Wednesday, April 16, 2014

Back when Ronald Reagen termed the Soviet Union "the evil empire," Paul Craig Roberts was his Assistant Secretary of the Treasury for policy. Now in the 21st Century Roberts sees the US as the evil empire and hopes that Russia will realize this in time to avert a nuclear World War III on the centenial of WW I.


Washington Drives The World To War — Paul Craig Roberts

April 14, 2014 | Original Here                                              Go here to sign up to receive email notice of this news letter

Washington Drives The World To War

Paul Craig Roberts

The CIA director was sent to Kiev to launch a military suppression of the Russian separatists in the eastern and southern portions of Ukraine, former Russian territories for the most part that were foolishly attached to the Ukraine in the early years of Soviet rule. 

Washington’s plan to grab Ukraine overlooked that the Russian and Russian-speaking parts of Ukraine were not likely to go along with their insertion into the EU and NATO while submitting to the persecution of Russian speaking peoples.  Washington has lost Crimea, from which Washington intended to eject Russia from its Black Sea naval base. Instead of admitting that its plan for grabbing Ukraine has gone amiss, Washington is unable to admit a mistake and, therefore, is pushing the crisis to more dangerous levels.

If Ukraine dissolves into secession with the former Russian territories reverting to Russia, Washington will be embarrassed that the result of its coup in Kiev was to restore the Russian provinces of Ukraine to Russia.  To avoid this embarrassment, Washington is pushing the crisis toward war.

The CIA director instructed Washington’s hand-picked stooge government in Kiev to apply to the United Nations for help in repelling “terrorists” who with alleged Russian help are allegedly attacking Ukraine. In Washington’s vocabulary, self-determination is a sign of Russian interference. As the UN is essentially a Washington-financed organization, Washington will get what it wants.

The Russian government has already made it completely clear some weeks ago that the use of violence against protesters in eastern and southern Ukraine would compel the Russian government to send in the Russian army to protect Russians, just as Russia had to do in South Ossetia when Washington instructed its Georgian puppet ruler to attack Russian peacekeeping troops and Russian residents of South Ossetia. 

Washington knows that the Russian government cannot stand aside while one of Washington’s puppet states attacks Russians.  Yet, Washington is pushing the crisis to war.

The danger for Russia is that the Russian government will rely on diplomacy, international organizations, international cooperation, and on the common sense and self-interest of German politicians and politicians in other of Washington’s European puppet states.

For Russia this could be a fatal mistake. There is no good will in Washington, only mendacity. Russian delay provides Washington with time to build up forces on Russia’s borders and in the Black Sea and to demonize Russia with propaganda and whip up the US population into a war frenzy.  The latter is already occurring. 

Kerry has made it clear to Lavrov that Washington is not listening to Russia. As Washington pays well, Washington’s European puppets are also not listening to Russia. Money is more important to European politicians than humanity’s survival.

In my opinion, Washington does not want the Ukraine matters settled in a diplomatic and reasonable way. It might be the case that Russia’s best move is immediately to occupy the Russian territories of Ukraine and re-absorb the territories into Russia from whence they came. This should be done before the US and its NATO puppets are prepared for war. It is more difficult for Washington to start a war when the objects of the war have already been lost. Russia will be demonized with endless propaganda from Washington whether or not Russia re-absorbs its traditional territories. If Russia allows these territories to be suppressed by Washington, the prestige and authority of the Russian government will collapse. Perhaps that is what Washington is counting on.

If Putin’s government stands aside while Russian Ukraine is suppressed, Putin’s prestige will plummet, and Washington will finish off the Russian government by putting into action its many hundreds of Washington-financed NGOs that the Russian government has so foolishly tolerated.  Russia is riven with Washington’s Fifth columns.

In my opinion, the Russian and Chinese governments have made serious strategic mistakes by remaining within the US dollar-based international payments system. The BRICS and any others with a brain should instantly desert the dollar system, which is a mechanism for US imperialism. The countries of the BRICS should immediately create their own separate payments system and their own exclusive communications/Internet system. 

Russia and China have stupidly made these strategic mistakes, because reeling from communist failures and oppressions, they naively assumed that Washington was pure, that Washington was committed to its propagandistic self-description as the upholder of law, justice, mercy,and  human rights.

In fact, Washington, the “exceptional, indispensable country,” is committed to its hegemony over the world. Russia, China, and Iran are in the way of Washington’s hegemony and are targeted for attack.
 
The attack on Russia is mounting.




Tuesday, April 15, 2014

"Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps." "It is not just that local governments, universities and pension funds made a bad bet on these swaps. The game itself was rigged." -- Ellen Brown, candidate for California State Treasurer


The Global Banking Game Is Rigged, and the FDIC Is Suing

Posted on by Ellen Brown

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:
Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.
It is not just that local governments, universities and pension funds made a bad bet on these swaps. The game itself was rigged, as explained below. The FDIC is now suing in civil court for damages and punitive damages, a lead that other injured local governments and agencies would be well-advised to follow. But they need to hurry, because time on the statute of limitations is running out.

The Largest Cartel in World History

On March 14, 2014, the FDIC filed suit for LIBOR-rigging against sixteen of the world’s largest banks – including the three largest US banks (JPMorgan Chase, Bank of America, and Citigroup), the three largest UK banks, the largest German bank, the largest Japanese bank, and several of the largest Swiss banks. Bill Black, professor of law and economics and a former bank fraud investigator, calls them “the largest cartel in world history, by at least three and probably four orders of magnitude.”

LIBOR (the London Interbank Offering Rate) is the benchmark rate by which banks themselves can borrow. It is a crucial rate involved in hundreds of trillions of dollars in derivative trades, and it is set by these sixteen megabanks privately and in secret.

Interest rate swaps are now a $426 trillion business. That’s trillion with a “t” – about seven times the gross domestic product of all the countries in the world combined. According to the Office of the Comptroller of the Currency, in 2012 US banks held $183.7 trillion in interest-rate contracts, with only four firms representing 93% of total derivative holdings; and three of the four were JPMorgan Chase, Citigroup, and Bank of America, the US banks being sued by the FDIC over manipulation of LIBOR.

