Archive for the ‘Financial Industry Reform’ Category
Posted March 12, 2013on:
- In: Communism in America | Deficit Reduction Proposal | Economy/Money | Financial Industry Reform | Health Care Reform Summary | Ineffective Government Programs | Iran and Nuclear weapons | Know the enemies of America | Obama's moratorium on drilling in the Gulf | Obamcare repeal and replace | Redistributing wealth | Unfunded liabilities
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The budgets from the Republican House (Ryan budget), the Democrats in the Senate and Obama won’t pass so the country will again for the fourth year continue to operate on “continuing resolutions”. The law of the country requires that Congress pass a budget but for 4 years the Senate has refused to even offer up a budget let alone pass the one offered by either the President (NOT ONE VOTE FOR ANT OBAMA BUDGET EVEN FROM A DEMOCRAT!) or the budget offered by and passed by the Republicans in the House.
Sooooo, here we have the Senate Democrats ”continuing resolution” and if all the tears hadn’t been rung out of me in November when We the People re-elected Obama to the Presidency then I would probably find myself crying again. Surely not all of these people are evil and certainly they are not all stupid, so what in the world is happening in the Democrat Senators minds?!?
The following article from The Heritage Foundation explains very well some of the more egregious proposed spending. I hope when you read this you get on the hone to your Congressman or woman be he/she Democrat or Republican and demand some sanity in Washington. BB
Heritage Experts’ Reaction to Senate Continuing Resolution
March 12, 2013 at 5:40 pm
The massive spending bill, or continuing resolution, released by the Senate this week continues spending on programs which are inappropriate or wasteful and fails to adopt good policies in many areas. Here’s a rundown of some of the worst offenders in the Senate bill:
Obamacare. The CR fails to stop the massive spending in Obamacare. Obamacare obligates an estimated $1.2 trillion for subsidies to individuals for purchasing coverage through the government exchanges and $638 billion for states agreeing to expand their Medicaid programs. Congress should eliminate the exchange subsidies and the enhanced federal match for the Medicaid expansion. Stopping these provisions would save the federal government more than $1.8 trillion over the next 10 years. Nor does it take steps to defund implementation of Obamacare.
(Already the regulations governing how Obamacare is implemented is 7 feet tall and only about 1/40 of the bill is covered by these regulations. Just the application to qualify for Obamacare is 15 pages long! BB)
—Nina Owcharenko, Director, Center for Health Policy Studies and Preston A. Wells, Jr. Fellow
Inadequate Defense Funding Levels. The detailed defense appropriations provisions in the House-adopted appropriations bill (H.R. 933), and now its Senate companion legislation, provide inadequate overall funding levels for defense, in part because they will continue to apply the reduction in defense spending for the current fiscal year required by sequestration. Nevertheless, the defense provisions continue wasteful spending practices. These defense appropriations provisions were agreed to by House and Senate appropriators earlier, and therefore the wasteful practices were also preserved in the Senate version of the same legislation.
The Heritage Foundation has identified at least $70 billion in annual savings within the Department of Defense through a combination of military health care and retirement reform, hiring freezes, expanding performance-based logistics, and reforming the acquisition process.
Clearly, this is money that could be kept within the defense budget and put into more militarily useful programs, such as improving space technology for use in missile defense or developing new classes of nuclear weapons delivery systems. The more productive approach to funding an effective military posture for the U.S. would be for Congress to return to the regular budgetary order, set aside sequestration, adopt higher defense appropriations that are applied in a more disciplined fashion and look to restrain federal spending growth in the areas of foreign aid, domestic discretionary programs, and entitlements.
(The world has never been so dangerous as it is today. Iran is on the verge of getting nuclear weapons and working very aggressively on their missile delivery program. North Korea already has nuclear weapons and now may very well have a missile able to hit the West Coast. So what does the President and the Democrats want to do? cut our defense programs! BB)
—Baker Spring, F.M. Kirby Research Fellow in National Security Policy
Head Start. Increasing Head Start funding is the antithesis of good early childhood education policy. The Senate CR provides $33.5 million in new funding for one of the most ineffective federal education programs in existence today: Head Start. While the new funding is earmarked for the Obama Administration’s plan to make the worst-performing Head Start centers re-compete for funds, it represents new spending on a program the federal government has deemed totally ineffective at meeting the needs of poor children.
In December, the Department of Health and Human Services (HHS) released itslong-overdue evaluation of Head Start. The agency’s scientifically rigorous evaluation of more than 5,000 Head Start children from the time they entered the program through third grade revealed that the $8 billion per year federal program had little to no impact on cognitive, social-emotional, health, or parenting practices of participants. On a few measures, access to Head Start had negative effects on children.
In addition to the evidence presented by HHS of Head Start’s ineffectiveness, in 2010 the Government Accountability Office (GAO) reported widespread fraud at Head Start centers. GAO sent undercover investigators into Head Start centers in various states, and in half they found fraudulent activity, such as Head Start employees counseling families to underreport their income in order to appear eligible for services.
Since 1965, taxpayers have expended some $180 billion on Head Start yet have not received a return on that “investment.” And now, in the wake of an objective report by HHS demonstrating that Head Start is failing the poor children it was designed to serve, the Senate CR would increase spending and eschew any suggestion of eliminating or reforming the Great Society relic.
Head Start should be eliminated. At a minimum, it should be reformed to allow states to make their Head Start dollars portable, following low-income children to a private preschool provider of choice, instead of relegating them to underperforming Head Start centers.
—Lindsey Burke, Will Skillman Fellow in Education
Energy. The Senate CR continues to fund a failed energy policy that empowers Washington bureaucrats instead of American families and businesses. Though it does cut some programs minimally, it does the equivalent of removing a used napkin from a full trash can. There’s much more waste that needs to be removed. For example, section 1203 reduces Department of Energy (DOE) funding by $44 million when more than $5.3 billion could be cut. The $44 million is equivalent to 0.8 percent of what should be cut.
Perhaps most egregious is the meager $11 million cut from the $1.8 billion request for Office of Energy Efficiency and Renewable Energy. In total, the DOE budget funds applied-research programs on conventional fuels, renewable energy sources, and nuclear energy that the private sector should be undertaking. American families and business are far better equipped than government to determine what types of energy technologies work for them. Eliminating these programs alone would save $3 billion in taxpayer money and help to return energy choice back to Americans.
Though the bill cuts $10 million from nuclear energy spending, based on the 2013 request, it would still fund over $150 million for nuclear waste disposal and management programs. None of this funding would go toward Yucca Mountain, the waste repository mandated by the Nuclear Waste Policy Act, as amended. Given the complete lack of any nuclear waste disposal or management policy by the Administration and its insistence on terminating the Yucca project, there is little justification for this spending. Instead, Congress should provide $40 million for the Nuclear Regulatory Commission to finish its review of the DOE’s Yucca Mountain permit application.
(The United States sits on the largest pool of CLEAN natural gas in the world and we have the means to get to this energy source but it does not fall into the category of solar, wind or water. natural gas is a fossil fuel! BAD!!! The United States also has the largest pool of oil available within our borders. Obama likes to say that we are pumping more oil today than at any time in our history. this is true but it is BEING PUMPED OFF OF PRIVATE PROPERTY AND NOT FROM GOVERNMENT OWNED LANDS. AND THE GOVERNMENT IS BUYING UP PROPERTY LIKE NEVER BEFORE TO PUT MORE LAND UNDER IT’S CONTROL! bb)
—Jack Spencer, Senior Research Fellow, Nuclear Energy, and Nick Loris, Herbert and Joyce Morgan Fellow
Consumer Product Safety Commission (CPSC). Unlike the budget passed by the House, the Senate bill seeks to restore government spending to fund the failed CPSC product safety database. CPSC decision making with respect to the database has previously been called “arbitrary and capricious” by the courts.
