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POPSThe Dollar: Like it Or Not Change is Coming Last week we learned that the national debt is likely to grow by more than $9 trillion. That's not great news -- no one likes a big deficit -- but President Obama inherited an economic mess from the Bush administration, and the cleanup comes with an inevitably high price tag. We're paying it now.
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POPSHave a Clue? Cap and trade , if you have no clue, you better get with the info.....what they spin is not what we get.........its for shit IMO
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POPSMafia Blamed for $134Billion Fake Treasury Bonds
The Treasury has not issued physical Treasury bonds since the 1980s " they are handled electronically " though they still issue savings bonds in paper format. In Washington a US Secret Service official said the agency, which is working with the Italian authorities, believed the bonds were fake. “We don’t know where they are now,” Mr Akamatsu said. Italian officials, while pointing out that hauls of counterfeit money and Treasury bills were not unusual, were stunned by the amount involved. Investigators are looking into the origin and destination of the fakes. Italian prosecutors revealed last month that they had cracked a $1bn bond scam run by the Sicilian Mafia, with the alleged aid of corrupt officials in Venezuela’s central bank. Twenty people were arrested in four countries. The fake bonds were to have been used as collateral to open credit lines with banks, Reuters news agency reported. The Venezuelan central bank denied the accusations.
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POPSChinese Premier Wen Jiabao Is Worried About US Debt? As North Korea shakes the nuclear sabre, Iran threatens Israel's existence and the modern world cowers before medieval Islamists, what leverage do we have to gain China's cooperation? None, of course. Instead, China has all the leverage to make us bend to their will. What other choice do we have but to obey our new master? Thousands of years ago, a wise man wrote that "the borrower is the slave of the lender." Anyone who has racked up debts understands this concept all too well. When your money belongs to someone else, they get to tell you what to do. When Treasury Secretary/Tax Cheat Tim Geithner reassured a Chinese audience that their "investments" in America were safe, they laughed in his face. Before long, our new master will notice the whip he's been handed and the laughter will stop. The world is about to get a lot more dangerous.
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POPSUS National Debt "If denominated in $1 bills, the cash would stack as high as the tallest building in the world, the 2683.7 foot Burj Dubai skyscraper… 1,474,918 times."
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POPSNational Debt Tops $11 Trillion But this will not prevent Obama or Congress from spending more recklessly than a woman with a credit card. Speaking of which, the Credit Card crisis is the next one pending now in the financial players on-deck circle...bank default rates are huge and growing.... because people know they will likely get a bailout and be forgiven, or are just mad at the banks! Bad bailout policies perpetuate more financial problems, and increase national debt!
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POPS Chicago Style Gangsters and Thugs We wrote on February 13 about the letter from the labor consortium Change to Win to the Financial Services Roundtable, demanding that banks receiving Troubled Asset Relief Program money keep quiet about union "card check." To its credit, the banking lobby hasn't backed down. Now Big Labor is escalating, demanding in a February 23 letter to Secretary Timothy Geithner that Treasury muzzle the companies if they won't muzzle themselves. The letter targets in particular the Principal Financial Group, based in Des Moines, which it says should be denied TARP money because of the "scale and scope" of its lobbying. So, what gives? It seems Principal's real sin is that it "lobbied on 26-labor related bills . . . including the Employee Free Choice Act," and it is the only TARP applicant or recipient to have disclosed doing so.
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POPS Mr. President, Now You Own It That's an obliteration of wealth that no stimulus bill will recoup. Since Election Day, the market has lost nearly 30 percent of its value -- trillions of dollars, not from CEO bonuses, as you may have hoped, but from your 401(k) and the private sector. You know, Mr. President, not everything is like politics. The market is a forward-looking entity, indeed, but it is driven by the decentralized actions of millions of investors every second. It's the opposite of politics. And this setup surely offends the sensibilities of the statist planners occupying Washington. Unlike politicians, markets don't lie. Obama, who promised not to raise taxes during a recession, now plans to raise nearly $1 trillion in new taxes directly from the investor class. He plans to raise capital gains taxes a disincentive to investment, corporate taxes for you, the consumer, ultimately to pay and on the "rich" which the nonpartisan Tax Foundation estimates will affect 1.3 million small-business owners.
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POPSBoehner To GOP: Vote Against The Stimulus “It’s not so much his effort, it’s what the House has done with this bill, what Pelosi has done with this bill,” explained Rep. Kay Granger (R-Texas), a veteran member of the Appropriations Committee. Rep. Patrick McHenry (R-N.C.), a young conservative firebrand, was more blunt when asked what happened to Obama’s honeymoon: “Ask Pelosi.” Sen. Kit Bond (R-Mo.), a senior appropriator, said that “several people” registered complaints to Obama that the GOP had not been consulted in the development of the bills now being marked up in the Finance and Appropriations committees. The committees “were run without Republican participation, the Appropriations bill had things in my subcommittee part that we never saw or had anything to say about. We have been shut out.”
