Past Articles
Various articles from my antilisbontreaty.com site are listed here. The content will rotate among the sixty articles from time to time. The antilisbontreaty.com site operated from September 2009 through March 2010.
Originally published 21 February 2010 on antilisbontreaty.com:
Wham, Bam, A Global Financial Scam!
Have you ever wondered just how the great real estate bubble fraud was perpetrated upon the world? And why? Having analyzed the real estate, mortgage and related financial bubbles since the 90’s, I will share a few of the highlights with my readers.
To start, the great real estate bubble fiasco was initially tested in the Republic of Ireland back in the 1990’s since our Republic is an excellent “lab” if you will. Ireland is an English-speaking Western European nation with a well-educated population who share similar values. Issues of civil strife were not a factor in the equation and thus any mathematical quantitative analysis need not be skewed by factor X (i.e., the unknown quantity that exists when political stability is an issue). This factor “X” is actually an elaborate statistical equation used as part of various economic formulas. Rather than bore you with the math, we’ll just call the aforementioned unknown variable “X” for the sake of expediency. Factor “Y” shall be the potential for wealth used by the banks. The Republic of Ireland will be referred to as ROI for expediency, the United States will be referred to as the US and so on.
Back in the 90’s mortgages started to be granted to people in the ROI based on non-traditional evaluation methodology. A mortgage might be given based upon “potential” income derived from the house (Factor Y). What does this mean? For example, a four-bedroom house would be considered to have maybe one or two rooms available to rent out to a lodger. This “potential” income (Factor Y) would then be added into the calculation of the gross income needed to qualify for a mortgage in the first place. In other words, it was a scam. Factor X was removed from the equation as Factor Y replaced it. So, some person with a 20,000 punt a year job now had an income that looked something like this: (20,000 – X) + Y = 40,000 punts per year. Yes, X = 0 and Y could be interpreted in the most liberal terms if need be.
Property prices started to jump by leaps and bounds in the 90’s and continued their unabated juggernaut to insane heights well into the first decade of the 21st century. Of course, this helped the ROI gain access to the euro currency membership since all of the real estate scamming was counted as actual productivity and real growth. The false Internet bubble helped out too. Bingo. The Celtic Tiger was born. A grand illusion.
Having shown the efficacy of such a wonderful financial scam, the bankers, hedge funds, and other assorted globalist entities opted to expand this program to the world. However, in order to fully realize vast untold trillions of dollars via the use of fraudulent mortgages and their consequently spurious derivatives, certain old laws would need to be eliminated in the US. Back in December 2000, the last full month of Bill Clinton’s presidency, the US Congress passed, and Clinton signed, the "Commodity Futures Modernization Act of 2000" legislation that eliminated the nearly century old “bucket shop” rules. An excerpt follows:
'COMMODITY FUTURES MODERNIZATION ACT OF 2000' (H.R. 5660) [last statement on last page - 262]
"PREEMPTION.—This title shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of a hybrid instrument that is predominantly a banking product; or a covered swap agreement" Please Note: For some peculiar reason, the bill was never debated by the House or Senate.
What were “bucket shop” rules? In a nutshell, the bucket shop rules were put into US law in 1907 to eliminate the creation of Credit Default Swaps, Swaps Betting and derivatives based upon other derivatives originating from possibly fraudulent investment instruments such as sub-prime mortgages. The existence of this 1907 law is one reason why the real estate bubble bursting in the US circa 1990-91 didn’t become a malignant contagion like the present disaster that now threatens to collapse the entire world’s economic system. You see, back then in the early part of the 20th century there had been a nearly identical speculation in scam investment instruments that we saw in the beginning of the 21st century. Something resembling an investment “time loop” has occurred.
Those in the proverbial “capstone” of our global economic “pyramid” knew exactly what they were doing all along. After all, they are determined to establish a neo-Babylonian empire with themselves in charge of all financial, political, military and religious aspects of our lives. By eventually crashing the world’s economic system, they could facilitate the economic enslavement of the masses while simultaneously accumulating vast sums of wealth for their “Great Work.” The masses will be made to have such great fear that they will gladly embrace whatever “solution” the globalists offer. Perhaps a universal currency, universal political leadership with a corporate-style governance, and so on, could be offered up to the masses as David Rockefeller arrogantly proclaims.
