The War On Waste
2002-01-29, CBS News
http://www.cbsnews.com/stories/2002/01/29/eveningnews/main325985.shtml

On Sept. 10 [2001], Secretary of Defense Donald Rumsfeld declared war. Not on foreign terrorists, "the adversary's closer to home. It's the Pentagon bureaucracy." He said money wasted by the military poses a serious threat. Rumsfeld promised change but the next day—Sept. 11—the world changed and in the rush to fund the war on terrorism, the war on waste seems to have been forgotten. Just last week President Bush announced, "my 2003 budget calls for more than $48 billion in new defense spending." More money for the Pentagon ... while its own auditors admit the military cannot account for 25 percent of what it spends. "According to some estimates we cannot track $2.3 trillion in transactions," Rumsfeld admitted. $2.3 trillion—that's $8,000 for every man, woman and child in America. A former Marine turned whistle-blower is risking his job by speaking out ... about the millions he noticed were missing from one defense agency's balance sheets. Jim Minnery, Defense Finance and Accounting Service ... tried to follow the money trail, even crisscrossing the country looking for records. "The director looked at me and said 'Why do you care about this stuff?' It took me aback. My supervisor asking me why I care about doing a good job," said Minnery. He was reassigned and says officials then covered up the problem. The Pentagon's Inspector General "partially substantiated" several of Minnery's allegations.

Note: To see the CBS video clip of this shocking admission, click here. For another key clip, click here. For other media articles revealing major corruption, click here. Even though originally not reported because of the trauma of 9/11, why wasn't this news broadcast far and wide later? Why isn't it making media headlines now?

Inside the secretive Bilderberg Group
2005-09-29, BBC News
http://news.bbc.co.uk/1/hi/world/americas/4290944.stm

How much influence do private networks of the rich and powerful have on government policies and international relations? One group, the Bilderberg, has often attracted speculation that it forms a shadowy global government. Every year since 1954 [they have brought] together about 120 leading business people and politicians. At this year's meeting in Germany, the audience included the heads of the World Bank and European Central Bank, Chairmen or Chief Executives from Nokia, BP, Unilever, DaimlerChrysler and Pepsi ... editors from five major newspapers, members of parliament, ministers, European commissioners ... and the queen of the Netherlands. The chairman ... is 73-year-old Viscount Etienne Davignon. In an extremely rare interview, he played down the importance of Bilderberg. "I don't think (we are) a global ruling class because I don't think a global ruling class exists." Will Hutton ... who attended a Bilderberg meeting in 1997, says people take part in these networks in order to influence the way the world works, to create what he calls "the international common sense". And that "common sense" is one which supports the interests of Bilderberg's main participants. For Bilderberg's critics the fact that there is almost no publicity about the annual meetings is proof that they are up to no good. Bilderberg meetings often feature future political leaders shortly before they become household names. Bill Clinton went in 1991 while still governor of Arkansas, Tony Blair was there two years later while still an opposition MP. All the recent presidents of the European Commission attended Bilderberg meetings before they were appointed. Informal and private networks like Bilderberg have helped to oil the wheels of global politics and globalisation for the past half a century.

Note: Why is this meeting of top world leaders kept so secret? Why is there no website? Why, until a few years ago, was there virtually no reporting on this influential group in the major media? (Note that the alternative media has had some good articles and a Google search can be highly informative) For lots more reliable information on powerful, secret groups like this, click here.

Class Struggle
2006-11-15, Wall Street Journal
http://www.opinionjournal.com/editorial/feature.html?id=110009246

The most important--and unfortunately the least debated--issue in politics today is our society's steady drift toward a class-based system, the likes of which we have not seen since the 19th century. America's top tier has grown infinitely richer and more removed over the past 25 years. Few among them send their children to public schools; fewer still send their loved ones to fight our wars. They own most of our stocks, making the stock market an unreliable indicator of the economic health of working people. The top 1% now takes in an astounding 16% of national income, up from 8% in 1980. The tax codes protect them, just as they protect corporate America, through a vast system of loopholes. Incestuous corporate boards regularly approve compensation packages for chief executives and others that are out of logic's range. As this newspaper has reported, the average CEO of a sizeable corporation makes more than $10 million a year, while the minimum wage for workers amounts to about $10,000 a year, and has not been raised in nearly a decade. When I graduated from college in the 1960s, the average CEO made 20 times what the average worker made. Today, that CEO makes 400 times as much. Trickle-down economics didn't happen. Wages and salaries are at all-time lows as a percentage of the national wealth. This ever-widening divide is too often ignored or downplayed by its beneficiaries. A sense of entitlement has set in among elites, bordering on hubris.

Investors' Growing Appetite for Oil Evades Market Limits
2008-06-06, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/06/05/AR20080605043...

Hedge funds and big Wall Street banks are taking advantage of loopholes in federal trading limits to buy massive amounts of oil contracts, ... helping to push oil prices to record highs. The federal agency that oversees oil trading, the Commodity Futures Trading Commission, has exempted these firms from rules that limit speculative buying. The CFTC has also waived regulations over the past decade on U.S. investors who trade commodities on some overseas markets, freeing those investors to accumulate large quantities of the future oil supply by making purchases on lightly regulated foreign exchanges. Over the past five years, investors have become such a force on commodity markets that their appetite for oil contracts has been equal to China's increase in demand over the same period, said Michael Masters, a hedge fund manager who testified before Congress on the subject last month. The commodity markets, he added, were never intended for such large financial players. Commodities have become especially enticing to investors as the credit crisis has roiled other investment opportunities such as stocks and debt-related securities. The recent flood of investment money has transformed the markets for oil, as well as uranium, wheat, cotton and other goods, into a volatile realm that some insiders call the Wild West of Wall Street. Michael Greenberger, a professor at the University of Maryland and former CFTC commissioner, said there were loopholes the agency could close without much effort. "There's smoke here, and the CFTC hasn't wanted to look if there's a fire," he said. "But these are dark markets. They don't even know who's doing the trading."

Note: For revealing reports on financial corruption and criminality from major media sources, click here.

Davos: Wealth, power and a sprinkling of stardust
2008-01-22, The Independent (One of the U.K.'s leading newspapers)
http://www.independent.co.uk/news/business/analysis-and-features/davos-wealth...

