The U.S. dollar continues to slide in value as out of control spending continues. China, the largest holder of U.S. debt, is considering dumping two-thirds the dollar reserves that it holds, to the tune of about $3.04 trillion.
According to a report from China’s Xinhua news agency, a member of the Chinese central bank’s monetary policy committee is recommending that Beijing reinvest its foreign exchange reserves. Other Chinese financial authorities confided at a forum in Beijing that China’s current U.S. holdings are too high. The governor of China’s central bank has said that China’s foreign exchange reserves are excessive and that Beijing should begin to diversity its vast pool of dollars.
While American corporations have led the world in economic growth for more than a century, China’s government has had enough business sense to become the world’s second largest economic power. China is on target to overtake the U.S. economy.
Central bankers and many investors want to unplug the dollar as the international mainstay of finance. China wants its currency to play a more dominant role in the global economy, dumping the dollar (treasuries) as a viable investment, since the Federal Reserve is addicted to printing money, which further devalues the dollar to keep the current global money scene afloat.
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Wages are stalled, job numbers are anemic, prices are up and social security payments are frozen. The Fed’s policymaking committee “is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation over time to levels consistent with our mandate.” Apparently, action is needed, even though Bernanke is speaking in yesterday’s terms.
According to Bernanke, current inflation numbers are well below the Fed’s objective of 2%. He is worried about deflation caused by printing dollars. Now the Fed will print more dollars and buy securities on the back end in a sort of mock economic transaction. Inflation and Fed profits are the main concern. Inflation allows central bankers to take an additional cut of economic life blood for their services. In the past, Bernanke has tried upselling to Wall Street. Today, many news articles are claiming that the Fed plans to tame inflation. He expects to create inflation, but does the Fed have the control it needs to regulate that inflation? Bernanke thinks so. Bernanke claims to believe that the Fed’s intervention will stimulate the economy, reduce unemployment and prevent deflation. Clearly, the Fed thinks they are large and in charge. This comment and others were made to show intent about “avoiding a double-dip recession.”
Chairman Ben Bernanke said this morning that the Federal Reserve is prepared to take new action to boost the economy. Inflation has been too low of late and unemployment is poised to come down too slowly. They intend to create inflation. Are you ready for the fallout?
Meanwhile in the United Kingdom, Justice Minister Ken Clarke warned that world is “in grave danger of financial collapse.” He warned that western nations are “not out of the woods yet”…”We have rescued ourselves for the moment from being bracketed with the weaker brethren with doubts about our credit rating and the costs of our borrowing, but if we fail to deliver the kind of program we have set out we will be back there all too soon if we are not too careful.” Clarke’s comments come only six days before the coalition government’s massive spending cuts are announced. The U.K. government argues that the cuts are necessary to restore the economy to health. Opponents claim they will push the U.K. into a double-dip recession.
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The financial system is a model of fraud, now out in the Austrian newspaper, Der Standard per Viennese economist Franz Hörmann. Franz Hörmann explains the fraudulent workings of the fractional reserve banking system in this interview.
“If one creates money out of thin air and then passes what did not exist before on charging interest and using physical assets as collateral, then that is in reality a model for expropriation (acquiring property without making any payment).”
Hörmann explains in clear language how the money system works, why the financial system is a global fraud, how the use of balance sheets contributes to this fraud and why a gigantic crash is now approaching. He says the whole financial system could well collapse in the next three years. Hörmann argues that the time has come for a paradigm shift in the economics studies as well as in society. This is because economic studies are built on false values.
Information on how the banking system works in reality that used to be available only on websites like Infowars and Global Economy (formerly Digital Economy) have long been classified as a conspiracy theory. This knowledge is now mainstream, established as fact.
The next step can only be to call into account the various bankers and politicians that know how this system operates. They have engineered the banking subprime crisis in order to have a pretext to take liquidity out of the money supply, crash the economy, buy up assets for a pittance, get trillions in tax payer money as “bailouts” in return for worthless thin air paper debts. They demand gigantic interest payments on the national debt that they and their politicians friends have created in an exact repeat of economic events in the 1930s preceding the rise of Adolf Hitler.
The whole point is to drain the wealth of economies while subjecting the labor pool to economic servitude and slavery. The system can destroy national economies and ignite hyperinflation. This world banking system is controlled by corporate brotherhood of central bankers, generally with globalist thinking on their mind.
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Note from a friend:
I know this is long, but, you have to watch this! It is a very long documentary! The best and most informing, current, and alarming information is towards the end. Watch the whole thing! It is almost two hours long… but very informing and well worth it. Your freedoms and way of life are being torn down, bit-by-bit, and before you know it, you will be so entrenched… and neither you or I can do anything about it! We are all (the whole world) being forced into paying homage to an unseen, deplorable, and downright evil empire! Don’t believe me? Watch it!
Regardless of what you think, the current plight of the world isn’t about Obama as the film opens. John McCain in office would have yielded a similar result if you believe any of this information and if you observed Republicans and lawmakers in office during the last eight years. The history reaches farther back than that. This crisis has been a work in process. In the meantime, the information on this website generally supports the conclusions of the Obama Deception. You don’t need to be a person of faith to realize what the world is looking forward to. How you react is another matter altogether. Upcoming events may cause you to have faith in Bible prophecy and the legitimacy of the Bible. Regardless of what you think, the “International Society of Bankers” have been very busy. Your security and well-being is not their concern. ~ E.M.
