The recession may be claiming a new victim: the 5-10-mph "cushion" police and state troopers across the USA have routinely given motorists exceeding the speed limit.
As cities and states scramble to fill budget gaps with revenue from traffic citations, "not only are the (speeding) tolerances much lower, but the frequency of a warning instead of a ticket is way down," says James Baxter, president of the National Motorists Association, a Wisconsin-based drivers' rights group that helps its members fight speeding tickets.
"Most people, if they're stopped now, are getting a ticket even if it's only a minor violation of a few miles per hour," Baxter says. He cites anecdotal evidence of drivers being pulled over at slower speeds.
More Here..
State Of Ohio Going After 20 Year Old Tickets
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Naomi Wolf Thinks the Tea Parties Help Fight Fascism -- Is She Onto Something or in Fantasy Land?
More Here..
Wednesday, March 31, 2010
Canada: You Are Living A Massive Media Economic Lie
After an email conversation with Australian economist Steve Keen, I had the impression that he might be involved in this task force as well. He's got a good head on his shoulders. These are the questions he'll be pondering:
With the Bank of Canada's interest rate set at 0.25%, how is it that 1/3 of Canadians are struggling financially? What happens when interest rates double, and the cost of debt does as well?
Studies suggest that Canadians are wildly overly optimistic about their financial picture.
Why Canadians feel that they'll retire comfortably but can't verbalize or explain how that will happen...
Well I can answer why they feel this way. The government, banks, media and associations in this country keep telling Canadians that they're fine. In fact they brag about how financially responsible Canadians are to people around the world.
But here is the reality. We've been living a lie. We've been listening to interested groups of people who of course benefit from our inaction. The truth is we have been anything but financially prudent.
This is what Don and Steve will find:
CREDIT CARD BALANCES - 1999-2010
Credit card balances are up 458% in 11 years.
Credit Card Balances - Canada - 1999-2010
More Here..
With the Bank of Canada's interest rate set at 0.25%, how is it that 1/3 of Canadians are struggling financially? What happens when interest rates double, and the cost of debt does as well?
Studies suggest that Canadians are wildly overly optimistic about their financial picture.
Why Canadians feel that they'll retire comfortably but can't verbalize or explain how that will happen...
Well I can answer why they feel this way. The government, banks, media and associations in this country keep telling Canadians that they're fine. In fact they brag about how financially responsible Canadians are to people around the world.
But here is the reality. We've been living a lie. We've been listening to interested groups of people who of course benefit from our inaction. The truth is we have been anything but financially prudent.
This is what Don and Steve will find:
CREDIT CARD BALANCES - 1999-2010
Credit card balances are up 458% in 11 years.
Credit Card Balances - Canada - 1999-2010
More Here..
King World News: This Could Be The Biggest Fraud in The History Of The World
(This is a MUST LISTEN!)
In this interview with GATA we continue the saga after just having interviewed Andrew Maguire, the whistleblower out of London. This gives a short and long-term view down the rabbit hole through the eyes of 3 of the GATA board members. GATA was so heavily involved not only in breaking the news at the CFTC meeting about the the metals manipulation but also at the same time quite possibly uncovering the largest fraud in history. The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy's Internet site, lemetropolecafe.com. In this GATA Roundtable we will have Bill Murphy, Chris Powell and Adrian Douglas.
Bill Murphy, at 1:40:
"six years ago my car was stolen, my website was hacked,
and I was beat up with brass knuckles"
US Papers have been "bought". Mainstream news did not have one word of this historic fraud! "All my news and radio interviews have been cancelled when I stated I had a bombshell to explain".
Audio Listen Here..
Abu Dhabi Sheikh, Sovereign Fund Head, Found Dead
More Here..
In this interview with GATA we continue the saga after just having interviewed Andrew Maguire, the whistleblower out of London. This gives a short and long-term view down the rabbit hole through the eyes of 3 of the GATA board members. GATA was so heavily involved not only in breaking the news at the CFTC meeting about the the metals manipulation but also at the same time quite possibly uncovering the largest fraud in history. The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy's Internet site, lemetropolecafe.com. In this GATA Roundtable we will have Bill Murphy, Chris Powell and Adrian Douglas.
Bill Murphy, at 1:40:
"six years ago my car was stolen, my website was hacked,
and I was beat up with brass knuckles"
US Papers have been "bought". Mainstream news did not have one word of this historic fraud! "All my news and radio interviews have been cancelled when I stated I had a bombshell to explain".
Audio Listen Here..
Abu Dhabi Sheikh, Sovereign Fund Head, Found Dead
More Here..
Airline Shuts Down In Canada
Founded in 1986, Skyservice employed more than 1,200 employees and operated more than 20 planes. Its fleet includes the Airbus A330, A320 and the Boeing B757.
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Worldwide: "Unexpected" "Shocking" Are the Terms Used For The Collapse
"It was a pretty shocking number," JPMorgan economist Helen Kevans said of the retail sales figures.
"Part of it is pay back for the strong January result and it's the result of a big fall in discretionary spending.
"Looking at these numbers I think there's reason for concern ... the RBA will get to its meeting next week and weigh the strength in the housing market against the weakness in the consumer."
Housing approvals down
CommSec economist Savanth Sebastian said the building approvals figures came as "no surprise" given the exit of first home owners from the market and rising interest rates.
"It's a clear sign that the economic recovery isn't set in stone,'' Mr Sebastian said.
"The Reserve Bank will need to take that in context.
"We've seen house price data that shows that property prices are rising but we all know that interest rates do have a lag effect on property prices."
Property prices were coming off a low base from 12 months ago, Mr Sebastian said.
Property prices were coming off a low base from 12 months ago, Mr Sebastian said.
"The building approvals data highlights, in terms of the housing sector, (that) it's likely to consolidate over the next few months and interest rates will not rise next week, especially given the uncertainty over the economy."
More here..
U.S. Companies "Unexpectedly" Cut Payrolls More here..
More Here..
