US Loses AAA Rating, China Demands Real Reforms

The US was a creditor nation for 150 years.  The greatest thing George Washington did was pay off the revolution debts and he set the course for fiscal prudence.  Unlike many say, Hispanic countries, the US always paid its debts in full and even more remarkably, in gold, not paper.  After WWI, the US was the #1 creditor for all of Europe as well as much of the former Spanish and Portuguese empires (which gave us the ‘right’ to tear both up to tiny bits in the previous century before WWI).  All of this was gold-based credit on a very strong dollar.  Now, the US is no longer a gold standard and used the floating fiat currency system coupled with many wars and many debts to create a Japanese-style ZIRP bubble that will only get worse and worse.  Both Japan and the US have ceased being able to tax the rich and England is doing down the same ZIRP bubble/no taxes on the rich route.

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Who are these international bankers and financiers and industrial owners who have created this mess in the US, Japan and the UK?  Vampire Science: How Bloodsuckers Aim Their Bites 

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The bats – utilizing what are essentially infrared sensors – can then pinpoint the highest concentration of blood closest to their prey’s skin so they can feed more efficiently.

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Yes, they have these infrared sensors that detect flaws and errors and weaknesses in systems and then exploit, expand and use these to create money out of thin air while producing nothing.  The best places to do this nefarious activity is within governments.  Just recently, more than one fake companies  were created, all of which was designed to hide the true identities of the creeps putting money into Mitt Romney’s campaign to loot the public.  F8 LLC and Eli Publishing don’t exist as functional entities.  This is similar to the recent story I did about how many Jewish lawyers and business people have set up fake ‘charities’ that hand out little to zero money except to say, AIPAC, and are used as tax dodges.

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Very clever of them all, these people hiding wealth are really good at it since the people assisting them in this enterprise are our own elected politicians.  The GOP is quite naked about this but the Democratic side is nearly as bad if not worse in a way, since they pretend to want to raise taxes but have basically given up since they all need AIPAC money, for example.  Stopping lobbyists and rich people from bribing Congress has collapsed nearly totally even as our government goes bankrupt.

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Now that the US has finally lost its gold-standard AAA rating, all kinds of unpleasant things will now evolve.  The Obama people are furious that our rating went down.  The GOP is totally unrepentant and think the cure for this is cutting the taxes and widening the loopholes even more while shoving the entire country into mass unemployment coupled with a crash in social services.  IMF riots are around the corner.

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Illustrating why we are going bankrupt is simple, just look at the most recent headlines to hit right when I am writing this story:  31 American Troops Killed In NATO Helicopter Crash In Afghanistan.  The war for control of various valleys and hovels in Afghanistan is bankrupting the nation.  The humiliation of losing this war is bankrupting the Pentagon.  We thought we could scare Gaddafi into surrender with our overt and utterly illegal attempts at assassinating his whole family, one by one, children as well as wives…Libya Denies Reports NATO Killed Gadhafi Son in Air Strike.  These shameful wars bring ignominy on our nation.  It brings us into disrepute, using assassin robots to slay whole families and it is the main reason why we are losing these very expensive wars.

 

AMENDED STORY:  It looks like my first impression that the NATO helicopter was on an assassination attack is correct (see below for my take on this matter).  31 American Troops Killed In NATO Helicopter Crash In Afghanistan was shot down by the Taliban when the troops were coming in to pull off another bin Laden-style massacre.  It failed miserably.  No surprises here.  The Taliban learn as they fight us.  Russia used tanks and ground troops a la WWII style.  The US uses al Qaeda tactics of assassinations, tricky attacks on civilians, etc.  We fell to bin Laden’s level of battle and thus, lost the war on moral terms.

 

 

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Afghan Police Kill Four During Anti-NATO Protest while the US howls about Syria killing people while suppressing demonstrations!  The astounding levels of hypocrisy is obvious and identical to when we were leaders of the ‘free world’ during the Cold War and both Khrushchev and Mao mocked us for segregation and the exploitation of black American citizens and the fear these people lived in under Jim Crow race laws.  This didn’t make the news in the US since we Americans are supposed to be all upset about Syria, not ourselves, but hark:  US Military Raid Kills Young Iraqi Boy, Policeman.  All of this costs us billions each day, billions wasted in trying to hector Muslim leaders, support vicious dictators working on our behalf and invading and killing nearly indiscriminately in more than one Muslim country!  Why on earth are we doing this?  While our credit rots!

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Public Views Congress as Top Culprit in Debt Debate, Poll Finds – NYTimes.com

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A record 82 percent of Americans now disapprove of the way Congress is handling its job — the most since The Times first began asking the question in 1977, and even more than after another political stalemate led to a shutdown of the federal government in 1995.

