Tag Archive: Buffett Rule


Politics and Legislation

Fox Hosts Act Horrified at Proposal to “Amend The Constitution” to Get Rid of Special Interest Money

The conservative hosts of Fox News’ The Five acted horrified at House Minority Leader Nancy Pelosi’s statement that she wants to “amend the Constitution” to reverse the Supreme Court’s decision in Citizens United v. FEC, a decision that Pelosi said “flies in the face of our founders’ vision.” The Fox hosts acted as if this was a radical idea, but Fox hosts and congressional Republicans have repeatedly proposed amending the Constitution.

Pelosi: “Amend The Constitution” To Stop “Secret, Unlimited” Corporate Campaign Donations

Pelosi Calls For “A New Politics Free Of Special Interest Money.” During an April 19 press conference, Pelosi called out Republicans for refusing to hold a hearing on the DISCLOSE Act, a campaign finance reform bill:

On another subject, but related, yesterday House Administration Democrats held a forum on the need to create a new politics free of special interest money. I call it a forum because we were not allowed to call it a hearing because the Republicans will not allow a hearing on DISCLOSE. They did not allow the camera system of the room to be used to transmit the proceedings from the forum to the rest of the world. We think that this is about transparency, DISCLOSE. Stand by your ads. If you are so proud of what you are doing with your effective political action, then let the world know who is paying for this ad; not by the end of the year, or the end of the month, but by the end of the ad, in real time. We have to do it as candidates. They should have to do it as contributors. [Pelosi press conference, 4/19/12]

Pelosi Proposed To “Amend The Constitution” To Reverse Supreme Court Decision That Allows “Secret, Unlimited” Corporate Money In Campaigns. From the press conference:

We have a clear agenda in this regard. DISCLOSE, reform the system, reducing the role of money in campaigns, and amend the Constitution to rid it of this ability for special interests to let secret, unlimited huge amounts of money flow into campaigns. I think one of the presenters yesterday said it was — that the Supreme Court had unleashed a predator that was oozing slime into the political system, and that indeed is not an exaggeration. Our founders had an idea. It was called democracy. [They] said the elections are determined by the people, the voice, and the vote of the people, not by the bankrolls of the privileged few. The Supreme Court decision flies in the face of our founders’ vision, and we want to reverse it. [Pelosi press conference, 4/19/12]

 

Read Full Transcripts  Here

 

 

Former head says TSA is ‘national embarrassment’

By Ethan A. Huff, April 25 2012
(NaturalNews) When former president George W. Bush signed into law the Aviation and Transportation Security Act (ATSA) following the 9/11 terrorist attacks, which established the existence of the Transportation Security Administration (TSA), America was told flying would become a safer and more secure experience for everyone. But more than a decade later, the TSA has shown itself to be an abusive and ineffective “national embarrassment,” to quote the words of former TSA head Kip Hawley, who says…

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Economy

So Much Tax Evasion, So Little Accountability

By Sam Pizzigati

Every once in a while, our plutocrats drop all democratic pretense and arrogantly offer up a raw display of their ample political might. One such display came last week. On Monday, a proposal to fix a minimum tax on America’s rich — the “Buffett rule” — went nowhere in the U.S. Senate.

The Buffett rule proposal needed 60 votes to beat back a filibuster. The actual votes the proposal received: just 51.

But last week’s most impressive show of plutocratic power actually came the next day — and made no headlines. On Tuesday, the annual federal income tax filing deadline came and went with America’s super rich once again stiffing Uncle Sam for hundreds of billions of dollars in taxes due.

We’re not talking loopholes here, those entirely legal tax code provisions — like lower tax rates for capital gains — that give the rich preferential treatment at tax time. We’re talking outright tax evasion, the willful misreporting of income.

The IRS periodically tries to measure how much of this cheating goes on. The latest estimate, released this past January and covering 2006, puts the tax gap — the difference between taxes owed but not paid on time — at $385 billion.

