‘The Economic Collapse - it’s Humpty Dumpty Time’
By Peter Bridge, from Chapter 20 of his book: The Eagle’s Nest, 1999
Hesperian Press. www.hesperianpress.com
The looting programme of the international banks and their masters has been steadily increasing in intensity since the early 1960s and is co-structured with the concept of controlled disintegration of the world economy. This has been designed to reduce and debase people’s view of the world to that of animals, of feudal slaves, to be controlled and culled by their ‘lords’. It is a return to Imperial Rome, to the 18th century of the East India Company. This is the real ‘post industrial, service and information society’; an evil delusion and a gigantic swindle. The free market is a junk economy. It is to be the finish of the nation state and the concept of a Commonwealth. To this end the ‘green’ movement has been directed to destroy development and reduce the world to a feudal slave state. Land ‘rights’ is a corollary of this. The ‘greens’ and ‘land rights’ promoters are incipient Pol Pots, working with bureaucracies and multinationals to ethnically cleanse the rural lands of Australia.
When the dispossession of the highly productive rural lands has progressed beyond recovery and the deals made with native title claimants and multinationals, then it may dawn on the people that treason has been accomplished. The dumbing down of the population through destructive mis-education and the killing off of useless eaters through mass abortion, coupled with the deliberate breakdown of health care, is also having its effect. What is superficially surprising is that so many people support such concepts.
This death wish of our culture has been bought about by the propaganda and psychological warfare of the media on the behalf of the world ‘elites.’ An analysis of the origins of these attacks on civilisation leads inexorably to the richest and most powerful corporations, families and individuals on earth who firmly believe, we are using their raw materials, breathing their air, eating their crops.
This depression, not a recession, not cyclic, not coming, is here! The steady crunch of the jackboots becomes the background noise. We learn to live with, and accept, the government lies about inflation. The Australian dollar has lost 97% of its purchasing power since the early 1960s. The physical economy has been looted and destroyed. Real unemployment is around 30%. The economy is now a speculative bubble. All bubbles burst. The money-making-money syndrome has left the world in a disastrous state; it has ‘financial aids’ and denouement is not far off. You may say, look at the stock market, the Dow Jones, etc. This is not the measure of the real economy. It is the measure of the cancer on the economy!
Banquo - on the three witches: [i.e. Soros, Greenspan, Volcker]
The earth has bubbles, as the water has. And these are of them.
Whither are they vanish’d?
Into the air; and what seem’d corporal melted. As breath into the wind...
...have we eaten on the insane root that takes the reason prisoner?
Macbeth, Act I
This depression is systemic and is drunkenly lurching across the world. The recent manifestations in Korea, Thailand, Indonesia, Russia and Brazil are merely the precursors to a wider, deeper and more intense economic collapse. It is the World Crisis not the Asian Crisis! It has been termed a ‘salami crash’ - chop, chop, chop - and we are waiting for the end of the salami to roll off the table. The backview of the 1930s depression to most people is based on the 1929 Wall Street Crash and widely peddled misinformation about its origins.
There is little doubt that the crash was organised. Many insiders made fortunes and powerful institutions consolidated their grip on the world economy. Out of this devastation and human misery which carved its name on the lives of so many came World War II, and the manipulators further enriched their empires.
This depression is also contrived, an artefact of the money trusts and those under the illusion that they are born to rule the world. Their social policies of dionesian rock and rap replacing training and appreciation of classical and associated music, of sex and pornography substituting for marriage and family life, of ‘bread and circuses’ for the dole, and dubious entertainment substituting for honest jobs and education, of environmentalism instead of development, of ‘free trade’, economic (ir)rationalism and plain looting instead of the building of nations, of bankrupt ideologies instead of great visions and works for the future, will however be their downfall as well. Their attempt to steal and gut whole nations of their patrimony and future will backfire. The looming hyper-inflation, from the massive USA and Japanese cash injections to bail out criminally liable and bankrupt banks, and/or credit collapse, with the resultant maddened and determined population, will undermine their citadels and, like Death in Edgar Allen Poe’s The Masque of the Red Death, penetrate their false Olympus and consume them.
As with Ozymandias so with the New World Order.
Look on my works, ye Mighty, and despair!
...The lone and level sands stretch far away.
Their tools for the attacks on life are the radical communists, now environmentalists, the ‘let it all hang out’ escapees from the sixties. These drug ridden mind maggots, dykes, faggots, paedophiles, theosophists, existentialists and other degenerates that multiply like the monsters of a Bruegal or Bosch apocalypse are all manifestations originating from the same poisoned well. Their fellow travellers, bureaucratic thugs, can be seen running government departments throughout the country, destroying structures and careers that took decades to build. The utter banality of these creatures who know the price of everything, but the value of nothing, is breathtaking! Such degenerates and their puppeteers must be destroyed, burnt out, cauterized from the body of our societies as smallpox and syphilis have been from advancing civilisations. If this is not done our civilisation and our children are doomed. There will be no future as we now understand it. The new Dark Age will descend and there will be no sun of Greek thought or Renaissance to guide mankind from the abyss. It will be Orwell’s nightmare of the boot crushing into our faces for ever and ever.
What is to be done
Before acting, thought must be given to the principles of action. Without principles and without strategy the action is as the seed on unfarrowed ground. The first principle is man and his relationship to God and from this follows man’s relationship to the world around him. Man differs fundamentally from the beasts by virtue of his unique capacity for creative thought. Man, as the living image of God, the Creator, honours God not only through prayer and worship but through his works, the human being taking an active part in the further development of the universe. It is only by taking part in the process of creation that man can discern the higher laws of creation and thus draw closer to the Creator himself.
However it is not necessarily the quantity of material production but the quality of human activity, as Leibniz demonstrated. Only a society in a continuous state of development can do full justice to the innermost nature of man. There is an inseparable relationship between modern industrial society and natural science.
All productive activity in a healthy growing industrial society implicitly has a scientific character, contributing to the process of expansion of human knowledge.
The further we examine the infinitely large or the infinitely small, we discover new technological breakthroughs. The greater our knowledge the greater the resources to hand.
The knowledge and resources of the universe are inexhaustible. Any concepts such as ‘zero growth’, ‘renewable resources’ and ‘limits to growth’ are fraudulent and based on a necrophiliac’s view of the world.
Before knowledge comes education and this is, especially in the form known as classical, with the emphasis on the understanding of the creative powers of reason of the individual members of society in comprehending the lawful ordering of the universe applied to the concepts of physical economy and the role of the nation state, essential.
The Platonic tradition, from Plato, St Augustine, Nicolaus of Cusa, St. Thomas Aquinas, Leonardo da Vinci, Johannes Kepler, Gottfried Leibniz, Gauss, Riemann, Cantor and to La Rouche in our times, is the core thinking of civilisation.
Credit Generation without Feeding the Cancer
Hamiltonian productive credit generation was the method by which the newly fledged USA attempted to avoid the tentacles of the financial oligarchy of England. It is based on the provision of means to expand the amount of credit provided for productive investments into infrastructure, agriculture and industry through the issuance of new currency injected into the economy in the form of low interest loans for rigorously defined categories of investment.
An essential prerequisite...is to carry out a fundamental reform of the central banking systems which predominate in most countries. The central banking systems must be converted into national banking systems, designed to provide productive credit generation for the purpose of real “science and technology driven” expansion of the national economy. It works as follows:
The newly constituted National Banks in each nation are empowered by appropriate acts of government, to issue a certain maximum amount of new currency notes, which amount corresponds roughly to an estimated margin of additional employment and additional production which can be set into motion by the government’s economic policies of large infrastructure projects. For this purpose, the National Bank lends out newly created currency notes in the form of low interest, mainly long-term loans, through two main channels:
1. The National Bank issues credit to the government or appropriate state entities responsible for the projects, to cover outlays for equipment, materials, and labour employed directly in the construction projects (for example, railroads, canals, power plants, etc.), as well as payments to private and public subcontractors which may be hired to carry out various parts of the work.
