MUST-WATCH VIDEO: Keiser Report No. 5: Markets! Finance! Scandal! - RT (30/12/09) PDF Print E-mail
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Wednesday, 30 December 2009 11:14



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US Promises Unlimited Financial Assistance to Fannie Mae, Freddie Mac - By Zachary A. Goldfarb, The Washington Post (30/12/09) PDF Print E-mail
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Wednesday, 30 December 2009 10:59

The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.

The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac's chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so.



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US Intelligence Found Iran Nuke Document Was Forged - Inter Press Service (29/12/09) PDF Print E-mail
Inter Press Service   
Tuesday, 29 December 2009 21:13

WASHINGTON - U.S. intelligence has concluded that the document published recently by the Times of London, which purportedly describes an Iranian plan to do experiments on what the newspaper described as a "neutron initiator" for an atomic weapon, is a fabrication, according to a former Central Intelligence Agency official.

Philip Giraldi, who was a CIA counterterrorism official from 1976 to 1992, told IPS that intelligence sources say that the United States had nothing to do with forging the document, and that Israel is the primary suspect. The sources do not rule out a British role in the fabrication, however.

The Times of London story published Dec. 14 did not identify the source of the document. But it quoted "an Asian intelligence source" - a term some news media have used for Israeli intelligence officials - as confirming that his government believes Iran was working on a neutron initiator as recently as 2007.

The story of the purported Iranian document prompted a new round of expressions of U.S. and European support for tougher sanctions against Iran and reminders of Israel's threats to attack Iranian nuclear program targets if diplomacy fails.



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We Are Screwed - John Williams Explains the Risk of Hyperinflation (29/12/09) PDF Print E-mail
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Tuesday, 29 December 2009 08:53

ShadowStats.com founder John Williams explains the risk of hyperinflation. Worst-case scenario? Rioting in the streets and devolution to a bartering system.

Do you believe everything the government tells you? Economist and statistician John Williams sure doesn't. Williams, who has consulted for individuals and Fortune 500 companies, now uncovers the truth behind the U.S. government's economic numbers on his Web site at ShadowStats.com. Williams says, over the last several decades, the feds have been infusing their data with optimistic biases to make the economy seem far rosier than it really is. His site reruns the numbers using the original methodology. What he found was not good.
 

Maymin: So we are technically bankrupt?

Williams: Yes, and when countries are in that state, what they usually do is rev up the printing presses and print the money they need to meet their obligations. And that creates inflation, hyperinflation, and makes the currency worthless.

Obama says America will go bankrupt if Congress doesn't pass the health care bill.

Well, it's going to go bankrupt if they do pass the health care bill, too, but at least he's thinking about it. He talks about it publicly, which is one thing prior administrations refused to do. Give him credit for that. But what he's setting up with this health care system will just accelerate the process.



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Last Updated on Tuesday, 29 December 2009 09:00
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Is It All Just A Ponzi Scheme? - By Eric Sprott & David Franklin, Sprott Asset Management (28/12/09) PDF Print E-mail
By Eric Sprott & David Franklin, Sprott Asset Management   
Monday, 28 December 2009 09:29


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