End The Fed Discussions - 12160 Social Network2024-03-19T13:59:41Zhttps://12160.info/group/endthefed/forum?feed=yes&xn_auth=noI.O.U.S.A. – One Nation. Under Debt. In Stress (VideoDoc)tag:12160.info,2013-03-24:2649739:Topic:11575342013-03-24T19:19:20.018ZCentral Scrutinizerhttps://12160.info/profile/H0llyw00d
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<div class="postContent text_justify"><div class="contentpic"><p><img alt="I.O.U.S.A. - One Nation. Under Debt. In Stress." class="alignleft" height="128" src="http://cdn.tdfimg.com/wp-content/uploads/2010/04/iousa-one-nation-under-debt-in-stress.jpg" width="128"></img> As the average American can attest, personal debt is bad enough, but as Thomas Jefferson once cautioned, public debt is <em>corruptive of the government</em> and <em>demoralizing of the nation</em>. Patrick Creadon’s<em>I.O.U.S.A.</em> documents the efforts of two concerned citizens, former US Comptroller General Dave Walker and Concord Coalition Director…</p>
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<div class="postContent text_justify"><div class="contentpic"><p><img src="http://cdn.tdfimg.com/wp-content/uploads/2010/04/iousa-one-nation-under-debt-in-stress.jpg" alt="I.O.U.S.A. - One Nation. Under Debt. In Stress." width="128" height="128" class="alignleft"/>As the average American can attest, personal debt is bad enough, but as Thomas Jefferson once cautioned, public debt is <em>corruptive of the government</em> and <em>demoralizing of the nation</em>. Patrick Creadon’s<em>I.O.U.S.A.</em> documents the efforts of two concerned citizens, former US Comptroller General Dave Walker and Concord Coalition Director Robert Bixby, to explain how America racked up over $9.5 trillion in debt and what we can do to stem the tide.</p>
<p>Based on the book <em>Empire of Debt</em> by William Bonner and Executive Producer Addison Wiggin, Wordplay’s Creadon combines Walker and Bixby’s <em>Fiscal Wake-Up Tour</em> with observations from former Federal Reserve Chairman Alan Greenspan, former Treasury Secretaries Robert Rubin and Paul O’Neill, superstar CEO Warren Buffett, and student activists.</p>
<p>The information flows with ease and the clips from Saturday Night Live and The Daily Show add levity to an undeniably dark and timely topic, but the narrative rests on a long list of facts and figures, leading to a production that feels more like a special news report than a work of cinema.</p>
<p>Unlike Alex Gibney’s <a href="http://topdocumentaryfilms.com/enron-the-smartest-guys-in-the-room/">Enron: The Smartest Guys in the Room</a>, on which co-writer/producer Christine O’Malley (Creadon’s wife) assisted, character development takes a backseat to data. Arguably, the director lacks an out-sized personality, like Enron’s Kenneth Lay, around which to assemble his argument, but the subject calls for more of a human face to have the desired effect, i.e. to encourage beleaguered taxpayers to care enough to rise up off their easy-chairs and agitate for greater fiscal responsibility.</p>
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</div> Monopoly Men: Federal Reserve Fraudtag:12160.info,2013-03-17:2649739:Topic:11527182013-03-17T03:34:06.690ZCentral Scrutinizerhttps://12160.info/profile/H0llyw00d
<p><img alt="Monopoly Men: Federal Reserve Fraud" class="alignleft" height="128" src="http://cdn.tdfimg.com/wp-content/uploads/2009/05/monopolymen-128x128.jpg" width="128"></img> The Federal Reserve, or the Fed as it is lovingly called, may be one of the most mysterious entities in modern American government.</p>
<p>Created during Wilson’s presidency to protect the economy in times of financial turmoil, its real business remains to be discovered.</p>
<p>During the Wilson presidency, the U.S. government sanctions the creation of the Federal Reserve. Thought by many to be a government organization maintained to provide financial accountability in the event of…</p>
<p><img src="http://cdn.tdfimg.com/wp-content/uploads/2009/05/monopolymen-128x128.jpg" alt="Monopoly Men: Federal Reserve Fraud" width="128" height="128" class="alignleft"/>The Federal Reserve, or the Fed as it is lovingly called, may be one of the most mysterious entities in modern American government.</p>
<p>Created during Wilson’s presidency to protect the economy in times of financial turmoil, its real business remains to be discovered.</p>
<p>During the Wilson presidency, the U.S. government sanctions the creation of the Federal Reserve. Thought by many to be a government organization maintained to provide financial accountability in the event of a domestic depression, the actual business of the Fed is shrouded in secrecy.</p>