March 31 (Bloomberg) -- Ireland’s banks need $43 billion in new capital after “appalling” lending decisions left the country’s financial system on the brink of collapse.
More Here..
Tuesday, March 30, 2010
2013: US Debt To Exceed 17.8 Trillion
And as of today, China is a net seller of Treasury debt. If we can't fund our debts in the bond market, the Federal Reserve will be forced to monetize our deficits by buying Treasury bonds. If that happens, inflation will soar and the price of gold will double or triple almost overnight.
The bigger problem, over the long term, is simply debt service. Right now, the federal government takes in roughly $1 trillion in income taxes and a much smaller amount of money in other fees, duties, etc. (The government takes in another $1 trillion from Social Security and Medicare taxes, but it spends more currently on these programs than it takes in. So as a result, this revenue can't factor into our analysis of debt service.) At the end of 2009, the federal government had $11.8 trillion in total outstanding debt. That's the official number.
Likewise, officially, the interest we paid last year made up 11% of the government's revenues – but that measure included all of the social insurance premiums as tax. More importantly, the current budget doesn't include a number of highly significant obligations that are actually the government's responsibility, but are held "off balance sheet."
... By the end of OBAMA!'s first presidency (2013), I believe the U.S. will owe roughly: $17.8 trillion in federal debt, $2 trillion in GSE debt/guarantees, $500 billion in FDIC obligations, and $500 billion in FHA obligations. My only big assumption is $1.5 trillion in additional deficits each year, which is what the president's budget also predicts.
More Here..
The Coming Precious Metals Short Squeeze
More Here..
Collapsing States With Massive Debt Too Big To Camouflage
California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink -- budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay.
And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.
New Hampshire was recently ordered by its State Supreme Court to put back $110 million that it took from a medical malpractice insurance pool to balance its budget. Colorado tried, so far unsuccessfully, to grab a $500 million surplus from Pinnacol Assurance, a state workers' compensation insurer that was privatized in 2002. It wanted the money for its university system and seems likely to get a lesser amount, perhaps $200 million.
Connecticut has tried to issue its own accounting rules. Hawaii has inaugurated a four-day school week. California accelerated its corporate income tax this year, making companies pay 70 percent of their 2010 taxes by June 15. And many states have balanced their budgets with federal health care dollars that Congress has not yet appropriated.
Some economists fear the states have a potentially bigger problem than their recession-induced budget woes. If investors become reluctant to buy the states' debt, the result could be a credit squeeze, not entirely different from the financial strains in Europe, where markets were reluctant to refinance billions in Greek debt.
More Here..
Worst Yet To Come For California Budget Crisis
More Here..
And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.
New Hampshire was recently ordered by its State Supreme Court to put back $110 million that it took from a medical malpractice insurance pool to balance its budget. Colorado tried, so far unsuccessfully, to grab a $500 million surplus from Pinnacol Assurance, a state workers' compensation insurer that was privatized in 2002. It wanted the money for its university system and seems likely to get a lesser amount, perhaps $200 million.
Connecticut has tried to issue its own accounting rules. Hawaii has inaugurated a four-day school week. California accelerated its corporate income tax this year, making companies pay 70 percent of their 2010 taxes by June 15. And many states have balanced their budgets with federal health care dollars that Congress has not yet appropriated.
Some economists fear the states have a potentially bigger problem than their recession-induced budget woes. If investors become reluctant to buy the states' debt, the result could be a credit squeeze, not entirely different from the financial strains in Europe, where markets were reluctant to refinance billions in Greek debt.
More Here..
Worst Yet To Come For California Budget Crisis
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The Massive Tax That Will Sock The Economy In The Gut
The Congress just doesn't have the political will to pass a new tax bill, especially after the brutal healthcare battle.
As for deficits: the Chinese can keep funding those.
But wait, there is one new tax hike: the expiration of the Bush tax cuts. That's coming in the 2011 budget year.
At its core, the move is merely the highest tax bracket returning to 39.6% from its 35% low and raising the 33% bracket to 36%, according to the Obama administration's budget.
The estate tax of 45% would also become permanent, with an exemption of $3.5 million.
While these increases appear just to target wealthy Americans, they also hit small businesses.
Says Andrew Moylan of the anti-tax National Taxpayers Union: "According to IRS data, there are nearly 26 million small employers (about 20 million sole proprietor ships and 5.9 million businesses with less than 99 employees) that file under the individual income tax code and pay taxes on the owner’s 1040 form."
"2/3 of small business profit would be subjected to much higher taxation should the pre-2001 rates become law," Moylan added.
More here.
State To Steal Money From Small Business Through Audits
Speculation among local tax experts is that New Jersey’s and other states’ budget woes are driving not only the recent uptick in audits — one firm reports five times the number of audits in 2009 versus earlier years. They also say that the deeper probing by auditors makes the process longer and more costly.
Other factors also are making finding offenders quicker and easier, the tax specialists say. Electronic tax filing and agreements between states to share information help tax officials track whether businesses are paying staff, storing goods or making profits beyond the borders of the states they’re registered in.
"In the last 12 to 18 months, we’re seeing state audits of a lot of small businesses," said Ted Carnevale, chief executive officer for accounting firm Gramkow Carnevale Seifert & Co. in Oradell. "You’re just seeing a higher number of audits in an attempt to raise additional revenues."
Carnevale and other accountants say audits from the New Jersey Division of Taxation have picked up among sole proprietorships and unincorporated businesses that are typically cash enterprises with no employees.
More Here..
Coming To A City Near You: Californians May Have to Pay Tax on Canceled Mortgage debt
Central Valley real estate agent Donny Piwowarski last year sold his four-bedroom, 3,500-square-foot house on a half-acre in Tracy for $387,000 — about half of what he paid for it in 2005. Now with tax-filing season here, his situation is getting even grimmer.
Under California tax law, Piwowarski owes tens of thousands of dollars in state income tax on the nearly $400,000 in mortgage debt that was "canceled" when he sold his house for less than what he owed. The state considers canceled debt as taxable income in cases like Piwowarski's and for thousands of other Californians who got rid of their homes last year in so-called "short sales."
