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Tuesday, 14 December 2010

Halliburton reportedly agrees to pay Nigeria $250 million to drop bribery charges against Cheney, and their firm -

The massive industrial conglomerate Halliburton has reportedly offered to pay $250 million to settle charges against its former chief executive, ex-Vice President Dick Cheney, in a multi-million dollar bribery case.

Nigeria filed charges against Cheney last week in an investigation of alleged bribery estimated at $180 million. Prosecutors named both Halliburton and KBR in the charges, as well as three European oil and engineering companies -- Technip SA, EniSpa, and Saipem Construction. Eleven Halliburton officials were arrested last month and freed on bail Nov. 29.

The charges allege that engineering contractor KBR, until 2007 a subsidiary of Halliburton, was among companies that paid bribes to secure a $6 billion contract for a natural gas plant. KBR pleaded guilty to the same bribes in a US court in 2009, and agreed to pay a $382 million fine. The Nigerian charges appear to stem from the US case -- though, in that trial, Cheney was never directly charged.

The $250 million figure would include a direct $130 million fine by the company and an agreement to repatriate another $120 million from Switzerland.

Representatives for Cheney and Halliburton met with Nigerian officials in London over the weekend.

Nigeria's Economic and Financial Crimes Commission spokesman Femi Babafemi told Reuters the company had offered to pay up to $250 million.In the United States, KBR has already admitted bribing Nigerian officials. In February 2009, the company agreed to pay a $402 million fine. Halliburton itself paid $177 million to settle allegations paid to the US Securities and Exchange Commission (SEC), but didn't admit wrongdoing. Still, despite the settlements, Halliburton's spokeswoman said “there is no legal basis for the charges” in a statement Dec. 8.

"They have made offers of fines to be paid in penalties. They offered to pay $120 million in addition to the repatriation of $130 million trapped in Switzerland," Babafemi said.

"It will need to be ratified by the government and we expect a decision by the end of the week," he added.

Earlier this month, Halliburton said they hadn't seen the new charges, but still denied their involvement.

"Halliburton's oil-field services operations in Nigeria have never in any way been part of the LNG project and none of the Halliburton employees have ever had any connection to or participation in that project," Tara Mullee Agard, a spokeswoman for the Houston-based company, said in an e-mailed response to Bloomberg.

Cheney led Halliburton as CEO and Chairman of the Board from 1995 to 2000.

Writes Reuters:

Halliburton split from KBR in 2007. It has said that its current operations in Nigeria -- raided by the EFCC last month -- were not involved in the Bonny project and that there is no legal basis for the charges.
Those charged in Nigeria include KBR Chief Executive Officer William Utt and former KBR CEO Albert "Jack" Stanley, who worked under Cheney when he headed Halliburton and pleaded guilty in 2008 to U.S. charges related to the case.
KBR said Utt had only joined the firm in February 2006 and that the rest of its executive team was appointed thereafter. It has accused Nigeria of "wildly and wrongly asserting blame".

Notes Bloomberg, "An aide of former Nigerian President Olusegun Obasanjo was charged with six counts of money-laundering in Abuja on Oct. 13 in connection with the alleged payment of bribes."

"The case is Federal Republic of Nigeria v. Halliburton and others, CV/435/10, High Court of Justice, Abuja Judicial Division (Abuja)."

The world's five biggest airlines now hail from Asia and Latin America -

The world's five biggest airlines now hail from Asia and Latin America, highlighting the industry's shift away from the U.S. and Europe to higher-growth countries, the International Air Transport Association said Tuesday.

Air China is twice the size of either Delta in the U.S. or Germany's Lufthansa. But despite emerging markets' strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned.

"The world is changing in aviation, and it's changing very, very quickly," IATA Chief Executive Giovanni Bisignani told a news conference in Geneva. "Rapidly developing markets are shifting the industry's center of gravity to the East."

Air China has a market capitalization of $20 billion, followed by Singapore airlines with $14 billion and Hong Kong-based Cathay Pacific with $12 billion.

China Southern has a market cap of $11 billion, as does LATAM, the Latin American airline recently created from the merger of Chile's LAN and TAM of Brazil. U.S. carrier Delta and Germany's Lufthansa follow with market capitalizations of $10 billion each.

IATA said strong growth in developing countries and a rebound in North America are largely responsible for the industry's recovery this year.

Airlines will see net profits of $15.1 billion in 2010, IATA said. This marks a massive turnaround from the $10 billion industry loss in 2009 and $16 billion loss in 2008.

Asian carriers will contribute $7.7 billion to the global total, while North American airlines will earn $5.1 billion. Europe, with estimated net profits of $400 million, lags behind the Middle East ($700 million) and Latin America ($1.2 billion). African carriers will earn $100 million this year, IATA said.