<p>Many Americans will be shocked to discover that the principle business of the Fed is to print money from nothing, lend it to the U.S. government and charge interest on these loans.</p>
<p>Who keeps the interest? Good question. Find out as the connective tissue between this and other top-secret international organizations is explored and exposed.</p>
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</p> G20 meets under currency war cloudtag:12160.info,2013-02-15:2649739:Topic:11234432013-02-15T15:31:55.056Ztruthhttps://12160.info/profile/adap2k
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<p><strong>Finance ministers of the G20 major economies will meet on Friday amid anxiety that a currency war is looming.</strong></p>
<p><em>by Rachel Cooper, <a href="http://www.telegraph.co.uk/finance/economics/9872215/G20-meets-under-currency-war-cloud.html">The Telegraph</a>:</em></p>
<p><img class="alignleft" src="http://i.telegraph.co.uk/multimedia/archive/02344/yen_2344982b.jpg" style="width: 185px;"></img> The meeting in Moscow, between finance ministers who represent countries…</p>
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<p><strong>Finance ministers of the G20 major economies will meet on Friday amid anxiety that a currency war is looming.</strong></p>
<p><em>by Rachel Cooper, <a href="http://www.telegraph.co.uk/finance/economics/9872215/G20-meets-under-currency-war-cloud.html">The Telegraph</a>:</em></p>
<p><img src="http://i.telegraph.co.uk/multimedia/archive/02344/yen_2344982b.jpg" class="alignleft" style="width: 185px;"/> The meeting in Moscow, between finance ministers who represent countries accounting for 90pc of the world’s GDP, looked likely to be dominated by sparring over Japan’s policies that have driven down the value of the yen.</p>
<p>Japan’s huge round of fiscal and monetary expansion is aimed at raising the rate of inflation to 2pc. The yen has fallen by around 20pc since November, sparking a rally in Japanese stocks that, the government hopes, will jump-start growth by encouraging savers to spend and companies to invest.</p>
<p>With the US, Britain and the eurozone all implementing loose monetary policy, some emerging market exporters have sounded the alarm over ‘currency wars’ that they fear will devalue their foreign reserves and hurt their competitiveness.</p>
<p><a href="http://www.telegraph.co.uk/finance/economics/9872215/G20-meets-under-currency-war-cloud.html"><strong>Read More @ Telegraph.co.uk</strong></a></p>
</div> Fed keeps stimulus in place as economy "paused"tag:12160.info,2013-01-30:2649739:Topic:11074542013-01-30T20:17:50.570ZCentral Scrutinizerhttps://12160.info/profile/H0llyw00d
<p style="text-align: center;"><tt><b><tt><b><br></br> <font face="ARIAL,VERDANA,HELVETICA"><font size="+7"><img src="https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTbzK8rADSvVkUNh_gUeMOodPyuPOZ8XSPSX6DvPCxWtXxuCkrO" width="450"></img></font></font></b></tt></b></tt></p>
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<p>(Reuters) - The Federal Reserve on Wednesday left in place its monthly $85 billion bond-buying stimulus plan, saying economic growth had stalled but indicating the pullback was likely temporary.</p>
<p>Describing the nation's job market as continuing its modest pace of improvement, the Fed repeated a pledge…</p>
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<p>(Reuters) - The Federal Reserve on Wednesday left in place its monthly $85 billion bond-buying stimulus plan, saying economic growth had stalled but indicating the pullback was likely temporary.</p>
<p>Describing the nation's job market as continuing its modest pace of improvement, the Fed repeated a pledge to keep purchasing securities until the outlook for employment "improves substantially."</p>
<p>"Growth in economic activity paused in recent months, in large part because of weather-related disruptions and other transitory factors," the central bank said after a two-day meeting.</p>
<p>A report earlier on Wednesday showed the economy unexpectedly contracted in the fourth quarter as inventory investment slowed and government spending plunged. Analysts said Superstorm Sandy in late October also disrupted the recovery.</p>
<p>The Fed has kept overnight interest rates near zero since late 2008 and it has tripled its balance sheet to about $3 trillion through its purchases of securities, which are aimed at pushing longer-term borrowing costs lower.</p>
<p>While the recovery from the 2007-2009 recession has been stubbornly tepid, the Fed's policy committee voiced confidence it would remain on track with continued help from monetary policy.</p>
