Uranium Mining, Grand Canyon now at Risk, Dangers, Pollution, History

Grand Canyon protection from mining about to end

By Ginger D. Richardson

December.5 2008
The Arizona Republic

The Bureau of Land Management today is expected to eliminate a regulation that gave two congressional committees the ability to block future uranium mining and exploration on public lands near the Grand Canyon.

The little-used provision, which is buried in Section 204 of the 1976 Federal Land Policy and Management Act, has for decades provided the House and Senate natural-resources committees with the authority to take emergency action to protect threatened federal land.

It was last invoked in June by Tucson Democrat Raul Grijalva, in a failed attempt to order Interior Secretary Dirk Kempthorne to ban immediately new mining claims on more than 1 million acres of property near the Canyon for a period up to three years.

The department ignored the order, questioning its constitutionality, and started in late October the public process to abolish the rule.

Thursday, Grijalva, who is rumored to be a leading candidate to head the Interior Department in President-elect Barack Obama’s Cabinet, blasted the Bush administration’s decision to abolish the regulation.

“This last-minute change puts at risk the health of millions of citizens of the West,” Grijalva said in a statement, adding that “in my view, the Grand Canyon is one of those places that deserves extra protection from the impact of industrial activities.”

Roger Clark, air and energy director for the Grand Canyon Trust, expressed similar sentiments.

“We are deeply disappointed that the Bush administration places a higher priority on helping the mining industry than it does on protecting the Grand Canyon,” he said.

Environmentalists fear that uranium mining could adversely harm the national park and have a negative impact on the Colorado River, which provides drinking water to residents in Arizona, Nevada and California.

But the BLM, one of several agencies under the umbrella of the Interior Department, has argued that ample protections are in place to protect the Grand Canyon and to ensure the sanctity of federal lands.

This week’s action likely will not end the fight; environmental groups have sued over the mining issue, and that case is pending in U.S. District Court.

Source

The Effects of Uranium Mining are Disastrous.
Extracting a disaster

By David Thorp

December 5 2008

The increased sourcing of raw uranium that will arise from nuclear new build is an ethical and environmental nightmare currently being ignored by the government.

The World Nuclear Association (WNA), the trade body for companies that make up 90% of the industry, admits that in “emerging uranium producing countries” there is frequently no adequate environmental health and safety legislation, let alone monitoring. It is considerately proposing a Charter of Ethics containing principles of uranium stewardship for its members to follow. But this is a self-policing voluntary arrangement. Similarly, the International Atomic Energy Agency’s safety guide to the Management of Radioactive Waste from the Mining and Milling of Ores (pdf) are not legally binding on operators.

The problem is that transparency is not a value enshrined in the extractive or the nuclear industries. Journalists find themselves blocked. Recently, to tackle this issue, Panos Institute West Africa (IPAO) held a training seminar for journalists in Senegal which highlighted that only persistent investigation – or, in the case of the Niger’s Tuareg, violent rebellion – has a chance of uncovering the truth.

The co-editor of the Republican in Niger, Ousseini Issa, said that only due to local media campaigns was there a revision of the contract linking Niger to the French company Areva. “As a result of our efforts, the price of a kilogram of uranium increased from 25,000 to 40,000 CFA francs,” he said. The local community hopes now to see more of the income from the extraction of its resources.

IPAO has much evidence that in Africa the legacy of mining is often terrible health, water contamination and other pollution problems. IPAO would laugh at the Extractive Industries Transparency Initiative – an Orwellian creation launched by Tony Blair in 2001.

What is the effect of uranium mining? Nuclear fuel from fresh uranium is cheaper than from recycled uranium or recycled plutonium (MOX), which is why there is a worldwide uranium rush.

To produce the 25 tonnes or so of uranium fuel needed to keep your average reactor going for a year entails the extraction of half a million tonnes of waste rock and over 100,000 tonnes of mill tailings. These are toxic for hundreds of thousands of years. The conversion plant will generate another 144 tonnes of solid waste and 1343 cubic metres of liquid waste.

Contamination of local water supplies around uranium mines and processing plants has been documented in Brazil, Colorado, Texas, Australia, Namibia and many other sites. To supply even a fraction of the power stations the industry expects to be online worldwide in 2020 would mean generating 50 million tonnes of toxic radioactive residues every single year.

These tailings contain uranium, thorium, radium, polonium, and emit radon-222. In the US, the Environmental Protection Agency sets limits of emissions from the dumps and monitors them. This does not happen in many less developed areas.

