Monday, May 31, 2010

Barack Obama: Liar, Warlord, and Corporate Shill

Are you standing on the Rock of Salvation?

From: http://www.thepeoplesvoice.org

by Stephen Lendman

It shouldn't surprise because no one gets the top job or any government position of power unless they're safe, yet, naively, most people thought Obama was different. Many still do.

As a candidate, he promised change, a new course, sweeping government reforms, addressing people needs, and "ensur(ing) that the hopes and concerns of average Americans speak louder in Washington than the hallway whispers of high-priced lobbyists" - the same ones who bought and now own him. He promised peace and delivered war; real health and financial reform, not same old, same old; help for millions losing jobs, homes, hope and futures, not handouts to Wall Street and other industry favorites; regulatory oversight, not the usual incestuous government-industry ties, making disasters like in the Gulf possible, and when they happen conspiring with offenders in coverup, distortion, lies, and a total disregard for the environment, wildlife, and way of life for thousands - let alone permanent damage to a vital ecosystem.

At the same time, Big Oil gets billions in subsidies, special tax breaks and other financial benefits, besides operating in a regulatory-free environment.

The 1995 Outer Continental Shelf Deep Water Royalty Relief Act (DWRRA - courtesy of Bill Clinton) exempted royalties on defined amounts of deep water production. After its 2000 expiration, the law was redefined and extended to promote further deep water drilling.

The Minerals Management Service (MMS) defines it as having a water depth of 200 meters (656 feet). To be eligible, leases must be in the Gulf of Mexico, west of 87 degrees and 30 minutes west longitude (the Florida-Alabama boundary), and MMS must determine that the site isn't economically viable without relief.

Given longstanding MMS-industry coziness, it's practically rubber-stamp. DWRRA also reduced royalties on pre-November 28, 1995 leases, decided by the Interior Department Secretary on a case-by-case basis - again, practically assured by officials with close industry ties.

The 2005 Energy Policy Act was one of the friendliest ever with over $10 billion in handouts. It lets oil giants pay federal royalties in barrels of oil and grants exemptions on some wells, subsidizes a new R & D program for ultra deep water drilling and unconventional oil and gas development, creates hundreds of millions of dollars in new tax breaks, increases what oil and gas companies can deduct on pipeline expenses, provides more liability protection besides the $75 million cap (established by the 1990 Oil Pollution Act after the 1989 Exxon Valdez disaster, an amount too small to matter).

As an Illinois senator, six months into his term, Obama supported it, an early clue to where he stood, and how he hoped to gain - the usual "you scratch my back, I'll scratch yours" payoff.

It worked hugely with BP, the Center for Responsive Politics (CRP) reporting that its employees and political action committees gave more to him than to any other federal candidate in the past 20 years.


During his 2008 campaign, CRP reported that the oil and gas industry overall gave him $884,000, more than any to other lawmaker except John McCain, and no wonder. His Senate voting record showed what they bought:

-- the right of mining companies to strip mine everywhere, including on government lands;

-- vast new powers and handouts to the nuclear industry;

-- harmful biofuels production;

-- lax regulation; and

-- other pro-business, anti-populist measures - besides supporting the 2005 Energy Policy Act.

Obama promised change, and delivered betrayal - evident now in the Gulf, America's greatest ever environmental disaster, fast becoming the most catastrophic in history, a shameless addition to his resume, already revealing a world class rogue and failed president less than a year and half into office. No wonder calls for his impeachment have begun, including by James Petras on May 27, on the Progressive Radio News Hour, hosted by this writer who wholeheartedly agrees.

Disaster in the Gulf - Maybe Worse than Now Known

According to prominent oil industry insider, Matt Simmons, former head of Simmons & Company International, a private investment bank specializing in energy research, trading and capital structuring, the Gulf disaster is much worse than reported, and a far greater problem to fix.

Appearing on MSNBC's Dylan Ratigan Show on May 27, he described the riser on BP's video as 21.5 inches in diameter with a six or seven inch rip at the top. But that's the small rupture, in his judgment. There's a giant oil plume about five or six miles away, getting little attention.

"I believe the eruption blew off the wellhead," he said. If so, that's the real story, and "we have an enormous problem," suppressed and unreported. BP's video shows a small leak, not the bigger one. It looks like its "top kill" is "chasing a mouse and behind it is a tiger," the real problem creating two giant plumes of thick oil (discussed below), neither BP or the Obama administration wants to acknowledge or explain.

Nor that perhaps the "top kill" is a PR stunt, not a serious attempt to cap the well. Worse still, according to the Washington Blog on May 27, it "FAILED In the Attempt to Plug the Oil Leak Using Mud."

"Now BP Will Try to Add Some 'Junk' to the Mix to Try to Seal the Holes," or at least one of them. It cites a same day New York Times report saying BP "stopped pumping (mud) the night before when engineers saw that too much of the drilling fluid was escaping along with the oil." In other words, it failed, so pumping stopped for over 16 hours. So far, "top kill" 2.0 hasn't worked better after two attempts (so-called "junk shots" with chunky debris) - why some experts believe only a relief well will relieve pressure and allow capping.

But completing one is at least a few months away, and even then the big rupture Simmons cites may be too severe to handle. Time alone will tell, but in the meantime, vast environmental contamination grows, wildlife is dying, the lives and livelihoods of thousands more residents are being devastated, and late Saturday BP abandoned its "top kill" approach, admitting what they likely knew all along. It failed because there was no chance it could work.

More Evidence of Industry-Government Ties

A May 26 Josh Harkinson Mother Jones article headlined, "Steven Chu's Ties to BP."

On December 11, 2008, Obama chose Chu as his Energy Secretary, the same day he picked Carol Browner to oversee energy, environmental and climate policies and Lisa Jackson as EPA head.

Chu had been professor of physics and molecular and cell biology at UC Berkeley and director of the Lawrence Berkeley National Laboratory (LBNL), originally called the UC Radiation Lab.

Today the Energy Department runs LBNL, continuing its radiation research, what it's done since the 1940s with little regard for public or environmental concerns, true as well under Chu. He was picked for his commitment to nuclear power, while downplaying the risks.

When asked in 2005 if fission-based plants should be a larger part of the energy-producing portfolio, he responded: "Absolutely," displaying a cavalier attitude about its dangers in advocating for "recycling" of waste, when experts say doing it spreads poisons causing cancer, genetic damage, and premature deaths.

Harkinson asked: "Is Steven Chu too cozy with BP," given his longstanding ties to the oil industry that "funded the Energy Biosciences Institute at UC Berkeley that (he) founded a year before he joined the DOE."

