can foreclose. We have all see where that crooked game must end.
"As you know several prominent Americans are abroad appealing to the United
Nations, China, and the European Union to intervene against your military
and its efforts to preserve the United States through this crisis of
discovered treason and sabotage. Trade sanctions have already been imposed
and assets of the US government have been seized in almost every foreign
country. The nation is faced with a very severe winter food imports being
restricted and transportation severely reduced. Yet the American people
have joined together magnificently to overcome this challenge from angry
international financiers who have been caught lifting our wallets from our
pockets. According to them the military has overthrown a legitimate
president and is robbing the honest speculators and entrepreneurs who make
the economy possible in the first place -- a privileged class who have every
right to rob common folks not smart enough to prevent it. Well, we were
smart enough to prevent it and we are going to keep preventing it.
"This country has the brain power and the resources to provide materially
rich and spiritually rewarding lives to every citizen -- and all that has
been keeping that from happening has been a credit system and a financial
system designed to maintain class privilege -- the lordship of the bond
holder and speculator and monopolist over the debt slave and wage slave.
Well from now on, things are no longer going to work in their favor. The
mountain of IOU's they have collected through monetary system manipulation
and monopoly power are going to be repudiated by inflation and then by a
system of social credit. We will not have bankers controlling the money
supply. Nor will we have a gold system in a world where the worlds rich,
who own all of the gold, get to call the shots as they did in the days of
J.P. Morgan. The Money Power is not going to overthrow the American People
-- on the contrary, our success, our liberation from Banker Feudalism is
going to send a message around the world that will result in the entire
world being set free from the international money power.
"All that your the interim military government asks is that you join us in
working together in this difficult time. Senator Obama is recovering from
his wounds and his doctors have indicated that he will be fit to stand in
the next election as planned. Senator McCain who fled the country with Vice
President Cheney and is now in China calling for international intervention
against this emergency government is invited to return to the US and finish
his campaign in the contest for the Presidency. Mr. McCain's name is not
one of the list of traitors and foreign agents that have been banned from
further participation in American governance or positions of civic
responsibility such as the heads of strategic corporations in defense or
communications. If Senator McCain thinks that the US has been taken over by
a populist-anarchist coup as he repeatedly states, then how does he explain
the fact that we want him to continue his campaign. Doesn't he think he can
win without Ruppert Murdoch owning the networks.
"At any rate, the martial law government called into being by George Bush
and which has arrested Mr. Bush for treason and other high crimes and
relieved him of his command, since he has dispensed with the Congress which
otherwise should have had the job, is an interim government that is
providing for the welfare and security of our citizens in a moment of
crisis. We are undertaking to solve serious problems essential to our
immediate survival as a nation and as a body of 300 million people -- we
have decided upon a plan that many great economists think will work and that
many great minds of the past have often proposed. However, if our plan for
"wildcat reserves" putting purchasing power in the hands of the people first
is a plan that for some reason fails, we will find another solution that
will accomplish the same ends of serving the people. This is no time for
pessimism. For 100 years we have suffered under an economic system run by
people who were secretly working against us and seeking to rob us time after
time. At least now you have people who are rationally working to serve your
best interests, people who are concerned about the welfare of each
individual citizen, and people who well understand the market system, its
advantages and the pitfalls of abuse by those in privileged positions in
government, central banks and great financial institutions. We may not fix
everything at once, but we will provide a process of intelligent trial and
error that will yield better and better results with every new modification.
It is our hope that the next president of the United States, on Inauguration
Day will see the opportunity we have opened for him -- an opportunity that
many good presidents of the past only wished they enjoyed -- and that he
will make the most of it.
"For the sake of all of our families, may justice be served with
intelligence and daring and with brotherly love of each person for the
other.
"Thank you and good night."
You have been listening to Brig. Gen. Elmer Lane speaking from the Emergency
Economic Planning Center in Lincoln, Nebraska. We return you now to our
regular broadcast.
"If only someone would really do something like that."
Well, I told my wife I would unplug the computer at midnight. It is not 14
minutes after midnight. I am sorry I was not able to develop my wildcat
reserves idea in more detail. But at least you get an idea of what a
different kind of solution might look like.
