Socio-Economics History Blog

Socio-Economics History Blog

Russia Hits Back at U.S. Over Syria! Obama Administration is Lying!!

by mosesman
http://articles.cnn.com/2004-01-10/politics/oneill.bush_1_roomful-of-deaf-people-education-of-paul-o-neill-national-security-council-meeting?_s=PM:ALLPOLITICS
Click on image for article!
  • Remarks mine:
  • Russia Hits Back at U.S. Over Syria! 
    by PAUL SONNE, http://asia.wsj.com/home-page 
    MOSCOW—The Kremlin criticized the U.S. decision to arm Syrian opposition fighters and said Washington’s evidence that the Syrian regime is using chemical weapons was unconvincing, but said Friday that Moscow is “not yet” discussing its plans to deliver of air-defense missiles to the regime.
    –
    President  Barack Obama on Thursday authorized the U.S. to arm fighters against the Syrian President Bashar al-Assad’s regime, reversing a policy of giving only nonlethal support to the country’s opposition in the two-year-old civil war. (This is not a civil war! It is a western backed foreign terrorists attack against Syria!) The White House cited confirmation that Mr. Assad’s regime had killed up to 150 people with chemical weapons as the reason for its about-face. (This is propaganda BS! Why would Assad use chemical weapons and given an excuse to the west to invade Syria! Assad has stated many times he will not use chemical weapons, even against Israel. The Russians have also backed his statements!)
    –
    read more!

http://www.guardian.co.uk/world/2013/mar/18/panorama-iraq-fresh-wmd-claims
Click on image to goto article!

http://www.nytimes.com/2010/07/15/world/asia/15vietnam.html
The Gulf of Tonkin incident never happened! The Vietnam war was started by the US based on a Big LIE! Click on image for article!

[youtube=http://www.youtube.com/watch?v=IU01omNacMM]
[youtube=http://www.youtube.com/watch?v=5AaGVAipGp0]

“… and events afterwards showed our judgement that we were attacked on that day was wrong! It didn’t happened!” – 3:20 onwards. Robert McNamara on the Gulf of Tonkin incident which launched the Vietnam war! !

end

Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt !

by mosesman

US-Debt_Economic-collapse

  • By some measure using GAAP, the true debts/liabilities amount is close to US$200T!! (See: Professor Laurence Kotlikoff: The US Is Bankrupt−The Real Public Debt Is $222 Trillion!) Anyone who thinks this will be paid back without destroying the dollar is delusional !
    –
    Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt! 
    by CHRIS COX AND BILL ARCHER, http://asia.wsj.com/home-page 
    Hiding the government’s liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can’t.
    –
    A decade and a half ago, both of us served on President Clinton’s Bipartisan Commission on Entitlement and Tax Reform, the forerunner to President Obama’s recent National Commission on Fiscal Responsibility and Reform. In 1994 we predicted that, unless something was done to control runaway entitlement spending, Medicare and Social Security would eventually go bankrupt or confront severe benefit cuts.
    –
    Eighteen years later, nothing has been done. Why? The usual reason is that entitlement reform is the third rail of American politics. That explanation presupposes voter demand for entitlements at any cost, even if it means bankrupting the nation.
    –
    A better explanation is that the full extent of the problem has remained hidden from policy makers and the public because of less than transparent government financial statements. How else could responsible officials claim that Medicare and Social Security have the resources they need to fulfill their commitments for years to come?
    –
    As Washington wrestles with the roughly $600 billion “fiscal cliff” and the 2013 budget, the far greater fiscal challenge of the U.S. government’s unfunded pension and health-care liabilities remains offstage. The truly important figures would appear on the federal balance sheet—if the government prepared an accurate one.
    –
    But it hasn’t. For years, the government has gotten by without having to produce the kind of financial statements that are required of most significant for-profit and nonprofit enterprises. The U.S. Treasury “balance sheet” does list liabilities such as Treasury debt issued to the public, federal employee pensions, and post-retirement health benefits. But it does not include the unfunded liabilities of Medicare, Social Security and  other outsized and very real obligations.
    –
    read more!

end

The Gold Standard Goes Mainstream!