Some of this gap represents “innocent” tax return mistakes, the rest outright fraud. Taxpayers at all income levels, of course, cheat. But the only fiscally consequential cheating comes from the super rich. They both cheat at a higher rate than Americans of modest means and — given the enormity of their incomes — deny Uncle Sam far more tax dollars when they do cheat.

Read Full Article Here

Shareholders Raising Ruckus About CEO Pay

By Wendell Potter

One of my responsibilities when I was head of corporate communications at Cigna was to help ensure that the company’s annual meeting of shareholders ran smoothly and, if at all possible, attracted no negative publicity.

I always dreaded the annual meeting because you really never knew if one or more disgruntled shareholders might show up and ask rude questions of the CEO. But during all of my years of helping plan those meetings, we had an unblemished string of non-events. We considered the meetings marathons if they lasted more than 15 minutes. Most of them were over long before then. Over the course of 10 years, I only recall two reporters who felt compelled to attend, and one of them got stuck in traffic and missed the whole thing.

Some of my peers at other health insurers were not that lucky, but relatively few of the big-profit insurers have had to cope with contentious shareholder meetings.

It is clear those days are over.

Some investors are now beginning to question how those companies make the billions of dollars in profits they report every year, especially with the ranks of the uninsured continuing to swell, how they spend policyholders’ money to influence public policy and whether their CEOs are truly worth all they are being paid.

Read Full Article Here

88 Million (That’s One In Three Americans) Are Invisible to Government Employment Statistics

Mac Slavo
April 13th, 2012
SHTFplan.com


Frank Wallace, who is unemployed, displays a sign during a vigil
for the unemployed at the Arch Street Methodist Church in Philadelphia

With recovery in full swing and unemployment dropping to an Obama administration near record low of 8.2%, the US economy seems to be bouncing back stronger than ever. Unless, of course, you look at the numbers no one in mainstream media, the Bureau of Labor and Statistics, or the administration is talking about. As many of our readers already know, the official unemployment rates released monthly by the BLS (U-3, U-6) fail to account for one very key figure – those individuals who are no longer in the labor force.

The number of those folks – the ones that don’t matter anymore because counting them would hinder the President’s reelection bid – is absolutely staggering for what is supposed to be the engine of the global economy and the world’s only super power:

Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.

Over the past several years people have dropped out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low. Some of this was due to major revisions last month on account of the 2010 census finally factored in. However, most of it is simply economic weakness.

In the last year, the civilian population rose by 3,604,000. Yet the labor force only rose by 1,315,000. Those not in the labor force rose by 2,289,000.

The Civilian Labor Force fell by 164,000.

Those “Not in Labor Force” increased by 310,000. If you are not in the labor force, you are not counted as unemployed.

Those “Not in Labor Force” is at a new record high of 87,897,000.

Source: Townhall Finance

With some 248 million people over the age of 15, nearly one in three Americans in this country are not working.

While the participation rate includes people like those in retirement and stay-at-home moms (because they definitely haven’t worked a day in their lives, as was recently noted by democrat strategist Hilary Rosen) who have no intention of joining the traditional labor force, the last four years have seen an unprecedented drop in the rate of labor force participation as well as unemployment overall. Charlie McGrath of Wide Awake News explains:

The government… pretending everything is getting better because we spent trillions of dollars  bailing out firms we now call too-big-to-fail. But the fact of the matter is, in order to get this kind of 8.3% fictitious fantasy number they had to lower the participation rate.

In the last four years we’ve lost 10 million people out of the participation rate. Just to give you an idea of how many people that is, it would take the city of Dallas, Salt Lake, San Diego, Spokane, Roanoke and Cincinnati… the people living in those city limits. If you double that number that gives you the number of people that have left the participation rate that are no longer in the working pool.

Yet, that isn’t stopping the mainstream media from reporting that things are getting better. We’ve spent this nation into absolute financial servitude.

Understand that when you turn on the mainstream media you are being fed propaganda.

