Monthly Archives: September 2013
Experts say institutions will grab deposits without warning28 Sep 2013 by Clark Kent
With the United States facing a $17 trillion debt and an acidic debate in Washington over raising that debt limit on top of a potential government shutdown, Congress could mimic recent European action to let banks initiate a “bail-in” to blunt future failures, experts say.
Previously the federal government has taken taxes from consumers, or borrowed the money, to hand out to troubled banks. This could be a little different, and could allow banks to reach directly into consumers’ bank accounts for their cash.
Authority to allow bank “bail-ins” would be in lieu of approving any future taxpayer bailouts of banks that would be in dire need of recapitalization in order to survive.
Some financial experts contend that banks already have the legal authority to confiscate depositors’ money without warning, and at their discretion.
Financial analyst Jim Sinclair warned that the U.S. banks most likely to be “bailed-in” by their depositors are those institutions that received government bail-out funds in 2008-2009.
Such a “bail-in” means all savings of individuals over the insured amount would be confiscated to offset such a failure.
“Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’ (of Lehman Brothers),” Sinclair said. “Not only can it happen here, but it will happen here.
“It stands on legal grounds by legal precedent both in the U.S., Canada and the U.K.”
Sinclair is chairman and chief executive officer of Tanzania Royalty Exploration Corp. and is the son of Bertram Seligman, whose family started Goldman Sachs, Solomon Brothers, Lehman Brothers, Bache Group and other major investment banking firms.
Some of the major banks which received federal bailout money included Bank of America, Citigroup and JPMorgan Chase.
“When major banks fail, they are going to bail them out by grabbing the money that is in your bank accounts,” according to financial expert Michael Snyder. “This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the Western world.”
Given the dire financial straits the U.S. finds itself in, these financial experts say that Congress could look at the example of the European Parliament, which recently started to consider action that would allow banks to confiscate depositors’ holdings above 100,000 euros. Generally, funds up to that level are insured.
Finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.
Depositors with less than 100,000 euros would be protected. Considering protection of small depositors a top priority, the E.U. ministers took pride in saying that their action would shield them.
“The E.U. has made a big step towards putting in place the most comprehensive framework for dealing with bank crises in the world,” said Michel Barnier, E.U. commissioner for internal market and services.
The plan as approved outlines a hierarchy of rescuing struggling banks. The first will be bondholders, followed by shareholders and then large depositors.
Among large depositors, there is a hierarchy of whose money would be selected first, with small and medium-sized businesses being protected like small depositors.
“This agreement will effectively move us from ad hoc ‘bail-outs’ to structured and clearly defined ‘bail-ins,’” said Michael Noonan, Ireland’s finance minister.
The European Parliament is expected to finalize the plan by the end of the year.
The purpose of this “bail-in,” patterned after the Cyprus model, is to offset the need for continued taxpayer bailouts that have come under increasing criticism of the more economically well-off countries such as Germany.
Last March, Cyprus had agreed to tap large depositors at its two leading banks for some 10 billion euros in an effort to obtain another 10 billion European Union bailout.
While this action prevented the collapse of Cyprus’ two top banks, the Bank of Cyprus and Popular Bank of Cyprus, it greatly upset depositors with savings more than 100,000 euros.
WND recently revealed that the practice of “bail-ins” by Cyprus a year ago was beginning to spread to other nations as large depositors began to see their balances plunge literally overnight.
A “bail-in,” as opposed to a bailout that countries especially in Europe have been seeking from the International Monetary Fund and the European Union, is a recognition that such outside monetary injections won’t be forthcoming.
Sinclair said that the recent confiscation of customer deposits in Cyprus was not a “one-off, desperate idea of a few Eurozone ‘troika’ officials scrambling to salvage their balance sheets.”
“A joint paper by the U.S. federal Deposit Insurance Corporation (FDIC) and the Bank of England (BOE) dated December 10, 2012 shows, that these plans have been long in the making, that they originated with the G20 Financial Stability Board in Basel, Switzerland, and that the result will be to deliver clear title to the banks of depositor funds,” Sinclair said.