For a few days an obscene proportion of the world's wealth and clout will be concentrated in one normally obscure Alpine town, [Davos, Switzerland]. Some 27 heads of state or government; 113 cabinet ministers; hundreds of chief executives, bankers, sovereign wealth fund managers, economists and the media: about 2,500 participants in all. So who's coming and what will they be chattering about? The official co-chairs of the Forum are mostly well-known names: Tony Blair, of JP Morgan; James Dimon, chairman and CEO of JP Morgan; KV Kamath, MD and CEO of India's ICICI Bank; Henry Kissinger, chairman of Kissinger Associates; Indra K Noovi, chairman and CEO of PepsiCo; David J O'Reilly, chairman and CEO of Chevron Corporation; and Wang Jianzhou, CEO of China Mobile Communications Corporation. The prominent role allotted to Mr Wang, while not entirely novel, is nonetheless significant. In 2008, for the first time, China will contribute more to the growth of the world economy than the United States. Double-digit growth in China should still just be possible this year, and it alone seems to stand between the world and a full-blown recession. Sovereign wealth funds (SWFs) from China and elsewhere have already been busy re-capitalising the West's stricken banks. The recycling of trillions of dollars of trade surpluses and petro dollars means that such deals will become more prevalent. Davos will provide one more opportunity for distressed American investment bankers to bump into munificent Singaporean or Qatari or Chinese SWF managers.

Note: Yet these meetings are kept largely secret. Why isn't the media giving lots more coverage to this gathering of some of the most powerful people on the planet? For other reliable, verifiable reports on secret meetings of the power elite of the world, click here.

Government Accountability Office Report
2006-12-15, Comptroller General of the United States
http://fms.treas.gov/fr/06frusg/06gao2.pdf

The Secretary of the Treasury ... is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements. Certain material weaknesses in financial reporting and other limitations on the scope of our work resulted in conditions that continued to prevent us from expressing an opinion on the accompanying consolidated financial statements for the fiscal years ended September 30, 2006 and 2005. The federal government did not maintain effective internal control over financial reporting. While we are unable to express an opinion ... the following key items deserve emphasis. The U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation’s total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000. The retirement of the“baby boom” generation is [also] closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008. It seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance. Other material weaknesses were the federal government’s inability to: determine the full extent to which improper payments exist; identify and resolve information security control weaknesses; and effectively manage its tax collection activities.

Note: The full 172-page report is available here. Why didn't any of the media cover this eye-opening report? Is the fact that the national debt has risen 150% since 2000 not news? For a possible answer, click here. To learn of the trillions of unaccounted for dollars in the military, click here.

Insiders' stock sale-purchase ratio widens
2006-12-07, Chicago Tribune/Bloomberg
http://www.chicagotribune.com/business/chi-0612070153dec07,0,3801935.story

Stock sales by America's corporate leaders exceeded purchases last month by the widest ratio in nearly 20 years. Executives sold $63.18 of shares for every $1 they bought in November, the largest ratio since at least January 1987. U.S. securities laws require company executives and directors to disclose stock purchases or sales within two business days. Insiders sold $8.4 billion in shares last month, according to data compiled from SEC filings. Buying was ... $133 million. The overall insider-selling amount was the fifth-highest since 1987. Selling peaked at $13.9 billion in March 2000. The data have "value for investors," said Wayne Reisner at Carret Asset Management in New York. "It's people who are very familiar with their company and their stock." Insiders executed 6.34 sales transactions for each purchase transaction in the eight weeks ended Dec. 1. That's up from 2.45 in the period ended Aug. 4 and above the ratio of 2.25 he considers neutral for the market. Microsoft ranked first among U.S. companies, with $594.2 million in sales by insiders in November. Seagate Technology and DreamWorks Animation SKG Inc. ranked second and third, at $311.8 million and $224.2 million, respectively. Google Inc. was fourth, at $182.1 million.

Note: Isn't it interesting that the NASDAQ stock index reached it's all-time high in March 2000, the exact month executive stock selling hit its record, and just prior to the huge NASDAQ crash. Is it possible that corporate executives knew something the rest of us didn't?

World's wealth gap grows; poorest half has 1% of assets
2006-12-05, Denver Post (Denver's leading newspaper)
http://www.denverpost.com/headlines/ci_4785148

The richest 2 percent of adults still own more than half of the world's household wealth, perpetuating a yawning global gap between rich and poor, according to research published Tuesday. The report from the Helsinki-based World Institute for Development Economics Research shows that in 2000 the richest 1 percent of adults - most of whom live in Europe or the United States - owned 40 percent of global assets. The richest 10 percent of adults accounted for 85 percent of assets. By contrast, the bottom 50 percent of the world's adult population owned barely 1 percent of the world's wealth. "Income inequality has been rising for the past 20 to 25 years, and we think that is true for inequality in the distribution of wealth," said James Davies, a professor of economics at the University of Western Ontario, one of the report's authors. But ... there are some hopeful signs: China and India, which are developing rapidly, are gaining wealth, and in countries such as Bangladesh, the spread of microcredit institutions is helping people increase their personal wealth.

Note: If you are interested in a secure vehicle in which to place your investments which helps to directly pull families out of poverty in a big way through microcredit and microloans, click here.

Military waste under fire: $1 trillion missing
2003-05-18, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2003/05/18/MN251738.DTL

The Department of Defense, already infamous for spending $640 for a toilet seat...couldn't account for more than a trillion dollars in financial transactions, not to mention dozens of tanks, missiles and planes. The nonpartisan General Accounting Office has raised the volume of its perennial complaints about the financial woes at Defense, which recently failed its seventh audit in as many years. "Overhauling DOD's financial management operations represent a challenge that goes far beyond financial accounting," GAO chief David Walker told lawmakers. Recent government reports suggest the Pentagon's money management woes have reached astronomical proportions. A GAO report found Defense inventory systems so lax that the U.S. Army lost track of 56 airplanes, 32 tanks, and 36 Javelin missile command launch-units. When military leaders were scrambling to find enough chemical and biological warfare suits to protect U.S. troops, the department was caught selling these suits as surplus on the Internet "for pennies on the dollar," a GAO official said. "We are overhauling our financial management system," said Dov Zakheim, the Pentagon's chief financial officer. "The Pentagon has failed to address financial problems that dwarf those of Enron," said Rep. Henry Waxman, D-Los Angeles. Gregory Kutz, director of GAO's financial management division [said] "I've been to Wal-Mart. They were able to tell me how many tubes of toothpaste were in Fairfax, Va. And DOD can't find its chem-bio suits." Opposition to defense spending is portrayed as unpatriotic. Legislators are often more concerned about winning Pentagon pork than controlling defense waste.

