Category: Corruption


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“Social Explosion” Begins In Greece As Massive Street Protests Bring Economy To A Fresh Halt

One thing that became abundantly clear after Alexis Tsipras sold out the Greek referendum “no” back in the summer after a weekend of “mental waterboarding” in Brussels was that the public’s perception of the once “revolutionary” leader would never be the same. And make no mistake, that’s exactly what Berlin, Brussels, and the IMF wanted.

By turning the screws on the Greek banking sector and bringing the country to the brink of ruin, the troika indicated its willingness to “punish” recalcitrant politicians who pursue anti-austerity policies. On the one hand, countries have an obligation to pay back what they owe, but on the other, the subversion of the democratic process by using the purse string to effect political change is a rather disconcerting phenomenon and we expect we’ll see it again with regard to the Socialists in Portugal.

After a month of infighting within Syriza Tsipras did manage to consolidate the party and win a snap election but he’s not the man he was – or at least not outwardly. He’s obligated to still to the draconian terms of the bailout and that means he is a shadow of his former self ideologically. As we’ve said before, that doesn’t bode well for societal stability.

On Thursday, we get the first shot across the social upheaval bow as the same voters who once came out in force to champion Tsipras and Syriza are staging massive protests and walkouts.


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Bloomberg Business

Greece Comes to a Standstill as Unions Turn Against Tsipras

November 11, 2015 — 6:01 PM CST Updated on November 12, 2015 — 6:04 AM CST
  • Unions hold general strike to protest against austerity
  • PM races to satisfy creditor demands in exchange for funds

As Greek workers took to the streets in protest on Thursday, Alexis Tsipras was for the first time on the other side of the divide.

Unions — a key support base for the prime minister’s Syriza party — chanted in rallies held in Athens the same slogans Tsipras once used against opponents. Doctors and pharmacists joined port workers, civil servants and Athens metro staff in Greece’s first general strike since he took office in January, bringing the country to a standstill for 24 hours.

As many as 20,000 protesters gathered in central Athens while a small group of anarchists at the tail of the demonstration threw petrol bombs at police officers at around 1:30 pm local time, a police spokesman said, requesting anonymity in line with policy. The police responded with tear gas and stun grenades.

Greece’s biggest unions, ADEDY and GSEE, are holding marches accusing Tsipras of bowing to creditors and imposing measures that “perpetuate the dark ages for workers,” as the country’s statistical agency released data showing that 1.18 million Greeks, or 24.6 percent of the workforce, remained unemployed in August.

The 41-year-old Greek premier, who was among anti-austerity protesters in previous general strikes, is now racing to complete negotiations with creditors on belt-tightening in exchange for the disbursement of 10 billion euros ($10.7 billion) to be injected into banks. Failure to reach an accord with euro-area member states and the International Monetary Fund on policies including primary residence foreclosures, and stricter rules on overdue taxes, would put the solvency of the country’s lenders in doubt.

“The economic policies Tsipras has to implement are definitely harsher than warranted, and also harsher than they would be if it wasn’t for these seven months of brinkmanship and extreme political uncertainty,” said Manolis Galenianos, a Professor of Economics at the Royal Holloway, University of London. “This wasn’t necessary, it could have been avoided, and the government will now implement deeper cuts to achieve less ambitious fiscal targets.”


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Consortium News

Obama Keeps Pentagon Spigot Open


President Barack Obama on the campaign trail. (Photo credit:

Though he ran for the White House as a “change” candidate, President Obama has mostly favored continuity, including bending to the usual pressure from the Military-Industrial Complex to keep the Pentagon spending flowing, as budget watchdog Chuck Spinney explains.

By Chuck Spinney

The Pentagon just won another small skirmish in its long war with Social Security and Medicare. That is the unstated message of the budget deal just announced gleefully by congressional leaders and President Barack Obama. To understand why, let’s take a quick trip down memory lane.

Last January, President Obama submitted Fiscal Year (FY) 2016 budget to Congress, and he proposed to break the spending limits on both defense and domestic programs.  These limits are set by the long-term sequester provisions of the Budget Control Act of 2011  (BCA), which, for better or worse, is the law of the land, and Obama was asking Congress to change the law.

Mr. Obama wanted to finance his ramped up spending proposals by increasing taxes.  Of course, he knew that the Republican-controlled Congress lusted for defense increases but hated domestic spending, particularly entitlements, such as Social Security and Medicare.

Moreover, he knew increasing taxes was like waving the red cape in front of the Republican budget bulls. So, he knew his budget would be dead on arrival. Obama’s budget, nevertheless, had one virtue: it was up-front about the intractable nature of the budget problem. In effect, whether deliberately or not, Obama laid a trap that the Republicans merrily walked into during the ensuing spring and summer.