Since 2007, federal law has seen things differently, in many cases sparing sellers any tax on debt canceled in a short sale, foreclosure or loan modification. In 2007 and 2008, California followed the feds' lead, but the state law has not been extended to apply to mortgage debts canceled in 2009.
So an estimated 35,000 California taxpayers may be left owing state tax for 2009 on something the federal government does not consider taxable, according to the state Franchise Tax Board.
Piwowarski is one of them.
"I paid a pretty penny, $765,000, for that house," he said. "Now I have nearly $400,000 in canceled debt sitting out there that ultimately I'm going to be taxed on by California" if the law doesn't change. ''It's kind of like a double whammy."
The Legislature in mid-March approved a bill that would bring the state into conformity with federal tax law on debt cancellation.
More Here..
Under California tax law, Piwowarski owes tens of thousands of dollars in state income tax on the nearly $400,000 in mortgage debt that was "canceled" when he sold his house for less than what he owed. The state considers canceled debt as taxable income in cases like Piwowarski's and for thousands of other Californians who got rid of their homes last year in so-called "short sales."
Since 2007, federal law has seen things differently, in many cases sparing sellers any tax on debt canceled in a short sale, foreclosure or loan modification. In 2007 and 2008, California followed the feds' lead, but the state law has not been extended to apply to mortgage debts canceled in 2009.
So an estimated 35,000 California taxpayers may be left owing state tax for 2009 on something the federal government does not consider taxable, according to the state Franchise Tax Board.
Piwowarski is one of them.
"I paid a pretty penny, $765,000, for that house," he said. "Now I have nearly $400,000 in canceled debt sitting out there that ultimately I'm going to be taxed on by California" if the law doesn't change. ''It's kind of like a double whammy."
The Legislature in mid-March approved a bill that would bring the state into conformity with federal tax law on debt cancellation.
More Here..
Monday, March 29, 2010
China Gold Demand May Double Within Decade
March 29 (Bloomberg) -- Gold consumption in China may double within the next 10 years, boosting prices as supplies fail to keep pace with booming demand from investors and the jewelry industry, the World Gold Council said.
“China has an insatiable appetite for gold, which looks likely to continue in an environment where domestic mine supply lags behind demand,” the council said in a report today.
China’s economy grew 10.7 percent in the fourth quarter from a year earlier, the fastest pace in two years, after a 4 trillion yuan ($586 billion) stimulus package spurred record lending and consumption. The world’s biggest gold producer has increased reserves by 76 percent to 1,054 metric tons since 2003 and has the fifth-biggest holdings by country, Hu Xiaolian, deputy governor of the People’s Bank of China, said in April.
“An uptick in China purchases could bring an impetus back to the gold market,” said Hwang Il Doo, Seoul-based senior trader with KEB Futures Co, by phone today. “Given China’s currency reserves and rising wealth, the impact from their buying on prices will be powerful, although it may take time.”
Bullion prices have gained 21 percent in the past year as the global recession spurred demand for haven assets and the dollar weakened 5 percent against six major currencies. Gold for immediate delivery was little changed at $1,106.80 an ounce at 1:50 p.m. in Singapore.
“On the investment side, we see exponential growth,” Albert Cheng, the council’s managing director for the Far East, said in an interview in Beijing.
More Here..
“China has an insatiable appetite for gold, which looks likely to continue in an environment where domestic mine supply lags behind demand,” the council said in a report today.
China’s economy grew 10.7 percent in the fourth quarter from a year earlier, the fastest pace in two years, after a 4 trillion yuan ($586 billion) stimulus package spurred record lending and consumption. The world’s biggest gold producer has increased reserves by 76 percent to 1,054 metric tons since 2003 and has the fifth-biggest holdings by country, Hu Xiaolian, deputy governor of the People’s Bank of China, said in April.
“An uptick in China purchases could bring an impetus back to the gold market,” said Hwang Il Doo, Seoul-based senior trader with KEB Futures Co, by phone today. “Given China’s currency reserves and rising wealth, the impact from their buying on prices will be powerful, although it may take time.”
Bullion prices have gained 21 percent in the past year as the global recession spurred demand for haven assets and the dollar weakened 5 percent against six major currencies. Gold for immediate delivery was little changed at $1,106.80 an ounce at 1:50 p.m. in Singapore.
“On the investment side, we see exponential growth,” Albert Cheng, the council’s managing director for the Far East, said in an interview in Beijing.
More Here..
Analysts: Why Is The Overvalued Stock Market Soaring?
Yet the stock markets are partying like it's 2003, when hiring was brisk, real estate was booming, wallets were fat -- and the major stock indexes started a four-year rally that would double their value and push them to new heights just before the financial crisis hit.
Judging from stock prices alone, one would think the economy was poised for a roaring comeback. But the federal government plans to unplug the economic life-support programs that stimulated production, kept interest rates low and placed a thick cushion under the real estate market.
Some analysts see ample reason for caution in equities, with many economists, including those at the Federal Reserve, forecasting tepid growth in the near term.
"The market is as overvalued now as it was undervalued a year ago," said David A. Rosenberg, chief economist and strategist for Gluskin Sheff, an investment firm. "There's a very high degree of complacency."
More Here..
JPMorgan, Lehman, UBS Named in Bid-Rigging Conspiracy
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Peter Schiff: 'Very Good Reason' to Believe Home Prices Will Collapse
The latest housing initiative announced today by the Obama Administration draws the U.S. government and, by proxy, all taxpaying Americans, further into the inescapable quagmire of a devastated real estate market.
By transferring more underwater mortgage balances onto the public books, the plan puts taxpayers on the hook for further losses if housing prices continue to fall. Given the massive support for real estate already afforded by record-low interest rates and massive federal tax and policy incentives, there are very good reasons to believe that home prices will indeed collapse when these crutches are removed. Recent spikes in long-term interest rates warn of this prospect.
