Austerity Fascism Is Coming And It Will Be Brutal

(PaulWatson) – Welcome to the age of rage – riots and revolutions will be the reaction to the next stage of the new world order

Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back

(WashingtonsBlog) – As William K. Black said a year ago, the government’s entire strategy now – as in the S&L crisis – is to cover up how bad things are (“the entire strategy is to keep people from getting the facts”).

Paul Krugman and others pointed out that Geithner has been trying to artificially prop up asset prices, but that such a strategy cannot succeed.

As I’ve pointed out numerous times, the stress tests were a total sham, with a pre-ordained passing grade for the banks.

IMF-style Austerity Measures Come to America – Ellen Brown

(WebofDebt) – In addition to mandatory private health insurance premiums, we may soon be hit with a “mandatory savings” tax and other belt-tightening measures urged by the President’s new budget task force.  These radical austerity measures are not only unnecessary, however, but will actually make matters worse.  The push for “fiscal responsibility” is based on bad economics.

200 Bank Failures Expected in 2010

(MoneyAndMarkets) – Washington has so thoroughly botched its supervision of the banking industry that 200 banks are likely to fail this year — easily surpassing last year’s 140 bank failures … inevitably involving the greatest bank losses in history … and already costing the FDIC ten times more than the great S&L and banking crisis of the 1980s did.

Good Banks Fed Toxic Waste And Turned Into Zombies – Bob Chapman

We were afraid something like this might happen, if this legislation is passed the next step will probably be something even more onerous. As you know congress has heard testimony about rolling retirement plans into Social Security. Although we don’t know that that will happen but what the Senate is doing could be a first step in that direction. We know that most of you cannot get out of your 401k without losing your job. So you don’t have much choice. Those who have 401k’s that are self directed, because they left or were forced from their employer they might consider paying the taxes and penalty if applicable. This is not a good development.

Rhetoric and Reality – Ralph Nader

I just received a letter from President Obama. Right there on the outside envelope are the words “I need you.” After not answering several letters which I have mailed and faxed to him, I was, for the briefest of moments, curious about this personal plea for help. Then, of course, I realized that it was a form letter from Mr. Obama via the auspices of the Democratic National Committee (DNC).

Bank failures 10/2009

The seven new bank failures on Friday, October 23, 2009 brings the total for the year up to 106 – the most bank failures since the savings and loan crisis in 1992. 106 is still small compared to the 416 unnamed banks on the FDIC’s watch list. Which way is the trend going? Where are the bank failures taking place? See below.

Herding the Sheep – Washingtons Blog

Financial insider and commentator Yves Smith wrote an essay last week entitled “MSM Reporting as Propaganda” arguing that the government has been using propaganda to make people think that things are getting better, no one is angry, and – therefore – no one should get upset:

The Ongoing Cover Up of the Truth Behind the Financial Crisis May Lead to Another Crash

William K. Black – professor of economics and law, and the senior regulator during the S & L crisis – says that that the government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are (“the entire strategy is to keep people from getting the facts”).

The Next Stage Of Deleveraging Means Return Of The Great Depression

(BusinessInsider) – At the FT, economist Thomas Palley goes metaphor crazy arguing that we’re heading for a double dip, and that the possibility of a Second Great Depression should not be written off.

Dollar Hysteria – Mike Whitney

Robert Fisk has set off a firestorm with his unsettling narrative which appeared in Tuesday’s UK Independent titled, “The Demise of the Dollar”. The article went viral overnight spreading to every musty corner of the Internet and sending gold skyrocketing to $1,026 per oz.

Three Government Reports Point to Fiscal Doomsday

When our leaders have no awareness of the disastrous consequences of their actions, they can claim ignorance and take no action.

Video: Ron Paul – “The Federal Reserve is There to Accommodate the Politicians”

(Bloomberg) – On Wednesday, Congressman Paul appeared on Bloomberg TV to discuss the Fed’s role in creating the financial crisis, how it has destroyed our economy, and the alternative presented by a free market.

The Economy Is A Lie, Too – Paul Craig Roberts

Americans cannot get any truth out of their government about anything, the economy included.  Americans are being driven into the ground economically, with one million school children now homeless, while Federal Reserve chairman Ben Bernanke announces that the recession is over.