He pointed that while few depositors are aware, banks legally own the depositors’ funds as soon as they are put in the bank.
“Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay,” Sinclair said.
“But until now, the bank has been obligated to pay the money back on demand in the form of cash,” he said. “Under the FDIC-BOE plan, our IOUs will be converted into ‘bank equity.’ The bank will get the money and we will get stock in the bank.”
“With any luck,” Sinclair said, “we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.”
Such plans already are being used, or under consideration, in New Zealand, Poland, Canada and several other countries.
By Robert Romano
“I want to be absolutely crystal clear — any bill that defunds Obamacare is dead. Dead.”
That was Senate Majority Leader Harry Reid (D-Nev.) telling reporters last week that there would not be the votes to pass a House Republican plan to defund the health care law via the continuing resolution.
Something he and his colleagues might consider, however, is that that really cuts both ways.
Republicans have 46 members in the U.S. Senate, more than enough to defeat cloture on any continuing resolution that will ultimately result in Obamacare being funded.
To do so, they will first have to block a parliamentary maneuver by Reid to proceed to the continuing resolution in a manner that will allow the defund Obamacare language to be stripped out with a simple majority vote.
According to Breitbart.com’s Matthew Boyle, “They could refuse to grant cloture in the first place until a unanimous consent agreement is reached in the Senate that any amendment added to the bill post-cloture would also be subject to a 60-vote threshold. They could also require Reid to fill what is known as the ‘amendment tree,’ a list of amendments that is the maximum of what could be considered on a bill, with amendments other than that one, before agreeing to grant cloture.”
But, reports Boyle, Senate Minority Leader Mitch McConnell (R-Ky.) refuses to commit to using all the tools in his parliamentary toolbox to do just that. He would be well advised, however, that consciously voting to proceed to any bill that invariably winds up funding Obamacare — even if the amendment to strip the defund language is to be agreed to post-cloture — is just the same as proceeding to a bill where the defund language had already been removed.
Yet, Senate Republicans appear to be content with playing dumb and pretending they will be voting to proceed to legislation that defunds Obamacare — when everyone already knows it in the end it will not.
For example Senate Republican Whip John Cornyn (R-Tex.) said, “It doesn’t seem to make much sense to vote ‘no’ on a bill that contains the defund-ObamaCare provision. I don’t know anybody in our conference who’s for ObamaCare, so I think they’d vote ‘yes’ to get on a bill to defund it.”
That doesn’t sound like Senate Republicans are really committed to the defund strategy. But even if they aren’t — Sen. Richard Burr (R-N.C.) called it “the dumbest idea I’ve ever heard of” — there is another case to be made for waging a filibuster.
It would strengthen the GOP’s hand. When it is clear that there are neither the votes to fund Obamacare nor to defund it in the Senate, it would force Reid and the White House to the negotiating table.
While many observers have suggested that Reid and Obama will never compromise, history suggests otherwise.
The continuing resolution passed in March 2011 was a compromise largely negotiated by House Speaker Rep. John Boehner (R-Ohio) that resulted in some small cuts to the budget. Sequestration was another compromise in exchange for raising the debt ceiling by $2.1 trillion in August 2011. The tax deal in December 2012 was yet another compromise in exchange for avoiding the so-called fiscal cliff.
This speaks not only to the willingness of Democrats to make a deal, but also to the utility of Republicans using these leverage points, whether they be continuing resolutions, debt ceiling increases, or otherwise, to achieve major concessions.
As Sen. Ted Cruz noted on Fox News in an interview with Neil Cavuto, “I know for sure that you lose 100 percent of the battle that you begin by surrendering, and all these Republicans who say we can’t win, if they want, these various pundits who want us to surrender, that will make sure we can’t win.”
Cruz is right. Consider the alternative offered by the Washington, D.C. establishment, which frowns upon any confrontation over the continuing resolution or debt ceiling. They fear anything that smacks of a government shutdown or risks default. They would apparently just have Obamacare opponents simply capitulate.
