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A compilation of information for you to peruse and assimilate.
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Was the Economic Crisis Manufactured?
March 5, 2011
By Nancy Morgan
In the summer of 2008 as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency.
Now, a full two years later, the Pentagon has issued a report on the series of events that led to the 2008 economic crash. Bill Gertz writes in the Washington Times:
Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system
“There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,” the report says.
Notable for its absence is any suggestion that the economic events that arguably catapulted Obama into the White House may have originated in our own political system.
Consider: The economic house of cards started tumbling on June 26, 2008, when Senator Chuck Schumer leaked a memo questioning the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led to its failure. Federal regulators pointedly cited U.S. Sen. Charles Schumer,, D-N.Y., in explaining the bank’s failure. “The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York.”
As I wrote in February of 2009, this event, coupled with the Lehman Brothers collapse in September, marked the beginning of the current economic meltdown and provided the environment that enabled Barack Obama to focus on the economy instead of his position on Iraq – and, not incidentally, resulted in his election as President.
For the last two years, the media has neglected to connect the dots regarding the strange gyrations in our financial markets that started in the summer of 2008. After Schumer caused the run on IndyMac in June, the government moved in:
July 12, 2008: The federal government takes control of the $32 billion IndyMac Bank.*
*Six months later, Jan 2, 2009, a seven-member group of investors agreed to buy the remnants of failed lender IndyMac for $13.9 billion. Other investors included fund controlled by billionaire George Soros‘ Fund Management.
Sept. 6, 2008: Fannie Mae begins its downward spiral, which will end with a crash in November. This crash was avoidable, as the problems with Fannie Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the Senate Banking Committee introduced legislation to address the problem. Democrats, led by Barney Frank, killed the reform efforts.
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours.
This seminal event marked the ascendancy of Obama’s candidacy, and arguably resulted in his election as president.
Fast forward to February of 2009:
The markets reacted to Obama’s proposal to bail-out mortgages and Senator Christopher Dodd’s talk talk of nationalizing banks by reaching 11-year lows.
Obama continues to stoke the fears of imminent crisis, actually using the word ‘crisis’ a total of 26 times in one speech.
Enter George Soros. The infamous one-worlder, billionaire George Soros adds his voice to the media doomsayers by opining that the world financial system has effectively disintegrated, adding that there is yet no prospect of near-term resolution to the crisis.*
The series of ‘inadvertent errors’, deliberate obstruction, political shenanigans, behind the scenes manipulation of the money markets and non-stop calls for immediate infusions of taxpayer cash brought the U.S. to its knees by February 2009. And continues to this day.
More……….
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Listen carefully from 2:07 to 5:30.
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ALAN GREENSPAN SAYS TOO MUCH GOVERNMENT IS PREVENTING ECONOMIC RECOVERY
March 4 2011
BY Mike Opeika
One of the greatest financial minds of our time says that too much government is standing in the way of economic recovery, the story was posted on Bloomberg.com:
Former Federal Reserve Chairman Alan Greenspan said a surge in U.S. government “activism,” including fiscal stimulus, housing subsidies and new regulations, is holding back the economic recovery.
The former Fed Chairman added:
“Much intervention turns out to hobble markets rather than enhancing them. Any withdrawal of action to allow the economy to heal could restore some, or much, of the dynamic of the pre-crisis decade, without its imbalances.”
Americans appear to be craving what the former chairman is talking about. According to a recent NBC News/WSJ poll, the people want government priorities focused on jobs and spending.
Oddly enough, over at MSNBC where Alan Greenspan’s wife Andrea Mitchell works, almost every daytime program spent time spinning the results of this poll to make it seem as if the country was asking for more spending and more government.
Greenspan’s thinking could offer answers to the top two priorities of the American people.
LINK
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PENTAGON STUDY: ‘08 FINANCIAL CRISIS MAY HAVE INCLUDED WORK OF FINANICAL TERRORISTS
March 1, 2011
By Jonathon M. Seidl
It seems those Pentagon economic “war games” we reported on in December may have been a very good idea.
That’s because it was revealed yesterday that a Pentagon contractor report suggests the U.S. may have been, and may currently be, the victim of financial terrorism. As the Washington Times says, the 2008 economic crisis may have included “financial subversion carried out by unknown parties, such as terrorists or hostile nations … covertly using vulnerabilities in the U.S. financial system.”
The report was authored by financial analyst Kevin D. Freeman in 2009, and is called “Economic Warfare: Risks and Responses.”
From the Times:
“There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008,” the report says, explaining that those domestic economic factors would have caused a “normal downturn” but not the “near collapse” of the global economic system that took place.
Suspects include financial enemies in Middle Eastern states, Islamic terrorists, hostile members of the Chinese military, or government and organized crime groups in Russia, Venezuela or Iran. Chinese military officials publicly have suggested using economic warfare against the U.S.
