By Dark Politricks
With another anniversary of the 9.11 attacks about to pass there are plenty of questions that remain unanswered and a growing number of people who are realising that the official conspiracy theory as preached by the US government is still just that, a theory which hasn't been proved in the eyes of millions of enquiring minds.
The... [read more]
By Dark Politricks
If you are a regular visitor to my site you will know that I have created a Good Guys List which is a list of people from all political persuasions that I feel belong on the right side of the dividing line when it comes to us versus them.
I don't agree with everything these people say for obvious reasons but on the major topics of... [read more]
By Dark Politricks
With the recent outcry over the proposed upgrading of an existing mosque in New York to a new building there has been a lot of anti-Islamic comments made and a lot of illogical thought processes being used by those who for whatever reason don't want a mosque built two blocks away from ground zero.
For anyone who has looked at the... [read more]
By Dark Politricks
Recently declassified files from a US investigation show that Israel has been spending massive amounts of money to influence US policy behind the scenes to obtain their own objectives which often benefit Israel to the disadvantage of Americans, Palestine and Muslims as a whole. While this is no surprise to anyone who knows anything... [read more]
By Dark Politricks
This is probably one of the best Twitter based applications I have seen so far. It lets you create your own online daily newspaper using your Twitter account by taking the links, videos and stories from any posts you or your followers have made and formatting them so it looks like an online paper.
Check out the Dark Politricks Daily... [read more]
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How’s your blood pressure? Meds doing OK? Have you already forgotten the lies that got us into Iraq? Americans have certainly forgotten the wounded soldiers and the disabled vets. What we had really done is allow ourselves to put our sanity on the shelf for 8 years, not all of us, mind you but too many.
If you are one of those few who stood up from 9/11 onward saying that something was terribly wrong, that the nation was being hijacked by a pack of thieving bastards, go ahead and watch.
With another anniversary of the 9.11 attacks about to pass there are plenty of questions that remain unanswered and a growing number of people who are realising that the official conspiracy theory as preached by the US government is still just that, a theory which hasn’t been proved in the eyes of millions of enquiring minds.
The number of people who are happy to accept conspiracy as a legitimate explanation for an event is growing day by day and when articles are posted online designed to attack believers in alternative views (such as the recent Demos article) the comments quickly fill up with messages attacking the articles premise. This shows that the public are perfectly aware conspiracies do occur, that false flag attacks are a tool used by intelligence agencies of all shape and form and to dismiss this reality as nothing more than crazy talk is the favoured mechanism of those who benefit from stifling such discourse.
This is not to say that all conspiracy theories are equal and whilst history proves that the rich and powerful often collude to the detriment of the public the number of ill thought out or illogical theories that litter the web have had the effect of tarnishing debate of a legitimate subject matter that is most definitely based in reality.
There have been many conspiracy theories regarding 9.11 ranging from the complex to the ridiculous however just because some theories are easily debunked does not mean that all if them can be ignored. I for one have been back and forth over this subject many times and whilst I currently believe that sections within the US intelligence agencies at some level had pre-knowledge of the attacks I do not claim to hold all the answers.
Not only has the secrecy surrounding the attacks helped breed a myriad of competing theories it has helped cast aspersions on the governments own possible collusion whatever level that may have been. When the government refuses to hold a full public enquiry into events of such magnitude, when they collude with the one investigation actually held to withhold evidence, when they refuse to release videos and other evidence which could dispel many conspiracy theories for “national security” reasons it does nothing more than increase skeptisism in an already suspicious public about their motives.
For example the US government could easily release the numerous tapes confiscated from around the Pentagon in the aftermath of that attack to dispel rumours that a missile and not a large ariliner hit the building. Numerous cameras from surrounding hotels and garages had their footage confiscated shortly after the attack and even if these tapes do not show anything regarding the approach and impact then they should be released anyway otherwise people will always claim that the government is hiding footage of whatever really hit the building.
Without publicly accessible evidence of the impact there will always be questions over the Pentagon attack which left a small hole in the building wall before it’s collapse. The dimensions of the hole do not seem to fit those of a Boeing 757 and there is the question of how a plane of that size reportedly flew 400 mph at only 30ft above the ground to hit the first floor of the building without hitting the ground first.
Others believe that the the immense down-force from the plane would have prevented it from flying so close to the ground at such speeds and that it would have crashed into the ground leaving marks on the untouched Pentagon lawn way before the walls that it reportedly hit.