BP's chief scientist, Steven Koonin, gave him a $500 million grant. In return, Chu appointed him DOE undersecretary for science. But instead of them both getting involved in the Gulf disaster, they stood aside, telling reporters earlier that "things are looking up" when, in fact, they're worsening.

It's unclear "to what extent Chu has given BP favorable treatment, either in terms of crafting DOE's research agenda or its response to the oil spill. But what is clear is that the close ties are casting a shadow over the agency, sowing doubt among the public that the government is truly an independent watchdog."

Also clear is that $500 million buys a lot of influence, expecting payback in far greater amounts and nearly always getting it and then some. When Chu arranged it, UC Berkeley Professor Ignacio Chapela called it "the coup de grace to the very idea of a university that can represent the best interest of the public," benefitting a man who looks deeply compromised - the same "qualification" as other Obama officials for their close industry ties, serving their interests, not the public's.

BP's Specialty: Spill Baby, Spill - Its Other One in Alaska

On May 28, investigative journalist Greg Palast headlined his Buzzflash.com article, "BP's Other Spill this Week," saying:

During the week of May 25, BP's "Pump Station 9, at Delta Junction on the 800-mile (Alaska) pipeline, busted" - spewing over 100,000 gallons because "procedures weren't properly implemented," according to state inspectors. In 2006, irresponsible maintenance caused another one, polluting Prudhoe Bay.

BP "owns the controlling stake in the trans-Alaska pipeline," but tries to hide it, given its poor management practices. The pipeline is understaffed, corroded, and "basic maintenance" is poor - standard procedures for BP, notorious for having the worst safety and environmental record in the industry.

In his earlier investigatory work, Palast learned that BP was most to blame for the 1989 Exxon Valdez disaster. As the controlling Alyeska pipeline owner, it was responsible for the spill response, but handled it the same way as now - by "l(ying, prevaricat(ing) and obfuscatin(ing)," making a serious spill disastrous.

BP is a notorious liar, scofllaw, environmental and employee safety criminal. But it's never been held accountable, nor will it for its Gulf disaster.

A Second Underwater Oil Plume Discovered

Licensed to the University of South Florida, WUSF broadcasts from its campus. On May 27, it reported that USF scientists discovered "what appears to be a massive second underwater plume (six miles deep, measuring 3,300 feet from top to bottom) in previously untested waters northeast of the leaking BP wellhead..." Its estimated to be six miles wide, stretching 22 miles, heading toward Mobile Bay, Alabama, affecting the DeSoto Canyon area, an important habitat for numerous species, including:

-- bluefin tuna, swordfish, king mackerel, grouper, giant tube worms, sea turtles, sharks, whales and dolphins.

It also threatens the continental shelf, including west Florida's wetlands and beaches. USF oceanographer Robert Weisberg called it "a very serious concern." Rowan Gould, US Fish and Wildlife Service acting director, said the spill "will affect fish and wildlife resources....for years to come, if not decades," literally destroying formerly pristine areas of the Gulf.

Calling it "insidious," chemical oceanographer, David Hollander, believes it contains chemically dispersed hydrocarbons, calling it "an invisible component we really don't know the short or the long term impact" about. He expressed serious concerns that the oil/dispersant toxicity may cause great harm to fish larvae, "and we also may see a long term response as it cascades up the food web," endangering human health.

The other plume stretched from the wellhead southwest toward the open sea, heading for the Florida Keys and beyond.

Some Final Comments

On May 27, the Center for Biological Diversity's Senior Counsel, Brendan Cummings, responded to Obama's same day Gulf disaster press conference, saying:

No technology exists to deal with disasters like in the Gulf...."even in areas with existing infrastructure and significant spill response assets, containment and response capability to a large oil spill is wholly inadequate. Interior Secretary Ken Salazar and the Obama administration should not pretend that a six-month review of drilling procedures will change anything. Expanding offshore drilling to new areas needs to be permanently taken off the table."

Obama's comments follow "a month of half-steps and broken promises by the Interior Department....in which a pledged 'moratorium' on oil drilling turned out to be largely a fiction, with multiple drillings plans approved after no environmental review, and drilling permits similar to those given to BP continuing to be used."

What else to expect from a corporate shill president, spearheading the Gulf disaster coverup from day one, while claiming he's been "in charge" since it happened, and it's his "job to make sure that everything is done to shut this down."

Gulf residents say he "hasn't done a damn thing but run his mouth," according to an angry and frustrated Louisianan, after waiting weeks for help, and hearing nothing but excuses, saying BP is in charge. That's the problem. Corporate interests always run things, presidents and their officials salute and obey, sacrificing people, wildlife and the environment. It's the "American way," partnering with business for plunder and profits, the public interest be damned.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Sunday, May 30, 2010

That Dreadful Day (coming economic collapse)

Are you standing on the Rock of Salvation?

David Wilkerson:








........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Saturday, May 29, 2010

Children, 4, 'to be fingerprinted to borrow school books from library'

Are you standing on the Rock of Salvation?

From: http://www.telegraph.co.uk

Children as young as four could be fingerprinted to take out books from a school library.

Students in Manchester are having their thumbprints digitally transformed into electronic codes, which can then be recognised by a computer program.

Under the scheme, pupils swipe a bar code inside the book they want borrow then press their thumb on to a scanner to authorise the loan. Books are returned in the same way.

The scheme is being trialled on junior classes at Higher Lane Primary in Whitefield, Bury, Greater Manchester.

Officials confirmed it is due to be extended to all pupils at the school, one of the areas largest primary schools, with 453 pupils aged four to 11.

School authorities defended the scheme on Thursday, and moved to reassure parents that the voluntary system, is heavily encrypted or coded and that no images of fingerprints would be stored.

But critics said they were “appalled” at the system, developed by Microsoft which is also being trialled in other parts of the country.

“This is quite clearly appalling,” said Phil Booth, national coordinator of NO2ID, a privacy campaign group.

“For such a trivial issue as taking out of library books the taking of fingerprints is way over the top and wrong.

“It conditions children to hand over sensitive personal information.”

He added: “The money for such a system could be spent on actual school resources. How about some more books for the library instead?

“This needs to be rolled back or stopped. I would argue there is no justification for such a scheme.

But Lesley Isherwood, the school headmaster, defended the system, saying it was introduced as a more efficient way of books being borrowed from the recently renovated library.

She confirmed it would be extended to all pupils, adding that parents would be given the choice to opt in or out.

