Monday, May 15, 2017

How To Stick It To Your Banker, The Federal Reserve, And The Fiat Money System

The collapse of the bankster/Fed Ponzi scheme is inevitable; protect yourself by converting at least some assets to gold and silver IN THE HAND, in the mattress, in the garden  

By M.N. Gordon

Somehow, former Federal Reserve Chairman Ben Bernanke found time from his busy hedge fund advisory duties last week to tell his ex-employer how to do its job. Namely, he recommended to his former cohorts at the Fed how much they should reduce the Fed’s balance sheet by. In other words, he told them how to go about cleaning up his mess.

We couldn’t recall the last time we’d seen or heard from Bernanke. But soon it all came back to us. There he was, in the flesh, babbling on Bloomberg and Squawk Box, pushing the new paperback version of his mistitled memoir “The Courage to Act.” Incidentally, the last time we’d heard much out of the guy was when the hard copy was released in late 2015.

With respect to the Fed’s balance sheet, Bernanke remarked that the Fed should cut it from $4.5 trillion to “something in the vicinity of $2.3 to $2.8 trillion.” 

 What exactly this would achieve Bernanke didn’t say. As far as we can tell, a balance sheet of $2.8 trillion would still be about 300 percent higher than it was prior to the 2008 financial crisis.

Bernanke, by all measures, is an absolute lunatic. He, more than anyone else, is responsible for the utter mess that radical monetary policies have made of the U.S. economy. He’s the one who dropped the federal funds rate to near zero and inflated the Federal Reserve’s balance sheet by over 450 percent.

Yet Bernanke walks and talks with no remorse. He even believes his actions somehow saved the economy. In truth, his actions impeded the economy’s ability to self-correct and provoked today’s asset and debt bubbles. However, with the exception of Lehman Brothers, his efforts did succeed at saving the banker’s bacon.

Big Dreams

Remember, it was Bernanke who goaded Alan Greenspan to drop the federal funds rate to 1 percent and leave it there for 12 months in 2003-04 following the dot com crash. This single act contributed to the mortgage lending bubble and bust more than anything else.

Bernanke even delivered a fearful speech on the subject in late 2002 auspiciously titled, Deflation: Making Sure “It” Doesn’t Happen Here. There he outlined his approach with uncompromising assurance:

“[T]he U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.”

Later, as Fed Chair, Bernanke’s big dream came true. Following the mortgage lending bubble and bust that he’d helped Greenspan orchestrate, Bernanke was granted the opportunity to execute his mad ideas of mass money supply expansion.

Through his insane quantitative easing policies Bernanke inflated the Fed’s balance sheet from under $1 trillion to over $4.5 trillion. In Bernanke’s mind, this was his great courageous act. We’ve all been living with the results of his courage – low growth, low bond yields, high debt, inflated asset prices, stagnant wages, currency erosion, and more – for nearly a decade. Quite frankly, it stinks.

What can you do about it?

Silver Security

Several weeks ago, we offered a partial review of how your bank is ripping you off. Today we offer a practical, elegant, way that you can stick it to your banker, the Federal Reserve, and the whole doggone fiat money system. But first, some context courtesy of Dr. Keith Weiner and his recent article titled Will Gold or Silver Pay the Higher Interest Rate?

“[O]ver thousands of years, gold has not displaced silver. The reason is that gold and silver do not directly compete. They perform different functions. Both are heavy and shiny metals. Both are resistant to tarnish, and they’re good conductors of heat and electricity. But their physical similarity has misdirected attention from their separate roles.

“Gold was selected by traders as the best money to carry large values, especially over long distances. Before gold, they used cattle, because cows move under their own power. Gold does not move itself, but its value density is so high that you can easily carry a fortune in your pocket.

“Today, gold can be moved anywhere in the world in days. The entire globe is effectively the trading region for gold. This means that gold is not subject to local gluts or shortages. Gold supply and demand are quickly smoothed out over the entire world. This helps makes gold the most liquid commodity.