Tens of millions of mostly illegal immigrants from Latin America and Africa invaded the US for a few decades and then defrauded sub-prime mortgages in the countless billions of dollars. Here’s one example of how the scam worked broken into nine steps:
First, someone who illegally ran across the US/Mexican border the previous month went to a mortgage broker and claimed to be a self-employed person making say, $12,000 per month. No income verification required. Don’t speak English? Not to worry, “Hablamos Espanol” at all the mortgage providers was the norm. (Yes, it was mainly those types of people who did the swindling. I was in the US analyzing the situation.);
Second, get the mortgage for $400,000 on a house built just to create the need for a mortgage by builders employing illegal labor from Latin America;
Third, the householders could pay the very low interest rates on the “teaser” mortgage payments that may last up to two years or so while they drained off the equity;
Fourth, get a home equity loan on the false appreciation of the house and drain the equity;
Fifth, use the home equity loan as an ATM to pay the currently low house payment, home equity loan, SUV payment, and for sending a lot of money back to Mexico to fund the economy of Mexico or for Black Tar Heroin production and so on;
Sixth, “flip” the house to your wife (who often has a different surname since Mexicans commonly do this when availing of welfare benefits or scamming loans, etc.), a relative will work too. Of course, a false appraisal for an extra $100,000, or more, has been obtained and a new loan given by the gullible or corrupt mortgage brokers (who often got kickbacks along with the corrupt appraisers). Such a process could be repeated every six months during the peak of the boom. In fact, if you were to begin perusing County Recorder records starting in California and work eastwards towards the Atlantic, you would see the same pattern repeating itself over and over with endless reconveyances and the like. Only a very few paid attention to this great scam. Most didn’t have a clue since it all seemed legitimate;
Seventh, when the credit market dries up, the lying deadbeats defaulted and moved into free housing with regular welfare payments. The man of the family might return to Mexico to continue the Black Tar Heroin business as well as Methamphetamine and Cannabis production for transport to the US and beyond. Illegal immigrant smuggling is also a big business;
Eighth, leave the decent people who were not in on the scam in economic chaos along with foreign investors holding untold billions in worthless mortgage securities;
Ninth, the same corrupt financial institutions that were behind all of the bundling of derivatives from worthless mortgages get the US Federal Government to not only bail them out, but to actually revise the FASB (Financial Accounting Standards Board) rules which now allow them to carry vast amounts of derivatives (including vast quantities of near worthless commercial real estate) on their balance sheets as good assets with high valuations for another couple of years even if the underlying asset is defaulted. In April of 2009, the FASB issued the official update to Financial Accounting Standards (FAS) 157 that eases the mark-to-market rules when the market is unsteady or inactive. The change allows for the valuation to be based on a price that would be received in an orderly market rather than a forced liquidation, starting in the first quarter of 2009. It was anticipated that these changes could significantly boost banks' statements of earnings and allow them to defer reporting losses. The changes, however, affected accounting standards applicable to a broad range of derivatives, not just banks holding mortgage-backed securities.
Opponents argued that the implications for investors are that the valuation of assets underlying such securities would be increasingly difficult to analyze, not less so. An example would be determining a company's actual assets, equity and earnings, which will be overstated if the assets are not allowed to be marked down appropriately. Indeed, some claim that the mark-to-market process has been a cause of inflated bankers' bonuses.
The full financial reckoning should start occurring in 2011, if not sooner. By the way, many of the Over The Counter (OTC) derivatives based upon these scam mortgages are still floating around out there as sound investment vehicles due to the changes in the FASB rules. Some estimates range from one quadrillion dollars to as much as 650 quadrillion dollars worth. It’s hard to comprehend the levels of worthless paper still floating around as if it’s worth anything. It is a fact that vast quantities of vacant homes are being held by the banks in an “off-market” holding position since to openly liquidate them would disclose the full failure of the US financial system. Indeed, when many of these houses are currently disposed of, it is in “lots” to secretive “large investors” which serves to keep the houses off of the US Real Estate Multiple Listing Service used by real estate agents and thus render them somewhat untraceable by the general public or Government statistics. This is just another way to hide the truly immense losses of each and every scam mortgage held by the banks. Hence, the cover up in the actual derivatives losses can be temporarily swept under the rug, so to speak. Small wonder that many governments are considering raiding private pension funds - they know what's coming!
Forget about any real worth to those billions in mortgage securities and trillions in derivatives. Investors and hard-working people around the world - You’ve all been scammed!
Why did no one speak up? Well, actually an American attorney named Brooksley E. Born who was from 1996-99 the Chairperson of the Commodity Futures Trading Commission (CFTC), the US Federal agency which oversees the futures and commodity options markets, did voice great concern over the developing problems about Swaps - financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators. However, US Federal Reserve Bank Chairman Alan Greenspan, and his cohorts, vehemently opposed her efforts at regulating the greedy banks and insurance companies. They succeeded in negating her sway with the White House and she resigned in 1999. This left the bankers and globalists to do as they wished, and they did.
Lastly, it should be noted that Harvard Law professor and middle-class advocate Elizabeth Warren has recently predicted something of a coming “collapse” in the commercial real estate market. Over the next five years, about $1.4 trillion in commercial real estate loans will reach the end of their terms and require new financing. Nearly half are presently "underwater," meaning the borrower owes more than the property is worth. Commercial property values have fallen more than 40 percent nationally since their 2007 peak. Vacancy rates are up and rents are down, further driving down the value of these properties. From my own personal travels around the US, it seems there are presently vast blighted commercial zones. Near empty shopping malls and warehouses and much worse. When the reckoning comes, it could threaten everyone from banks and pension funds to renters and small businesses - and small banks could be particularly vulnerable.