An analysis of the flight data recorder from Flight 77 which hit the Pentagon shows a so far unexplained discrepancy between the altitude of the plane and what supposedly happened which meant that the lamp posts which the plane supposedly hit would have had to have been 440 feet high for the plane to have brought them down.
This data which has been released by the National Transportation Safety Board also means that the planes altitude is in direct conflict with the only CCTV footage that has been released of the impact. Either the data from the black box is wrong somehow (e.g it was edited before being released) or the plane didn’t actually hit the lamp posts and then crash into the Pentagon.
The following video is a good 3D reconstruction of what supposedly happened during the Pentagon attack. Notice that the plane flies parallel to the ground for some considerable time, knocking over the lamp posts and then hitting the Pentagon.
Another issue proponents of the missile theory claim “proves” their argument is the lack of physical evidence after the crash. There are many witnesses on record saying that there was little or no plane debris which has been picked up on as supporting the idea that no plane actually the building however the following video shows how a plane can literally disappear leaving little or no discernible body parts when it’s flown at high speed into a wall.
This test was carried out in the 80′s to see whether a Japanese nuclear power station could withstand an airplane hitting it. They used a rocket-propelled, 27-ton F-4 Phantom jet, attached to a sled, aimed to hit a 3.7 meter thick slab of concrete at a speed of about 475 miles per hour which is the same speed that Flight 77 reportedly hit the Pentagon.
As you can see from that video the plane is totally pulverised and not much remains to be identified afterwards.
So what do I make of it all? There is a clear case of contradictory evidence in that the flight data that was released to the public is either wrong somehow or it is correct and the plane didn’t hit the Pentagon meaning that something else did.
Lots of witnesses claim to have seen the plane hit the building which means that either they are all lying or a plane did hit the building. I am going with the latter as I believe that personal witness statements should be treated as the key pieces of evidence they are. Many people in the 911Truth community will claim that there were a multitude of witnesses who heard and saw explosives go off at the World Trade Center and then claim that all the witnesses who saw the Pentagon crash were plants and in on the conspiracy. They cannot have it both ways.
This does not resolve the issue of the hard to make aerial manoeuvres that inexperienced pilot Hani Hanjour had to have made to fly the plane so close to the ground and hit the building as he did. I don’t know the answer to this but one explanation would be that he wasn’t flying the plane at all and someone or something else was controlling it which might explain how it managed to fly such a complicated dive and then manage it’s fast parallel entry towards it target without crashing before hand.
Whatever actually happened it would be nice if the US government could release all the other video footage taken from cameras around the Pentagon even if they don’t show anything regarding the impact. I don’t know why they would want to keep confiscated footage if it didn’t show anything related to the event but the release of this footage would help clear up a lot of questions.
Whilst the Pentagon is an interesting and some what puzzling topic on it’s own I think the question of World Trade Center 7 is most troubling for the following reasons:
We have a large building that was not hit by a plane, only falling debris, that fell into it’s own footprint in a few seconds looking exactly like a controlled demolition.
The only investigation into this buildings collapse is a fundamentally flawed NIST report that relied purely on a computer model to explain the collapse.
This model, which they won’t release the data for, put the cause down to thermal expansion a totally new explanation for a buildings collapse.
This expansion was generated within the computer model by only heating the steel beams and not the concrete floor slabs which is totally unrealistic and a clear case of fixing the outcome by loading the parameters to create the desired outcome.
The NIST admits that there is a 2.4 second period during the collapse in which the building falls at freefall speed which defies the laws of physics and which meant that they had to remove their previous claim that the report was consistent with scientific principles.
This last one is a killer point that so far has not been tackled by any debunking site I have come across. In fact I have personally emailed a number of sites asking them to look at this particular point as I would love to hear a rational explanation that explains how this freefall could occur.
Believe it or not I don’t want to be labelled a conspiracy theorist and I don’t choose to believe a theory without it having some merit. On the topic of 9.11 I have a number of questions that I would like answering that at the moment are only explained by some sort of collusion.
As far as I am aware the 2.4 freefall of WTC7 is only explained by a controlled demolition of some kind and for that to have occurred there must have been foreknowledge and the pre-planting of explosives. If this question is answered some other way however I for one am perfectly willing to change my views on the matter and I would urge debunkers to please provide me with such an alternative explaination for this event.
