Bush signs US$800B bailout but What about Accountability

Bush signs US$700B bailout bill into law

Oct. 3 2008

With fears mounting of a deep recession that could spread to global markets, U.S. President George Bush signed into law a historic bill Friday afternoon which provides a US$700-billion lifeline to waning financial markets.

Bush said the law was essential in getting the country’s sputtering economy back on track.

“We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,” he said just after the vote.

Bush noted that the U.S. economy still faces “serious challenges” despite the massive fund.

“I believe government intervention should only happen when necessary,” Bush told reporters in Washington on Friday.

Bush signed the bill into law on Friday afternoon, not long after the House of Representatives passed it by a count of 263-171.

He also worked to reassure taxpayers that they won’t be picking up the final tab.

“In this situation, action is clearly necessary and ultimately the cost to taxpayers will be far less than the initial outlay.”

Bush noted that while the government will soak up the financial sector’s debts on Friday, those assets will go up in value as the economy recovers.

“And overtime, Americans should expect as much, if not all … of the tax dollars back.”

However, he warned that the bill’s positive economic effects would take time.

“We’ll take the time necessary to decide an effective program,” he said, saying the bill’s importance and timeliness are underscored by slumping job markets.

Though the plan, which was designed to renew investor confidence, is now law, the market reaction was mixed.

In Toronto, the S&P/TSX composite index lost 97.19 points to finish the day at 10,803.35. The late-day fall came after commodities helped push the index up by more than 400 points.

Meanwhile, the Dow Jones industrial average in New York dipped 157. 47 points to close the week at 10,325.38, and the Nasdaq composite index fell 29.33 points to 1,947.39.

The falling stock numbers were underscored by discouraging numbers from the U.S. job market and falling car sales.

According to the U.S. Labour Department, nearly 160,000 jobs were lost in September alone, marking the biggest drop in half a decade.

Before the vote, House Speaker Nancy Pelosi called it a vote for “Mr. and Mrs. Jones on Main Street.”

The measure will let the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions.

Earlier on Friday, a 223-205 vote paved the way for the bailout to pass by preventing members from offering amendments that could slow the proceedings.

Democratic and Republican leaders spent Thursday convincing their colleagues to vote ‘yes’ on the plan.

The American public has also been given repeated warnings that the economy faces a grave future and action must be taken.

“We all know that we are in the midst of a financial crisis,” said House Republican leader John Boehner moments before he cast his vote to support the bill.

“And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen.”

Both candidates for the U.S. presidency, Barack Obama and John McCain, were busy trying to secure support for the deal by phoning reluctant lawmakers to ask for their help.

The Senate gave the plan a second life on Wednesday by voting 74-to-25 to approve the bailout.

They also attached extra measures to the bailout bill in an effort to sweeten the prospect of soliciting a ‘yes’ from some of the lawmakers who voted ‘no’ on Monday.

While the bill was a bi-partisan effort, some politicians still professed outrage over the bill.

According to Republican Representative Jeb Hensarling, the bill is tantamount to hypocrisy.

“How can we have capitalism on the way up and socialism on the way down?”

Source

Bush signs $700bn economic bail-out plan approved by Congress

The Bush administration’s $700bn emergency bail-out for the banking industry finally became law today after a week of persuasion, negotiation and horse-trading prompted Congress to reverse its opposition to the plan.

In a vote watched anxiously by traders on Wall Street, the House of Representatives backed the financial rescue plan by a comfortable margin of 263 to 171. The vote overturned Monday’s shock result in which lawmakers opposed it 228 to 205.

The bill, which allows the US treasury to clean up banks’ balance sheets by purchasing distressed mortgage-backed securities, was signed by President Bush within hours of congressional approval.

But it came too late to prevent the worst week on Wall Street for seven years which ended with a fresh slide in stocks as the Dow Jones Industrial Average dropped by 157 points to 10,325.

President Bush acknowledged that it had been a tough week: “There were moments this week when some thought the federal government could not rise to the challenge.”

Thanking leaders of both parties for rallying support, Bush said: “By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country.”

Business leaders hope that the rescue package will thaw out the frozen credit markets and restore confidence in struggling banks. It includes measures to limit pay for senior banking executives and to increase the insured limit of US bank balances from $100,000 to $250,000. The treasury is likely to begin buying banks’ assets this week.

The Federal Reserve’s chairman, Ben Bernanke, welcomed the plan’s approval: “The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses.”

The US Chamber of Commerce, which represents business leaders, said: “With the American economy on life support, Congress took the necessary step to stop the bleeding.”

About 40 members of the House of Representatives changed their vote to support the plan, alarmed by jittery markets and by deteriorating economic conditions. Official figures released today showed the worst drop in US employment for five years as 159,000 people disappeared from payrolls during September.

John Lewis, a Democrat who switched sides, said: “I have decided that the cost of doing nothing is greater than the cost of doing something.”

Both presidential candidates – Barack Obama and John McCain – expressed support for the package in spite of an estimated $100bn of controversial tax credits added to win support from waverers. These included aid for special interests including Hollywood film studios and for the manufacturers of children’s wooden arrows.

The Democratic leader in the House, Steny Hoyer, said: “The American people expected us to act, to respond to the best extent we could, to stop the downward flow in the markets and to restore the flow of credit in the economy.”

There has been a dismal flow of negative financial news throughout the week including a slump in factory orders and a steady decline in house prices. John Silvia, chief US economist at the banking group Wachovia, said all the indicators pointed to a likely shrinking in the US economy in the final quarter of the year: “You put the whole package together and basically, we’re in a recession. What more can you say?”

Wall Street’s close eye on Congress has caused difficulties in recent days. The leader of the Democrats in the Senate, Harry Reid, caused a sell-off in insurance shares by suggesting that an unnamed “major insurance company” was “on the verge of going bankrupt” because of delays to the bail-out, which is designed to aid the financial sector by mopping up toxic securities from struggling banks.

Critics of the bail-out still have strong reservations – some have pounced on an apparent admission by the Treasury that the figure of $700bn to buy up securities was arbitrary. Forbes magazine quoted a treasury spokeswoman saying that it was not based on any particular data point: “We just wanted to choose a really large number.”

Such is the freeze on funding that the governor of California, Arnold Schwarzenegger, said his state may need a loan of up to $7bn from the federal government to plug a short-term financial gap caused by the credit crunch.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the treasury secretary, Henry Paulson.

Source

U.S. bailout plan becomes law but markets still fall

There definitely needs to be more over site of Banks. They have been running wild for too long.

Total amount of bailout is actually $800 billion but I could be wrong.

Seems like Hollywood benefits, Why?

Oh and little arrows are such a necessity for kids.

How about food for the kids living in poverty?

Increasing the insured limit of US bank balances from $100,000 to $250,000, helps only those who make enough to save that much and the Americans on minimum wage will benefit How?

Seems the $100 billion handout is not for the people who need it most.

I guess this is what one could call slopping the hogs. Sweetening the pot for who? Seems for those who need it the least.

When is the American Government going to do anything to help those who need it most?  Like the those who have lost their jobs, seems US job cuts are at a five year high

Jobs are either outsourced or eliminated so a company makes more profit. Heaven forbid those purchasers of stock and the CEO’s don’t get their cut. Considering those “underpaid????? pathetic” CEO’s who skimmed off over $60 billion in so called Bonuses are just hogs feeding from the trough. I call them Crooks. That is what they are.

CEO’s  then had the nerve to scream we are poor, we need help, we are bankrupt, feed me. Hello does anyone else have a problem with this.

Well personally they should have to pay back what they stole. Gee I wonder if there was anything , in this new and improved bill they just passed to address the bonus feasting? So it seems maybe the thieves got away with “Grand Theft” yet again.

CEO Compensation So after you discover how much they get paid one has to wonder are they really worth it? Well probably not.

If I stole even a $100 from my own bank account I would be charged. Yes this has happened.

I won’t tell you how it’s done. Heaven forbid I teach people how to steal, but it is considered theft. Basically you are fraudulently taking money from your bank account that isn’t there. What was really interesting about all of that one, is the BANKS could have prevented this crime from ever happening and didn’t bother.

They were quite willing however to recruit the Justice System to charge the thieves. So they cost the Justice System a fortune enabling people to do something that was totally preventable. At a great cost to taxpayers to I might add.

Interesting I must say. Talk about Double standards.

Then there people like this bank manager who stole £200,000 from customers’ accounts, including a woman who was at the bedside of her dying husband, has been jailed for two years (a slap on the Hand).

Well at least he was caught. Now that’s what I call a bonus (getting caught that is). I hope they got the money back.

Now this is not the first time a banker has ripped off a bank or their customers. I bet it won’t be the last.

Now we get to this little tantalizing tid bit.

US Senate Passes $612 billion Defense Spending Bill


So One has to wonder how this money is disbursed?

Who gets what?

How much goes to soldiers in action?

How much goes to building weapons of Mass Destruction.? ETC ETC ETC

I don’t know about everyone else but, I sure would like to know where every penny goes.

I can bet the money given in Foreign Aid is not included in this package either. Considering Aid money given to other countries usually has, amounts earmarked to buy weapons and war toys from, Who American companies. Good for business maybe, but still for WAR.

I think all Americans have to right to know exactly penny for penny where all their hard earned money goes. Still is there any real accountability? No there isn’t.

Of course with this there seems to be little or no oversight as to where the money goes.

In 2001 the day beofre 9/11if we all remember there was about 2.3 Trillion lost some where, but of course it just vanished and they didn’t have any idea where it went to. Gee did they ever find it?

Well where is the accountability.

Where is the money?

Who’s pockets were lined with it?

How can anyone be so stupid as to loose this amount of tax payers money?

When in the name of the American people, are they going to look for it?

Inquiring minds would like to know.

So I wonder how much goes to contractors? Like Haliburton or Blackwater. This list is pretty long.

There are loads of them. Of course these contractors have been found to waste a great deal of money and are never held accountable. Well there needs to be accountability.

List of United States defense contractors.

Accenture Ltd.
Aerojet
Aerospace Center Support
Aerospace Corporation
Advanced Integrated Systems
Alliant Techsystems
Allied Container Systems
Allied-Signal Inc.
AM General Corporation
American Petroleum Institute
Anteon International Corporation
Applied Research Associates Inc.
ARINC
Argon ST
AV-Optimal Defense Consultancy Service
BAE Systems plc (U.S. subsidiary is BAE Systems Inc.)
Ball Corporation
Ball Aerospace & Technologies Corp.
Bath Iron Works
Battelle Memorial Institute
BBN Technologies
Bechtel Corporation
BDM Corporation
Blazeware Inc.
Boecore
Boeing Company
Boeing Sikorsky Comanche Team
Boeing SVS
Booz Allen Hamilton
British Nuclear Fuels Limited
CACI International Inc.
Carlyle Group
Carnegie Mellon University
Charles Stark Draper Laboratory
CNA Corporation
Concurrent Technologies Corporation
CSA Engineering
Computer Sciences Corporation
Decibel Research Inc.
Defense Technologies Inc.
DHB Industries
Digital System Resources Inc.
DRS Technologies
DynCorp
Earth Class Mail
East/West Industries, Inc.
Edison Welding Institute
EDO Corporation
Elbit Systems of America (the United States division of Israeli-based Elbit, operating through subsidiaries IEI, Kollsman, and EFW)
Electronic Data Systems Corporation
Electric Boat (division of General Dynamics)
ENSCO, Inc.
Environmental Tectonics Corporation
Evergreen International Aviation
Exxon Corporation
F M C Technologies
Foster Wheeler Ltd.
Foundation Health Systems Inc.
Gemini Industries Inc.
General Atomic Technologies Company
General Dynamics
General Electric’s Military Jet Engines Division
Geo-Centers Inc.
Goodrich Corporation
GTE
Georgia Tech Research Institute
Harris Corporation
Halliburton Corporation
Health Net, Inc.
Hewlett-Packard
Honeywell
Hughes Electronics Corporation
Humana Inc.
IBM
Infotech Aerospace Services (a Pratt & Whitney joint venture)
Institute for Defense Analyses
Intelsat
International Resources Group
ITT Corporation Inc.
ITT Research Institute
Jacobs Engineering Group Inc.
JGB Enterprises, Inc.
Johns Hopkins University
JPS Communications (wholly owned subsidiary of Raytheon)
Kaman Aircraft
Kearfott Guidance & Navigation Corporation
Kellogg, Brown and Root
Kongsberg Protech
L-3 Communications Holdings, Inc.
Brashear
Lockheed Martin
Longbow Limited Liability Inc.
M7 Aerospace
MacGregor Group (part of Cargotec corporation)
Maersk Line and Patriot Contract Services
Marconi Corporation PLC
Massachusetts Institute of Technology
Maytag Aircraft Corporation
McDonnell Douglas Corporation (wholly owned subsidiary of Boeing)
MITRE Corporation; also see ANSER Institute for Homeland Security
Mitretek Systems Inc.; see MITRE Corporation and ANSER Institute for Homeland Security
Mitsubishi
Motorola Inc.
NASSCO Holdings Inc.
Nextel
Nichols Research Corporation
Northrop Grumman Corporation
Northrop Grumman Electronic Systems
Northrop Grumman Information Technologies
Northrop Grumman Integrated Systems
Northrop Grumman Mission Systems
Northrop Grumman Newport News (formerly Newport News Shipbuilding & Drydock Company)
Northrop Grumman Ships Systems
Northrop Grumman Space Technology
Northrop Grumman Technical Services
Ocean Shipholdings Inc.
Olin Corporation; also see John M. Olin and John M. Olin Foundation
Omega Training Group
Orbital Sciences Corporation
Pennsylvania State University
Pratt & Whitney (division of United Technologies)
Private Military Corporations
Private Federal Corporations
Quantum3D
Raytheon
Rockwell Collins
RONCO (de-mining operations Horn of Africa)
Science Applications International Corporation (SAIC)
Shell Oil Company
Siemens AG
Sikorsky Aircraft Company
SFA, Inc.
SGIS
SPARTA, Inc.
Spectrum Astro
SRI International
Stanley, Inc.
Standard Missile Company LLC
Stevedoring Services of America
Stewart and Stevenson
Sverdrup Corporation
SYColeman (subsidiary of L-3 Communications)
Talla-Tech
TCom
Textron Inc.
Bell Helicopter Textron
Tri-Star Engineering, Inc.
Tyco International Ltd.
University of Texas System
Unisys Corporation
United Industrial Corporation
United Technologies
URS Corporation
USmax Corporation
Verdian Corporation
Verizon Communications
Vinnell Corporation
Vinnell Brown and Root
Washington Group International
Westinghouse Electric Corporation
Worldcorp Inc.
Wyvern Technologies, Aerospace & Defense Contractors

The Sort list Compliments of Wikipedia

This is a more Extensive list

Of Course Blackwater is not on either list so there are also a few that are “missing”.

It’s all rather interesting however. War is a profitable business and with little accountability.

When contractors waste money it is the American tax payer who have to pay for it.

Published in: on October 4, 2008 at 1:51 am  Comments (1)  
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Spammers Do Something Constuctive Like Call Congress For Everyone else I do appoligize

I just went through the rest of  my spam files and there were some people who were relevant commenters who were put into that category and I am sorry but I never noticed until today.

I was away for some time due to illness. Hopefully all the nice folks that weren’t trying to sell Viagra or other drugs etc, Your comments are now visible.

Boy if I ever needed “Viagra” I sure did have loads of places to get it however. Fortunately all of me in that department works just fine. I have little if any use for drugs of any sort street or pharmaceuticals. 2,200 Reasons not to do drugs.

Anyway

I only had 7,929 spam comments. No Problem. Warning to spammers, if one of your commercials do manage to get through they will be removed. So go spam somewhere else. Go spam Congress and get the country cleaned up as opposed to annoying me. Put all that spamming ability to good use.

Write articles to news papers and whine to them or

Call your Senators now. Here’s a backup link in case the site crashes again. Sorry spammers I think what is going on at this point in time is more important then you are. The citizens of America are being bullied and coerced into something that will have long term affects. There is no Central Bank in the US and there should be one. So if you need to spam why not tell them sure buy the banks if you must to save the Economy and turn the banks into the US Central Bank. They can’t all get shot like John F. Kennedy who opposed a private national bank and was assassinated in 1963 and Ronald Reagan who also opposed a private national bank and in 1981 an attempt was made to assassinate him. Now is the Time for the American people to take back their country and control over their money.

I am pretty sure the American people may notice a pattern of events, if they started doing that. The private banking system does not protect citizens or the country. They are in it for the profit. Most countries have a Central Bank owned and operated by the Government and is for the people of that country. Privately owned banks like the Federal Reserve are in it for profit, their own self interest and ambitions.

And if that doesn’t keep you occupied well there is this.

Americans also need a Universal Health Care System like France, Canada, Cuba or England. Removing the insurance companies would benefit all Citizens. Imagine never having to consult an insurance company to get what you need. Imagine the savings, instead of paying insurance companies a fortune. it can be done publicly for far less. Americans could save a fortune and no one would be denied Health Care because they are too poor. Universal Health Care works far better the insurance system. So all you spammers go whine to your Government. If it works in other countries it will work in America too.

Anyway back to where I was trying to get.

If I missed someone who is a relevant commenter I am truly sorry. Your input is appreciated. Spam is a horrid thing and because of it some of you were put in that category. So today I finally got through it all. Well I certainly had better things to do then read junk. I did appreciate the input I found from you however. Seems many of us have the same concerns.

“Thank You” for your patients and understanding. And sorry about the rant. I do that upon occasion. Especially when someone wastes my time.

Published in: on October 3, 2008 at 2:07 am  Comments (1)  
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Campaign Money, Who Donates and How Much

The candidates for the US presidency have been raising millions of dollars every month. Find out below who’s ahead in the money race and where the cash is coming from.

FINANCIAL OVERVIEW as of 31 Aug 2008

Top graphic totals

Monthly totals

Barack Obama has raised more money than John McCain partly because of the excitement generated by the Democratic nomination battle. His donors had pressing reasons to donate, from January right through to June, while Mr McCain wrapped up the Republican nomination in March.

Mr McCain has decided to take public financing, which means that from 1 September he has a maximum of $84m [£45m] to spend on his campaign. The McCain campaign is no longer accepting donations, except to its compliance fund – money to pay for lawyers, accountants and other expenses involved in maintaining compliance with federal election laws. The Republican National Committee, however, can still raise money to support the McCain campaign.

Barack Obama is the first candidate not to take public financing since the system was introduced in the mid-1970s. He will have no spending limit.

PARTY POWER

National Committee totals

National Commitee monthly

So far, the Republican National Committee’s traditional strength at fundraising has given it a clear lead. Though the Democrats out-raised them for the first time in August, the Republicans still have four times as much in the bank.

There is a question about how effectively they will be able to use this huge cash advantage. Election rules state that, because John McCain has accepted public funding, the Republicans can only provide $19m of direct help to his campaign.

After this $19m, the money should only be used to get out their base through registering and motivating Republican voters. However, political parties are adept at finding loopholes in electoral guidelines, so they may still find ways to press their advantage.

FUNDRAISING BREAKDOWN

Obama map

McCain map

A look at where the candidates are receiving most donations reveals that Barack Obama has a distinct advantage in heavily urbanised states such as New York, Illinois and California, while John McCain is receiving significant support from the key battleground state of Florida. The McCain campaign is weaker in the liberal North-east.

Donations

One area where the Obama campaign has broken the mould of US election finance is in making big efforts to attract small donors. As a result Mr Obama has raised three times as much as John McCain from donors contributing less than $200.

MAJOR DONORS as of 31 July

Industry breakdown

Anyone making a donation above $200 must indicate their occupation. These figures can be combined with donations from unions, industry associations and political groups to give an idea of who is supporting each campaign.

John McCain is only significantly ahead on donations from retired people and from the oil and gas industries. In all almost every other area, Barack Obama is either on roughly level terms or ahead, even in those where the Republicans would expect to be strong, such as real estate, business and finance.

CAMPAIGN SPENDING as of 31 July

Campaign expenditure

The majority of a campaign’s spending is split between media – the adverts, websites and leaflets that deliver the candidate’s message – and administration, which includes offices, salaries and travel.

The biggest single expense is paid television advertising, which has been concentrated in the key battleground states.

The campaigns also reinvest a portion of their money on fundraising activities, such as live events and phoning supporters, to generate more donations.
Source

This is an interesting site Campaign Money it tells a lot. Very Interesting for sure.

Snooping about is rather enlightening. Who gives what to who and then who they give it too, etc.

This site tracks  Oil Company Donations very interesting indeed. Oil Companies certainly loved George Bush.
Follow the Oil:  Campaign Donations

George Bush 2004

Total Money Receipts $374,659,453

From Individuals $190,354,483 (Amounts over $200)

From Political Action Committees $2,545,821

From Indian Tribes $12,000

$0Self-Funded

From Oil Companies $2,652,225

A little here a little there but it adds up to a lot in the end.

It has a break down of those who donated as well.

McCain received $1,683,544 from Big oil in 2008

General Electric

Donations from 1999 to present
$6,871,199

Some have money left over I have to wonder where the left over’s go like from Giuliani

for example?

Total Money Receipts Total Money Receipts $64,442,649

Cash left over $386,298

So what happens to the left over money? Who gets it?

Published in: on October 2, 2008 at 10:47 pm  Comments Off on Campaign Money, Who Donates and How Much  
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White House bullish on new bailout bill

By Eddie Evans,  Reuters

NEW YORK — A revised $700-billion (U.S.) financial bailout plan is significantly more likely to pass Congress, the White House said Wednesday, as European leaders scrambled to agree on their own bank rescue package.

The U.S. Senate geared up to vote on the U.S. bill after 7:30 p.m. EDT. The House of Representatives, which rejected the original plan on Monday, was likely to vote on Friday, a senior aide said.

White House spokesman Tony Fratto said the new bill was significantly more likely to pass after revisions, including one that would raise the cap on individual bank deposits guaranteed by the government to $250,000 from $100,000.

A source at a European government, speaking anonymously, said France plans to propose a $300-billion plan to bail out European banks on Saturday. French Economy Minister Christine Lagarde denied the report, while the German Finance Ministry said it disagreed with any such plan.

Earlier, Ms. Lagarde told a German newspaper in an interview to be published on Thursday that the idea of a rescue fund to save banks would be discussed when British, German, French and Italian leaders met in Paris on Saturday.

U.S. stocks briefly turned positive after news of the European discussions, but evidence mounted that the crisis has started to hit U.S. consumers and big companies.

General Electric Co. said it would sell $3-billion of preferred stock to investor Warren Buffett and make a public offering of $12-billion of common stock. Earlier, GE shares fell sharply on concerns that the credit crisis would hit profits and push up the cost of borrowing.

Ford Motor Co. said auto sales were “extremely weak” in the last 10 days of September as consumers were frozen by the debate over the U.S. bailout plan.

Sen. John McCain and Sen. Barack Obama, the Republican and Democratic candidates in U.S. presidential elections on Nov. 4, said failure to pass the bailout bill would have dire consequences for the economy.

Urging senators to approve the bill earlier on Wednesday, the White House said there was evidence the crisis was squeezing credit for small businesses and municipalities all across the country.

House members who voted against the rescue plan on Monday cited complaints from their constituents that taxpayers were being asked to bail out Wall Street. The plan’s defeat sent the U.S. stock market to its worst percentage drop in 20 years on Monday.

But opposition to the plan turned to support after the market drop, according to members of Congress and staff.

Lobbyists from the banking industry and the U.S. Chamber of Commerce were trying to identify House members who might reconsider their Monday “no” votes, and business executives around the world warned the crisis would hit growth.

Manufacturing industry in the United States and the rest of the developed world contracted in September as global financial turmoil hurt businesses, and all signs pointed to more economic weakness ahead.

Data from Japan, the euro zone and Britain were all weak and added to the sense of urgency in bringing some stability to the financial markets.

The financial chaos, which has prompted comparisons with the Great Depression of the 1930s, has redrawn the banking landscape in the United States and Europe.

Wall Street giants Bear Stearns, Lehman Brothers and Merrill Lynch have been swallowed by rivals, and gone is the investment banking model that dominated for decades after Goldman Sachs and Morgan Stanley sought commercial bank status.

Jean-Claude Juncker, chairman of the euro zone’s finance ministers, said the United States had to adopt the rescue plan, a view echoed by Russian Finance Minister Alexei Kudrin.

“It is the responsibility of the United States to other countries,” Mr. Kudrin said.

The EU said it would change its rules on fair-value accounting if others did so, after U.S. regulators said they were revising a rule that requires banks to account for assets in line with market prices, which has led to big charges on mortgage-backed securities.  Source

Point of Interest- Did you know?

General Electric Time line to 2003

1878

Thomas Edison forms Edison Electric Light Company

1892

Edison General Electric Company merges with Thomson-Houston Electric Company to create General Electric Company

1897

Wireless Telegraph and Signal Company formed by Guglielmo Marconi

1901

Emile Berliner and Eldridge Johnson form the Victor Talking Machine Company

1906

David Sarnoff begins working at American Marconi

1917

U.S. Government begins using GE produced aircraft engines

1919

Radio Corporation of America (RCA) is created. RCA is formed after the U.S. Government gives control of the wireless industry back to the public sector following World War I. RCA gains the assets of American Marconi and becomes the controlling body of the patents belonging to General Electric, Westinghouse, United Fruit and AT&T

1926

National Broadcasting Corporation (NBC) formed. Sarnoff sees the potential of a nationwide network of radio stations and gets RCA, GE and Westinghouse to invest in the acquisition of WEAF in New York City and WJZ in Newark

NBC’s “Red” and “Blue” networks respectively -as the flagship stations for the new NBC Radio network

1927

NBC Radio broadcasts the Rose Bowl to nationwide audience

1929

RCA purchases Victor Talking Machine Company of Camden, NJ for $154 million and begins manufacturing radios and phonographs

1932

Due to concerns of a growing monopoly, GE and Westinghouse sell off stake in RCA

1939

NBC introduces television broadcasting at the World’s Fair in New York City

1941

Federal Communications Commission releases its Report on Chain Broadcasting. The report is critical of the growth of broadcast networks and proposes that NBC sell off one of its two networks

NBC Red & NBC Blue

1941

NBC receives first license for a commercial television station

1943

After losing court battles with the FCC over the demand to divest one off its networks, RCA sells of NBC Blue Network to Edward Noble, lifesavers candy creator. Network eventually becomes ABC

1954

NBC has first color telecast of Rose Bowl parade. Very few people actually see the telecast because there are not that many color sets in use

1966

RCA purchases Random House

1973

RCA purchases Ballantine Books

becomes part of Random House

1980

RCA sells of Random House to S. I. Newhouse’s Advance Publications

1985

GE acquires NBC as part of a $6.3 billion for RCA

1986

– GE sells RCA’s music division to Bertelsmann

1989

CNBC is formed

1996

MSNBC is launched. Cable news network is a joint partnership between GE and Microsoft

1997

CNBC Asia and Europe are formed.

1999

GE gains 32% stake in Paxson Communications and its PAX TV network

2002

Telemundo Communications Group is acquired for $2.7 billion in a deal with an investment group that includes Sony and Liberty Media. In a separate deal, Bravo Network is acquired from a deal with Cablevision and MGM for $1.25 billion

2003

Deal announced between GE and Vivendi Universal to create NBC Universal. In the deal, GE acquires Vivendi Universal’s entertainment holdings which include theme parks and Universal Pictures’ movie and television studios, and three cable channels (NYT 10/9/03)

Television

NBC Stations:

WNBC

New York

KNBC

Los Angeles

WMAQ

Chicago

WCAU

Philadelphia

KNTV

San Jose/San Francisco

KXAS

Dallas/Fort Worth

WRC

Washington

WTVJ

Miami

KNSD

San Diego

WVIT

Hartford

WNCN

Raleigh

WCMH

Columbus

WVTM

Birmingham

WJAR

Providence

Telemundo Stations:

KVEA/KWHY

Los Angeles

WNJU

New York

WSCV

Miami

KTMD

Houston

WSNS

Chicago

KXTX

Dallas/Fort Worth

KVDA

San Antonio

KSTS

San Jose/San Francisco

KDRX

Phoenix

KNSO

Fresno

KMAS

Denver

WNEU

Boston/Merrimack

KHRR

Tucson

WKAQ

Puerto Rico

NBC Universal Television Studio
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Published in: on October 1, 2008 at 9:05 pm  Comments (1)  
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Markets down as U.S. Senate to vote on Bailout Plan

Oct. 1 2008

North American stock markets opened down Wednesday as investors remained cautious ahead of a vote tonight by the U.S. Senate on a Wall Street rescue plan:

On the markets at 1:30 p.m. ET:

  • In Toronto, the S&P/TSX composite index slipped 35.67 points to 11,717.23.
  • In New York, the Dow Jones fell 46.19 points to 10,804.47.
  • The Nasdaq dipped 19.35 points to 2,072.53.
  • The dollar was trading at 94.17 cents US, up 20-100ths from Tuesday’s close.

On Monday, the US$700 billion bailout, expected to pass by Congress, was rejected at the 11th hour by members on both sides of the political spectrum.

If passed, it would have allowed the federal government to purchase mortgage-banked assets from struggling lenders, once again giving them the ability to offer loans, stimulating the economy and helping head off a recession.

Instead, the ‘no’ vote sent markets in Toronto and New York tumbling Monday, with some of the losses being regained Tuesday.

The Senate has since produced a revised bill intended to correct the elements of the plan that offended some members of Congress.

The expected tweaks include richer backing from the Federal Deposit Insurance Corp. to offer broader protection for bank deposits, and further tax cuts, said BNN’s Michael Kane.

“The Senate is the senior body there, so tonight after supper, 7 pm E.T. we’re told, the Senate will vote on this and it’s expected it will pass,” he told CTV’s Canada AM.

The Senate-approved bill would then go back to the House of Representatives where it would need to be approved before the bailout could proceed.

“I think that the markets will be pretty much in waiting mode at this time,” Martin Lefebvre, senior economist at Desjardins Group, told CTV Newsnet on Wednesday.

“Hopefully, this time, the vote will be in favour of accepting the… plan.”

Speaking to CTV’s Canada AM Wednesday, Finance Minister Jim Flaherty said Canada’s economy is in a much better state than that of the U.S. But he said the turmoil south of the border will have an impact here if the bailout doesn’t pass.

“We didn’t have a housing bubble in Canada, we don’t have a large sub-prime housing sector, but it’s important we get some relief in the credit markets because that has an effect eventually on the real economy,” Flaherty said.

“We need to have money flowing so that companies can borrow money, can expand, can invest. So the action that we expect will be taken by the Americans will be significant in the longer term for Canada.”

With the U.S. election just weeks away, many members of Congress — Republicans especially — wanted to avoid appearing as if they were bailing out Wall Street executives and CEOs on the taxpayers’ tab, for fear of a backlash at the polls.

“People were protecting their constituencies and reflecting the feeling of the ordinary American,” Kane said.

Overseas markets

Overseas, FTSE 100 rose two per cent in afternoon trading in London, while Germany’s DAX fell 0.4 per cent and the Paris CAC-40 slipped 0.3 per cent.