by mosesman

  • THE PROTOCOLS OF THE LEARNED ELDERS OF ZION (Satanic)
    Protocol III Methods of Conquest
    … We shall create by all the secret subterranean methods open to us and with the aid of gold, which is all in our hands, A UNIVERSAL ECONOMIC CRISES WHEREBY WE SHALL THROW UPON THE STREETS WHOLE MOBS OF WORKERS SIMULTANEOUSLY IN ALL THE COUNTRIES OF EUROPE.
    –
  • When the propaganda MSM sells the gold standard which they have attacked for over 40 years, you know something is up! The Illuminists are social engineers. They manipulate the sheeple constantly via brainwashing and propaganda. They want the sheeple to desire, to demand, to accept …. their pre-planned solutions. All the recent talk, introducing the gold standard is to lay the groundwork for the collapse of the USD and the introduction of the One World Currency backed by gold. Fiat currencies will collapse via hyperinflation when the USD collapses creating the crisis needed for the launch of this One World Currency! When this One World Currency backed by gold is introduced, all fiat currencies (which are backed by NOTHING) will fall in value against it. They will promote this One World Currency with “as good as Gold”. The Global Supra-National Central Bank (likely IMF 2.0) is coming soon, thereafter ‘666’.
    –
    The Gold Standard Goes Mainstream! 
    by SETH LIPSKY, http://online.wsj.com/home-page 
    In the ferment within today’s Republican Party, there’s a growing realization that America’s system of fiat money is part of the economic problem.
    –
    An under-reported development of this campaign season is the Republican Party’s decision this week to send Gov. Mitt Romney into the presidential race on a platform effectively calling for a new gold commission. The realization that America’s system of fiat money is part of its economic problem is moving from the fringes of political discussion to the center.
    –
    This is a sharp contrast from the last time a gold commission was convened, in 1981, a decade after President Nixon abandoned the Bretton Woods system and opened the era of a fiat dollar. The 1981 commission recommended against restoring a gold basis to the dollar. But two members—Congressman Ron Paul and businessman-scholar Lewis Lehrman—dissented and outlined the case for gold.
    –
    The new platform doesn’t use the word “gold,” describing the 1981 United States Gold Commission as looking at a “metallic basis” for the dollar. But the metal was gold, and the new platform calls for a similar commission to investigate ways “to set a fixed value for the dollar.”
    –
    What has stayed with me from 1981—I covered the commission as a young editorial writer for this newspaper—is how momentum for a new gold standard faded amid the successes of the supply-side revolution. President Reagan pushed through his tax reductions and Federal Reserve Chairman Paul Volcker maintained tight money. Inflation was defeated. The value of the dollar, which had sunk below 1/800th of an ounce of gold during President Carter’s last year in office, soared.
    –
    read more!

end

German-IMF Rift Stalls Greece Deal !

by mosesman
  • The PSI (private sector investors) debt negotiations for Greek debt will certainly not go well. If PSI accepts a 70% haircut voluntary debt restructuring, the ISDA (International Swaps and Derivatives Assoc.) will declare that Greece has not defaulted. Thus, all the 5 major banks which sold the CDS (insurance against default) need not pay out any insurance claims. These are the banks which essentially own/control the ISDA. So why would any PSI agree to such a deal? They stand to lose enormously.
    –
  • The sane/sound strategy is to reject any compromise, haircut …. and force a hard default by Greece. Then, the ISDA will have no choice but to accept a default credit event has occurred and the banksters will have to pay out on all the CDS claims! Thus, the PSI will be made whole on their debts and more! Why would any PSI accept losses when the ECB and IMF are exempt from it? Do not buy into all the MSM talk that a deal is imminent. I don’t think so!
    –
    German-IMF Rift Stalls Greece Deal ! 
    By STEPHEN FIDLER, http://online.wsj.com/
    BRUSSELS—A long-awaited agreement to restructure more than €200 billion ($262 billion) of Greek government bonds in private hands is being held up in large part by big differences between two of Greece’s official creditors: the International Monetary Fund and Germany.
    –
    Several people close to the negotiations say a deal between Greece and private bondholders could be concluded in hours, as only small differences remain between the two sides. But the rift between the IMF and Germany—on top of a desire among all official creditors to secure a solid commitment from Greek politicians across the political spectrum to big changes in the economy’s structure—has delayed final completion of the accord.
    –
    The gap between Germany and the IMF, central players in the decision on a new bailout for Greece, reveals a fundamental divergence in their approach to reducing Greece’s huge debt burden.
    –
    The IMF has argued, increasingly vociferously, that cutting the face value of the €200 billion of Greece’s debt in private hands won’t be enough to reduce the government’s debt to the official target of 120% of gross domestic product by 2020—a goal many analysts consider not ambitious enough.
    –
    … for more click here!

end

ECB’s Chief Warns Situation Is ‘Very Grave’!