The long-term management cost of these dumps is left out of the current market prices for nuclear fuel and may be as high as the uranium cost itself. The situation for the depleted uranium waste arising during enrichment even may be worse, says the World Information Service on Energy.

No one can convince me that the above process is carbon-free, as politicians claim. It takes a lot of – almost certainly fossil-fuelled – energy to move that amount of rock and process the ore. But the carbon cost is often not in the country where the fuel is consumed.

And what of the other costs? Over half of the world’s uranium is in Australia and Canada. In Australia the government is planning to make money from the nuclear renaissance being predicted; uranium mining is expanding everywhere. Australian Greens are fast losing the optimism they felt when the Labor party won the last election.

In the Northern Territory plans to expand a nuclear dump at Muckaty station are being pushed forward with no regard for the land’s Aboriginal owners. The supposedly greener new Australian government Minister Martin Ferguson has failed to deliver an election promise to overturn the Howard government’s Commonwealth Radioactive Waste Management Act, which earmarks a series of sites for nuclear waste dumps.

In South Australia, in August the Australian government approved the expansion of a controversial uranium mine, Beverley ISL. This was dubbed a “blank cheque licence for pollution”. Groundwater specialist Dr Gavin Mudd has examined the data from the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and called for it to be “independently verified by people not subservient to the mining industry” (The Epoch Times September 2 2008).

Elsewhere in the Northern Territory, BHP Billiton plans to have the first of five planned stages of expansion at its Olympic Dam mine in production by 2013. This will increase production capacity to 200,000 tonnes of copper, 4500 tonnes of uranium and 120,000 ounces of gold. This is a vast open cast mine, from which the wind can carry away radioactive dust.

Not far away locals are fighting a new uranium mine 25 kilometres south of Alice Springs. At the Ranger mines, Energy Resources of Australia – 68.4% owned by Rio Tinto – expects to find 30,000 to 40,000 tonnes of ore in the Ranger 3 Deeps area. In October it agreed to supply uranium oxide to a Chinese utility, signing a safety accord. This is how safe the mine in fact is – and you won’t find such records at African mines: almost 15,000 litres of acid uranium solution leaked in a 2002 incident, and since then further leaks ranging from 50 to over 23,000 litres have been reported.

The list goes on.

The bottom line is this: UK ministers are blind to the consequences of their pro-nuclear evangelism. Carbon credits under the Kyoto mechanism have to be independently audited by a global body to ensure that new renewable energy is unique, additional and lives up to its claims. At the very least there should be an independent, global body verifying the ethics, health and long-term safety of the nuclear supply chain.

Better, just leave it in the ground.

Source

A little history on the Risks:

Uranium mining dangers being hidden, expert warns

Geopolitical, environmental concerns not worth short-term economic gain, author argues

Katie Daubs

January 23 2008

An expert on uranium mining is coming to the Ottawa region with a warning: Don’t let it happen to you.

Jim Harding, the former director of research in the School of Human Justice at the University of Regina, will be in Ottawa and Wakefield this week to discuss his book, Canada’s Deadly Secret: Saskatchewan Uranium and the Global Nuclear System.

From Saskatchewan himself, Mr. Harding takes issue with the uranium mining that occurs in the north of the province, “out of sight and out of mind” of most citizens.

He argues that the geopolitical uses and long-term environmental effects are being hidden, and outweigh the short-term economic gain by which communities and governments are sometimes wooed.

He cites the Harper government’s eager acceptance of nuclear energy as evidence that Canada is going down a path of misplaced intentions.

“We like to think we’re a peace broker, but behind the scenes, we’ve been supplying fuel for the weapons system since the ’50s,” he said.

Murray Elston, the president and CEO of the Canadian Nuclear Association, dismisses Mr. Harding’s allegations as an exaggeration of the facts.

“Other people do have weapons and that’s true, but the folks at Foreign Affairs are very strong about the use of the materials,” he said.

Mr. Elston is citing the Nuclear Non-Proliferation Treaty that Canada has signed as a non-nuclear nation. Through the agreement, all trade is prefaced with the understanding that nuclear products will only be used for energy purposes.

For his part, Mr. Elston also cites a few of nuclear energy’s positive impacts on society: medical isotopes and clean energy.

But Mr. Harding isn’t convinced about that last part. He cites the Ham Commission of 1976 that studied the health effects of radon gas on uranium miners in Elliot Lake. The study found a high incidence of lung cancer in the miners and made several recommendations that created new safety standards.

Mr. Elston was not able to comment on the Ham Commission specifically, but said other studies have shown that exposure does not cause health problems.