2. The National Bank provides low interest credits, mainly through participation in loans granted through the private banking system, to industrial firms producing equipment and materials for infrastructure projects, to help them expand and modernize their operations.
The issuance of new credit in this way creates what we may call a cascade or chain reaction of increased production and employment. To see how this works, imagine the construction of a railroad, which is financed from the national budget plus new credit issued for such projects by the National Bank. Part of this money, say 40%, is paid out directly in salaries of workers, 50% goes for purchase of rails, concrete, construction machinery, fuel, and so on, and 10% for various overhead costs. The 50% in material and equipment outlays goes in the form of orders placed by the state entity managing the project, to industrial firms. This money now creates a new cycle of production and employment. Part of the sum goes to salaries of industrial workers; part to purchase of raw materials, semi-finished materials, and equipment, part to overhead, and part to profit of the firm. By means of the tax system and various regulatory measures, we ensure that most of that profit is reinvested in the form of improvements in equipment and technology.
Again, the increased purchases of the firms supplying the infrastructure projects with equipment and materials create, in turn, a further cycle of production and employment, and so on. The same is true, in a somewhat different way, for the increased employment of labour. These salaries go mostly to purchases for the material consumption of family households - for food, clothing, household goods, energy, and so forth, produced mainly by the agricultural sector and consumer goods industries. The stimulation of these sectors through increased household consumption generates further production and employment in the industries supplying them, and so on. So, we can follow the path of the newly created credit all the way through the chain of production and consumption; the money moves in one direction and the goods and labour flow in the opposite direction.
Now the crucial point to understand, is that the use of credit generation by a National Bank, to finance infrastructure development and related productive improvements, causes an expansion of the total physical output of the economy which is larger than the amount of new currency placed into circulation. The additional wealth comes from:
1. Net output increases when we use credit generation to employ otherwise unused, or poorly used, resources of labour and productive capacity.
2. We use the large flow of capital channeled via infrastructure projects to modernize crucial sectors of industry. We do this by ensuring that new equipment, procured at various stages of the production “cascade”, has a higher technological level than the pre-existing generation of equipment. In this way, we raise the average level of technology in the economy and thereby, also the physical productivity of labour.
3. The dramatic growth in demand for high technology capital goods created by large scale infrastructure investment, greatly accelerates the rate at which the results of new scientific and technological breakthroughs are introduced into the productive process.
The effects just mentioned are all generated by the process of building the infrastructure; they begin immediately. Then we have the effect of the infrastructure improvements themselves, as soon as they come on line, which increases the productivity of the entire economy, taken as an inter-connected whole.
Now, the result of all this is an accelerating increase in the production of real material wealth in the economy. It is this increase, part of which is channelled back to the state in the form of increased tax revenues, which “pays back” the original state investment and the credits extended by the National Bank to the state.
Although large-scale, high-technology infrastructure projects will play a central role in initiating worldwide economic recovery, the function of Hamiltonian banking is necessarily much broader. Expansion of credit in the form of lending of new currency issues by the national bank, in the manner sketched above, as well as other priority loans by the national banking system, applies just as well to the whole range of technologically progressive, productive improvements in agriculture and industry; it also applies to things such as advanced scientific projects and important improvements in the “soft infrastructure” of education and health, whose realization can be projected to significantly boost the physical productivity of the economy as a whole.1
There is nothing sacred about our economic system except the welfare of the people.
With the coming disintegration of the international financial system emergency measures must be organised now. These include:
1. The continuity of the social security system, economic infrastructure etc. and the distribution of goods and services to maintain the population. This must be done in such a way that the useful output of the above is increased at the expense of non-essential services. A moratorium on financial foreclosures to protect home ownership and the protection of bank deposits of individuals. Similarly with basic health care programmes.
2. General financial reorganisation.
3. Economic recovery measures.
These latter points are based on the removal of the ‘financial aids’ contamination of the last thirty years and by the use of national credit creation and large scale infrastructure projects to expand the physical economic activity and productivity to meet the needs of the entire population.
But what about the price of gold? Gold bugs and plain buggers!
For all those whose future is intimately associated with that of gold there is the good news and the bad.
Firstly the bad. The gold price is controlled by international cartels whose policies have been to dump gold and depress the price. This has enabled them to acquire at fire sale prices properties and gold at a fraction of real value. (It would be instructive to study the flow and ebb of exchange rates related to the acquisition of Australian assets by multinational corporations.)
An interesting wrinkle was reported in the London Daily Telegraph of 21 July 1999. The Zionist plan to destroy the al Aqsa and Dome of the Rock Mosque and to rebuild the Temple of Jerusalem is ongoing. The extremists are raising funds to purchase gold to “rebuild the Temple in all its aspects.” This would entail the acquisition of over 2,500 tonnes of gold! Isn’t that a good reason for bringing the gold price down for a while?!
The major groups such as Rio Tinto, Anglo American, Barrick etc. have been noticeable in their recent consolidation of control of the best resources while smaller companies and countries go bankrupt.
Much of the problem also stems from the fact that a gold backing of currency inhibits financial speculation by the banks. The destruction of gold at the same time that there has been a massive expansion of fiat money (i.e. paper bulldust—but not to be confused with credit creation by the nation) is not a coincidence. It is a deliberate act by the banking system. Downgrade gold and the sky’s the limit with paper! Conversely a price rise for gold threatens the banks and their paper castles.
The US printed $US800 billion of new paper in 1998-99 to counteract a world financial meltdown, driving up stock indices, creating a feeding frenzy by small investors, bloating the stock bubble, while gold is sold by national reserve banks to their associates in private international banks. This is privatisation (piratisation) of the nation’s assets. You can buy a lot of real gold and real assets with that and be well away before the yokels find out that they were caught by the pea and thimble trick - again. The near meltdown of October 1998, and the June 1999 near disaster you were not told about, will merely postpone the inevitable systemic breakdown, and in reality, accelerate the disintegration process.
Once this process is completed to their satisfaction the financial crash can wreak its havoc. A deflationary gold standard may then inflict immense pain on the world. Ditto with hyper-inflation. Worldwide over $US100 trillion of paper has recently been created which will destroy the economies of all nations.*
The Golden Rule: He who has the gold makes the rules!
Investigative journalist, Susan Bryce, writing in Oznews, 3rd April 1999, of “The Great Australian Gold Swindle - planned by our Treasury to benefit others”, describes how the Reserve Bank and Treasurer and political traitors have vacuumed the nation of gold and transferred it to the International Monetary Fund. We have been swindled.
The IMF is one of the most palpably evil organisations infesting the planet in our time.
Without our gold reserves we are free floating scum on the financial ocean and the storm is coming our way. Korea, Indonesia, Thailand, Russia, Latin America, no one has or will escape its devastation if they have free trade and open currencies. The IMF have all our gold and there will be no credit unless they get more. We are now forced to undertake ‘reforms’, i.e. the GST and the result is steadily lowering living standards.
Recent past Liberal and Labor governments were used and discarded and now the present government are the bum boys for the monetary paedophiles of the IMF. Precisely as such scum prey on poor children the IMF preys on small countries. Their procurers, our Treasury, are selling us into bondage under the banner of economic rationalism, free trade and globalisation.
There is much more to this than we have been told. Oznews has been years ahead of the media maggots and is essential reading for all concerned patriots. The good news is that the gold price will eventually be placed at well over $A1000 per ounce, possibly as high as $8000. But the purchasing value of the $ will be less than Sorbent.
To counteract the devastation, Australians will find it essential to nationalise the sale of gold, i.e. a return to controlled exchange rates and gold sales only to the re-chartered
Reserve Bank, so as to act as a gold reserve bulwark for our economy.
Beware that our criminally negligent Canberra bureaucracy and politicos, in an attempt to justify themselves, will confiscate private gold holdings, leaving you to the mercy of a dying fiat currency. From 1934 to 1/1/1975 the USA did that. Any gold not handed in was subject to a penalty of double the value. Australia also demanded all coin and bullion from 1939 to 1976.
