Author Topic: US Census Reports Nearly 100 Million Poor in America; Worst Conditions in 50 Yrs  (Read 6812 times)

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Offline Catalina

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It’s bad out there. Really bad.

As world leaders finally begin to admit that we are smack dab in the middle of another Great Depression and the economy stands at the cusp of another earth-shaking collapse of the financial system, the US census reports that nearly 100 million Americans are now classified as living in poverty or are considered “near poor.”

That’s nearly 1/3 of our populace who are living in the worst economic conditions in nearly fifty years.

    We haven’t seen these highs since the mid ’60s. That survey indicates the poverty level has grown from 15.1% to as high as 15.7% [since 2010], and it’s spreading at record levels to many socio-economic groups from unemployed workers, suburban families, to the poorest poor.

    …More discouraged workers are giving up on the job market and unemployment aid is running out. They found that the suburbs are seeing an increase in poverty…

    Those experts surveyed also predict poverty will remain above the pre-recession level of 12.5% for many more years.



    Via Yahoo:

    It’s not encouraging any way you look at it. And if you look at near poverty, which is another measure – the next income bracket up… you’re looking at just a huge number of Americans; I think on the order of almost 100 million people are either poor or close to poor. And poor, just in case you haven’t kept up on the definition is $11,000 a year for an individual or $22,000 for a family of four.

Poverty is up 25% since President Obama took the helm, and as predicted by the survey, will continue unabated as economic conditions worsen.

There can be no economic recovery – ever – if we continue down the path we’re on:

    They are responsible for the overspending and making of promises that cannot be kept and thus the stifling of the economy as a whole as resources are shifted to an infantile and futile attempt to maintain the illusion of prosperity.

    Prepare for a storm, my friends, for it is coming our way.

    Source: Market Ticker

For 100 million of our fellow countrymen today, the storm is already pounding them with hurricane-like winds.

The contagion is most certainly spreading.

Twenty two percent of Americans are unemployed, underemployed or simply no longer counted, and half of American households are dependent on some type of government benefit to make ends meet. In fact, more people are applying for government disability benefits each month than there are jobs created.

The storm is coming, and when it strikes the government will be powerless to stop it, despite the belief by the majority of Americans that existing social safety nets and emergency response plans will bail them out.

http://www.shtfplan.com/headline-news/its-spreading-us-census-reports-nearly-100-million-poor-in-america-worst-conditions-in-fifty-years_07232012

55 Percent Of Americans Believe That The Government Will Take Care Of Them If Disaster Strikes
http://www.shtfplan.com/headline-news/55-percent-of-americans-believe-that-the-government-will-take-care-of-them-if-disaster-strikes_07232012

Feral Dog Packs: A Rising Epidemic for this Nation
http://readynutrition.com/resources/feral-dog-packs-a-rising-epidemic-for-this-nation_23072012/
Spare no cost for truth's sake, neither depart from it for any gain. -Proverbs 23:23

Bestow not the gifts that God has given you to get worldly riches. -Proverbs 23:4

Offline Geolibertarian

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US Census Reports Nearly 100 Million Poor in America; Worst Conditions in 50 Yrs

Yet, amazingly enough, this is what Obamanoids shamelessly call "progress":

     http://www.youtube.com/watch?v=1LX84SGy5-s

And the reason they get away with such blatant demagoguery is that they're continually being afforded "left cover" by right-wing reactionaries like Peter Schiff:

     http://www.youtube.com/watch?v=l4ZS0oleO3U

With "opponents" like Schiff, Obama's public relations experts don't need any allies.
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline Catalina

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Yet, amazingly enough, this is what Obamanoids shamelessly call "progress":

     http://www.youtube.com/watch?v=1LX84SGy5-s

And the reason they get away with such blatant demagoguery is that they're continually being afforded "left cover" by right-wing reactionaries like Peter Schiff:

     http://www.youtube.com/watch?v=l4ZS0oleO3U

With "opponents" like Schiff, Obama's public relations experts don't need any allies.