Lawsuits over LIBOR-rigging have been in the works for years, and regulators have scored some very impressive regulatory settlements. But so far, civil actions for damages have been unproductive for the plaintiffs. The FDIC is therefore pursuing another tack.

But before getting into all that, we need to look at how interest-rate swaps work. It has been argued that the counterparties stung by these swaps got what they bargained for – a fixed interest rate. But that is not actually what they got. The game was rigged from the start.

The Sting

Interest-rate swaps are sold to parties who have taken out loans at variable interest rates, as insurance against rising rates. The most common swap is one where counterparty A (a university, municipal government, etc.) pays a fixed rate to counterparty B (the bank), while receiving from B a floating rate indexed to a reference rate such as LIBOR. If interest rates go up, the municipality gets paid more on the swap contract, offsetting its rising borrowing costs. If interest rates go down, the municipality owes money to the bank on the swap, but that extra charge is offset by the falling interest rate on its variable rate loan. The result is to fix borrowing costs at the lower variable rate.

At least, that is how it’s supposed to work. The catch is that the swap is a separate financial agreement – essentially an ongoing bet on interest rates. The borrower owes both the interest onits variable rate loan and what it must pay out on this separate swap deal. And the benchmarks for the two rates don’t necessarily track each other. As explained by Stephen Gandel on CNN Money:
The rates on the debt were based on something called the Sifma municipal bond index, which is named after the industry group that maintains the index and tracks muni bonds. And that’s what municipalities should have bought swaps based on.

Instead, Wall Street sold municipalities Libor swaps, which were easier to trade and [were] quickly becoming a gravy train for the banks.
Historically, Sifma and LIBOR moved together. But that was before the greatest-ever global banking cartel got into the game of manipulating LIBOR. Gandel writes:
In 2008 and 2009, Libor rates, in general, fell much faster than the Sifma rate. At times, the rates even went in different directions. During the height of the financial crisis, Sifma rates spiked. Libor rates, though, continued to drop. The result was that the cost of the swaps that municipalities had taken out jumped in price at the same time that their borrowing costs went up, which was exactly the opposite of how the swaps were supposed to work.
The two rates had decoupled, and it was chiefly due to manipulation. As noted in the SEUI report:
[T]here is . . . mounting evidence that it is no accident that these deals have gone so badly, so quickly for state and local governments. Ongoing investigations by the U.S. Department of Justice and the California, Florida, and Connecticut Attorneys General implicate nearly every major bank in a nationwide conspiracy to rig bids and drive up the fixed rates state and local governments pay on their derivative contracts.
Changing the Focus to Fraud

Suits to recover damages for collusion, antitrust violations and racketeering (RICO), however, have so far failed. In March 2013, SDNY Judge Naomi Reece Buchwald dismissed antitrust and RICO claims brought by investors and traders in actions consolidated in her court, on the ground that the plaintiffs lacked standing to bring the claims. She held that the rate-setting banks’ actions did not affect competition, because those banks were not in competition with one another with respect to LIBOR rate-setting; and that “the alleged collusion occurred in an arena in which defendants never did and never were intended to compete.”

Okay, the defendants weren’t competing with each other. They were colluding with each other, in order to unfairly compete with the rest of the financial world – local banks, credit unions, and the state and local governments they lured into being counterparties to their rigged swaps. The SDNY ruling is on appeal to the Second Circuit.

In the meantime, the FDIC is taking another approach. Its 24-count complaint does include antitrust claims, but the emphasis is on damages for fraud and conspiring to keep the LIBOR rate low to enrich the banks. The FDIC is not the first to bring such claims, but its massive suit adds considerable weight to the approach.

Why would keeping interest rates low enrich the rate-setting banks? Don’t they make more money if interest rates are high?

The answer is no. Unlike most banks, they make most of their money not from ordinary commercial loans but from interest rate swaps. The FDIC suit seeks to recover losses caused to 38 US banking institutions that did make their profits from ordinary business and consumer loans – banks that failed during the financial crisis and were taken over by the FDIC. They include Washington Mutual, the largest bank failure in US history. Since the FDIC had to cover the deposits of these failed banks, it clearly has standing to recover damages, and maybe punitive damages, if intentional fraud is proved.

The Key Role of the Federal Reserve

The rate-rigging banks have been caught red-handed, but the greater manipulation of interest rates was done by the Federal Reserve itself. The Fed aggressively drove down interest rates to save the big banks and spur economic recovery after the financial collapse. In the fall of 2008, it dropped the prime rate (the rate at which banks borrow from each other) nearly to zero.

This gross manipulation of interest rates was a giant windfall for the major derivative banks. Indeed, the Fed has been called a tool of the global banking cartel. It is composed of 12 branches, all of which are 100% owned by the private banks in their districts; and the Federal Reserve Bank of New York has always been the most important by far of these regional Fed banks. New York, of course is where Wall Street is located.

LIBOR is set in London; but as Simon Johnson observed in a New York Times article titled The Federal Reserve and the LIBOR Scandal, the Fed has jurisdiction whenever the “safety and soundness” of the US financial system is at stake. The scandal, he writes, “involves egregious, flagrant criminal conduct, with traders caught red-handed in e-mails and on tape.” He concludes:
This could even become a “tobacco moment,” in which an industry is forced to acknowledge its practices have been harmful – and enters into a long-term agreement that changes those practices and provides continuing financial compensation.
Bill Black concurs, stating, “Our system is completely rotten. All of the largest banks are involved—eagerly engaged in this fraud for years, covering it up.” The system needs a complete overhaul.

In the meantime, if the FDIC can bring a civil action for breach of contract and fraud, so can state and local governments, universities, and pension funds. The possibilities this opens up for California (where I’m currently running for State Treasurer) are huge. Fraud is grounds for rescission (terminating the contract) without paying penalties, potentially saving taxpayers enormous sums in fees for swap deals that are crippling cities, universities and other public entities across the state. Fraud is also grounds for punitive damages, something an outraged jury might be inclined to impose. My next post will explore the possibilities for California in more detail. Stay tuned.

