"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
As I write to you on this 3rd day in October the House has just completed the process of passing the "Trillion Dollar Corporate Bailout" which most economists have warned, will do nothing to solve the root problems that face America Workers today. The media has even admitted that 9 of 10 calls to Congress were against passage. Once passed it goes back to the Senate and onto the President who will most assuredly sign it. We have been betrayed.
What if I told you that the reason for the secret meeting, the other week, was to inform Congress that the Oil Producing Middle East had basically "blackmailed" Congress to pass this bill or they would turn off the oil spigot? Well that appears to be what has happened. The fact of the mater is that over half of the 700 Billion is going to foreign governments. It is bad enough that we would be forced to bail out American Banks. But bailing out foreign banks only makes it easier for them to buy our homes, businesses, banks and ports for literally pennies on the dollar.
Essentially what has just happened here is that a Global Elite, most certainly not restricted to Saudi Arabia, has just committed Economic Warfare on the United States. And your federal representatives allowed it to happen through their plurality of votes in both the House and the Senate.
But the question that looms before us is, "What are we, the American People going to do about it?"
Since both Obama and McCain supported the bill I would suggest that we De-Legitimize the 2008 Presidential Election. Do not vote for either Obama or McCain. Of course I would be touched if you wrote in my name: Bruce W. Cain. But if you don't agree with my political platform, contained in the "New Agenda for America," then vote for anyone else: just not McCain or Obama. You have Ron Paul, Barr, Nader and many other to choose from. Just remember, you will have to "write in" the name of your alternative choice.
Please take a moment to see if you agree with most of my agenda before proceeding:
========================================== NEW AGENDA FOR AMERICA: Preliminary Planks ==========================================
(1) Universal Health Care for All American Citizens (2) A 20-year moratorium on all immigration into the United States (3) Legal Marijuana for all Adults and Medical Patients (4) An immediate reversal to the Offshoring and Inshoring of American Jobs (5) A strict enforcement on issues of Separation of Church and State (6) An immediate move from so-called Free Trade Agreements to Bilateral Trade agreements (7) A major R&D project to bring energy independence to the United States and the World through recycling, reuse, ending hyper-consumerism and investing in the development of sustainable energy sources (e.g., solar, photovoltaic, wind, geothermal) (8) No further ownership of US Assets (businesses, homes, ports, stock exchanges) by foreign governments or individuals! (9) Replace the Federal Reserve with a People's Reserve which allows public oversight (10) Absolute support for Net Neutrality ==========================================
But on the assumption that you decide to write-in "Bruce W. Cain" let me direct you as to how to proceed. I have already provided instructions as to how you can promote my candidacy through emails and websites. But since only half of Americans are regularly on the internet this link also has files for copying and distribution on the streets, workplaces, bars and other places where Americans work, play and gather. Here is the link:
But we only have a month to change course. And like I said, if you don't vote for me just make sure you also don't vote for McCain or Obama.
We must take away any legitimacy to the 2008 Presidential Election. Our very future is a stake. And if by some miracle I were to be elected Marijuana will be Re-Legalized upon my inauguration and the United States will once again be ruled by the ideas of our founding fathers: Washington, Franklin and Jefferson. In the more likely event that Obama or McCain win, we must amass a broad coalition to push back their Globalist agendas.
What I'm about to tell you is so depressing, and I do apologize for that. As you know I have asked that you either write me in for President: or anyone accept Obama or Bush. By the time you get through with this edition you will think any choice is preferable to Obama and McCain who both support Paulson's bailout. Think about that one for a minute. Hey, I don't care, vote for Minnie Mouse. Anyway, depressing stuff. So before we get started watch the following video. Hopefully David Byrne (Talking Heads), one of my 100 favorite artist has, will put you in the proper mood. I'm sure you will all like it:
Before you start reading through this edition I want you to take 5 minutes to watch this segment of the movie "Network" that was released in 1976. I think you will find that it has far more relevance today than when it was released 32 years ago. As I speak Reid, Pelosi, Frank and other are about to agree to Paulson's "Trillion Dollar Corporate Bailout" that is nothing less than our "Financial 911." If we sit unopposed to this great betrayal the dollar will evaporate, martial law will be imposed and the US Constitution will be no more. This is the time to revolt.
And before you attend your first demonstration you might like to geek yourself up a bit with a listen to the Stone's "Street Fighting Man"
This Edition of New Age Citizen focuses on the Corporate Bailout that was first proposed by Secretary of Treasury, Paulson, last week. If you do nothing else please read my article, "National Emergency: Stop Paulson's Corporate Bailout Plan Now!" and call both of your Federal Senators and your House Representative immediately. This is an act of high treason that must not be allowed to go forward in it's current form. You will find the Capitol phone number within the article.
To further expand on the "Wall Street Bailout" I have included a series of articles and videos in the "Articles and Commentary" section. I have rarely seen such unanimous and emotional rejection of a Bush policy, which says an awful lot. To think that Paulson thought he was going to get a way with this shows him for the traitor he truly is. The 50 thousand dollar question is whether Congress will sell us out by signing off on this bill so they can go on vacation at the end of this week (09/26/2008).
I'm trying to give more continuity to the homepage by dividing the content into the following sections:
Section
Description
From Editor Bruce W. Cain
Original articles by New Age Citizen Editor, Bruce W. Cain
Bruce W. Cain in Action
Radio, TV and Live Appearances.
Articles and Commentary
Articles from the web and other sources, with the commentary remarks at the beginning of the article.
Videos for Viewing and Discussing
Education and Entertaining videos for personal and group viewing and discussing. I encourage people to gather groups together at your homes, and apartments, and view/discuss these videos as a group. The easiest thing to do is set around a laptop or desktop. A better solution is to plug your internet connected laptop to your large screen TV. If you play the video full screen a large screen TV should easily accommodate viewing by groups of 20 people.
So I brought up the transcript in my browser and looked up "iraq, amnesty, illegal, immigration." But amazingly only "iraq" had appeared in the transcript. So what is going on here?
The 2008 Presidency somehow is allowed to avoid the discussion of immigration despite the fact that 80% of the American People are demanding vast reductions in both Legal and Illegal Immigration. And of course, as I have mentioned before, 63% of the American People do not feel that either Obama or McCain are acceptable choices for our next President. Doesn't that fact alone make the 2008 Presidency a fraud?
So you might ask. What is so important about immigration as a Presidential issue?
Well how about this. One of the big unmentioned reasons for the "Trillion Dollar Corporate Bailout" is in fact linked to our immigration and corporate policy. It has been the offshoring of our factories and our jobs -- along with the insourcing of foreign labor -- that has separated millions of Americans from the jobs that they used to rely on to pay their bills. So while sub-prime mortgages seemed like a great "scapegoat" for the current crisis the bigger reason for the tanking of the US economy is that we have allowed our corporations to indulge in global labor arbitrage. In other words we are being forced to compete with foreign wages that cannot possibly allow us to buy enough food; much less pay the monthly rent or mortgage.
And this should really piss you off. It should be priming you to take to the streets and demand immediate relief for millions of discarded American Workers.
You really should be told what is really going on. After all isn't it interesting that both Obama and McCain support the "Corporate Bailout" despite 400 top economists saying that this will destroy the US economy. Isn't is interesting that both Obama and McCain will grant amnesty to between 12-30 million Illegal Immigrants as soon as they take office in January 2009? Isn't it interesting that Congress is pushing forward legislation that will increase the number of annual Legal Immigrants, into the US, from 1 million to 1.5 million? And of course both Obama and McCain fully support this legislation.
So let me tell you briefly what is going on. The United States is being colonized by rich foreign elites who are buying the country out from under us. And concurrent with that they are looking the other way as millions of cheap foreign Mexican workers walk across our Southern Border. You are getting the screw job of the millennium baby. Soon you will loose your job, then your house. Your kids future will be something you lament about for the rest of your lives.
Obama and McCain will both screw you out of your future as soon as they get in office. But in point of fact they are already doing it. They are doing it by supporting the bailout in it's present form. Because the bailout will destroy the value of the dollar and usher in the North American Union through the introduction of the new currency: the Amero. Of course the Amero will be the new currency for Canada, the United States and Mexico. And with that will come the destruction of our borders, our Constitution and our jobs.
Ready to become a 3rd World Slave? Then just go ahead and vote for Obama or McCain. The difference will unfortunately be miniscule.
Or you COULD protest this Presidential Fraud by voting for "Bruce W. Cain" or some other candidate. The point is to take De-Legitimize the 2008 Election. So you've got about a month to think about this one. But it could be the most important decision you ever make. A vote for McCain or Obama is a vote to legitimize the destruction of your future.
In the meantime consider that I actually do have a full agenda. Here it is:
NEW AGENDA FOR AMERICA: Preliminary Planks ========================================== Help Influence the 2008 Presidency [More info: http://www.newagecitizen.com and click on topic] [Video: http://www.newagecitizen.com/NAA.htm]
(1) Universal Health Care for All American Citizens (2) A 20-year moratorium on all immigration into the United States (3) Legal Marijuana for all Adults and Medical Patients (4) An immediate reversal to the Offshoring and Inshoring of American Jobs (5) A strict enforcement on issues of Separation of Church and State (6) An immediate move from so-called Free Trade Agreements to Bilateral Trade agreements (7) A major R&D project to bring energy independence to the United States and the World through recycling, reuse, ending hyper-consumerism and investing in the development of sustainable energy sources (e.g., solar, photovoltaic, wind, geothermal) (8) No further ownership of US Assets (businesses, homes, ports, stock exchanges) by foreign governments or individuals! (9) Replace the Federal Reserve with a People's Reserve which allows public oversight (10) Absolute support for Net Neutrality =========== ===============================
So if you think we need real change let us be clear it will not come from either Obama or McCain. You will get real change from Bruce W. Cain, Ron Paul, Barr and others. So let me be clear. You don't have to vote for me. But under no circumstance should you vote for Obama or McCain.
Lets work together to De-Legitimize the 2008 Presidential Election. Our futures depend on it.
Yours in Freedom,
Bruce W. Cain Editor, New Age Citizen www.newagecitizen.com
The Paulson "Trillion Dollar Corporate Bailout" essentially destroys the American Working Class and our Constitution by destroying the value of our dollar and by giving unprecedented authority to the Treasury and the Federal Reserve. It is quite obvious, from reading everything in this edition of "New Age Citizen," that this is the "Financial 911" that is purposely intended to usher in a new currency and catapult us into the next phase of the New World Order: The North American Union. This will be accomplished by destroying the US dollar and then introducing a new currency, most likely the "Amero," which will become the currency for Canada, the United States and Mexico.
You will begin to see the effects of this "Corporate Bailout" early next year when the prices of essentials (e.g., milk, bread, gas, etc.) begins to far outstrip the meager annual increases in your wages. This is what is known as hyperinflation and it is exactly what set the stage for the ascension of Hitler in Nazi Germany as the people could no longer survive on their hyper-devalued currency.
Furthermore, the media and our representatives have purposely kept much of the bailout plan hidden from the American People. For instance there has been virtually no talk about alternative plans or the fact that as much as 50% of the bailout could go to foreign governments (e.g., China, Saudi Arabia, England, Germany and Switzerland). Paulson's "Corporate Bailout" will then position these foreign banks to buy up what is left of American assets (homes, businesses, utilities) for pennies on the dollar.
Below I have provided links to the votes on the Bailout. It is time we started taking names and throwing these traitors our of office. Here is a step by step instruction for determining which traitors from your state voted for this bill.
First click here if you don't know who you Federal House/Senate Representatives are. Next click on the voting links below and write down the names of these sycophants for the New World Order. It is time to clean out both the House and the Senate of those that would compromise the futures of our workers and their children. The 2nd American Revolution starts now:
So here is where things stand for my representatives in my district of Michigan:
John Dingle (D, House of Representatives) Voted "YES" and therefore needs to be fired.
Carl Levin (D, Senate) Voted "YES" and therefore needs to be fired.
Debbie Stabenow (D, Senate) Voted "NO" and possibly needs to be re-elected
So now it is your turn to go through this little exercise in citizen participation. This is just one of many things that Americans MUST begin to do in order to hold our representatives accountable.
If these two videos don't make your blood boil then you must already be a Zombie for the New World Order. Yesterday Representative Sherman (D, CA) spilled the beans on Kudlow and Company. I've provided Sherman's video along with Denniger's commentary for your viewing outrage.
As soon as you have watched the two videos please call your two State Senators and tell them that if they sign the "bailout" tonight (10/01/2008) they had better start looking for a new job. All you have to do is call the following number. If you don’t know the names of your Federal Representatives just tell them what state you are from and they should be able to direct you.
(202) 224-3121
Below I will include additional information as I come by it:
For decades our Congress, our President, the Corporate Media and the Global Corporate Elite have consistently denied that, what has masqueraded as Capitalism, is really nothing more that an elaborate Ponzi scheme. And it is this elaborate Ponzi scheme that has benefited a Global Elite at the expense of the American Working Class. I would further allege that these same parties have known full well that the outsourcing of jobs, the insourcing of Legal/Illegal foreigners and the outsourcing of our manufacturing base, would eventually result in the destruction of the “American Dream” for millions and millions of American Workers. And of course it is becoming increasingly clear to the American People that their motive was dispassionate greed coupled with an almost unbelievable disregard for the welfare of the American People.
That is why I find it almost unfathomable that Secretary of Treasury, Paulson, would have the audacity to suggest that the American People bail out the very same parties that basically plotted their demise. But that is exactly what Paulson’s “Trillion Dollar Corporate Bailout” plan would do. His plan is a perfect example of the “privatization of profit and socialization of debt.” For example the large corporations profit off the creation of these massive economic bubbles (e.g., Savings and Loan, Dot Com and Housing) and then the American worker absorbs the losses when these bubbles finally burst.
Well it is clear that the reason Paulson is trying to “strong arm” Congress into passing his “Trillion Dollar Corporate Bailout” plan is partially due to the latest bubble: Housing. The Elitists made their obscene profits off of housing through outright fraud and now they would like the American Worker to pick up the tab, now that this latest Ponzi scheme has run its course. Of course the irony is that these same parties are the ones that lobbied for the destruction of Glass-Steagall Act of 1933 which paved the way for the speculative fraud that followed. And of course this slight of hand was achieved through the bi-partisan passage of the Gramm-Leach-Bliley Act which was signed by President Bill Clinton in 1999.
It is worth pointing out that the main reason for the Glass-Steagall Act was to regulate the markets in order to avoid the speculation that caused the Great Depression. So in a way it was the Democrats, Republicans and Bill Clinton who may have set the stage for the current Depression. And of course they got plenty of financial support from the parties that I mentioned at the beginning of this article.
Let me summarize this with an analogy. A robber breaks into your house and robs you blind but breaks his back as he exits through your 2nd floor window. What Paulson is suggesting is that you pay for the robber’s medical care while still allowing him to keep everything that he has stolen from you.
So my first and final reaction to Paulson’s “Trillion Dollar Corporate Bailout” plan is to kindly ask him to shove it up his butt. You, and Bush, are not getting your bailout. And to further add further insult to Paulson’s plan, 200 Academic Economists have signed a petition stating that the bailout is neither justified nor is it necessary (09/25/2008).
But there is someone that needs a bailout and that is the Legal American Citizen. Because the real reason so many are loosing their homes is not merely because of fraudulent sub-prime lending. It is because the parties, mentioned at the beginning of this article, have left millions of Americans Unemployed due to their previously described actions.
And this is why I have come up with a fist draft for the “American Home Preservation (AHP) Act.” I first started thinking about this when I produced the YouTube video “Where Is the "Bailout" for the American People?” on July 19th, 2008.
When I did the research for this video I discovered 2 very disturbing facts:
* Current projections estimate over 5 million American families will be left homeless, due home foreclosures, between January 2007 and December 2008. That means that roughly one of every 20 American families will be thrown out on the street in just the span of 2 years.
* The average retiree only has $60 thousand dollars in their account at the time they retire: barely a year’s wages. And growing numbers of retirees are going bankrupt as they enter retirement because they are unlikely to have supplemental income, such as pensions, paid medical benefits etc.