The only active uranium mines in Canada are located in Saskatchewan. Mr. Harding said companies are now looking elsewhere as demand is high and supply is dwindling.

The prospect of uranium mining has been widely debated in Eastern Ontario and western Quebec, as claims dot a large swath of land in the two regions, including unceded Algonquin land in the Sharbot Lake area.

George White, the CEO of Frontenac Ventures, the company in the midst of the turmoil, dismissed Mr. Harding as “just another alarmist.”

He said the only thing he could agree with Mr. Harding about is the fact that the long- term effects of the spent uranium, or “tailings,” are unknown.

“That’s why they’re storing it until they can figure out how to handle it,” he said.

Much of the uproar regarding uranium mining results from the fact that the Ontario and Quebec mining acts do not require public consultation before mining can occur. Companies can legally stake a claim on private property if the owner does not possess the mineral rights.

The province of Ontario received notice of intent for a class action lawsuit that challenges the constitutionality of the act in December. Nothing similar has been filed in Quebec, although public consultations with the Quebec ministry of natural resources were held in October and a report is set to come out soon, said Michael Patenaude of the West Quebec Coalition Against Mining.

“Stay tuned,” he said.

Source

Whether it by Mining,  Reactors or War, Uranium is dangerous.

Cancer Statistics of Children Living near Nuclear Reactors 2003 report.

Major Nuclear Power Plant Accidents 1952-1999

Elliot Lake Uranium Mines The majority of uranium tailings in Canada — about 200 million tonnes are located in Elliot Lake.

Health Dangers of Uranium Mining BC Medical Association. August l980

Occupational Health effects of Uranium Mining Australia-Radiation and Health

Health Impacts for Uranium Mine and Mill Residents- 2008

Human Health Impacts on the Navajo Nation from Uranium Mining

Navajo Uranium Radiation Victims

Depleted Uranium Weapons Lessons from the 1991 Gulf War

Depleted Uranium weapons in 2001-2002 Occupational, public and environmental health issues Mystery Metal Nightmare in Afghanistan?

Letter to the Prime Minister regarding UK support for US war plans for Iraq, 13 October 2002

Depleted Uranium Watch

141 states support Depleted Uranium Ban

War “Pollution” Equals Millions of Deaths

A little Ku Klux Klan History

UW project sheds light on Klan history

Never-before-seen images are shining new light on a grim chapter of Washington’s history, when the Ku Klux Klan operated from state headquarters in Belltown, its members gathering robed and hooded at what longtime Seattleites might remember as the Crystal Pool.

The additions to a University of Washington Web site came about as part of a senior-level history class. The rare photos and newspaper clippings tell of the Klan’s broad presence in this region during the 1920s.

There’s the Sedro-Woolley wedding of Klan members in full regalia, a night parade in Bellingham and rallies in places like Renton and Issaquah that at times drew crowds of up to 50,000.

The KKK helped elect public officials across the state – including a mayor in Kent during the early 1920s – and published a Seattle-based newspaper called the Watcher on the Tower.

“People in Washington state really have not known about the strength or impact of the KKK here during the 1920s,” said James Gregory, UW professor of history who heads the Web site, called the Seattle Civil Rights and Labor History Project.

Finding few blacks at which to aim their venom in the pre-World War II Northwest, the white supremacists here focused instead on the Roman Catholic church and on foreigners.

“Historians focus on the Klan as a powerful force in places like Oregon, in Midwest states and of course in the South. But the Klan had tens of thousands of members right here in Washington,” Gregory said.

The Ku Klux Klan was founded in 1865 by veterans of the Confederate Army to restore white supremacy in the wake of the Civil War. With a record of intimidation and violence aimed at blacks, Jews, foreigners, Catholics and labor, the KKK was prosecuted under the Civil Rights Act of 1871. But it rose again, reaching a membership peak of 5 million in the mid-1920s when its reach spread far beyond the boundaries of the Deep South.

Its inclusion on the Web site is part of ongoing research on civil rights and labor in the Pacific Northwest by faculty and students at the UW.

Discovery of many of the photos and other documents came about as part of a fall 2006 history class called White Supremacy in Western Washington. “Much of this is information that is known to experts, but now the Internet is providing an opportunity for it to be made publicly available,” said history doctoral student Trevor Griffey, who led the class and did much of the research.

“Flaming crosses and Klan robes are some of the most powerful and horrifying images that we identify with a history of racism in the United States,” Griffey said. And in places like the Northwest, where many believe the Klan was not a force, it can be hard to document the history of racism.