In sum, the writing was on the wall in December 2000 when Bill Clinton’s Congress eliminated the nearly century old “Bucket Shop” law with the aforementioned 'COMMODITY FUTURES MODERNIZATION ACT OF 2000' that then allowed the derivatives debacle to ensue. By the way, it was G.W. Bush who insisted that “minorities” be given easy credit with minimal or no income verification circa early 2002.
We should brace ourselves for the next step in the planned economic collapse. Yes, there are steps to any controlled collapse. Without steps, the globalists would lose control and not succeed in their “Great Work” of establishing a neo-Babylonian world empire.
References:
http://www.distressedvolatility.com/2010/02/elizabeth-warren-half-of-commercial.html
http://www.fasb.org/home
http://www.irishtimes.com/newspaper/frontpage/2010/0208/1224263954908.html
http://www.pbs.org/wgbh/pages/frontline/warning/
http://en.wikipedia.org/wiki/Brooksley_Born
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008
http://en.wikipedia.org/wiki/Financial_Accounting_Standards_Board
http://en.wikipedia.org/wiki/HR1424
http://en.wikipedia.org/wiki/Mark-to-market_accounting
Originally published 4 November 2009 on antilisbontreaty.com:
Neelie Kroes, the EU's competition commissioner - an unelected Brussels technocrat - will order the restructuring of a large part of the British banking industry. That she has the power to do so is a telling illustration of the extent to which this country has ceded sovereignty to Brussels over the past three decades. During that period the British people have not once had the opportunity to make their voices heard the changing relationship with Europe. Britain joined a common market and is now part of something with a more than passing resemblance to a super state (i.e., the U.S.E.).
David Cameron has now said he won't push for a referendum on the Lisbon Treaty. What a shock that is. I wonder if that was his plan all along? You be the judge.
Next, given that Ireland has been betrayed by cowering Cowen and his coven of creeps, what's the next betrayal to be heaped upon the backs of the bruised now that Lisbon has been ratified? Oh yes, the Copenhagen Treaty. And away we go...
From the UK Guardian 3/11/09:
"UN secretary general calls for increase in pledged funding for climate change"
$100bn on offer is "good start Money paid by rich countries to fight global warming will have to 'be scaled up' from the $100bn a year on offer, the UN secretary general Ban Ki-moon said today." Bugger Ban Ki-moon!
"Al Gore's Inconvenient Truth sequel stresses spiritual argument on climate. Nobel winner adapts fact-based message to reach those who believe they have a moral duty to protect the planet in Our Choice: A Plan to Solve the Climate Crisis"
Al's Gore's much-anticipated sequel to "An Inconvenient Truth" is now published with an admission that facts alone will not persuade Americans to act on global warming and that appealing to their spiritual side is the way forward. Please remember that the old bore Al Gore previously stated that he invented the Internet! His climate change agenda is not credible. The world's cycles have always involved heating and cooling. We're in a heating phase now. It happens just before a big cooling phase.
Meanwhile, Rajendra Pachauri, head of the United Nations International Panel on Climate Change, blasted world leaders the other day for failure to solidify a climate agenda leading up into the Copenhagen summit. What does this fellow care about the west? India, and that third world lot, are pretty much exempt from these "green" oppression policies.
What does this mean for the middle class?
Cap and Trade in the US will add about US $1.20 gallon, or US 29 cents per liter, to petrol and heating oil. It will drive remaining industries offshore and hasten the demise of the US as many know it.What about Europe? Yes, we're screwed too since the highly polluting third world are pretty much exempt. This will lead to very unfair redistribution of wealth away from the west since we'll be drained to funnel monies to Africa and elsewhere that the globalists seek to exploit. We pay the way of the corporate criminals via so-called"green" taxes and foreign aid.
Lord Monckton, a one-time Thatcher adviser, recently spoke in the US,where I was privileged to hear his speech on the upcoming global government scam that will be using spurious "green" initiatives to thwart the best interests of the middle class. For a complete transcript, a draft of the treaty, and much more, just go to the link:
http://www.freedomworks.org/blog/thale/lord-monckton-on-the-copenhagen-treaty
So, there you have it. The old bore Al Gore is going to use religion to push the false climate change agenda in much the same way John D.Rockefeller once used the religious right in the US to force the prohibition law into effect in 1919. Rockefeller did this because Henry Ford had established ethanol-processing plants to produce the fuel that his automobiles used. Rockefeller, ever the greedy conniver, decided to use the "useful idiots" in the religious right to usher in a crazy law prohibiting alcohol in the US. This law was used to shut down alternative fuel production facilities in 1919 and thus Standard Oil (Rockefeller's oil company) was saved from losing profits. Unfortunately, this act of treason to the "common" people set the stage for the rise of Islam since it would be well funded by Saudi Arabia and other Muslim oil producing nations. Rockefeller's greedy actions have led to the insidious spread of Islam's vileness and the chaos of terrorism we now confront in the world. Now, some Rockefellers appear to be pushing a "green" agenda. What is up with that?
