WARNING TO READERS HERE: WordPress seems to have these reoccurring problems with the stability of their posting systems. For example, their HTML setting often don’t work. So I am going to have to change the way I post here and resume the method I used at other web sites instead of using the automatic ‘post to front page’ option.
May 5, 2009
Bernanke testifying @ Congress
A side note here: I am still going to do videos and put them up at You Tube but have been running around, improving the studio set-up and I hired a ‘director’ who teaches computer video making in college. He will be spending next weekend with me and we intend to put together a really, really hot system. I can’t wait! This is going to be immense fun. Right now, I go crazy, trying to edit things and it is stressing me out.
Ron Paul asks a very important question: what would you do if we have INFLATION without ECONOMIC GROWTH. This is all about ‘stagflation’. Bernanke has no answer. The ‘socializing of the economy’ isn’t real socialism at all. It is National Socialism of the fascist sort where the government and the financial powers unite against the working class to lower wages and control political power. Virtually none of the social benefits of the bank bail bills are percolating down to any of the working stiffs.
Bernanke says, ‘[Congress] should not dictate to the Federal Reserve, how to make monetary policy…’ because of course, with no input from the People of the United States, the Fed can create price stability???? HAHAHA. With their very lousy record [devaluing the dollar by over 90% is obviously not about price stability at all!] Bernanke should be ashamed of making such a dumb claim.
Bernanke’s helicopter drop certainly is reviving the consumerist society. For example, I am going to get $250 this month as a ‘gift’ from the Treasury. Only problem is, every penny of this wonderful gift is going straight to the local school taxes. You see, funding for our schools were cut so my taxes are going up this same amount.
The futility of all the money-spreading schemes is the same: we shift debts around but never see any productive outcome. Ron Paul, in this small video clip, doesn’t mention the need to prevent the dissolution of our workforce via outsourcing. The rest of the world waits with bated breath for the US to resume our suicidal push to destroy our own industrial base. Ron is not a high-ranking member within either party so he gets only 5 minutes or less and usually, the long-winded, say nothings he is questioning, usually blather on and on so they can eat up his alloted time span. At least he got in a few good whacks, this round.
From time to time, a few members of Congress—as many as 10, sometimes fewer—gather with Rep. Ron Paul (R-Texas) to eat lunch and hear from an author or expert whose opinion he thinks is worth promoting. They grab something to eat off of a deli plate. They take notes. They loosen up and ask questions.
“It’s not all that easy for the other members to get here,” Paul said in an interview with TWI, sitting just outside of his office before heading back to Texas for a few days. “It’s just that there’s so much competition. Once they get here and they get going, they all seem to enjoy it.”
A funny thing has started happening to Paul since his long-shot presidential campaign ended quietly in the summer of 2008. More Republicans have started listening to him. There are the media requests from Fox Business Channel and talk radio, where he’s given airtime to inveigh on sound money and macroeconomics. There is HR 1207 , the Federal Reserve Transparency Act of 2009, a bill that would launch an audit of the Federal Reserve System, and which has attracted 112 co-sponsors. When Paulintroduced the Federal Reserve Board Abolition Act just two years ago, no other members of Congress signed on.
And then there are the luncheons. The off-the-record talks have brought in speakers such as ex-CIA counterterrorism expert Michael Scheuer, libertarian investigative reporter James Bovard, iconoclastic terrorism scholar Robert Pape, and George Washington University law professor Jonathan Turley. Perhaps the most influential guest has been Thomas Woods, a conservative scholar whose previous books include “The Politically Incorrect Guide to American History” and “Who Killed the Constitution?: The Fate of American Liberty from World War I to George W. Bush,” and whose current book “Meltdown” has inspired Rep. Michele Bachmann (R-Minn.) to question Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner about economic fundamentals.
The GOP is floundering around after doubling the US debt. Every time they control both the White House and Congress, they double the national debt. Then, when the Democrats take over, the GOP resumes screaming about balanced budgets, etc. While screaming for more Pentagon loot!
They are WORTHLESS, lying bastards. They are con men and swindles. Ron Paul isn’t that. He was once a Libertarian but clings to the GOP in the hopes, they will follow his lead. They won’t. This is a temporary holding action until they can gain power and resume their doubling of our national debt.
It is long past due for a third party to form and Ron knows this. But since the loss of power has humbled the GOP, they are now making nice/nice to the man they really don’t like because he won’t join them in looting this country. When in power, they will shove him aside, very swiftly.
Despite us going off the cliff, nothing has been changed at all. The Doha Round free trade garbage continues. Walmart, which used to be all about waving the US flag and ‘buy American!’ is now a subsidiary of the Communist Party in China. Walmart is even unionized in China and not the US!