<p>"The committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the committee judges consistent with its dual mandate," the Fed said.</p>
<p>A report on Friday is expected to show the U.S. jobless rate remained stuck at 7.8 percent for a third straight month in January. The Fed repeated that it would keep overnight rates near zero until the unemployment rate hits 6.5 percent, as long as inflation does not threaten to exceed 2.5 percent.</p>
<p>"It's a message that policy is steady as she goes, the changes (in the Fed's statement) are relatively minor," said Julia Coronado, chief North American economist at BNP Paribas in New York.</p>
<p>U.S. stocks and the dollar were little changed after the Fed's announcement, while prices for longer-dated U.S. Treasuries trimmed losses with the yield on the 10-year note hovering just above 2 percent.</p>
<p><a href="http://www.reuters.com/article/2013/01/30/us-usa-fed-idUSBRE90T0TF20130130" target="_blank">REST OF IT</a></p> In Case There Was Any Confusion Just Who The Fed Works For...tag:12160.info,2013-01-07:2649739:Topic:10892442013-01-07T21:45:54.946Ztruthhttps://12160.info/profile/adap2k
<div id="feedContent"><div class="entry"><h3><a href="http://www.zerohedge.com/news/2013-01-07/case-there-was-any-confusion-just-who-fed-works">In Case There Was Any Confusion Just Who The Fed Works For...</a></h3>
<div class="lastUpdated"><a href="http://api.ning.com/files/Mc2CucCaHMJlq8NmyCcErK3RDyTIHhHmBd963qMppLzo0rEGIq3sbiJ2BeT1zR38judY2cUhVEF636mT3CdygDFLOfC*zL1o/ETFSigns6.png" target="_self"><img class="align-full" src="http://api.ning.com/files/Mc2CucCaHMJlq8NmyCcErK3RDyTIHhHmBd963qMppLzo0rEGIq3sbiJ2BeT1zR38judY2cUhVEF636mT3CdygDFLOfC*zL1o/ETFSigns6.png"></img></a></div>
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<div id="feedContent"><div class="entry"><h3><a href="http://www.zerohedge.com/news/2013-01-07/case-there-was-any-confusion-just-who-fed-works">In Case There Was Any Confusion Just Who The Fed Works For...</a></h3>
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<div class="feedEntryContent"><p>Today, to little fanfare, the Fed announced a major binding settlement with the banks over robosigning and fraudclosure.</p>
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<a href="http://www.zerohedge.com/news/2013-01-07/case-there-was-any-confusion-just-who-fed-works">http://www.zerohedge.com/news/2013-01-07/case-there-was-any-confusion-just-who-fed-works</a></div> Think-tank calls on the Government to break up banks to cut cost of saving and borrowing for customerstag:12160.info,2013-01-04:2649739:Topic:10862712013-01-04T18:11:28.350Ztruthhttps://12160.info/profile/adap2k
<h2 id="title"><a href="http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html" rel="nofollow" target="_blank" title="http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html">Think-tank calls on the Government to break up banks to cut cost of saving and borrowing for customers</a></h2>
<p>Banking giants must be broken up to drive down the…</p>
<h2 id="title"><a target="_blank" href="http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html" title="http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html" rel="nofollow">Think-tank calls on the Government to break up banks to cut cost of saving and borrowing for customers</a></h2>
<p>Banking giants must be broken up to drive down the cost of mortgages and loans for customers, a leading think tank said today.</p>
<p>Separating high street banking from high-risk investment arms would increase competition and make it easier for people to get a better deal, the Institute for Public Policy Research.</p>
<p><a href="http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html">http://www.dailymail.co.uk/news/article-2256450/IPPR-think-tank-calls-Government-break-banks-cut-cost-saving-borrowing-customers.html</a></p> Currency Cartel: Counterfeiting 'Risk Free'tag:12160.info,2012-12-18:2649739:Topic:10698092012-12-18T15:42:16.577ZNathanhttps://12160.info/profile/Nathan
<p class="note">Abridged from the December "Monthly Market Commentary" at <a href="http://www.gordontlong.com">GordonTLong.com</a></p>
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<p>Since Bretton Woods and the creation of post WWII Monetary structure, US obligations were considered risk free and its debt instruments rated as AAA. Global risk and spreads have traditionally been priced off this foundation. A crippled dollar and US…</p>
<p class="note">Abridged from the December "Monthly Market Commentary" at <a href="http://www.gordontlong.com">GordonTLong.com</a></p>