Japan’s Nikkei stock average jumped 108.40 points or almost one per cent to 11,368.26, after losing 4.1 per cent Tuesday.

Australia’s S&P/ASX-200 index rose 4.2 per cent after sinking 4.3 per cent Tuesday. Markets in Hong Kong, mainland China and several other Asian countries were closed for a holiday.

CTV


Published in: on October 1, 2008 at 8:06 pm  Comments Off on Markets down as U.S. Senate to vote on Bailout Plan  
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Uncle Sam should Claw back Wall Street Bonuses

Warren Buffett famously called the derivatives that were concocted, peddled and held by Wall Street firms “financial weapons of mass destruction.” Now these weapons have exploded, putting the economy at risk of a meltdown. The Bush administration is putting together a $700 billion taxpayer-financed plan to bail out Wall Street firms and, it is hoped, avoid a larger economic disaster. At this point, there is still considerable opposition to such a package in Congress.

Assuming such a plan is passed however, some of this taxpayer money may go to the very Wall Street executives who got us into the mess. True, the rescue plan attempts to restrict – and limit the tax-deductibility of – executive compensation in bailed-out firms. However, history has shown that these kinds of restrictions are easily circumvented and ultimately hurt public shareholders without putting much of a dent in executive pay.

A much bigger problem is that Wall Street executives can keep the large profits they pocketed from the reckless business decisions that made the bailout necessary in the first place. Over the last two years, Wall Street financiers took home more than $60 billion in bonuses, much of it in cash. Lehman Bros. alone shelled out almost $6 billion in bonuses in 2007 before recently filing for bankruptcy. The rescue plan’s restrictions, even if they affect executives’ post-bailout pay, leave these massive pre-bailout wealth transfers completely untouched.

The government should make a serious effort to “claw back” at least part of the bonuses paid to Wall Street executives before the meltdown. The cost of cleaning up Wall Street’s debacle must not fall entirely on taxpayers’ shoulders; those who profited from the derivatives casino should directly chip in. Clawing back executives’ bonus pay will also make future decision-makers think twice before taking similar financial gambles, reducing the likelihood that another generation of Americans will be asked to bail out Wall Street.

The challenge is finding legal authority to recover premeltdown bonuses. Compensation contracts rarely require executives to return already-paid bonuses, even if the decisions made while “earning” these payments ruin the firm. The Sarbanes Oxley Act, passed after a series of major corporate accounting scandals less than 10 years ago, permits the government to recover certain bonus payments, but only under very narrow circumstances that may not exist here. And while the federal Bankruptcy Code contains several provisions that could be used to recover prebankruptcy payments to executives, most of the bailed-out firms appear unlikely to file for bankruptcy. Finally, any attempt to pass new legislation that would retroactively recoup these payments would face substantial constitutional obstacles.

However, if the federal government becomes a creditor of the bailed-out firms, it may find legal authority to claw back Wall Street executives’ bonuses in New York state’s “fraudulent conveyance” statute. Fraudulent conveyance law, which has its origins in 16th century Elizabethan England, allows creditors of a financially troubled firm, even one that has not filed for bankruptcy, to recover certain payments to shareholders and other insiders, including executives. Despite its name, fraudulent conveyance law does not require a creditor to prove actual intent to defraud creditors. A bonus payment to a Wall Street executive could be recovered, for example, if the government shows that the paying firm (1) did not receive fair consideration for the bonus and (2) at the time had unreasonably small capital for its business operations.

Showing that there was no “fair consideration” is likely to be relatively easy. Courts have held that managerial services (especially when they result in a firm’s failure) do not constitute fair consideration. The second requirement -“unreasonably small capital” – could pose a bigger obstacle. The government must show that at the time a particular bonus was paid the firm had too little capital to conduct its business. But because many of these firms were on the verge of failure less than a year after bonuses were doled out, a court may be willing to find that these firms were undercapitalized when executives received these payments.

Will the federal government be able to use fraudulent conveyance law to recover bonuses paid to Wall Street executives before the meltdown? We won’t know for sure until the government litigates these cases. But trying to recoup these payments is the least the government can do for taxpayers – both those on the hook for a $700 billion rescue plan and those who may be asked to fund a future bailout.

Jesse Fried teaches bankruptcy and corporate law at UC Berkeley School of Law and is co-author with Lucian Bebchuk of “Pay Without Performance: The Unfulfilled Promise of Executive Compensation” (Harvard University Press, 2004).

More Business

Asian stocks plunge after rejection of bailout 09.29.08

Dow plummets record 777 as financial rescue fails 09.29.08

Court overturns order against SoCal newspaper 09.29.08

SFGate

Published in: on September 30, 2008 at 4:08 am  Comments (1)  
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Bank Bailouts in Europe

Bank Bailouts Come to Europe

September 29, 2008

The rush to save four banks signals a more aggressive policy stance. But Europe’s many regulators will make it tough to form a coherent strategy

by Mark Scott

In a stunning series of moves engineered over the weekend and announced Sept. 29, six European governments are collectively committing nearly $150 billion to rescue four troubled financial institutions. Coming on the back of the U.S.’s $700 billion toxic mortgage bailout plan (BusinessWeek.com, 9/28/08), which was thrashed out over the weekend but defeated in a surprise vote Sept. 29, the move likely foretells a more proactive approach among European politicians and regulators to combating threats to the EU economy.

With their high-profile moves to save Britain’s Bradford & Bingley (BB.L), Belgium’s Fortis (FOR.BR), Germany’s Hypo Real Estate Group (HRXG.DE), and Iceland’s Glitnir Bank government officials are changing the rules of the game in Europe. Until now their primary policy response has been to inject billions into the Continent’s credit markets via central banks—but rarely to intervene on behalf of specific troubled institutions. Now policymakers in the EU and its member states are signaling a more aggressive stance that mirrors the speed of U.S. actions.

“The entire financial system was coming under pressure, so of course European governments had to get involved,” says Richard Portes, president of the Centre for Economic Policy Research in London. “The situation was becoming untenable; they had to respond immediately.”

Saving Bradford & Bingley

The largest deal involves British mortgage lender Bradford & Bingley, whose shares have plunged 93% in the past year on concerns about its loan portfolio. Unlike in late 2007, when the British government dithered over plans to rescue ailing mortgage lender Northern Rock, regulators moved swiftly this time to nationalize Bradford & Bingley’s £50 billion ($90 billion) in loans. At the same time, Spain’s Banco Santander (STD) will pay $1.1 billion to assume Bradford & Bingley’s 197 branch offices and £20 billion ($38 billion) in customer deposits.

Just across the English Channel, policymakers in Benelux spent the weekend hammering out a very different rescue package for banking giant Fortis, whose operations are concentrated in the Low Contries. The bank, one of the three institutions that took over and carved up Dutch investment bank ABN Amro earlier this year, saw its shares plunge 35% last week alone on concerns it was overleveraged from the $34.5 billion it spent on the deal.

With Fortis nearing paralysis, regulators devised a plan to partly nationalize it. The governments of Belgium, the Netherlands, and Luxembourg each will buy 49% stakes in local Fortis subsidiaries, for a combined price of €11.2 billion ($16.2 billion). Fortis also will sell its share of ABN Amro, which it bought alongside consortium partners RBS (RBS) and Santander, and write down a further $7.2 billion of assets. Wire services reported on Sept. 29 that the most likely buyer for the ABN Amro assets is the Netherlands’ ING Group (ING.AS)—no doubt for a price well below what Fortis paid.

While both Bradford & Bingley and Fortis were publicly suffering in recent weeks and days, a bigger surprise emanated from Germany the morning of Sept. 29: the sudden rescue of Munich-based commercial real estate lender Hypo Real Estate Group, whose business model had relied heavily on borrowing money in the now-frozen wholesale capital markets.

Germany‘s central bank organized a $50 billion state-backed credit line, $12 billion of which will come from local banks and the rest from the government—and taxpayers.

Iceland Takes Over Glitnir

Even as investors were busy digesting all that news, word came of yet another national bailout: Moving to prevent a collapse of the country’s third-largest bank, Glitnir, the government of Iceland said it would spend $865 million for a 75% stake. The takeover is intended to be only temporary.

In a statement, Glitnir said its funding position had deteriorated in just a matter of days. “The events unfolding in international financial markets in the past two weeks have had unforeseen consequences, drastically changing the conditions of Glitnir’s short-term funding,” the bank said. News of the takeover sent the Icelandic crown plunging to a fresh low against the euro.

These aggressive government actions may not be the end of the line if the credit crisis claims other European institutions. According to analysis by Standard & Poor’s, Deutsche Bank (DB) and Dresdner Bank—a unit of Allianz (AZ) that is being acquired by Commerzbank (CBKG.DE)—are the most vulnerable among German banks due to their continued heavy exposure to volatile capital markets.

Britain‘s RBS, whose shares fell 13% on Sept. 29, might have to write down a further $14 billion related to its portion of the ABN Amro carve-up. Shares in Belgium’s Dexia (DEXB.BR) plunged nearly 30% on Sept. 29 on concerns over its health. And Switzerland’s UBS (UBS), the European bank most affected by the subprime crisis (BusinessWeek.com, 8/12/08), continues to suffer from a decline in its investment banking operations and weakened customer confidence that has hurt its wealth-management business.

While it’s still unlikely that Europe would see a coordinated, Continent-wide bailout on the scale of the proposed U.S. plan, market watchers reckon tighter financial regulations and stricter bank lending practices soon will be introduced at the European Commission. Only last week, French President Nicolas Sarkozy—currently the head of the EU—called for more global regulation (BusinessWeek.com, 9/25/08), adding the financial industry had “perverted the fundamentals of capitalism.”

“Too Many Chefs”

With domestic populations fearful of pending recession and already suffering from soaring food and energy prices, European politicians are scrambling to respond more publicly when banks get in trouble. But the fragmented nature of the European Union and its financial institutions make it more difficult than in the U.S. to put forward a coherent strategy.

For one thing, Europe has relatively weak central regulators—including a central bank whose mandate is more tightly proscribed than the Fed’s—and dozens of national regulators who continue to exert control over their domestic financial-services sectors. “In Europe, there are too many chefs in the kitchen, all with different economic proposals and no concerted voice speaking for them,” says Kully Samra, British director for stockbroker Charles Schwab (SCHW) in London.

Any pan-European strategy to deal with the Continent’s growing financial woes (BusinessWeek.com, 8/6/08) also must tackle the diverging economic problems facing different countries in the EU. According to Morgan Stanley (MS) estimates, the euro zone’s GDP growth will be halved next year, to 1.3%. This reflects deteriorating housing markets in Spain and Ireland, a manufacturing and export downturn in Germany, and an overextension of credit in Italy and Greece.

According to Pete Hahn, a fellow at City University’s Cass Business School and a former managing director at Citigroup (C), each problem requires individual solutions that could be difficult to include in an EU-wide package. “It’s not going to be a one-size-fits-all deal,” he says. “The incredible multitude of regulators involved will make any European strategy a tough proposition.”

Despite the difficulties inherent in any government-backed bailout of Europe’s financial-services industry, politicians may have little choice but to inject taxpayer dollars into struggling banks. British, Benelux, German, and Icelandic authorities have blazed a path with their rapid interventions. It may represent just the start of European attempts to stave off a Continent-wide recession.

With reporting from Kerry Capell in London and Jack Ewing in Frankfurt

Consumers to foot bill for Bradford & Bingley bailout in higher bank charges

September 30, 2008

Bank charges and insurance premiums are set to rise after high street banks and insurers were ordered to pay up to £14 billion under the terms of Bradford & Bingley’s nationalisation.

Some analysts suggested that the bailout could hasten the end of free banking for current account customers as banks attempt to pass on the cost to their customers.

All banks face huge increases in the levy they pay to the deposit lifeboat, the Financial Services Compensation Scheme, after it borrowed £14 billion from the Government to underwrite Bradford & Bingley deposits transferred to Banco Santander.

Banks and building societies will be asked to chip in £900 million a year just to pay the interest on the bill. That works out at more than £100 million each for large banks such as Royal Bank of Scotland and Barclays.

“The banks will be in a militant mood after this,” Alex Potter, a banking analyst with Collins Stewart, said. They had already had their arms twisted by regulators to support an earlier £400 million capital raising by Bradford & Bingley last month.

Stephen Hadrill, head of the Association of British Insurers, said that premiums would have to go up. “Insurers are livid at the way that this has been handled. If it’s going to fall on the companies in due course, insurers are going to have to try to find that money from somewhere,” he said.

The anger erupted after the Government confirmed yesterday that it was nationalising the bulk of Bradford & Bingley, seizing £50 billion of assets and bankrolling the Financial Services Compensation Scheme. Banco Santander, the Spanish bank that owns Abbey, has bought the £20 billion deposit business and the network of 200 branches.

The remaining assets and liabilities of the former building society, including its £41 billion mortgage book, personal loan book, Yorkshire headquarters, treasury assets and wholesale liabilities, will be taken into public ownership by the transfer of all shares to the Treasury, Alistair Darling said.

Shareholders look likely to be almost entirely wiped out, although the Treasury is expected to appoint an independent valuer to set compensation, if any. Trading in the shares, which last changed hands at 20p on Friday, was suspended.

The victims include more than 800,000 Bradford & Bingley customers who received free shares when Bradford & Bingley became a listed company in 2000.

Branches opened normally yesterday under Santander. Borrowers were urged to continue making their repayments in the normal way.

The Chancellor disclosed that the immediate cost to taxpayers would be a £4 billion payment to Abbey together with the £14 billion loan to the Financial Services Compensation Scheme.

The Government had acted on the advice of the Bank of England and the Financial Services Authority, “to maintain financial stability and protect depositors, while minimising the exposure to taxpayers”, the Treasury said.

The Financial Services Authority, which supervises British banks, concluded on Saturday that Bradford & Bingley no longer met threshold conditions for operating as a deposit taker, the Treasury said. “Savers’ money remains absolutely secure,” it added.

The nationalisation could push government borrowing this year to levels not seen since the mid-Nineties, adding to the possibility of huge tax rises after the next general election.

The Treasury insists that it expects to recoup all, or the vast bulk, of the £18 billion paid directly, and indirectly via the Financial Services Compensation Scheme, to Santander within months rather than years, through disposal of Bradford & Bingley assets. The Government has first call on this money as it becomes available.

While most of the £18 billion may well be recovered, the exposure nevertheless adds to already intense stress on the Government’s finances.

The £4 billion paid directly to Santander will have to be added to total government borrowing for 2008-09 – already set to soar far above the Chancellor’s £43 billion forecast as the downturn hits tax revenues. Officials remain uncertain whether the £14 billion transferred to Santander through the compensation scheme also count against borrowing but admit that it may have to. The decision will rest with the Office for National Statistics.

Even before the latest costs, economists expected public borrowing to climb to as much as £60 billion.

The initial impact of Bradford & Bingley may now drive this to £78 billion, which would put the Government’s deficit at more than 5 per cent of GDP. In future years, the Treasury will have to add to its borrowing the cost of any defaults on Bradford & Bingley mortgages. With £1.3 billion worth of Bradford & Bingley’s £41 billion in mortgages already in arrears, those losses could pile up quickly as the housing market slumps and unemployment rises.

Eventually, with the Government so deep in the red, taxes will have to rise to bring down public borrowing to more manageable levels.

In the meantime, Bradford & Bingley’s debts will add to those of Northern Rock in swelling the national debt, lifting this by a further £30 billion or so, Capital Economics estimates.

The impact is likely to push total debt up to some 45 per cent of GDP – smashing the 40 per cent ceiling imposed by the Treasury, which looks set to be formally abandoned by Mr Darling in his autumn PreBudget Report.

Banco Santander will strengthen its position among the giants of British savings and mortgages, becoming No 3 in savings, outsized by the planned Lloyds TSB/HBOS combination and Royal Bank of Scotland. Thanks to the acquisitions of Abbey and Alliance & Leicester, it is No 2 in mortgages, with 13 per cent of the home loans market. It will have 1,300 branches under the Abbey, Alliance & Leicester and Bradford & Bingley brands and will employ 23,000 people in Britain. Yesterday it declined to rule out job losses or branch closures, though none was planned immediately.

Related Links

‘Bradford & Bingley gambled our cash’

Property’s new owners likely to lose a billion

Bradford & Bingley Is Seized; Santander Buys Branches (Update4)

By Poppy Trowbridge and Ben Livesey

Sept. 29 (Bloomberg)

Bradford & Bingley Plc, the U.K.’s biggest lender to landlords, was seized by the government after the credit crisis shut off funding and competitors refused to buy mortgage loans that customers are struggling to repay.

Banco Santander SA, Spain’s biggest lender, will pay 612 million pounds ($1.1 billion) for Bradford & Bingley’s 197 branches and 20 billion pounds of deposits, the company said in a statement today. The Santander, Spain-based bank said it also got 18 billion pounds to insure those deposits.

“The bank’s deposit base has value in this market, but you’d have to have a different name over the door,” said Alex Potter, a London-based banking analyst at Collins Stewart Plc.

Bradford & Bingley became the second British bank after Northern Rock Plc to be nationalized this year as survivors of the global credit crunch balk at swallowing all the risks facing weaker competitors. Governments around the world are stepping in to prevent bank failures, with regulators in Belgium, the Netherlands and Luxembourg injecting 11.2 billion euros ($16.3 billion) to save Fortis. Regulators in the U.S. seized Washington Mutual Inc. on Sept. 26 and sold assets to JPMorgan Chase & Co.

The U.K. Treasury will take over Bradford & Bingley’s 41 billion pounds in mortgage loans. In return, the government gets rights to any gains as the bank sells off assets, including personal loans and its headquarters in Bingley, England.

`Biggest Challenge’

“The biggest challenge for the U.K. government will be to manage the bank’s bad loans,” said Leigh Goodwin, a London-based analyst a Fox-Pitt Kelton Ltd. “Nobody else wanted the mortgage assets, which is not a good sign for the sector.”

Compensation rules in the U.K. mean other financial firms will have to cover Bradford & Bingley’s 14 billion-pound insurance policy to protect depositors. A short-term loan from the Bank of England will initially cover the amount falling on the banks.

Santander will pay the additional 4 billion pounds to protect deposits over the 35,000 pound maximum amount covered by the U.K. regulator’s compensation plan.

Bradford & Bingley is the second U.K. lender to fall under Santander, which become the country’s second biggest mortgage lender and third-biggest deposit holder. Santander agreed to buy Leicester, England-based Alliance & Leicester Plc for 1.26 billion pounds in July following its 2004 takeover of Abbey National for 9.2 billion pounds. It now has almost 1,300 U.K. branches and control about 10 percent of consumer deposits.

Cancelled Shares

About half of Bradford & Bingley’ employees will be moved to Santander under the deal, Chancellor Alistair Darling to told the BBC in an interview today.

Santander fell 4.2 percent to 10.46 euros in Madrid, giving the bank a market value of 65.4 billion euros, the second biggest in Europe after HSBC Holding Plc.

Bradford & Bingley’s shares were cancelled in London before the market opened today.

The credit crunch made it impossible for Chief Executive Officer Richard Pym, 59, to fund Bradford & Bingley’s lending. Deposits at the bank amounted to slightly more than half of loans outstanding, which forced it to depend on now-frozen capital markets. Pym will run the bank as public ownership begins, the U.K. Treasury statement said.

Britain‘s Financial Services Authority determined Sept. 27 that Bradford & Bingley didn’t meet the minimum requirements as a deposit taking bank. The Treasury, Bank of England and FSA said they took immediate action “to maintain financial stability and protect depositors while minimizing the exposure to taxpayers.” Any payoff for shareholders will be determined in “due course,” the government said.

`Wiped Out’

“In a nationalization, shareholders get wiped out,” Potter said. “That’s just the risk investors take.”

Bradford & Bingley was the smallest of four British building societies that transformed themselves from customer-owned lenders to publicly traded mortgage specialists as Britain’s housing market boomed. It was created in the 1964 merger of the Bradford Equitable Building Society and the Bingley Building Society, both established in 1851.

The combined company sold shares on the London Stock Exchange in December 2000 and had a market value of 3.2 billion pounds as recently as March 2006. This year, the shares plunged 93 percent to 20 pence on Sept. 26, reducing Bradford & Bingley’s market value to 289 million pounds, even after raising 400 million pounds in its third attempt to replenish capital.

Bradford & Bingley tried to survive by slashing new loans and said last week it would fire 370 mortgage advisers to save about 15 million pounds a year.

Not Enough

The measures weren’t enough to entice other banks to take on Bradford & Bingley’s mortgage business. Falling home price and rising unemployment in Britain have pushed up late mortgage payments to more than 2 percent of its loans. That compares with the U.K. average of 0.5 percent, according to the Council of Mortgage Lenders.

Almost half of Bradford & Bingley’s 42 billion pounds of loans went to landlords, bringing its share of the U.K. buy-to-let market to 19 percent. Arrears on loans to buyers who rent out their properties rose from 0.73 percent at the end of 2007 to 1.1 percent by June 30, according to the council.

About 17 percent of the bank’s loans went to customers whose incomes weren’t verified. They typically have a higher level of default than standard borrowers. Bradford & Bingley’s bad debts in the first half jumped to 74.6 million pounds from 5.3 million pounds last year.

Northern Rock

U.K. officials tried for most of the year to prevent Bradford & Bingley from becoming the next Northern Rock, which ran out of funding and triggered the first bank run in more than a century in September 2007. It had about 113 billion pounds of assets before it borrowed about 24 billion pounds in emergency funds from the Bank of England.

Northern Rock, based in Newcastle, England, was nationalized in February and got an additional 3.4 billion pounds from the government last month after late loan payments rose to 1.2 percent amid the U.K.’s steepest decline in house prices since 1992.

The U.K. avoided nationalization of HBOS Plc, the country’s biggest mortgage lender. It waived antitrust restrictions on Sept. 18 to get Lloyds TSB Group, the U.K.’s largest provider of checking accounts, to buy HBOS in a stock swap valued at about 12 billion pounds. HBOS CEO Andy Hornby agreed to sell after concluding the credit crisis “will be with us for some time.”

Buyers increasingly are waiting as long as they can before agreeing to purchase assets from struggling financial firms.

`Hardball’

Barclays Plc, Britain’s third-largest bank, abandoned talks to buy all of Lehman Brothers Holdings Inc. less than 24 hours before the investment bank filed for bankruptcy on Sept. 15. A day later, Barclays agreed to buy parts of its U.S. businesses for $1.75 billion.

Washington Mutual Inc., the 119-year-old Seattle-based bank, became the biggest U.S. lender to fail when it filed for bankruptcy protection Sept. 26. JPMorgan Chase & Co. purchased its branches and assets for $1.9 billion without taking on any of its liabilities.

“Banks have learned to play hardball,” Potter said. “They have learned to circle a potential acquisition and return when the value’s at its lowest.”

To contact the reporter for this story: Poppy Trowbridge in London at ptrowbridge@bloomberg.net; Ben Livesey in London blivesey@bloomberg.net

Published in: on September 29, 2008 at 11:09 pm  Comments Off on Bank Bailouts in Europe  
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FEDERAL RESERVE OWNERS AND HISTORY

March 2012 — Just added the First Audit of the Federal Reserve in 99 years. It is at the bottom of the page.

Seems the Federal Reserve is deep in a Fraud and Money Laundering Scam. This began in the George W Bush Era.

This may just be the tip of the iceberg.

Bush, Fed, Europe Banks in $15 Trillion Fraud, All Documented

FEDERAL RESERVE OWNERS


Here’s a look into who was involved in setting up the Federal Reserve in 1913.

* Rothschild Banks of London and Berlin
* Lazard Brothers Bank of Paris
* Israel Moses Sieff Banks of Italy
* Warburg Bank of Hamburg, Germany and Amsterdam
* Kuhn Loeb Bank of New York
* Lehman Brothers Bank of New York
* Goldman Sachs Bank of New York
* Chase Manhattan Bank of New York (Controlled By the Rockefeller Family Tree)

Charles A. Lindbergh, Sr. 1913 “When the President signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”

A Bit of History

In August of 1929, the Fed began to tighten the money supply continually by buying more government bonds. At the same time, all the Wall Street giants of the era, including John D. Rockefeller and J.P. Morgan divested from the stockmarket and put all their assets into cash and gold.

Soon thereafter, on October 24, 1929, the large brokerages all simultaneously called in their 24 hour “call-loans.” Brokers and investors were now forced to sell their stocks at any price they could get to cover these loans. The resulting market crash on “Black Thursday” was the beginning of the Great Depression.

The Chairman of the House Banking and Currency Committee, Representative Louis T. Mc Fadden, accused the Fed and international bankers of premeditating the crash. “It was not accidental,” he declared, “it was a carefully contrived occurrence (created by international bankers) to bring about a condition of despair…so that they might emerge as rulers of us all.”

He went on to accuse European “statesmen and financiers” of creating the situation to facilitate the reacquisition of the massive amounts of gold which Europe had lost to the U.S. during WWI. In a 1999 interview, Nobel Prize winning economist and Stanford University Professor Milton Friedman stated: “The Federal Reserve definitely caused the Great Depression.”

US DECLAIRED bankruptcy

Because the government of the U.S. (a corporation) had paid its loans to the Fed with real money exchangeable for gold, it was now insolvent and could no longer retire its debt. It now had no choice but to file chapter 11. Under the Emergency Banking Act (March 9, 1933, 48 Stat.1, Public law 89-719) President Franklin Roosevelt effectively dissolved the United States Federal Government by declaring the entity bankrupt and insolvent.

June 5, 1933 Congress enacted HJR 192 which made all debts, public or private, no longer collectible in gold. Instead, all debts public or private were to be payable in un-backed Fed-created fiat currency. This new currency would now be legal tender in the U.S. for all debts public and private.

Henceforth, our United States Constitution would be continuously eroded due to the fact that our nation is now owned “lock stock and barrel,” by a private consortium of international bankers, contemptuous of any freedoms or sovereignties intended by our forefathers. This was all accomplished by design.

How the Gold was Stolen from America

Under orders of the creditor (the Federal Reserve System and its private owners) on April 5, 1933 President Franklin D. Roosevelt issued Presidential order 6102, which required all Americans to deliver all gold coins, gold bullion, and gold certificates to their local Federal Reserve Bank on or before April 28, 1933.

Any violators would be fined up to $10,000, imprisoned up to ten years, or both for knowingly violating this order. This gold was then offered by the Fed owners to any foreign, non-U.S. citizen, at $35.00 per ounce. Over the entire previous 100 years, gold had remained at a stable value, increasing only from $18.93 per ounce to $20.69 per ounce.

Since then, every U.S. citizen (by virtue of their birth certificate) has become an asset of the government, pledged at a specific dollar amount to pay this debt through future taxation. Thus, every American citizen is in debt from birth (via future taxation), and is, for all practical purposes, property of the creditors, the privately owned Federal Reserve System.

Presently, the United States Government (which again, is completely owned and controlled by the international bankers) continues to forfeit its sovereignty by entering into international monetary and trade agreements which abolish almost all forms of trade tariffs that previously protected not only the value of American commercial productivity and workforce labor, but which were also a substantial source of revenue for the government.

The loss of this revenue, as well as the expanding deficits created by recent massive reduction in taxation for large corporations and the very wealthiest citizens, insures continued borrowing by the government. This self-perpetuating cycle of borrowing is made possible only by the ability of the government to guarantee repayment (of only the interest, never the principal) through future taxation on the earnings of every American citizen.

Due to our banking history of deception, fraud and counterfeiting, which only benefits the purported elite bankers and their underlings, the borrowed principal itself is being used to make the payments on our debt at interest, thus, it is mathematically impossible to pay off.

We are, therefore, obligated to continue this cycle of borrowing indefinitely, causing complete money slavery for life. The amount owed will expand endlessly, until our monthly payments exceed our income, we are bankrupt, and all we have acquired in this lifetime is pillaged from us. Or, until the privately owned Federal Reserve System is ended and all debts are terminated.

This IS WAY Custsy

BANKING SECRETS THAT BANKS DON’T WANT PUBLISHED

With debt termination/debt reconciliation, you’re out of credit card debt and unsecured loans quickly and easily, once and for all! Here, you will learn the the violations that occur in the issuance of credit cards and loans, plus a touch of the legalities employed in terminating your debts. After qualifying and receiving a telephone presentation, you’ll concur that this is the safest, fastest, most legal, lawful, honest and ethical way of getting out of debt there ever was.

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Your debt termination relies on applying Federal Laws, U.S. Supreme Court decisions, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Uniform Commercial Code, the Truth in Lending Act, and numerous other banking and lending laws – to overcome the following banking practices…

Banks bombard consumers with over 6 billion mail solicitations each year. Notwithstanding newspaper, radio, television, magazine, sporting event advertising and numerous other forms of marketing, the average working class, credit-worthy, American is exposed to over 75 loan solicitations per year.

These banking ads represent, in one way or another, that the bank will lend you money in exchange for repayment, plus interest. This absurd idea is completely contrary to what, in reality, transpires and what is actually intended. In actual fact, banks do not lend you any of their own, or their depositors money.

False advertising is an act of deliberately misleading a potential client about a product, service or a company by misrepresenting information or data in advertising or other promotional materials. False advertising is a type of fraud and is often, a crime.

To substantiate this premise, we will begin by examining the funding process of credit cards and loans. When you sign and remit a loan or credit card application, (say you are approved for $10,000.00) the commercial bank stamps the back of the application, as if it were a check, with the words: “Pay $10,000.00 to the order of…” which alters your application, transforming it into a promissory note.

Altering a signed document, after the fact with the intention of changing the document’s value, constitutes forgery and fraud. Forgery is the process of making or adapting objects or documents with the intent to deceive. Fraud is any crime or civil wrong perpetuated for personal gain that utilizes the practice of deception as its principal method.

In criminal law, fraud is the crime or offense of deliberately deceiving another, to damage them – usually, to obtain property or services without compensation. This practice may also be referred to as “theft by deception,” “larceny by trick,” “larceny by fraud and deception” or something similar.

Having altered the original document, the (now) promissory note is deposited at the local Federal Reserve Bank as new money. Generally Accepted Accounting Principels (the publication governing corporate accounting practices) states: “Anything accepted by the bank as a deposit is considered as cash.” This new money represents a three to ten percent fraction of what the commercial bank may now create and do with as they please.

So, $100,000.00 to $330,000.00.00, minus the original $10,000.00 is now added to the commercial bank’s coffers. With this scheme they are taking your asset, depositing it, multiplying it and exchanging it for an alleged loan back to you. This may constitute deliberate theft by deception. In reality, of course, no loan exists.

At this point in the process, they have now transferred and deposited your note (asset) to the Federal Reserve Bank. This note will permanently reside and be concealed there. Since they’ve pilfered your promissory note, they owe it back to you. It is you, therefore, who is actually the creditor. This deceptive acquisition and concealment of such a potentially valuable asset amounts to fraudulent conveyance.

In legal jargon, the term “fraudulent conveyance” refers to the illegal transfer of property to another party in order to defer, hinder or defraud creditors. In order to be found guilty of fraudulent conveyance, it must be proven that the intention of transferring the property was to put it out of reach of a known creditor – in this case, you.