______
Ellen Brown is an attorney, founder of the Public Banking Institute, and a candidate for California State Treasurer running on a state bank platform. She is the author of twelve books, including the best-selling Web of Debt and her latest book, The Public Bank Solution, which explores successful public banking models historically and globally.

Monday, April 14, 2014

Ebenezer Scrooge loved his money so much that he slept with it. Now American corporations are doing the same thing. Instead of reinvesting their enormous riches (acrued with the help of insanely low taxes and large tax loopholes) and thus boosting the stagnant economy, these kleptocrats are letting their loot pile up just like Scrooge.


A flood of cash is filling the coffers of Corporate America and nobody else. (Photo by lightboxx/ Shutterstock)

FEATURES » MARCH 24, 2014
Money, Money, Everywhere
In an age of disparity, corporate wealth is far from an indicator of economic health.

BY REP. ALAN GRAYSON

I read a number of finance-industry newsletters. I want to share with you a recent excerpt from one of them. Here it is:
$1,265,836,000,000.

This is the amount of cash that S&P 500 companies (excluding banks and other financial institutions) are currently sitting on. As of the beginning of the third quarter, the largest U.S. companies collectively held $1.27 trillion. That’s about 13.5 percent more than this time last year. …

Where is this cash coming from? Well, borrowing accounts for some of it. But mostly, it’s that companies are simply generating cash faster than they are spending it.
Companies sitting on cash—the financial newsletter thinks that this is great news! Spectacular news! How nice—for them.

Here is more great news for Big Business: Corporations have been largely excused from paying taxes. The Government Accountability Office found earlier this year that the average effective tax rate on U.S. corporations is only 12.6 percent of their income. That’s low enough to make Mitt Romney jealous. Hooray, say the financial newsletters! More spectacular news!

In fact, the corporate income tax has been performing a magical disappearing act for decades. In 1952, corporate income tax revenues totaled 6 percent of GDP. The average during our enormous post-war economic expansion, between 1945 and 1970, was more than 4 percent of GDP. Since then, in every year, it has been less than 3 percent. In 1983, Reagan’s tax breaks knocked corporate income tax revenue as a percentage of GDP all the way down to 1 percent. It returned to that pitifully low level in the first year of the Obama administration, and it has remained below 2 percent. No wonder the corporate cash pile keeps growing and growing and growing.

But what about the non-corporate entities in America? How are those bags of flesh and bones known as “human beings” faring?

Well, 11 million of us are unemployed and more than 7 million of us have part- time jobs, but can’t find full-time work. And in the past 10 years, the U.S. labor force participation rate has shrunk by 3 percent. Among those who are fortunate enough to find work, the average pay is a whopping $24 an hour. According to a University of Michigan report, around 1 in 5 households in America has a negative net worth—they owe more than they own. In addition 48 million Americans have no health coverage, and 48 million rely on food stamps to stave off hunger.

Don’t expect the next generation of red, white and blue meat-bags to do much better. One fifth of all American children live in households trying to survive on less than $2,000 a month. Many of these children go to bed hungry; is it any wonder that our schools are producing students whose math scores, by one measure, are among the worst in the world?

A Tale of Two Cities , the novel by Charles Dickens, begins with the famous words, “It was the best of times, it was the worst of times.” In America today, it is the best of times for multinational corporations and their CEOs. But for ordinary people, it’s pretty bad, and getting worse.

For non-corporeal entities, times are good. For flesh and bone, bad.

Legal fictions, good. Mothers, fathers, sons, daughters—all bad.

I submit to you that there is a connection between those two things, a connection generally known as “cause and effect.” There are several such connections, in fact.

First, inequality causes poverty through simple arithmetic. If the richest 1% is taking half of everything, then that just doesn’t leave very much for the other 99%. And inequality in America is not only the highest in our history, but also the highest in any industrialized country. According to the CIA World Factbook, our Gini coefficient— a statistical measure of income inequality—places us between Venezuela and Uruguay, with far more inequality than every major European or East Asian nation. Our inequality is surpassed largely by a bunch of African countries.

Second, inequality causes poverty through economic mismanagement. As that finance newsletter proudly states, huge corporations don’t spend their money; they just sock it away. And the same thing is true of rich people, and banks, and multi-national corporations. The 400 individuals on the Forbes 400 list alone have accumulated more than $2 trillion in wealth, the great majority of which remains in their pockets year after year. We are ending up with enormous pools of cash that have been drained from the real economy, and are not reinvested in it. We have a national economy with a maximum possible economic output of $16 trillion each year, but much of it ends up in deep pockets with no holes, just sitting there. This creates a massive and chronic shortage in “aggregate demand,” a problem that John Maynard Keynes accurately described 75 years ago. If we allow demand to fall short, then unemployment explodes. Hence we paper over the evaporation of all that money from aggregate demand with federal deficits, “quantitative easing” and enormous personal debt.

But it doesn’t matter, because the existence of all those people without jobs—what Marx called a “reserve army of the unemployed”—still fuels poverty by decimating wages. Desperate people bid down the price of labor simply to survive. Average wages, adjusted for inflation, haven’t increased since the 1970s. America is becoming a nation of cheap labor. And the notion that in such circumstances, burgeoning business profits somehow will magically increase wages and create jobs is delusional. They haven’t, and they won’t.

The misconception that the so-called job creators will deploy corporate profits to take risks, to reinvest, to expand and, ultimately, to employ more people is a right-wing pipe dream. They might be doing that in China; they sure aren’t doing that in America. Businesses see labor simply as a cost. Business tries to reduce that cost as much as possible, in order to boost profits as much as possible. Business is not in the business of creating jobs. Business is in the business of maximizing profit. Business hires labor only when it can make a profit from that labor. If any business could eliminate its labor force entirely, it would. And many actually do just that, through subcontracting, outsourcing, offshoring and other measures that reduce compensation or eradicate the labor force.

So please forgive me if, when I read in a financial newsletter that giant corporations are “sitting on” $1,265,836,000,000 “in cash,” I don’t feel like breaking out the champagne. I see it as a funeral pyre for the American Middle Class.