Peter Wakefield Sault has sent me some of his new music. It's really good.
I have banked at Washington Mutual for over twenty years. On Friday we
switched our direct deposit etc. to Wells Fargo. I want nothing to do with
JP Morgan Chase, thank you. Also it infuriates me that Henry Paulson is a
former executive of Goldman Sachs when Goldman Sachs is one of only three
banks that is coming out ahead in the Kleptastrophe. God bless those few
Republicans -- mostly from midwestern states -- in the House who have fought
caving into this pre-meditated and artful super scam.
Dick Eastman
Yakima, Washington
"Mortgage Fraud": The Paulson Bail-Out Plan
by Richard C. Cook
SEPTEMBER 23, 2008. The $750 billion banking system bailout proposed by
Secretary of the Treasury Henry M. Paulson met with a cool reception on
Capitol Hill this morning at a hearing of the Senate Banking Committee.
Nevertheless, a bill is likely to pass both houses of Congress within the
next couple of weeks. As Senator Tim Johnson (D-SD) said, it's "a necessary
evil." But is it also an example of "mortgage fraud" on a historic scale?
The proposal would involve purchase by the federal government of "toxic
assets" held by thousands of financial institutions. A bill will pass,
because, as Senator Bob Bennett (R-UT) said, "the economy runs on credit."
In fact the credit system has started to shut down in the largest financial
crisis since the Great Depression. Committee chairman Chris Dodd (D-CT) and
Democratic member Chuck Schumer (D-NY) made reference to the private
briefing of congressional leaders last Thursday night by Paulson and Federal
Reserve Chairman Ben Bernanke, when they told lawmakers the "arteries of the
financial system were clogged and that a heart attack was imminent."
The financial system indeed lies in ruins. In the last year, Wall Street has
shed 200,000 jobs. The bailout comes on the heels of the failure of the
nation's investment banks, including Bear Stearns (purchased by J.P. Morgan
Chase), Lehman Brothers (bankruptcy), Merrill Lynch (purchased by Bank of
America), Morgan Stanley, and Goldman Sachs (both converted to bank holding
companies).
Over the past two weeks, the federal government also placed Fannie Mae and
Freddie Mac into conservatorship and took over insurance giant AIG. Total
federal liabilities from actions taken so far could exceed $1.1 trillion.
Already the Bush administration wants to raise the debt ceiling to $11.3
trillion, and the projected fiscal year 2009 federal deficit is starting to
look closer to $1 trillion than the current estimate by the Congressional
Budget Office of $438 billion.
But not too long ago, officials of the Bush administration, along with
Republican presidential candidate John McCain, were telling everyone that
economic fundamentals are sound, and that while there has been a downturn,
there is not even a recession. One of the architects of financial
deregulation, former Senator Phil Gramm, a sometime McCain advisor,
chastised the public for being a "nation of whiners."
Now, suddenly we are facing a catastrophe. As Senator Jon Tester (D-MT)
asked Paulson, "Why do we have only one week to allocate $750 billion?"
There was no answer.
In their opening statements, all the senators who were present, including
ranking Republican member Richard Shelby (R-AL) and Elizabeth Dole (R-NC),
complained to Paulson, Bernanke, and Securities and Exchange Commission
Chris Cox about lax regulation.
Senator Dodd said that to issue Paulson a blank check "would put the
Constitution at risk." Most of the senators agreed they would not allow Wall
Street gamblers a free lunch at public expense without oversight provisions
and assurance that CEOs would not be paid enormous bonuses or receive golden
parachutes. Though it was unlikely to happen, others said taxpayers should
gain from corporate benefits that resulted from the bailout or should even
become passive shareholders of institutions that received money.
But would the bailout really fix the system? Obviously, for it to do so, it
would have to address and correct the cause.
So what is the cause? According to Paulson, the cause is "defaults on
mortgages." Senator Schumer agreed that ,"It's been mortgages that have
brought the financial system to its knees."