Once they have perpetrated this fraudulent conveyance, the creditor then establishes a demand deposit transaction account (checking account) in your name. $10,000.00 of these newly created/acquired funds are then deposited into this account. A debit card, or in this case, a credit card or paper check is then issued against these funds. Remember – it’s all just bookkeeping entries, because this money is backed by nothing.

Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and/or destination of money. Previously, the term “money laundering” was applied only to financial transactions related to otherwise criminal activity.

Today, its definition is often expanded by government regulators (such as the United States Office of the Comptroller of the Currency) to encompass any financial transactions which generate an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting.

As a result, the illegal activity of money laundering is now recognized as routinely practiced by individuals, small or large businesses, corrupt officials, and members of organized crime (such as drug dealers, criminal organizations and possibly, the banking cartel).

Since receipt of your first “statement” from each of your creditors, they have perpetuated the notion of your indebtedness to them. These assertions did not disclose a remaining balance owed to you, as would your checking account. Mail fraud refers to any scheme which attempts to unlawfully obtain money or valuables in which the postal system is used at any point in the commission of a criminal offence.

When they claim you owe a delinquent payment, you are typically contacted via telephone, by their representative, requesting a payment. In some cases this constitutes wire fraud, which is the Federal crime of utilizing interstate wire communications to facilitate a fraudulent scheme.

Throughout the process of receiving monthly payment demands, you may have been threatened with late fees, increased interest rates, derogatory information being applied to your credit reports, telephone harassment and the threat of being “wrongfully” sued.

Extortion is a criminal offense which occurs when a person obtains money, behavior, or other goods and/or services from another by wrongfully threatening or inflicting harm to this person, their reputation, or property. Refraining from doing harm to someone in exchange for cooperation or compensation is extortion, sometimes euphemistically referred to as “protection”. This is a common practice of organized crime groups.

Blackmail is one kind of extortion – specifically, extortion by threatening to impugn another’s reputation (in this case) by publishing derogatory information about them, true or false, on credit reports. Even if it is not criminal to disseminate the information, demanding money or other consideration under threat of injury constitutes blackmail.

New money was brought into existence by the deposit of your agreement/promissory note. If you were to pay off the alleged loan, you would never receive your original deposit/asset back (the value of the promissory note). In essence, you have now paid the loan twice. Simultaneously, the banks are able to indefinitely hold and multiply the value of your note (by a factor of 10 to 33) and exponentially generate additional profits.

For an agreement or a contract to be valid, there must be valuable consideration given by all parties. Valuable consideration infers a negotiated exchange and legally reciprocal obligation. If no consideration is present, the contract is generally void and unenforceable.

The bank never explained to you what you have now learned. They did not divulge that they were not loaning anything. You were not informed that you were exchanging a promissory note (which has a real cash value) that was appropriated to fund the implicit loan.

You were led to assume that they were loaning you their own, or other people’s money, which we have established as false. They blatantly concealed this fact. If you were misinformed, according to contract law, the agreement is null and void due to “non-disclosure.”

Contract law states that when an agreement is made between two parties, each must be given full disclosure of what is transpiring. An agreement is not valid if either party conceals pertinent information.

Related Article

A Wee Family Tree up 1976 Really Interesting

A must to check out for sure. It is very enlightening as to who owns and controls what. They own and control even more today.

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Any President that Would Dare Oppose The Federal Reserve Gets Assassinated: History Lesson & JP Morgan Buyout of Bear Stearns

Article Source

Somewhere in the trillionaires room of Heaven three old codgers are sitting around a table smoking cigars and chuckling over the J. P Morgan Chase & Company buyout of Bear Stearns for a paltry $2.00 a share. Not so much because the price had been over $130 a share a few weeks earlier but because the Federal Reserve Board put up $30 billion of the government’s money to guarantee the sale.

Yes, Mayer Amschel Rothschild, J. P. Morgan and John D. Rockefeller, patriarchs of three of the most powerful family fortunes in history have waited nearly two centuries to see their dreams fulfilled. Perhaps such patience is why their families have remained successful by steadfastly maintaining the rules of the game as set down by their founders.

It was 248 years ago, in 1760 that Mayer Amschel Rothschild created the House of Rothschild that was to pave the way for international banking and control of the world’s resources on a scale unparalleled and somewhat mysterious to this date. He disbursed his five sons to set up banking operations throughout Europe and the various European empires.

“Give me control of a nation’s money
and I care not who makes the laws.”
Mayer Amschel Rothschild

In time the House of Rothschild was able to take control of the Bank of France and Bank of England and relentlessly pursued an effort over two centuries to control a national bank in the USA. By 1850 it was said the Rothschild family was worth over $6 billion and owned one half of the world’s wealth.

From oil (Shell) to diamonds (DeBeers) to gold (from 1919 until 2004 a Rothschild was permanent Chairman of the London Gold Fixing committee which met twice a day in the Rothschild offices in London) the Rothschild’s quietly accumulated a foothold in critical industries and commodities throughout the world.

A master at building impenetrable walls around his family assets the current value of the Rothschild holdings are estimated to be between $100 and $300 trillion, yes that is trillion dollars! Now for a point of reference the current United States National Debt is $9.4 trillion.

J. P. Morgan began as the New York agent for his father’s business in London in 1860 and by 1877 was floating $260 million in US Bonds to save the government from an economic collapse. In 1890 he inherited the business and in 1895 bought $200 million in US Bonds with gold to again save the US economy.

“If you have to ask how much it costs,
you can’t afford it.”
J. P. Morgan

By 1912 he controlled $22 billion and had started companies such as US Steel and General Electric while he owned several railroads. Morgan was also an American agent for the House of Rothschild in London and used the Rothschild resources to help people like John D. Rockefeller.

Rockefeller, who started Standard Oil in 1863 with the help of Morgan, grew his company into the largest oil company in the world and by 1916 Rockefeller was the first billionaire in American history. In 1909 he had set up the Rockefeller Foundation with $225 million and donated nearly a billion more dollars to various causes. The Rockefeller family fortune is estimated to be around $11 trillion today.

“The way to make money is to buy
when blood is running in the streets.”
John D. Rockefeller

So what did they have in common these extraordinary capitalists? They all were dedicated to owning a national bank in America so they could determine the fiscal policies of the nation and earn interest on the debt of the nation.

Rothschild agents in 1791 formed the First Bank of the United States but intense opposition to foreign ownership by President Jefferson and others helped kill it by 1811. A Second Bank of the United States was formed in 1816 once again by Rothschild agents and this time they secured a 20-year charter. However, President Andrew Jackson was also opposed to foreign ownership and withdrew the federal deposits in 1832 as part of his plan to kill the bank charter in 1836.

An attempt to assassinate Jackson in 1834 left him wounded but more determined than ever to stop the central bank. Thirty years later President Lincoln refused to pay international bankers extremely high interest rates during the Civil War and ordered the printing of government bonds. With the help of Russian Czar Alexander II who also blocked a similar national bank from being set up in Russia by the international bankers they were able to survive the economic squeeze.

Lincoln said, “The money powers prey upon the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe. Corporations have been enthroned, and an era of corruption in high places will follow. The money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed.”

Both Lincoln and Alexander II were assassinated. In 1881 James Garfield became president and he was dedicated to restoring the right of the federal government to issue money like Lincoln did in the Civil War and he was also assassinated.

Finally along came 1913 and the US was again suffering from a weak economy and there was a threat of another costly war, a world war this time, and business tycoons J.P. Morgan, John D. Rockefeller and E.H. Harriman were part of a group that got Woodrow Wilson to sign into law the Federal Reserve Act creating a network of 12 privately owned banks as part of a new Federal Reserve network.

One of the largest stockholders in the new Federal Reserve was the House of Rothschild through their direct and indirect holdings. A few years later it was disclosed that the Rothschilds also owned about 20% of J. P. Morgan. In time Morgan would merge with the Chase Manhattan Bank of the Rockefellers.

Years later John F. Kennedy opposed a private national bank and was assassinated in 1963 and Ronald Reagan opposed a private national bank and in 1981 an attempt was made to assassinate him. Coincidence or not the opposition to a privately owned national bank was a common characteristic.

Which brings us full circle to the present bailout of Bear Stearns by J.P. Morgan Chase & Company and we find the Rothschild, Morgan and Rockefeller families are all conveniently part of the same group benefiting from the bailout and the $30 billion guarantee by the Federal Reserve. This is the third time the J. P. Morgan Company has come to the rescue of the American banking system and economy.

John Perkins “Confessions of an Economic Hitman”Extended Interview 2008

Talks about Banks, Corporations, Free Trade,Wars, Toppling Governments, assassinations and numerous other things the US does to manipulate other countries.

How banks create money out of thin air

In Libya loans were interest free. Libya had no Debt. They instead had a surplus.Its no wonder the US/NATO countries wanted this example of good banking gone.

The Libya American’s never saw on Television

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Who Benefited the most by J.F. Kennedy’s Death?

President John F.Kennedy, The Federal Reserve And Executive Order 11110

From September 2009

Federal Reserve rejects request for public Audit

First independent audit of the Federal Reserve in the Fed’s 99 year history.

By Alan Grayson

I think it’s fair to say that Congressman Ron Paul and I are the parents of the GAO’s audit of the Federal Reserve.

Anyway, one of our love children is a massive 251-page GAO report technocratically entitled “Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance.” It is almost as weighty as that 13-lb. baby born in Germany last week, named Jihad. It also is the first independent audit of the Federal Reserve in the Fed’s 99-year history.

It documents Wall Street bailouts by the Fed that dwarf the $700 billion TARP, and everything else you’ve heard about.

I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number.

Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000. That’s right, more than $16 trillion. The four largest recipients, Citigroup, Morgan Stanley, Merrill Lynch and Bank of America, received more than a trillion dollars each. The 5th largest recipient was Barclays PLC. The 8th was the Royal Bank of Scotland Group, PLC. The 9th was Deutsche Bank AG. The 10th was UBS AG. These four institutions each got between a quarter of a trillion and a trillion dollars. None of them is an American bank.

Pages 133 & 137 – Some of these “broad-based emergency program” loans were long-term, and some were short-term. But the “term-adjusted borrowing” was equivalent to a total of $1,139,000,000,000 more than one year. That’s more than $1 trillion out the door. Lending for these programs in fact peaked at more than $1 trillion.

Pages 135 & 196 – Sixty percent of the $738 billion “Commercial Paper Funding Facility” went to the subsidiaries of foreign banks. 36% of the $71 billion Term Asset-Backed Securities Loan Facility also went to subsidiaries of foreign banks.

Page 205 – Separate and apart from these “broad-based emergency program” loans were another $10,057,000,000,000 in “currency swaps.” In the “currency swaps,” the Fed handed dollars to foreign central banks, no strings attached, to fund bailouts in other countries. The Fed’s only “collateral” was a corresponding amount of foreign currency, which never left the Fed’s books (even to be deposited to earn interest), plus a promise to repay. But the Fed agreed to give back the foreign currency at the original exchange rate, even if the foreign currency appreciated in value during the period of the swap. These currency swaps and the “broad-based emergency program” loans, together, totaled more than $26 trillion. That’s almost $100,000 for every man, woman, and child in America. That’s an amount equal to more than seven years of federal spending — on the military, Social Security, Medicare, Medicaid, interest on the debt, and everything else. And around twice American’s total GNP.

Page 201 – Here again, these “swaps” were of varying length, but on Dec. 4, 2008, there were $588,000,000,000 outstanding. That’s almost $2,000 for every American. All sent to foreign countries. That’s more than twenty times as much as our foreign aid budget.

Page 129 – In October 2008, the Fed gave $60,000,000,000 to the Swiss National Bank with the specific understanding that the money would be used to bail out UBS, a Swiss bank. Not an American bank. A Swiss bank.

Pages 3 & 4 – In addition to the “broad-based programs,” and in addition to the “currency swaps,” there have been hundreds of billions of dollars in Fed loans called “assistance to individual institutions.” This has included Bear Stearns, AIG, Citigroup, Bank of America, and “some primary dealers.” The Fed decided unilaterally who received this “assistance,” and who didn’t.

Pages 101 & 173 – You may have heard somewhere that these were riskless transactions, where the Fed always had enough collateral to avoid losses. Not true. The “Maiden Lane I” bailout fund was in the hole for almost two years.

Page 4 – You also may have heard somewhere that all this money was paid back. Not true. The GAO lists five Fed bailout programs that still have amounts outstanding, including $909,000,000,000 (just under a trillion dollars) for the Fed’s Agency Mortgage-Backed Securities Purchase Program alone. That’s almost $3,000 for every American.

Page 126 – In contemporaneous documents, the Fed apparently did not even take a stab at explaining why it helped some banks (like Goldman Sachs and Morgan Stanley) and not others. After the fact, the Fed referred vaguely to “strains in the financial markets,” “transitional credit,” and the Fed’s all-time favorite rationale for everything it does, “increasing liquidity.”

81 different places in the GAO report – The Fed applied nothing even resembling a consistent policy toward valuing the assets that it acquired. Sometimes it asked its counterparty to take a “haircut” (discount), sometimes it didn’t. Having read the whole report, I see no rhyme or reason to those decisions, with billions upon billions of dollars at stake.

Page 2 – As massive as these enumerated Fed bailouts were, there were yet more. The GAO did not even endeavor to analyze the Fed’s discount window lending, or its single-tranche term repurchase agreements.

Pages 13 & 14 – And the Fed wasn’t the only one bailing out Wall Street, of course. On top of what the Fed did, there was the $700,000,000,000 TARP program authorized by Congress (which I voted against). The Federal Deposit Insurance Corp. (FDIC) also provided a federal guarantee for $600,000,000,000 in bonds issued by Wall Street.

There is one thing that I’d like to add to this, which isn’t in the GAO’s report. All this is something new, very new. For the first 96 years of the Fed’s existence, the Fed’s primary market activities were to buy or sell U.S. Treasury bonds (to change the money supply), and to lend at the “discount window.” Neither of these activities permitted the Fed to play favorites. But the programs that the GAO audited are fundamentally different. They allowed the Fed to choose winners and losers.

So what does all this mean? Here are some short observations:

(1) In the case of TARP, at least The People’s representatives got a vote. In the case of the Fed’s bailouts, which were roughly 20 times as substantial, there was never any vote. Unelected functionaries, with all sorts of ties to Wall Street, handed out trillions of dollars to Wall Street. That’s now how a democracy should function, or even can function.

(2) The notion that this was all without risk, just because the Fed can keep printing money, is both laughable and cryable (if that were a word). Leaving aside the example of Germany’s hyperinflation in 1923, we have the more recent examples of Iceland (75% of GNP gone when the central bank took over three failed banks) and Ireland (100% of GNP gone when the central bank tried to rescue property firms).

(3) In the same way that American troops cannot act as police officers for the world, our central bank cannot act as piggy bank for the world. If the European Central Bank wants to bail out UBS, fine. But there is no reason why our money should be involved in that.

(4) For the Fed to pick and choose among aid recipients, and then pick and choose who takes a “haircut” and who doesn’t, is both corporate welfare and socialism. The Fed is a central bank, not a barber shop.

(5) The main, if not the sole, qualification for getting help from the Fed was to have lost huge amounts of money. The Fed bailouts rewarded failure, and penalized success. (If you don’t believe me, ask Jamie Dimon at JP Morgan.) The Fed helped the losers to squander and destroy even more capital.

(6) During all the time that the Fed was stuffing money into the pockets of failed banks, many Americans couldn’t borrow a dime for a home, a car, or anything else. If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there be 24 million Americans today who can’t find a full-time job?

And here’s what bothers me most about all this: it can happen again. I’ve called the GAO report a bailout autopsy. But it’s an autopsy of the undead.

Feel free to take a look at it yourself, it’s right here.

Source

Ron Paul and what he went through to get this Audit done.

THE ROYAL Bank of Scotland will get ‘billions’ in US bail-out of economy

RBS will get ‘billions’ in US bail-out of economy
Scottish bank benefits if plan gets green lightBy Ian Fraser

THE ROYAL Bank of Scotland is to be one of the biggest beneficiaries of the planned $700 billion bail-out that comes courtesy of the American tax-payer if the US Congress gives the financial rescue package the go-ahead this weekend.

The bank’s share of the bail-out will enable RBS to offload billions of dollars of questionable assets.

The bank’s shares closed last Friday at 205p, a 71% fall from their pre-credit-crunch peak. However, analysts and investors predict that the shares will rebound sharply when markets open on Monday morning if the bail-out is approved over the weekend.

The Edinburgh-based bank will be able to write off a significant portion of its dodgy assets thanks to the bail-out, also known as into Tarp, the Troubled Asset Relief Programme as a result of the bank’s significant presence in the US.

Tarp was the brainchild of US treasury secretary Hank Paulson, who earlier this week got down on his knees and begged Nancy Pelosi, the Democratic House speaker, to rescue his plan to save Wall Street.

The Royal Bank, led by chief executive Sir Fred Goodwin, has had operations in the United States since 1988, when it bought the Rhode Island-based Citizens Bank. It has since bulked up its presence there with a string of acquisitions including those of Connecticut based Greenwich NatWest and Ohio-based Charter One.

This entitles the Scottish bank to entrust billions of dollars of non-performing loans and sub-prime tainted assets to US taxpayers, according to Colin McLean, chief executive of Edinburgh-based SVM Asset Management.

He could not quantify the exact amount of dodgy assets that RBS can offload but said it could amount to “billions”. In total, RBS has outstanding loans of $1.5 trillion.

Sunday Herald

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Published in: on September 29, 2008 at 3:39 am  Comments (1)  
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Tragedy in the Making in Washington and on Wall Street: The Canadian Solution

By Rodrigue Tremblay

“When troubles come, they come not single spies, but in battalions.” – Shakespeare (1564-1616)

The liberty of a democracy is not safe if the people tolerate the growth of private power to the point where it becomes stronger than the democratic state itself. That in its essence is fascism — ownership of government by an individual, by a group or any controlling private power.”  Franklin D. Roosevelt (1882-1945), 32nd US president

“Our economy is facing a moment of great challenge. … We’re in the midst of a serious financial crisis.” – George W. Bush, September 24, 2008

The Washington gridlock about finding a solution to the subprime financial crisis in the United States is turning into a tragedy, seemingly because of a fundamental lack of understanding and communication about the causes of this financial crisis and the most efficient way to solve it. The nature of the crisis, the economic consequences if it is not solved, and how it could be solved without costing the government and U.S. taxpayers a single penny has not been properly explained to Congress and to the U.S. population.

Indeed, in this election period, there is a clear danger that the financial crisis is not going to be solved properly by the U.S. government and by Congress, and that there will be dire economic consequences in the months and years ahead, not only for the United States but also for the world economy. A similar subprime crisis has been solved in Canada, without costing the government and Canadian taxpayers a single cent. Although such a solution, i.e. transforming most of the subprime mortgage-back securities into medium term debentures, would have to be adapted to the peculiar American situation, this can be done.

The Canadian solution

In August 2007, it was discovered that Canada, just as the U.S., had a subprime mortgage-backed securities problem. Since the Canadian economy is more than ten times smaller than the American economy, the magnitude of the problem was also smaller, but it was nevertheless acute.

Indeed, Canada’s subprime mortgage market was a smaller proportion of the total mortgage market than in the U.S. and mortgage defaults have not been as prevalent in Canada as in the United States. For instance, there has not been a housing bubble burst in Canada. Overall, risky mortgage-backed paper constituted, about 5 per cent of the total mortgage market, while in the U.S., subprime mortgage paper constitutes about 20 per cent of the total mortgage market, and mortgage defaults have been rising dramatically.

Nevertheless, there was some $32 billion (CAN) of non-bank asset-backed commercial paper in Canada. When this market became illiquid after August 2007, as a consequence of the global credit crisis that originated in the U.S., a restructuring committee was assembled in Canada by large pension plans, Crown corporations, banks and other businesses holding the bulk of $32 billion in non-bank asset-backed commercial paper (ABCP) in order to find a solution to the liquidity problem. (Large Canadian banks covered the asset-backed commercial paper that were on their books or in their money market funds). This was the Pan-Canadian Investors Committee for Third-Party Structured ABCP, chaired by a Toronto lawyer, Mr. Purdy Crawford, and created after a proposal that originated from the large Quebec pension fund, the Caisse de dépôt. This was the Montreal proposal.

The committee ended up proposing to restructure the frozen and illiquid securities into longer-term securities. It proposed that ABCP notes, initially intended as low-risk and short-term debt, be exchanged for new replacement notes or debentures that would not mature for years (seven or nine years) while earning interest originating from the underlying primary mortgages. The plan was approved by a Canadian court last June and is scheduled to close by September 30, after Canada’s Supreme Court refused to hear an appeal against the plan.

The plan was designed to prevent a forced a fire sale of the asset-backed paper and to restore confidence in the Canadian financial system, especially in the money market funds. And it did all that without the government risking a penny of taxpayers’ money.

Of course, those entities that had invested in what they believed to be liquid and relatively high-yield 30- to 90-day debt instruments had to accept new notes maturing within nine years, but most of them thought that this was better than the alternative of outright liquidation. Those investors can hold the newly-issued notes to maturity or they can try to trade them in the secondary market. A market for asset-backed securities was thus indirectly created where none existed before.

What lesson can be drawn for the current U.S. predicament?

The U.S. Problem: Real danger of a cascading debt-deflation spiral

The financial crisis is much more severe and much more widespread in the U.S. than in Canada. Therefore, a large scale Canada-like solution would have been, most likely, unrealistic. Could hundreds of American banks and pension funds get together to restructure the illiquid mortgage-backed paper? This is doubtful.

However, the principles behind the Canadian solution can be retained and the mortgage-backed securities could be restructured into longer-term securities carrying interest. But because of the size and complexity of the American financial system, this would have to involve the U.S. government as an intermediary.

In the U.S., for example, the mortgage market (residential and commercial) is about $14 trillion, that is a size equal to the annual gross domestic product (GDP). Overall, the U.S.’s total interest-bearing debts are now a staggering $51 trillion (consumer, corporate and government debt), that is to say a level of total debt more than three and a half times the annual GDP. For decades in the past, the ratio of debt to GDP was about 1.0. This shows the extent of American current over-indebtedness.

In the short run, however, there are two urgent problems faced by the U.S. economy that must be solved with as little economic perturbation as possible.

First, there is the most urgent problem of solving the overhang of illiquid mortgage-backed securities which were created as the equivalent of liquid commercial paper. They must be urgently aligned more closely with the more long term mortgages downstream they are based on. Since much of this illiquid mortgage-backed paper is found in the $4 trillion money market funds market, there was and there still is the danger of a run on such funds in the coming days and weeks if investors fear for the safety and liquidity of their balances. A collapse of the market in money market funds would be equivalent to the banking collapse of the 1930’s, since this is where companies park most of their required cash flows in the short run.

The second American financial problem is related to the approximately $2.7 trillion in municipal securities outstanding, a large proportion of which have been relying on a bond insurance system that is teetering on the brink of collapse. The U.S. Treasury partly solved this problem temporarily when it announced on Tuesday, September 16, that it had loaned $85 billion (for two years) to the largest world insurance company, American International Group (AIG), in exchange for a 79.9 percent stake in the company, thus avoiding a formal bankruptcy filing for AIG. This was, of course, after announcing that the U.S. Treasury promised to inject some $200 billion in the government sponsored Fannie Mae and Freddie Mac in preferred shares, in order to solidify their mortgage lending operations and their $5.3 trillion joint debt.

The Bush administration’s proposal to create a fund of $700 billion to buy back illiquid mortgage-backed paper does not seem to have been structured in a manner that would avoid an outright subsidy to the American banking sector. If it were to be used to recapitalize private banks, this amount would be too small. This need not be. In fact, much of the legitimate fear that many Americans have that large amounts of public money are going to be used to subsidize Wall Street firms can be avoided, and the amount required to restructure the subprime-based securities market could be considerably reduced.

Indeed, there is a way for the U.S. Treasury to play an intermediary role in restructuring most of the illiquid mortgage-backed paper that creates so many problems today, not the least would be the possible collapse of large segments of the U.S. financial system.

Since time is of the essence, Congress could approve the creation of a U.S Government Banking Restructuring Trust, designed to exist for a twelve-year maximum period, that is, until 2020. Such a government trust could buy back, at a fair market value (including a substantial discount to reflect poor liquidity and poor marketability), illiquid but still solvent mortgage-backed securities, held by banks or money market funds.

Simultaneously, the government trust would have the power to reissue mortgage-backed debentures with a maturity of nine years or less and carrying interest financed by the underlying mortgages thus acquired, and in an amount large enough to cover at least the initial cost of acquisition. The Fed and its twelve regional banks, plus Fannie Mae and Freddie Mac, could play an important role in creating a liquid secondary market for such government-backed securities. Because of this reissuance feature, the $700 billion guarantee initially proposed by Sec. Henry Paulson could be reduced, possibly to a more palatable level of $250 billion.

Such an operation would relieve the U.S. banking system from short-term mortgage-backed securities that are presently de facto frozen, because there is no market for them. It would also allow American savers and investors to include in their IRAs or 401(k) plans safe and profitable investments. Moreover, it would provide capital to the mortgage market and help turn the housing slump around.

And, what’s more, such a debt restructuring operation need not cost the government and American taxpayers a single penny, in the end. To the contrary, the program can be structured in such a way as to generate a fair return on the government’s initial investment.

Simultaneously, a regulatory ban on the issuance of any new securitized mortgage-backed paper could be issued. The same could apply also to the dangerous practice of elevating the credit rating of certain bonds or debentures through reliance upon the credit-default (insurance) market. These were the two main corrosive “innovations” which have resulted in the present financial mess.

Moreover, such a restructuring plan could be kept simple and totally transparent.

In conclusion, this is something that the Bush administration and the U.S. Congress might want to consider if they hope to get out of the ideological and political deadlock they have talked themselves into.

Rodrigue Tremblay is professor emeritus of economics at the University of Montreal and can be reached at: rodrigue.tremblay@ yahoo.com. He is the author of the book ‘The New American Empire’. Visit his blog site at www.thenewamericanempire.com/blog. Author’s Website: www.thenewamericanempire.com/. Check Dr. Tremblay’s coming book “The Code for Global Ethics” at:   www.TheCodeForGlobalEthics.com/

Published in: on September 29, 2008 at 3:16 am  Comments (1)  
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Bank-Rescue Plan Is Under Review by U.S. Lawmakers (Update2) and (Update 3)

Bank-Rescue Plan Is Under Review by U.S. Lawmakers (Update2)

By Alison Vekshin and Laura Litvan

Sept. 28 (Bloomberg) — U.S. lawmakers are reviewing a tentative agreement to revive credit markets by authorizing a $700 billion plan to buy troubled assets from financial institutions.

“The deal is done,” Senator Judd Gregg, a New Hampshire Republican, a ranking member of the Budget Committee, said this morning. The House and Senate may vote tomorrow, Gregg said.

Republican House members want to see the compromise proposal written into legislation before making a final decision to support it, said Representative Eric Cantor of Virginia.

“We’re waiting to see what this looks like on paper to see if we have an agreement,” Cantor said.

Some House lawmakers expressed doubts about the plan. “It does not do what the American people are asking us to do, which is to protect their taxpayer dollars,” said Republican Representative Darrell Issa of California.

Still, Representative James Clyburn of South Carolina, the No. 3 ranked House Democrat, said that while lawmakers haven’t yet been surveyed, he’s “feeling good” about the plan’s chance to win approval.

The negotiations were completed about midnight when lawmakers agreed to require the president to offer a plan to recoup any loss to the taxpayers after five years, said a Democratic congressional aide. That clause was intended to address concerns about the cost of the program.

Angry Emails

The agreement alters the Bush administration’s original request for unchecked authority to purchase distressed debt securities from financial companies reeling from the record number of home foreclosures. That plan evoked a blizzard of emails and phone calls from voters outraged at being asked to foot the bill for the mistakes of Wall Street investors.

During weeklong negotiations, lawmakers reduced the initial cost by half to $350 billion, with the remainder to be authorized later, and they added provisions creating an oversight structure and help to homeowners facing foreclosure.

The compromise also includes a proposal by House Republicans, whose objections scuttled an earlier agreement in principle, that provides for government insurance for mortgage- backed securities. The plan also imposes limits on the compensation of executives at participating companies.

“It will be the first time in American history that there will be legislative restrictions on CEO compensation,” said House Financial Services Chairman Barney Frank, Democrat of Massachusetts.

Asian Markets

Lawmakers want to announce a firm agreement before the Japanese stock market opens at 8 p.m. Washington time. The deadline reflects concern that markets will be further rocked by lack of an agreement after the Standard & Poor’s 500 index recorded its largest weekly drop since May.

Treasury Secretary Paulson last night said the proposed deal “will work and be effective.” More work needs to be done, “but I think we’re there,” he said.

Paulson and Federal Reserve Chairman Ben S. Bernanke proposed the plan after the collapse and bankruptcy of Lehman Brothers Holding Inc. and the Federal Reserve’s takeover of American International Group Inc. earlier this month. They said it was needed to revive lending and restore the flow of credit to the U.S. economy.

President George W. Bush warned yesterday that legislative action was needed to avoid a “deep and painful recession.”

Bush spokesman Tony Fratto said early this morning that administration officials are “pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy.” He said Bush had spoken last night with House Speaker Nancy Pelosi on the negotiations.

President’s Request

The proposal immediately provides $250 billion, and another $100 billion could be used at the request of the president. Congress would have to review the expenditure of the remaining $350 billion, according to an outline distributed to reporters.

The package includes a provision aimed at “preventing golden parachutes” for executives of companies who leave firms that have sold troubled assets to the government, said Senator Kent Conrad, a North Dakota Democrat.

Companies that sell debt to the government will issue stock warrants to the government so that taxpayers “can gain as companies recover” from economic difficulties, Conrad said.

House Republicans initially balked at the cost of Paulson’s plan. Missouri Representative Roy Blunt, the lead negotiator for House Republicans, said his colleagues wanted to “bring both free-market principles and taxpayer protections to the table.”

“I think we will be able to have an announcement” later today, Blunt said.

Shareholder Votes

Republican leadership aides said that provisions favored by unions that own significant stakes in companies through pension plans were dropped. That includes a requirement for shareholder votes on executive-compensation issues.

At one point during the negotiations, billionaire Warren Buffett spoke by telephone to a lawmaker involved in the talks to offer “his best thinking about market reaction to various things,” said Conrad. “People are trying to reach out to the best minds that they know.”

Presidential candidates Barack Obama and John McCain backed the compromise.

“My inclination is to support it,” Obama, a Democrat, said on CBS’ “Face the Nation.”

Obama said the agreement reflects his core concerns by putting limits on executive compensation, providing congressional oversight and protecting taxpayers.

McCain urged lawmakers to “swallow hard” and support the proposal in an interview today on ABC’s “This Week” program.

“Let’s get this deal done, signed by the president, get moving,” McCain, a Republican, said. “It’s going to restore confidence and get some credit out there, get this economic system moving again, which is basically in gridlock today.”

To contact the reporters on this story: James Rowley in Washington at jarowley@bloomberg.netAlison Vekshin in Washington at avekshin@bloomberg.net

Lawmakers Say They Have Breakthrough on Rescue Plan (Update3)

By James Rowley and Alison Vekshin

Sept. 28 (Bloomberg) — U.S. lawmakers said they made a breakthrough in talks on a $700 billion plan to revive the credit markets and expect to announce an agreement on legislation later today.