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New U.S. Treasury Secretary, policy maker for the International Monetary Fund and former Federal Reserve presidential drone Timothy Geithner claims that the world faces the worst economic and financial crisis in decades . In his mind, government, facing growing domestic unease over the millions of jobs being lost, must respond forcefully. Geither has reassured the concerned central bankers and panicked finance ministers at the crisis meeting in Rome that President Barack Obama has ensured that implementing the new stimulus package would be done in a way that respects America’s international obligations.
“We are confronted with a broader and deeper slowdown than has been experienced in decades,” said U.S. Treasury Secretary Timothy Geithner at the G7 Economic Crisis Summit this weekend in Rome. “We will work closely with our colleagues in the G7 and the G20 to build consensus on reforms that match the scope of the problem revealed by this crisis.” Mr. Geithner working to win the hearts of skeptical fellow bankers and finance ministers as they seek to stabilize their own interests and continue to propel globalism and the power of central bankers to new heights. They want a new “Bretton Woods” monetary agreement that promises to change the world and build a New World Order.
At the same time, Geithner has admitted his lack of original thinking. He revealed to G7 ministers that he wants to “get it right” before launching the U.S. stimulus and bailout program so that he would not need to shift strategy midstream, while requesting their thoughts on U.S. strategy. Geithner is apparently still thinking inside the box of Wall Street training to the chagrin of his globalist friends. In fact, few of them are thinking outside of any box beyond their own self-interest.
Fearing a resurgence of protectionism and an obstacle to globalism, crisis talks ended in Rome Saturday with a unified pledge to do all that can be done to combat recession without distorting the myth of global free trade.
The media has proclaimed that Treasury Secretary Timothy Geithner came to the Rome this weekend to prove to Group of Seven colleagues that he was up to the job of fixing the U.S. financial system. The only item that he proved was that he is one of them, a brotherhood of bankers in lockstep meeting where control of the banking economy firmly rests: the halls of Rome and the Vatican.
Deutsche Bank Securities chief economist stated: “It’s not big enough. There are few details. The administration is trying to buy time and they don’t get the fact that we need to get something yesterday.” The underground criticism is that the Federal Reserve and the U.S. Government are not playing into the hands of globalists and Roman-based central bankers fast enough. In the meantime, Geithner is speaking out of two sides of his mouth. ~ E. Manning
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reeling in the converts
With the unprecedented possibility of being ordained into the Obama Cabinet as Secretary of Treasury, Timothy Geithner as President of the Federal Reserve Bank of New York also brings additional youth to one of the youngest administrations in recent history. Bringing Geithner into the fold not only shows the Obama administration’s commitment to the economy, but the rising influence and political power that the quasi-government body of central bankers wield in the U.S. economy. His “fresh face” remains an increasing endorsement for change that propels the Barack Obama administration. The reality is that central bankers are wielding their power like never before as they are brought into the fold of government to secure their great investment in America.
The decision to esconse Geithner would also garner allies among the Republicans, a move that Barack Obama seems inclined to make considering the other choices that he has on the nominee table. Geithner’s nomination would be more than a political move, but rather a mutual vote of confidence in the U.S. power structure where central banking influence and cash flow is concerned. Central bankers make copious amounts of cash from their prize cow, the U.S. federal government and taxpayer while plowing all kinds of effort into securing their position among the stars of authority. Central bankers may have finally hit the big time, both in influence and popularity. ~ E. Manning
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The world of finance doesn’t look pretty at all right now since the time has come to pay the piper. Through the smell of global panic and fear reigns the realization that like all economic cycles, eventually this one will change for the better. When that change happens depends on multiple factors, but sooner or later, the global plight will improve. However, that is not the immediate concern of world leaders. Their accountability and the fear of losing both their power and confidence of the people they lead seems to be at stake. The idea is that the all powerful and nameless investor must be placated at any cost. The reality in many cases is that the governments, central banks and large financial and insurance instituations, to name a few, are the investors. While the world is full of many small investors, the reality is that the parties involved in a global rush to solve the problem are servicing themselves.
Even stranger, the panicked U.S. government has been very quiet on the world scene dealing with their own issues internally in an effort to keep some stability before the Presidential election on November 4th. Instead, American citizens have a marvelous sideshow of Congressional hearings in which many charges and concerns have been made, most of them quite vague. Naturally, little blame has been assigned, but the finger-pointing is legendary. There have been charges by certain lawmakers that information is being withheld in hearings until after the election.
The United States seems no closer to arresting the criminals that have instrumental in bringing the nation and the world to its knees than when they started back in March 2007. The FBI has arrested mostly small-time operators and con men intent on harvesting relatively small deals earlier this summer. The U.S. government has been very hesitant to go beyond the scope of the easy pickings of the small guy. Capital is now so constrained that government intervention seems to be the requirement to save many banking corporations and Corporate Multinationals, notably in the auto industry. Authorities are trying to mask the fear that they feel as they seek to manage the fallout of the entire financial debacle.
Europe already admits to recession. Fear is that cooperation in shoring up banking systems could be threatened as governments begin to turn their attention to reviving domestic demand. What is worse is that shoring up the U.S. financial system through the latest bailout largely depended on a healthy global economy and copious amounts of foreign capital from investors. The global recession makes that old promise seem unlikely at best, furthering coloring negative results. German Finance Minister Peer Steinbrueck holds that “The danger of a collapse is far from over.”
The Middle East economies, unaquainted with working together, have began to consider doing so, recently showing more interest in working through Europe and Asia or perhaps the global summit in New York City next month. George Bush is keeping most ideas about the economic summit next month to himself. However, he stated that agreeing on common principles to reform regulators would be essential to preventing another disaster. The idea of unity is nice, but the reality is that unity in the system is what has brought the system to the brink of collapse. Clearly, more innovative ideas will be required beyond unity and placation of the masses. ~ E. Manning