A system that taxes Warren Buffett’s secretary at a higher rate than Warren Buffett stokes the flames of that funeral pyre. A system that provides for corporate tax loopholes that are as large as corporate tax revenue stokes the flames of that funeral pyre. We create that system, and it’s breaking us, from within.

Those are the facts. The Sturm und Drang that you see on the evening news is a desperate effort to avoid those facts. And the deep, deep question in our political system today is this: Are we going to do anything about it?


REP. ALAN GRAYSON
U.S. Rep. Alan Grayson is a progressive Democrat from Orlando. He currently serves on the House Foreign Affairs Committee and the Science, Space and Technology Committee. He previously served as a member of the House Committee on Financial Services.

Saturday, April 12, 2014

"2014 is shaping up as a year of reckoning for the United States. One of two things will happen: Either the US dollar will be abandoned and collapse in value, thus ending Washington's superpower status and Washington's threat to world peace, or Washington will lead its puppets into military conflict with Russia and China. The outcome of such a war would be far more devastating than the collapse of the US dollar." -- Paul Craig Roberts


Is the US or the World Coming to an End? — Paul Craig Roberts

April 9, 2014 | Original Here                                              Go here to sign up to receive email notice of this news letter

Is the US or the World Coming to an End?

It will be one or the other

Paul Craig Roberts

2014 is shaping up as a year of reckoning for the United States.

Two pressures are building on the US dollar. One pressure comes from the Federal Reserve’s declining ability to rig the price of gold as Western gold supplies shrivel and market knowledge of the Fed’s illegal price rigging spreads. The evidence of massive amounts of naked shorts being dumped into the paper gold futures market at times of day when trading is thin is unequivocal. It has become obvious that the price of gold is being rigged in the futures market in order to protect the dollar’s value from QE.

The other pressure arises from the Obama regime’s foolish threats of sanctions on Russia. Other countries are no longer willing to tolerate Washington’s abuse of the world dollar standard. Washington uses the dollar-based international payments system to inflict damage on the economies of countries that resist Washington’s political hegemony.

Russia and China have had enough. As I have reported and as Peter Koenig reports here http://www.informationclearinghouse.info/article38165.htm Russia and China are disconnecting their international trade from the dollar. Henceforth, Russia will conduct its trade, including the sale of oil and natural gas to Europe, in rubles and in the currencies of its BRICS partners.

This means a big drop in the demand for US dollars and a corresponding drop in the dollar’s exchange value.

As John Williams (shadowstats.com) has made clear, the US economy has not recovered from the downturn in 2008 and has weakened further. The vast majority of the US population is hard pressed from the lack of income growth for years. As the US is now an import-dependent economy, a drop in the dollar’s value will raise US prices and push living standards lower.

All evidence points to US economic failure in 2014, and that is the conclusion of John Williams’ April 9 report.

This year could also see the breakup of NATO and even the EU. Washington’s reckless coup in Ukraine and threat of sanctions against Russia have pushed its NATO puppet states onto dangerous ground. Washington misjudged the reaction in Ukraine to its overthrow of the elected democratic government and imposition of a stooge government. Crimea quickly departed Ukraine and rejoined Russia. Other former Russian territories in Ukraine might soon follow. Protesters in Lugansk, Donetsk, and Kharkov are demanding their own referendums. Protesters have declared the Donetsk People’s Republic and Kharkov People’s Republic. Washington’s stooge government in Kiev has threatened to put the protests down with violence. http://rt.com/news/eastern-ukraine-violence-threats-405/ Washington claims that the protests are organized by Russia, but no one believes Washington, not even its Ukrainian stooges.

Russian news reports have identified US mercenaries among the Kiev force that has been sent to put down the separatists in eastern Ukraine. A member of the right-wing, neo-Nazi Fatherland Party in the Kiev parliament has called for shooting the protesters dead.

Violence against the protesters is likely to bring in the Russian Army and result in the return to Russia of its former territories in Eastern Ukraine that were attached to Ukraine by the Soviet Communist Party.

With Washington out on a limb issuing threats hand over fist, Washington is pushing Europe into two highly undesirable confrontations. Europeans do not want a war with Russia over Washington’s coup in Kiev, and Europeans understand that any real sanctions on Russia, if observed, would do far more damage to Europeans. Within the EU, growing economic inequality among the countries, high unemployment, and stringent economic austerity imposed on poorer members have produced enormous strains. Europeans are in no mood to bear the brunt of a Washington-orchestrated conflict with Russia. While Washington presents Europe with war and sacrifice, Russia and China offer trade and friendship. Washington will do its best to keep European politicians bought-and-paid-for and in line with Washington’s policies, but the downside for Europe of going along with Washington is now much larger.

Across many fronts, Washington is emerging in the world’s eye as duplicitous, untrustworthy, and totally corrupt. A Securities and Exchange Commission prosecuting attorney, James Kidney used the occasion of his retirement to reveal that higher ups had squelched his prosecutions of Goldman Sachs and other “banks too big to fail,” because his SEC bosses were not focused on justice but “on getting high-paying jobs after their government service” by protecting the banks from prosecution for their illegal actions. http://www.counterpunch.org/2014/04/09/65578/

The US Agency for International Development has been caught trying to use social media to overthrow the government of Cuba. http://rt.com/news/cuba-usaid-senate-zunzuneo-241/

This audacious recklessness comes on top of Washington’s overthrow of the Ukrainian government, the NSA spying scandal, Seymour Hersh’s investigative report that the Sarin gas attack in Syria was a false flag event arranged by NATO member Turkey in order to justify a US military attack on Syria, Washington’s forcing down Bolivian President Evo Morales’ presidential plane to be searched, Saddam Hussein’s “weapons of mass destruction,” the misuse of the Libyan no-fly resolution for military attack, and on and on. Essentially, Washington has so badly damaged other countries’ confidence in the judgment and integrity of the US government that the world has lost its belief in US leadership. Washington is reduced to threats and bribes and increasingly presents as a bully.