When the stock market crashes and the hyper-inflationary burst wipes out your life savings, possibly by the fifth of November, it will be time to remember Guy Fawkes. We have a parliament full of traitors who have destroyed the nation and who must be exorcised from our midst.
In a decision as far sighted and as critical as that of his predecessor, Selby Walter Munsie in 1933, the Minister for Mines, Norman Frederick Moore, announced on 3 September 1999 that detector prospecting on Exploration Licences (EL’s) would be permitted. This opens up some 20 million plus hectares of land to prospectors without affecting the company mining programmes. Simultaneous multi purpose land use is a basic principle of a commonweal state. But this decision will come under intense fire from the multinational corporations and their flunkeys who consider that any hint of economic nationalism must be destroyed. They think all the resources are theirs! We must support any politician or leader who is prepared to place principle before power. The coming economic disasters will cause Australians to consider their perilous situation very carefully. This access will be needed for survival and now gained must be jealously guarded against loss in future ‘reviews’ i.e. snow jobs. Australians must be prepared to fight what will become a viciously bloody battle.
1. EIR Special Report, The Eurasian Land Bridge (1977) EIR, Washington, D.C.
* Thickness of a one hundred dollar note = .141 millimeters
Therefore $100,000 = 1000 notes = 141 millimeters
“ 1 million = 10,000 = 1.4 meters
“ 1 billion = 10,000,000 = 1.41 kilometers
“ 1 trillion = 10,000,000,000 = 1410 kilometers
= 100 trillion = 1,000,000,000,000 = 141,000 kilometers
Face to face eleven and three quarters times around the Earth. Weighing one million tonnes. End to end 100 trillion = 158 million kilometers. 74,365 times around the Earth at the equator. Now that’s inflation.
On the definitely politically incorrect questioning of the New World Order and of the actions of its Vichyite and Quisling representatives in Australia will be found in the following periodicals:
The New Citizen, CEC, Box 376 Coburg, Victoria 3058
Strategy, 92 Neale Street, Bendigo 3550
Lock, Stock and Barrell, Box 872, Gympie 4570
National Focus, Box 182, Nanango 4615
Its Time, Box 173, Nanango, 4615
Oznews, Box 173, Noosa Heads, 4567
National Interest News, 79 Ferry St, Maryborough, 4650
On Target, 145 Russell St, Melbourne, 3000
Freedom and Survival Guide, Box 66, Kenilworth, Qld, 4574
David Syme College, Box 513, Flemington, 3031
While subscriptions are inexpensive perhaps like-minded people could share and exchange subscriptions to ensure a good coverage of information.
Further reading on Larkinville and the goldfields:
Ainslie, T. and R. Garwood, Chook on Sundays (1992) Plantagenet Press, Fremantle. Bennett, A.L. The Glittering Years (1981) St George Books, Perth.
Bennett, A.L. Dryblower Murphy, his Life and Times (1982) Fremantle Arts Centre Press, Fremantle.
Cameron, W.A. Yilgarn Venture (1989) published by the author, Mandurah.
Colebatch, H. The Magnificent Miner (1996) Hesperian Press, Carlisle.
Doughty, J.J. “Dryblowing for Gold” (1935) Walkabout, June 1st.
Doughty, J.J. Gold in the Blood (1977) Rigby Ltd., Adelaide.
Dunstan, A. Publicans and Sinners (n.d.) published by the author? Perth.
Feldtmann, F.R. The Larkinville Gold Mining Centre, Coolgardie Goldfield (1934) Mines Department Annual Report for 1934.
O’Callaghan, D. Denis O’Callaghan’s Long Life Reminiscences and Adventures Throughout the World (1941) published by the author, Sydney.
Reid, A. Those Were the Days (1933) Hesperian Press reprint 1986, Carlisle.
Webb, J.J. and A.W. Golden Destiny (1993) City of Kalgoorlie-Boulder, Kalgoorlie.
David Brockschmidt’s ‘Hatespeech’
Greed is Good? The Walls of Wall Street come tumbling down
Australia’s Federal Reserve boss message to Australians is: “Your job is to ask the questions. My job is not to answer them”. – ABC TV Lateline, 18 September 2008.
Global capitalism and socialism are systems of criminal psycho-pathology which has led the world into the present mess and to the brink of another world war. Karl G Jung described this state of mind as a ‘psychic epidemic now afflicting the educated classes of the west’.
But there is hope. The corrupt and rotten tribes of usurers and speculators from Wall Street in Gotham City, and their offspring around the world, are falling apart before our eyes. Judgment day is here for these criminally insane creatures. They eat the bread and drink the sweat of working peoples world wide.
Mankind should be up in arms against these evil psychopaths who gamble away the future of our children and that of our planet. Their contribution to human progress is war, poverty, debt, destruction and dictatorships.
Their criminally insane minds have cultivated any imaginary form of greed and evil in mankind except the greed for knowledge – which is the only greed I wholeheartedly support.
The financial and monetary system of the west, based on debt, usury and speculation, is bankrupt.
If you are a religious person, a Christian for example, you should say thank you to your Lord for the financial meltdown at Wall Street. After all, your Lord and Saviour, Jesus Christ, has not died for your sins as they tell you but because he challenged the power structure of the corrupt Temple in Jerusalem by chasing the money changers, usurers and speculators out of the Synagogue.
As we all know, He paid the ultimate price for it.
So, are you still going to church on Sundays?
Have you conveniently forgotten that your churches are not only in bed with the money changers, usurers and speculators but have themselves become money merchants, usurers and speculators?
They have betrayed the message of your Lord and Saviour, Jesus Christ. Your churches are not houses of your Lord, they never were.
You have been conned for more than 2000 years by these conformists, hypocrites and liars in their funny dresses and silly hats. If you want to honour your Saviour and Lord Jesus Christ and live according to his teachings, especially his Sermon on the Mount, don’t insult Him by going to a church service and listen to the false prophets and deceivers who claim to speak in His name. They speak with a forked tongue.
At the same time let me point out to you that the so-called atheistic progressive left doesn’t have the answers for survival of mankind either because they are even more cunning and conniving than the treacherous religious clergy who present themselves with Father Christmas beards and turbans, black caftans and sidelocks, or in silly dresses and funny hats.
Have a closer look at these left-wing control freaks and social engineers. Pull off their smiling masks, then what you see behind the masks is not kindness and beauty, justice and morality but the ugly face of new-age Bolshevism-Marxism. These hypocrites have during the past 80 years given financial, intellectual and indeed physical support that kept the communist gulags and slaughterhouses working overtime. Today these internationalists/closet Marxists present themselves as greenies and environmentalists fighting for their new-found cause of global warming, which has become their new religion.
To date this mental disease, also known as Marxism-Leninism-Maoism-Trotzkyism, has cost the lives of 200 million men, women and children, which destroyed the environment, history and culture of countless countries. Only the war mongers and the parasites of Wall Street caused a higher death toll by gambling away the future of our children, including their own.
The so-called progressive left is half educated, unelected and often self-appointed. They do not at all represent working men and women. They are only the other ugly side of predatory capitalism. Nobody has better exposed this criminal mindset as did Aldous Huxley, 1894-1963, in his Brave New World and the sequel Brave New World Revised, and George Orwell, 1903-1950, in his Animal Farm and 1984. These books should be brought back into the school literature curriculum, not to forget Shakespearean plays, notably The Merchant of Venice.
It’s time to wake up – dream time is over for all of us! Our inactivity and our self-defeating philosophy she’ll be right, mate has turned our dreams into nightmares. There’s a lot of work to do because there’s a formidable enemy to be defeated. Remember, they don’t come in jackboots and kalashnikovs anymore. You see them daily on TV in their pinstriped suits and designer dresses.
What is the answer here to the core problems facing our global societies? Permit me to propose a simple solution: We have to find the way back to our roots. Our roots did not develop in the eye-for-an-eye philosophy of the Middle East but within the classical Greek philosophy and within the German universal philosophical thought structures of Immanuel Kant and G F W Hegel. Therein we find the answers to the future of a sane world.
