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Posts Tagged ‘derivatives’

On the July 1, 2012 episode of TVO’s The Agenda with Steve Paikin, David Rothkopf, Council on Foreign Relations member and former managing director of Kissinger and Associates, said (at 12:08):

The fundamental right of a state is to print its own money.

Yet he previously said that only about 15 countries have the power to exercise the powers of a true state, and he downplayed the ability of a state to issue its own currency by pointing to the existence of (trillions of dollars of) derivatives.

That is a clear red herring, as Iceland is a tiny country that has turned things around economically since their currency lost 80% of its value in only four months back in 2008, and whose residents have voted twice in referenda to not be saddled with the derivative liabilities incurred by their private banks.

Not only do states have the power to print their own currency, but more importantly, they have the power to issue their currency debt and interest-free, which is something globalist David Rothkopf isn’t in the business of advocating.

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President Barack Obama and Warren Buffett in t...

I didn’t have as much patience as some did, and tuned out near the beginning when he talked about spending money to hire teachers and police officers, and instructed the States that they need to make high school mandatory until age 18.

Here in Canada, our Prime Minister wouldn’t dare get involved in the provincial issue of education to the degree Obama did.

He indirectly brought up Warren Buffett, who pays a lower effective tax rate that his secretary. I wrote an article in 2010 about Buffett’s three major inconsistencies. He said derivatives are weapons of financial mass destruction, yet subjected his shareholders to billions in losses from them, he said you shouldn’t buy banks, since they can cook their books 10 ways from Sunday, yet he bought a big share in Goldman Sachs and then Bank of America, and he said not to invest in capital-intensive businesses, only to make his largest-ever investment in a highly capital-intensive railroad.

Since then, Buffett has claimed that making Tim Geithner the Treasury Secretary was an excellent decision, and that Bernanke did a great job since the 2008 financial collapse, and deserved his reappointment.

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On Infowars.com today, I saw the shocking headline “Barney Frank: We Are Trying On Every Front To Increase The Role Of Government.”

That’s not a controversial statement to anyone who has been following the number and nature of the bills that have been tabled and passed in the House of Representatives since January 2009. However, it would be quite the open admission from a prominent American politician, and I was therefore surprised. It would be red meat even to many politically centrist Americans.

Sure enough, he did say that.  And more. The full quote was, “We are trying on every front to increase the role of government in the regulatory area.”

Those four extra words make all the difference in the world, in terms of what Rep. Frank said. It’s the difference between openly declaring what has been and is taking place overall, for quite some time, versus what is taking place now, in a specific area. Very few would argue that total government non-regulation of credit default swaps (one of the most speculative financial instruments ever devised), is a good thing. The world-wide derivative meltdown of 2008, stemming in large part from unregulated credit default swaps, would indicate otherwise.

I agree with one commenter on the Infowars.com post that their quotation is misleading. But don’t let that make you rely on Rep. Frank or any other American politician openly declaring what you already know to be true. Namely, what your government and representatives have been doing for quite some time — trying on every front to increase the role of government.

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