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<p>Since Bretton Woods and the creation of post WWII Monetary structure, US obligations were considered risk free and its debt instruments rated as AAA. Global risk and spreads have traditionally been priced off this foundation. A crippled dollar and US debt worries has the potential to trigger a global credit melt down. The 2008 financial crisis with Bear Stearns and Lehman gave us just an inkling of the magnitude of the problem.</p>
<p>This is forcing a game of Risk Free Counterfeiting to now be played out. It will end, and end badly. However, at the present time it is considered the only politically palatable solution.</p>
<ul>
<li>There is a Shrinking Need for US Dollars<ul>
<li>The need for US dollars has fallen from being 71.2% of foreign reserve currency holdings in 1999 to 58.0% in 2011.</li>
<li>The need to hold dollars for oil purchases is being challenged by the BRIC countries through on-going trade alliances. Alliances that are counter to the Petro$$ foundation.</li>
<li>The US is no longer the dominate global industrial and trading nation it once was and therefore there is a shrinking need to hold US dollars for trade settlements,</li>
<li>China and a growing list of nations are shifting currency reserve holdings from US dollars to Gold. China is now accumulating minimally 1,000 tons per years and will soon be in a position to partially Gold back the Remimbi.</li>
</ul>
</li>
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<ul>
<li>Global US$ Structured Debt<ul>
<li>Debt around the world has traditionally been structured in US dollars. A collapsing US dollar erodes the collateral value of the debt which is often used as collateral in the Rehypothecation process. This exposes the world to a collateral contagion of massive proportions.</li>
</ul>
</li>
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<li>Mispriced Risk<ul>
<li>Monetary Malpractice has its moral hazard and unintended consequences has led to significant levels of global mispricing and malinvestment. Risk is no longer being priced correctly as the Fed Valuation Model has broken down due to sustained, negative real interest rates.</li>
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<p style="text-align: center;"><img alt="Moral Malady" vspace="5" src="http://static.safehaven.com/authors/long/28095_a.png" width="600" height="368"/></p>
<h2>The Currency Cartel</h2>
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<p>This has forced the Bank of International Settlements (BIS) to facilitate what can only be called a Currency Cartel to alleviate the daunting global pressures which the eroding need for US dollars is causing. As the Central Bankers' Central Bank, the BIS exercises control over the settlement of the balance of payments and the problems stemming from growing global imbalances.</p>
<p>Effectively, what appears to have emerged is a forced alliance between fiat currency based regimes, to protect themselves and sustain the faulty system that emerged from post WWII Bretton Woods. When the US jettisoned its obligations, and in August of 1971 took itself off the gold standard, the US effectively defaulted on its obligations as the world reserve currency. Since then it has been primarily the 'good faith and credit' of the US, that has sustained an acknowledged failed and broken system. The current US Fiscal Cliff machinations only bring to the fore the seriousness of any longer considering the US as "Risk Free" and being a realist foundation for a sound and sustainable global currency reserve. As true as this is, it is not going to change as long as the status quo can be protected, and protected it must be!</p>
<p>Similar to the OPEC Oil Cartel protecting the price of 'black' gold, we now have a Currency Cartel protecting the US dollar, and more specifically, the fiat currency system which they all are inextricably tied to. It is the basis for their collusion.</p>
<p style="text-align: center;"><i>The Currency Cartel is effectively Colluding to Counterfeit "Risk Free".</i></p>
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<p>The US Council on Foreign Relations aptly described why a concept called the "Triffin Paradox" (<i>we will discuss in more detail</i>) becomes unsustainable:</p>
<blockquote><p><i>"To supply the world's risk-free asset, the center country (US) must run a current account deficit and in doing so become ever more indebted to foreigners, until the risk-free asset that it issues <b>ceases to be risk free</b>. Precisely because the world is happy to have a dependable asset to hold as a store of value, it will buy so much of that asset that its issuer will become unsustainably burdened."</i></p>
