Thursday, 27 May 2004 Column: Catherine Austin Fitts
America’s Black Budget & the Manipulation of Mortgage & Financial Markets
Investors benefit from understanding the federal budget, credit policies and covert intervention that drive markets — often overriding fundamental economics. How has the US governmental apparatus become so powerful in the marketplace and what does it mean to the health of our economy? How unstable is the mortgage bubble and where are the opportunities for investors if the bubble bursts?
For providing us with a transcript of the show, special thanks to one of Jim Puplava’s Financial Sense NewsHour listener, Glenn Assheton-Smith, and his fellow investors at the http://www.siliconinvestor.com forums:
Epic American Credit and Bond Bubble Laboratory Forum http://www.siliconinvestor.com/stocktalk/subject.gsp?subjectid=54034
Ride the Tiger with CD Forum http://www.siliconinvestor.com/stocktalk/subject.gsp?subjectid=54430
Catherine, we’ve seen a lot of information and a lot of concern on Wall St. about the Mortgage markets. We’ve seen consumers take on more debt when it comes to taking on bigger mortgages, refinance. But this story gets much bigger than just the credit itself.
CA: Sure. Where would you like to start?
JP: (Laughter) Well, let’s talk about black budgets and how the manipulation takes place in the mortgage and financial markets.
CA: OK. Let me start off with a story. When I became Assistant… Continue reading
by Naomi Klein
September 22, 2008
I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived,
along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place…).
The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to “return to a Reagan-Thatcher policy of economic growth through fundamental reforms.” In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow “competition” (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling.
It would be a grave mistake to underestimate the right’s ability to use this crisis — created by deregulation and privatization — to demand more of the same. Don’t forget that Newt Gingrich’s 527 organization, American Solutions for Winning the Future, is still riding the wave of success from its offshore drilling campaign, “Drill Here, Drill Now!” Just four months ago,offshore drilling was not even on the political radar and now the U.S. House of Representatives has passed… Continue reading
by Luke Ryland
September 5, 2008
In last Monday’s New York Times, David Sanger and William Broad wrote a front-page article about the CIA’s involvement in the nuclear black market.
The article demonstrates (again) that the New York Times, Sanger & Broad in particular, has simply become a mouthpiece for the government (see my previous articles 1, 2, 3) but they did let one fact slip through to the readership. I can only presume that the slip was accidental, because they don’t appear to have understood the ramifications of what they reported:
The US Government is covering up the fact that US citizens and entities are involved in the nuclear black market.
Three members of the Tinner family in Switzerland were key suppliers to AQ Khan’s nuclear black market ring. They were arrested in 2004 and have been awaiting trial but the US government has been trying to sabotage the Swiss trial because “compromising and embarrassing information about the CIA’s activities with the Khan network” would be exposed if the trial were to proceed.
The New York Times reported that in July 2007, the Swiss Justice Minister came to the US to discuss the case with high-level US officials, apparently to find a mutually-acceptable arrangement regarding how to deal with the Tinner case.
According to an anonymous former Bush administration official:
“The State Department wanted the bomb plans destroyed as a way to stem nuclear proliferation, while the C.I.A. wanted to… Continue reading
by Chalmers Johnson
Source URL: http://www.tomdispatch.com/post/174959/chalmers_johnson_warning_mercenaries_at_work
Most Americans have a rough idea what the term “military-industrial complex” means when they come across it in a newspaper or hear a politician mention it. President Dwight D. Eisenhower introduced the idea to the public in his farewell address of January 17, 1961. “Our military organization today bears little relation to that known by any of my predecessors in peacetime,” he said, “or indeed by the fighting men of World War II and Korea We have been compelled to create a permanent armaments industry of vast proportions We must not fail to comprehend its grave implications We must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex.”
Although Eisenhower’s reference to the military-industrial complex is, by now, well-known, his warning against its “unwarranted influence” has, I believe, largely been ignored. Since 1961, there has been too little serious study of, or discussion of, the origins of the military-industrial complex, how it has changed over time, how governmental secrecy has hidden it from oversight by members of Congress or attentive citizens, and how it degrades our Constitutional structure of checks and balances.
