--- Begin Message ---
-Caveat Lector-
Mark, I understood that Bill worked full time for a Texas University in
their catering department? Maybe I have it wrong but are you sure of your
information and if so, do you know the name of the outfit your client said
Bill is said to work for?
David
----- Original Message -----
From: "mcurb" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Tuesday, July 09, 2002 12:25 PM
Subject: [CIA-DRUGS] Re: FTW Economic Alert - Global Economic Collapse
Imminent, Pension Fund Disaster: Stocks, Dollar to Free Fall, Gold to
Skyrocket
I used to have a client named Brian Abrams who owns a firm that
specializes in collectible coins - it is named New World Rarities
(Located in Long Island, NY).
Brian told me that he knows Murphy very well. Murphy lost his
business a few years back and currently works for a gold marketing
organization.
Murphy's "job" is to stimulate interest in gold.
All this supposed objective data about the manipulation of the gold
market has a business purpose behind it.
I have nothing against Bill Murphy. However, he should disclose his
affiliations and motives.
--- In [EMAIL PROTECTED], "Golgbug" <[EMAIL PROTECTED]> wrote:
> FTW Economic Alert - Global Economic Collapse Imminent, Pension
Fund Disaster: Stocks, Dollar to Free Fall, Gold to SkyrocketThe
investment banker who stated that the gold "paper" market was a 5x
multiple of the physical gold market was, I imagine, using the
official gold market stats for current above ground stocks of around
140,000 metric tonnes.
>
> GATA along with most others continue to turn a blind eye to the
fact that the physical market has a great deal more gold available to
it than a multiple of 5x.
>
> Estimates of how much physical gold actually exists (as opposed
to what is said to "officially" exist) vary enormously because,
simply put, it is a secret.
>
> My own view, and that of others who have investigated the black
gold market consider that a multiple of 9x or 10x to be realistic,
although there is no way to prove this is the case. It remains a
secret.
>
> However, as an indicator to what is really "out there" the
following may be germane.
>
> Beginning 1945 the OSS (and later the CIA) began recovering gold
buried in the Philippines by the Japanese "Golden Lily" plunder
teams. In a few short years a dozen or more plunder sites were
recovered. All were "777" sites, which is to say that Japanese
accountants had estimated their 1944/5 value as being 777 billion
yen. The exchange rate for 1944/5 was around 3.50 to 4.00 yen to the
dollar. Thus a triple seven Golden Lilly plunder site had a 1944/5
dollar value of almost $200 billion. Multiply that by a dozen and
you have $2.4 trillion.
>
> The number of burial sites on the Philippines alone totalled
176. I understand that somewhere in the region of 40 of these
were "777" sites. Others were "999" and many were in the triple five
category or lower. This does not include WWII plunder buried in
Indonesia and elsewhere - also subject to "recovery."
>
> Admittedly these figure are not composed solely of gold value
since the treasure sites also contained an assortment of other
plunder ranging from platinum and some silver through to precious
jade etc. They also contained oil drums overflowing with loose, gem
quality diamonds... something like 150,000 carats per drum.
>
> Diamonds may be a girl's best friend, but like gold they simply
are not as rare as De Beers wants you to believe. In fact they are
not that rare at all.
>
> A mining company survey conducted on the Argyle diamond mine in
Australia's outback, estimated that the top 200 metres of the mine
contained 800 billion carats - mostly gem quality. This is in
comparison to a 1980 a U S Geological Survey that estimated 200
billion carats - not for one mine but rather for the total reserves
for the whole of South Africa. In fact, the Argyle mine contained as
many diamonds in its top 200 metre layer as were known to exist
throughout the rest of the world.
>
> Whoops.
>
>
> The recovery of war plunder beginning in 1945 was conducted under
the command of Ed Lansdale and Santa Romana - both OSS and later
CIA. Lansdale would soon become known as the ultimate covert
operator and would later be identified by Fletcher Prouty as being
present in Dallas when JFK was assassinated. He was also in Saigon
in 1954, slugging it out with French intelligence over which nation
was to control narcotics distribution. America won.
