Apr 14

- US Pays Half Of Gazprom’s Overdue Invoice With $1 Billion Ukraine Loan Guarantee (Zerohedge, April 14, 2014):

With Ukraine no longer paying for Russian gaz, and with Gazprom making it clear Kiev has to a) first pay the overdue $2+ billion in invoice and then b) prepay some $5 billion in gas until the end of the year of Europe gets it, it was only a matter of time before the US Treasury stepped in and paid off part or all of Gazprom’s demands. That time is now, when moments ago Jack Lew announced a $1 billion loan guarantee for Ukraine – very much the same way that the US provided billions in loan guarnatees for the now long overthrown Mursi regime in Egypt. And in other news, many more “costly” and “damaging” US sanctions are surely headed Russia’s way any second now.

From the Treasury:

Treasury Secretary Lew Announces Signing Of $1 Billion U.S. Loan Guarantee Agreement For Ukraine

WASHINGTON – Today, the U.S. Treasury Secretary Jacob J. Lew announced the signing of a $1 billion loan guarantee agreement for Ukraine.  This guarantee, when completed, will complement the Government of Ukraine’s International Monetary Fund (IMF) reform program and underscores the United States’ commitment to Ukraine.

Continue reading »

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Apr 05

“Damn!”

“Where is the Pakistani ‘Gordon Brown’ when you need him?”

“Invade!”

“Oh, wait a minute …

… they DO have nukes.”


Gold-gold-GOLD
According to the IMF’s staff report, the State Bank of Pakistan holds over 2 million troy ounces of monetary gold, having $2.7 billion value at market rate.

- Boosting forex reserves: Pakistan refuses to sell $2.7b worth of gold says IMF (The Express Tribune, March 29, 2014):

ISLAMABAD: Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, revealed the global lender’s report on Friday.

The report, prepared by IMF’s staff led by its Washington-based Mission Chief to Islamabad Jeffrey Franks, also spills the beans on the ‘$1.5 billion gift’ to Pakistan by ‘Saudi Arabia’ – the name Prime Minister Nawaz Sharif’s government has so far refused to officially share with parliament.

Continue reading »

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Mar 29

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

- Western Looting Of Ukraine Has Begun (Paul Craig Roberts, March 29, 2014):

It is now apparent that the “Maiden protests” in Kiev were in actuality a Washington organized coup against the elected democratic government. The purpose of the coup is to put NATO military bases on Ukraine’s border with Russia and to impose an IMF austerity program that serves as cover for Western financial interests to loot the country. The sincere idealistic protesters who took to the streets without being paid were the gullible dupes of the plot to destroy their country.

Politically Ukraine is an untenable aggregation of Ukrainian and Russian territory, because traditional Russian territories were stuck into the borders of the Ukraine Soviet Republic by Lenin and Khrushchev. The Crimea, stuck into Ukraine by Khrushchev, has already departed and rejoined Russia. Unless some autonomy is granted to them, Russian areas in eastern and southern Ukraine might also depart and return to Russia. If the animosity displayed toward the Russian speaking population by the stooge government in Kiev continues, more defections to Russia are likely.

Continue reading »

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Mar 28

Flashback:

- Ben Bernanke, ‘THE HERO’ & ‘PERSON OF THE YEAR’, Destroyed By Alan Grayson (Video):


Alan Grayson
Rep. Alan Grayson (D-Fla.). (Evan Vucci/AP)

- Who voted against U.S. aid to Ukraine? (Washington Post, March 27, 2014):

Congress moved ahead with approving aid to Ukraine on Thursday as the House and Senate approved similar bills that would impose sanctions on Russian officials and provide direct U.S. assistance to the new Ukrainian government.

House and Senate leaders are now sorting out the remaining minor differences, and a final deal is expected to be sent to President Obama before the end of the week, according to senior House and Senate aides.

Continue reading »

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Mar 27

Greece-01

- Greek Supreme Court Rules “Bank Deposit Confiscation” Against The Constitution (ZeroHedge, March 27, 2014):

While we are sure the governments and their IMF handlers will find a way around such annoyances as the rule of law, the Greek Supreme Court just ruled that the seizure of bank deposits due to debts to the state without previous notice was against the Constitution. We humbly suggest the Ukrainian courts be rapidly brought to a decision on the same ruling, before IMF hands start dipping into pockets.

