Economy

Dr. Paul Craig Roberts: The Dispossessed Majority – ‘The US Is Ruled By A Private Oligarchy. The Government Is Merely Their Front.’

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From the article:

“The oligarchs have succeeded in making americans a dispossessed majority in their own country. In November americans will again give their approval to one of the oligarchy’s two candidates.”

“If americans had any sense, they would stay home and not vote.”

See also:

– Dr. Paul Craig Roberts: ‘War Criminals Run The State Department And The Entire US Government’

Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

paul-craig-roberts
Dr. Paul Craig Roberts

– The Dispossessed Majority (Paul Craig Roberts, Aug 8, 2012):

The bumper sticker on the beat-up pickup truck read: “Friends don’t let friends vote Democrat.”

The driver was obviously not affluent. Yet, despite all the news about mega-trillion dollar bankster bailouts, mega-million dollar bonuses for financial crooks, and unimaginable compensation packages for corporate CEOs who have moved middle class jobs out of America, something made the down-and-out pickup truck driver associate with the political party of the super-rich.

As I wondered at this strange alliance of the dirt poor with the mega-rich, I remembered that in 2004 Thomas Frank wondered about how the Republicans had managed to convince the poor to vote against their best interests. Frank’s answer, or part of his answer, is that the Republicans use “social issues,” such as gay marriage and Janet Jackson’s exposed nipple to work up indignation over the threat to moral values posed by liberal Democrats.

The working poor have been convinced by Republican propaganda that voting Democrat means giving the working poor’s tax dollars to the non-working poor, to providing medical care and schooling for illegal aliens, and being soft on terrorism.

To the pick-up truck driver, standing up for America means standing up for bankster bailouts and the military/security complex’s multi-trillion dollar wars.

Read moreDr. Paul Craig Roberts: The Dispossessed Majority – ‘The US Is Ruled By A Private Oligarchy. The Government Is Merely Their Front.’

Study: 64 Percent Of Americans Do Have Under $1,000 In Savings

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– New study says 64% of Americans have less than $1,000 in the bank (KETK, Updated May 17, 2012):

TYLER – Cash, it seems to be harder to come by now-a-days. With a high unemployment rate, experts say it’s becoming ever harder to find. A new study says those who do have it, might not have that much in the bank. The study says sixty-four percent of Americans do not have one thousand dollars in savings and it boils down to a rotten economy.

Read moreStudy: 64 Percent Of Americans Do Have Under $1,000 In Savings

French Central Bank Admits The Obvious: France Back in Recession

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– French Central Bank Admits the Obvious: France Back in Recession (Global Economic Analysis, Aug 8, 2012):

For those who who view matters on a practical basis, France has been in recession the entire year. For those who need to see two quarters of negative growth first, France slides back in recession.

France is headed back into recession for the second time in just over three years, the country’s central bank warned on Wednesday.

Read moreFrench Central Bank Admits The Obvious: France Back in Recession

“The Beijing Conference”: See How China Quietly Took Over Africa

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– “The Beijing Conference”: See How China Quietly Took Over Africa (ZeroHedge, Aug 8, 2012):

Back in 1885, to much fanfare, the General Act of the Berlin Conference launched the Scramble for Africa which saw the partition of the continent, formerly a loose aggregation of various tribes, into the countries that currently make up the southern continent, by the dominant superpowers (all of them European) of the day. Subsequently Africa was pillaged, plundered, and in most places, left for dead. The fact that a credit system reliant on petrodollars never managed to take hold only precipitated the “developed world” disappointment with Africa, no matter what various enlightened, humanitarian singer/writer/poet/visionaries claim otherwise. And so the continent languished. Until what we have dubbed as the “Beijing Conference” quietly took place, and to which only Goldman Sachs, which too has been quietly but very aggressively expanding in Africa, was invited. As the map below from Stratfor shows, ever since 2010, when China pledged over $100 billion to develop commercial projects in Africa, the continent has now become de facto Chinese territory. Because where the infrastructure spending has taken place, next follow strategic sovereign investments, and other modernization pathways, until gradually Africa is nothing but an annexed territory for Beijing, full to the brim with critical raw materials, resources and supplies. So while the “developed world” was and continues to deny the fact that it is broke, all the while having exactly zero money to invest in expansion, China is quietly taking over the world. Literally.

More from Stratfor:

Read more“The Beijing Conference”: See How China Quietly Took Over Africa

Confused Why So Many Foreign Banks Are Suddenly Being Charged By The US? Here’s Why

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– Confused Why So Many Foreign Banks Are Suddenly Being Charged By The US? Here’s Why (ZeroHedge, Aug 8, 2012):

It’s very simple really. Please point out where on the below list of Top 20 contributors to a randomly selected US politician, in this case New York’s Chuck Schumer, can one find Standard Chartered, Barclays, or HSBC?