The following video is a talk on the collapse of the Twin Towers which primarily looks at why the Pancake theory was flawed and why if the buildings had fallen naturally and not from a controlled demolition the huge central core columns that the towers were built around should have still been standing even if the surrounding building had collapsed.
The search term “demonizing Alex Jones” has topped the Google Trends charts, ensuring that thousands of people who would have usually swallowed ABC Nightline’s hit piece against Jones whole will now have their eyes opened to an entirely deeper level of understanding about the new world order and the global soft kill eugenics program.
With reports coming in nationwide of the corporate media launching a full scale demonization campaign against Jones in the aftermath of the ABC smear, the viral popularity of this search term will turn people away from the establishment propaganda and focus their attention on the kind of bombshell information posted daily at Prison Planet and Infowars.
We thank our listeners for contributing to this viral success and once again helping us to hack into the matrix of consensus-controlled belief systems and plant the seeds that will win over new minds long into the future.
The unemployment rate has risen again for the the first time in 4 months. I predicted a growing, long-term unemployment problem last year.
Indeed, the government’s actions have directly contributed to the rising tide of unemployment.
The Government Has Encouraged the Offshoring of American Jobs for More Than 50 Years
President Eisenhower re-wrote the tax laws so that they would favor investment abroad. President Kennedy railed against tax provisions that “consistently favor United States private investment abroad compared with investment in our own economy”, but nothing changed.
For the last 60 years, the tax benefits to American companies making things abroad has encouraged jobs to move out of the U.S.
The Government Has Encouraged Mergers
The government has actively encouraged mergers, which destroy jobs.
Citigroup’s former chief executive says that when Citigroup was formed in 1998 out of the merger of banking and insurance giants, Alan Greenspan told him, “I have nothing against size. It doesn’t bother me at all”.
And the government has actively encouraged the big banks to grow into mega-banks.
The Government Has Let Unemployment Rise in an Attempt to Fight Inflation
The Federal Reserve is mandated by law to maximize employment. The relevant statute states:
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
***
The Fed could have stemmed the unemployment crisis by demanding that banks lend more as a condition to the various government assistance programs, but Mr. Bernanke failed to do so.
Ryan Grim argues that the Fed might have broken the law by letting unemployment rise in order to keep inflation low:
The Fed is mandated by law to maximize employment, but focuses on inflation — and “expected inflation” — at the expense of job creation. At its most recent meeting, board members bluntly stated that they feared banks might increase lending, which they worried could lead to inflation.
Board members expressed concern “that banks might seek to reduce appreciably their excess reserves as the economy improves by purchasing securities or by easing credit standards and expanding their lending substantially. Such a development, if not offset by Federal Reserve actions, could give additional impetus to spending and, potentially, to actual and expected inflation.” That summary was spotted by Naked Capitalism and is included in a summary of the minutes of the most recent meeting…
Suffering high unemployment in order to keep inflation low cuts against the Fed’s legal mandate. Or, to put it more bluntly, it may be illegal.
In fact, the unemployment situation is getting worse, and many leading economists say that – under Mr. Bernanke’s leadership – America is suffering a permanent destruction of jobs.
For example, JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:
[We've had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.
The chief economists for Wells Fargo Securities, John Silvia, says:
Companies “really have diminished their willingness to hire labor for any production level,” Silvia said. “It’s really a strategic change,” where companies will be keeping fewer employees for any particular level of sales, in good times and bad, he said.
And former Merrill Lynch chief economist David Rosenberg writes:
The number of people not on temporary layoff surged 220,000 in August and the level continues to reach new highs, now at 8.1 million. This accounts for 53.9% of the unemployed — again a record high — and this is a proxy for permanent job loss, in other words, these jobs are not coming back. Against that backdrop, the number of people who have been looking for a job for at least six months with no success rose a further half-percent in August, to stand at 5 million — the long-term unemployed now represent a record 33% of the total pool of joblessness.
A new report by University of California, Berkeley economics professor Emmanuel Saez concludes that income inequality in the United States is at an all-time high, surpassing even levels seen during the Great Depression.
The report shows that:
Income inequality is worse than it has been since at least 1917
“The top 1 percent incomes captured half of the overall economic growth over the period 1993-2007″
“In the economic expansion of 2002-2007, the top 1 percent captured two thirds of income growth.”
