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  • Obama says economy improving but hard times ahead
    to remind the country that the economy is steadily moving forward He also needs to provide encouragement considering that Wednesday is tax day Rollins said A lot of people think about money and their own personal finances when you basically sign your name on that dotted line and send your tax dollars in so to a certain extent it s a good time he said The president has struck a more optimistic tone in recent days saying Friday that he was starting to see glimmers of hope in the economy partly as a result of his administration s actions I think there are a few glimmers of hope Chrystia Freeland the U S managing editor of the Financial Times said Tuesday There are some good signs and also the stimulus is starting to work That s a huge amount of money that the government is pumping into the economy It has to have some impact and it is But I think it would be far too early to declare a victory Freeland said Obama signed into law his 787 billion economic stimulus plan in mid February calling it the beginning of the end of the country s economic woes Nearly six in 10 respondents or 58 percent think Obama has a clear plan to get the economy back on track according to a CNN Opinion Research Corp poll released Tuesday That figure is more than double the 24 percent who think that Republicans in Congress have a clear plan on the economy Nearly three in four polled said the GOP doesn t have a clear economic plan Federal Reserve Chairman Ben Bernanke was expected to say Tuesday that he sees tentative signs that the economic decline is easing A leveling out of economic activity is the first step toward recovery

    Original URL path: http://www.911omissionreport.com/obama_8or10_loans.html (2016-02-14)
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  • Mervyn King: helping savers would push Britain back into recession
    have cut the returns on savings and annuities to record lows Saga a campaign group estimates that more than 1 million pensioners have retired with permanently lower retirement incomes because of the impact of the Bank s quantitative easing programme Savers have also been hit by high inflation though the bank predicted that inflation will fall back to 1 8 per cent by the end of 2014 easing the recent squeeze on household budgets Sir Mervyn insisted he understood the problems facing savers but made clear he believes he can do nothing to help I have deep sympathy with those who are totally unconnected with the origins of the financial crisis who suddenly find that the returns on their savings have reached negligible levels he told a press conference These are consequences of the painful adjustment prompted by the financial crisis and the need to rebalance our economy The Bank could respond by increasing Bank rate from its current level of 0 5 per cent to 4 or 5 per cent he said But that would push up the exchange rate depress investment and consumer spending and we would go back into a recession All groups in society are suffering from the financial crisis Sir Mervyn said insisting that there can be no special help for particular groups Difficult though it is we have to make a difficult judgement about the right course of action for the economy as a whole During periods of economic turmoil many people save more because they are worried about their future prosperity According to the Bank s latest Inflation Report the household savings ratio increased sharply during the recession Even though it has fallen back since the latest figures show households are still saving 6 6 per cent of their disposable income on average

    Original URL path: http://www.911omissionreport.com/no_helping_savers.html (2016-02-14)
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  • Money has been privatised by stealth
    the next buyer to borrow even more from the banks A more detailed and fully referenced explanation of this process is given in the book Where Does Money Come From published by the New Economics Foundation Through this process of creating money banks have been able to inflate the money supply at a rate of 11 5 a year pushing up the prices of houses and pricing out an entire generation Of course the flipside to this creation of money is that with every new loan comes a new debt This is the source of our mountain of personal debt not money that had been prudently saved up by pensioners but money that was created out of nothing by banks and lent to anyone and everyone Eventually the debt burden becomes just too high and we see the wave of defaults that triggered the start of the ongoing financial crisis But how did something as important as money become privatised How did the power to create money fall into the hands of the same banks who caused the crisis with such devastating consequences for millions of ordinary people Incredibly the law that makes it illegal to print your own tenners at home has never been updated to apply to the electronic money that is now created by banks As we began to use electronic money to make the vast majority of payments cash became less important and the power to create money shifted to the banks that caused the crisis Without anyone noticing the power to create money was privatised by stealth So while criminal gangs manage to create about 2 5bn of fake cash each year the banks collectively create more than 100bn a year without breaking a single law Their reward for doing so is the interest that

    Original URL path: http://www.911omissionreport.com/money_privatised.html (2016-02-14)
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  • Fed Would Be Shut Down If It Were Audited, Expert Says
    scrutiny normally afforded other institutions Grant said in a live interview If the Fed examiners were set upon the Fed s own documents unlabeled documents to pass judgment on the Fed s capacity to survive the difficulties it faces in credit it would shut this institution down he said The Fed is undercapitalized in a way that Citicorp is undercapitalized Grant said he would support legislation currently making its way through Congress calling for an audit of the Fed Moreover he criticized the way the Fed has managed the financial crisis saying the central bank s target rate should not be around zero I think zero is the wrong rate for almost any economy Grant said adding the Fed has embarked on a vast experiment in moral hazard Interest rates are the traffic signals in a market economy and everything s green You have to wonder whether these interest rates are the right clearing rate or rather they are the imposition of a central bank Amid a disparity between analysts predicting there will be no rate hikes soon and the fed funds futures indicating tightening by the end of the year Grant said he thinks the Fed indeed will begin