“Silver was chosen by wage-earners, not for carrying large value over distance, but to carry value over long periods of time. Before they used silver, they used salt. Salt is not perishable, and it is accessible to even unskilled laborers. Workers need a way to accumulate small amounts of value every month, and store it until needed to buy groceries in retirement.

“Gold does not work as well for this purpose. An ounce of gold is far too much for most people to buy weekly or even monthly. In smaller sizes, you pay a high premium which will be lost when you sell. Silver offers a better deal for small savers. Silver is the most hoardable commodity. Gold tends to be owned by wealthier people. It is likely that a larger number of people have smaller amounts of silver.

“The wage-earner who has a modest stack of silver coins does not need interest so much as he needs security.”

If you already own gold or silver, what follows may seem rather elementary. But if you’re a wage earner and don’t own any precious metals, and don’t know where to start, here’s a practical, elegant, way for you to stick it to your banker, the Federal Reserve, and the whole doggone fiat money system.

To be clear, we like to keep things really simple. Thus, we’ve boiled it all down to a simple, two step approach that just about everyone should be able to carry out:

Step 1: Go to your nearest ATM and pull out a $20.

Step 2: Go down the street to your local coin shop and trade your $20 for a 1-ounce silver eagle.

Congratulations! What you’ve just done is trade a dubious debt construct (i.e., a Federal Reserve legal tender scrap of fiat scrip) for a debt free, long term store of value. Do you feel good about your trade?

If so, do it again and again. Not only will you be preparing for a highly uncertain future. You’ll also be reducing your implied backing of the corrupt banking and Federal Reserve system by reducing your stake of Federal Reserve scrip notes.

Now, we’re not suggesting that you close out your bank accounts. Indeed, a bank account is needed to execute financial transactions under the present system. But this won’t always be the case.

In short, we’re encouraging you to store up and accumulate some real wealth given the possibility that your bank – and your deposits – may not be there at some point in the future. Most likely, your deposits won’t be there at precisely the moment when you need your money the most. Contrary to what Fed Chair Janet Yellen says, everything is not awesome.

As an aside, last we checked, silver was running about $16.30 per ounce. So, a $20 should cover the cost of the 1-ounce silver coin and the dealer premium.

Now what are you waiting for? Take action today!

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.

International Cyber Attack: Roots Traced To U.S. National Security Agency

THIS is what U.S. taxpayers get for the BILLIONS of dollars they pay for NSA "security" - total incompetence or worse: Indeed, the ransom demand reads like it was written by a Nigerian 5th grader, and how hard could it be to find the destination of payments?

By Andrei Akulov

Over 45,000 ransomware attacks have been tracked in large-scale attacks across Europe and Asia — particularly Russia and China — as well as attacks in the US and South America. There are reports of infections in 99 countries

A string of ransomware attacks appears to have started in the United Kingdom, Spain and the rest of Europe, before striking Japan, Vietnam and the Philippines on May 12. According to Kaspersky Laboratory, Russia, Ukraine, India and Taiwan were hit hardest. Mikko Hypponen, chief research officer at the Helsinki-based cybersecurity company F-Secure, called the attack "the biggest ransomware outbreak in history." It is not known who exactly was behind it.

The overwhelming majority of the infections appeared in Russia. The ransomware hit about 1,000 computers at the Russian Interior Ministry, though the agency’s servers were not affected thanks to using the national Elbrus operating system instead of Windows.

The US Department of Homeland Security has not confirmed any attacks in the US on government targets or vital industries, such as hospitals and banks.

For supposed genius hackers, this "demand" is clearly written by an individual with a low IQ, note the errors is syntax and in general juvenile hubris

The malicious code exploits a Windows flaw patched in Microsoft's Security Bulletin MS17-010 in March. The malware is usually covertly installed onto computers by hiding within emails containing links, which users are tricked into opening. A single computer infected can end up compromising the entire corporate network.

