Will Americans save Europe for Germany OR save their own Republic? 3

This is the essence of what the 2012 election is all about. Either we’re going to have a Constitutional republic run by the people we elect to run it, or we’ll continue to be subjected to the whims of an international cartel which privatizes profits and socializes losses, even as they threaten the autonomy of every democracy in the world in the process.

We quote from an article by Arnold Ahlert. He writes at Canada Free Press:

Americans, whether they know or not, are in for the fight of their lives. It’s been one week since the biggest story of the last three years was published by Bloomberg News, and maybe the only thing more fascinating than the story itself is the level of indifference it’s gotten from our so-called mainstream media. Remember the $700 billion in TARP funds used to bail out the banks? Chump change. Or more to the point, collateral for the $7.77 trillion made available by the Federal Reserve to bail out financial institutions all over the world.

That’s right, all over the world. Back in August, the facade was partially pierced when the number on the bailout went from $700 billion up to $1.2 trillion. That’s when it was revealed that almost half of the Fed’s top 30 borrowers were European firms, including Royal Bank of Scotland, Zurich-based UBS, Belgium-based Dexia SA and France’s Societe Generale SA.

Now we discover that even the $1.2 trillion was a crock. Or rather Bloomberg News discovered it, after filing a Freedom of Information Act petition that took more than two years to wend its way through the courts. Bloomberg got the information after the Supreme Court rejected an appeal last March by the Clearing House Association LLC, a group comprised of the nation’s largest commercial banks. They, along with Fed Chairman Ben Bernanke, tried to prevent the details from becoming public. If it were up to them, Americans still wouldn’t know a thing.

Its a scheme in which the Feds made available an amount of money equal to half of America’s Gross National Product for an entire year. Furthermore, on a single day, December 5, 2008, the banks were in such dire straits they needed a combined $1.2 trillion to remain solvent. How duplicitous were the bankers themselves? A little more than a week before this level of borrowing occurred, former Bank of America CEO Kenneth D. Lewis, informed shareholders that B of A was “one of the strongest and most stable major banks in the world,” despite owing the Federal Reserve $86 billion at the time. In a March 26 letter to shareholders, JP Morgan Chase & Co. CEO Jamie Dimon claimed his firm used the Fed’s Term Auction Facility (TAF) “at the request of the Federal Reserve to help motivate others to use the system”—even though his bank’s total borrowings were nearly twice its cash holdings. …

Last week it was also announced that several central banks are making “cheaper” dollars available to bailout the socialist basket cases in the EU. Cheap money for Europe means higher prices for Americans, as once again Bernanke and Company are debasing the currency and holding Americans hostage to the ransom demands of bankers, who once again are telling us systemic failure awaits if we refuse to kowtow to their demands.

So let me tell you what’s at stake here. It’s something that transcends Democrat and Republican, left and right, conservative and liberal. The real dividing line is between those who stillbelieve in … national sovereignty, and the New World Order supra-nationalists, for whom countries are little more than an annoying impediment getting in the way of their one world government schemes.

Even now Europeans are being told that the only way out from under the current crisis is to grant the European Commission the power to approve national budgets—before each country’s parliament gets to vote on them. If that sounds like the “making you an offer you can’t refuse” schtick from the Godfather, that’s because it is. No more Greeks or Italians deciding what’s best for Greece or Italy, flawed as those decisions might be. It’s take it or leave it from … bureaucrats in Brussels … whose unbridled arrogance gave the world an EU that was doomed to failure from the start. …

And where is Congress, who ought to be making it crystal clear that the United States Federal Reserve has no business bailing out an EU that steadfastly refuses to put its own house in order?

Germany’s Angela Merkel and France’s Nicolas Sarkozy want to start the EU all over again with a new treaty that binds the individual nations more tightly together – in other words to make Europe, with all its different languages, cultures, histories, interests, strengths and weaknesses, into a single state.

The EU is failing precisely because the attempt to bind the nations into a “United States of Europe” has proved impossible. Merkel and Sarkozy are prescribing a more intense dose of the killing disease as a cure for it.

