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Where does money come from?
What? You're telling me it's all imaginary!!!
Well, it turns out our new source of money, since the early 20th century, has no real value... what?
Yup, these days money is really based on YOUR DEBT - ever increasing debt exponentially.
Maybe we should re-think what kind of "change" we really need in this world... What? You're telling me it's all imaginary!!! ... more -
Dollar surges to new high against pak rupee
The dollar reached a new high against the rupee at the beginning of trading in Interbank on Monday.
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11 Racist Lies Conservatives Tell to Avoid Blaming Wall Street for the Financial C...
Conservative pundits and politicians have piled onto the excuse like shipwreck victims clinging to a passing log: The real blame for the current economic crisis, conservatives would have you believe, lies not with anything they did, but rather with the 1977 Community Reinvestment Act -- a successful Carter-era program designed to get banks to stop covert discrimination, and encourage them to invest their money in low-income neighborhoods.
It's always easy to tell when the cons are completely lost at sea. The lies get more absurdly preposterous -- and also more transparently self-serving. But when they go so far as to openly and unapologetically latch onto race and class as an excuse for their woes (which this is, at its heart), you know they're taking on water fast -- and scared of going under entirely.
You can hear the conservative commentators burbling this CRA fable from the Wall Street Journal to the National Review; from Rush to YouTube. Neil Cavuto put the essence of the argument right out there on Fox News: "Loaning to minorities and risky folks is a disaster." See! It's all the liberals' fault for insisting on social justice!
Conservatives are twisting the facts beyond the breaking point to support their revisionist history. But don't be fooled: the financial crisis was caused by conservative financial follies and bankers run amok and nothing more. Here are the basic myths they're trying to push about the CRA -- and the facts that will enable you to fire back.
1.... 2.... 3.... .... 11 (read on) Conservative pundits and politicians have piled onto the excuse like shipwreck victims clinging to a passing log: The real blame for t... more -
Turning a Wall Street giveaway into a rescue for all Americans
Turning a Wall Street Giveaway Into a Rescue for All Americans
Charting a progressive response to the crisis
By DAVID SIROTA
[Editor’s note: The following article provides a summary of the complex issues involved in negotiations over how to respond to the credit market crisis. For the sake of simplicity and navigability, it is broken into five separate parts, which you can scroll to individually: 1) The State of Play 2) Leadership Moves 3) Alternatives 4) Likely Outcomes and 5) The Progressive Bottom Line.]
Following the astounding rejection of Henry Paulson’s speculator bailout plan in the U.S. House of Representatives on Monday, a wave of doomsday propaganda from Washington, both presidential candidates and the media has flooded the airwaves — all aimed at trying to force public opinion to support handing over $700 billion to Wall Street, no strings attached. But as the Washington Post poll today shows, the public isn’t budging. Indeed, after 16 years of aggressive deregulation from both the Clinton and Bush administrations, the country has figured out that when the Establishment in unison backs something for Wall Street, it means taxpayers are about to get fleeced.
With the Dow shooting up and down across the nation’s television screens, Americans are worried about their jobs, pensions and savings. They are also confused about what their government is going to do. And so as Congress prepares to reconvene on Wednesday, here’s the state of play, the likely outcomes, and what progressives must demand.
[CLICK THE LINK ABOVE TO GO TO THIS EASY-TO-READ ARTICLE.] Turning a Wall Street Giveaway Into a Rescue for All Americans Charting a progressive response to the crisis By DAVID SIROTA ... more -
Financial crisis!! Pound falls most in 15 years in wake of B&B nationalisation
Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 - the biggest inter-day decline in 15 years.
uh oh what is happening?! Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 - the biggest inter-da... more -
Once in a century rip-off
Economist Michael Hudson: The bailout is a giveaway that will cause hyperinflation and dollar collapse.
Bailout talks stall as Bush meets with Congressional leaders and Presidential candidates. German Finance Minister says US will no longer be the financial Superpower. French President Sarkozy says the days when "the all powerful market is always right are over". The Real News Network spoke to economist and historian Dr. Michael Hudson who says that it's not a "bailout" but a "giveaway" and will create a new kleptocracy of billionaires.
Dr. Michael Hudson is a Wall Street financial analyst and historian. Dr. Hudson was Dennis Kucinich’s Chief Economic Advisor in the recent Democratic primary presidential campaign, and has advised the U.S., Canadian, Mexican and Latvian governments, as well as the United Nations Institute for Training and Research (UNITAR). A Distinguished Research Professor at University of Missouri, Kansas City, he is the author of many books, including Super Imperialism: The Economic Strategy of American Empire and of Super-Imperialism and of The Myth of Aid . Economist Michael Hudson: The bailout is a giveaway that will cause hyperinflation and dollar collapse. ... more -
USA is NOT bankrupt
The American public is NOT bankrupt! It is the the fiat system that has gone bankrupt. There is a huge difference.