More than four out of five people surveyed said that the recent debt-ceiling debate was more about gaining political advantage than about doing what is best for the country. Nearly three-quarters said that the debate had harmed the image of the United States in the world.

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The majority want higher taxes and more job creation, not budget cutting.  Naturally, few if any US media owners will talk about why the public doesn’t like Congress anymore.  The public supports Zionism to the hilt by a bare majority but the insidious effects of handing Congress to the Knesset and AIPAC is showing up more and more.  Namely, not one penny has been cut in our ever-expanding wars with Muslims.  Not one penny has been cut to Israel, either, and indeed, the Jews ask for more, not cuts.  Obama was reduced to a midget by Netanyahu who had Congress eating out of his hand which holds US dollar bribes courtesy of US taxpayers handing him over billions of dollars for this, and Obama became a nobody who influences no one.

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His fake peace prize should be seized but it won’t since the Jews think that Peace is War.  So he is ‘rescuing’ people from…Islam!  Saving them from their own culture and religion while the US celebrates Christianity and Judaism as high religions that are good for humanity, not a bane on this planet.  The refusal to stop these wars are directly tied to the US going bankrupt.  No ifs, ands or buts.  The worst thing is, the Pentagon believes and so does much of Congress, we can threaten China with our military and thus, force the world’s biggest creditor superpower to allow us to run amok in the world, printing money at will and borrowing at ZIRP rates.  The Chinese are NOT impressed.  China, a Big Creditor, Says U.S. Has Only Itself to Blame – NYTimes.com

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China roundly condemned the United States for its “debt addiction” and “short-sighted” political wrangling and said the world needed a new stable global reserve currency…

“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” China’s official news agency, Xinhua, said in a harshly worded commentary…“China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” the Xinhua commentary said…“International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua said.

The business minister of Britain, Vince Cable, backed China’s call for a new stable global reserve currency but said that for the moment the U.S. dollar remained key.

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Since the US is no longer the top or even bottom creditor nation on earth, we better heed the Chinese warnings.  The US debt is at ZIRP rates right now but the Chinese are not buying it anymore.  They are forcing inflation on us at home, competing with our dollars overseas to buy things we want such as world resources especially oil, and world ports and facilities.  I warned the US way back in the 1980s, my ex-husband being involved in international shipping, that the US surrender or our entire merchant marine was a fatal mistake and we would end up paying dearly for dismantling this!  Well, it vanished entirely and now we depend on foreign ships to bring in foreign goods while we desperately export weapons and commodities.  To pay for a first world lifestyle, we ran up several trillion in trade debts.

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Nearly $3 trillion of this is with China, over $4 trillion with all of Asia and this is the core problem for our credit rating.  While Japan ran huge trade surpluses with the US, they also ran huge debts against their own people who are now being systematically destroyed from within with this immense but ZIRP debt overhang which is now the biggest vis a vis the GDP, in the world, running at over 200% and after this year, will probably be well over 300%.  Shooting towards infinite debt, the day of reckoning with Japan is right around the next corner and Mt. Fuji will probably deliver the coup de grace for Japan as a free, sovereign nation.  And the US will not be rebuilding Tokyo.

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The very desperate Japanese government, knowing full well, they screwed up when they decided to not tax their own export businesses who then used this free money to expand across the planet, are now scrambling to save the yen from being too strong: Japan Yen Intervention Likely Totals Record Y4.46tln-Y4.66tln

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The Japanese government’s foreign exchange intervention on Thursday likely totaled about Y4.46 trillion-Y4.66 trillion, sharply exceeding the previous record amount, central bank data released Friday indicated…The figure is also much larger than Japan’s share of the joint Group of Seven intervention on March 18, which came to Y693 billion, and Japan’s solo intervention On Sept. 15, 2010, when it sold Y2.12 billion yen for dollars.

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This illustrates one of the financial paradoxes I struggle to explain every week: Japan’s exporters DELIBERATELY ran up the  national debt to higher and higher levels to WEAKEN THE YEN!  There!  See how easy this is to write?  If they balanced the budget, the yen would be stronger than the dollar, this was the last thing on earth they wanted so they persuaded the bribed politicians to go along with this scheme to run up immense national debts.  The trick was, this would be owed only to the Japanese people so no one would care, much.

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But!  The Japanese people can’t buy this debt anymore because it has ZIRP rates!  The elderly who hold this free debt for the government and exporters are dying off rapidly.  The fabled longevity of the debt holders is dropping so they live shorter, not longer lives.  The only real buyers of Japanese mega-debts are the exporters themselves and…the central bank.  So, the interventions will grow but not work since the entire problem is, the yen SHOULD be stronger and for a much longer time, too, due to Japan’s trade surplus with the US.