If the Administration had allowed losses to fall where they rightfully belong, namely on those who foolishly loaded up on toxic mortgage bonds, then the housing market would have already found its true clearing level. Instead, every measure is working to prolong and delay the ultimate reckoning, while setting up taxpayers as the patsy. Given the horrendous government deficit projections for the next several years, any losses incurred by the government mortgage portfolio may add a critical stress on America's fiscal viability.
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Depression's Untold Story
It turns out the job of dog-kennel assistant is even less glamorous than it sounds.
There are bad hours (lots of weekends and holidays). There's low-as-it-goes pay — as in minimum wage, $8.55 an hour.
But mostly there's the poop, says Guy Palumbo, owner of Roscoe's Ranch, a 24-kennel outfit north of Woodinville.
You want to be the kennel helper? You're on the hook for the poop. You'll spend part of every day scooping it up (if all digestive systems work as designed) or mopping it (when they don't).
"It's not most people's dream job," Palumbo laughs. "Usually I get high-school kids applying. Or maybe a college kid for the summer.
"I've never seen anything like this."
Two weeks ago Palumbo posted a want ad on Craigslist for a part-time dog-kennel assistant. The ad does say that working with dogs can be fun but then goes into some gory detail about the hardships — including the poop.
So far, 260 people have applied.
And they say the recession is over?
I remember a few years ago when farms, kennels and horse outfits had trouble finding any workers, other than undocumented immigrants. So Palumbo went through the résumés with me, obscuring the names. I wanted to know: Who now wants to be a dog-kennel assistant?
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Finding A Job Is Hard For Even The Most Educated
More Here..
There are bad hours (lots of weekends and holidays). There's low-as-it-goes pay — as in minimum wage, $8.55 an hour.
But mostly there's the poop, says Guy Palumbo, owner of Roscoe's Ranch, a 24-kennel outfit north of Woodinville.
You want to be the kennel helper? You're on the hook for the poop. You'll spend part of every day scooping it up (if all digestive systems work as designed) or mopping it (when they don't).
"It's not most people's dream job," Palumbo laughs. "Usually I get high-school kids applying. Or maybe a college kid for the summer.
"I've never seen anything like this."
Two weeks ago Palumbo posted a want ad on Craigslist for a part-time dog-kennel assistant. The ad does say that working with dogs can be fun but then goes into some gory detail about the hardships — including the poop.
So far, 260 people have applied.
And they say the recession is over?
I remember a few years ago when farms, kennels and horse outfits had trouble finding any workers, other than undocumented immigrants. So Palumbo went through the résumés with me, obscuring the names. I wanted to know: Who now wants to be a dog-kennel assistant?
(snippet)
Among the lowest-income — roughly the minimum-wage workers — unemployment nationwide is at true Depression-era levels of 20 to 30 percent, says a report last month by the Center for Labor Market Studies at Northeastern University. It's only 3 to 4 percent for those making $100,000 or more.
Here, this state's Employment Security Department says that between February 2009 and February 2010, two-thirds of all job losses came in just three areas that make up only one-quarter of the total jobs — construction, manufacturing and the hospitality industry (mostly entertainment and restaurants).
That what this recession has wrought — mainly an even greater widening of the gap between rich and poor than we had before — isn't getting more focus from the press and political leaders is a scandal, the Northeastern University economists suggest.
"Who will tell the people?" they write at the end of their paper. "Does anybody care?"
Palumbo says he's a believer. They may say the recession's over, on paper or on the nightly news. His electronic stack of résumés says otherwise.
"It's simply amazing to me, and I still can't believe it," he said, "that from age 14 up into their 60s this many people are dying to be a minimum-wage dog-kennel assistant."
More Here..Finding A Job Is Hard For Even The Most Educated
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Leaderless Resistance: Divorcing the System
The Illuminati fear only one thing: non-cooperation.
We are in total control of our fate and we can quickly make this NWO nightmare go away by taking just a few simple steps. I'll propose four, which I believe are key and are easy to achieve, but there are more and will leave it to the intelligence of all out there to be creative on this one.
1. Take your money out of the bank.
We know about Fractional Reserve Banking. We know that our savings are multiplied by at least 10 and than lent out at interest rates of five to ten percent. If you take 100,000 out of the bank, you take away up to 100,000 income for the bank.
Take your money out of the bank NOW. Buy some silver coins, pay off debt or your mortgage. Invest it in local enterprises so that the money is doing some good work. Better yet, start looking for local currencies to pay with. Defeat usury!
It not only protects your wealth (because in the next round of insolvencies, which is expected shortly, savers will have to bleed too, they can't expect the taxpayer to compensate them endlessly), but also destroy that vampire squid we call Banking.
We know we are dealing with a Central Banking cartel, so why are we putting our money there?
2. Take immediate control of your health.
Health is not the absence of disease. Creating vibrant health is one of the major opportunities for everybody in this lifetime.
Health is not acquired by visiting doctors. Far from it. Iatrogenic disease is the number one cause of death in the US.
In 2001 783,936 people died by Allopathy. 'Only' 553,251 died of cancer, but you must realize that many of those actually died of the chemotherapy, radiation and operations they took.
Did you know there are only five known instances of dramatic decrease in mortality rates in communities worldwide? You know what these instances had in common? There was a doctor's strike. After they resumed their jobs, mortality rates quickly got back to their former level (http://www.whale.to/a/last1.html)
How do you create good health? There are three major items: finding spiritual peace, a wholesome diet and the avoidance of toxins. Easier said than done, but for most people even a few steps in this direction would quickly result in profound effects. Educate yourself. Build a network of natural healers. Discuss health with your friends and family. Avoid doctors and their bizarre concoctions. Realize that the word Pharmacy is etymologically linked to the ancient Greek word Pharmakopeia, meaning 'sorcery'. Don't put your health in the hands of others, but find your own resources.
