The Fed Coup: Destroy The SEC!!!!

Kennedy's funeral 1963

March 29, 2008

Elaine Meinel Supkis

The unfolding crisis in our banking system caused BY THE BANKERS THEMSELVES...continues to not only unfold but is being used as cover for a COUP. The private entities which we should call 'The Real Rulers' are using their own crimes as an excuse to destroy even more parts of our democracy and our Constitution. They hate the Constitution and some of these parties were against the Constitution from Day One. The 'reforms' proposed by the pirate who runs the Treasury that has no treasures left and the Federal Reserve that has no reserves is no reforms but a serious grab for more power. They want to kill the Security and Exchange Commission! My god, one of the few functional Federal agencies left! Time to talk about the Dr. Jekyll and Mr. Hydes pulling this coup.

Treasury Dept. Plan Would Give Fed Wide New Power

The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.

Like 9/11: they let operatives terrorize the nation [Atta and his buddies were all enabled by the CIA and Mossad] then they slap a huge pile of papers on the desks of a frightened Congress and tell them to sign away gigantic hunks of our civil rights, past legal customs and the Constitution. In this case, the very same people who created this banking mess are slapping down an equally huge pile of papers that sign away the last of US government authority over our financial systems! This is a COUP. Damn it. The destruction of our democracy is continuing and speeding up. Is the media alert to this?

NO! They make this all sound like the pirates and hell hounds who are doing this are saving us! If we trust them, they will protect us and not loot us???? I am speechless with fury but luckily, my fingers can still type. GAAAHHHHH!!!! Damn. I am pissed.

What is this stupid SWAT team going to do? Taser Bernanke? Taser Paulson? Or will it smash down the doors of UBS offices or J.P. Morgan Chase? HAHAHA. Right. Of course not. This SWAT team really means, 'Swat away anyone trying to stop the looting as if they are flies' sort of swat teaming. The three monkeys that can't see, hear or speak SWAT team.

Of course, the criminals destroying our nation want 'stability'. And what is this fabled 'stability'? HUGE DEBTS that go on and on and on! They want us in debt! And debt=death and debt=slavery. And debt=war! And we can die in looting wars overseas for these cowards.

The New York Times, owned by one of the Ruling Elites, continues to cheerfully tell us all about how we will be ruled:

According to a summary provided by the administration, the plan would consolidate an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.

While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.

The plan would not rein in practices that have been linked to the housing and mortgage crisis, like packaging risky subprime mortgages into securities carrying the highest ratings.

The plan would give the Fed some authority over Wall Street firms, but only when an investment bank’s practices threatened the entire financial system.

The Federal Reserve will control Wall Street? But only lightly, of course! All those alphabet soup organizations that struggle to control the greed and wild risks and temptations to criminality will be superseded by Santa Claus who coddles the banks and Wall Street! YES, that will fix it, all right! FOR THE CRIMINALS! And papa Bernanke won't interfere unless it threatens the ENTIRE financial system?

HAHAHA. He will helicopter in the Fed SWAT team that will do what? Pour money all over the mess and give them an open window with cheap loans so they can continue no matter what???? GADS. Talk about insane.

The Times continues:

And the plan does not recommend tighter rules over the vast and largely unregulated markets for risk sharing and hedging, like credit default swaps, which are supposed to insure lenders against loss but became a speculative instrument themselves and gave many institutions a false sense of security.

Parts of the plan could reduce the power of the Securities and Exchange Commission, which is charged with maintaining orderly stock and bond markets and protecting investors. The plan would merge the S.E.C. with the Commodity Futures Trading Commission, which regulates exchange-traded futures for oil, grains, currencies and the like.

The blueprint also suggests several areas where the S.E.C. should take a lighter approach to its oversight. Among them are allowing stock exchanges greater leeway to regulate themselves and streamlining the approval of new products, even allowing automatic approval of securities products that are being traded in foreign markets.

That's the game: kill the SEC, one of the few functional arms of the government. One of the few organizations that actually muscles these con artists and puts them in PRISON. As well as levying fines in the multi-millions or even billions of dollars. Muzzled and distracted as well as cut out of the process, the SEC will join all the other laws, regulations and rules that have been killed since Reagan. Everything and I do mean EVERYTHING put in place after the Great Depression has been eliminated or circumvented. They work day and night to kill Social Security. They killed the unions. They won't be happy until we are reduced to total servitude.

Let's see how the other media are handling this hideous news:

Keeping U.S. Financial Markets Competitve

The plan to overhaul the regulation of U.S. financial markets that Treasury Secretary Henry Paulson will announce on Monday morning is as broad and sweeping as it is overdue.

It has been in the works for a year, and predates the present crisis in credit and mortgage markets that started last August. That, though, has given urgency and focus to the work as well as providing an unwanted dress rehearsal for the envisioned expanded role of the Federal Reserve as the primary regulator of market stability.

It will take far longer than a year for the Paulson blueprint to become reality, or at least to become a reality in full--and it does present both "short- " and "intermediate-term" recommendations, as well as an "optimal" regulatory regime.

America's financial system of financial regulation has developed piecemeal, usually in response to episodic financial instability. Some of it dates back to aftermath of the Great Crash of 1929; the Fed itself was set up in 1913; national bank charters date to 1863.

It is also divided between state and federal governments. The result has been a warren of vested interests, both in the financial services industry and Congress, that has proved resistant to change.

But no longer are all these important rules, regulations and organizations, no longer will any of them be allowed to stand in the path of the pirates! The resistance to elimination of ALL barriers, controls and systems set up to thwart the looting of America will now FALL. And will a corrupt Congress try to stop this?

Or will they hail this as our salvation?

Of course! They will stuff their pockets with the lobbyists' loot and ride along with the pirates and the demons and others who are dying with anxiety now that the Derivatives Beast is stirring in the Cave of Death! They will all rush there to assure it, no one will stop if from becoming INFINITE! And this is the plan: to keep this creature growing until it isn't merely $500 trillion in size but $500 quadtrillion or whatever number astronomers assign to the number of light years the entire universe is plus all the atoms and all photon units and everything in all creation is the same size!