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That is, the entire justification for the stupid and useless floating currency free trade scheme is this: if a country has too many imports, their currency should drop in value and this, rather than tariffs, was supposed to balance trade!  IT FAILED!  Totally, spectacularly and ridiculously.  Yet, it continues: the theology for this, the push for this, the wild attempts at keeping the broken system going which has failed already…this is the real problem plaguing the EU, US and Japan.  NO world leader dares talk about this.  The Chinese won’t.  They are fully exploiting this to the hilt.  But they are also angry with the US and figure, it is time for China to show who is the real boss.

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Here is some insane analysis from the bank set up to deal with Europe’s WWI debts nearly a century ago:  Greek austerity plan will work, says OECD 

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The west’s leading economic thinktank provided strong backing for the embattled Greek government on Tuesday, by predicting that the country’s unpopular austerity measures would work.

In its annual health check, the Paris-based Organisation for Economic Co-operation and Development said Greeks could look forward to growth, jobs and rising living standards – provided the measures announced by Athens in return for two massive financial bailouts were implemented in full…The OECD said that improved competitiveness and a pick up in exports were the first signs that the tough measures administered to Greece were turning the economy round, but cautioned that it would be next year before the country emerged from recession.

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What are they going to export?  The Parthenon?  The economy there isn’t turning around, it is shrinking. Social disorders are expanding.  Meanwhile, the Greek government spends money in Muslim wars just like all of NATO.  The IMF, the OEDC, the WB, the Bilderberg gang are all on the same ideological page.  They believe EVERYONE should export their way to prosperity!  HOW INSANE IS THIS??? Exports, worldwide, have grown to an immense degree and alongside it, national debts have grown, offshore tax haven banking has exploded in size, the world has been flooded with cheap credit, all of which is aimed at offshoring, removing, hiding wealth.  The rich got much, much richer and now the poor will be left to hang and die.

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The GOP howled to their easily cheated followers that Obama was going to start ‘Death Panels’ to deny Medicare to the elderly.  Naturally, once they got in power, they pushed very hard to cut Medicare so now, Provider groups dig in for long fight against more Medicare and Medicaid cuts.  The elderly must die and they will die.  End of story.  This is the solution to our free trade deficit, our government going to war against half a billion Muslims.

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Illustrating how stupid things are with our allies, here is the UK pretending to be the world’s top banking country even though the country has little credit and runs everything in the red exactly like the US:  Osborne plans to cut 50p income tax rate

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The Conservative plan – which will prove controversial at a time of severe cuts to public-sector jobs and services – is being driven by Treasury analysis suggesting that the extra revenue generated between the 45p and 50p tax bands could be as little as £750m.

The Prime Minister and Chancellor believe that the 50p tax band is sending out a damaging message to “wealth generators”, particularly from abroad, whose investment and spending power is vital for the economic recovery.

But the Liberal Democrats fear that reducing the top tax rate will be unpopular with the party’s core voters who will see it as giving “tax breaks to fat cats”. They are determined to wring out concessions from Mr Osborne in return for not opposing a move that would be popular with Conservative grassroots supporters. Senior Conservatives are privately pushing Mr Osborne to go further and reduce taxes back to 40 per cent – at the rate they were before being raised by Labour in 2009.

Treasury projections suggest that up to 70 per cent of the expected £2.4bn revenue generated from the 50p rates would still be collected at the 45p rate. This is because, at 50p, the incentive increases to retire earlier, emigrate, contribute more to a pension or invest in tax avoidance schemes.

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So, since so little is collected in taxes due to an inept system, cutting it lower will do what?  Nothing good!  It simply reduces revenues!  The US cut and cut taxes on the rich and their response was to make a million loopholes in the tax code and also ship their wealth to tax havens run by Queen Elizabeth and her palace gang who are also bigwigs in the Bilderberg gang.  The rich retirees in Britain offshore their own care by moving to Spain or Turkey or some such.  Places that threaten to blow up, big time, due to IMF rules.  As social spending drops and jobs vanish in these countries, the fat geese of retired European rich people and middle class evading taxes will be a most tempting target for looting.  People loot those who have something to loot and it is better to loot foreigners and religious minorities rather than each other.  History is totally clear about this.

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Naturally, the solution of the Conservatives is to cut taxes, not enforce new regulations on the transfer of wealth, offshoring business and retirees, etc.  The US does nothing to stop the flood of wealth leaving the country, either.  Both wish to lure in FOREIGN rich people, too!  Who  will then bribe the government to not tax them, either!  DUH!  What do we expect?  Many of these foreign rich are fleeing countries they looted!  Their own people hate them!  DUH!  Inviting these looting creeps into the country with the fake lure of ‘they will pay taxes’ is insane since these people have no intention of paying any taxes if they can help it!

