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Trend Researcher Gerald Celente joins Russia Today on July 1, 2010 to discuss the US dollar and the IMF’s proposed solution to replace the world’s sole reserve currency:
You’re seeing a global meltdown. There’s no way out of this. Everyone knows that Greece isn’t going to be able to pay of its debt. And we just saw today Spain’s bonds being downgraded once again. No, there’s a global financial currency crisis. They’re coming up with another scheme. Just as the Euro didn’t work, now the IMF is going to come to the rescue, put together a basket of currencies for everyone to draw from, and that going to work?
We can see a devaluation of the dollar. That’s what we’re looking for, rather than a high inflation. And we believe it is going to happen whether they call a bank holiday or not. In some way or another we’re going to see a dollar devaluation down the line.
Saturday, July 3, 2010
Howard Davidowitz: U.S. Economy "Is a Complete Disaster"
YAHOO! Finance
The U.S. economy is in shambles and Americans will continue to see high unemployment and lower living standards in the years to come, Howard Davidowitz tells Henry and Aaron in the accompanying clip.
Davidowitz lays much of the blame for the economy's woes at the feet of the Obama administration, which he calls "the worst of my lifetime." FULL STORY
The U.S. economy is in shambles and Americans will continue to see high unemployment and lower living standards in the years to come, Howard Davidowitz tells Henry and Aaron in the accompanying clip.
Davidowitz lays much of the blame for the economy's woes at the feet of the Obama administration, which he calls "the worst of my lifetime." FULL STORY
Dingell of Michigan Calls Senate Procedures `Undemocratic'
BLOOMBERG.com
Representative John Dingell, a Michigan Democrat, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” airing this weekend that the Senate’s “undemocratic” procedures have made it a “drain on the legislative process.”
HUNT: On the economy your state of Michigan and your depression, 14 percent unemployment, President Obama’s person in charge of the auto industry recovery, Ed Montgomery, is now leading. Is the administration doing enough for Michigan, for the auto industry?
DINGELL: Well, Michigan people will tell you there is not enough being done and, quite honestly, it is pretty hard to see how anything could be done to cure the problems we have in Michigan. We are not the worst off state, but second worst, but that is terrible as you well know.
Now, having said that, it is important that we do something and do everything that we can to see to it that the state turns around and that the economy of the nation turns around. FULL STORY
Representative John Dingell, a Michigan Democrat, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” airing this weekend that the Senate’s “undemocratic” procedures have made it a “drain on the legislative process.”
HUNT: On the economy your state of Michigan and your depression, 14 percent unemployment, President Obama’s person in charge of the auto industry recovery, Ed Montgomery, is now leading. Is the administration doing enough for Michigan, for the auto industry?
DINGELL: Well, Michigan people will tell you there is not enough being done and, quite honestly, it is pretty hard to see how anything could be done to cure the problems we have in Michigan. We are not the worst off state, but second worst, but that is terrible as you well know.
Now, having said that, it is important that we do something and do everything that we can to see to it that the state turns around and that the economy of the nation turns around. FULL STORY
Friday, July 2, 2010
Fed Made Taxpayers Unwitting Junk-Bond Buyers
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds. FULL STORY
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds. FULL STORY
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Rep. Paul's Audit the Fed Bill Fails, 229-198
Rep. Paul's Audit the Fed Bill Fails, 229-198 (RonPaul.com) 01 Jul 2010 Rep. Ron Paul’s (R-TX) attempt to audit the Federal Reserve, which was previously co-sponsored by 320 members of the House (HR 1207), failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 122 co-sponsors of HR 1207, all Democrats, jumped ship and voted against the measure. Paul's bill would have allowed a total examination of the Fed’s books.
The following MICHIGAN U.S. representatives cosponsored H.R. 1207 but voted against Audit the Fed on a motion to return the Dodd-Frank Financial Reform bill to committee and add back in the thorough Audit.
Dale Kildee – MI-5
Mark Schauer – MI-7
Carolyn Kilpatrick – MI-13
John Conyers – MI-14
Check out our “Hall of Shame” to see if your representative is on the list of those who abandoned their so-called “support” for Audit the Fed (while voting to further empower the secretive Fed) when real action was required.
Thursday, July 1, 2010
Banks Financing Mexico Gangs Admitted in Wells Fargo Deal
BLOOMBERG.COM
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine. FULL STORY
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers -- including the cash used to buy four planes that shipped a total of 22 tons of cocaine. FULL STORY
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