3. Avoid Multinationals
By saving a dime at Walmart, you are allowing a dollar to get out of your regional economy. You are backstabbing your neighbor. Go shop at his or her business. They can invest the money back into your community, instead of sucking the community dry with Chinese Slave Labor.
Saving a dime there will have your kids end up begging for a little job there. Shopping at your neighbor will allow a thriving local community with far better economic opportunities for yourself. Think a little longer term and don't whine about the short term loss. Buying locally is an investment that is absolutely sure to pay off in the longer term.
They are luring you with a little discount. Don't be a fool falling for it.
Avoiding getting your gas at Exxon is difficult, but it is good to realize you are supporting some of the main sponsors of the Iraqi Genocide and coming World War 3 starting against Iran.
4. Don't vote; don't write your congressman and don't sign petitions.
You know what you are showing them when you write them? That you are a good little serf pleading with his master.
More Here..
Sunday, March 28, 2010
Credit Crisis, Outrage, Far From Over
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The big bad secret is that if banks and other financial companies reported their true financial positions they’d be out of business – insolvent. The Fed and the SEC are certainly well aware of these problems, but the game goes on. The fraud is intentional and conscience. They know there are two sets of books, that MBS on their books are virtually worthless, they just bought $1.1 trillion worth of the toxic waste and they are well aware that the shadow inventory on their books is at best worth $0.30 on the dollar. In fact, everyone within the beltway knows it, just like seven years ago they all knew Fannie Mae and Freddie Mac were broke. As you can see, there is no law; it is only what these people want it to be. Faithfully all regulators and our elected representatives look the other way. They allow corruption to flourish. One thing that can be guaranteed is that if you report any of these frauds nothing is liable to happen. Today that is the American way – crime pays.
As we have said before the exposure of the problems in Greece, those of all the PIIGS and in the US, California, Arizona, Pennsylvania, New Jersey and New York, open a whole new phase of the debt crisis. The world is in a sovereign debt crisis. In Europe and in the US there are talks regarding a reduction in leverage in currency, which will only cause a liquidity crisis. A rise in interest rates will only compound the problem.
In addition we believe mortgage debt, both commercial and residential, will be sucked into the vortex adding to the woes. This is a replay of what occurred in the 1930s in the debt markets. Do not forget the bond market is 10 times bigger than the stock market and if something has to be sacrificed it will be the stocks, not the bonds. The replay will find stocks falling first, followed by bonds. The bond problem is already very visible; 19 nations have had their credit ratings cut and the US and UK and others will soon follow. That is why we continue to say that the only safe haven is in gold and silver related assets. As we have said previously the only way to handle the problem is for nations to meet, have a multilateral official devaluation and debt default settlement. That will be followed by a deflationary depression, which will be accompanied by another worldwide war.
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Will America Break Up?
By Jeffrey T. Kuhner
President Obama is splintering America. The passage of Obamacare was a historic victory for liberal governance. Yet, its true cost may be that it triggers the eventual breakup of the country.
Mr. Obama has achieved what his liberal predecessors - Franklin D. Roosevelt, Lyndon B. Johnson, Bill Clinton - could only dream of: nationalized health care. Obamacare signifies the government take-over of one-sixth of the U.S. economy. It has dealt a mortal blow to traditional America. We are now a European-style socialist welfare state. The inevitable permanent tax hikes, massive public bureaucracy and liberal ruling elites will stifle competition and initiative.
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Socialism is the road to economic ruin and fiscal bankruptcy. It subverts democracy, threatening the very future of our constitutional republic. Socialist states degenerate into some form of autocracy or technocratic neo-feudalism, whereby the productive class is taxed and exploited to sustain a growing dependent class. Factions are pitted against each other; groups vie for handouts at the expense of their fellow citizens. The bonds of economic union and national solidarity slowly dissolve.
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not," warned Thomas Jefferson.
Jefferson was right: Redistributionist welfare policies are undermining our democracy. The resentments in America are growing. Tea Partiers believe that their government no longer represents their interests or values. The heartland is becoming dangerously alienated from the political class, whom it feels has betrayed them.
Obamacare may be the last straw. It strips away fundamental economic liberties, empowering the federal government to de facto nationalize everyone's body by controlling our health. Americans are compelled - upon pain of penalty and eventual imprisonment - to purchase insurance.
More Here..
Health Bill A TRANSFER OF POWER, Kills The Constitution
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President Obama is splintering America. The passage of Obamacare was a historic victory for liberal governance. Yet, its true cost may be that it triggers the eventual breakup of the country.
Mr. Obama has achieved what his liberal predecessors - Franklin D. Roosevelt, Lyndon B. Johnson, Bill Clinton - could only dream of: nationalized health care. Obamacare signifies the government take-over of one-sixth of the U.S. economy. It has dealt a mortal blow to traditional America. We are now a European-style socialist welfare state. The inevitable permanent tax hikes, massive public bureaucracy and liberal ruling elites will stifle competition and initiative.
(snippet)
Socialism is the road to economic ruin and fiscal bankruptcy. It subverts democracy, threatening the very future of our constitutional republic. Socialist states degenerate into some form of autocracy or technocratic neo-feudalism, whereby the productive class is taxed and exploited to sustain a growing dependent class. Factions are pitted against each other; groups vie for handouts at the expense of their fellow citizens. The bonds of economic union and national solidarity slowly dissolve.
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not," warned Thomas Jefferson.
Jefferson was right: Redistributionist welfare policies are undermining our democracy. The resentments in America are growing. Tea Partiers believe that their government no longer represents their interests or values. The heartland is becoming dangerously alienated from the political class, whom it feels has betrayed them.
Obamacare may be the last straw. It strips away fundamental economic liberties, empowering the federal government to de facto nationalize everyone's body by controlling our health. Americans are compelled - upon pain of penalty and eventual imprisonment - to purchase insurance.
More Here..