If a tighter union were agreed to by the member states of the present EU, what it would mean in practice is the Germanization of all Europe. Germany as the strongest economic power would dominate the continent. It would be the realization of a long-standing German ambition. Germany would achieve through the power of economic success what it twice failed to achieve in the last century with military might. It would be a dictatorial domination. How else could Greeks and Italians be brought to work like Germans? And Europe – aka Greater Germany – will not, cannot, be a welfare state; the dream of socialism, which became ever more of a nightmare, is over.  

The EU was established  in the first place to satisfy the need of Germany to dissolve its guilt  – for the Second World War and the Holocaust – in the big pond of Europe; and the (paradoxically) nationalistic desire  of France to put on more muscle  – a vaster population, a zone of freely moving capital and labor – so it could rival the United States as a power in the world.  Yet France will not mind being dominated by Germany. It collaborated all too willingly with the Third Reich. (The French “resistance” is largely a myth, such resistance as there was being small, bitterly divided, and mainly Communist.)

The best hope for Europe would be a dissolution of the EU. Britain should withdraw from it as soon as possible. The EU idea was never popular in Britain, and if a referendum on continued membership were held now, the votes against it would almost certainly be in the majority – which is precisely why the Conservative government, which promised to hold such a referendum if it came to power, now won’t take the risk. Almost all the politicians of Europe love the (non-democratic) EU because it provides them with a bigger stage to strut on.

Our view, cold and hard, is that it would be a good thing if the Euro collapsed and the European Union broke into its constituent national pieces. The United States should be doing everything it can to disentangle itself from the banks of Europe, and refrain from helping any continuation of its ruinous welfare socialism. And Americans must save themselves from the fate Europe brought upon itself by voting to strengthen national sovereignty and  keep their Republic.

Quantitative easing made easy 0

From RealEconTV

Posted under Commentary, corruption, Economics, United States by Jillian Becker on Friday, November 19, 2010

Tagged with , , ,

This post has 0 comments.

Permalink

Diktat 0

 From Investor’s Business Daily:

Rep. Barney Frank, the Democrat who sits atop Congress’ efforts to deal with the financial crisis, has enough chutzpah for 100 politicians — which is saying a lot.

In comments before testimony from both Treasury Secretary Tim Geithner and Fed chief Ben Bernanke Tuesday, Frank said he wants to regulate pay on Wall Street — even for companies that aren’t getting bailouts.

And he called retention bonuses — a time-honored practice on Wall Street and elsewhere in America in which key employees are compensated for their enormous value — "extortion" and "bribes."

Frank, one of the chief architects of the housing mess that’s brought us so low, isn’t satisfied merely with pretending he and his Democratic pals aren’t to blame for all this. No, exploiting voter anger over the now-infamous AIG bonuses, he also wants to dictate to American capitalism what it can earn and what it can’t.

This is the kind of thing that normally happens in Third World countries ruled by tinhorn dictators, or in fascist states, where the democratic rule of law has collapsed. Not the U.S.

Yet, that’s where we find ourselves today, isn’t it? Democrats in Congress, who steadfastly rejected virtually all efforts to reform Fannie Mae and Freddie Mac as they went on the wildest, most irresponsible lending binge in the history of finance, now pose themselves as the saviors of fallen capitalism.

The hypocrisy is nothing short of stunning.

Take Frank. As we’ve written before, he spearheaded congressional Democrats’ efforts in 1992, 2000, 2002, 2003 and 2005 to block reform of Fannie and Freddie.

Those two "government-sponsored enterprises" were the nexus of this crisis, holding $5.4 trillion of the $12 trillion in U.S. mortgages, while originating or funding 90% of the subprime market.

Their failures presaged the subsequent financial meltdown from which we’re still trying to regain our economic footing.

Then there’s Sen. Chris Dodd of Connecticut, another posturing moralist in the flap over AIG bonuses. He turns out to have inserted the bonuses into the bailout legislation in the first place.

An innocent move? Please note Dodd was No. 1 on the list of recipients of AIG’s political contributions. Also that his wife was a former director of IPC Holdings, a company controlled by AIG.