by mosesman

  • Super Mario is  a member of the Illuminist Trilateral Commission and Bilderberg group. Their objective is a One World Currency, Global Supra-National Central Bank and Luciferian World Government.
    –
    ECB’s Chief Warns Situation Is ‘Very Grave’! 
    By BRIAN BLACKSTONE, http://online.wsj.com/
    Mario Draghi, Before European Parliament, Says Nations Must Move on Both Growth and Austerity
    FRANKFURT—European Central Bank President Mario Draghi delivered his sternest warning to date on Europe’s debt crisis, saying it could cripple financial markets and the economy unless effective actions are taken by governments. “We are in a very grave state of affairs and we must not shy away from this fact,” Mr. Draghi said in testimony to the European Parliament.
    –
    Three months ago, Mr. Draghi’s predecessor, Jean-Claude Trichet, told the same group of lawmakers the crisis had reached “systemic dimensions.” Mr. Draghi on Monday said “the situation has worsened further” since then.
    –
    Steps must be taken to restore economic growth and boost employment even as vulnerable governments reduce their budget deficits, Mr. Draghi said. Concerns over government-bond markets in some European countries, in addition to a worsening of economic growth prospects, “led to severe disturbances in the normal functioning of financial markets and, ultimately, the real economy,” Mr. Draghi said.
    –
    The ECB has responded “decisively,” Mr. Draghi said, citing the bank’s decision last month to make three-year loans available to commercial banks and relax its collateral rules to expand access to the loans. Early results are “encouraging” that the measures helped to avert a major credit crunch, he said, reiterating comments made last week after the ECB’s monthly meeting.
    –
    The ECB president delivered a more upbeat message when policy makers met Thursday, pointing to “tentative” evidence that the euro-zone economy was stabilizing. Since then, the euro bloc has been hit by a series of setbacks, including a mass downgrade of euro-zone credit ratings on Friday and a breakdown in Greek debt-restructuring talks.
    –
    Mr. Draghi warned recent decisions by European governments to improve coordination of fiscal economic policies and move toward more fiscal union “are not enough” unless they are followed through.
    –
    … for more click here!

end

Greek Bailout in Peril !

by mosesman
It is all about bailing out the banks!
  • You cannot solve a debt problem with more debts! What the MSM call a bailout is a fraud. It is mis-labelling to fool the sheeple. There is no bailout, it is really more debts at high interest rates. Do not fall for all the mis-information in the MSM. The western corporate MSM is just another arm of the Illuminist banksters. If you are bankrupt with no ability to repay, do you really think banks will lend you even more money? Banks will bail you out? I don’t think so! This is about propping up insolvent French, German … Illuminist banks which hold alot of sovereign debts!
    –
    Greek Bailout in Peril 
    By WILLIAM BOSTON, BERND RADOWITZ and ANDREA THOMAS, http://online.wsj.com/home-page
    BERLIN—Germany and France on Monday pressed Greece and its bondholders to agree on a reduction of Athens’s debt burden, warning that Greece’s bailout loans from the euro zone and the International Monetary Fund are on hold until a deal is reached with private investors.
    –
    German Chancellor Angela Merkel and French President Nicolas Sarkozy met in Berlin on Monday to discuss the euro zone’s plans to tackle the debt crisis on the bloc’s periphery, and to flesh out their proposals for closer coordination of economic and budget policies among the euro’s 17 member countries. But their talks were overshadowed by concerns in financial markets that Greece’s bailout program is in danger of unraveling, driving the euro to a 16-month low and hitting global stocks on Monday.
    –
    Greece’s deteriorating economy is threatening the viability of a €130 billion ($165.2 billion) bailout for the country that European leaders agreed to in October. The bailout package, which followed an earlier aid deal for Athens that was agreed on in 2010, relies on Greece negotiating a 50% reduction in much of its outstanding bond debt. It also requires Greece’s government to make fresh efforts to cut its budget deficit.
    –
    “The second Greece program has to be implemented soon, otherwise it won’t be possible to disburse the next tranche” of aid loans, Ms. Merkel told a joint news conference with Mr. Sarkozy after their meeting. A spokesman for the Greek government declined to comment on Monday.
    –
    Many analysts and officials, including at the IMF, fear that Greece will need bigger debt forgiveness from its bondholders if it is to bring its overall debts down to a sustainable level. Germany and France, however, made it clear on Monday that they want to see the October agreement implemented.
    –
    … for more click here!

end

Sovereign Debt Worries Flare Again in Europe!