And this insane, stupid thing is IMPOSSIBLE. And Paulson should be arrested. Bush, impeached. Congress, driven out with whips! What the hell is going on here?

Who owns the Fed, not who works for but who OWNS the Fed?

The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank: First National Bank of New York, James Stillman National City Bank, New York, Mary W. Harnman, National Bank of Commerce, New York, A.D. Jiullard Hanover, National Bank, New York, Jacob Schiff, Chase National Bank, New York, Thomas F. Ryan, Paul Warburg, William Rockefeller, Levi P. Morton, M.T. Pyne, George F. Baker, Percy Pyne, Mrs. G.F. St. George, J.W. Sterling, Katherine St. George, H.P. Davidson, J.P. Morgan (Equitable Life/Mutual Life), Edith Brevour, T. Baker.

Here is another web page trying to list the owners of the Federal Reserve:

a) Rothschild Banks of London and Berlin;

b) Lazard Brothers Bank of Paris;

c) Israel Moses Seif Banks of Italy;

d) Warburg Bank of Hamburg and Amsterdam;

e) Lehman Brothers Bank of New York;

f) Kuhn, Loeb Bank of New York;

g) Chase Manhattan Bank of New York;

h) Goldman Sachs Bank of New York;

i) Approximately three hundred people, known to each other and/or relations of the "owners," who hold stock in the Federal Reserve System. They comprise an interlocking, International Banking Cartel of wealth beyond comprehension.

Is there a list of everyone who owns the Fed? NO. Ask Ron Paul! Even he, a big snoop, can't find this list. This list is secret because it happens to be the list of the Real Rulers! And the real rulers are NOT AMERICANS AT ALL. A great number are foreigners who believe in the New World Order. Bush Sr. gave a big speech one fine day, it was September 11, 1991, a hyper-magic-number day. The topic: the inevitability of the New World Order! He was rejoicing over turning our military into MERCENARIES which he lent to the KING of Saudi Arabia and the Kuwaiti rulers! To royalty! This traitor sold our soldiers and had them die for a bunch of KINGS! And he and his buddies were PAID. And note how his 9/11/1 son and Cheney are looting the US using military adventures? Halliburton has moved to Dubai but still gets huge government contracts even though it is an ALIEN corporation? HAHAHA. And here we sit, watching the bills for these invasions climb and every penny, this time, is being put on our collective bills. Which the Federal Reserve makes certain, we pay! We are in debt and it is nearly $10 trillion and climbing. And Congress will be asked to add even more to that total in May. More war money for wars for Kings and emirs who conspire with our 'President'. And for what purpose?

Here is another web page trying to penetrate who these ROYALS and other RULING ELITES are:

The initial drive to create an American central bank came from Europe, where old banking dynasties such as the House of Rothschild had profited greatly from the existence of central banks such as the Bank of England, Banque de France and Reichsbank of Germany.

Paul Warburg, a representative of the Rothschild banking dynasty, came over to America from Germany and became the unofficial architect of the Federal Reserve. His blue-print for the Federal Reserve was elaborated and discussed with other bankers on a private island owned by J. P Morgan .Jr, who, in addition to being a member of the global banking elite in his own right, was also a representative of the interests of the House of Rothschild in America.

Morgan once directed the Council on Foreign Relations, a branch of a secret society dedicated to British cultural and political supremacy, and insisted that his junior partners show allegiance to Britain in their financial dealings.

Benjamin Strong, Morgan's protégé and one of the bankers present at the highly secret meeting on Morgan's private island, became the first Governor of the Reserve Bank of New York (he was the joint nominee of Morgan and 'Kuhn, Loed and Company', the Banking house which Paul Warburg had joined upon arriving in America). Within a relatively short time this branch of the Federal Reserve became its unofficial headquarters. When Norman Montagu became the Governor of the Bank of England, he and Strong joined forces, frequently visiting one another and spending their holidays together.

The bankers who make money off of wars want these changes. They need to have as little feed-back, interference or even any knowledge of how they operate. They claim they want to illuminate the Cave of Death where money is made. But this is a lie. They can't operate in the light of day. They are vampires. They need the cover of night. This is why the Derivatives Beast is so difficult to see. And when we do notice this gigantic thing bigger than all the wealth on earth a dozen times over, they pooh-pooh it all and say, 'It is nothing, it is very small, we just made it LOOK big, that's all!'

Which is a lie. The record of truth-telling by the ruling elites is dim at best. I would suggest, it is nearly impossible for them to be truthful about nearly anything at all. Within my own family, lying about things was second nature! Discussions about nuclear tests in the early 1960s before Kennedy finally stopped the surface bombing of this planet, was nearly impossible! Violent, even. And the truth about those bomb tests wasn't released for many more years later! This is true about many things. Where is the list of the shareholders of the Federal Reserve? Ron Paul has asked for it and he hasn't gotten it. I have a very good idea who is on that list [sigh] but can't PROVE it.

This takes us to other Presidents, unlike the Bushes, who got killed:

Executive Order 11110

This executive order allowed the U.S. Secretary of the Treasury to issue silver certificates against silver bullion based on authority delegated by the President to the Secretary under the Thomas Amendment to the Agricultural Adjustment Act. This order directly contradicted the role of the Federal Reserve, and many suspect that this may be the primary motive behind the unsolved assassination of President Kennedy.

The Order was for the Treasury to issue silver certificates against all silver held by the government which did not already have certificates against it. The Order was needed due to the passage of Public Law 88-36 which repealed the Silver Purchase Act and other related monetary measures. One result was that after the repeals, only the President could issue new silver certificates. The Federal Reserve System could replace the certificates, but only in larger denominations. The thrust of the Order returned the authority to issue new silver certificates (and specify denominations) back to the U.S. Treasury. This allowed for the Federal Reserve System to distribute and exchange currency at lower denominations that met the growing economic need. The authoritative basis for the Order was nullified in 1982 with the passage of Public Law 97-258.