Presently, the Council on Foreign Relations (CFR), a Rockefeller think tank, is generally involved in some way behind this steady walk towards world government. How have the machinations of the CFR remained unnoticed? In 1991 in Baden-Baden, Germany, David Rockefeller boastfully proclaimed: "We're grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But the world is now more sophisticated and prepared to march towards a world government."
Be prepared for more efforts to oppress the middle class in the future.
"Democracy is not being, it is becoming. It is easily lost, but never finally won."
-William Hastie
Read the story of John D. Rockefeller and Alcohol Prohibition at:
http://weblog.timoregan.com/2008/01/john-d-rockefeller-alcohol-prohibition.html
Sources:
http://www.telegraph.co.uk/comment/telegraph-view/6488498/Europe-will-the-voice-of-the-people-ever-be-heard.html
http://www.guardian.co.uk/environment/2009/nov/03/ban-ki-moon-climate-funding
http://www.guardian.co.uk/world/2009/nov/02/al-gore-our-choice-environment-climate
http://www.ecofactory.com/news/un-climate-chief-world-leaders-give-legally-binding-copenhagen-treaty-110309
http://www.cfr.org/thinktank/
Originally published 3 December 2009 on antilisbontreaty.com
The darling of the environmentalist con men, Al Gore, presently enjoys a massively polluting lifestyle by jet setting around the world to spread his false doctrine of man-made climate change. The old bore Al Gore enjoys seemingly endless jet travels, automobiles, a giant size home and electric usage that would stun even Nikola Tesla and Thomas Edison. Yet, Gore claims that he leads a "carbon-neutral" lifestyle because he purchases carbon credits to offset his titan proportion of pollution.
Meanwhile, the old bore Al Gore is intent on spreading his false doctrine as if it were a new religion of some kind. Here are some facts about Al Gore:
The rich will be unaffected by "green" taxes since these are regressive taxes. A regressive tax is one that eats up a larger proportion of your income the less wealthy you are. For example, say person X earning 30 thousand euros per year pays 1500 euros a year in carbon taxes. That's 5% of his/her gross income sent into the pockets of greedy bankers, and globalists, behind this scam. A full 5% paid for NOTHING at all. Now, imagine person Y earning 30 million euros per year paying the same 1500 euros per year in carbon tax. Yes, that's right, it is highly unlikely that someone in that income bracket will "personally" pay any more than you or I since no doubt their corporation, trust, bank, etc., will be picking up the bill for the extra jet trips, mansions and what have you. Of course, these corporations and such will also simultaneously be reaping profits from the "green" scam investments they'll have. Most likely these profits will be tax-free since anything with a "green" label gets special tax handling - meaning tax free profits.
Here's some math regarding the regressive nature of the carbon tax scheme. A person earning 30 million euros per year has the same basic subsistence level expenses as you or I. The luxury perks will be covered by the corporate tax schemes to benefit the wealthy puppet masters as previously explained. So, while our example of 1500 euros per year was a full 5% tax burden on someone earning only 30 thousand euros per year, the same 1500 euros tax for person Y earning 30 million per year is only 0,0005% of his/her income. It's even less of a burden for billionaires if you do the math.
Funds from the bogus carbon taxes will be distributed among the wealthy, UN, Africa and the rest of the third world. Muslim terrorists are likely to benefit from our tax burden as monies are covertly siphoned off from the first world to the likes of those in so-called underdeveloped countries, a good many of which are muslim. We will end up funding terrorists with yet more unfair taxation placed as a yoke upon us by our treacherous "leaders" and their puppet masters.
Additionally, a VAT is also a regressive tax that we see very little benefit from in my opinion. These "green" taxes are yet another layer of taxation without representation imposed upon the people without their consent. Much as the EU Constitution (oh, excuse me, Lisbon Treaty) was fraudulently foisted upon the people of the EU. Now is the time to voice our disapproval of this "green oppression" to our respective political leaders. Write, call or whatever you feel comfortable doing to show your disapproval of their oppressive scam. Perhaps a mention of the recently discovered manipulated emails hyping global warming could be mentioned. Do not give in. Resistance is not futile.
* As quoted in a previous article on this site:
"The common enemy of humanity is man. In searching for a new enemy to unite us, we came up with the idea that pollution; the threat of global warming, water shortages, famine and the like would fit the bill. ...The real enemy then is humanity itself. Democracy is no longer well suited for the tasks ahead."
—From the Club of Rome's "The First Global Revolution" p. 71, 75 1993.
Originally published 21 February 2010 on antilisbontreaty.com:
Black Sun Rising – Part II
Wham, Bam, A Global Financial Scam!
Have you ever wondered just how the great real estate bubble fraud was perpetrated upon the world? And why? Having analyzed the real estate, mortgage and related financial bubbles since the 90’s, I will share a few of the highlights with my readers.