The Obama administration is pulling out all the stops. If the real story came out – that the true unemployment rate in this country (those out of work plus those who the government deems as no longer participating) is almost triple that of the official BLS U-3 rate of 8.2% – confidence in the financial markets and the government’s ability to mitigate the crisis would be lost almost immediately. So, too, would Obama’s hope for another four years of fundamentally changing America.

But just because the President and his media conglomerates are preaching of recovery doesn’t mean that everyone believes it. A large portion of Americans, especially those millions of people without jobs, are not going to be swayed by the mainstream propaganda. They are living in a modern day depression right here and now, and they, too, will be headed to the polls in November. And, as Jim Clifton, CEO of Gallup, recently pointed out to RT, they don’t care about anything else except for their personal economic and financial circumstances:

RT: What are the dynamics in terms of opinion polls as far as the economy goes, among the American people, the way it was four years ago and the way it is now?

JC: We were going just fine in 2007, first part of 2008, then we crashed down. Now it’s coming back a little bit.

RT: Enough to win President Obama the next election?

JC: I don’t think quite yet… According to the Gallup poll, if we vote tonight, Romney will beat him… They are not voting for Romney – they just vote against the president.

RT: What are the main reasons not to vote for the president?

JC: Strictly unemployment. Just one reason. Foreign policy plays no role at all right now. If something really big happens… that will only make a little bit of a difference. Americans don’t want to hear about foreign policy. They should, but they don’t. Gallup shows real unemployment is close to 20 per cent in America. Not 8.5 but 20 per cent. 30 million people are out of work. 60 per cent of them told Gallup they have no hope of getting a job. That is 18 million.

RT: Do Americans blame the president for that?

JC: There are two questions here. Do I think they should? No. Do they? Yes.

President Obama most certainly inherited this crisis from his predecessor(s), but he’s taken no steps to change anything for the better. The hope many had that life would improve under policies designed to redistribute wealth to the masses by taking from those with the ability and giving to those with the need is rapidly diminishing. The trillions of dollars backed by human collateral that has been thrown at the crisis has done nothing to fix the underlying issues that caused it in the first place. All of the problems we faced in 2007/2008 are still here, and they are only going to get worse.

If you think 88 million not participating and 20%+ unemployment is bad, give it another four years.

Right now the safety nets are in place to help most of those who can’t find work – at least for 99 weeks until they are no longer counted as unemployed. But those safety nets, including medical care and food assistance, can only take so much before they snap. That moment is rapidly approaching.

Author: Mac Slavo
Views: 493 people have read this article (new feature)
Date: April 13th, 2012
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to http://www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

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Wars and Rumors of War

Mosaic News 4/23/2012: Morocco’s February 20 Movement Returns After Reform Pledge Falters

Published on Apr 24, 2012 by

Morocco’s February 20 Movement makes comeback after reform pledge falters, mass funeral held for Bahraini man killed by regime forces, Egyptians welcome cancellation of gas sales to Israel, and more.

Today’s headlines in full:

Morocco’s February 20 Movement makes comeback after reform pledge falters
Al-Alam, Iran

Mass funeral held for Bahraini man killed by regime forces
Press TV, Iran

Yemenis rally for political and military restructuring
Press TV, Iran

Egyptians welcome cancellation of gas sales to Israel
Dubai TV, UAE

Dozens killed in Hama after UN observers’ visit
BBC Arabic, UK

Sudan’s Bashir in Heglig, rules out talks as new air raids hit South
Al Jazeera, Qatar

Police indict over 20 fans and players in Ramat Gan soccer riot
IBA, Israel

Debate over future of Beit El settlement outpost leads to Israeli Cabinet showdown
IBA, Israel

Ain al-Hilweh refugee camp commemorates Palestinian martyrs
Palestine TV, Ramallah

Image: A demonstrator argues with police during a demonstration called by the February 20 movement, in Rabat April 22, 2012: REUTERS/Youssef Boudlal

Mosaic is a Peabody Award-winning daily compilation of television news reports from the Middle East, including Egypt, Lebanon, Israel, Syria, the Palestinian Authority, Iraq and Iran. Watch more Mosaic at http://www.linktv.org/mosaic

Obama administration announces ‘War on Terror’ is over; so can we fire the TSA and repeal the Patriot Act now?