Senator Bennett said, "the housing bubble has burst," with others pointing
out that for many homeowners the value of their homes now was much less than
when they bought them.
Paulson agreed that "housing values have been falling," but he did not
elaborate on why millions of Americans could no longer pay their mortgages.
Cox blamed it on a "failure of lending standards" and said that the SEC had
a number of ongoing investigations of fraud in the mortgage application
process. Nevertheless, Paulson made it clear that his proposal was not to
help distressed homeowners, saying "every homeowner won't save their home."
And that is the crux of the problem, which explains why Paulson's proposal
may keep the financial system alive but won't help anyone who was hurt by
the housing bubble in the first place. Senator Dodd agreed with Paulson
that, "the proposal will not help a single family save their home." And even
though he said the plan should "put an end to foreclosures and defaults," it
won't.
In fact, according to a September 22, 2008, article by Elizabeth Williamson
in the Wall Street Journal entitled, "Banks Rush to Shape Rescue Plan":
"Lobbyists and financial-services executives are working deep connections
within the administration to ensure as many institutions as possible benefit
from a $700 billion federal mechanism to buy distressed assets, then sell
them off in better times. In a particularly controversial move, they also
oppose proposals by Democrats in Congress to provide mortgage reductions for
homeowners facing bankruptcy. Bankers say such a move would raise rates for
mortgage seekers, as banks factor in the possibility that a loan would be
restructured in court."
The article quoted a bank industry lobbyist: "How you publicly
oppose loan modifications and bankruptcy law while at the same time
advocating a huge taxpayer bailout is beyond me. Pigs get fat and hogs get
slaughtered."
The committee never addressed the issue of why the bankers would
oppose homeowner relief. Could it be that they actually favor foreclosures?
Could it be that a situation where millions of foreclosed homes across
America can be bought today for dimes on the dollar is somehow to their
advantage? Or to the advantage of other investors who are now working the
U.S. foreclosure markets, such as foreign sovereign equity funds? These
questions did not come up at the Banking Committee's hearing, though they
should have.
Nor did anyone talk about why the housing bubble arose in the
first place, though the fact is that the Bush administration and Federal
Reserve combined to generate it to get the nation out of the 2000-2001
recession. At the time, Bush needed money and could not afford the continued
decline of federal tax revenues. He needed the money to pay for his tax cuts
for the rich enacted in March 2001 and for his wars in the Middle East,
which started with the invasion of Afghanistan immediately after the 9/11
attacks.
Nor did the committee address the fact that fixing the failed
economic system will not repair an economy where consumer purchasing power
has been devastated over the last generation by continued export of the
nation's manufacturing job base to other countries. The one senator who even
touched on this point was Tim Johnson, who said "We need sustainable
economic growth."
But no one asked how this was possible with a recession on its
way. Indeed, the "R" word was never mentioned, though Bernanke said several
times that the Paulson plan would help as "the economy recovers."
Obviously a real solution would involve not only homeowner
relief and taxpayer guarantees for a controlled bailout, but also rebuilding
the U.S. economy. But no one wanted to talk about that today. Maybe it's
because this latest piece of "mortgage fraud" is designed mainly to keep the
economy afloat until the presidential election, because a collapse would
drag down John McCain and the Republicans with it. And heaven forbid that
anything should ever be proposed that would threaten the stranglehold the
banking industry has over every man, woman, and child in America.
Copyright C 2008 by Richard C. Cook
Richard C. Cook is a former U.S. federal government analyst, whose career
included service with the U.S. Civil Service Commission, the Food and Drug
Administration, the Carter White House, NASA, and the U.S. Treasury
Department. His articles on economics, politics, and space policy have
appeared in numerous websites and print magazines. His book on monetary
reform, entitled We Hold These Truths: The Hope of Monetary Reform, will
soon be published. He is the author of Challenger Revealed: An Insider's
Account of How the Reagan Administration Caused the Greatest Tragedy of the
Space Age, called by one reviewer, "the most important spaceflight book of
the last twenty years." His website is www.richardccook.com. Comments or
requests to be added to his mailing list may be sent to
EconomicSanity@gmail.com.