The self-inflicted hammer blows to Washington’s credibility have taken a toll. The most serious blow of all is the dawning realization everywhere that Washington’s crackpot conspiracy theory of 9/11 is false. Large numbers of independent experts as well as more than one hundred first responders have contradicted every aspect of Washington’s absurd conspiracy theory. No aware person believes that a few Saudi Arabians, who could not fly airplanes, operating without help from any intelligence agency, outwitted the entire National Security State, not only all 16 US intelligence agencies but also all intelligence agencies of NATO and Israel as well.

Nothing worked on 9/11. Airport security failed four times in one hour, more failures in one hour than have occurred during the other 116,232 hours of the 21st century combined. For the first time in history the US Air Force could not get interceptor fighters off the ground and into the sky. For the first time in history Air Traffic Control lost airliners for up to one hour and did not report it. For the first time in history low temperature, short-lived, fires on a few floors caused massive steel structures to weaken and collapse. For the first time in history 3 skyscrapers fell at essentially free fall acceleration without the benefit of controlled demolition removing resistance from below.

Two-thirds of Americans fell for this crackpot story. The left-wing fell for it, because they saw the story as the oppressed striking back at America’s evil empire. The right-wing fell for the story, because they saw it as the demonized Muslims striking out at American goodness. President George W. Bush expressed the right-wing view very well: “They hate us for our freedom and democracy.”

But no one else believed it, least of all the Italians. Italians had been informed some years previously about government false flag events when their President revealed the truth about secret Operation Gladio. Operation Gladio was an operation run by the CIA and Italian intelligence during the second half of the 20th century to set off bombs that would kill European women and children in order to blame communists and, thereby, erode support for European communist parties.

Italians were among the first to make video presentations challenging Washington’s crackpot story of 9/11. The ultimate of this challenge is the 1 hour and 45 minute film, “Zero.” You can watch it here: http://www.youtube.com/watch?v=QU961SGps8g&feature=youtu.be

Zero was produced as a film investigating 9/ll by the Italian company Telemaco. Many prominent people appear in the film along with independent experts. Together, they disprove every assertion made by the US government regarding its explanation of 9/11.

It is impossible for anyone who watches this film to believe one word of the official explanation of 9/11.

The conclusion is increasingly difficult to avoid that elements of the US government blew up three New York skyscrapers in order to destroy Iraq, Afghanistan, Libya, Somalia, Syria, Iran, and Hezbollah and to launch the US on the neoconservatives agenda of US world hegemony.

China and Russia protested but accepted Libya’s destruction even though it was to their own detriment. But Iran became a red line. Washington was blocked, so Washington decided to cause major problems for Russia in Ukraine in order to distract Russia from Washington’s agenda elsewhere.

China has been uncertain about the trade-offs between its trade surpluses with the US and Washington’s growing encirclement of China with naval and air bases. China has come to the conclusion that China has the same enemy as Russia has–Washington.

One of two things is likely: Either the US dollar will be abandoned and collapse in value, thus ending Washington’s superpower status and Washington’s threat to world peace, or Washington will lead its puppets into military conflict with Russia and China. The outcome of such a war would be far more devastating than the collapse of the US dollar.



Tuesday, April 08, 2014

"As I write I cannot think of one thing in the entire areas of foreign and domestic policy that the US government has told the truth about in the 21st century. Just as Saddam Hussein had no weapons of mass destruction, Iran has no nukes, Assad did not use chemical weapons, and Putin did not invade and annex Crimea, the jobs numbers are fraudulent, the unemployment rate is deceptive, the inflation measures are understated, and the GDP growth rate is overstated. Americans live in a matrix of total lies." -- Paul Craig Roberts


Another Fraudulent Jobs Report — Paul Craig Roberts

April 6, 2014 | Original Here                                              Go here to sign up to receive email notice of this news letter

Another Fraudulent Jobs Report

Paul Craig Roberts

The March payroll jobs report released April 4 claims 192,000 new private sector jobs.

Here is what John Williams has to say about the claim:


“The Bureau of Labor Statistics (BLS) deliberately publishes its seasonally-adjusted historical payroll-employment and household-survey (unemployment) data so that the numbers are neither consistent nor comparable with current headline reporting.  The upside revisions to the January and February monthly jobs gains, and the relatively strong March payroll showing, reflected nothing more than concealed, favorable shifts in underlying seasonal factors, hidden by the lack of consistent BLS reporting.  In like manner, consistent month-to-month changes in the unemployment rate or labor force simply are not knowable, because the BLS cloaks the consistent and comparable numbers.”

Here is what Dave Kranzler has to say: “the employment report is probably the most deceptively fraudulent report produced by the Government.”

As I have pointed out for a decade, the “New Economy” jobs that we were promised in exchange for our manufacturing jobs and tradable professional service jobs that were offshored have never shown up. The transnational corporations and their hired shills among economists lied to us. Not even a jobs report as deceptive and fraudulent as the BLS payroll jobs report can hide the fact that Congress, the White House, and the American people have sat sucking their thumbs while corporations maximized profits for the one percent at the expense of everyone else in the United States.

Let’s look at where the alleged jobs are. The BLS jobs report says that 28,400 jobs were created in March in wholesale and retail sales. March is the month that Macy’s, Sears, JC Penny, Staples, Radio Shack, Office Depot, and other retailers announced combined closings of several thousand stores, but more retail clerks were hired.

The BLS payroll jobs report claims 57,000 jobs in “professional and business services.” Are these jobs for lawyers, accountants, architects, engineers, and managers? No. The combined new jobs for these middle class professional skills totaled 10,400. Employment services accounted for 42,000 of the jobs in “professional and business services” of which temporary help accounted for 28,500.

“Education and health services” accounted for 34,000 jobs or which ambulatory and home health care services accounted for 28,000 of the jobs.

The other old standby, waitresses and bartenders, accounted for 30,400 jobs. The number of Americans dependent on food stamps who cannot afford to go out to eat or to purchase a six-pack of beer has almost doubled, but the demand for restaurant meals and bar drinks keeps rising.

There you have it. This is America’s “New Economy.” If the jobs exist at all, they consist of lowly paid, largely part-time employment that fails to produce enough income to prevent the food stamp rolls from doubling.