This is the result of 35 years of Corporate Policy that has slowly eroded the financial security of American Workers. In point of fact the real incomes of American Workers began to decline in 1973 according to most studies. And there is little doubt that this decline is accelerating with the devaluation of our dollar and the increasing competition for finite resources. The American Working Class really needs some help.
So I have further refined the proposal, first discussed in the YouTube video in order to make it more equitable for all Americans. So here is the first full draft of the “American Home Preservation (AHP) Act.”
Implement a 10-year moratorium on all foreclosures, for primary residences occupied by legal American citizens During this time anyone who is unemployed or not bringing in a net income over 4 times the monthly mortgage payment will not be required to pay any Federal, State or Local income taxes. They will also not be required to pay any property taxes on their homes. If the home is occupied by a couple the net amount will be that of their combined income. I also recommend that any American citizen, that has lost a home since 2000, be offered homes of similar value, to the homes they have lost. Similar provisions will also be extended to those renting a home. I also recommend that any American citizen, that has lost a home since 2000, be offered homes of similar value, to the homes they have lost.
After we have had time to better understand the true situation of the American Working Class other actions may be required. Ultimately the Federal Reserve may be forced to pay off most mortgages as it has been the deceit of these very global bankers that got us into this mess in the first place. Additional debt relief measures will follow to insure equal relief for all Legal American Citizens. We simply cannot allow millions of American families to become homeless or economically displaced by the unregulated influx of foreign elites and Illegal Aliens.
This freeze in foreclosures should go a long way towards rejuvenating the American Family. It will also allow us time to analyze the state of the American Family which is certainly in decline due to decades of corporate greed, fraud and outright betrayal of the American Working Class. It will also allow us time to figure out a fairer economic model such as the idea of “social credit” discussed by Richard Cook and others. Of course dismantling the Globalist agenda of Corporate Trade agreements, and other vagaries, will also be required for this social rejuvenation to truly move forward.
There are also many other advantages the favor the “American Home Preservation (AHP) Act”
* By taking most of the homes off the market, the supply of homes will dwindle and the demand will naturally rise. This will effectively halt the deflation of home prices and stabilize the equity in the housing market.
* Commuting through Detroit for decades has made clear what happens when you have a lot of foreclosed homes. Left unmaintained they get vandalized and suffer structural decay which eventually makes them unsalvageable. As the economic model changes it will be increasingly important to maintain everything we’ve got. Global demand for wood, copper and other materials are going to push the costs of building homes higher and higher over the coming years.
* Throwing families out onto the street destroys the social fabric of both the family and society. And the economic distress often leads to crime and domestic violence. So while sociologists might be able to calculate the cost of the ensuing crime, how do they put a price tag on the despair and family disintegration that surely results from these foreclosures?
So in closing let me encourage you to contact your Federal and State Representatives and demand that they implement the “American Home Preservation (AHP) Act” immediately. I also highly recommend that you also contact Presidential Candidates: Senators McCain and Obama
All you have to do is call the following number. If you don’t know the names of your Federal Representatives just tell them what state you are from and they should be able to direct you.
(202) 224-3121
Demand that they reconvene the pro forma Congress by foregoing their recess that would otherwise keep them from this task till the Inauguration on January 20th. That is 3.5 months too long. With millions of homeowners due to loose their homes in the coming months it would be unconscionable for them not to come back to our nation’s capitol and serve the people they were elected to represent.
Finally, if McCain and Obama refuse to give immediate consideration to the “American Home Preservation (AHP) Act” perhaps you should consider writing me in, (Bruce W. Cain), for President. I can assure you that I would implement this and much, much more. You can learn much more about me at my website: www.newagecitizen.com
Make no mistake about it. Paulson's "Trillion Dollar Corporate Bailout" is an act of "Financial Terrorism" intended to destroy the American Working Class and the US Constitution. And as events unfold it will become increasingly clear that "911" and this Bailout have been promulgated by a Global Elite that is out to reduce the American People into a state of indentured slavery. We must resist.
For a synopsis of how the Global Elite has engineered this mass destruction of the American Working Class I urge you to watch the following YouTube video by maverick economist Denninger:
In this video (from Tehran of all places) Journalist Max Keizer discusses how Paulson has engineered the "Financial 911" that will destroy the American economy:
The following video is also worth watching just to review the various aspects of the emerging North American Union that will subvert the sovereignty of the American People. But the main thing I want to point your attention to is the fact that the Treasury (e.g., Paulson is Secretary of the Treasury) is giving money to the various groups conspiring to set up this North American Union, despite the fact that Congress has never granted any support for this initiative.
What is becoming apparent is that Congress has abdicated its responsibility as Devvy Kidd points out in the following excerpt:
Robert Reich, former Secretary of Labor under Bill Clinton, pointed out in USA TODAY, January 7, 1999:
"The dirty little secret is that both houses of Congress have become irrelevant...In case you hadn't noticed, America's domestic policy is being run by Alan Greenspan and the Federal Reserve Board...Congress is out of the loop. Every so often, some senators or House members politely ask Greenspan to visit and talk about the economy. He obliges by riding up to the Hill and muttering convoluted sentences that no two people interpret in quite the same way. Then he goes back down to the Fed and runs the country."
So Paulson funds the NAU with US Treasury Funds, while Federal Reserve Chief Bernanke ignores Congress and continues to act as a sycophant for the Global Elite. And both of these traitors are now trying to destroy the US economy through the "Trillion Dollar Corporate Bailout." And let us be clear. They are doing this in order to prime us for destruction and force us into a North American Union. This in turn will allow Mexicans free access to our jobs, will force acceptance of the Amero and will eventually make us slaves to a New World Order.
And this is just the beginning. From there all of the Globalist Unions (e.g., North American Union, European Union, African Union, Asian Union) will be contained within on big "mother," like a set of Matryoshka dolls. At that point a "Global New World Order" -- the largest of the "dolls" -- will rule the entire planet. And make no mistake about it: this will be an authoritarian "New World Order" reminiscent of Rome or a Global Islamic Caliphate. At this point there will be no more "rights" and dissent will be punished by torture, dire punishments (e.g., amputation, castration) and execution. Just like Rome which surrounded its cities with crucified dissenters. Just like Islamic Saudi Arabia that currently beheads hundreds of its citizens each and every year.
The video below (an excerpt from the film Zeitgeist) summarizes how the ascension to this "New World Order" will take place:
But there is a ray of hope. Protests over the "bailout" have popped up in hundred of cities throughout the US. And their message is my message. "Bail out the American People." "Screw the Corporations" that have engineers this economic destruction of the American Working Class. You can read more about the massive public outrage over the bailout and watch videos of the various national protests at the following links:
In the following video you will see hundreds of Americans protesting the bailout in Time Square, chanting what could be the war cry for the hopefully peaceful "2nd American Revolution:
What is also abundantly clear is that this Global Elite is getting ready for the massive dissent that will follow the "Trillion Dollar Corporate Bailout:" a bailout which has been rejected by the vast majority of Americans. Unfortunately my prediction (09/27/2008) is that Reid, Pelosi and other representatives will pass it anyway. That is because they are merely sycophants for the New World Order.
To prepare for Martial Law hundreds of concentration camps have been built and executive orders have been issued to give the president dictatorial powers. And the surveillance of the American people is going to culminate in the issuance of a "Real ID" card that is embedded, with a RFID global positioning chip, so the location of every American Citizen is known at all times. Possibly the most disconcerting development is the October 1st deployment of a military division (fresh from killing civilians in Iraq) intended to maintain public order:
"This new mission marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities." Brigade homeland tours start Oct. 1 http://www.armytimes.com/news/2008/09/army_homeland_090708w/
So what does this all mean? It means that the Global Elite are planning a coup against the Citizens of the United States. They anticipated the expected dissent of the American People and have taken these drastic measure to insure the American People accept their new designation as "slaves" of the New World Order.
I am afraid that it may take more than polite conversation to avert this disaster. If we don't organize our coalitions now we may be forced towards more uncompromising solutions later where considerable blood and treasure may be required. I certainly don't want to see this resolved in this way, but resolved it must The real problem I see is that "later" could be sometime in 2009. It could start to occur on the 1st of October. Perhaps this is the real "October Surprise?"
So how do we proceed? I think as soon as this bill is unfortunately passed we organize thousands of local demonstrations where we demand an immediate halt to all further foreclosures and evictions: from both homes and apartments. Next we demand that Congress does not recess but comes back to consider my "American Home Preservation (AHP) Act." and other solutions currently being suggested by our brightest citizens who are not in any wa y align ed with the Global Elite. I also want to make it abundantly clear the the AHP is merely a "primitive" first draft. A final version cannot be finalized until we fully understand the magnitude of the "banksters" crimes and also understand just how economically fragile the American Worker Class has become. But one measure MUST be implemented immediately.
Not one more American should be evicted from their home for the next 10 years.
The "Peaceful 2nd American Revolution" needs to start right now.
"Everyone of us has all we need" The Beatles, "Yellow Submarine"
The Bailout that Paulson put on the table, last week, is a prescription for the ultimate demise of the American Working Class in the United States. The very fact that he would suggest that this, the greatest Corporate Bailout in US history, legislation must be fast-tracked in the next week should be enough to elicit skepticism on the part of the American People.
Should this legislation get passed it will usher in hyper-inflation of such magnitude that it will leave the American People penniless and we will in essence become indentured slaves of the New World Order. Why would this happen? Well, because no matter how you cut it the bailout will set the currency printing presses overtime -- printing trillions of dollars which will dilute the value of our money supply. So your essentials will no longer be affordable. Milk, that has already increased 100% in price over the last 4 years, could easily cost you $8/gallon in the next few years. In fact everything you purchase will cost you at least twice what is costing you right now.
And all of our current problems stem from the establishment of Federal Reserve Banks (e.g.,, Central Banks) in 1913: something our Founding Fathers were unanimously opposed. Consider this quote from Thomas Jefferson:
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." Thomas Jefferson, President of the United States 1801-1809
Well, is this not exactly what we are seeing today?
Over the weekend some of the most astute economists (e.g., Grieder, Krugman etc.) have amplified this discussion and have deemed Paulson's Corporate Bailout as a disaster for the American Working Class.
On July 19th I produced a video which anticipated this crisis with such prescience that it actually even surprised me: and that is rare:
You can watch the video for free at the following link:
Unfortunately both McCain and Obama are in the pockets of the Global Elite and will do nothing to prevent this disaster from moving forward. They will become accessories in the destruction of the American Working Class. I highly recommend that you don't vote for either, but rather issue a protest vote for me ("Bruce W. Cain"), Barr, Ron Paul or Mickey Mouse. It does not matter who you cast your vote for as long as it is not McCain or Obama. What does matter is that on November 5th, we send a vote of non-confidence to the Global Elite.
In the meantime make sure you take 5 minutes out of your day to call you Federal House and Senate Representatives. I would suggest you make the following 3 points when you call:
(1) Let them know that you understand that this Corporate Bailout will set the stage for Hyperinflation and destroy the remaining wealth and income of the American People. (2) Insist that they instead come up with a Bailout for the American People that will insure that not a single additional Legal American Citizen looses there home from this point forward. (3) Insist that your 2 Federal Senators also make sure that E-Verify is extended without allowing ANY additional foreign Visas. After all, one of the contributing factors to the current financial crisis has been the displacement of American Citizens (especially older American Workers) with younger Legal and Illegal Immigrants.
All you have to do is call the following number. If you know the names of your Federal Representatives fine. If you don't just tell them what state you are from and they should be able to direct you.
(202) 224-3121
For the last year I have put forth what I call the "New Agenda for America." At first glance it appears to be a patchwork of political planks. It is really a formula for dethroning the Global Elite that has infected our government like a malignant form of cancer. The "New Agenda for America" can be seen as at least part of the cure for this cancer.
There is no single person among us that can envision a complete solution at this point. But what we must do immediately is to freeze the crime scene until we can fully analyze the causes that have led us to this point and to determine what set of solutions can be issued forward to assure the salvation of the American Working Class.
When I say we are in the midst of a "National Emergency" I am not just engaging is political hyperbole. This is the real deal my friends. And the only hope we have right now is for a FDR personage to wrest the controls of the Executive Branch in order to forge a New Deal for the American People.
I would much appreciate it if you would send this email as widely as possible on this Sunday (09/21/2008). Our future depends on it.
The "Trillion Dollar Wall Street Bailout" was initially dropped on Congress, (Friday, September 19th, 2008), just about a week before Congress is likely to adjourn for the next three and a half months: until the next President in inaugurated on January 20th, 2009. It is worth noting that this 700 Billion dollar bail out is the largest bailout in American history, and comes on the heals of a series of bailouts, including the 200 Billion dollar bailout of Fannie Mae and Freddy Mac, just a week prior.
According to one of Senator Carl Levin's interns September 26th, will most likely begin a "pro forma" session which basically means that they won't come back before 2009 unless it is absolutely necessary. And since they fully expect to pass government funding into March, before they recess, there is no compelling reason for them to return before the 2009 inauguration. The reason I focus on this long recess will become quite clear before you have finished regarding this article.
So on Friday, September 19th Secretary of Treasury, Henry Paulson, corralled key Congressmen into a room and dropped the bomb. Here is a transcript which describes the jaw-dropping response to Paulson's announcement:
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.
“You have the credit lines in America, which are the lifeblood of the economy, frozen.” Mr. Schumer said. “That hasn’t happened before. It’s a brave new world. You are in uncharted territory, but the one thing you do know is you can’t leave them frozen or the economy will just head south at a rapid rate.”
As he spoke, Mr. Schumer swooped his hand, to make the gesture of a plummeting bird. “You know we’d be lucky ...” he said as his voice trailed off. “Well, I’ll leave it at that.”
As officials at the Treasury Department raced on Friday to draft legislative language for an ambitious plan for the government to buy billions of dollars of illiquid debt from ailing American financial institutions, legislators on Capitol Hill said they planned to work through the weekend reviewing the proposal and making efforts to bring a package of measures to the floor of the House and Senate by the end of next week.
So the Bush Administration is "crying wolf" again, saying "we’re literally maybe days away from a complete meltdown of our financial system" I guess my first thought is to ask if "maybe days" are longer or shorter than regular 24-hour days. Pardon my skepticism.
It is implicit in this formal statement that the Bush Administration is hoping Paulson's "Trillion Dollar Wall Street Bailout" gets quickly passed with little or no scrutiny or due diligence. Given Bush's record you just instinctively believe that he is just playing another "fast one" on us. I mean lets just take a moment to consider the list:
Iraq, Afghanistan, Capturing bin Laden, Securing our Ports and Borders, Building the Sothern Border Fence to stop Illegal Immigration, Subverting all attempts to stop Illegal Immigration, allowing increasing in Legal Immigration when we cannot even provide enough jobs for Legal American Citizens , Lying to us about 911, Lying to us about the North American Union, Not Releasing Border Guards Compeon and Ramos, Illegally Surveying all American phones and email, destroying our personal liberties with the Patriot Act, telling us your fighting Islamic Terrorism yet bankrolling Islamic Terrorists in Kosovo etc.
So even before delving into Paulson's "Trillion Dollar Wall Street Bailout" proposal, any American, with an IQ over 40, has got to wonder if the American Working Class is going to get screwed again. The "bullshit alarm" rings even louder when you find he expects Congress to "rubber stamp" the largest bailing in American history in less than a week!
Now the first thing worth noting is that Schumer and Dodd are some of the largest recipients of "contributions" from the banking industry and are therefore shills for the very banking industry that they are tasked to regulate. Candidate Obama is the third largest recipient of such funds. And similar conflicts of interest were also seen in the last week's AIG bailout:
LISA SYLVESTER, CNN CORRESPONDENT: For years, Wall Street has been bank rolling national political campaigns. The people running and working for the firms are now looking to Washington as their new bank. The federal government has come to the rescue of Bear Stearns, Fannie Mae, Freddie Mac and now AIG with multibillion-dollar taxpayer bailouts.