==============================
Related scraps and pieces from the internet:
Building the Big Red Machine by Gary Allen -- here
<http://images.google.com/
feller/ch9-11_files/grf03.jpe&
feller/ch9-11.html&h=311&w=
Ad5vdTVQ=&tbnid=EiYHLB-
Rockefeller%2BMao%26gbv%3D2%
la:en-US:official%26sa%3DG>
http://www.oecd.org/dataoecd/
http://www.actionforex.com/
ession:-the-measure-of-
---
http://www.thetruthseeker.co.
Trouble in Banktopia
Mike Whitney - Information Clearing House September 27, 2008
The financial system is blowing up. Don't listen to the experts; just look
at the numbers. Last week, according to Reuters, "U.S. banks borrowed a
record amount from the Federal Reserve nearly $188 billion a day on average,
showing the central bank went to extremes to keep the banking system afloat
amid the biggest financial crisis since the Great Depression." The Fed
opened the various "auction facilities" to create the appearance that
insolvent banks were thriving businesses, but they are not. They're dead;
their liabilities exceed their assets. Now the Fed is desperate because the
hundreds of billions of dollars of mortgage-backed securities (MBS) in the
banks vaults have bankrupt the entire system and the Fed's balance sheet is
ballooning by the day. The market for MBS will not bounce back in the
foreseeable future and the banks are unable to roll-over their short term
debt. Game over. The Federal Reserve itself is in danger. So, it's on to
Plan B; which is to dump all the toxic sludge on the taxpayer before he
realizes that the whole system is cratering and his life is about to change
forever. It's called the Paulson Plan, a $700 billion boondoggle which has
already been disparaged by every economist of merit in the country.
http://votenobailout.org/
From Reuters:
http://votenobailout.org/
"Borrowings by primary dealers via the Primary Dealer Credit Facility, and
through another facility created on Sunday for Goldman Sachs, Morgan
Stanley, and Merrill Lynch, and their London-based subsidiaries, totaled
$105.66 billion as of Wednesday, the Fed said." http://votenobailout.org/
See what I mean; they're all broke. The Fed's rotating loans are just a way
to perpetuate the myth that the banks aren't flat-lining already. Bernanke
has tied strings to the various body parts and jerks them every so often to
make it look like they're alive. But the Wall Street model is broken and the
bailout is pointless.
http://votenobailout.org/
Last week, there was a digital run on the banks that most people never even
heard about; a "real time" crash. An article in the New York Post by Michael
Gray gave a blow by blow description of how events unfolded. Here's a clip
from Gray's "Almost Armageddon":
http://votenobailout.org/
"The market was 500 trades away from Armageddon on Thursday...Had the
Treasury and Fed not quickly stepped into the fray that morning with a quick
$105 billion injection of liquidity, the Dow could have collapsed to the
8,300-level - a 22 percent decline! - while the clang of the opening bell
was still echoing around the cavernous exchange floor. According to traders,
who spoke on the condition of anonymity, money market funds were inundated
with $500 billion in sell orders prior to the opening. The total
money-market capitalization was roughly $4 trillion that morning.
http://votenobailout.org/
The panicked selling was directly linked to the seizing up of the credit
markets - including a $52 billion constriction in commercial paper - and the
rumors of additional money market funds "breaking the buck," or dropping
below $1 net asset value."
http://votenobailout.org/
The Fed's dramatic $105 billion liquidity injection on Thursday (pre-market)
was just enough to keep key institutional accounts from following through on
the sell orders and starting a stampede of cash that could have brought
large tracts of the US economy to a halt." (New York Post)
http://votenobailout.org/
Commercial paper is the lubricant that keeps the financial markets
functioning. When confidence vanishes (because the stewards of the system in
Washington are buffoons), investors withdraw their money, normal business
operations become impossible, and the markets collapse. End of story. So,
rather than restore the public's confidence by strong leadership and
behavior designed to reassure investors; President Bush decided to give a
major prime-time speech stating that if Paulson's emergency bailout package
was not passed immediately, the nation's economy would vaporize into the
ether. Go figure?
