The neo-con Managing Director of the International Monetary Fund (IMF) has called for a, “....global solution to the U.S. financial crisis.”

Dominique Strauss-Kahn, the “neo-con” Managing Director of the International Monetary Fund (IMF) has called for a, “....global solution to the U.S. financial crisis.” Strauss-Kahn, further states that, “the reform process could begin this month when finance ministers and central bankers convene in Washington for the IMF - World Bank Annual Meeting.”

In France Strauss-Kahn, or DSK as he is often referred to, has come to be considered as a
“neo-liberal” - which we in the U.S. refer to as a “neo-con.” His political and economic evolution began when as a young man DSK became a member of the French Union of Communist Students (UEC).

DSK’s next incarnation came when he joined the Center on Socialist Education Studies and Research (CERES). In 1981 he continued to evolve by joining the Socialist Party (PS). He was eventually appointed to membership in what the PS refers to as it’s "Group of Experts of the Socialist Party".

In 1994 his transformation no doubt intensified when DSK was invited by Raymond Levy, Director of Renault to join the Cercle de l’Industrie, a French industry lobby in Brussels. This lobbyist activity resulted in his being criticized by the French left including the “Alter-Globalizationists” who favor globalization which is “....respectful of human rights, the environment, national sovereignty, and cultural diversity.

Appointed Minister for Economics, Finance, and Industry in 1997 DSK demonstrated the extent of his divergence from the Socialist Party’s economic theories by implementing a variety of wide ranging “privatization” programs. He also opposed implementation the French 35 hour work week.

In 2005 Strauss -Kahn favored French ratification of the “Constitution of Europe.” Fellow PS member Lauernt Fabius opposed it. When 55% of the electorate voted against ratification and the proposed constitutional amendment failed DSk’s prestige within the PS declined. In June of 2007 DSK resigned from the Socialist Party's National Directorate.

On 10 July 2007 the now “center-left” Strauss-Kahn was nominated by the new “center-right” President of France, Nicolas Sarkozy to be Managing Director of the International Monetary Fund.

On 28 September 2007 the IMF’s 24 Executive Directors selected DSK as the new Managing Director. DSK had the support of the leaders of the European Union’s 27 nations,the United States, China and most of the African nations.

How Many Houses Does Nancy Pelosi Own ?

Speaker of the House Nancy Pelosi - who is leading the congressional surge to bailout the fascio-corporatist financiers and bankers of the wall street cabal - reports that she is worth between $23,000,000 and $93,000,000 (yes, that’s “millions”).

Pelosi’s reported assets include lines of credit with:

1. Bank of America $250,000 - $500,000.

2. Union Bank of California of $1,000,000 to $5,000,000 (millions again).

Additional assets include “margin accounts” with the following institutions:

1. Wells Fargo Investments...........$1.000,000 TO $5,000,000

2. WR Hambrecht & Co.................$500,000 TO $1,000,000.

Pelosi's reported “liabilities” include six (6) mortgages. The amounts are as follow:

MORTGAGE................AMOUNT

1...................................$1.000.000 TO $5,000,000.

2...................................$1.000.000 TO $5,000,000.

3...................................$500.000 TO $1,000,000.

4...................................$250.000 TO $500,000.

5...................................$1.000.000 TO $5,000,000.

6...................................$1.000.000 TO $5,000,000.

Pelosi obviously has a conflict of interest regarding the bailout of the financial and banking institutions of the wall street cabal. Fairness requires that she and all other members of congress with such extensive ties to these institutions not be allowed to vote either for or against the bailout.

Pelosi and the others should only be allowed to vote “present” on the bailout.

How Much do You Have to Contribute to Buy Your Own Bailout ?

You do not have to be anything special to take billions and billions of dollars from PACs and corporations then vote to bailout the interest groups who give you the money. A monkey can be trained to do that.