Negotiators resolved “our differences so we can go forward with a package to stabilize the market,” House Speaker Nancy Pelosi told reporters when talks at the Capitol ended after midnight Washington time. Lawmakers will review a written version of the plan later today, she said. The House may vote tomorrow.

The plan would let the Treasury begin purchasing distressed debt securities from financial companies affected by the record number of home foreclosures.

After five years, if there was a net loss to taxpayers, the president would have to submit a plan to Congress to recoup the funds, according to an outline circulated by congressional aides.

The proposal also includes accountability provisions, limits on executive pay for participating companies, and foreclosure relief, said Senate Banking Committee Chairman Christopher Dodd, a lead negotiator.

Senate Majority Leader Harry Reid, a Nevada Democrat, sought an agreement to reassure investors before Asian financial markets open late today.

Effective in Marketplace

Treasury Secretary Henry Paulson said the proposed deal “will work and be effective” in the marketplace. More work needs to be done, “but I think we’re there,” he said.

Paulson and Federal Reserve Chairman Ben S. Bernanke said the rescue plan was necessary to revive lending and restore the flow of credit to the U.S. economy. President George W. Bush warned yesterday that legislative action was needed to avoid a “deep and painful recession.”

Bush spokesman Tony Fratto said early this morning that administration officials are “pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy.” He said Bush had spoken last night with Pelosi on the negotiations.

Lawmakers had resisted giving Paulson unrestricted power to buy the debt and sought controls to assuage angry constituents who bombarded congressional offices with e-mails and phone calls.

`Don’t Want’ Bailout

Voters “don’t want a bailout of Wall Street and neither do we,” Democratic Senator John Kerry of Massachusetts told reporters yesterday. “What we are talking about is not losing 3 million jobs in a matter of weeks” and helping “small banks and small businesses literally keeping their doors open.”

Senator Kent Conrad, a North Dakota Democrat who chairs the Budget Committee, said $250 billion would be immediately available and another $100 billion could be used when requested by the president for debt purchases. Congress could bar the expenditure of the remaining $350 billion only by passing a resolution to block it from being spent.

The package includes a provision aimed at “preventing golden parachutes” for executives of companies who leave firms that have sold troubled assets to the government, Conrad said.

Stock Warrants

Companies that sell debt to the government will issue stock warrants to the government so that taxpayers “can gain as companies recover” from economic difficulties, Conrad said.

The plan also includes a proposal by House Republicans, whose objections scuttled an earlier agreement in principle, that provides for government insurance of mortgage-backed securities. Paulson has opposed the idea and has testified it wouldn’t work.

The measure leaves it up to Treasury how to “structure the program and they will assure that the premiums will be set at a level that fully protects the taxpayers of the country,” Conrad said.

“We worked out everything,” said Senator Judd Gregg, a New Hampshire Republican. He said lawmakers still want to see the text of the accord on paper before announcing a final deal.

“If there are no adjustments” to that “we’ll be all set,” he said.

Missouri Representative Roy Blunt, the lead negotiator for House Republicans, voiced satisfaction for his colleagues who were “very concerned that we would be able to bring both free- market principles and taxpayer protections to the table.”

House Republicans “will be looking at the final wording of this,” he said. Still, “I think we will be able to have an announcement” later today, Blunt said.

At one point during the negotiations billionaire Warren Buffett spoke by telephone to a lawmaker involved in the talks to offer “his best thinking about market reaction to various things,” Conrad said. “People are trying to reach out to the best minds that they know.”

`Foreclosure Mitigation’

A proposal that would allow judges to modify mortgage terms for struggling borrowers in bankruptcy proceedings wasn’t included, said Dodd, a Connecticut Democrat. “We pushed very hard” for the bankruptcy provision, “but we feel we got good foreclosure mitigation language in there,” Dodd said.

Democratic presidential nominee Barack Obama said the plan “appears to embrace” his principles that the legislation include oversight by an independent board; protections for taxpayers to ensure they receive any profits; measures to help homeowners stay in their homes; and rules to make sure “CEOs are not being rewarded at taxpayers’ expense.”

Reid said an announcement would come later today after details are worked out.

Series of Breakthroughs

“There were a series of breakthroughs here in the end” and the agreement on executive compensation “was certainly the most important,” Conrad said. He declined to give further details because the language being drafted by lawyers is “quite complicated.”

“Get it written and get it voted,” said Gregg. “That’s the game plan.”

Paulson and Bernanke sought the rescue package after the collapse and bankruptcy of Lehman Brothers Holding Inc. and the Federal Reserve’s takeover of American International Group Inc. earlier this month.

Sticking Point

The House Republicans’ demand to include insurance for mortgage-backed securities was a major sticking point.

“Nationalizing every bad mortgage in America is a profoundly bad idea,” Indiana Republican Mike Pence said. He described the plan as “transferring $700 billion from Main Street to Wall Street.”

Premiums on the insurance would be a way “for those on Wall Street to help pay for the recovery” so that the financial industry won’t “just turn to taxpayers” for the rescue, said Virginia Republican Eric Cantor, a member of his party’s leadership in the House.

Democrats blamed Republican presidential candidate John McCain for encouraging the House Republicans’ rebellion by traveling to Washington last week to meet with them.

The trip also included a White House meeting on Sept. 25 with Bush and congressional leaders, where a bipartisan consensus on the outlines of a deal broke down.

McCain “only hurt this process,” Reid complained to reporters.

McCain’s close ally, South Carolina Republican Lindsey Graham, said the Arizona senator was “enormously helpful” to the talks when he met with House Republicans who were about to be “rolled” by the Senate.

McCain told them “I hear your message” so “let’s make the bill better, but let’s not go too far,” Graham told reporters.

To contact the reporters on this story: James Rowley in Washington at jarowley@bloomberg.netAlison Vekshin in Washington at avekshin@bloomberg.net

Published in: on September 28, 2008 at 10:56 pm  Comments Off on Bank-Rescue Plan Is Under Review by U.S. Lawmakers (Update2) and (Update 3)  
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Europe’s ‘last dictator’ set to reap rewards for courting the West

By Daniel McLaughlin in Minsk
Saturday, 27 September 2008

Relatives of Belarus’s disappeared dissidents, and beleaguered opposition parties, warn that the EU and US may temper criticism of a tightly-controlled general election in an attempt to woo President Alexander Lukashenko away from traditional ally Russia.

Belarus goes to the polls this weekned in an election that could see the West normalise its relations with the man dubbed “Europe’s last dictator”.

Keen to loosen Moscow’s grip on its neighbours after the war in Georgia, Brussels and Washington have discussed easing sanctions if the ballot is more free and fair than the others he has overseen during 14 years in power.

“Under the surface this election is as bad as the rest,” said Mrs Gonchar, who works for an opposition party. “If the West compromises with Lukashenko, it will be a very dangerous mistake.” Viktor Gonchar, a prominent critic of Mr Lukashenko, disappeared with businessman and ally Anatoly Krasovsky on 16 September 1999, after a visit to a sauna in the Belarusian capital, Minsk. Four months earlier in the city, Yuri Zakharenko, a former interior minister and leading Lukashenko opponent, vanished on his way home. In July 2000, the President’s former personal cameraman, Dmitry Zavadsky, went missing.

Belarus’ state security service, still called the KGB, claims to have investigated the fates of the men, to no avail.

However, two ex-KGB officers who fled to the US say the men were killed by a death squad created by officials close to Mr Lukashenko, who denies involvement in their disappearance.

“Zakharenko and Gonchar had the charisma, ability and popularity to be a serious threat to Lukashenko, and as a businessman Krasovsky could help them do it,” explained Oleg Volchak, a former police investigator and lawyer who has studied the case.

Regularly lambasted for fixing elections, harassing critics and crushing the media, Mr Lukashenko caught the eye of Western diplomats last month by resisting Russian pressure to recognise the rebel Georgian regions Abkhazia and South Ossetia and freeing three opponents from jail.

“This election is unprecedentedly free, run according to the rules of the West,” Mr Lukashenko said, before declaring: “If even this time the elections turn out to be ‘undemocratic’, we will halt discussions with the West.”

As proof of progress, Mr Lukashenko cites the 70 or so opposition candidates on the ballot and the presence of more than 450 observers from the Organisation for Security and Co-operation in Europe. The OSCE has criticised a paucity of media coverage for opponents of the regime, and parties critical of the President say their members are harassed, unfairly excluded from the ballot, prevented from holding effective meetings and denied access to the commissions that oversee the count.

An EU diplomat said sanctions could be eased next month if the election goes well, potentially allowing Belarus to benefit from the European Neighbourhood Policy, which offers funding and trade opportunities to non-members.

“There is realism that these elections will not be the acme of democracy,” the diplomat said. “But the EU response can be calibrated to reflect levels of freeness and fairness – as in how many officials come off the banned visa list and which benefits from the European Neighbourhood Policy are released.”

Such a scenario appals Aliaksandr Atroshchankau, an opposition activist.

“The EU can’t lift sanctions just as they start to deliver results,” he said.

“Rather than recognising rigged elections, the EU should push for talks between Lukashenko and the opposition. If the West says this farcical vote is good enough, Lukashenko will never change.”

The Independent

Published in: on September 28, 2008 at 5:57 am  Comments Off on Europe’s ‘last dictator’ set to reap rewards for courting the West  
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Wall Street: Congress set for the $700bn bank job

After a week of dramas, horse-trading and hard negotiations, it looks as if Congress is at last on the brink of agreeing President Bush’s rescue plan. Stephen Foley and Rupert Cornwell report

Sunday, 28 September 2008

There has been too much false optimism and too many sudden turnabouts for anyone to feel confident promising it, but Congress appeared last night to be closing in on a compromise deal to bail out the country’s crumbling financial system.

At the end of a week of high political drama, when John McCain temporarily “suspended” his presidential campaign to focus on the issue, and amid more turmoil on the markets, including the biggest banking failure in US history, lawmakers signalled they were on course for a deal that they hoped to announce before the end of today.

As part of this delicate dance, George Bush made another attempt to sell the $700bn (£380bn) plan to a sceptical public, for whom funnelling so much taxpayer money to Wall Street has stuck in the craw – particularly since these super-remunerated financiers are the architects of their own misfortune and of the disaster potentially facing the economy.

“If it were possible to let every irresponsible firm on Wall Street fail without affecting your family, I would do it,” the President said in his weekly radio address to the public. “The rescue effort we are pursuing is not aimed at Wall Street, it is aimed at your street.”

Mr Bush also insisted that the ultimate cost of the bailout would be far from the $700bn headline figure, even if the government ended up spending every dollar of that buying mortgage assets from troubled banks. Amid the current market panic, those assets were going cheap, he said, and there was every chance the American taxpayer would make back “much, if not all” of the money when the housing market stabilised.

Despite the explosive rejection of an initial compromise by conservative Republicans in the House of Representatives on Thursday, the main proposals of the deal being hammered out by exhausted politicians and staffers over the weekend appeared little changed from those earlier in the week. Hank Paulson, the Treasury Secretary, appeared to have protected its core principle, namely that the US government must step in to buy the toxic mortgage assets that have been sitting on banks’ balance sheets for more than a year, limiting their scope to provide credit to an economy that runs on it and ultimately eroding confidence throughout the entire global financial system.

As a quid pro quo, banks that avail themselves of taxpayers’ money will have to submit to restrictions on executive pay and may have to offer the government equity in the company, so that taxpayers see some upside when the financial system revives. The Treasury has also conceded that the $700bn could be released to it in increments, if and when it is needed, with a bipartisan board overseeing the whole endeavour.

The 100-plus pages of the draft legislation being worked through on Capitol Hill last night is a far cry from the three pages delivered by Mr Paulson last weekend, which sparked fury because of the sweeping powers it would grant an administration that is one of the least trusted in history.

Despite Mr Paulson’s bruising session before the Senate Banking Committee on Tuesday, there was still every sign of a quick deal. Both sides had been galvanised into action by warnings, the previous Thursday, from both Mr Paulson and the normally unflappable Federal Reserve chairman Ben Bernanke that the financial system was on the edge of a precipice and there could be multiple bank failures within days if action was not taken.

Negotiations were intense and good spirited, offering hope of a solid bipartisan agreement until, shortly before 3pm on Wednesday, Mr McCain produced his coup de théâtre: he was suspending his campaign and returning to Washington, and would pull out of Friday night’s debate with Barack Obama, if no deal was reached. At that moment, efforts to end the greatest financial crisis in generations succumbed to bare-knuckle presidential politics.

Mr McCain’s move was plainly an attempt to regain the initiative in a crisis that had catapulted Mr Obama back into the lead – a Washington Post/ABC poll that morning showed the Democrat with a nine-point lead, his largest of the campaign. Now, if the McCain camp was to be believed, their man – who not long ago admitted that economics was not his strong suit – was the key to a deal.

Instead, everything fell apart. As Democrats tell it, Republicans in the House of Representatives cynically turned against a deal they were backing only 12 hours earlier. The White House talks became a virtual slanging match after John Boehner, the House minority leader, declared the package was unacceptable and came up with counterproposals of his own. President Bush was dismayed: “If money isn’t loosened up, this sucker could go down,” he warned the meeting. But this desperately unpopular President, with under four months left in office, is now so weak he could not control his own party, on his own turf.

Chris Dodd, the Democratic chairman of the Senate Banking Committee, was visibly furious, telling reporters that the new Republican stance was “not a rescue plan for our financial system, but a rescue plan for John McCain”. In fact, the rebels had reasons stretching beyond the salvation of their White House nominee. They had reservations all along, these Republicans claimed – and indeed, many are conservatives who object to the bailout on ideological grounds, as tantamount to socialism.

The most important factor, however, was public opinion. Out on Main Street America, in blue states as well as red, the $700bn bailout is even less popular than the President. Not only Mr McCain, but all 435 members of the House are up for re-election. “They simply have to take account of public opinion,” a Republican strategist said. And that applies to Democrats as well as Republicans. For that reason, Democrats will not pass the measure on their own, even though they have the majorities to do so.

The dissidents are playing a gigantic game of chicken with the markets. If bank credit clogs up and Wall Street crashes, public opinion could rapidly turn against them.

So far, the financial markets have remained remarkably patient. For a while share prices rose and fell with the prospects of the bailout’s passage, but eventually traders gave up trying to predict and decided to wait. Wall Street is ready to take its punishment from Congress – it will not squeal at the limits on executive pay, for example – but there is real fear these elements might be structured in a way that undermines the thrust of the bailout.

The devil really is in the detail. The aim of the legislation is to establish clarity about what the nation’s banks are worth so that confidence can be restored, capital can flow back to Wall Street, lending can cascade once more through the branches of those vast, obscure credit markets, and the risk of a freeze in the real economy will be eased. The market will give legislators a verdict, probably within hours of a compromise bill being published.

Mr McCain’s decision to inject himself directly into the crisis has been the riskiest gamble of all. A majority opposed his threat to miss the Mississippi debate, according to polls. Less than 48 hours later he made a U-turn and announced he would take part in the debate after all, even though deadlock remained in Washington. And for all the fanfare surrounding his arrival in the capital, his personal input into the rescue discussions is obscure.

At the White House meeting he said barely a word (while Mr Obama reportedly peppered Mr Paulson with questions). For Democrats, the whole manoeuvre was a stunt, an impulsive, ill-thought piece of grandstanding. If an effective deal is struck today, the whole episode may be forgotten. If the crisis drags on, however, Mr McCain’s behaviour will be seen by critics as further evidence he is an erratic politician, too rash and impetuous to be president. Mr Obama has been cool verging on bland. But at least he has come across as a safe pair of hands.

Q & A: How does the US Treasury aim to save Wall Street?

But what is it all about?

President Bush says the credit crunch means the US and other economies face a “long and painful recession” unless something is done immediately. Under the rescue plan, which must be passed by Congress, the government would buy troubled assets from Wall Street banks so that credit could start flowing again. But it would hand the US Treasury what Democrats and Republicans fear is a blank cheque.

Why is there a problem?

Banks and other financial institutions still hold too many “toxic assets” based on sub-prime mortgages (loans to people with poor credit ratings). The financial crisis has already seen a $200bn (£110bn) government bailout of the US mortgage lenders Fannie Mae and Freddie Mac, an $85bn loan to the US insurance giant AIG and a guaranteed $29bn to support the bailout of the investment bank Bear Stearns.

What’s in the bailout plan?

It includes:

* Troubled Assets Relief Programme (Tarp) to purchase assets including mortgage-backed securities.

* $700bn to be authorised in instalments of $250bn, which could rise to $350bn on notification to Congress by the President.

* Government to get warrants for equity in participating companies as a way of protecting taxpayers and allowing them to benefit from any profit gains from companies participating in the programme.

* Foreclosure mitigation for homeowners facing economic distress.

* Restrictions on chief executive compensation at companies that participate.

* Financial Stability Oversight Board comprising the chairmen of the Federal Reserve, Securities and Exchange Commission and Federal Deposit Insurance Corp, and two members appointed by Congress to oversee the programme.

* A government investigation into the causes of the current financial crisis. Report to be delivered to Congress by June 2009.

* A Congressional oversight panel that would also submit a report on regulatory reform no later than 20 January 2009, when a new president takes office.

* 20 per cent of any future profits from the bailout fund to go to the Affordable Housing Fund and the Capital Magnet Fund to meet America’s housing needs.

* Federal financial regulatory agencies to co-operate with law enforcement authorities to investigate cases of fraud or misrepresentation with respect to financial products.

And how much will it cost?

No one knows, and that’s a serious problem. Mr Paulson has asked Congress for $700bn (5 per cent of the US GDP), but it could be more – or less. The price of assets will be determined “by market mechanisms where possible, such as reverse auctions” but no real market exists for many of these complex financial instruments, so finding a true value will be challenging. If the government prices them too low, some banks will significantly revalue their assets, exacerbating the credit crunch and making the situation worse. Too high, and it will hand a windfall profit to Wall Street firms that speculated on a bailout – leaving the government open to accusations that it is taking money from taxpayers to bail out rich banks that caused the problem.

How would the US pay for it?

It would borrow money from world financial markets and use up to $700bn of taxpayers’ money. The Treasury has asked Congress to raise the national debt limit to $11.315 trillion – that’s $11,315,000,000,000.

The Independent

Seven days that brought Paulson to his knees

By Stephen Foley in New York
Sunday, 28 September 2008

“After reading this proposal, I can only conclude that it is not only our economy that is at risk, Mr Secretary, but our constitution as well.” So said the chairman of the Senate’s banking committee, Christopher Dodd, as Hank Paulson, the Treasury Secretary, squirmed under questioning. That hearing, on Tuesday, was when Mr Paulson realised he had made a terrible miscalculation.

Just a week ago, this multimillionaire former banker appeared to be single-handedly holding up the world’s financial system when he presented Congress with a simple, three-page bailout plan that would have handed him unprecedented personal power, free from judicial or congressional oversight, to spend $700bn (£380bn) of taxpayer money buying and selling Wall Street’s disastrous mortgage investments. By the end of the week, he was on his knees, begging Nancy Pelosi, the Democrat Speaker of the House, to keep his proposal alive. The image of the brick-built Treasury Secretary literally on one knee in the White House Roosevelt Room succinctly captures Mr Paulson’s humiliation.

Despite a personal fortune estimated at $500m a couple of years back, Mr Paulson has cut an engaging, self-effacing figure. A lifelong environmentalist, who raises raccoons, alligators and turtles on the family farm back in Illinois, he looked an ill-fitting choice for the Bush administration as Treasury Secretary. He initially resisted going to Washington, knowing full well that its modus operandi is different from the world of investment banks that he knew at Goldman Sachs. Here, a chief executive’s word is law, and even a three-page document would be regarded as too much red tape.

To the conservative right, he has betrayed the free-market, anti-government orthodoxies. To the American public, he is the architect of a plan to bail out his fat-cat friends on Wall Street. And to the bigwigs of finance, he has been just about the worst possible advocate of a plan that could be the only hope of avoiding a prolonged recession. Business commentators raged that he was unable to translate Wall Street gibberish into plain English, watching him try to explain to Congressmen how the government might used reverse auctions to value collateralised debt obligations, instead of saying: this plan is about saving jobs, allowing Americans to buy homes and saving small businesses.

Mr Paulson has not improved as a public speaker in his two and a half years at the Treasury. Even at Goldman Sachs he used to say, “I am not an inspirational leader, I’m just not.” Never has that been more true – and more disappointing and dangerous – than in these past seven days.

Published in: on September 28, 2008 at 5:01 am  Comments Off on Wall Street: Congress set for the $700bn bank job  
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Brown backs Bush over rescue plan

Gordon Brown has vowed Britain will stand alongside the US during the current period of financial turmoil.

The Prime Minister, who flew into Washington from New York to meet with US President George Bush, expressed support for the proposed $700 billion financial rescue package.

Speaking last night after 90 minutes of talks in the White House, the Prime Minister said: “America and Britain have always stood together as one in times of difficulty and challenging times, and I have told President Bush that facing global turbulence Britain supports the US plan.

“Whatever the details of it, it is the right thing to do.”

Mr Brown, sitting alongside President Bush in the Oval Office, also called on other world leaders to back the proposed bail-out for ailing banks.

He said: “America deserves the support of the rest of the world in securing stability in the markets.”

Mr Brown said they also talked about the “pathway forward” and his proposals for reform of the world financial markets.

Mr Bush said the Prime Minister, who flies back to the UK today, had asked him whether the plan would be “enough” and whether it would get through in the teeth of congressional opposition.

The President added: “I told him the plan is enough to make a difference and it is going to be passed.”

They also discussed the situations in Iraq, Afghanistan and Georgia as well as the Doha round of world trade talks.

Mr Bush said he “appreciated” Mr Brown travelling to the White House, following his visit to the United Nations in New York.

Mr Brown said on the economy: “Stability is the first duty of government and we are determined that our continued cooperation will enhance the stability of our economies.”

Following the meeting, which lasted more than twice the expected 40 minutes, Mr Brown said that the President was “confident” he would get a deal with Congress.

Capital 95

Published in: on September 28, 2008 at 2:16 am  Comments Off on Brown backs Bush over rescue plan  
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Cafferty to Blitzer: ‘Don’t make excuses’ for Palin

For those who feel sympathy for Republican vice presidential candidate Sarah Palin during her recent response to a question on the bailout, here is a word of advice.

Don’t tell Jack Cafferty.

The CNN anchorman lambasted Palin for her thoughts on the $700 billion bailout proposed by the Bush administration. After showing a clip of the Alaskan governor’s Friday interview with Katie Couric on CBS’ The Early Show, he had this to say.

“If John McCain wins, this woman will be one 72-year-old’s heartbeat away from being president of the United States, and if that doesn’t scare the hell out of you, it should,” Cafferty said.

He asked viewers to write in opinions about Palin’s qualifications for the presidency and then turned to Wolf Blitzer and said this:

“I’m 65 and have been covering politics, as have you, for a long time. That is one of the most pathetic pieces of tape I of ever seen for someone aspiring to one of the highest offices in this country.”

This video is from CNN’s Situation Room, broadcast September 26, 2008.

Published in: on September 28, 2008 at 12:09 am  Comments Off on Cafferty to Blitzer: ‘Don’t make excuses’ for Palin  

Sanctions=Zimbabwe kids ‘eating rats’

Zimbabwe kids ‘eating rats’


September 26, 2008

London – Children in Zimbabwe are eating rats and inedible roots riddled with toxic parasites to stave off hunger because of chronic food shortages, an aid agency said on Thursday.

Save the Children said the most vulnerable faced starvation unless they get food aid in the next couple of weeks.

“The rising malnutrition and the rise in diseases are going to mean that children will die and we have to act very fast,” said Sarah Jacobs, a spokesperson for the relief group.

The United Nations had said previously that more than five million people in Zimbabwe would need food aid by early next year after a poor harvest compounded by economic turmoil.

Jacobs said many people in the Zambezi Valley, the poorest and driest area, were now surviving on a vile-tasting, fibrous root called makuri.

“It’s got no nutritional value whatsoever. It tastes disgusting and it also has a parasite which attaches to it which is toxic,” said Jacobs, who has just returned from the region.

“This is all they have to eat. You see babies eating it and toddlers eating it, and it’s not digestible. It creates terrible stomach pains.”

People were eating anything to survive, she said. She had come across one child who had died after eating a poisonous root and young children eating tiny rats they caught in their huts.

Save the Children and other agencies are resuming work after Zimbabwe’s government lifted a ban on their operations at the end of August.

President Robert Mugabe imposed the ban before a run-off presidential election in June, accusing the agencies of supporting the opposition. But Save the Children said in reality many agencies had not been able to work in the field since the first election round in March.

The agency, which has launched a £5m appeal for emergency operations in Zimbabwe, said the situation had got much worse in the past few months and that rampant inflation meant even people with jobs would need food aid.

“People’s ways of coping have been completely exhausted. People are saying they’re scared they’re going to die within weeks if food doesn’t come,” Jacobs said.

“We really are playing catch up. It’s a huge humanitarian job now and there has to be much more money than there has ever been before.”

Jacobs said many children had diarrhoea after eating makuri, which was particularly dangerous in a situation where there was no proper clean water or sanitation.

The lack of nutrition had also weakened people’s immune systems and left them vulnerable to illness just before the rainy season when cases of malaria and cholera increase.

There have already been suspected cases of cholera even though the disease does not usually appear until the rains arrive in October.

Save the Children said proper nutrition was particularly vital for those with HIV/Aids, which effects one in five adults in Zimbabwe.

The food crisis has also caused many children to drop out of school either because they could not afford to go, needed to work or look for food, or because their teachers could not afford the journey to work.

Mugabe wants sanctions lifted

September 28, 2008

New York – Zimbabwe’s president said on Wednesday he sees no obstacles to carrying out a power-sharing agreement with rivals and hopes it will lead the West to ease sanctions, which he blamed for devastating the country’s economy.

In an interview with The Associated Press, the 84-year-old Robert Mugabe was sharp, quick and animated – and made clear he is determined to remain president despite what he said were efforts by Britain and the US to oust him.

“They are waiting for a day when this man, this evil man, called Robert Mugabe is no longer in control,” he said. “And I don’t know when that day is coming.”

Mugabe, who is to address the UN General Assembly on Thursday, dismissed Western reports that the September 15 power-sharing deal could fall apart “because I don’t know of any hitch”.

Under the agreement, Mugabe remains president, but is supposed to cede some of the powers he has wielded for nearly three decades in the southern African country.

Mugabe said on Wednesday the only outstanding issue is deciding on four of the 31 Cabinet posts, and the negotiations are continuing in Harare while he is in New York. He declined to say which posts are still being discussed.

The agreement provides for 15 nominated by Mugabe’s party, 13 by opposition leader Morgan Tsvangirai and three by the leader of a smaller opposition faction, Arthur Mutambara.

But Mugabe made clear on Wednesday that he was willing to share power with Tsvangirai, who would become prime minister under the agreement, leading a council of ministers responsible for government policies and reporting to a Cabinet headed by Mugabe.

Truth and reconciliation

Tsvangirai has repeatedly said he does not want a legal witch hunt in Zimbabwe, but that he believes some kind of truth and reconciliation process is necessary to allow healing after years of violence and repression. Mugabe disagreed.

“At the moment, the fight between us has been one between Britain and ourselves – Britain, of course, using as their front the opposition,” Mugabe said. “So the British and the Americans, they’ve got to be reconciled to us.”

Western nations, who have shunned Mugabe’s government and whose aid and investment are sorely needed, have reacted cautiously to the coalition agreement. Millions of dollars in aid are expected to flow in if Mugabe actually shares power.

Mugabe said on Wednesday the West should now begin removing “demonic” sanctions, which have targeted individuals and companies seen to be supporting his regime.

“We don’t expect investment from countries that are hostile,” Mugabe said. “They can keep their investment, but we would hope in the first place that sanctions would be lifted. There is no reason for imposing sanctions on Zimbabwe at all. There has never been any reason for it, you see, except hostility.”

EU foreign ministers have welcomed the power-sharing deal but have said that Mugabe must prove he is willing to restore democratic rule before EU sanctions can be lifted.

Mugabe said on Wednesday that Zimbabwe can return to its former economic status, saying “if only the West can leave us alone, you will certainly see us come up.”

“It will take us time because we have lost some time because of sanctions,” he said.

Mugabe accuses West of genocide

September 26, 2008

New York – Zimbabwe’s president lashed out at Western powers in a speech to the UN General Assembly on Thursday, accusing them of genocide and calling for the removal of US sanctions.

Robert Mugabe also slammed Western-led efforts earlier this year at the UN to step up punitive measures against his regime, and he praised Russia and China for blocking them.

“By the way, those who falsely accuse us of these violations are themselves international perpetrators of genocide, acts of aggression and mass destruction,” Mugabe said in his speech.

“The masses of innocent men, women and children who have perished in their thousands in Iraq surely demand retribution and vengeance. Who shall heed their cry?” Mugabe asked.

The United States only sent a low-ranking diplomat to take notes at Mugabe’s speech.

Mugabe praised Russia and China, saying the two ensured Zimbabwe “did not fall prey to a cocktail of lies which had been designed by our detractors to call for UN sanctions”.

Not able to agree

He did not specifically mention Zimbabwe’s disputed election earlier this year, but he thanked South Africa’s former President Thabo Mbeki for his mediation efforts that led to a power-sharing deal.

Mugabe lauded Mbeki, “whose patience, fortitude, sensitivity, diplomatic skills and painstaking work made it possible for the Zimbabwean parties to overcome what had appeared to be insurmountable and intractable difficulties to reaching agreement”.

Opposition leader Morgan Tsvangirai won the most votes in March presidential polling, but not enough to avoid a run-off against Mugabe. An onslaught of violence against Tsvangirai’s supporters led him to drop out of the presidential run-off and Mugabe was declared the overwhelming winner of the second vote, which was widely denounced as a sham.

Under the power-sharing deal signed September 15 with his rivals, Mugabe is supposed to cede some of the powers he has wielded for nearly three decades.

However, Mugabe’s party and his political rivals have not been able to agree on who will get four of the Cabinet posts.

Western sanctions have targeted individuals and companies seen to be supporting Mugabe’s regime and were tightened after elections this spring.

“Once again, I appeal to the world’s collective conscience to apply pressure for the immediate removal of these sanctions by Britain, the United States and their allies, which have brought untold suffering to our people,” Mugabe told world leaders.

Mugabe, in power since independence from Britain in 1980, blames the sanctions for the collapse of Zimbabwe’s economy. But critics point to his 2000 order that commercial farms be seized from whites.

‘Masters of their own destiny’

On Thursday, Mugabe praised his land reform programme, saying “the majority of our rural people have been empowered to contribute to household and national food security and, indeed, to be masters of their own destiny”.

“However, the effects of climate change that have included recurrent droughts and floods in the past seven years, and the illegal, unilaterally-imposed sanctions on my country have hindered Zimbabwe’s efforts to increase food production.”

Mugabe claimed his land reform was to benefit poor blacks, but many of the farms ended up in the hands of Mugabe loyalists and the once-thriving economy’s agricultural base collapsed.

