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THE ECONOMY PART 3
Apr 4, 2011
Politics, Corporate Profits, Power & People > American Politics, Government and Society
By Al Duncan
April 1, 2011
During the institutional bailout days of 2008, the companies in need of a helping hand-just a bit of liquidity to keep the gears turning-received no less than $9 trillion in overnight loans. Think about that. Perhaps now you can appreciate the scale of our problems.
"The $700 billion Wall Street bailout turned out to be pocket change compared to trillions and trillions of dollars in near zero interest loans and other financial arrangements that the Federal Reserve doled out to every major financial institution," said Sen. Bernie Sanders, the Vermont independent who had authored the provision of the financial reform law that required the disclosure.
Lawmakers demanded disclosure, over the Fed's initial objections, as U.S. central bankers pushed beyond their traditional role of backstopping banks to stem the worst financial panic since the Great Depression. The Fed posted the data on its website to comply with a provision in July's Dodd- Frank law overhauling financial regulation.
The U.S. subsidiaries of European financial institutions, led by Zurich-based UBS and Brussels-based Dexia SA, were some of the largest users of a Fed program. The biggest U.S.-based user was bailed-out insurer American International Group Inc. (AIG), at $60.2 billion.
On Dec 1, 2010, Bloomberg reported that the Fed's emergency lending spanned the global economy, including U.S. branches of overseas banks; corporations such as General Electric Co. (GE), investors like Pacific Investment Management Co. and computer executive Michael Dell-all to the tune of $3.3 trillion.
On Dec 1, 2010, CNBC reported that the U.S. supports the extension and enlargement of the European Financial Stability Fund (EFSF) of $980 billion through an extra commitment of money from the International Monetary Fund. And for those who don't know, the U.S. is the IMF's biggest single shareholder, meaning the IMF holds more U.S. taxpayer money than any other country. Moreover the U.S. has committed $175 billion to bailing out the EFSF.
Another program aimed at banks, the Term Auction Facility, helped New York units of non-U.S. firms. For example, Munich- based Bayerische Landesbank borrowed $7 billion in December 2008, while Seoul-based Shinhan Financial Group Co. used $100 million in February 2010.
The data detail the breadth of central bank support that reached beyond banks to companies such as GE, which accessed a Fed program 12 times for a total of $16 billion in commercial paper. The Fed bought short-term IOUs from corporations, risky assets from Bear Stearns and more than $1 trillion in U.S. housing debt.
At Goldman Sachs Group Inc., Wall Street's most profitable securities firm, borrowing from the Primary Dealer Credit Facility peaked at $24 billion in October 2008. "Without question, direct government support was critical in stabilizing the financial system, and we benefited from it," Chief Executive Officer Lloyd Blankfein said in January 2010.
UBS, Switzerland's largest bank, was the biggest borrower from the Commercial Paper Funding Facility, tapping the program 11 times for borrowings that peaked at $37.2 billion.
Pimco, the world's largest bond fund, tapped the Fed's account 96 times between April 2009 and March 2010 for a total of $7.25 billion, making the Newport Beach, California-based firm one of the largest borrowers under the program.
Bank of America had outstanding loans of $45 billion from the facility as of Jan. 15, 2009. Wells Fargo had loans for $45 billion on Feb. 26, 2010, putting them at the top of the borrowers' list.
In this subversive tactical maneuver, the U.S. government is not only nationalizing private domestic businesses, but also foreign businesses. This is taxpayer funded corporate welfare with no control relinquished and no repayment required. Even if the debt is repaid, where does the repayment-money go? There is no reduction in the national debt, thus no tax relief afforded the taxpayer. And since that is the case, this allows selected businesses to operate negligently without any consequences, knowing that the U.S. government has assured taxpayer income as reimbursement for losses.
Who determines which businesses or countries are too big to fail and which businesses or countries will fail? So far, it's been the Fed, a private central bank. But if you follow the money and research the foreign and domestic shareholders of the bailouts, you'll discover that these funds are all going to the same few billionaires throughout the world. The rich are getting richer, and they are doing so off the backs of the U.S. taxpayer, and the facilitator of this transfer of wealth is our U.S. government.
To add insult to injury, international banks and U.S. Corporations, in collusion with the U.S. government, formed a coalition to shift U.S. businesses abroad. The coalition professes to alleviate poverty, implement state-of-the-art industry and build a modern infrastructure through bank loans, including the IMF. This plan actually employs the services of all three coalition-members while immersing the target-nation into overwhelming debt.
Japan, through the auto industry and their ingenuity in the audio and video technology, was one of the first countries to kick off this plan. Third world countries like China, India, Mexico and Brazil were selected for their large laborer-force, slave-labor wages and non-benefits regulations.
If the targeted nation-head rejects the coalition's program, the CIA is employed to topple that leader. Creating dissent, distributing propaganda, fomenting revolts, hiring rebels, and bribery are some of the tactics the CIA uses. If the CIA's attempts to fashion a rebellion are unsuccessful, the leaders are maligned by international media sources and labeled "tyrants", "enemies of democracy" and, "enemies of freedom"-all of which I believe is taking place in the Middle East today. When hatred for these leaders peaks internationally, then embargoes and military invasion follow.
