Category Archives: Federal Reserve

Geithner And Government Protect Wall Street And Dump Main Street For India

Geithner And Government Protect Wall Street And Dump Main Street For India

By William Cormier (featured with our good friend Bill’s permission – Just Another Coverup)

In a speech that will not surprise anyone, Timothy Geithner, while on a two-day visit to India, pledged that our government would “not (to) harm India’s IT outsourcing sector as it battles to create jobs at home in the worst labour market since the Great Depression of the 1930s.” He went on to state that “protectionist measures to prevent jobs from migrating outside the country would do more harm to the US than good.” As he rambled on, placing international relations and Wall Street profits ahead of millions of unemployed American workers, Geithner dug in his heels and stated:

“protectionist measures to prevent jobs from migrating outside the country would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”.”

“We are not going to go down that path,” promised Mr Geithner. “We know that it would make us weaker, not stronger.” LINK



To make matters worse, Timothy Geithner stated that the Obama Administration:

“would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”.

Who exactly is Timothy Geithner speaking for when he states that “We know that it would make us weaker, not stronger?” We need to press the White House and Mr. “Globalist Geithner” to explain exactly who he is referring to when speaking about “us.” We also need to know how and why it would make the United States weaker if we quit outsourcing American jobs and pay our citizens decent wages rather than supporting the economies of other nations throughout the world.

It is obvious the us Mr. Geithner is speaking of is Corporate America and Wall Street investors, not millions of highly qualified American workers that have had their livelihoods stripped from them by greedy corporations who have placed profit above the health and welfare of the American people. The Obama Administration’s acquiescence to corporate profits and power is nauseating and directly conflicts with his campaign promises. This is the most outrageous and misleading statement that Geithner has made to date, IMO, and we must challenge this need of President Obama to support Corporate America while stating that his administration is doing their best to prop-up our jobs market. You can’t do both Mr. President; our work force is competent and to pull us out of this “jobless recovery,” we have to create more high-tech jobs and quit outsourcing our economy and future to other countries.

How much has corporate greed aided other nations while helping to destroy our own economy? Just in India, the article referred to herein states:

IT outsourcing, which is heavily dependent on business from the US, is one of India’s flagship economic sectors. Companies such as Tata Consultancy Services, Infosys and Genpact helped propel the economy to growth rates of 9 per cent before the global financial crisis and was responsible for creating 45 per cent of new jobs over the past 10 years.

I haven’t seen these statements circulated in our Mainstream News Media, and as usual, they are reporting upon anything and everything other than what concerns the welfare of our own country. We need to spread the word that President Obama is selling out American workers and pledging to support other economies rather than our own, and this is absolutely unacceptable!

William Cormier

Original Source Link

Editor’s Note – The story referenced from the Financial Times requires registration, for those who cannot afford to subscribe to this most important economic news in this time of national crisis I am posting the article below:

Geithner vows to block protectionism
By James Lamont in New Delhi

Published: April 7 2010 10:39 Last updated: April 7 2010 17:31

The US government has vowed not to harm India’s IT outsourcing sector as it battles to create jobs at home in the worst labour market since the Great Depression of the 1930s.
Tim Geithner, US Treasury secretary, said during a two-day visit to India that protectionist measures to prevent jobs from migrating outside the country would do more harm to the US than good.

“We are not going to go down that path,” promised Mr Geithner. “We know that it would make us weaker, not stronger.”

He also said that the administration of Barack Obama, president, would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”. There have been proposals to trim the tax privileges of US companies that operate internationally.
“American companies are long in the world,” Mr Geithner told Indian business leaders at a discussion hosted by the Confederation of Indian Industry.

“They are good at what much of the world needs. A huge part of the basic economic challenge we face is to give stronger in- centive for private investment, help support innovation and try to make sure there is more investment and stronger exports globally.”

Mr Geithner said Mr Obama was “deeply committed” to trying to build a consensus among Americans for more open trade to support the recovery.

“We have got the worst labour market since the Great Depression,” the Treasury secretary said. “Most Americans are still going through an incredibly difficult economic series of challenges and yet we’ve been very successful in working to keep our markets open under all that pressure.”
IT outsourcing, which is heavily dependent on business from the US, is one of India’s flagship economic sectors. Companies such as Tata Consultancy Services, Infosys and Genpact helped propel the economy to growth rates of 9 per cent before the global financial crisis and was responsible for creating 45 per cent of new jobs over the past 10 years.

Last year the global IT outsourcing market was estimated to be worth as much as $250bn (€187bn, £164bn).

“Some of the sounds coming out of the US have caused concerns here,” said Tarun Das, the president of the Aspen Institute in India. Local businesses were wondering whether “the authors of globalisation are turning to protectionism”.

