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POLITICAL ART GALLERY



IMPORTANT TOPICS

1. U.S. NEWS MEDIA CAN LEGALLY LIE TO YOU
There is no law preventing the U.S. news media from intentionally lying to the public. Whistle blowers and honest reporters are fired for telling the truth.

2. FLUORIDE IS A TOXIN/POISON
Read the Poison Warning label on your toothpaste, then call the 800# and ask;
"Why do you put poison in my toothpaste?"

3. NEW FLU VACCINE IS LOADED WITH MERCURY
by Dr. Joseph Mercola

4. PEDOPHILES IN HIGH PLACES
Also: Conspiracy of Silence Video

5. ASPARTAME IS HARMFUL
Equal, Nutra-Sweet and over 6000 food and beverage products contain Aspartame

6. On September 10, 2001, Donald Rumsfeld held a press conference to disclose that over $2,000,000,000,000 (2 Trillion) in Pentagon funds could not be accounted for.
Such a disclosure normally would have sparked a huge scandal. However, the commencement of the [9/11] attack on the World Trade Center and The Pentagon the following morning would assure that the story remained buried.


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POLITICAL ART GALLERY









"If our nation is ever taken over, it will be taken over from within."
~ James Madison, President of the United States

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> In The Hole To China, By Paul Craig Roberts


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Posted: Aug 11 2007, 12:47 PM
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QUOTE
In The Hole To China
Uncle Sam, Your Banker Will See You Now ...
By Paul Craig Roberts
8-10-7
QUOTE
Early this morning China let the idiots in Washington, and on Wall Street, know that it has them by the short hairs. Two senior spokesmen for the Chinese government observed that China's considerable holdings of US dollars and Treasury bonds "contributes a great deal to maintaining the position of the dollar as a reserve currency."

Should the US proceed with sanctions intended to cause the Chinese currency to appreciate, "the Chinese central bank will be forced to sell dollars, which might lead to a mass depreciation of the dollar."

If Western financial markets are sufficiently intelligent to comprehend the message, US interest rates will rise regardless of any further action by China. At this point, China does not need to sell a single bond. In an instant, China has made it clear that US interest rates depend on China, not on the Federal Reserve.

The precarious position of the US dollar as reserve currency has been thoroughly ignored and denied. The delusion that the US is "the world's sole superpower," whose currency is desirable regardless of its excess supply, reflects American hubris, not reality. This hubris is so extreme that only 6 weeks ago McKinsey Global Institute published a study that concluded that even a doubling of the US current account deficit to $1.6 trillion would pose no problem.

Strategic thinkers, if any remain who have not been purged by neocons, will quickly conclude that China's power over the value of the dollar and US interest rates also gives China power over US foreign policy. The US was able to attack Afghanistan and Iraq only because China provided the largest part of the financing for Bush's wars.

If China ceased to buy US Treasuries, Bush's wars would end. The savings rate of US consumers is essentially zero, and several million are afflicted with mortgages that they cannot afford. With Bush's budget in deficit and with no room in the US consumer's budget for a tax increase, Bush's wars can only be financed by foreigners.

No country on earth, except for Israel, supports the Bush regimes' desire to attack Iran. It is China's decision whether it calls in the US ambassador, and delivers the message that there will be no attack on Iran or further war unless the US is prepared to buy back $900 billion in US Treasury bonds and other dollar assets.

The US, of course, has no foreign reserves with which to make the purchase. The impact of such a large sale on US interest rates would wreck the US economy and effectively end Bush's war-making capability. Moreover, other governments would likely follow the Chinese lead, as the main support for the US dollar has been China's willingness to accumulate them. If the largest holder dumped the dollar, other countries would dump dollars, too.

The value and purchasing power of the US dollar would fall. When hard-pressed Americans went to Wal-Mart to make their purchases, the new prices would make them think they had wandered into Nieman Marcus. Americans would not be able to maintain their current living standard.

Simultaneously, Americans would be hit either with tax increases in order to close a budget deficit that foreigners will no longer finance or with large cuts in income security programs. The only other source of budgetary finance would be for the government to print money to pay its bills. In this event, Americans would experience inflation in addition to higher prices from dollar devaluation.

This is a grim outlook. We got in this position because our leaders are ignorant fools. So are our economists, many of whom are paid shills for some interest group. So are our corporate leaders whose greed gave China power over the US by offshoring the US production of goods and services to China. It was the corporate fat cats who turned US Gross Domestic Product into Chinese imports, and it was the "free trade, free market economists" who egged it on.