There’s enough for everyone’s need but not enough for everyone’s greed. Let’s give the Gordon Gekko’s of Wall Street the kiss of death so that all children have a future.
21 September 2008
The Stock Market is Going to Crash
- No Short Selling Will Cause Massive Selling
Saturday, September 20, 2008
In my 2008 annual predictions I correctly forecast deflation, depression, and financial Armageddon when everyone doubted such radical possibilities.
Here are relevant quotes:
Phishna’s 2008 predictions
"The 2007 subprime collapse pulls the US economy first into recession then outright deflationary housing depression. Rejoice! It’s finally ending – the outrageous Federal Reserve debt fraud has reversed and is now collapsing in upon itself.
Here’s a sad fact – the American economy is driven by ever increasing borrowing, what happens when it stops and reverses?
How is it possible for everyone to be in debt all at the same time? It’s impossible unless credit keeps expanding. So now that the subprime bust is toppling prices, the next series of dominoes will fall like the no money down investors or low equity homeowners. All through 2008 we’ll see story after story about the woes in the housing market.
Now that the credit bubble has popped, financial Armageddon is upon us, the upcoming collapse will be a wave repeat of the 1930’s depression. Bush’s inflationist pick Ben Bernanke can do nothing to stop the collapse because it is a mass psychological driven phenomenon – banks can not be forced to lend and consumers can not be force to borrow.
A lot of people are now saying that we’re going into a recession and that it’s going to be bad. A small minority are saying it’s going to be really, really bad. All I’m saying is that it’s going to be far worse than you can possibly imagine, an all out deflationary depression of at least one magnitude worse than the 1930s."
So now that we're in the crash, the politicians decide to halt short selling – see:
They believe this will stop the crash! Unbelievable, since this will only make the crash faster. Why? Because short selling is a contract to buy the stock back at some future date, without short selling there's no future buyers, thus no future price support. Without short covering they'll be "no dead cat bounces" when a slight upturn forces the short sellers to cover and thus produce rallies in the decline.
Without being able to short professionals will not own the risky financial stocks, they will fold their positions since they can't cover their long positions. One might wonder why the regulators would behave so foolishly. Because if the angry public wants blood scapegoats must be skewered. The only real purpose of the short selling ban is to produce air of stability and the current artificial rally so that the big boys can finish unloading their stocks on the unaware public.
Fannie Mae inverse exponential decline:
Think the Jewish bankers won't screw you like this? You should read Reminiscences of a Stock Operator by Edwin LaFevre or read about why Baron Rothschild said "buy stocks when there's blood in the streets". Hint: he helped cause the French Revolution, thus the market panic and since being in control could buy back industrial stocks for pennies.
You see the shape of the decline? It's an acceleration to the downside and without short selling the rest of the market is going to follow this pattern.
I say, watch out below now that short selling is being banned. The market is going to crash and burn fast and furious with no upturns!
You ought to pay attention to the big fish in the pond, that is JP Morgan Chase (NYSE symbol JPM).
My 2008 predictions about JPM:
David Rockefeller is screwed along with his bank Chase Manhattan (symbol JPM). Chase is loaded to the gills with phony derivatives which are fictitious values of fictional FRN book keeping entries and can only exist if asset values keep increasing. I call it karma. There’s something like 900 trillion dollars of derivatives floating out there in cyberspace. What are they worth once confidence evaporates? They are worth no thing. So rejoice! We are going to be wonderfully entertained throughout 2008 as the political fools squirm and David Rockefeller’s fraudulent Federal Reserve System collapses.
Update: Total derivatives now exceed a quadrillion dollars, or 1,000 trillion, or a million billion dollars.
Since I wrote that prediction, JP Morgan has taken on even more derivatives thus damning itself further. All the big New York banks are already dead, their debts far exceed their assets, so it's only a matter of time before the insane investing world restructures it's portfolios to reality. Yet what do we hear daily but how wonderful the mergers? It's like the night of the living dead consuming each other. It's all smoke and mirrors that the world credit addicts keep up their wishful thinking that everything is going to be fine while the Titanic keels over.
America is being railroaded into poverty by the Jews, specifically the Jewish Bankers. Henry Makow (a Jew) details the problem here:
The Federal Reserve and now Treasury Department are controlled by Jews. Ben Shalom Bernanke and Alan Greenspan are Jews. Paulson, former head of a big New York Jewish Bank, is a Jew. Lehman Brothers CEO Dick Fuld is a Jew. AIG head Maurice Greenberg –
- a Jew and devout Zionist! Get the picture? That fact is never mentioned by the mainstream media that is owned and controlled by more Jews. The conspiracy is Jewish not shapeshifting lizards or little grey aliens! And if you mention this fact you get automatically labeled antisemitic. America is totally damned because of the Jewish juggernaut!
The Jews just bankrupted America with a 10 trillion dollar foreclosure bill. You just got stuck with the cost of their crimes and no one is talking about the real cause of the crisis. Here's my top 5 reasons why the crash of our civilization will continue:
1. Federal Reserve - Jewish banker conspiracy
2. Fractional Reserve Banking - credit money creation fraud
3. Lack of regulatory oversight
4. Criminal President - Bush, neocons, dual citizens, moles, traitors
5. Bought off Congress
The joke, however, is on them. The Federal Reserve (a corporation), which is the central bank licensed by the state, has now bankrupted The United States (a corporation) the source of it's charter. When WaMu goes under the rest of the FDIC insurance fund will evaporate, then the Federal Reserve will also have to be bailed. But how is that possible if the USA is already bankrupt? There's no end to this until every false promise, derivative guarantee, and insurance liability is zeroed out.
Recap: The short selling ban is going to make things worse, much worse, it's the worst kind of scapegoating that Congress is so famous for. The current rebound is caused by the speculators covering their shorts because they had to do so because short selling was outlawed. Beware of the illusion that everything is now ok, the government god just waived it's magic wand and made everything better? Hardly!
Short selling is how you protect your risky long position. Without the ability to sell short, why would any professional continue to hold long bank stocks? They won't and I wonder if the big manipulators have already liquidated their positions and pushed for the short ban to make even larger profits.
Phishna, 20 Sep 2008
PS Mike Whitney is right on
From: Amy Aremia AAREMIA@nc.rr.com
Sent: Thursday, 11 September 2008 5:54 AM
Subject: Battle of Lepanto
Remembering history, a tide that sways back and forth. Charles Martel stopped the Muslim advance into Western Europe in 732 at the battle of Tours. Subsequently, Christians attacked Muslim lands during successive Crusades. Still later, the Ottoman Empire threatened Europe from the East. Several great battles are described below.
Remembering Lepanto – A battle not forgotten.
By Michael Novak
The future author of Don Quixote, Miguel de Cervantes, served on one of the Christian galleys in what he called the greatest naval sea battle in history and the most important to that time for the safety of Europe. The Turks had been massing an enormous fleet for an invasion of Italy. The preparations began to be reported on many months in advance. It was the year 1571 when that fleet was gathered near a port in Greece, not far from the Gulf of Lepanto.
For over a year, Pope Pius V had tried to alert the great powers of Europe to the coming menace. But England, France, and the regional powers of what later became Germany were preoccupied with the turmoil of the Reformation.
Only Don Juan of Austria, the bastard son of the king of Spain, was stirred by the danger. Despite his youth, despite his modest standing, Don Juan sent out urgent appeals and eventually gathered a sturdy fleet, outfitted with new warfare technologies invented in the West and rapidly mass-produced by the fledgling ship-building and armament firms of what was later to be called “Western capitalism.” He gathered fleets from Venice and Genoa, from Spain, and from the Knights of Malta. In a deliberately preemptive strike, blessed by the pope, this small fleet set sail to catch the Turkish armada before it left the waters of Greece.
