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THE ECONOMY & YOU # (Daily Updated Videos & Articles)

 
RoXY (OP)

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12/29/2011 10:03 PM
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Government of the Rich, by the Rich and for the Rich
by Patrick Martin
December 29, 2011

According to a study reported Tuesday, nearly half the members of the United States Congress are millionaires. Of the 535 legislators (100 members of the Senate and 435 members of the House of Representatives), at least 250 are millionaires and the median net worth is $913,000.

Sixty-seven senators are millionaires and the median wealth of the body’s 100 members is $2.63 million.

While the Senate has long been known as a millionaires’ club, the transformation of the House is a relatively recent phenomenon. The median net worth of members of the House of Representatives, excluding home equity, has more than doubled over the last 25 years, from $280,000 in 1984 to $725,000 in 2009 in inflation-adjusted dollars. During that same period, the median net worth of an American family fell from $20,600 to $20,500.

Both the Washington Post and the New York Times gave front-page treatment to the data, derived from figures collected by the Center for Responsive Politics. The articles reflect nervousness in the corporate-controlled media over the degree to which the rising personal wealth of members of Congress is discrediting the institution.

The Post commented: “The growing disparity between the representatives and the represented means that there is a greater distance between the economic experience of Americans and those of lawmakers.” The Times noted that “the wealth gap between lawmakers and their constituents appears to be growing quickly, even as Congress debates unemployment benefits, possible cuts in food stamps and a ‘millionaire’s tax.’”

The proportion of members of Congress who have no net worth outside their home equity — the economic position of a majority of the working class — has declined from one in five in 1984 to only one in twelve. The Times contacted the offices of 534 members of Congress to ask if they had friends or relatives who had lost homes or jobs since the 2008 financial crash. Only 18 responded, and only 12 reported even a second-hand contact with the impact of the economic crisis.

Continue: [link to globalresearch.ca]


Related thread: Thread: OUTRAGEOUS WAGES!!! # Put Politicians on Minimum Wage & Watch How Fast Things Change... (Page 4)
RoXY (OP)

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12/29/2011 10:05 PM
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The Federal Reserve is Secretely Bailing out Europe
by Washington's Blog
December 29, 2011
Washiington's Blog

Former High-Level Federal Reserve Official: Fed Secretly Bailing Out Europe - Yes, We Are Bailing Out Europe

Federal Reserve chair Ben Bernanke told Congress that the Fed would not bail out Europe.

But he might have been less than forthcoming.

Former Vice President of the Federal Reserve bank of Dallas, Gerald ODriscoll, says that the Fed is secretly bailing out Europe:

Continue to video: [link to globalresearch.ca]
RoXY (OP)

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12/29/2011 11:39 PM
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Dr. Kilian Wawoe: Banks and Bonuses: where did we go wrong?


RoXY (OP)

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01/02/2012 02:01 AM
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Fuelling World Hunger: How The Global Biofuel Industry Is Creating Massive Destruction
by Jean Ziegler and Siv O’Neall
December 31, 2011
Axis of Logic

This is an edited version of an article that first appeared on Axis of Logic [1].

The global expansion of the biofuel industry – in which agricultural land and crops are used to produce fuel for transport vehicles rather than food for humans – is a major factor driving the dramatic escalation of food prices worldwide.

In a new book, Massive Destruction [2], French author Jean Ziegler [3] shows how the biofuel industry and wider agroindustry are threatening to inflict hunger on the world on an unprecedented scale. This is no blind accident, says Ziegler. It is the deliberate result of policies implemented by governments beholden to powerful agribusiness corporations in their pursuit of private profit. In that way, the resultant increasing levels of world hunger can be described as a form of “calculated murder”.

Ironically, the biofuel industry is being promoted by corporations and governments as a sustainable, “ecofriendly” alternative to fossil fuels. In reality, it is just another form of the same reckless exploitation of resources that results from insatiable elite private profit under capitalist economic production. The biofuel industry stems from a marriage of agribusiness and oil corporations who know full well that this new global enterprise is inflicting massive environmental destruction and human suffering.