By Mike Adams, April 24 2012
(NaturalNews) In an astonishing bit of unexpected news, a senior State Department official has announced, “The war on terror is over.” This stems from the idea, reports the National Journal, that, “it is no longer the case, in other words, that every Islamist is seen as a potential accessory to terrorists.” That same official continues, “Now that we have killed most of al Qaida, now that people have come to see legitimate means of expression, people who once might have gone into al Qaida see an…

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Articles of Interest

TSA apologizes for nabbing ‘terrorist’ can of soup as national security threat

By J. D. Heyes, 
(NaturalNews) The follies and antics of the Transportation Security Administration (TSA) are shaping up to be a continual comedy of errors as the agency now finds it necessary to tout its non-accomplishments while the government that formed it has resorted to apologizing for its misdeeds. Regarding the former, Bob, the TSA blogger, posted a little ditty about how valiant agents managed to prevent a Las Vegas passenger from smuggling dangerous chicken soup aboard an airliner. To wit, according…

World Bank Nominee Tied to Monsanto Shareholder Bill Gates, Soros

By Tim McCoy

Obama nominated Dartmouth University president Jim Yong Kim, M.D. to head the United Nations World Bank. Most people think that UN agencies benefit poor people, but this is far from the truth.

The UN World Bank claims to fight poverty in developing nations by financing infrastructure projects. But the UN World Bank is really a tool used to acquire Third World natural resources through conditions on loans that are extremely difficult to repay. The raw resources are then privatized by insider multi-national corporations. The World Bank actually creates more poverty.

The nomination of Jim Yong Kim indicates that the World Bank may shift away from focusing on infrastructure and will instead turn toward providing health care in Third World countries. Jim Yong Kim’s areas of interest include vaccines for tuberculosis as well as drugs for HIV and AIDS.

Kim brokered a deal with Big Pharma and the UN World Health Organization for expanding the pharmaceutical drug market to a larger populace in exchange for lower drug prices for second-line tuberculosis drugs. Second-line drugs are used when basic treatment fails because of drug resistance. Drug resistance similar to the new ‘resistant White Plague‘ brought about by big pharma’s drugs. Many in the medical community believed it would be dangerous to distribute second-line drugs widely. Kim is also responsible for pushing HIV/AIDS retroviral drugs in developing nations.

HIV/AIDS drugs used in the Third World have profound side effects that include eye, kidney, liver and heart problems.

Jim Yong Kim says that the highest point in his career was when George Soros donated to Kim’s tuberculosis vaccine program, which was followed by a a huge grant from the Bill and Melinda Gates Foundation for $44.7 million. Monsanto shareholder Bill Gates, who has repeatedly stated that Monsanto’s GMOs are the answer to starvation despite scientific proof of the contrary, gave a controversial speech at a Ted conference outlining the controversial population reduction plan through ‘healthcare’:

“The world today has 6.8 billion people… that’s headed up to about 9 billion. Now if we do a really great job on new vaccines, health care, reproductive health services, we could lower that by perhaps 10 or 15 percent.”

Turkey says Israel not welcome at NATO summit

Workers work on the cruise liner Mavi Marmara which is under maintenance in a shipyard in Istanbul May 30, 2011. REUTERS/Osman Orsal

ISTANBUL | Mon Apr 23, 2012 8:38am EDT

(Reuters) – Turkey has refused to allow Israel to take part in a NATO summit next month because the Jewish state has not apologized for the 2010 killing of Turkish activists in a raid on a ship taking aid to Palestinians, a Turkish official said on Monday.

Relations between the regional powers deteriorated sharply after Israeli commandos raided the Mavi Marmara aid vessel in May 2010 to enforce a naval blockade of the Gaza Strip and killed nine Turks in clashes with activists.