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Like the Soviet Russian problem with alcohol, the UK is falling apart socially and wild drinking is expanding and destroying whole neighborhoods.  Naturally, the people getting rich selling drinks including the very toxic vodka drinks, run the government:  Drinks industry takes a hold on government alcohol policy.  The policy is, get them all drunk and keep them drunk and to hell with everything else.

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Anyone who thinks the Chinese are corrupt should look at this headline:  Chinese Officials Sentenced to Jail Over Deadly Shanghai Fire.  Imagine people here going to prison for failures in construction and this sort of disaster.  Ahem.  Almost never happens anymore.  The fact is, corruption is rampant in China but worse, is even more rampant here.  The Chinese are building things like crazy and this is often out of control but the US is building very little and…it is just as out of control, too!

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Back to Japan and the US military adventurism vis a vis China:  Japan’s defense white paper cites concerns in South China Sea 

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The white paper highlights the Democratic Party of Japan (DPJ)-led administration’s lean toward the Japan-U.S. alliance in order to address the rise of China, with the commotion over the relocation of U.S. Marine Corps Air Station Futenma seemingly forgotten….In a prefatory note, Defense Minister Toshimi Kitazawa mentions the two-plus-two security talks between Japan and the United States that the DPJ-led government held for the first time in June, saying it was “extremely significant that over 80 percent of Japan’s political force (including the opposition Liberal Democratic Party) was committed to the Japan-U.S. alliance.”

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Japan is a military client state.  Almost all of our ‘allies’ are actually leeches.  They make us bear nearly all the costs of containing other empires and in return, they also flood us with their exports and we do nothing at all.  I remember when the US tried and tried to force Japan to import more goods.  They used every trick in the book to continue one way trade.  Now, we don’t bother at all.  In fact, we encourage them to have one way trade.  This is then backed by us also supporting Japanese imperialism vis a vis China.  A stupid, dangerous thing to do and it is getting worse, not better.  The world’s two most bankrupt nations, Japan and the US, unable to tax the rich, are planning a war with the world’s biggest creditor nation, one with a very tiny national debt vis a vis their own GDP!

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And finally, the odious wars against Muslims has astonishing (not) news in Europe but not the US:  Osama Bin Laden: mission was to shoot to kill from the start – Telegraph which is funny since this is a New Yorker story that made no headlines here in the US.  I knew it was an assassination mission from the get-go simply because the US runs only assassination squads now.  Look at the helicopter crash today: they were being flown in to probably snipe at the natives and spy on them on behalf of Predator assassins.  Meanwhile, emboldened by no cuts from Congress, the fascists in Zion’s headquarters, the Israeli Public Security Minister Calls for Massive Invasion of Gaza.

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59 Comments

Filed under .money matters, Free Trade, Politics, war and peace

59 responses to “US Loses AAA Rating, China Demands Real Reforms

  1. We had to burn down the economy in order to save it. /sarc

  2. melponeme_k

    Israel and the elites have turned President Obama into their sacrificial goat for their sins. I can’t believe he agreed to it. That he will sit and take their crimes upon himself. And all for their 30 pieces of silver.

    He had a whole nation on his side. He had real power.

    Now they will just release him into the desert to let him die.

  3. DeVaul

    I don’t understand Obama either. Even if he was a criminal gangster from Chicago, he actually went into the White House with a REAL mandate, not a fake one, but a real one. He could have forcibly ended the wars and jailed any AIPAC traiters who howled at him and the public would have supported him lock, stock, and barrel.

    Men are often give the power to do evil, but rarely to do good. For Obama to turn down the opportunity to save our country for a beachhouse with a nice ocean view and a wellstocked bank account “sometime in the future” is just beyond my comprehension. I don’t have words to describe how I feel about that.

    Seeing him and his superificial family dropped off in the middle of a desert would be a fitting end to such a craven coward.

  4. Joseppi

    Jesus loves Nukes

    The Air Force has suspended decades-old Bible-centric ethics training intended to make Christian officers comfortable with the possible use of nuclear weapons. The training program was given to all new missile officers by Air Force chaplains.

    http://www.military.com/news/article/af-pulls-jesus-loves-nukes-training-.html?ESRC=airforce-a.nl

  5. DeVaul

    You know, I always wondered what happened to my first cousin who retired a major from the air force as a raving religious fanatic talking about the rapsure and the “end of the world” and people burning in hell and so on. He had been completely transformed while working as a navigator on a SAC bomber squadron.