http://votenobailout.org/
Last week, the commercial paper market, (much of which is backed by
mortgage-backed securities) shrunk by a whopping $61. billion to $1.702
trillion, the lowest level since early 2006. So, Paulson's bailout will
effectively underwrite CP as well as the whole alphabet soup of
mortgage-backed derivatives for which there is currently no market. The US
taxpayer is not only getting into the plummeting real estate market, he is
also backstopping the entire financial system including defaulting car loan
securities, waning student loan securities, flailing home equity loan
securities and faltering credit card securities. The whole mountainous pile
of horsecrap-debt is about to be stacked on the back of the maxed-out
taxpayer and the ever-shriveling greenback. Paulson assures us that its a
"good deal". Booyah, Hank!
http://votenobailout.org/
PAULSON'S $700 BILLION BOONDOGGLE
How did Treasury Secretary Paulson figure out that recapitalizing the
banking system would cost $700 billion? Or did he just estimate the amount
of money that could be loaded on the back of the Treasury's flatbed truck
when it sputters off to shower his buddies at G-Sax with freshly minted
greenbacks? The point is, that Paulson's calculations were not assisted by
any economists at all, and they cannot be trusted. It is a purely arbitrary,
"back of the envelope" type figuring. According to Bloomberg: Swiss investor
Marc Faber, known for a long track record of good calls, believes the damage
may come to $5 trillion:
http://votenobailout.org/
"Marc Faber, managing director of Marc Faber Ltd. in Hong Kong, said the
U.S. government's rescue package for the financial system may require as
much as $5 trillion, seven times the amount Treasury Secretary Henry Paulson
has requested....
http://votenobailout.org/
``The $700 billion is really nothing,'' Faber said in a television
interview. ``The treasury is just giving out this figure when the end figure
may be $5 trillion.''(Bloomberg News)
http://votenobailout.org/
Most people who follow these matters would trust Faber's assessment way over
Paulson's. In his latest blog entry, economist Nouriel Roubini said that "no
professional economist was consulted by Congress or invited to present
his/her views at the Congressional hearings on the Treasury rescue plan."
Roubini added:
http://votenobailout.org/
"The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and
investors that provides little direct debt relief to borrowers and
financially stressed households and that will come at a very high cost to
the US taxpayer. And the plan does nothing to resolve the severe stress in
money markets and interbank markets that are now close to a systemic
meltdown."
http://votenobailout.org/
Roubini is right on all counts. So far, more than a 190 prominent economists
have urged Congress not to pass the $700 bailout bill. There is growing
consensus that the so-called "rescue package" does not address the central
economic issues and has the potential to make a bad situation even worse.
BANKER'S COUP ?
Financial industry rep. Paulson is the ringleader in a banker's coup the
results of which will decide America's economic and political future for
years to come. The coup leaders have drained tens of billions of dollars of
liquidity from the already-strained banking system to trigger a freeze in
interbank lending and hasten a stock market crash. This, they believe, will
force Congress to pass Paulson's $770 billion bailout package without
further congressional resistance. It's blackmail.
http://votenobailout.org/
As yet, no one knows whether the coup-backers will succeed and further
consolidate their political power via a massive economic shock to the
system, but their plan continues to move jauntily forward while the economy
follows its inexorable slide to disaster.
http://votenobailout.org/
The bailout has galvanized grassroots movements which have flooded
congressional FAXs and phone lines. Callers are overwhelmingly opposed to
any bailout for banks that are buckling under their own toxic
mortgage-backed assets. One analyst said that the calls to Congress are 50
percent "No" and 50 percent "Hell, No". There is virtually no popular
support for the bill.
http://votenobailout.org/
From Bloomberg News: "Erik Brynjolfsson, of the Massachusetts Institute of
Technology's Sloan School, said his main objection "is the breathtaking
amount of unchecked discretion it gives to the Secretary of the Treasury. It
is unprecedented in a modern democracy."
http://votenobailout.org/
"I suspect that part of what we're seeing in the freezing up of lending
markets is strategic behavior on the part of big financial players who stand
to benefit from the bailout," said David K. Levine, an economist at
Washington University in St. Louis, who studies liquidity constraints and
game theory." (Mish's Global Economic Trend Analysis)
http://votenobailout.org/
Brynjolfsson's suspicions are well-founded. "Market Ticker's" Karl Denninger
confirms that the Fed has been draining the banking system of liquidity in
order to blackmail Congress into passing the new legislation. Here's
Denninger:
http://votenobailout.org/
"The Effective Fed Funds rate has been trading 50 basis points or more below
the 2% target for five straight days now, and for the last two days, it has
traded 75 basis points under. The IRX is demanding an immediate rate cut.
