Swirling ‘Round the Drain: Economic News Round-Up

I.M.F. Puts Losses From Crisis at $4.1 Trillion – NYTimes 4/21/09

OBAMA WANTS $100 BILLION FOR IMF – Raw Story 4/20/09

[news] ALBA Summit Ratifies Regional Currency, Prepares for Trinidad – VenzuelAnalysis 4/17/09

Latin America’s most progressive governments met in Cumaná, Venezuela on Thursday for the seventh summit of the Bolivarian Alternative for the Americas, ALBA.  There they prepared their positions for this weekend’s Summit of the Americas in Trinidad, and signed the decree for a new South American currency, the Sucre.

German and French banks got $36 billion from AIG Bailout – Business Week 4/5/09

The majority of the funds—$58 billion—went to banks headquartered outside the U.S. The big winners were French and German banks, which pulled in $19 billion and $17 billion respectively.

To put these numbers in perspective, remember that the U.S. fiscal stimulus bill passed in February provided only $27.5 billion for highway and bridge construction.

Silver Stock Report: “The scope of fraud in the silver market alone is staggering” – Global Research 4/18/09

BIS Admits $190 Billion Silver Fraud – Implode Explode 4/6/09

China’s Proposal for a Super-sovereign Reserve Currency System  – Global Research 4/9/09

U.N. panel says world should ditch dollar  – Global Research 3/19/09

US Federal Reserve announces massive increase in government debt – Global Research 3/20/09

U.S. Injecting Billions Into Foreign Central Banks – Huffington Post 3/18/09

For more than a year, the U.S. Federal Reserve System has been increasingly acting as the world’s central bank, injecting hundreds of billions of dollars into foreign government treasuries in an effort to increase liquidity in those countries.

The foreign central banks have used the U.S. currency to bail out financial institutions within their borders. The Fed program links its balance sheet directly to the fates of foreign central banks at a time when they’re on the ropes.

BoJ drafts Y1,000bn of bank loan aid – Financial Times, UK 3/17/09

The Bank of Japan has unveiled a draft plan to provide up to Y1,000bn in subordinated loans to large commercial banks, in the latest radical effort by one of the world’s leading central banks to stem the global economic crisis

IMF announces new lending reforms – BBC 3/24/09

G-20 to give $1 trillion to IMF, World Bank – USA Today 4/2/09

UN panel calls for council to replace G20 – Financial Times, UK 3/22/09

IMF poised to print billions of dollars in ‘global quantitative easing’  – Telegraph, UK 3/16/09

Printing paper does not create wealth.

The International Monetary Fund is poised to embark on what analysts have described as “global quantitative easing” by printing billions of dollars worth of a global “super-currency” in an unprecedented new effort to address the economic crisis.

Russia welcomes Kazakh proposal for electronic single currency – Global Research 3/15/09

China calls for new reserve currency to replace dollar – Financial Times, UK 3/23/09

Firms defraud government but get new US contracts (AP)  – Yahoo 2/27/09

Companies that defrauded the United States and jeopardized American lives received new government work despite rulings designed to stop them from receiving federal contracts, government investigators report.

Roubini: Laissez-faire capitalism has failed – Raw Story 2/23/09

Brown: World needs ‘global New Deal’ – CNN 2/23/09

The $9.7 Trillion Pledged to Fix the Financial Mess Could Have Paid off 90% of America’s Mortgages, Report Says – Implode Explode 2/11/09

South Africa Finance Minister Warns of Great Depression – Global Research 2/12/09 

“The Mortgage Equity-Equalization Program” ; End Foreclosures. Empower Individual Homeowners – Global Research 2/14/09

“We Hate You Guys” – Reuters Caught Doctoring China Official’s Remarks On US Treasury Peril! – Implode Explode 2/14/09JP Morgan CEO: OK, We Didn’t Use Bailout Money For Lending  – TPMuckraker 2/11/09

“You Are Entitled To Getting Your Terms Reduced” – Implode Explode 2/20/09 

With the new housing bill which passed last year, YOU ARE ENTITLED TO GETTING YOUR TERMS REDUCED in order to lower your payments.

YOUR LENDER HAS TO GIVE YOU UP TO 80% of the potential loss on your home! WE FORCE THE BANK TO OBEY THE LAW. The bank does not want you to know this.



This is a transcript from the court trial mentioned in Aaron Russo’s “America: From Freedom to Fascism.” On page 23 of this transcript, Judge James C. Fox admits that the 16th Amendment to the United States Constitution, the Amendment on which the income tax is based, was never properly ratified.
This is a rare admission for a Judge to make, given that the entire court system (including the Judge’s salary) is funded from tax revenues, but in this case, the Judge states what we have known all along; when the relevant documents are actually examined, as opposed to the majority of Judges who simply declare the Amendment ratified by judicial fiat (a power and authority NOT granted to them under the Constitution), it cannot be demonstrated that the 16th amendment was ratified.

Squatters See Silver Lining in Foreclosed Homes – Implode Explode 2/19/09

The PPEHRC has an “underground railroad” of activists in states across the U.S. who have moved hundreds of families into foreclosed homes within the last nine months, Cheri Honkala, national organiser, told IPS. Actions have taken place in California, Illinois, Louisiana, Mississippi and Ohio, Honkala said. 

Wells Fargo is technically insolvent – Global Research 2/12/09 

Large U.S. banks on brink of insolvency, experts say – Int’l Herald Tribune, UK 2/14/09

Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking. 