“This forces us to rethink some of the assumptions about the history of this region and opens up a new question: Exactly how liberal has this place been?”

As part of its resurgence, the KKK successfully organized in Oregon before coming to Washington around 1923. There is no evidence it was as violent here as it had been elsewhere.

Klan leaders appealed to people’s Christianity, their patriotism and a fear of foreigners. Records show that, along with a Kent mayor, a city attorney in Bellingham was an open member of the Klan. In fact, in 1929, when the Klan held its state convention in Bellingham, its grand wizard was introduced by the mayor and given a key to the city.

Rallies in places like Issaquah, Yakima and Renton drew crowds of up to 50,000. “Those weren’t all Klan members,” Griffey said. “What’s amazing is that they were able to draw such participation. You didn’t see much organized resistance, not much attempt to disrupt the Klan meetings.”

Many of the photos on the Web site were obtained from the Washington State Historical Society, which bought its collection from the estate of Tacoma photographer Marvin Boland, himself a Klan member.

The Klan’s undoing at least in Seattle began around 1924, after it unsuccessfully backed an anti-private-school initiative in this state, aimed at Roman Catholic schools, similar to one it had pushed through in Oregon that was repealed. That plus internal scandals led to the beginning of the Klan’s demise.

But it retained a presence here through the 1930s, its power base shifting from Seattle to Bellingham, said photo historian Jeff Jewell, with the Whatcom Museum of History & Art.

“Hardly a semester goes by that the subject of the Klan is not part of somebody’s term paper,” Jewell said. “It’s been very popular.”

Source

The Ku Klux Klan In Washington State, 1920s

Ku Klux Klan Gathering, Crystal Pool (2nd and Lenora) in Downtown Seattle, WA. March 23, 1923.
Photo courtesy of the Washington State Historical Society

This special section of the Seattle Civil Rights and Labor History Project documents the history of Washington State’s 1920s chapter of the most infamous white supremacist organization in American history, the Ku Klux Klan (KKK).

The Washington State Klan during the 1920s was part of the second of three waves of KKK activity in America. The second KKK was founded in 1915 and gained significant membership immediately following World War I. Though short-lived, it was a powerful anti-immigrant, anti-Catholic, anti-radical, white supremacist organization that promoted “100 percent Americanism.”  The second KKK claimed over 4 million members across the country; briefly dominated state legislatures of Colorado, Indiana, and Oregon; and in 1924 shaped presidential politics and helped pressure politicians to pass the most severe immigration restriction in the history of the United States. Following immigration restriction and a series of leadership scandals, the second KKK collapsed and was largely moribund by 1928.

The second KKK was a mass movement that invoked the memory of and built upon the first KKK, which was a terrorist organization founded by white supremacists in the U.S. South. The first KKK’s violent “night riding”– in which hooded vigilantes used lynchings, whippings, and torture to intimidate recently freed slaves and their white allies — played a crucial role in the disenfranchisement of African Americans at the end of the Civil War in the 1860s and 1870s and laid a foundation for the rise of Jim Crow segregation in the 1890s and 1900s.  The second KKK also helped train some of the leaders who later formed the third KKK, a mainly Southern organization that rose up in the decades after World War II to murder and terrorize people in African-American communities, particularly civil rights movement activists. Klan members’ hoods, white robes, and burning crosses made them icons of American white supremacy and terrorism, and their legacy haunts us to this day.

The Washington State KKK during the 1920s was founded by organizers from Oregon, which had one of the strongest Klan chapters in the country at the time. The State Klan organized a series of massive public rallies in 1923 and 1924 that ranged from 20,000 to 70,000 people. While they publicly disavowed violence, Klan members participated in violent intimidation campaigns against labor activists and Japanese farmers in Yakima Valley and probably elsewhere. They put forward a ballot initiative in 1924 to prohibit Catholic schools that voters soundly defeated. And though most of the State’s Klan chapters collapsed in rancor following the defeat of their anti-private school initiative, a strong presence persisted in Whatcom and Skagit Counties throughout the 1930s. In the 1930s, some prominent leaders in the region’s KKK went on to become involved in the facist Silver Legion, or “Silvershirts,” a national movement that, while small, was quite active in Washington State. And there is evidence that the Klan in Bellingham helped pioneer intimidation practices that paved the way for anti-communist witch-hunts in the 1940s.

This special section on the KKK was created by Trevor Griffey and includes three historical essays courtesy of Trevor Griffey, Brianne Cooke, and Kristin Dimick.  It presents dozens of rare photographs, newspaper articles, and documents thanks to gracious contributions from the Washington State Archives, the Washington State Historical Society,the Whatcom County Historical Society, and the Skagit River Journal.