    I remember being an usher at his Greek Orthodox wedding 30 years ago. I don’t know much about Jewish religion, but it seemed like a beautiful wedding ceremony. Afterwards, there was a reception with dancing and eating and just a general celebration of life. No talk of doomsday events or “end of the world” stuff with Jehova coming to save only a few people while the rest die.

    I cannot believe the air force taught religion to officers, and that it was “ok” to use nukes on other countries as part of “religious training”. This is why I despise Jewish religion. It destroyed my cousin’s mind.

    Non-jews are not taught this kind of crap as part of their “religious training”. It is considered unacceptable and immoral.

  6. cartonero

    Ummmm, Greek Orthodox is not the same as Jewish.

    In other news, Navy Seal team 6, credited with terminating Osama, was apparently on the helicopter that was shot down.

  7. d dean

    att. ention! payd!!
    S P “lowers ONcle azugar’s credit rating”. (P r c, EU”s egan co., did same). comments?”

  8. WOW Elaine, you say so much here.It is more than I can take in!

    And Yes Greek Orthodox is Christian, Eastern Catholic.

  9. ‘Japan is a military client state. Almost all of our ‘allies’ are actually leeches. ‘
    So what else is new?
    USA did fight in 2 world wars that it could have passed on + NATO turns 70 when?

    Devaul….Obama is a Monster, courtesy of the left and the Dems.

  10. Elaine:
    ‘What are they going to export? The Parthenon? ‘

    You know very well that Govt buildings have been sold here in the USA.
    In Chicago is it true they cant hold street fairs because they privatized the commons?
    Did China buy swaths of Africa? Is Soros via a Moscow held Hedge fund buying Africa?

    ‘What are they going to export?’ They can sell The Parthenon…..so there.

  11. We seem to need a Peterson’s Field Guide to the religious fundies here. But there’s hope on the horizon, they’re working on a vaccine for it:

  12. “while the US celebrates Christianity and Judaism as high religions that are good for humanity, not a bane on this planet”

    “The Third World War must be conducted in such a way that Islam and political Zionism mutually destroy each other….and the multitude, disillusioned with Christianity, will receive the true light of the pure doctrine of Lucifer, brought finally out in the public view”

    The U.S. is run by Luciferians, not Christians, although they teach their doctrines in the name of Christ. They’ve been doing this for 2000 years.

  13. Claire Voyant

    Here’s Vermont’s Bernie Sanders today asking some pointed questions on the credit rating downgrade:

    “I find it interesting to see S&P so vigilant now in downgrading the U.S. credit rating. Where were they four years ago when they, and other credit rating agencies, helped cause this horrendous recession by providing AAA ratings to worthless sub-prime mortgage securities on behalf of Wall Street investment firms? Where were they last December when Congress and the White House drove up the national debt by $700 billion by extending Bush’s tax breaks for the rich?”

  14. Dupree

    In other news, Navy Seal team 6, credited with terminating Osama, was apparently on the helicopter that was shot down.

    Karma’s a bitch!~Jon Stewart

  15. Dupree

    More from Jim’s link on the phony vaccination scheme to get Bin Laden.

    http://funvax.wordpress.com/

  16. Christian W

    @Melpomene_k

    That is why Obama was allowed to become President. He is a lickfoot, and it was evident from the way he got the nomination that he had no challengening agenda of his own, no backbone to have one. He is a perfect empty suit speaking empty slogans to front the looting and real agendas going on behind (but more and more upfront as the illusionary curtains are ripped apart by reality) the fascade.

    It is pointless being disappointed in him, he was nothing to start with, just like George W. Bush. They just serves as dummies for people to point their fingers at or rage at or praise what have you. Rather, it is symptomatic of the rot in the US that people like them are propelled by the powers that be to be frontmen for the believers (religious or racial) rather than critical thinkers who are kept out of the loop at all costs.

    When your declared enemy (China) is the rational one and the one operating in the realm of reality you know you have lost. It is just a matter of waiting to see how bad the crash will be.

    And judging by the way the Zionists (the leading gang in power atm) are going on about things, they are just as deluded as Anders Behring Breivik, pushing their agenda of war and ethnic cleansing to the logical end game. Which is when it will boomerang back on them just like it did for Nazi Germany. I agree with Elaine. The madness is such that even if it is with a small minority the rot of their delusional mindset is creeping into the general world again because that is the world view of the Zionists and they will murder to protect it and they will use the US and the Pentagon machine as their sword.

    However, that sword is two edged because the Pentagon is loaded with Christian endtimers with their own agenda, just as poisonous as the Zionist one.

    The world was fortunate that Russia was sane when it went bankrupt. Unfortunataly the US is quite insane at this point in time which doesn’t bode well.

