(Anonymous Rules?) Angst for Goldman Sachs: How To Fix the Economy Permanently - Murdoch Dwarfed Next To ECHELON (Dennis Kucinich for President!)

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Dennis Kucinich for President! Listen to why he should be every thinking person's candidate (and think hard about all the popular non-thinking candidates who seem to believe they can repeat patriotic cant and/or economic nonsense and win (and the shallow populace who only view the candidates on their physical attributes like length, shiny teeth and a big fake smile)):

Tuesday, July 19, 2011 Angst for Goldman Sachs In their most recent economic forecast, Goldman Sachs pretends not to know why there is a slowdown in 2011. Unemployment has not recovered from the financial meltdown of 2008, a meltdown which was partly created by Goldman Sachs. Only the financial sector, and in particular Goldman Sachs, has reaped rewards since that time: Goldman Sachs survived because of TARP bailouts, the AIG backdoor bailout, loans from Buffet and multiple borrowing from the Fed to the tune of $800 billion, plus QE1 and QE2 which seemed to help financials more than anything else. The average working person saw wages stagnate, go down or jobs disappear. Goldman Sachs knows better than to plead ignorance about the causes of the continuing recession and slowdown in the economy. We can only hope that Goldman Sachs will soon know what it is to share the pain they themselves caused! Charles Hugh Smith (Of Two Minds.com) has a plan to restore the banking and real estate sectors of the economy that should make Goldman Sachs wince. (Thanks to a reader's post).

You Want to Fix the U.S. Economy? Here's a Start Charles Hugh Smith - Of Two Minds A simple 8-point plan would restore both the banking and the real estate sectors, and end the political dominance of the parasitic "too big to fail" banks. Craven politicos and clueless Federal Reserve economists are always bleating about how they want to fix the U.S. economy and restore "aggregate demand." OK, here's how to start:

1. Force all banks to mark all their assets to market at the end of each trading day, including all derivatives of all types, including over-the-counter instruments.

2. Allow citizens to discharge all mortgage and student loan debt in bankruptcy court, just like any other debt.

3. Banks must mark all their real estate to market weekly as defined by "last sales of nearby properties" adjusted for square footage and other quantifiable measures (i.e. like Zillow.com).

4. Require mortgage servicers and all owners of mortgage-backed securities to mark every asset within each pool to market weekly.

5. Any mortgage, loan or note which was fraudulently originated, packaged and sold, including the misrepresentation of risk, the manipulation of risk ratings, fraudulent documentation by any party, etc., will be discharged as uncollectable and the full value wiped off the books and title records without recourse by any of the parties.

If a bank fraudulently originated a mortgage and the buyer misrepresented material facts on the mortgage documents, then both parties lose all claim to the note and the underlying asset, the house, which reverts to the FDIC for liquidation, with the proceeds going towards creditors' claims against the bank.

6. Any bank which misrepresents marked-to-market asset values will be fined $10 million per incident.

7. Any bank which is insolvent at the end of a trading day will be closed and taken over by the FDIC the following day, and liquidated in an orderly manner via open-market auctions of all assets, including REO (real estate owned).

8. All derivative positions held by the insolvent bank will be unwound immediately, and counterparties who fail to make good on their claims will also be closed, given to the FDIC and liquidated.

You know what this is, of course: a return to trustworthy, transparent accounting. And you know what the consequences would be, too: all five "too big to fail" banks would instantly be declared insolvent, and most of the other top-25 big banks would also be closed and liquidated.

At least $3 trillion in impaired residential mortgage debt would be written off, maybe more, and $1 trillion in impaired commercial real estate would also be written down. Derivative losses are unknown, but let's estimate it's at least $1 trillion and maybe much more.

If $5.8 trillion of fantasy "value" is wiped off the nation's books, that's only a 10% reduction in net household and non-profit assets, which total $58 trillion. Even an $11 trillion hit would only knock off 20%. If that's reality, if that's what the assets are really worth in the real world, then let's get it over with. Once we've restored truthful accounting and stopped living a grand series of debilitating lies, then the path will finally be clear for renewed growth.

The net result would be the destruction of the political power of the "too big to fail" banks, the clearing of the nation's bloated, diseased real estate market, and the restoration of trust in institutions which have been completely discredited.