From its origins in the early 1940s, when President Franklin Delano Roosevelt was building up his “arsenal of democracy,” down to the present moment, public opinion has usually assumed that it involved more or less equitable relations — often termed a “partnership” — between the high command and civilian overlords of the United States military and… Continue reading
FISCAL COMMENTARY: Follow the Money? God forbid.
Why was the cashing out of billions of dollars just before the 9/11 attacks never investigated? by Jim Hogue
From the Baltimore Chronicle’s Fiscal Commentary pages…
Had an investigation been done into the crime of failing to file the “currency transaction reports” in August 2001, then we would know who made the cash withdrawals in $100 bills amounting to the $5 billion surge. It’s been over six years since 9/11, but U.S. regulatory entities have been slow to follow through with reports about the complex financial transactions that occurred just prior to and following the attacks. Such research could shed light on such questions as who was behind them—and who benefited—and could help lay to rest the rumors that have been festering.
Warning bells about anomalies in the fiscal sector were sounded in the summer of 2001, but not heeded. Among those who has since raised questions was Bill Bergman. As a financial market analyst for the Federal Reserve, he was assigned in 2003 to review the record of July and August of 2001. He noticed an unusual surge in the currency component of the M1 money supply (cash circulating outside of banks) during that period. The surge totaled over $5 billion above the… Continue reading
By Greg Palast
April 21, 2008
Psst! George Bush has a secret
While you Democrats are pounding each other to a pulp in Pennsylvania, the President has snuck back down to New Orleans for a meeting of the NAFTA Three: the Prime Minister of Canada and the President of Mexico.
You’re not supposed to know that — for two reasons:
First, the summit planned for the N.O. two years back was meant to showcase the rebuilt Big Easy, a monument to can-do Bush-o-nomics. Well, it is a monument to Bush’s leadership: The city still looks like Dresden 1946, with over half the original residents living in toxic trailers or wandering lost and broke in America.
The second reason Bush has kept this major summit a virtual secret is its real agenda – and the real agenda-makers. The names and faces of the guys who called the meeting must remain as far out of camera range as possible: The North American Competitiveness Council.
Never heard of The Council? Well, maybe you’ve heard of the counsellors: the chief executives of Wal-Mart, Chevron Oil, Lockheed-Martin and 27 other multinational masters of the corporate universe.
And why did the landlords of our continent order our presidents to a three-nation pajama party? Their agenda is “harmonization.”
FEMA Trailer Parks: Harmonization has nothing to do with singing in fifths like Simon and Garfunkel.
Harmonization means making rules and regulations the same in all three countries.… Continue reading
By Haaretz Service and Reuters
The Israeli newspaper Ma’ariv on Wednesday reported that Likud leader Benjamin Netanyahu told an audience at Bar Ilan university that the September 11, 2001 terror attacks had been beneficial for Israel.
“We are benefiting from one thing, and that is the attack on the Twin Towers and Pentagon, and the American struggle in Iraq,” Ma’ariv quoted the former prime minister as saying. He reportedly added that these events “swung American public opinion in our favor.”
Netanyahu reportedly made the comments during a conference at Bar-Ilan University on the division of Jerusalem as part of a peace deal with the Palestinians.
Meanwhile, Iran’s President Mahmoud Ahmadinejad cast doubt over the veracity of the September 11 attacks Thursday, calling it a pretext to invade Afghanistan and Iraq.
“Four or five years ago, a suspicious event occurred in New York. A building collapsed and they said that 3,000 people had been killed but never published their names,” Ahmadinejad told Iranians in the holy city of Qom.
“Under this pretext, they [the U.S.] attacked Afghanistan and Iraq and since then, a million people have been killed only in Iraq.”
Speaking Wednesday at a news conference on the Iran threat, Netanyahu compared Ahmadinejad to Adolf Hitler and likened Tehran’s nuclear program to the threat the Nazis posed to Europe in the late 1930s.
Netanyahu said Iran differed from the Nazis in one vital respect, explaining that “where that [Nazi] regime embarked on a global conflict before it developed nuclear weapons,” he said.…Continue reading
By Robert O’Harrow Jr.
Wednesday, April 2, 2008
Intelligence centers run by states across the country have access to personal information about millions of Americans, including unlisted cellphone numbers, insurance claims, driver’s license photographs and credit reports, according to a document obtained by The Washington Post.