To start, the great real estate bubble fiasco was initially tested in the Republic of Ireland back in the 1990’s since our Republic is an excellent “lab” if you will. Ireland is an English-speaking Western European nation with a well-educated population who share similar values. Issues of civil strife were not a factor in the equation and thus any mathematical quantitative analysis need not be skewed by factor X (i.e., the unknown quantity that exists when political stability is an issue). This factor “X” is actually an elaborate statistical equation used as part of various economic formulas. Rather than bore you with the math, we’ll just call the aforementioned unknown variable “X” for the sake of expediency. Factor “Y” shall be the potential for wealth used by the banks. The Republic of Ireland will be referred to as ROI for expediency, the United States will be referred to as the US and so on.
Back in the 90’s mortgages started to be granted to people in the ROI based on non-traditional evaluation methodology. A mortgage might be given based upon “potential” income derived from the house (Factor Y). What does this mean? For example, a four-bedroom house would be considered to have maybe one or two rooms available to rent out to a lodger. This “potential” income (Factor Y) would then be added into the calculation of the gross income needed to qualify for a mortgage in the first place. In other words, it was a scam. Factor X was removed from the equation as Factor Y replaced it. So, some person with a 20,000 punt a year job now had an income that looked something like this: (20,000 – X) + Y = 40,000 punts per year. Yes, X = 0 and Y could be interpreted in the most liberal terms if need be.
Property prices started to jump by leaps and bounds in the 90’s and continued their unabated juggernaut to insane heights well into the first decade of the 21st century. Of course, this helped the ROI gain access to the euro currency membership since all of the real estate scamming was counted as actual productivity and real growth. The false Internet bubble helped out too. Bingo. The Celtic Tiger was born. A grand illusion.
Having shown the efficacy of such a wonderful financial scam, the bankers, hedge funds, and other assorted globalist entities opted to expand this program to the world. However, in order to fully realize vast untold trillions of dollars via the use of fraudulent mortgages and their consequently spurious derivatives, certain old laws would need to be eliminated in the US. Back in December 2000, the last full month of Bill Clinton’s presidency, the US Congress passed, and Clinton signed, the "Commodity Futures Modernization Act of 2000" legislation that eliminated the nearly century old “bucket shop” rules. An excerpt follows:
'COMMODITY FUTURES MODERNIZATION ACT OF 2000' (H.R. 5660) [last statement on last page - 262]
"PREEMPTION.—This title shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of a hybrid instrument that is predominantly a banking product; or a covered swap agreement" Please Note: For some peculiar reason, the bill was never debated by the House or Senate.
What were “bucket shop” rules? In a nutshell, the bucket shop rules were put into US law in 1907 to eliminate the creation of Credit Default Swaps, Swaps Betting and derivatives based upon other derivatives originating from possibly fraudulent investment instruments such as sub-prime mortgages. The existence of this 1907 law is one reason why the real estate bubble bursting in the US circa 1990-91 didn’t become a malignant contagion like the present disaster that now threatens to collapse the entire world’s economic system. You see, back then in the early part of the 20th century there had been a nearly identical speculation in scam investment instruments that we saw in the beginning of the 21st century. Something resembling an investment “time loop” has occurred.
Those in the proverbial “capstone” of our global economic “pyramid” knew exactly what they were doing all along. After all, they are determined to establish a neo-Babylonian empire with themselves in charge of all financial, political, military and religious aspects of our lives. By eventually crashing the world’s economic system, they could facilitate the economic enslavement of the masses while simultaneously accumulating vast sums of wealth for their “Great Work.” The masses will be made to have such great fear that they will gladly embrace whatever “solution” the globalists offer. Perhaps a universal currency, universal political leadership with a corporate-style governance, and so on, could be offered up to the masses as David Rockefeller arrogantly proclaims.