Health Bill A TRANSFER OF POWER, Kills The Constitution
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Saturday, March 27, 2010
Disturbing New U.S. Law Aims to End Individual Foreign Bank Accounts
Here again is the actual language of the bill:
‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED
STATES ACCOUNTS.—
‘‘(1) IN GENERAL.—The agreement described in subsection
(b) shall require the foreign financial institution to report the
following with respect to each United States account maintained
by such institution:
‘‘(A) The name, address, and TIN of each account holder
which is a specified United States person and, in the case
of any account holder which is a United States owned
foreign entity, the name, address, and TIN of each substantial
United States owner of such entity.
‘‘(B) The account number.
‘‘(C) The account balance or value (determined at such
time and in such manner as the Secretary may provide).
‘‘(D) Except to the extent provided by the Secretary,
the gross receipts and gross withdrawals or payments from
the account (determined for such period and in such
manner as the Secretary may provide).
Keep in mind Sam, this is not proposed legislation. This is already law.
There is much, much more in this bill. I’ve attached a PDF file containing the language of the bill. The important information can be seen if you scroll down to section on page 27 of the bill entitled:
TITLE V—OFFSET PROVISIONS
Subtitle A—Foreign Account Tax
Compliance
PART I—INCREASED DISCLOSURE OF
BENEFICIAL OWNERS
SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.
As we have suspected for some time, the U.S. government is closing the window for U.S. citizens to protect their assets by moving them offshore. It won’t be long before it will be punitively expensive to move any amount of money overseas for any purpose.
I haven’t seen this legislation discussed anywhere on the Internet and I think it would be a good story for the blog. Sadly, America is losing its freedoms and its citizens are standing meekly by while the noose of government control gets tighter and tighter.
Sprott Is Not Optimistic (39 Min)‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED
STATES ACCOUNTS.—
‘‘(1) IN GENERAL.—The agreement described in subsection
(b) shall require the foreign financial institution to report the
following with respect to each United States account maintained
by such institution:
‘‘(A) The name, address, and TIN of each account holder
which is a specified United States person and, in the case
of any account holder which is a United States owned
foreign entity, the name, address, and TIN of each substantial
United States owner of such entity.
‘‘(B) The account number.
‘‘(C) The account balance or value (determined at such
time and in such manner as the Secretary may provide).
‘‘(D) Except to the extent provided by the Secretary,
the gross receipts and gross withdrawals or payments from
the account (determined for such period and in such
manner as the Secretary may provide).
Keep in mind Sam, this is not proposed legislation. This is already law.
There is much, much more in this bill. I’ve attached a PDF file containing the language of the bill. The important information can be seen if you scroll down to section on page 27 of the bill entitled:
TITLE V—OFFSET PROVISIONS
Subtitle A—Foreign Account Tax
Compliance
PART I—INCREASED DISCLOSURE OF
BENEFICIAL OWNERS
SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.
As we have suspected for some time, the U.S. government is closing the window for U.S. citizens to protect their assets by moving them offshore. It won’t be long before it will be punitively expensive to move any amount of money overseas for any purpose.
I haven’t seen this legislation discussed anywhere on the Internet and I think it would be a good story for the blog. Sadly, America is losing its freedoms and its citizens are standing meekly by while the noose of government control gets tighter and tighter.
More Here..
Someone Attempted to Kill the CFTC Whistleblower
6:39p ET Saturday, March 27, 2010
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday's CFTC hearing on metals futures trading --
-- was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.
According to GATA's contact with Maguire, board member Adrian Douglas, Maguire and his wife were admitted to a hospital overnight and released today and are expected to recover fully.
Maguire told Douglas by telephone today that his car was struck by a car careening out of a side road. When a pedestrian who witnessed the crash tried to block the other driver's escape, the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit. The other driver's car then struck two other cars in escaping. But the other driver was caught by police after a chase in which police helicopters were summoned.
We'll convey more information about the incident as it becomes available.
Guyana's President says Caribbean is on the Verge of Bankruptcy
GEORGETOWN, Guyana -- Guyana's President Bharrat Jagdeo says the Caribbean is on the verge of bankruptcy as many countries are spending more on servicing external debt than their national revenue and has reiterated his call for urgent debt relief by the international financial institutions (IFIs).
Jagdeo who heads a special task force by the Caribbean Community (CARICOM) to assess the financial crisis and come up with solutions told a media conference here on Friday that region’s debt situation is worsening.
“The region is heading towards bankruptcy if countries could be declared bankrupt, many of the countries simply cannot pay their way, and they can’t meet recurring cost and pay their debts, unless there is radical restructuring or increase sources of revenue, the situation will get worse,” Jagdeo declared.
The president believes the poor productivity and the heavy debt build up in the region was responsible for this situation in many Caribbean countries.
This, he said, was exacerbated by the global financial crisis as the demand for exports, remittances and tourism were negatively impacted
More Here..
Jagdeo who heads a special task force by the Caribbean Community (CARICOM) to assess the financial crisis and come up with solutions told a media conference here on Friday that region’s debt situation is worsening.
 |
| Guyana President Bharrat Jagdeo. AFP PHOTO |
The president believes the poor productivity and the heavy debt build up in the region was responsible for this situation in many Caribbean countries.
This, he said, was exacerbated by the global financial crisis as the demand for exports, remittances and tourism were negatively impacted
More Here..
Central Banks Own 18% of All Gold Mined On The Planet
Central banks around the world added 425.4 metric tons of gold to their reserves last year, the biggest increase since 1964, according to the World Gold Council.
That represents a 1.4 percent gain to put their holdings at 30,116.9 tons in total. The increase was the first since 1988.
Central banks in India, Russia and China were among those boosting their gold reserves last year, as the precious metal jumped 24 percent, hitting a record of $1,226 an ounce in December.
Central banks now possess 18 percent of all gold ever mined.
“There’s clearly been a renaissance of gold in central bankers’ minds,” Nick Moore, an analyst at Royal Bank of Scotland, told Bloomberg.
“It’s not just been central banks taking on gold, but a general shift for physical gold in the investment sector.”
Many are now singing gold’s praises, with the precious metal up about 3 percent so far this year.