The Slosh has been intentionally drained by over $125 billion in the last
week and lowering the water in the swamp exposed one dead body - Washington
Mutual - which was immediately raided on a no-notice basis by JP Morgan. Not
even WaMu's CEO knew about the raid until it was done....The Fed claims to
be an "independent central bank." They are nothing of the kind; they are now
acting as an arsonist. The Fed and Treasury have claimed this is a
"liquidity crisis"; it is not. It is an insolvency crisis that The Fed,
Treasury and the other regulatory organs of our government have
intentionally allowed to occur."
http://votenobailout.org/
Bingo. This is a banker's coup cooked up and facilitated by the deep-money
guys who operate stealthily behind the political sideshow. The only time
they emerge from their stinkholes is when they're flushed out by a crisis
that threatens their continued dominance. Grassroots resistance, spearheaded
by Internet bloggers (like Mish, Roubini and Denninger) are demonstrating
that they can mobilize tens of thousands of "peasants with pitchforks" and
be a factor in political decision making. It also helps to have elected
officials, like Senator Richard Shelby, who stand firm on principle and
don't faint at the first whiff of grapeshot (like his weak-kneed Democratic
counterparts) Shelby has shouldered the full-weight of executive pressure
which has descended on him like a Appalachian rockslide. As a result,
there's still a slight chance that the bill will have to be shelved and the
industry reps will have to go back to Square 1.
http://votenobailout.org/
Market Ticker has provided charts from the Federal Reserve that prove that
Bernanke has withdrawn $125 billion from the banking system in the last 4
days alone to create a crisis situation that will incite credit market
mayhem and increase the liklihood of passing the bill. This is coercion of
the worst kind. http://market-ticker.
http://votenobailout.org/
The country's economic predicament is steadily deteriorating. Orders for
manufactured durable goods were off 4.5 percent last month while inventories
continued to rise. Unemployment is soaring and the housing crash continues
to accelerate. Credit Suisse now expects 10.3 million foreclosures (total)
in the next few years. Numbers like that are not accidental, but part of a
larger scheme to use monetary policy as a way to shift wealth from one class
to another while degrading the nation's overall economic well-being. More
alarming, the country's primary creditors are now staging a rebellion that
is likely to cut off the flow of capital to US markets sending the dollar
plummeting and triggering a deflationary credit collapse. This is from
Reuters:
http://votenobailout.org/
"Chinese regulators have asked domestic banks to stop lending to U.S.
financial institutions in the interbank money markets to prevent possible
losses during the financial crisis, the South China Morning Post reported
Thursday. The China Banking Regulatory Commission's ban on interbank lending
of all currencies applied to U.S. banks, but not to lenders from other
countries, the report added."
http://votenobailout.org/
Bloomberg News reports that Dallas Federal Reserve Bank President Richard
Fisher has broken with tradition and lambasted the proposed bailout saying
that it "would plunge the U.S. government deeper into a fiscal abyss."
http://votenobailout.org/
From Bloomberg: "The plan by Treasury Secretary Henry Paulson to buy
troubled assets from financial institutions would put 'one more straw on the
back of the frightfully encumbered camel that is the federal government
ledger,' Fisher said today in the text of a speech in New York. 'We are
deeply submerged in a vast fiscal chasm.'...The seizures and convulsions we
have experienced in the debt and equity markets have been the consequences
of a sustained orgy of excess and reckless behavior, not a too-tight
monetary policy," Fisher said to the New York University Money Marketeers
Club." (Bloomberg)
http://votenobailout.org/
Surely, the cure for hyperbolic "credit excesses and reckless behavior"
cannot be "more of the same." In fact, Paulson's bailout does not even
address the core issues which have been obscured by demagoguery and threats.