Tens of millions of mostly illegal immigrants from Latin America and Africa invaded the US for a few decades and then defrauded sub-prime mortgages in the countless billions of dollars. Here’s one example of how the scam worked broken into nine steps:
First, someone who illegally ran across the US/Mexican border the previous month went to a mortgage broker and claimed to be a self-employed person making say, $12,000 per month. No income verification required. Don’t speak English? Not to worry, “Hablamos Espanol” at all the mortgage providers was the norm. (Yes, it was mainly those types of people who did the swindling. I was in the US analyzing the situation.);
Second, get the mortgage for $400,000 on a house built just to create the need for a mortgage by builders employing illegal labor from Latin America;
Third, the householders could pay the very low interest rates on the “teaser” mortgage payments that may last up to two years or so while they drained off the equity;
Fourth, get a home equity loan on the false appreciation of the house and drain the equity;
Fifth, use the home equity loan as an ATM to pay the currently low house payment, home equity loan, SUV payment, and for sending a lot of money back to Mexico to fund the economy of Mexico or for Black Tar Heroin production and so on;
Sixth, “flip” the house to your wife (who often has a different surname since Mexicans commonly do this when availing of welfare benefits or scamming loans, etc.), a relative will work too. Of course, a false appraisal for an extra $100,000, or more, has been obtained and a new loan given by the gullible or corrupt mortgage brokers (who often got kickbacks along with the corrupt appraisers). Such a process could be repeated every six months during the peak of the boom. In fact, if you were to begin perusing County Recorder records starting in California and work eastwards towards the Atlantic, you would see the same pattern repeating itself over and over with endless reconveyances and the like. Only a very few paid attention to this great scam. Most didn’t have a clue since it all seemed legitimate;
Seventh, when the credit market dries up, the lying deadbeats defaulted and moved into free housing with regular welfare payments. The man of the family might return to Mexico to continue the Black Tar Heroin business as well as Methamphetamine and Cannabis production for transport to the US and beyond. Illegal immigrant smuggling is also a big business;
Eighth, leave the decent people who were not in on the scam in economic chaos along with foreign investors holding untold billions in worthless mortgage securities;
Ninth, the same corrupt financial institutions that were behind all of the bundling of derivatives from worthless mortgages get the US Federal Government to not only bail them out, but to actually revise the FASB (Financial Accounting Standards Board) rules which now allow them to carry vast amounts of derivatives (including vast quantities of near worthless commercial real estate) on their balance sheets as good assets with high valuations for another couple of years even if the underlying asset is defaulted. In April of 2009, the FASB issued the official update to Financial Accounting Standards (FAS) 157 that eases the mark-to-market rules when the market is unsteady or inactive. The change allows for the valuation to be based on a price that would be received in an orderly market rather than a forced liquidation, starting in the first quarter of 2009. It was anticipated that these changes could significantly boost banks' statements of earnings and allow them to defer reporting losses. The changes, however, affected accounting standards applicable to a broad range of derivatives, not just banks holding mortgage-backed securities.
Opponents argued that the implications for investors are that the valuation of assets underlying such securities would be increasingly difficult to analyze, not less so. An example would be determining a company's actual assets, equity and earnings, which will be overstated if the assets are not allowed to be marked down appropriately. Indeed, some claim that the mark-to-market process has been a cause of inflated bankers' bonuses.
The full financial reckoning should start occurring in 2011, if not sooner. By the way, many of the Over The Counter (OTC) derivatives based upon these scam mortgages are still floating around out there as sound investment vehicles due to the changes in the FASB rules. Some estimates range from one quadrillion dollars to as much as 650 quadrillion dollars worth. It’s hard to comprehend the levels of worthless paper still floating around as if it’s worth anything. It is a fact that vast quantities of vacant homes are being held by the banks in an “off-market” holding position since to openly liquidate them would disclose the full failure of the US financial system. Indeed, when many of these houses are currently disposed of, it is in “lots” to secretive “large investors” which serves to keep the houses off of the US Real Estate Multiple Listing Service used by real estate agents and thus render them somewhat untraceable by the general public or Government statistics. This is just another way to hide the truly immense losses of each and every scam mortgage held by the banks. Hence, the cover up in the actual derivatives losses can be temporarily swept under the rug, so to speak. Small wonder that many governments are considering raiding private pension funds - they know what's coming!
Forget about any real worth to those billions in mortgage securities and trillions in derivatives. Investors and hard-working people around the world - You’ve all been scammed!
Why did no one speak up? Well, actually an American attorney named Brooksley E. Born who was from 1996-99 the Chairperson of the Commodity Futures Trading Commission (CFTC), the US Federal agency which oversees the futures and commodity options markets, did voice great concern over the developing problems about Swaps - financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators. However, US Federal Reserve Bank Chairman Alan Greenspan, and his cohorts, vehemently opposed her efforts at regulating the greedy banks and insurance companies. They succeeded in negating her sway with the White House and she resigned in 1999. This left the bankers and globalists to do as they wished, and they did.
Lastly, it should be noted that Harvard Law professor and middle-class advocate Elizabeth Warren has recently predicted something of a coming “collapse” in the commercial real estate market. Over the next five years, about $1.4 trillion in commercial real estate loans will reach the end of their terms and require new financing. Nearly half are presently "underwater," meaning the borrower owes more than the property is worth. Commercial property values have fallen more than 40 percent nationally since their 2007 peak. Vacancy rates are up and rents are down, further driving down the value of these properties. From my own personal travels around the US, it seems there are presently vast blighted commercial zones. Near empty shopping malls and warehouses and much worse. When the reckoning comes, it could threaten everyone from banks and pension funds to renters and small businesses - and small banks could be particularly vulnerable.
In sum, the writing was on the wall in December 2000 when Bill Clinton’s Congress eliminated the nearly century old “Bucket Shop” law with the aforementioned 'COMMODITY FUTURES MODERNIZATION ACT OF 2000' that then allowed the derivatives debacle to ensue. By the way, it was G.W. Bush who insisted that “minorities” be given easy credit with minimal or no income verification circa early 2002.
We should brace ourselves for the next step in the planned economic collapse. Yes, there are steps to any controlled collapse. Without steps, the globalists would lose control and not succeed in their “Great Work” of establishing a neo-Babylonian world empire.