And there’s your answer, which should also explain why banks such as Goldman Sachs, Citigroup, Morgan Stanley, JPMorgan, etc, will never be subject to the same kangaroo court in which suddenly everyone is shocked, shocked, that banks were manipulating Libor and laundering money or doing any other thing which bankers do day after day, every day.

Oh yes, there is an election coming up too…

Paul Volcker Confronted On Bilderberg (Video)

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YouTube Added: 08.08.2012

Description:

Paul Volcker, former Chairman of The Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan, gets confronted by Luke Rudkowski of WeAreChange about his attendance of past Bilderberg meetings.

This Is How Dangerous Iran Really Is … And … Economic Warfare: Iran Signals Currency Devaluation

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“Iran Hasn’t Invaded Another Country In More Than 300 Years.”
– George Galloway: The Case Against War With Iran (Must-Listen!!!)

– Economic Warfare: Iran Signals Currency Devaluation (Infowars, Aug 7, 2012):

Economic warfare against Iran is beginning to have an effect. On Monday, Iran’s rial dropped around 5 percent against the dollar as Iran’s central bank announced further currency devaluation that will begin in ten days. In January, the country announced an 8 percent devaluation of the rial to 12,260 against the dollar. The rial has weathered a dramatic devaluation since the beginning of the year.

The move is another sign that sanctions imposed on Iran allegedly in response to its nuclear program are beginning to take a toll. Iran is cut off from the international banking system and the rial has lost around half its value against the dollar on the so-called free market.

Read moreThis Is How Dangerous Iran Really Is … And … Economic Warfare: Iran Signals Currency Devaluation

President Francois Hollande Vows To Impose 75 Percent Tax On Income Above €1 Million Per Year (New York Times)

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Flashback:

– Francois Hollande Is Another Bilderberg Stooge (Video)

– French Front-Runner Pledges 75% Tax Bracket (Wall Street Journal):

PARIS—French presidential front-runner François Hollande said taxpayers earning over €1 million ($1.35 million) a year would be subjected to a special 75% tax bracket should he be elected, underscoring heightened interest across Europe in raising taxes on the wealthiest individuals.

– Indigestion for ‘les Riches’ in a Plan for Higher Taxes (New York Times, Aug 7, 2012):

PARIS — The call to Vincent Grandil’s Paris law firm began like many others that have rolled in recently. On the line was the well-paid chief executive of one of France’s most profitable companies, and he was feeling nervous.

Some rich citizens have already left. In recent years, the actress and model Laetitia Casta, the chef Alain Ducasse and the singer and actor Johnny Hallyday all moved away to avoid high taxes.

President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the country?” the executive asked Mr. Grandil.

Read morePresident Francois Hollande Vows To Impose 75 Percent Tax On Income Above €1 Million Per Year (New York Times)

Japan Circles A Financial Black Hole

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– While All Eyes Are On Europe, Japan Circles A Black Hole (ZeroHedge, Aug  7, 2012):

While all eyes are on the absurdist tragicomedy playing out in Europe, Japan is quietly circling a financial black hole as its export economy is destroyed by its strong currency and the global recession.

There is a terrible irony in export-dependent nations being viewed as “safe havens.” Their safe haven status pushes their currencies higher, which then crushes their export sector, which then weakens their entire economy and stability, undermining the very factors that created their safe haven status.

As long as Germany stays within the Eurozone, Japan is the primary example of this dynamic. Should Germany leave the euro and return to its own currency, it too will begin orbiting the financial black hole of declining exports driven by a strengthening currency in a global recession.

Economies that are less reliant on exports are much less exposed to the consequences of a strengthening currency.

We can lay out the dynamic of Japan’s currency and export-dependent economy thusly:

Read moreJapan Circles A Financial Black Hole

Gerald Celente: ‘The Whole Nation Has Been Taken Over. It’s The Biggest Bank Robbery In World History And The Banks Are Doing The Robbing.’ (Video)

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Gerald Celente – FOX 40 Bighmton NY – August 6, 2012

YouTube

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

Gerald Celente On Who Really Creates All These Wars And Why (Video)

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See also:

– Former Assistant Secretary of the Treasury Dr. Paul Craig Roberts: ‘War Criminals Run The State Department And The Entire US Government’


YouTube Added: 07.08.2012

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

Putting A Face To Einstein’s Definition Of Insanity (Video)