For more information on the KKK

The Face of Hate is still alive and well in America.

KKK Member Testifies On The Evils Of The Klan

Hate Messages from KKK Rears Its Ugly Head On Long Island

Suspect in Klan killing case has long criminal history

KKK still killing and beating

Published in: on November 14, 2008 at 1:03 am  Comments Off on A little Ku Klux Klan History  
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Stock Market, History,Causes and Affects

History of U.S. Stock Market Crashes


The Crash of 2000

From 1992-2000, the markets and the economy experienced a period of record expansion. On September 1, 2000, the NASDAQ traded at 4234.33. From September 2000 to January 2, 2001, the NASDAQ dropped 45.9%. In October 2002, the NASDAQ dropped to as low as 1,108.49 – a 78.4% decline from its all-time high of 5,132.52, the level it had established in March 2000.

Causes of the Crash:

  1. Corporate Corruption. Many companies fraudulently inflated their profits and used accounting loopholes to hide debt. Corporate officers enjoyed outrageous stock options that diluted company stock;
  2. Overvalued Stocks. There were numerous examples of companies making significant operating losses with no hope of turning a profit for years to come, yet sporting a market capitalization of over a billion dollars;
  3. Daytraders and Momentum Investors. The advent of the Internet enabled online trading –a new, quick, and inexpensive way to trade the markets. This revolution led to millions of new investors and traders entering the markets with little or no experience;
  4. Conflict of Interest between Research Firm Analysts and Investment Bankers. It was common practice for the research arms of investment banks to issue favorable ratings on stocks for which their client companies sought to raise capital. In some cases, companies received highly favorable ratings, even though they were actually in serious financial trouble.

A total of 8 trillion dollars of wealth was lost in the crash of 2000.

Following the Crash:

  1. New Rules for Daytraders. Under the new rules that were introduced, investors need at least $25,000 in their account to actively trade the markets. In addition, new restrictions were also placed on the marketing methods daytrading firms are allowed to use;
  2. CEO and CFO Accountability. Under the new regulations, CEOs and CFOs are required to sign-off on their statements (balance sheets). In addition, fraud prosecution was stepped up, resulting in significantly higher penalties;
  3. Accounting Reforms. Reforms include better disclosure of corporate balance sheet information. Items such as stock options and offshore investments are to be disclosed so that investors may better judge if a company is actually profitable;4. Separation between Investment Banking and Brokerage Research. A major reform was introduced to avoid conflicts of interest in the financial services industry. A clear split between the research and investment banking arms of brokerage houses was mandated.

The Crash of 1987

The markets hit a new high on August 25, 1987 when the Dow hit a record 2722.44 points. Then, the Dow started to head down. On October 19, 1987, the stock market crashed. The Dow dropped 508 points or 22.6% in a single trading day. This was a drop of 36.7% from its high on August 25, 1987.

Causes of the Crash:

  1. No Liquidity. During the crash, the markets were not able to handle the imbalance of sell orders;
  2. Overvalued Stocks;
  3. Program Trading and the Use of Derivative Securities Software. Large institutional investment companies used computers to execute large stock trades automatically when certain market conditions prevailed. Some analysts claim that the program trading of index futures and derivatives securities was also to blame.

During this crash, 1/2 trillion dollars of wealth were erased.

Following the Crash:

  1. Uniform Margin Requirements. New margin requirements were introduced to reduce the volatility for stocks, index futures, and stock options;
  2. New Computer Systems. Stock exchanges changed to new computer systems that increase data management effectiveness, accuracy, efficiency, and productivity;
  3. Circuit Breakers. The New York Stock Exchange and the Chicago Mercantile Exchange instituted a circuit breaker mechanism, which halts trading on both exchanges for one hour should the Dow fall more than 250 points in a day, and for two hours, should it fall more than 400 points.

The Crash of 1929

On September 4, 1929, the stock market hit an all-time high. Banks were heavily invested in stocks, and individual investors borrowed on margin to invest in stocks. On October 29, 1929, the stock market dropped 11.5%, bringing the Dow 39.6% off its high.

After the crash, the stock market mounted a slow comeback. By the summer of 1930, the market was up 30% from the crash low. But by July 1932, the stock market hit a low that made the 1929 crash. By the summer of 1932, the Dow had lost almost 89% of its value and traded more than 50% below the low it had reached on October 29, 1929.