DONOR.................................TOTAL............DEMS.....REPS
Goldman Sachs....................$4,817,451.....73%........27%
Citigroup Inc........................$3,791,421.....63%........37%
JPMorgan Chase & Co.........$3,699,585.....57%........43%
Morgan Stanley ...................$3,195,950.....56%........44%
Lehman Brothers ................$2,169,912.....66%........34%
Bank of America..................$2,124,001.....56%........45%
UBS AG................................$2,392,830.....58%........42%
Deutsche Bank AG..............$1,075,762......77%........23%
Credit Union Assn...............$1,748,199......53%........47%
National Realtor Assn ........$2,750,550.....57%........43%

People could give the monkeys stacks of paper (money). Person who gives the monkey the biggest stack of paper then asks the monkey a question.

Monkeys raises right hands to indicate, "yes, you may have that."

People who gave smaller stacks or no stacks of paper to the monkeys then ask a question. Monkeys raise left hands to indicate, "no, you may not have that."

That is being an elite decision maker???

No - that is being a trained monkey who has been

It is a Fascist Bailout - Not a Socialist Bailout

If anyone needed proof that the fiction of gridlock in Washington is just that - fiction - the current financial crisis is certainly that proof. The total disregard which both the democratic and republican congressional leadership have shown for the best interests of tens of millions of citizens is appalling. They have clearly demonstrated that they are in fact the political vassals of wall street.

Another great falsehood which must be put to rest is the notion that what they are proposing is "socialism." This bailout is being done at the request of and in the interests of the fascio-corporatist financiers and bankers of the wall street cabal.

Ben Bernanke - the current chairman of the federal reserve - is a graduate of the London School of Economics which was founded by the Fabian Society. Economist John Maynard Keynes and fellow Fabian Society member Harry Dexter White were among the founding fathers of the International Monetary Fund and the World Bank at the Bretton Woods Conference in 1944.

The World Bank and the IMF have been responsible for saddling the countries of the Third World and the industrialized nations with debt which keeps the peoples of those countries mired in poverty. This is the very opposite of socialism.

Wealth can be redistributed for many reasons - good and evil. The cabal is only interested in profits from debt.

The fascio-corporatist financiers and bankers of the wall street cabal have simply adopted the incrementalist and wealth redistribution tactics of the Fabian Society - not their socialist agenda. They love it when they are accused of being socialists - because they truly are wolves in sheep's clothing.

I would like to think that the members of the cabal are socialists. Then I could imagine that after their inevitable economic triumph that we could look forward to some idyllic existence for most of us. Thankfully, I know that they are not socialists.

The future which they have planned for the vast majority of us will not be idyllic. The nightmare gulag existence of the failed soviet union and the impoverished slave labor camps of Asia and South America provide us with our most accurate glimpses of the future that the fascio-corporatists desire for us.

Their vision is of a future in which the cabal has triumphed and has achieved worldwide economic domination. It is a future in which the economic elites have become feudal lords and have enslaved the peoples of the world in monetary vassalage.

It is a future in which workers and their families live in squalid, multi family, company owned barracks without heat or air conditioning because wages are held below subsistence levels. It is a future in which workers must patronize company owned stores and are kept in perpetual debt through inflated prices, and extortionist rates of interest.

This is why yesterday’s defeat of the cabal’s bailout plan was a victory for American workers and the workers of all nations. It was a triumph of the American electorate over the fascio-corporatist financiers and bankers and their vision of our future.

A Great Victory for American Workers

Today's defeat of the congressional bailout of the fascio-corporatist financiers and bankers of the wall street cabal is a great victory for American Workers. The ultra-wealthy and their political serfs have, for the moment, been forced to face the reality of their betrayal of the American people.

The cabal and their talking TV heads tried very hard to intimidate us by playing to our fears but their scare tactics did not work. Their statements, such as claiming that businesses will not be able to borrow money to make payroll, are obviously flawed. Any business which has to borrow money to make payroll is already broke and doomed to failure. The fascio-corporatists will no doubt continue to threaten and bluster but far as I am concerned they may now proceed to inflict as much damage upon themselves as they dare to inflict.

Speaker Nancy Pelosi led this surge in support of her economic soul mates in the Rockefeller wing of the republican party. Her head has been handed back to her on a silver platter. She may have even permitted the congressional republicans to save themselves from a near certain disaster at the polls in November.

All the major players - democrats and republicans - who tried to force this bailout through congress have betrayed the members of their political base. There will undoubtedly be a great deal more political fallout from their attempt.