But what the beneficiaries of the fiat system are trying to do is exchange all their worthless debt (US Dollar, stocks, bad mortgages, etc.) for the American public's labor (or promise to pay). That is why this bailout is so important to stop. It is basically a huge swindle. They want our labor and our tangible property and businesses, and they are going to swap their failed paper for it.
We are an extremely prosperous nation. Even today. We have tremendous resources, a great labor force, incredible businesses. Don't give them away to international interests who created a fiat financial system. And don't let them convince you that we are bankrupt.
Let their fiat system go down the toilet where it belongs.....then the American public can start anew with a sound money system that preserves the publics' wealth. The American public is NOT bankrupt! It is the the fiat system that has gone bankrupt. There is a huge difference. ... more -
U.S. dollar plunges
The proposed $700-billion US bailout of the United States' teetering financial sector failed to prevent a renewed eruption of financial market volatility Monday that torpedoed the U.S. dollar, sent oil prices soaring, and undermined stock markets on both sides of the Canada-U.S. border. The proposed $700-billion US bailout of the United States' teetering financial sector failed to prevent a renewed eruption of fin... more
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The great money scheme
So, have you guys seen this before?
How true is it?
Is the system rigged?
Is this related to what we appear to be experiencing now?
What can be done besides wearing "Don't blame me, I voted for Ron Paul" t-shirts?
The 5 part series explains a lot of things that might change your view of the world pretty damn quick. So, have you guys seen this before? How true is it? Is the system rigged? ... more -
What Greenspan and the Federal Reserve orchestrated has a long ways to go yet
I am most definitely not a fan of Alan Greenspan or the Federal Reserve. The one liner that sums up my belief regarding our current economic crisis is that the collapse of the US dollar and the global economy was orchestrated to centralize power. Further detailed information regarding this manufactured crisis at: “10 of the Most Important Economic Events of the Last 10 Years: Collapsing the Economy in the Buildup to World War III”.
I am also in the slow process of preparing a piece for the economics section of the wrap-up of politics and economics, this work however will not be presented until October – there are other pressing matters that need to be addressed.
But I do believe that it is important that we prepare ourselves for what is coming, which is why the following short comment warning us of the magnitude of the current crisis should be taken to heart. So if you need to hear it from the devil himself, then here it is: I am most definitely not a fan of Alan Greenspan or the Federal Reserve. The one liner that sums up my belief regarding our current ec... more -
Domain name dollar store
Schmort.com, Fwingle.com, they're all here for A DOLLAR!
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Dollar rebounds, but bad economics to blame for slow recovery
The dollar has hit a six-month high against the euro and its highest in almost two years against the pound.
The US currency has bounced back from record lows against euro on fears that European growth may slow sharply.
The UK is also struggling with high inflation and faltering growth, causing a slide in sterling.
The European currency hit a six-month low of $1.4812, while the pound fell to $1.8997 having hit its lowest since November 2006 at $1.8967.
The US economy is still suffering from the credit crisis but analysts say the deteriorating outlook elsewhere in the world has buoyed the currency's standing.
The falling price of commodities, that are priced in dollars, has also helped the US currency. Investors had bought oil and gold to protect against dollar weakness but they are now unwinding those positions.
The euro has been further undermined by military conflict in Georgia that could disrupt European markets.
However, analysts cautioned that the dollar's rally might not be sustainable.
"The scope for a much faster recovery in the dollar is still limited by relatively poor economic fundamentals in the US," said Julian Jessop, chief international economist at Capital Economics." The dollar has hit a six-month high against the euro and its highest in almost two years against the pound. ... more -
Highest Traces of Cocaine Found on U.S. Bills
Paper money contains high traces of cocaine. And U.S. bills take the top spot, covered in the greatest amount of the illegal powder, while Spanish notes are the most highly contaminated in Europe, a new study finds.
The findings, detailed in the latest issue of the journal Trends in Analytical Chemistry, reflect the popularity of the illicit drug, the researchers say.
"These findings should not be surprising, because cocaine and other drugs are traded using cash, which is handled by the same fingers that directly touch the drugs or wrappings," chemists Sergio Armenta and Miguel de la Guardia from the University of Valencia in Spain write. "Moreover, many cocaine users use a wrapped banknote to sniff this drug, so inducing direct cocaine contamination of the banknotes." Paper money contains high traces of cocaine. And U.S. bills take the top spot, covered in the greatest amount of the illegal powder, w... more -
Florida bank closed by FDIC - Aug. 1, 2008
Federal regulators closed Florida's First Priority Bank on Friday, marking the eighth bank failure of the year.
The Federal Deposit Insurance Corp., which was named the receiver of the failed bank, entered into an agreement with Atlanta-based SunTrust Bank (STI, Fortune 500) to assume the insured deposits of First Priority.