>
> In any event, this war plunder was deposited in about 170 bank
accounts located in over 40 different countries and was used as the
ultimate covert fund to prosecute the cold war - and undoubtedly some
other activities as well.
>
> Collectively, it is known as the Black Eagle Trust.
>
> GATA are a decent team and Bill Murphy is a good guy. No
question. But GATA and Bill aim to have the price of gold go higher,
a lot higher. That is their agenda and they make no secret of it.
>
> On the other hand I don't own any gold, or gold shares, or
diamonds or even shares in diamond mines. In fact, I don't own much
of anything at all and it really doesn't matter to me financially if
the price of gold goes up or down.
>
>
> But it does matter to me when something as historically
significant as the world's biggest ever covert operations slush fund -
a fund that runs to tens of trillions and arguably hundreds of
trillions of dollars - remains unreported because it suits everyones
pecuniary interests to keep it secret.
>
> Imagine the clout $100 trillion gives you.
>
> How many President's got "made" on this? How many ruined? Nixon
certainlly was in the know. After all, he turned over the
secretive "M-fund" (named after General Marquet - General MacArthur's
deputy) to Japan's ruling LDP in 1960, to keep Japan a one-party
state controlled by the right. In exchange for his generosity, Nixon
received a promise that the LDP would support his election to become
President.
>
> Could it be that somewhere in the bowels of the Pentagon, Nixon's
largesse to the Japanese was viewed with considerable disfavour? The
M-fund is said today to be worth $500 billion and that surely is a
LOT of military hammers, spanners and toilet seats to hand over just
to get a four-year invite to the White House.
>
>
> Likewise, how much of the Black Eagle fund was used to "build"
foreign friendly nations on the western template of political
corruption and laissez-faire deceit designed to gift "international
investors" with a license to plunder the mineral wealth of those
nations to the complete and utter detriment of the citizens of same?
>
> Besides buying ice cream for all of creation, what else could one
do with a spare hundred trillion dollars or so.
>
> These are some questions worthy of consideration, I think.
>
>
> David Guyatt
> www.deepblacklies.co.uk
>
>
>
>
> ----- Original Message -----
> From: Michael C. Ruppert
> To: From The Wilderness
> Sent: Monday, July 08, 2002 11:53 PM
> Subject: [CIA-DRUGS] FTW Economic Alert - Global Economic
Collapse Imminent, Pension Fund Disaster: Stocks, Dollar to Free
Fall, Gold to Skyrocket
>
>
> FTW Subscriber Alert
>
> The Gathering Storm
>
> � Global Financial and Economic Crash Imminent
>
> � Stock Market, Pension Funds, Dollar on Brink of
Collapse and Implosion
>
> � Theft and Fraud Losses to U.S. Taxpayers Exceed $4.2
Trillion
>
>
>
> by Michael C. Ruppert
>
> [Copyright 2002, From The Wilderness Publications,
www.copvcia.com. All Rights Reserved. May be copied or distributed
for non-profit purposes only. May not be posted on any internet web
site in its entirety without express written consent. Contact
[EMAIL PROTECTED]]
>
>
>
> [Ed. Note: The last time FTW issued an emergency economic
bulletin to its subscribers was Sept. 9. At that time a derivatives
investment bubble on the verge of implosion, a 900-point drop in the
Dow Jones average and a pending liquidity crisis signaled a crash on
the order of 1929. Only the attacks of Sept. 11 and massive
intervention from the U.S. Treasury and Federal Reserve prevented the
collapse. Investors blamed the ensuing market losses on the attacks.
>
> The situation now is much, much worse as more factors combine to
suggest that foreign investors and trust in the U.S. economy might
soon be a thing of the past. Your pension is at risk today and your
home may be at risk in six months to a year.