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POPSChina May Prevent U.S. Economic Recovery, Thwart Obama's Spending Plan Congress should consider this, for Obama is counting on the continuing saleability of National Debt for his trillion dollar deficit to be funded through what China has historically purchased as an investment, i.e. U.S. treasury bills. You cannot spend indefinitely what you do not have even if the Fed prints it for you if no one is willing to buy it. Global bank consolidation will be introduced as the remedy , which is the globalist goal, as this article linked by Drudge hints: Measures will be taken at the G-20 meeting...Sarkozy ... "We should discuss how each of us is managing his currency, his interest rates." Economist also say that this would reverse low interest rates for home loans in the U.S. since China normally buys mortgage backed (in)securities but may not now. This is the risk of debt, that it makes one a slave to the lender and investors.
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POPSSheer unmitigated fear
Je0fN01 "It is sheer unmitigated fear: even institutions are looking for mattresses to put their money until the end of the year," (Marc Ostwald bond expert at Insinger de Beaufort). The market has moved into "backwardation" for the first time, meaning that futures contracts are now priced more cheaply than actual bullion prices. It appears that hedge funds in distress are being forced to cash in profits on gold futures to cover losses elsewhere or to meet redemptions by clients. But smaller retail investors – and perhaps some big players – are buying bullion in record volumes to store in vaults. latest data from World Gold Council shows demand for coins, bars, and ETFs doubled in third quarter to 382 tonnes = entire set of gold auctions by the Bank of England 1999 - 2002. stimulus by the US Fed and banks starting to have unintended consequences. The Bank of Japan reluctant to cut rates to zero again because of damage to money markets, US starting to face same dilemma.
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POPSThe Fed's Cash Shell Game.. and we're all the marks People keep thinking the gov't is going to save us all. Nothing could be further from the truth. Flooding the system with liquidity has so far failed to stabilize asset prices or income growth. The current crunch was been caused by an asset bubble based on credit. Trying to support or bring it back with devalued dollars supporting failed institutions will only set us up to revisit this same scenario (only much worse) in the future. Loaning money to small businesses while creating inflation only prolongs the pain. Why do so many ppl fail 2 get this? The gov't can't create wealth, demand, or assets; it can only shuffle resources... your & my resources
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POPSAnd the Winner Is . . . Peggy the Moocher On Election Day, the federal government quietly reported that it will borrow a record $550 billion in the current quarter to fund the bipartisan bailout. The Treasury Department plans to borrow more than a half-trillion dollars in the current October-December quarter and another $368 billion in the first three months of next year. Estimated total for the whole year: $1.4 trillion. Democrats plan to add another $500 billion in “stimulus”-palooza legislation. Credit card companies, utilities, insurance companies, and car-loan and student-loan debtors await their turn. Peggy the Moocher shows there are still basically two starkly contrasting views of government in this country among the rank-and-file electorate. Unlike Joe the Plumber, Peggy sees government as her salvation and the president as her subsidizer-in-chief. She voted with the expectation that the Spreader of Wealth will reward her with payback. Joe just wants Washington to leave him alone to fend for himself.
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POPSWhat to watch beyond the Dow If you haven't seen this Slate's new business site, The Big Money, explains the "TED spread," which measures the confidence that banks have in lending to one another. As the Dow continues to plummet, it's helpful to understand another metric (which still doesn't offer much room for optimism right now).
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POPSBailout Creating a Financial Black Hole (cont.)The latest propaganda from the government and the Illuminist think tanks tells us that, treasuries are more secure than gold because they are backed by the US government and gold has a counter party risk by whoever is storing your gold as the counter party. I’ve never heard any stupider comments. The Fed has informed Bank of America to be ready for a one-week universal shutdown of the banking system, including access to checking accounts, savings accounts and credit cards. This is why you need $5,000 in small bills in your safe at home and small denomination gold and silver coins.
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POPS Buried Loot a Mystery for Authorities The money is always the same - decaying $100 bills from the 1970s and 1980s. It's the story that keeps changing: _It was an inheritance. _Somebody dug up a tree and there it was. _It was found in a suitcase buried in an alfalfa field. _A relative found a treasure map. (AP) Eric Walsh examines water damaged U.S. currency at the Mutilated Currency Division of the Treasury... Full Image No matter where it came from or who found it, that buried treasure stands to make someone rich. It could also send someone to jail. Felhaber is a customs broker, a middleman. His company, F.C. Felhaber & Co., is just minutes away from the bridge between El Paso, Texas, and Ciudad Juarez, Mexico. Tens of billions of dollars of Mexican goods cross that bridge each year, aided by people such as Felhaber who navigate the customs bureaucracy. Customs brokers don't own the stuff that comes into the United States. They just make sure it gets here.
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POPSBank unveils £50bn rescue package The discount which the bank is paying is said to be about 10 per cent, not nearly enough to cover the potential losses from sub-prime investments. So Gordon Brown is liable to bankrupt all of us. Remember he has signed us up to another potential £50 billion in liabilities, just for Northern Rock! That's £150 billion and counting -- real money! (or is it?)
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