Since it was implemented in 2011, manufacturers have shown that the CPSC database is seriously flawed. The database allows the public to submit unproven claims of harm with the CPSC and gives manufacturers only 10 days to challenge these claims; however, the CPSC itself has final authority to publish reports of such claims, even if they are disproved by the manufacturer. The accuracy of the CPSC reports is thus seriously questionable, and is a one-stop shop for tort lawyers seeking new clients or seeking “evidence” for their current lawsuits.
Furthermore, last October, in Company Doe v. Inez Tenenbaum, a federal court in Maryland overturned a decision of the CPSC to publish a report as “arbitrary and capricious,” because the CPSC report was “misleading and fail[ed] to relate to the [manufacturer’s] product in any way.” Indeed, the CPSC database is a concrete example of government waste: It is a shame that the Senate bill seeks to restore government spending to publishing misleading claims that damage business growth and likely lead to additional frivolous lawsuits.
(What this means for you and me is that companies will refuse to put new products on the market that may save a life! BB)
—Andrew Kloster, Legal Fellow
Supplemental Nutrition Assistance Program (SNAP): $77.2 billion. The recommendation continues record-high food stamp benefits. Food stamp spending has approximately doubled since President Obama came to office. It is one of the largest and fastest growing federal welfare programs. The federal government operates 80 federal welfare programs at a cost of nearly $1 trillion a year. Over 10 of these provide food assistance.
Food stamp spending should be rolled back to pre-recession levels. Able-bodied adults without dependents who receive food stamp benefits should be required to work or prepare for work as a condition of receiving benefits.
—Rachel Sheffield, Research Associate
Job Corps: $30 million added to the funding level already provided under sequestration. This program should be terminated, because a scientifically rigorous impact evaluation of Job Corps participants were less likely to obtain high school degrees, were no more likely to attend or complete college, and earned only $0.22 more in hourly wages than non-participants. Further, the Department of Labor Office of Inspector General estimates each Job Corps participant who is successfully placed into any job costs taxpayers $76,574. (Why don’t we just give every one who applies for one of these job training programs $20,000. and send them home to sit on their asses for another 6 months? This would be a whole lot cheaper in the long run! BB)
Violence Against Women Act (VAWA) grants: $416.5 million. VAWA grantsshould be terminated, because these services should be funded locally. Using federal agencies to fund the routine operations of domestic violence programs that state and local governments could provide is a misuse of federal resources and a distraction from concerns that are truly the province of the federal government.
(This one just makes me cringe and cry and be sick! BB)
Office of Justice Programs (OJP) grants: $1.1 billion. OJP grants should be terminated, because these grants assign functions to the federal government that fall within the expertise, jurisdiction, and constitutional responsibilities of state and local governments. Further, the Edward Byrne Memorial Justice Assistance Grants ($392 million) within OJP have been used to place criminals on the street without posting bail.
Office of Juvenile Justice and Delinquency Prevention (OJJDP): $279.5 million. OJJDP grants should be terminated, because these grants fund juvenile justice and prevention programs that fall under the unique responsibilities of state and local governments. Further, there is little evidence that these grants are effective at preventing delinquency.
Community Oriented Policing Services (COPS): $225.5 million. COPS grantsshould be terminated, because these grants assign functions to the federal government that fall within the expertise, jurisdiction, and constitutional responsibilities of state and local governments. Further COPS grants were used tosupplant local funds and had little to no effect on reducing crime.
FEMA Fire Grants: $675 million. Fire grants should be terminated. Fire grants, which subsidize the routine operations of local fire departments, are ineffective at reducing fire-related deaths and injuries of firefighters and civilians. Fire grants incorrectly encourage local fire departments to become increasingly dependent on federal funding.
—David B. Muhlhausen, Ph.D., Research Fellow in Empirical Policy Analysis
Postal Service Saturday delivery: $2 billion. The Senate CR continues—by omission—the prior year’s ban on using the Postal Service’s small appropriation to reduce service levels, effectively mandating Saturday service. This, along with other such congressional restriction, limits the Postal Service’s ability to reduce costs and increases the risk of massive federal subsidies in the near future. (Yes, the Post Master CAN NOT make decisions that would make the Post Office more efficient because of Congress! BB)
—James Gattuso, Senior Research Fellow in Regulatory Policy
NASA Manned Spacecraft: $1.2 billion. The Orion Multi-Purpose Crew Vehicle is the new manned spacecraft NASA is developing for exploration of the Moon and Mars and for other purposes. Manned space flight is vastly more expensive than robotic exploration and is largely a public relations showcase for NASA to market itself to the American people. NASA’s budget should be pared back to a tight focus on cost-effective projects to advance its core missions.
(This is one I disagree with. The United States and Americans have benefited much from inventions made and perfected by the space program. I won’t go into the many, many inventions because you can google them for yourself. The space program should not be cut. And, another reason is the brain drain because these NASA scientists needing jobs will go to Russia, china and other countries; do we really want this? BB )
—J. D. Foster, Norman B. Ture Senior Fellow in the Economics of Fiscal Policy
National Science Foundation (NSF): $221 million. The bill would increase funding for NSF by $221 million, compared to the fiscal year (FY) 2012 enacted level, putting the total funding amount to $7.25 billion. Yet NSF has spent large amounts on research projects that are clearly not federal priorities ($325,000 for a “Robosquirrel” study; $516,000 creating a video game simulating prom week; and $350,000 for a study on how golfers should imagine a bigger hole when playing). Basic research is important, but given that NSF funding is diverted to inappropriate projects, it becomes wasteful. Budget reductions may help encourage more prudence.
National Institutes of Health (NIH): $71 million. Some of NIH’s funding goes to projects that seem inappropriate, such as $550,000 to acquire evidence that heavy drinking in a person’s 30s can lead to feelings of immaturity, while in their 20s it would not.
Legal Services Corporation (LSC): $358 million. This program should be terminated, because these services should be funded locally. The money is oftendiverted instead of going to poor people needing legal services, and there is a long history of waste and abuse of these funds by executives at the LSC.
Transportation. The bill would increase funding for highway programs and transit formula grants to match the levels authorized in Moving Ahead for Progress in the 21st Century (MAP-21), current surface transportation law. It also funds a $4 million Transit Safety office that was authorized in MAP-21. By funding this new office and the transit formula grants, the bill would continue diversions of limited Highway Trust Fund (HTF) user fees to transit, which is a demonstrated local—not a federal—priority.
Transit serves truly local needs and is predominantly concentrated in just six cities.Congress should end such diversions from the HTF, because they come at the expense of highway and bridge maintenance and expansion projects and do not demonstrably improve mobility and safety.
—Emily Goff, Research Associate
Housing and Urban Development Public Operating Fund: $562 million. The bill restores money from an FY 2012 cut to previous levels for a total 2013 funding request of $3.962 billion. The fund pays local public housing authorities annual subsidies for such things as maintenance, management, insurance and energy costs. These should be the responsibility of local jurisdictions.