As others have pointed out, the average wage of Americans, adjusting for inflation, is lower than it was in the 1970s. The minimum wage, adjusting for inflation, is lower than it was in the 1950s. See this. On the other hand, billionaires have never had it better.
The economy is like a poker game . . . it is human nature to want to get all of the chips, but – if one person does get all of the chips – the game ends.
In other words, the game of capitalism only continues as long as everyone has some money to play with. If the government and corporations take everyone’s money, the game ends.
The fed and Treasury are not giving more chips to those who need them: the American consumer. Instead, they are giving chips to the 800-pound gorillas at the poker table, such as Wall Street investment banks. Indeed, a good chunk of the money used by surviving mammoth players to buy the failing behemoths actually comes from the Fed…
This is not a question of big government versus small government, or republican versus democrat. It is not even a question of Keynes versus Friedman (two influential, competing economic thinkers).
It is a question of focusing any government funding which is made to the majority of poker players – instead of the titans of finance – so that the game can continue. If the hundreds of billions or trillions spent on bailouts had instead been given to ease the burden of consumers, we would have already recovered from the financial crisis.
As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.
***
When most people lose their poker chips – and the game is set up so that only those with the most chips get more – free market capitalism is destroyed, as the “too big to fails” crowd out everyone else.
And the economy as a whole is destroyed. Remember, consumer spending accounts for the lion’s share of economic activity. If most consumers are out of chips, the economy slumps.
And unemployment soars.
As former Secretary of Labor Robert Reich wrote yesterday:
Where have all the economic gains gone? Mostly to the top.
***
It’s no coincidence that the last time income was this concentrated was in 1928. I do not mean to suggest that such astonishing consolidations of income at the top directly cause sharp economic declines. The connection is more subtle.
The rich spend a much smaller proportion of their incomes than the rest of us. So when they get a disproportionate share of total income, the economy is robbed of the demand it needs to keep growing and creating jobs.
What’s more, the rich don’t necessarily invest their earnings and savings in the American economy; they send them anywhere around the globe where they’ll summon the highest returns — sometimes that’s here, but often it’s the Cayman Islands, China or elsewhere. The rich also put their money into assets most likely to attract other big investors (commodities, stocks, dot-coms or real estate), which can become wildly inflated as a result.
***
THE Great Depression and its aftermath demonstrate that there is only one way back to full recovery: through more widely shared prosperity.
***
And as America’s middle class shared more of the economy’s gains, it was able to buy more of the goods and services the economy could provide. The result: rapid growth and more jobs. By contrast, little has been done since 2008 to widen the circle of prosperity.
So through it’s policies encouraging the offshoring of jobs, mergers, decreasing of economic activity to fight inflation, and allowing wealth to be concentrated in fewer and fewer hands, the government has channeled water away from U.S. jobs, creating the worsening unemployment drought.
Note for Keynesians: As I have repeatedly explained, the government hasn’t spent money on the right kind of things to stimulate employment. See this and this.
The numbers don’t lie, and statistic after statistic shows that the economic fundamentals continue to get progressively worse… and anyone who claims that things are getting “better” is either ignorant, completely deluded or is purposely lying. The U.S. economy is not getting “better”. The U.S. economy is dying! Words: 970
So says an article* at http://theeconomiccollapseblog.com entitled “15 Economic Statistics That Keep on Getting Worse.” Below Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, presents further reformatted and edited [..] excerpts from the article for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) The article goes on to say:
The U.S. government can continue to try to pump up with economy with more debt, but the reality is that there is not going to be a legitimate “recovery” until consumer spending rebounds. Consumer spending makes up the vast majority of U.S. GDP. Without good jobs, however, consumers are not going to be able to spend money and, unfortunately, our jobs base continues to be erode as millions upon millions of middle class jobs are shipped over to China, India and dozens of third world nations by the global predator corporations that now dominate the world economy. So where does that leave middle class American “consumers”? Well, it leaves us in a world of hurt.
15 Key Economic Statistics That Just Keep Getting Worse
1. The number of Americans who are receiving food stamps rose to a new all-time record of 40.8 million in May and has set a new all-time record for 18 months in a row. There is every indication that things are going to get even worse. The U.S. Department of Agriculture projects that the number of Americans on food stamps will increase to 43 million in 2011.