Wel, from his point of view it is progress. He accomplished his goal within 4 years with the blessings of the dumbed down public.  ;)
Spare no cost for truth's sake, neither depart from it for any gain. -Proverbs 23:23

Bestow not the gifts that God has given you to get worldly riches. -Proverbs 23:4

Offline Catalina

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8,753,935: Workers on Disability Set Another Record in July; Exceed Population of 39 States

The number of workers taking federal disability insurance payments hit yet another record in July, increasing to 8,753,935 during the month from the previous record of 8,733,461 set in June, according to newly released data from the Social Security Administration.

The 8,753,935 workers who took federal disability insurance payments in July exceeded the population of 39 of the 50 states. Only 11 states—California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Michigan, Georgia, North Carolina and New Jersey—had more people in them than the number of workers on the federal disability insurance rolls in July.

Virginia, the twelfth most-populous state, had 8,096,604 people in 2011, according to the latest Census Bureau estimate. That would make Virginia’s population about 657,331 less than the number of workers who took federal disability insurance payments in July.

Congress enacted legislation in 1956 to add federal disability insurance to the Social Security system. Over the decades, the number of Americans actually working has dramatically declined relative to the number claiming federal disability insurance payments.

By July 1967, there 74,520,000 Americans actually working and 1,145,663 workers taking disability payments. That made a ratio of 65 actual workers for each worker collecting disability. In July 1987, there were 112,634,000 people actually working and 2,759,852 people collecting disability—a ratio of about 41 actual workers to each worker collecting disability.

When President Barack Obama took office in January 2009, there were 142,187,000 people actually working  and 7,442,377 workers collecting disability—a ratio of about 19 to 1.

In June, there were 142,415,000 people actually working and 8,733,461 workers claiming disability—a ratio of about 16 to 1.

In July, in addition to the 8,753,935 workers who received federal disability insurance payments, there were also 165,564 spouses of disabled workers and 1,850,653 children of disabled workers who received payments. That brought the total number of disability beneficiaries to 10,770,152.

Federal disability insurance is funded by a 1.8 percent payroll tax that is split between employers and workers. Self-employed people pay the entire 1.8 percent.

The Social Security System’s Disability Insurance Trust Fund has run deficits in each of the last three fiscal years, meaning the government has needed to borrow money to pay disability benefits to the workers claiming them. In fiscal 2009, the Disability Insurance Trust Fund ran a deficit of $8.5 billion. In fiscal 2010, it ran a deficit of $20.8 billion. And in fiscal 2011, it ran a deficit of $25.3 billion.

To be eligible for federal disability insurance payments, a person must have worked long enough to have qualified for the benefits and must also meet the Social Security Administration’s definition of “disabled.”

“We consider you disabled under Social Security rules if: You cannot do work that you did before; we decide that you cannot adjust to other work because of your medical condition(s); and your disability has lasted or is expected to last for at least one year or to result in death,” says the Social Security Administration.

Whether someone has worked long enough to qualify for federal disability insurance payments depends on their age and the number of “credits” they have earned from the Social Security system.

“Social Security work credits are based on your total yearly wages or self-employment income,” the Social Security Administration explains. “You can earn up to four credits each year. The amount needed for a credit changes from year to year. In 2012, for example, you earn one credit for each $1,130 of wages or self-employment income. When you've earned $4,520, you've earned your four credits for the year.”

