Archive for Banking Cartel

Beware of the Obama tax increases

Posted in Attack on Freedom, Attack on the Republic, Barack Hussein Obama, Business, economic tyranny, Economy, End The Fed, General, International Bankers, International Monetary Fund, Multi-National Corporations, New World Order, News with tags , , , , , , on September 7, 2010 by truthwillrise

Eric Cantor
USA Today
September 2, 2010

Listening to the Democrats this summer, you’re unlikely to hear about an impending tax increase. In an effort to sanitize their historically irresponsible decision to raise tax rates in the midst of a struggling economy, President Obama and the congressional majority say they are merely “allowing the Bush tax cuts” to expire.

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Skillful messaging perhaps, but cold comfort to the millions of Americans and small businesses who aren’t concerned with what their effective tax rate was in 2001. For them, on Jan. 1, one of two things will happen: Taxes will go up, or taxes will stay the same. Coming to grips with this reality will be crucial to jumpstarting the economic recovery. Decisions on whether to buy an appliance, invest in a company, or expand a business are made by taking into account after-tax returns in the future — not in the past.

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Bankergate: Emails Expose Criminal Financial Dictatorship At Work

Posted in Business, economic tyranny, Economy, Fiat Currency, International Bankers, New World Order, News, The Federal Reserve, Tyranny with tags , , , , , , , , , , , on February 25, 2010 by truthwillrise

Geithner may be thrown under the bus as financial terrorists continue to profit

Steve Watson
Monday, Jan 11, 2010

Bankergate: Emails Expose Criminal Financial Dictatorship At Work 110110GeithnerExplosive emails released last week could see Treasury secretary Timothy Geithner become embroiled in criminal charges for his role in a cover up that exposes the monumental criminality behind the $182.3 billion bailout of American International Group Inc.

In November and December 2008, The Federal Reserve Bank of New York instructed the bailed out AIG to hide from the public details regarding payments the insurance giant made to banks, including Goldman Sachs Group Inc. and Societe Generale SA.

Using Fed secured taxpayer bailout money, AIG paid several banks 100 percent of the face value of credit-default swaps, as other financial institutions were negotiating deep discounts for the unregulated paper assets that do not have to be backed by cash.

The decision to pay the banks in full may have cost AIG, and therefore taxpayers, at least $13 billion over the odds.

The “backdoor bailout” of the banks, as it has been dubbed was exposed in March 2009 after the SEC challenged AIG’s filing, however, e-mails obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee, have re ignited the situation as they conclusively expose a collusion between AIG and the Fed to deceive the public.

The e-mails between company and regulator, released last Thursday, show that The New York Fed crossed out reference to the payments and that AIG also omitted the details when the Securities and Exchange Commission filing was made public on Dec. 24, 2008.

The emails, the content of which are highlighted in this Bloomberg News article, also show that the Fed wanted numerous other details about the AIG bailout withheld or delayed from public oversight.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Bankergate: Emails Expose Criminal Financial Dictatorship At Work FOTR 340x1692

Despite denials from the Treasury and the New York Fed that Geithner was involved in the scandal, as the President of the New York Fed at the time, his head now rests firmly on the chopping block where he awaits his fate.

Issa is seeking more information from the New York Fed on the matter, following the statements of general counsel Thomas Baxter, who declared in a letter in defense of Geithner Friday “In my judgment, as the New York Fed’s chief legal officer, disclosure matters of this nature did not warrant the attention of the president.”

“It’s a staggering admission by Mr. Baxter that he felt strong enough that Secretary Geithner wanted him to limit AIG’s disclosures on counterparty payments to the SEC that he says he didn’t even feel a need to bring the details to his boss’ attention,” Issa said in a statement. “This letter raises more questions on the inner-workings of the New York Fed during one of the most pivotal periods in our nation’s history.”

Geithner’s extensive connections to Goldman Sachs also raise serious questions, given that the investment bank directly profited from the AIG payments.

Geithner’s predecessor and Treasury Secretary at the time all of this unfolded, Hank Paulson, also once served as Chairman and Chief Executive Officer for Goldman Sachs, after working for the firm for decades.

Paulson rammed through the bailout of AIG with threats of financial armageddon and physical martial law, claiming he “felt the pain of AIG”, comments for which he was slammed by Republican Congressman Cliff Stearns earlier this year.

AIG’s outstanding debts to Goldman Sachs meant that $13 billion of the money handed over to AIG by Paulson went directly to Goldman Sachs.

Meanwhile, Bear Stearns and Lehman Brothers — both investment banks in direct competition with Goldman Sachs — were not bailed out when bad debt forced them to cease operating under the same circumstances as AIG.