"We have researched this scheme thoroughly. It is a biometric recognition system and no image of a fingerprint is ever stored. It is a voluntary system,” she said.

"The thumbprint creates a mathematical template. All parents have been written to and we have told them what the system is all about. From the responses we have had there has been overwhelming support."

She added: "We hold a lot of information about children because we are a school. This is no different."

All pupils' details are erased when they leave school.

It comes after schemes to fingerprint children as part of payment for their school dinners was introduced around the country.

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Isaiah 55:6Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Friday, May 28, 2010

Private Corporation Building Detention Camps (FEMA) Across America

Are you standing on the Rock of Salvation?

From: http://www.infowars.com

The shadowy design firm that was behind the infamous Hardin Montana jail is pushing to build detention camps across America, with the latest proposal centering around a fifty acre, five hundred bed facility in Italy, Texas, part of a program that many Americans fear is based around a plan to intern political dissidents in the event of a national emergency.

Private prison development firm Corplan Corrections, headed up by an individual called James Parkey, is working with underwriter Municipal Capitol Markets Group, along with prison “consultant” Richard Reyes from Innovative Government Strategies, an outfit that works with state and local government, to oversee multiple projects concentrated in different states including Arizona and Texas.

Their latest project is focused around constructing a “detention center for illegal immigrants” based in Italy, Texas. The Italy City Council heard Parkey’s proposals last week to build a “gorilla proof facility with a fence,” that would be used as a “processing center”.

The company was also behind the infamous internment facility in Hardin Montana, which attracted national media attention when responsibility for its security was handed to a mysterious paramilitary organization called American Police Force, which was fronted by career criminal and a convicted fraudster Michael Hilton, who operated under no less than 17 different aliases.

The group was also behind controversial plans to build a detention facility on Tohono O’odham Nation land near Sahuarita, Arizona.

Parkey also attempted to convince the Benson City Council to build a detention camp in that part of Arizona earlier this month.

Parkey’s efforts to oversee three separate jail deals with Texas counties failed following insufficient funds being made available to run the facilities, and in 2005, “Three Texas county commissioners were convicted on bribery charges in connection to one of those Parkey-led projects,” reports TPM.

The only stumbling block that Parkey has repeatedly run into when trying to convince local authorities to accept his proposals to build the camps is the lack of prisoners to fill them . Indeed, critics have accused him of fleecing desperate small communities with promises of jobs and economic development that never come to fruition, leaving empty jails and financial black holes.

But should the federal government and Homeland Security activate its “ENDGAME” scenario in response to a declared national emergency, illegal aliens, as well as “potential terrorists” will be rounded up and imprisoned in detention camps that the Feds themselves, not just private companies, have been building over the course of the last decade.

Back in January 2006, we reported on how Homeland Security had awarded Halliburton subsidiary Kellogg, Brown and Root a $385 million dollar contract to construct detention and processing facilities in the event of a national emergency.

The language of the preamble to the agreement veils the program with talk of temporary migrant holding centers, as is the case with the Corplan proposals, but it is made clear that the camps will also be used “as the development of a plan to react to a national emergency.”

The stated purpose of the detention camps, to hold illegal aliens, is routinely cited, yet continuity of government plans clearly indicate that the facilities will have a dual purpose – to hold political dissidents and American citizens in the event of a declaration of martial law.

Veteran author Peter Dale Scott characterized the Halliburton contract as another step towards martial law. As Scott points out, the camps will also be used to “support the rapid development of new programs,” which more specifically relates to a longer term Homeland Security operation entitled ENDGAME, which sets its goal as the removal of not only illegal aliens but also “potential terrorists”.

As we have illustrated, in documents like the MIAC report and a plethora of others, federal authorities define American citizens who are even mildly political, own guns, or support third party candidates as potential terrorists.

“The contract calls for a response to “an emergency influx of immigrants, or to support the rapid development of new programs” in the event of other emergencies, such as “a natural disaster.” “New programs” is of course a term with no precise limitation. So, in the current administration, is ENDGAME’s goal of removing “potential terrorists,” writes Scott, adding that former Attorney General John Ashcroft called for the construction of internment camps for American citizens deemed to be “enemy combatants”.

Other agencies of the federal government have also been busy trying to build detention camps over the course of the last decade. In 2002, FEMA sought bids from major real estate and engineering firms to construct giant internment facilities in the case of a chemical, biological or nuclear attack or a natural disaster.

In February 2003, Okanogan County Commissioner Dave Schulz went public with his contention that his county was set to be a location for one of the camps.

Alex Jones has attended numerous military urban warfare training drills across the US where role players were used to simulate arresting American citizens and taking them to internment camps.

Whether these detention camps will be bossed by private paramilitary security forces, agents of the federal government, or a combination of the two is largely immaterial. What should concern all Americans is the fact that the camps are being constructed at all and that under new legal arguments being re-applied by President Obama, Americans can be abducted and held without trial in such facilities under the enemy combatant designation.

........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Thursday, May 27, 2010

Why Would North Korea Sink a South Korean Warship?

Are you standing on the Rock of Salvation?

From: http://www.theatlantic.com

On Thursday, the South Korean government announced that the warship it lost in March was sunk by a torpedo attack from North Korea. While South Korea, Japan, and the United States discuss punitive action, North Korea has threatened "all-out war" if new sanctions are imposed. This saber-rattling by the desperately poor North should not be a surprise, says Kongdan Oh, co-author of The Hidden People of North Korea; it is simply the most recent provocation by a regime that needs an external state of crisis in order to justify its repressive internal rule. With international pressure mounting on China, the North's closest friend and benefactor, the regime of Kim Jong Il has achieved just that. The Atlantic spoke with Oh, who is also a non-resident senior fellow at the Brookings Institution, about the crisis and what the North is hoping to accomplish.

We know that South Korea has provided compelling evidence that North Korea was responsible for the torpedo. Can you describe specifically what it was that convinced the investigators?

First, it is credible due to the accuracy and objectivity of the combined investigation team, which involved almost 25 experts from Korea, the United States, Australia, UK, and Sweden. Those are heavy-weights; it wasn't just one or two investigators from Korea. It was global and its level of expertise level was very deep.

Their significant discovery was the propeller part that was used in the torpedo. It was obviously a design that North Korea has been using. They weren't caught on the spot, but with all evidence in hand, it shows this is quite close to an iron-clad case.


Why would the North have done this?