References:
http://www.distressedvolatility.com/2010/02/elizabeth-warren-half-of-commercial.html
http://www.fasb.org/home
http://www.irishtimes.com/newspaper/frontpage/2010/0208/1224263954908.html
http://www.pbs.org/wgbh/pages/frontline/warning/
http://en.wikipedia.org/wiki/Brooksley_Born
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008
http://en.wikipedia.org/wiki/Financial_Accounting_Standards_Board
http://en.wikipedia.org/wiki/HR1424
http://en.wikipedia.org/wiki/Mark-to-market_accounting
===========================
Originally published 4 November 2009 on antilisbontreaty.com:
Copenhagen Treaty - The Next Betrayal?
"So
long as the people do not care to exercise their freedom, those who
wish to tyrannize will do so; for tyrants are active and ardent, and
will devote themselves in the name of any number of gods, religious and
otherwise, to put shackles upon sleeping men."
-VoltaireNeelie Kroes, the EU's competition commissioner - an unelected Brussels technocrat - will order the restructuring of a large part of the British banking industry. That she has the power to do so is a telling illustration of the extent to which this country has ceded sovereignty to Brussels over the past three decades. During that period the British people have not once had the opportunity to make their voices heard the changing relationship with Europe. Britain joined a common market and is now part of something with a more than passing resemblance to a super state (i.e., the U.S.E.).
David Cameron has now said he won't push for a referendum on the Lisbon Treaty. What a shock that is. I wonder if that was his plan all along? You be the judge.
Next, given that Ireland has been betrayed by cowering Cowen and his coven of creeps, what's the next betrayal to be heaped upon the backs of the bruised now that Lisbon has been ratified? Oh yes, the Copenhagen Treaty. And away we go...
From the UK Guardian 3/11/09:
"UN secretary general calls for increase in pledged funding for climate change"
$100bn on offer is "good start Money paid by rich countries to fight global warming will have to 'be scaled up' from the $100bn a year on offer, the UN secretary general Ban Ki-moon said today." Bugger Ban Ki-moon!
"Al Gore's Inconvenient Truth sequel stresses spiritual argument on climate. Nobel winner adapts fact-based message to reach those who believe they have a moral duty to protect the planet in Our Choice: A Plan to Solve the Climate Crisis"
Al's Gore's much-anticipated sequel to "An Inconvenient Truth" is now published with an admission that facts alone will not persuade Americans to act on global warming and that appealing to their spiritual side is the way forward. Please remember that the old bore Al Gore previously stated that he invented the Internet! His climate change agenda is not credible. The world's cycles have always involved heating and cooling. We're in a heating phase now. It happens just before a big cooling phase.
Meanwhile, Rajendra Pachauri, head of the United Nations International Panel on Climate Change, blasted world leaders the other day for failure to solidify a climate agenda leading up into the Copenhagen summit. What does this fellow care about the west? India, and that third world lot, are pretty much exempt from these "green" oppression policies.
What does this mean for the middle class?
Cap and Trade in the US will add about US $1.20 gallon, or US 29 cents per liter, to petrol and heating oil. It will drive remaining industries offshore and hasten the demise of the US as many know it.What about Europe? Yes, we're screwed too since the highly polluting third world are pretty much exempt. This will lead to very unfair redistribution of wealth away from the west since we'll be drained to funnel monies to Africa and elsewhere that the globalists seek to exploit. We pay the way of the corporate criminals via so-called"green" taxes and foreign aid.
Lord Monckton, a one-time Thatcher adviser, recently spoke in the US,where I was privileged to hear his speech on the upcoming global government scam that will be using spurious "green" initiatives to thwart the best interests of the middle class. For a complete transcript, a draft of the treaty, and much more, just go to the link:
http://www.freedomworks.org/blog/thale/lord-monckton-on-the-copenhagen-treaty
So, there you have it. The old bore Al Gore is going to use religion to push the false climate change agenda in much the same way John D.Rockefeller once used the religious right in the US to force the prohibition law into effect in 1919. Rockefeller did this because Henry Ford had established ethanol-processing plants to produce the fuel that his automobiles used. Rockefeller, ever the greedy conniver, decided to use the "useful idiots" in the religious right to usher in a crazy law prohibiting alcohol in the US. This law was used to shut down alternative fuel production facilities in 1919 and thus Standard Oil (Rockefeller's oil company) was saved from losing profits. Unfortunately, this act of treason to the "common" people set the stage for the rise of Islam since it would be well funded by Saudi Arabia and other Muslim oil producing nations. Rockefeller's greedy actions have led to the insidious spread of Islam's vileness and the chaos of terrorism we now confront in the world. Now, some Rockefellers appear to be pushing a "green" agenda. What is up with that?
Presently, the Council on Foreign Relations (CFR), a Rockefeller think tank, is generally involved in some way behind this steady walk towards world government. How have the machinations of the CFR remained unnoticed? In 1991 in Baden-Baden, Germany, David Rockefeller boastfully proclaimed: "We're grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But the world is now more sophisticated and prepared to march towards a world government."
