Weekly News Wrap-Up 7/29/11

Sam 07/29/2011  •

Dear Greg,

And, not a mention of further gun controls in the wake of the violence in Norway! For shame! Turn in your press credentials, as you are a LINO (Liberal In Name Only)!

Okay, earlier on Drudge Report I saw a chilling headline, on how the Dagong wants to lower this country’s credit rating, possibly as early as this coming Monday. They cite that investor’s are “nervous” (do tell!).

It seems nearly everyone and his cousin is nervous. Earlier this week the Duke of Lies (there, I SAID IT!) told banks not to default, so we all know that BHO will do the opposite. We could very well have a bank holiday. Now, given how this individual LOVES to procrastinate (how many vacations did he have during the BP oil spill?), a bank holiday COULD last for a while, possibly a MONTH or two. If you don’t have precious metals or a stockpile of supplies, AT LEAST have some cash in reserve. Things could really get ugly as workers can’t deposit/cash their paychecks, and business income slows down to a trickle (cash only transactions).

I really believe that this individual is doing all this just to buoy up his sagging poll numbers, and take down the GOP. This individual is a repeat law-breaker, he does not care as long as his agenda gets advanced, and will stop at NOTHING in order to force people to love him.

As Charlie Chaplin put it, “It’s the passage of greed” (“The Great Dictator”).

Mitch Bupp 07/29/2011  •

Thank You for the Weekly News Wrap-up Greg, I was waiting for someone to breakout the numbers of how much the banksters really scammed us for. I agree with you on the MERS issue. This has cost local governments millions of dollars. And gold, well we both understand what deflation of the sinking dollar really is and where it comes from. Helicopter Ben and the FED are just screwed as the debt ceiling crisis continues. I hope that people realize exactly how the FED is operating and that their super monopoly on the US money supply created the too big to fail banks and the financial crisis. This whole crisis is either intentional or out right incompetence by the FED.

M SMITH 07/29/2011  •

I was one those sailors who may walked like a drunk after 6 months at sea, it takes time to get your land legs back, so please don’t compare sailors to these thieves of DC & Wall Street! Now back to the weekly rap up!

I just read a very important lesson that Obama & congress, all corporate leaders should read, they will see that all this in fighting only cost all us of more. The SEC & CFTC never agree on important issues, just like Obama & congress. They end up adding some costly agencies that adds to the cost of doing business be it a corporation or government. Competition between department inside of corporations and our government at all levels only leads to more infighting & nothing ever gets done as we see daily on every news outlet. The Declaration of Independence shows us a complaint: He has erected a multitude of new offices, and sent hither swarms of officers to harass our people and eat their substance! Does this sound like what has & is occurring right now in DC, Wall Street & the Federal Reserves Cartel of Bankers who’s teamed up with the U.S. Sec of Treasury’s ESF and its many covert operators world wide?

Explaining ‘Vertical Isolated Core Structure’ and understanding how it has cost all of us dearly. http://armstrongeconomics.files.wordpress.com/2001/07/armstrongeconomics-restructuring-the-world-072811.pdf.

Also we have to look deep inside the BIS, the amount of people who have hidden billions of others peoples money they took as governments defaulted on pensions, contracts with companies, gains from proceeds from the drug trade where the money passed through U.S. Mega Banks where it was cleaned & sent to the heads of State around the globe, even after the BIS was known to be the place the Nazi’s used to hide the wealth it had stolen from all the people & Nations to fund its war machine, many wanted it shuttered for good but the Keynesian’s saw a use to keep it open, now it holds the wealth of millions of Americans & others who have fell victim to the Cartel of the worlds bankers. If this home for the the central bankers to hide the trillions of wealth they are stealing from all of us world wide is not exposed & address for what they have done & continue to do, we will be left with nothing but a hollowed out shell of a nation ruled by tyrants posing as members of the community who we send to do our business, but their own personal business to retain the power & wealth of being in the club comes first and we are left with high over priced ever thing we once found cheap from our local farmers markets & mom & pop grocery stores. All of these will be replace by the corporate owned stores controlled by banker families & the politicians.

Breaking up the two party system is already under way and moving faster than most expected. They have good intentions, but lack of knowledge of what the real problems stems from will hamper any real changes until they see through the smoke screens put up by the past leaders. Competing departments in government, corporations and the family of bankers who have made it impossible to be prosecuted for the crimes & thief of the worlds wealth by hiding it away at the BIS out of the reach of all the worlds police has to be fixed The return to real reporting of the truth by all media is a key issue also.