How did a people as stupid as Americans get so full of hubris?

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions.He can be reached at: paulcraigroberts@yahoo.com

http://rense.com/general77/hole.htm




--------------------
QUOTE
"Ye shall know them by their fruits"
~ Matthew 7:16

"Believe nothing. No matter where you read it, or who said it, even if I have said it, unless it agrees with your own reason and your own common sense."
~ Buddha
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Posted: Aug 11 2007, 12:50 PM
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Here's some related info...

QUOTE
LaRouche - Central Bankers Overwhelmed By Crisis
$155 Billion Global Bailout In One Day
8-10-7
QUOTE
(LPAC) -- Over the past two days, European and U.S. central bankers have opened the floodgates of cheap credit for imperilled banks, contradicting their own "do-nothing" policies announced as recently as this past Tuesday, August 7. In doing so, they have shown that they consider a systemic crisis of the banking system to be an imminent threat.

Lyndon LaRouche said this morning, "This is the crisis I was speaking of in my 'financial-system-has-already-collapsed' statement of last week. That has not changed. What has happened is that this crisis has become so much worse in just a few days, that the central bankers have had to reverse their stand. The crisis is overwhelming them."

On the U.S. side, Bloomberg reports that the Federal Reserve injected $24 billion in temporary reserves into the U.S. banking system today.

Earlier this morning in Europe, as all interbank transactions were suspended for two to three hours, the European Central Bank convened an emergency meeting on the acute crisis in the credit markets, and decided to provide an extra overnight facility for the 49 banks which had asked for it, totalling just under 95 billion euros ($130 billion). A senior French banking source said the ECB's hand was forced by "intense demand [for money to cover losses] from the U.S." As in the case of the U.S. Federal Reserve, this was a spectacular reversal of their previous policy that nothing should be done against the worsening liquidity "crunch" worldwide.

The Swiss National Bank had already reversed policy last night, in providing Swiss banks with extra money, according to financial news wires.

Increasingly widespread reports, though denied by Goldman Sachs, said that that bank's $9 billion Global Alpha fund was being liquidated. Other sell-off rumors pointed to the huge D.E. Shaw hedge fund, "worth" $19 billion in assets.

Already on Tuesday, the ECB had given the go-ahead for a "regular" overnight facility in the range of 292.5 billion euros. Together with available facilities before Tuesday, there are now an estimated 440 billion euros in ECB injection money pumped into the banking system.

Nomura International's head of European rate strategy, Charles Diebel, responded to today's action by the ECB by writing, "No one really knows how big the current credit problems are. This is undermining confidence in the system as a whole, and hence the reaction this morning," Bloomberg reports. Ina Steinke, a money-market trader at NordLB in Hannover, said "Every bank is suspect now, so no one is willing to lend money to anyone."

High Frequency Economics writes, "if it turns out that banks are chronically nervous about lending to each other -- this is the dark scenario -- imagine how they will feel about lending to you or me, or to companies with anything but impeccable credit ratings ... or to hedge funds. Pay attention here. This is either a false alarm or a pivotal moment in history"--as reported by the Wall Street Journal.

http://rense.com/general77/over.htm




--------------------
QUOTE
"Ye shall know them by their fruits"
~ Matthew 7:16

"Believe nothing. No matter where you read it, or who said it, even if I have said it, unless it agrees with your own reason and your own common sense."
~ Buddha
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Master Of His Domain
******
Group: Admin
Posts: 12736
Member No.: 8
Mood: 



Posted: Aug 11 2007, 04:07 PM
Quote Post
QUOTE
Fed Pours $62B Into US Banks In TWO Days
http://www.reuters.com/article/ousiv/idUSN1027621620070810

Fed Puts $38B Into US Banks On Friday and $24B On Thurs
http://money.cnn.com/news/newsfeeds/articl...01-18826476.htm




--------------------
QUOTE
"Ye shall know them by their fruits"
~ Matthew 7:16

"Believe nothing. No matter where you read it, or who said it, even if I have said it, unless it agrees with your own reason and your own common sense."
~ Buddha
PMEmail PosterUsers WebsiteAOL
Top

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"Whoever controls the volume of money in any country is absolute master of all industry and commerce."
~ James A. Garfield, President of the United States


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"Permit me to issue and control the money of a nation, and I care not who makes its laws."
~ Amschel Mayer Rothschild