Over the past five years, the world has witnessed skyrocketing food prices, which is putting millions more people at risk of hunger – all because they simply can no longer afford to buy food. This is a shocking indictment of an economic system that puts the imperative of private profit above the daily survival of human beings. Chief among the factors causing this inflation in food prices is the stellar rise of the global biofuel industry. So how can such a destructive industry continue to be promoted in the face of its own consequent human suffering? The short answer is because the public is largely unaware of the political and economic practicalities.

The following are excerpts from Professor Ziegler’s book, translated by Siv O’Neall [4], which helps to uncover the realities of the biofuel industry. Three major factors contribute to the scarcity and the ever-increasing price of food commodities.

Land grabbing for the cultivation of sugar cane and other plants, especially in the US, for the production of biofuels (ethanol), is one major cause of the scarcity of food since it deprives the small land owners of their land and reduces the amount of food for everybody. Also the loss of arable land for the production of biofuel has contributed to the scandalous increase in food prices. Less land, less food – so higher prices. Added to that is also the fact that biofuels even increase the damage to the earth that their advocates so loudly and dishonestly claim to reduce.

The speculation in food commodities as well as in arable land must also be forcefully denounced as a major contributing factor in the dramatic increases in basic food prices that we have seen since mid-2007. Thus, not only are the small farmers deprived of their land, often with no, or very little, compensation, but also, with the skyrocketing food prices, they cannot even afford buying the food they need for survival.

The third cause is desertification of land and soil degradation which is only hastened by the increased replacement of biological farms by huge monocultures for biofuel or for Genetically Modified Organism cultures that demand enormous amounts of water. Rivers and lakes are drying out and an ever-increasing number of people in the world are lacking access to clean drinking-water.

Continue: [link to globalresearch.ca]
RoXY (OP)

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01/02/2012 05:28 AM
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The Rights of the "Human" over the "Non-Human": The Undeclared World War of Human Rights versus Corporate Rights.
by Prof. John McMurtry
Global Research, December 31, 2011

The following essay by Professor John McMurtry is Part I of an eight part series, which will be published on Global Research in the course of the next month.


The core problem of rights in general is that we have no life-value criterion whereby to tell whether a right is good or bad for society. Rights in private property are accepted from the English, American and French revolutions on, and disbelievers have been generally vilified as subversive and against freedom. Yet any criterion to determine when private property’s right to exclude others enables and disables people’ lives is not conceived by philosophers, and economists assume private property as an absolute presupposition of market exchange. Since John Locke and the private-property revolutions he provides the canonical justifications for in England and America, any idea of basing property and exchange in life needs is effectively taboo in the mass media, public political discourse and economic theory alike.

Locke specified three provisos of an individual property right claim in his historic Second Treatise of Government which was published within a year of the English revolution against James II in 1688. His conditions for the legitimacy of private property were life-grounded, but for the last time in the received literatures since. Locke’s memorable conditions of just private-property right were sound: (1) “mixing one’s labour with” the property to entitle it; (2) “always good enough left over for others”; and (3) “no waste or spoilage” of it. Yet while Locke’s rhetoric of freedom and democratic accountability was recited almost word for word in the U.S. Declaration of Independence, his life-grounding conditions of exclusionary property were ignored from then on including by Locke himself. Having made the case at length for private property as a “natural right” by these three justifications, Locke erased all of them with “the introduction of money” in a stroke of the pen, and the erasure was never acknowledged. [1] A subordinate clause within a 10-line sentence was enough, and Locke’s money shell-game has stood since – a synecdoche of the capitalist epoch. His life-grounded provisos have disappeared without a trace, with fateful implications. In this study, I explain the life-value test by which we tell whether any claimed right, however powerful it is in the world, is sound or not, and to what extent. Property right itself – from personal fixed possessions to corporate kingdoms - is neither holus-bolus justified or rejected, but grounded in and tested by its life value.