To subsidize the U.S. deficit spending and placate U.S. representatives, these foreign governments, based upon their profits, are required to purchase and maintain a percentage of U.S. debt, such as treasury notes and government bonds-thus the reason China and Japan are the largest holders of U.S. reserves.
Per the Economic Times of India, "President and Mrs. Obama brought an entourage to Mumabi ranging from U.S. government officials to engineering executives, energy executives, 250 investors, and defense executives." To utilize the services offered, India clinched a nuclear deal that allows it unlimited access to nuclear technology from USA and Nuclear Supplier Group.
Why did Obama take an entourage of government officials and chief executives of major industries to tour the Pacific Rim halfway around the world at American taxpayers' expense? We're being told it's to create jobs, but jobs for whom? America's appetite for $25 an hour and benefits can't compete with Asian's "White Collar" wages at $4,500 a year. Taxpayer funded corporations scour the globe for the highest profits and the cheapest labor and those profits are not being returned to America.
Per the Galveston Examiner, Aug 7, "The president sold the taxpayer bailout of Government Motors (GM) by telling us that it was needed to save jobs. Obviously it doesn't mean American jobs, since GM is spending half a billion taxpayer dollars to build a new plant in Mexico."
According to Bloomberg, April 2009, "GM Co. reports, shuttering U.S. plants in a bid to avoid bankruptcy, is 'likely' to build a new factory in China…."
Wallace Witkowski of MarketWatch, April 2008, says: "GM Co. will start building a $200-million engine and automotive components plant in Joinville City, Brazil."
We learned from InformationWeek, Aug. 5, 2010, that "Obama's $36 million tax funded program is training South Asia workers for advanced Information Technology (IT) skills, such as Enterprise Java programming, skills in business process outsourcing and call center support. These actions are contradictory to Obama's commitment to create jobs and revitalize the American economy. 'Any taxpayer money that is appropriated to train workers to take American jobs should be directed toward the unemployed and the underemployed in this country,' said Rennie Sawade, a spokesperson representing IT professionals."
The consequences of outsourcing are the loss of jobs, the loss of purchasing power and massive business failures, all of which affect the obvious loss of government revenue. Moreover, those who once contributed to the economic wealth of America are now totally dependent on the government for survival.
Through Quantitative Easing 1 (QE1) and QE2 (and I fear an eventual QE3), the U.S. is buying its own debt. With the government borrowing money to pay its debts, this multiplies the over-all debt, which super-inflates the dollar and reduces its purchasing power. High unemployment and a slow growing economy create stagflation. The worst of two worlds is when both of these economic disasters-hyperinflation and stagflation-are operating simultaneously.
In 1933, the Weimar Republic, inflated its currency into oblivion-it took a wheel-barrel of bills to purchase a loaf of bread. More recently, Zimbabwe, with a 231 million percent increase, inflated its currency into oblivion-printing the first 100 trillion dollar.
When a government's revenue is no longer sufficient to maintain the status quo, it prints more money, which causes inflation, which causes an increase in prices. This is thievery. According to Rep. Ron Paul and ex-Fed chairman Alan Greenspan (see The Economy Part II), inflation is a means of government theft. By inflating our currency, our government is stealing our savings, they are stealing the food off of our tables, they are stealing the clothes off of our backs and they are stealing our children's future education.
In his treatise, "The Concise Encyclopedia of Economics", Sheldon Richman states, "Under fascism, government controls every aspect of manufacturing, commerce, finance, and agriculture. Planning boards set product lines, production levels, prices, wages, working conditions, and the size of firms. No economic activity is undertaken without government permission.
"Everyone," Richman concludes, "whether directly or indirectly, is employed by government, and high employment is maintained through massive public-works projects financed by steep taxes and extensive borrowing. The largest project is militarism, with arms production and huge armies to protect and increase the assets of the corporations."
If we honestly consider all of the U.S. government-corporate-bailouts from the airline industry, to the auto industry, to the banking industry, the government dictated salary caps, the government created jobs, and the military industrial complex, we would have to admit that fascism is the form of government ruling America today.
Whether you call it Globalism, the New World Order or Fascism, a Constitutional Republic is not the system governing America today. Anyway you look at it, America, we have been sold out.
Only the U.S. has dared proclaim her people are "endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness-That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed-That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government," the Declaration of Independence.
Today, now, this instant, if we do not abide by the admonishments of our Founding Fathers and diligently employ the prerequisites that they have provided for a situation precisely as this, we are doomed!
I previously gave you four groups that suffered great harm from this conspiracy between the banks, the corporations and the U.S. government. The fourth, and primary losers, are the American people, especially the middle class worker.
I conclude The Economy with an excerpt from my book, The Master Plan: "This free, Constitutional Republic held on as long as she could. Yet written into the pages of the elite's master plan was a cruel trick that even the United States of America could not withstand. The Power Elite drained and consumed her from within, while attacking and exhausting her from without. Finally, she staggered in defeat, with nothing left to stand on or stand for. She-along with the rest of the world-relinquished her God-ordained freedoms to globalism, the One World Order."
And with the One World Order, came the One World leader.
© 2011 Al Duncan - All Rights Reserved
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