Trillion Dollar Bank:
Citigroup: $45 billion bailout so far:
Citigroup Receives Massive Govern-ment Rescue
24 Nov. The U.S. govern-ment bailed out Citigroup Inc, agreeingto shoulder most of the potential losseson
$306 billion of high risk assets
, in itsmost sweeping rescue of a U.S. bank yetin the global economic crisis. The gov-ernment also injecting $20 billion of newcapital, on top of $25 billion it just putinto the bank, and receive preferredshares with an 8% dividend it hopes toreceive.————–
A farmer told the public tocome dig up his remaining car-rots and potatoes on his farmafter harvesting.40,000 worried hungry peopleshowed up to dig!One in 9 U.S. citizens is on foodstamps!
$7.75 TRILLIONU.S. BAILOUT INTHE WORKS!
Robert Rubin advised trillion-dollar Citi-group bank on the methodology to scam/ sell mortgage derivatives. He was againstit personally but did describe the parame-ters to do so since a consultant firm toldCiti that they had less risk than otherbanks but if they wanted to proceed withthe scam model put forward by otherbanks they should follow the rules fordoing so within Rubin’s parameters.—————–European Bailouts are estimated to be inthe range of $7 to $10 TRILLION.———————–
By Webster Tarpley
The November 22 End the Fed rallies raise avital issue: it is past time to abolish the
, and failed institutionknown as the Federal Reserve System, theprivately owned central bank which has been
the US economy foralmost a hundred years. We must end a systemwhere unelected, unaccountable cliques of bankers and financiers loyal to names like
Morgan, Rockefeller, and Mellon set inter-est rates and money supply behind closeddoors, leading to de-industrialization, massimpoverishment, and a world economic andfinancial depression of incalculable sever-ity
. The Fed helped cause the crash of 1929,did nothing to stop the banking panic of 1932-33, and is the main cause of the $1.5 QUAD-RILLION derivatives crisis which is devastat-ing the world.
Toronto’s papers defendthese crimes!
The Federal Reserve System isWall Street's murder weapon against the U.S..The purpose of abolishing the Fed is to getre-industrialization, economic modernization,full employment, and rising standards of liv-ing for all the people. Contrary to monetaristfetishes, the value and soundness of currencyin the modern world are determined by theability of a national economy to producephysical commodities that the rest of theworld wants to buy. The decline of the dollarhas its roots in the wanton destruction of theUS industrial base initiated by the Trilateraladministration of Jimmy Carter and Feds bossPaul Adolph Volcker with his 22% prime rate.Over 40 years, the US standard of living hasdeclined by two-thirds, and the country hasbecome a post-industrial rubble field, a moon-scape monument to the folly of a post-industrial service economy.Contrary to monetarist mythology, theAmerican System never had anything to dowith free trade or "free markets." It is a tradi-tion of protectionism, mercantilism, and dirig-ism. The rise of the US as the world's greatestindustrial power came thanks to a protectivetariff and a controlled currency, the green-backs. When Wall Street imposed the Cross of Gold, the American System tradition was con-tinued by the Populist Party. The New Deal,the fruit of mass struggles and the rise of thelabor movement, provided a way out of theHerbert Hoover depression by
ontrolled Fed to knuckle under to the FDRpresiden
. JFK tried to revive the New Deal andbreak the power of the Fed, and was assassinatedby the financiers with the help of the CIA.Monetarists pretend that this history does notexist. When they talk about the constitution,monetarists seem to be working off the Confed-erate constitution of 1861, which eliminated theGeneral Welfare clause, and ruled out a protec-tive tariff. During the 19th century, the free tradeparty was the pro-British slavery party. Monetar-ist dogma is a mix of Herbert Hoover, RobertTaft (of the Skull & Bones family), Barry Gold-water, Ronald Reagan, and other reactionaryRepublicans. Monetarism is based on the vonHayek-von Mises Austrian school, which startedwhen a bunch of rent-gouging Viennese land-lords wanted to abolish rent control and hiredsome scribblers to prove that "the market" wasalways infallible and government is always theenemy. Von Hayek got his chance under the re-actionary old battle axe Margaret Thatcher, whobrought back rickets, scurvy and pellagra forBritish working people. The dumbed-down
USversion of the same doctrine is Milton Fried-man and his Rockefeller-funded ChicagoSchool, which got its big road test under thefascist Pinochet regime in Chile.Monetarism Caused Today’s World Eco-nomic Depression
Today's depression has beencaused by 40 years of monetarist-inspired de-regulation. Derivatives were illegal from 1936until Reagan legalized them in 1982. ThenWendy Gramm, Greenspan, Bob Rubin, andLarry Summers teamed up to start the derivativesbubble during the Clinton years. Now there are$1.5 quadrillion of derivatives strangling theworld economy.
