1 of 2:
Date: 22nd Apr 10
2 of 2:
Date: 22nd Apr 10
1 of 2:
Date: 22nd Apr 10
2 of 2:
Date: 22nd Apr 10
Video from the Joint Economic Committee Hearing.
Watch for yourself Bernanke nod yes to printing $1.3 trillion:
Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
What is even more shocking is I could not find a single mainstream news agency that covered this revelation. Congress just finished voting on the bitterly contested Obama health care bill that is supposed to cost nearly a trillion dollars over ten years. (Some contend it will be more than twice that amount.) The mainstream media doesn’t even bat an eye over the Fed creating $1.3 trillion in a little more than a year to buy worthless debt no one else will touch. I do not get it. I guess we could have asked the Fed to print up a trillion dollars to pay for health care and avoided that drawn out battle in Congress.
Then, Rep. Paul brings up printing another $105 billion to bailout Greece. Bernanke answers by saying, “. . . I think one of the agreements that the G20 leaders came up with was sort of a mutual commitment to put more money into the IMF as a way of addressing the financial crisis around the world. . .” Notice how Bernanke used the term “mutual commitment.” I think what that really means is an agreement between all the G-20 nations of a “mutual debasement of their currencies.” I think this is why gold has been rising in price around the globe. I have been saying for months that we are going to have some very big inflation. (Real inflation is already at 9.5% according to shadowstats.com.) I wrote about this last November in a post called “The Fix Is In.”
I think Bernanke just opened the Fed playbook and revealed money will be printed to fix all financial problems. I don’t think he’s even trying to hide it anymore. Rep. Paul also brought up the big debt trouble coming soon with many, many bankrupt cities and states such as Los Angeles and California. I think they will all be bailed out one way or another by the printing press.
A new strain of hypervirulent, deadly fungus has been discovered in the United States, a new study says.
The outbreak has already killed six people in Oregon, and it will likely creep into northern California and possibly farther, experts say.
The new strain is of the species Cryptococcus gattii, an airborne fungus native to tropical and subtropical regions, including Papua New Guinea, Australia, and parts of South America. An older strain of the fungus was frst detected in North America in British Columbia, Canada, in 1999.
No one knows how the species got to North America or how the fungus can thrive in a temperate region, experts say.
Pope Benedict XVI is named in a suit filed by an Illinois man alleging that the Vatican covered up sexual abuse by a priest.
(CNN) — An Illinois man is suing the Vatican and Pope Benedict XVI for allegedly covering up sexual abuse by a priest at a Catholic school in Wisconsin.
The lawsuit demands the Vatican release the names of thousands of Catholic priests that the suit says have “credible allegations of sexual misconduct” against them.
The alleged victim, who is now an adult, says he was molested by Father Lawrence Murphy while a student at St. John’s School for the Deaf, according to the complaint filed in U.S. District Court in Milwaukee, Wisconsin.
“The defendant, [the] Holy See, has known about the widespread problem of childhood sexual abuse committed by its clergy for centuries, but has covered up that abuse and thereby perpetuated the abuse,” the suit says.
Federico Lombardi, a Vatican spokesman, declined to comment on the case.
Pope Benedict XVI was named as a defendant because he has the ultimate authority to remove priests and because of his involvement in reviewing sex abuse cases when he was Cardinal Joseph Ratzinger, the suit says.
Doctors in southern China are working around the clock to fulfil a government goal to sterilise – by force if necessary – almost 10,000 men and women who have violated birth control policies. Family planning authorities are so determined to stop couples from producing more children than the regulations allow that they are detaining the relatives of those who resist.
About 1,300 people are being held in cramped conditions in towns across Puning county, in Guangdong Province, as officials try to put pressure on couples who have illegal children to come forward for sterilisation.
The 20-day campaign, which was launched on April 7, aims to complete 9,559 sterilisations in Puning, which, with a population of 2.24 million, is the most populous county in the province.
A doctor in Daba village said that his team was working flat out, beginning sterilisations every day at 8am and working straight through until 4am the following day.
Zhang Lizhao, 38, the father of two sons, aged 6 and 4, said that he rushed home late last night from buying loquats for his wholesale fruit business to undergo sterilisation after his elder brother was detained. His wife had already returned so that the brother would be freed.
Mr Zhang said: “This morning my wife called me and said they were forcing her to be sterilised today. She pleaded with the clinic to wait because she has her period. But they would not wait a single day. I called and begged them but they said no. So I have rushed back. I am satisfied because I have two sons.”
Thousands of others have refused to submit and officials are continuing to detain relatives, including elderly parents, to force them to submit to surgery. Those in detention are required to listen to lectures on the rules limiting the size of families.
President Obama is sponsoring a bill by the Senate Banking Committee Chairman Chris Dodd(D-CT) that would reward the Financial Firm Goldman Sachs with up to Billions of Dollars. The bill implements a $50 billion resolution fund to the firms creditors through fees that would come from banks and other businesses, which the bill calls a “nonbank financial company.” Critics are calling it a “backdoor bailouts” to Goldman Sachs who was already payed $12.9 billion in tax dollars through the bailout of AIG.