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London, Britain © Toby Melville
Bankers who are found guilty of market rigging, fraud and irresponsible lending should be imprisoned, a member of the Scottish Parliament has said.

Scottish Government Cabinet Secretary Keith Brown said the UK should follow Iceland’s example of jailing corrupt financiers, rather than merely imposing fines, which is the current punishment for rogue bankers in Britain.

Speaking to the BBC on Thursday, Brown praised the actions of Iceland, which jailed its top banking chiefs for criminal behavior.
Iceland, which suffered a deep recession after the 2008 crash, set up a prosecuting team to investigate 21 alleged reports of illegal banking practice.

This resulted in the chiefs of Iceland’s three biggest banks – Glitnir, Kaupthing and Landsbanki – being convicted.


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Warren Increases the Pain Factor for Choosing Corporate-Friendly Democrats

Unofficial _Sources

Sep. 8 2015, 4:11 p.m.

A little-noticed report on candidates for an open spot on the Securities and Exchange Commission (SEC) reaffirms that the reformist wing of the Democratic Party is winning the tactical battle over financial regulatory personnel.

Luis Aguilar, one of three Democratic SEC commissioners on the five-member panel, announced he would step down in May. Initially, the White House floated as a replacement Keir Gumbs, who has passed through the revolving door, from SEC staff to the white-collar corporate law firm Covington & Burling.

Covington & Burling counts most major U.S. banks among its clients, and is the home of former Attorney General Eric Holder and several of his top deputies. While at Covington, Gumbs allegedly gave CEOs tutorials on how to avoid disclosing their corporate political spending. He also represented the American Petroleum Institute before the SEC.


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End Of The American Dream

The American Dream Is Becoming A Nightmare And Life As We Know It Is About To Change

Puzzle Last Piece - Public Domain


One of the biggest steps toward a one world government that we have ever seen is happening this week, and yet barely anyone is even talking about it.  In fact, it is even being called a “new universal Agenda” for humanity.  Those are not my words – those are the words that the United Nations is using.  If you don’t believe this, just go look at the official document for this new UN agenda.  You won’t have to read very far.  The phrase “new universal Agenda” is right near the end of the preamble.  Officially, the name of this ambitious new program is “the 2030 Agenda“, and it is being hyped as a way to get the whole world to work together to make life better for all of us.  And a lot of the goals of this new agenda are very admirable.  For example, who wouldn’t want to end global poverty?  But as you look deeper into what the UN is trying to do, you find some very disturbing things.

If you didn’t like Agenda 21, then you really are not going to like the 2030 Agenda, because the 2030 Agenda takes things to an entirely new level.  Agenda 21 was primarily focused on climate change and the environment, but the 2030 Agenda goes far beyond that.  As I have noted previously, the 2030 Agenda addresses economics, agriculture, education, gender equality, healthcare and a whole host of other issues.  It has been argued that there are very few forms of human activity that do not fall under the goals of the 2030 Agenda in one way or another.

The UN says that this new Agenda is “voluntary”, and yet virtually every single nation on the entire planet is willingly signing up for it.  In the official document that all of these nations are agreeing to, there are 17 sustainable development goals and 169 very specific sustainable development targets.  You can read them for yourself right here.


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By September 25, 2015

Eisenhower-2Jake Anderson, Anti Media
Waking Times

For decades, extreme ideologies on both the left and the right have clashed over the conspiratorial concept of a shadowy secret government pulling the strings on the world’s heads of state and captains of industry.

The phrase New World Order is largely derided as a sophomoric conspiracy theory entertained by minds that lack the sophistication necessary to understand the nuances of geopolitics. But it turns out the core idea — one of deep and overarching collusion between Wall Street and government with a globalist agenda — is operational in what a number of insiders call the “Deep State.”

In the past couple of years, the term has gained traction across a wide swath of ideologies. Former Republican congressional aide Mike Lofgren says it is the nexus of Wall Street and the national security state — a relationship where elected and unelected figures join forces to consolidate power and serve vested interests. Calling it “the big story of our time,”Lofgren says the deep state represents the failure of our visible constitutional government and the cross-fertilization of corporatism with the globalist war on terror.

“It is a hybrid of national security and law enforcement agencies: the Department of Defense, the Department of State, the Department of Homeland Security, the Central Intelligence Agency and the Justice Department. I also include the Department of the Treasury because of its jurisdiction over financial flows, its enforcement of international sanctions and its organic symbiosis with Wall Street,” he explained.

Even parts of the judiciary, namely the Foreign Intelligence Surveillance Court, belong to the deep state.

How does the deep state operate?

A complex web of revolving doors between the military-industrial-complex, Wall Street,  and Silicon Valley consolidates the interests of defense contracts, banksters, military actions, and both foreign and domestic surveillance intelligence.