>
> One economic analyst has suggested that a nuclear exchange
between India and Pakistan might be the perfect cover for the biggest
financial wipe out in human history. I think that an ill-conceived
and risky invasion of Iraq might serve the same purpose. From
consumer confidence, to corporate accounting, to the dollar, to gold,
to foreign capital flight, to pension fund wipe outs, to the
derivative bubble, to debt, there is not a single economic indicator
that is not flashing red.
>
> The warnings are as clear, explicit and well-documented as were
the warnings received by the U.S. government throughout summer 2001
that a terrorist attack against the World Trade Center would take
place during the week of Sept. 9 using hijacked airliners from United
and American airlines. Nothing was done to prevent that and
apparently nothing is being done now in spite of the fact that $4.2
trillion of your money has been stolen right in front of your eyes.
>
> There was no "single" reason for the attacks of 9-11. I have
cited oil, drug cash and geopolitics as three of the primary motives
for the U.S. government's complicity in allowing the attacks to
happen. But what also cannot be overlooked is the fact that 9-11
effectively masked a major economic crash that was certain to occur.
That crash was not been averted by the extraordinary financial
maneuverings of the Bush administration that followed 9-11. It was
merely postponed for a very short time.--MCR ]
>
> July 8, 2002, 4 PM PDT (FTW) -- Reuters, London published a story
June 27 based upon an interview with billionaire financier George
Soros. The headline read, "Soros Blames 'Bush Factor' for Dollar's
Fall." George Soros is a man to be reckoned with. Emerging from WWII
as someone who allegedly cooperated with Nazi occupation troops by
identifying assets to be seized, the European financier is one of the
most powerful financiers on the planet. He is credited with
successfully assaulting the currencies of several nations, including
Britain's pound. He recently participated in the World Economic Forum
in New York where he was seated on the dais with the likes of
Zbigniew Brzezinski, Hillary Clinton, Shimon Peres and academics from
Ivy League colleges. It is more than just a case that when Soros
speaks, people listen. The truth is that when Soros speaks, markets
move.
>
> His comments were brutal.
>
> "The international financial system is coming apart at the
seams.There is a lack of confidence. That's what I call the 'Bush
factor' in the economy." There is a liquidity crisis in financial
markets, said Soros. "Everybody's going home. The Swiss banks are
going home. The strengthening of the yen clearly shows repatriation."
Translated, that means that foreign capital is fleeing the United
States in the wake of as yet not fully realized accounting scandals
that will, according to Fox News on July 6, take an estimated $600
billion in value out of the U.S. stock market this year. One of the
many smoke alarms triggered by this is the fact that the U.S. economy
needs an estimated $1.5 trillion per year in new foreign investment
just to remain solvent.
>
> Reuters quoted Soros as saying that the global economic downturn
had "exposed the weaknesses of corporate America and how the U.S.
administration runs the international economic system."
>
> Soros is aware of what FTW and noted economic thinkers like
Catherine Austin Fitts, former assistant secretary of housing, and
British economist Chris Sanders of Sanders Research have been saying
for years: as much as half of the value of the U.S. financial markets
is derived from criminal endeavors, whether it is the laundering of
drug money or the fraudulent "cooking" of financial statements to
boost profits.
>
> PUMP AND DUMP
>
> It's a simple scheme really. The mafia knows it quite well. By
whatever means necessary, drive a stock's price higher and higher.
Make it look like a mover, even if it's a dog. Cook the books and get
suckers to buy in, helping to drive the price even higher. When you
think the balloon will pop, call all your buddies and sell your
shares. That effectively steals all the money that the suckers put
in. When the stock crashes, the suckers who weren't part of the
scheme will take the loss, whether they be individual investors or
the New York City police and fire pension fund.