Senior policymakers say that the Indian economy is fast becoming more export-oriented and more vulnerable to protectionist action by other large economies.

“If we want to get to 9-10 per cent growth it’s in our interest that the US should get back to growing as soon as possible,” said Montek Singh Ahluwalia, deputy chairman of India’s powerful planning commission.

“It’s also [important] that [the] market remain open.”

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The Cherry On Top of the 2009 Shit Cake


Sweet Jesus, could the bankster’s hostile takeover be any more blatant than this? The national ‘news’ rag Time Magazine has chosen Mr. Green Shoots himself as the 2009 Man of the Year. Helicopter Ben will join such luminaries who were previously honored by Time as Adolf Hitler, Joe Stalin, the Ayatollah Khomeini and George W. Bush. One must marvel at the sheer lunacy and corruption that has overtaken America in the first decade of this foulest of centuries, that this financial terrorist is now being lionized in phase two of the greatest propaganda campaign since General Petraeus’s SURGE shows the utter lack of regard that the ruling oligarchy has towards us peasants. Shit, why not just feature Lloyd Blankfein or Wall Street water carrier Tim Geithner?

It is notable that Mr. Barack Obama did not adorn the cover, then again he isn’t up for Senate confirmation for a second term. The Senate along with the dirty little vermin Lieberman will surely enthrone King Ben now that they have finished dismantling any hope of health care reform and thrown the full force of the state behind the insurance vampires. While there is some opposition to Helicopter Ben’s ongoing reign of terror and 24/7/365 counterfeiting it is largely going to be swept away, you know that the deal is done when an unprincipled showboat like John McCain is making noises about Benanke, the penultimate liar, cheat and political con artist whose desperation nearly single handedly created the Frankenstein monster that is Sarah Palin has never met an opportunity to sleazily hijack an issue for political gain and opposing Ben (d’over) Bernanke is yet another of those times for Mr. Keating Five.

Anyway, the Time puff piece should serve as notice to all who are awake that the dollar crash is coming and that soon it is going to take the proverbial wheelbarrow full of Reichmarks to buy a bag of potato chips so start stocking your pantries with non-perishible food items, buy ammo like there is no tomorrow and prepare to hunker down for the day when the shit hits the fan, the bailout bubble bursts and the rabble is in the streets like zombies from some B horror flick looking to eat. Hyperinflation is coming as surely as the jobs aren’t coming back all thanks to the Man of the Year.

The Cherry On Top of the 2009 Shit Cake

Sweet Jesus, could the bankster’s hostile takeover be any more blatant than this? The national ‘news’ rag Time Magazine has chosen Mr. Green Shoots himself as the 2009 Man of the Year. Helicopter Ben will join such luminaries who were previously honored by Time as Adolf Hitler, Joe Stalin, the Ayatollah Khomeini and George W. Bush. One must marvel at the sheer lunacy and corruption that has overtaken America in the first decade of this foulest of centuries, that this financial terrorist is now being lionized in phase two of the greatest propaganda campaign since General Petraeus’s SURGE shows the utter lack of regard that the ruling oligarchy has towards us peasants. Shit, why not just feature Lloyd Blankfein or Wall Street water carrier Tim Geithner?

It is notable that Mr. Barack Obama did not adorn the cover, then again he isn’t up for Senate confirmation for a second term. The Senate along with the dirty little vermin Lieberman will surely enthrone King Ben now that they have finished dismantling any hope of health care reform and thrown the full force of the state behind the insurance vampires. While there is some opposition to Helicopter Ben’s ongoing reign of terror and 24/7/365 counterfeiting it is largely going to be swept away, you know that the deal is done when an unprincipled showboat like John McCain is making noises about Benanke, the penultimate liar, cheat and political con artist whose desperation nearly single handedly created the Frankenstein monster that is Sarah Palin has never met an opportunity to sleazily hijack an issue for political gain and opposing Ben (d’over) Bernanke is yet another of those times for Mr. Keating Five.

Anyway, the Time puff piece should serve as notice to all who are awake that the dollar crash is coming and that soon it is going to take the proverbial wheelbarrow full of Reichmarks to buy a bag of potato chips so start stocking your pantries with non-perishible food items, buy ammo like there is no tomorrow and prepare to hunker down for the day when the shit hits the fan, the bailout bubble bursts and the rabble is in the streets like zombies from some B horror flick looking to eat. Hyperinflation is coming as surely as the jobs aren’t coming back all thanks to the Man of the Year.

