 |
Schiff: Government Interference Only Makes The Problem Worse
Establishment talking heads still pushing useless and destructive bailout
Paul Joseph Watson
Prison Planet.com
Tuesday, December 30, 2008
Investor Peter Schiff again went to battle with a raft of establishment talking heads on CNBC yesterday who attempted to propagandize for the bailout by pushing the idea that it was necessary and inevitable.
Schiff pointed out that the word “stimulus” was a misnomer because the government has proven itself incapable of stimulating the economy and has only sought to “interfere with the free market’s ability to create legitimate wealth,” a process that would lead to more inflation and more destruction.
When challenged with the notion that stimulus programs ended the Great Depression in the 1930’s, Schiff pointed out that had the market been allowed to run its natural course absent the interference of government or the Federal Reserve, then there never would have been a Great Depression, adding that capitalism had the cure for the disease with which the government has infected the market.
(ARTICLE CONTINUES BELOW)
While others on the panel attempted to argue for accepting the “inevitability” of more financial regulation, Schiff urged that such measures be resisted. The other establishment talking heads bizarrely promoted the idea of accepting government mandated measures despite the fact that they have proven to make the problem worse in the past and have done nothing to stimulate the economy over the second half of 2008. This is akin to being in a car hurtling towards a brick wall and not slamming on the breaks but preparing for the “inevitability” of crashing through it.
“The problem was in the 1920’s, the Federal Reserve blew up a stock market bubble, when it burst we needed to have a severe recession but Hoover wouldn’t let that happen, he tried to intervene, he tried to prop up companies, he tried to keep companies from failing, he was the most interventionist president up until that point – he started the Great Depression,” said Schiff, adding that Roosevelt then compounded the problem through the rest of the 30’s.
Schiff predicted that the ultimate bottom for the Dow would mean it was worth just one ounce of gold and that it would hit a low of value between five and seven ounces of gold next year.
“It’s gonna be a huge decline in the price of stocks and a huge rise in the price of gold as well,” said Schiff, adding that the creep away from the dollar would soon turn into a “stampede”.
Watch the clips.
Prison
Planet.tv Members Can Watch
Fall Of The Republic
Right Now Online -
Don't Miss Out! Get
Your Subscription Today!
CANCER CONSPIRACY? Are
"they" suppressing the cure? Will YOU
be the next victim? Learn
the Secret Truth! - READ FULL STORY
-
- Social bookmarks
- Email this article
-
- Print this page
69 Responses to “Schiff: Government Interference Only Makes The Problem Worse”
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | |||||||
| By N2H | |||||||||||||||||||||||||||||||||||||||||
December 30th, 2008 at 5:59 am
I notice that they have all stopped laughing at Peter. I guess that’s a start.
December 30th, 2008 at 6:00 am
Almost can’t wait till the new public works programs are in place. Anyone want to take a guess as to what they’ll be doing? Spying, building FEMA camps, possibly digging mass graves, sounds like fun! The government wants a bad economy, they benefit from it. People are willing to surrender what liberty remains in order to get a job and put food in their stomachs. Welcome to the new third world!
December 30th, 2008 at 6:17 am
BLAA BLAA BLAA NUKE THE WORLD! THE NEW WORLD ORDER IS COOL!
December 30th, 2008 at 6:56 am
How come all the other comments including those with profanity get posted. Mine are always awaiting moderation and never get posted. http://poll.pollcode.com/6XUj
December 30th, 2008 at 6:58 am
Won’t much matter…give it 25-30 years there won’t BE anybody to build anything….
http://ca.youtube.com/watch?v=LQXvZOI9VSs
December 30th, 2008 at 7:36 am
Peter has been talking sense for years….. all those others are just idiotic ass’oles. They are as corrupt as bernank and paulson…. fuckin traitors!
December 30th, 2008 at 8:01 am
Gary S- Too bad most people can’t think outside the box the way you do.