—David C. John, Senior Research Fellow
Posted February 6, 2013on:
- In: Barack Obama | Communism in America | Economy/Money | Environment | EPA Environmental Protection Agency | Federal Reserve | Financial Industry Reform | Iran and Nuclear weapons | Israel Fight for Survival | national deficit, taxes, national budget | Obama 2013 and beyond | Obama admistration | Obama Against America | Obama and ethics | Obama Executive Decress | Obamanation | Progressives Movement to Destroy America | Subverting America by Uri Bezmenov
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This report from the Republican Study committee on what the conservative Republicans in the House of Representatives are doing and legislation they are putting forward to try to block Obama ‘s agenda and save our country. Much important information so do go to the referred sites for additional information. We all need to be aware of what is happening and these Congressmen are trying to get the information out there and pass legislation that will save us. Much of what they do however will go nowhere, but we still need to be aware. Their budgets proposals and much of their proposed legislation has passed the full House during the last 4 years but are left sitting on the shelf in Democrat Harry Reid’s Senate! You may want to subscribe to get their reports also so I have given you all the information in this post. BB
Tuesday, February 5, 2013 | View Online
RSC Update: Require a PLAN
From the Chairman
American families are still struggling due to President Obama’s failed economic policies. The President believes that Washington can tax, borrow and spend its way to a better future, yet House conservatives know that just like American families and businesses who have had to tighten their budgets, Washington must also start living within its means. The first step in creating a responsible budget is to present a budget. Republicans in the House have passed a budget for the past two years, and will proudly do so again this year. The Senate has yet to submit a budget for the past four years and the President has submitted his budget late four out of the past five years, which is irresponsible.
Fiscal sanity will never be restored in Washington until the Democrats learn to properly budget, just like American families and businesses. That is why the House, spearheaded by the RSC, is forcing the Democrats in the Senate to present and vote on a budget and is voting on former RSC Chairman Price’s bill, the “Require a PLAN Act.” Rep. Price’s bill will compel the President to submit an estimate of the earliest fiscal year that his budget will balance, if ever. American families have a right to know how their hard-earned tax dollars are being spent, and the RSC along with House Republicans are working to put an end to the President and the Democrats’ reckless tax, regulate, and spend agenda.
Congressman Steve Scalise
Chairman, Republican Study Committee
RSC Media Activity– RSC members work hard to ensure that the conservative viewpoint is well-represented in all corners of the media. Visit our Media Center for more.
- Rep. Kevin Brady (TX-08): Using Children as Props to Abolish the Second Amendment; Washington Times, January 31.
- Rep. Paul Broun’s (GA-10) fight to Audit the Fed was profiled by Roll Call on January 20. Picks Up Paul’s Fight Against Fed.
- Rep. Bob Goodlatte (VA-06) was recently profiled as the “Player of the Week,” by The Hill on February 5, Player of the Week: Rep. Bob Goodlatte
- Rep. Robert Hurt (VA-05): The logic of ‘No Budget, No Pay’; NewsAdvance.com, January 29.
RSC Member Activity–RSC members make it a priority to introduce productive, conservative solutions for America’s future.
- Rep. Virginia Foxx (NC-05) is building support for the Preserve Land Freedom for Americans Act, which amends the Antiquities Act to require state approval for presidential designations of national monuments. Monument designations should be subject to state approval in order to ensure that states – not only the administration – have a say in what is best for their residents.
- Rep. Trent Franks (AZ-08) is building support for a Ronald Reagan Resolution. Mr. Franks is seeking original cosponsors for a resolution celebrating the life of Ronald Reagan on the anniversary of his birth.
- Rep. Paul Gosar (AZ-04) is seeking support for his Resolution Expressing No Confidence in AG Holder and Calling for His Resignation. As Congress investigated Operation Fast and Furious in the 112th Congress, Attorney General Holder appeared before various House and Senate committee hearings to testify on the matter. In these testimonies, Mr. Holder evaded, obstructed, and misled the investigation. Attorney General Holder has clearly lost the confidence of Congress and the American people.
- Rep. Tim Griffin (AR-02) seeks support for his letter to President and State Department on shipment of F-16s to Egypt. Rep. Griffin is urging members to sign on to a letter to the President and Secretary Kerry requesting a delay in the U.S. government’s shipment of F-16s to the Egyptian military.
- Rep. Duncan Hunter (CA-50) is building support for H.R. 342 “the Guarantee Paychecks for America’s Military Families Act,” to ensure that our troops are paid in the event the debt ceiling is reached.
- Rep. Duncan Hunter (CA-50)is building support to Report Real Unemployment Numbers. Rep. Hunter will soon reintroduce the Real Unemployment Calculation Act would ensure that the official national unemployment rate presents an accurate account of the true unemployment situation.
- Rep. Mike Kelly (PA-03) is building support fora Concurrent Resolution Opposing the UN Arms Trade Treaty. On Christmas Eve 2012, the UN voted to hold a final round of negotiations on the Arms Trade Treaty (ATT) in March 2013. The ATT raises a number of serious concerns, including threats to our Second Amendment rights, our domestic defense manufacturing base, and our ability to defend our allies such as the Republic of China (Taiwan) and the State of Israel.
- Rep. Mike Kelly (PA-03) is seeking support for “The Advice and Consent Restoration Act,” which prevents individuals unconstitutionally appointed to the NLRB from collecting their $155,500 salaries and ensures that as long as unconstitutionally appointed individuals remain in their positions, the NLRB is prohibited from performing its authorized functions.
- Rep. Blaine Luetkemeyer (MO-03) is building support for legislation to defund UN climate change initiatives. With President Obama reigniting the climate change debate, Rep. Luetkemeyer is reintroducing his legislation with an added prohibition on federal contributions to the United Nations Framework Convention on Climate Change (UNFCCC), which works to implement IPCC initiatives. Together, U.S. contributions to IPCC and UNFCC have nearly double under the Obama administration.
- Rep. Jeff Miller (FL-01) is building support for H.R. 324, to grant the Congressional Gold Medal, collectively, to the First Special Service Force.The First Special Service Force (FSSF) was a covert World War II military unit born through the efforts of President Franklin Roosevelt and Prime Minister Winston Churchill. The FSSF conducted ultra-high risk military missions in the Aleutian Islands, Italy, and southern France. Once sent into action, the FSSF never failed a combat mission.
- Rep. Scott Perry (PA-04) seeks support for his Balanced Budget Amendment that would force the President to pass a budget that justifies each department and agency’s funding levels.
- Rep. Marlin Stutzman (IN-03) is building support for the FFOCUS Act- Focusing the Fed on the Currency of the United States Act of 2013. This bill simply eliminates the unemployment aspect of the Fed’s dual mandate in order to focus Chairman Bernanke on price stability.
Outlook – A quick look at what’s on the horizon.
- The House Conservative member retreat is Wednesday to Friday this week in Baltimore.
- The House will be voting on RSC member Rep. Tom Price’s (GA-06) “Require a PLAN act,” H.R. 444 on Wednesday.
- RSC Updates are now online! Looking for one of our recently released charts and graphs? Click here.
- Stay up to date on budget and spending news with reports from the RSC Budget and Spending Task Force.
- Keep up with national security by reading the National Security Working Group’s newest report.
- Check out the Repeal Task Force’s work to eliminate bad laws and regulations.
House Republican Study Committee
2338 Rayburn House Office Bldg
Washington, DC 20515
Phone: (202) 226-9717
Fax: (202) 226-1633
News from “The Hill” that you might have missed and will find interesting. Obama promises to veto any spending bills that cut into his Obamacare or his Jobs Bill. I don’t buy this bluff and I hope that Congress won’t either.
Veni, vidi veto: The Obama administration on Thursday told House and Senate appropriators that the president will veto any 2012 spending bills that contain provisions blocking top administration priorities like healthcare and financial reforms, The Hill’s Erik Wasson reports.
Revamping its semi-dormant mantra of “winning the future,” the White House also threatened a veto if the final version of spending bills cuts funding too much or fails to fund investments in education, innovation or infrastructure.