Last September, Turkey expelled Israel’s envoy and froze military cooperation after a U.N. report on the raid failed to prompt an apology from Israel.

“We did not give our consent on that issue,” a Turkish official told Reuters when asked if Turkey was blocking Israel’s participation in a NATO summit in Chicago on May 20-21.

He said Turkey was still seeking an official apology and compensation for the victims of the Mavi Marmara raid.

Read Full Article Here

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Politics and Legislation

At congressional GSA hearing, Jeff Neely targeted for scandal

By Rachel Rose Hartman

Click image to see more photos. (J. Scott Applewhite/AP)Amid unwavering public apologies Monday from former employees of the General Services Administration (GSA), one official chose to remain mum.

Jeff Neely, the GSA official who organized a lavish 2010 conference for the agency, sat motionless–save for several eyebrow raises–as ranking House Oversight Committee chairman Elijah Cummings (D-M.D.) accused him, a regional commissioner, and his wife of having “used taxpayer funds to bankroll a lavish lifestyle.” The grilling occurred in front of a national audience at the first of at least four hearings this week on the conference scandal.

And when it came time for Neely to apologize or defend himself, he only uttered one phrase.

“Mr. Chairman, on the advice of my counsel, I respectfully decline to answer based upon my Fifth Amendment constitutional privileges,” Neely repeatedly responded Monday to questions about the scandal, which centers around about $830,000 in taxpayer dollars that was used for a three-day employee conference in 2010, as well as on mundane questions such as his former job title.

Read Full Article Here

Israel Denies Entry to Hundreds in Day of Action

Published on Apr 16, 2012 by

Dozens arrested in an international day of solidarity where 1500 activists
tried to land in Israel’s Ben Gurion Airport to travel to the occupied
Palestinian territories

Diplomatic row between Argentina and Spain over YPF oil row

Argentina’s decision to take control of Spanish firm Repsol’s shares in one of Argentina’s largest oil producing companies could have political ramifications.

There has already been anger from Madrid over the plan to nationalise Repsol’s stake in Argentine-firm YPF, and Spain’s Foreign Minister Jose Manuel Garcia-Margallo said measures against Argentina will be announced in the next few days.

Read Full Article Here

Angry Madrid criticises Argentina’s move on YPF

Argentina’s plans to seize control of its biggest oil company YPF has drawn howls of protest from Madrid. Spain is angry as its energy giant Repsol has a controlling stake of nearly 60 per cent.

Vowing to take measures, Foreign Minister José Manuel García Margallo called the move unlawful: “The Spanish Government condemns the arbitrary decision taken by the government of the Republic of Argentina to expropriate the shares which Repsol has in the YPF Company.”

Read Full Article Here

World Bank names US doctor as new president

Published on Apr 16, 2012 by

The World Bank has chosen its new president, Korean-American health expert Jim Yong Kim, sticking with the tradition of picking an American for the top job. Alan Fisher reports from Washington.

Senate torpedoes ‘Buffett Rule’ bill

By Bernie Becker

The Senate on Monday rejected a Democratic proposal intended to ensure millionaires pay a minimum tax rate.

In a mostly party-line 51-45 vote, Democrats fell short of the 60 votes they needed to move forward with a debate on the so-called “Buffett Rule” legislation, with all but one Republican, Sen. Susan Collins (Maine), voting to oppose proceeding on the legislation.

Sen. Mark Pryor (Ark.) was the only Democrat to vote against the motion, though Sen. Joe Lieberman (I-Conn.), who caucuses with Senate Democrats but missed Monday’s vote, released a statement announcing his opposition to the Buffett Rule.

Fifty Democrats supported the motion to proceed to the bill, including Sen. Ben Nelson (D-Neb.), who previously had opposed similar efforts. Nelson cited the deficit for changing his position, but his decision to retire and not seek reelection at the end of this Congress might also have played a role.

Both parties expected the result, and the issue of whether wealthier households should pay higher taxes on investment income appeared likely to remain at center stage through November’s presidential election.

