Obama’s $3.8 Trillion Budget: Tax Rise of $1.9 Trillion for Richer Americans, Businesses

Related articles:

Obama Proposes $3.8 Trillion Budget Focused on Jobs (Bloomberg):

Feb. 1 (Bloomberg) — President Barack Obama’s $3.8 trillion fiscal 2011 budget puts an emphasis on job creation with $100 billion in additional stimulus spending, along with higher taxes for the wealthy in an attempt to narrow the deficit.

This is just the beginning of the coming ‘Obamatax’ increases.

The US is totally broke:

America’s Impending Master Class Dictatorship!


Obama Seeks $1.9 Trillion Tax Rise on Rich, Business

barack_obama_001
U.S. President Barack Obama speaks about the government’s 2011 fiscal year budget in Washington on Feb. 1, 2010. Photographer: Joshua Roberts/Bloomberg

Feb. 1 (Bloomberg) — The Obama administration proposed to increase taxes on Americans earning more than $200,000 by close to $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques.

The new budget released today would reinstate 10-year-old income tax rates of 36 percent and 39.6 percent for single Americans earning more than $200,000 and joint filers who make more than $250,000 as part of a broad $1.9 trillion tax increase proposal. It proposes to eliminate preferences for oil and gas companies, life-insurance products, executives of investment partnerships, and U.S.-based companies that operate overseas.

“The administration proposes to restore balance to the tax code by providing tax cuts to working families, returning to the pre-2001 ordinary income tax rates for families making more than a quarter of a million dollars a year, closing loopholes, and eliminating subsidies to special interests,” the budget says.

In all, Obama proposed $143.4 billion in new tax cuts for individuals who earn under $200,000. While the budget sets out $93.5 billion in gross tax reductions for businesses, overall they would face a net tax increase.

Read moreObama’s $3.8 Trillion Budget: Tax Rise of $1.9 Trillion for Richer Americans, Businesses

White House to Paint Grim Fiscal Picture: Another Record Budget Deficit

The US is totally broke: America’s Impending Master Class Dictatorship!

‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.
– Barack Obama


white-house-to-paint-grim-fiscal-picture

WASHINGTON (Reuters) – The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.

In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

According to the estimate, deficits will narrow to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the source said.

President Barack Obama will seek to strike a balance between reducing the deficit over the long term and stimulating the economy in the short term to ease the pain of double-digit unemployment.

Criticized by Republicans as a big spender, Obama used his State of the Union address last week to tell Americans he would dig the country out of a “massive fiscal hole.”

That hole is even deeper than previously believed, according to the estimate by the White House’s Office of Management and Budget.

The estimate for the current fiscal year is significantly higher than the $1.35 trillion figure forecast by the nonpartisan Congressional Budget Office last week.

Read moreWhite House to Paint Grim Fiscal Picture: Another Record Budget Deficit

President Obama raises stakes on Iran by sending in ships and missiles

Iran has not attacked another country for over 200 years.

The US is totally broke –  America’s Impending Master Class Dictatorship! – and its only asset left is the military.


Pentagon says Patriot shield will deter strike on American allies in the Gulf

patriot_missile_001
A Patriot missile is launched during an Israeli-US military excercise in the Negev desert in southern Israel in February 2001. Photograph: Reuters

Tension between the US and Iran heightened dramatically today with the disclosure that Barack Obama is deploying a missile shield to protect American allies in the Gulf from attack by Tehran.

The US is dispatching Patriot defensive missiles to four countries – Qatar, United Arab Emirates, Bahrain and Kuwait – and keeping two ships in the Gulf capable of shooting down Iranian missiles. Washington is also helping Saudi Arabia develop a force to protect its oil installations.

American officials said the move is aimed at deterring an attack by Iran and reassuring Gulf states fearful that Tehran might react to sanctions by striking at US allies in the region. Washington is also seeking to discourage Israel from a strike against Iran by demonstrating that the US is prepared to contain any threat.

Chris McGreal: ‘The US is prepared to move decisively against any threat from Iran’ Link to this audio

The deployment comes after Obama’s attempts to emphasise diplomacy over confrontation in dealing with Iran – a contrast to the Bush administration’s approach – have failed to persuade Tehran to open its nuclear installations to international controls. The White House is now trying to engineer agreement for sanctions focused on Iran’s Revolutionary Guard, believed to be in charge of the atomic programme.

Washington has not formally announced the deployment of the Patriots and other anti-missile systems, but by leaking it to American newspapers the administration is evidently seeking to alert Tehran to a hardening of its position.

The administration is deploying two Patriot batteries, capable of shooting down incoming missiles, in each of the four Gulf countries. Kuwait already has an older version of the missile, deployed after Iraq’s invasion. Saudi Arabia has long had the missiles, as has Israel.

An unnamed senior administration official told the New York Times: “Our first goal is to deter the Iranians. A second is to reassure the Arab states, so they don’t feel they have to go nuclear themselves. But there is certainly an element of calming the Israelis as well.”