One center also has access to top-secret data systems at the CIA, the document shows, though it’s not clear what information those systems contain.
Dozens of the organizations known as fusion centers were created after the Sept. 11, 2001, terrorist attacks to identify potential threats and improve the way information is shared. The centers use law enforcement analysts and sophisticated computer systems to compile, or fuse, disparate tips and clues and pass along the refined information to other agencies. They are expected to play important roles in national information-sharing networks that link local, state and federal authorities and enable them to automatically sift their storehouses of records for patterns and clues.
Though officials have publicly discussed the fusion centers’ importance to national security, they have generally declined to elaborate on the centers’ activities. But a document that lists resources used by the fusion centers shows how a dozen of the organizations in the northeastern United States rely far more on access to commercial and government databases than had previously been disclosed.
Those details have come to light at a time of debate about domestic intelligence efforts, including eavesdropping and data-aggregation programs at the National Security Agency, and whether the government has enough protections in… Continue reading
According to Jessica Lee of Indypendent and Kamau Karl Franklin of the Center for Constitutional Rights, the Homegrown Terrorism Prevention Act was penned with plenty of help from the RAND Corporation.
“Rep. Jane Harman, Democrat from California, has had a lengthy relationship with the Rand Corporation,” Lee tells Democracy Now, although she was unable to determine if RAND wrote the bill. On the 12th anniversary of the OKC bombing, Rep. Harman, as chair of the Homeland Security Subcommittee on Intelligence, Information Sharing and Terrorism Risk Assessment, introduced the bill in the House of Representatives.
“The ‘Homegrown Terrorism Prevention Act of 2007′ seeks to address the roots causes of radicalization, and would establish a grant program to provide funds to States to foster badly needed vertical information sharing from the Intelligence Community to the local level and from local sources to state and federal agencies,” explains Harman’s website. “It also creates a Center of Excellence for the Prevention of Radicalization and Home Grown Terrorism to examine the social, criminal, political, psychological and economic roots of domestic terrorism and to propose solutions, and promotes international collaboration on strategies to combat radicalization.”
Franklin mentions Brian Michael Jenkins, an “expert” on “terrorism, counterinsurgency, and homeland security,” according to RAND. Jenkins is “someone who helped the United States in counterinsurgency measures in Vietnam,” states Franklin. “In addition to that, he wrote a book, and in his own book” Jenkins declared that “in their international campaign, the jihadists will seek common ground… Continue reading
The Fourth Amendment
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Retroactive immunity for telecom companies who engaged in illegal spying at the behest of the NSA is at the heart of a bill currently being considered by the Senate Judiciary Committee. The bill, even before having been officially introduced, is being hotly debated by bloggers, electronic privacy groups, and civil libertarians, as well as presidential contenders (CT Senator Chris Dodd has actually posted a petition at his election website, encouraging readers to support his threatened “hold” on the bill). We should compare the issues involved here with the retroactive immunity provided CIA interrogators in the September, 2006 Military Commissions Act, who could otherwise have been accused of war crimes.
Below, we direct readers to an important series of programs from PBS’ Frontline to help readers investigate the background of this issue, and a deeper consideration of some of what’s at stake in continually ceding power to a rogue Executive bent on dissolving the few civil liberties which currently remain untouched.
Lest readers be swayed by the Administration’s repeated argument that “9/11 makes this necessary,” the Rocky Mountain News reported (emphasis added) on October 11, 2007 that this spying was underway well before 9/11/01:
… Continue reading
“The National Security Agency and other government agencies retaliated against Qwest because the Denver telco refused to go along with a phone spying program, documents released Wednesday suggest.
Submitted by Jon Gold
Some of you may have noticed that I have started a new “Who Is?” series with regard to 9/11. The reason I started this was because I thought too much emphasis was being placed on the physical aspects of 9/11, and not enough on the background information, the people who may have had something to do with it, the people who participated in the cover-up, the whistleblowers, the family members, the people who represent discrepancies, and so on.
I am using the work compiled by Paul Thompson at www.cooperativeresearch.org. There are links available to each of the stories sourced on the original website. Unfortunately, it’s just too much work to duplicate what Paul and others have done with regard to links. I want to thank them all for their tremendous efforts.