Will George W. Bush Get a Tax Cut From the Democrats?

The following information is from an April 2008 White House press release, "President and Mrs. George W. Bush reported taxable income of $719, 274 for the tax year 2007. This resulted in a total of $221,635 in federal income taxes paid by President and Mrs. Bush. "

The statement lists the bush’s sources of income as:

1. Presidential salary..........$400K

2. Book deal.....................150K

3. Trust Funds....................?

$400K plus $150K equals $550K. Total income is stated as approximately $719K.Trust fund income is, therefore, $169K.

Senator Obama's current position is, "Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. "

After leaving the presidency w’s retirement pay is currently established at $191K. In 2007 W drew less than that ($169K) from his trust fund and will apparently qualify for a tax cut.

YOU Load Sixteen Tons and What do YOU Get?

It was easy to come away from the senate hearing today with the impression that there is, "....no guarantee that the taxpayers won't get caught holding bad debt that can't be recovered."

Actually there was a guarantee stated during the hearing today. It was easy to miss because the senators and the technocrats did not want to talk about it openly so they used code.

The guarantee is that YOU will pay the "hold to maturity price" for these bonds, notes, etc. That means their full remaining value.

If the instrument is a 30 year mortgage the "hold to maturity price might be 98% of the total principal and interest involved in the mortgage. That means if the loan was $100,000 with a fixed interest rate of 10% for 30 years the total value of the mortgage is $322,599.60.

YOU will pay $316,147.60 for this item. IN THEORY a 2% profit would mean that you would then make $6,452.00.

I say ‘in theory’ because YOU must remember that these are "toxic" loans - meaning they are not "profitable." Most have probably already been "monetized" - sold to and redeemed by an investor - one or more times. Most are probably already in default.

That is why they are "toxic" - the fascio-corporatist financiers and bankers of the wall street cabal cannot use them to borrow money from other investors. They have no value.

Anyone who sold them to an investor would be sent to prison for fraud because when the investor comes to redeem them there will certainly be no money with which they can be paid.

The shareholders of the institutions which monetized them are suppose to pay the investors but they DO NOT want to pay the investors.

They want to sell them to YOU at full price. YOU will SAVE their houses, their cars, their money, their retirements amd their rear ends.

Who are they? Some of them are the same people who were talking to the senate committee today demanding that YOU bail them out. Some of them are the politicians the technocrats were meeting with and who ARE going to bailout the collective "them."

What will you get for this act of stupidity - I mean kindness?

Like Tennessee Ernie Ford use to sing, "Another day older and deeper in debt."

You are about to learn that there was a reason for all those old union songs. They knew what it was to be exploited - and YOU will also.

So go ahead. YOU bail them out.

Conflict of Interest - The chairman of the U.S. Securities and Exchange Commission (SEC) Must Resign.

SEC chairman Christopher Cox was a partner in the law firm of Latham and Watkins. At the time of his retirement in 1986 Cox was the Partner in Charge of the Corporate Department of the Orange County office and was a member of the firm's national management.

Latham and Watkins is ranked among the largest law firms in the world. Notable clients include Goldman Sachs, Deutsche Bank, Merrill Lynch, and ICICI Bank Ltd. Of India.

On January 31, 2008 ICICI Bank (formerly Industrial Credit and Investment Corporation of India) reported losses of $264 million as a result of the subprime mortgage crisis.

As a retired partner of the Latham and Watkins LLP Cox undoubtedly owes a great deal of allegiance to Latham and Watkins. Latham and Watkins involvement with Goldman Sachs, ICICI Bank and others constitutes a conflict of interest which can not be tolerated during the current financial crisis.

Christopher Cox must resign his position as Chairman of the SEC. If he does not resign, he must be fired.

How To Solve The Current Economic Crisis.

Henty Paulson - the secretary of the treasury - is a former chairman and ceo of Goldman Sachs where he was responsible for selling the same type of worthless securities he is now making the people of the United States pay for.

Paulson's estimated personal wealth is more than $700,000,000.