The full-year estimate is a significant jump from IATA's prediction in September for an $8.9 billion industry profit in 2010.

"2011 is going to be a much more challenging period," said IATA chief economist Brian Pearce, noting that heavy debts and new taxes will weigh on consumer travel spending in Europe and North America.

IATA forecasts net profits of $9.1 billion for the industry next year.

Bisignani warned that profit margins remain "pathetically low" and pose a threat to the industry in case of another economic shock.

Recently introduced air travel taxes in Britain, Germany and Austria, and efforts to introduce a regional carbon emissions trading market harm Europe's competitiveness, he said, noting that these further squeeze profit margins for the continent's carriers.

Fuel price rises are also expected to hurt profits in 2011, further driving the industry to reduce aircraft fuel consumption and find viable renewable alternatives.

Still, the Geneva-based group representing some 230 carriers and 93 percent of scheduled air traffic said the outlook is bright for Asia.

A rapidly expanding middle class in Asia and growing demand for air links between the continent's 15 mega-cities, with over 10 million inhabitants each, promise strong industry profits in the region, Bisignani said.

If "archaic ownership rules" in the United States were changed the industry might soon see the first takeover of a U.S. carrier by an Asian airline, he added.

The Italian, who has been at the helm of IATA for nine years, will be succeeded by Cathay Pacific CEO Tony Tyler next year.

10 Signs That Confidence In U.S. Treasuries Is Dying And That Financial Armageddon May Be Approaching -

Selling government debt is a gigantic confidence game. For decades, investors all over the globe have gobbled up massive amounts of U.S. debt at incredibly low interest rates because they believed that it was a certainly that they would be paid back and be able to make a little bit of profit on top of it. Unfortunately, things have changed. Confidence is U.S. Treasuries is dying, and if confidence in U.S. government debt completely collapses at some point we could literally be looking at financial Armageddon. Why is that so? Well, when the world totally loses faith in U.S. Treasuries, interest rates on U.S. Treasuries will have to keep going up until enough investors are found to buy them. But much higher interest rates will mean much higher interest on the national debt and thus much higher federal budget deficits. That will erode confidence in U.S. Treasuries even further. In the end, a vicious cycle of eroding confidence and higher interest rates could ultimately lead to hyperinflation as the U.S. government and the Federal Reserve flood the system with endless amounts of paper money to try to keep the system solvent.
Faith in U.S. Treasury bonds is absolutely critical if the world financial system is going to continue to operate in a stable manner. In the post-World War 2 era, U.S. Treasuries have been largely viewed as the absolutely safest investment out there. So if there comes a point when the market for U.S. Treasuries completely collapses, it is going to cause unprecedented financial chaos. The worldwide derivatives market, which is already highly unstable, would almost certainly implode. Credit markets all over the globe would seize up. Global trade would quickly grind to a standstill.
This isn’t going to happen overnight (hopefully). Rather, the loss of confidence in U.S. Treasuries is something that is likely to take months or even years to play out. But once that confidence is gone, it is not something that will be able to be rebuilt easily.
Think of it this way – once you drive a car off a cliff, is it easy to reconstruct it?
Of course not.
Well, that is where we are headed with U.S. Treasuries.
The Federal Reserve is flooding the system with new dollars, Barack Obama and the U.S. Congress seem poised to pass a new tax deal which does not include corresponding spending cuts which will cause U.S. government budget deficits to become even more bloated, and there is a tremendous lack of faith both in U.S. political leaders and in the Federal Reserve at this point.
The rest of the world is losing faith that the U.S. government is going to be able to handle all of the debt that it has accumulated. We may be approaching a “tipping point” soon.
The following are 10 signs that confidence in U.S. Treasuries is dying….#1 The financial community is extremely concerned that the tax deal that Barack Obama is pushing is going to dramatically increase U.S. government budget deficits over the next two years. On Monday, Moody’s warned that if Barack Obama’s tax deal with the Republicans becomes law, it will increase the likelihood that Moody’s could soon be forced to slash the rating of U.S. government debt.
#2 Already there are signs that some bond investors are looking for the exits. Last week, U.S. Treasuries suffered their largest two day sell-off since the collapse of Lehman Brothers back in September 2008.
#3 The yield on 10-year Treasury bonds set a six-month high on Monday before pulling back a bit. Most analysts believe that Treasury yields are going to push significantly higher in coming weeks.
#4 This trend of rising yields has been going on for a while. In fact, yields on 10-year Treasury bonds have been steadily rising since October 7th.
#5 Even before the recent tax deal was announced there were already troubling signs regarding the growth of U.S. government debt. The U.S. government budget deficit rose to $150.4 billion in November, which was the largest November budget deficitever recorded.
#6 It is not just the new tax deal that has investors around the globe spooked. The truth is that the rest of the globe reacted very negatively to the new round of quantitative easing that the Federal Reserve announced back in November. The Federal Reserve is flooding the system with liquidity and the rest of the world is not amused.
#7 The American people have less faith in the Federal Reserve and in the financial system than at any other point in recent memory. For example, a new Bloomberg National Poll has found that a majority of Americans now want the Federal Reserve to either be held more accountable or to be abolished entirely.
#8 Investors all over the globe are starting to wake up and realize that America’s debt problem is unsolvable. David Bloom, the currency chief at HSBC, raised eyebrows when he recently stated that “if yields are rising because people think America’s fiscal situation is unsustainable, then its Armaggedon.”
#9 There is also a growing feeling among investors that the Federal Reserve simply does not care about the danger of inflation, and this is making bondholders very nervous. Stephen Lewis of Monument Securities recently put it this way….