As Keep Talking Greece explains,

Greece’s Supreme Court ruled that the seizure of bank deposits due to debts to the state without previous notice was against the Constitution. The judges had taken up a debtor’s complaint filed in 2006. The debtor had seen his pension being grabbed from his bank account due to debts to the tax office.

Continue reading »

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Mar 27

- Ukraine Parliament Rejects IMF’s Bailout Terms (As US Passes Ukraine Aid Bill) (ZeroHedge, March 27, 2014):

The US Senate is more than happy to hand over a few billion and confirm sanctions:

  • *SENATE PASSES UKRAINIAN AID BILL WITH RUSSIAN SANCTIONS
  • *HOUSE PASSES VERSION OF UKRAINIAN AID, RUSSIAN SANCTIONS BILL

But, it seems the IMF’s requirements for Ukraine’s bailout are too much for the locals to bear:

  • UKRAINE PARLIAMENT FAILS TO SUPPORT FIRST BID TO PASS ANTI-CRISIS LAW REQUIRED FOR IMF DEAL

Lawmakers will continue to work on the bill as it seems they approve the top-line budget but not the taxes required to get there… beggars can be choosers again maybe?

US says “yes” to US Aid; Via NY Times,

The Senate voted overwhelmingly on Thursday to approve a billion-dollar aid package for Ukraine, two days after Senate Democrats relented to Republican demands that they drop a provision backed by the White House that would have authorized an overhaul of the International Monetary Fund. Continue reading »

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Mar 27

Here comes the financial MAFIA …


- And Now The Real Economic Pain Begins As IMF Unleashes $27BN Bailout In “Near Bankrupt” Ukraine (ZeroHedge, March 27, 2014):

Gazprom must really be demanding payment on overdue Ukraine invoices which is the only way we can explain the unprecedented speed with which the IMF has managed to cobble together a makeshift bailout package of up to $27 billion – the bulk of which will naturally go to Russia – which has just made Ukraine its latest vassal state.

Continue reading »

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Mar 23

AGAIN:

The Ukraine is on track to be the next country that will be raped & pillaged by the IMF financial mafia.

Greece has been warned before:

“The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.”

See also:

- Pensions In Ukraine To Be Halved – Sequestration Draft:

The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an “empty treasury”, reduction of payments might take place in March.


- EU-Ukraine trade pact paves way for brutal austerity (WSWS, March 22, 2104):

Amid intensifying US and European Union sanctions and military provocations against Russia, the EU and the Western-backed government in Ukraine yesterday signed a pact that paves the way for brutal austerity measures and free market “reforms.”

The EU-Ukraine Association Agreement is based on the deal that former President Viktor Yanukovych’s Ukrainian government rejected, leading to the US- and EU-instigated protests and violence that ousted him last month.

The pact, signed in Brussels, declares that the Ukrainian government must “embark swiftly on an ambitious program of structural reforms” and submit to “an agreement with the [International Monetary Fund].” The plans being drawn up are based on the “Greek model”—the savage cuts imposed on Greece by the IMF and the EU that have produced a massive growth in unemployment and poverty.

Continue reading »

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Mar 20

cyprus

- Ukraine Goes Cyprus 2.0, To Tax Deposits Over 100,000 Hryvnia (To Appease IMF?) (ZeroHedge, March 20, 2014):

It would appear the IMF’s dirty little fingerprints are all over this latest piece of legislation in Ukraine. The Ukraine Finance Ministry is proposing to take a very-similar-to-Cyprus approach to bailing in its despositors:

  • *UKRAINE PROPOSES NEW TAX ON DEPOSITS EXCEEDING 100,000 HRYVNIA
  • *UKRAINE TAX PROPOSAL WOULD INCLUDE 1.5% OF ALL DEPOSITS

This would appear a measure designed to stabilize the budget for potential IMF negotiations and fits perfectly with what the IMF has consistently hinted as the next steps for many nations.