According to the Social Security Administration’s formula, someone under 24 years of age would qualify for disability payments if he or she had earned at least 6 credits—or about $6,780—over the three years before they became disabled.

http://cnsnews.com/news/article/8753935-workers-disability-set-another-record-july-exceed-population-39-states
Spare no cost for truth's sake, neither depart from it for any gain. -Proverbs 23:23

Bestow not the gifts that God has given you to get worldly riches. -Proverbs 23:4

Offline Constitutionary

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The average age of the world's great civilizations has been two hundred years. These nations have progressed through the following sequence:
from bondage to spiritual faith,
from spiritual faith to great courage,
from courage to liberty,
from liberty to abundance,
from abundance to selfishness,
from selfishness to complacency,
from complacency to apathy,
from apathy to dependency,
from dependency back to bondage.

Alexander Tyler


 
WE HAVE THE MORAL RESPONSIBILITY TO SPEAK OUT AND INFORM AS MANY AS POSSIBLE. WE ALSO HAVE TO DO WHAT EACH OF US CAN IN OUR OWN POWER TO CHANGE WHAT IS HAPPENING. TO SIT BACK AND BE APATHETIC IS NOT AN OPTION!!!!!

Offline chris jones

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 Wars, do they fit into the equation, you bet they do.
 Some decades past 6o's and early 70's we had a rough time $$, why,  the Vietnam war.
 Our Gov has been sticking us in wars for the past decade, ring any bells. Same OLe shiite.

Offline larsonstdoc

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Poverty is up 25% since President Obama took the helm, and as predicted by the survey, will continue unabated as economic conditions worsen.



  Make sure you get this fact out to your friends and family.  The most glaring line in the entire article.  What would 4 more years of Soetoro do to this country?
I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline Monkeypox

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  Make sure you get this fact out to your friends and family.  The most glaring line in the entire article.  What would 4 more years of Soetoro do to this country?


Ovomit supporters just blame it on Bush and the "evil Republicans".
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Offline larsonstdoc

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Ovomit supporters just blame it on Bush and the "evil Republicans".

  Talk about a bunch of Zombies.  If we lived in a real country, they would kick him out of office for being born in Kenya.  He is a usurper.
I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline Monkeypox

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I've come to realize that the hard-core supporters of Ovomit are going to vote for him NO MATTER WHAT.  Unfortunately, as unbelievable as it sounds, there are a lot of them.

Given the state of the economy and the three ring circus that is Ovomit's administration, this should be an easy victory for Ovomit's opponent, but Bush's opponent in 2004 should have had an easy victory, too.
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Online TahoeBlue

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One theory I've had is that the capital of the world has been slowly sucked out of the western countries and sequestered offshore (this was the method of choice for the East India Trading Company for over a Hundred years (see Dope Inc :

Money Laundering under Government Cover

FTR #412 The Engineer Intends To Wreck The Train
...

20. Further down in the text of the Dissent article, Ms. Komisar discusses the amount of wealth of US-based multinationals that is believed to be in tax havens, as well as the percentage of overall world wealth secreted in these repositories.

“ . . . The money involved is monumental. Secrecy havens have 1.2 percent of the world’s population and hold 26 percent of the world’s wealth, including 31 percent of the net profits of U.S. multinationals. According to Merrill Lynch & Gemini Consulting’s ‘World Wealth Report’ for 2000,

one third of the wealth of the world’s ‘high net-worth individuals’ (as banks like to call them), nearly $6 trillion out of $17.5 trillion, may now be held offshore.

Some $3 trillion is in deposits in tax haven banks and the rest is in securities held by IBC’s and trusts. Experts believe that as much as half the world’s capital flows through offshore centers. The International Monetary Fund (IMF) says that between $600 billion and $1.5 trillion of illicit money is laundered annually, equal to 2 percent to 5 percent of global economic output. These offshore centers awash in money are the hub of a colossal, underground network of crime, fraud, and corruption.”
...

| - - - - -

http://endthelie.com/2012/07/21/report-at-least-20-3-trillion-hidden-in-offshore-banks-by-global-elite/#ixzz21Mr1ryB2
Report: at least $20.3 trillion hidden in offshore banks by global elite
By Madison Ruppert
Editor of End the Lie

According to the most detailed study of the so-called offshore economy to date, conducted by James Henry, former chief economist with the consultancy McKinsey, the world’s richest people have taken advantage of cross-border tax laws in order to put away a shocking $20.31 trillion in offshore banks.
 
