Monthly Archives: October 2013

‘Dollar valueless, about to crash’ – World Bank Whistleblower

http://youtu.be/4hgA9j-4dB0

https://www.youtube.com/watch?v=4hgA9j-4dB0

Published on Oct 8, 2013

The US government shutdown – a temporary ailment or a symptom of a grave disease?

Are the Republicans right in their move to block Obamacare spending? Who gains from the shutdown turmoil?

Do the politicians care about their citizens?

Our guest comes from the very heart of the banking system: Karen Hudes was World Bank lawyer when she blew the whistle on major corruption cases in the system and was fired as a result.

For FULL TRANSCRIPT of the interview click here: http://on.rt.com/ue0xat

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Source:  http://www.rumormillnews.com/cgi-bin/forum.cgi?read=290640

By Tom Howell Jr.    The Washington Times

Sunday, October 13, 2013

The chief of the International  Monetary Fund said Sunday the United States’ stalemate over spending and its  debt limit is  “very, very concerning” and has rocked the organization’s annual meeting in  Washington.

Christine Lagarde said things had  been looking up around the world. Speaking with hundreds of finance ministers  around the world, they believed that Japan had  turned the corner, and that economies in the United States and Europe were on  the upswing.

“And then they found out that the debt ceiling was the issue,” she told NBC’s Meet the  Press. “They found out that the government had shut down and that there was  no remedy in sight. So it really completely transformed the meeting in the last  few days.”

Ms. Lagarde also threw cold water on  claims by some GOP lawmakers that  Thursday’s deadline to raise the debt limit is not consequential, since it might  not lead to automatic default on the country’s debts.

She said “creative accounting is not the solution, and  markets know that.”

“One thing we’re certain around the table, it was that if there is that  degree of disruption, that lack of certainty, that lack of trust in the U.S.  signature, it would mean massive disruption the world over, and we would be at  risk of tipping yet again into a recession,” Ms.  Lagarde said.

She said the United States has to get serious about entitlement spending down  the road, but that slashing spending in the near-term could be  counterproductive.

When it comes to the U.S. economy, the IMF says, “Hurry up, but slow down,” she told NBC.

“Hurry up because measures have to be taken now to deal with entitlements, as  you suggested, because there is a level of entitlement coming up and big  liabilities coming up as well in terms of interest payment,” she said. “But we  say slow down because the point is not to contract the economy by slashing  spending brutally now as recovery is picking up.”

Read more: http://www.washingtontimes.com/news/2013/oct/13/imf-chief-us-dance-debt-limit-very-very-concerning/#ixzz2hehzRgJ3 Follow us: @washtimes on Twitter

Wednesday, October 9, 2013

By Onan Coca / 9 October 2013

Earl Conlon is a trucker from Georgia who is handling the logistics for the crusading truckers, and when asked about the purpose of the trip he had this to say: “We are coming whether they like it or not. We’re not asking for impeachment, we’re asking for the arrest of everyone in government who has violated their oath of office.” Conlon cited the idea of a citizens grand jury – meaning a pool of jurors convened without court approval – as the mechanism for indicting the officials. “We want these people arrested, and we’re coming in with the grand jury to do it,” he said. “We are going to ask the law enforcement to uphold their constitutional oath and make these arrests. If they refuse to do it, by the power of the people of the United States and the people’s grand jury, they don’t want to do it, we will. … We the people will find a way.” The truckers believe that there are quite a few politicians in Washington, D.C. who have failed to uphold their oath of office, and it’s time that these people had their day in court. If their website is any indication, the Truckers will be showing up with quite a bit of support come Friday, October 11^th. The ride organizers say that over 3,000 truckers have RSVP’d their support, which means that the usually terrible traffic in D.C. will likely be monumentally bad come Friday rush hour. But no worries for those of you who have to commute through the mess that will be the Beltway Loop, the truckers have some great advice for you. The truckers circling I-495 will keep the left lane open for emergency vehicles, Conlon said, but “everybody that doesn’t have a supporter sticker on their window, good luck: Nobody in, nobody out.” The trucks will be going the 55 mile-per-hour speed limit. D.C. commuters who wish to be allowed past the convoy must have “T2SDA” – an acronym for the event’s original name, “Truckers to Shut Down America” – written on their vehicle, he said. The truckers also have a message for Capitol City police. Just leave them alone, and it will all be over quickly. “If cops decide to give us a hard time, we’re going to lock the brakes up, we’re going to stop right there, we’re going to be a three lane roadblock,” Conlon said.