Without growth in consumer income, there is no growth in aggregate consumer demand. Offshoring jobs also offshores the income associated with the jobs, resulting in the decline in the domestic consumer market. The US transnational corporations, pursuing profits in the short-run, are destroying their long-run consumer base. The transnational corporations are also destroying the outlook for US universities, as it makes no sense to incur large student loan debt when job prospects are poor. The corporations are also destroying US leadership in innovation as US corporations increasingly become marketeers of foreign-made goods and services.

As I predicted in 2004, the US will have a third world work force in 20 years.
The unemployment figures are as deceptive as the employment figures. The headline
unemployment rate of 6.7% does not include discouraged workers. When discouraged
workers are included among the unemployed, the US rate of unemployment is 3.4 times higher than the announced rate.


How many times has John Williams written his report? How many times have I written this article? Yet the government continues to issue false reports, and the presstitute financial media continues to ask no questions.

The US, once a land of opportunity, has been transformed into an aristocratic economy in which income and wealth are concentrated at the very top. The highly skewed concentration at the top is the result of jobs offshoring, which transformed Americans’ salaries and wages into bonuses for executives and capital gains for owners, and financial deregulation, which produced financial collapse and the Federal Reserve’s bailout of “banks too big too fail.” The trillions of dollars of new money created by the Federal Reserve has produced massive inflation of stock prices, making owners even richer.

Sooner or later the dollar’s value will suffer as a result of the massive creation of new dollars. When that occurs, the import-dependent American population will suffer a traumatic drop in living standards. The main cost of the bank bailout has yet to hit.

As I write I cannot think of one thing in the entire areas of foreign and domestic policy that the US government has told the truth about in the 21st century. Just as Saddam Hussein had no weapons of mass destruction, Iran has no nukes, Assad did not use chemical weapons, and Putin did not invade and annex Crimea, the jobs numbers are fraudulent, the unemployment rate is deceptive, the inflation measures are understated, and the GDP growth rate is overstated. Americans live in a matrix of total lies.

What can Americans do? Elections are pointless. Presidents, Senators, and US Representatives represent the interest groups that provide their campaign funds, not the voters. In two decisions, the Republican Supreme Court has made it legal for corporations to purchase the government. Those who own the government will decide what it does, not those who vote.

All Americans can do is to accept the serfdom imposed on them or take to the streets and stay in the streets despite being clubbed, tasered, arrested, and shot by the police, who protect the power structure, not the public.

In America, nothing is done for the public. But everything is done to the public.


Friday, April 04, 2014

Today the CEOs of banks that engage in monstrous fraud are not even indicted, much less jailed. The last time such a criminal CEO was actually sent to prison was back in 1987 when there were laws on the book against accounting control fraud and the government actually fielded a few regulators of financial institutions. Even so, these regulators were threatened by the perps and hassled by five Senators (the "Keating Five") bought by the perps. On this video, the valiant regulator who put Keating away despite all of this pressure tells this story with good humor in less than 12 minutes.


Original Here





Charles Keating, the Financier Behind the Savings and Loan Scandal, Dies at 90

Bill Black: While Wall Street executives responsible for the subprime mortgage crisis were never indicted, Charles Keating was criminally prosecuted for the 1980s S&L scandal - April 3, 14



Bio
                                                                                                                                     
William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.

BrasscheckTV is a free provider of videos of current relevance, particularly things that you don't know but you really ought to.


The CEO who said "No" to the NSA
"It's illegal, it's unconstitutional"



The government jailed him in retaliation

In February of 2001, six months before 9/11, the NSA illegally sought (and received) the private data of the customers of phone companies all over the country in a warrantless search program.

One CEO, Qwest CEO Joseph Nacchio, said "No!"

The NSA cancelled its contracts with the company and then in retaliation for his refusal to give in to intimidation filed an entirely bogus insider trading case against him.

Here's the timeline:

1. Nacchio sells some of his Qwest stock
2. NSA failing in its extortion attempt, cancels Qwest contracts
3. Qwest stock price goes down
4. Government files insider trading charges against Nacchio

The judge in the insider trading case refused to have these simple facts entered into evidence and this decent, honorable man spent four and a half years in prison.

- See more at: http://www.brasschecktv.com/videos/the-surveillance-state/the-ceo-who-said-no-to-the-nsa.html#sthash.agFKa657.dpuf 

Wednesday, April 02, 2014

This is the best Paul Craig Roberts' recent interviews, and it's timely (dated today)! Become educated on issues the mainstream media deliberately obscures. (You may wish to skip directy to the interview 5 minutes from the beginning.)


http://youtu.be/AOblgFwPUAY [92] Paul Craig Roberts: IMF loans will hand Ukraine over to private banks

Boom Bust 




Published on Apr 2, 2014

Our lead story: On Tuesday Mary Barra, the CEO of General Motors, testified in front of Congress as to why it took her company so long to recall millions of vehicles. Monday, GM recalled another 1.5 million vehicles worldwide in order to fix steering system problems. Erin brings you the details.

Our interview today is Dr. Paul Craig Roberts who talks about the US macroeconomy, Fed policy, the ongoing conflict in Ukraine, and the geopolitical approach of the West towards Russia. Take a listen.

For today's Big Deal, Edward Harrison and Erin sit down to talk about Cuba and a new law that allows for more foreign investment in the island.

Check us out on Facebook: 
http://www.facebook.com/BoomBustRT 
https://www.facebook.com/harrison.wri... 
https://www.facebook.com/erinade2020

Monday, March 31, 2014

A bank "bail-in" is what happens when a big bank fails and the government no longer bails them out. Such "bail-ins" comprise banks (legally in the US and possibly also in the EU!) confiscating the funds of its uninsured depositors (generally individuals and small companies) in order for the bank pay off its bondholders. This is not hypothetical! If you have your retirement nestegg deposited in one of the six largest U.S. banks, you have a strong chance of losing it if you don't find a safer place for it soon...


Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins

Posted on by Ellen Brown
As things stand, the banks are the permanent government of the country, whichever party is in power.

 – Lord Skidelsky, House of Lords, UK Parliament, 31 March 2011)
On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins” – the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.

