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Wednesday, July 08, 2015

Thanks To Wall Street, America Has Growing Greek - Like Debt Bombs

Americans all too quickly forgot Bush bank criminals grand performance in 2008  

WALL STREET ON PARADE
By Pam Martins and Russ Martins
07/01/2015

Greece has two things in common with bankrupt or teetering parts of the United States: it took advice and money from Wall Street while paying huge fees; now the catastrophic results of that bad advice is falling on the backs of the poor and most vulnerable citizens. In fact, we’re all Greeks now.


From the $1.2 trillion in student debt now on the backs of U.S. college students, a growing number of whom are turning to prostitution to keep up, to teetering Puerto Rico, the bankruptcy of Jefferson County, Alabama in 2011, Detroit’s bankruptcy in 2013, Wall Street was on hand to grease the skids or set the train wreck in motion.


As Greece pensioners line up outside of banks today to receive a fraction of their monthly pension, Puerto Rico has acknowledged it can’t pay its $72 billion in debt and has imposed a stunning 11.5 percent sales tax on its struggling citizens.

How did Puerto Rico, with a tiny population of just 3.6 million, get itself into such astronomical debt? In October 2013, the Wall Street Journal’s Michael Corkery and Mike Cherney reported that Wall Street banks, led by Citigroup and UBS, since 2006 had sold 87 Puerto Rico debt deals totaling $61 billion. For burying Puerto Rico under debt, the reporters note that Wall Street, its lawyers and related parties received $1.4 billion in fees.

And, of course, there were those wonderful swap deals along the lines of those Goldman Sachs sold to Greece and JPMorgan sold to Jefferson County, Alabama. Corkery and Cherney report that Puerto Rico paid “$690 million to Wall Street firms to cancel derivative contracts” that apparently had gone sour as had the ones in Greece.


Americans would do well to remember these assholes - and what they got away with

Then there was the issuance of interest-bearing bonds by Puerto Rico to pay off the interest on other bonds. According to the reporters, in August 2013 Morgan Stanley led an underwriting on $673 million in bonds but “at least $110 million of the debt will be used for ‘capitalized interest,’ according to the bond offering documents. That amounts to raising money from bondholders and then using the proceeds to make interest payments back to those same bondholders. It will also result in larger debt payments down the road.”

If a retail stock broker attempted to bury his client under margin debt or allowed the client to commit financial suicide in the market, the broker would be on the wrong side of the law. A long line of arbitration cases and Security and Exchange Commission rulings mandate that a registered representative must guide the client on a course of suitable investing. But apparently, burying counties, cities, countries, and U.S. territories under debt has no legal barriers on Wall Street. One has to get caught bribing someone to get charged by a regulator.




Back on November 4, 2009, JPMorgan’s trading unit, JPMorgan Securities was charged with the following two years before Jefferson County, Alabama filed for bankruptcy:

“The SEC alleges that J.P. Morgan Securities and former managing directors Charles LeCroy and Douglas MacFaddin made more than $8 million in undisclosed payments to close friends of certain Jefferson County commissioners. The friends owned or worked at local broker-dealer firms that performed no known services on the transactions. In connection with the payments, the county commissioners voted to select J.P. Morgan Securities as managing underwriter of the bond offerings and its affiliated bank as swap provider for the transactions.”




The SEC notes that the payments were secret but JPMorgan “passed on the cost of the unlawful payments by charging the county higher interest rates on the swap transactions.”

Glenn S. Gordon, the Associate Director of the SEC’s Miami Regional Office, had this to say at the time: “This self-serving strategy of paying hefty secret fees to local firms with ties to county commissioners assured J.P. Morgan Securities the largest municipal auction rate securities and swap agreement transactions in its history.”




Jefferson County emerged from bankruptcy on December 3, 2013 but sewer ratepayers will be feeling the pain of the county’s debt binge for decades to come. According to a 2013 report by Bloomberg News, sewer rates are projected to rise by “7.9 percent each year for four years, starting in 2014, and by almost 3.5 percent annually through 2053.” The report notes further that the “sewer rate increases will disproportionately affect the poor. Seventy percent of the sewer system’s users reside in the commission districts with poorest residents.”


Will Americans demand bank criminals be prosecuted this time around?

What we already know about these derivative debt bombs is indeed unsettling. What is far more dangerous, however, is what we don’t know. Many deals were written in secret and have confidentiality clauses.



This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

Moscow Hears Signals On Greece Willing To Join BRICS Bank

EU bank criminals, Merkel, IMF Nazis attempt to appear calm in face of certain defeat; Juncker gives rambling, ass-kissing, delusional speech as CNN cuts live broadcast when he is attacked and heckled  

STRATEGIC CULTURE FOUNDATION
07/07/2015

Moscow has received signals on Greece willing to join the BRICS New Development Bank (NDB), but this issue has not been discussed on the official level, Russian presidential aide Yuri Ushakov said.