As I have been telling the world for the last 15 or 20 years, the internal political dynamic in North Korea is such that they constantly need a crisis. The regime was built on lies. And the two leaders, Kim and Kim, created one of the worst -- or best -- cults of personality, perpetuating that they are the most brilliant strategic leaders and the entire world is kow-towing to them. That is a foundation of their propaganda.

North Korea is basically a failed state -- their basic economy is bankrupt. The military industrial economy is only 30 percent functioning. Other than Kim Jong's palace economy and slush fund, the economy doesn't exist.

In this state, the leader needs a tool to propagate why he should be in charge of the country. Today, a lot of people know that South Korea is not a slave to the Americans and the Korean economy may even be catching up with the Japanese economy. Information seeps through. So the North Korean regime needs more crisis. The ordinary kind of crisis will not be satisfactory, given the grumbling of the technocratic level of mid-class elite who see the North's declining power and know that there is no way out. So the regime has to create a fear of an imminent dangerous and war-like situation so the country will be united in solidarity under the leadership of Kim Jong Il. That's the internal dynamic. For years, it has been one crisis after another.

What is the North's larger strategy -- what are they trying to achieve?

In 1994, North Korea created a nuclear crisis and we signed an agreed framework, and then of course there were accusations about whether the US was fulfilling the agreed framework on time. North Korea blamed the U.S., but basically North Korea broke the agreed framework. They conducted two nuclear tests and many missile tests. So they found out that bluffing, or creating a crisis through resolute militant operation, is maybe the way to sustain global attention, get aid, get diplomatic recognition, put to the UN that North Korea is a country to be reckoned with.

Is this ultimately a successful long-term strategy? I don't think so, because I think the Americans are getting smarter, and students of North Korean affairs are getting angry. But so far, with limited options, North Korea has been pursuing this and they have been gaining rather than losing.

So, what should the U.S. government keep in mind as it plans a response?

A lot of issues--diplomatic, military, economy, social, political--are on the table. I think China is a problem; everyone needs to show solidarity that this kind of provocation in peace time is close to an act of war. It cannot be tolerated. It means you have to impose sanctions, and in particular, tighten the sanctions that block Kim Jong Il's slush fund. That might be the most effective. In addition, for the last 10 years, South Korea has let North Korean vessels pass through the Cheju corridor. That should be stopped. But most important, the investigators need to deliver their report very formally to China and say look, if you want to be a great power in the 21st century, you are dealing with a gangster, and you should stop helping them. That is another form of sanction.

Why is the North denying responsibility? How is it a show of strength if they don't admit it was them?

They always deny. They always say, American and Korean hooligans created a comic farce and they fabricated evidence. Even if you caught them with blood on their hands, they would claim it was paint.

Does this imply any further danger to South Korea -- or to other countries in the region?

There is always danger, unfortunately, until North Korea disappears from the global map and the two Koreas are united. South Korea is very vulnerable because of its geographic location. Because of that, the U.S. has been very prudent not to trigger any war-like act. And North Korea knows it; it is the Achilles' heel for both countries.

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Isaiah 55:6Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Wednesday, May 26, 2010

The Number One Tool Of Financial Enslavement

Are you standing on the Rock of Salvation?

From: http://theeconomiccollapseblog.com

Today there is a great awakening going on across the United States and all around the world. Tens of millions of people are becoming aware of the growing tyranny of the global financial elite. Yet millions of those same people willingly enslave themselves to those very same financial powers. So how is this happening? It is called debt. The financial powers of the world use it to enslave individuals, corporations and governments.

For thousands of years humanity has been taught the proverb that "the borrower is the servant of the lender", and yet today hundreds of millions of people around the globe willingly have run out and have made themselves servants of the money powers. You see, when you borrow money from a financial institution, you not only have to pay that money back, but you also have to pay a significant amount of interest. In fact, often the interest ends up being much more than the principal of the loan.

Thus the borrower ends up devoting a great deal of his or her labor to earning money for the lender. Certainly there are times when it is necessary to borrow money. But what Americans have been doing over the last 30 years goes far beyond "necessary" borrowing. In fact, the massive debt binge of the last three decades has been nothing short of a huge percentage of the American population entering into willing financial enslavement.

Do you think that is an exaggeration? Just consider the chart below. The word "insanity" does not even begin to describe the growth of household credit in the United States over the last 30 years....


So why is debt so bad?

Well, there are a lot of reasons. Debt strips you of your freedom and slowly drains you of your wealth. It puts the fruits of your labor into the pockets of others.

Getting others enslaved by debt is how the most powerful financial institutions in the world got so dominant. It is one of the most profitable ways of making money ever invented.

What many people don't realize is just how much interest they end up paying on some of their debts.

For example, if you go to mortgagecalculator.org, you can calculate the amount of interest that you will pay over the life of your home mortgage. According to that calculator, someone with a $250,000 mortgage at an interest rate of 6.5% over 30 years will end up paying over $300,000 in interest before it is all paid off.

So when those 30 years are over, you have bought a house for yourself and you have also bought a house for the bankers.

But there are many forms of credit that are far worse than mortgage debt.

So what are they?

Just look in your wallet.

Do you have a credit card in there?

If so, and if you carry a balance each month, then you are "feeding the monster" and you have financially enslaved yourself.

But you are far from alone.

According to the United States Census Bureau, there are approximately 1.5 billion credit cards in use in the United States.

In fact, 78 percent of American households had at least one credit card at the end of 2008.

So it is a rare person who does not have at least one credit card.

But not only do the vast majority of us have credit cards, we are using them at unprecedented rates.

At the end of 2008, the total credit card debt piled up by American consumers was more than 972 billion dollars. That is an amount that is greater than the GDP of the world's 122 poorest nations combined.

So why is credit card debt bad?

Well, because it can drain your wealth faster than almost any other method ever created.

For example, according to the credit card repayment calculator, if you owe $6000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card.

During those 54 years you will pay $26,168 in interest rate charges in addition to the $6000 in principal that you are required to pay back.

That is before you include any fees or penalties you might accumulate along the way.

Are you starting to get the picture?

Do you really want to repay over $30,000 for a $6,000 purchase?

Of course not.

So what should you do?

Stop feeding the monster.

They are getting insanely wealthy off of your financial enslavement.

It is time to get out of debt.

One of the most common financial questions that people ask today is what they should do with their money.

Well, the answer to that question is a lot more obvious than people may think.

After purchasing all of the food and supplies that are needed for the hard times that are coming, people need to get out of debt.

There are very, very few investments that will add to your wealth faster than debt is draining it.

So don't let your money sit there and earn a couple of percentage points if you are carrying any debt that you can easily pay off.