This is further to the news last week that a 25% deposit “tax” was being considered… Continue reading »

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Mar 19

- IMF boss Christine Lagarde quizzed by detectives in France over £270million corruption case involving French businessman (Daily Mail, March 19, 2014):

International Monetary Fund chief Christine Lagarde was today questioned by judges in Paris over a corruption scandal.

The Court of Justice of the Republic, a special tribunal qualified to judge the conduct of politicians, believe the 57-year-old may have abused her position as finance minister to help a controversial businessman.

Ms Lagarde is said to have allowed the equivalent of some £270million to be awarded to Bernard Tapie, a convicted football match-fixer and tax dodger who supported her governing UMP party.

Continue reading »

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Mar 16

- If You Are Considering Buying A House, Read This First (ZeroHedge, March 15, 2014):

In September of 2011, when looking at the insurmountable debt catastrophe that the world finds itself (which has only gotten worse in the past several years) we warned that “the only way to resolve the massive debt load is through a global coordinated debt restructuring (which would, among other things, push all global banks into bankruptcy) which, when all is said and done, will have to be funded by the world’s financial asset holders: the middle-and upper-class, which, if BCS is right, have a ~30% one-time tax on all their assets to look forward to as the great mean reversion finally arrives and the world is set back on a viable path.”

Two years later, the financial asset tax approach, in the form of depositor bail-ins, was tried – successfully (as there was no mass rioting, no revolution, in fact the people were perfectly happy to accept the confiscation of their savings) – in Cyprus, further emboldening the status quo, in this case the IMF, to propose, tongue in cheek, that the time has come for the uber-wealthy to give back some (“it’s only fair”), and to raise income taxes through the roof (which of course would mostly impact the middle class as the bulk of current income for the 1% is in the form of dividend income, ultra-cheap leverage extraction on assets and various forms of carried interest).

And now, a new tax is not only on the horizon but coming fast and furious to allow the insolvent global regime at least one more can kicking: one which will impact current and future homeowners across the world.

But first, let’s step back. Continue reading »

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Mar 08

grand chessboard

- Ukraine Crisis: Just Another Globalist-Engineered Powder Keg (ALT-MARKET, March 5, 2014):

When one studies history, all events seem to revolve around the applications and degenerations of war. Great feats of human understanding, realization and enlightenment barely register in the mental footnotes of the average person. War is what we remember, idealize and aggrandize, which is why war is the tool most often exploited by oligarchy to distract the masses while it centralizes power.

Continue reading »

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Mar 08

- Gazprom Warns Of “Repetition Of 2009 Gas Situation” In Ukraine (ZeroHedge, March 7, 2014):

We have discussed the sword of Damocles that is hanging over the heads of the Ukrainian (and European for that matter) people for some time. The dominant role that Russia plays in providing energy is becoming critical, however, as Gazprom notes:

  • *GAZPROM SAYS TODAY IS DEADLINE FOR NAFTOGAZ TO PAY FOR FEB. GAS
  • *NAFTOGAZ OVERDUE PAYMENTS AT $1.89B FOR GAS SUPPLIES: GAZPROM
  • *GAZPROM SAYS NAFTOGAZ ISN’T OBSERVING CONTRACT
  • *GAZPROM: UKRAINE DEBTS CREATE ‘RISK OF RETURN TO SITUATION AT BEGINNING OF 2009′ (when Gazprom cut off Ukraine gas supplies)

Of course, the US agreed to $1b bailout yesterday – but that’s not supposed to be used as a direct transfer payment to the Russians.

Via Interfax,

The debt that Ukraine’s Naftogaz Ukrainy owes for Russian natural gas has risen to $1.89 billion, Gazprom CEO Alexei Miller told journalists.

“In fact, this means that Ukraine has stopped paying for gas,” Miller said.

“This is completely at odds with the provisions of the contract and international trade practice. For our part, we have always met and will meet our contractual obligations. But we can’t supply gas free of charge. Either Ukraine repays its debt and pays for current deliveries or the risk of returning to the situation at the beginning of 2009 will appear. We will notify the Russian government concerning the situation that is taking shape,” Miller said. Continue reading »

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Mar 07

The Ukraine is on track to be the next country that will be raped & pillaged by the IMF financial mafia.

