_____ From: EcoTort Theatre [mailto:[email protected]] Sent: Friday, January 30, 2009 3:34 PM To: undisclosed-recipients: Subject: THE END OF PRIVATE CENTRAL BANKING.....NATIONALISE THE BANKS ?
By Kent Welton <http://www.opednews.com/articles/THE-END-OF-PRIVATE-CENTRAL-by-Kent-Welton- 090129-407.html> THE END OF PRIVATE CENTRAL BANKING The private "Federal" Reserve and its big bank owners are the main culprits and root cause in the creation of inflation and depression via the expansion and contraction of money. The business cycle, and its magnified boom-bust periods, is largely a creature of monetary policies geared to private interests, with little or no public interest imput. Its time to take back our central bank. ================== <http://www.opednews.com/populum/link.php?id=81320> Corruption And The Global Financial Crisis One neglected dimension of political corruption is "state capture," or just "capture." In this scenario, powerful companies (or individuals) bend the regulatory, policy and legal institutions of the nation for their private benefit. This is typically done through high-level bribery, lobbying or influence peddling. The cost to society of bribing a bureaucrat to obtain a permit to operate a small firm pales in comparison with, ======================== <http://www.opednews.com/populum/link.php?id=81395> The Great Depression Was Not Accidental "(The Great Depression resulting from the Stock Market crash) was not accidental. It was a carefully contrived occurrence....The international bankers sought to bring about a condition of despair here so they might emerge as rulers of us all." Louis McFadden (1876-1936) US Congressman (R-PA) (1915-1935), Chairman of House Banking and Currency Committee. Poisoned in 1936. Here we go again! By Scott Baker So too was the Asean Financial crisis =================== <http://www.opednews.com/articles/Where-the-next-2-Trillion-by-Scott-Baker-0 90129-12.html> Where The Next 2 Trillion Is Going To Open your wallets and purses - the bankers need another 1-2 trillion. There's no time to waste; Obama could propose this as early as next week to prop up the insolvent banking system ==================== By Paul Craig Roberts <http://www.opednews.com/articles/Astonishing-Incongruities-by-Paul-Craig-Ro berts-090128-325.html> Astonishing Incongruities: Is It Time To Bail Out Of The US? California State Controller John Chiang announced on January 26 that California's bills exceed its tax revenues and credit line and that the state is going to print its own money known as IOUs. The template is already designed. ================== Taleb Says Nationalize Banks, You Can't Trust Them January 29th, 2009 3:55 pm By Svenja O'Donnell and Francine Lacqua. Jan. 29 (Bloomberg <http://www.bloomberg.com/apps/news?pid=20601087&sid=asvQUPgW.EZY&refer=home > ) -- Bank nationalizations are "absolutely necessary" to stop them damaging the financial system further with more losses, said Nassim Nicholas Taleb, author of the best-selling finance book "The Black Swan." "You cannot trust the banks in taking risks," Taleb said in an interview with Bloomberg Television in Davos. "We have a very strange situation in which it's the worst of capitalism and socialism, a situation in which profits were privatized and losses were socialized. We taxpayers have the worst." The global economy will slow close to a halt this year as more than $2 trillion of bad assets in the U.S. help sink economies from there to the U.K. and Japan, the International Monetary Fund said yesterday. Taleb echoed comments from New York University Professor Nouriel Roubini, who says the majority of U.S. banks are insolvent. "You have to eventually nationalize U.S. banks, you have to take the problem by the horns," Roubini told Bloomberg Television in Davos today. "In my view actually most of the U.S. banking system is insolvent." Roubini, a former economist in President Bill Clinton's White House, predicted the financial crisis as early as July 2006. Last February he forecast a "catastrophic" meltdown that central bankers would fail to prevent, leading to the bankruptcy of large banks with mortgage holdings. Black Swans Rare and unforeseen events are known as "black swans," after Taleb's book, "The Black Swan: The Impact of the Highly Improbable." It was published in May 2007, about three months before the credit crunch rocked global markets and led banks to announce more than $1 trillion of writedowns and credit losses. "We should not trust these bankers; look at their track record," Taleb said. "They know we're going to bail them out. They hold us as hostages" and "the only way to stop the process is for the government to own those banks, tell them what to do." Taleb today signaled he favors curbs on the trading of some financial instruments. House of Representatives Agriculture Committee Chairman Collin Peterson of Minnesota circulated an updated draft bill yesterday that would ban credit-default swap trading unless investors owned the underlying bonds. That might prohibit most trading in their $29 trillion market. "I don't like credit default swaps," Taleb said. "We should probably stop trading derivatives, anything more complex than regular options" because "I am an options trader, and I don't understand options. How do you expect a regulator to understand them?" As the founder of New York-based Empirica LLC, a hedge-fund firm he ran for six years before closing it in 2004, Taleb built a strategy based on options trading to bullet-proof investors from market blowups while profiting from big rallies. He now advises Universa Investments LP, a Santa Monica, California-based firm opened in 2007 by Mark Spitznagel, Taleb's former trading partner, using some of the same strategies they'd run since 1999. Other items in this section * Latest News <http://www.michaelmoore.com/words/latestnews/> * In The News <http://www.michaelmoore.com/words/mikeinthenews/> * The '06 Fix <http://www.michaelmoore.com/words/the06fix/index.php> * Katrina Updates <http://www.michaelmoore.com/mustread/covington.php> * Rosa Parks Day E-mails <http://www.michaelmoore.com/words/rosaparksday.php> * Facts in Mike's Films <http://www.michaelmoore.com/sicko/checkup/> More of Latest News January 29th, 2009 4:50 pm Obama calls $18B in Wall St. bonuses <http://www.michaelmoore.com/words/latestnews/index.php?id=13284> 'shameful' January 29th, 2009 3:55 pm Taleb Says Nationalize Banks, You <http://www.michaelmoore.com/words/latestnews/index.php?id=13283> Can't Trust Them January 29th, 2009 11:58 am Massive Strike Closes France <http://www.michaelmoore.com/words/latestnews/index.php?id=13282> January 29th, 2009 11:32 am CIA Station Chief in Algeria Accused <http://www.michaelmoore.com/words/latestnews/index.php?id=13281> of Rapes January 29th, 2009 8:29 am FBI saw mortgage fraud early <http://www.michaelmoore.com/words/latestnews/index.php?id=13280> January 29th, 2009 5:52 am Troubled Times Bring Mini-Madoffs to <http://www.michaelmoore.com/words/latestnews/index.php?id=13278> Light January 29th, 2009 5:50 am What Red Ink? Wall Street Paid Hefty <http://www.michaelmoore.com/words/latestnews/index.php?id=13277> Bonuses January 28th, 2009 8:26 pm Salmonella Was Found at Peanut Plant <http://www.michaelmoore.com/words/latestnews/index.php?id=13276> Before January 28th, 2009 7:44 pm House Passes Obama's Stimulus Package <http://www.michaelmoore.com/words/latestnews/index.php?id=13275> January 28th, 2009 1:36 pm Boots of fallen soldiers bring home <http://www.michaelmoore.com/words/latestnews/index.php?id=13274> impact of war Mike's Latest News Archive <http://www.michaelmoore.com/words/latestnews/index.php?archive=show> *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. 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