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<p>We have reached the point where the Currency Cartel and the $67T Shadow Banking System <i>(monitored, but not supervised by the Financial Stability Board (FSB))</i> is the only thing standing between us and a violent Fiat Currency Collapse.</p>
<p>Cartel Board Meetings</p>
<p>Place & Time: Bank of International Settlements (BIS), Basel Switzerland Monthly, Sunday Evening Supper</p>
<p><a href="http://www.bis.org/about/board.htm">Key Board Attendees:</a></p>
<p>Ben Bernanke (US-Federal Reserve)</p>
<p>William C Dudley, (New York Fed)</p>
<p>Mervyn King (UK - BOE)</p>
<p>Mario Draghi (EU-ECB)</p>
<p>Jens Weidmann (Bundesbank)</p>
<p>(Japan - BOJ)</p>
<p>Mark Carney, (Chair FSB)</p>
<p></p>
<p>Continue reading: <a href="http://www.safehaven.com/article/28095/currency-cartel-counterfeiting-risk-free?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+safehaven%2Fall-articles+%28Safehaven+-+Most+Recent+Articles%29" target="_blank">http://www.safehaven.com/article/28095/currency-cartel-counterfeiting-risk-free?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+safehaven%2Fall-articles+%28Safehaven+-+Most+Recent+Articles%29</a></p>
<p></p> Bill Gives The Federal Reserve Warrantless Access to Your Emails and Facebook Poststag:12160.info,2012-11-24:2649739:Topic:10472042012-11-24T16:46:04.830Ztruthhttps://12160.info/profile/adap2k
<h2 id="title"><a href="http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html" rel="nofollow" target="_blank" title="http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html">Senate Bill Gives The Federal Reserve Warrantless Access to Your Emails and Facebook Posts</a></h2>
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<p><a href="http://img.gawkerassets.com/img/185x0vfd91o5gjpg/medium.jpg" target="_blank"><img class="align-center" src="http://img.gawkerassets.com/img/185x0vfd91o5gjpg/medium.jpg"></img></a></p>
<div class="content"><p>Activist Post</p>
<p>CNET is reporting that…</p>
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<h2 id="title"><a target="_blank" href="http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html" title="http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html" rel="nofollow">Senate Bill Gives The Federal Reserve Warrantless Access to Your Emails and Facebook Posts</a></h2>
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<p><a target="_blank" href="http://img.gawkerassets.com/img/185x0vfd91o5gjpg/medium.jpg"><img class="align-center" src="http://img.gawkerassets.com/img/185x0vfd91o5gjpg/medium.jpg"/></a></p>
<div class="content"><p>Activist Post</p>
<p>CNET is reporting that "A Senate proposal touted as protecting Americans' e-mail privacy has been quietly rewritten, giving government agencies more surveillance power than they possess under current law."</p>
<p>If that wasn't enough to disturb the masses, one of the agencies is none other than the Federal Reserve Bank which is a private institution with no oversight by any government officials. The bill conveniently refers to them as an “independent regulatory agency” ...</p>
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<p><a href="http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html">http://www.activistpost.com/2012/11/senate-bill-gives-federal-reserve.html</a></p> END THE FED/STOP THE WARS PROTEST SATURDAY, NOVEMBER 24,tag:12160.info,2012-11-20:2649739:Topic:10445832012-11-20T12:59:43.107Ztruthhttps://12160.info/profile/adap2k
<p><a href="http://3.bp.blogspot.com/_RwdH5DTKRas/SfOgvDo9coI/AAAAAAAABlk/DhyYOzSQAgw/s400/end+the+fed+poster.jpg" target="_blank"><img class="align-left" height="324" src="http://3.bp.blogspot.com/_RwdH5DTKRas/SfOgvDo9coI/AAAAAAAABlk/DhyYOzSQAgw/s400/end+the+fed+poster.jpg" width="274"></img></a></p>
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<div class="content"><p>On Sept 22, the nation rallied & protested against the Federal Reserve. It was a huge success and we need to keep the movement going. With each protest we wake people up & cause great public awareness. Join us again in a nationwide protest on Saturday Nov 24 in an End The Fed rally to keep our message…</p>
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<p><a target="_blank" href="http://3.bp.blogspot.com/_RwdH5DTKRas/SfOgvDo9coI/AAAAAAAABlk/DhyYOzSQAgw/s400/end+the+fed+poster.jpg"><img class="align-left" src="http://3.bp.blogspot.com/_RwdH5DTKRas/SfOgvDo9coI/AAAAAAAABlk/DhyYOzSQAgw/s400/end+the+fed+poster.jpg" height="324" width="274"/></a></p>