Perhaps not surprising: Republicans have latched on to a federal audit, released Thursday, that found that more than $3 billion worth of education credits could have been wrongly handed out by the IRS, our Bernie Becker reports.
“Enough is enough — it’s time for the IRS to start taking proactive measures to stop erroneous payments on the front end,” Rep. Charles Boustany Jr. (R-La.), the chairman of the House Ways and Means Oversight subcommittee, said in a statement.
Movement on the legislation to sell off excess federal property. I hope this includes getting out of the western states which are largely owned by the government. There is a lot of natural resources under those federally owned hills that the feds have been giving to private mining companies for mere pennies. If the property reverts to the states I don’t see this happening. governments closer to the people work more in sync with the wants and needs of the people.
More moves on bringing private companies and all their money back from overseas by giving a “holiday” on the far too excessive corporate taxes the United States charges it’s companies. The companies take their work and money overseas to avoid what are the highest corporation taxes in the world. The calls to tax the rich and tax the corporations so they rich and corporations do what you and I can not doe: they just leave the country! How dumb can Americans be??!
More noise about going after the Federal Reserve and Ben Bernanke. The Federal Reserve should never have been formed in the first place and given so much power over our money and therefore our whole economy and lives. BB
WHAT YOU MIGHT HAVE MISSED
— Sen. Sanders gathers economists for his planned Fed overhaul bill
— Bernanke says no more stimulus
— Senate housing bill would sell excess properties to foreign investors
— Good-government groups weigh in on repatriation
— Hensarling can see supercommittee overhauling tax code
— IRS makes 2012 inflation, cost-of-living adjustments
— Plan to shed excess federal properties marches onward
— House Dems to SEC: Make companies come clean on political spending
— Higginbottom confirmed as deputy OMB head
— Chamber of Commerce spends $45.8M on lobbying
— Existing home sales fell last month, still above 2010 levels
— Initial jobless claims fall slightly
Read this article carefully because it outlines exactly what we should have done with the banks in 2008 instead of the massive bail out. Now the ones in power are planning another bail out for another failing bank. Failing due to massive incompetence! BB
- In: American Crash 2011 | Communism in America | Constitution of the United States of America | Economy/Money | Federal Reserve | Financial Industry Reform | national deficit, taxes, national budget | Politics 2008 | Politics 2009 | Politics 2010 | Politics 2011 | Subverting America by Uri Bezmenov
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(Go to this site and listen to the videos)
Here’s some information I first ran in this newsletter more than FIVE years ago. The numbers have been updated, but the overall situation remains practically unchanged.
Have you always wondered why the price of gold has more than doubled recently (now about $1,600 per ounce), silver has tripled (now $40 per ounce) and your paycheck isn’t going as far as you need it to?
Inflation is rising! In case you didn’t realize it, there has been a 300 percent increase in inflation since the 1970s. If you have been curious about these issues, you will really enjoy watching the two videos above.
One is a short animation arguing for re-introduction of gold as money because of its independence. The other is a 45-minute video tutorial from one of my favorite economic teachers — the Ludwig von Mises Institute — that explains how the fractional reserve banking is debased. It also discusses the central bank and how the U.S. government transitioned into the Federal Reserve System that scrapped the gold standard in 1933 and established a global inflationary system.
In 1970, the price of gold was $37 an ounce. Now, 41 years later, it is setting records regularly and is over $1,700 an ounce. Nearly all of the over two dozen experts I follow in this area are universal in gold surpassing $2,000 sometime by the end of this year or close to it and with potential to rise to $5,000 to $10,000 per ounce. That is not as high as you might think, as it has already increased by 50X since 1970. That is less than five times increase. Silver is far more volatile and may actually increase ten times its current value or more.
Once you view the video, you will see the Federal Reserve System is actually the cause of inflation and one of the primary reasons why your financial future is uncertain.
While We the People have been distracted by the Debt Ceiling Debate much has been happening behind the “fray”.
Posted July 26, 2011on:
- In: American Crash 2011 | Big Labor Unions | Communism in America | Deficit Reduction Proposal | Economy/Money | Environment | EPA Environmental Protection Agency | Federal Reserve | Financial Industry Reform | Health Care | Ineffective Government Programs | Redistributing wealth | Republican House of Representatives 2011 | States revolt | Subverting America by Uri Bezmenov
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Obama and his minions have always and ever used distraction to push their more horrific project, and this debt ceiling distraction is a real winner for them. See what has been going on in the background while we and TV news has been watching elsewhere. Or maybe you have been like me and tuning it all out! BB
On the floor: Meanwhile, the full House continues to debate the 2012 Interior and Environment appropriations bill, which Democrats say is the worst environmental bill to come before the House — ever. The bill contains 39 riders limiting the ability of the EPA to regulate; Democrats are attempting to strip out as many as possible.
Reviewing regulators: The Senate Banking Committee will be getting its vet on tomorrow, welcoming three nominees the White House wants to put at the center of the government’s financial regulation.
The trio scheduled to be on hand are: Martin Gruenberg, tapped to replace Sheila Bair at the top of the Federal Deposit Insurance Corporation; Thomas Curry, the choice for next comptroller of the currency; and Roy Woodall, the pick for insurance expert on the new Financial Stability Oversight Council. Financial regulatory nominees have had a rocky road in confirmation battles lately — here’s looking at you, Peter Diamond and Richard Cordray — so keep an eye open to see if these three fare better.
Consumption!: Mike Huckabee, the former Arkansas governor and GOP presidential candidate, is one of a deep bench — nine witnesses overall — talking consumption taxes at House Ways and Means tomorrow.
Huckabee and two others will discuss the Fair Tax, the idea of replacing federal taxes with a sizable national sales tax. The rest of the panelists will discuss the Value Added Tax, a consumption tax that has sparked skepticism from both the right and the left in this country. All that said, the VAT is quite popular in much of the rest of the industrialized world — where, perhaps not coincidentally, most countries also have a lower corporate tax rate.
If at first you don’t succeed … Senate Finance is going back to the well for a hearing on deficit reduction, three weeks or so after the debate over the pending trade deals caused the postponement of a previously scheduled discussion. Peter Orszag, the former White House budget director, is not scheduled to testify this time around, but Finance will hear from liberal and conservative experts.
Speaking of which: The U.S. Chamber of Commerce is taking its case on those trade deals — with South Korea, Panama and Colombia — to Capitol Hill, holding a rally to help push for their passage. The agreements remained stalled due to disagreements over whether they should be linked to the Trade Adjustment Assistance program.
The briefing room: A more conservative group of congressional Republicans will be gathering tomorrow to unveil legislation that would tell the president what bills to pay if the government hits the debt ceiling. Under the bill, the administration would have to prioritize payments for debt service, Social Security and military pay before attending to other obligations. The RSC’s Jordan, Sen. Jim DeMint of South Carolina and others will be on hand to roll out EFFCUSPASSA — that’s the Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act, for those of you scoring at home.
Fed fulminating: Rep. Ron Paul (R-Texas) will return to the fertile grounds of Federal Reserve bashing on Tuesday, with his House Financial Services subcommittee exploring how the central bank’s monetary policy affects the economy.
Specifically, the panel will discuss inflation, unemployment and the potential for a third round of “quantitative easing.” The Fed has said it is prepared to pump more stimulus into the economy if needed, but Ben Bernanke, the Fed chairman, has emphasized that nothing is in the works immediately. Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City and no fan of the last QE experience, will be on hand to testify.
Risky renting: A second House Financial Services subcommittee will train its sights on the rent-to-own industry Tuesday, as lawmakers explore what regulators should or shouldn’t be doing as they monitor the agency.