  17. “No matter how cynical I get, I just can’t keep up” — Lilly Tomlin

  18. JT

    Oh well…
    That’s it for Obama.

    “Just a puppet on a lonely string
    Oh who would ever want to be king? ”

    [youtube http://www.youtube.com/watch?v=7MYmpG9d7XA&w=560&h=349%5D

  19. Dupree

    Why Al Jazeera is no longer a credible source for balanced reporting from the Middle East and Africa–Qatar is funding the Libyan “rebels” and mercenaries–and why I no longer donate to LinkTV.

    http://trueslant.com/nealungerleider/2009/10/08/al-jazeeras-new-owner-an-american-jew/

  20. Dupree

    The REAL contender for the 2012 Democratic Presidental nomination:Jim Traficant

    Jimbo’s 1993 America Is Bankrupt Speech:

    http://adask.wordpress.com/2011/02/23/the-bankruptcy-of-the-united-states-james-traficants-speech/

  21. Dupree

    Presidential

  22. Dupree

    Jimbo on Waco:

  23. Melponeme_k

    http://www.huffingtonpost.co.uk/2011/08/06/tottenham-protest-turns-n_n_920271.html

    Is this how revolution begins? How long before the cash starved police in London give up the fight to the mob. If the UK is going bankrupt as fast as the US, will rioting tip the scales?

  24. billibaldi

    @Jim Robertson, a vaccine for religious fundamentalism seems fraught with peril, I can think of many things going wrong with it. If only the wonderful Kurt Vonnegurt was still alive to write a new version of Cats Cradle. This seems so much like a genetic engineered version of Ice-NINE.

    Society/civilisation survives because there are individuals who sacrifice themselves or are prepared to sacrifice themselves for the higher good.

    About the only good thing that could come out of this, is that this could be a virus against militarism.

  25. floridasandy

    the “majority” seems to have no clue how job creation is accomplished then.

    you don’t grow the government and create real jobs. the only way taxes would work is if they were directed to private sector growth and that isn’t why the government wants tax increases-they want to MAINTAIN the current level of government, which is unsustainable.

    the government should have never made promises it was not going to be able to keep, but it did.

  26. floridasandy

    as far as china wanting “international supervision” of a “global currency” they can pound sand.

    they made their bed and now they can lie in it. the IMFand the EU have both proved what a disaster currency globalization becomes.

  27. billibaldi,
    I wonder if those same researchers looked for a similarity between military indoctrination and religious fervor.
    But mostly, it’s yet another example of US money (I started to say your tax dollars) being squandered with extreme prejudice while the country rots in bankruptcy. Taxes are merely social engineering and have nothing to do with spending since approximately the Reagan administration.

    Brace yourself for the Chinese Monetary Fund or equivalent. World Bank and IMF filing bankruptcy later this week..

  28. DeVaul

    You know, you can tell a lot about a person’s belief system by what they harp on continuously or talk about first before “mentioning”, somewhere, at the end of their tirade, some other problem (that is actually equal or even greater than the one they harp on).

    I cannot remember how many articles and posts I have read that scream about “government entitlements” (Social Security, Medicare, Medicaid) as being the great evil in our society and government. If they are true faschists, they will just stop there, but if they want to try to hide their real beliefs, they will also include some comment, just as an aside, about “doing something about those bankers” or “cutting back a little on the pentagon gravy train”.

    However, under no circumstances are bankers, Wall Street, the military or corporations to be inlcuded under the rubric of “entitlements”. Never, never, never. The faschist believes that these parasitic organizations are essential to civilization, so they are never targeted continuously for “elimination”. Yet, these organizations and their members are the greatest beneficiaries of government largesse, and if the government were to cease to exist, so would these entities — at least, as functional institutions that receive huge sums of cash from the citizens they rob.

    I have never understood the hatred of the poor and disadvantaged here in America. It is a strange human conundrum. How rich does a person have to be before they can be “comfortable” with the existence of poor people? How rich does a person need to be before they can stop screaming for an end to the small pitance handed out to the poor just so they can live? How rich does a person need to be before they can act like a decent human being and not a demonic monster who eats everything?

    Long ago, a chieftain or leader was known for his generosity to others, that is, by how much he could give to others. The more he gave, the more he provided to others, the greater his name became. His greatness was based not on how much he could steal for himself, but on how much he could give to others.

    In the world today, it is the opposite. A man’s greatness is directly connected to how much he can take, grab, accumulate, or steal from others, and there is no end to the number followers who will praise such a person as “smart”, “innovative”, “creative”, “revolutionary”, etc. Some even go so far as to call these men “oracles”.

