LINK – https://www.youtube.com/watch?v=WVTmS4mM5zk
C-Span coverage – https://www.c-span.org/video/?526623-1/treasury-secretary-yellen-tells-lawmakers-our-banking-system-sound
From Market Watch –
By Paul B. Farrell
Commentary: The S&P 500 is worth only 910. Get out or lose big
SAN LUIS OBISPO, Calif. (MarketWatch) — “Politicians lie. Bankers lie. Yes, they’re liars. But they’re not bad, it’s in their genes, inherited. Their brains are wired that way, warn scientists. Like addicts, they can’t help themselves. They want to sell stuff, get rich.
We want to believe they’re telling us the truth. Silly, huh? Both trapped in this eternal “dance of death” controlled by programs hidden deep in our brains, telling us what to do, telling us to ignore facts to the contrary — till it’s too late, till a new crisis crushes all of us.” . . . (more)
http://www.marketwatch.com/story/market-crash-2011-it-will-hit-by-christmas-2011-02-22
From Aljazeera –
By Danny Schechter
While Bernie Madoff languishes in jail, bankers continue to profit as the poor lose their homes and hope.
“Thank you, Bernie, for breaking your silence – even if you are still clinging to that cover-up mode you adopted since you took the entirety of the blame for your crimes.
What is clear is that ripping off the rich is punished far more severely than ripping off the poor. The lengthy sentence you were given spared countless other greedsters and goniffs from facing the music – what music there is.
In an interview – with a reporter from The New York Times who is writing a book to cash in on a man who has already cashed out – we learn, in the vaguest terms, that Mr M believes the banks he did his crooked business with “should have known” his figures did not figure. Keeping with the deceit that has served him well over the years, he names no names.
That said, how right he may be. There were many who should have known and done something about it. The Securities and Exchange Commission (SEC) and other regulators for one. Perhaps The New York Times for another. Remember, it was Madoff’s confession to his sons that started him on his way to his new 12′ x 12′ home from home – in a federal correctional institute, where he may dream of his seized penthouse, homes and yachts – rather than any press expose.
For years, he went undetected by business journalists, who knew – or should have known – what he was up to. There are even questions about the speed with which he was sentenced, preventing him from being tried – a process which, through diligent cross-examination, would have brought us more information on the details of his dirty deals.” . . . (more)
http://english.aljazeera.net/indepth/opinion/2011/02/2011218151257526294.html
From Asia Times:
” . . . . But that ain’t now! Indeed, the torrent of new money continues, as The Daily Bell newsletter reports, “Central banks have pumped something like US$20 to US$50 TRILLION into the world’s economy to try to reinflate economies that collapsed in 2008.”
The keen eyes and sharpened economic senses of Junior Mogambo Rangers (JMRs) everywhere surely detected the use of all-caps to spell “trillion”, and which JMRs rightly suspect contains a secret code of some kind, perhaps relaying an important secret message to a shadowy group of insiders who have the code key, or a Secret Code Thingamabob (SCT) of some kind, such as a Mogambo Secret Decoder Ring (MSDR).
Of course, there is the obvious interpretation that the $50 trillion is a Hell Of A Lot Of Money (HOALOM), being just short of equaling the GDP of the Entire Freaking World (EFW)!
Perhaps if we had a Mogambo Secret Decoder Ring (MSDR) to solve the mystery!” . . . . (more)
http://www.atimes.com/atimes/Global_Economy/MB12Dj01.html
One of FC’s faves – The Mogambo Guru writes :
It was an interesting psychological phenomenon when I read where Michael Kosares of USAGold.com wrote, “Private citizen, Alan Greenspan, could afford to be blunt,” but I interpreted it in my Mysterious Mogambo Mind (MMM) to mean, “Private citizen, Alan Greenspan, should be afforded a blunt instrument applied with extreme prejudice to his stupid head, over and over, as he is the moron that, as chairman of the Federal Reserve from 1987-2006, created all the money and credit to finance the now-busting booms in stocks, booms in bonds, booms in houses, booms in derivatives, and booms in the size and cost of governments, and if there is one sorry, worthless bastard who can be singled out as guilty, guilty, guilty, it is Alan Greenspan.”
Well, I am sure you can understand how I could easily make the mistake, and now we are screwed because Alan Greenspan was a lying, slimy little treacherous weasel who could not “afford to be blunt”, but who could afford to keep creating more and more money, gradually destroying the US dollar’s buying power with constant, simmering inflation in prices, so that even the lying US government is forced to admit that $1 in 1987, when Greenspan took over the Fed, had the buying power of $1.77 in 2006 when he retired, which is a compounding inflation rate of 3%! Yikes!
Long-term 3% inflation is, as you can probably tell by the expression on my face, outrageous! And it is especially outrageous because the Federal Reserve was created to prevent inflation! Their mission was to preserve the value of the dollar, and Alan Greenspan gave us a cumulative 77% inflation in the 19 years he was in office! Gaaahhh! . . . . (more)
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