But surely to constituents of Republican senators — who have sworn up and down they oppose Obamacare — submission to a law that will force them onto government-run, taxpayer-funded health insurance is untenable.
They will intuitively understand what this fight is all about, and come 2014, 2016, and subsequent election cycles, they will likely collect political scalps, or attempt to, of any senator whom they perceive forced them onto Obamacare.
In a stark warning to senators, Americans for Limited Government President Nathan Mehrens defined the choice facing the so-called deliberative body: “The message for the Senate is very simple: If you vote to fund Obamacare via the continuing resolution, you will own the health care law. If you vote to invoke cloture on a continuing resolution that funds Obamacare, you will own it. And if you vote against a continuing resolution that defunds Obamacare, you will own it, too.”
So, the choice belongs to each and every senator. They can stand with the American people, and block cloture on any continuing resolution that funds Obamcare, or they can roll over and let it be implemented.
But they would be well-advised that should they surrender, the American people will not forget — and they are not forgiving.
Robert Romano is the senior editor of Americans for Limited Government.
- House presents plan to defund Obamacare, but do they mean…
- If Republicans stand firm, Obamacare is toast
- Postpone Obamacare compromise the only plan that might work
- House Republicans all set to fund Obamacare
- House rebelling on Obamacare?
September 24, 2013 by Jim DeMint
The Heritage Foundation has been talking about defunding Obamacare for some time now, and people may be wondering why. Why did we put up a billboard in Times Square warning Americans that Obamacare will be hazardous to their health? Why won’t we give up this fight?
Because we are fighting for you.
We’re fighting for the grandmother who is counting on her trusted physician to guide her through the challenges of aging. Because Obamacare means you can’t necessarily keep your doctor if you like him, and it’s cutting down on the health care choices available to seniors.
We’re fighting for the couple who’s raising their own children while wondering how they’re going to care for their aging parents. Their premiums are going up and they’re wondering how they’ll afford it.
We’re fighting for the waiter who’s going to school and working full-time. Obamacare is causing many employers to cut back on workers’ hours so that they don’t have to provide them with health insurance. For many people, that means losing income and losing health insurance at the same time.
We’re fighting for the single mom who needs a steady job to support her kids. Obamacare is making jobs tougher to find, because a lot of businesses are saying they just can’t hire anyone new. The burden of the law’s mandates and regulations is making it too costly.
Every one of you is working hard to support your family, stay healthy, and make the best choices you can make. Obamacare is only getting in the way.
So no matter what anyone says, we’re going to keep fighting. Harry Reid is threatening to use all sorts of procedural gimmicks to keep Obamacare going. But Americans are catching on that this law is the reason their spouses don’t have health insurance any more, or their kids’ doctor isn’t in their network any more. They’re seeing how unfair and harmful it is.
And we can’t just sit by and let Obamacare take away the health plans we like, the doctors we like, and the freedom to make our own health care choices.
We won’t stop fighting. You can count on it.
Read the Morning Bell and more en español every day at Heritage Libertad.
Posted on September 22, 2013 by Jean
(This info is deeply disturbing, as it should be. While most of the facts as suggested here, seem to fit, I think we must be very careful at this point in time about saying this was actually the case. ~J)
Posted by PRESS CoreCorruption, World news
Thursday, September 19th, 2013
“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” – Franklin D. Roosevelt.
U.S. military police were targeted and killed by Obama in the Washington DC Navy Yard shooting. Why? Agents from the U.S. military’s criminal investigation units had uncovered a plot to detonate a nuclear device in the heart of the nation’s capitol as part of an Obama government false flag. Officials from NCIS (United States Naval Criminal Investigative Service) and the U.S. Office of the Provost (both with field offices inside the Washington DC Navy Yard) had threatened to arrest Obama for planning to attack Syria without Congressional approval following a planned nuclear detonation false flag in Washington DC. The Office of the Provost is on the second floor of Building 34, One First Avenue, Charlestown Navy Yard and NCIS is located at 716 SICARD STREET SE, SUITE 2000, WASHINGTON NAVY YARD, DC.