Bank credit would flow again, and we could insist on a healthy competitive system of 250 small banks instead of a corrupting system of 5 insolvent parasitic monsters and 20 other bloated but equally insolvent financial parasites.

Those who lied would finally get fried. At long last, those who misprepresented income, risk, etc. would actually pay some price for their malfeasance. Criminal proceedings would be a nice icing on the cake, but simply ending the pretence of solvency would go a long way to restoring banking and real estate and ending regulatory capture by TBTF banks.

What's the downside to such a simple action plan? Oh boo-hoo, the craven politicos would lose their key campaign contributors. On the plus side, the politicos could finally wipe that brown stuff off their noses.

Read the entire article here (and watch a "take-action" video which dispels the fog surrounding the concepts of market mayhem and socialism). And just to put current events into proper perspective

ECHELON: The Global Eavesdropping Scheme Dwarfs Murdoch's "News of the World" By Sherwood Ross Global Research July 20, 2011 As eavesdroppers go, next to Uncle Sam and John Bull, Rupert Murdoch, the moral force behind Fox News, is an amateur.

That's because a global eavesdropping scheme being run today by the United States and Great Britain dwarfs anything that Rupert Murdoch's editors at The News of The World (TNTW) ever dared attempt.

British Prime Minister David Cameron may well deny he knew TNTW was tapping the phones of members of UK's Royal household or those of American 9/11 victims. But he can't claim he doesn't know his country is a partner in ECHELON, which, according to Washington journalist Bill Blum, is a “network of massive, highly automated interception stations” that is eavesdropping on the entire world.

"Like a mammoth vacuum cleaner in the sky, the National Security Agency (NSA) sucks it all up: home phone, office phone, cellular phone, email, fax, telex...satellite transmissions, fiber-optic communications traffic, microwave links, voice, text images (that are) Blum writes in his book - captured by satellites continuously orbiting the earth and then processed by high-powered computers," - Rogue State (Common Courage Press).

Calling it the greatest invasion of privacy ever, Blum says the ceaseless, illegal spy system sucks up perhaps billions of messages daily, including those of prime ministers, the Secretary-General of the UN, the pope, embassies, Amnesty International, Christian Aid, and transnational corporations and that "if God has a phone, it's being monitored."

Blum also said that during the countdown to its invasion of Iraq in 2003, the U.S. listened in on the conversations of UN Secretary-General Kofi Annan, the UN weapons inspectors in Iraq, "and all the members of the UN Security Council...when they were deliberating about what action to take in Iraq."

Launched in the 1970s to spy on Soviet satellite communications, the NSA and its junior partners in Canada, Britain, Australia, and New Zealand operate ECHELON, which is a network of massive, highly automated interception stations covering the globe at the expense of American taxpayers.

Today, Ed Miliband, leader of the Labour opposition, is blasting PM Cameron on grounds that, according to The New York Times of July 19, “the recent scandals in British life were caused by a lack of accountability among those in high places.” Across Britain, Miliband said, “there is a yearning for a more decent, responsible, principled country.”

What makes the British public recoil is the sort of conduct by former TNTW reporter Clive Goodman, who pleaded guilty in Jan., 2007, to hacking the voice mails of aides to the royal family.

Pardon me, but how does that crime begin to compare with ECHELON, an organ of the U.S. Government, spying on the Secretary-General of the United Nations or the Pope? Or stealing, as it has, confidential business information and passing it along to favored firms?

I'll say this for Mr. Murdoch: he's closed down his biggest newspaper; he's fired top editors and reporters for their part in the scandals. He's gone before the public and begged forgiveness. By contrast, what have high U.S. officials done about the crimes committed via ECHELON? Zip, and they have no announced plans to do so. They continue to operate ECHELON unashamedly.

Rupert Murdoch's TNTW was only attempting to do in a small way what the governments of the U.S., U.K., Canada, Australia, and New Zealand are doing big time every day. ECHELON is a criminal operation in violation of international law and terminating it might make America, too, “a more decent, responsible, principled country.”

Sherwood Ross is a Miami-based public relations consultant who operates the Anti-War News Service. To contribute to his service or comment reach him at sherwoodross10@gmail.com.

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