Causes of the Crash:

  1. Overvalued Stocks. Some analysts also maintain stocks were heavily overbought;
  2. Low Margin Requirements. At the time of the crash, you needed to put down only 10% cash in order to buy stocks. If you wanted to invest $10,000 in stocks, only $1,000 in cash was required;
  3. Interest Rate Hikes. The Fed aggressively raised interest rates on broker loans;
  4. Poor Banking Structures. There were few federal restrictions on start-up capital requirements for new banks. As a result, many banks were highly insolvent. When these banks started to invest heavily in the stock market, the results proved to be devastating, once the market started to crash. By 1932, 40% of all banks in the U.S. had gone out of business.

In total, 14 billion dollars of wealth were lost during the market crash.

Following the Crash:

  1. The Securities and Exchange Commission (SEC) was established;.
  2. The Glass-Stegall Act was passed. It separated commercial and investment banking activities. Over the past decade though, the Fed and banking regulators have softened some of the provisions of the Glass-Stegall Act;
  3. 3. In 1933, the Federal Deposit Insurance Corporation (FDIC) was established to insure individual bank accounts for up to $100,000.

Source


Have Plunging Stocks Killed Private Accounts in Social Security?

By Dean Baker

Until the recent fall in stock prices, many people viewed the stock market as a money tree that created wealth out of nothing. This was the atmosphere in which the idea of private accounts within Social Security gained popularity. The crash has helped to clear people’s thoughts.

In reality, the stock market does not create wealth. Wealth is created when we are better able to produce goods and services. Putting Social Security dollars in the stock market through individual accounts does not increase the nation’s productive capacity by one iota, compared with putting the same dollars into the Social Security trust funds. As the crash shows, individual accounts only add risk.

Many proponents of private accounts actually want to cut benefits. Since Social Security is fully solvent until 2041, and the shortfalls projected for later years are comparable to past shortfalls, benefit cuts seem hard to justify. But if politicians want to advocate cuts in benefits, they should be forced to do so explicitly, and not hide behind the Enron-like accounting of private accounts.

The market crash also clarified which part of the retirement system needs fixing. Millions of workers who saw much of their retirement savings disappear in the crash are now very glad that they can still count on their “Social Security“. On the other hand, we now recognize that the system of private pensions is in disarray.

Pensions have been manipulated to their administrators’ benefit and are subject to high fees, and many workers lack pension coverage altogether. If the Bush commission’s individual accounts were offered as a voluntary add-on to Social Security—instead of taking money from Social Security revenues and cutting benefits to make up for the lost revenues—they could be very useful. Such accounts would instantly make a low-cost, fully portable, defined contribution pension plan available to every worker in the country.

Dean Baker is the co-director of the Center for Economic and Policy Research and co-author of Social Security: The Phony Crisis (University of Chicago Press, 1999).

Source


Stock Market History

History of stock market trading in the United States can be traced back to over 200 years ago. Historically, The colonial government decided to finance the war by selling bonds, government notes promising to pay out at profit at a later date. Around the same time private banks began to raise money by issuing stocks, or shares of the company to raise their own money. This was a new market, and a new form of investing money, and a great scheme for the rich to get richer. A little futher on the history tumeline, more specifically in 1792, a meeting of twenty four large merchants resulted into a creation of a market known as the New York Stock Exchange(NYSE). At the meeting, the merchants agreed to meet daily on Wall Street to daily trade stocks and bonds.

Further in history, in the mid-1800s, United States was experiencing rapid growth. Companies needed funds to assist in expansion required to meet the new demand. Companies also realized that investors would be interested in buying stock, partial ownership in the company. History has shown that stocks have facilitated the expansion of the companies and the great potential of the recently founded stock market was becoming increasingly apparent to both the investors and the companies.

By 1900, millions of dollars worth of stocks were traded on the street market. In 1921, after twenty years of street trading, the stock market moved indoors.

History brought us the Industrial Revolution, which also played a role in changing the face of the stock market. New form of investing began to emerge when people started to realize that profits could be made by re-selling the stock to others who saw value in a company. This was the beginning of the secondary market, known also as the speculators market. This market was more volatile than before, because it was now fueled by highly subjective speculation about the company’s future.

This was the pretext for appearance of such stock market giants as NYSE. History books tell us that the reason the NYSE is so highly regarded among stock markets was primarily because they only trade in the very large and well-established companies. It acted as a more stable investment alternative, for people interested in throwing their capital into the stock market arena. The smaller companies making up the stock market formed into what eventually became the American Stock Exchange (AMEX). Contrary to the 80-year old history, today the NYSE, AMEX, NASDAQ and hundreds of other exchange markets make a significant contribution to the national and global economy.