Now for a little history about what Sanctions do.
Sanctions against Iraq cause death of 6,000 persons per month
Iraq, Politics, 1/27/1999

A former U.N humanitarian official in Iraq, Irish Dennis Halliday, said sanctions against this country cause up to 6,000 deaths per month.

In an interview with British Daily “The Guardian” that was reproduced by French News agency “AFP,” halliday said that after 8 years, the sanctions should be considered as a kind of war as they cause the death of 5,000 to 6,000 persons per month. “We must find another solution,” he pleaded.

The former Irish diplomat, 67, resigned last September from his post of coordinator of the oil-for-food program to protest the maintaining of sanctions against Iraq. Dennis Halliday, who occupied several U.N posts for 30 years, remained in Baghdad only for 13 months.

Halliday accused last week during a visit to France the U.N of practicing “genocide against the Iraqi people.” He voiced appreciation for the latest French proposal to come out of the crisis saying the proposal to lift the embargo on Iraq’s oil exports while maintaining monitoring on armaments was “viable.”

He told “The Guardian” that the US and Great Britain were sharing responsibility in the death of thousands of Iraqis, victim of the misery created by the sanctions.

He said he was convinced that the sanctions as a pressure means do not work and that sanctions always affect the population.

Halliday is the recipient of the 1999 North-South cooperation prize set up in 1991 by Moroccan intellectual Mehdi El Mandjra.

Halliday also rejected the accusations of London and Washington claiming that Baghdad hampers the distribution of foodstuffs to the needy populations. The U.N, he said, monitors every rice bag. We know where it goes.

He added that the oil-for-food program is actually a failure. Any program that generates malnutrition for 30 % of the population and that entails the death of thousands of persons can only be a failure, he said.

Iraqi minister of trade, Mohamed Mehdi Saleh, said last Sunday that the losses incurred by Iraq because of the embargo imposed on the country in 1991 amount to nearly $ 140 billion.

The oil-for-food program enables Iraq to sell $ 5.2 billion worth of crude oil every six months to purchase basic products. Iraq does not reach this ceiling because of the collapse of oil prices and of delays in receiving the spare parts, required to rehabilitate oil infrastructures.

Squeezed to death

Half a million children have died in Iraq since UN sanctions were imposed – most enthusiastically by Britain and the US. Three UN officials have resigned in despair. Meanwhile, bombing of Iraq continues almost daily. John Pilger investigates


guardian.co.uk,
March 04 2000
Wherever you go in Iraq’s southern city of Basra, there is dust. It gets in your eyes and nose and throat. It swirls in school playgrounds and consumes children kicking a plastic ball. “It carries death,” said Dr Jawad Al-Ali, a cancer specialist and member of Britain’s Royal College of Physicians. “Our own studies indicate that more than 40 per cent of the population in this area will get cancer: in five years’ time to begin with, then long afterwards. Most of my own family now have cancer, and we have no history of the disease. It has spread to the medical staff of this hospital. We don’t know the precise source of the contamination, because we are not allowed to get the equipment to conduct a proper scientific survey, or even to test the excess level of radiation in our bodies. We suspect depleted uranium, which was used by the Americans and British in the Gulf War right across the southern battlefields.”
Under economic sanctions imposed by the United Nations Security Council almost 10 years ago, Iraq is denied equipment and expertise to clean up its contaminated battle-fields, as Kuwait was cleaned up. At the same time, the Sanctions Committee in New York, dominated by the Americans and British, has blocked or delayed a range of vital equipment, chemotherapy drugs and even pain-killers. “For us doctors,” said Dr Al-Ali, “it is like torture. We see children die from the kind of cancers from which, given the right treatment, there is a good recovery rate.” Three children died while I was there.

Six other children died not far away on January 25, last year. An American missile hit Al Jumohria, a street in a poor residential area. Sixty-three people were injured, a number of them badly burned. “Collateral damage,” said the Department of Defence in Washington. Britain and the United States are still bombing Iraq almost every day: it is the longest Anglo-American bombing campaign since the second world war, yet, with honourable exceptions, very little appears about it in the British media. Conducted under the cover of “no fly zones”, which have no basis in international law, the aircraft, according to Tony Blair, are “performing vital humanitarian tasks”. The ministry of defence in London has a line about “taking robust action to protect pilots” from Iraqi attacks – yet an internal UN Security Sector report says that, in one five-month period, 41 per cent of the victims were civilians in civilian targets: villages, fishing jetties, farmland and vast, treeless valleys where sheep graze. A shepherd, his father, his four children and his sheep were killed by a British or American aircraft, which made two passes at them. I stood in the cemetery where the children are buried and their mother shouted, “I want to speak to the pilot who did this.”

This is a war against the children of Iraq on two fronts: bombing, which in the last year cost the British taxpayer £60 million. And the most ruthless embargo in modern history. According to Unicef, the United Nations Children’s Fund, the death rate of children under five is more than 4,000 a month – that is 4,000 more than would have died before sanctions. That is half a million children dead in eight years. If this statistic is difficult to grasp, consider, on the day you read this, up to 200 Iraqi children may die needlessly. “Even if not all the suffering in Iraq can be imputed to external factors,” says Unicef, “the Iraqi people would not be undergoing such deprivation in the absence of the prolonged measures imposed by the Security Council and the effects of war.”

Through the glass doors of the Unicef offices in Baghdad, you can read the following mission statement: “Above all, survival, hope, development, respect, dignity, equality and justice for women and children.” A black sense of irony will be useful if you are a young Iraqi. As it is, the children hawking in the street outside, with their pencil limbs and eyes too big for their long thin faces, cannot read English, and perhaps cannot read at all.

“The change in 10 years is unparalleled, in my experience,” Anupama Rao Singh, Unicef’s senior representative in Iraq, told me. “In 1989, the literacy rate was 95%; and 93% of the population had free access to modern health facilities. Parents were fined for failing to send their children to school. The phenomenon of street children or children begging was unheard of. Iraq had reached a stage where the basic indicators we use to measure the overall well-being of human beings, including children, were some of the best in the world. Now it is among the bottom 20%. In 10 years, child mortality has gone from one of the lowest in the world, to the highest.”

Anupama Rao Singh, originally a teacher in India, has spent most of her working life with Unicef. Helping children is her vocation, but now, in charge of a humanitarian programme that can never succeed, she says, “I am grieving.” She took me to a typical primary school in Saddam City, where Baghdad’s poorest live. We approached along a flooded street: the city’s drainage and water distribution system have collapsed. The head, Ali Hassoon, wore the melancholia that marks Iraqi teachers and doctors and other carers: those who know they can do little “until you, in the outside world, decide”. Guiding us around the puddles of raw sewage in the playground, he pointed to the high water mark on a wall. “In the winter it comes up to here. That’s when we evacuate. We stay as long as possible, but without desks, the children have to sit on bricks. I am worried about the buildings coming down.”

The school is on the edge of a vast industrial cemetery. The pumps in the sewage treatment plants and the reservoirs of water are silent, save for a few wheezing at a fraction of their capacity. Many were targets in the American-led blitz in January 1991; most have since disintegrated without spare parts from their British, French and German builders. These are mostly delayed by the Security Council’s Sanctions Committee; the term used is “placed on hold”. Ten years ago, 92% of the population had safe water, according to Unicef. Today, drawn untreated from the Tigris, it is lethal. Touching two brothers on the head, the head said, “These children are recovering from dysentery, but it will attack them again, and again, until they are too weak.” Chlorine, that universal guardian of safe water, has been blocked by the Sanctions Committee. In 1990, an Iraqi infant with dysentery stood a one in 600 chance of dying. This is now one in 50.

Just before Christmas, the department of trade and industry in London blocked a shipment of vaccines meant to protect Iraqi children against diphtheria and yellow fever. Dr Kim Howells told parliament why. His title of under secretary of state for competition and consumer affairs, eminently suited his Orwellian reply. The children’s vaccines were banned, he said, “because they are capable of being used in weapons of mass destruction”. That his finger was on the trigger of a proven weapon of mass destruction – sanctions – seemed not to occur to him. A courtly, eloquent Irishman, Denis Halliday resigned as co-ordinator of humanitarian relief to Iraq in 1998, after 34 years with the UN; he was then Assistant Secretary-General of the United Nations, one of the elite of senior officials. He had made his career in development, “attempting to help people, not harm them”. His was the first public expression of an unprecedented rebellion within the UN bureaucracy. “I am resigning,” he wrote, “because the policy of economic sanctions is totally bankrupt. We are in the process of destroying an entire society. It is as simple and terrifying as that . . . Five thousand children are dying every month . . . I don’t want to administer a programme that results in figures like these.”

When I first met Halliday, I was struck by the care with which he chose uncompromising words. “I had been instructed,” he said, “to implement a policy that satisfies the definition of genocide: a deliberate policy that has effectively killed well over a million individuals, children and adults. We all know that the regime, Saddam Hussein, is not paying the price for economic sanctions; on the contrary, he has been strengthened by them. It is the little people who are losing their children or their parents for lack of untreated water. What is clear is that the Security Council is now out of control, for its actions here undermine its own Charter, and the Declaration of Human Rights and the Geneva Convention. History will slaughter those responsible.”

Inside the UN, Halliday broke a long collective silence. Then on February 13 this year, Hans von Sponeck, who had succeeded him as humanitarian co-ordinator in Iraq, resigned. “How long,” he asked, “should the civilian population of Iraq be exposed to such punishment for something they have never done?” Two days later, Jutta Burghardt, head of the World Food Programme in Iraq, resigned, saying privately she, too, could not tolerate what was being done to the Iraqi people. Another resignation is expected.

When I met von Sponeck in Baghdad last October, the anger building behind his measured, self-effacing exterior was evident. Like Halliday before him, his job was to administer the Oil for Food Programme, which since 1996 has allowed Iraq to sell a fraction of its oil for money that goes straight to the Security Council. Almost a third pays the UN’s “expenses”, reparations to Kuwait and compensation claims. Iraq then tenders on the international market for food and medical supplies and other humanitarian supplies. Every contract must be approved by the Sanctions Committee in New York. “What it comes down to,” he said, “is that we can spend only $180 per person over six months. It is a pitiful picture. Whatever the arguments about Iraq, they should not be conducted on the backs of the civilian population.”

Denis Halliday and I travelled to Iraq together. It was his first trip back. Washington and London make much of the influence of Iraqi propaganda when their own, unchallenged, is by far the most potent. With this in mind, I wanted an independent assessment from some of the 550 UN people, who are Iraq’s lifeline. Among them, Halliday and von Sponeck are heroes. I have reported the UN at work in many countries; I have never known such dissent and anger, directed at the manipulation of the Security Council, and the corruption of what some of them still refer to as the UN “ideal”.

Our journey from Amman in Jordan took 16 anxious hours on the road. This is the only authorised way in and out of Iraq: a ribbon of wrecked cars and burnt-out oil tankers. Baghdad was just visible beneath a white pall of pollution, largely the consequence of the US Air Force strategy of targeting the industrial infrastructure in January 1991. Young arms reached up to the window of our van: a boy offering an over-ripe banana, a girl a single stem flower. Before 1990, such a scene was rare and frowned upon.

Baghdad is an urban version of Rachel Carson’s Silent Spring. The birds have gone as avenues of palms have died, and this was the land of dates. The splashes of colour, on fruit stalls, are surreal. A bunch of Dole bananas and a bag of apples from Beirut cost a teacher’s salary for a month; only foreigners and the rich eat fruit. A currency that once was worth two dollars to the dinar is now worthless. The rich, the black marketeers, the regime’s cronies and favourites, are not visible, except for an occasional tinted-glass late-model Mercedes navigating its way through the rustbuckets. Having been ordered to keep their heads down, they keep to their network of clubs and restaurants and well-stocked clinics, which make nonsense of the propaganda that the sanctions are hurting them, not ordinary Iraqis.

In the centre of Baghdad is a monument to the 1980-88 Iran-Iraq war, which Saddam Hussein started, with encouragement from the Americans, who wanted him to destroy their great foe, the Ayatollah Khomeini. When it was over, at least a million lives had been lost in the cause of nothing, fuelled by the arms industries of Britain and the rest of Europe, the Soviet Union and the United States: the principal members of the Security Council. The monument’s two huge forearms, modelled on Saddam’s arms (and cast in Basingstoke), hold triumphant crossed sabres. Cars are allowed to drive over the helmets of dead Iranian soldiers embedded in the concourse. I cannot think of a sight anywhere in the world that better expresses the crime of sacrificial war.

We stayed at the Hotel Palestine, once claiming five stars. The smell of petrol was constant. As disinfectant is often “on hold”, petrol, more plentiful than water, has replaced it. There is an Iraqi Airways office, which is open every day, with an employee sitting behind a desk, smiling and saying good morning to passing guests. She has no clients, because there is no Iraqi Airways – it died with sanctions. The pilots drive taxis and sweep the forecourt and sell used clothes. In my room, the water ran gravy brown. The one frayed towel was borne by the maid like an heirloom. When I asked for coffee to be brought up, the waiter hovered outside until I was finished; cups are at a premium. His young face was streaked with sadness. “I am always sad,” he agreed matter-of-factly. In a month, he will have earned enough to buy tablets for his brother’s epilepsy.

The same sadness is on the faces of people in the evening auctions, where intimate possessions are sold for food and medicines. Television sets are the most common items; a woman with two toddlers watched their pushchairs go for pennies. A man who had collected doves since he was 15 came with his last bird; the cage would go next. Although we had come to pry, my film crew and I were made welcome. Only once, was I the brunt of the hurt that is almost tangible in a society more westernised than any other Arab country. “Why are you killing the children?” shouted a man from behind his bookstall. “Why are you bombing us? What have we done to you?” Passers-by moved quickly to calm him; one man placed an affectionate arm on his shoulder, another, a teacher, materialised at my side. “We do not connect the people of Britain with the actions of the government,” he said. Laith Kubba, a leading member of the exiled Iraqi opposition, later told me in Washington, “The Iraqi people and Saddam Hussein are not the same, which is why those of us who have dedicated our lives to fighting him, regard the sanctions as immoral.”

In an Edwardian colonnade of Doric and Corinthian columns, people come to sell their books, not as in a flea market, but out of desperate need. Art books, leather bound in Baghdad in the 30s, obstetrics and radiology texts, copies of British Medical Journals, first and second editions of Waiting For Godot, The Sun Also Rises and, no less, British Housing Policy 1958 were on sale for the price of a few cigarettes. A man in a clipped grey moustache, an Iraqi Bertie Wooster, said, “I need to go south to see my sister, who is ill. Please be kind and give me 25 dinars.” (About a penny). He took it, nodded and walked smartly away.

Mohamed Ghani’s studio is dominated by a huge crucifix he is sculpting for the Church of Assumption in Baghdad. As Iraq’s most famous sculptor, he is proud that the Vatican has commissioned him, a Muslim, to sculpt the Stations of the Cross in Rome – a romantic metaphor of his country as Mesopotamia, the “cradle of Western civilisation”. His latest work is a 20-foot figure of a woman, her child gripping her legs, pleading for food. “Every morning, I see her,” he said, “waiting, with others just like her, in a long line at the hospital at the end of my road. They are what we have been forced to become.” He has produced a line of figurines that depict their waiting; all the heads are bowed before a door that is permanently closed. “The door is the dispensary,” he said, “but it is also the world, kept shut by those who run the world.” The next day, I saw a similar line of women and children, and fathers and children, in the cancer ward at the Al Mansour children’s hospital. It is not unlike St Thomas’s in London. Drugs arrived, they said, but intermittently, so that children with leukaemia, who can be saved with a full course of three anti-biotics, pass a point beyond which they cannot be saved, because one is missing. Children with meningitis can also survive with the precise dosage of antibiotics; here they die. “Four milligrams save a life,” said Dr Mohamed Mahmud, “but so often we are allowed no more than one milligram.” This is a teaching hospital, yet children die because there are no blood-collecting bags and no machines that separate blood platelets: basic equipment in any British hospital. Replacements and spare parts have been “on hold” in New York, together with incubators, X-ray machines, and heart and lung machines.

I sat in a clinic as doctors received parents and their children, some of them dying. After every other examination, Dr Lekaa Fasseh Ozeer, the oncologist, wrote in English: “No drugs available.” I asked her to jot down in my notebook a list of the drugs the hospital had ordered, but rarely saw. In London, I showed this to Professor Karol Sikora who, as chief of the cancer programme of the World Health Organisation (WHO), wrote in the British Medical Journal last year: “Requested radiotherapy equipment, chemotherapy drugs and analgesics are consistently blocked by United States and British advisers [to the Sanctions Committee in New York]. There seems to be a rather ludicrous notion that such agents could be converted into chemical or other weapons.”

He told me, “Nearly all these drugs are available in every British hospital. They’re very standard. When I came back from Iraq last year, with a group of experts I drew up a list of 17 drugs that are deemed essential for cancer treatment. We informed the UN that there was no possibility of converting these drugs into chemical warfare agents. We heard nothing more. The saddest thing I saw in Iraq was children dying because there was no chemotherapy and no pain control. It seemed crazy they couldn’t have morphine, because for everybody with cancer pain, it is the best drug. When I was there, they had a little bottle of aspirin pills to go round 200 patients in pain. They would receive a particular anti-cancer drug, but then get only little bits of drugs here and there, and so you can’t have any planning. It is bizarre.”

In January, last year, George Robertson, then defence secretary, said, “Saddam Hussein has in warehouses $275 million worth of medicines and medical supplies which he refuses to distribute.” The British government knew this was false, because UN humanitarian officials had made clear the problem of drugs and equipment coming sporadically into Iraq – such as machines without a crucial part, IV fluids and syringes arriving separately – as well as the difficulties of transport and the need for a substantial buffer stock. “The goods that come into this country are distributed to where they belong,” said Hans von Sponeck. “Our most recent stock analysis shows that 88.8% of all humanitarian supplies have been distributed.” The representatives of Unicef, the World Food Programme and the Food and Agricultural Organisation confirmed this. If Saddam Hussein believed he could draw an advantage from obstructing humanitarian aid, he would no doubt do so. However, according to a FAO study: “The government of Iraq introduced a public food rationing system with effect from within a month of the imposition of the embargo. It provides basic foods at 1990 prices, which means they are now virtually free. This has a life-saving nutritional benefit . . . and has prevented catastrophe for the Iraqi people.”

The rebellion in the UN reaches up to Kofi Annan, once thought to be the most compliant of secretary-generals. Appointed after Madeleine Albright, then the US representative at the UN, had waged a campaign to get rid of his predecessor, Boutros-Boutros Ghali, he pointedly renewed Hans von Sponeck’s contract in the face of a similar campaign by the Americans. He shocked them last October when he accused the US of “using its muscle on the Sanctions Committee to put indefinite ‘holds’ on more than $700 million worth of humanitarian goods that Iraq would like to buy.” When I met Kofi Annan, I asked if sanctions had all but destroyed the credibility of the UN as a benign body. “Please don’t judge us by Iraq,” he said.

On January 7, the UN’s Office of Iraq Programme reported that shipments valued at almost a billion and a half dollars were “on hold”. They covered food, health, water and sanitation, agriculture, education. On February 7, its executive director attacked the Security Council for holding up spares for Iraq’s crumbling oil industry. “We would appeal to all members of the Security Council,” he wrote, “to reflect on the argument that unless key items of oil industry are made available within a short time, the production of oil will drop . . . This is a clear warning.” In other words, the less oil Iraq is allowed to pump, the less money will be available to buy food and medicine. According to the Iraqis at the UN, it was US representative on the Sanctions Committee who vetoed shipments the Security Council had authorised. Last year, a senior US official told the Washington Post, “The longer we can fool around in the [Security] Council and keep things static, the better.” There is a pettiness in sanctions that borders on vindictiveness. In Britain, Customs and Excise stops parcels going to relatives, containing children’s clothes and toys. Last year, the chairman of the British Library, John Ashworth, wrote to Harry Cohen MP that, “after consultation with the foreign office”, it was decided that books could no longer be sent to Iraqi students.

In Washington, I interviewed James Rubin, an under secretary of state who speaks for Madeleine Albright. When asked on US television if she thought that the death of half a million Iraqi children was a price worth paying, Albright replied: “This is a very hard choice, but we think the price is worth it.” When I questioned Rubin about this, he claimed Albright’s words were taken out of context. He then questioned the “methodology” of a report by the UN’s World Health Organisation, which had estimated half a million deaths. Advising me against being “too idealistic”, he said: “In making policy, one has to choose between two bad choices . . . and unfortunately the effect of sanctions has been more than we would have hoped.” He referred me to the “real world” where “real choices have to be made”. In mitigation, he said, “Our sense is that prior to sanctions, there was serious poverty and health problems in Iraq.” The opposite was true, as Unicef’s data on Iraq before 1990, makes clear.

The irony is that the US helped bring Saddam Hussein’s Ba’ath Party to power in Iraq, and that the US (and Britain) in the 1980s conspired to break their own laws in order, in the words of a Congressional inquiry, to “secretly court Saddam Hussein with reckless abandon”, giving him almost everything he wanted, including the means of making biological weapons. Rubin failed to see the irony in the US supplying Saddam with seed stock for anthrax and botulism, that he could use in weapons, and claimed that the Maryland company responsible was prosecuted. It was not: the company was given Commerce Department approval.

Denial is easy, for Iraqis are a nation of unpeople in the West, their panoramic suffering of minimal media interest; and when they are news, care is always taken to minimise Western culpability. I can think of no other human rights issue about which the governments have been allowed to sustain such deception and tell so many bare-faced lies. Western governments have had a gift in the “butcher of Baghdad”, who can be safely blamed for everything. Unlike the be-headers of Saudi Arabia, the torturers of Turkey and the prince of mass murderers, Suharto, only Saddam Hussein is so loathsome that his captive population can be punished for his crimes. British obsequiousness to Washington’s designs over Iraq has a certain craven quality, as the Blair government pursues what Simon Jenkins calls a “low-cost, low-risk machismo, doing something relatively easy, but obscenely cruel”. The statements of Tony Blair and Robin Cook and assorted sidekick ministers would, in other circumstances, be laughable. Cook: “We must nail the absurd claim that sanctions are responsible for the suffering of the Iraqi people”, Cook: “We must uphold the sanctity of international law and the United Nations . . .” ad nauseam. The British boast about their “initiative” in promoting the latest Security Council resolution, which merely offers the prospect of more Kafkaesque semantics and prevarication in the guise of a “solution” and changes nothing.

What are sanctions for? Eradicating Iraq’s weapons of mass destruction, says the Security Council resolution. Scott Ritter, a chief UN weapons inspector in Iraq for five years, told me: “By 1998, the chemical weapons infrastructure had been completely dismantled or destroyed by UNSCOM (the UN inspections body) or by Iraq in compliance with our mandate. The biological weapons programme was gone, all the major facilities eliminated. The nuclear weapons programme was completely eliminated. The long range ballistic missile programme was completely eliminated. If I had to quantify Iraq’s threat, I would say [it is] zero.” Ritter resigned in protest at US interference; he and his American colleagues were expelled when American spy equipment was found by the Iraqis. To counter the risk of Iraq reconstituting its arsenal, he says the weapons inspectors should go back to Iraq after the immediate lifting of all non-military sanctions; the inspectors of the international Atomic Energy Agency are already back. At the very least, the two issues of sanctions and weapons inspection should be entirely separate. Madeleine Albright has said: “We do not agree that if Iraq complies with its obligations concerning weapons of mass destruction, sanctions should be lifted.” If this means that Saddam Hussein is the target, then the embargo will go on indefinitely, holding Iraqis hostage to their tyrant’s compliance with his own demise. Or is there another agenda? In January 1991, the Americans had an opportunity to press on to Baghdad and remove Saddam, but pointedly stopped short. A few weeks later, they not only failed to support the Kurdish and Shi’a uprising, which President Bush had called for, but even prevented the rebelling troops in the south from reaching captured arms depots and allowed Saddam Hussein’s helicopters to slaughter them while US aircraft circled overhead. At they same time, Washington refused to support Iraqi opposition groups and Kurdish claims for independence.

“Containing” Iraq with sanctions destroys Iraq’s capacity to threaten US control of the Middle East’s oil while allowing Saddam to maintain internal order. As long as he stays within present limits, he is allowed to rule over a crippled nation. “What the West would ideally like,” says Said Aburish, the author, “is another Saddam Hussein.” Sanctions also justify the huge US military presence in the Gulf, as Nato expands east, viewing a vast new oil protectorate stretching from Turkey to the Caucasus. Bombing and sanctions are ideal for policing this new order: a strategy the president of the American Physicians for Human Rights calls “Bomb Now, Die Later”. The perpetrators ought not be allowed to get away with this in our name: for the sake of the children of Iraq, and all the Iraqs to come


UN sanctions cause death of patients: Afghanistan
December 2000

ISLAMABAD (NNI): The United Nations economic and aviation sanctions on the war-shattered Afghanistan have resulted in the death of patients, President Afghan Preventive Medicine Dept. Ministry of Public Health Maulavi Abdul Hakim Hakimi has said. He however did not mention as to how many people have died.

“The sanctions have caused spread of epidemics in Afghanistan. Diseases like malaria, T.B. and laxmania have multiplied owing to lack of medicine,” Maulvi Hakimi said.

The United Nations Security Council slapped sanctions on Afghanistan last year after Taliban refused to turn over Osama bin Laden for trial in American embassiesí bombing in Africa, which had killed 224 people, including 12 Americans.

Since the slapping of sanctions on Ariana flights by UN, the Ministry of Public Health of the Islamic Emirate of Afghanistan is unable to send patients with critical conditions abroad. As a result, many have died. Similarly, various life-saving drugs can not be imported due to the embargo on Ariana flights.

Ariana was being used for medicine and medical supplies and equipment imports. According to the staff of Indra Ghandi Hospital in Kabul, 50% of medicines and medical equipment in Kabulís hospitals were being shipped by Ariana.

The main supplier of eye-care in Afghanistan the International Assistance Missionís Noor Eye Hospital previously source all its imported eye medicines in India and imported them via Ariana. They have been unable to do this since the imposition of the sanctions. Other health eugenics previously imported drugs through Dubai via Ariana. The ban on Ariana has also disrupted the activities of the Afghan Postal Services, which had been gradually restored and extended over the post three years.

It is noteworthy that an elaborate smuggling network has emerged as a result of the sanctions and has resulted in 100% increase in the prices of some essential commodities, he said. The impact of the sanctions on the Afghan people is undoubtedly clear.

“The Washington/Moscow collaboration to impose more sanctions on the Islamic Emirate is in no way justified because the Islamic Emirate has shown its readiness to solve all outstanding issues through talks,” Afghan ambassador Mulla Abdul Salam Zaeef has said. About Osama, he said the government of the Islamic Emirate has recently proposed a fourth option to resolve Osama issue.

“However, the UN on the behest of Washington and Moscow resort to starvation tactics in order to obtain political goals. This is a new trend in politics that the common man has to face suffering, starvation, destitute and penury because a certain government is not palatable to a certain super power and organization,” Mulla Zaeef said.

“This will only prolong the suffering of the people of Afghanistan without achieving her politically motivated goals,” he said.

Study Says Haiti Sanctions Kill Up to 1,000 Children a Month


November 9, 1993


An oil embargo and other sanctions intended to help restore democracy to Haiti are killing as many as 1,000 children each month, according to a study to be released this week by international public health experts at Harvard University.

The study, titled “Sanctions in Haiti: Crisis in Humanitarian Action,” reports that although international attention has focused largely on killings and political terrorism in Haiti since the September 1991 coup that deposed President Jean-Bertrand Aristide, “the human toll from the silent tragedy of humanitarian neglect has been far greater than either the violence or human rights abuses.”

Normally, nearly 3,000 children aged 5 or younger die in Haiti every month. According to the study, that figure has increased by about a 1,000 each month. There are about a million children under the age of 5 in Haiti, which has a population of about 7 million. More Malnutrition Seen

The study also found that the embargo had contributed to as many as 100,000 new cases of moderate to severe malnutrition.

The Harvard report, like the assessments of relief organizations here, found that the international embargoes that have been imposed, relaxed, then reimposed since the military coup have ravaged this country, the hemisphere’s poorest.

Although all of the embargoes against Haiti since the coup have made exceptions for relief supplies, the Harvard study found that from food production to the availability of drugs and vaccines, the impact of sanctions has been severe. Food ‘Practically Impeded’

“Food and medicines are exempted from embargoes, so everyone assumes that everything will be all right,” said Lincoln C. Chen, director of the Harvard Center for Population and Development Studies. “But what we have found is that even when they are not legally impeded, these kinds of things are practically impeded.”

[ A State Department spokesman, David Johnson, declined to comment on the Harvard report, saying he had not seen it. But he said the Administration was well aware that the sanctions have had a painful effect on the people of Haiti. “Sanctions are by their very nature a blunt instrument, but they remain the best tool we have at our disposal to bring about the return of democracy in Haiti,” he said. ]

President Clinton, in an interview on Sunday, cited the potential for increased suffering as the reason for his reluctance to back Father Aristide’s call for a near-total embargo. “We can in effect have a total embargo and try to shut the country down,” he said. “That will be more painful in the near term to the average Haitians who are already suffering.”

Instead, the Administration is trying to persuade other nations to follow its lead in freezing the overseas assets of leaders and supporters of the government.

In the three weeks that Haiti has been cut off from foreign oil deliveries, this country’s economy has come to a near halt. In the capital, Port-au-Prince, litter-strewn streets are empty of most traffic by early afternoon. Unemployment is soaring, and the prices of ordinary goods are climbing beyond the reach of many.

The report says that Haiti’s gross domestic product decreased by 5.2 percent in 1991 and 10 percent in 1992 and that exports in 1992 were about half of what they were the previous year and less than a third of what they were in the early 1980’s.

In provincial towns and rural areas, the situation is far worse. According to radio reports here, Port de Paix, a small city in Haiti’s grindingly poor northwest, has gone without electricity for three weeks. Transportation to many rural areas has been almost completely cut off.

In the small town of Ganthier, an hour east of the capital along the highway to the Dominican Republic, Haiti’s suffering is evident everywhere.

At the town’s small medical clinic, the only health care center within miles, a white ambulance sits idle for lack of gasoline. The clinic’s pharmacy is almost bare.

“We don’t have any money for medicine, and life has become very hard,” said Solieus Fenelon, three of whose six children are seriously ill with diseases including malaria and typhoid.

“The little money I had has dried up,” said Mrs. Fenelon, who made her living as a shoe peddler in the capital until public transportation became unavailable for lack of gas. “It’s hard for me to watch my children like this and not be able to do anything for them. They are in the hands of God now.”

Public health experts say broadening the current embargo, which President Clinton says he is loath to do, would threaten even more Haitians with severe malnutrition and disease. Effect on Aristide’s Future

On the other hand, easing up on sanctions, which now cover oil and arms, would send a signal to Haiti’s de facto military rulers that after two years of diplomacy on Father Aristide’s behalf, the United Nations and Washington are backing away from the goal of restoring him to power.