The chief of the US central command, General David Petraeus, said in a speech 10 days ago that countries in the region are concerned about Tehran’s military ambitions and the prospect of it becoming a dominant power in the Gulf: “Iran is clearly seen as a very serious threat by those on the other side of the Gulf front.”

Read morePresident Obama raises stakes on Iran by sending in ships and missiles

International Fund to Buy Off Taliban Leaders in Afghanistan Will Cost Hundreds of Millions

The US bought Osama Bin Laden, who died a long time ago, before. Brilliant strategy!

The elite has really some excellent ideas to further loot the taxpayers.

My guess is that most of this money will never reach any Taliban leader.


us-dollar-black-hole

LONDON — An international fund amounting to hundreds of millions of dollars will be established this week in a bid to buy off Taliban leaders in Afghanistan.

An outline for the strategy, which will be principally funded by the US, Japan and Britain, was reported to have been drafted at a meeting in Abu Dhabi two weeks ago of top-level diplomats from 20 countries.

The announcement of the establishment of the Peace and Reintegration Trust Fund, which will seek to “split the Taliban” by luring into mainstream politics any leaders not connected to, or ready to break their links with, al Qa’eda is due to be announced at the end of Thursday’s summit on Afghanistan in London.

Some will see the plan as the most public acknowledgement yet that there is no military solution to the conflict in Afghanistan.

But, assuming the scheme is approved on Thursday, it will represent the most comprehensive political attempt to draw the sting out of the insurgency since the fall of the regime in 2001.

According to The Times yesterday, the draft communiqué to be issued at the end of the conference also foresees Afghan troops “taking the lead and conducting the majority of operations in the insecure areas of Afghanistan within three years and taking responsibility for physical security within five years”.

Read moreInternational Fund to Buy Off Taliban Leaders in Afghanistan Will Cost Hundreds of Millions

FBI investigates another alleged ‘Ponzi-style’ scheme: Thousands in US, Canada ‘financially destroyed’

Federal prosecutors and FBI agents in South Florida are investigating allegations of yet another massive investment fraud in which thousands of investors across the United States and Canada are said to have lost $170 million.

The investigation began last month after a 50-page preliminary report about the “Ponzi-style” scheme was sent to a Miami federal judge by a court-appointed special master. The report called for sweeping criminal investigations by U.S. and Canadian law enforcement.

“The unassailable fact [is] that thousands of investors/owners, and by extension their families in the U.S. and Canada, as well as other countries, have been financially destroyed,” says the report by Miami lawyer Thomas Scott, a former federal judge and U.S. attorney.

Investors allegedly sank those now-missing millions into time share units and other property owned by the EMI Sun Village Resort and Spa in the Dominican Republic. But the money actually went to fund the lavish lifestyle and gambling debts of the resort’s developers, court papers say.

“That money has now been almost completely lost”, the report says. “The investors’ plight is tragic. The cause of that plight is criminal.”

Read moreFBI investigates another alleged ‘Ponzi-style’ scheme: Thousands in US, Canada ‘financially destroyed’

Former Treasury Secretary Henry Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds

Sure! That is called ‘his-story’ (Henry Paulson’s fairy tale).

See also:

Paulson Says He Was Prepared to Guarantee Lehman (BusinessWeek):

Jan. 29 (Bloomberg) — Former U.S. Treasury Secretary Henry Paulson says in his memoir that he was prepared to support a government backstop to prevent the bankruptcy of Lehman Brothers Holdings Inc. until he learned the firm’s assets were so mis- marked it would have guaranteed a loss to taxpayers.

As of  ‘now’ the US taxpayer has already lost everything, because of bailouts, stimulus packages, quantitative easing etc., which only benefited the banksters and the elite. It is just that the people don’t know it yet.

The US government and the Fed are bankrupting America!

As a side note:

If you are an investor and your investment starts to look really bad and is about to lose a lot of money, then you better sell it straightaway.

China is also about to lose a lot of money from holding US Treasuries, and it has now become very difficult to sell them without tremendous consequences, but the bailout/stimulus bubble will finally blow up. This will be the end of the dollar and the US as we know it.

Just think about the big dilemma the Chinese are in now, because of the irresponsible economic policies of the US.

I am not saying that China ‘always’ acted responsible. This is a created crisis. This is the Greatest Depression and it has only just begun.


henry-paulson
Henry Paulson, former U.S. treasury secretary, testifies at a House Oversight and Government Reform Committee hearing in Washington, D.C., on Jan. 27, 2010. (Bloomberg)

Jan. 29 (Bloomberg) — Russia urged China to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, former Treasury Secretary Henry Paulson said.

Paulson learned of the “disruptive scheme” while attending the Beijing Summer Olympics, according to his memoir, “On The Brink.”

The Russians made a “top-level approach” to the Chinese “that together they might sell big chunks of their GSE holdings to force the U.S. to use its emergency authorities to prop up these companies,” Paulson said, referring to the acronym for government sponsored entities. The Chinese declined, he said.