The growth in the number of market participants led the government to decide that more regulation of the stock market was needed to protect those investing in stock. History was made in 1934, when following the Great Crash, Congress passed the Securities and Exchange Act. This act formed the Securities and Exchange Commission (SEC), which, through the rules set out by the act and succeeding amendments, regulates American stock market trading with the help of the exchanges. It also includes overseeing the requirements for a company to issue stock shares to the public and ensures that the company offers relevant information to potential investors. The SEC also oversees the daily actions of market exchanges and how they trade the securities offered.

Although historically, investing in stocks was a “hobby” for the rich, an average person too soon came to realize the value of the investing in stocks vs. traditional assets like land or a house.

Source

Panic Affect

Various explanations for large price movements have been promulgated. For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and Value at Risk limits, theoretically could cause financial markets to overreact.

Other research has shown that psychological factors may result in exaggerated stock price movements. Psychological research has demonstrated that people are predisposed to ‘seeing’ patterns, and often will perceive a pattern in what is, in fact, just noise. (Something like seeing familiar shapes in clouds or ink blots.) In the present context this means that a succession of good news items about a company may lead investors to overreact positively (unjustifiably driving the price up). A period of good returns also boosts the investor’s self-confidence, reducing his (psychological) risk threshold.

Another phenomenon—also from psychology—that works against an objective assessment is group thinking. As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group.

In one paper the authors draw an analogy with gambling. In normal times the market behaves like a game of roulette; the probabilities are known and largely independent of the investment decisions of the different players. In times of market stress, however, the game becomes more like poker (herding behavior takes over). The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically.

The stock market, as any other business, is quite unforgiving of amateurs. Inexperienced investors rarely get the assistance and support they need. In the period running up to the recent Nasdaq crash, less than 1 percent of the analyst’s recommendations had been to sell (and even during the 2000 – 2002 crash, the average did not rise above 5%). The media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called new economy stock market. (And later amplified the gloom which descended during the 2000 – 2002 crash, so that by summer of 2002, predictions of a DOW average below 5000 were quite common.)

Irrational behavior

Sometimes the market tends to react irrationally to economic news, even if that news has no real effect on the technical value of securities itself. Therefore, the stock market can be swayed tremendously in either direction by press releases, rumors, euphoria and mass panic.

Over the short-term, stocks and other securities can be battered or buoyed by any number of fast market-changing events, making the stock market difficult to predict.

A stock market crash is often defined as a sharp dip in share prices of equities listed on the stock exchanges. In parallel with various economic factors, a reason for stock market crashes is also due to panic. Often, stock market crashes end speculative economic bubbles.

There have been famous stock market crashes that have ended in the loss of billions of dollars and wealth destruction on a massive scale. An increasing number of people are involved in the stock market, especially since the social security and retirement plans are being increasingly privatized and linked to stocks and bonds and other elements of the market.

Source



Greed Is Fine. It’s Stupidity That Hurts.

By Steven Pearlstein

During financial crises like this one, after people have had their fill of discussions about margin calls and credit-default swaps, they experience a strong desire to have the whole thing put in some larger and more human context. Invariably they come around to some variation of, “Isn’t this really just a story about excessive greed?”

I’ve never really figured out how to answer that question. In a capitalist economy like ours, the basic premise is that everyone is motivated by a healthy dose of economic self-interest — the shopper looking for the best bargain on tomatoes and the farmer looking to get the highest price for his produce, the grocery clerk looking to earn the highest wages for restocking shelves and the investor looking to earn the biggest profit from Safeway stock. Without some measure of greed and the tension it brings to most economic transactions, capitalism wouldn’t be as good as it is in allocating resources and spurring innovation.

Perhaps that’s why most definitions of greed refer to an excessive desire for wealth that is beyond what anyone really needs or deserves. The obvious problem with that, of course, is that those are terribly subjective criteria. Do you draw the greed line at two cars, a three-bedroom house, two weeks at the beach in the summer and college tuition for the kids? Or is it at seven houses, 50 pairs of designer shoes, a yacht, two Bentleys and a Renoir?

Others suggest that for greed to really be greed, the money or goods that are desired have to be denied to somebody else who might want, need or deserve them. A landowner who gets rich by overcharging tenant farmers who can barely feed and clothe their families — he’s obviously greedy. But somehow the owner of a restaurant in the Hamptons who overcharges his millionaire patrons for lobster salad and foie gras is a lot less greedy.