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– Putting A Face To Einstein’s Definition Of Insanity (ZeroHedge, Aug 7, 2012):

If ever there was a name and a face synonymous with Einstein’s famous definition of repeating the same action and expecting a different unicorn-full world of happiness, it is Boston Fed’s Eric Rosengren. Thankfully far from consensus among the Fed heads – though worrying fanatical – the hyperinflationary head used the propaganda channel this morning to pump hope into an increasingly skeptical market. In an effort to pre-empt a possible slowing global economy, his prescription is “open-ended quantitative easing triggered on economic outcomes”. Fearful of the US merely treading water, Rosengren sounds like he admits that it’s all about the flow when he shuns pegging interest rates as a ‘trigger’ since this removes control of the Fed’s balance sheet to market forces (in other words – we need to keep printing and expanding the balance sheet no matter what rates or stocks are doing). Stunningly, the only limiting factor he sees to this open-ended print-fest is the size of the asset markets they are buying in – which he would like to see in MBS (and suggests his disappointment at the limited scope of assets available to the Fed). Just under nine minutes sums up the extremely dangerous experimental mind of an eternal optimist “if at first (or second, or third) you don’t succeed…” as he shuns the impact on (transitory) energy price rises by pointing at the lack of inflationary pressures.

Chevron’s Largest California Refinery ‘Immediate-Extreme-Health-Hazard’ Fire Emergency – Update: REFINERY HYDROCRACKER EXPLODED, REFINERY SHUTDOWN, CAN PROCESS 244,000 BBL/DAY

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– Chevron’s Largest California Refinery “Immediate-Extreme-Health-Hazard” Fire Emergency (ZeroHedge, Aug 6, 2012):

UPDATE: *CHEVRON RICHMOND REFINERY HYDROCRACKER EXPLODED: KPIX-TV, REFINERY SHUTDOWN, CAN PROCESS 244,000 BBL/DAY

Chevron’s Richmond refinery, the largest refinery in California, is under a Level 3 Hazardous Material extreme immediate warning with local authorities advising local citizens to “to shelter in place, go inside, close all windows and doors, turn off all heaters, air conditioners and fans. If not using the fireplace, close fireplace dampers and vents, and cover cracks around doors and windows with tape or damped towels.” As KTVU2 comments, it appears massive and out of control currently. Live KRON4 stream embedded.

  • *2 DISTINCT PLUMES OF SMOKES OBSERVED EMITTING FROM CVX REFINERY
  • *CHEVRON SPOKESWOMAN SAYS NOT SURE WHAT CAUSE OF FIRE IS :CVX US
  • *CHEVRON RICHMOND REFINERY HAS EVACUATION ON EMISSIONS: FILING

Live Stream from KRON4…

Broadcasting live with Ustream

and a broader perspective of the wind’s influence…

and across the bay…

 

And Now: Lloyds Online Fraud Chief Admits £2.4 Million Fraud

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– Lloyds online fraud chief admits £2.4m fraud (Guardian, Aug 7, 2012):

A former Lloyds bank boss in charge of online security has admitted a £2.4m fraud.

Jessica Harper took the money over a four-year period while working as head of fraud and security for digital banking at Lloyds Banking Group.

Harper stood in the dock at Southwark crown court, in London, and admitted a single charge of fraud by abuse of position by submitting false invoices to claim payments totalling £2,463,750.

She also admitted a single charge of transferring criminal property, the money, which she had defrauded from her employers.

Read moreAnd Now: Lloyds Online Fraud Chief Admits £2.4 Million Fraud

Fracking Chemical Cocktail Interview – ‘Fracktastic’ Radionuclides And Total Destruction Coming Your Way (Video)

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YouTube


YouTube

More on fracking:

– David Letterman On Fracking: ‘We’re Screwed’ (Video)

– Human-Made Earthquakes Reported In Central U.S (Reuters)

– US Government Confirms Link Between Earthquakes And Fracking

– European Gas Giant Backs French Fear Of Fracking

– Texas Forces Firms To Open Up On ‘Fracking’

– Fracking Hell: Toxic And Radioactive Waste – The Untold Story

– The Oil and Gas Industry’s 800-Pound Gorilla: RADIATION!