Continue: [link to globalresearch.ca]
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Massive New Lawsuit Filed Against U.S. Federal Government in Bond Theft Scheme
Monday, January 2, 2012
Brandon Turbeville
Activist Post

Some weeks ago, I wrote an article dealing with a bizarre lawsuit full of twists and turns that has been filed against individuals, governments, private institutions, and secret societies spanning the entire globe. Essentially, the plaintiff of the lawsuit is alleging that billions of dollars worth of U.S. bonds were stolen from him by a wide-ranging cartel - bonds that he was entrusted with by the extremely rich and reclusive Dragon family of Asia.

But what at first may seem like an isolated incident, now appears to be an emerging pattern of theft of U.S. bonds from individuals who have either acquired them individually or have had them passed down through generations. That is, at least the claims of stolen bonds are becoming more and more common.

Continue: [link to www.activistpost.com]
RoXY (OP)

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01/05/2012 12:43 PM
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The European Ponzi Scheme and the Euro
by Bob Chapman
January 4, 2012
International Forecaster

It is now obvious to alert observers that the ECR’s new long-term refinancing program, LTRO, is an end-run quantitative easing program. The bankers and politicians would not dare call it what it really is. Who would not want 3-year loans at 1%? Then there is Target 2, where the Bundesbank has secretly but legally, lent the ECB $640 billion. That money will be shared as a bailout for the six euro zone nations, which are on the edge of bankruptcy. These are technically claims not loans. You only discover the legerdemain if you root around in the footnotes of the reports of euro zone members. Just five years ago these target claims were just 7% of Bundesbank assets. They now represent 64% of assets. Worst yet the collateral the ECB holds to back these loans is toxic debt. If and when debt failure occurs proportionately Germany’s part of all that debt is 28% of the total. We learn something new every day. What this means is that $1 trillion swap, which is really a loan to the ECB by the Fed, will probably be exclusively used to bail out European banks, 523 at last count.


Just to give you an idea of debt structure, as a percentage of GDP, Germany’s public debt as a percentage of public debt in 2009 was 74% and today it is 83% of GDP. In Greece in 2009 it was 79% and today it is 82%. Italy is 120% and Greece 160%.

Continue: [link to globalresearch.ca]
RoXY (OP)

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01/08/2012 05:02 PM
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Judge Napolitano: What if they're lying to you


Osmosys

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01/08/2012 05:18 PM

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Keep updating hf
RoXY (OP)

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01/08/2012 05:22 PM
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The US Economy in the Doldrums: No Evidence of Solvency or Recovery
by Bob Chapman
January 7, 2012
International Forecaster

Irrespective of the trillions of dollars thrown at the US economy since 2006 there is no evidence that long-term solvency or recovery has been achieved. The debt that has been added and created means we’ll see higher inflation and perhaps hyperinflation. Comments by administration officials last week that if necessary the dollar will be crushed, are hardly comforting. Remember, just a week before Fed Chairman Bernanke said to Congressmen that the Fed was not going to lend Europe money to bail their members out and one week later we have a $1 trillion swap, loan program to bail Europe out. There is no effort at all to prevent eventual insolvency; as a matter of fact we believe that if Europe’s problems were not on the front burner the dollar would be selling at lower levels, a reflection of solvency issues. We should know better by the month of May how Europe stands, and if their situation is even short-term positive you can expect the dollar to head lower, not only versus the USDX but versus gold and silver as well.

Continue: [link to globalresearch.ca]
RoXY (OP)

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The Dismal Economic Outlook For The New Year.
by Dr. Paul Craig Roberts
January 7, 2012
paulcraigroberts.org/
Visit Dr. Paul Craig Roberts new webiste at [link to www.paulcraigroberts.org]

Jobs offshoring, financial deregulation, and ten years of wars have severely damaged the US economy and the economic prospects of 90% of the American population. The signs are everywhere in front of our eyes. They are in the income distribution data, the BLS jobs data, the Census data, the poverty figures, and the high number of food stamp recipients.