Read Full Article Here

Honorary bills persist despite GOP vow

By Russell Berman

House Republicans swept into the majority pledging to do away with the commemorative resolutions that clogged up the floor schedule in recent years, but for one evening on Monday, honorary bills filled the docket once again.

Lawmakers approved two Congressional Gold Medals, debated a third and discussed minting a coin in honor of Mark Twain.

The only living person among the honorees was golf legend Jack Nicklaus, a personal friend of Speaker John Boehner (R-Ohio), himself an avid golfer. Nicklaus grew up in Boehner’s home state of Ohio, and in 2002, he testified before Boehner’s Education and Workforce Committee on the “First Tee” program aimed at promoting values in young people through golf.

The House passed a bill awarding a medal to Nicklaus in a 373-4 vote. All of the “no” votes came from Republicans.

Democratic Rep. Joe Baca (Calif.) spearheaded the honor for Nicklaus and recruited Rep. Tom Rooney (Fla.) as a Republican co-sponsor. Rooney went to school with Nicklaus’s children in Florida and remains friends with his family.

Read Full Article Here

Nevada Dems: GSA hearings are ‘an attack on Las Vegas’

By Alexis Levinson – The Daily Calle

Photo: AP

As the brouhaha over the General Services Administration’s excessive spending continues to unfold, the real loser is not the GSA, but Sin City itself, according to two Nevada Democrats.

The GSA got in trouble when a report by the GSA Inspector General brought to light a conference in Las Vegas on which the agency spent $823,000 of taxpayer money. The conference included lavish luxuries like a clown, bicycles that were used for a team building exercise and a mind-reader.

The House oversight committee is holding a series of hearings on other instances that have since come to light of extravagant spending by the agency.

But according to former Democratic Rep. Dina Titus, who is currently seeking a return to Congress, the hearings are not an attack on the GSA, but an attack on Las Vegas.

“President Obama acted swiftly to punish those responsible for this blatant misuse of tax dollars. However, these hearings are nothing more than an attack on Las Vegas,” Titus said. “Washington Republicans should stop using Las Vegas as a punching bag to score cheap political points and start working on putting Americans back to work.”

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Economy

Spanish fever recurs, pushing up borrowing costs

Published on Apr 16, 2012 by

http://www.euronews.com/ Investors have become wary of Spain’s financial health again, forcing the government to pay ever more to borrow money.

Ten year bonds went above 6 per cent, after data showing Spanish banks borrowed record amounts from the ECB.

There are fears Spanish bonds might hit the psychological 7 per cent panic barrier unless the ECB starts buying again.

IMF Raises Global Forecast for First Time Since Early 2011

By Ian Katz

The International Monetary Fund raised its global growth forecast for the first time in more than a year, with the U.S. boosting the outlook while recent improvements remain “very fragile.”

The world economy will expand 3.5 percent this year, compared with a January projection of 3.3 percent, the Washington-based IMF said today in its World Economic Outlook. It sees growth of 4.1 percent in 2013, up from 4.0 percent. It raised its forecasts for the U.S. to gains of 2.1 percent this year and 2.4 percent in 2013.

The report reflects the IMF’s view that the euro area, while still facing an economic downturn and the “hard to quantify” potential risk of a country’s default, has stabilized since last year. The euro area economy is projected to decline by 0.3 percent in 2012, an improvement from the 0.5 percent in the IMF’s previous forecast. China is projected to grow 8.2 percent and Japan 2 percent this year.

Read Full Article Here

U.S. Housing Starts Unexpectedly Drop to Five-Month Low

By Alex Kowalski

Builders began work on fewer homes than forecast in March, signaling a sustained industry recovery will take time to get underway.

Housing starts dropped 5.8 percent to a 654,000 annual rate, less than the lowest estimate of economists surveyed by Bloomberg News and the least since October, Commerce Department figures showed today in Washington. The slump was led by the volatile multifamily category, which at the same time showed a jump in permits, a proxy for future construction.