– ‘Fracking’ Result (= Contamination) For UK Shale Gas Will Be Kept Secret Until 2015

– US: Natural Gas Wells’ Contaminated Water Hits Rivers

– GASLAND Trailer 2010 (Documentary)

Quarto Reich: Italy Goes ‘There’ Again

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– Quarto Reich: Italy Goes “There” Again (ZeroHedge, Aug 6, 2012):

Just because Italy’s 2 Year bond yield has plunged, bringing its cost of short term funding to manageable levels, if only for a day or two, it is suddenly “obvious” that it will not need Germany’s goodwill ever again. Sure enough…

The Daily Mail explains:

An Italian newspaper owned by former prime minister Silvio Berlusconi has caused controversy by printing a front page headline which said ‘Fourth Reich’ above a picture of German chancellor Angela Merkel.

Read moreQuarto Reich: Italy Goes ‘There’ Again

Coca Cola CEO Muhtar Kent Confronted On Bilderberg (Video)

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YouTube Added: 06.08.2012

Decription:

Luke Rudkowski of WeAreChange got a chance to talk to the CEO of Coca Cola Muhtar Kent. Kent acted like most of the influential people that attend the Bilderberg meeting when questioned about their attendance and pretended he was deaf. Those of you who are wondering like Luke, Muhtar Kent does speak English and fully understood the serious question raised to him.

Related info:

– Senator Rand Paul Attempts To Get Journalist Arrested And Stripped Of Press Credentials For Asking Tough Questions (Video)

– Rand Paul Confronted On Bilderberg: ‘No Comment’ (Video)

‘You F—ing Americans. Who Are You To Tell Us, The Rest Of The World, That We’re Not Going To Deal With Iranians’ (Business Insider)

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In other news:

– Standard Chartered Bank accused of scheming with Iran to hide transactions (Guardian, Aug 6, 2012)

– ‘You F—ing Americans. Who Are You To Tell Us, The Rest Of The World, That We’re Not Going To Deal With Iranians’ (Business Insider Aug 6, 2012):

Today the New York State Financial Authority accused UK investment bank Standard Chartered of having facilitated $250 billion worth of transactions on behalf of Iran (you can download the full complaint here).

We identified the most shocking details here, but one line stands out and is probably going to end up being a Wall Street Classic

Read more‘You F—ing Americans. Who Are You To Tell Us, The Rest Of The World, That We’re Not Going To Deal With Iranians’ (Business Insider)

This Is how America Will Look Like In 2016

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– On This Day In 2016 (ZeroHedge, Aug 5, 2012):

For a presidential election taking place when the US debt/GDP has for the first time in 70 years crossed above 100%, in which over 50 million Americans collect food stamps and disability, in which M2 just crossed $10 trillion, in which total US debt is about to pass $16 trillion, and when total nonfarm employees in America (133,235,000) are the same as they were in April of 2005, it is quite surprising that economics has not taken on a more decisive role in the electoral debate. But while both candidates may, for their own particular reasons, not want to bring up the slow motion trainwreck that is the US economy now, in 4 years whoever is running for president will not be so lucky, because as the US debt clock shows, assuming current rates of progression, things are about to get far, far worse.

To wit, this is how America will look like in 2016:

  • Total US debt: $22.2 trillion (an increase of over $6 trillion from today)
  • Total debt per US taxpayer: $180,000
  • Debt to GDP: 130% (30% higher than today)
  • Food stamp recipients: 50 million
  • M2: $14.3 trillion (an increase of over $4 trillion from today)

and:

  • Total US Unfunded liabilities of $147 trillion (or $1.2 million per taxpayer)
  • $950 trillion in currency and credit derivatives, margined courtesy of TBTF banks’ cash deposits (forget about the return of Glass-Steagall. Ever). That’s in the US alone, which means roughly $2 quadrillion worldwide.

Actually, if those numbers do pan out, there very well may not be a presidential election in 2016. So enjoy this one. It may be the last one for quite a while.


(Click on image to enlarge.)

Source: US Debt Clock

Spain’s Stock Exchange Halted For Over 4 Hours Due To ‘Technical Glitch’

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– Spain’s Stock Exchange Has Been Halted For Over 4 Hours Due To “Technical Glitch” (ZeroHedge, Aug 6, 2012):

Update: IBEX resumes for trade with a nearly 5 hour delay, last seen higher at 1.68%. We can only hope the Knight algo is not to blame for yet another round of headless chicken buying.Last week it was Knight, today it is the Spanish stock market. Following a halt for a “technical glitch” just after 4 am Eastern time, Spain’s stock exchange, the IBEX, is still not trading as of this posting. So how will Spain and the ECB declare victory if they are unable to demonstrate the daily ramp in Spanish stocks (where shorting financials is once again forbidden…. because Europe continues to be “fixed”).

From MarketWatch:

Read moreSpain’s Stock Exchange Halted For Over 4 Hours Due To ‘Technical Glitch’