This is it kids; this is the video from Catherine Austin Fitts that I have been waiting almost three weeks to bring you about the intentional draining of American wealth, shipment of jobs overseas, and the planned destruction of the middle class. I urge every single reader to watch the interview in it’s entirety because Ms. Fitts offers pieces of the puzzle that help explain why our world seems to be so upside-down in a manner that anyone can understand. Hopefully, it will help you realize the true danger of the Federal Reserve System, the big Wall Street Banks, and the people behind them. The Fed and the IRS absolutely have to be abolished. (more…)
Ron Paul’s weekly radio address about the government’s destruction of wealth through Fed inflated bubbles, and war. (Full transcript follows).
As the current economic downturn shows no signs of lifting, we hear quite a lot of rhetoric from current and potential officeholders about what government can and will do to create more jobs. This is especially disconcerting to those that understand that the best thing government can do for job creation is to simply get out of the way. Jobs are properly created by businesses. Government created jobs are either fueled by fiat money and manipulated market conditions or directly funded by taxes paid for by businesses and individuals who then have less to hire people for real wealth creation. Government created jobs destroy wealth and sap potential from the economy. The several stimulus bills passed by Congress have done much to expand government, but not much to keep money in the hands of real job creators; the entrepreneurs. Keynesian economists don’t see things this way. They see government spending as a stop gap measure that tides us over through rough economic patches, but is this really the case? Far from it. The reality is, instead of sustaining us until the economy can catch up, government spending perpetuates the problems the bureaucrats and the politicians created. Maintaining a high level of employment is one of the main objectives of The Federal Reserve, which is just one reason it is ill conceived at its very core. It legitimizes economic intervention which is always destructive. When unemployment rises after the bust of a Fed created bubble, you can be sure Congress will attempt to rescue the economy through various policies that will always prolong the agony and expand the downturn.
In the late ’90’s, it was thought that encouraging home ownership would have a stimulative effect that would ripple through the rest of the economy and create jobs. Various government policies favorable to home ownership were enacted and the Fed kept interest rates artificially low so everyone would be able to buy a home whether or not they could really afford it. For awhile it worked. The housing boom increased demand for realtors, mortgage lenders, and construction workers. However, as reality sank in, not only are we back to where we were when the bubble began, but we are actually worse off. For example, not only have we lost all of the one million extra construction jobs the bubble created, but we have lost another one million jobs on top of that. So not only did the artificial wealth evaporate, but real wealth has been destroyed as well.
Even more sinister are jobs created by war. Recent reports highlight the increasing dependence on contractors to support our war efforts in Afghanistan. Massive corruption is endemic to these highly lucrative positions. Almost half of the contracting companies we use are Afghan owned and include such business models as recruiting away the very same Afghan police force we are training, at great expense to the American taxpayer. Meanwhile, we have pledged not to leave until the police forces reaches a certain level. We also bribe many Afghans to simply not attack us. We are in a proverbially hole in Afghanistan, and our leaders need to just stop digging. Neither a Keynesian big spending program nor the military-industrial complex can create long-lasting employment or economic prosperity for our country. The only way to restore both peace and prosperity is draw down our overseas commitments, along with un-Constitutional spending at home; return to the Founders’ vision of a limited republic that neither straddles the globe, nor mismanages the domestic economy.
Dr. Paul’s Texas Straight Talk is found here, and the number to call in for his updates on Monday morning is 888-322-1414.
Matt Taibbi has part of the puzzle, but not all of the pieces. Make sure to follow the link and watch the video Rolling Stone has of Matt Taibbi, and then go over to GoldmanSachs666. Mike Morgan has been covering this tentacle of the Pilgrims Society, and just won his court case against Goldman Sachs over copyright infringement. One has to cheer David on when he beats Goliath.
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression
In Rolling Stone Issue 1082-83, Matt Taibbi takes on “the Wall Street Bubble Mafia” — investment bank Goldman Sachs. The piece has generated controversy, with Goldman Sachs firing back that Taibbi’s piece is “an hysterical compilation of conspiracy theories” and a spokesman adding, “We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good.” Taibbi shot back: “Goldman has its alumni pushing its views from the pulpit of the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts; it also has former players fronting major TV shows. They have the ear of the president if they want it.” Here, now, are excerpts from Matt Taibbi’s piece and video of Taibbi exploring the key issues.
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
They achieve this using the same playbook over and over again. The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They’ve been pulling this same stunt over and over since the 1920s — and now they’re preparing to do it again, creating what may be the biggest and most audacious bubble yet.