Right after Kennedy was killed, LBJ plunged into Vietnam and debased the currency. Or rather, the Mint had to debase the coins to catch up with the debasement of the dollar thanks to the Ruling Elites destroying the currency via the Federal Reserve. No sooner was Kennedy carried down Pennsylvania Avenue in his black draped gun carriage with the black horse of death prancing riderless behind, he vanished from the White House. At the funeral, they read his famous words: "Ask not what your country can do for you - ask what you can do for your country." Then they set out, for THEY were all there at that funeral, THEY set out to order us into wars of great destruction. Wars fought and lost by the other empires. And they wanted us to take up where they left off.

Executive Order 11110

AMENDMENT OF EXECUTIVE ORDER NO. 10289
AS AMENDED, RELATING TO THE PERFORMANCE OF
CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY

By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:

SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended --

(a) By adding at the end of paragraph 1 thereof the following subparagraph (j):

"(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption," and

(b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.

SEC. 2. The amendment made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.

JOHN F. KENNEDY

THE WHITE HOUSE,
June 4, 1963.

By 1972, the dollar was worth half of what it was worth at that funeral. The silver coinage had pretty much vanished, replaced with ever-cheaper metals. Today, our coins are as fake as our dollars. And yet, they want more from us. While looking into this story and getting rather pissed, I decided to visit the Kennedy Library because I am a masochist. Listening to intelligent speeches is soothing and infuriating. How we have fallen! Anyway, I came across one of Kennedy's last orders.

Executive Order 11100

ESTABLISHING THE PRESIDENT'S COMMISSION ON
REGISTRATION AND VOTING PARTICIPATION

WHEREAS less than sixty-five percent of the United States population of voting age cast ballots for Presidential electors in 1960; and

WHEREAS popular participation in Government through elections is essential to a democratic form of Government; and

WHEREAS the causes of nonvoting are not fully understood and more effective corrective action will be possible on the basis of a better understanding of the causes of the failure of many citizens to register and vote:

NOW, THEREFORE, by virtue of the authority vested in me as President of the United States, it is ordered as follows:

SECTION 1. (a). There is hereby established the President's Commission on Registration and Voting Participation (hereinafter referred to as the Commission).

(b) The Commission shall be composed of not more than eleven members, each of whom shall be appointed by the President. One of the members of the Commission shall be designated by the President as the Chairman thereof.

SEC. 2. The Commission shall:

(a) Study the reasons for the failure of many citizens to register and vote in elections for selection of Members of Congress, the President, and Vice President including:

(1) Laws which restrict registration and voting on the basis of residence, economic status, or other reasons,

(2) Procedures for registration of voters,

(3) Absentee voting provisions, and

(4) Causes of nonvoting by persons who are otherwise qualified to vote.

(b) Prepare and present to the President recommendations for increasing citizen participation in Government through the exercise of the right to vote.

SEC. 3. The Commission shall not consider matters placed under the jurisdiction of the Commission on Civil Rights by the Civil Rights Act of 1957 (71 Stat. 634), as amended.

SEC. 4. All who may be in a position to do so are requested to furnish the Commission information pertinent to its work and otherwise to facilitate the Commission's work.

SEC. 5. Each member of the Commission shall receive compensation of $75 for each day such member is engaged upon the work of the Commission, except that any member who then receives other compensation from the United States shall serve as such member without compensation under this order. The Commission is authorized to appoint such personnel as may be necessary to assist the Commission in connection with the performance of its functions without regard to the civil service and classification laws, but no such personnel shall receive compensation at a rate in excess of $17,500 per annum. The Commission is authorized to obtain services in accordance with the provisions of Section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), at rates not in excess of $75 per diem for individuals.

SEC. 6. The compensation of the members and personnel of the Commission, lawful allowances therefor, and any other necessary expenses arising in connection with the work of the Commission shall be paid from the appropriation appearing under the heading "Special Projects" in title III of the Treasury-Post Office Departments and Executive Office Appropriation Act, 1963, 76 Stat. 310, and such appropriation as may be provided for the same purposes for the fiscal year 1964. Such payments shall be made without regard to the provisions of Section 3681 of the Revised Statutes and Section 9 of the Act of March 4, 1909, 35 Stat. 1027 (31 U.S.C. 672 and 673).

SEC. 7. The General Services Administration is hereby designated as the agency which shall provide administrative services for the Commission on a reimbursable basis.

SEC. 8. The Commission in its discretion may transmit to the President such preliminary or interim report or reports as it may deem appropriate. It shall transmit its principal study and recommendations to the President not later than November 30, 1963, together with such supporting materials as it deems appropriate. The Commission shall terminate not later than sixty days after the submission of its principal report to the President.

JOHN F. KENNEDY

Have our elections improved since then? Can we count votes, even? HAHAHA. Nope. This process gets only worse and worse and more riddled with corruption and deception. And failing that, they simply toss out the votes! Note how Hillary is now attempting to justify overlooking the Will of the People? She wants the super-delegates to ignore us. How typical. Bush went to the Supreme Court to demand the votes not be counted. And the Supreme Court agreed! Shockingly. And threw away a part of our Constitutional rights. All this, for what? So we can get a man who can't compose a sentence as our ruler.

Here is an executed order Kennedy made just before a bullet was put through his head:

Executive Order 11125

DELEGATING AUTHORITY OF THE PRESIDENT UNDER SECTIONS 205 AND 208 OF TITLE 18 OF THE UNITED STATES CODE, RELATING TO CONFLICTS OF INTEREST

By virtue of the authority vested in me by section 301 of title 3 of the United States Code, and as President of the United States, it is ordered as follows:

SECTION 1. As used in this order, "department" means an executive department, "agency" means an independent agency or establishment or a government corporation and "head of an agency" means, in the case of more than one person, the chairman or comparable member of such agency.

