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Old 20-09-2008, 06:45 PM   #1
whiterain
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Default Text of Financial Crisis Legislation

http://www.foxnews.com/story/0,2933,425672,00.html


this makes for shocking reading

ignore the source
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Old 20-09-2008, 09:07 PM   #2
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I hate reading this legalistic stuff.
In a nutshell, does it give the state in the guise of the Treasury the right to seize assets and securities and to sell on as it sees fit?
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Old 20-09-2008, 09:45 PM   #3
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ha havent managed to decipher it all yet meself but this bit got me interested

Sec. 8. Review.

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.
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Old 20-09-2008, 10:44 PM   #4
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Originally Posted by whiterain View Post
ha havent managed to decipher it all yet meself but this bit got me interested

Sec. 8. Review.

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.
Oh done deed then with no review
I suspect my analysis might be some way correct
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Old 20-09-2008, 11:13 PM   #5
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Default Rothshilds Yes! Yes! Yes! Finally Toast!

Rothshilds Yes! Yes! Yes! Finally Toast! Soon!

Rothshilds' IMF To Audit
The US Financial System
Dick Eastman
6-30-8

Quote:
The IMF -- where Paul Wolfowitz went after carrying out his assignment at the Pentagon -- is the Rothschild instrument to enforce its interests. They are auditing the Fed to make sure that no policy and no action of the Fed or the US government will result in any repudiation of debt owed to the Rothshild's or in any way reduce the expected harvest of assets that the international bankers are expecting from the US collapse.
The IMF and the Federal Reserve should both be shown the door by the next president. The Federal Reserve needs to be shut down immediately -- but by the United States, not by international financiers.


Dick Eastman
Yakima,Washington


The German news group Spiegel is running this headline:


The International Monetary Fund Is About
To Audit The US Financial System
The Shrinking Influence of the US Federal Reserve
By Gabor Steingart in Washington

Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power.

The United States Federal Reserve Bank, or Fed, seems as much a part of America as Coca-Cola or Pizza Hut. But at least one difference has become apparent in recent days. While the pizza chain and soft-drink maker are likely to expand their scope of influence in the age of globalization, the US central bank is finding that its power is shrinking.

No Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing.

This is partly down to circumstances. Inflation is going up and up, and this year's average will likely top 4 percent. But this time Mr. Dollar is also Mr. Powerless. He can raise interest rates in the fall, or he can pray, which would probably be the better choice. At least prayer would not prevent the US economy from growing, a highly likely outcome if interest rates go up.

After years of growth, the United States is now on the brink of a recession, one that is more likely to be deepened than softened by a tight money policy. Investments will automatically become more expensive, consumer spending will be curbed and economic growth will slow down, immediately affecting unemployment figures and wages.

The textbook conclusion is that this will stabilize the value of money, because no one will dare demand higher wages or higher prices. But the macroeconomics textbooks are no longer worth much in the age of globalization. Modern inflation is driven by the global scarcity of resources. Nowadays purchasing power exceeds purchasing opportunity. Most of all, there is not enough oil, and too few raw materials and food products. These increasingly scarce resources are becoming the focus of disputes among many people and billions of dollars are at stake.

This is why the price of a barrel of crude oil (159 liters) has increased from $25 (¤16) in 2002 to $135 (¤87) in 2008. And it is also why the price of corn has tripled in the same time period, while that of copper has almost quintupled.

If the inflation introduced in the United States is excluded, a small miracle is revealed, namely something approaching price stability. Adjusted for inflation, prices are in fact rising by only 2.3 percent. If this were the extent of it, the Fed chief could simply blink like an old watchdog and go back to sleep. Instead, he is barking loudly, which is his job. But he has lost his bite, because the Fed's interest rate policy can do nothing about the scarcity of goods.

Embarrassing Investigation

Some of Bernanke's personal adversaries are also contributing significantly to his current humiliation. In the past, the chairman of the Federal Reserve was a pope among the priests of the financial elite. But unlike his predecessor Alan Greenspan, Bernanke is finding that his policies are not universally accepted, even within the Fed.

The last seven decisions reached by the Federal Open Market Committee, which sets monetary policy, were accompanied by a growing number of dissenting votes. Bernanke's critics say that with his policy of cheap money -- in other words, recurring rate reductions -- he in fact helped fuel the inflation problem he is now trying to combat.

Another problem for Mr. Dollar is that it will be several months before his actions take effect. Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.

Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.

For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.

When the final report on the risks of the US financial system is released in 2010 -- and it is likely to cause a stir internationally -- only one of the people in positions of responsiblity today will still be in office: Ben Bernanke.

Translated from the German by Christopher Sultan

http://www.spiegel.de/international/...562291,00.html

"Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar. "

This has the potential to unleash a flood of embarrassing questions, although I'd sure like to see an independent audit of things like, oh, Fort Knox. I've always wondered what the definition of 'deep storage' meant for gold, like "Does that mean it hasn't actually been mined yet?" I'm sure it doesn't, but with all the discussion about 'swaps' and such, a nice neat report in regular accounting language rather that govspeak would be worth reading. Deeply.

The IMF coming to audit the US should be huge headlines all over the US financial press, yet we learn of it midway through a Spiegel report.

Meantime, Australia's "The Age" Business section also reports that "IMF finally knocks on Uncle Sam's Door" Has the US financial press been snookered (again), or is it strange you may read about this here first before it hits the MSM? that would explain some of the recent 'circling of the wagons' by the US. Things like the "CFTC focuses on swaps, says 'Enron loophole' already closed" and the "SEC proposed reduced reliance of credit raters".

Add to that a UK Telegraph report that the Bush administration received up to $400 million for action against Iran, and you have circled wagons and a huge distraction at the ready to draw US citizen attention away from the state of the domestic financial situation. Another 'shock and odd' setup.

Oh, and there's a "Report: Iranian gets death for Israel spying."

http://www.rense.com/general82/audit.htm
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Old 21-09-2008, 12:15 AM   #6
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Ok, I'v read some of the article, but started becoming x-eyed.....I noticed that the term "mortage related assets" came up frequently. What exactly are they referring to here. Are they saying that they can confiscate a homeowners furniture, car, & any other assets they may have, in order to pay off their mortgage or am I totally off track.....anyone know legaleese (doublespeak)
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Old 21-09-2008, 12:19 AM   #7
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Quote:
Originally Posted by simplify View Post
Ok, I'v read some of the article, but started becoming x-eyed.....I noticed that the term "mortage related assets" came up frequently. What exactly are they referring to here. Are they saying that they can confiscate a homeowners furniture, car, & any other assets they may have, in order to pay off their mortgage or am I totally off track.....anyone know legaleese (doublespeak)
Well that equates with my reading
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Old 21-09-2008, 12:19 AM   #8
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Quote:
Originally Posted by simplify View Post
Ok, I'v read some of the article, but started becoming x-eyed.....I noticed that the term "mortage related assets" came up frequently. What exactly are they referring to here. Are they saying that they can confiscate a homeowners furniture, car, & any other assets they may have, in order to pay off their mortgage or am I totally off track.....anyone know legaleese (doublespeak)
No expert but I would say they are referring to things like CDO's (Collateralized Debt Obligations) which are based on mortgages.

Quote:
Collateralized debt obligations (CDOs) are an unregulated type of asset-backed security and structured credit product


For anyone wanting to understand the money system a bit better I would recommend this site, the author is a Conspiratorially minded Economist who knows his stuff, rather than a conspiracy theorist who doesn't really understand economics.

http://wallstreetexaminer.com/blogs/winter/?p=1918

Quote:
Naturally I need to weigh on what is being called the biggest “bailout in history”. I do not believe that is what is going down at all. Instead the US Government is facilitating the greatest asset grab of securities since Alexander Hamilton’s agents and cronies picked off the Continentals from the Rubes back in 1790. Hamilton’s associates (friends of Hamilton) did not pay anything close to par either, instead these Continentals went for enormous discounts. And Paulson’s new Leviathan hedge fund (the US Treasury) will end up paying deeply distressed prices as well
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Last edited by bendoon; 21-09-2008 at 12:25 AM.
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Old 21-09-2008, 12:37 AM   #9
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No expert but I would say they are referring to things like CDO's (Collateralized Debt Obligations) which are based on mortgages.



http://en.wikipedia.org/wiki/Collate...ebt_obligation


For anyone wanting to understand the money system a bit better I would recommend this site, the author is a Conspiratorially minded Economist who knows his stuff, rather than a conspiracy theorist who doesn't really understand economics.

http://wallstreetexaminer.com/blogs/winter/?p=1918
Tks bendoon: I looked at these articles, but wow....I'm not a financial analyst so no compute. I guess we will have to wait this one out like everything else. Either way, its a very rocky road ahead for everyone.
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Old 21-09-2008, 04:41 AM   #10
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"rather than a conspiracy theorist who doesn't really understand economics."

Oh how the programmed are so sure of their clarity of view.

Current Economics = Fraud and theft. That is it. All the rest is psychobabble, conspiracy researcher or not, economist or not (not in reality. It's a made up fantasy subject to lend credibility to the uncredible). It's 'when' not 'if' a new system comes into force, at which time all these so called experts will find they are totally redundant and in hindsight will realise they were lending a veneer of respectability to criminal activity based on their own programmed beliefs. They are slaves of their own minds as well as the system. Con artistry can often find a use for idiot stooges, and they have.

Last edited by cruise4; 21-09-2008 at 06:11 AM.
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