Greece has been warned before:

“The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.”

So get rid of your self-proclaimed puppet government or suffer.


- Pensions in Ukraine to be halved – sequestration draft (RT, March 6, 2014):

The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an “empty treasury”, reduction of payments might take place in March.

According to the draft document obtained by Kommersant-Ukraine, social payments will be the first to be reduced.

“The Finance Ministry has prepared a plan for optimizing budget expenditures, which implies budget sequestration is to be in force before the end of March. For this purpose, in particular, it has been proposed to reduce capital costs, eliminate tax schemes and preferences and to cut social benefits, for example, 50 percent of pensions to working pensioners,” Kommersant-Ukraine reported.

Ukraine’s Ministry of Social Policy reported on December 1, 2013, that an average pension in Ukraine is $160.
Right after the formation, the self-proclaimed government in Kiev announced that the “treasury is empty”.

Ukraine’s new prime minister, Arseny Yatsenyuk, promised the government would do its best to avoid a default, adding that he expects an EU/IMF economic stabilization package soon. The plan has been formulated in record time, with the government’s strategy ratified in the Ukrainian parliament on February 27, and the document being sent for evaluation to the Ministry of Economic Development and Trade on March 3.

The European Commission offered Ukraine an 11 billion euro loan if Kiev agrees a deal with the IMF, European Commission President Jose Barroso announced on Wednesday. As a rule, help from financial organizations such as the IMF or the World Bank normally includes drastic austerity measures.

Continue reading »

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Mar 07

- Aid for the Ukraine “Will Be Stolen” – Former Ukrainian Minister of Economy (Testosterone Pit, March 5, 2014):

Secretary of State John Kerry jaunted to Kiev on Tuesday and offered the newly installed Ukrainian government $1 billion in aid. EU Energy Commissioner Guenther Oettinger announced the same day that the EU would help the Ukraine pay its gas bill of about $2 billion, owed Russian state-controlled Gazprom. On Wednesday, the rest of the EU aid package was announced: €11 billion, contingent on the Ukraine’s inking a deal with the IMF and implementing tough reforms. The IMF is still working on its own aid package.

As always, it’s about preventing a default during which bondholders and lenders, including numerous Western banks, hedge funds, and other speculators, would finally feel the teeth of a free market and be forced to take losses, big losses, perhaps big enough to sink a lender or two, which would be a welcome sign of housecleaning by market forces. But that won’t be allowed to happen. Instead, taxpayers in other countries will be shanghaied into bailing out these bondholders and lenders, but indirectly, under the guise of bailing out the Ukrainian people.

Continue reading »

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Mar 04

Jack-Lew-AIPAC

- Treasury Secretary Jack Lew: “The future of the United States is tied to the future of Israel.” (Economic Policy journal, March 2, 2014):

Below are the remarks of US Treasury Secretary Jack Lew before the 2014 Policy Conference of the American Israel Public Affairs Committee(AIPAC) These are clearly the remarks of the banker for the Empire. It should be noted that Lew’s remarks on Ukraine appear to be in line with those of Rand Paul and though Lew’s comments clearly show that he considers Israel as the 51st, and most important state, his views on sanctions are more moderate than those of Rand.

Read the remarks only if you have a strong stomach. Note the re-introduction of the IMF as key financial enforcer. During a stop over in SF, Lew admitted that the  IMF is a tool of the US (See:Treasury Secretary Jack Lew on Ukraine, Bitcoin, the IMF and a New Nudge-Type IRA) (My bold)

I want to thank President Kassen, incoming President Cohen, the Board of Directors, and everyone for inviting me here today.  There are so many familiar faces in this room—friends of many years from my time in Washington, New York, and around the country.  It is truly wonderful to be with you.