SEC. 2. There is delegated, in accordance with and to the extent prescribed in sections 3 and 4 of this order, the authority of the President under sections 205 and 208(b) of title 18, United States Code, to permit certain actions by an officer or employee of the Government including a special Government employee, for appointment to whose position the President is responsible.

SEC. 3. Insofar as the authority of the President referred to in section 2 extends to any appointee of the President subordinate to or subject to the chairmanship of the head of a department or agency, it is delegated to such department or agency head,

SEC. 4. Insofar as the authority of the President referred to in section 2 extends to an appointee of the President who is within or attached to a department or agency for purposes of administration, it is delegated to the head of such department or agency.

SEC.5. Notwithstanding any provision of the preceding sections to the contrary, this order shall not be deemed to include a delegation of the authority of the President referred to in section 2 insofar as it extends to (a) the head of a department or agency, including an agency in the Executive Office of the President; (b) presidential appointees in the Executive Office of the President who are not subordinate to the head of an agency in that Office; and (c) presidential appointees to committees, boards, commissions or similar groups established by the President.

JOHN F. KENNEDY

THE WHITE HOUSE,
October 29, 1963.

Conflicts of interest! Indeed, the United States of America should be renamed the Conflicts of Interest of America! And this angers me: the conflicts of interest when Bernanke and JP Morgan, one of the CREATORS of the Federal Reserve, secretly meet on a weekend and spring a totally outside of all legal and customary 'rescues' that allows Morgan to soak up a ton of wealth while palming off all the RISKS onto the US taxpayers who have to bankroll all this via the Fed lending money to our government, this round about way of looting us...damn. If it isn't illegal, it should be!

I suppose the Fed will break into my house with their SWAT team and taser me but I must say this: ARREST THESE PEOPLE, arrest everyone who is one of the secret owners of our central banks. We can find them at the Bohemian Grove party in summer. Or at the Skull and Bones alumni dinners. Or in the White House and Westminster.

President Kennedy's many speeches are available here. It pays to listen to them carefully. Sometimes, it is rather painful. The stutterer-in-chief who can't remember his own name is insufferable. How did this creature get into the White House, anyway....indeed. The Real Rulers have a fondness for Idiot Kings. They don't get in the way. Easy to rule.

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Comments

[Dutch]

Yes! But didn't this start Spitzer getting the axe?

[Elaine Meinel Supkis]

Spitzer self-destructed starting LAST YEAR. From the minute he became governor, he began to screw up...badly. I watched this from close up.

And how could he stop this? Eh? Anyone who doesn't understand NY ethnic politics [Spitzer is Jewish] doesn't know how this game is played.

Spitzer is a classic case of the Peter Principle: he moved upwards until he became useless. If he were in his previous position, he would have been hot stuff. Instead, he became a has-been. And the thing hanging over his head was the business with him trying to pull Bruno down by using underhanded and ILLEGAL methods.

[Dutch]

One of Eustace Mullins books listed who owned the Fed. I think it was titled The World Order, but I cant remember for sure.

[norcalkid]

Dang it, you made me cry. (Thanks for the website of JFK's speeches.) Listening to the famous "Berliner" speech... it reminds me of just how much we have lost, how much less we have become, and what we could have been.

[Market Watcher]

You all may find this article about the Spitzer situation as interesting as I did. It is at Asia Times online at:

http://www.atimes.com/atimes/Global_Economy/JC20Dj04.html

Mar 20, 2008

Why Spitzer was Bushwhacked
By F William Engdahl

The spectacular and bizarre release of secret FBI wiretap data to the New York Times exposing the tryst of New York State governor Eliot Spitzer, the now-infamous client "No 9", with an upmarket call-girl had relatively little to do with the George W Bush administration’s pursuit of high moral standards for public servants. Spitzer was likely the target of a White House and Wall Street dirty tricks operation to silence one of the most dangerous and vocal critics of their handling of the current financial market crisis.

A useful rule of thumb in evaluating spectacular scandals around prominent public figures is to ask who might want to eliminate that person. In the case of former governor Eliot Spitzer, a Democrat, it is clear that the spectacular "leak" of the government's FBI wiretap records showing that Spitzer paid a high-cost prostitute US$4,300 for what amounted to about an hour’s personal entertainment, was politically motivated.

The press has almost solely focused on the salacious aspects of the affair, not least the hefty fee Spitzer apparently paid. Why the scandal breaks now is the more interesting question.

Spitzer became governor of New York following a high-profile record as a relentless state attorney general going after financial crimes such as the Enron fraud, and corruption by Wall Street investment banks during the 2002 dotcom bubble era. Spitzer made powerful enemies by all accounts. The former head of the large AIG insurance group, Hank Greenburg, was among his detractors. He was bitterly hated on Wall Street. He had made his political career on being ruthless against financial corruption.

Most recently, from his position as governor of the nation’s second largest state, home to its financial industry, Spitzer had begun making high-profile attacks on the complicity of the Bush administration in covertly arranging bailouts of its Wall Street friends at the expense of ordinary homeowners and citizens, all paid for by taxpayer funds.

Curiously, Spitzer, who had been elected governor in 2006, defeating a Republican by winning nearly 70% of the vote, has not been charged with any crime. However, the day the scandal broke, New York Assembly Republicans immediately announced plans to impeach Spitzer or put him on public trial were he to refuse to resign. Spitzer could be asked to testify in any trial involving the Emperors Club prostitution ring. But so far he hasn’t been charged with a crime.

Prostitution is illegal in most US states, but clients of prostitutes are almost never charged, nor are their names usually leaked in a case in process. The Spitzer case is in the hands of Washington and not state authorities, underscoring the clear political nature of the Spitzer "Watergate".