“There is a feeling that the Fed doesn’t care about inflation – in fact, wants more of it – and that is certainly not in the interest of bondholders.“

#10 Over the next 12 months, the U.S. government is going to be rolling over trillions of dollars in debt along with all of the new borrowing that it is going to be doing. In fact, the U.S. government is somehow going to have to find a way to finance debt that is equivalent to 27.8 percent of GDP in 2011.
For years our politicians have told us that “deficits don’t matter”, but the truth is that they do matter. The national debt of the United States is now the biggest debt in the history of the world by far, and yet most Americans do not seem to grasp the absolute financial horror that we are facing as a nation.
In the end, debt is always painful. It can be a lot of fun to run out and buy a beautiful new house, a couple of brand new cars and to run your credit cards up to the max, but eventually it catches up with you. Well, the same thing is now happening to us on a national level.
We are getting to the point where eventually we are not even going to be able to service the debt that we have already piled up. Once that happens we can either declare national bankruptcy or we can try to hyperinflate our way out of trouble.
Meanwhile, the once great U.S. economic machine is dying as well. The only reason we have been able to survive with all of this debt as long as we have is because of how powerful our economy has been.
But over the past couple of decades, the big global corporations that now dominate our economy have shipped thousands of factories and millions of jobs overseas.
The mighty economic machine which is supposed to provide funds to pay off all of this debt is being dismantled right in front of our eyes.
There was no way in the world that U.S. government debt was going to be sustainable even if our economy remained vibrant and healthy. The sad truth is that U.S. government debt is approximately 13 times larger than it was just 30 years ago.
But now that the “real economy” is dying a savage death there is simply no hope that this thing is ever going to turn around. The only thing left to do is to take bets on when the implosion is going to happen.
All of this “great tax cut debate” nonsense going on in Washington D.C. right now is just a bunch of incompetent politicians running around rearranging the deck chairs on the Titanic. Perhaps these tax cuts will provide enough of a short-term economic boost to get many of them re-elected in 2012. Meanwhile, our long-term economic problems continue to get a lot worse.
It has become quite obvious that Barack Obama is completely clueless about the economy, and what is even sadder is that the “highly educated” Chairman of the Federal Reserve, Ben Bernanke, seems almost equally as clueless.
Unfortunately, Americans have become so dumbed-down that they don’t even realize that their leaders are incompetent. In fact, as sad as it is to say, most Americans you will meet on the street probably cannot even tell you what U.S. Treasuries are.
Let us hope and pray that investors around the globe continue to have at least some confidence in U.S. Treasuries for at least a little while longer. When “financial Armageddon” finally does happen, it isn’t going to be pleasant for any of us.
So enjoy these happy economic times while you still have them, because at some point things are going to get a whole lot worse.

Read more - http://theeconomiccollapseblog.com/archives/10-signs-that-confidence-in-u-s-treasuries-is-dying-and-that-financial-armageddon-may-be-approaching

Monday, 13 December 2010

N.J. doctor supplied steroids to hundreds of law enforcement officers, firefighters -

N.J. doctor supplied steroids to hundreds of law enforcement officers, firefighters -

N.J. law enforcement, firefighters use steroids - Strong at Any Cost (gallery)

N.J. law enforcement, firefighters use steroids - Strong at Any Cost (gallery)

Jersey City physician Joseph Colao. The picture at left is from 1997. The photo at right was taken in 2005. A survivor of triple-bypass surgery, Colao underwent a transformation. His new body: tanned, toned and muscled. In 2007, Colao died of hardening of the arteries at age 45.

On a rainy August morning in 2007, the news rippled through New Jersey’s law enforcement ranks, officer to officer, department to department.