Not to be graphic for graphics’ sake.But, Peter Schiffs’ balls must be hurting from raping these other analysts in the face. Keep in mind though, that some of these analysts are “convinced” by the government to give the American consumer the impressions that they want them to have of the market. I think that this clearly explains the eagerness of supposedly ivy league educated people to get in front of 300 million people and try to sell us beach houses in Arizona
December 30th, 2008 at 8:03 am
Hey Gary
I guess we should all buy stock in Poly Guard Vaults. They make the plastic coffins that FEMA is buying by the 10s of thousands. At least one sector of manufacturing will be healthy even if the rest of us won’t be.
December 30th, 2008 at 8:13 am
ha ha, La Verdad (Viva La Raza!! WE KILL THE NWO) Y QUE!! , i wonder why they never get posted?
December 30th, 2008 at 8:31 am
Peter is talking to a bunch of provocateurs! I’m inclined to believe Peter, rather than all that other nonsense. Delphi Method anyone?
December 30th, 2008 at 8:37 am
They keep having Peter Schiff on their show.
He’s the only one giving sane financial advice.
December 30th, 2008 at 9:00 am
Since understanding how the media manipulates things after realizing the truth about 9/11, I have to think the people on CNBC are full of shit.
They (CNBC) are the kings of misinformation. I had a stockbrokers license (series 7) and watched CNBC for years without understanding a damn thing because they don’t talk about the Federal Reserve’s true role in manipulating the economy. They don’t talk the nefarious way the Fed came into being, or the fact that it’s private.
This is huge considering a for-profit corporation controls the stock market.
The controllers of the Fed care about their personal bottom lines 1st and the American people 2nd, which is why I believe Peter Schiff is RIGHT. They are creating a hyper-inflationary depression.
This depression is going to wipe out savings. The cost of everything is going to go through the roof.
Every American is going to be pissed. It’s going to be the true beginning of the end.
December 30th, 2008 at 9:06 am
Keep preaching, Schiff! He knows what he’s talking about. Many economists outside the U.S. (I’ve been reading a lot of Brit and German financial sites and blogs) say what we’re doing with the bailouts is complete insanity and will quickly undermine our system by devaluing the dollar and creating a worse financial crisis, much t the delight of the NWO, I’m sure.
Is everyone ready for the Amero?
December 30th, 2008 at 9:14 am
Delphi method
From Wikipedia, the free encyclopedia
Jump to: navigation, search
The Delphi method is a systematic, interactive forecasting method which relies on a panel of independent experts. The carefully selected experts answer questionnaires in two or more rounds. After each round, a facilitator provides an anonymous summary of the experts’ forecasts from the previous round as well as the reasons they provided for their judgments. Thus, participants are encouraged to revise their earlier answers in light of the replies of other members of the group. It is believed that during this process the range of the answers will decrease and the group will converge towards the “correct” answer. Finally, the process is stopped after a pre-defined stop criterion (e.g. number of rounds, achievement of consensus, stability of results) and the mean or median scores of the final rounds determine the results.[1]
Delphi [pron: delfI] is based on the principle that forecasts from a structured group of experts are more accurate than those from unstructured groups or individuals.[2] The technique can be adapted for use in face-to-face meetings, and is then called mini-Delphi or Estimate-Talk-Estimate (ETE). Delphi has been widely used for business forecasting and has certain advantages over another structured forecasting approach, prediction markets.[3]
December 30th, 2008 at 9:23 am
Thank Jesus for Peter Schiff. All those talking heads are always trumped by the one voice of reason.
December 30th, 2008 at 9:38 am
I understand better how capitalist works in tue USA. The big corporation such like Ford, GM and the banks are subsidized by the government, but the health care and education system are in the end poorly financed.
Americans are really screwed!
December 30th, 2008 at 10:01 am
We need a criminal investigation of the federal reserve, If they’ve done nothing wrong then they’ve got nothing to hide, Best case scenario they have done something wrong and criminals goto JAIL!!!!!!!! Worst case scenario they’ve find no fault and things continue until the whole economy busts, and you or I cannot afford to eat. Now heres the kicker, these people do not care if the people they are trying to bankrupt cannot afford to eat, so lets get a criminal investigation going by a party that can offer an honest look to see if any violations of law or crime, or of the constitution have been violated!! LETS PUT THOSE CORRUPT BANKERS IN PRISON!!!