by mosesman

  • The Eurozone sovereign debt bomb is about to explode! You cannot solve a debt problem with more debts at exorbitant interest rates! Do we really believe that Greece will not default when 1 year Greek bonds are at 60%, 2 years Greek bonds at 46%? This coming collapse will start in the Eurozone, bring down the financial/banking system and spread to UK, Japan and finally USA. Of course, by the end the whole world will be ‘in flames’! No country will escape this coming collapse.
    –
    Greek Bonds Plunge on Aid Deal Worries
    By NEELABH CHATURVEDI , http://online.wsj.com/home-page
    LONDON—Greek bonds fell sharply with two-year and five-year yields hitting euro-era highs as investors trained their guns back on the cash-strapped ountry amid signs of discord over a bailout package. Bonds issued by other highly indebted euro-zone countries also fell as traders fretted over the Italian government’s ability to push through fiscal tightening measures.
    –
    The two-year Greek bond yield rose by 2.64 percentage points to 45.92%, widening the yield spread over similarly dated German schatz by 2.47 percentage points to 45.39%. The five-year yield rose by 0.83 percentage point to 28.56%, while the 10-year yield climbed by 0.16 percentage point to 17.54%.
    –
    Sovereign Debt Worries Flare Again in Europe
    By  AND NIKI KITSANTONIS , http://www.nytimes.com/
    LONDON — Concerns about the euro zone’s ability to cohesively respond to its debt crisis resurfaced Friday after talks between Greece and its foreign creditors were interrupted and the head of the European Central Bank warned Italy to stick to its austerity program.
    –
    European stocks were sagging even before a disappointing U.S. jobs report added to concerns about the global economy, dragged lower by those companies most tied to growth like car makers, banks and insurers.       
    –
    Yields on 10-year Italian bonds rose almost a tenth of a percentage point to 5.21 percent — well above the 5 percent level that is considered to be the top rate desired by policy makers.       
    –
    The yield on Spain’s 10-year securities climbed slightly to 5.06 percent, despite passage in the lower house of the Spanish Parliament on Friday of an amendment that will enshrine stricter budgetary discipline in the Constitution.       
    –
    The E.C.B. on Aug. 8 began the extraordinary step of buying Italian and Spanish debt to help calm markets after 10-year rates had spiked to around the 6 percent level.       
    ….
    “There’s still no genuine investor demand for Spanish and Italian government bonds,” he said. Sentiment was hit after the team of European and International Monetary Fund officials pulled out of Athens early as they apparently disagreed over the country’s deficit figures and how to make up for a growing budget shortfall. The mission had been sent to determine whether Greece would meet the conditions for the next tranche of emergency loans, due in September.  
    …..
    An initial loan package, agreed to last year, has since been supplemented by a second bailout deal that was hammered out in Brussels in July, but which now hangs in the balance amid demands by some euro zone countries for guarantees from Greece in the form of collateral. Without that fresh aid, Athens could default on its obligations.
    ……
    One issue that dominated talks, which concluded in the early hours of Friday morning, was a deeper-than-expected recession in Greece that would necessitate “some additional elaboration to ensure there is no divergence” from deficit reduction targets, Mr. Venizelos said. 
    …..
    Mr. Venizelos also said that Greece’s economy was expected to contract by “up to 5 percent” but would not give a figure for the Greek budget deficit, broadly expected to overshoot a deficit target of 7.6 percent for 2011 by up to one percentage point. 
    –
    …. for the full article click here!

end

Choice for EU: Bail Out Greece or Bail Out Your Banks!

by mosesman
Source: http://www.telegraph.co.uk/ . Photo: Alamy
  • Quite obviously the bought and paid for politicians will bailout their masters: the Illuminist banksters! It is all about bailing out the banks and not Main Street. It is about financially raping the sheeple by taking their monies and giving it to the banks! Don’t be taken for a ride! (emphasis mine)
    –
    Choice for EU: Bail Out Greece or Bail Your Banks
    By ALEN MATTICH, http://online.wsj.com/home-page
    The yield on Greek one-year government bills hit 60% Tuesday.
    Not only does this suggest default is now all but certain and will come soon, it also implies that the terms of the default will be particularly brutal for investors, with recovery rates possibly even lower than the currently anticipated 50%.
    –
    European governments are being forced to face up to the significance of a Greek default. This is perhaps the underlying message from International Monetary Fund Managing Director Christine Lagarde‘s warning that Europe’s banks “need urgent recapitalization.” She may have been warning about the costly alternative to a solution to the Greek sovereign crisis. But it could well be too late.
    –
    Finnish insistence on additional collateral against any further bailout loans it makes to Greece threatens to scupper Europe’s rescue vehicle, the European Financial Stability Facility. Without EFSF funds, Greece will almost certainly have no choice but to default on its obligations.
    –
    And default will damage Europe’s already fragile banks.
    Getting to the nub of their exposure to Greece is tricky. On the face of it, their direct holdings of Greek government debt as a fraction of existing capital is probably not too scary. UBS estimates the exposure of European banks, except Greek banks, to Greek sovereign debt at €46 billion (£66 billion), with French and German institutions holding €9.4 billion and €7.9 billion, respectively.
    –
    Although these exposures are fairly significant for some banks—for instance, Dexia‘s exposure to Greek government debt is estimated at 39% of its equity capital, and Commerzbank‘s at 27%—most outside of Greece have much more manageable positions.
    –
    But these crises are seldom neatly contained.
    “The problem with situations like this is that it is hard to quantify what the second- and third-round effects will be,” warns Stephen Lewis, economist at Monument Securities.
    –
    Any default would hit the Greek economy more generally and banks have considerably more exposure to Greece than simply to its sovereign debt. According to the Bank for International Settlements, European banks have a total exposure of €94 billion to the Greek economy, with French institutions on the hook for €40 billion and Germany’s €24 billion.
    –
    Given that in mid-August, the 32 members of the Stoxx euro-zone banks index had a total market capitalization of some €240 billion, Greece has the potential to put a huge dent in their balance sheets. What’s more, the International Accounting Standards Board is worried that European financial institutions have been fudging their exposure to Greece in their recent results by underproviding against potential losses on these assets. When the default finally hits and banks are forced to recognize their true positions, the results could look very ugly indeed.
    –
    But that’s not where it ends. These estimates don’t include the exposure to Greece by non-banking institutions such as insurers. As they’re damaged by the Greek fallout, domestic banks will be affected further still.
    –
    … for the full article click here!