Russia’s five-day war with U.S. ally Georgia started on Aug. 8, the same day as the opening ceremonies of the Beijing Games. Prime Minister Vladimir Putin told U.S. President George W. Bush during those ceremonies that “war has started,” according to Dmitry Peskov, Putin’s spokesman.

“The report was deeply troubling — heavy selling could create a sudden loss of confidence in the GSEs and shake the capital markets,” Paulson wrote. “I waited till I was back home and in a secure environment to inform the president.”

Russia never approached China about dumping U.S. bonds, Peskov said today. “This is not the case,” he said by phone.

Russia sold all of its Fannie and Freddie debt in 2008, after holding $65.6 billion of the notes at the start of that year, according to central bank data. Fannie and Freddie were seized by regulators on Sept. 6, 2008, amid the worst U.S. housing slump since the Great Depression.

Read moreFormer Treasury Secretary Henry Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds

Secret Banking Cabal Emerges From AIG Shadows

Jan. 29 (Bloomberg) — The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.

Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system — apart from the matter of AIG’s bailout — deserves further congressional scrutiny.

The New York Fed is in the hot seat for its decision in November 2008 to buy out, for about $30 billion, insurance contracts AIG sold on toxic debt securities to banks, including Goldman Sachs Group Inc., Merrill Lynch & Co., Societe Generale and Deutsche Bank AG, among others. That decision, critics say, amounted to a back-door bailout for the banks, which received 100 cents on the dollar for contracts that would have been worth far less had AIG been allowed to fail.

That move came a few weeks after the Federal Reserve and Treasury Department propped up AIG in the wake of Lehman Brothers Holdings Inc.’s own mid-September bankruptcy filing.

Saving the System

Read moreSecret Banking Cabal Emerges From AIG Shadows

Germany Warns of ‘Fatal’ Eurozone Crisis, Funds Flee Greece

Germany has triggered a near-panic flight from southern European debt markets by warning that there will be no EU bail-outs, even though it fears the region’s economic crisis has turned dangerous and could prove “fatal” for the entire eurozone.

Wonders of the World: Parthenon, Greece
Funds flee Greece as Germany warns of “fatal” eurozone crisis

The yield on 10-year Greek bonds blasted upwards by over 40 basis points to 7.15pc in a day of wild trading. Spreads over German Bunds reached almost four percentage points, by far the highest since Greece joined the euro, and close to levels that risk a self-feeding spiral. Contagion hit Portuguese, Spanish, Irish, and Italian bonds.

George Papandreou, the Greek premier, said in Davos that his country had been singled out as the weak link in a “attack on the eurozone” by speculators and political foes. “We are being targeted, particularly by those with an ulterior motive.”

Marc Ostwald, from Monument Securities, said the botched bond issue of €8bn (£6.9bn) of Greek debt earlier this week has made matters worse. Many of the investors were “hot money” funds that bought on rumours that China was emerging as a buyer, offering them a chance for quick profit. When the China story was denied by Beijing and Athens, these funds rushed for the exit.

However, a key trigger yesterday was testimony in Germany’s parliament by economy minister Rainer Brüderle, who said there would be “no bail-outs” for struggling debtors and no move to a “European economic government”.

“A few European nations are exhibiting dangerous weaknesses. That could have fatal consequences for all countries in the eurozone,” he said. Despite the warning, he said each country must solve its own problems.

Read moreGermany Warns of ‘Fatal’ Eurozone Crisis, Funds Flee Greece

How Bush’s grandfather, Prescott Bush, helped Hitler’s rise to power

Not only has Prescott Bush helped to finance Hitler, but he was involved in a plot to overthrow FDR and to implement a fascist dictatorship in the US:

G. W. Bush and Adolf Hitler signed a Directive 51:

But what really struck me was the BBC story aired on July 23rd, 2007, documenting President George W. Bush’s grandfather’s involvement in a 1933 plot to overthrow the U.S. government and install a fascist dictatorship.

FDR’s Response to the Plot to Overthrow Him

The son and the grandson of Prescott Bush, who has committed HIGH TREASON, became Presidents of the United States of America!


Rumours of a link between the US first family and the Nazi war machine have circulated for decades. Now the Guardian can reveal how repercussions of events that culminated in action under the Trading with the Enemy Act are still being felt by today’s president

prescott-bush-and-son

George Bush’s grandfather, the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany.

The Guardian has obtained confirmation from newly discovered files in the US National Archives that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism.

His business dealings, which continued until his company’s assets were seized in 1942 under the Trading with the Enemy Act, has led more than 60 years later to a civil action for damages being brought in Germany against the Bush family by two former slave labourers at Auschwitz and to a hum of pre-election controversy.

The evidence has also prompted one former US Nazi war crimes prosecutor to argue that the late senator’s action should have been grounds for prosecution for giving aid and comfort to the enemy.

Read moreHow Bush’s grandfather, Prescott Bush, helped Hitler’s rise to power