Those companies' employees and political action committees or PACs have been long-time campaign contributors. According to the Center for Responsive Politics, AIG contributions to federal candidates and committees have amounted to nearly $10 million since 1990.
This year, even with the company's financial troubles, AIG employees and PACs contributed $646,000. For Bear Stearns, the total was just over a million dollars. Fannie Mae, $1.1 million in campaign contributions and Freddie Mac, $555,700.
SHEILA KRUMHOLZ, CENTER FOR RESPONSIVE POLITICS: They viewed it as a good investment to give campaign contributions to members of Congress, in particular, and especially key members of key committees that have jurisdiction over their issues. In this way, they've been able to forestall regulation that has been discussed but not passed for many, many years.
SYLVESTER: Senate banking committee chairman Chris Dodd received the most from AIG followed by Senator Charles Schumer, another committee member. Presidential contenders John McCain and Barack Obama also received generous AIG contributions.
The second thing worth noting is that both Henry Paulson, and Ben Bernanke (Chairman of the Federal Reserve), were both insistent that this historic transfer of debt -- from the banking industry to the American taxpayer -- be completed before Congress goes into recess, possibly at the end of this week (09/26/2008). It is quite obvious that this was purposely dropped 2 weeks before the long recess in order to pressure the legislation through. It is quite obvious that they wanted to "push it through" before the American People had a chance to fully understand the full ramification of this load of crap that they are about to be forced to swallow.
The third thing worth noting is that Paulson and Bernanke were lying through their teeth when they said that this 3-page proposal was cobbled together in mere days prior to the meeting. This fact is dully noted in the following video by Karl Denninger, who has discovered that this may have been in the works at least 6 months ago.:
Before becoming Secretary of the Treasury Paulson was the head of Goldman Sachs which lobbied for the deregulation that allowed this Ponzi Scheme to metastasize. Specifically Paulson lobbied for the destruction of Glass-Steagall Act of 1933 He did this by supporting the Gramm-Leach-Bliley Act which was signed by traitor President Bill Clinton in 1999.
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[citation needed] Some provisions such as Regulation Q that allowed the Federal Reserve to regulate interest rates in savings accounts were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999 by a bipartisan, conference committee version of the Gramm-Leach-Bliley Act signed by President Bill Clinton.[1][2] http://en.wikipedia.org/wiki/Glass-Steagall_Act
If you want a primer on just how this Ponzi scheme destroyed the housing market I urge you to view the following slide show:
The fact of the matter is that Bernanke and Paulson have been working on this for months and fully intend to transfer, what could amount to trillions of dollars of debt, from the Corporate Elite to the American Taxpayer who is already in dire financial distress. This new form of Corporate Welfare is now being expressed as the "privatization of profit and the socialization of debt. In other words the government bails out the Global Elite while the American Worker gets the bill.
And by dropping it on Congress, within two weeks of a 3 month recess, they figured they could strong-arm this unprecedented "Wall Street Bailout" through. I suppose they accurately calculated that Congress would rather go home than spend another month in DC to expend "due diligence" upon this spurious proposal.
So what is actually in Paulson's "Trillion Dollar Wall Street Bailout" proposal? What are our smartest people saying about it? To help answer those questions I am providing additional videos and articles following this article. But I believe Naomi Klein (author of "Shock Doctrine") has summarized it as well as anyone:
"They have moved the disaster from Wall Street to Main Street by accepting those debts.... But the bomb has yet to detonate. The bomb is the debt that has now been transferred to the taxpayers.
"So it detonates when/if John McCain becomes president in the midst of an economic crisis, and says, 'Look! We're in trouble. We've got a disaster on our hands. We have to privatize social security. We can't afford health care. We can't afford food stamps. We need more deregulation, more privatization.' "You know the thesis of the Shock Doctrine is that you need a disaster to rationalize pushing through these very unpopular policies.
"So, the real disaster has yet to come. The real disaster is the debt that is going to explode on the American taxpayers. And then they do economic shock therapy."
No matter how you look at it Paulson's proposal gives almost dictatorial powers to the Treasury and is therefore patently unconstitutional. Beyond that there is little doubt that this trillion dollar bailout will result in hyperinflation and the complete destruction of the US dollar. Unfortunately this is exactly what Bush is attempting to achieve in what could be described as the "crime of the century."
Let me briefly explain. Bush has been working on an agenda to subvert the sovereignty of the United States by forcing it into a North American Union (NAU) comprised of Canada, the United States and Mexico. Like the European Union the NAU (also known as the SPP) would allow workers in all three countries to work anywhere within the 3 countries. The purpose of this is to destroy the wages of American Workers by allowing millions of Mexicans to work freely in this country. This is why Bush has refused to do anything meaningful about Illegal Immigration and why he has long favored granting Amnesty to Illegal Aliens through the Kennedy/McCain legislation, which failed due to immense pressure from the American People.
If Paulson's proposal is adopted by Congress the Federal Reserve (which is neither a part of the government, nor is it a Reserve) will print trillions of dollars, out of thin air, which will effectively destroy the value of the dollar. Once this is achieved the next president (most likely Obama or McCain) will ask for the adoption of a new currency which may or may not be called the Amero. What is important is this new currency will be the currency for Canada, Mexico and the United States. By this act alone the North American Union will be realized and the US Constitution will be thrown out in the trash.
As this is occurring the government will continue to expand the number of Legal Visas into the United States which will throw American Workers out of their jobs (especially older American Workers). In point of fact this is already happening despite the loss of 600,000 American jobs in the first 8 months of 2008. They will buy up our homes and businesses and leave the American People destitute and fair game for the final solution: a New World Order.
We cannot allow this to happen. Paulson's proposal is nothing less than the greatest crime of the 21st Century and pales in comparison to President Bush's likely complicity in 911. In the days and weeks to come we need to mobilize and stage demonstrations throughout the United States demanding that at least 6 months to determine the nature of the problem and to divine a sensible solution. We need extensive debates throughout the internet, the media and in communities across America. In the meantime I urge everyone to insist on the following stopgap measure which I have authored. The name I have given this proposed legislation is the “American Home Preservation (AHP) Act.”
Implement a 10-year moratorium on all foreclosures, for primary residences occupied by legal American citizens During this time anyone who is unemployed or not bringing in a net income over 4 times the monthly mortgage payment will not be required to pay any Federal, State or Local income taxes. They will also not be required to pay any property taxes on their homes. If the home is occupied by a couple the net amount will be that of their combined income. I also recommend that any American citizen, that has lost a home since 2000, be offered homes of similar value, to the homes they have lost. Similar provisions will also be extended to those renting a home. I also recommend that any American citizen, that has lost a home since 2000, be offered homes of similar value, to the homes they have lost.
All you have to do is call the following number. If you don’t know the names of your Federal Representatives just tell them what state you are from and they should be able to direct you.
(202) 224-3121
During the next 5 years we will re-evaluate just about everything having to do with the US economy. We will figure out how many foreign born have taken US jobs and how many US Citizens have lost their jobs. We will figure out how many foreigners have received EB-5 Visa Citizenship in exchange for buying US businesses worker a million dollars or more. We will finally figure out who was truly responsible for the destruction of the US economy and for the events surrounding 911. In short, we will reclaim our birthright as American Citizens.
There is one additional thing that I think needs to be done amidst the protest that I hope will materialize between September 25th and the November 5th Presidential election. Don't vote for either Obama or McCain. Write in someone else to show your utter contempt for this Corporately Controlled Presidential Election. If you are thinking of writing in "Bruce W. Cain" I will soon be providing an online summary of my careers, my activism and my writings. If you don't like writing me in you've got Barr, Ron Paul, Nader and many others to choose from. Then main point is to send a message to Washington that we are no longer going to accept a Status Quo that seems intent on destroying the future of American Workers and their children. The gig is up.
Comment: This is an extremely important article as it explains how the various econometrics (e.g., unemployment rate, GDP, bank reserves, money supply, CPI) have been willfully distorted by our government in order to hide the real economic destruction that is currently being visited on the American Working Class. The graphs will astound you.
Comment: If you believe a single word you must have an IQ below 40, which accurately describe both Bush and McCain who graduated 4th lowest in a class of 500. This "bailout" is nothing less than an attempt to usher in the North American Union, the Amero and the destruction of the American Working Class. A peaceful 2nd American Revolution must start right now if we are to avoid the Global Elite to usher in their "endgame." And make no mistake. This is not Democratic Capitalism (Bush) but Corporate Fascism.
Comment: Though I do agree with much of what Reich is saying to Madlow I urge you to consider that he is an Obama adviser. Yes, Obama will talk of relief for homeowners but , No, it will really do nothing to provide the relief that is needed. Obama is a shill for the New World Order: pure and simple. See "Curious George: Globalist Traitor" for more information on that.
Karl Denninger's Videos on the "Trillion Dollar Corporate Bailout" http://fedupusa.org/
Comment: Karl brings incredible insight into both the bailout and the background of "King Henry Paulson." You will be well-served to watch ALL of these video.
[Comment: For those that don't have a fast internet connection I have provided the transcript below, complete with video annotations. Others may want to read this in addition to watching the video in order to properly assimilate the information: I'm reading at about 200 words per minute in order to get all 1500 words within a 10 minute timeframe.]
Today I am challenging candidates McCain and Obama to join me in calling for a 10-Year Moratorium on the foreclosure of all Primary Residences owned by Legal American Citizens. This is part of a 4-point plan that they can implement immediately to show their leadership abilities as Senators. This 4-point plan will provide both jobs and debt relief to all Legal American Citizens at a time of unprecedented economic uncertainty.
[Graphics: No Obama, McCain etc.]
But first let me introduce myself.
[4 of a Kind *.jpeg]
My name is Bruce Cain. I am the author of the “New Agenda for America:” a set of policy planks, favored by many Americans, but ignored by Corporately-financed candidates Obama and McCain. I am also running as a “write-in” candidate for the 2008 Presidency in order to illustrate that there are sensible alternatives to many of our current policies that are not being given due consideration by either Congress or the Presidential candidates.
[foreclosure art]
For the last year the elite, through a corporately controlled media, has been promulgating what I like the call the “Big Lie” about Home Foreclosures. The “Big Lie” goes something like this:
“The only people loosing their homes, over the last 2 years, have been Americans who had no business purchasing a home in the first place.”
[Text: The Big Lie]
This is not only a “big lie” – it is a calculated lie: a lie with a purpose. And the purpose of this lie is to cover up the real reasons for levels of home foreclosure that now threaten to exceed those levels seen during the Great Depression.
The “big lie” on foreclosures is an attempt to cover up the ongoing economic destruction of the American Worker: the destruction of our jobs, our pensions, our social security; the devaluation of our dollar, and much, much more. All these things, taken together, constitute a “perfect storm” of destruction of both the American worker and the American family. Only a traitor would allow such policies to continue. Truth be told, both our President and our Congressional Representatives have sold out the America people and have also nearly destroyed the US Constitution.
[Text: Case Study: Fire an American, Hire a Foreigner]
My introduction into the “New World Order” came a little over 8 years ago. I was working as a Systems Analyst and needed to pick up the family health insurance. My wife wanted to go part time and health insurance was not provided for her as a part timer. I checked with Pat, the executive secretary where I worked, and she assured me that health insurance was part of the benefit package and that it should not be a problem.
About a month later some odd things began to occur. I started getting written up for trivial things, like saying “silly” in a meeting. Despite my excellent work record they fabricated a paper trail, over the next year and ultimately fired me.
The day I was fired, I had just returned from a medical leave. Pat had previously assured my wife that they were excited about my return. But immediately upon my return Pat called me to a meeting with Gary, the companies Chief Financial Officer.
At the meeting I was told that I was immediately terminated and my family’s medical insurance would end at midnight. In addition they informed me that, because they were firing me “for cause,” I would not receive any unemployment. It took over 6 months of litigation before the Michigan Labor Board determined that I was not fired for cause. But even though they falsely fired me, all I got out of the deal was an unemployment check.
This is a company with no concept of family values. To the contrary, this is a company that is willing to throw American families into the path of a train in order to maximize profits. And if it means replacing hard working American workers with foreigners, that doesn’t appear to be a problem.
It is important to note that the day that I was fired, my office was already occupied by an Indian programmer who could barely speak English. Nearly 8 years later the entire IT staff, of my former company, is dominated by foreign Indian IT workers: who are ironically getting paid through the federal and state taxes of American citizens.
[Text: The Real Foreclosure Problem: Americans are being replaced for foreigners]
It has only been in the last few years that I have fully understood just how badly my own government has screwed millions of other blue and white collar workers. And as the good jobs continue to go to foreigners, Americans are unable to pay their mortgages. That is the real “foreclosure” problem in the USA: the displacement of American workers for cheap foreign labor.
We are being betrayed.
The fact is our own government is purposely targeting American workers and incentivizing their replacement them with younger foreign workers. Consider the following:
* The cost of providing health insurance, by your employer, doubles between the ages of 35 and 50. So a given employer can save nearly $6 thousand each year by merely hiring a younger worker. Ageism is becoming the new Racism, yet no one is talking about it in the Corporate-controlled media. * Because many foreign workers are dual citizens the employer does not have to contribute 6.5 percent of the workers gross into Social Security.
These are just a few examples of how US businesses are profiting by getting rid of American workers. And whether this foreign worker sits at your desk in the US, or a desk in India, China, or some other 3rd world country – you’re still going to loose your job and possibly your career.
[The Biggest Lie: Free Trade Agreements are good for America]
And what is driving this is probably the biggest lie of them all: Free Trade Agreements. The concept of free trade goes back to the economist, Ricardo, who looked at free trade in terms of “comparative advantage.”
[Graphic: Ricardo and his Book]
But the globalists conveniently ignored Ricardo’s warning that, in order to ensure mutual gains of trade, only consumer goods and producer’s goods must be allowed to cross boarders. For if labor or capital crosses boarders, all of the capital will flee to the place where there is absolute advantage.
[Text: Mutual Trade Gains are lost when labor or capital are allowed to cross borders]
And that is exactly what has happened. Our jobs and factories have been shipped out to China, India and other cheap labor markets. And this is why we can no longer pay our mortgages. This is why we are going bankrupt. And the last 5 Presidents and your Congressional Representatives did this to you. Doesn’t that make you at least a little bit angry?
Meanwhile, the top 1% benefits, with each additional job loss, because the only reason they can continue profiting, off their stocks and hedge funds, is if they can continuously reduce the cost of labor and seduce the worker into more and more debt. And when their sub-prime investments tank they can just have the fed bail them out and give the bill to the American worker.
And this bailout can be summarized by this phrase I’ve begun to hear lately. We are seeing the “privatization of profit and the socialization of debt.” In other words the fed will bail out the elite’s bad investments and the working class will ultimately foot the bill.
[Obama and McCain graphics]
Obama will ignore this. McCain will act like he doesn’t understand this. But the fact of the matter is that our government is screwing its own people. So now the government needs to “unscrew” the people. Some form of fair, but massive debt relief is required right now in order to salvage the American worker and the American family. Otherwise we will be literally displaced by foreigners.
Consider this.
* Current projections estimate over 5 million American families will be left homeless, due home foreclosures, between January 2007 and December 2008. That means that roughly one of every 20 American families have been thrown out on the street in just the span of 2 years. * The average retiree only has $60 thousand dollars in their account at the time they retire: barely a year’s wages. And growing numbers of retirees are going bankrupt as they enter retirement because they are unlikely to have supplemental income, such as pensions, paid medical benefits etc.
What is to become of the American worker and the American family?
Well, if we allow this to continue then Jefferson’s warning will come true. For he warned us in the following statement:
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations, that will grow up around them, will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
[Graphic: Jefferson]
Jefferson’s warning is becoming today’s reality and it must be stopped. I challenge Obama and McCain to implement the following 4-point plan immediately to save the American worker. Today is July 17th, 2008.
