Sunday, July 17, 2011

Debt Political Theater Diverts Attention While Americans’ Wealth Is Stolen

by Rep. Dennis Kucinich
Global Research: July 15, 2011

Emphasis added:

The rancorous debate over the debt belies a fundamental truth of our economy -- that it is run for the few at the expense of the many, that our entire government has been turned into a machine which takes the wealth of a mass of Americans and accelerates it into the hands of the few.

Take war. War takes the money from the American people and puts it into the hands of arms manufacturers, war profiteers, and private armies. The war in Iraq, based on lies: $3 trillion will be the cost of that war. The war in Afghanistan; based on a misreading of history; half a trillion of dollars in expenses already. The war against Libya will be $1 billion by September.

Fifty percent of our discretionary spending goes for the Pentagon. A massive transfer of wealth into the hands of a few while the American people lack sufficient jobs, health care, housing, retirement security.

Our energy policies take the wealth from the American people and put it into the hands of the oil companies. We could be looking at $150 a barrel for oil in the near future.

Our environmental policy takes the wealth of the people -- clean air, clean water -- and puts it in the hands of the polluters. It’s a transfer of wealth, not only from the present but from future generations as our environment is ruined.

Insurance companies, what do they do? They take the wealth from the American people in terms of what they charge people for health insurance and they put it into the hands of the few.
We have to realize what this country's economy has become. Our monetary policy, through the Federal Reserve Act of 1913, privatized the money supply, gathers the wealth, puts it in the hands of the few while the Federal Reserve can create money out of nothing, give it to banks to park at the Fed while our small businesses are starving for capital.

Mark my words -- Wall Street cashes in whether we have a default or not. And the same type of thinking that created billions in bailouts for Wall Street and more than $1 trillion in giveaways by the Federal Reserve today leaves 26 million Americans either underemployed or unemployed. And nine out of ten Americans over the age of 65 are facing cuts in their Social Security in order to pay for a debt which grew from tax cuts for the rich and for endless wars.

There is a massive transfer of wealth from the American people to the hands of a few and it's going on right now as America’s eyes are misdirected to the political theater of these histrionic debt negotiations, threats to shut down the government, and willingness to make the most Americans pay dearly for debts they did not create.

These are symptoms of a government which has lost its way, and they are a challenge to the legitimacy of the two-party system.

Read full text

Friday, July 15, 2011

Big Banks Waging Warfare Against the People of the World

by Washington's Blog
Global Research

Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.

Hudson says:

* The European debt crisis is really financial warfare by the banks

* Indeed, the banks are in warfare against the rest of society

In a separate interview, Hudson says:

* What's going on in Greece is exactly what's going to happen in America in a couple of weeks.

* The big banks are forcing their bad debts on government

* They are also forcing governments to sell off national assets so the banks can install a "neo-feudalism

* As I noted in 2009, a leading progressive economist (... ) that the true purpose of the bank rescue plans is "a massive redistribution of wealth to the bank shareholders and their top executives".

As the wholly non-partisan Australian economist Steve Keen notes:

* "This is the biggest transfer of wealth in history", as the giant banks
have handed their toxic debts from fraudulent activities to the countries
andtheir people

* The big banks blew bubbles - using fraud -because that'sthe only way they could make obscene profits

Indeed, this isn't the "Great Recession", it's the Great Bank Robbery. The big banks have pillaged and looted the rest of the world.

Also by Washington Blog:
Will the U.S. Default On Its Debt ... Even If It Raises the Debt Ceiling?

Related post:
Europe and America: "Financially Burning"

Wednesday, July 13, 2011

Outcasts: Tonight Tens Of Thousands Of Formerly Middle Class Americans Will Be Sleeping In Their Cars, In Tent Cities Or On The Streets


Economic despair is beginning to spread rapidly in America. As you read this, there are millions of American families that are just barely hanging on by their fingernails.

For a growing number of Americans, it has become an all-out battle just to be able to afford to sleep under a roof and put a little bit of food on the table. Sadly, there are more people than ever that are losing that battle.

Tonight, tens of thousands of formerly middle class Americans will be sleeping in their cars, even though that is illegal in many U.S. cities. Tens of thousands of others will be sleeping in tent cities or on the streets.

Meanwhile, communities all over America are passing measures that are meant to push tent cities and homeless people out of their areas. It turns out that once you lose your job and your home in this country you become something of an outcast. Sadly, the number of "outcasts" is going to continue to grow as the U.S. economy continues to collapse.

Most Americans that end up living in their cars on in tent cities never thought that it would happen to them.

An article in Der Spiegel profiled one American couple that is absolutely shocked at what has happened to them...

Chanelle Sabedra is already on that road. She and her husband have been sleeping in their car for almost three weeks now. "We never saw this coming, never ever," says Sabedra. She starts to cry. "I'm an adult, I can take care of myself one way or another, and same with my husband, but (my kids are) too little to go through these things." She has three children; they are nine, five and three years old.

"We had a house further south, in San Bernardino," says Sabedra. Her husband lost his job building prefab houses in July 2009. The utility company turned off the gas. "We were boiling water on the barbeque to bathe our kids," she says. No longer able to pay the rent, the Sabedras were evicted from their house in August.

America is becoming a very cruel place.

Unfortunately, what has happened to that family is not an isolated incident. As rampant unemployment has spread across America, the number of people that have lost their homes has soared.

Today, it is estimated that approximately a third of the homeless population in Seattle live in their cars.

Desperation is rising all over America. Most people had hoped to see an economic recovery by now but it just hasn't happened...

The United States can be a very brutal place to be if you are poor...

We live in very frightening times. ..

Poverty is absolutely exploding in America...

Read the Entire Post

Biblical Perspective:
The United States and Great Britain in Prophecy
The World Ahead: What Will It Be Like?

The Brink of Total Financial Collapse

The Brink of Total Financial Collapse
Michael Coffman --

The Western World is careening towards a total financial collapse that is now appearing to be unavoidable.