The bail-in provisions were agreed to last summer. According to Bruno Waterfield, writing in the UK Telegraph in June 2013:
Under the deal, after 2018 bank shareholders will be first in line for assuming the losses of a failed bank before bondholders and certain large depositors. Insured deposits under £85,000 (€100,000) are exempt and, with specific exemptions, uninsured deposits of individuals and small companies are given preferred status in the bail-in pecking order for taking losses . . . Under the deal all unsecured bondholders must be hit for losses before a bank can be eligible to receive capital injections directly from the ESM, with no retrospective use of the fund before 2018.
As noted in my earlier articles, the ESM (European Stability Mechanism) imposes an open-ended debt on EU member governments, putting taxpayers on the hook for whatever the Eurocrats (EU officials) demand. And it’s not just the EU that has bail-in plans for their troubled too-big-to-fail banks. It is also the US, UK, Canada, Australia, New Zealand and other G20 nations. Recall that a depositor is an unsecured creditor of a bank. When you deposit money in a bank, the bank “owns” the money and you have an IOU or promise to pay.

Under the new EU banking union, before the taxpayer-financed single resolution fund can be deployed, shareholders and depositors will be “bailed in” for a significant portion of the losses. The bankers thus win both ways: they can tap up the taxpayers’ money and the depositors’ money.

 The Unsettled Question of Deposit Insurance

 But at least, you may say, it’s only the uninsured deposits that are at risk (those over €100,000—about $137,000). Right?

Not necessarily. According to ABC News, “Thursday’s result is a compromise that differs from the original banking union idea put forward in 2012. The original proposals had a third pillar, Europe-wide deposit insurance. But that idea has stalled.”

European Central Bank President Mario Draghi, speaking before the March 20th meeting in the Belgian capital, hailed the compromise plan as “great progress for a better banking union. Two pillars are now in place” – two but not the third. And two are not enough to protect the public.As observed in The Economist in June 2013, without Europe-wide deposit insurance, the banking union is a failure:
[T]he third pillar, sadly ignored, [is] a joint deposit-guarantee scheme in which the costs of making insured depositors whole are shared among euro-zone members. Annual contributions from banks should cover depositors in normal years, but they cannot credibly protect the system in meltdown (America’s prefunded scheme would cover a mere 1.35% of insured deposits). Any deposit-insurance scheme must have recourse to government backing. . . . [T]he banking union—and thus the euro—will make little sense without it.
All deposits could be at risk in a meltdown. But how likely is that?

Pretty likely, it seems . . . .

What the Eurocrats Don’t Want You to Know

Mario Draghi was vice president of Goldman Sachs Europe before he became president of the ECB. He had a major hand in shaping the banking union. And according to Wolf Richter, writing in October 2013, the goal of Draghi and other Eurocrats is to lock taxpayer and depositor liability in place before the panic button is hit over the extreme vulnerability of Eurozone banks:
European banks, like all banks, have long been hermetically sealed black boxes. . . . The only thing known about the holes in the balance sheets of these black boxes, left behind by assets that have quietly decomposed, is that they’re deep. But no one knows how deep. And no one is allowed to know – not until Eurocrats decide who is going to pay for bailing out these banks.
When the ECB becomes the regulator of the 130 largest ECB banks, says Richter, it intends to subject them to more realistic evaluations than the earlier “stress tests” that were nothing but “banking agitprop.”  But these realistic evaluations won’t happen until the banking union is in place. How does Richter know? Draghi himself said so. Draghi said:
 “The effectiveness of this exercise will depend on the availability of necessary arrangements for recapitalizing banks … including through the provision of a public backstop. . . . These arrangements must be in place before we conclude our assessment.”
Richter translates that to mean:
The truth shall not be known until after the Eurocrats decided who would have to pay for the bailouts. And the bank examinations won’t be completed until then, because if any of it seeped out – Draghi forbid – the whole house of cards would collapse, with no taxpayers willing to pick up the tab as its magnificent size would finally be out in the open!
Only after the taxpayers – and the depositors – are stuck with the tab will the curtain be lifted and the crippling insolvency of the banks be revealed. Predictably, panic will then set in, credit will freeze, and the banks will collapse, leaving the unsuspecting public to foot the bill.

 What Happened to Nationalizing Failed Banks?

 Underlying all this frantic wheeling and dealing is the presumption that the “zombie banks” must be kept alive at all costs – alive and in the hands of private bankers, who can then continue to speculate and reap outsized bonuses while the people bear the losses.

But that’s not the only alternative. In the 1990s, the expectation even in the United States was that failed megabanks would be nationalized. That route was pursued quite successfully not only in Sweden and Finland but in the US in the case of Continental Illinois, then the fourth-largest bank in the country and the largest-ever bankruptcy. According to William Engdahl, writing in September 2008:
 [I]n almost every case of recent banking crises in which emergency action was needed to save the financial system, the most economical (to taxpayers) method was to have the Government, as in Sweden or Finland in the early 1990’s, nationalize the troubled banks [and] take over their management and assets … In the Swedish case the end cost to taxpayers was estimated to have been almost nil.
Typically, nationalization involves taking on the insolvent bank’s bad debts, getting the bank back on its feet, and returning it to private owners, who are then free to put depositors’ money at risk again. But better would be to keep the nationalized mega-bank as a public utility, serving the needs of the people because it is owned by the people.

As argued by George Irvin in Social Europe Journal in October 2011:
[T]he financial sector needs more than just regulation; it needs a large measure of public sector control—that’s right, the n-word: nationalisation. Finance is a public good, far too important to be run entirely for private bankers. At the very least, we need a large public investment bank tasked with modernising and greening our infrastructure . . . . [I]nstead of trashing the Eurozone and going back to a dozen minor currencies fluctuating daily, let’s have a Eurozone Ministry of Finance (Treasury) with the necessary fiscal muscle to deliver European public goods like more jobs, better wages and pensions and a sustainable environment.
A Third Alternative – Turn the Government Money Tap Back On

A giant flaw in the current banking scheme is that private banks, not governments, now create virtually the entire money supply; and they do it by creating interest-bearing debt. The debt inevitably grows faster than the money supply, because the interest is not created along with the principal in the original loan.

For a clever explanation of how all this works in graphic cartoon form, see the short French video “Government Debt Explained,” linked here.