Paying off debt will reduce your living expenses and will give you much more flexibility. It will also put you in a much better position to weather the very difficult financial times that are coming.

When you get into more debt, you are playing the game that the Federal Reserve, JPMorgan Chase, Morgan Stanley, Citigroup, Bank of America and Goldman Sachs want you to play. There are always going to be financial predators that are ready to drain your wealth.

But you don't have to play that game. Work to get yourself free. You will be glad that you did.

........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

A Comparison of Greek Bond Restructuring Analysis to that of Argentina

Are you standing on the Rock of Salvation?

From: http://www.zerohedge.com

In order to assess the impact of sovereign debt restructuring on the market prices of the sovereign bonds that undergo restructuring (haircut in the principal amount or maturity extension), we retrieved price data of the Argentinean bonds that underwent restructuring in 2005. The sovereign debt restructuring in case of Argentina was a combination of maturity extension and principal haircut. Argentina defaulted on its international debt in November 2001 after a failed attempt to restructure the debt. The markets priced in the risk of a substantial haircut around this time and the bond prices plummeted sharply. We at BoomBustBlog are in the habit of taking market prices seriously, and have factored historical market reactions into our analysis in calculating prospective price action in distressed and soon to be Sovereign debt. Before moving on, it is highly recommended that readers review our haircut analysis for Greece (“With the Euro Disintegrating, You Can Calculate Your Haircuts Here”) and our more likely to occur restructuring analysis for the same (What is the Most Likely Scenario in the Greek Debt Fiasco? Restructuring Via Extension of Maturity Dates).

The restructuring of the Argentina debt in default was occurred in 2005 when the government offered new bonds in exchange of old securities. The government gave the option of either accepting A) a par bond with no haircut in the principal amount but substantially lower coupon and longer maturity or accept B) a discount bond with a haircut in principal amount to the extent of 66.3% but relatively better coupon rate and shorter maturity than in case of Par bond. If the bondholder accepted A), for each unit of bond, one unit of Par bond will be allotted. If the bondholder accepted B), for each unit of bond, 0.33 unit of Discount Bond will be allotted. The loss to the creditor, which is decline in the NPV of the cash flows, was nearly the same in both cases as the lower principal amount in Option B was offset by better coupon rate and shorter maturity. The price of the par bond in the market and the price of the discount bond multiplied by the exchange ratio (real price to the bond holder) were largely the same when they were listed in the market in 2005.

The IMF estimated the average haircut (decline in the net present value of the bond) was on an average 75% and the market priced in most of this haircut before the actual restructuring in Feb 2005. The prices of the bond in default declined nearly 65% between Feb 2001 and Feb 2005.

One should keep these figures in mind, for in the blog post “How Greece Killed Its Own Banks!I ran through a much, much more optimistic scenario that wiped out ALL of the equity of the big Greek banks. Remember, the Greek government stuffed these banks to the gills with Greek bonds in order to created the perception of a market for them. As excerpeted…

Well, the answer is…. Insolvency! The gorging on quickly to be devalued debt was the absolutely last thing the Greek banks needed as they were suffering from a classic run on the bank due to deposits being pulled out at a record pace. So assuming the aforementioned drain on liquidity from a bank run (mitigated in part or in full by support from the ECB), imagine what happens when a very significant portion of your bond portfolio performs as follows (please note that these numbers were drawn before the bond market route of the 27th)…

The same hypothetical leveraged positions expressed as a percentage gain or loss…


When I first started writing this post this morning, the only other bond markets getting hit were Portugal’s. After the aforementioned downgraded, I would assume we can expect significantly more activity. As you can, those holding these bonds on a leveraged basis (basically any bank that holds the bonds) has gotten literally toasted. We have discovered several entities that are flushed with sovereign debt and I am turning significantly more bearish against them. Subscribers, please reference the following:

To date, my work both free and particularly the subscription work, has shown significant returns. I am quite confident that the thesis behind the Pan-European Sovereign Debt Crisis research is still quite valid and has a very long run ahead of it. Let’s look at one of the main Greek bank shorts that we went bearish on in January:

Now, referencing the bond price charts below as well as the spreadsheet data containing sovereign debt restructuring in Argentina, we get…

Price of the bond that went under restructuring and was exchanged for the Par bond in 2005

Price of the bond that went under restructuring and was exchanged for the Discount bond

With this quick historical primer still fresh in our heads, let’s revisit our Greek, Spanish, and Italian banking analyses (the green sidebar to the right), many of which are trying to push the 400% mark in terms of returns if one purchased OTM options at the time of the research release. It may be worthwhile to review the Sovereign debt exposure of Insurers and Reinsurers as well.

We may very well get a bear market rally or two that may pop prices, but from a fundamental perspective, I do not see how significantly more pain is not to come out of this debt fiasco. The only question is who’s next. We feel we have answered that question is sufficient detail through our Sovereign Contagion Model. Thus far, it has been right on the money for 5 months straight!


........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Tuesday, May 25, 2010

The beginning of a U.S. currency crisis and Hyperinflation

Are you standing on the Rock of Salvation?

From: http://inflation.us




........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Sunday, May 23, 2010

Slave America, Holocaust By Deceit

Are you standing on the Rock of Salvation?

From: http://www.therebel.org

FORGING THEIR OWN CHAINS AND SHACKLES

Millions of illegal aliens, thousands members of dangerous drug gangs, have taken over city after city, state after state. Do you really think our government couldn’t have closed the border in days? The illegals are here for a purpose. They killed trade unions, suppressed the minimum wage, worked as slaves for corporate agriculture, filled our prisons and courts, all of this and more was part of a plan. Follow the money. Illegal immigration is a product of lobbyists who fought to protect it, the National Association of Manufacturers and the US Chamber of Commerce in particular. Big agricuture spent millions to keep our borders open and their hero, California Governor Ronald Reagan, chief “coyote” of all time.

Give us one division out of Iraq and the border will be closed in 3 days, not just “talked about” but closed. This will never happen as long as massive illegal immigration hurts only America’s working classes, the only people actually paying taxes, actually working and fighting for America. Real Americans don’t matter, haven’t for years. It didn’t happen overnight but Americans are now slaves in their own country. We all know it but our slave masters are now the people telling us who to blame.