Continue reading »

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Mar 03

- Ukraine’s Prime Minister Speaks (ZeroHedge, March 3, 2014):

Ukraine’s acting PM Arseniy Yatsenyuk speaks. Highlights below:

  • UKRAINE TO FULFILL ALL IMF REQUIREMENTS, PREMIER SAYS – like Greece?
  • UKRAINE PM SAYS BELIEVES RUSSIAN TROOPS WON’T INVADE E. UKRAINE – because they are there already?
  • UKRAINE PM SEEKS TO INCREASE RESERVES TO EASE FX FLUCTUATIONS – “Whatever it takes”, even printing dollars
  • UKRAINE PM SAYS NAFTOGAZ SHOULD BE PRIVATIZED – Ukraine oligarchs delighted by this development
  • UKRAINE PM SAYS NEW GOVERNMENT HAS NO INTENTION OF NATIONALISING PRIVATE COMPANIES” – Ukraine oligarchs even more delighted by this development

And finally, why all the above was irrelevant:

  • UKRAINE PM SAYS RUSSIA REFUSES TO HOLD BILATERAL UKRAINE TALKS

Oh well, as long as it fools those USDJPY ramp algos if only for a few minutes.

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Mar 02

- ‘Treasury empty’, Ukraine’s economy in free fall (RT, Feb 27, 2014):

Ukraine’s new Prime Minister, opposition leader Arseny Yatsenyuk, has promised the government would do its best to avoid a default, a difficult task as the country’s treasury is empty and the economy is in disarray.

Yatsenyuk says he expects an EU/IMF economic stabilization package soon, but didn’t give any specifics on timing.

Strengthening ties with the European Union and the International Monetary Fund will remain a priority as Ukraine rebuilds, Yatsenyuk said on Thursday in Kiev, Itar-Itass reported.

Yatsenyuk said negotiations with Russia would continue, and he considers the neighboring country “a partner”.

Continue reading »

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Feb 28


YouTube Added: Feb 25, 2014

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Feb 23

- G-20 Agrees To Grow Global Economy By $2 Trillion, Has No Idea How To Actually Achieve It (ZeroHedge, Feb 23, 2014):

Apparently all it takes to kick the world out of a secular recession and back into growth mode, is for several dozen finance ministers and central bankers to sit down and sign on the dotted line, agreeing it has to be done. That is the take home message from the just concluded latest G-20 meeting in Syndey, where said leaders agreed that it is time to finally grow the world economy by 2% over the next 5 years.

The final G-20 communiqué announced its member nations would take concrete action to increase investment and employment, among other reforms. “We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years,” the G20 statement said.

Continue reading »

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Jan 13

AFRICOM

- The Plundering of South Sudan (Activist Post, Jan 11, 2014):

RT’s report “Who is to blame for the crisis in South Sudan?” gave a succinct background on the warring factions inside the new “nation” of South Sudan and the Western genesis of the conflict. The report would state:

The SPLM has received support from the US and Israel throughout the duration of the civil war fought between southern rebels and Khartoum, which has historically had unfriendly relations with the West and has moved very closely to China in recent times to jointly develop the country’s oil wealth prior to the separation. Romantic notions for self-determination did not motivate the West to support southern secession; the objective was to partition Sudan and deprive Khartoum of economically relevant territory in the south where most of the oil fields lie. In exchange for the financial, material, political, and diplomatic support received from the West, the new government in Juba endorsed a ‘Faustian pact’ with its sponsors to open its economy to international finance capital and multinational interests. The government in Juba even applied for IMF membership before it had even officially gained independence from Sudan.

The piece would continue by laying out the current dilemma for the West: Continue reading »

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Jan 04

- IMF paper warns of ‘savings tax’ and mass write-offs as West’s debt hits 200-year high (Telegraph, Jan 2, 2014):

Debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, warns IMF paper

Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund.

The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, either negotiated 1930s-style write-offs or the standard mix of measures used by the IMF in its “toolkit” for emerging market blow-ups.

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Jan 03

- Martin Armstrong Warns Europeans Of The Coming Expropriation Of 10% Of Everyone’s Accounts (ZeroHedge, Jan 2, 2014):

As we have discussed in depth previously (2 years ago here as “muddle through has failed” and most recently here as the IMF discussed a “one-off” wealth tax), a confiscation (akin to Cyprus overnight debacle) is coming and Martin Armstrong believes sooner than most think.