Coincidentally, the Truckers event will be taking place on the same weekend that a group calling itself the Million Veterans March on the Memorials will be taking place. If both groups can muster up a healthy number of supporters, it may help wake up some ridiculously inattentive politicians. The American people have grown tired of the games being played with our money, our liberty, and our futures. D.C. can expect to see many more demonstrations like these if the politicians don’t get their heads out of the sand.

Roll Over Plan: Treasury Needed to Pay Off Record $7.5T in Maturing Debt in FY 2013, Issued $8.3T New Debt; Increased Net Debt $777B                                                      

    October 7, 2013 – 5:44 PM          By Terence P.  Jeffrey – See more at: http://cnsnews.com/news/article/terence-p-jeffrey/roll-over-plan-treasury-needed-pay-record-75t-maturing-debt-fy-2013#sthash.k4JJLmic.dpuf

(CNSNews.com) – The U.S. Treasury needed to pay off a record of approximately  $7,546,726,000,000 in maturing Treasury securities in fiscal 2013, which  ended last Monday, according to Treasury’s official accounting.

During the same period, the Treasury turned around and issued another $8,323,949,000,000 in new Treasury securities.

The spread between the old debt held by the public that matured and  was paid off during the fiscal year and the new debt that was sold to  cover government spending over and above tax revenues, increased the net  federal government debt held by the public by $777.223 billion during  the fiscal year.

In the previous fiscal year, 2012, the Treasury had needed to redeem  only $6,804,956,000,000 in Treasury securities, but then it needed to  turn around and issue $7,924,651,000,000 in new securities—increasing  the net debt held by the public by $1.119695 trillion.

The Treasury was forced to redeem a record amount of old debt in  fiscal 2013, even though the debt did not increase as much as it had in  fiscal 2012, because a large portion of the debt is composed of  shorter-term Treasury bills and notes, for which the government can pay a  lower interest rate than it would need to pay on longer term Treasury  bonds.

Treasury bills have maturities of anywhere from a few days to 52  weeks. Treasury notes have maturities of between two years and ten  years. Treasury bonds have maturities of 30 years. And the Treasury also  sells Treasury-Inflation Protected Securites (TIPS), which have terms  of 5, 10 or 30 years.

In September 2013, the average interest rate the Treasury paid on  Treasury bills was 0.074 percent. The average interest rate it paid on  Treasury notes was 1.808 percent. The average interest rate it paid on  inflation-protected securities was 1.084 percent. And the average  interest rate it paid on 30-year Treasury bonds was 5.101 percent.

That means the interest rate the Treasury needed to pay on its  long-term bonds was about 69 times as great as the interest it paid on  its short-term bills.

As of the end of fiscal 2013, the U.S. government’s marketable debt  held by the public was approximately $11,577,400,000,000.  That included  approximately $7,750,336,000,000 in medium-term Treasury notes,  $1,527,909,000,000 in short-term Treasury bills—and only approximately  $1,363,114,000,000 in 30-year Treasury bonds.

The Treasury’s medium and short-term low-interest notes and bills  accounted for about $9,278,245,000,000—or 80 percent—of the government’s  $11,577,400,000,000 debt held by the public.

Thanks to the short-term, quick-roll-over nature of most of the  federal government’s marketable debt, the average interest rate the  government’s marketable debt was just 1.981 percent in September.

In January 2000, it was 6.620 percent—or 3.3 times as great as it is now.

Here, in millions of dollars, are the recent figures for the value of the debt held by public  that Treasury redeemed and issued each fiscal year, and the net  increasde in that debt:

……………………Redeemed                   Issued                          Increase

2013                7,546,726                    8,323,949                    777,223

2012                6,804,956                    7,924,651                    1,119,695

2011                7,026,617                    8,078,266                    1,051,649

2010                7,206,965                    8,649,171                    1,442,206

2009                7,306,512                    9,027,399                    1,900,887

2008                4,898,607                    5,580,644                    682,037

2007                4,402,395                    4,532,698                    130,303

2006                4,297,869                    4,459,341                    161,472

– See more at: http://cnsnews.com/news/article/terence-p-jeffrey/roll-over-plan-treasury-needed-pay-record-75t-maturing-debt-fy-2013#sthash.k4JJLmic.dpuf