While this likely isn’t all that crazy to those who are familiar with the massive conflicts of interest in the Federal Reserve and the fact that the Federal Reserve works with banks to put Americans on the line for the failures of banks, it might be surprising to those who have no clue how the international financial system works.
 
The astounding sum uncovered by the Henry is slightly less than the 2011 Gross Domestic Product (GDP) of Japan ($5.87 trillion) on top of the 2011 United States GDP ($15.09 trillion).

The findings were published in the new report, “The Price of Offshore Revisited,” which shows that money continues to leak out of major nations and into infamous tax havens like Switzerland and the Cayman Islands.
 
These transactions are enabled by private banking institutions which all battle to get the accounts of what the Guardian calls the “global super-rich elite,” also known as high net-worth individuals.

Henry demonstrates that sums between £13 trillion ($20.3 trillion) and £20 ($31.23 trillion) have made their way from countries around the world into these secretive banking jurisdictions
...
More at EndtheLie.com - http://EndtheLie.com/2012/07/21/report-at-least-20-3-trillion-hidden-in-offshore-banks-by-global-elite/#ixzz21VNoA8B1

| - - -
http://www.huffingtonpost.com/2012/07/19/mitt-romneys-offshore-tax-accounts_n_1686742.html?utm_hp_ref=elections-2012
Mitt Romney, Offshore Tax Accounts Entangled Since Bain Capital's Founding
Posted: 07/19/2012

WASHINGTON -- Mitt Romney's involvement with anonymous accounts in offshore tax havens goes back to the 1984 founding of Bain Capital, which raised millions of dollars from wealthy foreigners through shell corporations in Panama, a nation notorious for tax avoidance schemes and money laundering, according to a report by The Los Angeles Times.

The Times story follows on Romney's recent acknowledgement to the National Review that he established funds in the Cayman Islands for the explicit purpose of helping wealthy investors avoid paying American taxes. Bain currently operates at least 138 shell companies headquartered in the Cayman Islands, which, like Panama, has long been associated with both legal and illegal tax machinations and money laundering.

"The so-called offshore account in the Cayman Islands, for instance, is an account established by a U.S. firm to allow foreign investors to invest in U.S. enterprises and not be subject to taxes outside of their own jurisdiction," Romney told National Review's Robert Costa on Wednesday. "So in many instances, the investments in something of that nature are brought back into the United States. The world of finance is not as simple as some would have you believe. Sometimes a foreign entity is formed to allow foreign investors to invest in the United States, which may well be the case with the entities that Democrats are describing as foreign accounts."

By taxes "outside of their own jurisdiction," Romney was referring to taxes imposed by the U.S. government.

"He's basically admitting here that the Bain funds are set up in the Cayman Islands to help people avoid tax," Rebecca Wilkins, senior counsel for federal tax policy at Citizens for Tax Justice, a nonprofit tax reform group, told HuffPost. "If you want to cheat on your taxes, boy, they're making it really easy."

According to the Times, family members of some of Bain Capital's first investors were tied to right-wing death squads in Latin America, while others were later convicted of various financial frauds unrelated to Bain.

These early Bain investors did not directly buy into Bain's funds, however. Instead, they established shell corporations in Panama, and those shell companies invested in Bain. Panama has long had extreme bank secrecy laws and lax corporate registration standards, which help shield the identities of global investors for both legitimate and illegitimate purposes.
...
While many of Bain's early investors lived outside the U.S., shell companies in Panama and the Cayman Islands can also help American taxpayers invest in U.S. companies without accruing a tax bill with the IRS.

By establishing personal offshore entities, Americans can pose as foreign investors and avoid paying U.S. taxes on investments in American firms.