>
> The U.S. stock markets have been pumped to the breaking point,
and they are trying very hard to dump right now. Most sober analysts
have agreed for a long time that the prices are over-inflated by as
much as 50 percent or more; that price/earnings ratios, now averaging
more than 30-1, should properly be corrected to about 15-1. That
means the Dow should be at 5,000 or lower. We'll talk about how the
meltdown is being temporarily prevented later. It is first necessary
to examine the severity of the crisis.
>
> If I mention the "bookkeeping problem" that's threatening Wall
Street right now and asked you how many companies were being
investigated for or had announced "overstated earnings," how many
would you say? Six? Eight? Try 17.* Seven of them are energy
companies, and this adds another degree of imperative for Congress to
force the White House to compel full disclosure from Vice President
Cheney's 2001 energy task force. But he has a problem there too. One
of the companies under investigation for fraudulent bookkeeping is
Halliburton. Cheney was its CEO until taking office, and the
fraudulent accounting occurred while he was the boss.
>
> Did you think that WorldCom was a big one, having illegally
claimed $3.8 billion in earnings to boost its share price? On July 5,
according to Newsday, the energy giant Reliant Resources "restated"
its 1999-2001 earnings by chopping off $7.8 billion in revenue. Just
today it was disclosed on CNN that the pharmaceutical giant Merck has
overstated its revenues by $14 billion.
>
> At the core of all these accounting problems is a non-transparent
form of corporate bookkeeping called "pro forma." As opposed to the
more transparent and rigid practice called GAAP (Generally Accepted
Accounting Practices), pro forma bookkeeping allows for all kinds of
manipulations like hiding debt as income, double booking revenues and
sneaking drug money onto the bottom line. What has yet to be fully
explored by any of the major media is which other major corporations
use pro forma bookkeeping. The reason is that all of the major media
companies use it too. Also on the pro forma system are GE (NBC),
AOL/Time Warner (CNN), Microsoft (MS-NBC), Viacom (CBS), Disney
(ABC), IBM, Intel, Cisco Systems, Sun Micro, Tribune (the Chicago
Tribune and the L.A. Times), The Washington Post (Newsweek) and the
New York Times.
>
> The accounting scandals are starting to nip at the heels of these
and other cornerstones of American capital markets. Trading of GM
shares was halted June 27 after "unconfirmed market rumors of
accounting irregularities." And New York Times reporter Gretchen
Morgenson offered the suggestion in an April 14 story that GE might
be cooking its books. Thanks to PBS's Lowell Bergman in a 2000
report, we already know that GE has been called on the carpet for
accepting drug cash, lots of drug cash, as payment for the good
things it brings to life. So has Philip-Morris.
>
> How much foreign capital can Wall Street expect to attract, let
alone retain if foreign investors expected to be wiped out for
leaving their money here? American investors, especially pension
funds are still putting money in or leaving it in place in the stock
market. Are there other alarm bells that mom and pop investors should
be hearing? What will happen to the value of the American brand name
as a trustworthy place to invest money if GM is ultimately revealed
to have cooked its books?
>
> A look at the real health of the stock market is revealing. On
April 26, The International Forecaster made two chilling observations:
>
> "At the time of the AOL Warner merger the combined companies were
worth $290 billion. They are presently worth $85 billion. Their
quarterly loss is estimated to be $50 billion. This could be the
business mistake of the new century.
>
> "The downgrade of Bristol Myers Squibb to Aaa by Moody's leaves
only 8 AAA-rated companies left. They are GE, UPS, AIG, ExxonMobil,
Johnson & Johnson Berkshire Hathaway, and Pfizer & Merck. In 1990
there were 27 AAA companies and in 1979 there were 58."
>
> THE DOLLAR
>
> Soros was extremely upset about what was happening to the U.S.
dollar, which has been falling against various currencies for about a
month. The key to understanding this lies in the lesson I learned at
an economic conference in Moscow in spring 2001. Almost all countries
in the world use the U.S. dollar as their reserve currency. They have
bought trillions and are holding them. If another currency becomes
more valuable or is viewed as more stable, then the world will switch
currencies, and trillions of dollars will come back into the country -
- inflation would be inevitable and the dollar would lose its value.