The problem is exacerbated in the Eurozone, because no one has the power to create money ex nihilo as needed to balance the system, not even the central bank itself. This flaw could be remedied either by allowing nations individually to issue money debt-free or, as suggested by George Irvin, by giving a joint Eurozone Treasury that power.

The Bank of England just admitted in its Quarterly Bulletin that banks do not actually lend the money of their depositors. What they lend is bank credit created on their books. In the U.S. today, finance charges on this credit-money amount to between 30 and 40% of the economy, depending on whose numbers you believe.  In a monetary system in which money is issued by the government and credit is issued by public banks, this “rentiering” can be avoided. Government money will not come into existence as a debt at interest, and any finance costs incurred by the public banks’ debtors will represent Treasury income that offsets taxation.

New money can be added to the money supply without creating inflation, at least to the extent of the “output gap” – the difference between actual GDP or actual output and potential GDP. In the US, that figure is about $1 trillion annually; and for the EU is roughly €520 billion ($715 billion). A joint Eurozone Treasury could add this sum to the money supply debt-free, creating the euros necessary to create jobs, rebuild infrastructure, protect the environment, and maintain a flourishing economy.

_________________
Ellen Brown is an attorney, founder of the Public Banking Institute, and a candidate for California State Treasurer running on a state bank platform. She is the author of twelve books, including the best-selling Web of Debt and her latest book, The Public Bank Solution, which explores successful public banking models historically and globally.

Sunday, March 30, 2014

Why is it that I've spent my adult life believing that the purpose of the IMF has been to help indebted countries out of debt? Whereas its true purpose has been to force those countries to privatize their profit-making sectors, allowing them to be bought off by speculators and global corporations, while forcing the government to cut old-age pensions, government services, government employment, and subsidies to the rest of the populace in order to pay back the IMF for the money that they promised but never really deliver, because the Western banks are given the money (something you surely won't learn from the presstitute "mainstream" media).


Western Looting Of Ukraine Has Begun — Paul Craig Roberts

March 29, 2014 | Original Here                                              Go here to sign up to receive email notice of this news letter

Western Looting Of Ukraine Has Begun

Paul Craig Roberts

It is now apparent that the “Maiden protests” in Kiev were in actuality a Washington organized coup against the elected democratic government. The purpose of the coup is to put NATO military bases on Ukraine’s border with Russia and to impose an IMF austerity program that serves as cover for Western financial interests to loot the country. The sincere idealistic protesters who took to the streets without being paid were the gullible dupes of the plot to destroy their country.

Politically Ukraine is an untenable aggregation of Ukrainian and Russian territory, because traditional Russian territories were stuck into the borders of the Ukraine Soviet Republic by Lenin and Khrushchev. The Crimea, stuck into Ukraine by Khrushchev, has already departed and rejoined Russia. Unless some autonomy is granted to them, Russian areas in eastern and southern Ukraine might also depart and return to Russia. If the animosity displayed toward the Russian speaking population by the stooge government in Kiev continues, more defections to Russia are likely.

The Washington-imposed coup faces other possible difficulties from what seems to be a growing conflict between the well-organized Right Sector and the Washington-imposed stooges. If armed conflict between these two groups were to occur, Washington might conclude that it needs to send help to its stooges. The appearance of US/NATO troops in Ukraine would create pressure on Putin to occupy the remaining Russian speaking parts of Ukraine.

Before the political and geographical issues are settled, the Western looting of Ukraine has already begun. The Western media, doesn’t tell any more truth about IMF “rescue packages” than it does about anything else. The media reports, and many Ukrainians believe, that the IMF is going to rescue Ukraine financially by giving the country billions of dollars.

Ukraine will never see one dollar of the IMF money. What the IMF is going to do is to substitute Ukrainian indebtedness to the IMF for Ukrainian indebtedness to Western banks. The IMF will hand over the money to the Western banks, and the Western banks will reduce Ukraine’s indebtedness by the amount of IMF money. Instead of being indebted to the banks, Ukraine will now be indebted to the IMF.

Now the looting can begin. The IMF loan brings new conditions and imposes austerity on the Ukrainian people so that the Ukraine government can gather up the money with which to repay the IMF. The IMF conditions that will be imposed on the struggling Ukraine population will consist of severe reductions in old-age pensions, in government services, in government employment, and in subsidies for basic consumer purchases such as natural gas. Already low living standards will plummet. In addition, Ukrainian public assets and Ukrainian owned private industries will have to be sold off to Western purchasers.

Additionally, Ukraine will have to float its currency. In a futile effort to protect its currency’s value from being driven very low (and consequently import prices very high) by speculators ganging up on the currency and short-selling it, Ukraine will borrow more money with which to support its currency in the foreign exchange market. Of course, the currency speculators will end up with the borrowed money, leaving Ukraine much deeper in debt than currently.

The corruption involved is legendary, so the direct result of the gullible Maiden protesters will be lower Ukrainian living standards, more corruption, loss of sovereignty over the country’s economic policy, and the transfer of Ukrainian public and private property to Western interests.

If Ukraine also falls into NATO’s clutches, Ukraine will also find itself in a military alliance against Russia and find itself targeted by Russian missiles. This will be a tragedy for Ukraine and Russia as Ukrainians have relatives in Russia and Russians have relatives in Ukraine. The two countries have essentially been one for 200 years. To have them torn apart by Western looting and Washington’s drive for world hegemony is a terrible shame and a great crime.

The gullible dupes who participated in the orchestrated Maiden protests will rue it for the rest of their lives.

When the protests began, I described what the consequences would be and said that I
would explain the looting process. It is not necessary for me to do so. Professor Michel Chossudovsky has explained the IMF looting process along with much history here:
http://www.globalresearch.ca/regime-change-in-ukraine-and-the-imfs-bitter-economic-medicine/5374877

One final word. Despite unequivocal evidence of one country after another being looted by the West, governments of indebted countries continue to sign up for IMF programs. Why do governments of countries continue to agree to the foreign looting of their populations? The only answer is that they are paid. The corruption that is descending upon Ukraine will make the former regime look honest.