Joseph Colao was dead.

The 45-year-old physician had collapsed in his Jersey City apartment, the victim of heart failure.

Within hours, officers were calling the Hudson County public safety complex.

"Is it true?" they asked, recalled Detective Sgt. Ken Kolich, who’d drawn the routine assignment to look into the death. "Did Dr. Colao die?"

Kolich didn’t suspect foul play, but he found it odd — and a little disturbing — that so many officers were interested in the fate of a man with no official ties to any police agency.

Today, it’s clear Colao was more than just a doctor, friend or confidant to many of the officers.

He was their supplier.

A seven-month Star-Ledger investigation drawing on prescription records, court documents and detailed interviews with the physician’s employees shows Colao ran a thriving illegal drug enterprise that supplied anabolic steroids and human growth hormone to hundreds of law enforcement officers and firefighters throughout New Jersey.

From a seemingly above-board practice in Jersey City, Colao frequently broke the law and his own oath by faking medical diagnoses to justify his prescriptions for the drugs, the investigation shows.

Many of the officers and firefighters willingly took part in the ruse, finding Colao provided an easy way to obtain tightly regulated substances that are illegal without a valid prescription, the investigation found.

Others were persuaded by the physician’s polished sales pitch, one that glossed over the risks and legal realities, the newspaper found. A small percentage may have legitimately needed the drugs to treat uncommon medical conditions.

In most cases, if not all, they used their government health plans to pay for the substances. Evidence gathered by The Star-Ledger suggests the total cost to taxpayers reaches into the millions of dollars.

In just over a year, records show, at least 248 officers and firefighters from 53 agencies used Colao’s fraudulent practice to obtain muscle-building drugs, some of which have been linked to increased aggression, confusion and reckless behavior.

Six of those patients — four police officers and two corrections officers — were named in lawsuits alleging excessive force or civil rights violations around the time they received drugs from him or shortly afterward.

Others have been arrested, fired or suspended for off-duty infractions that include allegations of assault, domestic abuse, harassment and drug possession. One patient was left nearly paralyzed after suffering a stroke his doctor attributed to growth hormone prescribed by Colao.

For many in the physician’s care, use of the drugs apparently didn’t end with Colao’s death.

They instead sought other doctors who specialize in prescribing growth hormone or testosterone, an anabolic steroid, according to patients, legal documents and the doctors themselves. The physicians have not been accused of wrongdoing.

Attorney General Paula Dow, New Jersey’s top law enforcement official, called the newspaper’s findings "disturbing" on a number of levels and said the issue should be collectively examined by state officials, prosecutors and police chiefs.

"If it’s shown that these law enforcement officers are getting steroids and human growth hormone through illegal manners, and specifically through false prescriptions, that’s a violation of the law," Dow said. "It’s a fraud on the system, and it’s something that should be stopped."

While questions have been raised about some of Colao’s patients, many have been recognized for acts of heroism. Some have taken killers, carjackers and armed robbers off the streets. They have confiscated millions of dollars worth of illegal drugs intended for New Jersey neighborhoods. One talked a man out of committing suicide. Another saved the life of a choking infant.

In Colao, they found a doctor whose methods were simple and lucrative. Employees in his inner circle say he created bogus diagnoses for low testosterone levels or adult growth hormone deficiency, a condition that affects just one in 100,000 people, according to the American Association of Clinical Endocrinologists.

"If you had 100,000 police officers come in, you’d get one," said Oregon physician David Cook, a spokesman for the endocrinologists group. "Obviously, he was doing it unscrupulously."

Legitimate diagnoses of testosterone deficiency are likewise far less common than Colao’s practice would suggest. About 2 percent of men in their mid-30s have a bona fide deficiency, Cook said. The officers and firefighters identified by The Star-Ledger had a median age of 35 when they obtained the substances.

University of Texas professor John Hoberman, who has studied doping in and out of sports for a quarter-century, called The Star-Ledger’s findings "extraordinary and unprecedented evidence" of a national problem that has been "systematically ignored" for more than two decades.

"The use of performance-enhancers among first-responders has been a tabooed topic since it first came to light during the 1980s," Hoberman said. "This should shock the public as well as the public officials who will now have to take a stand on the widespread doping of public service professionals who carry guns and save lives."

The real-life Da Vinci Code: Historians discover tiny numbers and letters in the eyes of the Mona Lisa -

The real-life Da Vinci Code: Historians discover tiny numbers and letters in the eyes of the Mona Lisa -

Intrigue is usually focused on her enigmatic smile.
But the Mona Lisa was at the centre of a new mystery yesterday after art detectives took a fresh look at the masterpiece – and noticed something in her eyes.
Hidden in the dark paint of her pupils are tiny letters and numbers, placed there by the artist Leonardo da Vinci and revealed only now thanks to high-magnification techniques.