“Gold is quietly, at the edge, becoming the world’s second reservable currency, supplanting the euro and rivaling the dollar,” money manager Dennis Gartman wrote in his Gartman Letter, obtained by Bloomberg.
“The trend shall continue months, if not years, into the future.”
David Skarica, editor of The Gold Stock Adviser, tells Moneynews.com that central banks will continue to buy gold.
“The next lot sold by the IMF (International Monetary Fund) will go to China’s central bank,” he said. “The IMF has a supply overhang.”
More Here..
That represents a 1.4 percent gain to put their holdings at 30,116.9 tons in total. The increase was the first since 1988.
Central banks in India, Russia and China were among those boosting their gold reserves last year, as the precious metal jumped 24 percent, hitting a record of $1,226 an ounce in December.
Central banks now possess 18 percent of all gold ever mined.
“There’s clearly been a renaissance of gold in central bankers’ minds,” Nick Moore, an analyst at Royal Bank of Scotland, told Bloomberg.
“It’s not just been central banks taking on gold, but a general shift for physical gold in the investment sector.”
Many are now singing gold’s praises, with the precious metal up about 3 percent so far this year.
“Gold is quietly, at the edge, becoming the world’s second reservable currency, supplanting the euro and rivaling the dollar,” money manager Dennis Gartman wrote in his Gartman Letter, obtained by Bloomberg.
“The trend shall continue months, if not years, into the future.”
David Skarica, editor of The Gold Stock Adviser, tells Moneynews.com that central banks will continue to buy gold.
“The next lot sold by the IMF (International Monetary Fund) will go to China’s central bank,” he said. “The IMF has a supply overhang.”
More Here..
Friday, March 26, 2010
Illinois School Groups: Education Layoffs May Top 20,000
SPRINGFIELD, Ill. (AP) - A coalition of Illinois education groups says more than 20,000 teachers and staff could be laid off in the next school year.
Schools must tell employees now whether their jobs will be cut next year.
The coalition says it has heard from three-quarters of Illinois school districts and they plan 17,000 layoffs.
The coalition says it expects the total to reach 20,000 when complete information is available.
Those layoffs could be canceled if schools get additional money. Education advocates want state officials to raise taxes.
The groups include the Association of School Administrators, the Illinois Federation of Teachers, the Illinois Education Association and more.
More Here
Schools must tell employees now whether their jobs will be cut next year.
The coalition says it has heard from three-quarters of Illinois school districts and they plan 17,000 layoffs.
The coalition says it expects the total to reach 20,000 when complete information is available.
Those layoffs could be canceled if schools get additional money. Education advocates want state officials to raise taxes.
The groups include the Association of School Administrators, the Illinois Federation of Teachers, the Illinois Education Association and more.
More Here
Housing Recovery: Next Decade
“It’s going to be a long, slow slog and the lagging sector will be new home sales because they have to compete with existing sales and foreclosures,” Bill Hampel, chief economist at the Credit Union National Association in Washington, said before the report. “New home sales probably have until the fourth quarter until they start recovering.”
What happens in the 4th quarter that makes the housing market recover? A sudden influx of immigrants? A sudden increase in employment?
We don’t think there will be a recovery…not in the 4th quarter…not this year…not next year…not for 10 years.
Instead, housing prices are probably going to sink. Why? Because they’re a consumer item, not an investment. For 100 years, a house was a place to live in…and housing prices more or less kept pace with inflation. Then, beginning in the mid-’90s people came to see a house as “the best investment you can make.” They began buying houses as a way to make money…and as a way to save for retirement. It made sense. What would you rather have, a mutual fund growing at 10% per year…or a house that goes up by 10% per year? The house! Because you can live in it…and show it off. So you leverage up…you buy twice the house you can afford. You live better. And you make more money.
Those days are over. But, not everyone realizes it. Some wait for the housing market to ‘recover.’ Some may imagine that they will once again see profits from their houses. Others just hold on…waiting for an up-tick so they can get out.
There are still millions of people living in houses they can’t really afford…and millions of others who are “underwater” and running out of air. That’s why the number of houses facing foreclosure rose in the last quarter of last year. And it’s why the inventory of unsold houses continues to rise.
Gradually, people are coming to see houses in a new light. Soon, they’ll see them as money-pits…as expensive follies…and as a pain in the neck. Instead of being proud to have a McMansion…they’ll be embarrassed…like having a car with tail fins in 1985…or wearing a mullet in 2010.
Not only that, it will also be seen as a big waste of money. As the Great Correction continues, unemployment will remain at high levels…savings will increase…and people will want to cut expenses. Among other things, they’ll want smaller, cheaper houses. They’ll want to dump their suburban castles and walk away from their country palaces.
Houses will be losers.
More Here..
"I'll Do Anything": Thousand Apply For Construction Jobs In Tampa
Glenn Lawson, 52, was third in line at the Encore construction site, waiting in the pre-dawn darkness. The crowd grew rapidly until, by 10 a.m., some 2,000 people had showed up. They all had stories of job losses, seemingly endless job searches and piecing together ways to survive without paychecks in a city with 13 percent unemployment.
"I'm out there every day," said Lawson, who lost his construction job two years ago. "I'm hoping to get a job. I don't care what kind. Anything I can do to get a steady check coming in, I'll do."
More Here..
State Police Plan Massive Layoffs, HQ closures
The Illinois State Police will lay off more than 460 troopers and close five regional headquarters by this fall, acting State Police director Jonathon Monken said Tuesday.
More Here..
Moody's Fears Social Unrest
The US rating agency said the US, the UK, Germany, France, and Spain are walking a tightrope as they try to bring public finances under control without nipping recovery in the bud. It warned of "substantial execution risk" in withdrawal of stimulus.
"Growth alone will not resolve an increasingly complicated debt equation. Preserving debt affordability at levels consistent with AAA ratings will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion," said Pierre Cailleteau, the chief author.
"We are not talking about revolution, but the severity of the crisis will force governments to make painful choices that expose weaknesses in society," he said.