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<div class="content"><p>On Sept 22, the nation rallied & protested against the Federal Reserve. It was a huge success and we need to keep the movement going. With each protest we wake people up & cause great public awareness. Join us again in a nationwide protest on Saturday Nov 24 in an End The Fed rally to keep our message strong.</p>
<p>With one Nationwide demonstration under our belt, its time to show that we are serious about our message. Its time we continue the pressure and show that we will not allow ourselves to be impoverished, and that we will not support unconstitutional debt done in our names paid for in the value of our very futures. Lets stand again, wake up the masses and grow our numbers to show that this movement is NOT going anywhere.</p>
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<p><a href="http://www.endthefed2012.com/">http://www.endthefed2012.com/</a></p> The Global Supra-Government and the “Free Market”tag:12160.info,2012-10-30:2649739:Topic:10276262012-10-30T13:17:53.308ZNathanhttps://12160.info/profile/Nathan
<p><a href="?news_id=22271&print=1" target="_blank">Print Version</a></p>
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<div id="newsdetail"><p><strong>By</strong> <a class="url fn n" href="http://andrewgavinmarshall.com/author/andrewgavinmarshall/" rel="author" title="View all posts by Andrew Gavin Marshall"><strong>Andrew Gavin Marshall</strong></a><strong><strong>, Guest Post…<br></br></strong></strong></p>
<p><a href="http://spectregroup.files.wordpress.com/2011/10/supercorp.jpg"><img alt="" class="alignnone size-full wp-image-7897" src="http://spectregroup.files.wordpress.com/2011/10/supercorp.jpg?w=510" title="supercorp"></img></a></p>
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<p><a href="?news_id=22271&print=1" target="_blank">Print Version</a></p>
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<div id="newsdetail"><p><strong>By</strong> <a class="url fn n" title="View all posts by Andrew Gavin Marshall" href="http://andrewgavinmarshall.com/author/andrewgavinmarshall/" rel="author"><strong>Andrew Gavin Marshall</strong></a><strong><strong>, Guest Post<br/></strong></strong></p>
<p><a href="http://spectregroup.files.wordpress.com/2011/10/supercorp.jpg"><img class="alignnone size-full wp-image-7897" title="supercorp" alt="" src="http://spectregroup.files.wordpress.com/2011/10/supercorp.jpg?w=510"/></a></p>
<p><em> {Lehman still existed in 2007 dataset used}</em></p>
<p>This essay is the product of research undertaken for the first volume of <a href="http://www.thepeoplesbookproject.com/">The People’s Book Project</a>. Please donate to help the first volume come to completion: a study of the institutions, ideas, and individuals of power and resistance in a snap-shot of the world today, looking at the global economic crisis, war and empire, repression and the global spread of anti-austerity and resistance movements.</p>
<p>I would like to introduce you, the reader, to some realities of our global banking system, resting on the rhetoric of free markets, but functioning, in actuality, as a global cartel, a “super-entity” in which the world’s major banks all own each other and own the controlling shares in the world’s largest multinational corporations, influence governments and policy with politicians in their back pockets, routinely engaging in fraud and bribery, and launder hundreds of billions of dollars in drug money, not to mention arms dealing and terrorist financing. These are the “too big to fail” and “too big to jail” banks, the centre of our global economy, what we call a “free market,” implying that the global banks – and corporations – have “free reign” to do anything they please, engage in blatantly criminal activities, steal trillions in wealth which is hidden offshore, and never get more than a slap on the wrist. This is the real “free market,” a highly profitable global banking cartel, functioning as a worldwide financial Mafia.</p>
<p><strong>Scientific Research Proves the Existence of a Global Financial “Super-Entity”</strong></p>
<p>In October of 2011, <em>New Scientist</em> reported that a scientific study on the global financial system was undertaken by three complex systems theorists at the Swiss Federal Institute of Technology in Zurich, Switzerland. The conclusion of the study revealed what many theorists and observers have noted for years, decades, and indeed, even centuries: “An analysis of the relationships between 43,000 transnational corporations has <strong><em>identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy</em></strong>.” As one of the researchers stated, “Reality is so complex, we must move away from dogma, whether it’s conspiracy theories or free-market… Our analysis is reality-based.” Using a database which listed 37 million companies and investors worldwide, the researchers studied all 43,060 trans-national corporations (TNCs), including the share ownerships linking them.[1]</p>