The New York Times said Spitzer was an individual identified as Client 9 in court papers filed last week. Client 9 arranged to meet with "Kristen", a prostitute who officially charged $1,000 an hour, on February 13 in a Washington hotel. Whatever transpired, Spitzer paid her $4,300, according to the official documents. The case is clearly political when compared with more egregious recent cases involving Republicans. Republican Mark Foley was exposed propositioning male interns in Congress and Rudolph Giuliani was discovered cheating on his wife, but no or few Republican calls for resignations were heard.

Why the attack now?
Spitzer had become increasingly public in blaming the Bush administration for the nation’s current financial and economic disaster. He testified in Washington in mid-February before the US House of Representatives Financial Services subcommittee on the problems in New York-based specialized insurance companies, known as "monoline" insurers. In a national CNBC TV interview the same day, he laid blame for the crisis and its broader economic fallout on the Bush administration.

Spitzer recalled that several years ago the US Office of the Comptroller of the Currency (OCC) went to court and blocked New York State efforts to investigate the mortgage activities of national banks. Spitzer argued that the OCC did not put a stop to questionable loan marketing practices or uphold higher underwriting standards.

"This could have been avoided if the OCC had done its job," Spitzer said in the interview. "The OCC did nothing. The Bush administration let the housing bubble inflate and now that it's deflating we're dealing with the consequences. The real failure, the genesis, the germ that has spread, was the subprime scandal," Spitzer said.

Fraudulent marketing and very low "teaser" mortgage rates that later ballooned higher, were practices that should have been stopped, he argued. "When mortgages are being marketed, there is a marketplace obligation to ensure the borrower can afford to pay back the debt," he said.

That TV interview was only one instance of Spitzer laying blame on the Bush Republicans. On February 14, Spitzer published a signed article in the influential Washington Post titled, "Predatory Lenders' Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers."

That article, laying clear blame on the administration for the development of the subprime crisis, appeared the day after his ill-fated tryst with the prostitute at the Mayflower Hotel. Just a coincidence? Spitzer wrote, "In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act pre-empting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks."

In his article, Spitzer charged, "Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye."

Bush, said Spitzer right in the headline, was the "predator lenders' partner in crime". The president, said Spitzer, was a fugitive from justice. And Spitzer was in Washington to launch a campaign to take on the Bush regime and the biggest financial powers on the planet. Spitzer wrote, "When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners the Bush administration will not be judged favorably."

With that article, Spitzer may well have signed his own political death warrant.

F William Engdahl is author of the book Seeds of Destruction: The Hidden Agenda of Genetic Manipulation, about to be released by Global Research Publishing, and of A Century of War: Anglo-American Oil Politics and the New World Order, Pluto Press. He may be reached via his website, www.engdahl.oilgeopolitics.net.

(Copyright 2007 F William Engdahl.)

[Dutch]

With regulation headed towards Chicago, does this mean that CHEAP commodities will save the economy? I believe the fed prints money by giving us a credit card, they only print cash, I also believe the next war is here, as in civil rioting. I believe Iraq and Katrina are test models. Correct me if I am wrong.Are doors closing?

[John]

YES.

I've been saying this, simply based upon my own observations, for decades. The Big Problem with the US Constitution is that it provides an antidote to despotism: whenever the despot pops up, the best and brightest of that country all wind up running...here.

Everything being done right now is a carefully orchistrated plan by the Ruling Elites to destroy the US Constitution. When this country was founded, the gap between the arms of the military and the arms of the citizenry was miniscule compared to that gap as it exists today. The Scumbag Elites figure they can erase the Constitution, re-institue the feudal system on a global scale, and never ever have to worry about another popular uprising ending their despotic rule.

You keep saying "arrest them." I feel ya', but that's no good. They own the courts, along with the rest of the goverment. No, we have probably 5 more years (tops!) to hunt them down and "terminate them with extreme prejudice."

After that, it will be too late.

[hardrock]

John says it quite correctly. We are being readied for the turn of the screw which will pin us to the floor. The floor from which the elites wish us never to rise again. He also brings up a very important fact about the gap between the arms [armaments] of the government and the arms of the people. Back then the best the government had was a cannon....a good metal caster and a blacksmith could make one in a few days....how long would it take a citizen or a group of them to build a F-15, a tank, or a laser guided bomb. As we all know, the swat teams would have your ass before you put one piece together with all the illegal surveillance going on. The gap is huge and I don't know if we have 5 years, we may have this election and this is our last hurrah.
I pity the dumbed down youngsters that are going to have to live with and fight against the terrible conditions that will exist in this country in the coming years. These kids have no sense of history, have no idea where 'things' and ideas come from. Worse, they are infected with the socialistic disease of thinking that one persons efforts is the property of others. What rubbish. It is part of the reason we are fooled into believing there is a 'free lunch'....which enables the evil ones to pass draconian laws that take away our freedoms....for the good of society....again, what rubbish. All tubs will have to sit on their own bottoms. When people are ready to die for this to happen the problems of elites ruling and robbing us will come to an end.

[Gary W]

I think the significance of disparity in weapons is exaggerated. Look how the rag-tag Iraqi resistance, armed with AK-47s and a few grenade launchers, has pinned down the whole invasion force (not to mention hamstrung the theft of oil).

I hope for your sakes it comes to civil war. Because the only alternative appears to be an Orwellian nightmare, the Fourth Reich. Will the police and army mow down protesters like they do in other totalitarian states?

[Christian W]

Hmm, the Iraqi people are dying like flies at the hands of the US military.

[Teddy]

I have been waiting and waiting and waiting and............for massive indictments of Wall Street, banking, and insurance moguls for mortgage fraud and back dating stock options, but nothing. We have had an SEC in name only for the last 10 years since the repeal of Glass-Steagall and Greenspan's push to make sure that Sarbanes-Oxley was not enforced, so the federal reserve's usurping the power of the SEC was a mere formality.