Note: You can read the GAO Report (Page 17 on missing planes). Page two states, "To date, no major part of DOD has yet been able to pass the test of an independent audit." For an intriguing Online Journal article exposing the deep role of the Pentagon's former CFO (Chief Financial Officer) Zakheim in this corruption, click here. Why wasn't and isn't this front page headlines? Why are newspaper editors keeping this most vital information from the public?

Wealthy Americans Under Scrutiny in UBS Case
2008-06-06, New York Times
http://www.nytimes.com/2008/06/06/business/worldbusiness/06tax.html?partner=r...

One afternoon in April, six dozen wealthy Americans were entertained at a luncheon party in Midtown Manhattan, along with a special guest from Paris: Henri Loyrette, the director of the Louvre. The host of the exclusive gathering was the Swiss bank UBS, whose elite private bankers built a lucrative business in recent years by discreetly tending the fortunes of American millionaires and billionaires. But now, as the federal authorities intensify an investigation into offshore bank accounts, the secrets of this rarefied world are being dragged into the open — and UBS’s privileged clients are running scared. Under pressure from the authorities, UBS is considering whether to divulge the names of up to 20,000 of its well-heeled American clients, according to people close to the inquiry, a step that would have once been unthinkable to Swiss bankers, whose traditions of secrecy date to the Middle Ages. Federal investigators believe some of the clients may have used offshore accounts at UBS to hide as much as $20 billion in assets from the Internal Revenue Service. Doing so may have enabled these people to dodge at least $300 million in federal taxes on income from those assets, according to a government official connected with the investigation. The case could turn into an embarrassment for Marcel Rohner, the chief executive of UBS and the former head of its private bank, as well as for Phil Gramm, the former Republican senator from Texas who is now the vice chairman of UBS Securities, the Swiss bank’s investment banking arm. It also comes at a difficult time for UBS, which is reeling from $37 billion in bad investments, many of them linked to risky American mortgages.

Note: For an illuminating overview of the secret world of banking and finance, click here.

Lou Dobbs Tonight: NAFTA Superhighway
2008-05-28, CNN News
http://transcripts.cnn.com/TRANSCRIPTS/0805/28/ldt.01.html

[News anchor LOU DOBBS:] Open borders advocates are refusing to acknowledge rising evidence of plans for a NAFTA superhighway. Many in the mainstream media absolutely refuse to acknowledge the reality. The plans could be a major step toward that North American Union of the United States, Canada and Mexico. BILL TUCKER, CNN Correspondent: There is no NAFTA superhighway. Not officially. In Texas planning a development is under way for what are officially called transportation corridors. The Trans Texas Corridor, I-69, a combination of rail lines, utility lines, car and truck lanes, [is planned] to be as wide as three football fields laid end to end. It will be financed by a private foreign company ... who will then own the lease on the road and the revenue generated by the tolls. Texas may use eminent domain to lay claim to some of the land needed to build it. For an imaginary road there's a lot of money and effort involved [and] some very real opposition. TERRI HALL, TEXASTURF.ORG: There's just no doubt that this is happening. We've been to the public hearings. We've seen the presentations. We've seen the documents. We waded through them and there's a whole lot more groups besides just ours. And we've got Farm Bureau, Sierra Club, a whole host of groups from the left and the right. TUCKER: In Kansas a resolution opposing the superhighway overwhelmingly passed the State House.

Note: To watch a video of this Lou Dobbs Tonight segment, click here.

What Power Looks Like
2008-04-14, Newsweek magazine
http://www.newsweek.com/id/130637

[In] speaking [with New York Federal Reserve Bank president Timothy] Geithner while I was doing the research for my recently published book Superclass, he sketched in fascinating detail how the world's power elite rallies when the markets quake. Recalling an earlier crisis in global securities markets that he helped to manage, Geithner said the Fed brought together the leaders of the world's 14 major financial firms, from five countries, representing 95 percent of all the activity in global markets. The Swiss were there, the Germans were there, the British were there. Goldman Sachs chairman and CEO Lloyd Blankfein "jokingly called them 'the 14 families,' like in 'The Godfather'," says Geithner. "And we said to them, 'You guys have got to fix this problem. Tell us how you are going to fix it and we will work out some basic regime.' You ... need a critical mass of the right players. It is a much more concentrated world." Geithner's description of the financial elite in crisis mode came many months before the recent meltdown of Bear Stearns, yet foreshadowed [it] in an uncanny way. The people ... described by Geithner, plus a few thousand more like them, not only in business and finance, but also politics, the arts, the nonprofit world and other realms, are part of a new global elite that has emerged over the past several decades. I call it the "superclass." They have vastly more power than any other group on the planet. Each of the members is set apart by his ability to regularly influence the lives of millions of people in multiple countries worldwide. Each actively exercises this power, and often amplifies it through the development of relationships with other superclass members.

Note: For many revealing stories from reliable sources on secret societies of the world's most powerful people, click here.

The three trillion dollar war
2008-02-23, The Telegraph (One of the U.K.'s leading newspapers)
http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/articl...

The Bush Administration was wrong about the benefits of the war and it was wrong about the costs of the war. The president and his advisers [forecast] a quick, inexpensive conflict. Instead, we have a war that is costing more than anyone could have imagined. The cost of direct US military operations - not even including long-term costs such as taking care of wounded veterans - already exceeds the cost of the 12-year war in Vietnam and is more than double the cost of the Korean War. And, even in the best case scenario, these costs are projected to be almost ten times the cost of the first Gulf War, almost a third more than the cost of the Vietnam War, and twice that of the First World War. The only war in our history which cost more was the Second World War, when 16.3 million U.S. troops fought in a campaign lasting four years, at a total cost (in 2007 dollars, after adjusting for inflation) of about $5 trillion. Most Americans have yet to feel these costs. The price in blood has been paid by our voluntary military and by hired contractors. The price in treasure has, in a sense, been financed entirely by borrowing. Taxes have not been raised to pay for it - in fact, taxes on the rich have actually fallen. Deficit spending gives the illusion that the laws of economics can be repealed, that we can have both guns and butter. But of course the laws are not repealed. The costs of the war are real even if they have been deferred, possibly to another generation. From the unhealthy brew of emergency funding, multiple sets of books, and chronic underestimates of the resources required to prosecute the war, we have attempted to identify how much we have been spending - and how much we will, in the end, likely have to spend. The figure we arrive at is more than $3 trillion. Our calculations are based on conservative assumptions.