That is about 1% of the proposed bailout. All we need is 99 more of the fascio-corporatist financiers and bankers of the wall street cabal to ante up what they owe and this little problem is solved.

Banking 201 - How to Make Money by Going Broke

In a previous post entitled “Banking 101" (link below) I explained that the U.S. banking industry engages in fractional banking. This means that only a small amount of the money “deposited” in a bank is required to be kept in the bank’s vault. Most of the money is loaned to other customers.

When a customer obtains a loan - let’s say for $1,000 - the bank records the amount of that loan as an asset because the bank will collect interest on the loan. The amount of the loan - $1,000 -is also recorded as a liability by the bank because the money is now in “circulation.” The banks “books” are in “balance” (pay-out of $1,000 equals the loan asset of $1,000).

If the borrower is unable to make payments on the loan it ceases to be a bank “asset” and the $1,000 loan asset disappears from the bank’s books. The $1,000 liability remains, however, because the money is circulating through the economy.

Eventually someone will demand payment of that $1,000 from the bank. The bank can use $1,000 from the profits made with other loans to pay that liability. If that is not possible the $1,000 must then be paid by the banks owners - the shareholders.

At this point it is important to remember that we aren’t really talking about loans for $1,000. We are talking about loans for hundreds of billions of dollars. It is also important to remember that it isn’t people that the banking industry is concerned about. It is organizations - corporations and governments - which the industry is concerned about.

The financiers and the bankers want these organizations to be paid. They and the organizations are intertwined. They serve on each other’s boards of directors, and own each other’s stocks and bonds. It is they who profit from building the infrastructure of these nations. In effect, it is the financiers and the bankers who are demanding to be paid.

The financiers and the bankers want the debts paid just as they wanted the governments to build infrastructure with the money which they loaned to them. Both activities generate profits for them. They just don’t want to pay themselves with their own money. That would not be profitable for them.

The banking industry created the Federal Reserve, the FDIC and the other monetary agencies for just this purpose. The “government” representatives of the financiers and the bankers now step forward to ensure that the financiers and the bankers continue to make profits. How? By paying them with YOUR money.

Their representatives in government will say that it’s the government’s money but it is YOU who will guarantee that the financiers and the bankers make their profits. It is YOU who will pay the costs imposed by inflation. Prices do not get higher. Your money becomes more worthless.

The financiers and the bankers simply increase their profits. They can continue to buy whatever they want. Can YOU?

Link

Don't Tell Congress no - Tell them HELL NO

The choice is simple - the financiers and the Wall Street bankers can have a better life - or YOU and your CHILDREN can have a better life.

They have enjoyed the benefits, the tax write offs and the income from extortionist interest rates but they never had any intention of using THEIR money to pay the piper. The Federal Reserve, the FDIC and the other monetary agencies have always quickly stepped forward to their rescue. That has always been their plan.

They say that it is the government’s money which is to be used, but we know better. Once again OPM (Other People’s Money) is being used to make their profits. This is leverage on a macroeconomic scale.

They say the tax payers must pay for their losses. Did the tax payers reap the benefits of their greed? Certainly not. Why then, should the tax payers carry the burden of their debts for them?

Don’t just say no - tell them HELL NO !

For this much money we could pay EVERYONE unemployment for YEARS !

The choice is simple - the poltroons and the charlatans can have a better life - or YOU and your CHILDREN can have a better life. You decide.

Link

Bernanke Must Go

Ben Bernanke - the current chairman of the federal reserve must be fired

Bernanke is a graduate of the London School of Economics. The school was founded by the socialist Fabian Society of Great Britain. Members of that society established the World Bank and the International Monetary Fund at the Bretton Woods Conference.

The economic philosphy of these organizations favors the redistribution of wealth from the industrialized nations to the less wealthy more authoritarian regimes of the third world.

Bernanke is a recognised authority on the Great Depression. He understands very well the massive shift in wealth which was the real cause of that tragedy.

The defense of western economic prosperity cannot be effectively championed by an opponent of that prosperity. Bernanke must go.

Banking 101 - How to Make Money Out of Nothing

The federal reserve is a bank for bankers. It is a central bank just as The Bank of England is a central bank for the United Kingdom. The federal reserve is, in fact, the third central bank which has plagued the citizens of the United States. Both of the others were dismantled because they destroyed the nation’s money through inflation.