While warmer weather may have spurred home construction at the beginning of 2012, a competing supply of cheap existing properties may be steering potential buyers away from purchasing a new home. That means home construction may not help boost the economy in 2012.

Read Full Article Here

Insiders Tell Jim Sinclair, $17 Trillion In QE Coming (GLD, IAU, SLV, AGQ, UUP, UGL, UDN)

Dominique de Kevelioc de Bailleul: No matter how the Fed tries to manipulate the markets through its orchestrated communiques, more ‘quantitative easing’ is coming, says ‘Mr. Gold‘ Jim Sinclair.  And this time, $17 trillion more of Sinclair’s mantra “QE to infinity” is a done deal, according to him.

How does he know?

“How does anyone know an answer to a question?  By being told.  By having sources,” Sinclair revealed to King World News, Friday.  “I’m half a century in the business.  I’ve constantly kept up my contacts in a very unique and focused way.  Quantitative easing was made clear to me, prior to Bernanke’s speech to the Washington group, prior to quantitative easing.”

Read Full Article  Here

Europe Will Collapse in May-June

By Graham Summers

 

Starting back in August, I began suggesting that we were approaching a Systemic Crisis/ Crash scenario in the markets.

The technical and fundamentals both supported this forecast, but I completely underestimated the degree to which the Central Banks and EU would attempt to prop up the market.

At that time, I thought it likely we’d see a Crash, which would then be met with another round of stimulus, which would push the economy temporarily into the green. It seemed the most logical outcome given that we were heading into an election year with a President whose ratings were at record lows.

 Instead, the Federal Reserve, particularly those Fed Presidents from Financial Centers (Charles Evans of Chicago and Bill Dudley of New York) began a coordinated campaign of verbal intervention, hinting that more easing or QE was just around the corner.

These verbal interventions coincided with coordinated monetary interventions between the Federal Reserve and other world Central Banks: first on September 15 2011 and again on November 30 2011.

 The effects of both coordinated moves were short-lived in terms of equity prices, but they did send a message that the Central Banks were willing to intervene in a big way to maintain the financial system. This in turn helped to ease interbank liquidity problems in Europe (more on this in a moment) and maintain the belief that the Fed backstop or “Bernanke Put” was still in effect.

 Another issue that served to push the markets higher was European leaders’ decision to go “all in” on the EU –bail out project. I’ve tracked those developments closely in previous articles.

 Regarding this factor, I also underestimated the extent to which leaders would push to hold things together. After all, Greece had already received bailouts in excess of 150% of its GDP and still posted a GDP loss of 6.8% in 2011. It’s hard to believe they’d want to accept more austerity measures and more debt.

Moreover, political tensions between Greece and Germany had reached the point that Greeks were openly comparing German Chancellor Angela Merkel and Finance Minister Wolfgang Schauble as Nazis while the Germans referred to Greece as a “bottomless hole” into which money was being tossed.

 Looking back on it, the clear reality was that Germany wanted to force Greece out of the EU but didn’t want to do it explicitly: instead they opted to offer Greece aid provided Greece accepted austerity measures so onerous that there was no chance Greece would go for it.

Read Full Article Here

U.S. Roads and Bridges Being Built By Chinese Companies As American  Unemployment Remains High

http://cdnapi.kaltura.com/index.php/kwidget/wid/0_95s1dmh0/uiconf_id/6501231
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Wars and Rumors of War

Taliban Launches ‘Spring Offensive’

Published on Apr 17, 2012 by

Thirty-six insurgents are dead after an eighteen hour standoff between US led NATO and Afghan forces, and Taliban members. It was part of a spring offensive by the Taliban, and according to one of their spokesman, it was a plan two months in the making. According to one of the captured insurgents, the attacks were linked to the Haqqani network, from the Afghan-Pakistan border. The attacks left eight members of the Afghan Security Forces dead as well, President Hamid Karzai praised the forces for their efforts, but quickly called out NATO for having a serious intelligence failure.