[Elaine Meinel Supkis]

Spitzer wasn't a knight on a white horse, alas. And it has nothing to do with his tawdry abuse of young women in need of cash, either.

And like with the election, the problem is our lack of a counterforce to tyranny: the media. When I read old newspapers, I am struck by the intelligence of the writers. They go into great detail about the various debates of great issues. It is virtually unknown today. When the media does a pro-con debate, either they refuse to report the side they want to lose [aka: like how they didn't talk with Ron Paul or Kucinich] or they have all the commentary belittling the other side so all debates are ultimately one sided.

Look at this election: the selection/winnowing process was done by the various talking heads on TV. They maliciously know that if you repeat something or play the same loop over and over or refuse to give any airtime to someone or something, their selections determine our choices!

This is why we ended up with a trio of Zionist clones who want to continue the wars against Islam and why there is absolutely no discussion about the costs of war in relation to our economy.

The upwelling of debate thanks to the web is notable. The mainstream was taken aback years ago when they launched their first forums [I wrote a lot on these early forums]. They were horrified when armies of readers suddenly discovered that we were virtually united in shooting down many articles put out by the media owners!

All of these forums were terminated rather swiftly.

Now, they let people talk about select articles but even then, the fury of the readers is often obvious. So they never, ever answer the accusations of the readers nor even acknowledge the analysis of the host of readers is even remotely correct or better than the hand-picked writers chosen by the owners of the media.

And the media is dying! The owners are losing, not gaining money. And this is hurting them. They would far rather have their propaganda machine pay for itself.

But so long as they get something and tearing up our Constitution is a big 'something', they will bite the bullet and take the losses.

[Gary W]

That is a given, that the US military will indiscriminately murder civilians wherever they go. But the point is, they are not even safe in their "Green Zone", they must travel everywhere in strength and call in air bombardment at the drop of a hat, for fear of snipers, ambush, or roadside bombs. They can only live in fear, and possibly die, or run away. The sooner they leave Iraq to the Iraqis, the better off we'll all be.

[Blunt Force Trauma]

Hardrock said:

"I pity the dumbed down youngsters that are going to have to live with and fight against the terrible conditions that will exist in this country in the coming years."

Those youngsters won't know who or what to fight as they won't even notice that changes as they are being readily conditioned into the acceptance of any tyranny. It's embedded in their media that is directed and targeted at them. Serfdom will seem to be the 'norm' to them. We look to be the abnormal to them for fighting or speaking out against it.

"These kids have no sense of history, have no idea where 'things' and ideas come from."

Indeed, especially on the history aspect. Ask the majority of them and following the blank stare of deer-in-headlights, you might just get the answer; "Like, from a store? (emphasis on the upspeak and answering a question with another question)"

"Worse, they are infected with the socialistic disease of thinking that one persons efforts is the property of others."

Ahhh, yes. That would the 'entitlement' clause of the contract. Where they learned that from, I simply do not know.

I find that most born before, say, 1975 don't suffer this effect. Instead, they have a strong work ethic, sense of morality and respect for others/elders, etc. Then, they had the kids and all went to shit. I reckon that would be the 'permissive parenting' phenomenon of the current generation that afflicts the current 20-nothing crowd.

Some of the kiddies do see beyond their cell phones, Xbox and Ipods; but sadly, they are few in number and we, the 'old guard' are screwed unless we can undo the rhetorical and propagandistic brainswashing.

[Elaine Meinel Supkis]

The present generation is hardly different from previous generations. The ease of living is due to us all, the ADULTS, living high off the debt hog.

When they have to work, they shall. And I work often with young people and when push comes to shove, they push.

[D. F. Facti]

I am working on a project in the great state of Michigan, which is the leading edge, in many ways, of what's in store for the rest of the nation. Michigan is in a depression, enonomic and spiritual. And I am looking to get out asap. Deregulating industry has not helped the financial condition of the government, but others are rolling in clover - the insider power cabal and their consorts.

I am trying to save a 90 year-old Lake Michigan lakefront park from privatization - oh, and the water filtration plant for the area - with a pumping capacity set at 1997 levels per compact which far exceeds current needs - just happens to be on the park property.

Three nascent water barons are on the periphery of this lebensraum for the corporate class. They are "nascent" only as far as water is concerned. They have earned their stripes - to the tune of Forbes 400 listing in one instance - in other natural resource exploitation.

Some of the barons have a social conscience, believe it or not - - - but the business, the game, is ever hungry.

The particular circumstances of this issue involve an impoverished city, and uninformed, intimidated or arrogant government of same, quite corrupt, it would appear, but whatever the reasons for their behavior, this is your future, America. Uneducated or robotic "officials," a cowed, unenlightened people and the old bugaboos of rascism and prejudice toward the non-elites have been played to great effect.

I come from the "Ask not what your country can do for you" subset of the population, and the state of our country, and the state of peoples' understanding of what can be done to correct it, is enough to do me in most days.

I can barely stand to think about the past. The emptiness of the present is very demoralizing.

[rockpaperscizzors]

"Then, they had the kids and all went to shit. I reckon that would be the 'permissive parenting' phenomenon of the current generation that afflicts the current 20-nothing crowd." Blunt Force Trauma

I respectfully disagree. It took great concerted effort of the government, media, Hollywood, and video game developers to condition the young malleable minds of OUR children. When these vicious video games first came out I was horrified at the level of violence against humanity. They laid the groundwork esp. boys to kill without remorse. Consider them training videos to become mercenaries or join the military. Fantasy becomes reality as we witness the number of mass murder killings in schools since these games came into existence. Compound that with Hollywood's movies on target message of horrid death and destruction. Hatred of women, children and brown people. Quite clever to have the "white" people in fear of the "brown" man. The brown man according to the media is responsible for drug dealing, guns, squalor, homelessness, killing of women, children, police, etc....
And what do the white male ruling elites get in return for the mass media paranoia? 1. White middle class families fearing the brown people and blaming them for every inconvenience in life. 2. Prevention of another civil rights movement by the imprisonment of brown men ratio of 1:15, an underclass of of impoverished people continuing the cyclical destruction of broken families via illegal weapons and drugs, and substandard public education and paying minimum wages for their LABOR. 3. Racisim. 4. Updated version of slavery. 5. And most important of all the ruling elites steal the power and wealth from all of us. Elaine talks about how people must rebel against the ruling elite. It usually starts with underprivleged class but when you have the majority of the poor serving time in prison that pretty well takes care of that. And the middle class is still allowed to have comforts at home even tho they are never home but at work and the kids are either in daycare or latch key playing vicious video games or watching violent movies. Pretty clever.