>
> In the week ending July 5, the dollar closed consistently at or
near parity with the Euro. As of this posting it sits at (US) 99
cents and has been hovering there for more than a week. Since various
economic "reforms" from the 1950s to the 1970s removed the dollar
from the gold standard it has been a fiat currency, unconnected to
any measure of intrinsic value. The full faith and credit of the
United States -- along with its military -- have given the dollar its
value. The Euro is partially backed by gold and there have been
lingering but credible rumors for years that the U.S.'s gold reserves
have been moved to Europe.
>
> Soros told Reuters, "But the declines in the markets have gone
somewhat further than what would be the natural consequences of the
previous exuberance.
>
> "The decline in the dollar came as a surprise to me.I attribute
it to lack of confidence in the management of affairs by the United
States, its unilateralism, the pursuit of national self-interests and
not living up to the responsibility of being the dominant financial
power in the world, not taking care of the system."
>
> What is Soros setting us up for? The pumping of the stock market
occurred while Bill Clinton was president. Yet he's blaming Bush. Is
another Herbert Hoover being created before the big crash? The signs
are there. Britain's paper the Independent ran a June 28 story
headlined, "WorldCom scandal: Currencies: Latest Wall Street disaster
sends investors all over the world running for cover." The lead
read, "The U.S, dollar yesterday moved to the brink of free fall, a
nightmare scenario for the world economy, after reverberations from
the WorldCom scandal triggered panic among investors."
>
> That was before the announcements about Reliant and Merck.
>
> The story painted a glum picture. "'This is threatening to become
a disorderly market,' David Bloom, global economist at HSBC
said. 'There's no better way to show loss of confidence in a country
than through its currency.'"
>
> Quoting another financial expert, the Independent reported, "'If
the dollar's decline turns explosive, this could compound the
problems of the U.S. asset markets as currency losses raise fears of
massive capital flight out of the U.S.'"
>
> GOLD
>
> For years the price of gold -- the ultimate smoke alarm signaling
a failing economy -- has been artificially suppressed by paper
traders who are capable of flooding the commodities markets with gold
future options when the price needs to be kept low. Why low? Because
rising gold prices have always signaled inflation and/or a lack of
faith in the financial markets. Years of efforts by the Gold Anti-
Trust Action Committee, or GATA, while not being successful at
halting or fully exposing the artificial manipulation of gold prices
by the Federal Reserve, major banks, the Bank of International
Settlements and major commodities traders, have opened the eyes of
many to overt manipulations in gold pricing.
>
> As one investment banker told me recently, there is five times
more paper gold than there is actual gold out of the ground. If gold
prices ever pop they'll be out of sight.
>
> Over the past year, certainly since 9-11, gold prices have often
moved in exactly the opposite direction (lower) from what conditions
would dictate. The financial effort required to do this requires the
support of powerful state banking institutions and cash to service
the paper. Gold has risen in price from around $280 an ounce nine
months ago to a high of around $327 in recent weeks. That's a return
on investment of 16 percent -- far better than the Dow has done this
year.
>
> In our last economic bulletin FTW noted that the Dow had lost
close to 900 points. Since March of this year it had lost, before the
profit-seeking 300-point rally of July 5, almost 1,600 points. Yet
even as the economic news worsened last week, the price of gold
peaked and then started to fall. As of this writing it sits at $312
an ounce. The gold price dropped as the worst economic news was
hitting the streets. Why?
>
> As one astute gold watcher, Jay Taylor, summed it up in an
October 2000 newsletter, "Every single time there is concern about a
stock market debacle, gold is bombed. Always."
>
> On June 5 GATA described one of the recent moves to "fiddle" with
gold prices. "MiningWeb.com has just reported an explanation for the
plunge in the gold price today. The plunge, MiningWeb says, 'came in
the wake of a large after-market trade in New York last night, with
an unnamed fund liquidating 5,000 futures contracts, a move which
knocked the price first to $326/oz, then to $324/oz, and finally to
$321/oz,.The sale was executed using the 'Access' system on Comex,
which allows for anonymous trading by large funds.'"