Under the microscope: Historians in Italy have discovered that by magnifying the eyes of the Mona Lisa painting tiny numbers and letters can be seen

Experts say the barely distinguishable letters and numbers represent something of a real-life Da Vinci code.

The revelation could have come straight from the pages of Dan Brown’s best-seller The Da Vinci Code, in which the Mona Lisa is said to contain hidden clues about the Holy Grail.
Silvano Vinceti, president of Italy’s National Committee for Cultural Heritage, which spotted the symbols, said: ‘To the naked eye the symbols are not visible but with a magnifying glass they can clearly be seen.

‘In the right eye appear to be the letters LV which could well stand for his name, Leonardo da Vinci, while in the left eye there are also symbols but they are not as defined.

‘It is very difficult to make them out clearly but they appear to be the letters CE, or it could be the letter B.

‘In the arch of the bridge in the background the number 72 can be seen or it could be an L and the number 2.

‘You have to remember the picture is almost 500 years old so it is not as sharp and clear as when first painted.

‘From the preliminary investigations we have carried out we are confident they are not a mistake and were put there by the artist.’

The search was initiated by another Dan Brown-style plot device after a fellow committee member discovered a musty book in an antique shop referring to symbols in the Mona Lisa’s eyes.
Mr Vinceti added: ‘Da Vinci put a special emphasis on the Mona Lisa and we know that in the last years of his life he took the painting with him everywhere.
'We also know that da Vinci was very esoteric and used symbols in his work to give out messages.

Read more: http://www.dailymail.co.uk/news/article-1337976/Real-life-Da-Vinci-Code-Tiny-numbers-letters-discovered-Mona-Lisa.html#ixzz181w3Lll3

Friday, 10 December 2010

Ron Paul On Ending The Fed - “we should think about changing the Fed and getting rid of the Fed” -

Texas Congressman Ron Paul, who will take control of the House subcommittee that oversees the Federal Reserve in the new year, has re-emphasized his belief that the Federal Reserve should be abolished, but warned that turning ideas into reality takes time and effort.

Paul, author of the book “End the Fed,” told Bloomberg News today that his first action in the job will be to “think things through and not over-do things too soon.”

When asked if he intends to end the Fed, the Congressman replied “not right up front, but obviously that is the implication.”

“Even in my book about ending the Fed, I talk about not turning the keys and locking the doors, I talk about a transition.” Paul added.

The Congressman spoke about how he would go about reining in the Federal Reserve and the reasons he believes it is vital to do so.

“I’ll have plans for hearings to find out how much information we can get. Obviously it is very popular with the American people to audit the Fed, to know what they are doing.” Paul said.

“They can spend trillions of dollars and we don’t know where it goes. They have a bigger budget, they spend more money than the Congress does, and yet we have no oversight. It was never intended that a secret body like this could create money out of thin air and spend it, take care of some banks and big business and foreign banks while the American people struggle.” the Congressman added.

In response to comments from Barney Frank, the outgoing chairman of the House Financial Services Committee, that many establishment Republicans do not share Paul’s views on the Fed, the Congressman stated “I think that’s good advice.”

“If next week I issue a subpoena for such and such, I don’t think that would be met with a good acceptance,” Paul said. “And it’s not like I am a powerful person. My ideas are powerful but there is a committee chairman and a speaker of the House. I’m realistic and I know what that means. But I also know the strength of ideas and the power of ideas, and that’s what will prevail.” the Congressman urged.

Paul was selected to head up the domestic monetary policy subcommittee earlier this week by incoming House Financial Services chairman Spencer Bachus.

“This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve,” the Alabama Republican said in a statement, referring to legislation to audit the fed that Ron Paul introduced earlier in the year.

The bill eventually gained the support of 320 members of the House and staved off several attempts to derail it before a portion of the measure ended up in the Dodd-Frank financial regulatory overhaul.

“What I want to do is emphasize the oversight of the Federal Reserve, pursue this idea of auditing the Fed.” Paul said today. “We have a right to know, Congress has an obligation to know, the people want to know and Congress is behind us to do that right now.”

“We have to look into it and we have to start to consider reforms.” the Congressman said.

“I think it’s also very important for us to understand why monetary policy is so dangerous and why we should think about changing the Fed and getting rid of the Fed, and that is their contribution to unemployment, their contribution to the business cycle.” Paul added.

“They are the instigators of inflation. So for many many years, until at least three years ago, they were always given the credit for boom times and it was always thought that they could get us out of the bad times, but that no longer plays out because it isn’t true.”