Preparing for the floor: The House Rules Committee will meet to set up a bill that wades in to the spat between Boeing and the National Labor Relations Board over whether the aerospace giant shifted work to a South Carolina plant to punish union action in Washington state.
Last week, the House Education and the Workforce Committee marked up legislation sponsored by Rep. Tim Scott (R-S.C.) that not only bars the NLRB from shifting Boeing work back to Washington, but prohibits “ordering any employer to close, relocate or transfer employment under any circumstance.”
— Rep. Dennis Kucinich (D-Ohio) has a briefing of his own planned, titled “Eliminating the Debt and Creating Jobs without Raising Taxes.”
— Christine Lagarde, the new IMF chief, headlines an early morning Council on Foreign Relations conference call on the world economy.
— A Senate Judiciary subcommittee looks at the economic case for and against immigration reform.
— And dozens of religious figures head to the Hill for a prayer vigil on ensuring the poor don’t have to shoulder the burden of a debt deal.
— Standard & Poor’s is scheduled to release its Case–Shiller 20-city home price index for May.
— The Commerce Department is slated to circulate its report on new privately owned one-family houses sold and for sale in June, as the housing market struggles to show any improvement.
— And the Conference Board is set to drop its consumer confidence index for July, a way to examine potential spending habits of consumers, which represents 70 percent of the economy.
It’s not just in Washington: Concern about debt is everywhere. A new Associated Press/GfK poll found that one in five are worried about debt practically all the time, and more than one in three say they won’t be able to pay off their credit card bill.
And a break from the debt ceiling: Rep. Shelley Berkley (D-Nev.), Ways and Means member and Senate candidate, has introduced her own bill to allow U.S. multinationals to bring offshore profits home at a reduced tax rate, Bloomberg reports.
The lowest possible rate in the bill, 5.25 percent, matches the rate in a previous holiday and the one called for in another House proposal in this area. But a company’s rate could be as high as 25 percent under the plan, depending on its hiring practices.
WHAT YOU MIGHT HAVE MISSED:
On the Money’s Monday:
– Jim DeMint on Reid/Boehner plans: They’re both no good.
– IMF: The debt ceiling must be raised.
– The White House turns its head toward criminal syndicates.
– The IRS reverses course on its innocent-spouse policy.
– Joint Economic Committee: 32 states added private-sector jobs in June.
– House Oversight set to take a look at excess federal property.
– And audit finds the IRS needs to tighten up on homebuyer credit.
Feedback, etc., to email@example.com
Posted March 23, 2011on:
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- 3 Comments
Listen carefully to these videos. Put this together with the thugs in Wisconsin and now in Indiana. It is a discussion of how to bring down the United States with their own words. These people have direct contact with the White House.
Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America
Stephen Lerner, formerly of SEIU.
A former official of one of the country’s most-powerful unions, SEIU, has a secret plan to “destabilize” the country. The plan is designed to destroy JP Morgan, nuke the stock market, and weaken Wall Street’s grip on power, thus creating the conditions necessary for a redistribution of wealth and a change in government.
The former SEIU official, Stephen Lerner, spoke in a closed session at a Pace University forum last weekend.
The Blaze procured what appears to be a tape of Lerner’s remarks. Many Americans will undoubtely sympathize with and support them. Still, the “destabilization” plan is startling in its specificity, especially coming so close on the heels of the financial crisis.
Lerner said that unions and community organizations are, for all intents and purposes, dead. The only way to achieve their goals, therefore–the redistribution of wealth and the return of “$17 trillion” stolen from the middle class by Wall Street–is to “destabilize the country.”
Lerner’s plan is to organize a mass, coordinated “strike” on mortgage, student loan, and local government debt payments–thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans. This destabilization and turmoil, Lerner hopes, will also crash the stock market, isolating the banking class and allowing for a transfer of power. (We have to ask ourselves to whom does this so-called power revert . BB)
Lerner’s plan starts by attacking JP Morgan Chase in early May, with demonstrations on Wall Street, protests at the annual shareholder meeting, and then calls for a coordinated mortgage strike.
Lerner also says explicitly that, although the attack will benefit labor unions, it cannot be seen as being organized by them. It must therefore be run by community organizations.
Lerner was ousted from SEIU last November, reportedly for spending millions of the union’s dollars trying to pursue a plan like the one he details here. It is not clear what, if any, power and influence he currently wields. His main message–that Wall Street won the financial crisis, that inequality in this country is hitting record levels, and that there appears to be no other way to stop the trend–will almost certainly resonate. (Granted a lot of people are hurting but it was not Wall Street that started the problem they merely took advantage of it and did what Washington in the form of Democrats and Rep. Barney Frank and Senator Chris Dodd was pushing them to do: Give mortgage loans to people who could not afford them!! The same goes for Student Loans!Then after forcing Fannie Mae and Freddie Mac the largest mortgage holders in the country to buy up these bad loans these Congressmen made sure the government took over Fannie and Freddie! thus putting you the tax payer on the hook. Taking down our financial industry will not bring the economy back, it will only insure chaos and more misery for everyone.
The Obama Administration by holding the oil companies down from drilling for oil is causing a great deal of hardship and unemployment in this country. If Obama would allow drilling you would immediately see a decrease in oil prices even tho we will not see oil from new wells for years because the
Arab countries OPEC will do anything to keep the United States under its control. The need is especially urgent now that Japan will have to have even more oil for it’s power now that they will most probably be shutting down as many of their nuclear plants as possible do to public outcry after the earthquake disaster.BB)
FULL TRANSCRIPT FROM THE BLAZESPEAKER: Stephen Lerner. Speaker at the Left Forum 2011 “Towards a Politics of Solidarity” Pace University March 19, 2011
Speaker Bio: Stephen Lerner is the architect of the SEIU’s groundbreaking Justice for Janitors campaign. He led the union’s banking and finance campaign and has partnered with unions and groups in Europe, South American and elsewhere in campaigns to hold financial institutions accountable. As director of the union’s private equity project, he launched a long campaign to expose the over-leveraged feeding frenzy of private equity firms during the boom years that led to the ensuing economic disaster.
It feels to me after a long time of being on defense that something is starting to turn in the world and we just have to decide if we are on defense or offense
Maybe there is a different way to look at some of theses questions it’s hard for me to think about any part of organizing without thinking what just happened with this economic crisis and what it means
I don’t know how to have a discussion about labor and community if we don’t first say what do we need to do at this time in history what is the strategy that gives us some chance of winning because I spent my life time as a union organizer justice for janitors a lot of things
It seems we are at a moment where the world is going to get much much worse or much much better
Unions are almost dead we cannot survive doing what we do but the simple fact of the matter is community organizations are almost dead also and if you think about what we need to do it may give us some direction which is essentially what the folks that are in charge – the big banks and everything – what they want is stability
Every time there is a crisis in the world they say, well, the markets are stable.
What’s changed in America is the economy doing well has nothing to do with the rest of us
They figured out that they don’t need us to be rich they can do very well in a global market without us so what does this have to do with community and labor organizing more.
We need to figure out in a much more through direct action more concrete way how we are really trying to disrupt and create uncertainty for capital for how corporations operate
The thing about a boom and bust economy is it is actually incredibly fragile.
There are actually extraordinary things we could do right now to start to destabilize the folks that are in power and start to rebuild a movement.
For example, 10% of homeowners are underwater right their home they are paying more for it then its worth 10% of those people are in strategic default, meaning they are refusing to pay but they are staying in their home that’s totally spontaneous they figured out it takes a year to kick me out of my home because foreclosure is backed up
If you could double that number you would you could put banks at the edge of insolvency again.