>
> There are unmistakable signs of market manipulation now with
regards to both gold and stocks. Who is it that keeps the markets
from correcting, only making the inevitable crash that much worse?
It's called the Plunge Protection Team, or PPT. And now it has to
have the liquidity to flood both the gold and the stock markets with
enough cash to keep the bubbles from bursting. This, at the same time
that major banks like J.P. Morgan/Chase and Citigroup sit atop huge
derivatives bubbles that have been estimated at between $150 trillion
and $300 trillion. Most major U.S. banks have heavy exposure as a
result of the mushrooming financial scandals. All of these bubbles
require cash, and this is the liquidity Mr. Soros is rightly worried
about.
>
> Rep. Ron Paul, R-Texas, has been challenging the gold
manipulation for years. He has been one of the few fiscally sane
voices anywhere on Capitol Hill. His website has a listing of his
writings and much needed legislation he has or is sponsoring.
>
> Only recently have there been signs that the PPT is also working
in the U.S. equity (stock) markets.
>
> THE PLUNGE PROTECTION TEAM
>
> The Washington Post acknowledged the existence of a select group
of four who could and would intervene in markets to prevent massive
capital flight and a run on shares that would cause an economic
collapse if there weren't enough cash to pay out during a massive
sell off. In his Feb. 23, 1997 story headed "Plunge Protection Team,"
Post reporter Brett Fromson identified the Federal Reserve chairman,
the Securities and Exchange Commission chairman, the chairman of the
Commodities Futures Trading Commission, and the secretary of the
Treasury as the team's key players. The intervention of the team in
the 1998 crash of Long Term Capital Management, after it became
wildly overexposed in the gold market, revealed that private
institutions such as Goldman Sachs, J.P. Morgan, Merrill Lynch and
other major banks could be involved as well.
>
> Fromson quoted a former team member as saying, "In a crisis, a
lot of deference is paid to the Fed. They are the only ones with any
money." Or, I might add, the ability to print it.
>
> Pointing to the 1987 stock market crash, the single largest crash
in history, Fromson observed, "The Fed kept the markets going by
flooding the banking system with reserves and stating publicly that
it was ready to extend loans to important financial institutions, if
needed."
>
> On April 5, 2000 New York Post reporter John Crudele reported
that the stock market had turned back from the abyss. After a 500-
point drop that looked like it was leading to a meltdown, ".someone
started buying large amounts of stock index futures contracts through
two major brokerage firms -- Goldman Sachs and Merrill Lynch.Unless
the brokers tell, there is no way of knowing which of their clients
were making the purchases.Then the market rebounded."
>
> Calling it the PPT, Crudele both referred to the 1997 Washington
Post story and suggested that private banks were acting as team
captains.
>
> Gold activist David Guyatt, relying on information obtained from
GATA Chairman Bill Murphy, pointed to the PPT in October 2000. "The
hand of the Plunge Protection Team (PPT) is clearly visible for the
first time. The entire short gold play over the last few years is a
technique that has been used to 'prop up key stocks' and 'fund
futures' operations. In the simplest form it works like this. Borrow
(at negligible interest rates) someone's [America's, Germany's,
Britain's, Goldman Sachs'] gold and sell it in the market. This gives
a handsome pool of near-interest-free dollar cash. Whenever the stock
market looks shaky, or key stocks come under pressure, dive in and
buy, buy, buy.
>
> "But it is not only necessary to manipulate the stock market to
succeed. It is also necessary to manipulate the gold price and keep
the price of gold below the price PPT sold the leased gold for.This
is a game of double jeopardy.The problem the PPT now have is that
there is virtually no more official gold left to borrow," wrote
Guyatt.