2. The U.S. economy lost 131,000 more jobs during the month of July… and has lost 10.5 million jobs since 2007. Meanwhile, immigrants (both legal and illegal) continue to pour into this nation in unprecedented numbers.
3. Americans who are out of work are finding it incredibly difficult to get back into the workforce with the average time needed to find a job having risen to an all-time record of 35.2 weeks.
4. The U.S. government keeps trying to pump up the economy with debt, and in the process things are getting wildly out of control. According to a U.S. Treasury Department report to Congress, the U.S. national debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015.
5. The interest on all of this debt is becoming increasingly oppressive. (To continue reading this article go here.)
Editor’s Note:
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is permitted provided full credit is given
U.S. stocks could sink by more than 20 percent if the neckline of a head-and-shoulders pattern on the Dow Jones Industrial Average is breached, according to Robert Prechter’s Elliott Wave International Inc. Words: 524
So reports Sarah Jones (www.bloomberg.net). Below Lorimer Wilson, editor of www.munKNEE.com, presents further reformatted and edited [..] excerpts from her article for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) Jones’ report continues as follows:
“The coming months hold the potential to be the most exciting of the year so far,” a team including Steve Hochberg and Peter Kendall wrote in their latest Global Market Perspective report. “Once the neckline is breached, the measured move for the selloff targets the area surrounding… (To continue reading the article please go here.)
*http://www.businessweek.com/news/2010-08-18/dow-average-to-tumble-to-8-000-elliott-wave-says.html (Jones can be contacted at sjones35@bloomberg.net)
Editor’s Note:
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is permitted provided full credit is given
The Hindenburg Omen is a technical indicator that foreshadows not just a bear market but the likelihood of a stock-market crash – and it is now predicting a possible market meltdown in September! Words: 836
So say Steven Russolillo and Tomi Kilgore in an http://online.wsj.com article* entitled “‘Hindenburg Omen’ Flashes.” Below Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, presents further reformatted and edited [..] excerpts from the article for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) They go on to say:
The Origin of the Hindenberg Omen
Jim Miekka, a blind mathematician, came up with the “Omen” in 1995 as a way to predict big market downturns, developing a formula that parses data like 52-week stock levels and the moving averages of the New York Stock Exchange. The name “Hindenburg Omen” (named after the famous German airship that crashed in Lakehurst, N.J. in 1937) was coined by a fellow market technician, Kennedy Gammage, when he and Miekka found out the name “Titanic” already had been taken. Miekka currently writes a Wall Street newsletter called the “Sudbury Bull & Bear Report”.
The Implications of the Hindenberg Omen Occurring
The Hindenburg Omen occurs when a number of technical indicators align on the NYSE and has been behind every market crash since 1987. Looking back at historical data, the probability of a move greater than 5% to the downside after a confirmed Hindenburg Omen was 77% [conversely, 23% of the time no significant market downturn occurred] and usually took place within the next forty-days. The probability of a panic sellout was 41% and the probability of a major stock market crash was 24%. The Omen was activated on the New York Stock Exchange on August 11 so the probability is that…. (To continue reading the article please go here.)
Editor’s Note:
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The authors’ views and conclusions are unaltered.
- Permission to reprint in whole or in part is permitted provided full credit is given.
Warning! The forecasts you’re about to read are controversial, and many will say I have lost my mind. No problem. Many have said the same about me numerous times in the past but the forecasts I speak of today are based entirely upon my proprietary trading models that… have successfully guided me and the investors that have followed me through every twist and turn in the economy and markets… since I developed them in 1982. Words: 949
So says Larry Edelson (www.uncommonwisdomdaily.com)in an article* entitled “Read This Now.” Below Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, presents further reformatted and edited [..] excerpts from the article for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) Edelson goes on to say:
I point this out not to brag, but merely to emphasize how important it is that you read on to learn what my models are saying now, and how seriously their messages should be taken. Here are the forecasts and what you should be watching:
1. The Dow will:
a) plunge to between 8,700 and 9,000 by early November and then b) soar to between 27,000 and… (Continue reading the article here.)