<p>The mapping of ‘power’ was through the construction of a model showing which companies controlled which other companies through shareholdings. The web of ownership revealed a core of 1,318 companies with ties to two or more other companies. This ‘core’ was found to own roughly 80% of global revenues for the entire set of 43,000 TNCs. And then came what the researchers referred to as the “super-entity” of 147 tightly-knit companies, which all own each other, and collectively own 40% of the total wealth in the entire network. One of the researchers noted, “In effect, <em>less than 1 per cent of the companies were able to control 40 per cent of the entire network</em>.” This network poses a huge risk to the global economy, as, “If one [company] suffers distress… this propagates.” The study was undertaken with a data set established prior to the economic crisis, thus, as the financial crisis forced some banks to die (Lehman Bros.) and others to merge, the “super-entity” would now be even more connected, concentrated, and problematic for the economy.[2]</p>
<p>The top 50 companies on the list of the “super-entity” included (as of 2007): Barclays Plc (1), Capital Group Companies Inc (2), FMR Corporation (3), AXA (4), State Street Corporation (5), JP Morgan Chase & Co. (6), UBS AG (9), Merrill Lynch & Co Inc (10), Deutsche Bank (12), Credit Suisse Group (14), Bank of New York Mellon Corp (16), Goldman Sachs Group (18), Morgan Stanley (21), Société Générale (24), Bank of America Corporation (25), Lloyds TSB Group (26), Lehman Brothers Holdings (34), Sun Life Financial (35), ING Groep (41), BNP Paribas (46), and several others.[3]</p>
<p>In the United States, five banks control half the economy: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs Group collectively held $8.5 trillion in assets at the end of 2011, which equals roughly 56% of the U.S. economy. This data was according to central bankers at the Federal Reserve. In 2007, the assets of the largest banks amounted to 43% of the U.S. economy. Thus, the crisis has made the banks bigger and more powerful than ever. Because the government invoked “too big to fail,” meaning that the big banks will be saved because they are very important, the big banks have incentive to make continued and bigger risks, because they will be bailed out in the end. Essentially, it’s an insurance policy for criminal risk-taking behaviour. The former president of the Federal Reserve Bank of Minneapolis stated, “Market participants believe that nothing has changed, that too-big-to-fail is fully intact.” Remember, “market” means <em>the banking cartel</em> (or “super-entity” if you prefer). Thus, they build new bubbles and buy government bonds (sovereign debt), making the global financial system increasingly insecure and at risk of a larger collapse than took place in 2008.[4]</p>
<p>When politicians, economists, and other refer to “financial markets,” they are in actuality referring to the “super-entity” of corporate-financial institutions which dominate, collectively, the global economy. For example, the role of financial markets in the debt crisis ravaging Europe over the past two years is often referred to as “market discipline,” with financial markets speculating against the ability of nations to repay their debt or interest, of credit ratings agencies downgrading the credit-worthiness of nations, of higher yields on sovereign bonds (higher interest on government debt), and plunging the country deeper into crisis, thus forcing its political class to impose austerity and structural adjustment measures in order to restore “market confidence.” This process is called “market discipline,” but is more accurately, “<em>financial terrorism</em>” or <em>“market warfare,”</em> with the term “market” referring specifically to the “super-entity.” Whatever you call it, market discipline is ultimately a euphemism for class war.[5]</p>
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<p>Continue: <a href="http://www.blacklistednews.com/The_Global_Supra-Government_and_the_%E2%80%9CFree_Market%E2%80%9D%EF%BB%BF/22271/0/38/38/Y/M.html" target="_blank">http://www.blacklistednews.com/The_Global_Supra-Government_and_the_%E2%80%9CFree_Market%E2%80%9D%EF%BB%BF/22271/0/38/38/Y/M.html</a></p>
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