December 30th, 2008 at 10:15 am
People who cannot afford to eat are much easier slaves, and they also are more receptive to government reform, and have a harder time working or fighting back, they are also alot easier to send to camps, there are a million different reasons to love bankrupting a country that is founded on freedom if your objective is control for your own selfish, psychopathic arrogant ways.
December 30th, 2008 at 10:24 am
Preamble
We, the people of the Confederate States, each State acting in its sovereign and independent character, in order to form a permanent federal government, establish justice, insure domestic tranquillity, and secure the blessings of liberty to ourselves and our posterity invoking the favor and guidance of Almighty God do ordain and establish this Constitution for the Confederate States of America.
Sec. 8. The Congress shall have power-
(I) To lay and collect taxes, duties, imposts, and excises for revenue, necessary to pay the debts, provide for the common defense, and carry on the Government of the Confederate States; but no bounties shall be granted from the Treasury; nor shall any duties or taxes on importations from foreign nations be laid to promote or foster any branch of industry; and all duties, imposts, and excises shall be uniform throughout the Confederate States.
(2) To borrow money on the credit of the Confederate States.
(3) To regulate commerce with foreign nations, and among the several States, and with the Indian tribes; but neither this, nor any other clause contained in the Constitution, shall ever be construed to delegate the power to Congress to appropriate money for any internal improvement intended to facilitate commerce; except for the purpose of furnishing lights, beacons, and buoys, and other aids to navigation upon the coasts, and the improvement of harbors and the removing of obstructions in river navigation; in all which cases such duties shall be laid on the navigation facilitated thereby as may be necessary to pay the costs and expenses thereof.
(4) To establish uniform laws of naturalization, and uniform laws on the subject of bankruptcies, throughout the Confederate States; but no law of Congress shall discharge any debt contracted before the passage of the same.
(5) To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.
(6) To provide for the punishment of counterfeiting the securities and current coin of the Confederate States.
(7) To establish post offices and post routes; but the expenses of the Post Office Department, after the Ist day of March in the year of our Lord eighteen hundred and sixty-three, shall be paid out of its own revenues.
(8) To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.
(9) To constitute tribunals inferior to the Supreme Court.
(10) To define and punish piracies and felonies committed on the high seas, and offenses against the law of nations.
December 30th, 2008 at 10:32 am
I can’t help believe that many of these financial shills are scripted to provide a rosy outlook. I loved that ridiculous comment (paraphrasing) that “Peter Schiff has had a long track record of being right, but on this particular forecast, he’s wrong.” Also, the other idiot’s “interpretation” of the collapse of 1929 seems to be a clear indication of his agenda and scripted talking points.
December 30th, 2008 at 10:49 am
To the global elites heres one for you all:
http://www.youtube.com/watch?v=3yIbq0mcYHY
December 30th, 2008 at 10:49 am
Down with the FED & the other Criminal Kartell’s’
cheers from Switzerland.
December 30th, 2008 at 11:27 am
there is no stoping the rolling trainwreck of an economy, buy survival gear while your money is still worth something. you won’t have to stand in the soup lines if you can hunt fish and take care of your own agricultural needs.
December 30th, 2008 at 11:40 am
as long as “certain” people get all the Money everything will be just “fine”. The sheeple
will get the Taxes and the War Bill. The Super duper Rich must be protected at ALL
COSTS.
December 30th, 2008 at 12:32 pm
All of Alex’s listeners and readers know what’s really going on. We will be prepared and all the doubters will remember the warnings we gave them.
The sheeple will come around but unfortunately they may lose all of their savings and pensions in the process of waking up.
Go and visit your grandparents, be nice to your parents, make peace with the world before the s*it hits the fan. And then stand tall and be counted.