And here is the 4-point plan:
[Text: (1) 10-Year Moratorium on Foreclosures; (2) Send “No Match Letters”; (3) 20-Year Moratorium on Legal/Illegal Immigration; (4) Universal E-Verify]
(1) Implement a 10-year moratorium on all foreclosures on primary residences occupied by legal American citizens. I also recommend that any American citizen, that has lost a home since 2000, be offered homes of similar value, to the homes they have lost. Ultimately the Federal Reserve should be forced to pay off most mortgages as it has been the deceit of these very global bankers that got us into this mess in the first place. Additional debt relief measures will follow to insure equal relief for all Legal American Citizens. We simply cannot allow millions of American families to become homeless.
(2) Send out of the 12 million “no match” letters in order to rid all visa over stays and illegal immigrants from our workplaces. This could instantly create over 6 to 10 million jobs for American workers. These “no match letters” are currently held up in federal court.
(3) Impose a strict 20-years moratorium on all immigration into the United States which includes moratoriums on anchor babies and chain migration. Immigration is the primary driving force in population growth and we cannot afford ANY further growth. We are already seeing water shortages on the East Coast in the Southwest.
(4) Implement emergency legislation to force all US businesses to E-Verify every single worker that applies for a job immediately.
[Graphic: 4of a kind]
It is more than evident that the globalist model is a recipe for economic disaster. Also evident is the need to protect American families during this unprecedented transition between economic models. The “New Agenda for America” will aid in this transition by stopping further immigration, bringing back our industries and working toward an era of sustainable energy independence. The North American Union must be stopped, dead in its tracks. For more information on my “write-in” candidacy and the “New Agenda for America” I highly recommend that you visit my website “New Age Citizen.” To watch other videos, pertaining to the “New Agenda for America,” please go to the following link:
[Text: www.newagecitizen.com/naa.htm]
Finally, let me make an observation. The 4th Amendment guarantees the right of “the people to be secure in their persons, houses, papers and effects.” In other words our founding fathers assumed we would have homes in which we could expect to be protected. Apparently Bush, Clinton, Obama and McCain no longer care if we have a home or a future. Get on my mailing list and get involved. The peaceful, viral, internet revolution needs to get started right now. It is time to take our country back.
Last week I read that the bailout of Freddie Mac and Fannie Mae was going to cost the US taxpayer, (that would be YOU) about 20 Billion dollars. Then on Monday (09/08/208) the media reported that it might be more like 200 Billion. So you are probably figuring about $666 dollars for each and every of the 300 million living in the United States. Kind of takes your Bush "economic stimulus check" away, but it is not the end of the world, you might be saying.
But then yesterday, on the Glenn Beck Show, an expert puts the ultimate figure somewhere around 2 TRILLION dollars. Yep, I will definitely include the transcript so you don't think I'm just making this up. So what do you get when you divide that 2 Trillion dollar debt among each and every living American citizen?
2,000,000,000,000/300,000,000 = $6,666
Now add to that the nearly 100 Trillion in total US debt and divide that among each and every living American citizen.
100,000,000,000,000/300,000,000 = $333,333
And of course the auto companies are also lining up for a 50 Billion dollar bail out, as well as many other companies that are sure to be waiting in the wings.
So have you noticed that everyone seems to be getting a "bailout" except the American people? And of course what should be making you even angrier is that many of the people getting bailed out are the very same people that created the problem. In point of fact the "big boys" saw this coming a long time ago. That is why they had your congressional representatives pass the "Credit Card" and "Bankruptcy" legislation during the first Bush presidential term (2001-2004).
You see while they knew they were too big to fail, they also wanted to make sure that the little guy would not be able to get off the hook. After all, someone is going to have to pay for this mess. So they allowed the Credit Card companies to escalate your credit card interest rates to levels that would make a loan shark cry with envy. And it should be known that Joe Biden, Obama's vice presidential pick, "carried the water" for the "Credit Card" legislation. He was the primary sponsor, which makes sense because he is from the banking Mecca of America, Delaware.
Then there is the "Bankruptcy" legislation. Seeing that the "Housing Bubble" -- engineered by Federal Reserve "chief" Greenspan -- was going to burst, once Greenspan started pushing up those interest rates, they wanted to make sure the America Working Class would have no relief through Chapter 7, 11 or 13 bankruptcies. Again, someone is going to have to pay for this mess. So what did they do? They rewrote the bankruptcy legislation so Americans -- who were suffering unforeseen medical problems or who saw there jobs offshored to India, China etc. --
This is especially disturbing when you consider that 50% of bankruptcies, up until today, were due to working Americans that could no longer pay their medical bills. And of course if we had Single Payer Universal Health Care, like most other industrial countries, there would be 50% fewer bankruptcies, up until today. But then neither Obama or McCain are really talking about Single Payer Universal Health Care because they get so much money from the Health Insurance lobby. And of course the Health Insurance lobby is glad to pay the money because they hoard about a third of our Health Care dollars.
Now lets get back to the bailout of Fannie and Freddy for a moment. Isn't it odd that neither Obama or McCain is talking about this in any structurally significant way. Why would that be? Perhaps because Obama and McCain are getting hundreds of thousands of dollars from Freddie Mac and Fanny Mae. Yep, just read through the Lou Dobbs article for more detail on that. In fact Obama is getting the third greatest "contribution" from these GSE's (Government Sponsored Enterprises) to make sure he doesn't do anything to rock the boat.
And of course two groups of Americans that are getting hit hardest are medical professionals (e.g., doctors and nurses) and IT workers.
The destruction of medical jobs, for American workers, started years ago with the residencies for doctors. The US government pared down the number of residencies in the US which limited the number of American workers able to gain the residencies required to ultimately become doctors. But rich foreigners were able to pay for residencies, outside the US, and were then welcomed into the US to take some of the best paying jobs in the country. This is why you find such a growing number of doctors that can barely understand what you are trying to communicate with them regarding your illnesses. This is why some hospitals now have staffs that are comprised of over 50% foreign doctors. Now a very similar strategy is being used to usher in hordes of foreign nurses.
IT workers saw their "Waterloo" occur in early 2000, after the huge Y2K projects had ended. The Y2K projects required pouring through code to insure that when 2000 rolled around, the date functions would properly register the year 2000, instead of the year 1900. Since the Y2K project took years to accomplish it gave large US corporations a perfect opportunity to begin offshoring jobs to countries like India. So when 2000 rolled around 2 things were happening: (1) the thousands of Y2K jobs immediately vaporized and (2) US corporations had laid the groundwork, and infrastructure, to begin offshoring an increasing number of jobs to India. This led to the explosion of the "IT Bubble" in the spring of 2000, leading to the greatest loss of IT jobs in the history of the US.
Of course another trend was also in the crucible prior to 2000 and that was the insourcing of foreign IT workers, (Indian, Russian, Pakistani etc.) into the United States. Even most IT workers don't understand the calculus behind this Congressionally supported change in policy. The first "excuse" given for the importation of these foreign workers was that American IT workers simply couldn't "cut it" any more and it was imperative that we therefore bring in much smarter foreign workers.
But around 2007 the cat was finally out of the bag: the main reason was that corporations were paying them far less than American workers. Of course it goes much further than that. As "dual citizens" the employers did not have to contribute to their Social Security which saved the US employers about 6.5% a year. Often the H1Bs had their medical benefits covered by their home country. And even where H1Bs did get US medical benefits the corporations benefited. Why? Because the average H1B was in their mid-20's and was often replacing an older IT worker in their mid-40's.
As I have said so many times, Ageism -- the corporately endorsed policy of getting rid of older American workers -- is becoming the new Racism in America. And yet I have yet to read a single article that sheds any light on this de facto corporate policy that often masquerades under rubrics such as "diversity training."
So the first benefit to businesses was the related to the fact that the cost of providing health insurance to an employee, doubles between the ages of 35 and 50. That alone saved the employer around $5,000 each year for each employee. But it had another benefit for the employer because it gave them an excuse to get rid of these older workers before they were fully vested in the various entitlement programs such as 401-Ks, pensions etc. The savings to big business is in the billions. The cost to American IT (Information Technology) workers meant the loss of their livelihoods. And your Congressional Representatives knew very well what the cost to American workers was going to be. They just didn't give a damn.
And to see where this has now leading us I encourage you to read the article "IT Job Market: Uncertainty Rules." In a nutshell this article predicts more insourcing and outsourcing to the benefit of foreign workers, over American workers. Many IT veterans are now discouraging young Americans to steer clear of IT as a careet path. Again, you can thank Bush, Clinton and your Congressional Representatives for basically screwing you up the behind.
Then there is a program that very few know about and which no one in office will even talk about. This is a little known Visa program that goes by the name of an EB-5 Visa. It allows up to 10,000 foreign millionaires -- think Chinese, Middle Eastern, Russian etc. -- to have citizenship granted to them for buying new or existent US businesses that are worth a million dollars or more. I like to call this the "Foreigner Colonization" program.
I could go on and on. It's like the "never ending nightmare." Then consider that both Obama and McCain are going to grant Amnesty to 12-30 million Illegal Aliens as soon as either of them gets into office in 2009.
I don't know about your but I am loosing my patience. And becoming a "Lou Dobbs" Independent is not going to solve this problem. Voting for me, Bruce Cain, is also not going to solve this problem. But perhaps I might have a better chance in 2012, should we even survive that long. The time for getting angry is long overdue.
As I see things unfold I see two possible futures. If we do nothing we will be absorbed by a Global New World Order which will result in the total destruction of the American Working Class. The other possibility is that we actually get off our asses and begin what I like to call the "Second America Revolution."
Now I don't use the word revolution without understanding the gravity of the word. But consider that the reason for this "Second America Revolution" will be the same basic problem that caused the "First American Revolution;" the loss of the people's ability to coin their own money. For the colonists this began when King George the Third, took away this right.
Consider the words of Benjamin Franklin, as to the cause of the First American Revolution:
The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of colonists to get power to issue their own money permanently out of the hands of George the III and the international bankers was the PRIME reason for the Revolutionary War. http://en.wikiquote.org/wiki/Benjamin_Franklin
Our present day equivalent was caused by the formation of the Federal Reserve Bank in 1913 which allowed Global Bankers the right to print money and loan it to the US Government. You see the Federal Reserve Bank is neither "federal" nor is it a "reserve." What it is, is an abomination that needs to be eradicated immediately.
The "New Agenda for America" will go a long way towards putting this country back on track. And hopefully it will not require the spilling of blood which often accompanies such significant changes in government. But I would caution everyone reading this that we had best hope for peace but very assiduously prepare for the possibility of internal warfare. I would highly recommend that every American has at least one handgun and one rifle. Exercise your 2nd Amendment Rights. The corporate elite is not going to like anything in the "New Agenda for America" and they are not likely to submit without a fight.
Here is the "New Agenda for America" as it stands today:
(1) Universal Health Care for All American Citizens (2) A 20-year moratorium on all immigration into the United States (3) Legal Marijuana for all Adults and Medical Patients (4) An immediate reversal to the Offshoring and Inshoring of American Jobs (5) A strict enforcement on issues of Separation of Church and State (6) An immediate move from so-called Free Trade Agreements to Bilateral Trade agreements (7) A major R&D project to bring energy independence to the United States and the World through recycling, reuse, ending hyper-consumerism and investing in the development of sustainable energy sources (e.g., solar, photovoltaic, wind, geothermal) (8) No further ownership of US Assets (businesses, homes, ports, stock exchanges) by foreign governments or individuals! (9) Replace the Federal Reserve with a People's Reserve which allows public oversight (10) Absolute support for Net Neutrality
So while I have little hope for a win in November, I am hopeful that we can spread the "New Agenda for America" across the internet in the next 2 months and into the next Presidential Administration. I am also hopeful that we can begin building a coalition of "Freedom Loving Americans' that will become the resistance, to which ever globalist shill ends up winning the presidency this November.& nbsp; To become part of this movement I encourage you to get on the following mailing list immediately. It is free to join:
And if you have a webpage of any type (MySpace, FaceBook, personal etc.) please copy/paste this onto your website to promote the "New Agenda for America."
I've just accepted an invitation to speak about Marijuana Policy at the TrumblePlex in Detroit on Sunday October 19th, 2008. I will be talking about the "Medical Marijuana" Proposal that is on November's the ballot because we collected over 400,000 signatures to get it there. I am proud to say that I collected over 1,000 of those signatures. The expected win in November will make Michigan the 13th State to make Marijuana available for medical patients, since 1996, when Proposition 215 passed in California. I will also be talking about the "MERP" Model for Re-Legalizing Marijuana, which you might call the final step in ending the War on Marijuana.
The MERP Model would allow all adults to grow up to 100 plants without any government taxation, regulation or other forms of interference. It would destroy the Mexican Drug Cartels, local drug gangs and would make our streets much safer in the process. It would also screw the police, attorneys and the prison industrial complex of billions in ill-gotten gains from the harassment of over 830,000 responsible Marijuana consumers each year in the United States alone. Citibank and many other banking institutions would also get screwed as they would no longer be profiting from basically "laundering" drug money.
Here is a more formal preview of what I will be talking about on the 19th:
At any rate it should be a great time. I will be speaking around 8:00 PM in the middle of the 5 Bands. Doors open at 5 PM and I believe there is a $6 donation per guest. Hope to see you there!
Here's a map. The "star" is where the TrumbullPlex is located:
I want to thank Richard Rawlings for nominating me on behalf of the United States Marijuana Party. To be clear it would take a historic viral internet campaign to actually deliver me to the White House in 2009. But it is my hope that we minimally build a large coalition, in the next several months, so that we can minimally push the "New Agenda for America" down the throats of whichever Corporate Candidate (e.g., Obama or McCain) actually "wins" the election.
Here are the initial "planks" of my Presidential Platform known as the "New Agenda for America:"
(1) Universal Health Care for All American Citizens (2) A 20-year moratorium on all immigration into the United States (3) Legal Marijuana for all Adults and Medical Patients (4) An immediate reversal to the Offshoring and Inshoring of American Jobs (5) A strict enforcement on issues of Separation of Church and State (6) An immediate move from so-called Free Trade Agreements to Bilateral Trade agreements (7) A major R&D project to bring energy independence to the United States and the World through recycling, reuse, ending hyper-consumerism and investing in the development of sustainable energy sources (e.g., solar, photovoltaic, wind, geothermal) (8) No further ownership of US Assets (businesses, homes, ports, stock exchanges) by foreign governments or individuals! (9) Replace the Federal Reserve with a People's Reserve which allows public oversight (10) Absolute support for Net Neutrality
Of course one of the 10 planks, of the "New Agenda for America" is the MERP Model for Re-Legalizing Marijuana.
The MERP Project The Marijuana Re-Legalization Policy (MRP) Project
This is the most progressive of all Marijuana reform models because it basically allows all adults over 18 to grow up to 100 plants without ANY federal taxation, regulation or other forms of interference. I would also argue that this small expansion of individual liberty is required, given the liberties that have been lost since September 11th, 2001.
If, by some miracle, I did win the election, my first official act would be to set up a special office that would grant clemency to EVERY non-violent Marijuana offender throughout the United States. This would be followed by executive pressure on both Houses to remove Marijuana completely from the Controlled Substances Act (1970). This would definitely end 70 years of needless Marijuana Prohibition throughout the United States of America.
The very next thing I would do is reinstate Habeas Corpus and Posse Commitatus. It should be remembered that the writ of habeas corpus goes all the way back to the signing of the Magna Carta in 1215 AD. That is a good measure as to how far George Bush has pushed back the rights of Americans in the last 8 years. After that is a long list which would include:
* Sending out the 12 million "No-Match" letters and deporting all Illegal Aliens and Visa "overstays" that these letters would surely identify. * Reopen the "911" investigation with the help of such experts as Griffin etc. * Drafting a massive "debt relief" program for legal American Citizens that will assure the ownership of their homes and the access to American jobs and other opportunities. * Complete disruption of funding to any nation (e.g., Saudi Arabia) that does not recognize inalienable rights such as Freedom of Religion and Separation of Church and State.
Well, I think you've got the idea. It would not be "business as usual" unless of course we are finally talking about the People's business. And it is sad to say that no one has talked about the business of the American People in at least 50 years.