Payback a bitch: EU, NATO, IMF Nazis, Merkel
will now pay for the slurs and sanctions on Russia
"Signals have appeared in the press, in mass media, that Greece may ask to join the BRICS New Development Bank, we know about it, about these signals. But no one in particular has discussed them on the official level yet," Ushakov said in an interview with RIA Novosti, RT and VGTRK.

The presidential aide stressed that the new bank is only starting to function.

"It [the BRICS bank] should still set its practical priorities, start functioning and, of course, it will start its work with its own tasks, its own problems, and not with [the issue of admission of] Greece. 


"But as I said, Greece will be discussed, but not in the context of its engagement, even in the long term, with the new BRICS New Development Bank," Ushakov said when asked to comment on the information that Greece can receive loans for some projects.


Euro down to 1.10 against the dollar and falling
The agreement on the creation of the New Development Bank was signed on July 15, 2014 at the BRICS summit in Fortaleza, Brazil. The NDB’s main purpose is to ensure the financing of infrastructure projects and sustainable development of the BRICS countries and other emerging economies.


Earlier this week, Ushakov said that the NDB was open for any country but it was necessary to see first how the bank would function and only then start talking about admitting new members.




In May, Russia invited Greece to become an NDB member, with discussions on Athens' membership of the bank expected to take place at the July 8-9 BRICS summit in the Russian city of Ufa.




In interviews with Sputnik, several high-ranking Greek officials, including Energy Minister Panagiotis and Deputy Defense Minister Kostas Isychos, expressed interest in their country joining the new institution.




This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

Philippines Confirms Second MERS Case

Despite virtual MSM news blackout MERS continues to spread in ASEAN: Do not believe the WHO liars when they state that this outbreak is contained  

REUTERS
07/06/2015

MANILA - 

The Philippines confirmed a second case of the deadly Middle East Respiratory Syndrome (MERS) corona virus on Monday in a man who showed symptoms after arriving in Manila last month from Dubai.


MERS
The 36-year-old was admitted to hospital on Saturday and was under observation, Health Ministry spokesman Lyndon Lee-suy said, adding contact tracing was now under way to prevent the spread of the disease. The man had also travelled to Saudi Arabia, the spokesman said. His condition was improving and there was no known transmission so far.

The first case discovered in the Philippines was in January, a Filipino nurse working in Saudi Arabia who survived.


MERS was first identified in humans in Saudi Arabia in 2012 and the majority of cases have been in the Middle East. 

Scientists are not sure of the origin of the virus.

Isolated cases cropped up in Asia before an outbreak erupted in South Korea in May and became the largest outside of Saudi Arabia.


IF, as WHO claims the MERS virus is not airborne and "not spread through casual contact" they why are these doctors wearing BSL-4 suits while attending to this MERS patient?

A total of 186 people have been infected in South Korea, and 33 have died. The country's health authorities said on Monday that the outbreak may have turned the corner, with only four new cases reported in the past week.

In the Thai capital Bangkok, more than a hundred people were believed to have been in contact with an Omani man, the only MERS case in Thailand who eventually recovered.


DO NOT listent to or believe the CDC/WHO liars when they tell you "everything is fine" and not to be concerned with the recent MERS outbreaks; do NOT travel to ASEAN unless absolutely necessary and do not fly until these outbreaks are confirmed as contained as the risk of winding up in quarantine is elevated for passengers in addition to possible exposure to this virus

The World Health Organization described South Korea's outbreak as a "wake-up call" but said it did not constitute a global emergency.

Reporting by Manuel Mogato; Additional reporting by Jack Kim in Seoul; Editing by Nick Macfie.





This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

New U.S. National Military Strategy : U.S. May Invade Any "Non - Ally"

As with Hitler, the time is soon coming when the free world will decide that the Obama criminals must be stopped regardless of the cost  

WASHINGTON'S BLOG
By Eric Zuesse
07/06/2015

On July 1st, the White House, Joint Chiefs of Staff, issued “The National Military Strategy of the United States of America 2015” (officially dated June 2015), and at its top is:

“U.S. ENDURING NATIONAL INTERESTS: The security of the United States, its citizens, and U.S. allies and partners.”


In other words: protection of Americans is neither more nor less important to the U.S. Government than is protection of “U.S. allies and partners.” 

All of them are at the very top, as “U.S. ENDURING NATIONAL INTERESTS.”

America’s Founders didn’t agree with the Obama Administration’s view on this. 