The current oil embargo is much like another round of sanctions imposed on Haiti in June that quickly brought the military to the negotiating table. This time, however, the army, which has refused to comply with the terms of the United Nations-brokered settlement of Haiti’s political crisis, seems to have prepared for sanctions. It has stockpiled more fuel and rushed the completion of a new road to the Dominican Republic, a source of limited amounts of imported fuel.

Because of transportation problems, hoarding and profiteering, the prices of many basic medicines, when they are available at all, have gone up as much as fivefold. Immunization programs have been paralyzed in many areas because of a lack of supplies, the failure of refrigeration and large-scale movements of people as they flee violence or joblessness.

Haiti’s children have been particularly hard hit by a measles epidemic that has swept the country in the last two years. The Harvard study found that vaccination programs in Port-au-Prince and in some rural areas have reached as little as 4 percent of their target populations because of factors related to the embargo. Relief Corridor Urged

Mr. Chen said the United States and other donors should set up what he called a “humanitarian corridor” into Haiti, to insure delivery of vital supplies stem the growing death toll.

“Our message is that it is fine to intervene for democracy, but at the same time you must accept some of these responsibilities,” he said.

The study’s findings on child mortality were based in large part on projections made from what researchers said was the only high quality, long-term tracking of births and deaths in rural Haiti. The Harvard researchers leaned heavily on that study, conducted by the Save the Children project in the town of Maissade in Haiti’s Central Plateau region. Mr. Chen said the study of the individual community was representative enough to serve as a base for a national projection.

The Save the Children study monitors the fortunes of the town’s population of 44,900. Malnutrition data was collected from the Agency for International Development and the Centers for Disease Control, as well as from studies by organizations like CARE. 7 Visit From Harvard

Six members of the Harvard team visited Haiti this summer shortly after the first of two oil embargoes imposed on the country. Mr. Chen said another member repeatedly visited the country since then to update the researchers’ information.

With some of the hemisphere’s worst public health indicators, Haiti’s child mortality rate of 133 deaths per 1,000 live births was already far higher than that of most of its neighbors even before the current political crisis. In the neighboring Dominican Republic, for instance, that figure stood at 54 deaths per 1,000 live births in 1992.

Jorimene Simeon of Ganthier, who is 36, said she has had tuberculosis for two and a half years, but has been forced to interrupt her treatment for lack of medicine.

“I could have been cured,” Miss Simeon said bitterly. “They prescribed me the medicine, but the papers have just stayed in my hand. I can’t afford to buy it.”

Universal Declaration of Human Rights

UN Document Series Symbol: ST/HR/

UN Issuing Body: Secretariat Centre for Human Rights

© United Nations

Adopted and proclaimed by General Assembly resolution 217 A(III) of 10 Dec.1948.

PREAMBLE

Whereas recognition of the inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of freedom, justice and peace in the world,

Whereas disregard and contempt for human rights have resulted in barbarous acts which have outraged the conscience of mankind, and the advent of a world in which human beings shall enjoy freedom of speech and belief and freedom from fear and want has been proclaimed as the highest aspiration of the common people,

Whereas it is essential, if man is not to be compelled to have recourse, as a last resort, to rebellion against tyranny and oppression, that human rights should be protected by the rule of law,

Whereas it is essential to promote the development of friendly relations between nations,

Whereas the peoples of the United Nations have in the Charter reaffirmed their faith in fundamental human rights, in the dignity and worth of the human person and in the equal rights of men and women and have determined to promote social progress and better standards of life in larger freedom,

Whereas Member States have pledged themselves to achieve, in cooperation with the United Nations, the promotion of universal respect for and observance of human rights and fundamental freedoms,

Whereas a common understanding of these rights and freedoms is of the greatest importance for the full realization of this pledge,

Now, therefore,

The General Assembly,

Proclaims this Universal Declaration of Human Rights as a common standard of achievement for all peoples and all nations, to the end that every individual and every organ of society, keeping this Declaration constantly in mind, shall strive by teaching and education to promote respect for these rights and freedoms and by progressive measures, national and international, to secure their universal and effective recognition and observance, both among the peoples of Member States themselves and among the peoples of territories under their jurisdiction.

Article 1

All human beings are born free and equal in dignity and rights. They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.

Article 2

Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status.

Furthermore, no distinction shall be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs, whether it be independent, trust, non-self-governing or under any other limitation of sovereignty.

Article 3

Everyone has the right to life, liberty and security of person.

Article 4

No one shall be held in slavery or servitude; slavery and the slave trade shall be prohibited in all their forms.

Article 5

No one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment.

Article 6

Everyone has the right to recognition everywhere as a person before the law.

Article 7

All are equal before the law and are entitled without any discrimination to equal protection of the law. All are entitled to equal protection against any discrimination in violation of this Declaration and against any incitement to such discrimination.

Article 8

Everyone has the right to an effective remedy by the competent national tribunals for acts violating the fundamental rights granted him by the constitution or by law.

Article 9

No one shall be subjected to arbitrary arrest, detention or exile.

Article 10

Everyone is entitled in full equality to a fair and public hearing by an independent and impartial tribunal, in the determination of his rights and obligations and of any criminal charge against him.

Article 11

1. Everyone charged with a penal offence has the right to be presumed innocent until proved guilty according to law in a public trial at which he has had all the guarantees necessary for his defence.

2. No one shall be held guilty of any penal offence on account of any act or omission which did not constitute a penal offence, under national or international law, at the time when it was committed. Nor shall a heavier penalty be imposed than the one that was applicable at the time the penal offence was committed.

Article 12

No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honour and reputation. Everyone has the right to the protection of the law against such interference or attacks.

Article 13

1. Everyone has the right to freedom of movement and residence within the borders of each State.

2. Everyone has the right to leave any country, including his own, and to return to his country.

Article 14

1. Everyone has the right to seek and to enjoy in other countries asylum from persecution.

2. This right may not be invoked in the case of prosecutions genuinely arising from non-political crimes or from acts contrary to the purposes and principles of the United Nations.

Article 15

1. Everyone has the right to a nationality.

2. No one shall be arbitrarily deprived of his nationality nor denied the right to change his nationality.

Article 16

1. Men and women of full age, without any limitation due to race, nationality or religion, have the right to marry and to found a family. They are entitled to equal rights as to marriage, during marriage and at its dissolution.

2. Marriage shall be entered into only with the free and full consent of the intending spouses.

3. The family is the natural and fundamental group unit of society and is entitled to protection by society and the State.

Article 17

1. Everyone has the right to own property alone as well as in association with others.

2. No one shall be arbitrarily deprived of his property.

Article 18

Everyone has the right to freedom of thought, conscience and religion; this right includes freedom to change his religion or belief, and freedom, either alone or in community with others and in public or private, to manifest his religion or belief in teaching, practice, worship and observance.

Article 19

Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.

Article 20

1. Everyone has the right to freedom of peaceful assembly and association.

2. No one may be compelled to belong to an association.

Article 21

1. Everyone has the right to take part in the government of his country, directly or through freely chosen representatives.

2. Everyone has the right to equal access to public service in his country.

3. The will of the people shall be the basis of the authority of government; this will shall be expressed in periodic and genuine elections which shall be by universal and equal suffrage and shall be held by secret vote or by equivalent free voting procedures.

Article 22

Everyone, as a member of society, has the right to social security and is entitled to realization, through national effort and international co-operation and in accordance with the organization and resources of each State, of the economic, social and cultural rights indispensable for his dignity and the free development of his personality.

Article 23

1. Everyone has the right to work, to free choice of employment, to just and favourable conditions of work and to protection against unemployment.

2. Everyone, without any discrimination, has the right to equal pay for equal work.

3. Everyone who works has the right to just and favourable remuneration ensuring for himself and his family an existence worthy of human dignity, and supplemented, if necessary, by other means of social protection.

4. Everyone has the right to form and to join trade unions for the protection of his interests.

Article 24

Everyone has the right to rest and leisure, including reasonable limitation of working hours and periodic holidays with pay.

Article 25

1. Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.

2. Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection.

Article 26

1. Everyone has the right to education. Education shall be free, at least in the elementary and fundamental stages. Elementary education shall be compulsory. Technical and professional education shall be made generally available and higher education shall be equally accessible to all on the basis of merit.

2. Education shall be directed to the full development of the human personality and to the strengthening of respect for human rights and fundamental freedoms. It shall promote understanding, tolerance and friendship among all nations, racial or religious groups, and shall further the activities of the United Nations for the maintenance of peace.

3. Parents have a prior right to choose the kind of education that shall be given to their children.

Article 27

1. Everyone has the right freely to participate in the cultural life of the community, to enjoy the arts and to share in scientific advancement and its benefits.

2. Everyone has the right to the protection of the moral and material interests resulting from any scientific, literary or artistic production of which he is the author.

Article 28

Everyone is entitled to a social and international order in which the rights and freedoms set forth in this Declaration can be fully realized.

Article 29

1. Everyone has duties to the community in which alone the free and full development of his personality is possible.

2. In the exercise of his rights and freedoms, everyone shall be subject only to such limitations as are determined by law solely for the purpose of securing due recognition and respect for the rights and freedoms of others and of meeting the just requirements of morality, public order and the general welfare in a democratic society.

3. These rights and freedoms may in no case be exercised contrary to the purposes and principles of the United Nations.

Article 30

Nothing in this Declaration may be interpreted as implying for any State, group or person any right to engage in any activity or to perform any act aimed at the destruction of any of the rights and freedoms set forth herein.

It seems the United Nations have been breaking a few of their own laws, as have many countries who are members.

But hell what do I know? I am just a citizen who took the time to read the stupid stuff they wrote. Just a pity they really don’t do what they say in their laws.

The planet is suffering from a Human Rights Embargo. Seems we have no rights at all. I call them as I see them.

Published in: on September 27, 2008 at 10:20 pm  Comments (2)  
Tags: , , , , ,

POVERTY


UN Links Poverty, Violence against Women The world will never eliminate poverty until it confronts social, economic and physical discrimination against women, the United Nations said Wednesday. “Gender apartheid” could scuttle the global body’s goal of halving extreme poverty by 2015, the UN Population Fund’s annual State of World Population report said.

Invisible Women – The Fastest Growing Segment of AIDS Epidemic in India “In India, men with HIV get thrown out of their jobs; women with HIV get thrown out of their homes” and become India’s invisible women, said Priti Radhakrishnan of the Bangalore chapter of the non-governmental organization, Lawyers’ Collective HIV/AIDS Unit, which promotes the fundamental rights of people living with the disease.

Creating A Slave Is Easy

It Is An Act Of Government,

They Create The Circumstances That Drive People Into Poverty. Free Trade, WTO, Debt Crisis World Poverty Another Way To Create Slavery

Alarming Rise in Hate Crimes Against Homeless People in US
Street Spirit- Justice News and Homeless Blues

Number of homeless students on the rise
Green Bay district strives to provide stable environment
By Cynthia Hodnett
A student’s family can’t afford to pay his fees to enroll in a woodshop class or to replace his worn-out, tattered tennis shoes.
Another student and his family move from house to house because they can’t find affordable housing. In turn, the student misses a lot of school and falls behind academically. We try to do what we can, but sometimes we have to tell them that there’s nothing we can do,” Draheim said. “A lot of community agencies have had their funding cut. The YWCA did day care for teenage moms, but that funding had been cut. When we have teenage moms, I don’t know how we’re going to help them.” Source: Wisconsin Department of Public Instruction

What parents need to know
• All children, including those without permanent housing, have the right to attend school and have access to transportation
• Children can enroll in school without a permanent address.
• Children can’t be denied enrollment because school records aren’t available.
• Children may be eligible for free and reduced breakfast and lunch and have their school fees waived.
Source: Green Bay School District

Employed, but homeless
Many homeless adults here and across the country are employed in full-time positions, but they don’t make enough money to cover rent.
A worker must earn $11.29 per hour working full time to afford a two-bedroom apartment in Green Bay, according to a 2004 survey by National Low Income Housing Coalition. Working for the $5.15-per-hour minimum wage, the worker would have to put in 88 hours a week to afford the same apartment.

Homeless students
2004-05: 590 (estimate) A Growing Trend
2003-04: 333
2002-03: 288
2001-02: 271 2000-01: 270
Source: Green Bay School District

Resource Links. The Poor Are Not Who Or What You May Think They Are.

Inequality.org

Poor News Network

Working Poor Become the New Homeless

The Homeless: Working and Still Living on the Streets

People are working and getting an income, but they can’t afford to live here,” said Sandy Baar, executive director of the Sarasota County Coalition for the Homeless. “That is kind of sad. We need to start thinking livable wage.”

Insuance sharing a piece of mail
washingtonpost.com
Sick and Broke
By Elizabeth Warren
Nobody’s safe. That’s the warning from the first large-scale study of medical bankruptcy.

Working Poor- workingpoor.org

Medicaid budgets undergo surgery
Medicaid budgets undergo surgery
By Stephanie Simon
Los Angeles Times
SIKESTON, Mo. — Hundreds of thousands of poor people across the nation will lose their state-subsidized health insurance in the coming months as legislators scramble to hold down the enormous and ever-escalating cost of Medicaid.
Here in impoverished southeastern Missouri, nurses at a family health clinic stash drug samples for patients they know won’t be able to afford their prescriptions after their coverage is eliminated this summer. Doctors try to comfort waitresses, sales clerks and others who soon will lose coverage for medical, dental and mental-health care. Health insurance? That didn’t protect 1 million Americans who were financially ruined by illness or medical bills last year.
A comfortable middle-class lifestyle? Good education? Decent job? No safeguards there. Most of the medically bankrupt were middle-class homeowners who had been to college and had responsible jobs — until illness struck. About 90 percent of all Americans are mortgaged to the hilt, and would have little or no assets left if all debts and liabilities were to be paid.* Most Americans have taken advantage of low interest rates, and are now paying a mortgage on their homes. The booming real estate market has made every purchase profitable, because the price of a home always rises. The problem is that the price of a home today is incredibly over-inflated, and the real estate boom that_s been keeping the American economy afloat, is about to bust. Interest rates are going to rise, and the price of your home is going to drop drastically, which will leave you stuck paying for a house that probably wouldn’t pay the interest on your debt if you sold it. If you’re lucky enough to remain employed, inflation will shred your paycheck until you can no longer make mortgage payments. This is when you need to remember that when a nation’s economy collapses, the wealth of the nation doesn’ t disappear, it only changes hands.

Millions of Americans are about to be tossed into the street, and because we’re a kinder and gentler America, from the street they’ll be tossed into shelters. Once in the shelter, they’ll be wards of the social service system, which will make sure they all have food, and a bed to sleep in. In exchange for that food and shelter, the “welfare reform” act will put them to work at jobs where they will collect no additional salary. I guess the idea of “welfare reform” is a lot more acceptable to Americans than “forced labor” but regardless of what you call it, many Americans will soon experience slavery once again, and the slaves are not just sweeping public streets. Under the welfare reform act, many Americans are being put to work for private companies for no wages other than the cost of their food and shelter, both of which constitute the bare minimum requirements of survival. By causing the economy to collapse, and then “saving” the poor, our government can legally force millions of Americans into slavery. The new slavery will be blamed on “the economy,” and it will employ a much larger percentage of the population than it did before the civil war.

To understand how they’re accomplishing this, we need to turn our thoughts back to our monetary system, because due to the fact that it is no longer based on the gold standard, our government is in control of the money supply, and that gives them the ability to cause rampant unemployment, which is exactly what they’re doing. The framers of the U.S. constitution protected us from this brand of tyranny, but because Americans were foolish enough to ignore and/or trust their government, they will become slaves, but most of them will blame themselves for their plight.

CAUSES OF POVERTY AROUND THE WORLD

Published in: on March 21, 2008 at 4:49 pm  Comments (1)  
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They have Lied about the Safety of our Food And Still Do

ANIMAL ANTIBIOTICS DISCOVERED IN COMMON VEGETABLES
Researchers at the University of Minnesota have found residues from animal antibiotics in common produce, says a new study. Spreading raw manure on fields from animals treated with antibiotics is a common practice on conventional farms. Unfortunately scientists have now discovered that vegetables like corn, cabbage and green onions absorb those antibiotics, which are then ingested by consumers. “Vegetarians may think the huge overuse of antibiotics in livestock and poultry will not affect them, but that’s not true,” stated Margaret Mellon, the director of the Union of Concerned Scientists. “Consumers eating vegetables grown on soil fertilized with manure may be unknowingly ingesting antibiotics.” Regular consumption of these antibiotics can then cause bacteria in the body to become resistant.
ORGANIC CONSUMERS ASSOCIATION
6771 South Silver Hill Drive
Finland, MN 55603
Phone: (218)-353-7454 Fax: (218) 353-7652

What’s in the Meat You Eat?
Did you know that approximately 70 percent of all antibiotics and related drugs produced in the United States are given to livestock and poultry? These drugs are used for nontherapeutic purposes such as accelerating growth and preventing the diseases caused by overcrowded and unsanitary conditions on “factory farms.” Unfortunately, this practice results in antibiotic-resistant bacteria that can cause difficult-to-treat diseases in humans.

Overuse leaves drug useless against avian influenza
Farmers in China have been using an antiviral drug meant for humans to control avian influenza in their chickens since the late 1990s. As a result, the subtype of avian influenza that is considered most likely to trigger a human pandemic has developed resistance to the drug. It’s the first time overuse in animal agriculture of an antiviral, rather than an antibiotic, has compromised the efficacy of a human drug in a major way. The Chinese government encouraged farmers to use the drug, called amantadine, although such use is banned in the United States and many other countries. The only remaining drug that could be used to treat humans, oseltamivir, is prohibitively expensive and difficult to obtain. The situation is a dramatic example of why UCS advocates against the inappropriate use in animal agriculture of drugs that are valuable in human medicine. Read the Washington Post article about the story.

USDA criticized on mad cow investigation
The second case of mad cow disease in the U.S. – the first in a U.S.-born cow – was confirmed in June. The U.S. Department of Agriculture (USDA) has been criticized for: not releasing the news until last month, although initial tests were done last November; mislabeling the sample; and not running a confirmatory test sooner after one test was positive and another produced an inconclusive result. The positive reading of mad cow was finally confirmed by a laboratory in England. The USDA screens only one cow in 90 for mad cow disease, while Europe screens one cow in four and Japan screens every cow it slaughters. The USDA also allows risky practices to continue, such as feeding chicken litter that may contain cow parts back to cattle. Read the New York Times article about the case here.

Monsanto Corn Study raises safety questions: According to the study, rats that were fed MON 863 had smaller kidneys and elevated levels of white blood cells and lymphocytes compared to those that were fed conventional corn. In the United States and Canada, farmers have been growing MON 863 corn since 2003. (Also Check Dangerous Chemicals for more information)

Also, ¾ way down page is info on MSG.

FDA Lists 92 Symptoms from Nutrasweet (Aspartame)
(including Death!)

Many links to aspartame info.

Support group for aspartame victims.

The information on msgtruth.org is a culmination of the important independent research regarding the food additive Monosodium Glutamate. msgtruth.org is a not-for-profit site created by scientific, caring citizens trained in food science, food processing, and biology, who no longer work for the food industry.

You or someone you care about is suffering from puzzling chronic conditions such as headaches, stomach disorders, fatigue, depression, and many other problems. Tests have come up negative and you want answers.

Definitions & links.

This Web site contains a great deal of information that those who are sensitive to processed free glutamic acid (MSG), or people who simply want to avoid the substance, will find useful. It also contains information about the glutamate industry’s infrastructure, their stable of industry sponsored scientists, their public relations firms, and some of the methods they use to convince the public that neurotoxic MSG is “safe.”

(Splenda) Sucralose Toxicity Info Center

Splenda, or Sucralose, is a chlorocarbon. The chlorocarbons have long been famous for causing organ, genetic, and reproductive damage.

Articles on many things that we are told are “safe”.

Iowa, North Carolina are top users of antibiotics in livestock
A new report by Environmental Defense ranks antibiotic use in animal agriculture by state. Iowa ranks highest in antibiotic use, with 2.2 million pounds of medically important antibiotics fed to livestock annually, followed by North Carolina with 1.7 million pounds. Delaware is the most intensive user, with 187,000 pounds of antibiotics per thousand square miles. People living in areas with intensive use of antibiotics as feed additives may be at greater risk of contracting antibiotic-resistant infections. The rankings were based on data taken from UCS’s report (2000). Read the new report, Resistant Bugs and Antibiotic Drugs (PDF).

The results of our study indicate the following:Tetracycline, penicillin, erythromycin, and other antimicrobials that are important in human use are used extensively in the absence of disease for nontherapeutic purposes in today’s livestock production.

Cattle, swine, and poultry are routinely given antimicrobials throughout their lives. Many of the antimicrobials given to livestock are important in human medicine.

The overall quantity of antimicrobials used in agriculture is enormous.Many consumers will be surprised to find that tens of millions of pounds of antimicrobials are used in livestock systems. We estimate that every year livestock producers in the United States use 24.6 million pounds of antimicrobials in the absence of disease for nontherapeutic purposes: approximately 10.3 million pounds in hogs, 10.5 million pounds in poultry, and 3.7 million pounds in cattle. The tonnage would be even higher if antimicrobials used therapeutically for animals were included.

GM soy hit harder by Brazil’s drought than conventional varieties

English IPS News via NewsEdge Corporation : RIO DE JANEIRO — Drought in southern Brazil has reduced this year’s important soybean harvest dramatically in Rio Grande do Sul state — and added fuel to the heated national debate about transgenic crops.

Genetically modified (GM) soy, which accounts for the majority of soybean production in the southern state, suffered greater losses than conventional soy varieties, according to reports by local growers.

NEW LAW FORCES GENETIC POLLUTERS TO PAY
Following the example of Germany, Denmark has passed a law that will punish farmers planting genetically engineered (GE) crops if they contaminate the crops or fields of organic or non-GE farmers. Because GE crops sell for less than organic or conventional crops, farmers whose fields are contaminated by drifting GE pollen undergo major financial losses. Under the new law, if a farmer is growing conventional or organic crops, and their field is contaminated by drifting GE pollen, the farmer will be compensated for their losses by the government. The Denmark government will then recoup those costs from the farmer whose field the GE pollen originated in.

Monsanto

It is in the Food We Eat. This is a World Problem.

Monsanto Produced Agent Orange, which is a Herbicide and better Known as Lasso which was used and is still being used in some countries by Farmers, I am not positive so don’t quote me on that. It has profound side affects such as Diabetes, cancer and Spina Bifida and other deformities. The side affects are huge in number and has affected millions around the world. If Roundup is comparable we are in trouble. You are what you eat and it does get into food. When it rains the Herbicide or Pesticide goes into the ground and into the plants and into the fruit or whatever the food part of the plant may be. Then you eat it and become ill. Don’t have to be a genius or rocket scientist to know that one.

A pesticide is a Nerve Gas Pure and simple.

New studies: Monsanto’s best selling “safe” pesticide is highly toxic
Source: Organic Consumers Association

Two new peer-reviewed scientific studies have further confirmed the toxicity of glyphosate, the world’s most commonly used herbicide. The June 2005 scientific journal “Environmental Health Perspectives” reports that glyphosate, sold by Monsanto under the brand name “Roundup,” damages human placental cells at exposure levels ten times less than what the company claims is safe. A study in the August journal Ecological Applications found that even when applied at concentrations that are one-third of the maximum concentrations typically found in waterways, Roundup still killed up to 71 percent of tadpoles in the study.

Similar glyphosate studies around the world have been equally alarming. The American Academy of Family Physicians epidemiological research has now linked exposure to the herbicide with increased risk of non-Hodgkin’s lymphoma, a life-threatening cancer, while a Canadian study has linked glyphosate exposure with increased risk for miscarriage. A 2002 study linked glyphosate exposure with increased incidence of attention deficit disorder in children. Despite these studies, Monsanto continues to advertise Roundup, sprayed heavily on 140 million acres of genetically engineered crops across the world, as one of the “safest” pesticides on the market.

Organic Consumers Association

Learn more and take action
There is more information in Dangerous Chemicals about Monsanto as well at this site.

Monsanto claims patents on Pigs in 160 countries
Monsanto Petition against Pig Patents

MSG Food Additive is a Slow Poison

This was sent to me by a friend today. I checked out some web sites and found a couple of others on the subject. What a sneaky underhanded way to create sick people. Profiteers.

You are what you eat for sure.

MSG – used in Coffee – (read this for sure) please read

this. It is startling!! Food additive “MSG” is a Slow Poison. Slow Poisoning
MSG hides behind 25 or more names, such as “Natural Flavoring”.

MSG is also in your favorite Tim Horton’s and other
brand coffee shops! Pass this on to those who still may be unaware
or disbelieving of the dangers of MSG. I wondered if there could be an actual chemical causing the massive obesity
epidemic, so did a friend of mine, John Erb. He was a research
assistant at the University of Waterloo in Ontario, Canada, and
spent years working for the government.
He made an amazing discovery while going through
scientific journals for a book he was writing called “The Slow
Poisoning of America “. In hundreds of studies around the world,
scientists were creating obese mice and rats to use in diet or
diabetes test studies.

No strain of rat or mice is naturally obese, so the
scientists have to create them. They make these morbidly obese
creatures by injecting them with MSG when they are first born. The
MSG triples the amount of insulin the pancreas creates; causing rats
(and humans?) to become obese. They even have a title for the fat
rodents they create: “MSG-Treated Rats”.

I was shocked too. I went to my kitchen, checking the
cupboards and the fridge. MSG was in everything! The Campbell ‘s
soups, the Hostess Doritos, the Lays flavored potato chips, Top
Ramen, Betty Crocker Hamburger Helper, Heinz canned gravy, Swanson
frozen prepared meals, Kraft salad dressings, especially the
‘healthy low fat’ ones.
The items that didn’t have MSG marked on the product
label had something called ”Hydrolyzed Vegetable Protein”,
which is just another name for Monosodium Glutamate. It was
shocking to see just how many of the foods we feed our children
everyday are filled with this stuff. They hide MSG under many
different names in order to fool those who carefully read the
ingredient list, so they don’t catch on. (Other names for MSG:
‘Accent’ – ‘Aginomoto’ – ‘Natural Meet Tenderizer’ etc)
But it didn’t stop there.

When our family went out to eat, we started asking at
the restaurants what menu items had MSG. Many employees, even the
managers, swore they didn’t use MSG. But when we ask for the
ingredient list, which they grudgingly provided, sure enough MSG and
Hydrolyzed
Vegetable Protein were everywhere. Burger King,
McDonalds, Wendy’s, Taco Bell , every restaurant, even the sit down
ones like TGIF, Chilis’, Applebees and Denny’s use MSG in abundance. Kentucky Fried Chicken seemed to be the WORST offender: MSG was in
every chicken dish, salad dressing and gravy. No wonder I loved to
eat that coating on the skin, their secret spice was MSG!

So why is MSG in so may of the foods we eat?.. Is it a preservative or a vitamin??
Not according to my friend John. In the book he wrote,
an expose of the food additive industry called “The Slow Poisoning
of America” he said that MSG is added to food for the addictive
effect it has on the human body.

Even the propaganda website sponsored by the food
manufacturers lobby group supporting MSG explains
that the reason they add it to food is to make people eat more. A
study of the elderly showed that people eat more of the foods that
it is added to. The Glutamate Association lobby group says
eating more benefits the elderly, but what does it do to the rest of
us? ‘Bet you can’t eat just one’, takes on a whole new meaning where
MSG is concerned! And we wonder why the nation is overweight?

The MSG manufacturers themselves admit that it addicts
people to their products. It makes people choose their product over
others, and makes people eat more of it than they would if MSG
wasn’t added.

Not only is MSG scientifically proven to cause obesity,
it is an addictive substance! Since its introduction into the
American
food supply fifty years ago, MSG has been added in
larger and larger doses to the pre-packaged meals, soups, snacks and
fast foods we are tempted to eat everyday. The FDA has set no
limits on how much of it can be added to food.

They claim it’s safe to eat in any amount. How can
they claim it safe when there are hundreds of scientific studies
with titles like these? : – The monosodium glutamate (MSG) obese rat
as a model for the study of exercise in obesity’. Gobatto CA, Mello
MA, Souza CT,
Ribeiro IA.Res Commun Mol Pathol Pharmacol. 2002.

Adrenalectomy abolishes the food-induced hypothalamic
serotonin release in both normal and monosodium
glutamate-obese rats’. Guimaraes RB, Telles MM, Coelho VB, Mori C,
Nascimento CM, Ribeiro Brain Res Bull. 2002 Aug.

Obesity induced by neonatal monosodium glutamate
treatment in spontaneously hypertensive rats: an animal model of
multiple risk factors’.

Iwase M, Yamamoto M, Iino K, Ichikawa K, Shinohara N,
Yoshinari Fujishima Hypertens Res. 1998 Mar.

Hypothalamic lesion induced by injection of monosodium
glutamate in suckling period and subsequent development of obesity’.
Tanaka K, Shimada M, Nakao K, Kusunoki Exp Neurol.
1978 Oct.

Yes, that last study was not a typo, it WAS written in 1978.
Both the “medical research community” and “food
manufacturers” have known about MSG’s side effects for decades!
Many more studies mentioned in John Erb’s book link MSG to Diabetes,
Migraines and headaches, Autism, ADHD and even
Alzheimer’s. But what can we do to stop the food manufactures from
dumping fattening and addictive MSG into our food supply and causing
the obesity epidemic we now see?

Even as you read this, G. W. Bush and his corporate
supporters are pushing a Bill through Congress called the “Personal
Responsibility in Food Consumption Act” also known as the
“Cheeseburger Bill”, this sweeping law bans anyone from suing food
manufacturers, sellers and distributors. Even if it comes out that
they purposely added an addictive chemical to their foods.

The Bill has already been rushed through the House of
Representatives, and is due for the same rubber stamp at Senate
level. It is important that Bush and his corporate supporters
get it through before the media lets everyone know
about ‘MSG, the intentional Nicotine for food’.

Several months ago, John Erb took his book and his
concerns to one of the highest government health officials in Canada.
While sitting in the Government office, the official
told him “Sure I know how bad MSG is, I wouldn’t touch the stuff!”
But this top level government official refused to tell the public
what he knew.

The big media doesn’t want to tell the public either,
fearing legal issues with their advertisers. It seems that the
fallout on fast food industry may hurt their profit margin. The
food producers and restaurants have been addicting us to their
products for years, and now we are paying the price for it. Our
children should not be cursed with obesity caused by an addictive
food additive. But what can I do about it?… I’m just one voice!

What can I do to stop the poisoning of our children,
while our governments are insuring financial protection for the
industry that is poisoning us!

This e-mail is going out to everyone I know in an
attempt to tell you the truth that the corporate owned politicians
and media won’t tell you.

The best way you can help to save yourself and your
children from this drug-induced epidemic, is to forward this email
to everyone. With any luck, it will circle the globe before
politicians can pass the legislation protecting those who are
poisoning us. The food industry learned a lot from the tobacco
industry. Imagine if big tobacco had a bill like this in place
before someone blew the whistle on Nicotine?

If you are one of the few who can still believe that
MSG is good for us, and you don’t believe what John Erb has to say,
see for yourself. Go to the National Library of Medicine

Type in the words “MSG Obese”
and read a few of the 115 medical studies that appear.