    These “oracles” gleefully accept millions, billions, or now even trillions of dollars from the government behind closed dooors in a matter of hours, yet few ever speak of them as “entitlements” that must be eliminated immediately in order to save what is left of our society. Curious, isn’t it?

  29. payAttention

    http://www.reuters.com/news/pictures/slideshow?articleId=USRTR2PNJ0#a=3

    The foot soldiers of the Chinese economic miracle.

  30. Dupree

    Every Man A King

  31. Wu Wei

    “the Chinese economic miracle.”

    What miracle? China’s GDP per capita is a measly 4000 dollars. They own 3 trillion worthless fiat dollars they can’t spend in their domestic economy without causing instant inflation. Yes, all they do is export raw materials and labor in return for useless dollars, dollars USA can issue at will. It’s a new form of slavery, financial colonialism, it’s dollar hegemony.

    What miracle are you talking about exactly?

    ΩΩΩΩΩΩΩΩΩΩΩΩ

    ELAINE: This shows how little you understand things. The money China is holding isn’t going to be spent at home, it is being spent OVERSEAS. China has been on a huge buying spree this last three years, buying up ports, transportation systems, mines, farmlands, factories and such in OTHER countries! This is why the dollar is dropping in value vis a vis oil, commodities, food, etc.

  32. Dupree

    Has the Jews and Standard Oil NOT assassinated Governor Long, there’d be no Lend Lease , no FDR and his cabal of Zionist warmongers, including “Uncle Joe” Stalin and no WW2.

  33. payAttention

    Wu – this is your own fault. Hu had a chance to help his people but instead he joined hands with Geithner and Bernanke and printed more money than they did. He wanted to be clever, when it was time to stop playing games.

  34. Dupree

    The case for giving Texas back to Santa Anta and the Mexicans.

  35. floridasandy

    wu wei,

    i am not entirely unsympathetic to china’s situation because the chinese people did not cause it, anymore than the people here did not willingly sacrifice their jobs so that china could “rise” to further a global ponzi scheme.

    my sympathies first lie with americans who are going to see some suffering soon enough.,

  36. Dupree

    That would be Santa Anna

  37. Dupree

    @DeVaul

    You seem to be confusing Greek Orthodoxy with Judaism.

    It’s at the Mosque-looking building with the big six-pointed Star of David where they hand-out birthright trips to Israel for thirteen-year old Bar Mitzvah “graduates.”

    I don’t think that the Greeks hand out birthright trips to Cyprus.

  38. Dupree

    Macedonia? Maybe?

  39. payAttention

    Since Iran blew up half of Cypriot generation capacity, no one is going there.

    A post that gave me a laugh:

    by franzpick
    on Sun, 08/07/2011 – 23:45
    #1535395

    The bears have entered China.

    And every other country and location and entity worldwide where multi-decade credit-feasts have occurred. The bears sense of smell and intuition leads them to all campsites where credit-refuse has not been adequately disposed. Credit-feasting campers have created far too much waste to bury and hide in the ground; painful as it may be, their best hope is to abandon their credit refuse and exit their campsites for new, credit-free, bear-free locations.

    Futures at the lows -300; AU at the highs $1700. Politicians falling through long-term support into uncharted territory.

  40. This entire episode has been very scary personally, but it makes for great blogging. I’ve been covering the entire fiasco at my blog under the label of the Satan Sandwich, everything from negotiating the debt ceiling deal, to everyone holding their nose to vote for it, to the stock markets falling and the credit rating agencies downgrading the U.S. debt.

    BTW, Elaine, did you catch that there were riots in London over the austerity measures?

  41. Dupree

    Since Iran blew up half of Cypriot generation capacity, no one is going there. ~payAttention

    Appears that culpability lies totally with the UN Security Council’s inaction in finding a home for the explosives seized from the ship. Perhaps the UN/NATO Security Council was awaiting shipment to the Libyan “rebels” ro enforce the UN “no fly zone.”

  42. @DeVaul #5 Ummm. your first cousin was trained by Dominionists (insane end-times born-again Christians). Dominionism is NOT the same as Judaism. Jews do not want the world to end at least because of this one simple fact: if the world is destroyed, who will the Jews rule over? and who will rule over us Goyyim? But Dominionists DO want the world to come to an end, because then they get to go up in The Rapture! And send everybody else to Hell.

  43. FireStar

    Melponeme_K

    Can you explain what Obama has agreed to? I’m a bit out of touch with the US affairs due to my health issues.

  44. emsnews

    The Chinese government started ‘bear’ markets by raising the reserve rate banks must hold when making loans. The US should have done this back in 2002 but didn’t, instead, reserve ratios here dropped to less than 1% and the central bank lending to banks dropped to ZIRP.