"Even a U.S. investor pretending to be a foreign investor, by using a Bermuda or Cayman Islands shell entity, can avoid U.S. tax this way," Wilkins said. "And we know that's going on. We know that U.S. investors are evading taxes by pretending to be foreigners."
...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Geolibertarian

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One theory I've had is that the capital of the world has been slowly sucked out of the western countries and sequestered offshore

There's a guy on youtube named Dick Eastman who claims that this is precisely why the establishment stopped reporting on the M3 money supply in 2006 (since to report on it would be to reveal the horrific transfer of wealth that's been underway since then):

     http://www.youtube.com/watch?v=ojCqYcGMzps
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline 2Revolutions

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You begin to see the pattern when the same thing is happening in Greece, Spain, Ireland, Italy, and other countries in Europe.  What the global elite perfected in the third world  (massive looting,  exploitation, and corruption) they have brought to their home countries. 
Those who wish to remain ignorant and free, in a state of civilization, want what never was and what never will be.  - Thomas Jefferson

Offline larsonstdoc

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And things are going to get worse.

http://lewrockwell.com/north/north1174.html


  Excerpts from the linked article-------Retirement: Surely You Jest




STATISTICAL REALITY



Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.
This means that a majority of Americans have not taken seriously the economics of retirement. They have not saved. They have been faithful Keynesians. They have spent. They have borrowed to finance this spending. They have been grasshoppers, not ants.

Why have they been so foolish? I offer these reasons. They are not based on a scientific survey.

All people are present-oriented. They discount the future: benefits and costs.

Americans are optimists. They believe that the costs of the future will work out automatically.

Americans are youth-oriented. They ignore old age.

Americans believe that the federal government can solve all economic problems if voters tell it to.

Americans believe that someone else owes them a comfortable retirement.

Americans do not like to look at numbers, especially economic numbers.

Americans prefer not to believe the recommendation of the Social Security Administration: the program will cover 40% of pre-retirement income. We need 70%.

Americans do not believe the federal government will go bankrupt if it does not cut Medicare costs.

The author of the article sets forth this sensible assessment of what it will cost upper middle class people to retire.

To maintain living standards into old age we need roughly 20 times our annual income in financial wealth. If you earn $100,000 at retirement, you need about $2 million beyond what you will receive from Social Security. If you have an income-producing partner and a paid-off house, you need less.
Got that? You need 20 times your annual income to survive in comfort. This assumes that you will leave no inheritance to your children. You and your spouse will consume all of your capital.

This number is startling in light of the stone-cold fact that most people aged 50 to 64 have nothing or next to nothing in retirement accounts and thus will rely solely on Social Security.
I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline Monkeypox

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It's pretty hard to save big bucks for retirement when you're barely making ends meet - which is the way an increasingly high percentage of people are living these days.

Also, many older people who lost their jobs before retirement age were forced to tap their IRAs/401ks to survive.
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Online TahoeBlue

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There is no crisis.... continue twittering away....
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline chris jones

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Clever parasites aren't they?
We have been had big time. The end result is debt, we owe them for the money they stole from us.
The USA is a debtor nation, there is no way out of it, it is time to face up to it, ya we all know but the SM's refuse to hear it.
  We know we are deep Shiite, how about the young, the kids, is this to be their inheritance. DEBT, we are owned, yet the MSM keeps on rolling as if its just another day.
   A poor man hit the lottery a few decades past, he bought a cabin cruiser and had the transum painted with the name Poverty Sucks.The yatcht club members met and decided either he changed the name or leave, he left.
   Solutions, hardly. Get in the boots, go of to FEMA camps, breadlines if the Gov wants to play the savior or as of today welfare is still ticking along as a safety net. Debt is the key to national,global domination.
   Slaves were made in such ways.
   