If countries tighten too soon, they risk stifling recovery and making maters worse by eroding tax revenues: yet waiting too is "no less risky" as it would test market patience. "At the current elevated debt levels, a rise in the government's cost of funding can very quickly render debt much less affordable."
Moody's said Britain has been slower than Spain to "rise to the challenge" and may be at greater risk of smashing through buffers of AAA creditiblity if rates suddenly rise. Spain made errors at the outset of the crisis but has since become a model pupil, pledging to cut the budget deficit from 11.4pc of GDP to 3pc by 2013.
More Here..
Explain Why You Sold Britain's Gold, Gordon Brown Told
More Here..
Seattle Commercial Real Estate Collapsing
Boston-based Beacon Capital Partners failed to make a scheduled payment of $1.65 million on a $380 million loan it took out when it bought the tower three years ago, according to a recent report by Wells Fargo Bank, which administers the debt.
The loan faces "imminent default due to cash flow issues,"says a note in the report.
A spokesman for Beacon, the Seattle area's largest office landlord, declined comment.
More here..
Thursday, March 25, 2010
A London Trader Walks the CFTC Through a Silver Manipulation in Advance
Additional Statement by Bill Murphy, Chairman
Gold Anti-Trust Action Committee
to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
... Dispatch continues below ...
More Here..
"We Are At A Tipping Point" And The Only Thing That May Save The Euro Is A Collapse Of The US
More Here.
Gold Anti-Trust Action Committee
to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
... Dispatch continues below ...
More Here..
"We Are At A Tipping Point" And The Only Thing That May Save The Euro Is A Collapse Of The US
More Here.
Majority of Japanese Airports in Debt, Face Closure
The majority of Japanese airports are facing serious financial problems and may be forced to close unless they attract more passengers, according to a Japanese Ministry of Transport survey, reports the Japan Times.
The survey indicates that 72 of the 98 Japanese airports have low viability. One of the main reasons is that huge amounts of money have been invested in the construction of new airports while both the actual and estimated amount of passengers turns out to be disproportionately small.
A large part of the construction costs were covered by landing fees and fuel tax subsidies, which in turn were paid by airline companies. The survey concluded that the underachieving airports should look to the more successful ones, and a review of the current estimation methods is encouraged.
More Here..
The survey indicates that 72 of the 98 Japanese airports have low viability. One of the main reasons is that huge amounts of money have been invested in the construction of new airports while both the actual and estimated amount of passengers turns out to be disproportionately small.
A large part of the construction costs were covered by landing fees and fuel tax subsidies, which in turn were paid by airline companies. The survey concluded that the underachieving airports should look to the more successful ones, and a review of the current estimation methods is encouraged.
More Here..
Study: Retired Couple Will Need $250,000 for Health Care
BOSTON (AP) — Relief to seniors facing high prescription drug costs is one of the first changes to come under the health care overhaul. But that won't offset the relentless increase in retirees' medical expenses.
A couple retiring this year will need a quarter of a million dollars, on average, to cover medical expenses in retirement, according to a study to be released Thursday by Fidelity Investments.
The estimate is up 4.2% from Fidelity's projection last year. The financial services company has updated its estimate annually since 2002 as part of its business helping employers design workplace benefits programs.
The study is based on projections for a couple of 65-year-olds retiring this year with Medicare coverage. The estimate factors in the federal program's premiums, co-payments and deductibles, as well as out-of-pocket prescription costs. The study assumes no employer provided insurance in retirement, and a life expectancy of 85 for women and 82 for men.
All Hell To Break Loose: April 15th
The bipartisan measure, which merges earlier efforts to change the currency law, aims to end what the lawmakers said was Beijing's deliberate efforts to keep the yuan cheap to subsidize exports and tax imports. [ID:nN16248922].
The new bill increases pressure on the Obama administration to declare Beijing a currency manipulator in April when a semiannual currency report is due from the U.S. Treasury Department. Under an existing 1988 law, such a move would require the Treasury to begin "expedited" negotiations with China to adjust its currency.
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The Most Evil Man In The World That Was Behind The Financial Crisis: George Soros
The New York Times is quoting a spokesman for George Soros as saying that the well-known hedge fund operator is guilty of no wrong-doing in connection with the financial upheaval currently affecting Greece and Europe as a whole. But Zubi Diamond, author of the powerful new book, Wizards of Wall Street, says the agenda of Soros and other short sellers is clear. Their purpose, he says, is "to loot America and any foreign country which invested in America. Greece was one of them. Iceland was ravaged and annihilated."
The term "short selling" in this context refers to investors, speculators and currency manipulators who bet on the decline or collapse of a stock or currency through complex financial instruments handled mostly through secret off-shore accounts. For the hedge fund short sellers to make money, prices have to go down.
Short sellers, who are appearing at a March 11 event at the libertarian Cato Institute, insist that they "provide liquidity and transparency to our capital markets" and that their operations "expose corporate fraud and mismanagement."
But Diamond strongly disagrees. He says the Managed Funds Association, the lobbying arm of the hedge fund short sellers, is crafty and deceitful. "When they tell you that short selling contributes liquidity to the market, that is a lie," he says. "Short selling destroys capital and takes away liquidity from the market. When they tell you that they are taking steps to remove manipulation from the stock market, that is a lie. They are taking steps to introduce manipulation to the stock market, and prime the stock market for manipulation and looting. When they tell you that the uptick rule is outdated, because of decimalization, that is a lie. They lie to deceive, to bring forth a big payday from short selling, hence the looting of America and America's wealthiest corporations and their shareholders, sanctioned by their Washington D.C. lapdogs."
(snippet)
Diamond, with 14 years of experience in the financial markets, calls his book a course in "Economic crisis 101" because of the need to inform ordinary Americans of what is happening right before their eyes. The book is easy to read, although it deals with complex financial regulations and operations, and is only 118 pages. The theme is that the economic crisis was deliberately engineered for profit and political gain and has already resulted in the "looting" of $11 trillion from the U.S. economy.
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