According to Mike Lofgren and many other insiders, this is not a conspiracy theory. The deep state hides in plain sight and goes far beyond the military-industrial complex President Dwight D. Eisenhower warned about in his farewell speech over fifty years ago.


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Time to Trade in Your Jag, Benz, BMW for a Dented Econobox: Days of Rage Are Coming

The resistance will take the form of subverting the signifiers of wealth that exemplify the few who have benefited so greatly while everyone else lost ground.
It’s time to trade in your Jag, Mercedes, BMW (and maybe your Prius, Volvo, Lexus, etc.) before the Days of Rage start. As I’ve explained before ( As the “Prosperity” Tide Recedes, the Ugly Reality of Wealth Inequality Is Exposed), the rage of the masses who have been losing ground while the Financier Oligarchs, the New Nobility and the technocrat class reap immense gains for decades has been suppressed by the dream that they too could join the Upper Caste.
But once the realistic odds of that happening (low) sink in, the Days of Rage will begin. For those still who don’t know the facts of rising inequality, here’s what you need to know.
The top 1% skim 23% of all income:
While the top 5% has enjoyed substantial income gains over the past 45 years, adjusted for inflation, the bottom 90% have lost ground:
The last time there was mass unrest in America was the civil rights/Vietnam War era. The power of the civil rights movement arose from the core injustice of segregation (separate and unequal) and institutionalized racism/bias. This institutionalized injustice drew people from all classes and ethnicities into the streets, where they were promptly beaten by police.

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The Rutherford Institute

The Crisis of the Now: Distracted and Diverted from the Ever-Encroaching Police State

By John W. Whitehead
September 22, 2015

“When a population becomes distracted by trivia, when cultural life is redefined as a perpetual round of entertainments, when serious public conversation becomes a form of baby talk, when, in short, a people become an audience and their public business a vaudeville act, then a nation finds itself at risk: culture-death is a clear possibility.”—Author Neil Postman

Caught up in the spectacle of the forthcoming 2016 presidential elections, Americans (never very good when it comes to long-term memory) have not only largely forgotten last year’s hullabaloo over militarized police, police shootings of unarmed citizens, asset forfeiture schemes, and government surveillance but are also generally foggy about everything that has happened since.

Then again, so much is happening on a daily basis that it’s understandable if the average American has a hard time keeping up with and remembering all of the “events,” manufactured or otherwise, which occur like clockwork and keep us distracted, deluded, amused, and insulated from reality while the government continues to amass more power and authority over the citizenry.

In fact, when we’re being bombarded with wall-to-wall news coverage and news cycles that change every few days, it’s difficult to stay focused on one thing—namely, holding the government accountable to abiding by the rule of law—and the powers-that-be understand this. As investigative journalist Mike Adams points out:

This psychological bombardment is waged primarily via the mainstream media which assaults the viewer by the hour with images of violence, war, emotions and conflict. Because the human nervous system is hard wired to focus on immediate threats accompanied by depictions of violence, mainstream media viewers have their attention and mental resources funneled into the never-ending ‘crisis of the NOW’ from which they can never have the mental breathing room to apply logic, reason or historical context.

Consider if you will the regularly scheduled trivia and/or distractions in the past year alone that have kept us tuned into the various breaking news headlines and entertainment spectacles and tuned out to the government’s steady encroachments on our freedoms:

Americans were riveted when the Republican presidential contenders went head-to-head for the second time in a three-hour debate that put Carly Fiorina in a favored position behind Donald Trump; Hillary Clinton presented the softer side of her campaign image during an appearance on The Tonight Show with Jimmy Fallon; scientists announced the discovery of what they believed to be a new pre-human species, Homo naledi, that existed 2.8 million years ago; an 8.3 magnitude earthquake hit Chile; massive wildfires burned through 73,000 acres in California; a district court judge reversed NFL player Tom Brady’s four-game suspension; tennis superstar Serena Williams lost her chance at a calendar grand slam; and President Obama and Facebook mogul Mark Zuckerberg tweeted their support for a Texas student arrested for bringing a homemade clock to school.

That was preceded by the first round of the Republican presidential debates; an immigration crisis in Europe; the relaxing of Cuba-U.S. relations; the first two women soldiers graduating from Army Ranger course; and three Americans being hailed as heroes for thwarting a train attack in France. Before that, there was the removal of the Confederate flag from the South Carolina statehouse; shootings at a military recruiting center in Tennessee and a movie theater in Louisiana; the Boy Scouts’ decision to end its ban on gay adult leaders; the first images sent by the New Horizons spacecraft of Pluto; and the victory over Japan of the U.S. in the Women’s World Cup soccer finals.