Just my two cents over the morning cup o’ joe

EE

A Glorious Feeling of American Euphoria


The propagandistic American corporate pocket media is in all of it’s putrescence heralding the wonderful news that yes indeedy, the recession is nearing an end. The latest is the splendiferous, shouted from the mountaintops news that the stagnating heap of overpriced garbage that is the housing market is back after Monday’s pre-opening bell announcement that new home sales were up 11 % – hallelujah! In more of that newspeak that ‘hey, our results suck but since they don’t suck as much as we had originally thought that they would suck stuff’s gettin’ better’ the Ponzi scheme stock markets are once again churning at a furious pace as the DOW, that mercurial God of the American fascist state is on the way back to 10k and beyond…who knows, with helicopter Ben and the full weight of the Obama administration pumping money by the bargeload into the F.I.R.E. economy on a daily basis it may still hit 30,000 as some optimism opium addicted fool once said.

But it’s all an illusion my friends, even as there are increasing calls for auditing The Fed, so much so that Ben Bernanke is taking to the hustings on a public relations/politics tour just to show how important that it is to not scrutinize the temple of the moneychangers and to keep it free from political matters (GAG). Now the protector of Wall Street scum and his foul and unaccountable central bank are under siege as never before as the wonders of the internet allow people to see just how much that the Federal Reserve has rigged the game for the finance oligarchs. There is at this time a huge bi-partisan bill in Congress that is being jammed up by the crooked pigs just like health insurance whore Max Baucus to audit the institution. The entire establishment and their guard dogs in the bought and paid for media are ready to move heaven and earth in order to stop the thing as according to a recent poll the Federal Reserve is now the LEAST popular ‘government’ agency – even lower than the demon IRS and the terrorist CIA. Will it be much longer until The Fed has a less favorable rating than genital herpes?

My local morning newspaper touted the great housing resurrection but to a veteran bullshit detector such as myself was instantly debunked by the headline “Glimmer of Hope as New Home Sales SOAR“, the inclusion of the word “SOAR” is what gives it away as more centrally constructed McNews just as the PICKING UP STEAM, ROBUST, GREEN SHOOTS and a myriad of others that are regularly used tag the story as a Blue Letter (see Hudsucker Proxy for the obligatory pop culture reference) directly from the bowels of the Ministry Of Truth. So, to cut to the chase the pigs are partying on the taxpayer dime once again. Nowhere in my morning McNews fishwrap was anything about the market manipulation of high frequency trading and the growing inquiries about the advantage that it gives the wolves over the sheep. It has to be pretty bad when a longtime water carrier for the banksters like Chuck Schumer is making noise about it. Such a practice if it ever was able to rise above the flotsam and jetsam of ginned up racist crap, Michael Jackson stories and tawdry sleaze that fills the media would be a devastating blow to the looters and perhaps for once show ordinary investors who are getting fucked six ways from Sunday by a massive floating crap game on Wall Street that they are being robbed and the cops on the beat to stop it are on the take.

Anyway….just wanted to chime in over the morning cup o’ joe. For the REAL news about the wondrous economic resurgence stop by Zero Hedge (now at his own site, blogger is only going to serve as an archive) and check out the ugly photoessay on the coming wave of commercial real estate defaults. Note, as a Florida resident I can attest to this, I live in a different part of the state than the guy who did this and it’s the same here, FOR RENT, FOR SALE, FOR LEASE signs are popping up like green shoots and multiplying daily.

The Florida CRE Implosion Visualized
Submitted by Tyler Durden on Tue, 07/28/2009 – 00:13

A reader submits the following photo essay on the absolute commercial real estate carnage in Florida. Has to be seen to be believed: you will not see these pictures anywhere in traditional media.

He also provides the following color:

I took a drive this evening from 5.30 pm – 7.30 pm and shot over 200 pictures of Florida real estate in crisis. What is really amazing if you notice the time and date on each picture . I was able to shoot a picture about every 45 seconds while all alone driving in traffic including stopping for traffic lights and gas and parking in a safe place each time for each shot . Everywhere you turn something is for lease or rent.

All these headlines in the media dont seem to have any effect on people so here is one road in one town ( out of thousands ) in Fort Lauderdale Florida up to Pompano Beach ( about 8 miles ) I pretty much only shot the right side of the street because I did not want to do any u turns . Some pics I shot across the street . This does not even include office buildings .

There is something for lease or rent in almost every single plaza or strip mall without exception . I also missed a lot more because of traffic and buildings set back from the street. This does not even include offices , homes , condos etc, this is just stuff abandoned or had a sign in front of it and I missed a LOT of signs . This is not even all the empty lots that sit because the developer abandoned the project after buying up the whole neighborhood .