[rockpaperscizzors]

"All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation." John Adams

[Kah]

Here are some VERY Good links... and one is the House of Representatives Banking Committee which shows EVERYONE who has an ownership of the Federal reserve as of 1976.
That's why I don't understand, JP Morgan has controlling stock interest in the Federal Reserve and we're bailing him out for 29 Billion thru BSC..... and the Fed Res. has gotton 6.5 trillion in interest the last 20 years on the money borrowed by the US government.... why the hell are taxpayers bailing them out???? PLUS all stockholders get 6% return... on how much??
Will put the links in next post.

[rockpaperscizzors]

Elaine, this excerpt from Wikipedia has similarities: Nixon Shock The end of the Bretton Woods system
"By the early 1970s, as the Vietnam War accelerated inflation, the United States was running not just a balance of payments deficit but also a trade deficit (for the first time in the twentieth century). The crucial turning point was 1970, which saw U.S. gold coverage of the paper dollar deteriorate from 55% to 22%. This, in the view of neoclassical economists, represented the point where holders of the dollar had lost faith in the U.S. ability to cut its budget and trade deficits.

In 1971, more and more dollars were printed and then sent overseas, to pay for the nation's military expenditures and private investments. In the first six months of 1971, assets for $22 billion fled the United States.

Because of the excessive printing of paper dollars, and the negative balance of U.S. trade, other nations were increasingly demanding fulfillment of America's "promise to pay". That is, they were demanding gold from the U.S. in exchange for paper dollars. France, in particular, made heavy and repeated demands and acquired large amounts of gold in that manner.

In response, on August 15, 1971, Nixon unilaterally imposed 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window," making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even with his own State Department, and was soon dubbed the Nixon shock.

The surcharge was dropped in December 1971 as part of a general revaluation of major currencies, which were henceforth allowed 2.25 percent devaluations from the agreed exchange rate. But even the more flexible official rates could not be defended against the speculators. By March 1976, all the world's major currencies were floating—in other words, exchange rates were no longer the principal target used by governments to administer monetary policy."
http://en.wikipedia.org/wiki/Nixon_Shock

Is it possible that the USA will do this again to foreign countries, investors and send the message "it sucks to be you," and the USA wipes out its' debt with a flick of a pen? Raises import tariffs and so on?

[rockpaperscizzors]

Daniel Webster, speech in the Senate, 1833 “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.”

[Polly L]

Gosh--I happened to have dinner last night with a former very bigwig economic guru in the current administration. I asked him this question. "One thing I never got straight was whether it was the Federal Reserve Board guaranteeing the Bear Stearns paper, or whether it was the taxpayers guaranteeing it directly through the treasury?" He seemed to think that the Federal Reserve board WAS the taxpayers and acted shocked I would ask such a thing. I am saying, "Uh, I don't think so. Last I checked the twelve Fed banks were owned by the member banks, not the taxpayers." He said that might be how they were formally structured but really it is the taxpayers. But until I brought it up I think he thought the Fed WAS the US government. And this guy was one on the very top of the totem pole. We are both acting very confused about each other's take on this.

Anyway, I don't trust his answer since he didn't even seem to know that the Fed Balance Sheet is owned by the Banks and not the taxpayers. Now, I realize the Fed can "print" money so ultimately they will make sure they don't lose out on the deal and we get stuck in one form or another.

But, is it the Fed balance sheet that backs up the Bear Stearns paper? Or is it directly the taxpayer? The latter would seem illegal since the Congress didn't vote on it. Does anyone know?

[Kah]

Okay, why did my post say the computer flagged it as spam and has to have approval before being posted? Is it lost? I can assure you, I'm not a bot... lol.

[Dutch]

Is it possible that the USA will do this again to foreign countries, investors and send the message "it sucks to be you," and the USA wipes out its' debt with a flick of a pen? Raises import tariffs and so on?

Hey Rock this brings up an interesting question? Financially does the USA even exist anymore?

[Dutch]

So goes the family , So goes the farm, so goes the country.

[Qvhman]

"Atta and his buddies were all enabled by the CIA and Mossad"

Thats one heck of a statement. Do you have any evidence to back it up?

[Richard]

The Federal Reserve and JP Morgan are both House of Rothschild/Bank Of England owned organizations; and through interlocking board of directorates the Rothschild family controls the news media as well as commercial organizations world wide.

The Treasury's chief Paulson's plans will indeed destroy the SEC, and substitute a cohesive government, bank and investment bankers combine to rule sovereignly over financial and credit institutions, as well as the investor's wealth.

The new powers which likely will be granted, to the Federal Reserve, are going as you say, to reduce all to total servitude of the elite.

While the Treasury has announced financial competitiveness as its goal, the plans are actually the anti-thesis of competition.

The recent actions of the Federal Reserve and OFHEO have prevented an immediate market meltdown; but a "financial emergency" -- "financial 911" is coming, from any number of factors, and most likely from factors acting in concert together: the result will be that the House Of Rothschild will be firmly in control of US finance, commerce and trade.

Factors that can induce a "financial emergency: include:
First, the S&P Cut To Negative Of Goldman's And Lehman's Debt; while Goldman, GSC, has survived intact, the trading in Lehaman, LEH, makes the company look very weak; it may not survive; it may become another Bear Stearns, BSC.