In many minds, greed may have less to do with the amount of wealth or possessions someone has, or aspires to have, than it does with the way in which it is earned. Even before they decided to give away most of their money, nobody seemed to begrudge Bill Gates or Warren Buffett their billions or criticize them for their “unbridled” greed. That seems to have a lot to do with the fact that Gates and Buffett made their money on the basis of their own ingenuity, skill and hard work. On the other hand, when people line up to buy tickets to a Powerball lottery with a $10 million payout, we don’t consider them particularly greedy just because they want to get rich through dumb luck.

If the person who wins that lottery, however, doesn’t send some of that money to his struggling Aunt Mildred or offer to fix up the local Little League field, most people would call him greedy. But no matter how many millions the overpaid corporate chief executive gives away to charity, in the minds of many, greed will always be his middle name.

Which brings us to the now widespread belief that the cause of the current financial crisis has been “the greed on Wall Street.” Both John McCain and Barack Obama believe that. So do Joe Biden and Sarah Palin. A clip search of major publications over the past month turns up about 2,700 stories that contained the words “Wall Street” and “greed.” The month before, there were less than 200.

If there is a surprise here, it is that anyone should be surprised by the level of greed on Wall Street. Wall Street is nothing if not an organized system of greed, a high-stakes game in which the object is to take advantage of customers and counterparties by buying pieces of paper from them at less than they are really worth and selling them to others for more than they are worth. And while it’s hard to see a grand social purpose in all that, it has proven a relatively efficient process for connecting people who have money with the households and businesses that want to borrow it.

The big problem with Wall Street isn’t that it’s greedy– it’s that it keeps making the same mistakes over and over. Each cycle, the masters of finance start out with reasonably good products and good intentions, only to get swept away by their success. They become arrogant, take too many risks and begin to believe their own marketing spiels. Then, when the cycle turns against them and the risks turn sour, they try to cover it up and begin lying to their customers, to regulators and to each other. Trust erodes, and the whole thing collapses.

In the populist “greed” fantasy, it is ordinary people who are the losers while the Wall Street bigwigs walk off with all the loot. But in the real life version, most of the bigwigs lose as well. They lose their jobs, their stock becomes worthless, their reputations are ruined. They spend the next several years shelling out $700 an hour to lawyers to defend themselves against lawsuits and regulatory inquiries and $250 to psychiatrists to help figure out where they went wrong. Bottom line: They wind up worse off than they would have been if they had simply done their jobs well, put their customers first and managed their companies for the long term.

To some, that may be a story of greed. To me, it looks more like old-fashioned incompetence.

Source


Privatization of Social Security can leave you without any retirement savings.

Investing in the Stock market is like gambling. If you can’t afford to loose it you don’t want to invest. The markets can crash anytime.

Who profits?

There are some who do profit from market crashes. I would assume those who probably created the panic, in the first place.

Profit certainly can be made from a stock market crash. Maybe one of these days someone will take the time to find out Who?

When you find out who, then you have the criminals.

Why do they do it?

For profit of course.

When will they be stopped?

Well when the power hungry, rich, greedy manipulative, liers are caught and when Governments around the world, finally do something to stop them.

Until then they will let you win for a while and then steal your hard earned money.

Personally it seems they manipulate a bunch of innocent folks into investing in the market, then after they have invested a whole lot of money, it crashes.

Those who manipulated the innocent investors into buying into the market, make the profits from it.

There seems to be a growing pattern emerging.

The stock market is somewhat like a Casino.

The owners, operators and the very wealthy are the House.

You are the gambler hoping, to make a fortune.

Like a Casino let you win for a little while.

Then they take all your money.

That is the pattern that seems to be emerging.

Just an observation.

The Stock Market was created by the wealthy, for the wealthy and controlled by the wealthy.

So what has changed since it’s creation other then nothing?

Published in: on October 8, 2008 at 9:52 pm  Comments Off on Stock Market, History,Causes and Affects  
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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.

Through extensive research and development by economists, bankers, bank auditors, CPA’s, attorneys, underwriters, authors, and database programmers, we have developed a state-of-the-art legal administrative remedy, designed to anticipate and overcome nearly every variation of creditor response.

The successful termination of your debt also includes all-inclusive Credit Clean-Up of the accounts enrolled. Utilizing these abundant resources, we can work toward the termination of your debt within 18 months, with a much lower monthly payment, ending with nothing negative on your credit report.

With the immeasurable assistance and response from consumers nationwide, combined with our passion to do whatever it takes to neutralize this iniquity, our highly effective, proprietary system, and network of highly capable attorneys, will never cease to improve. The laws described below are the foundation of this process.

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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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.