    Original URL path: http://www.911omissionreport.com/fed_audit.html (2016-02-14)
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  • Secret Banking Cabal Emerges From AIG Shadows: David Reilly Share Business Exchange
    many in Congress believe was the New York Fed s subsequent attempt to cover up buyout details and who benefited By pursuing this line of inquiry the hearing revealed some of the inner workings of the New York Fed and the outsized role it plays in banking This insight is especially valuable given that the New York Fed is a quasi governmental institution that isn t subject to citizen intrusions such as freedom of information requests unlike the Federal Reserve This impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed s bailout programs It s as though the New York Fed was a black ops outfit for the nation s central bank Geithner s Bosses The New York Fed is one of 12 Federal Reserve Banks that operate under the supervision of the Federal Reserve s board of governors chaired by Ben Bernanke Member bank presidents are appointed by nine member boards who themselves are appointed largely by other bankers As Representative Marcy Kaptur told Geithner at the hearing A lot of people think that the president of the New York Fed works for the U S government But in fact you work for the private banks that elected you And yet the New York Fed played an integral role in the government s bailout of banks often receiving surprisingly free rein to act as it saw fit Consider AIG Let s take Geithner at his word that a failure to resolve the insurer s default swaps would have led to financial Armageddon Given the stakes you might think Geithner would have coordinated actions with then Treasury Secretary Henry Paulson Yet Paulson testified that he wasn t in the loop I had no involvement at all in the payment to the counterparties no involvement whatsoever Paulson said Bernanke s Denials Fed Chairman Bernanke also wasn t involved In a written response to questions from Representative Darrell Issa Bernanke said he was not directly involved in the negotiations with AIG s counterparty banks You have to wonder then who really was in charge of our nation s financial future if AIG posed as grave a threat as Geithner claimed Questions about the New York Fed s accountability grew after Geithner on Nov 24 2008 was named by then President elect Barack Obama to be Treasury Secretary Geither said he recused himself from the bank s day to day activities even though he never actually signed a formal letter of recusal That left issues related to disclosures about the deal in the hands of the bank s lawyers and staff rather than a top executive Those staffers didn t want details of the swaps purchase to become public New York Fed staff and outside lawyers from Davis Polk Wardell edited AIG communications to investors and intervened with the Securities and Exchange Commission to shield details about the buyout transactions according to a report by Issa That the New York Fed a quasi governmental body was

    Original URL path: http://www.911omissionreport.com/secret_banking_cabal.html (2016-02-14)
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  • Money Out Of Thin Air: Now Federal Reserve Chairman Ben Bernanke Wants To Eliminate Reserve Requirements Completely?
    Reserve believes it is possible that ultimately its operating framework will allow the elimination of minimum reserve requirements which impose costs and distortions on the banking system If there were no minimum reserve requirements what kind of chaos would that lead to in our financial system Not that we are operating with sound money now but is the solution to have no restrictions at all Of course not What in the world is Bernanke thinking But of course he is Time Magazine s Person Of The Year so shouldn t we all just shut up and trust his expertise Hardly The truth is that Bernanke is making a mess of the U S financial system Fortunately there are a few members of Congress that realize this One of them is Republican Congressman Ron Paul from Texas He has created a firestorm by introducing legislation that would subject the Federal Reserve to a comprehensive audit for the first time since it was created Ron Paul understands that creating money out of thin air is only going to create massive problems The following is an excerpt from Ron Paul s remarks to Federal Reserve Chairman Ben Bernanke at a recent Congressional hearing The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us Instead of economic growth and stable prices The Fed has given us a system of government and finance that now threatens the world financial and political institutions Pursuing the same policy of excessive spending debt expansion and monetary inflation can only compound the problems that prevent the required corrections Doubling the money supply didn

    Original URL path: http://www.911omissionreport.com/eliminate_reserves.html (2016-02-14)
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  • NY Fed confirms intervention in currency markets
    post war record levels following the Japanese earthquake and tsunami A spokesman at the New York Fed which operates as the agent of the U S Treasury in currency operations confirmed that it had intervened The last time the U S government intervened in currency markets was the fall of 2000 when it sold dollars and bought euros to bolster the fledgling European currency The spokesman refused to provide any

    Original URL path: http://www.911omissionreport.com/fed_intervention.html (2016-02-14)
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  • Secretive Agreements Between Federal Reserve and Foreign Central Banks Revealed
    burst to help jumpstart this crisis was exacerbated by the mortgage foreclosure fraud perpetrated upon innocent and some not so innocent homeowners however that led back to the examination of the mortage origination documents and actions and many of those examined were found to be questionable at best and fraudulent according to several court rulings As the market prices for homes plummeted and jobs were lost at an alarming rate our Congress did little to help the middle class instead it did all it could to regulate more heavily small businesses in this country shove an overblown multi agency creating atrociy of a Healthcare bill which was opposed by more than 62 of the voters and immediately impacted the economy negatively at a time when they could have been considered culpable Three of the largest corporations in America took billion dollar write offs on their balance sheets in order to comply with the taxation rules within this Obamacare Bill that was for our own good Even Speaker Pelosi had the audacity to say We have to pass the bill before we can see what is in it The provisions in that bill are as much an economic nuclear bomb as any other to come down the pike with the exception of Cap and Tax which we can only hope is dead in the water The Commercial Real Estate Market has been losing value each month and now has begun to drag the price of resedential real estate prices with it at a time when it looked as if the residential maket might have bottomed out except now the ecnomists and analysts are calling for an additional 20 decline in the value of homes When the Commercial Real Estate Markets implode as the residential markets did coupled with this horrific information

    Original URL path: http://www.911omissionreport.com/12tln_fed_agreements.html (2016-02-14)
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