Editor’s Note:
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is permitted provided full credit is given
Martin Weiss’ team of international experts – Mike Larson in North America, Claus Vogt in Europe, Tony Sagami on Asia, Rudy Martin on South America – and Ron Rowland, one of the nation’s foremost experts on international exchange-traded funds (ETFs), met recently to discuss and determine what they think is coming next. They came up with eight new forecasts for 2010 — some very negative, some very positive – and put forth specific, actionable recommendations based on their conclusions. Words: 1950
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, presents below reformatted and edited [..] excerpts from an article* by Martin Weiss (www.uncommonwisdomdaily.com) for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) The article goes on to say:
1. The Obama administration and Congress will be paralyzed and unable to pass another big stimulus package and unable to prevent a double-dip recession!
Just in the past few weeks, we’ve seen an outpouring of bad data and news on the economy — GDP slowing sharply, a key manufacturing index hitting a seven month low, home sales running at the lowest level in nearly a half-century, bank lending falling – and horrendous jobs reports.
Voices are clamoring for another stimulus package but… Congress is paralyzed… and the President does not have the political – or financial – capital to make it happen. The Congressional Budget Office has estimated that the U.S. budget will produce a deficit of $1.5 trillion this year and $1.3 trillion in 2011, already far worse than they thought just a year ago… and now they’re going to get far lower income tax revenues… and far bigger bills for unemployment checks than they’ve been expecting. Even if the economy just slows down moderately, the deficit could explode well past $2 trillion in 2011 and it’s the exploding deficit that’s bringing massive political resistance to more stimulus on both sides of the aisle.
2. The entire burden of fighting recession and financing deficits will fall on central banks and, as such, Bernanke and his counterparts in Europe will launch a second, even bigger round of money printing!
These [new] paper dollars will not create real prosperity in the United States or Europe… and, [unfortunately,] a substantial portion of that money [will] wind up flowing to other countries where there is true, fundamental growth.
3. The sovereign debt crisis will soon return with a vengeance — first in Eastern Europe, then in the U.S. and the U.K.!
The sovereign debt crisis is not over by a long shot… even though the IMF and the EU [primarily Germany] bailed out Greece, Portugal, Spain and all the other PIIGS countries. Everyone seems to forget that the PIIGS countries are not the only ones in trouble. According to one of the world’s most respected institutions, the Bank of International Settlements (BIS), the sovereign debts of the United States (90% of GDP) are worse than the sovereign debts of PIIGS countries like….. (Continue reading the article here.)
Editor’s Note:
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is permitted provided full credit is given.
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth … pennies on the dollar.”
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com, provides below further reformatted and edited [..] excerpts from Bob Adelmann’s (http://www.thenewamerican.com) original article* for the sake of clarity and brevity to ensure a fast and easy read. (Please note that this paragraph must be included in any article reposting to avoid copyright infringement.) Adelmann goes on to say:
Treasury Direct
Corsi said he has a letter from the Treasury Department, Bureau of Public Debt, informing U.S. citizens that the federal government is rolling out a new program called “Treasury Direct” that will allow citizens “to purchase, manage, and redeem…savings bonds” electronically, as well as offering an option to purchase such bonds automatically through payroll savings or a personal checking account.
Automatic IRAs
[The above] happens to coincide nicely, according to Corsi, with a bill offered by Senator John Kerry (D-Mass.) to create “Automatic IRAs” that would require all employers and employees to invest in IRAs using that automatic deduction option, “whether they want to do so or not.”
Retirement USA
[Furthermore, the above 2 potential programs also] happen[s] to coincide with a program being pushed by the Service Employees International Union (SEIU) called “Retirement USA” which would create a government-forced retirement program with assets being directed into special Treasury Retirement Bonds, or R-Bonds. “Retirement USA” is promoting the idea that all workers have a “right” to a government retirement account, in addition to Social Security and any private pension plans those workers already have in place. Others behind “Retirement USA” also support more government dependency for workers, including the AFL-CIO, the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare and the Pension Rights Center.
The Rationale Behind Possible Confiscation
All of this is being promoted by the idea that individual citizens aren’t saving enough for their retirement, and that consequently government has to “do something.” Rep. Jim McDermott (D-Wash.), Chairman of the House Ways and Mean’s Committee’ Subcommittee on Income Security and Family Support, is confused about whose money is in those 401(k) plans: the individual contributor, or the government. He said that “since the savings rate isn’t going up for the investment [Congress is making] of $80 billion [in 401(k) tax savings], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”
The [above is] the point of view of many in the Washington establishment that the $4.5 trillion currently invested in 401(k) plans and other private pension plans that enjoy tax breaks actually belong to the government… (continue reading the article here.)
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