Now for more information on the United States Marijuana Party:
The United States Marijuana Party - is a motivated group of Americans who are tired of living in fear of their government because of marijuana prohibition. We are fed up with the intrusion into our personal lives, with urine testing at work and at school, with armed home invasions, and with the possibility of prison because of a plant. WE are Americans and WE do not piss in a cup for anyone!
WE feel it is time for the 12 million Americans who smoke marijuana on a regular basis to stop hiding their love for this plant and unite as one large body of voters to demand an end to the unconstitutional prohibition of marijuana and the drug war. The U.S. cannot lock up 12 million people. The War on Drugs causes more harm than the drugs themselves ever will. United WE are a potential 12 million vote political machine. WE want to live free and WE must be determined to stand up, be counted, demonstrate, rally, and write. Waiting for the government to silence us all in the American prison system is not an option! Too many of our brethren are there, in prison right now.
More Americans are in jail today for non-violent drug offenses than at any previous time in American history. More Americans are in jail today for marijuana offenses than at any previous moment in American history. The war against marijuana is a genocidal war waged against us by a government determined to eradicate our plant, our culture, our freedom and our political rights.
United States Congressional Record, March 17, 1993 Vol. 33, page H-1303 Speaker-Rep. James Traficant, Jr. (Ohio) addressing the House:
"Mr. Speaker, we are here now in chapter 11.. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.
It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress m session June 5, 1933 - Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Governmental Offices, Officers, and Departments and is further evidence that the United States Federal Government exists today in name only.
The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a de facto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H.R. 13955 reads in part: "The U.S. Secretary of Treasury receives no compensation for representing the United States?’
Gold and silver were such a powerful money during the founding of the united states of America, that the founding fathers declared that only gold or silver coins can be "money" in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or "currency." Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRNs) make no such promises, and are not "money." A Federal Reserve Note is a debt obligation of the federal United States government, not "money?’ The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the united states of America to issue currency of any kind, but only lawful money, -gold and silver coin.
It is essential that we comprehend the distinction between real money and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper into debt. We the People no longer have any "money." Most Americans have not been paid any "money" for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are "bankrupt," along with the rest of the country?
Federal Reserve Notes (FRNs) are unsigned checks written on a closed account. FRNs are an inflatable paper system designed to create debt through inflation (devaluation of currency). when ever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs.
Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs of what they need. FRNs are nothing more than promissory notes for U.S. Treasury securities (T-Bills) - a promise to pay the debt to the Federal Reserve Bank.
There is a fundamental difference between "paying" and "discharging" a debt. To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity). With FRNs, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. No contract in Common law is valid unless it involves an exchange of "good & valuable consideration." Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.
Their lust is for power and control. Since the inception of central banking, they have controlled the fates of nations.
The Federal Reserve System is based on the Canon law and the principles of sovereignty protected in the Constitution and the Bill of Rights. In fact, the international bankers used a "Canon Law Trust" as their model, adding stock and naming it a "Joint Stock Trust." The U.S. Congress had passed a law making it illegal for any legal "person" to duplicate a "Joint Stock Trust" in 1873. The Federal Reserve Act was legislated post-facto (to 1870), although post-facto laws are strictly forbidden by the Constitution. [1:9:3]
The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender or underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same.
Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it.) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principle.
Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913)
"Hypothecated" all property within the federal United States to the Board of Governors of the Federal Reserve, -in which the Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchisee) was registered as a "beneficiary" of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their "subjects," the 14th Amendment U.S. citizen, to the Federal Reserve System.
In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit "money substitute" it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their "economic slaves", the U.S. citizens as collateral against the unpayable federal debt. They also pledged the unincorporated federal territories, national parks forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.
Unwittingly, America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the people have exchanged one master for another.
This has been going on for over eighty years without the "informed knowledge" of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt.
Why don’t more people own their properties outright?
Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less?
We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.
America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war, bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your Country."
I've been corresponding with Richard Cook for that last month or so after contacting him about his ideas on an alternative economic paradigm based on the idea of "social credit." While I am sure we don't agree on everything much of what he writes about complements and extends what I hope to achieve through the promotion of the "New Agenda for America." If, by some quirk of fate, I ever ascended to the position of President, he would most certainly be on my short list of advisors, as well as a candidate for my cabinet.
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 or to purchase his special report on the 2008 election may be sent to EconomicSanity@gmail.com. Title of Special Report available now: 'Election08: Crime Family Food Fight or Threat to Mankind':
The article below was written by Kenneth Timmerman, President and director of the Middle East Data Project. He has authored a number of books including Countdown to Crisis: the Coming Nuclear Showdown in Iran. For his work in exposing the Islamic Republic of Iran's nuclear weapons program, he was nominated for the 2006 Nobel Peace Prize. Mr. Timmerman is also a member of the Board of Advisors of our sister organization, American Congress for Truth.
Timmerman's article reveals extremely disturbing evidence that foreign nationals from the Muslim world are trying to influence our presidential election through illegal contributions to the Barack Obama campaign. We're not talking a few dollars here. As Timmerman notes, the Federal Election Commission has compiled a list of questionable foreign contributions totaling nearly $34,000,000! We urge you to read the entire article.
The "mainstream media" has virtually ignored this issue, in spite of the many, many news reports coming out of the Middle East and Muslim world that document the strong support Barack Obama has there. On WABC radio, April 13, 2008, Ahmed Yousef, political advisor for the Hamas terrorist organization, said "We like Mr. Obama and hope that he will win the election..." There have been reports that Hamas was running phone banks into the U.S. during the Democratic nomination campaign urging American Muslims to vote for Obama.
It's bad enough that billions in Saudi money have been spent to set up Middle East studies programs on American college campuses that indoctrinate students in a whitewashed, sanitized version of Islam that covers up its violent history and the supremacist doctrines of political Islam.
Have we reached a point where petro-dollars in the hands of Muslim foreign nationals are trying to buy a presidential election as well? Whether one supports Obama or McCain is not the issue. If there's evidence of massive amounts of foreign contributions to McCain, we'll report that.
The issue is we are Americans first, and the prospect of foreign nationals trying to illegally influence our election process should be something that every American should oppose and want exposed, regardless of political party affiliation or candidate preference.
More than half of the whopping $426.9 million Barack Obama has raised has come from small donors whose names the Obama campaign won't disclose.
And questions have arisen about millions more in foreign donations the Obama campaign has received that apparently have not been vetted as legitimate.
Obama has raised nearly twice that of John McCain's campaign, according to new campaign finance report.
But because of Obama’s high expenses during the hotly contested Democratic primary season and an early decision to forgo public campaign money and the spending limits it imposes, all that cash has not translated into a financial advantage — at least, not yet.
The Obama campaign and the Democratic National Committee began September with $95 million in cash, according to reports filed with the Federal Election Commission (FEC).
The McCain camp and the Republican National Committee had $94 million, because of an influx of $84 million in public money.
But Obama easily could outpace McCain by $50 million to $100 million or more in new donations before Election Day, thanks to a legion of small contributors whose names and addresses have been kept secret.
Unlike the McCain campaign, which has made its complete donor database available online, the Obama campaign has not identified donors for nearly half the amount he has raised, according to the Center for Responsive Politics (CRP).
Federal law does not require the campaigns to identify donors who give less than $200 during the election cycle. However, it does require that campaigns calculate running totals for each donor and report them once they go beyond the $200 mark.
Surprisingly, the great majority of Obama donors never break the $200 threshold.
“Contributions that come under $200 aggregated per person are not listed,” said Bob Biersack, a spokesman for the FEC. “They don’t appear anywhere, so there’s no way of knowing who they are.”
The FEC breakdown of the Obama campaign has identified a staggering $222.7 million as coming from contributions of $200 or less. Only $39.6 million of that amount comes from donors the Obama campaign has identified.
It is the largest pool of unidentified money that has ever flooded into the U.S. election system, before or after the McCain-Feingold campaign finance reforms of 2002.
Biersack would not comment on whether the FEC was investigating the huge amount of cash that has come into Obama’s coffers with no public reporting.
But Massie Ritsch, a spokesman for CRP, a campaign-finance watchdog group, dismissed the scale of the unreported money.
“We feel comfortable that it isn’t the $20 donations that are corrupting a campaign,” he told Newsmax.
But those small donations have added up to more than $200 million, all of it from unknown and unreported donors.
Ritsch acknowledges that there is skepticism about all the unreported money, especially in the Obama campaign coffers.
“We and seven other watchdog groups asked both campaigns for more information on small donors,” he said. “The Obama campaign never responded,” whereas the McCain campaign “makes all its donor information, including the small donors, available online.”
The rise of the Internet as a campaign funding tool raises new questions about the adequacy of FEC requirements on disclosure. In pre-Internet fundraising, almost all political donations, even small ones, were made by bank check, leaving a paper trail and limiting the amount of fraud.
But credit cards used to make donations on the Internet have allowed for far more abuse.
“While FEC practice is to do a post-election review of all presidential campaigns, given their sluggish metabolism, results can take three or four years,” said Ken Boehm, the chairman of the conservative National Legal and Policy Center.
Already, the FEC has noted unusual patterns in Obama campaign donations among donors who have been disclosed because they have gone beyond the $200 minimum.
FEC and Mr. Doodad Pro
When FEC auditors have questions about contributions, they send letters to the campaign’s finance committee requesting additional information, such as the complete address or employment status of the donor.
Many of the FEC letters that Newsmax reviewed instructed the Obama campaign to “redesignate” contributions in excess of the finance limits.
Under campaign finance laws, an individual can donate $2,300 to a candidate for federal office in both the primary and general election, for a total of $4,600. If a donor has topped the limit in the primary, the campaign can “redesignate” the contribution to the general election on its books.
In a letter dated June 25, 2008, the FEC asked the Obama campaign to verify a series of $25 donations from a contributor identified as “Will, Good” from Austin, Texas.
Mr. Good Will listed his employer as “Loving” and his profession as “You.”
A Newsmax analysis of the 1.4 million individual contributions in the latest master file for the Obama campaign discovered 1,000 separate entries for Mr. Good Will, most of them for $25.
In total, Mr. Good Will gave $17,375.
Following this and subsequent FEC requests, campaign records show that 330 contributions from Mr. Good Will were credited back to a credit card. But the most recent report, filed on Sept. 20, showed a net cumulative balance of $8,950 — still well over the $4,600 limit.
There can be no doubt that the Obama campaign noticed these contributions, since Obama’s Sept. 20 report specified that Good Will’s cumulative contributions since the beginning of the campaign were $9,375.
In an e-mailed response to a query from Newsmax, Obama campaign spokesman Ben LaBolt pledged that the campaign would return the donations. But given the slowness with which the campaign has responded to earlier FEC queries, there’s no guarantee that the money will be returned before the Nov. 4 election.
Similarly, a donor identified as “Pro, Doodad,” from “Nando, NY,” gave $19,500 in 786 separate donations, most of them for $25. For most of these donations, Mr. Doodad Pro listed his employer as “Loving” and his profession as “You,” just as Good Will had done.
But in some of them, he didn’t even go this far, apparently picking letters at random to fill in the blanks on the credit card donation form. In these cases, he said he was employed by “VCX” and that his profession was “VCVC.”
Following FEC requests, the Obama campaign began refunding money to Doodad Pro in February 2008. In all, about $8,425 was charged back to a credit card. But that still left a net total of $11,165 as of Sept. 20, way over the individual limit of $4,600.
Here again, LaBolt pledged that the contributions would be returned but gave no date.
In February, after just 93 donations, Doodad Pro had already gone over the $2,300 limit for the primary. He was over the $4,600 limit for the general election one month later.
In response to FEC complaints, the Obama campaign began refunding money to Doodad Pro even before he reached these limits. But his credit card was the gift that kept on giving. His most recent un-refunded contributions were on July 7, when he made 14 separate donations, apparently by credit card, of $25 each.
Just as with Mr. Good Will, there can be no doubt that the Obama campaign noticed the contributions, since its Sept. 20 report specified that Doodad’s cumulative contributions since the beginning of the campaign were $10,965.
Foreign Donations
And then there are the overseas donations — at least, the ones that we know about.
The FEC has compiled a separate database of potentially questionable overseas donations that contains more than 11,500 contributions totaling $33.8 million. More than 520 listed their “state” as “IR,” often an abbreviation for Iran. Another 63 listed it as “UK,” the United Kingdom.
More than 1,400 of the overseas entries clearly were U.S. diplomats or military personnel, who gave an APO address overseas. Their total contributions came to just $201,680.
But others came from places as far afield as Abu Dhabi, Addis Ababa, Beijing, Fallujah, Florence, Italy, and a wide selection of towns and cities in France.
Until recently, the Obama Web site allowed a contributor to select the country where he resided from the entire membership of the United Nations, including such friendly places as North Korea and the Islamic Republic of Iran.
Unlike McCain’s or Sen. Hillary Clinton’s online donation pages, the Obama site did not ask for proof of citizenship until just recently. Clinton’s presidential campaign required U.S. citizens living abroad to actually fax a copy of their passport before a donation would be accepted.
With such lax vetting of foreign contributions, the Obama campaign may have indirectly contributed to questionable fundraising by foreigners.
In July and August, the head of the Nigeria’s stock market held a series of pro-Obama fundraisers in Lagos, Nigeria’s largest city. The events attracted local Nigerian business owners.
At one event, a table for eight at one fundraising dinner went for $16,800. Nigerian press reports claimed sponsors raked in an estimated $900,000.
The sponsors said the fundraisers were held to help Nigerians attend the Democratic convention in Denver. But the Nigerian press expressed skepticism of that claim, and the Nigerian public anti-fraud commission is now investigating the matter.
Concerns about foreign fundraising have been raised by other anecdotal accounts of illegal activities.
In June, Libyan leader Moammar Gadhafi gave a public speech praising Obama, claiming foreign nationals were donating to his campaign.
“All the people in the Arab and Islamic world and in Africa applauded this man,” the Libyan leader said. “They welcomed him and prayed for him and for his success, and they may have even been involved in legitimate contribution campaigns to enable him to win the American presidency..."
Though Gadhafi asserted that fundraising from Arab and African nations were “legitimate,” the fact is that U.S. federal law bans any foreigner from donating to a U.S. election campaign.
The rise of the Internet and use of credit cards have made it easier for foreign nationals to donate to American campaigns, especially if they claim their donation is less than $200.
Campaign spokesman LaBolt cited several measures that the campaign has adopted to “root out fraud,” including a requirement that anyone attending an Obama fundraising event overseas present a valid U.S. passport, and a new requirement that overseas contributors must provide a passport number when donating online.
One new measure that might not appear obvious at first could be frustrating to foreigners wanting to buy campaign paraphernalia such as T-shirts or bumper stickers through the online store.
In response to an investigation conducted by blogger Pamela Geller, who runs the blog Atlas Shrugs, the Obama campaign has locked down the store.
Geller first revealed on July 31 that donors from the Gaza strip had contributed $33,000 to the Obama campaign through bulk purchases of T-shirts they had shipped to Gaza.
The online campaign store allows buyers to complete their purchases by making an additional donation to the Obama campaign.
A pair of Palestinian brothers named Hosam and Monir Edwan contributed more than $31,300 to the Obama campaign in October and November 2007, FEC records show.
Their largesse attracted the attention of the FEC almost immediately. In an April 15, 2008, report that examined the Obama campaign’s year-end figures for 2007, the FEC asked that some of these contributions be reassigned.
The Obama camp complied sluggishly, prompting a more detailed admonishment form the FEC on July 30.
The Edwan brothers listed their address as “GA,” as in Georgia, although they entered “Gaza” or “Rafah Refugee camp” as their city of residence on most of the online contribution forms.
According to the Obama campaign, they wrongly identified themselves as U.S. citizens, via a voluntary check-off box at the time the donations were made.
Many of the Edwan brothers’ contributions have been purged from the FEC database, but they still can be found in archived versions available for CRP and other watchdog groups.
The latest Obama campaign filing shows that $891.11 still has not been refunded to the Edwan brothers, despite repeated FEC warnings and campaign claims that all the money was refunded in December.
