Our representatives in Congress did their job yesterday and voted against the $700 billion bailout. Stocks predictably slumped but the Dow worked it’s way up to resistance at 10720 this morning. I would not be surprised to see banks take another shearing today since most don’t have any money to lend these days. The international bankers did not succeed at dumping their garbage on the American people. Much to their dismay I am sure, Barclays was down to $22 a share yesterday.
The dollar has retained it’s gains made yesterday after the House rejected deficit spending to cover the bank’s losses. Certainly had this bill passed we would have seen much different moves out of the dollar. For now it is looking strong against the Pound and Euro
Even some members of Congress are this morning pointing to the problems which caused the current situation. Some are pointing out that the profits from the unscrupulous activities which lead to this crisis were privatized, meanwhile through Freddie Mac and Fanny Mae the losses were socialized. Secondly the SEC have rules in place that allow banks to lend 10 times the amount of money they actually have. Thirdly that the SEC is requiring the banks to mark-to-market those instruments that they were selling to each other and for which there is no market. Therefore since there is no market, the assets being declared worthless even if the debtors involved are paying on time. These same instruments which they banks are now eager to dump onto government books specifically because there is no market for them. So what was the solution offered to the American people? Dump theses assets onto the books of the Federal Government and in case they actually turn a profit in some future date buy them back.
Hopefully now the problem is clear for all those who have been kept in the dark purposely by those who count on the ignorance of Congress and the public to carry out their nefarious plots. It is not only the banking sector who is responsible for this debacle, but also the government’s failures in oversight of the banking industry and their allowance of unsafe banking practices. To think that now all of a sudden the government will reverse course and fix everything is very naive. The passage of this bill does nothing to resolve the flawed policies of the government or end the Federal Reserve which is what is really necessary for any meaningful reform. Now Congress is having the problem fostered by the executive branch and the banking cartel AKA The Federal Reserve dumped on them. The biggest tragedy is now Congress believes it is their job to manage the economy, if they manage it anywhere near as badly as they do the Federal Government’s finances they will be making things much worse.
I can tell you with complete confidence that current situation has been contrived, and can even tell you who planned it. The JP Morgan interests are involved, as well as the rest of the banksters who run the Federal Reserve including the Rothchild’s agents. Just like in the past, JP Morgan and friends buy up all the competition for pennies on the dollar. Further consolidating power and control over the banking sector is the M.O. of the ”money trust” so called because they have a monopoly (through the Federal Reserve) on banking in America. The Fed has been letting the smaller local and regional banks collapse, while bailing out the financial companies they wish to see succeed. Let’s not forget the problem would not have occurred without the Federal Reserve standing by ready to fire up the printing presses and bailout their friends and members. The cheap credit they made available with their monopoly also known as the Federal Reserve Bank by keeping rates way to low for way to long is directly responsible for the banking environment which lead to this scandal.
Regarding our currency, it has long been my suspicion that there have been those who wish to see an Amero take shape are purposely weakening the dollar to pave the way for it. Certainly the U.S. Government’s commitment to take on another $700,000,000, 000 in debt would do much to weaken the dollar. No doubt the same money trust who is pushing the bill will be shorting the dollar once it is passed. They may not do so against other fiat currencies like the Pound, controlled by the same international banking cartel but possibly through purchase of gold or other tangible assets.
Today it has hard to evaluate the markets because much hinges on the huge bailout bill being debated in Congress. The good news is, if you had any question whether or not your Congressman actually serves the “money trust” which has conspired to rule our country for over 200 years or his constituents you can simply turn on Cspan and find out. If he stands in opposition to this travesty, you know he is representing your interests, if he is defending the bill which was arrogantly pushed on Congress by the money trust and their servants in the executive branch of government you know he answers to others than the voters. If he supports it, you know he does not support you and won’t think twice about indebting your children and guaranteeing their serfdom to the money trust and government. Also remember that BOTH major candidates support this bailout when casting your votes in November. If you were to vote simply based on this issue, only voting for those who opposed the bill, we would be able to flush all the turds out of the Congressional toilet boil. If we can do that we can start to repeal much of the absurd Federal Law which has weakened our economy and our national sovereignty such as NAFTA.
What we are seeing now on Wall Street is commercial banks picking up investment banks and trying to dump the debt on the government. This could easily be a ploy to weaken the dollar and pave the way for the Amero. I was just listening to a senator talk about what would happen after the $700,000,000,000 debt was assumed by the U.S. government. He said he expected online currency traders to sell the dollar and substantially weaken it. So today you have the senator giving the trading advice. If this god awful monstrosity passes sell like crazy.