Note: For many reports from major media sources which reveal massive war profiteering, click here.

It's all Friedman's doing
2007-09-09, Toronto Star (Toronto's leading newspaper)
http://www.thestar.com/entertainment/article/254550

[Naomi Klein in her new book The Shock Doctrine] argues persuasively that over the last 40 years, no single thinker has shaped the economic and political policies of corporate CEOs, military dictators, presidents, prime ministers and bankers more than [Milton] Friedman. His thesis was simple: The job of governments is to facilitate the free flow of capital across national borders by removing any impediments to trade [and establishing] a drastic regimen of market deregulation, free trade treaties, spending cuts to social programs, the breaking of labour unions and mass privatization of publicly owned resources and industries ... chiefly through the careful manipulation of collective crises such as wars, military coups, natural disasters and economic recessions and depressions. For Friedman's ideas to be implemented, a nation's existing economy and civic society must first be reduced to a state of tabula rasa before being rebuilt according to the [Chicago School] model. [Klein contends] that this capitalist doctrine also has its roots in a series of mind-control experiments performed on often unwilling patients by psychiatrist Ewan Cameron, working out of McGill University in the late 1950s. He imposed a sustained regimen of sensory deprivation, isolation, enforced sleep and a cocktail of LSD, PCP, insulin and barbiturates [and] a barrage of electroshock therapy. The CIA, which paid for Cameron's experiments, modified these techniques for use in prisoner-interrogation sessions. The results were so good that the CIA taught the methods to the Latin American security forces in charge of reprogramming anyone who dared resist the devastating free market "reforms" that swept through South and Central America after Augusto Pinochet's successful, Chicago-School inspired (and CIA-sponsored) coup of populist leader Salvador Allende in 1973.

Special Note: For an incredibly revealing interview on the role of the Milton Friedman and the Chicago school of economists in promoting radical change against democracy by using states of public shock to push through unwanted changes, don't miss the powerful talk with Naomi Klein available here.

1934: The Plot Against America
2007-07-28, Harper's magazine
http://www.harpers.org/archive/2007/07/hbc-90000651

In November 1934, federal investigators uncovered an amazing plot involving some two dozen senior businessmen, a good many of them Wall Street financiers, to topple the government of the United States and install a fascist dictatorship. An alert FDR shut it down but stopped short of retaliatory measures against the plotters. A key element of the plot involved [Smedley Butler,] a retired prominent general who was to have raised a private army of 500,000 men from unemployed veterans and who blew the whistle when he learned more of what the plot entailed. The plot was heavily funded and well developed and had strong links with fascist forces abroad. A story in the New York Times and several other newspapers reported on it, and a special Congressional committee was created to conduct an investigation. The records of this committee were scrubbed and sealed away in the National Archives, where they have only recently been made available. The Congressional committee kept the names of many of the participants under wraps and no criminal action was ever brought against them. But a few names have leaked out. And one is Prescott Bush, the grandfather of the incumbent president. Prescott Bush was ... deep into the business of the Hamburg-America Lines, and had tight relations throughout this period with the new Government that had come to power in Germany a year earlier under Chancellor Adolph Hitler. It appears that Bush was to have formed a key liaison for the group with the new German government. The role of the most powerful political dynastic family in the nation’s history in this whole affair is shocking.

Note: You can listen to the BBC Radio broadcast on Bush/Nazi ties by clicking here. And to watch a History Channel documentary on the coup plot, click here. U.S. Marine Corps General Smedley Butler was the author of "War is a Racket," summarized here.

Indebted
2007-03-18, Washington Times
http://www.washingtontimes.com/op-ed/20070317-113251-1533r.htm

The U.S. current-account deficit is the broadest measure of America's activity in international trade and global finance. It totaled $857 billion last year, the Commerce Department reported last week. For the fifth year in a row, the nation's current-account deficit set a record. As Federal Reserve Chairman Ben Bernanke testified last year before Congress: "The immediate implication [of the nation's soaring current-account deficit] is that the U.S. economy is consuming more than it's producing, and the difference is being made up by imports from abroad, which in turn is being financed by borrowing from abroad." Last year's current-account deficit meant that Americans effectively borrowed $3.3 billion every single working day to fund the gap between their spending and their income. The accumulation of ever larger current-account deficits over the past quarter century has played an indispensable role in transforming the United States from the world's largest creditor nation into the planet's biggest debtor nation. Specifically, in 1982, America's net international investment position was a positive $236 billion. That meant that foreigners owed us nearly a quarter of a trillion dollars more than we owed them. At the end of 2005 (the latest year for which data are available), the net international investment position of the United States was a negative $2.55 trillion. In other words, we owed foreigners more than $2.5 trillion than they owed us. Since 1994 alone, America's net international investment position has deteriorated by more than $2.4 trillion.

Note: The Washington Times was the only media source to report on this highly important story. Why? For a possible answer, click here. For more underreported, yet massive government corruption, click here.

To Fill His Shoes, Mr. Bernanke, Learn to Dance
2005-10-30, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/28/AR20051028024...

In his 18 years as chairman of the Federal Reserve, Greenspan has occasionally drawn criticism, but no one disputes his technical prowess or sniffs at his track record of low inflation and steady, almost uninterrupted growth. Enter Ben S. Bernanke, President Bush's nominee to take Greenspan's place. The former Princeton economics professor is currently the chairman of the president's Council of Economic Advisers. The following are excerpts from [a speech] by Ben S. Bernanke. "On Milton Friedman's Ninetieth Birthday," Nov. 8, 2002: "I first read 'A Monetary History of the United States' early in my graduate school years at M.I.T. I was hooked, and I have been a student of monetary economics and economic history ever since. Friedman and [his co-author Anna J.] Schwartz made the case that the economic collapse of 1929-33 was the product of the nation's monetary mechanism gone wrong. What I take from their work is the idea that monetary forces, particularly if unleashed in a destabilizing direction, can be extremely powerful. "I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

Note: The chairman of the Federal Reserve Board admits here that the Federal Reserve caused the Great Depression. The Federal Reserve is owned by powerful private banks. It was created in 1913 largely in secrecy and fought by many who understood the dangers involved. For more reliable information on this, click here.