Offline jerryweaver

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Clever parasites aren't they?
We have been had big time. The end result is debt, we owe them for the money they stole from us.
The USA is a debtor nation, there is no way out of it, it is time to face up to it, ya we all know but the SM's refuse to hear it.
  We know we are deep Shiite, how about the young, the kids, is this to be their inheritance. DEBT, we are owned, yet the MSM keeps on rolling as if its just another day.
   A poor man hit the lottery a few decades past, he bought a cabin cruiser and had the transum painted with the name Poverty Sucks.The yatcht club members met and decided either he changed the name or leave, he left.
   Solutions, hardly. Get in the boots, go of to FEMA camps, breadlines if the Gov wants to play the savior or as of today welfare is still ticking along as a safety net. Debt is the key to national,global domination.
   Slaves were made in such ways.
   
G. Edward Griffin made a proposal a few years ago. Debt cancellation across the board. End the Fed. Give everybody over 50 a half a million and cancel all imported goods. That would end the farce called debt and give value to the North American economy.

Offline chris jones

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G. Edward Griffin made a proposal a few years ago. Debt cancellation across the board. End the Fed. Give everybody over 50 a half a million and cancel all imported goods. That would end the farce called debt and give value to the North American economy.
          Jerry..            Our illustrious(leaders) debaters wouldn't like hearing this nor would their masters.

Offline jerryweaver

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         Jerry..            Our illustrious(leaders) debaters wouldn't like hearing this nor would their masters.
Anonymous Educational Series- John Perkins Speaking Freely
http://vimeo.com/12483678 (condensed version 2 min)
http://www.youtube.com/watch?v=95MBlxjDsDU (full hour long interview)

The book "Confessions of an Economic Hitman" is a mindblower.  I believe that he is/was the son in law of the head of the World Bank and father to his grandchildren. Otherwise Perkins may not be alive today.
He explains it all well, begining at about 13 minutes. At 26 minutes he talks about unconditional debt forgiveness.

http://www.gregpalast.com/john-perkins-jerk-con-man-shill/

Offline jerryweaver

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 Talk about a bunch of Zombies.  If we lived in a real country, they would kick him out of office for being born in Kenya.  He is a usurper.

About 8 minutes into the video this guy, Wolfensohn, tells about a Chinese Africa economic alliance that leaves the west behind. Obama is our economic hitman from Kenya?


WORLD BANKER MAKES STUNNING CONFESSION

http://www.youtube.com/watch?v=mOwZwkhFemQ&feature=endscreen&NR=1

THE FORMER PRESIDENT OF THE WORLD BANK, JAMES WOLFENSOHN, MAKES STUNNING CONFESSIONS AS HE ADDRESS GRADUATE STUDENTS AT STANFORD UNIVERSITY.
 HE REVEALS THE INSIDE HAND OF WORLD DOMINATION FROM PAST, TO THE PRESENT AND INTO THE FUTURE.
THE SPEECH WAS MADE JANUARY 11TH, 2010. THE NEXT 19 MINUTES MAY OPEN YOUR MIND TO A VERY DELIBERATE WORLD!

HE TELLS THE GRAD STUDENTS WHAT'S COMING, "A TECTONIC SHIFT" IN WEALTH FROM THE WEST TO THE EAST.
BUT HE DOESN'T TELL THE STUDENTS THAT IT IS HIS INSTITUTION, THE WORLD BANK, THAT'S DIRECTING AND CHANNELING THESE CHANGES.

WOLFENSOHN'S OWN INVESTMENT FIRM IS IN CHINA, POISED TO PROFIT FROM THIS "IMMINENT SHIFT" IN GLOBAL WEALTH.

Online TahoeBlue

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Happy new Year!