The signs are in the foreclosed and boarded up homes and the accompanying homelessness. They are in closed strip malls, in office building, warehouse, and shopping mall vacancies, and in the huge population losses of America’s manufacturing cities.

The New Economy was a hoax, like Saddam Hussein’s “weapons of mass destruction” and the “war on terror.” Americans were deceived by “their” corrupt government, by greed-driven corporations, and by corporate shills among economists and the pundit class into believing that they were trading middle class “dirty fingernail” jobs in manufacturing for better middle class “clean fingernail” high-tech service jobs. Instead, reasonably paid manufacturing and professional skill jobs, such as software engineering and information technology, were traded for lowly paid jobs as waitresses and bartenders and for jobs in ambulatory health care.

Consequently, real median US income fell for the vast majority of the population. To keep consumers spending when they had no raises, the Federal Reserve used low interest rates to create a real estate and credit bubble. The low interest rates drove up housing prices, and Americans refinanced their mortgages and spent the equity in their homes. Americans maxed out credit cards. The rise in consumer indebtedness kept consumer demand growing and the economy afloat.

But there is a limit to how far debt can outpace income, and the bubble burst. And when it burst the financial fraud that had been hidden in the euphoria was revealed. That set off the financial crisis.

Continue: [link to globalresearch.ca]
RoXY (OP)

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Manipulating the Figures on US Unemployment: December Payroll Jobs Report
by Paul Craig Roberts
January 8, 2012
paulcraigroberts.org - 2012-01-06


The following report is based on the work of statistician John Williams of shadowstats.com.

Today’s (Friday, January 6) payroll jobs report of 200,000 new jobs in December is overstated by at least 82,000 jobs. As approximately 130,000 new jobs are needed each month to stay even with population growth, the December job figures actually indicate that the US economy fell another 12,000 jobs behind.

Forty-two thousand of the reported jobs are the result of a glitch in the BLS seasonal adjustment model that produces a false jump in December “couriers and messengers” jobs.

Forty thousand of the jobs result from the “birth/death” model that BLS uses to estimate the net effect of unreported jobs lost from business closures and jobs gained from new start-ups. The model is structured to represent normal times. During the bottom bouncing of this protracted downturn, the model over-estimates new jobs from start-ups and under-estimates job losses from business failures.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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01/11/2012 05:17 PM
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Thom Hartmann from Iceland - Where Banksters robbed the people blind


Anonymous Coward
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01/11/2012 05:23 PM
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Thank you for the updates OP!

bump
RoXY (OP)

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01/11/2012 05:32 PM
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Evolving Financial Crisis. Solvency of the Euro Zone
by Bob Chapman
January 11, 2012
International Forecaster

The hand of the US elitists shows more each day in the decisions being made in Europe. Mario Draghi, ex-Goldman Sachs, Trilateralist and Bilderberg, is putting everything in place just the way the US elitists want. We are about to see full scale quantitative easing.

One trillion in loans times fractional lending of 3 to 9 to whatever will give Europe the funds it needs indefinitely. Europe is going to be a rerun of what we have seen in the UK and US. In behalf of German voters who are 65% against such funding, Chancellor Merkel has refused to allow issuance of Eurobonds or an expansion of the EFSF. Draghi at the head of the ECB is now putting pressure on Mrs. Merkel to drop back to a more defensive position.