“They give us the inflation but then they also give us bubbles that eventually always burst. But we are now in a serious problem with the financial markets and the monetary markets, and already many people around the world are talking about monetary reform, the dollar will not last as a reserve standard.” the Congressman warned.

U.S. Mint To Re-Launch Silver Bullion Coins On Friday, Warns Of Price Gouging

U.S. Mint To Re-Launch Silver Bullion Coins On Friday, Warns Of Price Gouging -

The U.S. Mint plans to re-launch sales of its 2010 America the Beautiful silver bullion coins on Friday after delaying the release of the five-ounce coin on Monday, it said on Thursday.

According to news reports, the U.S. Mint held up releasing the coin to authorized purchasers because premiums charged on the coins were far in excess of the Mint’s premium of $9.75. CoinNews.net said in a story earlier this week that premiums charged in the secondary market were anywhere from $120 to $160 per coin.

The U.S. Mint does not sell bullion coins directly to the public. Instead it relies on select number of “authorized purchasers” who can buy in quantity and then resell them to dealers and other sellers of precious metals, called the secondary market. The Mint has no control over premiums charged in the secondary market. The Mint expected demand for the coins to be great when it first announced it would release them.

Because of the concerns of excessive premiums the Mint spelled out specifics to its authorized purchasers in a memo on Thursday, citing the agreement between the Mint and these purchasers. To be able to sell the coins, the Mint is emphasizing that authorized purchasers make all the coins available for sale to the public that they acquire.

They also state that: “Authorized Purchasers may charge to their customers a price no higher than ten percent above the price at which the Authorized Purchasers acquire 2010 America the Beautiful Silver Bullion Coins from the United States Mint. Authorized Purchasers may charge their customers a reasonable shipping and handling fee; however, Authorized Purchasers may not charge any other fee, premium, or other expense to their customers to circumvent this ten-percent markup limitation. The intention of this condition is to ensure that members of the public can obtain these coins at a reasonable and affordable purchase price.”

The Mint added that the authorized purchasers may sell only one coin of each design for each household in order to “ensure the broadest and fairest public accessibility to 2010 America the Beautiful Silver Bullion Coins, which are limited-mintage United States Mint products.” Further, the authorized purchasers cannot sell directly or indirectly these coins to their officers and employees, again to make sure the public has a fair chance to buy the coins.

As in the original announcement, the Mint will allocate coins equally among its purchasers. There are a total of 33,000 coins available for each of the five designs the Mint has struck and each purchaser will get 3,000 coins of each design. The America the Beautiful silver bullion coins have a diameter of three inches and coin five ounces of .999 fine silver.

Ron Paul : Lying is Not Patriotic - Ron Paul Tells The Truth About WikiLeaks Infront Of Congress -

Thursday, 9 December 2010

Are The Federal Reserve’s Crimes Too Big To Comprehend? - greatest scam ever perpetrated was blatantly exposed -