We the public, do not want to be rats in one giant experiment and we do not approve of food that makes us into a nation of obese, lethargic, addicted sheep, feeding the food industry’s bottom line, while waiting for the heart transplant, diabetic induced amputation, blindness or other obesity induced, life threatening disorders. With your help we can put an end to this poison. Do your part in sending this message out by word of mouth, e-mail or by distribution of this print-out to all your friends all over the world and stop this ‘Slow Poisoning of Mankind’ by the packaged food industry.

Here is another site with Information about this as well

Information about obesity and other effects of processed free glutamic acid (MSG) and where it is hidden in cosmetics, drugs, dietary supplements, vaccines, infant formula, and food fed to people and animals. Loads of Information at this site.


Published in: on March 21, 2008 at 4:40 pm  Comments Off on They have Lied about the Safety of our Food And Still Do  
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Depleated Uranium Information

Depleted uranium: Dirty bombs, dirty missiles, dirty bullets
A death sentence here and abroad

Military men are just dumb stupid animals to be used as pawns in foreign policy.” – Henry Kissinger, quoted in “Kiss the Boys Goodbye: How the United States Betrayed Its Own POW’s in Vietnam”Vietnam was a chemical war for oil, permanently contaminating large regions and countries downriver with Agent Orange, and environmentally the most devastating war in world history. But since 1991, the U.S. has staged four nuclear wars using depleted uranium weaponry, which, like Agent Orange, meets the U.S. government definition of Weapons of Mass Destruction. Vast regions in the Middle East and Central Asia have been permanently contaminated with radiation.

And what about our soldiers? Terry Jemison of the Department of Veterans Affairs reported this week to the American Free Press that “Gulf-era veterans” now on medical disability since 1991 number 518,739, with only 7,035 reported wounded in Iraq in that same 14-year period.

This week the American Free Press dropped a “dirty bomb” on the Pentagon by reporting that eight out of 20 men who served in one unit in the 2003 U.S. military offensive in Iraq now have malignancies. That means that 40 percent of the soldiers in that unit have developed malignancies in just 16 months.

Since these soldiers were exposed to vaccines and depleted uranium (DU) only, this is strong evidence for researchers and scientists working on this issue, that DU is the definitive cause of Gulf War Syndrome. Vaccines are not known to cause cancer. One of the first published researchers on Gulf War Syndrome, who also served in 1991 in Iraq, Dr. Andras Korényi-Both, is in agreement with Barbara Goodno from the Department of Defense’s Deployment Health Support Directorate, that in this war soldiers were not exposed to chemicals, pesticides, bioagents or other suspect causes this time to confuse the issue.

This powerful new evidence is blowing holes in the cover-up perpetrated by the Pentagon and three presidential administrations ever since DU was first used in 1991 in the Persian Gulf War. Fourteen years after the introduction of DU on the battlefield in 1991, the long-term effects have revealed that DU is a death sentence and very nasty stuff.

Scientists studying the biological effects of uranium in the 1960s reported that it targets the DNA. Marion Fulk, a nuclear physical chemist retired from the Livermore Nuclear Weapons Lab and formerly involved with the Manhattan Project, interprets the new and rapid malignancies in soldiers from the 2003 war as “spectacular … and a matter of concern.”

This evidence shows that of the three effects which DU has on biological systems – radiation, chemical and particulate – the particulate effect from nano-size particles is the most dominant one immediately after exposure and targets the Master Code in the DNA. This is bad news, but it explains why DU causes a myriad of diseases which are difficult to define.

In simple words, DU “trashes the body.” When asked if the main purpose for using it was for destroying things and killing people, Fulk was more specific: “I would say that it is the perfect weapon for killing lots of people.”

Soldiers developing malignancies so quickly since 2003 can be expected to develop multiple cancers from independent causes. This phenomenon has been reported by doctors in hospitals treating civilians following NATO bombing with DU in Yugoslavia in 1998-1999 and the U.S. military invasion of Iraq using DU for the first time in 1991. Medical experts report that this phenomenon of multiple malignancies from unrelated causes has been unknown until now and is a new syndrome associated with internal DU exposure.

Just 467 U.S. personnel were wounded in the three-week Persian Gulf War in 1990-1991. Out of 580,400 soldiers who served in Gulf War I, 11,000 are dead, and by 2000 there were 325,000 on permanent medical disability. This astounding number of disabled vets means that a decade later, 56 percent of those soldiers who served now have medical problems.

The number of disabled vets reported up to 2000 has been increasing by 43,000 every year. Brad Flohr of the Department of Veterans Affairs told American Free Press that he believes there are more disabled vets now than even after World War II.They brought it home

Not only were soldiers exposed to DU on and off the battlefields, but they brought it home. DU in the semen of soldiers internally contaminated their wives, partners and girlfriends. Tragically, some women in their 20s and 30s who were sexual partners of exposed soldiers developed endometriosis and were forced to have hysterectomies because of health problems.

In a group of 251 soldiers from a study group in Mississippi who had all had normal babies before the Gulf War, 67 percent of their post-war babies were born with severe birth defects. They were born with missing legs, arms, organs or eyes or had immune system and blood diseases. In some veterans’ families now, the only normal or healthy members of the family are the children born before the war.

The Department of Veterans Affairs has stated that they do not keep records of birth defects occurring in families of veterans. How did they hide it?

Before a new weapons system can be used, it must be fully tested. The blueprint for depleted uranium weapons is a 1943 declassified document from the Manhattan Project.

Harvard President and physicist James B. Conant, who developed poison gas in World War I, was brought into the Manhattan Project by the father of presidential candidate John Kerry. Kerry’s father served at a high level in the Manhattan Project and was a CIA agent.

Conant was chair of the S-1 Poison Gas Committee, which recommended developing poison gas weapons from the radioactive trash of the atomic bomb project in World War II. At that time, it was known that radioactive materials dispersed in bombs from the air, from land vehicles or on the battlefield produced very fine radioactive dust which would penetrate all protective clothing, any gas mask or filter or the skin. By contaminating the lungs and blood, it could kill or cause illness very quickly.

They also recommended it as a permanent terrain contaminant, which could be used to destroy populations by contaminating water supplies and agricultural land with the radioactive dust.

The first DU weapons system was developed for the Navy in 1968, and DU weapons were given to and used by Israel in 1973 under U.S. supervision in the Yom Kippur war against the Arabs.

The Phalanx weapons system, using DU, was tested on the USS Bigelow out of Hunters Point Naval Shipyard in 1977, and DU weapons have been sold by the U.S. to 29 countries.

Military research report summaries detail the testing of DU from 1974-1999 at military testing grounds, bombing and gunnery ranges and at civilian labs under contract. Today 42 states are contaminated with DU from manufacture, testing and deployment.

Women living around these facilities have reported increases in endometriosis, birth defects in babies, leukemia in children and cancers and other diseases in adults. Thousands of tons of DU weapons tested for decades by the Navy on four bombing and gunnery ranges around Fallon, Nevada, is no doubt the cause of the fastest growing leukemia cluster in the U.S. over the past decade. The military denies that DU is the cause.

The medical profession has been active in the cover-up – just as they were in hiding the effects from the American public – of low level radiation from atmospheric testing and nuclear power plants. A medical doctor in Northern California reported being trained by the Pentagon with other doctors, months before the 2003 war started, to diagnose and treat soldiers returning from the 2003 war for mental problems only.

Medical professionals in hospitals and facilities treating returning soldiers were threatened with $10,000 fines if they talked about the soldiers or their medical problems. They were also threatened with jail.

Reporters have also been prevented access to more than 14,000 medically evacuated soldiers flown nightly since the 2003 war in C-150s from Germany who are brought to Walter Reed Hospital near Washington, D.C.

Dr. Robert Gould, former president of the Bay Area chapter of Physicians for Social Responsibility (PSR), has contacted three medical doctors since February 2004, after I had been invited to speak about DU. Dr. Katharine Thomasson, president of the Oregon chapter of the PSR, informed me that Dr. Gould had contacted her and tried to convince her to cancel her invitation for me to speak about DU at Portland State University on April 12. Although I was able to do a presentation, Dr. Thomasson told me I could only talk about DU in Oregon “and nothing overseas … nothing political.”

Dr. Gould also contacted and discouraged Dr. Ross Wilcox in Toronto, Canada, from inviting me to speak to Physicians for Global Survival (PGS), the Canadian equivalent of PSR, several months later. When that didn’t work, he contacted Dr. Allan Connoly, the Canadian national president of PGS, who was able to cancel my invitation and nearly succeeded in preventing Dr. Wilcox, his own member, from showing photos and presenting details on civilians suffering from DU exposure and cancer provided to him by doctors in southern Iraq.

Dr. Janette Sherman, a former and long-standing member of PSR, reported that she finally quit some time after being invited to lunch by a new PSR executive administrator. After the woman had pumped Dr. Sherman for information all through lunch about her position on key issues, the woman informed Dr. Sherman that her last job had been with the CIA.

How was the truth about DU hidden from military personnel serving in successive DU wars? Before his tragic death, Sen. Paul Wellstone informed Joyce Riley, R.N., B.S.N., executive director of the American Gulf War Veterans Association, that 95 percent of Gulf War veterans had been recycled out of the military by 1995. Any of those continuing in military service were isolated from each other, preventing critical information being transferred to new troops. The “next DU war” had already been planned, and those planning it wanted “no skunk at the garden party.”The US has a dirty (DU) little (CIA) secret

A new book just published at the American Free Press by Michael Collins Piper, “The High Priests of War: The Secret History of How America’s Neo-Conservative Trotskyites Came to Power and Orchestrated the War Against Iraq as the First Step in Their Drive for Global Empire,” details the early plans for a war against the Arab world by Henry Kissinger and the neo-cons in the late 1960s and early 1970s. That just happens to coincide with getting the DU “show on the road” and the oil crisis in the Middle East, which caused concern not only to President Nixon. The British had been plotting and scheming for control of the oil in Iraq for decades since first using poison gas on the Iraqis and Kurds in 1912.

The book details the creation of the neo-cons by their “godfather” and Trotsky lover Irving Kristol, who pushed for a “war against terrorism” long before 9/11 and was lavishly funded for years by the CIA. His son, William Kristol, is one of the most influential men in the United States.

Both are public relations men for the Israeli lobby’s neo-conservative network, with strong ties to Rupert Murdoch. Kissinger also has ties to this network and the Carlyle Group, who, one could say, have facilitated these omnicidal wars beginning from the time former President Bush took office. It would be easy to say that we are recycling World Wars I and II, with the same faces.

When I asked Vietnam Special Ops Green Beret Capt. John McCarthy, who could have devised this omnicidal plan to use DU to destroy the genetic code and genetic future of large populations of Arabs and Moslems in the Middle East and Central Asia – just coincidentally the areas where most of the world’s oil deposits are located – he replied: “It has all the handprints of Henry Kissinger.”

In Zbignew Brzezinski’s book “The Grand Chessboard: American Primacy and Its Geostrategic Imperatives,” the map of the Eurasian chessboard includes four regions strategic to U.S. foreign policy. The “South” region corresponds precisely to the regions now contaminated permanently with radiation from U.S. bombs, missiles and bullets made with thousands of tons of DU.

A Japanese professor, Dr. K. Yagasaki, has calculated that 800 tons of DU is the atomicity equivalent of 83,000 Nagasaki bombs. The U.S. has used more DU since 1991 than the atomicity equivalent of 400,000 Nagasaki bombs. Four nuclear wars indeed, and 10 times the amount of radiation released into the atmosphere from atmospheric testing!

No wonder our soldiers, their families and the people of the Middle East, Yugoslavia and Central Asia are sick. But as Henry Kissinger said after Vietnam when our soldiers came home ill from Agent Orange, “Military men are just dumb stupid animals to be used for foreign policy.”

Unfortunately, more and more of those soldiers are men and women with brown skin. And unfortunately, the DU radioactive dust will be carried around the world and deposited in our environments just as the “smog of war” from the 1991 Gulf War was found in deposits in South America, the Himalayas and Hawaii.

In June 2003, the World Health Organization announced in a press release that global cancer rates will increase 50 percent by 2020. What else do they know that they aren’t telling us? I know that depleted uranium is a death sentence … for all of us. We will all die in silent ways.

Sources used in this story that readers are encouraged to consult:

American Free Press four-part series on DU by

Christopher Bollyn.

Part I: “Depleted Uranium: U.S. Commits War Crime

Against Iraq, Humanity,”

Part II: “Cancer Epidemic Caused by U.S. WMD: MD Says

Depleted Uranium Definitively

Part III: “DU Syndrome Stricken Vets Denied Care:

Pentagon Hides DU Dangers to Deny Medical Care to

Vets”,

Part IV: “Pentagon Brass Suppresses Truth About Toxic

Weapons: Poisonous Uranium Munitions Threaten World”,

August 2004 World Affairs Journal. Leuren Moret:

“Depleted Uranium: The Trojan Horse of Nuclear War,”

August 2004 Coastal Post Online. Carol Sterrit: “Marin

Depleted Uranium Resolution Heats Up – GI’s Will Come

Home To A Slow Death,”

World Depleted Uranium Weapons Conference, Hamburg, Germany, October 16-19, 2004:

International Criminal Tribunal for Afghanistan.

Written opinion of Judge Niloufer Baghwat:

Discounted Casualties: The Human Cost of Nuclear War”

by Akira Tashiro, foreword by Leuren Moret,

DU Information

DU The Human Cost

WHO

Radiation causes cancer and heart problems as many of us know. What Happened In Iraq. How it affected children.

Bring Them Home Now

International Petition to Ban Uranium Weapons
Uranium weapons, often called ‘depleted’ uranium (DU) weapons,
are manufactured from radioactive waste materials produced during the nuclear fuel chain and the production of nuclear weapons. They cause widespread and long lasting radioactive contamination of the environment. These weapon systems are radiologically and chemically toxic.

Many people – innocent civilians especially children, military veterans, industry workers – have illnesses and medical problems, which may be due to their exposure to ‘depleted’ uranium. In areas such as southern Iraq, where uranium munitions were used by the US and the UK, there have been reports of increases in cancers, leukemia and birth defects.

At least 18 countries possess these weapons, the use of which is contrary to existing humanitarian law.

We, the people, need to let governments and the United Nations know that these weapons can have no part in a humane and caring world. Every signature counts!

Horror Of US Depleted
Uranium In Iraq Threatens World

The Fourth International Day of Action: 4th – 6th November 2005
November 6th has been set by theUN as the International Day for Preventing the Exploitation of the Environment in War and Armed Conflict. ICBUW is therefore asking all groups and individuals to organise actions to ban uranium weapons. Just having a small-scale study meeting or doing a one-person petition on the street will contribute a lot to gathering momentum for the international campaign. So please join us!

There are planned events in Glasgow, Manchester and London, if you’d like to organise something in your own area, or join in with one of the three events mentioned already, please get in touch.

CADU have a wide range of campaign resouces available – posters, leaflets and information packs, contact us for bulk purchases on the cheap..

One Million Reason To Bring Them Home. Write Your Opinion And Reasons To Bring The Soldiers Home

Depleted Uranium Kills Edit Page Title

LEUREN MORET: CONNECTING THE DOTS

You really have to watch these. Radiation impairs your intelligence. Among other things. Connecting the Dots is a wealth of information.
6 video series on Du, Nuclear, and Gulf War Syndrome.
The Planet cannot sustain this type of pollution any longer. They go on for an eternity that cigarettes cause cancer. Well Radiation causes a whole lot more. The wind blows and it goes. There is a cancer epidemic on the planet and this is the major cause along with pesticides and other assorted things. But this is truly one of the worst. You can’t see it, you can’t smell it and it is around you every day because it doesn’t go away.

US DU AND Experiments on the American people Gulf War Illness

DEPLETED URANIUM ALERT
! Invisible War,
This is also a six part series but one seems to be missing.

POISON DUST tells the story of young soldiers who thought they came home safely from the war, but didn’t. Of a veteran’s young daughter … all » whose birth defect is strikingly similar to birth defects suffered by many Iraqi children. Of thousands of young vets who are suffering from the symptoms of uranium poisoning, and the thousands more who are likely to find themselves with these ailments in the years to come. Of a government unwilling to admit there might be a problem here. Filmmaker Sue Harris skillfully weaves the stories of these young veterans with scientific explanations of the nature of “DU” and its dangers, including interviews with former U.S. Attorney General Ramsey Clark, New York Daily News reporter Juan Gonzalez, noted physicist Michio Kaku, Dr. Rosalie Bertell, Dr. Helen Caldicott and Major Doug Rokke- the former U.S. Army DU Project head.

Every American who cares about our troops should watch this film. Everyone who cares about the innocent civilians who live in the countries where these weapons are used should watch this film. And everyone who cares about the hatred of Americans that may result from the effects of our government’s actions in using these weapons, should watch this film. Is there a cover-up?

They also use their military bases around the world for testing their weapons. This video shows a few of their testing grounds I have to wonder out of the over 737 how many more are used for such tests. They are contaminating the world with Radiation. I think it’s time the people of the world all stood up and said no more DU or any other radioactive materials. The US has created more illness around the world then you could ever imagine.

Video Depleted Uranium used in Afganistan, Iraq, Yugoslavia!
Which means our soldiers will come home sick or get sick and many will die. AGAIN

DU Contaminates Europe

This is about how Radiation DU can travel and how it did to the UK because of the War in Iraq. A rather interesting read. Seems the wind blows and it goes. Like one needs to be a rocket scientists to figure that one out. It also travels anywhere else the wind blows. Seems a lot of Europe is now contaminated. I am guessing Bush knew this but like everything else Lied. One doesn’t have to be a rocket scientist to figure that one out either.


Bunker Busters
This is an animation of a Bunker Buster. It also give an idea of how radiation is easily spread. At this point have apparently been scraped.

Union of Concerned Scientists

Recent reports suggest that the Bush administration is considering
using nuclear weapons against Iran. The very fact that nuclear weapon
use is being discussed as an option—against a state that does not have
nuclear weapons and does not represent a direct or imminent threat to
the United States—illustrates the extent to which the Bush
administration has changed U.S. nuclear weapons policy.

“The Bush administration has explicitly rejected the basic precept
that the sole purpose of U.S. nuclear weapons should be to deter the
use of nuclear weapons. It has assigned a new, and provocative, mission
to U.S. nuclear weapons: to dissuade or prevent other countries from
undertaking military programs that could threaten U.S. interests in the
future. A ‘preventive’ nuclear attack on Iran would fall into this
category. It has also blurred the line between nuclear and conventional
weapons by declaring that nuclear weapons can be used as part of
military operations.

“This nuclear policy increases the likelihood that nuclear weapons
will be used, and ultimately decreases U.S. as well as international
security. Instead, the United States should commit itself to strengthen
the taboo against the use of nuclear weapons that has developed over
the past 60 years.

“Plans to use nuclear weapons against Iran also fail to recognize
the immediate dangers inherent in the use of nuclear weapons. The
administration is reportedly considering using the B61-11 nuclear
‘bunker buster’ against an underground facility near Natanz, Iran. The
use of such a weapon would create massive clouds of radioactive fallout
that could spread far from the site of the attack, including to other
nations. Even if used in remote, lightly populated areas, the number of
casualties could range up to more than a hundred thousand, depending on
the weapon yield and weather conditions.

“Threatening to use nuclear weapons against Iran provides the
strongest of incentives for nuclear proliferation, since it would send
the message that the only way for a country to deter nuclear attack is
to acquire its own nuclear arsenal. The administration cannot have its
cake and eat it, too—it cannot have a viable nuclear non-proliferation
policy while continually expanding the roles for its own nuclear
weapons.”

Edit Text

Depleted Uranium For Dummies

Everything you need to know about depleted uranium. Every day our troops remain in Iraq increases the chances that they will come home sick, produce children with birth defects, and die prematurely.
Edit Text

DU *IS* considered a WMD,

I really didn’t want to look at this page again, but here’s what I’m talking about.
[Warning: heartbreakingly, mindnumbingly, soulscreamingly graphic photos!]
THAT is why DU *IS* considered a WMD, illegal under international law – a full-blown Crime Against Humanity!

In Russia I believe it was after bomb testing near a town these same things happened. I remember a documentary I watched on it. The doctors documented all the cases. Right down to children being born with no eyes. There were tons of cases of deformities. Also mentally challenged children being born. Life expectancy was extremely short as well. Cancer rates etc were over whelming. Those pictures reminded me of that Documentary. Exactly the same thing.

Soviet nuclear testing, August 29, 1949-October 24, 1990

US Nuclear testing

Impact of testing Nuclear Bombs

Triggering of Landslides, Tsunamis and Earthquakes
At least one major test-related landslide and consequent Tsunami in Moruroa, on July 25, 1979. Apparently, the 120kiloton weapon, which was supposed to be lowered into a shaft of 800 meters, got stuck at a depth of 400 meters and could not be dislodged. The French authorities decided to explode the device anyway. This explosion resulted in a major underwater landslide of at least one million cubic meters of coral and rock and created a cavity, probably 140 meters in diameter. The underwater landslide produced a major tidal wave comparable to a tsunami, which spread through the Tuamotu Archipelago and injured

“Hiroshima, 70 Times Over. ”
hey folks, this is, uh, intelligent??
“Hiroshima, 70 Times Over. That is what ONE
so-called “Bunker Buster” bomb would unleash.
Calling this a “Bunker Buster” is like calling the bomb
used on Hiroshima” a few fireworks. ” The US Government decided not to use them right after the recent Earth Quake in Pakistan, Afganistan and India.

Link to another article claiming 11,000 GI’s dead from DU exposure.

Link to article by UK radiation expert.

Link to news on DU exposure

DESERT STORM
Deadlier than Vietnam?

Desert Storm fatalities could surpass those from Vietnam, if present trends
continue

ArmyIn Vietnam, between 1964 and 1975, 47,410 Americans died in combat,
while another 10,788 died from other causes, a total of 58,198.1 During
Operation Desert Storm, the reported combat deaths were 148, with another
235 dying from other causes.2

Veterans’ advocates say statistics from Desert Storm should be much higher,
however, reflecting the impact of Gulf War Illness.

Former U.S. Air Force Captain Joyce Riley, for example, expects that in the
next 10 years – or 22 years after the conflict – deaths among the veterans
deployed to the Persian Gulf will rise to between 80,000 and 100,000.

49,783 – 69,783 Deaths* Gulf War (1990-1991)
47,410 Battle Deaths Vietnam War (1964-1975)
385 Battle Deaths Spanish-American War (1898-1902)
1,733 Battle Deaths Mexican War (1846-1848)
2,260 Battle Deaths War of 1812 (1812-1815)
4,435 Battle Deaths American Revolution (1775-1783)

* Projected range of Gulf War veterans’ deaths attributable to Gulf War
Illness by 2013, if present trends continue.

Source for battle deaths: “America’s Wars Fact Sheet,” Department of
Veterans Affairs, May 2001.The Atrocities of DU Upon the Unborn and Newborn – Exposure Wednesday, 5:09 PM

These are some of the atrocities that are caused by the DU weapons used in the Middle East since the first Gulf War. The effects of DU are taking their tolls on civilians, as well as U.S. servicemen and their new born children.

The Great Depleted Uranium Cover-Up

Early Knowledge
The Pentagon Memos
The UKAEA Warning
The Cleanup Team – Dying To Decontaminate The Battlefield
Plutonium Contamination
Disinformation and Sophistry in Collusion

OSAGWI Investigations

UK Royal Society

Canadian DU Researchers Pay The Price

Dirty Tricks


While the use of DU in the 1991 Gulf War was not denied, it is striking that amid all the post-war hype over the success of expensive, high tech weaponry, DU weapons received surprisingly little public praise from Pentagon and US defence industry officials, in the wake of the war.
The US and other NATO governments have always refused to admit to any serious health risks from DU, or to acknowledge the so-called Gulf War Syndrome illnesses suffered by their former soldiers (let alone the “enemy” victims), and the US has consistently refused to even test its Gulf vets.
However, it is abundantly clear that the US authorities have always been aware of DU’s lethal properties, and their silence and refusal to countenance any ill effects from DU, is motivated by a desire to keep on using it, as well as the fear of a flood of compensation claims from their own soldiers (let alone reparations from their victims). The parallels with Agent Orange in Vietnam are all too clear, but the stakes are far higher this time.

Early Knowledge

As early as October 30th 1943, senior scientists from the Manhattan Project (the American WW2 drive to develop the atomic bomb) sent a letter to their director, General Leslie Groves, actually discussing the use of DU as a terrain contaminant, a gas warfare instrument for inhalation and ingestion (“gas” probably refers to the aerosol clouds), and a contaminator of the environment. They predicted (with, as we can now see, great accuracy) that uranium inhalation would lead to:
bronchial irritation coming on in a few hours to a few days … Beta emitting products could get into the gastrointestinal tract from polluted water, or food, or air. From the air, they would get on the mucus of the nose, throat bronchi, etc and be swallowed.
This proposed usage of DU was not pursued, because its effects were deemed too drastic and longlasting, for the sensibilities of the wartime Allied leaders.
Sources: Dr Doug Rokke and Dr Helen Caldicott

In the late 1950s, the Tennesse senator Al Gore Senior (father of the failed 2000 US presidential candidate), proposed dousing the demilitarized zone in Korea with uranium as a cheap safeguard against an attack from the North Koreans.

The Pentagon Memos

Given all the evidence that they were always aware of the dangers, it may seem surprising that no action has so far been taken by any western government to halt the use of DU munitions, or properly investigate its impact on civilians and soldiers.
The reason why they are so protective of their silver bullet is probably encapsulated in the now infamous March 1991 memo from Lt. Colonel Ziehmn of Los Alamos National Laboratory (one of the Pentagon’s main nuclear research centres), stating:
There has been and continues to be a concern regarding the impact of DU on the environment. Therefore if no one makes a case for the effectiveness of DU on the battlefield, DU rounds may become politically unacceptable and be deleted from the arsenal.
If DU penetrators proved their worth during our recent combat activities, then we should assure their future existence (until something better is developed) through Service/DoD proponency.
<!– The memo ends:
I believe we should keep this sensitive issue at mind, when, after action, reports are written. –>Source: Canada’s CBC TV – image of original memo
Translation: DU is militarily useful, so don’t make a fuss about the dangers

At about the same time, Greg Lyle at the US Defence Nuclear Agency sent this memo to Dr Doug Rokke (head of the US cleanup team in the Gulf), indicating their awareness of the dangers:
Alpha particles (uranium oxide dust) from expended rounds is a health concern but, Beta particles from fragments and intact rounds is a serious health threat, with possible exposure rates of 200 millirads per hour on contact.
Source: Canada’s CBC TV – feature on DU
NB: Levels of 200 millirads/hour and more were subsequently measured in the Gulf War battlefields, thus exceeding in 30 mins, the recommended US annual radiation dose of 100 millirads.

An eerily prescient July 1990 US Army report (ie. the month before Saddam invaded Kuwait), called Kinetic Energy Penetrator Environmental and Health Considerations, had already predicted that large amounts of DU oxides could be inhaled, with “potential radiological and toxicological effects”, and had warned that public knowledge of the dangers of DU could lead to pressure to ban it. The report also acknowledged that:
Assuming US regulatory standards and health physics practices are followed, it is likely that some form of remedial action will be required in a DU post-combat environment.
However, after the scale and cost of cleaning up the DU residue in the post-war Persian Gulf region became clear, the US Army Environmental Policy Institute informed American policymakers in a June 1995 report (Health and Consequences of Depleted Uranium use in the US army), that:
no international law, treaty, regulation, or custom requires the United States to remediate the Persian Gulf War battlefields.
Source: Fahey report, Depleted Uranium Weapons – Lessons from the 1991 Gulf War (Lesson 5)

Despite their denials, the Pentagon obviously knew well that DU was dangerous. The June 1995 US Army report referred to above, also stated that:
Depleted uranium is a low-level radioactive waste and, therefore, must be be desposed of in a licensed repository.
As the journalist Felicity Arbuthnot remarked, the report does not advise disposing of it on a school, hospital, TV station or Chinese embassy.

The UKAEA Warning

Back in the UK, Mr Bartholomew, Business Development Manager at UKAEA, sent a classified paper to the Royal Ordnance on 30 April 1991 (ie. 2 months after Gulf War), warning of a health and environmental catastrophe in Iraq and Kuwait. The UKAEA had calculated that if 50 tonnes of DU dust were inhaled, half a million deaths from cancer would potentially result within 10 years, and his covering letter added:
The whole subject of the contamination of Kuwait is emotive and thus must be dealt with in a sensitive manner. It is necessary to inform the Kuwait government of the problem in a useful way.
This memo’s existence was disclosed on 2nd March 1998, by UK Armed Forces Minister Lord Gilbert, in response to information tabled in the House of Lords, but was then downplayed by both the British government and media.
In fact, Gilbert’s reply that day shows a breathtaking level of ignorance (or more likely, dishonesty) of the facts about DU. Furthermore, the UKAEA paper itself relied on the ICRP’s radiation guidelines, which anti-radiation campaigners such as the LLRC bitterly dispute.
Source: Lords Hansard, 02 March 1998 (includes UKAEA paper and Bartholomew’s covering letter)
Also reported by Felicity Arbuthnot, in the Sunday Herald, 14 January 2001

The Cleanup Team – Dying To Decontaminate The Battlefield

During the Gulf War, the physicist Dr Doug Rokke was recalled to active duty 20 years after serving in Vietnam, and he served with the US Army Preventive Medicine Command, helping to prepare for nuclear/chemical/biological exposures.
After the war, he led the Theatre Depleted Uranium Assessment Team (a handful of officers and civilians), cleaning up contaminated American vehicles that had been hit by DU rounds, and in 1994 he was recalled again, as Director of the army’s Depleted Uranium Project.

In accordance with his directives, Dr Rokke compiled training manuals and videos for assessing, containing and cleaning up DU munitions, and caring for contaminated casualties. His team also made several explicit recommendations: the immediate clean-up of all affected sites, medical screening for anyone possibly exposed to DU, strict use of protective and detection equipment, and prevention of recycling of any materials possibly contaminated.
However, the US military declined to disseminate these instructional materials amongst the US and Allied forces, or to the civilian medical personnel treating affected populations. Nor did the US military comply with any of his recommendations. Rokke asserts that this is motivated by financial concerns, and fears of massive settlements and war reparations.
Dr Rokke now calls for a permanent ban on DU (including on the recycling of it for use in civilian products) and for the US to shoulder the cleanup and medical costs of using DU in Iraq.