How Bush's grandfather helped Hitler's rise to power
2004-09-25, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/usa/story/0,12271,1312540,00.html

George Bush's grandfather, the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany. Newly discovered files in the US National Archives [confirm] that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism. His business dealings...continued until his company's assets were seized in 1942 under the Trading with the Enemy Act. There has been a steady internet chatter about the "Bush/Nazi" connection, much of it inaccurate and unfair. But the new documents, many of which were only declassified last year, show that even after America had entered the war...he worked for and profited from companies closely involved with the very German businesses that financed Hitler's rise to power. Remarkably, little of Bush's dealings with Germany has received public scrutiny, partly because of the secret status of the documentation involving him. But now [a] multibillion dollar legal action for damages by two Holocaust survivors against the Bush family, and the imminent publication of three books on the subject are threatening to make Prescott Bush's business history an uncomfortable issue for his grandson. Three sets of archives spell out Prescott Bush's involvement. All three are readily available, thanks to the efficient US archive system. Like his son, George, and grandson, George W, he went to Yale where he was, again like his descendants, a member of the secretive and influential Skull and Bones student society.

U.S. corporations paying less in taxes
2004-09-23, MSNBC/Forbes
http://msnbc.msn.com/id/6080561/

The effective tax rate for America's largest and most profitable corporations has sharply declined in recent years, and one third of such companies paid zero taxes -- or less -- in at least one of the last three years. In 2003 alone, 46 of the 275 companies...paid no taxes at all in 2003, despite reporting a total of $42.6 billion in pre-tax profits. Indeed, these companies received $5.4 billion in tax rebates that year. Half of the "tax-break dollars" over the three-year period went to just 25 companies. All told, 82 companies paid zero or negative taxes in at least one of the last three years and 28, including Boeing, paid negative taxes for the entire period. The largest beneficiaries were some of the most profitable companies: General Electric, SBC Communications, Citigroup, IBM and Microsoft. Of the 10 most profitable U.S.-based companies on the Forbes 2000, only Wal-Mart and Freddie Mac do not appear on the study's list of top 25 tax break beneficiaries. At the same time, IRS data indicates that the overall share of federal taxes paid by corporations in now less than 10 percent, down from nearly 13 percent in 1997. This trend occurred against a backdrop of rising corporate earnings. The study attributes the trend to the widening availability of offshore tax shelters and other lawful avoidance techniques.

Economist tallies swelling cost of Israel to US
2002-12-09, Christian Science Monitor
http://www.csmonitor.com/2002/1209/p16s01-wmgn.html

Since 1973, Israel has cost the United States about $1.6 trillion. If divided by today's population, that is more than $5,700 per person. This is an estimate by Thomas Stauffer, a consulting economist in Washington. Mr. Stauffer has tallied the total cost to the US of its backing of Israel in its drawn-out, violent dispute with the Palestinians. The bill adds up to more than twice the cost of the Vietnam War. Israel is the largest recipient of US foreign aid. It has been getting $3 billion a year for years. Israel has been given $240 billion since 1973, Stauffer reckons. In addition, the US has given Egypt $117 billion and Jordan $22 billion in foreign aid in return for signing peace treaties with Israel. Stauffer wonders if Americans are aware of the full bill for supporting Israel since some costs, if not hidden, are little known. Other US help includes: • Israel buys discounted, serviceable "excess" US military equipment. Stauffer says these discounts amount to "several billion dollars" over recent years. • Israel uses roughly 40 percent of its $1.8 billion per year in military aid, ostensibly earmarked for purchase of US weapons, to buy Israeli-made hardware. It also has won the right to require the Defense Department or US defense contractors to buy Israeli-made equipment or subsystems, paying 50 to 60 cents on every defense dollar the US gives to Israel. US help ... has enabled Israel to become a major weapons supplier. Weapons make up almost half of Israel's manufactured exports. US defense contractors often resent the buy-Israel requirements and the extra competition subsidized by US taxpayers. Stauffer [has] been assisted in this research by a number of mostly retired military or diplomatic officials who do not go public for fear of being labeled anti-Semitic.

Note: Israel has a population of 6.5 million. Yearly foreign aid to Israel has generally varied between $2.5 to 3.0 billion for many years (it's difficult to locate these figures on U.S. government websites). If you do the math, U.S. taxpayers are giving every man, woman, and child, in Israel about $400/year -- over ten times the per capita rate paid to any other country. That's quite a tax break, especially considering they are not Americans.

'Deficit hawks' revive attacks on nation's fiscal woes
2008-06-24, USA Today
http://www.usatoday.com/news/washington/2008-06-24-budget-hawks_N.htm

Eleven years after the last major effort to balance the federal government's books, advocates of fiscal integrity are seeking to make a comeback. Most notable is Pete Peterson, a son of Greek immigrants and Wall Street chieftain who has vowed to invest $1 billion of his personal fortune to alert Americans that their government is going broke. He has lured former U.S. comptroller general David Walker to his fledgling Peter G. Peterson Foundation, which will finance advertising, lobbying and grass-roots efforts designed to pressure the next president and Congress. The situation has gotten much worse since past presidents and Congress negotiated deficit-reduction deals in 1990, 1993 and 1997. The federal deficit is estimated at $357 billion. The national debt, as calculated by the Treasury Department, is more than $9.3 trillion. Future liabilities, from government pensions to elderly entitlements, bring the total to $53 trillion — $175,000 per person, according to Peterson and Walker. Both men say a comprehensive fix will need to include overhauls of the nation's health care and tax systems. At the core of the effort is Peterson, 82, a founder of the Concord Coalition fiscal watchdog group, who has preached the danger of federal budget deficits for decades. He and Walker spoke Tuesday at a House Budget Committee hearing and met privately with congressional backers of balanced budgets. Peterson is retiring this year as senior chairman of the Blackstone Group, which he co-founded. [He is a] former secretary of Commerce in the Nixon administration and chairman of Lehman Brothers.