All six branches of the Bradenton, Fla.-based bank will reopen on Monday as branches of SunTrust. First Priority depositors will automatically become depositors of SunTrust, the FDIC said.
First Priority had assets of $259 million and total deposits of $227 million, according to the FDIC. That includes $13 million in uninsured deposits held in approximately 840 accounts that potentially exceeded the federal insurance limits.
Account holders with more than the $100,000 insured limit will essentially "become a creditor" of the failed bank, said FDIC spokesman Andrew Gray.
Those accounts will be credited as the FDIC sells more of the failed bank's assets, Gray said.
SunTrust Bank will purchase approximately $42 million of the failed First Priority's assets, which are made up of mainly cash, cash equivalents and securities.
And LNV Corp. of Plano, Texas, a subsidiary of Beal Bank Nevada, will purchase $14 million in First Priority's assets.
The remaining $171 million in assets will be sold by the FDIC. Proceeds of these sales will be used to pay creditors including bank clients whose accounts exceed the $100,000 limit. Federal regulators closed Florida's First Priority Bank on Friday, marking the eighth bank failure of the year. ... more -
Last hurrah for the banking system
FDIC has only $53 billion in reserves to guarantee $4 trillion in total bank deposits.
As the bank-runs increase, the FDIC will be forced to admit the truth, that they don't have the resources to deal with a problem this big. Currently, the FDIC has only $53 billion in reserves to guarantee $4 trillion in total bank deposits. The entire system has a mere $267 billion cash in the vaults. What a shabby way to run a banking system. Where's the money going to come from when depositors start withdrawing their savings? How will the FDIC deal with the ongoing deleveraging in the market which is forcing more and more investors move into cash?
On Friday, after the market had closed, the FDIC shut down two more banks, First Heritage Bank and First National Bank. Two weeks earlier, regulators seized Indymac Bancorp following a run by depositors. The FDIC now operates like a stealth paramilitary unit, deploying its shock troops on the weekends to do their dirty work out of the public eye and at times when it will least effect the stock market. The reasons for this are obvious; there's only one thing the government hates more than seeing flag-draped coffins on the evening news, and that's seeing long lines of frantic soccer moms and blue-collar working guys waiting impatiently to get what's left of their savings out of their now-deceased bank. After all, flag-draped coffins merely indicate that we're losing a war, but lines at the bank prove that the system is broken. And the system is broken, that's why people are depressed and confidence is waning.
Last Sunday, sought Treasury Secretary Henry Paulson tried to reassure the public that the banking system is sound, while bracing people for more trouble ahead:
* "I think it's going to be months that we're working our way through this period — clearly months. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation."
Paulson is like a broken record. Everything is always hunky-dory. He is the consummate Wall Street investment sharpie; a bright guy who could charm a hungry dog off a meat-wagon. But when it comes to telling the truth; forget about it. You'd be better off listening to Bush, which isn't saying much. The banking system is not sound nor is it well capitalized. It is a corpse that's been propped up in the office hallway next to the water-cooler so that everyone who passes bye gets a stifling whiff of the decaying flesh. Still, the charade goes on. Still the lies persist.
If the rate of bank closures continues at the present pace, by the middle of 2009 their will be restrictions on withdrawals. Even now, if you go to your bank and try to withdraw $9,000 or $10,000, it sends waves of panic through the entire building like a 5-alarm fire that quickly engulfs the main exits. It's crazy. Tellers go scampering around helter-skelter, and bank managers suddenly appear at the window grimacing in pain and wringing the sweat from their brows.
Most people are unaware of the fact that the new Fannie Mae and Freddie Mac bailout package that was passed into law on Saturday, provides Paulson with $300 billion of taxpayer dollars to shore up the faltering mortgage behemoths. In order to accomplish this, the congress increased the national debt by a whopping $800 billion sending it over the $10 trillion mark for the first time in history. FDIC has only $53 billion in reserves to guarantee $4 trillion in total bank deposits. ... more -
Housing bailout bill - another $800 billion gift from the taxpayer to Wall Street
This bill will probably pass in Senate tomorrow. You, your children and generations to come will pay for this. All taxes will be spent servicing this debt.
Cost of 5 years of Iraq war: $560 billion
Cost of this bill: $800 billion
It will be spent bailing out the same fraudsters who got us into this mess. Call your senator now and demand they vote against this! If you don't, it will probably pass. If you care for your country and your children's future, vote this video up.
The clock is ticking... This bill will probably pass in Senate tomorrow. You, your children and generations to come will pay for this. All taxes will be spent... more -
Oil falls over $3 on demand worries, dollar gain
"Oil prices tumbled more than $3 a barrel Tuesday, falling to their lowest level in seven weeks as the perception that record prices are eroding the world's thirst for energy sparked another dramatic sell-off.