“We see a lot of opportunities in the U.S. right now to buy things that we’ve always wanted to buy, at prices that we feel are very reasonable,” Company Presiden tBruce Rockowitz said in a Bloomberg TV interview late yesterday. The company also has plans for acquisitions in Asia, he added.
HAHAHA….he claims they will buy in the US but of course, will not.
Li & Fung yesterday announced plans to raise HK$2.7 billion ($348 million) selling new shares to fund purchases. Rockowitz is signing outsourcing deals –see what I mean?—and buying rivals,—Everyone who is part of the Chinese mega machine is on a buying spree!— last month completing an agreement to supply Liz Claiborne Inc., whose brands include Kate Spade and Juicy Couture. Li & Fung made 62 percent of its HK$110.7 billion sales last year in the U.S.
62% of their PROFIT. Not sales, profits! And this is the key: profits are all about sovereign wealth, capitalism and the ability to buy up all sectors of all industries and commodity markets.
The share sale “will further strengthen Li & Fung’s existing liquidity position and equity base,” —See what I mean?—Elizabeth Allen, a vice president at Moody’s Investors Service, said in a statement late yesterday. The share placement “will have no immediate impact” on the company’s A3 ratings, Moody’s said.
Li & Fung, which also supplies Inditex SA’s Zara chain and Gap Inc., is eyeing “acquisitions and some major outsourcing deals” as prices of assets have fallen globally, Rockowitz said. The agreement to acquire Liz Claiborne’s sourcing business may boost sales by $1 billion, the company has said.
Every time I read blather about how bad things are for China, I say, ‘And who is going about the planet, buying up stuff in the middle of this vast distress sale in this depression? Ah! The communist Chinese!’
President Obama yesterday announced a major offensive against businesses and wealthy individuals who avoid U.S. taxes by parking cash overseas, a battle he said would be fought with new tax laws, new reporting requirements and an army of 800 new IRS agents.
During an event at the White House, Obama said his proposal would raise $210 billion over the next decade and make good on his campaign pledge to eliminate tax advantages for companies that ship jobs abroad.
“I want to see our companies remain the most competitive in the world. But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens,” Obama said, flanked by Treasury Secretary Timothy F. Geithner and Internal Revenue Service Commissioner Douglas Shulman.
Taxes are not killing our competitive edge. The lack of markets and the inability to compete with cheaper labor and countries where the government and industry are one and the same like in South Korea, communist Vietnam, LDP-Miti-controlled Japan’s command economy spring to mind. We have to examine our trade rivals and then deal with the challenges and we can’t win, playing the ‘let’s export more and more,’ game if our PROFITS don’t match their profits.
Instead, our financial wizards are joining our trade rivals to attack our economy by importing tons of stuff. How simple is this problem? Thanks to free trade, we can’t stop even our own executives from destroying our national wealth.
The president did not propose eliminating the current law that allows U.S. companies to indefinitely defer taxes on overseas income, which some industry leaders had feared. But his call for ending some deductions drew negative reaction from groups representing tech and other industries, which argue that the changes would make it more difficult for U.S. companies to compete abroad.
“This is a $60 billion hit on American employers that their foreign competitors won’t feel,” said Carl Guardino, CEO of the business-oriented Silicon Valley Leadership Group, referring to one of the president’s proposals. Many big tech companies in the valley, such as Hewlett-Packard, Oracle and Cisco, report that half or more of their revenue comes from overseas….
But he cited a 2004 study that found U.S. multinationals paid $16 billion in taxes on $700 billion of foreign earnings. He added: “The way we make our businesses competitive is not to reward American companies operating overseas with a roughly 2 percent tax rate on foreign profits, a rate that costs taxpayers tens of billions of dollars a year.”…
The first area is of particular concern to big tech and pharmaceutical companies, which tend to have large multinational operations. Currently, they can defer paying U.S. income taxes on revenue from overseas subsidiaries for as long as they reinvest the money abroad.
The US is going bankrupt. We have to tax someone. Or we can cut our losses by cutting Pentagon spending by about 50% if not more. And cease supporting alien nations with billions in gifts, like wealthy Israel. We can’t go on and on and on, pretending to be a sovereign wealth nation when we are not one.
The US business community makes lots of loot from the US overspending. They double the damage by refusing to pay taxes for these boons. And then threatening us with moving headquarters to alien lands, knowing full well, they and their ilk have spent lots of money, electing or controlling elected people so they support the destruction of our trade barriers which protected us from a flood of alien products.