The Venetians, on the left flank of the battle line, were especially passionate. Not long before, the Turks had so battered an island port maintained by Venetians (and others) that the Venetian commander, Marcantonio Bragadino appealed for a truce. The Turks promised him and his subjects safe passage — and then took him prisoner, beat him, cut off his nose and ears, put a collar on him, and made him crawl like a dog before the conquering army. In a little cage, he was hoisted up on the mast of the galley so that all in the fleet and on land could see him. Then he was brought down flayed mercilessly, his skin carefully stripped from his body as he died (the skin was later stuffed with straw and sent off to Constantinople as a trophy). Thousands of Venetians and others were slaughtered on the spot, or driven off in captivity for service on Turkish galleys or in Turkish harems.
But other elements of the Christian fleets were also angry. For decades now, the Turks had used their near-supremacy in the Mediterranean to make constant raids on the Christian communities near to the sea, and hauled away young women and men for the harems, and stronger men for the galleys.
Indeed, many of the galley slaves pulling the oars of the Turkish fleet sailing proudly and confidently into the Gulf of Lepanto were Christians captured in these and other ways. There they were starved, beaten, and living in their own waste, kept just strong enough to pull on the great oars, to which they were chained. Furiously, below decks, some of these galley slaves were struggling to break through their chains once the battle was joined. Finally some did, and rose up from below deck swinging their chains and causing mayhem among already embattled Muslim sailors.
The two greatest naval forces ever assembled — 280 ships in the Turkish Armada, some 212 on the Christian side — came into each other’s sight on the brilliant morning of October 7. So confident was the Turkish admiral, Ali Pasha, that he sailed proudly at the center of his own Armada, bringing with him on vessels just to his rear his entire fortune, and even a part of his harem.
Historians tell us that all over Europe a pall fell. Few had hopes that the Christian fleet could avoid the doom that seemed to hang over Italy. The pope had urged all Christians to say the rosary daily on behalf of the brave crews on the Christian galleys. The rosary is a simple prayer that can be said in almost any setting, and had already achieved a certain popularity among humble folk. With each decade of the Hail Marys they had been taught to reflect upon a different event in the life of Jesus. The beads went through one’s fingers as regularly as the blood through one’s body, as regular as heartbeats and the breathing of the lungs.
To make a long story short, Don Juan aimed his own galley directly at the heart of the Turkish armada, directly at the clearly colored sails of the Ali Pasha’s galley, with its great green flag, inscribed 28,000 times with the name of Allah in gold. The Venetian vessels sailed furiously into the Turkish right wing, and with the help of the revolt of the galley slaves collapsed that wing. Six of the largest Christian vessels had been outfitted with a platform elevated above normal levels on which rows of devastating cannons were arrayed. Blasts from these new cannons were withering, and within minutes sank dozens of Turkish ships. The sea, witnesses said, was covered with flailing sailors, floating turbans, pieces of wood and sail.
The passion for defending their own civilization against ruthless invaders also strengthened the muscles of those engaged in the close, bloody, violent hand-fighting when one vessel came alongside another. But it was mainly the new firepower of the smaller Christian fleet that quickly sank With their new fire power the smaller Christian fleet quickly sank galley after galley until, after not too many hours, the Turkish center also collapsed, as if cut through by a hot knife. The Admiral’s galley was captured, along with 240 more Turkish ships.Only on the other flank some Christian vessels hesitated, approached the enemy half-heartedly, and thus spurred defections by still other vessels. Although even there some acts of heroism appeared, a number of Turkish vessels were able to slip away through that gap in the battleline.
The Christian victory was far more complete than anyone had dreamed. The victory seemed to many quite miraculous, and victory was immediately attributed to Our Lady Queen of the Rosary — soon to be called by a new title, Our Lady Queen of Victory. All over Europe, from city to town, church bells rang out continuously when news of the impressive victory arrived. Ever since, October 7 has been celebrated as a feast day by the Catholic Church.
Whole great rooms of palaces in southern Europe have been given over to immense paintings celebrating episodes in that epic battle. All Europe, historians recount, drew a deep breath of relief and gratitude. It was as if an oppressive cloud had been lifted, some wrote. G. K. Chesterton wrote a rousing epic poem about the great event, a magnificent treat to read to young children — and even for mature adults.
Since Osama bin Laden and others often cite these battles, for which he is still seeking revenge, it is not unwise for the people of the West to bear them in mind. Besides October 7, 1571 — the great victory by Jan Sobieski’s Polish calvary over the Turks outside the gates of Vienna on September 11-12, 1683 — deserves to be remembered.
But there were also other great battles — some victories, some defeats — over that thousand-year period that still live in memory, or should.
— Michael Novak is the winner of the 1994 Templeton Prize for progress in religion and the George Frederick Jewett Scholar in Religion, Philosophy, and Public Policy at the American Enterprise Institute.
Novak's own website is www.michaelnovak.net.
16 September 2008, the 19th Anniversary of attack on Professor Robert Faurisson
le professeur Faurisson
Bocage France: firstname.lastname@example.org
Aujourd'hui, 16 septembre 2008, voilà exactement 19 ans que le professeur Faurisson se faisait agresser par "trois jeunes activistes juifs parisiens"
dans un parc de Vichy, son lieu de résidence, alors qu'il promenait son petit caniche. Un pêcheur, attiré par ses cris, est intervenu et lui a sauvé la vie de justesse. Nous n'entrerons pas dans les détails, ce qui ne plairait pas beaucoup au professeur, mais rappelons seulement qu'il a dû subir une opération de 4 heures et demie de la mâchoire...
C'est notre regretté Serge de Beketch, alors directeur de l'hebdomadaire "National Hebdo", qui fut le premier à publier, en Une de son journal et en pleine page, la photo du professeur sur son lit d'hôpital qui allait faire le tour du monde.
Rappelons aussi que, si la police a réussi à déterminer, comme nous l'avons écrit, que les coupables avaient été "trois jeunes activistes juifs parisiens" dont l'adresse était celle de la LICRA (Ligue contre le racisme et l'antisémitisme), ces derniers n'ont jamais été inquiétés et le dossier a fait l'objet d'un non-lieu...
Qu'il nous soit permis ici de raconter deux anecdotes en marge de cette agression, dont l'une fera sourire nos correspondants, l'autre, peut-être
1) Aussitôt arrivé à l'hôpital, le Pr Faurisson n'a cessé d'essayer de glisser, à travers sa mâchoire fracassée: "Photo! Photo!" Et l'infirmière présente de répondre: "Oui, monsieur, ne vous inquiétez pas, on va vous faire une radio". Et le professeur d'insister à plusieurs reprises: "Photo!
Photo!" jusqu'à énerver l'infirmière qui finit par lui répondre: "Je vous ai déjà dit qu'on vous ferait une radio!" Au milieu de sa douleur le professeur n'avait pas perdu de vue l'importance que revêtirait la diffusion d'une photo de son visage tuméfié; cette photo a heureusement pu être prise un peu plus tard par un ami de son fils et diffusée comme on le sait.
2) Dès le 17 septembre, lendemain de l'agression, le jeune pêcheur qui avait sauvé la vie du professeur est interrogé par la police et, ayant appris par la radio le nom de la victime qu'il avait sauvée la veille, déclare qu'il regrettait de lui avoir sauvé la vie et que, s'il avait su qui il était, il ne l'aurait pas sauvé...
Dès sa sortie de l'hôpital, environ une semaine plus tard, le professeur, ignorant la réaction de ce pêcheur face à la police, s'enquiert de son adresse et lui apporte "la plus grande boîte de chocolats que j'avais jamais vue dans ma vie". Il sonne à la porte, le jeune homme ouvre, son père se tient derrière lui et, au moment où le professeur décline son nom, tous les deux lui envoient un regard glacial... mais prennent quand même la boîte de chocolats...