Students have a trillion dollar debt
We have an entire economy that is built on debt and banks so the question would be what would happen if we organized homeowners in mass to do a mortgage strike if we get half a million people to agree it would literally cause a new finical crisis for the banks not for us we would be doing quite well we wouldn’t be paying anything.
Government is being strangled by debt
The four things we could do that could really upset wall street
One is if city and state and other government entities demanded to renegotiate their debt
and you might say why would the banks ever do it - because city and counties could say we won’t do business with you in the future if you won’t renegotiate the debt now
So we could leverage the power we have of government and say two things we won’t do business with you JP Morgan Chase anymore unless you do two things: you reduce the price of our interest and second you rewrite the mortgages for everybody in the communities
We could make them do that
The second thing is there is a whole question in Europe about students’ rates in debt structure. What would happen if students said we are not going to pay. It’s a trillion dollars. Think about republicans screaming about debt a trillion dollars in student debt
There is a third thing we can think about what if public employee unions instead of just being on the defensive put on the collective bargaining table when they negotiate they say we demand as a condition of negotiation that the government renegotiate – it’s crazy that you’re paying too much interest to your buddies the bankers it’s a strike issue - we will strike unless you force the banks to renegotiate/
Then if you add on top of that if we really thought about moving the kind of disruption in Madison but moving that to Wall Street and moving that to other cities around the country
We basically said you stole seventeen trillion dollars – you’ve improvised us and we are going to make it impossible for you to operate
Labor can’t lead this right now so if labor can’t lead but we are a critical part of it we do have money we have millions of members who are furious
But I don’t think this kind of movement can happen unless community groups and other activists take the lead.
If we really believe that we are in a transformative stage of what’s happening in capitalism
Then we need to confront this in a serious way and develop really ability to put a boot in the wheel then we have to think not about labor and community alliances we have to think about how together we are building something that really has the capacity to disrupt how the system operates
We need to think about a whole new way of thinking about this not as a partnership but building something new.
We have to think much more creatively. The key thing… What does the other side fear the most – they fear disruption. They fear uncertainty. Every article about Europe says in they rioted in Greece the markets went down
The folks that control this country care about one thing how the stock market goes what the bond market does how the bonuses goes. We have a very simple strategy:
- How do we bring down the stock market
- How do we bring down their bonuses
- How do we interfere with there ability to be rich
And that means we have to politically isolate them, economically isolate them and disrupt them
It’s not all theory i’ll do a pitch.
So a bunch of us around the country think who would be a really good company to hate we decided that would be JP Morgan Chase and so we are going to roll out over the next couple of months what would hopefully be an exciting campaign about JP Morgan Chase that is really about challenge the power of Wall Street.
And so what we are looking at is the first week in May can we get enough people together starting now to really have an week of action in New York I don’t want to give any details because I don’t know if there are any police agents in the room.
The goal would be that we will roll out of New York the first week of May. We will connect three ideas
- that we are not broke there is plenty of money
- they have the money - we need to get it back
- and that they are using Bloomberg and other people in government as the vehicle to try and destroy us
And so we need to take on those folks at the same time
and that we will start here we are going to look at a week of civil disobedience – direct action all over the city
then roll into the JP Morgan shareholder meeting which they moved out of New York because I guess they were afraid because of Columbus.
There is going to be a ten state mobilization it try and shut down that meeting and then looking at bank shareholder meetings around the country and try and create some moments like Madison except where we are on offense instead of defense
Where we have brave and heroic battles challenging the power of the giant corporations. We hope to inspire a much bigger movement about redistributing wealth and power in the country and that labor can’t do itself that community groups can’t do themselves but maybe we can work something new and different that can be brave enough and daring and nimble enough to do that kind of thing.
W: We’re going to hear from Steve Lerner next, of SEIU, the Architect of the Justice for Janitors campaign. Currently, he’s working on partnering with unions and groups in Europe and South America, it’s building campaigns to hold financial institutions accountable.
S. Lerner: It seems to me that we’re in a moment where we need to figure out in a much more, through direct action, much more concrete way how we really are trying to disrupt and create uncertainty for capital, for how corporations operate. And it may sound like that’s a crazy thing that in a moment of weakness we could deal with it, but the thing about a boom and bust economy, it is actually incredibly fragile, because it’s not based on real way, well, it’s based on gambling and all of that. And so there are actually extraordinary things that we could do right now that would start to de, destabilize the folks that are in power and start to rebuild a movement. And for example, 10% of homeowners, going back to where you started, who are under, a quarter of all people who own a home are under water. Right? Their home is under water, they’re paying more for it than it’s worth. Ten percent of those people are now in strategic default, meaning they’re refusing to pay but they’re staying in their homes. That’s totally spontaneous. Right? They figured out it takes a year to kick me out of my home because the mort, the foreclosure’s backed up. I’m going to say I won’t pay. It’s just what business does, it’s a good, a good business decision. If you could double that number, you would make banks, put banks on the edge of insolvency again.
And so the question would be, what would happen if we organized homeowners in mass to do a mortgage strike. Just say if we get, and, and, if we get half a million people to agree, we’ll all not, we’ll agree we won’t pay our mortgages, it would literally cause a new financial crisis.
There are four things we can do that could really upset Wall Street. One is if city and state and other government entities demanded to renegotiate their debt because they’re paying too much interest. And you might say, well why would the banks ever do it? Because they, the cities and counties could say we won’t do this and this in the future with you if you don’t renegotiate the debt now. Meaning, about a third of bank profits generate from dealing with cities and states. So we could leverage the power we have of government to say we won’t do business with you, JP Morgan Chase, anymore unless you do two things: you reduce the price of our interest, since your interest rate is down; and second, you rewrite the mortgages for everybody in the community so they can stay in their homes. We, we could make them do that.
The second thing is there’s a whole question in New York now about austerity and student’s rates and the question of the debt structure. What would happen if students said we’re not going to pay? It’s a trillion dollars. Think about your …sweeping that debt, a trillion dollars from students debt?
There’s a third thing that we could think about, what about if public employee unions, instead of them being on the defensive, put on the collective bargaining table when they negotiate they said we demand as a condition of negotiation that the government renegotiate, we want, we believe in good financial management. It’s crazy that you’re paying too much interest to your buddy the bankers. It’s a strike issue for us. We will strike unless you force the banks to relieve the debt of the city. I’m not going to go through all the detail except to say there’s extraordinary things we could do and if you add on top of that, if we really thought about moving to the kind of disruption in Madison, but moving that to Wall Street and moving that to other cities around the country where we basically said you stole $17 trillion, you’ve impoverished us and we’re going to make it impossible for, for you to operate.
Labor can’t lead it, but we can be a critical part of it. We do have money, we have millions of members who are furious, but I don’t think this kind of movement can happen unless actually the community groups and other activists take the lead. And that’s a big reversal of how a lot of these coalitions have even thought about it, so unions helping community groups, or communities who cover this narrowly. And if you’re se, if we really believe that we’re in a transformative stage and what’s happening in capitalism, and we need to confront this in a serious way and develop a real ability to put a boot in the wheel, then I think we have to think not about labor community alliances. We have to think about how together we’re building something that really has the capacity to disrupt how the system operates.