The primary function of the federal reserve is to create money. If a U.S. government security for $1,000 is held by the federal reserve it can then have the Treasury Department to print $1,000 worth of federal reserve notes which Treasury then gives to the federal reserve.

The federal reserve now has $1,000 in cash, or more properly "fiat" money. The federal reserve retains a percentage of this cash, say 10%and loans the remainder to a second bank. This is known as "fractional banking" because only a fraction of the money is actually on-hand at the bank.

The second bank also retains a percentage of the $900 - say $100 - and let’s say two of the bank’s customers obtain loans for $400 each and this money is deposited to the customer’s bank accounts. The bank deducts a percentage, say $100 and this bank now has an additional $700 which it then loans to a consumer.

The original $900 which was loaned to the bank by the federal reserve has been transformed into $1,700. How? Fractional cash reserves at bank total $200. Loans to customers one and two total $800. The loan to customer three is $700. Loans of $1,500 plus cash in bank of $200 equals $1,700.

This process can go on and on and on. At least until people ask for more cash than is actually in the bank. Then the federal reserve send more "money" and the process starts all over.

Until people ask for more cash than is in the federal reserve system. Then congress has to authorize an increase in the national debt so more money can be created by the federal reserve.

That is why one of the items in the bailout just passed by congress was an authorization increasing the national debt - which basically is the money we citizens owe the federal reserve.

Now take that $700,000,000,000 authorization and multiply by at least 9 - fractional banking. Remember? That is at least$6,300,000,000,000 in new money that could soon be in existence.

The real question is, what is the financial oligarchy going to do with that mone. One word - CHINA.

Let’s say that customer one writes a check to a merchant against his loan account for $400. The merchant brings the check to the bank. How much cash is actually at the bank? That’s right, $200. Can the merchant get $400? Not no - but heck no.

The real tragedy is, this can go on almost endlessly - or at least until people demand more cash than there is actual cash to be given to them. That is what is now happening all over the banking industry. People are demanding that they be given their money. Those who do get their money will only get it because the federal reserve has treasury print more.

Does this sound like a mess? Consider this, we haven’t even talked about inflation yet. It all gets more unsavory - a great deal more unsavory. That, in a nut shell, is the world banking system.

© 2008, R.G. Brooks

The False Prophets of Supply Side Economics

Supply Side Economics is better known as "Voodoo Economics" although "Tax Side Economics" would be a more accurate name.

Supply Side Economics ignores the effects of demand and focuses upon taxes. It theorizes that an increase in the marginal tax rate will result in producers making less profit and that they will, therefore, produce less.

The supply siders then ignore the tendency of the market to make adjustments. In this case, if there is a shortage with no corresponding reduction in demand the natural result will be a willingness to pay higher prices. With increased profitability supply will increase to meet demand, and equilibrium will be restored.

On the other hand, if the marginal tax rate is reduced profitability is automatically increased without a corresponding change in supply or demand. In other words, there is no need for equilibrium to be restored to the market place.

This is important because supply siders contend that the excess profits generated by the tax cut will be reinvested. In theory, these investments will result in more production, job creation, and greater prosperity, but that is illogical.

If there has been no increase in demand why would anyone want to produce more? Without increased demand the natural result would be a surplus, declining prices, and reduced profitability.

How can we know for sure if the assumptions behind the theory are false? We can look at the results produced by Supply Side Economics over the past thirty years.

Have tax cuts for business resulted in greater prosperity? They certainly have not for the vast majority of the people in this country.

It is time to say no to additional tax cuts for big business. The voodoo that they do is a false doctrine and like all false prophets the supply siders can only lead us to certain doom.

Social Security

What the next president, and the members of the house and the senate need to understand about Social Security is - we don't care if it does "go broke."

They spent the money - they can replace it.

Personally, I don't care if the politicians have to bull doze *Yellstone Park and sell condos there, or if the White House is turned into a bed and breakfast - which it already is.

SHOW ME THE MONEY!!!!!!!!!

*Just my way of saying that I won't "blink."