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A diagram showing the organization of the Federal Reserve System


An Irredeemably Bad Deal

Obama, Geithner and the Missing Six Trillion Dollars


Timothy Geithner, President Barack Obama’s first Treasury Secretary and chief architect of many of the various and sundry bank bailouts and associated programs carried out during Mr. Obama’s first term in office, recently wrote a book telling his side of ‘the story.’ To be clear, I haven’t read the book and have no intention of doing so. Life is short and the relevant side of the story, the economic consequences of Mr. Geithner’s policies, is the one of interest here. The prevailing storyline in the banker’s ghettoes of New York and London is of an indispensable and functioning financial system saved and a second Great Depression averted through Mr. Geithner’s necessary but unpopular programs to transfer public resources to nominally private corporations— Wall Street banks, in order to save them. Implied is that the travails Wall Street faced in 2008 – 2009 were the result of ‘natural’ forces and that its restoration is substantially related to restoration of ‘the economy.’ Mainstream economists have put forward variations on this latter claim through repeated assertion that ‘the economy,’ as measured by GDP (Gross Domestic Product) and the official unemployment rate, has ‘recovered’ to pre-recession levels.


Graph (1): Contrary to the view on Wall Street and within the Western economic establishment restoration of Wall Street has not ‘fixed’ the economy. The policies of Mr. Geithner, the Obama administration and the Federal Reserve have ‘fixed’ profits, compensation and bonuses for Wall Street. The drop in median income is evidence of ongoing economic Depression for most citizens of the West. Assertions to the contrary by Mr. Geithner, the Obama administration and the ‘eternal sunshine of the spotless mind’ crowd of Western economists are evidence of whose interests they represent. Apparent in the recovery of financial profits without a recovery in household incomes is that Wall Street doesn’t need a functioning economy to earn ‘profits.’



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The Fed Is The Great Deceiver — Paul Craig Roberts and Dave Kranzler


Paul Craig Roberts and Dave Kranzler

Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders of Treasuries are unloading them.

From November 2013 through January 2014 Belgium with a GDP of $480 billion purchased $141.2 billion of US Treasury bonds. Somehow Belgium came up with enough money to allocate during a 3-month period 29 percent of its annual GDP to the purchase of US Treasury bonds.

Certainly Belgium did not have a budget surplus of $141.2 billion. Was Belgium running a trade surplus during a 3-month period equal to 29 percent of Belgium GDP?

No, Belgium’s trade and current accounts are in deficit.

Did Belgium’s central bank print $141.2 billion worth of euros in order to make the purchase?

No, Belgium is a member of the euro system, and its central bank cannot increase the money supply.

So where did the $141.2 billion come from?

There is only one source. The money came from the US Federal Reserve, and the purchase was laundered through Belgium in order to hide the fact that actual Federal Reserve bond purchases during November 2013 through January 2014 were $112 billion per month.

In other words, during those 3 months there was a sharp rise in bond purchases by the Fed. The Fed’s actual bond purchases for those three months are $27 billion per month above the original $85 billion monthly purchase and $47 billion above the official $65 billion monthly purchase at that time. (In March 2014, official QE was tapered to $55 billion per month and to $45 billion for May.)

Why did the Federal Reserve have to purchase so many bonds above the announced amounts and why did the Fed have to launder and hide the purchase?

Some country or countries, unknown at this time, for reasons we do not know dumped $104 billion in Treasuries in one week.


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US attorney general says banks under investigation not ‘too big to jail’

Eric Holder announced in video address that Justice Department pursuing criminal investigations of financial institutions

Eric Holder
While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions. Photo: Matt Rourke /AP

The US Justice Department is pursuing criminal investigations of financial institutions that could result in action in the coming weeks and months, US attorney general Eric Holder said in a video, adding that no company was “too big to jail.”

The comments, made in a video posted on the Justice Department’s website on Monday, came as federal prosecutors push two banks, BNP Paribas SA and Credit Suisse AG , to plead guilty to criminal charges to resolve investigations into sanctions and tax violations, respectively, according to people familiar with the probes.

While Holder did not name any banks, he said he is personally monitoring the ongoing investigations into financial institutions and is “resolved to seeing them through.”

“I intend to reaffirm the principle that no individual or entity that does harm to our economy is ever above the law,” Holder said in the video. “There is no such thing as ‘too big to jail.'”

French bank BNP Paribas warned last week it faces fines from US authorities in excess of $1.1bn over allegations that it violated US sanctions against Iran and other countries.

The Swiss finance minister met Holder on Friday to discuss a US probe into Swiss banks that allegedly helped Americans evade US taxes, which includes Credit Suisse.

While units of financial institutions have agreed to plead guilty to breaking US criminal laws, such agreements have usually involved foreign subsidiaries who have little contact with US regulators.

Japanese units of UBS AG and Royal Bank of Scotland plc, for example, pleaded guilty in the past two years to resolve criminal charges that their traders manipulated the Libor benchmark interest rate.

A criminal conviction of an entity regulated in the United States could lead authorities to potentially revoke a charter or undertake other punitive measures.


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