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The Best in Alt News

October 6, 2011

Refreshing and Scarey ~ IMF advisor says we face a Worldwide Banking Meltdown

Zerohedge has this story over at their site, but to give this puppy more exposure we thought it wise to bring it over here. Here’s what ZH has to say –

“A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone’s mind: “If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008…. What we don’t know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems.”

To read more from Zerohedge click HERE

August 25, 2011

In An Unsustainable System, A Warning of Collapse An excerpt from Bob Chapman's weekly publication

August 24, 2011

by Bob Chapman, International Forecaster

The meaning of the social security and medicare cuts, the continuing influence of the Council on foreign Relations, no real Consumer Price Index to go by, Euro zone not fully aware of the problem they have, a massive exposure for them, extended and unpayable debt,

We do not believe that Americans, particularly elderly Americans, understand what the elitists are up to in regard to Social Security and Medicare. The Council on Foreign Relations and the Peterson Foundation has for years been working on plans to terminate Social Security and Medicare. Cuts in these paid for programs were impossible to get through Congress. Thus, the ruse was born of getting around Congress. A flash issue was raised regarding a short-term debt extension that could have been passed in 15 minutes that demanded budget cuts for passage. In that process the Obama Enabling Act was formulated, patterned on the German Enabling Act passed in 1933 by Adolph Hitler. It allows a 12-person panel to bypass Congress regarding legislation. The changes are made in this committee and cannot be debated or amended and must be voted on via a straight up and down majority vote. While this was transpiring, as part of the plot, Standard and Poor’s downgraded the US debt rating based upon there not being large enough cuts in what Congress likes to call entitlements, which are not entitlements, but paid for benefits. The reason for the cuts is that both benefits trusts are broke, all the funds having been spent on other things over the years. S&P said that if major cuts are not made that they would cut the US debt rating again in November. Thus, you can understand the framework and what the elitists have paid the committee and Congress to do. The committee takes all the heat upon passage and Congress generally gets off the hook. [Read more…]

August 24, 2011

The Wall Street Pentagon Papers: Biggest Scam In World History Exposed – Are The Federal Reserve’s Crimes Too Big To Comprehend?

August 23, 2011

by David DeGraw, AmpedStatus

What if the greatest scam ever perpetrated was blatantly exposed, and the US media didn’t cover it? Does that mean the scam could keep going? That’s what we are about to find out.

I understand the importance of the new WikiLeaks documents. However, we must not let them distract us from the new information the Federal Reserve was forced to release. Even if WikiLeaks reveals documents from inside a large American bank, as huge as that could be, it will most likely pale in comparison to what we just found out from the one-time peek we got into the inner-workings of the Federal Reserve. This is the Wall Street equivalent of the Pentagon Papers.

I’ve written many reports detailing the crimes of Wall Street during this crisis. The level of fraud, from top to bottom, has been staggering. The lack of accountability and the complete disregard for the rule of law have made me and many of my colleagues extremely cynical and jaded when it comes to new evidence to pile on top of the mountain that we have already gathered. But we must not let our cynicism cloud our vision on the details within this new information. [Read more…]

August 2, 2011

After Months of Partisan Wrangling, Wall Street & Pentagon Emerge Victorious on Debt Deal

DemocracyNow! – “…The deal includes no new tax revenue from wealthy Americans, provides no additional stimulus for the lagging economy, and will cut more than $2.1 trillion in government spending over 10 years, while extending the borrowing authority of the Treasury Department. The debt deal was a victory of sorts for the Pentagon. Rather than cutting $400 billion in defense spending through 2023, as President Barack Obama had proposed in April, it trims just $350 billion through 2024, effectively giving the Pentagon $50 billion more than it had been expecting over the next decade. We speak with William Hartung, director of the Arms and Security Project at the Center for International Policy, and Michael Hudson, professor of economics at the University of Missouri, Kansas City.”

"Many Americans Believe That The 2008-2009 Downturn Never Ended". They're Right

Washington’s Blog

Msnbc notes:

Many Americans believe that the 2008-2009 downturn never ended.

***

The U.S. has entered a second recession. [Note: That this would happen has been obvious to anyone paying attention. See this and this.] It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a “depression” and 26 percent said that the original recession had persisted into 2011.

(Indeed, more Americans believe the U.S. is in a depression than believe that the economy is growing). [Read more…]

July 29, 2011

Disastrous Outcomes From An Orchestrated Crisis h/t OpEdNews

July 29, 2011

By Paul Craig Roberts

With the world concerned about US financial credibility and the poor outlook for the US economy, now is not the time for the Republicans to grandstand on the public debt. The debt ceiling needed to be quietly raised. Instead, the Republicans started a fire and then threw gasoline on it, creating an inferno that could burn up the US social safety net or the US Treasury’s credit rating and the US dollar’s role as reserve currency or what remains of the separation of powers.

Consequently, world financial markets, currency markets, commodity markets, central banks, and mutual fund money market and bond funds are on pins and needles.

This level of irresponsibility is seldom seen even from American politicians. [Read more…]

July 26, 2011

The White House Obviously Does Not Now Nor Ever Had a Budget Plan

UPDATES are provided below about this ongoing farce or kabuki theater both the D and R and TP’s are playing out in DC as though they are actors in this drama and we are the viewers.

This man Carney is a master at avoiding questions. Talk about yakking in circles. It’s enough to make any sane person’s head spin.

By showing such blatant obfuscation he shows his hand – the White House doesn’t have a budget plan! They apparently have numbers on pieces of paper that were never handed out to the White House press corp nor to anyone else for all that matters. What kind of charade are these punks playing here?

Watch this clown. He’s getting paid a ton of dough by you, the taxpayer, telling you not a damned thing!

Here is what Zerohedge is saying about this clip – [Read more…]

July 20, 2011

h/t Zerohedge: Jim Rogers says what's happening in Washington is a scam, a charade…just trying to get some publicity"

Click HERE to read more by Zerohedge