FTR #412 The Engineer Intends To Wreck The Train

Introduction: FTR#412 documents a frightening political and economic scenario involving an impending fiscal catastrophe for the United States that, in turn, portends a devastating political crisis. In several recent broadcasts,

Mr. Emory has used the phrase “the engineer intends to wreck the train” in order to describe the economic and foreign policies adopted by the Bush administration. Beginning with a column by brilliant New York Times economic columnist Paul Krugman, the broadcast highlights his use of almost identical phraseology to express the view that the radicals in the administration intend to produce “a fiscal train wreck” with their suicidal tax cutting policies.

This “fiscal train wreck,” in turn, is designed to force the elimination of social programs that the American people would not otherwise support. In this context, one should not fail to note Mr. Emory’s past observations that this administration is the point element of the deadly Bormann organization—quite literally a Third Reich gone underground–s and is designed to subjugate or destroy the United States of America. At the core of this gambit is the goal of bankrupting the U.S. by slashing revenues and drawing the country into a protracted and costly military struggle against the Muslim population of the Earth Island—themselves serving as proxy warriors for the Underground Reich. (For more about the concept of the Earth Island, see—among other programs—FTR#’s 396, 400 and the broadcasts noted in FTR#391.)
...
20. Further down in the text of the Dissent article, Ms. Komisar discusses the amount of wealth of US-based multinationals that is believed to be in tax havens, as well as the percentage of overall world wealth secreted in these repositories.

“ . . . The money involved is monumental. Secrecy havens have 1.2 percent of the world’s population and hold 26 percent of the world’s wealth, including 31 percent of the net profits of U.S. multinationals. According to Merrill Lynch & Gemini Consulting’s ‘World Wealth Report’ for 2000, one third of the wealth of the world’s ‘high net-worth individuals’ (as banks like to call them), nearly $6 trillion out of $17.5 trillion, may now be held offshore. Some $3 trillion is in deposits in tax haven banks and the rest is in securities held by IBC’s and trusts. Experts believe that as much as half the world’s capital flows through offshore centers. The International Monetary Fund (IMF) says that between $600 billion and $1.5 trillion of illicit money is laundered annually, equal to 2 percent to 5 percent of global economic output. These offshore centers awash in money are the hub of a colossal, underground network of crime, fraud, and corruption.”

Ibid.; p. 7.

21. The same tax havens and offshore financial repositories are mainstays of corporate maneuvering, terrorist-financing, drug-dealing and weapons trafficking. The remarkable Lucy Komisar—showing more moxie and character than the overwhelming majority of American journalists—braced secretary of Defense Donald Rumsfeld about Saddam Hussein’s use of offshore havens to bank his ill-gotten gains.

“It hasn’t been reported in the U.S. press—until here, now—but in Milan, Italy’s chief prosecutor has obtained thousands of documents that show how for more than 20 years Saddam Hussein used the Western bank and corporate secrecy system to launder bribes skimmed from oil revenues to pay his security forces and buy Western arms during international embargoes. The key countries—whose governments openly allow these money-laundering systems to exist—were Switzerland, Liechtenstein, Panama and Nassau. Corporate registrations and bank accounts there use ‘straw men’ and secrecy rules to cover up true owners of companies and accounts.”
“Rumsfeld Queried on Offshore Banking Reform” by Lucy Komisar; The American Reporter; 5/27/2003 [Vol. 9, No. 2112]; p. 1.

22. “On Tuesday (May 27), Defense Secretary Donald Rumsfeld was at the Council on Foreign Relations in New York, and I asked him what the U.S. planned to do about this system that financed and armed Washington’s latest nemesis. This was the question: ‘It’s been shown by investigations by the prosecutor of Milan in Italy, which has gotten thousands of documents about banks accounts in Europe, particularly Switzerland and Liechtenstein and then also Panama, that these were the accounts through which Saddam Hussein hid the rake-offs he was getting from Western companies that were buying his oil—that allowed him to get money for weapons over the 80’s and 90’s. This bank and corporate secrecy is what allowed this to happen. I assume the Americans know about this. Are you going to do anything about this system that allows them to get weapons illegally?’”

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Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

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Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5