Now as I have listened to 5 hours of crap from the media, members of both sides, even Obama’s rantings, things look no different than yesterday. Gold is making new highs, silver is still the most manipulated PM ever, but I think it will be a big winner in time as protection against our school kids will be needed more than ever and sooner than we may think, as Jim Sinclair said hold your ground, many may want to take profits but the world may wake up & physical will be harder to get at any price. As I said yesterday, keep ahead of the rare coin market news & you just might find a few coins you are holding that now are a hot item & the windfall gives you a way to add PM’s while you can without use of credit cards, cash & carry works great as dealers are swamped with trades & those seeking rare coins have grown big time as money flows from the west to the east.

Thank you Greg for a great week of reporting, you have helped me & I want to thank you. May you have a well deserved restful weekend with family & friends.
M.L.Smith

Davis 07/30/2011  •

The Charade of the Debt Debate.

The average American can’t be blamed for thinking that the debt ceiling debate that is monopolizing the news cycle is a crisis in the making. One can hardly turn on the TV or the computer and see anything else at the top of the news columns. It doesn’t matter what source you look at, left, right whatever, they are all playing to the hilt. After all hysteria and fear mongering makes for ratings and advertising dollars.

Growing right along with the media hype is a sense by the American people that government has just grown too big, too incompetent and just plain corrupt, a sense that politicians aren’t just lying to them but they are hiding the truth for their own political ends and desires to get re-elected. This opinion is beginning to cross all political lines and it has the politicians worried. How can they convince voters to re-elect them if ever increasing numbers of voters see them all, Republicans, and Democrats, as self-serving and disinterested it the problems of the average citizen? Politicians, being creatures of habit, of course resort to the partisan gamesmanship that has served them so well for all these years.

Problem is that every time they convince themselves and/or enough public opinion that the latest proposal is the “solution to the problem,” it fails before it even gets started. Hence the source of the paradigm shift in the public’s attitude, and as is to be expected the politicians are the last to recognize it.

Underlying all this are questions that the politicians don’t want to answer, hell they don’t even want them asked! If these questions are acknowledged to exist, the answers and the questions those answers would then generate will expose them for the frauds and wholly owned subsidiaries of Wall Street that they are.

While politicians and pundits on both sides of the aisle bemoan the $14.3 Trillion debt they all ignore the fact that the onetime audit of the FED revealed that it had loaned $16.1 Trillion in funds at near 0% interest to the Too Big To Fail banks and then turned around and hired these same banks to manage the loan portfolios and PAID them another $600 Million for the service! Yet no questions are asked about conflict of interest or hiring foxes to guard the hen house!

So just where did the FED get this $16.1 Trillion? They simply created it up out of thin air; they made a few magical entries on the computer and the assets of the banks in question (the very banks that own the FED) suddenly grew to the point of no longer being insolvent. Why are no questions being asked? Why were the members of the FED board given waiver on conflict of interest because they were personally invested in the very banks they were loaning money to?

So what we have is an unaccountable private monopoly that creates our money, sets interest rates, regulates the banking system in general and makes secret loans with the nation’s currency to whoever they want.
It has more power over the direction of the economy than any other institution. It has no oversight, is responsible to no one but itself and no one, no government body, no court can overrule or overturn its decisions.

How can any citizen, any elected official regard this as just or in any context “American”? Who could be surprised that while by any measure, anemic GDP growth, persistent unemployment numbers, growing debt and deficit, creeping inflation, the banks continue to not just prosper but report increasing profits and pay monumental bonuses to their top executives?

Unless and until structural changes are made to not just the government budget process but more importantly the FED there will be no viable solution to the fiscal and monetary crisis. Until the FED’s power to inflate the currency and steal the wealth of the public to pad the balance sheets of its constitute banks the fleecing will continue.

Any “shared sacrifice” must include the bottom line of the banks. Unless Glass-Stegal is re-instituted their power cannot and will not be broken. The largest holder of US debt paper is not China or any other sovereign power, it is the FED. Its balance sheet has swollen by nearly 200% solely on the accumulation of Treasury Bonds. Through the POMO process the banks have made billions on the growing indebtedness of the Federal Government and no politician or pundit utter a peep of protest. None will even dare question that this has been the very reason for the FED’s existence for all these years. Looking at this chart how could there be any other conclusion?

(chart can be seen on my blog)

You want a solution? Audit the FED, declare the US Treasuries on its books as null and void. Declare the Treasuries held by its constituent banks as of a reduced value. Use a re-enacted Glass-Stegal to break up the “Too Big To Fail” banks just as Teddy Roosevelt broke up the oil and steel trusts. Reconstitute the FED along the lines of Alexander Hamilton’s “Bank of the United States” where under it would remain a private bank but with a board containing members appointed by both the Congress and the President and independent of any previous association with the banks. Any such new FED must be subject to periodic public audits and any failure to comply with law subject to not just civil prosecution of the bank but criminal prosecution of it board members.

Well don’t hold your breath waiting for that kind of accountability, it won’t happen, not as long as the bankers dump their pocket change into the campaign funds of the politicians that would have to enact any such change in law.