No one home: 1 in 9 housing units vacant – USA Today 2/13/09

U.S. Congressman Claims The End of the World As We Know It — Almost Happened – DisInfo 2/16/09

This is an INSANE thing for a Congressman to say: Rep. Paul Kanjorski claims on C-Span that the world economy almost collapsed in a matter of hours.

In this clip, Kanjorski reports on a “tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars” that happened in an hour or two.


Kansas suspends tax refunds – Raw Story 2/16/09

State’s budget crisis may even cause delay in employee payrolls.

US short $1.2 trillion for retirees – Raw Story 2/16/09

Haunting photo-essay on rotting buildings in Detroit – Boing Boing 3/13/09

McDonald’s gets $423.7M loan from Japanese banks – Int’l Herald Tribune, UK 2/24/09

California unemployment rate over 10% – CNN 2/27/09

Pepsi and IBM are Now More Creditworthy than the U.S. Government – George Washington blog 2/26/09

Georgia furloughs 25,000 workers – Implode Explode 2/25/09

TARP: $365 million to 23 banks – Implode Explode 2/25/09

Flint, Michigan: Government Considering Abandoning Parts of City, Cutting Off Police and Fire Service – Cryptogon 3/31/09

Food stamp rolls hit record 32.2 million – Raw Story 4/2/09

NYSE Defaults On Small Gold Bars! – Implode Explode 3/31/09

California may tap U.S. Treasury, Europe for credit – Implode Explode 3/25/09

Washington Mutual sues FDIC for over $13 billion  – Raw Story 3/21/09

Another Faustian Swap: Indianapolis Water Authority Forced To Cough Up $100 Million-Plus – TPMuckraker 4/13/09

Another day, another group of American taxpayers forced to cough up tens of millions of dollars to Wall Street over a little-noticed provision in a “swap” contract gone sour. Last week we brought you the parallel tales of sudden budgetary meltdown in Tennessee, Alabama, Illinois, New Mexico and Philadelphia that in part prompted the credit rating agency Moody’s to issue a blanket negative credit outlook on all bonds issued by American cities and towns. Today it’s the Indianapolis Water Authority being screwed in a swap deal that might force the utility — and by extension, its customers — to cough up a collateral call of as much as $100 million.

House Preparing To Legalize Payday Loans With 391% APRs – Consumerist 4/6/09

A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress’ support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill.

Congressman Gutierrez is competing with Congressman Joe Baca to see who can author the biggest giveaway. Baca’s legislation would allow rollovers, higher fees for online banks, and would pre-empt state laws banning payday loans.

Unemployment ‘is now a national emergency’ – USA Today 3/12/09

Four states California, South Carolina, Michigan and Rhode Island registered unemployment rates above 10% in January

Hedge Fund Manager Sued by SEC For $16 Million Fraud – Charting Stocks 2/20/09

The SEC is suing a former Minnesota hedge fund manager, alleging that he defrauded investors of almost $16 million.

The lawsuit,which was filed yesterday in Minneapolis federal court, accuses John Lawton of lying to investors about the performance of his Paramount Partners hedge fund, overstating its balance sheet to hide losses.

US authorities ‘had been investigating Allen Stanford for 15 years’ – Times, UK 2/20/09

The Daily Stanford – TPMuckraker

The fast and furious developments of the case against Allen Stanford.

Former Halliburton Subsidiary Pleads Guilty to Bribing Nigerian Officials – Global Research 2/12/09

Madoff Never Made Supposed Investments – NYTimes 2/20/09

A report raises the question of how fake statements were generated in the absence of any genuine trading.

Mrs. Madoff withdrew $10m on day of arrest – Raw Story 2/11/09

Is Madoff the tip of a money laundering pyramid in Israel? – Global Research 2/20/09

IMF Says Advanced Economies Already in Depression – Cryptogon 2/8/09


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One topical item that bears mentioning.

From the last G-20 Summit, President Obama has tentatively agree to place the Federal Reserve and the SEC under a new international body called the FSB (Financial Stability Board). The agreement outlines how the FSB can dictate how individual, non-governmental, private companies are run– even as far as how much a person gets paid.

Since the Federal Reserve will be under its direction, we have lost control of our monetary policy (not that had much control to begin with since it is the Federal Reserve we’re talking about.).

The rules of the board, which is completely dominated by European bankers and where the United States is given only one vote, makes it seem as though America have just surrendered her sovereignty to foreign powers.

At least, that’s what it looks like. Who the hell knows what’s going on behind the scenes… President Obama is about as forthcoming as his predecessor, President Bush.

BUT who knows? Maybe Obama really is working in the best interests of the American people. If Bush has waded the country so far down the path of world government that it’s barely retrievable, maybe Obama is doing a whole lot of fancy footwork to carefully extract us from the NWO. President Obama who walks around like a peacock all the time does uncharacteristic things like bowing to the Saudi prince (Obama doesn’t strike me as a man who bows down to anyone), trashing his own country as he sits as its leader to all comers (despite the absolute certainty that it would incur the disdain and possible resentment from a sizable portion of his own constituents)… maybe this is how he gets his bona fides with our enemies before he stabs them in the back.

It’s possible…

Comment by Thursday

Hi, nice post. I have been pondering this issue,so thanks for posting. I will definitely be subscribing to your blog.

Comment by How I Lost Thirty Pounds in Thirty Days

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