George Washington’s famous Farewell Address asserted that, ”It is our true policy to steer clear of permanent alliance with any portion of the foreign world”; and the third President Thomas Jefferson said in his equally famous Inaugural Address, that there should be “Peace, commerce, and honest friendship with all nations — entangling alliances with none.” Instead, of that view, Obama now wants “entangling alliances” with anti-BRICS nations in Europe via his proposed TTIP treaty, and with anti-BRICS nations in Asia via his proposed TPP treaty, plus anti-BRICS nations worlwide via his proposed TISA treaty for service-industries. 




So, he told graduating cadets at West Point, on 28 May 2014, that they will be fighting not only against America’s enemies, but also against America’s economic competitors — that these future U.S. military officers will be serving as muscle abroad, for U.S.-headquartered international corporations:

“Russia’s [actually non-existent] aggression toward former Soviet states unnerves capitals in Europe, while China’s economic rise and military reach worries its neighbors. From Brazil to India, rising middle classes compete with us, and governments seek a greater say in global forums. … It will be your generation’s task to respond to this new world.”

That’s what he told West Pointers.




However, the U.S. military has even grander objectives than to serve as policemen for protecting “the United States, its citizens, and U.S. allies and partners.” In addition to that, under the core heading of “NATIONAL SECURITY OBJECTIVES,” the “National Military Strategy of the United States of America 2015” lists six things, and one of them is “The security of the global economic system.” (That’s very important to Wall Street, but America’s many invasions for the benefit of Wall Street haven’t been proud moments in American history — and didn’t do the American public any good at all.) 

Another is: “The security, confidence, and reliability of our allies.” And yet another objective is: “The preservation and extension of universal values.”

In other words: There will always be one cliché or another, which can be cited so as to ‘justify’ any invasion by the U.S. 


Furthermore, the resort there to undefined “universal values” can actually ‘justify’ anything. Islamic jihadists say that the establishment of the kingdom of God on Earth is a universal value. However, the Christian Crusaders, who slaughtered Muslims nearly a thousand years ago, likewise held this same objective, to be a universal value. 


Other than such fantasists as those people, there are no universal values — such ‘universality’ of values exists only in propaganda, not in reality.

Even Adolf Hitler endorsed things “which were justified from the universal human point of view.” He’s not the type of company that Americans have generally wanted to be associated with.



If U.S. President Barack Obama, who is America’s Commander-in-Chief, and whose document this therefore is, is no mere propagandist for perpetual war for perpetual ‘peace,’ but is instead carrying out his actual duties under the U.S. Constitution, which are duties to the American people, then he will not allow such propagandistic terminology to stand as representing “The National Military Strategy of the United States of America 2015.”

Furthermore, how is the U.S. military — whose document this “National Military Strategy of the United States of America 2015” is — even going to be able to enforce: “The security, confidence, and reliability of our allies”? If “our allies” might happen to decide not to continue being such, or else to lose confidence in the U.S. Government, then will the U.S. bomb them? After all: this document speaks only for the U.S. military, and they have only military means at their disposal. Bombs, and such, are their business; soldiers aren’t supposed to be in the diplomacy-business. 


Americans continue to ignore Obama's ceaseless warmongering and the cheap metal caskets still arriving home from Iraq and Afghanistan even and they continue to lose their homes, jobs, Social Security and Medicate to pay for more endless illegal, immoral wars

That’s the State Department’s domain. But Obama was addressing future military officers, not the U.S. foreign service. This fact raises the question of what U.S. President Obama’s broader, more comprehensive, view of U.S. national security is. Even though the U.S. military (at its top command, anyway — like at West Point) is ready and obviously willing to invade any country for America’s “universal values,” they can do it only via the command from the Commander-in-Chief.

At the start of February, President Obama himself issued that very document, the broader-focused view. It’s his National Security Strategy 2015, and as I had mentioned at the time, in my news-report’s headline: “Obama’s New National Security Strategy Is Rabidly Anti-Russian.”

So: President Obama is actually even more determined to defeat Russia than he is to defeat ISIS. Whatever “universal values” stand at the top of his “national security” concerns, he has already made clear that a nuclear war against Russia might be the result — and this is how America’s Commander-in-Chief is aiming to protect “the United States, its citizens, and U.S. allies and partners.” That euphemistic phrase, from his Joint Chiefs of Staff, sounds better (at least to a naive public) than simply saying, “the financial interests of America’s billionaires.” Power isn’t only a high for the billionaire class; it can also be very profitable for them, even in crassly obvious ways.


Obama is their President; he’s not really the public’s. 