And so I just, I guess raise that we need a whole new way of thinking about things, which is not a partnership, but building something new. Because the bottom line is, as soon as the union gets sued, it’s going to be terrifying. When we get an injunction that says, you know, you, un, the union backs down. So we need to build a movement based on we know the oppression we’re going to face. And I think the only way we can do that is to think much more creatively, and the key thing I …is we have to say what does the other side fear most? They fear disruption, they fear uncertainty. Every article about Europe says a riot in Greece, the markets went down. The folks that control this country care about one thing: how the stock market does; how the bond market does; and what their bonus is. So I think we weed out a very simple strategy: how do we bring down the stock market, how do we bring down their bonuses, how do we interfere with their ability to, to be rich. And if we don’t do, and that means you have to politically isolate them, economically isolate them and disrupt them. So, it’s not all theory, I’ll do a pitch.
So, a bunch of us around the country are thinking about who would be a really good company to hate? We decided that would be JP Morgan Chase. …. And so we’re going to roll out over the next couple of months what will hopefully be an exciting campaign about JP Morgan Chase that is really about challenge the power of Wall Street. And so what we’re looking at is in the first week of May, we get enough people together – we’re starting now – to really have a week of action in New York with the goal of … I don’t want to go into any details because I don’t know which police agents are in the room, but the goal would be that we would roll out in New York the first week in May—
M: (Can’t hear speaker)
S. Lerner: Yes. …connect three ideas – that we’re not broke, there’s plenty of money; they have the money, we need to get it back; and that they’re using Bloomberg and other people in government as the vehicle to try to destroy us. And so that we need to take on those folks at the same time and that will start here. We’re going to look at a week of civil disobedience, direct action all over the city, then we’ll roll into the JP Morgan shareholder meeting, which they moved out of New York because they were afraid, I guess, of Columbus, where there’s going to be a ten state mobilization to try to shut down that meeting. And then looking at bank shareholder meetings around the country and try to create some moments like Madison, except where we’re on offense instead of defense. Where we have brave and heroic battles challenging the power of the giant corporations, and we hope to sort of inspire a much bigger movement about redistributing wealth and power in the country.
W: You were talking about why unions are so invested because of their pension plans and why ungovernability, as Frances Fox Piven and Cloward taught us, you know, poor peoples’ movements are successful when they create conditions of ungovernability. And then you win victories.
Transcription: TTE Transcripts Worldwide, Ltd.
Government Blaze Exclusive: Congressman Presses Holder to Investigate ‘Terrorist Plans’ in Bank Plot
The Blaze has obtained an exclusive letter sent from Rep. Jason Chaffetz (R-UT) to Attorney General Eric Holder regarding shocking video uncovered by The Blaze on Tuesday.
In the letter, Chaffetz references video, posted yesterday on this site, showing a one-time SEIU official, Stephen Lerner, outlining a plan to collapse the American economy — including crashing the stock market — so that unions can become more powerful. The sinister plan is set to take place in May and includes mass homeowner mortgage strikes.
Chaffetz tells Holder “the escalation of Mr. Lerner’s threats would clearly constitute domestic terrorism and pose substantial harm to the American people and the economy.“ He goes on to request Holder investigate ”Mr. Lerner’s terrorist plans and notify me how the Department of Justice plans to respond to these threats.”
The letter, sent Wednesday, was also distributed to Rep. Darrell Issa (R-CA), chairman of the House committee on Oversight & Government Reform, and Rep. Elijah Cummings (D-MD), the ranking minority member.
You can read the letter below:
March 23, 2011
The Honorable Eric H. Holder, Jr.
U.S. Department of Justice
950 Pennsylvania Ave., NW
Washington, DC 20530-0001
Dear Attorney General Holder:
Recent media reports suggest that the former director of the Service Employees International Union’s (“SEIU”) banking and finance campaign has threatened to seriously endanger the welfare of the United States. In a forum at Pace University earlier this month, Stephen Lerner, the former SEIU official, revealed a “secret plan” to “cause a new financial crisis . . . destroy J.P. Morgan . . . and weaken Wall Street’s grip on power” by using “civil disobedience” to create “the conditions necessary for a redistribution of wealth and a change in government.”
The Federal Bureau of Investigation (“FBI”) defines terrorism as “the unlawful use of force or violence against persons or property to intimidate or coerce a government, the civilian population, or any segment thereof, in furtherance of political or social objectives.” The escalation of Mr. Lerner’s threats would clearly constitute domestic terrorism and pose substantial harm to the American people and the economy. I am therefore requesting that you investigate Mr. Lerner’s terrorist plans and notify me how the Department of Justice plans to respond to these threats.
The Committee on Oversight and Government Reform is the principal oversight committee of the House of Representatives and may at “any time” investigate “any matter” as set forth in House Rule X. An attachment to this letter provides additional information about responding to the Committee’s request.
If you have any questions regarding this request, please do not hesitate to contact [redacted]. Thank you for your attention to this matter.
cc: The Honorable Darrell Issa, Chairman
cc: The Honorable Elijah E. Cummings, Ranking Minority Member
 Henry Blodget, Caught on Tape: Former SEIU Official Reveals Secret Plan to Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth in America, Bus. Insider, (Mar. 22, 2011), available at http://www.businessinsider.com/seiu-union-plan-to-destroy-jpmorgan (last visited Mar. 22, 2011). Office of Justice Programs, U.S. Department of Justice, National Institute of Justice, (Oct. 26, 2007), available at http://www.ojp.usdoj.gov/nij/topics/crime/terrorism/ (last visited Mar. 22, 2011).
Looming Soros Conference Will Focus on Rearranging Global ‘Financial Order’
- Posted on March 23, 2011 at 8:47pm by Meredith Jessup
On April 8, dozens of “academic, business and government policy thought leaders” are scheduled to gather for a forum reminiscent of the 1944 Bretton Woods gathering that helped launch the World Bank and International Monetary Fund f10:15Added to queue An Introduction to INETby INETeconomics2,748 views ollowing World War II.
The George Soros-founded Institute for New Economic Thinking will hold its annual conference April 8-11, 2011 at the Mount Washington Hotel in Bretton Woods, N.H. According to the group’s website, the event will bring together economic figures such as Soros, former British Prime Minister Gordon Brown and former Fed Chairman Paul Volcker to discuss a new, globalized vision of economics in the post-war world.
“This conference reflects INET’s dedication to inspiring and provoking new economic thinking,” the website says.
“Crisis and trauma offer us a rare opportunity to work together to create real lasting change. This is one of those times,” INET says. Promoting “real” justice and equity requires “reinventing” the prevailing economic model — capitalism:
The organization’s social media advertises a very progressive view of economics:
The Institute recognizes problems and inadequacies within our current economic system and the modes of thought used to comprehend recent and past catastrophic developments in the world economy. The Institute embraces the professional responsibility to think beyond these inadequate methods and models and will support the emergence of new paradigms in the understanding of economic processes.
The Institute firmly believes in empowering the next generation, providing the proper guidance as we challenge outdated approaches with innovative and ethical economic strategy. The Institute’s objective is to expand the conversation to create an open discussion for a wider range of people. Some would say that present day dialogue is closed and polarizing. We recognize the need for an environment that is nourished and supported by discourse, a discussion that spans a much wider spectrum of thinking and incorporates the insights of other intellectual disciplines in both the natural and social sciences.
“In the years since the 1944 conference, the globalization of production, trade, and especially finance, has transformed our economy, but has not yet transformed our system of regulation or our tools of policy intervention,” the group’s website says. “Indeed, our very habits of thought and speech lag behind the realities that we desperately need to think and speak about.”
More than two-thirds of the scheduled event speakers have direct ties to Soros, notes Media Research Center’s Dan Gainor.