The intrigue is at its height. If Frau Merkel gives into Draghi she and her party will not score well in the next election and may even lose political control. That could cause Germany to consider leaving the euro, which would destroy the euro zone. There are major dangers here and all the players are well aware of it. Agreement will take time and if it is not reached everything could short circuit, other than the fact that the Fed has put the funds in place. The other objective of getting Germany to whole-heartedly accept the bailout and stimulation is another matter. Confusion reigns even among the participants. The US, UK, France and their front men, Draghi, Monti and Papademos are all moving forward. The price will be very high from an inflationary standpoint, but to the elitists that isn’t even a consideration. They could care less. That is why you want to have your assets invested in gold and silver related assets. We could be headed toward another Weimer episode.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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01/12/2012 12:48 AM
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Cashless Society: India Implements First Biometric ID Program for all of its 1.2 Billion Residents
Brandon Turbeville
Wednesday, January 11, 2012

Over the past few months, I have written several articles dealing with the coming cashless society and the developing technological control grid. I also have written about the surge of government attempts to gain access to and force the use of biometric data for the purposes of identification, tracking, tracing, and surveillance.

CONTINUE: [link to www.activistpost.com]



RoXY (OP)

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Shop the Local Merchant Economy
James Hall, Contributing Writer
Activist Post
Tuesday, January 10, 2012

Buying at large box stores is a way of life for many consumers. Wal-Mart, Home Depot and Target are routine locations to spend your hard-earned dollars on items of necessity.

However, what happens to the profits when the sale is completed and the bills are paid? Does the money stay in the local community, where the transactions are generated, or are they filtered off to the treasury of public companies that dominate the economy?

CONTINUE: [link to www.activistpost.com]
RoXY (OP)

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01/13/2012 04:51 PM
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How Much Do Music and Movie Piracy Really Hurt the U.S. Economy?
Kal Raustiala and Chris Sprigman
01/12/2012


Supporters of stronger intellectual property enforcement — such as those behind the proposed new Stop Online Piracy Act (SOPA) and Protect IP Act (PIPA) bills in Congress — argue that online piracy is a huge problem, one which costs the U.S. economy between $200 and $250 billion per year, and is responsible for the loss of 750,000 American jobs.

These numbers seem truly dire: a $250 billion per year loss would be almost $800 for every man, woman, and child in America. And 750,000 jobs – that’s twice the number of those employed in the entire motion picture industry in 2010.

CONTINUE: [link to www.freakonomics.com]
RoXY (OP)

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01/14/2012 10:44 PM
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HISTORY OF NESARA - The National Economic Security & Reformation Act
Compiled by Nancy Detweiler, M.Ed., M.Div.
August 17, 2011

NOTE: Writing a history of NESARA requires locating the separate dots and attempting to put them together to create truth. The original documents are sequestered and those individuals directly involved are still under a strict gag order. I have used as my foundation a history written by James Rink. My research set out to prove NESARA by locating original documents and articles written by reputable people that illustrated each of the tenets. I have inserted some of these URLs for these tenets into Rink’s history. In my 7+ years of research, I have found nothing to disprove the existence of the NESARA LAW. The internet is loaded with disinformation that can be easily dismissed by research.

Now that information regarding the government/military cover-up of the extraterrestrial presence is in the public domain, we can see parallels of the facets regarding NESARA that many have used to discredit it. Some of these are: deliberate cover-up of information, government/military gag orders, the suspicious death of persons who attempted to tell the truth, control of the media, and the ruining of individual lives and professions.

I encourage all to do your own research and add to the pool of documented evidence on the truth of NESARA.

Now is the perfect time for NESARA to be released to the world!

CONTINUE: [link to pathwaytoascension.wordpress.com]
RoXY (OP)

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01/14/2012 10:53 PM
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'Financial Terrorism': Wall Street’s Ratings Agencies Degrade Nine European Countries
by Danny Schechter
January 14, 2012

We live in an increasingly degraded country. Our politics are degraded and a laughing stock to the word. Our military is demoralized and degraded with soldiers urinating on dead civilians and awaiting deployment orders for the next illegal intervention.

Our education system has been degraded with standards falling and pervasive defunding. Our transportation system, ditto.

I could go on, but I don’t have to. We are all living the decline with downward mobility, jobless and foreclosures, to cite a few trends that make life so miserable for so many.