Be prepared for more efforts to oppress the middle class in the future.
"Democracy is not being, it is becoming. It is easily lost, but never finally won."
-William Hastie
Read the story of John D. Rockefeller and Alcohol Prohibition at:
http://weblog.timoregan.com/2008/01/john-d-rockefeller-alcohol-prohibition.html
Sources:
http://www.telegraph.co.uk/comment/telegraph-view/6488498/Europe-will-the-voice-of-the-people-ever-be-heard.html
http://www.guardian.co.uk/environment/2009/nov/03/ban-ki-moon-climate-funding
http://www.guardian.co.uk/world/2009/nov/02/al-gore-our-choice-environment-climate
http://www.ecofactory.com/news/un-climate-chief-world-leaders-give-legally-binding-copenhagen-treaty-110309
http://www.cfr.org/thinktank/
===========================
Originally published 3 December 2009 on antilisbontreaty.com
Resistance is Not Futile
The United States of Europe (USE) officially commenced on 1 December 2009 ushering in a new age of European centralisation at the cost of national sovereignty. Several items of interest will be covered over the coming weeks. Let us begin with an environmental issue since the so-called Copenhagen summit draws near. There has been much ado about global warming since Al Gore's computer enhanced "An Inconvenient Truth" was first issued for public release.The darling of the environmentalist con men, Al Gore, presently enjoys a massively polluting lifestyle by jet setting around the world to spread his false doctrine of man-made climate change. The old bore Al Gore enjoys seemingly endless jet travels, automobiles, a giant size home and electric usage that would stun even Nikola Tesla and Thomas Edison. Yet, Gore claims that he leads a "carbon-neutral" lifestyle because he purchases carbon credits to offset his titan proportion of pollution.
Meanwhile, the old bore Al Gore is intent on spreading his false doctrine as if it were a new religion of some kind. Here are some facts about Al Gore:
- Al Gore claimed he invented the Internet.
- Al Gore claimed that the old movie "Love Story" was based upon the true story of he and his wife.
- Al Gore is really pushing the climate change agenda from the Club of Rome*.
- Al Gore's climate change agenda has slowly morphed into some weird kind of pseudo-religion.
- Al Gore is heavily invested in the carbon credit "green revolution" and stands to make a fortune should global carbon credit trading explode as planned.
The rich will be unaffected by "green" taxes since these are regressive taxes. A regressive tax is one that eats up a larger proportion of your income the less wealthy you are. For example, say person X earning 30 thousand euros per year pays 1500 euros a year in carbon taxes. That's 5% of his/her gross income sent into the pockets of greedy bankers, and globalists, behind this scam. A full 5% paid for NOTHING at all. Now, imagine person Y earning 30 million euros per year paying the same 1500 euros per year in carbon tax. Yes, that's right, it is highly unlikely that someone in that income bracket will "personally" pay any more than you or I since no doubt their corporation, trust, bank, etc., will be picking up the bill for the extra jet trips, mansions and what have you. Of course, these corporations and such will also simultaneously be reaping profits from the "green" scam investments they'll have. Most likely these profits will be tax-free since anything with a "green" label gets special tax handling - meaning tax free profits.
Here's some math regarding the regressive nature of the carbon tax scheme. A person earning 30 million euros per year has the same basic subsistence level expenses as you or I. The luxury perks will be covered by the corporate tax schemes to benefit the wealthy puppet masters as previously explained. So, while our example of 1500 euros per year was a full 5% tax burden on someone earning only 30 thousand euros per year, the same 1500 euros tax for person Y earning 30 million per year is only 0,0005% of his/her income. It's even less of a burden for billionaires if you do the math.
Funds from the bogus carbon taxes will be distributed among the wealthy, UN, Africa and the rest of the third world. Muslim terrorists are likely to benefit from our tax burden as monies are covertly siphoned off from the first world to the likes of those in so-called underdeveloped countries, a good many of which are muslim. We will end up funding terrorists with yet more unfair taxation placed as a yoke upon us by our treacherous "leaders" and their puppet masters.
Additionally, a VAT is also a regressive tax that we see very little benefit from in my opinion. These "green" taxes are yet another layer of taxation without representation imposed upon the people without their consent. Much as the EU Constitution (oh, excuse me, Lisbon Treaty) was fraudulently foisted upon the people of the EU. Now is the time to voice our disapproval of this "green oppression" to our respective political leaders. Write, call or whatever you feel comfortable doing to show your disapproval of their oppressive scam. Perhaps a mention of the recently discovered manipulated emails hyping global warming could be mentioned. Do not give in. Resistance is not futile.
* As quoted in a previous article on this site:
"The common enemy of humanity is man. In searching for a new enemy to unite us, we came up with the idea that pollution; the threat of global warming, water shortages, famine and the like would fit the bill. ...The real enemy then is humanity itself. Democracy is no longer well suited for the tasks ahead."
—From the Club of Rome's "The First Global Revolution" p. 71, 75 1993.