The worthless assets must be written-down, insolvent banks must be allowed
to go bust, and the crooks and criminals who engineered this financial blitz
on the nation's coffers must be held to account.
http://votenobailout.org/
The carnage from Greenspan's low interest rate, "easy money" binge is now
visible everywhere. Inflated home and stock values are crashing as the gas
continues to escape from the massive equity bubble. The FDIC will have to be
recapitalized--perhaps, $500 billion--to account for the anticipated loss of
deposits from failing banks caught in the cross-hairs of asset-deflation and
steadily contracting credit. Recession is coming, but economic collapse can
still be avoided if Paulson's misguided plan is abandoned and corrective
action is taken to put the country on solid financial footing. Market Ticker
lays out framework for a workable solution to the crisis, but they must be
acted on swiftly to rebuild confidence that major systemic changes are
underway:
http://votenobailout.org/
1-Force all off-balance sheet "assets" back onto the balance sheet, and
force the valuation models and identification of individual assets out of
Level 3 and into 10Qs and 10Ks. Do it now. (Editor: In other words, no more
Enron-type accounting mumbo-jumbo and no more allowing the banks assign
their own "values" to dodgy assets)
http://votenobailout.org/
2-Force all OTC derivatives onto a regulated exchange similar to that used
by listed options in the equity markets. This permanently defuses the
derivatives time bomb. Give market participants 90 days; any that are not
listed in 90 days are declared void; let the participants sue each other if
they can't prove capital adequacy.(Ed: If trading derivatives contracts can
damage the "regulated" system, than that trading must take place under
strict government regulations)
http://votenobailout.org/
3-Force leverage by all institutions to no more than 12:1. The SEC
intentionally dropped broker/dealer leverage limits in 2004; prior to that
date 12:1 was the limit. Every firm that has failed had double or more the
leverage of that former 12:1 limit. Enact this with a six month time limit
and require 1/6th of the excess taken down monthly. (Ed: The collapse in the
"structured finance" model is mainly due to too much leverage. For example,
Fannie Mae and Freddie Mac had $80 of debt for every $1 dollar od capital
reserves when they were taken into government conservatorship)
http://votenobailout.org/If there's going to be a bailout, let's get it
right. Paulson's $700 billion bill does nothing to fix the deep structural
problems in the financial markets; it merely pushes the day of reckoning a
little further into the future while shifting the burden of payment for
toxic assets onto the taxpayer. It's a real turkey. The entire system needs
transformational change so that the activities of Wall Street mesh with the
broader objectives of the society it's supposed to serve. Paulson's
business-model is busted; it does no one any good to try to glue it back
together.
www.informationclearinghouse.
============================
from various sources:
"$261B in debt was added during Clinton's second term. There was a $230B
surplus announced in 2000, but it was not a true surplus. If you take a
look, those are SS surpluses. There never was a surplus in intragovernmental
holdings (income tax revenue) EVER. "
Triad crime families and the International Banking Families -- Does the
name Li mean anything to you?
Li's control Red China, Hong Kong, and Singapore and have important
positions in Taiwan. If the various Li's which control these various nations
are related, then we are certainly looking at one of the most powerful
families in the world. In terms of power, they would be just as powerful as
the Rockefellers. it was Li Peng that crushed innocent people at Tiennamen
Square. Li's are major players in the Triad secret societies. Why do the
Rockefellers and Rothschild's have such a cozy relationship with these Red
Chinese Li's? Why does the Premier (or Prime Minister) of the People's
Republic of China Li Peng visit with the Rockefellers and other capitalists
when he comes to New York City?
Singapore went to a cashless Society before anyone else. One of the Li
family who spells his name Lee, Lee Kuan Yew, a Cambridge-educated lawyer,
was dictator of Singapore for decades.