What if the greatest scam ever perpetrated was blatantly exposed, and the US media didn’t cover it? Does that mean the scam could keep going? That’s what we are about to find out.
I understand the importance of the new WikiLeaks documents. However, we must not let them distract us from the new information the Federal Reserve was forced to release. Even if WikiLeaks reveals documents from inside a large American bank, as huge as that could be, it will most likely pale in comparison to what we just found out from the one-time peek we got into the inner-workings of the Federal Reserve. This is the Wall Street equivalent of the Pentagon Papers.
I’ve written many reports detailing the crimes of Wall Street during this crisis. The level of fraud, from top to bottom, has been staggering. The lack of accountability and the complete disregard for the rule of law have made me and many of my colleagues extremely cynical and jaded when it comes to new evidence to pile on top of the mountain that we have already gathered. But we must not let our cynicism cloud our vision on the details within this new information.
Just when I thought the banksters couldn’t possibly shock me anymore… they did.
We were finally granted the honor and privilege of finding out the specifics, a limited one-time Federal Reserve view, of a secret taxpayer funded “backdoor bailout” by a small group of unelected bankers. This data release reveals “emergency lending programs” that doled out $12.3 TRILLION in taxpayer money - $3.3 trillion in liquidity, $9 trillion in “other financial arrangements.”
Wait, what? Did you say $12.3 TRILLION tax dollars were thrown around in secrecy by unelected bankers… and Congress didn’t know any of the details?
Yes. The Founding Fathers are rolling over in their graves. The original copy of the Constitution spontaneously burst into flames. The ghost of Tom Paine went running, stark raving mad screaming through the halls of Congress.
The Federal Reserve was secretly throwing around our money in unprecedented fashion, and it wasn’t just to the usual suspects like Goldman Sachs, JP Morgan, Citigroup, Bank of America, etc.; it was to the entire Global Banking Cartel. To central banks throughout the world: Australia, Denmark, Japan, Mexico, Norway, South Korea, Sweden, Switzerland, England… To the Fed’s foreign primary dealers like Credit Suisse (Switzerland), Deutsche Bank (Germany), Royal Bank of Scotland (U.K.), Barclays (U.K.), BNP Paribas (France)… All their Ponzi players were “gifted.” All the Racketeer Influenced and Corrupt Organizations got their cut.
Talk about the ransacking and burning of Rome! Sayonara American middle class…
If you still had any question as to whether or not the United States is now the world’s preeminent banana republic, the final verdict was just delivered and the decision was unanimous. The ayes have it.
Any fairytale notions that we are living in a nation built on the rule of law and of the global economy being based on free market principles has now been exposed as just that, a fairytale. This moment is equivalent to everyone in Vatican City being told, by the Pope, that God is dead.
I’ve been arguing for years that the market is rigged and that the major Wall Street firms are elaborate Ponzi schemes, as have many other people who built their beliefs on rational thought, reasoned logic and evidence. We already came to this conclusion by doing the research and connecting the dots. But now, even our strongest skeptics and the most ardent Wall Street supporters have it all laid out in front of them, onFEDERAL RESERVE SPREADSHEETS.
Even the Financial Times, which named Lloyd Blankfein its 2009 person of the year, reacted by reporting this: “The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker and even more disturbing picture.”
Yes, the emperor doesn’t have any clothes. God is, indeed, dead. But, for the moment at least, the illusion continues to hold power. How is this possible?
To start with, as always, the US television “news” media (propaganda) networks just glossed over the whole thing - nothing to see here, just move along, back after a message from our sponsors… Other than that obvious reason, I’ve come to the realization that the Federal Reserve’s crimes are so big, so huge in scale, it is very hard for people to even wrap their head around it and comprehend what has happened here.
Think about it. In just this one peek we got at its operations, we learned that the Fed doled out $12.3 trillion in near-zero interest loans, without Congressional input.
The audacity and absurdity of it all is mind boggling…
Based on many conversations I’ve had with people, it seems that the average person doesn’t comprehend how much a trillion dollars is, let alone 12.3 trillion. You might as well just say 12.3 gazillion, because people don’t grasp a number that large, nor do they understand what would be possible if that money was used in other ways.
Can you imagine what we could do to restructure society with $12.3 trillion? Think about that…
People also can’t grasp the colossal crime committed because they keep hearing the word “loans.” People think of the loans they get. You borrow money, you pay it back with interest, no big deal.
That’s not what happened here. The Fed doled out $12.3 trillion in near-zero interest loans, using the American people as collateral, demanding nothing in return, other than a bunch of toxic assets in some cases. They only gave this money to a select group of insiders, at a time when very few had any money because all these same insiders and speculators crashed the system.
Do you get that? The very people most responsible for crashing the system, were then rewarded with trillions of our dollars. This gave that select group of insiders unlimited power to seize control of assets and have unprecedented leverage over almost everything within their economies - crony capitalism on steroids.
This was a hostile world takeover orchestrated through economic attacks by a very small group of unelected global bankers. They paralyzed the system, then were given the power to recreate it according to their own desires. No free market, no democracy of any kind. All done in secrecy. In the process, they gave themselves all-time record-breaking bonuses and impoverished tens of millions of people - they have put into motion a system that will inevitably collapse again and utterly destroy the very existence of what is left of an economic middle class.
That is not hyperbole. That is what happened.
We are talking about trillions of dollars secretly pumped into global banks, handpicked by a small select group of bankers themselves. All for the benefit of those bankers, and at the expense of everyone else. People can’t even comprehend what that means and the severe consequences that it entails, which we have only just begun to experience.
Let me sum it up for you: The American Dream is O-V-E-R.
Welcome to the neo-feudal-fascist state.
People throughout the world who keep using the dollar are either A) Part of the scam; B) Oblivious to reality; C) Believe that US military power will be able to maintain the value of an otherwise worthless currency; D) All of the above.
No matter which way you look at it, we are all in serious trouble!
If you are an elected official, (I know at least 17 of you subscribe to my newsletter) and you believe in the oath you took upon taking office, you must immediately demand a full audit of the Federal Reserve and have Ben Bernanke and the entire Federal Reserve Board detained. If you are not going to do that, you deserve to have the words “Irrelevant Puppet” tattooed across your forehead.
Yes, those are obviously strong words, but they are the truth.
The Global Banking Cartel has now been so blatantly exposed, you cannot possibly get away with pretending that we live in a nation of law based on the Constitution. The jig is up.
It’s been over two years now; does anyone still seriously not understand why we are in this crisis? Our economy has been looted and burnt to the ground due to the strategic, deliberate decisions made by a small group of unelected global bankers at the Federal Reserve. Do people really not get the connection here? I mean, H.E.L.L.O. Our country is run by an unelected Global Banking Cartel.
I am constantly haunted by a quote from Harry Overstreet, who wrote the following in his 1925 groundbreaking study Influencing Human Behavior: “Giving people the facts as a strategy of influence” has been a failure, “an enterprise fraught with a surprising amount of disappointment.”
This crisis overwhelmingly proves Overstreet’s thesis to be true. Nonetheless, we solider on…
Here’s a roundup of reports on this BernankeLeaks:
Prepare to enter the theater of the absurd…
I’ll start with Senator Bernie Sanders (I-Vermont). He was the senator who Bernanke blew off when he was asked for information on this heist during a congressional hearing. Sanders fought to get the amendment written into the financial “reform” bill that gave us this one-time peek into the Fed’s secret operations. (Remember, remember the 6th of May, HFT, flash crash and terrorism. “Hey, David, Homeland Security is on the phone! They want to ask you questions about some NYSE SLP program.”)
In an article entitled, “A Real Jaw-Dropper at the Federal Reserve,” Senator Sanders reveals some of the details:

At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later… we have begun to lift the veil of secrecy at the Fed…
After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed’s multi-trillion-dollar bailout of Wall Street and corporate America….
We have learned that the $700 billion Wall Street bailout… turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country.…
Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks — Deutsche Bank and Credit Suisse — which were the largest beneficiaries of the Fed’s purchase of mortgage-backed securities….
Has the Federal Reserve of the United States become the central bank of the world?… [read Global Banking Cartel]
What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans….
What we are seeing is the incredible power of a small number of people who have incredible conflicts of interest getting incredible help from the taxpayers of this country while ignoring the needs of the people. [read more]

In an article entitled, “The Fed Lied About Wall Street,” Zach Carter sums it up this way:

The Federal Reserve audit is full of frightening revelations about U.S. economic policy and those who implement it… By denying the solvency crisis, major bank executives who had run their companies into the ground were allowed to keep their jobs, and shareholders who had placed bad bets on their firms were allowed to collect government largesse, as bloated bonuses began paying out soon after.
But the banks themselves still faced a capital shortage, and were only kept above those critical capital thresholds because federal regulators were willing to look the other way, letting banks account for obvious losses as if they were profitable assets.
So based on the Fed audit data, it’s hard to conclude that Fed Chairman Ben Bernanke was telling the truth when he told Congress on March 3, 2009, that there were no zombie banks in the United States.
“I don’t think that any major U.S. bank is currently a zombie institution,” Bernanke said.
As Bernanke spoke those words banks had been pledging junk bonds as collateral under Fed facilities for several months…
This is the heart of today’s foreclosure fraud crisis. Banks are foreclosing on untold numbers of families who have never missed a payment, because rushing to foreclosure generates lucrative fees for the banks, whatever the costs to families and investors. This is, in fact, far worse than what Paul Krugman predicted. Not only are zombie banks failing to support the economy, they are actively sabotaging it with fraud in order to make up for their capital shortages. Meanwhile, regulators are aggressively looking the other way.
The Fed had to fix liquidity in 2008. That was its job. But as major banks went insolvent, the Fed and Treasury had a responsibility to fix that solvency issue—even though that meant requiring shareholders and executives to live up to losses. Instead, as the Fed audit tells us, policymakers knowingly ignored the real problem, pushing losses onto the American middle class in the process.” [read more]

Even the Financial Times is jumping ship:

Sunlight Shows Cracks in Fed’s Rescue Story
It took two years, a hard-fought lawsuit, and an act of Congress, but finally… the Federal Reserve disclosed the details of its financial crisis lending programs. The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker, earlier, and even more disturbing picture…. An even more troubling conclusion from the data is that… it is now apparent that the Fed took on far more risk, on less favorable terms, than most people have realized. [read more]

In true Fed fashion, they didn’t even fully comply with Congress. In a report entitled, “Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans,” Bloomberg puts some icing on the cake:

For three of the Fed’s six emergency facilities, the central bank released information on groups of collateral it accepted by asset type and rating, without specifying individual securities. Among them was the Primary Dealer Credit Facility, created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed.
“This is a half-step,” said former Atlanta Fed research director Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Sarasota, Florida. “If you were going to audit the facilities, then would this enable you to do an audit? The answer is ‘No,’ you would have to go in and look at the individual amounts of collateral and how it was broken down to do that. And that is the spirit of what the requirements were in Dodd-Frank.” [read more]