In order to be slaves, we had to be conditioned to become slaves. This was done in increments, causing us to distrust each other, put our reliance on charismatic leaders, all of whom have turned out to be sociopaths, professional liars and thieves, mouthpieces for a very real conspiracy against the American people. Part of that conditioning was confusing Americans to the point where we would blame each other, one imaginary enemy after another, all blamed for our failures, our poverty, our decline while, when we weren’t looking, our economy drained into the foreign bank accounts of the few and our jobs flushed into Mexico, then China.

It’s time we stopped looking at politics and blaming each other and noticing the truth. We don’t have a government. We don’t have courts. We don’t have anything but a criminal conspiracy working for foreign interests, banksters, oil thieves, the phony medical maniacs and the gun pushers. Fronting for them is the biggest lie machine in world history, dwarfing anything Stalin or Hitler could imagine, storytellers, fabricators, imagineers of the worst kind, creating an illusion of “liberal” against “conservative” where one reality actually exists, the enslavement of America by a criminal enterprise, unnamed but well organized.

“They” have a few bastions of power that are hard to hide. Israel is the safe haven for many, New York and London are their battlefields, where they rob the world blind. Washington is their playground where stolen money buys power to send armies around the world, thuggish diplomats, massive networks of spies, mercenary killers and disinformation specialists, loaded with counterfeit cash from the Federal Reserve and backed by Predator drones, the worlds largest military force and 6000 nuclear weapons.

None of this is American, not by a far cry. Even our “conspiracy” crowd gets it wrong, having long ago been infiltrated by the gangsters. One day we blame the Illuminati, the next “liberal elitists” and the day after Freemasons.

The classic of all time is 9/11. When a conspiracy guy says the CIA was responsible, the answer is, “9/11 was too technically complicated for the CIA to have been able to put all the pieces together, they just don’t have that kind of capability.” Every time I hear this I run my head into a wall. So, I am told that the CIA/Mossad, the thugster wing of the groups who “billionaired out” on 9/11, with their massive resources couldn’t have done it. Then it is obvious, some guy in a cave with a sat phone that the NSA heard every word from, planned the whole thing, beating the Israeli run airport security, getting NORAD to stand down, all of it. If you can sell this, one of the weakest lies in history, you can sell anything.

THE TREASON SQUADS

The complete destruction of America wouldn’t be possible without components of our society, some out of stupidty and greed and some out of pure hatred and evil, to become tools of class warfare against decent working Americans. Each of these groups is massively complicit, utterly cynical and totally corrupt.

  • The Media; This group comes in a variety of flavors, all of them poison. The biggest group is the corporate/Zionist media, making up from 75 to 90 percent of what we see and hear. Their message is always the same. They tell us that the “other media,” is controlled by the “liberal elitist press,” a mysterious group of communists, Jewish elitists and illegal aliens who spent billions each year controlling broadcast networks and newspapers owned, in fact, by the people pointing fingers at the “liberal elitist press.”
  • The Catholic Church; One day the pope rants about the evil of legalizing homosexual union but the truth is, he runs the largest organization of sex criminals in the history of mankind. With the church falling in line with the right wing, a group that originated the pseudo-science of eugenics, the theories Hitler based his beliefs on, we ended up with a coalition of anti-abortion supporters and those who have, for nearly a century, supported mass sterilization and abortion on a worldwide scale. Burying a century of history was easy, the media helped every step of the way.
  • Christian Zionists; Peddling a religion remotely related to Christianity, this group prides itself on its loyalty to Israel. That loyalty is based on seeing the Jews returned to the “Holy Land” so they can all be converted to Christianity and the world burned to a cinder in a nuclear war. Right wing extremists in Israel love the support but look on this group as clinically insane and a total laughing stock.
  • AIPAC/Israel lobby; With massive financial power and virtual control of America’s media and the ability to bully congress, this group, really agents for a much less friendly foreign power than we think, runs a massive intimidation campaign protected from laws meant to stop this kind of activity. Their “special relationship” with America is much like Al Capone’s “special relationship” with Chicago politicians during the 1920s.
  • The NRA; This is another cynical group of Washington insiders, making millions on scare tactics about imaginary “gun seizures.” Using the most advanced communications network in the world, the NRA has actually invented the “anti-gun” movement. 95% of Americans would never see or hear a single word of “anti-gun” anything were it not for the NRA. Shame!
  • Veterans Groups; The “chartered” veterans groups profess millions of members but are actually a small Washington “insider” group that parrots divisive scare tactics from the gang pulling the strings in Washington. They continually drumbeat about immigration and patriotism but, when faced with tough issues, turn their backs. Their primary purpose seems to be to keep veterans deaf, dumb and blind.
  • Think Tanks; 90% are paid stooges of the anti-American gangsters pushing America under the boot. The tops are the American Enterprise Institute and the Heritage Foundation but most are fully culpable and need to be registered as foreign interest groups. They sure aren’t working for America. America would be better off being cluster-bombed than getting “position papers” from these organizations.
  • Political Parties: “Tweedle dumb” and Tweedle dumber” or as we know them, the Dumocrats and the Republi’cons, have one purpose in life. The parties work in close concert to close off political life from anything remotely American, having built a political process designed to suck as much money as possible into the pockets of office holders who are answerable only to powerful special interests, the most powerful of which are Israel, oil companies, banksters, medical thieves, war mongers and Israel. Decent and independent human beings that slip through the cracks are rare and are either pushed out by floods of laundered money or die in mysterious plane crashes.
THE LANGUAGE OF SLAVERY

Divisive rhetoric is the basis of a very real conspiracy to turn Americans against each other in attempts to find the real enemy. In the process, a very real enemy gets hundreds of billions in “bail out” money, a very real enemy controls our Federal Reserve which is counterfeiting America into generations of slavery, a very real enemy is impoverishing America while killing off our children in turf wars over drugs and oil.

The decades we have all spent hating each other as “liberals” and “conservatives” as made us fools. None of us has been free of guilt. We have all been suckered. Hearing complex terms of economic and political philosophy come out of the moronic mouths of Newt Gingrich, Tom Delay, Nancy Pelosi or Glen Beck is like hearing a parakeet recite Shakespeare. The word goes out warning us of “socialism” when the government threatens the banksters bonuses, the millions paid to thieves out of “bail out” money from America’s working families but all you hear is silence when, overnight, every oil company tacks 50 cents a gallon on gas prices when oil prices go down.

Breaking away from the language and cutting ourselves off from gun seizure scares, phony terrorism warnings, nuclear Iran drivel and stories of Arab armies marching on Tel Aviv has to come immediately. These fabrications and so many others, dozens of others, were used to distract America while an invasion more insidious than Day of the Triffids happened.