This is Fort Lauderdale Florida . The Gold Coast , The Venice of America the Yachting capital of the world folks.The pictures start at the Fort lauderdale beach on Sunrise Blvd. and go west to federal Highway ( rte 1 ) north to Pompano Beach about 8 miles and finish in a random warehouse district off the main road . After that it got dark and I had to stop .

You will see Exotic car dealerships Burger King, Wendys , Fuddruckers , Hooters , Pier one , furniture stores , restaurants , clubs boat dealers, Business that have been there 20 + years , Supermarkets , Saks 5th avenue ( big white building in beginning ) Macks groves , Flaming Pit , the old 50’s diner . A Ford dealer and a Dodge dealer . A golf course in beginning of slideshow . All GONE in just one 8 mile strip . Folks this is the good side of town with the money I did not even go to the other side of the tracks or to other streets just one !!!

It’s morning in America and another day of being played for chumps is just beginning…

On Little Cats Feet


I recently had the opportunity to catch the late Aaron Russo’s provocative and controversial America: Freedom To Fascism . While it was an uneven film (in my opinion far too much time was spent on the tax segment) and had a tendency to become drawn out it is a worthwhile watch that I would recommend primarily for supplementary knowledge to those who already have a basis in the true reality of a rotting system gone to fascist seed. The movie is far too much for newcomers still soundly asleep in a world of make believe and television. Regarding the film, I can certainly understand why the subject matter is so volatile (the title itself is so in your face that it alone ensures censorship in the corporate media) and the widespread acceptance of even a small portion it would be very dangerous to the established order. The film has been largely suppressed by the mockingbirds of the MSM (swift boated when mentioned at all) who along with the bought politicians are nothing but servants of a filthy and corrupt oligarchy.

The same cone of silence also extends to the two outstanding BBC documentaries by filmmaker Adam Curtis. The Power Of Nightmares explores the parallels between the neocons and the Islamists and dares to debunk the war on terror as nothing more than being conjured up for the sake of political expediency. The Century of The Self examines the origins of the use of propaganda in manufacturing consent in America based on the ideas of Freud that were used to combine the ideas of capitalism and democracy. Both are fascinating and are absolute musts for those seeking to make sense of all of this insanity. Neither been aired domestically nor are they available on DVD for the obvious reasons that they represent a serious threat to the illusory world that we now inhabit. These two are every bit as incendiary as Russo’s film although on a different level in that they make a damning case against beliefs long held dear by pulling back the curtain to allow a glimpse at the ugliness behind. They are both widely available online.

America: Freedom to Fascism is far more militant of a film in that it dares to attack the sacred cows of the legitimacy of the federal income tax as well as the Federal Reserve System itself. I felt that the inordinate amount of time spent in attacking the tax system took away the very serious issues that are addressed after the opening. Russo trots out tax protesters, former IRS agents and to his credit does make a case that there is no law that actually requires a federal tax on individual income. You can argue that six ways till Sunday and you are always going to lose because as the familiar saying goes “you can’t fight city hall” and there is no way in hell short of an outright revolution that the federal government is ever going to cave in on their sucking out of money from the average working Joe.

I think that a far more compelling argument would be to state that there is a systemic problem where there is taxation without representation unless you are a high roller or a tax cheating corporation – either of which is able to unfairly rig the system so as to not pay their fair share. The class war that began in earnest under Ronald Reagan and was the midwife to hellspawn like the insipid Grover Norquist has been nothing other than a looting spree and a mass redistribution of wealth unseen since the days of the robber barons and gilded age exploitation. No surprise since Karl Rove is on record as idolizing the infamous Mark Hannah but that is a story for another time. In short the tax portion of this film detracts from the rest of it and leaves it open to attacks from those who like to pigeonhole tax protesters as ‘money cranks’ and extremist fanatics.

When American: Freedom to Fascism finally gets past the hurdle of the overly long income tax segment and into more sincerely important territory is when the transition is made for a look at the Federal Reserve System itself. This is an area where Americans (including myself) are lacking in even rudimentary levels of knowledge over this monolithic Ponzi scheme that has it’s hooks into every single one of us. Russo does well in giving a high level overview of this banker’s cartel and the unaccountable power that it has over not only our national economy but to each and every American who entrapped in an inescapable web of debt as a fly stuck in a spiders we. The Fed is an entity created by banking interests to ensure that their rapacious practices and vulture capitalism would be a preeminent force in enslaving debtors in perpetuity to a system where money is created out of nothing and backed by nothing and which facilitates the practice of state sanctioned usury.