Supporters are denying the bill is a bailout because its demands the removal of some management positions but Financial Crisis Inquiry Commission member Peter Wallison said “that act – paying off the creditors when the government takes over a failing firm – is a bailout. It doesn’t matter that the management lose their jobs, or that the shareholders get nothing. When the creditors are aware that they will get a better deal with the failure of a large company than they will get with a small one that goes the ordinary route to bankruptcy, that is a bailout.”
Al Gore is an elite puppet like Bush and Obama. He has been selected by the elite to brainwash the people with the global warming scam in order to push through with the elite agenda of world government, the ‘New World Order’.
It’s all about money, power and control.
Al Gore, the self-styled squeakiest-clean and deepest-green politician in American history, has some explaining to do this weekend. His environmental organisation has taken money to raise awareness about the need for clean water from a controversial chemicals company.
Dow Chemical, the US firm, is sponsoring Life Earth events in 150 cities today. The event aims to raise money for clean water programmes. Research by environmental organisations has found dangerous levels of highly toxic chemicals in rivers, lakes and other water supplies close to several other factories owned by Dow and its subsidiaries in countries including the United States, Brazil and South Africa.
Dow’s factories at its global headquarters in Midland, Michigan, have been accused of contaminating the region, including the Tittabawassee River floodplains, with high levels of dioxin – one of the “dirty dozen” most dangerous chemicals. In 2007, the highest level of dioxin contamination ever measured by the US Environmental Protection Agency was found in the Michigan Saginaw River. Residents are advised to avoid contact with river sediments and not to eat locally caught fish.
Campaigners are outraged by what they call Dow’s “blatant attempt” to paint itself as a green company and divert attention from the Bhopal scandal, where 25 years after the 1984 disaster at the plant (then owned by Union Carbide) thousands of villagers are still forced to use contaminated water which causes birth defects, cancer and skin disorders.
Live Earth, which has accumulated celebrity supporters and thousands of activists worldwide since its climate change concert in 2007, has been criticised by campaigners for joining forces with a company which has a track record of, at best, being slow to clean up toxic spills that pollute water, damage ecosystems and endanger lives.
Three weeks ago, Amnesty International asked Live Earth to reconsider the sponsorship unless Dow publicly agreed to clean up Bhopal. Live Earth did not respond.
There is no recovery!
LOS ANGELES (AP) – A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.
RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.
More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.
“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.
According to report in Sunday Times, Israeli minister said if Hezbollah dares to attack with ballistic missiles, responsibility will fall on Syria’s shoulders, Israel will mercilessly attack strategic targets. ‘Assad playing with fire,’ says minister, according to British paper
After Foreign Minister Avigdor Lieberman threatened that Syrian President Bashar Assad will lose his power should he provoke Israel, recent reports of advanced missiles being transferred from Syria to Hezbollah have led to more serious threats being made.
“We will return Syria back to the Stone Age,” an Israeli minister was quoted as saying in British paper, the Sunday Times. The paper reported that this sentiment was communicated to Damascus via a third party.
According to the report, the minister, speaking off the record, warned last week that Israel will do so by “crippling its power stations, ports, fuel storage and every bit of strategic infrastructure if Hezbollah dare to launch ballistic missiles against us.”
The long-drawn saga in Athens can perhaps be deemed a case apart. Greece lied. Its budget deficit was egregious at 16pc of GDP last year on a cash basis. It wasted its EMU windfall, the final chance to bring public debt back from the brink of a compound spiral.
You cannot blame the euro for this, although EMU undoubtedly created a risk-free illusion that lured both Athens and creditors deeper into the trap – and now prevents a solution. Nor would an orderly default under IMF guidance along Uruguayan lines necessarily imperil Europe’s banks. The Bundesbank hints that letting Greece go would prove a healthier outcome for EMU in the long run, upholding discipline.
However, Portugal did not cheat (much) and did not start as an arch-debtor. It did mishandle the run-up to EMU in the 1990s, failing to offset a fall in interest rates from 16pc to 3pc with fiscal tightening. Boom-bust ensued. But that was a long time ago. Portugal has since settled down to a decade of sobriety. The reward never came.
Brussels admitted last week that Portugal’s external accounts have switched from credit in the mid-1990s to a deficit of 109pc of GDP. This has been caused by the incentive structures of EMU itself. “The more broadened access to credit induced a significant reduction in the saving rate, while consumption kept growing faster than GDP. This development led to an increase in Portuguese indebtedness,” it said.
The IMF’s January report – worth examining for its horrifying charts – said “The large fiscal and external imbalances that arose from the boom in the run-up to adoption of the euro have not been unwound, resulting in the economy becoming heavily indebted and growing banking system vulnerabilities. The longer the imbalance persists, the greater the risk the adjustment will be sudden and disruptive.” The IMF noted the “heavy reliance” of banks on foreign wholesale funding, equal to 40pc of total assets.