The billionaires have done very well under his rule, but the general American public have not

In fact, whereas the bottom 50% of Americans owned only 2.5% of America’s total wealth at the economy’s peak in 2007, they owned only 1.1% of the total wealth in 2010, after Obama had been continuing Bush’s Wall Street bailout for a year. 


That bailout went to the top 1%, and it was paid for by they bottom 50%. (For example, by contrast, the top 1% owned 33.8% of America’s total wealth in 2007 and 34.5% of it in 2010. So: the bottom half — the people who had been suckered by those mortgage-scam operations, which were pumped by Wall Street — were stuck with all the losses, while Wall Street boomed from the federal bailouts when those megabanks at the end were saddled with junk they could no longer sell.) 

Moreover, yet another study shows that whereas when Obama entered office in 2009, the top 0.1% of wealth-holders held the then all-time record high of 7% of all U.S. wealth, that figure had risen to an even higher 8% by just 2012. Obama serves those people — virtually no one else. 




Certainly not the people who voted for him. And America’s billionaires want what Russia has: the largest land-mass, and supply of natural resources, on this planet. Obama is going after it, for them. That’s why he overthrew Ukraine’s neutralist President in February 2014, and replaced him with a rabidly anti-Russia government, eager to base NATO missiles, right on Russia’s doorstep — the Cuban Missile Crisis in reverse.

It takes a lot to satisfy America’s aristocrats. Obama has performed brilliantly for them. And so we now have what is essentially the Obama doctrine: America has the right to invade (and/or otherwise overthrow) any government that is not an ‘ally.’ There was Honduras (a coup), there was Venezuela (several attempted coups), there was Ecuador (more attempted coups), there was Libya (“We came, we saw, he died!”), there was Syria, and there was Ukraine (“the most blatant coup in history”). But Russia — not yet.



This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

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ANDREW KREIG: EXPERTS REJECT FIRE AS CAUSE FOR 9/11 WTC COLLAPSES

The real truth on 9/11 slowly continues to bleed out

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Technical experts are mounting major challenges to official U.S. government accounts of how three World Trade Center skyscrapers collapsed in near-freefall after the 9/11 attacks 15 years ago.

Many researchers are focusing especially on the little-known collapse of

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The Geopolitics Of The United States, Part 1: The Inevitable Empire

The Empire and the inevitable fall of the Obama criminal regime

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STRATFOR Editor’s Note: This installment on the United States, presented in two parts, is the 16th in a series of STRATFOR monographs on the geopolitics of countries influential in world affairs.

Like nearly all of the peoples of North and South America, most Americans are not originally from the territory that became the United States.

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Geopolitics Of The United States Part 2: American Identity And The Threats of Tomorrow

A look back at 2011 predictions for the future in order to put events of today into perspective

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We have already discussed in the first part of this analysis how the American geography dooms whoever controls the territory to being a global power, but there are a number of other outcomes that shape what that power will be like. The first and most critical is the impact of that geography on the American mindset.

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By Robert S. Finnegan

This e-mail outlines and confirms the acts of espionage against Indonesia and Indonesians by Akiko Makino and the others involved both in Kobe University and in AI Lab at University of Airlangga, Surabaya; Bahasa Indonesia original follows English translation...

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UPDATED 01/07/2015 : New Analysis Challenges Tamiflu Efficacy; Hong Kong Corona Virus Outbreak

UPDATED 01/07/2015 : FOX NEWS CORPORATE PHARMA SHILL MEGAN KELLY AND FOX NEWS QUACK DOCTOR NOW PUSHING TAMIFLU FOR PREGNANT WOMEN AND CHILDREN;

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THE 5TH ESTATE UNEQUIVOCALLY WARNS THE PUBLIC NOT TO TAKE OR GIVE THIS PROVEN DANGEROUS, INEFFECTIVE DRUG TO ANYONE

Obama criminals now resulting to biowarfare in quest to destroy Chinese and ASEAN economy; "novel virus substrain" points directly to a Kawaoka / Fouchier / Ernala-Ginting Kobe lab virus weaponized and genetically altered to specifically target and infect the Asian population: Ribavirin...

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The 5th Estate has just purchased a library on H5N1 "Novel" virus pandemics, there are dozens of PDF and Exel documents we feel will assist you in saving lives following intentional releases of the H5N1 and now MERS viruses; we will begin by printing those that appear to be extremely relevant here: H5N1 Kobe-Kawaoka-Ernala series continues soon with more "Smoking Gun" e-mails from Teridah Ernala to The 5th Estate . . .

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By Robert S. Finnegan

On October 12, 2002 the Indonesian island of Bali experienced a terrorist attack that rocked the world. It was unquestionably well-coordinated and executed, the largest in the country's history.

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