Deutsch translation: alexandervL@gmx.net
Heute, am 16. September 2008, ist es genau 19 Jahre her, daß Professor Faurisson in einem Park von Vichy, der Stadt, wo er wohnt, von „drei jungen jüdischen Pariser Aktivisten“ überfallen wurde, als er dort seinen Hund ausführte. Ein Fischer, angelockt durch seine Schreie, ging dazwischen und rettete ihm in letzter Sekunde das Leben. Wir werden nicht in die Details einsteigen, weil dies den Professor nicht besonders erfreuen würde, aber wir erinnern nur daran, daß er danach einer viereinhalbstündigen Operation an seinem Kiefer unterzogen werden mußte…
Es ist unser schmerzlich vermißter Serge de Beketch, damals Direktor der Zeitschrift „National Hebdo“, der der erste war, das Photo des Professors in seinem Krankenhausbett auf der Titelseite seines Magazins und vollseitig zu veröffentlichen, welches dann auch um die Welt ging. Wir erinnern auch daran, daß die Polizei wohl ermitteln konnte, wie wir es geschrieben haben, daß die Verantwortlichen „drei junge jüdische Pariser Aktivisten“ waren, deren Anschrift die der LICRA (Liga gegen Rassismus und Antisemitismus) war, jedoch diese niemals belangt wurden und die Akte wegen „mangelnder Beweislage“ wieder eingestellt wurde.
Es sei uns dennoch erlaubt, zwei Anekdoten im Zusammenhang mit diesem Überfall zu erzählen, wovon die eine unsere Leser schmunzeln lassen wird, die andere dagegen wohl weniger:
Gleich im Krankenhaus angekommen versuchte Prof. Faurisson durch seinen zerschmetterten Kiefer die Worte herauszubringen: „Photo! Photo!“. Die anwesende Krankenschwester antwortete: „Jawohl, mein Herr, machen Sie sich keine Sorgen, wir werden von Ihnen eine Röntgenaufnahme machen.“ Der Professor wiederholte jedoch mehrmals: „Photo! Photo!", bis die Krankenschwester dermaßen genervt war, daß sie ihm antwortete: „Ich habe Ihnen doch schon gesagt, daß wir eine Röntgenaufnahme machen werden!“ Inmitten seiner Schmerzen hatte also der Professor die Bedeutung nicht aus dem Blick verloren, die die Verbreitung des Photos seines verunstalteten Gesichtes haben würde. Dieses Photo konnte dann auch etwas später durch einen Freund seines Sohnes aufgenommen werden und wurde dann auch, wie wir wissen, veröffentlicht.
Gleich am 17. September, dem Tag nach dem Überfall, wurde der junge Fischer, der das Leben des Professors gerettet hatte, von der Polizei befragt. Er hatte aber zuvor aus dem Radio den Namen des Opfers erfahren, den er am Vortage gerettet hatte, so daß er erklärte, er bedaure, daß er ihm das Leben gerettet habe und wenn er gewußt hätte, wer es gewesen wäre, so hätte er ihn nicht gerettet…
Gleich nach der Entlassung aus dem Krankenhaus, ungefähr eine Woche später, die Erklärung dieses Fischers gegenüber der Polizei nicht kennend, besorgte sich der Professor die Anschrift des Fischers und brachte diesem „die größte Schokoladenschachtel, die ich jemals in meinem Leben gesehen habe.“ Er klingelt an der Tür, der junge Mann öffnet, dessen Vater hinter ihm, und in dem Augenblick, wo der Professor seinen Namen nennt, werfen ihm beide einen eisigen Blick zu…die Schokoladenschachtel aber nehmen sie doch…
English translation: email@example.com
Today, 16 September 2008 it has been exactly 19 years since Professor Faurisson was attacked by “three young Jewish activists from Paris” while walking his dog in a park in his hometown of Vichy.
Responding to his screams, a young fisherman came to his rescue and saved his life at the last moment.
We will not go into the details, since the professor would not like that.
We will mention only that afterwards he had to undergo an operation on his jaw that lasted four and a half hours.
Our dear departed Serge de Beketch, who was at that time director of the periodical “National Hebdo,” published the photograph of Prof. Faurisson in his hospital bed that was soon seen around the world.
We will also mention that the police were able to confirm that, as we have said, the culprits were “three young Jewish activists from Paris” whose address was the LICRA (League Against Racism and Antisemitism.)
Unfortunately the police were unable prosecute the three Jewish thugs and the case was dropped on account of “insufficient evidence.”
Allow us to relate two anecdotes connected with the incident.
The reader will find one of them rather amusing, the other less so.
As soon as he arrived at the hospital, Prof. Faurisson struggled to mutter the words “Photo! Photo!” through his smashed jaw
. The attending nurse repled, “Don’t worry sir, we will certainly make a radiophotographie” (French for Xray)
But the professor continued to painfully exclaim “Photo! Photo!” until the nurse became flustered and exclaimed with considerable finality: “I have already said that we will make a radiophoto!”
Despite his intense pain the professor was aware that publication of a photograph of his battered face would provide dramatic evidence of Zionist thuggery.
A short time later the photograph was made by a friend of his son and was soon seen around the world, as we know.
On the 17th of September, the day after the assault, the police questioned the young fisherman who had saved the professor’s life.
By this time he had learned from the radio news the name of the elderly gentleman he had rescued.
Having been been properly indoctrinated concerning the diabolical nature of those who question the “Holocaust” story, he told the police that if he had known whom the thugs were attacking, he would not have rescued him.
About a weak later, shortly after his release from the hospital, Prof. Faurisson obtained the address of his rescuer and brought him “the biggest box of chocolates I could find.”
He did not know what his rescuer had told the police concerning his opinion of “Holocaust deniers.”
He rang the doorbell and the young man opened the door.
His father was standing close behind him.
As soon as Prof. Faurisson introduced himself, the young man and his father clammed up and began casting icy expressions in his direction.
After making sure the neighbors were not watching, however, they accepted the box of chocolates...
*New laws allow two mums on birth certificate*
New laws come into force in New South Wales tomorrow, enabling two mothers to be listed on a child's birth certificate. Attorney-General John Hatzistergos says the new birth certificates are part of a series reforms giving the children of female de-facto couples equal rights and will enable lesbian mothers to be listed retrospectively. He says the Registry of Births, Deaths and Marriages has already received more than 100 inquiries about the new certificates. Mr Hatzistergos says the new laws only apply to children who are conceived through artificial fertilisation. ABC News, Sunday September 21, 2008.
The Editor, The Advertiser, Adelaide, SA 5000, 8 August 2008
Dear Sir: Dr Fredrick Töben, one of the world’s most courageous fighters for Truth in History should be congratulated and not condemned, Advertiser article, 8.8.08. We German migrants of the 1950s were invited to come and settle and work here through advertisements in German newspapers.
All of us experienced the horrific war and its aftermath and we were well and truly Holocaust survivors, who were urged by fair-minded Australian migration officers not to look backwards but forward to our new country here. It has been difficult to follow this well intentioned advice, especially when there is constant German bashing – ‘Huns’ in World War One and ‘Nazi’ in World War Two – by the media, especially in Television.
Even after 55 years in Australia I have not been able to overcome this incessant German-bashing. Australia has a racial discrimination law, but apparently it does not apply when a German submits a complaint against those who continue their German-bashing. Something needs to be done to redress this obvious injustice.
Werner Fischer, 13 Lerwick Avenue, Hazelwood Park 5066, Australia.
A Resounding Bottom Up NO on the Bailout-- From the Entire Progressive World
by Rob Kall
It is urgent and essential that YOU contact your legislators in congress today to demand that they reject the bailout deal Henry Paulson has proposed. Let them know approval of it will be as bad as, maybe worse than their approval of the Iraq war and you don't want to see them screw up again.
They need to hear this from MILLIONS of Americans. A handful of plutocratic corporatists created this economic disaster. The Dem leadership seems to be ready to allow Bush to turn a disaster into law and furtherance of the disaster capitalism Naomi Klein has described. It will take a massive bottom up wave of outraged demands to make it clear to the dems in congress and the purported new leader of the Democratic party, Barack Obama, that the Paulson plan has been outed as a plan to loot the American taxpayer and is totally unacceptable.
From Dailykos to Firedoglake to OpEdNews, TalkingPointsMemo to Paul Krugman (No deal) , Glen Greenwald, the Nation, MYDD, Atrios, Huffingtonpost, the voices of the left, representing millions, probably tens of millions of readers, are in agreement-- Paulson's bailout proposal is NO DEAL and the frightened Democrats in congress better not spinelessly respond to the bogus warnings of disaster this time like they did in response to warnings of Iraqi WMDs.