A Newsmax review of the Obama campaign finance filings found that the FEC had asked for the redesignation or refund of 53,828 donations, totaling just under $30 million.
But none involves the donors who never appear in the Obama campaign reports, which the CRP estimates at nearly half the $426.8 million the Obama campaign has raised to date.
Many of the small donors participated in online “matching” programs, which allows them to hook up with other Obama supporters and eventually share e-mail addresses and blogs.
The Obama Web site described the matching contribution program as similar to a public radio fundraising drive.
“Our goal is to bring 50,000 new donors into our movement by Friday at midnight,” campaign manager David Plouffe e-mailed supporters on Sept. 15. “And if you make your first online donation today, your gift will go twice as far. A previous donor has promised to match every dollar you donate.”
FEC spokesman Biersack said he was unfamiliar with the matching donation drive. But he said that if donations from another donor were going to be reassigned to a new donor, as the campaign suggested, “the two people must agree” to do so.
This type of matching drive probably would be legal as long as the matching donor had not exceeded the $2,300 per-election limit, he said.
Obama campaign spokesman LaBolt said, “We have more than 2.5 million donors overall, hundreds of thousands of which have participated in this program.”
Until now, the names of those donors and where they live have remained anonymous — and the federal watchdog agency in charge of ensuring that the presidential campaigns play by the same rules has no tools to find out.
25/09/08 "Lew Rockwell" -- - Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! "This is welfare for the rich," he said. "This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences – predictable, that is, to those who understand sound, Austrian economics – are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!
* The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us. * Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals. * Then there’s this: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.
There goes your country.
Even some so-called free-market economists are calling all this "sadly necessary." Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind – another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
Dr. Ron Paul is a Republican member of Congress from Texas.
Treasury Secretary Henry M. Paulson Jr.'s rescue plan rests on the government buying troubled mortgage securities. (By Nikki Kahn -- The Washington Post)
The Bush administration's pitch for a sweeping bailout of the financial system has centered on two simple premises: that the economy could suffer a crippling downturn if action is not taken very quickly and that this action should consist of the government buying troubled mortgage securities from banks and other institutions.
But many of the nation's top economists disagree with one or both of those ideas, even as many top political leaders have swung behind them.
Wall Street economists have mostly endorsed Treasury Secretary Henry M. Paulson Jr.'s plan, or a variation thereof.
But almost 200 academic economists -- who aren't paid by the institutions that could directly benefit from the plan but who also may not have recent practical experience in the markets -- have signed a petition organized by a University of Chicago professor objecting to the plan on the grounds that it could create perverse incentives, that it is too vague and that its long-run effects are unclear. Sen. Richard C. Shelby (Ala.), ranking Republican on the Budget Committee, brandished that letter yesterday afternoon as he explained his opposition to the bailout outside a bipartisan summit at the White House. The petition did not advocate any specific plan, including that offered yesterday by House Republicans.
Economists tend to agree that the nation's economy is at serious risk as the flow of credit threatens to freeze. Just yesterday, the interest rate at which banks lend to each other rose steeply, as it has every day this week, suggesting that lenders are hoarding cash. History shows that when this happens, a broad economic crisis can follow, for instance, the Great Depression and Japan's decade-long recession in the 1990s.
"If nothing is done, the potential for these markets to seize up in a big way is definitely there," said Frederic S. Mishkin, an economist at Columbia University who was a Federal Reserve governor until last month. "When you look at the history of these crises, when things spin out of control, the cost to fix it later goes up exponentially."
But many others with a deep theoretical knowledge of finance and experience in government are skeptical of the structure of Paulson's plan -- and the speed with which it has been crafted.
The critics can be roughly divided into two camps. One group thinks money should be directly infused into banks, which should allow it to trickle down through the financial system to borrowers. A second group thinks the government should buy individual mortgages, thus helping ordinary Americans more directly, with the benefits trickling up to the banks.
The plan promoted by Paulson and Fed Chairman Ben S. Bernanke is somewhere in between: buying up packages of mortgages and hoping that the benefits spread both up to banks and down to households.
"The plan is a trickle-down approach from banks to Main Street," said Alan S. Blinder, a professor at Princeton University. "But if you reduce the flood of foreclosures and defaults" -- which he would have the government do by buying loans directly and then renegotiating the terms -- "it will make mortgage-backed securities worth more."
That might help ordinary Americans but would be extremely difficult to administer. The government would have to make decisions on the foreclosure and resale of individual houses all over the country. Still, many economists with left-of-center political views favor some variation of this approach to the plan endorsed by Bush.
"There is a kind of suggestion in the Paulson proposal that if only we provide enough money to financial markets, this problem will disappear," said Joseph Stiglitz, a Nobel Prize-winning economist. "But that does nothing to address the fundamental problem of bleeding foreclosures and the holes in the balance sheets of banks."
Coming from the other direction, more conservative economists worry that by having the government buy mortgage securities, the Paulson plan would manipulate prices in that market without getting at the nub of the problem: that banks do not have enough capital and are having difficulty raising any on private markets.
In a sign of how the debate over the economy has shifted in recent weeks, some conservatives, even as they argue for a relatively limited government role, are calling on the government to invest public money in private banks.
"The root of the issue is recapitalizing banks," said Glenn Hubbard, dean of Columbia Business School and a former chairman of President Bush's Council of Economic Advisers. "That could be done more efficiently through the government injection of preferred equity. Then the market could figure out the prices of the assets."
Many of these critics don't care for the assumption behind the administration's plan that the market is now pricing these mortgage securities incorrectly, a problem that the government intervention aims to fix.
"The premise appears to be that the market is irrationally pessimistic," wrote Greg Mankiw, a Harvard University economist and another former Bush economic adviser, on his blog this week. "That might be so. Nonetheless, one has to be at least a bit skeptical about the idea that government policymakers gambling with other people's money are better at judging the value of complex financial instruments than are private investors gambling with their own."
Some conservatives are now arguing, notably, that the government should be investing in banks.
Many economists fault the Bush administration and Congress for moving so quickly on the bailout package without allowing more time for debate. That sentiment was reflected in the petition organized by John Cochrane of the University of Chicago. (None of the economists quoted here were signatories.)
"I totally disagree that this needs to be done this week. It's more important to get it right," Blinder said.
Moreover, some economists said the proposed $700 billion may not be enough to address all the problems stretching across the financial landscape. "You only show up if you can win, and this is not that package," said Simon Johnson, a professor at Massachusetts Institute of Technology and former chief economist at the International Monetary Fund. "This cannot be the ultimate, decisive solution if you are not addressing the underlying cause."
The plan is short on details, instead giving the Treasury secretary wide latitude to determine how to execute the purchases of mortgage securities.
"I'd like to see how they see the evolution of an end game. There are still many questions," said Myron Scholes, a retired professor at Stanford University and Nobel Prize winner. He said how long the government holds the assets and how they are later resold would be the keys to determining whether the plan works.
Comment: I don't know what to make of this. At first I thought it was a bad joke yet there is amply evidence that this directive for martial law has in fact been adopted. In any case it is not a joke yet the Corporate Media will not touch this one with a ten foot poll. When you watch the video of the reading of HR8791 you will think you are hearing something out of "War of the Worlds." Truly bizarre!!! The first video shows Corsi discussing the legislation on C-SPAN. Even odder is the fact that there is no citation for HR8791 yet the second video actually shows the heavily redacted bill being read before the House.
This is what is clear. In March of 2008 the House held the first "secret meeting" since Contra-Gate in 1983 which most likely admitted that the US was involved in trading guns for drugs and sold the drugs to gangs in LA as documented in "The Dark Alliance." This has been followed by additional edicts by President Bush which essentially allow him to impose Martial Law in the United States. Another of the following videos talks about the military setting up a division of North Com ( the military's Northern Command) within the United States beginning in October. This is a violation of Posse Comitatus and sets the stage for martial law in the United States.
I know this sound paranoid and my readers know that I have never subscribed to the crazier notions of Rense and others that talk about aliens and other ridiculous crap. But something extremely odd IS going on in this country. My best guess is that this is being done in case the American people rise up against Paulson's " Trillion Dollar Bailout" or possibly a real or staged terrorist attack within the United States. I highly urge everyone to watch all of these videos and reach your own conslusions.
President Bush, without so much as issuing a press statement, on May 9 signed a directive that granted near dictatorial powers to the office of the president in the event of a national emergency declared by the president.
The "National Security and Homeland Security Presidential Directive," with the dual designation of NSPD-51, as a National Security Presidential Directive, and HSPD-20, as a Homeland Security Presidential Directive, establishes under the office of president a new National Continuity Coordinator.
That job, as the document describes, is to make plans for "National Essential Functions" of all federal, state, local, territorial, and tribal governments, as well as private sector organizations to continue functioning under the president's directives in the event of a national emergency.
The directive loosely defines "catastrophic emergency" as "any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, economy, or government functions."
When the president determines a catastrophic emergency has occurred, the president can take over all government functions and direct all private sector activities to ensure we will emerge from the emergency with an "enduring constitutional government."
Translated into layman's terms, when the president determines a national emergency has occurred, the president can declare to the office of the presidency powers usually assumed by dictators to direct any and all government and business activities until the emergency is declared over.
Ironically, the directive sees no contradiction in the assumption of dictatorial powers by the president with the goal of maintaining constitutional continuity through an emergency.
The directive specifies that the assistant to the president for Homeland Security and Counterterrorism will be designated as the National Continuity Coordinator.
Further established is a Continuity Policy Coordination Committee, chaired by a senior director from the Homeland Security Council staff, designated by the National Continuity Coordinator, to be "the main day-to-day forum for such policy coordination."
Currently, the assistant to the president for Homeland Security and Counterterrorism is Frances Fragos Townsend.
Townsend spent 13 years at the Justice Department before moving to the U.S. Coast Guard where she served as assistant commandant for intelligence.
She is a White House staff member in the executive office of the president who also chairs the Homeland Security Council, which as a counterpart to the National Security Council reports directly to the president.
The directive issued May 9 makes no attempt to reconcile the powers created there for the National Continuity Coordinator with the National Emergency Act. As specified by U.S. Code Title 50, Chapter 34, Subchapter II, Section 1621, the National Emergency Act allows that the president may declare a national emergency but requires that such proclamation "shall immediately be transmitted to the Congress and published in the Federal Register."
A Congressional Research Service study notes that under the National Emergency Act, the president "may seize property, organize and control the means of production, seize commodities, assign military forces abroad, institute martial law, seize and control all transportation and communication, regulate the operation of private enterprise, restrict travel, and, in a variety of ways, control the lives of United States citizens."
The CRS study notes that the National Emergency Act sets up congress as a balance empowered to "modify, rescind, or render dormant such delegated emergency authority," if Congress believes the president has acted inappropriately.
NSPD-51/ HSPD-20 appears to supersede the National Emergency Act by creating the new position of National Continuity Coordinator without any specific act of Congress authorizing the position.
NSPD-51/ HSPD-20 also makes no reference whatsoever to Congress. The language of the May 9 directive appears to negate any a requirement that the president submit to Congress a determination that a national emergency exists, suggesting instead that the powers of the executive order can be implemented without any congressional approval or oversight.
Homeland Security spokesperson Russ Knocke affirmed that the Homeland Security Department will be implementing the requirements of NSPD-51/ HSPD-20 under Townsend's direction.
Comment: This is against Posse Commitatis and is blatantly unconstitutional. The fact that it come just after the Paulsen "Trillion Dollar Corporate Bailout" may mean that they are afraid the American People will not stand for this act of treason without a fight. Whatever the case we should be adamantly against the use of the military in civilian affairs. The military does not have to abide by our Constitution, which is one of the reasons that Posse Commitatis was legislated in the first place at the end of the Civil War.. Be afraid. Be very afraid. There is most definitely something up in these here United States.
3rd Infantry’s 1st BCT (Brigade Combat Team) trains for a new dwell-time mission. Helping ‘people at home’ may become a permanent part of the active Army By Gina Cavallaro - Staff writer Posted : Monday Sep 8, 2008 6:15:06 EDT
The 3rd Infantry Division’s 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys.
Now they’re training for the same mission — with a twist — at home.
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
It is not the first time an active-duty unit has been tapped to help at home. In August 2005, for example, when Hurricane Katrina unleashed hell in Mississippi and Louisiana, several active-duty units were pulled from various posts and mobilized to those areas.
But this new mission marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities.
After 1st BCT finishes its dwell-time mission, expectations are that another, as yet unnamed, active-duty brigade will take over and that the mission will be a permanent one.
“Right now, the response force requirement will be an enduring mission. How the [Defense Department] chooses to source that and whether or not they continue to assign them to NorthCom, that could change in the future,” said Army Col. Louis Vogler, chief of NorthCom future operations. “Now, the plan is to assign a force every year.”
The command is at Peterson Air Force Base in Colorado Springs, Colo., but the soldiers with 1st BCT, who returned in April after 15 months in Iraq, will operate out of their home post at Fort Stewart, Ga., where they’ll be able to go to school, spend time with their families and train for their new homeland mission as well as the counterinsurgency mission in the war zones.
Stop-loss will not be in effect, so soldiers will be able to leave the Army or move to new assignments during the mission, and the operational tempo will be variable.
Don’t look for any extra time off, though. The at-home mission does not take the place of scheduled combat-zone deployments and will take place during the so-called dwell time a unit gets to reset and regenerate after a deployment.
The 1st of the 3rd is still scheduled to deploy to either Iraq or Afghanistan in early 2010, which means the soldiers will have been home a minimum of 20 months by the time they ship out.
In the meantime, they’ll learn new skills, use some of the ones they acquired in the war zone and more than likely will not be shot at while doing any of it.
They may be called upon to help with civil unrest and crowd control or to deal with potentially horrific scenarios such as massive poisoning and chaos in response to a chemical, biological, radiological, nuclear or high-yield explosive, or CBRNE, attack.
Training for homeland scenarios has already begun at Fort Stewart and includes specialty tasks such as knowing how to use the “jaws of life” to extract a person from a mangled vehicle; extra medical training for a CBRNE incident; and working with U.S. Forestry Service experts on how to go in with chainsaws and cut and clear trees to clear a road or area.
The 1st BCT’s soldiers also will learn how to use “the first ever nonlethal package that the Army has fielded,” 1st BCT commander Col. Roger Cloutier said, referring to crowd and traffic control equipment and nonlethal weapons designed to subdue unruly or dangerous individuals without killing them.
“It’s a new modular package of nonlethal capabilities that they’re fielding. They’ve been using pieces of it in Iraq, but this is the first time that these modules were consolidated and this package fielded, and because of this mission we’re undertaking we were the first to get it.”
The package includes equipment to stand up a hasty road block; spike strips for slowing, stopping or controlling traffic; shields and batons; and, beanbag bullets.
“I was the first guy in the brigade to get Tasered,” said Cloutier, describing the experience as “your worst muscle cramp ever — times 10 throughout your whole body.
“I’m not a small guy, I weigh 230 pounds ... it put me on my knees in seconds.”
The brigade will not change its name, but the force will be known for the next year as a CBRNE Consequence Management Response Force, or CCMRF (pronounced “sea-smurf”).
“I can’t think of a more noble mission than this,” said Cloutier, who took command in July. “We’ve been all over the world during this time of conflict, but now our mission is to take care of citizens at home ... and depending on where an event occurred, you’re going home to take care of your home town, your loved ones.”
While soldiers’ combat training is applicable, he said, some nuances don’t apply.
“If we go in, we’re going in to help American citizens on American soil, to save lives, provide critical life support, help clear debris, restore normalcy and support whatever local agencies need us to do, so it’s kind of a different role,” said Cloutier, who, as the division operations officer on the last rotation, learned of the homeland mission a few months ago while they were still in Iraq.
Some brigade elements will be on call around the clock, during which time they’ll do their regular marksmanship, gunnery and other deployment training. That’s because the unit will continue to train and reset for the next deployment, even as it serves in its CCMRF mission.
