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Not Important? Think Again
By Chris Sanders, Sanders Research Associates, London
29 May 2002
Erratum
In our posting on the 27th, we called attention to the Clinton
administration holdovers in the Bush administration. We owe readers an
apology, because we missed the fourth, who completes the Four Holdovers of
the Apocalypse: John Hawke Jr., Comptroller of the Currency. As Comptroller
of the Currency, Jerry, as he is known, has a leading role in ensuring the
integrity of America�s financial system. On his watch we have had the tech
bubble and an unrestrained explosion in off balance sheet derivatives
exposures. The Securities and Exchange Commission�s enforcement division
employs his son, where he is responsible for the oversight of cases
involving such leading American firms such as Enron.
Unsurprisingly, Mr. Hawke is an avid proponent of the Basle 2 Accord, which
will significantly loosen oversight of large banking institutions while
advertising the opposite. Before being appointed as Comptroller of the
Currency, Mr. Hawke served the Treasury as Undersecretary of domestic
Finance. In that role he was responsible for the integrity of domestic
financial information, accounting and payment systems. The $3.3 trillion of
missing federal funds that are identified by the GAO went missing on his
watch. We are unaware that this particularly concerns him. Indeed, we are
unaware that this matter concerns any of the gentlemen on our Four Holdovers
list. Being sceptics, we are inclined to wonder if his enthusiasm for
self-regulation by the banks and for unregulated and opaque off balance
sheet business might somehow be related to the disappearance of taxpayer
money.
What one can say with some confidence is that when one controls the
intelligence, finance and audit functions of government, it is devilishly
difficult to find out what one is doing if they don�t want you to know. All
you can do is watch the money disappear and keep your fingers crossed. Take
John Rossotti, IRS Commissioner, for instance. Rossotti�s firm AMS is
directly implicated in the loss of at least $40 billion by HUD, yet Rossotti
has been brought into government to run tax, for heaven�s sake. At the
Treasury, he has brought in AMS to work wonders for the Treasury�s IT
systems, all the while hanging on to his AMS stock.
Espionage Incorporated
Things are not what they seem in the War on Terror, although having said
that does not mean that we necessarily know what is really going on. One
thing that does seem to be clear is that Israel has thoroughly compromised
American security. 911 has driven a wedge into the American security
establishment like nothing else could have done. The result is that outcomes
are even more unpredictable than usual, with the stakes much higher.
http://www.newsmax.com/archives/articles/2001/12/18/224826.shtml
http://www.cafearabica.com/perspect/perspect16/perinsx1.html
China grows, and grows�
On a purchasing power parity basis China is now the world�s second biggest
national economy, pushing Japan into third place. China receives 80% of
foreign direct investment into East Asia. Ownership does not confer power
directly though. As in everything else in life, in manufacturing possession
is nine tenths of the law. China and Taiwan are integrating economically
much faster than we would have dreamed possible. Taiwan itself is the most
significant manufacturer of computer components in the world. The
possibilities for strategic confrontation with the United States seem
endless, but on the other hand, they have joined the �system,� haven�t they?
http://dallasfed.org/htm/pubs/swe/5_6_02c.html
Last. but not least�a spook on spooks
Bill Christison and his wife were career CIA professionals who have decided
to speak out. Fro another take on increasing international instability and
its causes, read this.
http://www.counterpunch.org/christison0509.html
http://www.counterpunch.org/
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