Economists Debate Link Between War, Credit Crisis
2008-04-15, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/04/14/AR20080414026...

For House Speaker Nancy Pelosi, the connection between the Iraq conflict and the U.S. economic downturn is simple: "The president has taken us into a failed war," [she] said recently. "He's taken us deeply into debt, and that debt is taking us into recession." Joseph E. Stiglitz, a Nobel Prize-winning economist who wrote the new book The Three Trillion Dollar War, contends that the connection is real. Even with a growing energy demand from China, the United States and elsewhere, oil traders anticipated before the war that the price of oil would remain about $25 a barrel. Instead, it has soared to more than $100 a barrel. Iraqi oil production has not risen with demand, in part because investment in the Middle East has been stunted by war-related unrest. Those price increases are self-perpetuating, Stiglitz argues. Oil-rich Persian Gulf states are so awash in money that they are not sure what to do with it all. That cash, through state-owned sovereign wealth funds, has flowed into stocks, bonds and other investments, creating incentives for lenders to offer low-interest loans, many of which have now gone sour. But that is only one factor, by Stiglitz's accounting. The federal government has sunk deeply into debt, first with tax cuts, then with accelerating war expenditures that have easily topped half a trillion dollars. So the Federal Reserve Board used low interest rates and the free flow of money to keep the economy growing. Cheap credit sparked rash loans, a housing bubble and the current crisis. "The war played a very important role," Stiglitz said. The analysis is politically powerful because people believe it. A CNN poll last month found that 71 percent of Americans say government spending in Iraq is a factor in the economic downturn.

Note: For a powerful personal account of the economic underpinnings of modern war by a US Marine Corps general, click here.

JPMorgan memo shows dirty tricks of mortgage trade
2008-03-28, Reuters News
http://www.reuters.com/article/vcCandidateFeed1/idUSN2838474720080328

An internal JPMorgan Chase memo entitled "Zippy Cheats & Tricks" offers a peek into just the sort of dubious lending tactics that underpinned the U.S. housing market's deepening downward spiral. The memo outlines step-by-step instructions on how to beef up mortgage applicants' stated incomes in order to help them qualify for home loans. They read as follows: "1. Make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus. 2. If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds. 3. If you do not get (the desired results), try resubmitting with slightly higher income. Inch it up $500 to see if you can get the findings you want. Do the same for assets." In the context of a broader housing debacle, the memo [provides] some clues into just what lengths bankers went to [to] push loans through the system. Over the past six months, rising defaults on home loans have not only battered the mortgage sector, threatening recession, but also sent the banking industry into a tailspin. Many large banks repackaged mortgages and held them on their balance sheets as complex derivatives securities, essentially bonds backed by other types of loans. The conclusion of the JPMorgan memo, written in bright purple letters, certainly hints at a credit system gone awry: "It's super easy! Give it a try!" it reads. "If you get stuck, call me ... I am happy to help!"

Note: Though this highly revealing news was reported by the venerable Reuters news agency, why did no major media pick it up? For numerous reports of financial corruption from verifiable sources, click here.

Foreign investors veto Fed rescue
2008-03-17, The Telegraph (One of the U.K.'s leading newspapers)
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/17/ccview117.xml

As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures. Asian, Mid East and European investors stood aside at last week's auction of 10-year US Treasury notes. "It was a disaster," said Ray Attrill from 4castweb. "We may be close to the point where the uglier consequences of benign neglect towards the currency are revealed." The share of foreign buyers ("indirect bidders") plummeted to 5.8pc, from an average 25pc over the last eight weeks. On the Richter Scale of unfolding dramas, this matches the death of Bear Stearns. Rightly or wrongly, a view has taken hold that Washington is cynically debasing the coinage, hoping to export its day of reckoning through beggar-thy-neighbour policies. But even if you think the Fed has no choice other than to take dramatic action, the critics are also right in warning that this comes at a serious cost and it may backfire. The imminent risk is that global flight from US Treasury and agency debt drives up long-term rates, the key funding instrument for mortgages and corporations. The effect could outweigh Fed easing. Overall credit conditions could tighten into a slump (like 1930). It's the stuff of bad dreams. As the Wall Street Journal wrote this weekend, the entire country is facing a "margin call". The US has come to depend on $800bn inflows of cheap foreign capital each year to cover shopping bills. As of June 2007, foreigners owned $6,007bn of long-term US debt. [Most] likely, the twin crash in the dollar and US agency debt reflects a broad exodus by global wealth managers, afraid that America is spinning out of control.

Note: Why is the U.S. media not reporting important information like this? And why was the fact that gold broke $1,000 for the first time ever in mid-March not reported widely in the media?

Stimulus Plan a Scam to Benefit the Rich
2008-02-03, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/03/IN8LUO095.DTL

Congress is about to sell us the biggest fraud in American history. It's been highly touted as an economic stimulus bill that will help millions of Americans. As part of the bill, Congress is set to rush through an increase in the mortgage loan limits for Fannie Mae and Freddie Mac (and Federal Housing Administration insurance, too) - from $417,000 to $729,750 - the first step toward a massive financial disaster in which taxpayers will end up paying through the nose. Now, thanks to Congress, junk bond investors will be able to pawn off their bad debt to Fannie and Freddie. This shift will certainly doom Fannie Mae and Freddie Mac, so don't be surprised if we, the taxpayers, have to bail out poor Fannie and Freddie - to the tune of more than $1 trillion. The irony here is that the collapse in housing prices could make Fannie insolvent even without raising the loan limit. Increasing Fannie's limit is like going on a spending spree with your credit cards because you know you are going to file for bankruptcy in a few months. Only here the taxpayer is left holding the bag. Our children will pay interest on this debt in perpetuity. It is our debt. It is inescapable. In the coming months, Fannie and Freddie will buy up mortgages based on old, fraudulent appraisals and on loans with bogus inflated incomes. Unfortunately, many of these loans will still default. But that's just the start. Brace yourself for another wave of faxes, phone calls and junk mail urging you to refinance at only 1 percent. With zero new regulation, the same bad actors that caused this crisis can once again inflate property appraisals and begin a new cycle of fraud.

Wall Street paying record bonuses
2008-01-08, New York Daily News/Bloomberg News
http://www.nydailynews.com/money/2008/01/18/2008-01-18_wall_street_paying_rec...