Now, our godlike financial ratings agencies have decided to degrade nine countries struggling to fix their financial crisis. The decision by Standard and Poors (Best renamed, “It is now Standard to Be Poor”) to downgrade credit ratings for France, Italy, Austria and six other European countries signals those nations that Wall Street has them by the cojones. Their costs for borrowing will go up.

They are being warned: We are in Charge. Do as we say!

Unreported in all of this, is that many of the companies that loaned them the money are part of a US led financial oligarchy. The Credit agencies---the same ones that legitimated fraudulent sub prime lenders with no accountability—are part of the enforcement gang of today’s loan sharks who are squeezing Europe to pay up or else.

Its been reported that when Greece finally gets a huge new loan from the European Central Bank and the IMF, most of the money will only touch down in Athens before being wired directly to Hedge Funds based in London who pushed the debt out in the first place and demand to be repaid first.

The hell with Greece’s needs.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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01/15/2012 02:31 PM
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DEMOCRATIZE BANKING: Occupy the Neighborhood, How Counties Can Use Land Banks and Eminent Domain
by Ellen Brown
Global Research, January 15, 2012
Web of Debt - 2012-01-12

An electronic database called MERS has created defects in the chain of title to over half the homes in America. Counties have been cheated out of millions of dollars in recording fees, and their title records are in hopeless disarray. Meanwhile, foreclosed and abandoned homes are blighting neighborhoods. Straightening out the records and restoring the homes to occupancy is clearly in the public interest, and the burden is on local government to do it. But how? New legal developments are presenting some innovative alternatives.

John O’Brien is Register of Deeds for Southern Essex County, Massachusetts. He calls his land registry a “crime scene.” A formal forensic audit of the properties for which he is responsible found that:

• Only 16% of the mortgage assignments were valid.
• 27% of the invalid assignments were fraudulent, 35% were “robo-signed,” and 10% violated the Massachusetts Mortgage Fraud Statute.
• The identity of financial institutions that are current owners of the mortgages could be determined for only 287 out of 473 (60%).
• There were 683 missing assignments for the 287 traced mortgages, representing approximately $180,000 in lost recording fees per 1,000 mortgages whose current ownership could be traced.

At the root of the problem is that title has been recorded in the name of a private entity called Mortgage Electronic Registration Systems (MERS). MERS is a mere place holder for the true owners, a faceless, changing pool of investors owning indeterminate portions of sliced and diced, securitized properties. Their identities have been so well hidden that their claims to title are now in doubt. According to the auditor:

What this means is that . . . the institutions, including many pension funds, that purchased these mortgages don’t actually own them . . . .

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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01/15/2012 03:29 PM
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Activists Turn Bank Of America ATMs Into 'Truth Machines' Overnight
January 15, 2012

Local rapscallions from the Rainforest Action Network (RAN) turned Bank of America ATMs into temporary political machines of activism overnight. Using non-adhesive stickers designed to look like BoA's ATM screens. In lieu of offering customers checking, savings, deposit, or withdraw options, the new menus "offered a list of everything BoA customers' money is being used for, including investment in coal-fired power plants, foreclosure on Americans' homes, bankrolling of climate change, and paying for fat executive bonuses."

CONTINUE: [link to sfist.com]
RoXY (OP)

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01/19/2012 04:33 PM
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Global Systemic Economic Crisis - 2012: The Year of the World’s Great Geopolitical Swing
January 18, 2012
Global Europe Anticipation Bulletin (GEAB) no. 61 - 2012-02-16

This GEAB issue makes it six years that the LEAP/E2020 team have shared their anticipations with their subscribers and readers of their public briefing on the development of the global systemic crisis each month. And, for the first time, in the January issue which presents a summary of our anticipations for the year to come, our team anticipates a year which will not result solely in a worsening of the world crisis but which will also be characterized by the emergence of the first constructive elements of the “world after the crisis” to use Franck Biancheri’s phrase from his book 'The World Crisis: The Path to the World Afterwards'.