In 1959, when Britain gave Singapore its Independence the Li family (In this
case also spelled Lee) controlled the People's Action Party which ruled the
country. In 1976, the People's Action Party monopolized politics so much
that they won all 69 seats for Parliament. Lee Kuan Yew was placed into the
all-powerful position of President in 1965, where he remained I believe
until 1991. Singapore's leaders made Singapore very anti-communist during
the cold war, and when Nixon began his trips to woo China., Singapore began
making goodwill political mission to China. In 1975, Lee's henchman Foreign
Minister S. Rajaratnam went to China and met with Chou En-lai. Chou En-lai
was the mentor and friend of U Peng.
In 1976, Lee Kuan Yew himself met with Mao Tse-Tung (then the leader of Red
China). Mao Tsetuag himself is closely tied to the Li family. Li Ta-chao was
the head of the communist party in Northern China during the fighting with
the Nationalists. Mao's bodyguard was a Li family member Li Yinqiao. Mao's
mentor was Li Ta-chao, who had ties to the Red Spears Secret Society. Other
early high ranking communists such as Chu Teh, Ho Lung, and Liu Chib-tan had
memberships in the Red Spears Secret Society and Li Ch'l-han an early
communist leader was a member of the Green Gang Secret Society. It may well
have been Li Ta-chao's guidance that lead to Mao Tse-tung writing the first
systematic attempt by a Chinese Marxist to characterize the class basis of
Triads secret societies, and emphasizing their importance for revolution.
Mao cooperated with the Ko-Ino Hui, a secret society, that helped his
revolution, but strangely the official collection of Mao's works neglects to
include Mao's appeal to them for help. (This neglect is noted on pg. 4 of
Popular Movements & Secret Societies in China. 1840-1950)
Li Peng's father, who was a leading communist, was shot by the nationalists
In 1931, Chou Enlal more or less adopted Li Peng and raised him. Chou Enlal
got U Peng into Moscow's school system, where, when the Russians finally
realized his brilliance wanted to keep Li Peng and train him for their own
purposes, and U had to escape to back to China. For whatever reasons Li Peng
was an advocate of the Soviet style of economics. Before being placed into
his prominent position that he holds today, Li Peng managed China's economy
for many years.
The hugh Bank of East AsIa (BEA) Is run by U Kwok-po. BEA has gone into
partnership with G. Warburg. Li Kwok.po (also known as David Li) also serves
in the Hong Kong legislature as the councilor who represents the banking
community. He is also a vice-chairman of the committee drawing up the future
Chinese administrative region that Hong Kong will soon become. He was chosen
for this position by the Red Chinese because 'He was chosen by the Chinese
mainly because or his family background. The extended Li family, with most
of its members holding British passports, is one of the territory's rich and
influential old families.' (Far Eastern Economic Review, June 1989, p. 47)
David Li's uncle is Simon Li, who was a justice of appeal in Hong Kong,, and
also selected for the BLDC. His other uncle Ronald Li was the former
chairman of the Hong Kong Stock Exchange and a member of the Basic law
Consultative Committee. Ronald Li and his son got caught using their Stock
Exchange positions in corrupt money making offenses, and were to be brought
to trial.
Another uncle Li Fook-kow was elected in Sept. '88 to represent the Hong
Kong financial community in the government.
When the scandal broke concerning the elite's BCCI, the Hong Kong
branch-Bank of Credit and Commerce Hongkong (BCCHK) was shielded from
investigation. BCCHK's chief executive Tariq Jamil who could have been
called upon to answer questions skipped the country. Hongkong authorities
made no attempt to stop him. David U got involved and suggested that the
Exchange Fund be used to help his BEA acquire BCCHK.. Another key figure in
the BCCHK,, was Louis Saubolle, who was previously Bank of America's chief
contact with Red China. Louis Saubolle has travelled to mainland China
regularly since the 1940s. He is rumored to have done dubious practices
while chairman of BCCHK, but he left the country for destinations unknown.
A Li heads up American Express International in the area.
. Li. Pel Wu was one of the five best paid chief executives In banking in
1990.
. Some of the Li family In Hong Kong have taken on the trappin
...
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