The approach varies, but all basically say that the Bush admin is setting up a deal that has no accountability, that is a huge gift to Bush and friends. Glen Greenwald and I brought up the spineless dem response to Iraq as an earlier example of the same cowed cooperation.
If Obama ever had a shot at showing he really is a force for change, rejecting the Paulson plan is an extraordinary opportunity to again (like he rejected the Iraq war) stand out as an independent thinker, apart from his party. Here is where Barack can play a leadership role. He IS running to be the new leader of the Democratic party. If he tells the leaders in congress they're making a huge mistake, he will be serving the middle class-- the people who Reid, Pelosi, Dodd, Schumer and friends are getting ready to saddle with such enormous debt.
Here are excerpts from the progressive bloggers:
Glen Greenwald, The complete (though ever-changing) elite consensus over the financial collapse
...the fact that Democrats are on board with this scheme means absolutely nothing. When it comes to things the Bush administration wants, Congressional Democrats don't say "no" to anything. They say "yes" to everything. That's what they're for.
They say "yes" regardless of whether they understand what they're endorsing. They say "yes" regardless of whether they've been told even the most basic facts about what they're being told to endorse. They say "yes" anytime doing so is politically less risky than saying "no," which is essentially always and is certainly the case here. They say "yes" whenever the political establishment -- meaning establishment media outlets and the corporate class that funds them -- wants them to say "yes," which is the case here. And they say "yes" with particular speed and eagerness when told to do so by the Serious Trans-Partisan Republican Experts like Hank Paulson and Ben Bernake (or Mike McConnell and Robert Gates and, before them, Donald Rumsfeld and Colin Powell).
...regardless of whether this nationalization/bailout scheme is "necessary" or makes utilitarian sense, it is a crime of the highest order -- not a "crime" in the legal sense but in a more meaningful sense.
What is more intrinsically corrupt than allowing people to engage in high-reward/no-risk capitalism -- where they reap tens of millions of dollars and more every year while their reckless gambles are paying off only to then have the Government shift their losses to the citizenry at large once their schemes collapse? We've retroactively created a win-only system where the wealthiest corporations and their shareholders are free to gamble for as long as they win and then force others who have no upside to pay for their losses. Watching Wall St. erupt with an orgy of celebration on Friday after it became clear the Government (i.e., you) would pay for their disaster was literally nauseating, as the very people who wreaked this havoc are now being rewarded.More amazingly, they're free to walk away without having to disgorge their gains; at worst, they're just "forced" to walk away without any further stake in the gamble. How can these bailouts not at least be categorically conditioned on the disgorgement of ill-gotten gains from those who are responsible?
The news is abuzz with the reports of the solemn, haggard faces of the leaders of congress when Bush's economic Czars Paulson and Bernanke informed them of the deadly threat of financial meltdown the US, even the world economy faced if something dramatic was not done immediately.
So, of course, they came out, shaking in their boots, telling the nation how awful things were, how close to the abyss we've come.
This sounds far too similar to Bush's surrogates Condeleeza Rice and Colin Powell warning us-- at the UN in congress in 2003-- that Iraq and its WMDs was an imminent threat to the nation and the world. Back then, senators Clinton, Kerry, Edwards and most of the rest of the Democrats spinelessly assented to accept the story they were told, failed to challenge the data or demand other options, and now, they all apologize to us.
It's not too late this time. We have no good reason to believe that Bush economic appointees will do any better dealing with a financial crisis than Bush diplomatic and military appointees did with the "terrorist threat."Now, we face the financial/economic meltdown "threat."
This evening, even as we speak, or blog, whatever, the Bush administration is in the process of LEAVING THE FUCKING WHITE HOUSE WITH A FUCKING SEVEN HUNDRED BILLION (BILLION!) DOLLAR BAILOUT OF ABSURDLY IRRESPONSIBLE WALL STREET FIRMS, combined with ABSOLUTELY NO FUCKING ACCOUNTABILITY OR OVERSIGHT.
TalkingPointsMemo Put on the Brakes Josh Marshall
I'm quite convinced that some drastic action needs to be taken to avoid a cascading and debilitating series of crises. But the more I look at this plan, the more wrongheaded it seems. But if I'm understanding this deal, the taxpayers are going to pony up close to a trillion dollars to take bad debts off the hands of financial institutions who were foolish enough to make the deals in the first place.
I can't seem to find any of the people who I respect thinking the bailout plan, as presented, is a good idea.
Paul Krugman No deal ,
...there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.
I hope I’m wrong about this. But let me say it again: Treasury needs to explain why this is supposed to work — not try to panic Congress into giving it a blank check. Otherwise, no deal.
... this brand of stupid led to both the Great Depression and the Savings & Loan scandals.
Though it fits with the Republican strategy of only having government spend money on things that fail in every respect besides lining the pockets of the wealthy, while Democrats equivocate but then hurry to indulge the kleptocrats.
If Wall Street gets away with this, it will represent an historic swindle of the American public--all sugar for the villains, lasting pain and damage for the victims. My advice to Washington politicians: Stop, take a deep breath and examine what you are being told to do by so-called "responsible opinion." If this deal succeeds, I predict it will become a transforming event in American politics--exposing the deep deformities in our democracy and launching a tidal wave of righteous anger and popular rebellion. As I have been saying for several months, this crisis has the potential to bring down one or both political parties, take your choice.
...I have been totally in favor of a bail out rescue plan for our financial markets. I've said and will continue to say that it is a necessary evil to keep the U.S. from collapsing into a Second Depression. ...BUT, as NPR's Adam Davidson points out in his new Planet Money Blog, this bill also appears to constitute the greatest transfer of political power from the Congressional to the Executives Branches ... Possibly ever.
Atrios: What To DoObviously the administration proposal, whatever the need for some sort of government intervention, is basically insane and no lawmakers should support it. The question is how do we do anything about it? Social Security was an easier battle because it was about making it radioactive for lawmakers to do anything but say "Hell no." This is a bit trickier.
I say THROW the system out and start building one that WORKS for US, don't bail the failed, corrupt system out. A bailout just keeps in place a bad system that has bankrupted all of us in order to enrich a very, very few.
Mediachannel's Danny Schecter: Our Financial 9/11: Can They Save the System?
If you think you can trust this Administration to solve this crisis when it has created so many others, think again. Unfortunately neither political party seems to have a clear take on what is happening or any plan to solve it.
So strap in, we are in for volatile rollercoaster ride.
These are just the tip of the iceberg. When we were sliding into the Iraq disaster, millions of people KNEW it was based on bogus information and was a horrible idea. The Dems in congress didn't listen. Don't let that happen again. Call them and tell them.
Rob Kall is executive editor and publisher of OpEdNews.com, President of Futurehealth, Inc, inventor . He is also published regularly on the Huffingtonpost.com. He is a frequent Speaker on Politics, Impeachment, The art, science and power of story, heroes and the hero's journey, Positive Psychology, Stress, Biofeedback and a wide range of subjects. He is a campaign consultant specializing in tapping the power of stories for issue positioning, stump speeches and debates. He recently retired as organizer of several conferences, including StoryCon, the Summit Meeting on the Art, Science and Application of Story and The Winter Brain Meeting on neurofeedback, biofeedback, Optimal Functioning and Positive Psychology. See more of his articles here and, older ones, here.To learn more about me and OpEdNews.com, check out this article.
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Was the Canadian Muslim community suckered by the CHRC?
A strange question to ask, perhaps? Maybe not if one considers Item 37, a letter dated July 2006, from the Harvey Goldberg, CHRC Senior Policy Advisor, addressed to the Canadian Arab Federation. We learn from Goldberg’s correspondence that he was drumming up business for the CHRC.