We wish all this tinkering with the private sector was limited to Congress. But it isn’t. The Treasury wants what the Washington Post called Tuesday "unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy."

Citing the AIG precedent, White House spokesman Robert Gibbs defended this radical move, saying on CNN, "We need resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn’t work."

Breathtaking. Coupled with the vast expansion of government spending over the next 10 years, this is socialism, pure and simple.

Yes, we know it’s unfashionable to use the "S" word. But we’re willing to be unhip in the service of the truth.

It’s a frightening thing to see a once mighty, and free, capitalist economy placed under the heel of an incompetent government. But that’s precisely what’s happening now.

Executive pay, the focus of much public fury right now, is only the start. Your pay will be next, rest assured. So hold on to your wallets, sure, but also hold on even tighter to something even more precious that now seems at risk: your freedom.

Posted under Commentary by Jillian Becker on Wednesday, March 25, 2009

Tagged with , , , , , , , , ,

This post has 0 comments.

Permalink

The budding American dictatorship 4

 From Investor’s Business Daily:

Rep. Barney Frank, the Democrat who sits atop Congress’ efforts to deal with the financial crisis, has enough chutzpah for 100 politicians — which is saying a lot.

In comments before testimony from both Treasury Secretary Tim Geithner and Fed chief Ben Bernanke Tuesday, Frank said he wants to regulate pay on Wall Street — even for companies that aren’t getting bailouts.

And he called retention bonuses — a time-honored practice on Wall Street and elsewhere in America in which key employees are compensated for their enormous value — "extortion" and "bribes."

Frank, one of the chief architects of the housing mess that’s brought us so low, isn’t satisfied merely with pretending he and his Democratic pals aren’t to blame for all this. No, exploiting voter anger over the now-infamous AIG bonuses, he also wants to dictate to American capitalism what it can earn and what it can’t.

This is the kind of thing that normally happens in Third World countries ruled by tinhorn dictators, or in fascist states, where the democratic rule of law has collapsed. Not the U.S.

Yet, that’s where we find ourselves today, isn’t it? Democrats in Congress, who steadfastly rejected virtually all efforts to reform Fannie Mae and Freddie Mac as they went on the wildest, most irresponsible lending binge in the history of finance, now pose themselves as the saviors of fallen capitalism.

The hypocrisy is nothing short of stunning.

Take Frank. As we’ve written before, he spearheaded congressional Democrats’ efforts in 1992, 2000, 2002, 2003 and 2005 to block reform of Fannie and Freddie.

Those two "government-sponsored enterprises" were the nexus of this crisis, holding $5.4 trillion of the $12 trillion in U.S. mortgages, while originating or funding 90% of the subprime market.

Their failures presaged the subsequent financial meltdown from which we’re still trying to regain our economic footing.

Then there’s Sen. Chris Dodd of Connecticut, another posturing moralist in the flap over AIG bonuses. He turns out to have inserted the bonuses into the bailout legislation in the first place.

An innocent move? Please note Dodd was No. 1 on the list of recipients of AIG’s political contributions. Also that his wife was a former director of IPC Holdings, a company controlled by AIG.

We wish all this tinkering with the private sector was limited to Congress. But it isn’t. The Treasury wants what the Washington Post called Tuesday "unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy."

Citing the AIG precedent, White House spokesman Robert Gibbs defended this radical move, saying on CNN, "We need resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn’t work."

Breathtaking. Coupled with the vast expansion of government spending over the next 10 years, this is socialism, pure and simple.

Yes, we know it’s unfashionable to use the "S" word. But we’re willing to be unhip in the service of the truth.

It’s a frightening thing to see a once mighty, and free, capitalist economy placed under the heel of an incompetent government. But that’s precisely what’s happening now.

Executive pay, the focus of much public fury right now, is only the start. Your pay will be next, rest assured. So hold on to your wallets, sure, but also hold on even tighter to something even more precious that now seems at risk: your freedom.

Posted under Commentary by Jillian Becker on Wednesday, March 25, 2009

Tagged with , , , , , , , , ,

This post has 4 comments.

Permalink