Submitted by Martin Armstrong via Armstrong Economics,

Anyone who thinks it is a fantasy that government will simply just confiscate 10% of everyone’s accounts in Europe better have another look at the fool they see in the mirror staring back at them. This IMF solution is traditionally French and is really coming because the people in charge are effectively Marxists and this idea came from the IMF under the control of French ideology. They will expropriate these funds to save a banking system that they screwed up and will never reform anything because they are incapable of admitting any mistake.

These European government officials really are playing a dangerous game that is inviting total chaos, civil unrest, and may set themselves up for invasion. Instead of Napoleon invading Russia (1812.479), it may be the other way around when they smell weakness. Continue reading »

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Dec 15

- The IMF Disagrees With Zero Hedge (ZeroHedge, Dec 15, 2013):

On Thursday, after we presented an article by Simon Black in which the author suggested that the IMF was implicitly proposing a 71% tax-rate on Americans, by “suggesting that the US government could maximize its tax revenue by increasing tax brackets to as high as 71%”, the IMF took offense to this characterization, and tweeted out the following:

Naturally, the IMF has a right to its opinion, be it retroactive revisionism, or proactive humorous predictions about the future, which incidentally we have charted in the past showing just how “accurate” the IMF’s forecasting track record has been in recent years… Continue reading »

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Dec 13

- The IMF Wants You To Pay 71% Income Tax (Sovereign Man, Dec 12, 2013):

The IMF just dropped another bombshell.

After it recently suggested a “one-off capital levy” – a one-time tax on private wealth as an exceptional measure to restore debt sustainability across insolvent countries – it has now called for “revenue-maximizing top income tax rates”.

The IMF’s team of monkeys has been working around the clock on this one, figuring that developed nations can increase their overall tax revenue by increasing tax rates.

They’ve singled out the US, suggesting that the US government could maximize its tax revenue by increasing tax brackets to as high as 71%.

Coming from one of the grand wizards of the global financial system, this might be the clearest sign yet that the whole house of cards is dangerously close to being swept away.

Think about it– solvent governments with healthy economies don’t go looking to steal 71% of people’s wealth. They’re raising this point because these governments are desperate. And flat broke.

Continue reading »

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Dec 12

FYI.


- The Markets Should Celebrate Stanley Fischer As Number Two At Fed, A Perfect Ten Strike (Forbes, Dec 11, 2013):

I know and admire the wisdom of Stanley Fischer, apparently to be appointed Vice Chairman of the Federal Reserve Bank. Fischer will add a serious complement of experience to maintain stability of the nation’s monetary policy as he understands only too well the absolute requirement of avoiding another meltdown. This appointment will strengthen the positive attitude of financial markets as Fischer is a strong asset for Yellen, and influential with other local Fed presidents as well as Finance Ministers and Central Bankers around the globe. Just recently, Larry Summers and a passel of other influential economists saluted Fischer with keenly read papers at the IMF to honor his influence in economic circles. And I know that Fischer has a very high regard for the former Treasury Secretary.

I believe his record as MIT Professor supervising Ben Bernanke’s thesis on the depression in 1979, his time at the IMF as chief economist, a few years at Citigroup and then a spectacular success steering the Israeli economy to superior economic growth at the Bank of Israel will be seen as a valuable counterpart to Janet Yellen’s huge challenge of easing us out of quantitative easing.

- For No. 2 at Fed, White House Favors Central Banker in the Bernanke Mold (New York Times, Dec 11, 2013):

WASHINGTON — Stanley Fischer, the former governor of the Bank of Israel and a mentor to the Federal Reserve’s chairman, Ben S. Bernanke, is the leading candidate to become vice chairman of the Fed, according to former and current administration officials.

- Former Bank of Israel Gov. Fischer near Fed vice chair nomination: Reports (CNBC. Dec 11, 2013):

The White House is close to nominating Stanley Fischer, the former governor of the Bank of Israel, as vice chair of the Federal Reserve, various media outlets reported on Wednesday.

Fischer, 70, headed the Israeli central bank until earlier this year. He is a former head of the economics department at MIT, former number two official at the IMF and former chief economist at the World Bank.

Among his students during his 20-plus years teaching at MIT were outgoing Fed Chairman Ben Bernanke and former presidential advisor Greg Mankiw.