>
> The causes of this intervention were a pending NASDAQ crash and
the imminent downgrading of IBM and Intel stocks.
>
> And the PPT's hand has been noted recently from as far away as
Australia. Progressive Review Editor Sam Smith recently quoted a
story by Richard Bromby of the Australian Financial Review:
>
> "At 2:32 Wednesday [June 26, 2002], New York time, something
extraordinary happened at the corner of Wall and Broad streets. The
New York Stock Exchange's Dow Jones industrial index -- struggling
since the opening bell after the WorldCom fraud revelations -- threw
off its problems. From an intraday low of 8,926.6, the Dow shot
skywards to its high of 9,160 at 3:29 PM.Could it be the work of the
much talked about, but never seen, Plunge Protection Team? There is a
belief that this team represents a powerful and secretive hand that
is ready to act at any time the Dow looks ready to tank big-time.
>
> ".London's Observer newspaper last October reported it had
information the plunge team was preparing to spend 'billions of
dollars' to avert a repeat of 1929 and 1987."
>
> The problem is clear: With a strong dollar the PPT has
demonstrated that it has enough cash to suppress gold prices or to
save the stock market. It may not have enough cash to do both --
especially if the dollar were to suddenly lose its value. Then, all
of the chickens that have been locked out will come home to roost
with a vengeance.
>
> As The International Forecaster reported on April 26, "The
American consumer has run out of credit and buying power.All bets are
off if the housing and credit bubbles break and that's a distinct
possibility.Debtor's prison is drawing nearer. House and Senate
conferences are deciding on a new set of rules for Chapter 7
bankruptcy.If the Plunge Protection Team weren't manipulating the
market with all these scandals, the Dow would already be at 4,500."
>
> REALIZING THE EXTENT OF THE DESTRUCTION
>
> Not all of the money looted from American taxpayers is going to
support the PPT market manipulations. A lot of it is just being
stolen.
>
> According to the Standard and Poor's website, "domestic equity
allocation" (stock market) of U.S. pension fund investments was near
50 percent by the end of the 1990s. It has topped 50 percent since
then.
>
> Before the 2000 presidential election, candidate George W. Bush
promised that he would tap the Social Security Trust Fund only in the
event of war, recession or national emergency. On Sept. 11, he was
quoted by his budget director, Mitch Daniels, as saying, "Lucky me! I
hit the trifecta!"
>
> It's not a question about stealing a little here and a little
there. It's a question about open, full-scale looting -- but only
from the pockets of the American people who, in my opinion, will soon
have almost nothing left. Let's look at the hard numbers of what has
been taken and from where. These numbers are by no means exhaustive.
It's just what we know about.
>
> $34 Billion - Social Security in 2001 (USA Today/Washington
Post)
>
> $160 Billion - Social Security in 2002 (est.) (House Budget
Committee)
>
> $42 Billion - Federal Employees Retirement System (Wall Street
Journal 6/13/02)
>
> (to Meet 2002 budget
deficits)
>
> $2 Billion - Civil Service Retirement and Disability Fund
(ibid)
>
> $1,100 Billion - Stolen from the Dept. of Defense -- 1999 (Cong.
Record and Insight
Magazine)
>
> $2.3 Billion - Stolen from the Dept. of Defense -- 2000 (CBS
News)
>
> $59 Billion - Stolen from HUD -- 1999 (Cong.
Record)
>
> $600 Billion - Shareholder Equity Lost to Financial Fraud -- 2002
(Fox)
>
> $4,297 Billion - TOTAL
>
>
>
> Pending Thefts:
>
> $845 Billion - Social Security (by 2010) (Washington Post citing
Cong. Budget Office figures)
>
> An anecdotal story reveals the damage to pension funds. If you
think that Social Security will be a safety net, please read the
above section again. Of course we all know about the Enron employees
who were wiped out. But according to the New York Times on April 3,
New York City's pension system has lost $9 billion in the wake of
recent stock scandals. Imagine the impact if local governments
declared bankruptcy or defaulted on their pension obligations. It has
been estimated that the California state employee retirement system
(CALPERS) has more than 90 percent of its money invested in the stock
market.