“The new battle space is the economy,” Freeman told the Times. “We spend hundreds of billions of dollars on weapons systems each year. But a relatively small amount of money focused against our financial markets through leveraged derivatives or cyber efforts can result in trillions of dollars in losses. And, the perpetrators can remain undiscovered.
“This is the equivalent of box cutters on an airplane.”
So who does Freeman think could be responsible? The answer may not surprise you: Islamic terrorists, Russia, and China.
That possibility seems to be supported by news reported late last year that the Pentagon has been “war gaming” for a financial attack since early 2009 — and many of those scenarios have focused on China.
According to Freeman’s new report, the attack has three stages, two of which may have already been implemented:
- The first phase was a speculative run-up in oil prices that generated as much as $2 trillion of excess wealth for oil-producing nations, filling the coffers of Sovereign Wealth Funds, especially those that follow Shariah Compliant Finance.
- The second phase appears to have begun in 2008 with a series of bear raids targeting U.S. financial services firms that appeared to be systemically significant [such as Bear Stearns and Lehman Brothers]. … This created a system-wide crisis, caused the collapse of the credit markets, and nearly collapsed the global financial system.
- The risk of a Phase Three has quickly emerged, suggesting a potential direct economic attack on the U.S. Treasury and U.S. dollar. Such an event has already been discussed by finance ministers in major emerging market nations such as China and Russia as well as Iran and the Arab states. A focused effort to collapse the dollar by dumping Treasury bonds has grave implications including the possibility of a downgrading of U.S. debt forcing rapidly rising interest rates and a collapse of the American economy. In short, a bear raid against the U.S.financial system remains possible and may even be likely. [Emphasis added]
“We have taken on massive public debt as the government was the only party who could access capital markets in late 2008 and early 2009,” Freeman told the Times regarding phase three, which has put the U.S. dollar’s global reserve currency status at risk.
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“The preponderance of evidence that cannot be easily dismissed demands a thorough and immediate study be commenced,” the report says. “Ignoring the likelihood of this very real threat ensures a catastrophic event.”
Pajamas Media has obtained a copy of the report and posted it online.
Read the entire report from the Washington Times.
LINK
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*****NOTE THE DATES OF THE FOLLOWING VIDEOS****
George Soros calls for a World Currency to replace the Dollar
April 15, 2009
George Soros openly discusses New World Order, SDR’s, Dollar Decline, World Currency
November 29, 2009
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More points: Comments by Readers of American Thinker
The banking collapse was really a synergy of three unrelated conditions:
1) massive leverage in residential mortgages
2) lack of enforcement of Naked Short Selling (NSS) rules by the SEC
3) Sarbanes Oxley “Mark to Market” accounting provisions.
It seems unlikely that government bureaucrats (i.e. Federal Reserve economists ) would anticipate the interaction of these variables. However a professional currency manipulator like Soros would be well prepared for the collapse, look to profit, and probably even throw some gasoline on the fire. In a bizarre “tell all” in the Wall Street Journal Soros explained how it happened (3/24/2009). [online.wsj.com]
When the banking system collapsed the dollar amount of damage was estimated to be $12 Trillion. A lot of that was permanent (e.g. AIG, Bear Stearns, Lehman). People go hysterical when they hear the name Bernie Madoff, and how he damaged some people, lost money. Why do people not seem to care if George Soros caused people to lose money in the Banking Meltdown of 2008?
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The actual meltdown was triggered by the imposition of the “mark to market” accounting system on Sep 15 2008. I had published the data from the Saint Louis Fed, which shows that money movement was greatly slowed, the GDP tanked and money was piled up as bank reserves. The effect was almost instantenous. Yes, the crash was induced to elect the teleprompter and its speech writer. After “the one the Left has been waiting for” was elected, the Left proceeded to remake America as a Socialist country. Their “solutions” to the problems created to elect Obama are creating world-wide chaos and inflation and the demise of the dollar. The clinical name for creating injury and then getting credit for “curing” it is called Munchausen by proxy.
The “mark to market” accounting, when applied to banks and financial institutions was used selectively to declare banks insolvent. It guarantees to turn a recession into a Depression and did so during the Roosevelt years. Roosevelt kept “mark to market” going till WWII, when Capitalism needed a real boost to win WWII. He also devised programs to “help” those his Presidency had injured. The deluded electorate made Roosevelt President for life. Let’s hope it does not happen with Obama.
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I believe that it was Roosevelt that used to say “In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” We as a nation must accept that the information provided points to a plan to spike oil prices and create a banking crisis in 2008. I suspect our enemies, and Soros, were behind the endeavor. Strategically thinking, the Russians, the Chinese, Venezuela, and the Islamic states had something to gain by the attack, as well as Soros.
LINK
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SEEK THE TRUTH.
THE TRUTH…..HAS NO AGENDA.
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