I also want people to know that the information provided is not the “end all/be all” of 9/11. However, it is most definitely an excellent starting point.
Here are the articles archived. As more are produced, they will be added here.
Who Is Jack Abramoff?
Who Is Elliott Abrams?
Who Is David Addington?
Who Is Lt. Gen. Mahmood Ahmed?
Who Is Omar Al-Bayoumi?
Who Was Khalid Almihdhar?
Who Is Prince Turki Al-Faisal?
Who Is Ahmed Al-Hada? With Introduction By Kevin Fenton
Who Was Nawaf Al-Hamzi?
Who Is Yassin al-Qadi?
Who Is Michael Anticev?
Who… Continue reading
Helicopter Ben Unleashes Dollar Hyperinflation:
Fed Atempts to Bail Out Bankrupt Wall Street Speculators; Cheney Demands Staged Terror Attacks, War with Iran
By Webster G. Tarpley
Monday, August 13, 2007
Washington DC – August 12, 2007 – By deciding to ante up $38 billion for a hopeless bailout of predatory Wall Street hedge funds and the banks that stand behind them, Federal Reserve Chairman Helicopter Ben Bernanke has placed the bankrupt US dollar on a direct course towards the precipice of hyperinflation. In so doing, he has given new momentum to the backers and controllers of Dick Cheney, who favor an insane flight forward into general war with Iran, deluding themselves that they can thus escape from both military defeat in Iraq and Afghanistan, and from the death agony of the dollar.
On August 9-10, the European Central Bank, the Bank of Japan, the Federal Reserve, plus the central banks of Australia, Norway, Switzerland, and other countries “injected” the equivalent about a third of a trillion dollars ($325 billion) into the money systems of the world. The Bank of Japan handed out a dramatic ¥ 1 trillion, about $8.5 billion. The European Central Bank showed signs of panic, or of realism, by spewing out about € 160 billion over two days. Their goal was to stave off a spreading panic at bond trading desks and in the capital markets of the world about junk bonds, collateralized debt obligations (CDOS), mortgage backed securities, and other paper debt instruments. At about 9… Continue reading
by Jeff Wells
They say I shot a man named Gray and took his wife to Italy.
She inherited a million bucks and when she died it came to me.
I can’t help it if I’m lucky. – Bob Dylan
This may be old news to you, but just a quick note here of something I’d missed about Flight 77, thanks to “Bismillah” and the RI forum, that I hope you won’t miss, too.
At least among those with a mind for such things, it’s fairly well-remembered that on September 10, 2001, Donald Rumsfeld made the shocking announcement that the Pentagon “couldn’t track” $2.3 trillion of its transactions. “Iroquois” observes, “What’s interesting to me is that he made his press release on a Monday. In DC, I always see bad news given on a Friday, usually late in the afternoon on Friday. The exception, of course, would be when someone happens to know that there is a far bigger story coming out.”
And we know that Flight 77, allegedly piloted by an incompetent, made an aerobatic, spiralling descent over Washington, effecting a 270-degree turn to strike the Pentagon from a western approach at ground level. The side struck was the only one with an exterior wall hardened against attack, and was relatively empty while renovation continued.
Relatively. The unfortunate construction workers perished outside, but who were the expendables within?
NINE-ONE-ONE — This three number combination is etched into the public psyche and instantly conjures up images of America’s most recent Day of Infamy. The images of chaos and terror were speedily delivered via satellite to anyone near a television set. At first, these images burst into the minds of the TV audience without context, but television viewers were not left long to worry their beautiful minds with troublesome questions like: “Who perpetrated these crimes?”
The narrative vacuum was quickly filled by the “official” story. This version of the events of 9/11 is forever enshrined in the volume known as The 9/11 Commission Report.
Proceeding apace with the development of the official story was an entire universe of unofficial stories. These alternative points of view were helpfully framed by President George Walker Bush on November 10th, 2001:
“We must speak the truth about terror. Let us never tolerate outrageous conspiracy theories concerning the attacks of September the 11th; malicious lies that attempt to shift the blame away from the terrorists, themselves, away from the guilty.” (1)
More than a few watching the President address the UN that day were puzzled by the phrase “outrageous conspiracy theories” regarding 9/11. As they logged on to their dial-up Internet connections that evening, trying to understand what the President was talking about, they were privy to the nascent chatter that over time has morphed into a kaleidoscope of alternative narratives, fueled by 9/11 skepticism.