end

WSJ: Greece's Government Prepares To Sell Up To $42.9 Billion of Public Property To Reduce Its Mountain of Debt!

by mosesman
Sales of public land by Greece may include a concession to develop a luxury resort on the island of Rhodes, whose harbor and historic city center in 2007 are shown. The first properties could be put on the market in the next few months. Agency France-Presse/Getty Images
  • The financial rape of Greece is accelerating. They are being forced to sell off their country to pay off debts owed by private banks. Why should the public be made to pay for debts of these banksters? The Greeks should do what Iceland did: vote NO, HELL NO and default! Who will buy up all these hard assets? Obviously, Illuminist banksters with the money. Hey, they create money out of thin air. They just enter into their central bank computer system US$1T and the money is created! Who is to say they have not done it quietly to benefit themselves in the past? They are not audited and are privately owned!
    –
    Want to Buy a Piece of a Greek Island?
    Greece’s Government Prepares to Sell Up to $42.9 Billion of Public Property to Reduce Its Mountain of Debt
    By WILLIAM BOSTON , WSJ  
    Now might be your chance to buy that portion of a Greek island you have been     coveting. As part of Greece’s privatization plan to raise cash to reduce its mountain of debt, the national government is preparing to sell as much as €30 billion ($42.9 billion) of public property. It is still early in the process, but future sales are likely to include assets ranging from the government’s stake in the Mont Parnes Casino resort in Athens, hotels, and even a concession to develop a luxury resort with a world-class golf course on the island of Rhodes.
    –
    The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.
    –
    The International Monetary Fund, in its latest report on Greece, estimates that as many as €15 billion could be raised through real-estate sales. Mr. Karytinos says expected proceeds from property sales or leasing is now estimated at between €15 billion and €30 billion. The first step is to sift through the long list of public property, identify the best real estate, and resolve any legal issues to ensure that the property is able to be fully developed by investors.
    –
    “We more or less know what the government owns, but many of the properties may have some legal or technical problems that need to be resolved before we an exploit them,” Mr. Karytinos said in an interview. “In some cases, we may have to rezone properties.”
    –
    The real-estate privatization is part of a broader program to sell government holdings valued at about €50 billion, which Athens agreed to do to obtain a €110 billion bailout by the European Union and the International Monetary Fund. The IMF has been pressing Greece to accelerate the privatization process and is particularly keen to see Athens dispose of stakes in properties and industries that it believes are better left to the private sector, such as running gambling casinos.
    –
    Greece hopes to attract international investors to create modern resorts and residential communities for foreign tourists. “The tourism industry is clearly one of our major strengths,” Mr. Karytinos said. “This is an area where we have an advantage, and we are talking to international investors about creating these
    types of developments.”
    –
    Most of the public real estate is undeveloped land or retired sites such as the old Athens airport at Hellenikon. In most cases, the Greek government may not actually sell the property outright but is more likely to lease the underlying land for development.
    –
    “Our strategy is to award concessions, long-term leases of 30 to 40 years, depending on the individual property, but the government will retain ownership of the land,” Mr. Karytinos said. “The first properties should come to market in the next few months, but certainly by the end of the year.”
    –
    … to continue reading click here!

end