>
> A WORD ABOUT HOUSING
>
> Most Americans believe that their homes are their last, best
retirement insurance. Yet many Americans have mortgaged their homes
for 120 percent of value. Their loans are backed with the full faith
and credit of the U.S. government through various agencies such as
Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Housing
Authority.
>
> The International Forecaster has predicted that "40 percent of
Fannie and Freddie's loans are going to come back and haunt them. We
envision an S&L type bailout of $2.4 trillion down the road. This
will be the biggest financial disaster in history."
>
> The full faith and credit of the U.S. government lie behind these
home loans. If the homeowners go broke in an economic crash, they
default. If the U.S. government goes broke -- before or after that
point -- it defaults, and the holders of U.S. debt ultimately have
the right (especially under WTO and globalization) to foreclose on
the collateral -- your home loans. In the worst case scenario most of
the United States could legally be owned by all of the countries
holding U.S. debt -- better described as T-Bills, or U.S. gold, or
U.S. stocks.
>
> CONCLUSION
>
> The Great Depression was not an event that wiped out U.S.
capitalists. It was an event that made the rich even richer by
transferring the wealth of the people into the hands of the wealthy.
Legendary is Bank of America's rise to affluence through real estate
foreclosures from 1929-37. Don't believe for a minute that the
richest of the rich will be hurt by the coming collapse. The only
ones hurt will be you and me.
>
> George Soros is a member of the Bilderberger Group, a collection
of the wealthiest individuals on the planet. It includes, from the
U.S., both Democrats and Republicans, and from Europe and Asia the
richest "old" money that can be found. U.S. participants in this
year's conference included David Rockefeller, Henry Kissinger, former
Treasury Secretary Larry Summer, former CIA Director John Deutch and
George Soros. It was just after this year's meeting which ended in
early June, that all of the revelations about corporate fraud started
to really hit the news. One wonders if it had been on the agenda.
>
> I also note sadly a recent financial report from the Denver area
stating that mortgage foreclosures were going through the roof. This,
at the same time that Reuters (July 2, 2002) reported that corporate
layoff announcements had risen by 12% in one month. In this context
Bush's tax cuts seem worse than bad judgment. As former Ass't
Secretary of Housing Catherine Fitts pointed out to me in a last
minute e-mail, "By 2010, when (and if) the Bush tax reductions are
fully in place, an astonishing 52 per cent of the total tax cuts will
go to the richest one per cent. Put another way, of the estimated
$234 billion in tax cuts scheduled for the year 2010, $121 billion
will go to just 1.4 million taxpayers."
>
> Unless you can convince me that gravity might suddenly reverse
direction, this collapse is inevitable and imminent. It will be
unspeakably brutal. How long do we have? Maybe weeks. Maybe months.
Maybe only days. But the house of cards is already starting to
collapse all around us. A major terrorist attack, the folly of an
invasion of Iraq or a nuclear exchange between India and Pakistan
would only be a momentary diversion from a much greater tragedy.
>
>
>
>
> Suggested Resources:
>
> www.sandersresearch.com
>
> www.solari.com
>
> www.gata.org
>
> http://www.house.gov/paul/
>
>
>
>
>
> * -- Enron, WorldCom, QWest, Tyco, ImClone, Martha Stewart (the
company), Global Crossing, Dynegy, CMS Energy, El Paso, Halliburton,
The Williams Co., Clear Channel (which owns approximately 1,200 radio
stations), Adelphia, Reliant, Motorola and Merck. [Source: CNN and
various news services]
>
>
>
> Please let us stay on topic and be civil.
> To unsubscribe please go to http://groups.yahoo.com/group/cia-
drugs
> -Home Page- www.cia-drugs.org
> OM
>
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