I am reposting this message because I realize it is critical that Americans read it and act upon it. If we allow Washington to bailout wall street and give the Federal Reserve total control our nation is doomed. Please do yourself a favor and take action after reading the following.
Dear Friends,
Whenever a Great Bipartisan Consensus is announced, and a compliant media assures everyone that the wondrous actions of our wise leaders are being taken for our own good, you can know with absolute certainty that disaster is about to strike.
The events of the past week are no exception.
The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! “This is welfare for the rich,” he said. “This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”
That describes the current bailout package to a T. And we’re being told it’s unavoidable.
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences - predictable, that is, to those who understand sound, Austrian economics - are being let off the hook. The Federal Reserve System is actually positioning itself as the savior, rather than the culprit, in this mess!
• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.
• Financial institutions are “designated as financial agents of the Government.” This is the New Deal to end all New Deals.
• Then there’s this: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.
There goes your country.
Even some so-called free-market economists are calling all this “sadly necessary.” Sad, yes. Necessary? Don’t make me laugh.
Our one-party system is complicit in yet another crime against the American people. The two major party candidates for president themselves initially indicated their strong support for bailouts of this kind - another example of the big choice we’re supposedly presented with this November: yes or yes. Now, with a backlash brewing, they’re not quite sure what their views are. A sad display, really.
Although the present bailout package is almost certainly not the end of the political atrocities we’ll witness in connection with the crisis, time is short. Congress may vote as soon as tomorrow. With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity.
The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care?
When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media?
Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be.
For those of you who don’t know the firms classified as Forex Dealer Members or FDMs always act as counterparty to you in your trades. Read the following taken from the NFA website discussing this. Check with the NFA to see if the firm you are using is classified as an FDM. A firm where your trades never reach the market and your always betting against the house so to speak. If so think twice about investing with a firm which is classified as an FDM by the NFA.
(Revised November 9, 2004; June 13, 2005; September 15, 2005; November 30, 2005; April 30, 2006; July 31, 2006; October 1, 2006; February 13, 2007; March 7, 2007; March 9, 2007; March 31, 2007; May 7, 2007; June 5, 2007; July 1, 2007; September 21, 2007; October 1, 2007; October 25, 2007; December 17, 2007; December 21, 2007; June 1, 2008; and July 1, 2008.)
INTERPRETIVE NOTICE
The Commodity Exchange Act (CEA or Act) gives the Commodity Futures Trading Commission (CFTC or Commission) limited jurisdiction over off-exchange foreign currency transactions offered to or entered into with retail customers. As a result of those provisions, certain firms primarily engaged in the retail forex business have registered with the CFTC and become Members of NFA. NFA has adopted several requirements to govern the conduct of these firms and their associated persons.
As described below, NFA Bylaw 306 creates a Forex Dealer Member category for certain NFA Members who act as counterparties to forex transactions with retail customers. This category allows NFA to exercise appropriate regulatory jurisdiction over the retail forex activities of these Members without imposing unnecessary, and potentially duplicative, regulatory burdens on Members that are otherwise subject to regulatory oversight for their activities.
NFA Bylaw 1507(b) defines forex as foreign currency futures and options and any other agreement, contract, or transaction in foreign currency that is offered or entered into on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with the offeror or counterparty on a similar basis that are:
offered to or entered into with persons that are not eligible contract participants as defined in Section 1a(12) of the Act (retail customers); and
not executed on or subject to the rules of a contract market, a derivatives transaction execution facility, a national securities exchange registered pursuant to Section 6(a) of the Securities Exchange Act of 1934, or a foreign board of trade.1
Bylaw 1507(b) also excludes the following from the forex definition if the transaction is not a futures or options contract:
securities (other than security futures products);
any contract of sale that results in actual delivery within two days; and
any contract of sale that creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business.
Given the differences between off-exchange transactions and traditional exchange-traded futures and options, the Board of Directors does not believe that it is appropriate to apply the full array of NFA’s futures rules to forex transactions. Therefore, rather than simply incorporating forex transactions into the definition of “futures,” NFA adopted NFA Compliance Rule 2-36 to govern these transactions.
Well the government finally made the move we were waiting for and took over control of the insolvent Fannie Mae and Freddie Mac. Not only will taxpayers and money borrowed from the Federal Reserve be used to cover the losses, but private sector executives from the same banks which were milking the system have taken over control. No doubt the end result of this fiasco will be the Federal Reserve taking over control of everything financial. Now that the member banks have created the problem they will offer the solution, give them total control of the financial markets and their regulation.