That letter standing alone, may be easily dismissed as a courtesy follow up of the CHRC “pursuing their mandate”, as we have heard so often. However R17 Tab4, which is a CHRC internal memorandum, that didn’t get shredded or totally redacted, suggests something a little more in depth. This memorandum from Harvey Goldberg to Ian Fine. Page 1 notes that the Muslim community is concerned that their complaints of Islamophobia would be viewed by the CHRC as not meeting the “threshold of hate”
I note that paragraph #2 & 3 on page 2 have been fully erased from the evidence, as well as paragraph 5 on page 3. Paragraph 6, however, does return to the fact that the CHRC is willing to provide representatives for the CAF consulting organization with respect to filings of these hate crimes. Trolling for business is not a new phenomena with the CHRC. We have seen them conduct more clandestine operations, many times in the past.
This year the public was awakened to the section 13 hate complaints via the Steyn/MacLeans issue. Finally a Muslim complaint was filed on the basis of Islamophobia. I suspect the fish was bigger than the CHRC wanted to swallow.
In the Lemire Constitutional Challenge of section 13, we learned from the CHRC lawyer, Margot Blight, that exaggerated hyperbole is no excuse, that the truth is no defence and that that intent is no defence. We learned that there is no free pass for anyone. We learned that liability is absolute. We also learned about the Hallmarks of Hate. These eleven hallmarks were adopted by the CHRC from their expert witness, Dr, Karen Mock. Much was made about the credentials of Dr. Mock by the commission.
We heard from the Attorney General’s representative, Simon Fothergill, that Freedom of Speech is indeed an American concept and that
is out of step with the world and that our current social science thinking is current and updated and that the CHRC’s “Chilling Effect” of freedom of speech is OK. America
We further learned that the investigative report conducted by Sandy Kovak of the CHRC stated the Steyn/MacLeans case met the Hallmarks of Hate.
35. Based on the excerpts cited by the complainant, it appears that the article may bear some of the characteristics identified by the Tribunal in Kouba as being 'hallmarks' of material that is likely to expose persons to hatred or contempt. Muslims appear to be portrayed, for example, as a 'powerful menace' (in this case, a demographic menace), and us being dangerous or violent by nature.
It is recommended, pursuant to paragraph 44(3)(a) of the Canadian Human Rights Act to request that the Chairperson of the Canadian Human Rights Tribunal institute an inquiry into the complaint if the Commission is of the view that:
* the material does appear to meet some of the hallmarks of hate and is of such a nature that it may likely expose persons of the Muslim faith to hatred and contempt;
* a decision by the Tribunal addressing the fact situation in this case may be in the public interest as it raises new considerations regarding the relationship between section 13 and the right of freedom of the press, an aspect of the Charter guarantee of freedom of expression.
March 25, 2008
Investigator: Sandy Kozak
This would seem to be the defacto threshold level the commission uses. As such, it met the threshold that the Canadian Muslim community was concerned about. Additionally we learned that the investigator’s report recommended that the Steyn/MacLeans case be prosecuted via a Tribunal hearing. For the public who was following the Steyn/Macleans saga, it is well known that prosecution did not follow. The claim was rejected at the Commissioners (political appointee) level in the CHRC.
Rejected or deemed too politically hot ? It met the Hallmarks. It met the threshold. The truth of the Steyn article is no defence. The intent of the Steyn article is no defence. There is absolute liability on MacLeans for producing the article. What was the reason ?
Did the Canadian Muslim community reach for too big of a fish on their first try? Were they expected to seek out basement Islamophobes pecking away on their parent’s and posting on obscure websites – seek those who could ill afford legal defence as has been the case with the overwhelming majority of section 13 cases so far ?
Why were they trolled for business? Was there an expectation that prosecution of a neo-nazi-like islamophobe who would be ill equipped to defend himself would lead credence to the CHRC mantra that this section 13 law protects all Canadians? With a 100% conviction rate, would that type of result been waved as a some sort of flag to fend off a constitutional challenge of the bias and abuse we have seen at the CHRC ? A proof, a case precedent, to illustrate that the law applies fairly to all Canadians?
Or was it because of who the Canadian Muslim community is? We were not told why a decision was made by the Commissioner to toss out the Muslim community’s complaint. Nor were we told how as to how this decision was arrived. We were told by the Attorney General that it depends on who says the truthful statement and that if one person says it, it is Ok, but if another says it, it is not OK. Are Steyn and MacLeans OK people ? Where is that list ? Who might have that list ?
The Attorney General went on and stated that unless someone can prove that decision was political, it wasn’t political. He went on to inform us that the investigator’s report on the Steyn/MacLeans case, read to the hearing, was poor quality evidence. He further informed us that it depends upon whether articles posted are speaking on behalf of Canadians or speaking on behalf of conservative organizations.
And we wonder why the Canadian Muslim community says there is an anti-Islamic bias in this country. Have we just treated the Canadian Muslim community as less than equal?
Fair question. Paul Fromm, on behalf of the Canadian Association for Free Expression noted in his submission to the Tribunal, that overwhelmingly, the respondents in section 13 cases were economically disadvantaged, lower educated and marginal white, right wing Christians. The statistics would seem to flush out this position as a truth. We have a selected group that fit that Attorney General definition of “conservative organization” who are unequally persecuted. It seems we now have a second group, the Canadian Muslim community, who is also treated as less than equal.
Club membership is growing.
Dismissal of Maclean's case wrong: Elmasry
Joseph Brean, National Post
Published: Saturday, September 20, 2008
CHRC Submission; Comments rare departure from Muslim leader's silence on issue
Mohamed Elmasry, president of the Canadian Islamic Congress, writes that "the state should act to empower those who are disadvantaged by hate speech, and that may mean lowering the voices of some in order ...
Hate speech creates a "silencing dynamic" that excludes disadvantaged groups from civil participation, according to Mohamed Elmasry, national president of the Canadian Islamic Congress.
In a submission to Richard Moon, a
law professor hired by the Canadian Human Rights Commission to review its online hate speech mandate, Prof. Elmasry writes that "the state should act to empower those who are disadvantaged by hate speech, and that may mean lowering the voices of some in order that others may be heard." Universityof Windsor
He called for mandatory press councils, and an end to "media monopoly," and said the CHRC was wrong to dismiss his recent complaint of Islamophobia in Maclean's magazine, which "aired its opinions to more than two million readers, but CHRC did not hold a hearing for Canadian Muslims and experts to voice their views."
His comments are a rare departure from the public silence the controversial Muslim leader has taken on an issue in which he is deeply invested.
Since initiating hate speech complaints last year against Maclean's in
and federally, Prof. Elmasry has delegated spokesmanship to lawyer Faisal Joseph and a group of young articling lawyers. Only Ontario, British Columbia heard the case, but has yet to rule. British Columbia
The lawyers also prepared a brief for Prof. Moon, in response to questions he provided: what would be lost if the hate speech provision of the Human Rights Act, Section 13, were repealed; how might it be improved; should it require an intent to spread hate; and what other complaint mechanisms for hate speech might be enhanced.
Prof. Elmasry compared hate speech laws with speed limits as examples of "worthwhile" exercises of state power.
"The old idea that the state is an enemy of freedom should not be replaced with the idea that it can be a friend of freedom by not dealing with hate speech regulation," Prof. Elmasry writes.
"The current mantra that 'the remedy for hate speech is more and better speech' is in fact both false and misleading. The reality is that those who are expected to respond with 'more and better speech' cannot do so in today's public forum. Or if they do speak out, their words are often dismissed as lacking credibility."
The CIC legal brief argues that removal of Section 13 "would remove the only practical avenue available for addressing hateful and racist speech in the media."
It also blames "political pressure" for the CHRC's decision not to refer the federal Maclean's complaint to a tribunal, and cites this as a reason for the CHRC to emulate
's newly revamped human rights legal system, in which access to a tribunal is much more direct. Ontario
The CIC dismisses the suggestion of an intent requirement for hate speech law, and says the complaint process does not put undue burden on respondents.
Complaints of hate speech, it argues, "by their very nature feature underprivileged complainants who in most cases have experienced an infringement of their human rights, pitted against well-re-sourced entities."
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