Should personnel be needed at an earthquake in California, for example, all or part of the brigade could be scrambled there, depending on the extent of the need and the specialties involved.
Other branches included The active Army’s new dwell-time mission is part of a NorthCom and DOD response package.
Active-duty soldiers will be part of a force that includes elements from other military branches and dedicated National Guard Weapons of Mass Destruction-Civil Support Teams.
A final mission rehearsal exercise is scheduled for mid-September at Fort Stewart and will be run by Joint Task Force Civil Support, a unit based out of Fort Monroe, Va., that will coordinate and evaluate the interservice event.
In addition to 1st BCT, other Army units will take part in the two-week training exercise, including elements of the 1st Medical Brigade out of Fort Hood, Texas, and the 82nd Combat Aviation Brigade from Fort Bragg, N.C.
There also will be Air Force engineer and medical units, the Marine Corps Chemical, Biological Initial Reaction Force, a Navy weather team and members of the Defense Logistics Agency and the Defense Threat Reduction Agency.
One of the things Vogler said they’ll be looking at is communications capabilities between the services.
“It is a concern, and we’re trying to check that and one of the ways we do that is by having these sorts of exercises. Leading up to this, we are going to rehearse and set up some of the communications systems to make sure we have interoperability,” he said.
“I don’t know what America’s overall plan is — I just know that 24 hours a day, seven days a week, there are soldiers, sailors, airmen and Marines that are standing by to come and help if they’re called,” Cloutier said. “It makes me feel good as an American to know that my country has dedicated a force to come in and help the people at home.”
Comment: You will have to paste the link (above) to watch the video, but it will be well worth the effort. Ever hear about CAFR before? This explains a whole lot of what is wrong with our government. It runs about 1.5 hours.
The following three reports should be circulated to al1, and all should do the same..
1. The Federal Reserve's - Comprehensive Annual Financial Report (CAFR) 2006 - http://cafr1.com/STATES/FedReserve/FR2006CAFR.pdf 2007 - http://cafr1.com/STATES/FedReserve/FR2007CAFR.pdf
2. The US Treasury Auditor Generals Report on the top Bank derivative holdings with it being noted to look down 2/3rds through the report to the "Table" section to see the dollar values (in millions so add six zeros to the shown numbers) Example: JP Morgan Chase - #1 - Net assets 1.4 trillion - derivative positions 90 trillion dollars. 2008 March - http://cafr1.com/STATES/US-TreasuryReports/BankDerivativesMarch08.pdf
3. The US Treasury Auditor Generals Report on top Bank mortgage holdings and performance. 2008 June - http://cafr1.com/STATES/US-TreasuryReports/MortgageJune08.pdf
People are guessing at whats going on behind the door. No longer, walk through the door and look. See through the looking glass.
These three reports should be viewed by the world to see the "scope" and reality of a good piece of the money involved in moving the markets. (over 250 "trillion" dollars in derivatives). The derivative report shows that between the top five banks they can control the ups and the downs at will by the shear scope and size of their leveraged derivative holdings. They can destroy their competition after liquidating their revenue by market manipulations and then eat them up at pennies on the dollar. The moves we are seeing in the market place are not random, they are created by those wielding the greatest leverage through the use of the derivatives held.
People talk about drug dealers and how they can destroy lives, but how many can look at their books to see the who, where, when, and how much. These three reports give you a good look at the same per the Banks, so look, learn, and share!
Do they need 700 billion or so in taxpayer funds? NOT! Do they need a jail cell? Now that is a more reasonable and timely question to ask..
By watching America’s financial meltdown, the lunatics took possession of the asylum in the past week. What amazes taxpayers stems from the fact that the people who brought us this “1929 Crash” crisis in 2008, think they can solve it by taking even more money that doesn’t exist! Whether Treasury Secretary Paulson begs for a $700 billion bailout or Mr. Bernanke cajoles Congress—American taxpayers foot the bill. Taxpayers foot the bill like friends buying a bottle of Jack Daniels for a 16 year old alcoholic while giving him the keys to their cars.
Americans enable more corruption, financial anarchy and the cartel of Congress.
I spoke with Colorado economist and humorist Michael Folkerth, author of “The Biggest Lie Ever Believed” with his website.
“We are living in historic times, ugly history, but history all the same,” Folkerth said. “One of my readers asked me to simplify what is happening with our monetary and banking systems to Mikeronomics.
“In the words of the King of Simple, Wall Street (including banks) had legal gambling debts that were considered too large to cover. Our leadership said, “No problem, we’ll tax the public to pay your debts and you can get back to what you do best; gambling with other people’s money.”
“I have written for years that Wall Street is nothing more than Las Vegas on steroids. They drain the life blood out of American companies to a point of sending them into bankruptcy or moving off shore.
“Once all the damage was done here in the U.S., they have moved their money and investments to such places are Communist China, Korea, Brazil and India, stating that we must compete in a global world. Hogwash! (that is an economic term)
“Our economic woes didn’t materialize overnight; they began around 1970, when our insistence on exponential growth in GDP collided with physics. The monetary system and matter-energy systems no longer balanced.
“The matter-energy system (all that is real and tangible) must balance with the monetary system (the man-made creation of money). This was the case prior to 1970 as can be seen here.
“While it is absolutely imperative that these two systems balance, the growth of the matter-energy system is constrained by a finite-physical barrier. The monetary system, being man-made, is not. To complicate matters even further, the monetary system grows exponentially or geometrically, due to the power of compounding interest. These facts make the two most important underpinnings of our economic system incompatible. A condition that cannot long exist; and it didn’t.
“This balance of our two most important aspects of our economic system is a well known requirement. A requirement that has been acknowledged nearly since time began. To keep the man made monetary system from running amuck, it was kept in check by requiring a physical element be provided prior to the printing of currency, that of silver and gold. In this way, a semblance of balance was thus possible. Gold from the finite system was required to match that of the creation of paper currency which is infinite. Good plan!
“Around 1970, that balance was no longer possible. The necessity of creating an exponential growing supply of money to match that of compounding interest coupled with the desire to grow population and GDP, was no longer achievable when constrained by the waning supply (and cost) of the physical check and balance of gold….unless that is, the rules could be changed. Bad plan coming up!
“In 1971, America went off the gold standard forever. Now that the pesky constraint of a physical check and balance for the dollar was removed, money could be printed in ever increasing quantities and resource depletion and population growth were non-issues; temporarily. The wisdom of centuries was thrown out the door in lieu of greed, power, false wealth and trying to fool Mother Nature. We would soon learn that Mother Nature is one mean Mother.
“The massive amounts of paper money that could be produced by simply “monetizing debt” opened the door for some of the most elaborate forms of gambling ever perpetrated on the American people (it was your money in the game). Clever inventions such as “fractionalized banking, credit default swaps, derivative trading, short selling and a hundred other legalized scams brought forth the gamblers, fraudsters and profiteers to shear the willing flock on a daily basis.
“But these gamblers and fraudsters are not the shell game hustlers of the dingy city street corner; these shysters are America’s most elite and shall not be chastised as they have the full backing of the best government that money can buy. Don’t believe me? Look at who is paying the gambling debts.
“However, physics trump human rule makers every time and in the most severe manner. The new system of debt accumulation (rather than balance), lasted a mere 38 years.
“During those 38 years of our ill conceived imbalance with nature, the following has occurred:
1. Our funded National Debt has increased from 371 Billion to the current need for a ceiling of $11.3 Trillion, an increase of 3045% over 38 years, or an average of 80.14% per year. As a benchmark, the National Debt increase for the 20 previous years was 69% or 3.45% per year.
2. The U.S. went from the world’s largest creditor nation to the world’s largest debtor.
3. Oil production in the U.S. decreased by 40% and consumption increased by 40%.
4. The total amount of dollars in circulation has risen from approximately $500 Billion to more than $10 Trillion or a 2000% increase. And backed by what? Taxes!
“To this point, I have been speaking about the funded National Debt. I have not included the unfunded debt or the private debt. America’s unfunded debt (promises made for government retirements, Social Security, Medicare etc.), run the number up to $75.1 Trillion.
“And then there is the private debt of some $42 Trillion which rounds up America’s total debt to $117.1 Trillion. This is equal to $386,091.00 for every child in the U.S. After all, that is who we expect to pay for our exploits against balance is it not?
“The U.S. has reached what I refer to as the “maximum debt level.” The monetary system of debt has become greater than all matter-energy collateral on earth from a balanced perspective. The imbalance has become so great, that just one week ago; our entire monetary system nearly collapsed…and should have. And will!”
sA critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. It reads, in its entirety:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.
Is this starting to sound familiar? Robert Kuttner cuts through much of the gloss in an article in today's American Prospect:
The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street's dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson -- a provision that evokes the Bush administration's suspension of normal constitutional safeguards in its conduct of foreign policy and national security. [...]
The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review.
Kuttner's opposition here is perhaps the strongest language I've seen used, pushing back on this piece of legislation, in any publication of repute, and even here, Section 8 is not cited by name or by content. McClatchy Newspapers also alludes to Section 8 with concern, citing the "unfettered authority" that Paulson would be granted, and noting that the "law also would preclude court review of steps Paulson might take, something Joshua Rosner, managing director of economic researcher Graham Fisher & Co. in New York, said could be used to mask previous illegal activity." Jack Balkin also gives the matter the sort of attention it deserves on his blog, Balkinization.
But elsewhere, the conversation is muted. The debate over whether Congress is going to pass the Paulson bailout package, or pass the Paulson bailout package really hard seems to have boiled down to a discussion of time and concessions. The White House has made it clear that they want this package passed yesterday. Congressional Democrats seem to be of different minds on the matter, with some pushing back hard, and others content to demand a small dollop of turd polish to make the package seem more aesthetically pleasing, at which point, they'll likely roll over and pass the bill. Neither candidate, John McCain or Barack Obama, seem all that amenable toward the bailout, but neither have either demonstrated that they are willing to risk their candidacies to do much more than exploit the issue for electoral purposes.
Sunday morning came and went, with Paulson traipsing dutifully from studio to studio, facing nary a question on Section 8. Front page articles in the New York Times, Washington Post, and the Wall Street Journal detail the wranglings, but make no mention of this section of the legislation. On TV, cable news networks are stuck in the fog of the ongoing presidential campaign.
Throughout the coverage, one catches a whiff of what seems like substantive pushback on this power grab, but it largely amounts to a facsimile of journalistic diligence. Most note, in general terms, that the bailout represents a set of "broad powers" that will be granted to the Department of the Treasury. Yet the coverage offsets these concerns through the constant hyping of the White House's overall message of "urgency."
But one cannot overstate this: Section 8 is a singularly transformative sentence of economic policy. It transfers a significant amount of power to the Executive Branch, while walling off any avenue for oversight, and offering no guarantees in return. And if the Democrats end up content with winning a few slight concessions, they risk not putting a stop-payment on the real "blank check" - the one in which they allow the erosion of their own powers.
Over in the Senate, Christopher Dodd has proposed a bailout legislation of his own, which critically calls for "an oversight board that not only includes the chairman of the Federal Reserve and the SEC, but congressionally appointed, non-governmental officials" and would require the President to appoint an "independent inspector general to investigate the Treasury asset program." In Dodd's legislation, Section 8 is effectively stripped from the bill.
Nevertheless, the fact that Section 8 of the Paulson plan seems to strike few as a de facto dealbreaker can and should astound. The failure of Congress to hold the line on this point would be truly embarrassing. But if we make it through this week with nobody in the press specifically informing the public about the implications of this single sentence - in the middle of a complicated bill, in the middle of a complicated time - then right there, you have the single largest media failure of this year.
In this Bill Maher segment, Naomi Klein argues that by transferring Wall Street's gambling debt to Main Street (what she calls crybaby capitalism), the shock doctrine will come into play:
"They have moved the disaster from Wall Street to Main Street by accepting those debts.... But the bomb has yet to detonate. The bomb is the debt that has now been transferred to the taxpayers.
"So it detonates when/if John McCain becomes president in the midst of an economic crisis, and says, 'Look! We're in trouble. We've got a disaster on our hands. We have to privatize social security. We can't afford health care. We can't afford food stamps. We need more deregulation, more privatization.'
"You know the thesis of the Shock Doctrine is that you need a disaster to rationalize pushing through these very unpopular policies.
"So, the real disaster has yet to come. The real disaster is the debt that is going to explode on the American taxpayers. And then they do economic shock therapy."
Andrew Sullivan, author of The Conservative Soul and writer for TheAtlantic.com, argues with her, unsuccessfully. Klein retorts with, "This is socialism for the rich. Look, if we're socializing things, let's nationalize something profitable. Let's go for Exxon. They're socializing junk!"
According to a recent Rasmussen Reports survey, 28% of Americans support the banker bailout plan and another 35% are not sure what to think. “Adding weight to the large number of undecideds is the finding that 82% of Americans are following the bailout story, including 44% who say they are following it very closely. Sixty-five percent (65%) say they are at least somewhat confident they understand the reasons why the plan is being proposed.”
Goldman Sachs chairman Paulson’s appointment was no mistake and it surely wasn’t a conflict of interest.
In fact, most people have no idea what’s behind the plan because the corporate media is not telling them the whole story. Most do not realize there is a crash right around the corner and it is part of the New International Economic Order — synonymous with the phrase New World Order — proposed by the Trilateral Commission, a coterie of bankers and directors of transnational corporations headed up by the chairman of Chase Manhattan Bank and a central figure in the Council on Foreign Relations, David Rockefeller.
“The Trilateral Commission is international and is intended to be the vehicle for multinational consolidation of the commercial and banking interests by seizing control of the political government of the United States,” Barry Goldwater wrote in 1979.
How best to realize this multinational consolidation? Break the bank — or rather the U.S. Treasury. In 2005, writing for the Federal Reserve, Dr. Laurence J. Kotlikoff noted: “Countries can and do go bankrupt. The United States, with its $65 trillion fiscal gap, seems clearly headed down that path.”
One year after Kotlikoff wrote this, the Bush administration sacked Treasury Secretary John Snow and replaced him with Hank Paulson, chairman of Goldman Sachs, one of a small number of institutions allowed to purchase bills, bonds, and notes directly form the Treasury. Paulson’s appointment was no mistake and it surely wasn’t a conflict of interest.
On March 31, 2008, Paulson released a 200 page document titled, “Blueprint for a Modernized Regulatory Structure.” It calls for the complete restructuring of U.S. markets and their regulatory structures to meet new “global standards,” that is to say bring them in line with the New International Economic Order, i.e., the New World Order.
Under Paulson’s “Proposed Treasury Authority to Purchase Troubled Assets,” (see the Fact Sheet on the U.S. Treasury’s website), the “Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets.”
In other words, if passed by Congress, Paulson and Bernanke will have the authority to intervene in the markets as they — as minions of the global elite — deem necessary. It is not a stretch to imagine the outcome: a cornering of the gold, silver, or platinum markets, the snatching up of prime real estate and corporations, running the competition out of business. In essence, this represents the sovietization of the U.S. economy. It is central planning as envisioned by the global elite. It is a triumph for the New International Economic Order.
It is a fait accompli for the globalists.
Not that you can do anything about it, at least nothing legal. “The bill would bar courts from reviewing actions taken under its authority,” reports Bloomberg. “This is a much-needed declaration of power for the Treasury secretary,” remarked historian John Steele Gordon, author of “Hamilton’s Blessing.” (Alexander Hamilton was a blessing for the bankers — he conceived the First Bank of the United States, modeled after the Bank of England.) Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission, told Bloomberg the Bush administration wants “dictatorial power unreviewable by the third branch of government, the courts.”
“This is not a monarchy,” economist Nouriel Roubini complained earlier this week.
No, it’s not a monarchy — instead, it’s shaping up to be a fascist dictatorship as Mussolini, the father of fascism, understood it: an absolutist state controlled by corporations and international bankers.
“If Wall Street gets away with this,” writes William Greider for The Nation, “I predict it will become a transforming event in American politics — exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion.”