The malware is alleged to have been leaked or stolen from the National Security Agency (NSA) to be reportedly distributed by the Shadow Brokers, which claimed to have hacked an NSA-linked team of hackers last summer.

The hints about alleged "Russia trail" have already appeared in Western media. According to NPR, the Shadow Brokers group, which is suspected of having ties to Russia, posted Windows hacking tools in April, saying it was a "protest" about US President Donald Trump. "A computer hacking group known as Shadow Brokers was at least partly responsible. It is claimed the group, which has links to Russia, stole US National Security Agency cyber tools designed to access Microsoft Windows systems, then dumped the technology on a publicly-accessible website where online criminals could access it – possibly in retaliation for America’s attack on Syria," writes the Telegraph.

CNN fake news once more tries on old, tired Russia hacking propaganda

Edward Snowden, the former CIA employee and NSA contractor, tweeted he was confident that the hackers used NSA tools. He believes that if the NSA had given an advance warning the hit structures and hospitals in other countries could have taken proper measures to repel the attack. Politico chimes in. "Friday's attacks could have been avoided if the NSA had simply told Microsoft about the flaw earlier, digital privacy activists argued," the prestigious outlet informs.

So, the National Security Agency tools were used, the NSA gave no warning and…Russia, the hardest hit by the attack, is to blame. The same song and dance as usual. Of course, nothing like evidence to go upon has been produced like in all other cases when Moscow was blamed for each and everything going wrong everywhere. It’s just that someone thinks that a group of hackers may have links to Russia and… nothing more. We’ve seen it before.

In reality, it’s an open secret that computers, routers and other equipment normally includes element of software that could be activated by US special agencies. Hackers simply found out how it works and decided to use it for personal gains. It shows that the NSA is working on powerful software to serve as a tool for global dominance.

The event demonstrates how important it is for major world powers to make cybersecurity top the international security agenda.

Today, no international law regulates cyber operations. The 2015 in The Hague showed there are few chances for signing an international agreement to monitor cyber activities. The only international effort so far to adopt a self-regulatory approach to non-aggression in cyberspace was initiated by the Shanghai Cooperation Organization (SCO) in 2015. The details have been debates within the framework of the UN Group of Government Experts (GGE). Russia and China set an example for the world to follow by signing an agreement on information security in 2015.

Putin highly amused at NSA bungling
The Russia-US cyber-security confidence-building package of agreements in 2013 foresaw similar cooperation and information exchange between the US and Russian computer emergency response teams (CERTs), the creation of a working group on emerging threats and the use of the existing nuclear hotline to communicate directly in a cyber crisis. It has never got off the ground and got stalled as the bilateral relations deteriorated in 2014. Experts could join the process to give the suspended 2013 package a new lease on life. 

The meetings of working group could be resumed. A hotline between Moscow and Washington could be reactivated to prevent escalation of cyber incidents between the two countries. The parties could start working on the first-ever non-aggression pact in cyber domain. The national centers for reduction of cyber threats could play an important role allowing the military of the two countries to notify each other about the attacks on crucial objects of infrastructure. They were used in 2014 during the Russian preparation for the Winter Olympics in Sochi with the operations suspended the same year.

Russia and the US picked up the issue a year ago. They discussed drafting the norms and principles of responsible behavior in cyberspace and countering terrorism in the sphere of information technologies. It was a good start that to everyone’s chagrin happened to be just another one-time event. The initiative seems to be swept under the rug overshadowed by other issues. In April, 2017 a United Nations cybersecurity experts group in Geneva, where Russian and America officials had a chance to meet but it’s evidently not enough.

The NSA is a rogue, criminal organisation that should be investigated and audited from top to bottom, then disbanded with Clapper and his crew prosecuted under RICO statutes

The recent cyberattack shows the time is right for intensifying international efforts to handle the burning problem. There is a hope. India is to host the 5th Global Conference on Cyber Space (GCSS) in the last quarter of 2017, in which over 100 countries are expected to participate. The recent attack rings an alarm bell. The upcoming event offers an opportunity not to be missed.

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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