Wall Street's five biggest firms are paying a record $39 billion in bonuses for 2007. It was a year when three of the firms suffered their worst quarterly losses in history and shareholders lost over $80 billion. Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns together awarded $65.6 billion in compensation and benefits last year to their 186,000 employees. That means year-end bonuses, at 60% of the total, exceeded the $36 billion distributed in 2006 when the industry reported all-time high profits. The firms have said they are eliminating at least 6,200 jobs amid mounting losses from the subprime mortgage mess. The payouts come as the economy slows, with unemployment rising, retail sales declining and new home foreclosures surging to a record. The industry's bonuses are larger than the gross domestic products of Sri Lanka, Lebanon or Bulgaria, and the average bonus of $219,198 is more than four times higher than the median U.S. household income in 2006, according to Census Bureau data. Shareholders in the securities industry endured their worst year since 2002, as Merrill and Bear Stearns slumped more than 40% and the CEOs at both firms gave up their jobs. Morgan Stanley fell 21% and Lehman dropped 16%. Only Goldman rose, gaining 7.9%.

Note: For lots more on escalating income inequality, click here.

Bleakonomics
2007-09-30, New York Times
http://www.nytimes.com/2007/09/30/books/review/Stiglitz-t.html?ex=1348804800&...

The Shock Doctrine is [Naomi] Klein’s ambitious look at the economic history of the last 50 years and the rise of free-market fundamentalism around the world. “Disaster capitalism,” as she calls it, is a violent system that ... requires terror to do its job. Extreme capitalism loves a blank slate, often finding its opening after crises or “shocks.” Klein compares radical capitalist economic policy to shock therapy administered by psychiatrists. She interviews Gail Kastner, a victim of covert C.I.A. experiments in interrogation techniques that were carried out by the scientist Ewen Cameron in the 1950s. His idea was to use electroshock therapy to break down patients. Once “complete depatterning” had been achieved, the patients could be reprogrammed. For Klein the larger lessons are clear: “Countries are shocked — by wars, terror attacks, coups d’état and natural disasters.” Then “they are shocked again — by corporations and politicians who exploit the fear and disorientation of this first shock to push through economic shock therapy.” People who “dare to resist” are shocked for a third time, “by police, soldiers and prison interrogators.” Klein offers an account of Milton Friedman — she calls him “the other doctor shock”. In the 1950s, as Cameron was conducting his experiments, the Chicago School was developing the ideas that [dominate capitalist planning today]. She quotes the Chilean economist Orlando Letelier on the “inner harmony” between the terror of the Pinochet regime and its free-market policies. Letelier said that Milton Friedman shared responsibility for the regime’s crimes, rejecting his argument that he was only offering “technical” advice. Letelier was killed in 1976 by a car bomb planted in Washington [DC]. For Klein, he was another victim of the “Chicago Boys” who wanted to impose free-market capitalism on the region. “In the Southern Cone, where contemporary capitalism was born, the ‘war on terror’ was a war against all obstacles to the new order,” she writes.

Note: For highly revealing, verifiable information on government mind control programs, click here.

Auditors: Billions of U.S. tax dollars wasted in Iraq
2007-02-16, CNN News/Associated Press
http://edition.cnn.com/2007/POLITICS/02/16/iraq.reconstruction.ap

The three top auditors overseeing work in Iraq told a House committee their review of $57 billion in Iraq contracts found that ... about $10 billion has been squandered by the U.S. government on Iraq reconstruction aid because of contractor overcharges and unsupported expenses. Of the $10 billion in overpriced contracts or undocumented costs, more than $2.7 billion were charged by Halliburton Co., the oil-field services company once headed by Vice President Dick Cheney. Federal investigators warned Thursday that significantly more taxpayer money is at risk. More than one in six dollars charged by U.S. contractors were questionable or unsupported, nearly triple the amount of waste the Government Accountability Office estimated last fall. "There is no accountability," said David M. Walker, who heads the auditing arm of Congress. "Organizations charged with overseeing contracts are not held accountable. Contractors are not held accountable. The individuals responsible are not held accountable." The investigators urged the Pentagon to reconsider its growing reliance on outside contractors. Layers of subcontractors, poor documentation and lack of strong contract management are rampant. Walker complained that GAO investigators have difficulty getting basic detail about reconstruction contracts such as expenses and subcontractors involved because many Pentagon divisions fail to consistently track or fully report them. Noting that auditors still have $300 billion of Iraq spending to review, Waxman said the total amount of waste, fraud and abuse "could be astronomical."

Note: To understand how so much money can go missing, read what a top U.S. general has to say here. And for major media articles claiming hundreds of billions of dollars are missing, click here.

Getting closer to Uncle Sam
2006-09-20, Toronto Star (One of Canada's top newspapers)
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Articl...

Public kept in dark as business leads talks about North American integration. Away from the spotlight, from Sept. 12 to 14, in Banff Springs, Minister of Public Safety Stockwell Day and Defence Minister Gordon O'Connor met with U.S. and Mexican government officials and business leaders to discuss North American integration at the second North American Forum. The guest list included such prominent figures as U.S. Defence Secretary Donald Rumsfeld, Mexican Secretary of Public Security Eduardo Medina Mora and Canadian Forces chief General Rick Hillier. The event was chaired by former U.S. secretary of state George Schultz, former Alberta premier, Peter Lougheed and former Mexican finance minister Pedro Aspe. Organizers did not alert the media about the event. Our government ... refuses to release any information about the content of the discussions or the actors involved. The event was organized by the Canadian Council of Chief Executives. The media have paid little attention to this far-reaching agreement, so Canadians are unaware that a dozen working groups are currently "harmonizing" Canadian and U.S. regulations on everything from food to drugs to the environment and even more contentious issues like foreign policy. This process ... is about priming North America for better business by weakening the impacts of such perceived obstacles as environmental standards and labour rights. This is why the public has been kept in the dark while the business elite has played a leading role in designing the blueprint for this more integrated North America.