Congressman Stearns pressed Paulson on his conflicts of interest, stating, “Isn’t there some point where you say hey, I’ve got a conflict of interest here, you don’t feel any kind of scintilla of ethics on this thing at all?” Paulson responded by claiming that he got a waiver from the ethics agreement.

Paulson’s appointment, at the height of the financial crisis, of ex-Goldman Sachs executive Neel Kashkari to oversee the distribution of bailout monies also highlights the vast conflict of interest surrounding this scandal.

As the New York Times reported earlier this year, Goldman Sachs effectively bailed itself out. Since that time the bank has been making record profits on trading and now completely dominates the program trading market.

This blatantly criminal activity has led to Goldman being labeled “Financial Terrorists” by analysts. Even Rolling Stone magazine has exposed Goldman Sachs’ persistent role in steering and manipulating the economy over the last century.

At the time of the bailout we warned that the so called financial saviours represented nothing more than the old guard of the corporate elite, the very people responsible for the financial crisis in the first instance.

Judge Andrew Napolitano, appearing on Shepard Smith’s Fox News show last week, stated that he believes Geithner could face a criminal probe:

Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the e-mail exchanges were “troubling” and that he plans to hold congressional hearings on the matter.

Watch Alex Jones breakdown “bankergate” in detail:

A new world order

Posted in economic tyranny, Economy, International Bankers, New World Order, News, The Federal Reserve with tags , , , , , on October 12, 2009 by truthwillrise

The hype around China would suggest the world’s third largest economy might be the next superpower, but the mania might be premature


Global issues were the focus of media coverage and discussions in the last couple of weeks, with the UN General Assembly meeting in New York, accompanied by a G20 summit in Pittsburgh, followed by G7 finance chiefs meeting in Istanbul just before the annual joint meeting of the World Bank and International Monetary Fund. Though much of the talk is about economy and its ills international relations were not absent.

There is little doubt that the economic power of traditional leading countries is declining, and the US is losing edge gradually even if it is still the world’s largest economy. Also, rising economic powers like China, India and Brazil are gaining more share of the global economy than previously anticipated. That is driving some analysts and writers to be carried away somehow to reach a conclusion that economic power is going to be reflected in political dominance and soon those emerging economies will change the current world order. Some argue that a multi-polar new world order is in the making, and few are taking it to the extreme, anticipating China, for example, will overtake US as the only superpower.

Traditional leading powers admitted in the Pittsburgh summit that management of global economy should be broader to include emerging economies. That is why G20 is replacing G7 officially next year. That reflects the new facts made clear in the latest global financial crisis and efforts to get the global economy out of recession. Moreover, developed countries are aware of the limited capacity in their economies and the spare room for expansion in emerging economies.

Following the Marxist line of analysis, economic power is the essential factor in assuming political might and hence China is the legitimate candidate to assume global leadership. Even if military power is still a major factor in defining the status of a superpower, the Chinese are building theirs and annoying the Americans every now and then. But, are the Chinese themselves seeking that role as the main pole in international relations? There is no clear answer, and China-mania is just hyping that suggestion.

Market model

Now the third-largest global economy and the most populated country on earth (more than 1.3 billion people), China is still building its economy. Speed of economic development in the last three decades was not at all matched in political reform or even sound social mobility. Almost a third of Chinese live in poverty, and the gap between super-rich and middle class is wide. Besides, the model of so-call “socialist market economy” is less sustainable than traditional free market in the West, Japan and South Korea for instance. China still ranks number 104 among world countries in GDP per capita.

As China’s economic emergence relied mainly on manufacturing for export, it attracted big corporations from the West and Japan to manufacture in its special economic zones. The struggle is still going on; such multinational firms are pushing for its business model to dominate and Chinese authorities are resisting a full-fledged capitalist market model. Though it seems that both parties are in a lull now, co-habiting each other’s rules, it is difficult to imagine things going on like this. The political elite in China did not want to lose their privilege, and they know if they are to compete for world leadership they might have to go through the change witnessed in Central and Eastern Europe in the last two decades.

The race for raw materials and energy is an evident area of struggle between China and traditional world powers, in the Middle East and Africa in particular, but also in Latin America. But China is aware that assuming the role of global superpower is not in its economic interest in absolute terms. It would have to shoulder the view from under-developed countries as an “imperialist economic power” draining resources and imposing marketing to accumulate profit. That is why China’s leadership prefers to get their economic needs and open markets in a subtle way.

There might be a new world order in the making, most likely with new powers rising to replace the hegemony of the West, but China and the like are not taking over traditional world powers — at least for now or the near future.