According to LEAP/E2020, 2012 will in fact be the year of the world’s great geopolitical swing: a phenomenon which will without any doubt be the bearer of serious difficulties for most of the planet but which will also allow the emergence of geopolitical conditions favourable to an improvement of the situation in the years to come. Contrary to the previous years, 2012 will not be a “wasted” year, stuck in the “world before the crisis”, through lack of audacity, initiative and imagination on the part of the world’s leaders and because of people’s great passivity since the beginning of the crisis.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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01/19/2012 04:51 PM
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Keiser Report: Scam On Epic Scale


RoXY (OP)

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01/19/2012 10:35 PM
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Robert Reich - YES HE CAN!!


RoXY (OP)

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01/20/2012 02:18 AM
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Finland Derides Crisis as Excuse for Eroding Sovereignty
By Kati Pohjanpalo
Jan 19, 2012

Finland is losing patience with a Franco-German bid to erode rules protecting national sovereignty and warns more policy gyrations designed to prevent a euro-area default will alienate citizens across the union.

“We have a political crisis in Europe,” Jutta Urpilainen, Finland’s 36-year-old finance minister, said in an interview in Helsinki. “If we make significant decisions using the crisis as an excuse, for example reducing national sovereignty, that carries the risk of weakening the EU’s legitimacy. The risk is that people feel things are moving too fast.”

Urpilainen has railed against German and French plans to do away with unanimous voting in the 17-nation euro region and says it’s wrong to repay Finland’s fiscal responsibility with a loss of sovereignty. The northernmost euro member is one of only four sovereigns in Europe’s currency bloc that still carries a top credit grade at the three major ratings companies. Standard & Poor’s on Jan. 13 removed France and Austria from the euro area’s AAA club.

The Finnish finance minister will meet with her euro-area counterparts on Jan. 23 in Brussels to argue the Nordic country’s corner.

“Unanimous decision-making matters from the point of view of national sovereignty and democracy,” Urpilainen said.

CONTINUE: [link to www.bloomberg.com]
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LEAKED MEMO: Wall Street Lobbyist's Secret Plan To Squash The 99% Movement

CONTINUE TO VIDEO: [link to front.moveon.org]

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CFR Idiots Predict 'Upbeat Economic Outlook for 2012'


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CANADA: Tax Cuts, Privatization and Deregulation: Is it a Debt Crisis or a Distribution of Wealth Crisis?
by Paul Kahnert and Sam Gindin
Global Research, January 20, 2012

Where are we going as a society? We once proudly invested in our schools, pools, libraries, daycare, healthcare, roads, electricity, water and sewers. Today we're busy slashing social services and letting our infrastructure crumble. With new technologies in place, families are working longer hours and harder and our resources are demanded all over the world. Yet all we hear about is deficits and austerity measures.

“Occupy” helped bring attention to the top 1 per cent. There is more wealth now than there has ever been. Today our per capita GDP is 50 per cent higher, even after adjusting for inflation, than it was at the start of the 1980s. Where has all the money gone? Over the last 30 years, structures have been put in place to transfer wealth to the wealthy. We're told these structures are in the public interest. ‘Tax cuts will lead to more investment and jobs’ and ‘all boats will be lifted by the rising tide.’ Only the luxury liners are rising and everyone else is sinking in their wake.

While everyone else's wages have stagnated over the last 30 years the top 1 per cent have seen their pay and wealth increase dramatically but didn't like paying all those extra taxes. Governments have been all too happy to accommodate them. In 1980, the top federal tax rate was almost 50 per cent higher than it is today.

In terms of fiscal deficits, according to the latest figures the combined federal and provincial shortfalls are running at about $65-billion annually. To put this in perspective, since 1980 the top 1 per cent has increased its share of the national income from 8.1% to 13.3%. A shift of $67-billion. If taxes had kept their at the 1980 level, there would be no deficit nationally.

CONTINUE: [link to globalresearch.ca]
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01/21/2012 08:40 AM
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American Dream has turned into American Nightmare for many



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