Note: If the above link fails, click here. Why has the U.S. media not covered this key topic? For a second article discussing this secret meeting on a top Canadian TV website, click here. To learn about other secret meetings of the power elite: click here

Senate panel probes ways super-rich can avoid taxes
2006-08-01, San Francisco Chronicle/New York Times
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/08/01/MNGO6K8OI41.DTL

So many super-rich Americans evade taxes using offshore accounts that law enforcement cannot control the growing misconduct, according to a Senate report that provides the most detailed look ever at high-level tax schemes. Cheating now equals about 7 cents out of each dollar paid by honest taxpayers, as much as $70 billion a year, the report estimated. "The universe of offshore tax cheating has become so large that no one, not even the United States government, could go after all of it," said Sen. Carl Levin, D-Mich., whose staff ran the investigation. The report details how the Quellos Group, a tax shelter boutique based in Seattle, "concocted a tax shelter" using $9.6 billion "worth of fake securities transactions that were used to generate billions of dollars of fake capital losses." When investigators asked for trading records, Levin said, they were first told the trades were private, over-the-counter transactions. He said investigators asked for trading tickets or other evidence of who owned the $9.6 billion worth of stock and were told the stocks were never owned by the parties involved. "They just wrote down numbers on paper and claimed losses," he said. "It was just like fantasy baseball, except the taxes not paid were for real."

Note: Up to $70 billion is lost to the U.S. Treasury each year, yet law enforcement "cannot control" the problem. Hmmmm. If just $10 million were directed to stop the losses, I suspect things might change and the investment would be paid back many fold. Could pressure from high places be preventing such an investigation?

Technology gets under clubbers' skin
2004-06-09, CNN News
http://edition.cnn.com/2004/WORLD/europe/06/09/spain.club

Queuing to get into one nightclub in Spain could soon be a thing of the past for regular customers thanks to a tiny computer chip implanted under their skin. The technology, known as a VeriChip, also means nightclubbers can leave their cash and cards at home and buy drinks using a scanner. The bill can then be paid later. Clubbers who want to join the scheme at Baja Beach Club in Barcelona pay 125 euros (about US $150) for the VeriChip -- about the size of a grain of rice -- to be implanted in their body. Then when they pass through a scanner the chip is activated and it emits a signal containing the individual's number, which is then transmitted to a secure data storage site. The club's director, Conrad Chase, said he began using the VeriChip, made by Applied Digital Solutions, in March 2004 because he needed something similar to a VIP card and wanted to provide his customers with better service. He said 10 of the club's regular customers, including himself, have been implanted with the chip, and predicted more would follow. "I know many people who want to be implanted," said Chase. "Almost everybody now has a piercing, tattoos or silicone. Why not get the chip and be original?" Chase said VeriChip could also boost security by speeding up checks at airports, for example. He denied the scheme had any drawbacks. The VeriChip is an in-house debit card and contains no personal information.

Note: Why is the media so upbeat about this? The article raises very few questions, yet seems to promote microchip implants in humans as the wave of the future for commerce.

Bush's Grandfather Directed Bank Tied to Man Who Funded Hitler
2003-10-17, Fox News/Associated Press
http://www.foxnews.com/story/0,2933,100474,00.html

President Bush's grandfather was a director of a bank seized by the federal government because of its ties to a German industrialist who helped bankroll Adolf Hitler's rise to power, government documents show. Prescott Bush was one of seven directors of Union Banking Corp., a New York investment bank owned by a bank controlled by the Thyssen family, according to recently declassified National Archives documents reviewed by The Associated Press. Fritz Thyssen was an early financial supporter of Hitler. Reports of Bush's involvement with the seized bank have been circulating on the Internet for years and have been reported by some mainstream media. The newly declassified documents provide additional details about the Union Banking-Thyssen connection. Union Banking was owned by a Dutch bank, Bank voor Handel en Scheepvaardt N.V., which was "closely affiliated" with the German conglomerate United Steel Works, according to an Oct. 5, 1942, report from the federal Office of Alien Property Custodian. The Dutch bank and the steel firm were part of the business and financial empire of Thyssen and his brother, Heinrich Thyssen-Bornemisza, the report said. The 4,000 Union Banking shares owned by the Dutch bank were registered in the names of the seven U.S. directors, [including Prescott Bush and E. Roland Harriman, the bank chairman and brother of former New York Gov. W. Averell Harriman]. Both Harrimans and Bush were partners in the New York investment firm of Brown Brothers, Harriman and Co., which handled the financial transactions of the bank as well as other financial dealings with several other companies linked to Bank voor Handel.

The Global Ruling Class: Billion-dollar Babies
2008-04-24, The Economist magazine
http://www.economist.com/books/displaystory.cfm?story_id=11081878

Who rules the world? The rise of nation states produced national ruling classes. It would be odd if the current integration of the world economy did not produce new global elites — business people and financiers who run global companies and global politicians who steer supra-national organisations such as the European Union (EU) and the International Monetary Fund. David Rothkopf, a visiting scholar at the Carnegie Endowment for International Peace, argues that these elites constitute nothing less than a new global “superclass”. They have all the clubby characteristics of the old national ruling classes, but with the vital difference that they operate on the global stage, far from mere national electorates. They attend the same universities. They are groomed in a handful of world-spanning institutions such as Goldman Sachs. They belong to the same clubs — the Council on Foreign Relations in New York is a particular favourite — and sit on each other's boards of directors. Many of them shuttle between the public and private sectors. They meet at global events such as the World Economic Forum at Davos and the Trilateral Commission or — for the crème de la crème — the Bilderberg meetings or the Bohemian Grove seminars that take place every July in California. Mr Rothkopf is anything but a crank, and he is right when he says that, these days, the most influential people around the world are also the most global people. He is also admirably ambivalent about his subject. He worries about surging inequality — the richest 1% of humans own 40% of the planet's wealth — and about the rumbling backlash against so much unaccountable power.

Note: For reliable, verifiable information the secret societies of which the global elite are a part, click here. Superclass: The Global Power Elite and the World They Are Making by David Rothkopf is available here.

Rescue Me: A Fed Bailout Crosses a Line
2008-03-16, New York Times
http://www.nytimes.com/2008/03/16/business/16gret.html?ex=1363320000&en=04d1c...

What are the consequences of a world in which regulators rescue even the financial institutions whose recklessness and greed helped create the titanic credit mess we are in? Will the consequences be an even weaker currency, rampant inflation, a continuation of the slow bleed that we have witnessed at banks and brokerage firms for the past year? Or all of the above? Stick around, because we’ll soon find out. And it’s not going to be pretty. Agreeing to guarantee a 28-day credit line to Bear Stearns, by way of JPMorgan Chase, the F