    This ZIRP banking is insane, stupid and destructive: it causes bubbles which then burst and make a mess as we clearly see today. China’s suppression of a potential bubble caused a retraction in credit and this is causing all the ZIRP nations trouble today.

  45. Wu Wei
    “the Chinese economic miracle.”

    What miracle? China is HELL! And with 3? Trillion Greenbacks they can buy up Africa etc.
    They have spread their hell to Tibet and elsewhere.

  46. Dupree..am watching the clip of Perry………
    Id rather look at them than Obama, Hillary, Pelosi,barney..
    gawd barney franks

  47. Dupree

    Yes, they all have one thing in common:They all “hump” for the bandit state of Israel!

  48. Dupree

    They have spread their hell to Tibet and elsewhere.~90404

    Yes, but it was Tricky Dick Nixon, David Rockefeller and Henry Kissinger that breached The Great Wall!

  49. Dupree

    Where will your congressman spend his/her summer break?

    Basking on the beaches of Tel Aviv and watching the demolition of Palestinian homes to make way for Jewish squatters.

    {SNIP}

    ..Congress has a new hot spot this summer – Israel.

    Over the three-week recess, 81 members — 55 Republicans and 26 Democrats — will take a trip to the Jewish state, the Jerusalem Post reported Monday. That breaks down to about 20 percent of the House who will spend a week of their August break in Israel.

    The first group of visitors, made up of the 26 Democrats and headed by Democratic Whip Steny Hoyer (D-Md.), is set to arrive Monday. Two Republican delegations will follow, with one of the groups being led by Majority Leader Eric Cantor (R-Va.).

    http://www.politico.com/news/stories/0811/60853.html

  50. Dupree

    Or maybe they’ll just whorehop and barhoop in Tel Aviv ?

  51. Wu Wei

    “ELAINE: This shows how little you understand things. The money China is holding isn’t going to be spent at home, it is being spent OVERSEAS. China has been on a huge buying spree this last three years, buying up ports, transportation systems, mines, farmlands, factories and such in OTHER countries! This is why the dollar is dropping in value vis a vis oil, commodities, food, etc.”

    Show me the Chinese buying sprees, I don’t see any. Hell, USA doesn’t even allow China to buy up anything inside the USA, every take over by the Chinese was not allowed! They aren’t buying shit. And how does spending money outside of China benefit the Chinese people and Chinese economy? China gains nothing from all of this.

    Fact is that you don’t understand dollar hegemony and financial imperialism where the producing countries are not getting richer from producing but in fact poorer. This is the year 2011, it’s not the age of industrial imperialism anymore where the imperialist manufactured goods in return for money that was backed by GOLD and thus got richer from manufacturing and exporting, nope, this age is the opposite of the industrial age that your mindset apparently is stuck in. Today the producing/exporting nations provide labor, raw materials and raw land exporting REAL wealth in return for WORTHLESS FIAT DOLLARS that can never be spent inside the domestic economy without causing INSTANT INFLATION because the goods backing that money have been exported abroad, what’s even worse is that these dollars can only be reinvested in the dollar economy, which explains the enormous purchasing of both Japan and China of USA debt. They have no choice! It’s a win win situation for the dollar economy (I’m not talking about the USA itself because they suffer from dollar hegemony as well by having all their jobs exported abroad but the dollar economy as a whole wins).

    China will eventually end up the same as the USA. When wages inside China inevitably rise, the foreign capital that fed China’s export and always looking to maximize its profits will simply move to an even lower wage country leaving China’s factories for dead. This is how the world operates today, Elaine. Time to get with the times, nay?

  52. Clueless

    Well said. Here an American expressing the same in the language of histrionics:
    http://www.dylanratigan.com/2011/08/09/dylan-ratigan-mad-as-hell-his-epic-network-moment/

  53. Clueless

    And here an angry American in Manchester:

  54. WU…………….

    ‘Show me the Chinese buying sprees, I don’t see any. Hell, USA doesn’t even allow China to buy up anything inside the USA, every take over by the Chinese was not allowed’

    What about googling ‘Toledo bought by Chinese’ and
    ‘Chinese buy Idaho land’?

  55. Dupree
    August 10, 2011 at 12:33 pm

    They have spread their hell to Tibet and elsewhere.~90404

    Yes, but it was
    Tricky Dick Nixon,
    David Rockefeller and
    Henry Kissinger that breached The Great Wall!

    ‘Yes, but,,’ ,But What?
    And you didnt mention Gates/Buffett.

  56. emsnews

    In my latest story, I linked to a NYT story about how the Chinese are buying up Manhattan.

    With the blessings of Hu and Wen, big time! I am always happy to be right. And above all, I know China very, very well. From the inside just like I know the CIA from the inside.

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