Derivatives, not subprimemortgages, are the reason for today's crisis.
Today's depression also comes from privatization- like
the privatization of Fannie Mae, whichworked fine for thirty years as a governmentagency, but was then privatized, opening thedoor to the looting excesses which are nowwell known
. The oil market is deregulated, and
werequick to exploit this situation. This past summer,when you were paying over $4 a gallon for gas,more than half of that was going directly to WallStreet hedge fund hyenas, with
a full $1 per gal-lon for Goldman Sachs
alone, the backers of the deregulated offshoreICE exchange.The real enemies of economic progress are theWall Street bankers, financiers, and finance oli-garchs.
If you let them control the govern-ment, the results are catastrophic.
We musttherefore fight to take government out of thehands of the bankers. Any other strategyamounts to
surrender to Obama and his fascistcorporate state
How To End The Depression With A Re-turn To The U.S. System
1. Wipe out derivatives, destroying the largest
mass of fictitious capital
the world has everknown. This includes credit default swaps, mort-gage backed securities, structured investmentvehicles, collateralized debt obligations, repoagreements, and other toxic paper. Outlaw hedgefunds. Outlaw adjustable rate mortgages. Stop allforeclosures. Seize bankrupt banks, brokerages,and insurance companies and put them throughdebt triage under Chapter 11 bankruptcy pro-ceedings. Stop speculators with position limitsand margin requirements for oil and other energymarkets. Stop exporting jobs to third worldsweatshops.2. Abolish the Federal Reserve System andnationalize it as part of the US Treasury. Re-startthe economy by issuing an initial tranche of $1trillion to private companies engaged physicalproduction. Production means infrastructure,manufacturing, mining, construction, farming,forestry, transportation, and commerce in tangi-ble goods. Productive activities qualify for 1% orless federal credit. Gambling, narcotics, prostitu-tion, financial speculation, speculation, andmoney laundering are not productive, so theymust take their chances in the free market theyclaim to admire so much. Nationalize the BigThree auto companies and reconvert them formass transit.3. We must keep the social safety net fullyfunded. 4. Abolish the International MonetaryFund and the World Bank, and set up a newworld monetary system based on full employ-
ment through the revival of industrial produc-tion.Webster G. Tarpleyfor ACT INDEPENDENT.ORG
Who are Toronto’s
Lying, Stinking Lying, Stinking
financial writers? financial writers?Cowards all! We’veCowards all! We’ve
for years! for years!
Toronto’s ‘cocktail’ circuit scum tolerate people dying on the street!
Harper and failed finance minister Flahertygave $25 billion in hard-earned Canadian tax-payers’ dollars to the world banking systembut can’t “afford” more than $2 billion foraffordable housing. People lay dying on To-ronto’s streets and freeze to death again thiswinter.
The city of Toronto stopped all blanketsand aids for homeless — they are left tofreeze to death on the street because city‘shelters’ have: TB, noise, all-night lights,theft, lack of security, substance-abusers,bed-bugs and other problems.
The story below describes some of thetruth about the world finance system.
Canadians pay $44 billion in taxes — al-most all of it in compound interest charges toprivate and foreign banks. Ex-prime ministerMartin lied to
Toronto Street News
journalistswhen he said the issuance of currency moniesby the Bank of Canada would be“inflationary”. How could it be inflationarywhen there is no interest to be paid to a pri-vate bank when Canada simply issues its owncurrency as it did for 41 years before
Chre-tien and Martin “privatized” the creationof money
in Canada beginning 1974. Martin’sfather in Mackenzie King’s cabinet knew thebenefits of issuing taxpayers’ own Bank of Canada money. This “official governmentfraud continues with Harper and others per-mitting the unnecessary borrowing of moneyfrom private banks. We know they are threat-ened and/or bribed to do so. Our deficit quin-tupled with Chretien.
From $90 to $600B!
Toronto Street News
Dec. 1-15, Volume 10, #11/2008 /