Leaked CIA Memo: Bush knew US torture was ‘war crime’

Published on Apr 17, 2012 by

Water boarding and stress positions… just two of the torture techniques used by the U.S. against terror suspects. Now, a secret memo has been leaked which brands them “war crimes”, and shows the Bush administration was warned against their use. As RT’s Marina Portnaya explains, many feel President Obama isn’t doing enough to make up for America’s past mistakes.

Hezbollah leader Sayyid Hassan Nasrallah First Guest On New Julian Assange Show pt.1

Hezbollah leader Sayyid Hassan Nasrallah First Guest On New Julian Assange Show pt.2

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Articles of Interest

Total shuts down Nigerian gas plant after leak

Reuters 

ABUJA (Reuters) – French oil major Total has shut down a gas plant in Nigeria’s onshore Niger Delta, following a leak caused by a technical incident, the company said in a statement.

The leak occurred on a block that also contains crude oil in Rivers state, one of the three states that make up the Niger Delta, a vast wetlands region veined with hundreds of kilometres of labyrinthine creeks and waterways.

“On April 3rd, Total E&P Nigeria Limited (TEPNG) was alerted about some water and gas resurgence points, observed in an uninhabited area close to its onshore Obite gas production facilities, on the OML 58 license,” a statement on the company’s website said.

Read Full Article Here

Business leaders lash out at both parties, tell Congress: Do your job

By Alexander Bolton

Business groups are exasperated that Congress has made little progress on issues they see as vital in helping the ailing economy.

Industry leaders are lashing out at both parties for shifting into campaign mode with more than 200 days to go before the November election.

While corporate officials acknowledge that Congress was never likely to undertake the complex task of reforming the tax code or the politically dangerous assignment of immigration reform during an election year, they thought there would be more progress in other areas.

For example, they are perplexed that Congress has no immediate plans to extend 60 tax provisions that expired at the end of last year. The transportation authorization bill, traditionally one of the easiest bills to pass in Congress, has become stalled by an internecine fight in the House, and energy legislation, another priority, is not likely to come up in the Senate because Democratic leaders want to shield vulnerable colleagues from casting difficult votes on Environmental Protection Agency regulations and oil-and-gas drilling.

“It’s driving everyone crazy that 60 provisions of the tax code expired last December 31 and 41 more are slated to expire this year,” said John Engler, president of the Business Roundtable, an association of chief executives from the nation’s biggest corporations.

“The government is under-performing,” he said.

Read Full Article Here

US tax system due for a change?

Published on Apr 16, 2012 by

Tax week is upon us in the US and many Americans will have to pay the government, but are all Americans paying their fair share? April 17 is the deadline for all citizens to file their taxes but most Americans dread this day. The tax system has been a major topic for debate especially in this election year and many are calling for a change of the system. So will this be a year of reform for the tax system? The Market Ticker’s Karl Denninger joins us with his take on the tax system.

Muslim peer’s ‘£10m to capture Obama’ was actually a legal fund to put Blair on trial

By Daily Mail Reporter

Labour peer Lord Nazir Ahmed was suspended by the Labour Party amid claims he had offered a 10 million pound bounty for the capture of U.S. President Barack ObamaLabour peer Lord Nazir Ahmed was suspended by the Labour Party amid claims he had offered a 10 million pound bounty for the capture of U.S. President Barack Obama

Britain’s first Muslim peer has offered to set up a £10million legal fund to bring Tony Blair before the International Court of Justice in the Hague.

It had been reported initially that Lord Ahmed of Rotherham put up the cash as a ‘bounty’ for the capture of U.S. president Barack Obama.

But a video of his speech at a reception in Pakistan last Friday suggests his remarks concerned the former prime minister as well as Mr Obama’s predecessor, George W Bush.

He is heard saying in Urdu: ‘Even if I have to beg in Haripur, Pakistan, the U.S. or Britain, even if I have to beg, I am willing to raise and offer £10million so that George W Bush and Tony Blair can be brought to the International Court of Justice on war crimes charges.’
Read Full Article Here

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