Now, after destroying our national wealth, they want to skip out of paying for things? Figures. They have the gravy train and we have the graveyard shift.
The Netherlands on Tuesday expressed surprise at U.S. President Barack Obama’s qualification of the Netherlands as a “tax haven.”
The Dutch Finance Ministry reacted with astonishment to the list presented by Obama on Monday, which names the Netherlands as one of the world’s top three corporate tax havens, together with Bermuda and Ireland.
A spokesperson said the ministry is working with its U.S. colleagues to trace the origin of this misunderstanding and remove it, Radio Netherlands reported.
The spokesperson said the Netherlands has “a very average tax level.”
No one wants to be labeled a ‘tax haven’, especially the pirate islands. Ireland leeched off of the US like Israel because of a very strong pro-Ireland lobby which isn’t nearly as strong as AIPAC but is considerable. Ireland is now in economic decline due to its attempt at aping the Cayman Islands was a failure. I feel sorry for them, they did try very hard to do things right but, like Iceland, they got sidetracked and decided there was this pot of gold at the end of a magic funny money rainbow and now it is raining cats and dogs.
50 various new energy cars were launched at the Shanghai Auto Show, which has just ended. The Chinese government is pushing forward with what it claims to be is the most ambitious development plan for a new energy vehicle. If you google “new energy vehicle” on the Internet, about 2/3 of the results would come from items describing China’s new energy vehicle plan.
In Chinas’ auto industry stimulation plan, which was released in January of this year, the government decided to allocate 10 billion yuan in the coming three years to support technology innovation in the auto industry and the development of new energy cars, hoping to increase China’s annual production capacity for new energy cars to 0.5 million, very close to China’s monthly car production volume.
We are spending billions of tax dollars to keep our dying auto industry from dying totally. While China is using the same amount to make their own industry, grow. This is a significant difference. And the government can force things to go in particular directions, too. No pussy-footing around for the Dragon!
Six of Haverigg’s eight turbines actually fall within the proposed footprint of the Kirksanton nuclear power station, where RWE wants to build up to three reactors. The German energy giant confirms that they would have to be dismantled if the power station were built.
The development will delight pro-nuclear anti-wind activists while dismayed environmentalists will see it as an all-too-obvious portent of a switch in government priorities from promoting wind to advancing the atom – and as proof that concentrating on nuclear will cripple renewable energy. “It beggars belief that, at a time when windpower has never been more vital to the UK, a viable wind farm is to be sacrificed on the altar of nuclear power,” said Martin Forwood of the campaign group Cumbrians Opposed to a Radioactive Environment.
We will see many more nuclear power plants. These things are extremely dangerous in a politically unstable world. While Britain tears down windmills to erect nuke plants, the US, UK and Israel continue to howl like banshees at Iran for doing the same thing we do with impunity.
The think tank said it would be all but impossible for the Government to return Britain’s total public debt to 40 per cent of gross domestic product, currently equivalent to £600billion, until 2023.
The institute said the Government had three options to bring the balance sheet back to good health. The first was to raise the state pension age, from 60 for women and 65 for men, to 70 between 2013 and 2023. Under existing plans, the state pension age is due to increase to 68 for both men and women between 2024 and 2046. The rise will generate additional tax revenues and reduce pension payment obligations. The second option was to raise the basic rate of income tax by 15p in the pound. Taxes would have to rise by as much as 8p in the pound even if the retirement age was increased, NIESR said. The final option was to cut government spending by a tenth, which would hit the NHS, education and other front-line services.
They will do this to us, too. I said, when only a teenager, ‘We will never be allowed to retire and they will work us to death and there will be two of us per bed in the hospitals.’ This is because, when I went to school, we were always ‘double sessions’ and there was a shortage of nearly everything we needed, for kids my age. I was born a the apex of the baby boom.
In a response to detailed questions from Rep. Elijah Cummings (D-Md.), the company has offered a third assessment of exactly how much it paid out in bonuses last year.
And the new number, offered in a document submitted to Cummings on May 1, is the highest figure the company has disclosed to date.
AIG now says it paid out more than $454 million in bonuses to its employees for work performed in 2008.
That is nearly four times more than the company revealed in late March when asked by POLITICO to detail its total bonus payments. At that time, AIG spokesman Nick Ashooh said the firm paid about $120 million in 2008 bonuses to a pool of more than 6,000 employees.
And AIG should be shut down and all the bonuses should be turned back in and this should be a punishment and a doom due to the fact, AIG fed the Derivatives Beast and destroyed world finances. I would suggest, this is very much a crime, not a job. Just like Madoff.