The drop was a throwback to oil's nosedive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil's seventh decline in the last 10 sessions.
We're seeing both statistical and anecdotal evidence of very rapidly weakening demand picture," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "I think we could see $117 a barrel in a one-week time frame, and this market could eventually get to $100."
Also weighing on prices was a sharply stronger dollar compared to the euro, which made commodities less attractive to investors who have bought oil futures as a hedge against inflation and weakness in the U.S. currency.
In a further sign high prices are curbing Americans' consumption for fuel, retail gas prices fell further below the $4-a-gallon mark. The average price of a regular gas fell 1.7 cents to $3.941, according to auto club AAA, the Oil Prices Information Service and Wright Express." "Oil prices tumbled more than $3 a barrel Tuesday, falling to their lowest level in seven weeks as the perception that record pri... more -
Record '09 Deficit of $482 Billion
White House forecasts deficit of $389 Billion in 2008
The Bush administration forecasts the nation's budget deficit will hit $389 billion this year, increasing to a record $482 billion next year, reflecting shrinking tax revenue brought on by a weakened economy.
The projected budget shortfall in the fiscal year ending Sept. 30 is $21 billion less than President George W. Bush forecast five months ago while next year's shortfall is expected to come in 18.4 percent higher than the $407 billion in the earlier projection.
``These projected deficits are both manageable and temporary if spending is kept in check, the tax burden remains low and the economy continues to grow,'' White House Budget Director Jim Nussle said in the report delivered to House Speaker Nancy Pelosi, Democrat of California.
``Despite the recent slower economic growth'' brought on by declines in the housing market, disruptions in the credit markets and higher food and energy prices, ``the nation's economy has continued to expand and remains fundamentally resilient,'' the report said.
Even so, the White House lowered its forecast for U.S. economic growth this year and next. The budget office said the gross domestic product is being reduced to a 1.6 percent rise this year, compared with a 2.7 percent increase estimated five months ago.
Next year, the economy may expand 2.2 percent, instead of the 3 percent increase projected in February. White House forecasts deficit of $389 Billion in 2008 ... more -
Obama Trumps McCain
WASHINGTON (CNN) -- Barack Obama's campaign announced Thursday that it raised $52 million last month -- more than double the amount rival John McCain brought in, according to campaign officials for the presumed Democratic presidential nominee.
Sen. Barack Obama's campaign has $72 million available to spend, campaign officials say.
As the money comes in for Obama, his campaign is investing in states that have traditionally been Republican strongholds.
Obama's campaign now has $72 million cash on hand, meaning that's how much they currently have to spend, campaign officials said Thursday.
The average donation to Obama in June was $68, the officials said, bringing the monthly total to more than twice the $22 million raised in May.
At that time, the Illinois senator was locked in a fierce primary battle with Sen. Hillary Clinton for the Democratic presidential nomination, and Obama was spending more time campaigning for votes and delegates than simply fundraising.
With the conclusion of the primaries in early June and Clinton's suspension of her campaign just days later, Obama's campaign cash numbers had been expected to rise in June.
McCain's campaign raised $22 million in June, its best month yet. The campaign said that combined with the Republican National Committee, it has about $95 million cash on hand.
In a fundraising e-mail to supporters, Obama Campaign Manager David Plouffe acknowledged the deficit, saying "McCain and the RNC together still have a huge cash advantage, and we need your help to close the gap."
But when Obama's funds are combined with the Democratic National Committee's funds, he has $92 million, meaning he's about on par with McCain. WASHINGTON (CNN) -- Barack Obama's campaign announced Thursday that it raised $52 million last month -- more than double the amou... more -
Ron Paul tells Bernanke he is the "biggest taxer in the country" at Mone...
Segments of Congressman Paul (R-TX) addressing Fed Chairman Ben Bernanke at the Humphrey Hawkins Hearing on Monetary Policy on July 16th. Paul speaks about the problems with the Federal Reserve system and the current economic crisis. When making his point about the damaging consequences of inflation (3:29) Paul stated: "... Inflation is a tax. And if the Federal Reserve and you as chairman have this authority to increase the money supply arbitrarily you're probably the biggest taxer in the country. You're a bigger taxer than the congress..."
Congressman Ron Paul's Statement before the Financial Services Committee
http://www.house.gov/apps/list/hearing/financialsvcs_de...
Archived webcast of Humphrey Hawkins Hearing on Monetary Policy
http://financialserv.edgeboss.net/wmedia/financialserv/...
House Financial Services Committee
http://www.house.gov/apps/list/hearing/financialsvcs_de...
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Video by YouTube user PopularHypocrisy Segments of Congressman Paul (R-TX) addressing Fed Chairman Ben Bernanke at the Humphrey Hawkins Hearing on Monetary Policy on July 16... more
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