At the time of their cleanup operation in the Gulf, Rokke and his team were not equipped with protective gear, or given training about what to expect. They only wore surgical masks rather than gas masks (which might have kept out the DU particles, but then again, they had never been advised to wear them), due to the desert heat.
They measured radioactive emissions inside destroyed vehicles at 2.6 to 10 mSv/hour. The maximum permissible radiation dose to members of the public is 1 mSv per year, so Iraqis (and the many US vets) who entered these vehicles received this in less than an hour.
Dr Rokke’s team also discovered that DU projectiles fragmented in the same way when fired at wooden targets, contradicting official claims that the uranium oxide dust would only result from impact with the most heavily armoured Iraqi tanks. The implications of this, are that there are much larger quantities of DU oxide floating around southern Iraq.
Within weeks of returning to the US, Rokke’s cleanup team began to fall ill. Over 20 of the 100-strong team died in the following 8 years (so said Dr Rokke at the November 1999 CASI conference, where he summarised his findings in the Gulf as “Oh my God !” – Rokke’s presentation is Session 6), and virtually all the rest are ill. Rokke himself suffers from several ailments, including short-term memory loss, breathing difficulties and vision problems.
He reports a catalogue of obstruction, interference, deception and the discarding/destruction of evidence, by US officials. He describes how one 1994 checkup revealed that he had 5,000 times the permissible level of uranium in his body, but he was not told for another two and a half years (thus preventing correlation of symptons with this known exposure – a common experience of sick Gulf War vets).
If Rokke’s experience in the Gulf demonstrates one thing, it is that the cleanup cost is incalculable – if indeed it’s still physically possible. His team took three months to clean up 24 tanks for transport back to the US. The army then took another three years to fully decontaminate them, in a purpose-built vacuum-sealed plant in South Carolina.
Dr Rokke addresses US Senate, 10 November 2000
Hansard, 15 December 1999 – Dr Rokke gives evidence to UK Parliament’s Select Committee on Defence
Disaster News Network interview with Dr Rokke, 28 December 2002 – updates the number of subsequent deaths on his 100-strong cleanup team to 30.

Plutonium Contamination

The January 2001 book, Depleted Uranium: The Invisible War by Martin Meissonnier, Federic Loore and Roger Trilling (published by Robert Laffont, France), was among the first to report that uranium at the US plants which process DU was contaminated with transuranics – highly radioactive elements including plutonium. The plants were meant to process natural uranium, but in the 1950s, without notifying the workers or surrounding communities, the US Department of Energy decided to reprocess spent fuel from military nuclear reactors.
In other words, the many hundreds of tonnes of DU fired in the Gulf and in the Balkans contained elements many thousands of times more dangerous than U238. It was in response to a 17th January 2001 question from Roger Trilling, that the Pentagon (in the the shape of spokesman, Kenneth Bacon) first acknowledged the plutonium contamination which independent scientists began to suspect in the early 1990s.
Lara Marlowe – Irish Times, 1st February 2001

On 20th January 2000, the US Energy Secretery revealed in a written response to Tara Thornton of the MTP that:
One would have to assume depleted uranium includes traces of plutonium.
Der Spiegel – 23rd January 2001

Traces of U236 (a highly radioactive man-made isotope of uranium), plutonium and other transuranics have since been found in American DU munitions. DU produced by other countries such as Russia and Pakistan may be even “dirtier” than the US stockpile. Indeed, depleted uranium should perhaps be better known as uranium-plus.

See The Fire This Time’s plutonium page, for more information on the plutonium contamination.

Disinformation and Sophistry in Collusion

In a brazen illustration of the power of the nuclear industry to evade inspection, the WHO is bound by a 1959 agreement with its fellow UN agency, the IAEA, which gives the unequivocally pro-nuclear IAEA a veto over any attempts by the WHO to research the effects of radiation.
As if to reinforce the point, the US Government, supported by some 40 countries including the UK, voted to cancel a WHO study into the effects of DU on civilians in Iraq in November 2001 – even if the WHO limited itself to the toxicological effects. However, the UN Sub-Committee on Minorities and Human Rights has charged three times that DU is a weapon of mass destruction.

Which is not to say there’s no official research going into the effects of DU. The Olin Corporation is the main US manufacturer of DU anti-tank rounds, and its foundation is generous in funding DU research – “research” which purports to show that DU has no harmful effects …

In December 1984, the FAA issued Advisory Circular 20-123 – Avoiding or Minimizing Encounters With Aircraft Equipped With Depleted Uranium Balance Weights During Accident Investigations.
It is still in effect, and states:
If particles are inhaled or digested, they can be chemically toxic and cause a significant and long-lasting irradiation of internal tissue.
It advises investigators to wear protective clothing at crash sites, and dispose of them afterwards as radioactive waste.
Source: From The Wilderness – November 2001
So the FAA didn’t and doesn’t think DU is safe either !

Bill Mesler writes in the The Nation, 13 May 1997, about how the Pentagon covered up the test-firing of DU in its bases on allied territory.
Pentagon Poison: The Great Radioactive Ammo Cover-Up
But why would they want to conceal such a perfectly harmless activity ?

OSAGWI Investigations
In 1997 the Pentagon established OSAGWI, and after 5 years it had spent nearly $150 million without ever publishing one medical research report or offering a single treatment program for ill Gulf War veterans.
In fact, as of 1998, only 24 GWS victims had ever been examined for uranium in their lungs – and that was prior to OSAGWI’s establishment. Using old insensitive equipment, Dr Belton Burroughs and Dr David Slingerland of the Veterans Administration Medical Center in Boston, were able to identify 14 of the 24 as having measurable amounts of DU in their lungs.
Their testing was then ordered to stop, and all their records were subsequently “lost”. Some urine samples were sent to the US Army Radiochemistry Laboratory in Maryland, for testing. Some of them never reached the laboratory, and the results of those that did were supposedly “lost”. After Dr Asaf Durakovic, an internationally recognized expert in internal radioactive contamination, testified about this to the US Congress, he subsequently lost his job with the VA (a Pentagon agency) in 1997.
from Dr Bertell’s 7th May 1998 address at University of Toronto

As concern over GWS and the disaster in Iraq began to grow, an OSAGWI-funded RAND report, A Review of the Scientific Literature as it Pertains to Gulf War Illnesses, Volume 7: Depleted Uranium, was issued in April 1999 and (in contradiction of all the prior official reports and memos I’ve already quoted) repeated officialdom’s public denials that DU was harmful. It also employed a recurring trick, by obfuscating the meaning of the term “natural” uranium, eg. at one point they state that DU is less radioactive than natural uranium (which can only be true if by “natural”, they mean the post-mining but pre-enrichment metal), and then they go on to state that the natural level of uranium concentrations in our water have never done us any harm (but this type of “natural” uranium is millions of times more diffuse than the refined metal – in fact, uranium does not even exist as a solid metal in nature).
Dan Fahey (Gulf War vet who served as a naval officer, and is now an anti-DU and veterans-rights activist with the NGWRC, MTP and Swords to Plowshares) responded with a series of four reports: Dod Analysis I in April 1999, Dod Analysis II: The Good, The Bad and The Ugly in June 1999, A Fear of Falling in August 1999 and Don’t Look, Don’t Find in March 2000.
Fahey attacked the RAND report as biased and incomplete, charging that it made no reference to over 100 relevant information sources, and ignored known studies which demonstrated a clear relationship between DU and harm to human health – for example, those carried out by the Armed Forces Radiobiology Research Institute. He demonstrated that the RAND authors (one of whom was a member of OSAGWI staff) were clearly ignorant of much existing literature about DU hazards and previous experiments (literature which the RAND report claimed to have reviewed) and they had also based their conclusions on faulty DU exposure estimates provided by the Pentagon. Furthermore, significant information from OSAGWI interviews was also missing from the body of the RAND report.

In a broader critique of the Pentagon’s track record, he points out that not one of the US friendly-fire casualties hit by DU munitions was even tested till the DU Program was established in 1993, and then only a handful were monitored. Even when one of that handful later developed a tumour, the RAND report didn’t mention that, and in fact when VA doctors removed the tumour, they refused to release it to the patient, for independent testing.
In A Fear of Falling, Fahey damns the Pentagon thus:
US military leaders are trying to ensure the unrestricted future use and proliferation of depleted uranium weapons, while attempting to conceal their past failures to prevent DU exposures. Through public relations campaigns disguised as investigations, military leaders promote the illusion of the ‘clean’ war where no one dies, and no one gets sick.

In Don’t Look Don’t Find, Fahey brings up the issue of plutonium contamination, and refers to a 1963 study that showed plutonium levels in the DU stockpile to be hundreds of times above established limits. He concludes that the burden of proof is on the Pentagon, as to whether DU ammunition contained high levels, or merely trace amounts, of plutonium and other transuranics.
Some earlier DU papers by Dan Fahey include:

September 1996: Collateral Damage: How US Troops Were Exposed to Depleted Uranium During the Persian Gulf War
(link is an excerpt only – full report is in the IAC book, Depleted Uranium: Metal of Dishonour)

March 1997: The Stone Unturned – A Report on Exposures of Persian Gulf War Veterans and Others to Depleted Uranium Contamination

September 1998: Case Narrative – DU Exposures (3rd Edition)

May 1999 Depleted Uranium Weapons – Lessons from the 1991 Gulf War

UK Royal Society
In May 2001, the UK Royal Society – an establishment body, manned by a cosy self-congratulatory coterie of the great and good in waiting for their knighthoods – got in on the denial game, by publishing its own report on DU, Health Hazards of Depleted Uranium Munitions. This report was based on a review of existing literature, rather than any new investigations of their own, and contained the astounding claim that a soldier inside any vehicle struck by a DU penetrator – the most dangerous scenario – has only a slightly increased risk of lung cancer.
Their report was derided by the LLRC, which described their findings as “absolute nonsense” and “lying” and also criticised their methodology, for not taking into account the specific hazards of internal radiation sources.
The Laka Foundation’s June 2001 review gave the Royal Society credit for at least allowing Dr Chris Busby of the LLRC to address them, but was otherwise no kinder to their report.
Dr Malcolm Hooper, advisor to the British Gulf War vets, also criticised their report, on 14 June 2001.

In March 2002, the Royal Society produced a follow-up report on the health effects of DU, concentrating on the chemical and long-term environmental risks. It concluded that even for soldiers on the battlefield, exposure levels would be too low to have any adverse effect on any organ. Dr Chris Busby of the LLRC made a series of suggestions to the report’s draft copy all of which were ignored in the final copy, and which led him to conclude that:
There was no real intention to research the area except in ways that were guaranteed not to find anything.
Similarly Malcolm Hooper, Chief Medical advisor to the British Gulf War Veterans commented that:
This is an attempt to give a scientific imprimatur to the stance of the government, which is unacceptable.
See CADU and NRPB comments on the Royal Society’s work.

Canadian DU Researchers Pay The Price – The Case Of Sharma And Horan
In April 1999, Dr Hari Sharma, a nuclear chemist at the University of Waterloo in Ontario, Canada, found DU traces in the urine of 14 British vets, out of a group of 30 who had send him their samples. Based on his findings, he predicted 1,500 to 10,500 extra cancers among the UK cohort of 53,000 vets.
Soon after, he was sent soil and urine samples by some Wolverhampton prison officers after a fire at a neighbouring DU factory (see Featherstone fire, on UK page), but was sacked from his 30-year university post before they arrived. The samples then went “missing”.
Patricia Horan, a geochemist at the Memorial University of Newfoundland, Canada, later backed up Dr Sharma’s results for the British vets, using more sensitive equipment. She worked on DU from 1999, but was forced out of her job in July 2002 (and her assistant was dismissed on the same day), having already experienced break-ins and burglaries, and harrassment by her new boss. In August 2002, she co-published her findings with Dietz and Durakovic of the UMRC.
BBC, 27 August 1999

Dirty Tricks
The references to the handling of GWS on the other pages of this site, provide many more examples of the official obstruction of any investigations.
Indeed, they often went beyond that, into intimidation and coercion. The 7th September 2001 Big Issue even reported that Dr Doug Rokke had been shot at, the journalist Felicity Arbuthnot rammed off the road on the A11 in Cambridgeshire by an unmarked car, and British vet Ray Bristow’s DU research stolen in a burglary.
However, I have been unable to find alternative corroboration of any of these stories, apart from Ray Bristow’s burglary (which was actually a raid by MoD police, and is documented in Arbuthnot’s September 1999 New Internationalist article, Poisoned Legacy). This undated Squall article gives a bit more detail, but appears to be based on the same source.
There are also reports of unknown authenticity, that Dr Guenther was seriously injured by a drive-by shooting in Germany.

Source

FRIENDLY FIRE DEATHS LINKED TO US PILOTS ON SPEED

FRIENDLY FIRE DEATHS LINKED TO US PILOTS ON SPEED
Now they want to drug even more Troops.
Dexedrine Is A ‘Go-Pill’ Given To Pilots When They Set Off On Missions.

Restoril is a ‘no-go pill’ to help them sleep.

The use of drugs by American pilots is an open secret in the defence world. By Andrew Buncombe AMERICAN PILOTS in Afghanistan, blamed for a series of “friendly fire” incidents and devastating erroneous attacks on innocent civilians, were routinely provided with amphetamines to tackle fatigue and help them fly longer hours.

Pilots were allowed to “self-regulate” their own doses and kept the drugs in their cockpits. The pilots were provided with the stimulant Dexedrine, generically known as dextroamphetamine and referred to as a “go-pill” by the airmen, when they set off on missions.

When they returned, doctors gave them sedatives or “no-go pills” to help them sleep.

Pilots who refused to take the drugs could be banned from taking part in a mission.

The use of the drugs is outlined in a 58-page document seen by The Independent entitled Performance Maintenance During Continuous Flight Operations, produced by the Naval medical research laboratory in Pensacola, Florida. It says: “Combat naps, proper nutrition and caffeine are currently approved and accepted ways … to prevent and manage fatigue.

However, in sustained and continuous operations these methods may be insufficient …”

A statement issued yesterday by the US Air Force Surgeon General’s Office confirmed the use of amphetamines by pilots.

It said: “During contingency and combat operations, aviators are often required to perform their duties for extended periods without rest. While we have many planning and training techniques to extend our operations, prescribed drugs are sometimes made available to counter the effects of fatigue during these operations.” The use of stimulants by American combat pilots appears to be an open secret within the defence world, although it is believed this is the first time the Pentagon has confirmed their use was officially condoned.

The revelation has fuelled speculation that the use of amphetamines may have been a factor in a series of devastating errors by pilots that led to attacks on Afghan civilians as well as so-called friendly-fire incidents. In the worst friendly-fire incident of the campaign, four Canadian soldiers of the Princess Patricia’s Canadian Light Infantry were killed and eight injured in April when an American pilot dropped a 500lb laser-guided bomb on their position. The F-16 pilot, Illinois Air National Guard Major Harry Schmidt, had flown three hours from Kuwait to the combat zone and faced a three-hour flight back afterwards. F-16 missions from Kuwait routinely took up to nine hours. In addition, few of the pilots based in Kuwait – where they were originally deployed to patrol the no-fly zone over southern Iraq – – received the recommended 12 hours rest between missions as they were on double duty. John Pike, director of Globalsecurity.org, a defence think-tank, said: “Better bombing through chemistry.

I think enquiring whether amphetamine use had a role in the bombing errors is an obvious question to ask. I am surprised that the question has not been asked before. “When you look at the original story of the Canadian friendly-fire incident it seems that the pilot was being inexplicably aggressive. It goes beyond fatigue or lack of experience or being a cowboy or trigger happy or any of the standard prosaic explanations. The simplest explanation is that the guy had eaten too much speed and was paranoid.”

Two unpublished reports into the friendly-fire incident reportedly concluded that Mr Schmidt made his error because he failed to properly assess the supposed risk before striking. Mr Schmidt, a former Navy pilot and instructor at its elite “Top Gun” training school, said he saw muzzle flashes on the ground and believed he was acting in self-defence. Moments later he was informed there were “friendlies in the area”. It later emerged the Canadians were taking part in live-firing exercises which America was aware of. Mr Schmidt’s lawyer, Charles Gittins, was unavailable to comment yesterday on whether his client had been taking amphetamines. However, he told the Toronto Star, which revealed the use of amphetamines by pilots: “I don’t know. I never asked my pilot if he was medicated.

But it’s quite common.” The Performance Maintenance manual reveals just how common the use of amphetamines by pilots is. A survey of pilots who took part in the 1991 Desert Storm operation suggests 60 per cent of them took Dexedrine. In units most heavily involved in combat missions, the rate was as high as 96 per cent. During Desert Storm, the standard dosage of Dexedrine was 5mg. In Afghanistan it was 10mg. The manual itself warns of the potential dangers of amphetamine use, particularly from repetitive dosage.

It says: “The risk of drug accumulation from repetitive dosage warrants serious consideration.”

Despite this it appears that pilots are under a considerable degree of pressure to take the drugs.

A consent form that all pilots are required to sign says use of the drug is voluntary.

But it adds: “Should I choose not to take it under circumstances where its use appears indicated … my commander … may determine whether or not I should be considered unfit to fly a given mission.” Last month scores of Afghan civilians were killed in the village of Karakak, 100 miles north of Kandahar, after being bombed by American forces which may have mistook wedding celebrations as hostile fire.

Published in: on January 20, 2008 at 12:20 am  Comments Off on FRIENDLY FIRE DEATHS LINKED TO US PILOTS ON SPEED  

Drug Troops to Numb Them to Horrors of War

Pentagon, Big Pharma

Drug Troops to Numb Them to Horrors of War
http://www. informationclearinghouse/article19065.htm
By Penny Coleman

14/01/08 “AlterNet” – – – In June, the Department of Defense Task Force on Mental Health acknowledged “daunting and growing” psychological problems among our troops: Nearly 40 percent of soldiers, a third of Marines and half of National Guard members are presenting with serious mental health issues. They also reported “fundamental weaknesses” in the U.S. military’s approach to psychological health. That report was followed in August by the Army Suicide Event Report (ASER), which reported that 2006 saw the highest rate of military suicides in 26 years. And last month, CBS News reported that, based on its own extensive research, over 6,250 American veterans took their own lives in 2005 alone — that works out to a little more than 17 suicides every day.

That’s all pretty bleak, but there is reason for optimism in the long-overdue attention being paid to the emotional and psychic cost of these new wars. The shrill hypocrisy of an administration that has decked itself in yellow ribbons and mandatory lapel pins while ignoring a human crisis of monumental proportion is finally being exposed.

On Dec. 12, Rep. Bob Filner, D-Calif., chairman of the House Veterans Affairs Committee, called a hearing ..ping Suicides: Mental Health Challenges Within the Department of Veterans Affairs.” At that hearing suggestions were raised and conversations begun that hopefully will bear fruit.

But I find myself extremely anxious in the face of some of these new suggestions, specifically what is being called the Psychological Kevlar Act of 2007 and use of the drug propranalol to treat the symptoms of posttraumatic stress injuries. Though both, at least in theory, sound entirely reasonable, even desirable, in the wrong hands, under the wrong leadership, they could make the sci-fi fantasies of Blade Runner seem prescient.

The Psychological Kevlar Act “directs the secretary of defense to develop and implement a plan to incorporate preventive and early-intervention measures, practices or procedures that reduce the likelihood that personnel in combat will develop post-traumatic stress disorder (PTSD) or other stress-related psychopathologies, including substance use conditions. (Kevlar, a DuPont fiber, is an essential component of U.S. military helmets and bullet-proof vests advertised to be “five times stronger than steel.”) The stated purpose of this legislation is to make American soldiers less vulnerable to the combat stressors that so often result in psychic injuries.

On the face of it, the bill sounds logical and even compassionate. After all, our soldiers are supplied with physical armor — at least in theory. So why not mental? My guess is that the representatives who have signed on to this bill are genuinely concerned about the welfare of troops and their families. Patrick Kennedy, D-R.I., is the bill’s sponsor, and I have no reason to question his genuine commitment to mental health issues, both within and outside of the military. Still, I find myself chilled at the prospects. To explain my discomfort, I need to go briefly into the history of military training.

Since World War II, our military has sought and found any number of ways to override the values and belief systems recruits have absorbed from their families, schools, communities and religions. Using the principles of operant conditioning, the military has found ways to reprogram their human software, overriding those characteristics that are inconvenient in a military context, most particularly the inherent resistance human beings have to killing others of their own species. “Modern combat training conditions soldiers to act reflexively to stimuli,” says Lt. Col. Peter Kilner, a professor of philosophy and ethics at West Point, “and this maximizes soldiers’ lethality, but it does so by bypassing their moral autonomy. Soldiers are conditioned to act without considering the moral repercussions of their actions; they are enabled to kill without making the conscious decision to do so. If they are unable to justify to themselves the fact that they killed another human being, they will likely — and understandably — suffer enormous guilt. This guilt manifests itself as post-traumatic stress disorder (PTSD), and it has damaged the lives of thousands of men who performed their duty in combat.”

By military standards, operant conditioning has been highly effective. It’s enabled American soldiers to kill more often and more efficiently, and that ability continues to exact a terrible toll on those we have designated as the “enemy.” But the toll on the troops themselves is also tragic. Even when troops struggle honorably with the difference between a protected person and a permissible target (and I believe that the vast majority do so struggle, though the distinction is one I find both ethically and humanely problematic) in war “shit happens.” When soldiers are witness to overwhelming horror, or because of a reflexive accident, an illegitimate order, or because multiple deployments have thoroughly distorted their perceptions, or simply because they are in the wrong place at the wrong time — those are the moments that will continue to haunt them, the memories they will not be able to forgive or forget, and the stuff of posttraumatic stress injuries.

And it’s not just the inherent conscientious objector our military finds inconvenient: current U.S. military training also includes a component to desensitize male soldiers to the sounds of women being raped, so the enemy cannot use the cries of their fellow soldiers to leverage information. I think it not unreasonable to connect such desensitization techniques to the rates of domestic violence in the military, which are, according to the DoD, five times those in the civilian population. Is anyone really surprised that men who have been specifically trained to ignore the pain and fear of women have a difficult time coming home to their wives and families? And clearly they do. There were 2,374 reported cases of sexual assault in the military in 2005, a 40 percent increase over 2004. But that figure represents only reported cases, and, as Air Force Brig. Gen. K.C. McClain, commander of DoD’s Joint Task Force for Sexual Assault Prevention and Response pointed out, “Studies indicate that only 5 percent of sexual assaults are reported.”

I have thought a lot about the implications of “psychological Kevlar” — what kind of “preventive and early-intervention measures, practices or procedures” might be developed that would “reduce the likelihood that personnel in combat will develop post-traumatic stress disorder.” How would a soldier with a shield against moral response “five times stronger than steel” behave?

I cannot convince myself that what is really being promoted isn’t a form of moral lobotomy.

I cannot imagine what aspects of selfhood will have to be excised or paralyzed so soldiers will no longer be troubled by what they, not to mention we, would otherwise consider morally repugnant. A soldier who has lost an arm can be welcomed home because he or she still shares fundamental societal values. But the soldier who sees her friend emulsified by a bomb, or who is ordered to run over children in the road rather than slow down the convoy, or who realizes too late that the woman was carrying a baby, not a bomb — if that soldier’s ability to feel terror and horror has been amputated, if he or she can no longer be appalled or haunted, something far more precious has been lost. I am afraid that the training or conditioning or drug that will be developed to protect soldiers from such injuries will leave an indifference to violence that will make them unrecognizable to themselves and to those who love them. They will be alienated and isolated, and finally unable to come home.

Posttraumatic stress injuries can devastate the lives of soldiers and their families. The suicides that are so often the result of such injuries make it clear that they can be every bit as lethal as bullets or bombs, and to date no cure has been found. Treatment and disability payments, both for injured troops and their families, are a huge budgetary concern that becomes ever more daunting as these wars drag on. The Psychological Kevlar Act perhaps holds out the promise of a prophylactic remedy, but it should come as no surprise that Big Pharma has been looking for a chemical intervention.

What they have come up with has already been dubbed “the mourning after pill.” Propranalol, if taken immediately following a traumatic event, can subdue a victim’s stress response and so soften his or her perception of the memory. That does not mean the memory has been erased, but proponents claim that the drug can render it emotionally toothless.

If your daughter were raped, the argument goes, wouldn’t you want to spare her a traumatic memory that might well ruin her life? As the mother of a 23-year old daughter, I can certainly understand the appeal of that argument. And a drug that could prevent the terrible effects of traumatic injuries in soldiers? If I were the parent of a soldier suffering from such a life-altering injury, I can imagine being similarly persuaded.

Not surprisingly, the Army is already on board. Propranolol is a well-tolerated medication that has been used for years for other purposes.

And it is inexpensive.

But is it moral to weaken memories of horrendous acts a person has committed? Some would say that there is no difference between offering injured soldiers penicillin to prevent an infection and giving a drug that prevents them from suffering from a posttraumatic stress injury for the rest of their lives. Others, like Leon Kass, former chairman of the President’s Council on Bioethics, object to propranolol’s use on the grounds that it medicates away one’s conscience. “It’s the morning-after pill for just about anything that produces regret, remorse, pain or guilt,” he says. Barry Romo, a national coordinator for Vietnam Veterans Against the War, is even more blunt. “That’s the devil pill,” he says. “That’s the monster pill, the anti-morality pill. That’s the pill that can make men and women do anything and think they can get away with it. Even if it doesn’t work, what’s scary is that a young soldier could believe it will.”

It doesn’t take a neuroscientist to see the problem with both of these solutions. Though both hold the promise of relief from the effects of an injury that causes unspeakable pain, they do so at what appears to be great cost. Whatever research projects might be funded by the Psychological Kevlar Act and whatever use is made of propranolol, they will almost certainly involve a diminished range of feelings and memory, without which soldiers and veterans will be different. But in what ways?

I wish I could trust the leadership of our country to prioritize the lives and well-being of our citizens. I don’t. The last six years have clearly shown the extent to which this administration is willing to go to use soldiers for its own ends, discarding them when they are damaged. Will efforts be made to fix what has been broken? Return what has been taken? Bring them home? Will citizens be enlightened about what we are condoning in our ignorance, dispassion or indifference? Or will these two solutions simply bring us closer to realizing the bullet-proof mind, devoid of the inconvenient vulnerability of decent human beings to atrocity and horror? And finally, these are all questions about the morality of proposals that are trying to prevent injuries without changing the social circumstances that bring them about, which sidestep the most fundamental moral dilemma: that of sending people to war in the first place.

Penny Coleman is the widow of a Vietnam veteran who took his own life after coming home. Her latest book, Flashback: Posttraumatic Stress Disorder, Suicide and the Lessons of War, was released on Memorial Day, 2006. Her blog is Flashback.

Published in: on January 20, 2008 at 12:17 am  Comments Off on Drug Troops to Numb Them to Horrors of War  

Plans underway to “Microchip” Newborns in U.S. and Europe

January 2008

Doctor alleges plans underway to “Microchip” Newborns in U.S. and Europe

Compiled by Lucien Desjardins
http://www.agoracosmopolitan.com/home/Frontpage/2007/01/08/01290.html

Regarding plans to microchip newborns, Dr. Kilde said the U.S. has been moving in this direction “in secrecy.”

She added that in Sweden, Prime Minister Olof Palme gave permission in 1973 to implant prisoners, and Data Inspection’s ex-Director General Jan Freese revealed that nursing-home patients were implanted in the mid-1980s. The technology is revealed in the 1972:47 Swedish state report, Statens Officiella Utradninger.

Are you prepared to live in a world in which every newborn baby is micro-chipped? And finally are you ready to have your every move tracked, recorded and placed in Big Brother’s data bank? According to the Finnish article, distributed to doctors and medical students, time is running out for changing the direction of military medicine and mind control technology, ensuring the future of human freedom.

“Implanted human beings can be followed anywhere. Their brain functions can be remotely monitored by supercomputers and even altered through the changing of frequencies,” wrote Dr. Kilde. “Guinea pigs in secret experiments have included prisoners, soldiers, mental patients,handicapped children, deaf and blind people, homosexuals, single women, the elderly, school children, and any group of people considered “marginal” by the elite experimenters. The published experiences of prisoners in Utah State Prison, for example, are shocking to the conscience.

“Today’s microchips operate by means of low-frequency radio waves that target them. With the help of satellites, the implanted person can be tracked anywhere on the globe. Such a technique was among a number tested in the Iraq war, according to Dr. Carl Sanders, who invented the intelligence-manned interface (IMI) biotic, which is injected into people. (Earlier during the Vietnam War, soldiers were injected with the Rambo chip, designed to increase adrenaline flow into the bloodstream.) The 20-billion-bit/second supercomputers at the U.S. National Security Agency (NSA) could now “see and hear” what soldiers experience in the battlefield with a remote monitoring system (RMS).

“When a 5-micromillimeter microchip (the diameter of a strand of hair is 50 micromillimeters) is placed into optical nerve of the eye,”, Dr. Kilde indicates “it draws neuro-impulses from the brain that embody the experiences, smells, sights, and voice of the implanted person. Once transferred and stored in a computer, these neuro-impulses can be projected back to the person’s brain via the microchip to be re-experienced. Using a RMS, a land-based computer operator can send electromagnetic messages (encoded as signals) to the nervous system, affecting the target’s performance. With RMS, healthy persons can be induced to see hallucinations and to hear voices in their heads. ”

“Every thought, reaction, hearing, and visual observation causes a certain neurological potential, spikes, and patterns in the brain and its electromagnetic fields, which can now be decoded into thoughts, pictures, and voices, ” Dr. Kilde adds. “Electromagnetic stimulation can therefore change a person’s brainwaves and affect muscular activity, causing painful muscular cramps experienced as torture.”

Microchip-Induced Tumors in Laboratory Rodents and Dogs: A Review of the Literature 1990–2006
Also a lot of of other information. At this site as well.
http://www.spychips.com/
The below are just a few of the links at the site there are many more.
What is RFID?

How “spychips” pose a threat to your privacy

What should be done?
CASPIAN’s Proposed Legislation would require labeling on products containing RFID
CASPIAN’s Joint Position Statement requests limits on business and government use of RFID

Stop RFIDs in California IDs Tell Your Lawmakers to Vote “YES” to SB 768
California residents, click here to find out more.

CASPIAN Launches Worldwide Tesco Boycott!
Consumers react as retailer flaunts expanding use of RFID

Business Week Article:
“Industry is finally getting the message: RFID is fine for pallets of goods in a warehouse, but not for people.”

CIO Magazine Article:
Customers to Retailers: “Take us Seriously”
Privacy Advocates Turn up the Pressure

Scandals

DHS Wants Beefed up RFID To Silently ID People 25 Feet Away

The VeriChip Can be Cloned, May Not Work When Needed

Ex-HHS Head Puts Off Being Chipped Despite July Promise

Ex-Bush cabinet member praises & recommends VeriChip

CASPIAN uncovers Government RFID Promotion Scheme

Mexican Chipping Overstated (CASPIAN reveals 18 officials chipped, not 160)

FDA letter outlines serious health risks from VeriChip human implants

Censored! CASPIAN told to remove incriminating RFID tagging photos

Photos of chipped CVS products, Kleenex, Huggies baby wipes

Calvin Klein and other clothing labels with hidden RFID tags

Mexican Attorney General and staff take RFID implants

Wal-Mart is RFID tagging in Texas! Call 1-800-Wal-Mart to complain!

Industry Attempt to Smear RFID Activist Katherine Albrecht
Grocery Manufacturers of America and Gillette CEO asked to explain

CASPIAN finds embarrassing confidential RFID documents
Talk of “pacifying” consumers, hoping for “apathy,” and bringing lawmakers into the “inner circle.”

CASPIAN asks “How can we trust these people with our personal data?”

Metro “Future Store” hides RFID in shopper cards
Protest and backlash force a recall
Wal-Mart, P&G Caught in Secret RFID Test
Consumers used as guinea pigs for controversial technology