Video: Goldman Sachs, the US Treasury, and criminal corruption

This is an extraordinary 26-minute video documenting criminal conspiracy between Goldman Sachs and the US Treasury with information in front of all of us to see:

Americans: Serfs Ruled by Oligarchs – Paul Craig Roberts

“In a little time [there will be] no middling sort. We shall have a few, and but a very few Lords, and all the rest beggars.” R.L. Bushman
“Rapidly you are dividing into two classes–extreme rich and extreme poor.” “Brutus”
Americans think that they have “freedom and democracy” and that politicians are held accountable by elections. The fact of the matter is that the US is ruled by powerful interest groups who control politicians with campaign contributions. Our real rulers are an oligarchy of financial and military/security interests and AIPAC, which influences US foreign policy for the benefit of Israel.

Video: Buffett: We’re Going to Be Crushed Under Mountain of Debt

A highly influential American has finally hit the panic button about the tremendous mountain of debt the country is piling up.

Less Government or Lower Wages? You Decide – Peter Schiff

The nationwide revelry surrounding our apparent economic recovery was disrupted this week by the release of lower-than-expected retail sales data. However, rather than sending a chill up the spines of those hoping for a quick end to the downturn, the numbers should be welcomed. Though this may come as a surprise to most observers, lower retail sales are precisely what our economy needs.

Will endless wars save the dollar?

“Since 1945, the US dollar has been the world reserve currency. As its value depreciates, countries holding huge dollar reserves begin to worry. China in particular has expressed grave concerns since it holds nearly $2 trillion in US currency reserves, mostly in the form of US treasury bonds. According to some reports, it is drawing down its dollar reserves by purchasing gold and stocks of raw materials and energy.”

Faulty Forecasting – Ralph Nader

Companies that specialize in stock market forecasting and trading—such as Goldman Sachs, Citigroup, Morgan Stanley, and JPMorgan Chase—pay very high salaries to their employee-vendors. New York Attorney General Andrew Cuomo just released data showing that these and other large banks are giving each of their 5000 trader-forecasters bonuses of at least one million dollars.

Do you deserve to die?

Scenario 1: You’ve just been diagnosed with a cancer of the lymphatic system. You’re told that it requires a procedure within the next two weeks. Unfortunately, you were laid off from your corporate job 11 months, 30 days ago. You are on your last day of COBRA. Your company retirement and savings are all gone. You can’t afford the $1,200 a month premium needed to continue your coverage. Without the operation, you will die. Do you deserve to die?

Video: FreedomFest July 2009 Debate – The Federal Reserve

(C-SPAN) – Paper money has had the effect to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice. – George Washington

HR 2749 – A Stealth Agribusiness Empowering Act

America is the truest example of what George Bernard Shaw meant when he said “Democracy is a form of government that substitutes election by the incompetent many for the appointment by the corrupt few.” Obama is upholding the tradition and then some.

Seven More Banks Fail

Oh, the joys of not having to get up with the first ring of the alarm clock!  But then, as I laid in bed this morning wondering what to write about, it came to me in a flash:  There have been numerous alarming signs and portents in the markets this week, if one knows where to look.

The Death of the Dollar?

First, let me start with a few basic economic terms to get everyone on the same page:

inflation: a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency

Pioneer spirit needed during tough times

These are good days for survivalists, those dour predictors of dire times who’ve said all along we’d better prepare for the worst.

With people losing jobs, homes and life savings through no fault of their own, and with natural disasters, oil shortages and terrorists in the news, those long-predicted grim times may have arrived.

Massive Cover-Up of Economic Crisis

“The Entire Strategy Is to Keep People from Getting the Facts”

William K. Black was the senior regulator during the Savings and Loans (S&L) crisis, and an Associate Professor of Economics and Law at the University of Missouri (bio).

Economist: US collapse driven by ‘fraud,’ Geithner covering up bank insolvency

In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance.

Video: AIG and the Economy – Ron Paul on Fox News

March 24, 2009 AIG Hearing

FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.

Video: CNBC Anchors Mortified That Ron Paul Was Allowed Air Time

CNBC anchors were left dumbfounded and acted overtly cantankerous yesterday after Congressman Ron Paul’s opening statement at the House Financial Services Committee was broadcast live to an audience of millions.

Video: Pence Floor Speech on the Omnibus Spending Bill

Congressman Mike Pence gave the following floor speech during general debate of the omnibus spending bill.

Video: Peter Schiff Reaction to the State of the Union Address Feb-24-09

From his youtube video channel – http://www.youtube.com/peterschiffchannel

MSM: Retirement accounts have lost $2 trillion, so far…

Retirement accounts have lost $2 trillion, leading Americans to keep working, stop saving

WASHINGTON (AP) — Americans’ retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress’ top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers’ nest eggs.