Mr. Greider may not know it, but the globalists are one step ahead of him. These would-be rebels will have to deal with the 3rd Infantry Division’s 1st Brigade Combat Team and other components of Northern Command, soon to be “an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks,” according to the Army Times. It’s an “enduring mission,” dealing with terrorists who are opposed to being reduced to chattel slaves for the bankers and global elite.
“This is not a plan aimed at reviving the economy,” remarked Robert Brusca, chief economist of Fact and Opinion Economics.
Brusca’s right. It’s a plan designed by bankers to steal wealth through bankruptcy and economic depression. It’s designed to reduce you to serfdom and make you a peon to the New International Economic Order, aka the New World Order.
Finally, Council on Foreign Relations insider Carroll Quigley warned us about this back in 1966 when he wrote:
The powers of financial capitalism had (a) 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 meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank… sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.
Many of the same economists and opinion-makers who'd provided a bipartisan sheen of consensus to Treasury Secretary Henry Paulson's previous moves have quickly begun casting doubts on the wisdom of a policy that would allow Treasury to purchase without oversight hundreds of billions of dollars of difficult-to-price assets from financial institutions.
Under the proposal, Paulson would not have to report to Congress until December, and the only safeguard for taxpayers was a provision that the “Secretary shall take into consideration means for — (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer.”
Skepticism toward the plan reflected more than the predictable desires of the left to spread the wealth to Main Street or of the right to reject government bailouts, although those sentiments were also expressed.
"We need to take a bold move. In that sense I think Paulson is right," Luigi Zingales, a Professor at the University of Chicago School of Business who wrote a widely circulated short essay titled "Why Paulson is Wrong,” told Politico.
Zingales fears that the Treasury bailout would effectively turn the entire financial sector into a Government Sponsored Enterprise, complete with the same murkiness and moral hazard that sunk Fannie Mae and Freddie Mac. “It might achieve the final outcome, but it will do so at an enormous cost," he said. "All the troubles we’ve seen with Fannie and Freddie would be seen again and again across the entire financial sector."
President Bush is “asking for a huge amount of power,” said Nouriel Roubini, an economist at New York University who was among the first to predict the crisis. “He's saying, ‘Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.” (Roubini told the New York Times that despite these concerns, he also thought the plan could help stave off a recession.)
Paul Krugman, the Princeton University economist and liberal columnist for The New York Times who had until now been cautiously supportive of Paulson's and Federal Reserve Chairman Ben Bernanke’s efforts to prop up the system, wrote that the new plan would be a taxpayer rip-off. “I hate to say this, but looking at the plan as leaked, I have to say no deal,” he wrote on his blog at 4:46 p.m. Saturday. “Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets.”
Yves Smith, a longtime banker and contributor to the influential finance blog Naked Capitalism, published an angry post there titled, "Why You Should Hate The Treasury Bailout Proposal":
"Given that continuing to buy U.S. assets will come under increasingly harsh scrutiny overseas, the U.S. needs to bend over backwards to devise a plan that at least looks credible in terms of directing the funds that come from taxpayers and lenders to their highest and best uses and implementing reforms that will restore active and prudent oversight of financial firms," she wrote. "The administration's demand for a free pass, even if Congress unwisely goes along, is likely to backfire with our foreign creditors."
Gregory Mankiw, a professor at Harvard University and a former chairman of Bush's Council of Economic Advisers who was the economic guru for Mitt Romney's campaign, favorably linked to Smith's post under the headline "A Blank Check" and approvingly quoted a correspondent who wrote, "Has more money ever been given with fewer restrictions on how it is used? Ever?"
Sebastian Mallaby, the center-right economic columnist for The Washington Post and scholar of the modern financial system, was equally dubious. “The plan is being marketed under false pretenses," he wrote in his Sunday column, rejecting comparisons of the plan to the Resolution Trust Corporation, which the government formed in response to the savings and loan crisis to purchase and sell off the bad loans made by bankrupted thrifts.
“The administration proposes to buy up bad loans before the lenders go bust,” Mallaby noted, keeping the banks alive but doing little to solve the problem infecting the markets. “Bad loans are weighing down the financial system precisely because private-sector experts can't determine their worth. The government would have no better handle on the problem.”
Justin Fox, Time magazine's top financial writer and columnist, also worried about the lack of an upside for the taxpayer. "What I still can't figure out is how Treasury hopes to structure the bailout so there's at least a chance of getting a fair return on that risk-taking," he wrote on his blog.
"How on earth will these things be priced?" Portfolio's Felix Salmon asked about the bad debt Paulson plans to purchase. He also pointed out that Treasury would need to stock its office with bond-trading professionals. "All we know so far is that it's going to be set up as a reverse auction, but that raises more questions than it answers."
One notable proponent of the plan was The Financial Times' unsigned Lex column, which acknowledged the lack of oversight but mostly praised the plan:
"This bailout is necessary and the bill should be pushed through quickly. … Nor is the package necessarily a disaster for the taxpayer or the U.S. dollar. If the Treasury buys assets well, and confidence is restored, there is [a] chance that Mr. Paulson could win fund manager of the year."
Zingales, though, writes in "Why Paulson Is Wrong" that "For somebody like me who believes strongly in the free market system, the most serious risk of the current situation is that the interest of a few financiers will undermine the fundamental workings of the capitalist system. The time has come to save capitalism from the capitalists."
We the people must now seize the time! We have always had the capability of determining our own destiny, but for various reasons, the people failed to elect the leaders who provided the correct political will. There was always some corporate or private special interest that stood in the way of the public good. And they always seemed to have the power of the purse to throw around and influence public opinion or our elected officials. The very foundation of the U.S. economy is crumbling underneath our feet. This represents a unique moment in U.S. history and we must now seize the time for self-determination--for health care, education, ecological wisdom, justice, and all the policies that will make a difference in the lives of the people including an end to all wars, including the drug war!
The crisis was staved off for a time for some of our major finance engines when they were able to obtain bridge funding from certain sovereign wealth funds. That option grows increasingly dim as The Federal Reserve is becoming the lender of last resort. This means that the people are becoming the owners of the primary instruments of U.S. capital and finance. This now means that the people have a say in how these instruments are to be used and what their priorities ought to be. The people should now have more say in how their tax dollars are spent and what the priorities of government and the public sector must be. We the people must now set our demands to ensure and promote the public good.
Now, as we ponder the importance of this moment to do good and serve the needs of the people, some politicians have already figured out their answer for us: win or steal the next election, prepare for more war, and leave it to others to try and figure out what to do next. While banks are failing all around us and the U.S. taxpayer is drenched with news of billion-dollar bailouts for *selected* companies, the Congress, which has utterly failed in its twin responsibilities of setting policy and Executive Branch oversight, plans to adjourn instead of setting new policies; lessening the impact of the economic freefall on innocent victims; or stopping war, expansion of war, new war, and occupation.
In a dizzying turn of recent events, we have all witnessed the collapse of Fannie Mae and Freddie Mac mortgage providers, investment banks Lehman Brothers and Bear Stearns, and insurer American International Group (AIG), and other companies. So far, at least eleven banks have filed for bankruptcy this year. The case of the AIG bailout is particularly curious as Merrill Lynch was denied taxpayer largesse. I wonder if AIG was the selected company for bailout because of its relationship to the U.S. intelligence community and what others would discover if AIG's books were opened in an audit. The last person to get close to AIG and its shady operations was Eliott Spitzer.
But some more fundamental issues must be explored here, relating to the underlying assumptions that have guided U.S. political and economic activity, particularly over the last eight years.
The Bush Administration's "anything goes, just don't get caught" attitude has set the tone for what we are witnessing today. To be sure these problems didn't start in January of 2001, but they sure were allowed to accelerate during the George W. Bush Administration. For example, what tone was set when the Administration shipped $12 billion to Paul Bremer's provisional government in Iraq in cash on wooden pallets for Iraq reconstruction? No wonder $9 billion of it was "lost." What I'm constantly reminded of is that the money didn't just vanish, somebody got it. Now it's up to us to find out who!
However, the Administration's blatant disregard for good governance, the rule of law, standards of moral and ethical conduct, and even etiquette, when coupled with a laissez-faire, "go-along-to-get-along" attitude from Congress meant that no holes were barred and no hands were on the deck--a sure prescription for disaster.
In my reading over the course of the last few years, I had to become somewhat conversant with the language of the new economy: bundled mortgages, securitization, SPEs, SIVs, derivatives. But in addition to the old concepts that always seemed to be with us--predatory lending, redlining, no affordable housing amid "the housing bubble,"-- it soon became clear that basically folks had figured out a way to make money off of a ticking time bomb. Kind of like prisons for profit. And even though the Enron scandal was supposed to have cleaned up a lot of this, unfortunately, even Fannie Mae and Freddie Mac regularly engaged in some of these practices and that's why you and I own them today. I believe it is true that the very foundations of the U.S. economy and conventional political behavior have been shaken. Now is not the time for business as usual. And although this is by no ways exhaustive, here are a few things that I think the Democratic-led Congress could work on now instead of adjourning:
1. enactment of a foreclosure moratorium now before the next phase of ARM interest rate increases take effect;
2. elimination of all ARM mortgages and their renegotiation into 30- or 40-year loans;
3. establishment of new mortgage lending practices to end predatory and discriminatory practices;
4. establishment of criteria and construction goals for affordable housing;
5. redefinition of credit and regulation of the credit industry so that discriminatory practices are completely eliminated;
6. full funding for initiatives that eliminate racial and ethnic disparities in home ownership;
7. recognition of shelter as a right according to the United Nations Declaration of Human Rights to which the U.S. is a signatory so that no one sleeps on U.S. streets;
8. full funding of a fund designed to cushion the job loss and provide for retraining of those at the bottom of the income scale as the economy transitions;
9. close all tax loopholes and repeal of the Bush tax cuts for the top 1% of income earners;
10. fairly tax corporations, denying federal subsidies to those who relocate jobs overseas repeal NAFTA.
And since the Congress plans to adjourn early and leave these problems to The Federal Reserve, The Federal Reserve should operate in the interests of the U.S. taxpayer and not the interests of the private, international bankers that it currently represents. This, of course means that The Federal Reserve, too, must undergo a fundamental ownership and mission change.
This crisis does not have to be treated as merely a "market correction," or the result of a few rotten apples in an otherwise pristine barrel. This crisis truly represents the opportunity to introduce fundamental changes in the way the U.S. economy and its political stewards operate. Responsible political leadership demands that the pain and suffering being experienced by the innocent today not be revisited upon them or the next generation tomorrow. But sadly, instead of affirmative action being taken in this direction, the Bush Administration ratchets up the drumbeat for war, Republican Party operatives busily remove duly-registered voters from the voter rolls, and our elected leaders in the Congress go home to campaign while leaving all of us to fend for ourselves. For the Administration and the Democrat-led Congress, I declare: MISSION UNACCOMPLISHED. For the public whose moment this is, I say: Power to the People!
Please visit www.runcynthiarun.org and read our platform. If you like it, please make a donation so we can spread the news and . . . seize the time!
19/09/08 "The Nation" -- - Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses--many hundreds of billions, maybe much more. What's not to like if you are a financial titan threatened with extinction?
If Wall Street gets away with this, it will represent an historic swindle of the American public--all sugar for the villains, lasting pain and damage for the victims. My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called "responsible opinion." If this deal succeeds, I predict it will become a transforming event in American politics--exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion. As I have been saying for several months, this crisis has the potential to bring down one or both political parties, take your choice.
Christopher Whalen of Institutional Risk Analytics, a brave conservative critic, put it plainly: "The joyous reception from Congressional Democrats to Paulson's latest massive bailout proposal smells an awful lot like yet another corporatist lovefest between Washington's one-party government and the Sell Side investment banks."
A kindred critic, Josh Rosner of Graham Fisher in New York, defined the sponsors of this stampede to action: "Let us be clear, it is not citizen groups, private investors, equity investors or institutional investors broadly who are calling for this government purchase fund. It is almost exclusively being lobbied for by precisely those institutions that believed they were 'smarter than the rest of us,' institutions who need to get those assets off their balance sheet at an inflated value lest they be at risk of large losses or worse."
Let me be clear. The scandal is not that government is acting. The scandal is that government is not acting forcefully enough--using its ultimate emergency powers to take full control of the financial system and impose order on banks, firms and markets. Stop the music, so to speak, instead of allowing individual financiers and traders to take opportunistic moves to save themselves at the expense of the system. The step-by-step rescues that the Federal Reserve and Treasury have executed to date have failed utterly to reverse the flight of investors and banks worldwide from lending or buying in doubtful times. There is no obvious reason to assume this bailout proposal will change their minds, though it will certainly feel good to the financial houses that get to dump their bad paper on the government.
A serious intervention in which Washington takes charge would, first, require a new central authority to supervise the financial institutions and compel them to support the government's actions to stabilize the system. Government can apply killer leverage to the financial players: accept our objectives and follow our instructions or you are left on your own--cut off from government lending spigots and ineligible for any direct assistance. If they decline to cooperate, the money guys are stuck with their own mess. If they resist the government's orders to keep lending to the real economy of producers and consumers, banks and brokers will be effectively isolated, therefore doomed.
Only with these conditions, and some others, should the federal government be willing to take ownership--temporarily--of the rotten financial assets that are dragging down funds, banks and brokerages. Paulson and the Federal Reserve are trying to replay the bailout approach used in the 1980s for the savings and loan crisis, but this situation is utterly different. The failed S&Ls held real assets--property, houses, shopping centers--that could be readily resold by the Resolution Trust Corporation at bargain prices. This crisis involves ethereal financial instruments of unknowable value--not just the notorious mortgage securities but various derivative contracts and other esoteric deals that may be virtually worthless.
Despite what the pols in Washington think, the RTC bailout was also a Wall Street scandal. Many of the financial firms that had financed the S&L industry's reckless lending got to buy back the same properties for pennies from the RTC--profiting on the upside, then again on the downside. Guess who picked up the tab? I suspect Wall Street is envisioning a similar bonanza--the chance to harvest new profit from their own fraud and criminal irresponsibility.
If government acts responsibly, it will impose some other conditions on any broad rescue for the bankers. First, take due bills from any financial firms that get to hand off their spoiled assets, that is, a hard contract that repays government from any future profits once the crisis is over. Second, when the politicians get around to reforming financial regulations and dismantling the gimmicks and "too big to fail" institutions, Wall Street firms must be prohibited from exercising their usual manipulations of the political system. Call off their lobbyists, bar them from the bribery disguised as campaign contributions. Any contact or conversations between the assisted bankers and financial houses with government agencies or elected politicians must be promptly reported to the public, just as regulated industries are required to do when they call on government regulars.
More important, if the taxpayers are compelled to refinance the villains in this drama, then Americans at large are entitled to equivalent treatment in their crisis. That means the suspension of home foreclosures and personal bankruptcies for debt-soaked families during the duration of this crisis. The debtors will not escape injury and loss--their situation is too dire--but they deserve equal protection from government, the chance to work out things gradually over some years on reasonable terms.
The government, meanwhile, may have to create another emergency agency, something like the New Deal, that lends directly to the real economy--businesses, solvent banks, buyers and sellers in consumer markets. We don't know how much damage has been done to economic growth or how long the cold spell will last, but I don't trust the bankers in the meantime to provide investment capital and credit. If necessary, Washington has to fill that role, too.
Finally, the crisis is global, obviously, and requires concerted global action. Robert A. Johnson, a veteran of global finance now working with the Campaign for America's Future, suggests that our global trading partners may recognize the need for self-interested cooperation and can negotiate temporary--maybe permanent--reforms to balance the trading system and keep it functioning, while leading nations work to put the global financial system back in business.
The agenda is staggering. The United States is ill equipped to deal with it smartly, not to mention wisely. We have a brain-dead lame duck in the White House. The two presidential candidates are trapped by events, trying to say something relevant without getting blamed for the disaster. The people should make themselves heard in Washington, even if only to share their outrage.
Although I don't agree with everything in this video I commend the author for getting beyond blaming any one group (e.g., Zionists) and rather understanding that there is really a interlinking web of Global Elitists that lie behind this most recent attempt to form a New World Order.
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