GOING COLD TURKEY

Our addiction to myth and imaginative storytelling has been more destructive than any drug. Every word the media pumps out is myth, stories meant to distract. The generous call it “spin.” What has happened, of course, is that, not only Washington, New York and Hollywood, long bastions of thieves and liars, are to blame but half the pulpits in America, the meetings halls of veterans groups and the lecture halls of our universities have all become bastions of deceit.

The tools used against America are simple, class envy, fear of every kind, regional divisions, racism and religious delusion.

Every word we hear, every image we see is infected. Their message isn’t just pundits and phony news, it hides in every TV series, every movie, every story, not just lied about but the hundreds of vital news stories cut out of every paper and magazine as “inconsistent” with “message.”

Years ago, it was a political party that learned to stay “on message.” Every word filtered, every message scripted, everything meant to create an illusion. What worked in advertising and then politics is now used to infect our children in school, our innocent hours of entertainment and, especially, our desire to stay informed.

Their news, their information is filth and those who sponsor it are purveyors of an infection. Their message, the products they sell, the ideas they push are tools of enslavement. The answer is to boycott it all, every word. They would lie to us about sport scores and weather if there was money in it. Everything else is has a purpose, to make us feel helpless, angry, confused and overwhelmed. Then we are supplied with the “fix,” always “their” targets. Believing lies is never being informed, it is simply accepting the humiliation of slavery and licking the boot of the master.

Gordon Duff is a Marine Vietnam veteran, grunt and 100% disabled vet. He has been a featured commentator on TV and radio including Al Jazeera and his articles have been carried by news services around the world. He has been a UN Diplomat, defense contractor and is a widely published expert on military and defense issues. He is active in the financial industry and is a specialist on global

........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Wednesday, May 19, 2010

Terror Storm: Terrorism Designed by the C.I.A.

Are you standing on the Rock of Salvation?

Full Lenght Film:







........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Sunday, May 16, 2010

The Human Microchiping

Are you standing on the Rock of Salvation?

Greg Nikolettos

From: http://www.wethepeoplewillnotbechipped.com/main/news.php

Video1:



Video 2:



Video 3:



The next videos in this You Tube adress: http://www.youtube.com/watch?v=BmAZocgu38s&feature=related




The chip is the mark of the beast!

........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!

Saturday, May 15, 2010

The Global Economic Crisis, The Great Depression of the XXI Century.

Are you standing on the Rock of Salvation?

From: http://www.globalresearch.ca

Preface

The Myth of Economic Recovery

The existence of a "Great Depression" on the scale of the 1930s, while often acknowledged, is overshadowed by an unbending consensus: "The economy is on the road to recovery".

While there is talk of an economic renewal, Wall Street commentators have persistently and intentionally overlooked the fact that the financial meltdown is not simply composed of one bubble – the housing real estate bubble – which has already burst. In fact, the crisis has many bubbles, all of which dwarf the housing bubble burst of 2008.

Although there is no fundamental disagreement among mainstream analysts on the occurrence of an economic recovery, there is heated debate as to when it will occur, whether in the next quarter, or in the third quarter of next year, etc. Already in early 2010, the "recovery" of the U.S. economy had been predicted and confirmed through a carefully worded barrage of media disinformation. Meanwhile, the social plight of increased unemployment in America has been scrupulously camouflaged. Economists view bankruptcy as a microeconomic phenomenon.

The media reports on bankruptcies, while revealing local-level realities affecting one or more factories, fail to provide an overall picture of what is happening at the national and international levels. When all these simultaneous plant closures in towns and cities across the land are added together, a very different picture emerges: entire sectors of a national economy are closing down.

Public opinion continues to be misled as to the causes and consequences of the economic crisis, not to mention the policy solutions. People are led to believe that the economy has a logic of its own which depends on the free interplay of market forces, and that powerful financial actors, who pull the strings in the corporate boardrooms, could not, under any circumstances, have willfully influenced the course of economic events.

The relentless and fraudulent appropriation of wealth is upheld as an integral part of "the American dream", as a means to spreading the benefits of economic growth. As conveyed by Michael Hudson, the myth becomes entrenched that "without wealth at the top, there would be nothing to trickle down." Such flawed logic of the business cycle overshadows an understanding of the structural and historical origins of the global economic crisis.

Financial Fraud

Media disinformation largely serves the interests of a handful of global banks and institutional speculators which use their command over financial and commodity markets to amass vast amounts of money wealth. The corridors of the state are controlled by the corporate establishment including the speculators. Meanwhile, the "bank bailouts", presented to the public as a requisite for economic recovery, have facilitated and legitimized a further process of appropriation of wealth.

Vast amounts of money wealth are acquired through market manipulation. Often referred to as "deregulation", the financial apparatus has developed sophisticated instruments of outright manipulation and deceit. With inside information and foreknowledge, major financial actors, using the instruments of speculative trade, have the ability to fiddle and rig market movements to their advantage, precipitate the collapse of a competitor and wreck havoc in the economies of developing countries. These tools of manipulation have become an integral part of the financial architecture; they are embedded in the system.

The Failure of Mainstream Economics

The economics profession, particularly in the universities, rarely addresses the actual "real world" functioning of markets. Theoretical constructs centered on mathematical models serve to represent an abstract, fictional world in which individuals are equal. There is no theoretical distinction between workers, consumers or corporations, all of which are referred to as "individual traders". No single individual has the power or ability to influence the market, nor can there be any conflict between workers and capitalists within this abstract world.

By failing to examine the interplay of powerful economic actors in the "real life" economy, the processes of market rigging, financial manipulation and fraud are overlooked. The concentration and centralization of economic decision-making, the role of the financial elites, the economic thinks tanks, the corporate boardrooms: none of these issues are examined in the universities’ economics programs. The theoretical construct is dysfunctional; it cannot be used to provide an understanding of the economic crisis.

Economic science is an ideological construct which serves to camouflage and justify the New World Order. A set of dogmatic postulates serves to uphold free market capitalism by denying the existence of social inequality and the profit-driven nature of the system is denied. The role of powerful economic actors and how these actors are able to influence the workings of financial and commodity markets is not a matter of concern for the discipline’s theoreticians. The powers of market manipulation which serve to appropriate vast amounts of money wealth are rarely addressed. And when they are acknowledged, they are considered to belong to the realm of sociology or political science.