Continue reading »

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Nov 30

- Incredible Minutes from a 1974 Henry Kissinger Staff Meeting on Gold (Liberty Blitzkrieg, Nov 29, 2013):

The following excerpts are from a transcript of a 1974 meeting held by the then Secretary of State Henry Kissinger and his staff. This particular meeting was held on April 25, and focused on an European Commission Proposal to revalue their gold assets. What follows is an incredible insight into the minds of powerful American leaders scheming to maintain power and show other nations their place. What is most significant is how clearly they understood that demonetizing gold was a critical strategy to maintaining a dominant power position in the world.

So to those who continue to say that “gold doesn’t matter” because it hasn’t been used as an official asset in the monetary system for decades, I say give me a break. In fact, the reality of gold having been largely demonetized makes it an even greater threat going forward if the U.S. does not have all the gold it claims to, and other nations have more than they admit to.

Thanks to In Gold We Trust for bringing this to my attention.

Choice excerpts are provided below, and breaks in the conversation are denoted with an “…” Enjoy. (Full transcript here.)

Secondly, Mr. Secretary, it does present an opportunity though—and we should try to negotiate for this—to move towards a demonetization of gold, to begin to get gold moving out of the system.

Secretary Kissinger: But how do you do that?

Mr. Enders: Well, there are several ways. One way is we could say to them that they would accept this kind of arrangement, provided that the gold were channelled out through an international agency—either in the IMF or a special pool—and sold into the market, so there would be gradual increases. Continue reading »

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Nov 12

- What A Confidential 1974 Memo To Paul Volcker Reveals About America’s True Views On Gold, Reserve Currency And “PetroGold” (ZeroHedge, Nov 11, 2013):

Just over four years ago, we highlighted a recently declassified top secret 1968 telegram to the Secretary of State from the American Embassy in Paris, in which the big picture thinking behind the creation of the IMF’s Special Drawing Right (rolled out shortly thereafter in 1969), or SDRs, was laid out. In that memo it was revealed that despite what some may think, the fundamental driver behind the promotion of a supranational reserve paper currency had one goal in mind: allowing the US to “remain masters of gold.”

Specifically, this is among the top secret paragraphs said on a cold night in March 1968:

If we want to have a chance to remain the masters of gold an international agreement on the rules of the game as outlined above seems to be a matter of urgency. We would fool ourselves in thinking that we have time enough to wait and see how the S.D.R.’s will develop. In fact, the challenge really seems to be to achieve by international agreement within a very short period of time what otherwise could only have been the outcome of a gradual development of many years.

Continue reading »

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Nov 02

- NSA Spied on World Bank, IMF, UN, Pope, World Leaders, and American Politicians and Military Officers (ZeroHedge, Nov 2, 2013):

It came out this week that the NSA spied on the headquarters of the World Bank, International Monetary Fund, and United Nations.

It was also alleged that the NSA spied on the Vatican and the Pope.

Congressman Rand Paul asks whether the NSA might be spying on President Obama as well.

Congressman Devin Nunes said in that the Department of Justice was tapping phones in the Congressional cloak room.

Sounds crazy …

But it is well-documented that the NSA was already spying on American Senators more than 40 years ago.

Continue reading »

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Nov 01

- IMF: A Confiscation Tax is Headed Your Way (Activist Post, Oct 30, 2013):

Jeff D. Opdyke is the editor of the Profit Seeker at TheSovereignInvestor.com.

By Jeff D. Opdyke

Dear Friend,

Now, I’m scared…

And if you, too, care about preserving your personal wealth, then a new report released this month by the International Monetary Fund (IMF) should leave you paralyzed with fear and desperate to find measures to counteract the attack that will soon take aim at your pocketbook.

In the 100-plus-page report dryly titled Fiscal Monitor: Taxing Times, the IMF has essentially given lawmakers from deeply indebted countries a paint-by-numbers kit on how to extract larger tax revenues from anyone with any level of wealth. Though the IMF’s language is couched in faux-objectivity, the underlying message is shockingly clear: Many developed nations, especially the United States, have abundant opportunities “to raise revenue from the top of the income distribution,” using a variety of methods including the direct confiscation of personal wealth.

But it’s best that I let the report speak for itself and let you come to your own conclusions: Continue reading »

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