Rather than even attempt to explain the complexities of the Federal Reserve and the con game of fractional reserve banking – I am certainly no financial genius although I do have an acute sense of smell for something rotten I suggest that readers all do their own research and draw their own conclusions. Russo’s film is only a jumping off point for taking a knife to the stinking carcass of a looming economic disaster due to this particular house of cards built on a foundation of greed. Check out G. Edward Griffin’s The Creature From Jekyll Island, he is in the film and is able to cut through the banking and financial jargon to make a case against The Fed in layman’s terms. The only problem that I have with this book is that it is referenced often by fringe elements of the extreme Christian right (and the paranoid anti-United Nations freaks fed by the delusions of Timothy LaHaye and the Secretary General Antichrist of the Left Behind empire) who also take issue the monetary policies of this country but I would not let that discourage anybody from taking a look at it. There are many other books and other materials out there to back up Griffin and to expose the system as the debt slavery sham that it is. I would recommend the short video Money As Debt as essential viewing – and pass it around too!

It is when America: Freedom To Fascism gets into the rise of the police state and the surveillance society when it is at it’s best. The erosion of civil liberties and the implementation of programs more commonly associated with totalitarian systems since the Reagan era (and even prior to that but that is a seriously indepth topic for another time) that have been accelerated during the reign of the Bush-Cheney-Neocon Axis of Evil is an existential threat to America. The corporatization of our voting processes through black box vendors like Diebold make all elections subject to being rigged by those with vested interests and proprietary software place the machines outside the authority of local elections officials. As Joe Stalin once famously said: “Those who vote decide nothing, those who count the votes decide everything”. Stalin would be undoubtedly be a high level neocon were he alive today.

There is a look at the increasing use of RFID chips for tracking purposes. These little electronic spying devices were rolled out by corporations ostensibly to manage inventory but are being used increasingly to monitor consumer behavior and demographics for marketing. The technology is here right now and is examined in depth in the book Spychips by Katherine Albrecht and Liz McIntyre, a copy can probably be picked up used on Half.com or some other online bookseller but this is not futuristic paranoid stuff…it’s real. Worse the corporatists and interests within the government have designs on using this and similar technologies to use for social control. Pets are already being implanted with tracking chips and the fear mongering media uses lurid stories of child abductions to soften up the public for implantation into humans. The possibility that Americans one day in the not distant future will be tracked and managed like a laboratory rat faster than you can say Amber Alert is an imminent danger! Of course our friends in the mainstream media will soothingly assure the public that it is only for our own good and will protect us from the ‘terrorists’ and that any who object are conspiracy theorists or more ominously those who have something to hide. After all, what good American wouldn’t trust the word of Homeland Security?

The Orwellian USA PATRIOT Act that was rolled out in the aftermath of 9/11 guarantees that the police state was already in the planning stages and waiting for an opportunity. The attacks presented that to a ruthless fascist elitist element who had rose to power on the backs of an idiot scion with a brand name and a rigged election took advantage of that opening. And have used every minute since that day to destroy the American system and that ‘goddamned piece of paper’ the U.S. Constitution. This was all planned. Paranoid? It’s a compliment in these days of mass ignorance, fear and apathy. I strongly recommend this movie despite it’s flaws because it scares the living shit out of the establishment. It can either be purchased or it is widely available on the internet as are the Curtis films. See them all now….while there is still time but the clock is ticking.

And now with the public growing restive and the war plans for Iran still on the table with that pesky Admiral Fallon out of the way the neocons and the oligarchy are desperately trying to complete their deal with the devil, the consumation of which led to 9/11. They are like rats slowly clambering on top of each other while drowning in a septic tank largely filled with their own shit and as the dead enders that they truly are would rather go with the scorched earth plan than face the condemnation and justice that they truly deserve….just look at Dick Cheney, do you really think that you can negotiate with terrorists like that?

Basically just fuck them, keep it up truth seekers, rebels and patriots because every little bit of research is yet another slice in the death of a thousand cuts that these global fascists are incurring which will ultimately bring them down. To hell with their scare tactics, just keep circulating the information and circumventing the mockingbirds in the mainstream media. A decentralized swarm attack is the most successful of all battle plans and hundreds if not thousands of individual researchers working to dig up information is what will ultimately dig these fuckers’ graves and god willing we can all live long enough to piss on those graves.

And pay heed to your Second Amendment rights, arm yourselves to the teeth now while you still can before the fascists are able to disarm America through creeping ‘legal’ incrementalism and before the goon squads are able to capitalize on an event where they can pile into their black vans and start picking up the future residents of those KBR camps.They are coming, they are coming to take you down. To take you down to Chinatown and make no mistake that there will be any mercy or a functional system of due process to resort to when the jackboot kicks in your door.

By Ed Encho