The United States Naval Criminal Investigative Service (NCIS) is the primary law enforcement agency of the United States Department of the Navy. It investigates activities concerning crimes against or by United States Navy and United States Marine Corps personnel, along with national security, counter-intelligence, and counter-terrorism cases. A false flag is the crime of treason – levying war against the United States. If United States Navy or United States Marine Corps personnel are involved in planning for and preparing a false flag event in Washington DC or anywhere else in the United States, NCIS and its agents are duty bound to investigate and take action to counter those terrorist acts against the United States.
Prior to the Washington DC Navy Yard shooting the Joint Chief of Staff and Provost Marshals were planning and preparing to arrest Obama for treason. For levying war against the United States with a planned false flag in Washington DC on the anniversary of 9/11 – a nuclear detonation.
[Let me state here that while this would not surprise me and while the facts as known so far seems to add plausibility, I do not think we know if these people were indeed planning and preparing to arrest Obama. If it is ‘real’ truth, then I think we will soon learn more. We are in times when the truth will not stay hidden. Indeed, it cannot stay hidden. Our very survival depends on the ‘real’ truth coming out. ~]
Former Department of Homeland Security Secretary Janet Napolitano ABC News Aug 27, 2013: “A massive and “serious” cyber attack on the U.S. homeland is coming, and a natural disaster — the likes of which the nation has never seen — is also likely on its way.“
The only way anyone could know that there is “a natural disaster — the likes of which the nation has never seen — is also likely on its way” is if you are the one planning and preparing it.
“You also will have to prepare for the increasing likelihood of more weather-related events of a more severe nature as a result of climate change, and continue to build the capacity to respond to potential disasters in far-flung regions of the country occurring at the same time.
“You will need a large bottle of Advil,” Napolitano joked.
Napolitano is hinting at what the United States government (Obama) is planning and preparing for using its weather modifying weapon of mass destruction called HAARP.
**Don’t think the U.S. government is planning to detonate a nuke in Washington DC? They’ve already planned for it. DHS (illegal posse posse comitatus force) / FEMA Washington DC nuclear detonation scenario report –http://www.fas.org/irp/agency/dhs/fema/ncr.pdf complete with nuclear detonation maps, charts and fatality estimates. NCR stands for National Capital Region.
Why else would Department of Homeland Security Secretary Janet Napolitano suddenly resign her post (announced her resignation July 12, 2013) and leave Washington DC for California? Because while she was Department of Homeland Security Secretary Janet Napolitano planned for and prepared for a major Washington DC event. She got out of dodge before the “attack on the U.S. homeland is coming“.
Janet Napolitano’s resignation as Department of Homeland Security Secretary was effective … September 7, 2013 – just 4 days before the planned 9/11 anniversary nuclear device detonation false flag. Just before leaving her post Dyess Air Force base reportedly moved nuclear warheads to the East Coast of the United States in a secret transfer that had no paper trail. The Dyess Air Force Commander allegedly authorized unknown parties to transfer nuclear warheads to an unknown location on the U.S. East Coast, where the warheads would then be picked up and potentially utilized. Conspiracy?
**National Capitol Region
Key Response Planning Factors For the Aftermath of Nuclear Terrorism (pdf 120 pages)
The National Capital Region (NCR) has an established Federal, state,and local emergency response infrastructure. For a nuclear detonation, efforts are underway to further refine roles and expected activities as part of a regional improvised nuclear device (IND) response planning process. The planning process has involved several workshops through the summer and fall of 2011, and is led by a subcommittee from the Council of Governments and supported by the Federal Emergency Management Agency’s (FEMA) Office of National Capital Region, The Department of Defense’s (DoD) Office of Secretary of Defense, and FEMA Response Planning Division who sponsored the development of this report.
- Washington DC Navy Yard Shooting Linked to Attempted Arrest of Obama for Treason (syrianfreepress.wordpress.com)
- Was The Navy Yard Shooting Tied To Obama Being Tried For Treason? (thelastgreatstand.com)