While INET claims more than 200 will attend, only 79 speakers are listed on its site – and it already looks like a Soros convention. Twenty-two are on Soros-funded INET’s board and three more are INET grantees. Nineteen are listed as contributors for another Soros operation – Project Syndicate, which calls itself “the world’s pre-eminent source of original op-ed commentaries“ reaching ”456 leading newspapers in 150 countries.” It‘s financed by Soros’s Open Society Institute.
“We need a global sheriff,” Soros has explained in the past, and the upcoming conference, “Crisis and Renewal: International Political Economy at the Crossroads” may provide a forum for discussion of a new global financial order.
In the 2000 version of his book “Open Society: Reforming Global Capitalism,“ Soros wrote how the Bretton Woods institutions ”failed spectacularly” during the economic crisis of the late 1990s. When he called for a new Bretton Woods in 2009, he wanted it to “reconstitute the International Monetary Fund,” and while he’s at it, restructure the United Nations, too, boosting China and other countries at our expense.
“Reorganizing the world order will need to extend beyond the financial system and involve the United Nations, especially membership of the Security Council,’ he wrote. ‘That process needs to be initiated by the US, but China and other developing countries ought to participate as equals.”
Soros emphasized that point, that this needs to be a global solution, making America one among many. “The rising powers must be present at the creation of this new system in order to ensure that they will be active supporters.”
And that’s exactly the kind of event INET is delivering, with the event website emphasizing “today’s reconstruction must engage the larger European Union, as well as the emerging economies of Eastern Europe, Latin America, and Asia.” China figures prominently, including a senior economist for the World Bank in Beijing, the director of the Chinese Academy of Social Sciences, the chief adviser for the China Banking Regulatory Commission and the Director of the Center on U.S.-China Relations.
This all may be easy to do with the power, influence and reach of George Soros who funds more than 1,200 different organizations around the globe, Gainor adds.
So how might the United States fit into this idea of a new international cooperative between the developed and developing world?
It doesn’t, Gainor concludes. The INET conference is about “changing the global economy and the United States to make them ‘acceptable’ to George Soros.”Sponsored Link: I don’t want to scare you… But right now, the U.S. government is doing something incredibly stupid, which could potentially cause a huge crisis in America, in the next few months. Watch the full investigative video here…
Posted December 23, 2010on:
One of the many messes the unhousebroken Obama Administration and Democratic Congress has made for We the People to clean up is the full federal ownership of the two giant mortgage companies Fannie Mae and Freddy Mac. These companies under the influence of Rep. Barney Frank and Senator Chris Dodd have gobbled up every toxic mortgage mortgage bankers made in order to make the initial profit and knowing they could then sell them to Fannie or Freddie. It is probably the biggest mess this last democratic congress has made that we really can not just simply de-fund and therefore destroy as may be the case with Obamacare and some other stupidities. So what will the next Republican controlled House Congress do with the mess? This is the advise of the non-partisan Congressional Budget Office which has consistently;y advised against the government control of these once privately held companies.
Posted by Mark A. Calabria
Just in time for the holidays,CBO ( Congressional Budget Office) has released its analysis of the costs and benefits of various alternatives to our current system of mortgage finance, particularly the role of Fannie Mae and Freddie Mac.
The report examines three possibilities:
- A hybrid public/private model in which the government provides explicit guarantees on privately issued mortgages or MBSs;
- A fully public model in which a wholly federal entity would guarantee qualifying mortgages or MBSs; or
- A fully private model in which there would be no special federal backing for the secondary mortgage market.
The report doesn’t really push one option over another, but simply lays out the advantages and disadvantages of each. Some highlights worth keeping in mind as the debate continues into the new year:
“Relying on explicit government guarantees…would also have some disadvantages…If competition remained muted, with only a few…firms participating in the secondary market, limiting risk to the overall financial system and avoiding regulatory capture could be difficult…federal guarantees would reduce creditors’ incentive to monitor risk. Experience with other federal insurance and credit programs suggests that the government would have trouble setting risk-sensitive prices and would most likely end up imposing some cost and risk on taxpayers. In addition, a hybrid approach might not eliminate the frictions that arise between private and public missions.”
“Privatization might provide the strongest incentive for prudent behavior on the part of financial intermediaries by removing the moral hazard that federal guarantees create. By increasing competition in the secondary market, the privatization approach would reduce the market’s reliance on the viability of any one firm. Private markets may also be best positioned to allocate the credit risk and interest rate risk of mortgages efficiently, and they would probably be more innovative than a secondary market dominated by a fully federal agency. Further, privatization would eliminate the tension between public and private purposes inherent in the traditional GSE model.”
It is worth remembering that over the years, the CBO has actually been quite strong in warning against the dangers of the GSE model.** Sadly Congress simply chose to ignore those warnings. Here’s hoping that the CBO has little more influence on this issue than they’ve had in the past.
**The government-sponsored enterprises (GSEs) are a group of financial services corporations created by the United States Congress. Their function is to enhance the flow of credit to targeted sectors of the economy and to make those segments of the capital market more efficient and transparent. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors: agriculture, home finance and education. Congress created the first GSE in 1916 with the creation of the Farm Credit System; it initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. GSEs hold or pool approximately $5 trillion worth of mortgages
Posted December 4, 2010on:
- In: Consumer Financial Protection Bureau | Dodd-Frank Financial Reform Bill | Economy/Money | Federal Reserve | Financial Industry Reform | Obama admistration | Obama's moratorium on drilling in the Gulf | Obamanation | Politics 2008 | Politics 2009 | Politics 2010 | Progressives Movement to Destroy America | Republican's Pledge to America | Subverting America by Uri Bezmenov | TARP Financial industry bailout | Taxes
- 9 Comments
I just could not resist bringing your attention to this article by the Rabid Right Winger Eugene Robinson. How can otherwise intelligent people be so very stupidly absurd when it comes to their political views? How? I hear them or read them and if I am not angry or sickened by idiocy I am amazed at how they can twist and turn and bend the hall of goofy mirrors to rant for the impossible.
The rant over the Bush Tax Cuts which will be the Obama Tax hikes is typical. By the way I have to say that these tax hikes are typical of everything Obama and his Democrats have done: monstrous!
Anyhow, getting back to Robinson’s rant:
In other words, there’s no additional money in the national coffers for the victims of the most devastating recession since the Great Depression. But to help investment bankers start the new year right, perhaps with a new Mercedes or a bit of sun in the Caribbean? Step right up, and we’ll write you a check.”
Don’t look now Mr. Robinson but it was the Democrats that handed out all those bail-outs and buy-outs (GM and AIG), stimulus packages that went to banks also after first being bailed out so they could disperse the money to small businesses but they kept it instead and then gave themselves those bonuses while the Republicans (Party of No) repeatedly voted No to all that out of control nation destroying spending the last four years. The Dems have been in power since 2006 remember and refused to curb the mortgage lending urged on by Dem Rep. Barney Frank and Dem Senator Chris Dodd that ultimately led to all the Wall Street smoke and mirrors trading because they knew that Freddie Mac and Fannie mae would buy the toxic paper and the US Treasury (tax payers) would bail-out Freddie and Fanny. Actually we the tax payers thanks to our Congress now own Fanny and Freddie along with GM and AIG.
And while I am here I would like to remind you that the “most devastating recession since the Great Depression.” can also be laid at the feet of the Democrats and Obama because the unholy spending has caused businesses to pull back and stop hiring and start instead to trim their workforce. Then Obama came along later and stopped all drilling in the Gulf of Mexico thus making for 400,000 more jobs lost. It just amazes me that you are a national columnist but you seem to have missed these events. BB
You can now read the whole article if you want , and then if you want you can rant a bit in the comment section. It doesn’t do any real good except to empty your spleen. Then again that’s a good thing too. BB