This means that the policy and institutional framework behind this global economic system, which has been shaped in the course of the last thirty years, is rarely analyzed by mainstream economists. It follows that economics as a discipline, with some exceptions, has not provided the analysis required to comprehend the economic crisis. In fact, its main free market postulates deny the existence of a crisis. The focus of neoclassical economics is on equilibrium, disequilibrium and "market correction" or "adjustment" through the market mechanism, as a means to putting the economy back "onto the path of self-sustained growth".

Poverty and Social Inequality

The global political economy is a system that enriches the very few at the expense of the vast majority. The global economic crisis has contributed to widening social inequalities both within and between countries. Under global capitalism, mounting poverty is not the result of a scarcity or a lack of human and material resources. Quite the opposite holds true: the economic depression is marked by a process of disengagement of human resources and physical capital. People’s lives are destroyed. The economic crisis is deep-seated.

The structures of social inequality have, quite deliberately, been reinforced, leading not only to a generalized process of impoverishment but also to the demise of the middle and upper middle income groups.

Middle class consumerism, on which this unruly model of capitalist development is based, is also threatened. Bankruptcies have hit several of the most vibrant sectors of the consumer economy. The middle classes in the West have, for several decades, been subjected to the erosion of their material wealth. While the middle class exists in theory, it is a class built and sustained by household debt.

The wealthy rather than the middle class are rapidly becoming the consuming class, leading to the relentless growth of the luxury goods economy. Moreover, with the drying up of the middle class markets for manufactured goods, a central and decisive shift in the structure of economic growth has occurred. With the demise of the civilian economy, the development of America’s war economy, supported by a whopping near-trillion dollar defense budget, has reached new heights. As stock markets tumble and the recession unfolds, the advanced weapons industries, the military and national security contractors and the up-and-coming mercenary companies (among others) have experienced a thriving and booming growth of their various activities.

War and the Economic Crisis

War is inextricably linked to the impoverishment of people at home and around the world. Militarization and the economic crisis are intimately related. The provision of essential goods and services to meet basic human needs has been replaced by a profit-driven "killing machine" in support of America’s "Global War on Terror". The poor are made to fight the poor. Yet war enriches the upper class, which controls industry, the military, oil and banking. In a war economy, death is good for business, poverty is good for society, and power is good for politics. Western nations, particularly the United States, spend hundreds of billions of dollars a year to murder innocent people in far-away impoverished nations, while the people at home suffer the disparities of poverty, class, gender and racial divides.

An outright "economic war" resulting in unemployment, poverty and disease is carried out through the free market. People’s lives are in a freefall and their purchasing power is destroyed. In a very real sense, the last twenty years of global "free market" economy have resulted, through poverty and social destitution, in the lives of millions of people.

Rather than addressing an impending social catastrophe, Western governments, which serve the interests of the economic elites, have installed a "Big Brother" police state, with a mandate to confront and repress all forms of opposition and social dissent.

The economic and social crisis has by no means reached its climax and entire countries, including Greece and Iceland, are at risk. One need only look at the escalation of the Middle East Central Asian war and the U.S.-NATO threats to China, Russia and Iran to witness how war and the economy are intimately related.

Our Analysis in this Book

The contributors to this book reveal the intricacies of global banking and its insidious relationship to the military industrial complex and the oil conglomerates. The book presents an inter- disciplinary and multi-faceted approach, while also conveying an understanding of the historical and institutional dimensions. The complex relations of the economic crisis to war, empire and worldwide poverty are highlighted. This crisis has a truly global reach and repercussions that reverberate throughout all nations, across all societies.

In Part I, the overall causes of the global economic crisis as well as the failures of mainstream economics are laid out. Michel Chossudovsky focuses on the history of financial deregulation and speculation. Tanya Cariina Hsu analyzes the role of the American Empire and its relationship to the economic crisis. John Bellamy Foster and Fred Magdoff undertake a comprehensive review of the political economy of the crisis, explaining the central role of monetary policy. James Petras and Claudia von Werlhof provide a detailed review and critique of neoliberalism, focusing on the economic, political and social repercussions of the "free market" reforms. Shamus Cooke examines the central role of debt, both public and private.

Part II, which includes chapters by Michel Chossudovsky and Peter Phillips, analyzes the rising tide of poverty and social inequality resulting from the Great Depression.

With contributions by Michel Chossudovsky, Peter Dale Scott, Michael Hudson, Bill Van Auken, Tom Burghardt and Andrew Gavin Marshall, Part III examines the relationship between the economic crisis, National Security, the U.S.-NATO led war and world government. In this context, as conveyed by Peter Dale Scott, the economic crisis creates social conditions which favor the instatement of martial law.

The focus in Part IV is on the global monetary system, its evolution and its changing role. Andrew Gavin Marshall examines the history of central banking as well as various initiatives to create regional and global currency systems. Ellen Brown focuses on the creation of a global central bank and global currency through the Bank for International Settlements (BIS). Richard C. Cook examines the debt-based monetary system as a system of control and provides a framework for democratizing the monetary system.

Part V focuses on the working of the Shadow Banking System, which triggered the 2008 meltdown of financial markets. The chapters by Mike Whitney and Ellen Brown describe in detail how Wall Street’s Ponzi scheme was used to manipulate the market and transfer billions of dollars into the pockets of the banksters.

We are indebted to the authors for their carefully documented research, incisive analysis, and, foremost, for their unbending commitment to the truth: Tom Burghardt, Ellen Brown, Richard C. Cook, Shamus Cooke, John Bellamy Foster, Michael Hudson, Tanya Cariina Hsu, Fred Magdoff, James Petras, Peter Phillips, Peter Dale Scott, Mike Whitney, Bill Van Auken and Claudia von Werlhof, have provided, with utmost clarity, an understanding of the diverse and complex economic, social and political processes which are affecting the lives of millions of people around the world.

We owe a debt of gratitude to Maja Romano of Global Research Publishers, who relentlessly oversaw and coordinated the editing and production of this book, including the creative front page concept. We wish to thank Andréa Joseph for the careful typesetting of the manuscript and front page graphics. We also extend our thanks and appreciation to Isabelle Goulet, Julie Lévesque and Drew McKevitt for their support in the revision and copyediting of the manuscript.

Michel Chossudovsky and Andrew Gavin Marshall, Montreal and Vancouver, May 2010


........................................................
Isaiah 55:6
Make search for the Lord while he is there, make prayer to him while he is near:Isaiah 55:7Let the sinner give up his way, and the evil-doer his purpose: and let him come back to the Lord, and he will have mercy on him, and to our God, for there is full forgiveness with him.
John 3:16
For God had such love for the world that he gave his only Son so that whoever has faith in him may not come to destruction but have eternal life

God bless you!