As new… Continue reading
REASONS TO DOUBT THE OFFICIAL STORY OF SEPTEMBER 11th, 2001
… An outline in simple talking points …
We are continuing to compile the best documentation links for every single point on this page, and intend to post the updated version as soon as possible, and create teaching tools and more from the info. This is a significant and time-consuming process–if you have useful links, please send them to janice[at]911truth[dot]org. Thanks for your help!
If you use the search function with title key words, you will discover that 911Truth.org is home to articles backing virtually every point made below. Much of the basic research is available at the Complete 9/11 Timeline (hosted by cooperativeresearch.org), the 9/11 Reading Room (
911readingroom.org), and the NY Attorney General Spitzer petition and complaint (Justicefor911.org). For physical evidence discussion, see Point 7.
THE DAY ITSELF – EVIDENCE OF COMPLICITY
1) AWOL Chain of Command
a. It is well documented that the officials topping the chain of command for response to a domestic attack – George W. Bush, Donald Rumsfeld, Richard Myers, Montague Winfield, Ralph Eberhart – all found reason to do something else during the actual attacks, other than assuming their duties as decision-makers.
b. Who was actually in charge? Dick Cheney, Richard Clarke, Norman Mineta and the 9/11 Commission directly conflict in their accounts of top-level response to the unfolding events, such that several (or all) of them must be lying.… Continue reading
The 9/11 Commission made “dramatic changes” to its final report to omit information about the role of Pakistan, according to The Friday Times, a Pakistani weekly. After learning that the report would contain damaging revelations, the Pakistani government dispatched lobbyists to Washington to influence the 9/11 Commission, and may have even paid bribes to Commission members or their staff, the weekly says, citing an official at the Pakistani Foreign Office. “The disclosure sheds doubt on the integrity and honesty of the members of the 9/11 Inquiry Commission and above all on the authenticity of the information in their final report,” according to one source cited by the weekly.
The story was picked up yesterday by The Telegraph of Calcutta, India and is now shooting around the blogosphere. We cannot vouch for its veracity, but we can guess at the sort of information that both the US and the Pakistani government might have wanted to omit from The 9/11 Commission Report:
For example, prior to Sept. 11 the chief of the Pakistani intelligence agency ISI allegedly approved a $100,000 wire transfer to a certain Mohamed Atta. Yet the same ISI chief, Mahmud Ahmed, was in Washington for a working visit to his counterparts in the US government for more than a week prior to Sept. 11. On the morning of 9/11 itself, he was having breakfast at the Capitol with the future congressional investigators of the September 11th events. These alleged investigators, Porter Goss and Bob Graham, somehow failed… Continue reading
Recall Donald Rumsfeld chose the date of September 10, 2001 to announce that a Pentagon audit, ordered by Undersecretary Dov Zakheim and conducted by a Halliburton subsidiary, had discovered that the Defense Department can no longer account for $2.3 trillion in past transactions. (Note: You are not hallucinating: two point three trillion dollars, or the equivalent of six annual Pentagon budgets.)
This matter was presented by CBS as a question of waste and incompetence, as though it were possible to lose $2.3 trillion under a couch somewhere. (It had earlier been covered on PBS in February 2001. Interestingly, the Bush Administration did not seek to place any blame on the Clinton administration for the missing assets, which should prompt questions about how much of the shortfall was invented in the course of the audit itself.)
One day after Rumsfeld’s admission of Sept. 10, this mother-of-all-scandals in the making disappeared from the corporate media’s vision. For good.
The comptroller who arrived at the figure, Dov Zakheim, was a primary author of the infamous Project for a New American Century manifesto of September 2000, “Rebuilding America’s Defenses.” This detailed a manic plan for US military domination of the world and re-ordering of the Middle East, observing that this process might require a “new Pearl Harbor” before Americans were willing to pay the costs.
And what was Zakheim’s explanation for the missing 2.3 trillion? His testimony to the House Budget Committee (July 11, 2002) begins as follows: