In this news brief we will discuss the latest news on the economic collapse. We look to see if things are really that different.
The central bank will not stop at just confiscating your wealth they will want your life. They want to enslave the people.
All source links to the report can be found on the x22report.com site.
More moves from China, this time in Paris and London! Here’s an important link: China announces clearing bank in Paris for RMB business
“Tuesday’s hearing before the Senate Finance committee is further proof that the 14 percent approval rating of Congress has some justifiable roots.” -P Martens & R Martens
Does Senator Orrin Hatch Believe He Wears a Crown?
Senator Orrin Hatch, Republican from Utah, is not the Chairman of the Senate Finance Committee. That post is held by Democrat Ron Wyden – whose party currently holds the majority of seats in the Senate. But this Tuesday, in a hearing that he was not even chairing, Senator Hatch appeared to be attempting to censor the speech of the witnesses before they testified by admonishing them not to use a list of specific words and phrases.
The hearing was convened to take testimony on the retirement crisis facing millions of Americans because of the disappearance of corporate funded pensions and the inability of most Americans to build up a sufficient nest egg on their own because of stagnant wages and 401(k) fees imposed by Wall Street eating up their savings.
Hatch, with a stern face, told the panelists: “What I hope to not hear today are poll-tested slogans like ‘Upside Down Tax Incentives,’ ‘Bang for the Buck,’ ‘Pension Stripping,’ or ‘The System is Rigged’ without substantiating data. We need to hear facts and serious policy proposals, not political slogans.”
Adding to concerns that Senator Hatch had succeeded in censoring free speech in a Senate hearing was an empty chair at the witness table – which remained empty throughout the session. The written testimony of this witness never appeared along with other written witness testimony on the Senate web page for this hearing. (We called the Senate Finance committee to inquire what was behind this and were told that even if the witness submits the written testimony in advance, it isn’t posted if the witness does not appear. The Senate Banking committee typically posts written testimony the day before the hearing as do other Senate committees.) Continue reading
“A recent study from the Federal Reserve found that a third of workers have no pension and nothing set aside for retirement. Wyden noted during the hearing that the “Federal Reserve last month found that an employee with middle-of-the-pack savings has $59,000 set aside for retirement.”” – P Martens & R Martens
Yesterday [Sept 16 2014] the Senate Finance Committee convened a hearing to chew on one humdinger of a new report from the Government Accountability Office (GAO). The GAO report found that 314 taxpayers have squirreled away at least $25 million in their Individual Retirement Account (IRA) for an aggregate of $81 billion for all 314 taxpayers. That puts the average account within the $81 billion at an astonishing $258 million.
The GAO used 2011 data, the most current available to them from the IRS, and noted that since some of the tax returns were for joint filers, the term “taxpayer” may mean an individual or a couple. Still, even two IRA accounts tallying up to $258 million is off the charts.
The figures are raising eyebrows in Congress. No one can say with any certainty how an IRA could grow to such astronomical sums. IRAs have only been around since 1975. Adding to the perplexity, the GAO calculated that if a person made the maximum IRA contributions from 1975 through 2011 and invested the money in the Standard and Poor’s 500, it would have grown to only $353,379. Continue reading
Investment strategist John Embry says the market manipulation in physical gold and silver is coming to an end. How close? Embry says, “I think we are very close now in the sense that the physical supplies of both gold and silver are being diminished at a fast clip. I just saw Indian imports (for gold) were up 176% in the latest month. . . . Basically, all this gold and silver is headed from west to east, and I think this is a very, very disturbing development for people who live in the west.
The timing of it remains imprecise. I think because of the take down in the paper market is so aggressive, at this point, that there is something that is going on behind the curtain that suggests to me that things are getting very close to reaching a head. We won’t know until it happens, but you got to be on the right side of the trade the moment it happens. You can’t be late.” Embry goes on to say, “I have never seen more negative sentiment in the sector at a time when both gold and silver are remarkably underpriced. I think gold and silver are as cheap today as anytime in their histories. This is in relation to the amount of money out there, the cost of credit, the cost of digging it out of the ground and etcetera. Nobody is interested in buying it, and to me, this is one of the great buying opportunities of all time.” Continue reading
“. . . From our western perspective, we tend to forget that, globally, around 40 per cent of banks are already publicly owned, many of them concentrated in the BRIC economies, Brazil, Russia, India and China.” -E Brown
Scottish voters will go to the polls on September 18th to decide whether Scotland should become an independent country. As video blogger Ian R. Crane colorfully puts the issues and possibilities:
[T]he People of Scotland have an opportunity to extricate themselves from the socio-psychopathic global corporatists and the temple of outrageous and excessive abject materialism. However, it is not going to be an easy ride . . . .
If Alex Salmond and the SNP [Scottish National Party] are serious about keeping the Pound Stirling as the Currency of Scotland, there will be no independence. Likewise if Scotland embraces the Euro, Scotland will rapidly become a vassel state of the Euro-Federalists, who will asset strip the nation in the same way that, Greece, Ireland, Portugal and Spain have been stripped of their entire national wealth and much of their national identity.
To achieve true independence, Crane suggests the following, among other mandates: Continue reading
With the stock market and US Dollar looking rock solid due to massive manipulation the Sheeple are fast asleep.
But behind the scenes the battles are raging!
A few things to take place over the next few days/weeks:
1) Ron Paul’s original Audit the Fed Bill gets voted on today. Not sure what to expect but a YES vote speaks volumes as to who is winning the secret battles.
2) Scotland votes tomorrow on their independence and either way the vote goes there should be chaos in the FX Derivative Market…as William Wallace says “FREEDOM!”
http://www.reuters.com/article/2014/09/17/us-scotland-independence-markets-analysi-idUSKBN0HC0CI20140917 Continue reading
“‘. . . the dynamic of bubbles throughout human history: there are ready buyers right up to the point that prices start dropping sharply. Then the bid vanishes as the pool of greater fools has been drained and there are no buyers, only sellers.” -C H Smith
In ancient Roman religion and myth, Janus is the god of transitions–beginnings and endings of conflict, war and peace, journeys, trades and eras. Janus has two faces, as befits a god that looks both to the future and to the past.
In our era of omnipotent central banks worshipped by the Status Quo, we have a goddess of financial transitions–Janus Yellen, the two-faced chair/deity of the Federal Reserve–to usher in the Great Transition from risk-on to risk-off.
What is risk-on? Speculative bets directly enabled by central bank issued free money for financiers–also known by the bland technocrat perception management labels stimulus and quantitative easing (QE).
The primary risk-on policies are:
- ZIRP–zero interest rate policy. This enables financiers (but not J.Q. Citizen) to borrow money for next to nothing and then use this free moneyto buy assets that pay dividends or interest.
This is effectively a gift to banks and financiers. The goal is straightforward: transfer great wealth from the peasants who once earned interest on their savings to the banks, who have rebuilt their bad-bet-shattered balance sheets on the backs of tax donkeys and savers.
- Asset purchases.The Fed has bought almost $4 trillion of Treasury bonds and mortgages from primary dealers (banks) and other financial institutions. This is effectively a transfer of cash directly into the financial system.