Secondly, Treasuries' Repo Market Failures; you wrote recently of this bond market instability relating that: "the bond markets are still malfunctioning. The banking crisis, far from being over, is entering a new stage. It is indeed, like watching a ship flounder and sink. The corrections are all making things worse. It is just amazing to me to see how attempts at bailing out the same men and women who put us into hazard is being cheered onwards even as it is painfully obvious that this is totally wrong. Resetting the status quo is doomed to failure since it doesn't address the core problems: the US budget and trade deficits".

And thirdly, another factor that could easily create a "financial emergency" are the credit default swaps, CDS, derivatives mentioned in the article: Credit Default Swaps, Is Your Fund At Risk which one can find by Googling on the internet.

Yes, a "systemic margin call" is coming, it will reveal the insolvent nature of the banks and investment bankers; and it will result in a "financial emergency".

Frameworks -- Leader's Agreements, neither treaties nor constitutions, now define and specify working relationships between nations and peoples; The SPP, announced March 23, 2005, is one such Framework to deal with systemic risks -- systemic failures such as debt guarantor insolvencies, and outbreak of pandemic disease.

When the financial emergency comes, the provisions of the Security and Prosperity Partnership will be enforced, and then the House Of Rothschild will be in full control of North American finance, commerce and trade

[Elaine Meinel Supkis]

Dear Kah, I don't control the spam filter here. I complain to my servers about their spam filter. It destroys MY postings! Gah!

I will complain some more, you can bet.

Rock: love your posting. Thanks for the reminder. Gads, it makes me feel ancient when I see I am repeating what our Founding Fathers said. Heh.

Dutch: the US is a figment of our fevered imaginations. The Iraqis are desperately trying to wake us up. Lord, what will it take???

And I have a lovely story about my farming community: the Kent sugar house is making maple syrup today. Hope everyone takes a break there and enjoys this fine, bracing day.

[Elaine Meinel Supkis]

Richard, thanks for the long commentary. I read it carefully. It is helpful.

I really like to learn from readers for collective knowledge beats out single knowledge. No one can know everything. And keeping up with everything is hellish if it weren't for the many kind emailers and posters here. Thank you, thank you, all, I can't thank enough!

[Anthony]

But, is it the Fed balance sheet that backs up the Bear Stearns paper? Or is it directly the taxpayer? The latter would seem illegal since the Congress didn't vote on it. Does anyone know?
Posted by: Polly L | March 30, 2008 at 02:22 PM

well the Federal reserve act itself gives Fed Reserve broad mandate to do whatever it takes to save the banking system and larger market (somebody help me here)

but of course, since the bailout seems to be guaranteed by using public money. Congress has to ask what happens to public money. (tho' they are being a coward and not doing anything right now.)

----

obviously from the definition it's all "he said/she said" type of deal.

http://www.law.cornell.edu/uscode/12/usc_sec_12_00000225---a000-.html

The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

[Anthony]

I for one think there should be an outcry to investigate Federal Reserve itself. Something doesn't add up.

SEC also obviously fails to do its job. Isn't that agency suppose to prevent things like BSC?

any expert? (This is obviously political.)

The request for Federal reserve to be given authority to investigate (quasi government organization not answering to anybody, investigating its own members? yeaahhhh....right. no way Jose.)

[Elaine Meinel Supkis]

The SEC struggles to do its job but the guys at the top are all crooks. Thus the need to impeach all the way to the top.

[K]

Thanks Elaine. Great work. If it makes you any bit more hopeful check out what went down at the Texas caucus Saturday. Clinton's campaign challenged freaking everything and everyone to bog down the process, but most of us hung in there to have our say in the process. At least one district was at it until midnight. In my district almost half of the precincts were challenged.

[Elaine Supkis]

Thanks for the information, K. I once used to live in Texas, eons ago, during Segregation. I didn't like the schools back then. My best friend was the daughter of a Chinese scientist [who was chased out of America by the McCarthy hearings!] and she wasn't allowed to go to my school so I refused to go to school [only first grade]. So we were homeschooled and I loved it.

[Blunt Force Trauma]

@ RockPaperScissors

You may respectfully disagree with me, but I fully agree with your response. I think you expounded (very well) on my one sentence dealing with the terminology of 'permissive parenting'. My sentiments exactly. Cheers.

[JSmith]

"The Real Rulers..."

It's the Illuminati, I tell ya! Read Wilson's "Illuminatus Trilogy": it's all in there.

"F William Engdahl is..." not especially bright. For some reason, everyone seems to think this is about hookers and politics. But it's really about the banking transactions: Spitzer could have handed that ho a stack of 20s and he wouldn't be in a tenth of the trouble he's in now.

[Elaine Meinel Supkis]

Yes, when paying off Mafia loans, whores and drug dealers, cash is the way to go. On the other hand, a man who pays $4000 for a whore's one hour service needs a psychiatrist.

Talk about STUPID. Hell, if I were 30 years younger, I would be a whore at that rate. Work one hour a month.

[Gary W]

Now now, some men actually prefer a woman with an IQ greater than her age! Though you might be a bit... can I say... acerbic.

[Boutique Hotels lenders]

Catchy names do work; they attract attention and draw in potential buyers, which is why marketing condos usually involves a team of experts brainstorming for hours to find the perfect moniker. "The name is the hardest thing about a project," says Pamela Groberman, a public relations and media consultant who named the Opus Hotel in Yaletown, B. C.

[cindy mcclain]

This may not be the place to ask this question, but i have to start somewhere.
Who is Jefferies & Manz, Inc., Philia. 25 Pa? I have an announcment about John Fitzgerald Kennedys death. Did Jefferiles & Manz, Inc., Philia. 25 Pa. print this announ
cement card during the time of the Presidents death and funeral?
I would appreciate any information i could possibily obtain.
Just e-mail me at the address above. thanks