December 30th, 2008 at 1:03 pm
They just do not listen!
December 30th, 2008 at 1:39 pm
Things are going as planned. Nothing is wrong in their eyes. Just like the genocide in Iraq and other Nations they invade in the name of USA. It’s a mess, but that’s the plan.
December 30th, 2008 at 1:53 pm
Here’s the solution, give a stimulus check to every household of legal citizenship.
Think about the bailouts to all whom received them , then think about you and your family.
Are YOU, or YOUR family benefiting whatsoever from these bailouts with our tax money?
The stimulus checks should be for 1 million dollars to every household in America, if we want to ignite the economy this would do it. How many people in America if given a million bucks would buy a new car/truck/house, etc. If anybody does the math with the $amount$ of bailout money, which we may really never know the exact sums, treasury could print and distribute money without the “men in black”, from foreign corners of the world taxing every cent.
December 30th, 2008 at 2:22 pm
Peter Schiff should be Treasury Secretary and Ben-us-Over Bernake needs to go! These people in these influential positions in our gov’t are frick’in idiots! Obviously money is not the solution to solving our financial problems. Hell, look at how much money has been dumped into our schoool system and we still lag far behind many other Western nations. We Americans are so leveraged we can’t absorb any more debt or lies spewing from Washington – e.g. House prices always go up, stock market always goes up, inflation is 2 – 3%, unemployment is 6% and so on.
December 30th, 2008 at 2:32 pm
Subscribe to Peter Schiff’s weekly 1hr podcast here: http://www.europac.net/radioshow.asp
December 30th, 2008 at 2:49 pm
I hate how these IDIOTS who disagree with Peter for NO reasonable reason get to shout him down like children in a pantomime. (ITS BEHIND YOU, Oh no it isn’t!!!)
December 30th, 2008 at 2:51 pm
Who the hell cares what a jew thinks, smoke the lizards.
December 30th, 2008 at 3:07 pm
Government debt is privrate debt. (Taxes spent for government puposes not private)
December 30th, 2008 at 3:30 pm
http://www.youtube.com/watch?v.....re=channel
December 30th, 2008 at 3:32 pm
Schiff is a moron. The problems we are having now in the economy is because the government did not regulate and let capitalism run wild. Capitalism is a failed system that WILL NEVER REALLY WORK. The free market is a myth. It has never and will never exist. This site says they want the truth yet this website continues to spew propaganda for the free market. alex jones is a right wing nutjob. The government intervention in the bailouts was NOT government intervention!!! The corps control the government, they pulled the strings to themselves a nice cushy bailout which is nothing more than an inside job for the biggest heist in American history. The government is not the problem!!! Government controlled by the corps is the problem. The corps want you to hate the government so that you will want the smallest government possible so that in turn the corps get all the power. The power structure is either in the hands of religion, government or the corps. wake up people, alex jones is leading you to religion and the free market, two systems that want to enslave you!!!!
December 30th, 2008 at 3:41 pm
Everyone of these bastards should be hanged. There will soon come a time when the American people will have nothing left to lose and then heads will roll. Whether the French royality or the Nazis or anyone else who thought they were untouchable because of their armies and advance weaponary the tide will turn on these sons of bitches when those armies and weapons are turned on them.
December 30th, 2008 at 3:55 pm
the USA is a Private Corporation and when you see that American Flag with pretty gold
fringe on it, that means you are a piece of crap that can be manipulated by the Corporation
owners or just think of the USA as a Plantation and if you have the wrong DNA or are
not properly “connected”, You are just something to be manipulated or “sacrificed” like
the sailors of Pearl Harbor. The War Machine and the War Bank and its OWNERS trumps
all.
December 30th, 2008 at 5:06 pm
(Part 2)
4:40
“But Vince, why do we need more debt? We have too much debt. We need to pay it back. We don’t want to substitute government debt for private debt. We want less debt. We want to pay off debt.”
Mr. Schiff is spot on. The only problem is that it is impossible for Americans (as a whole) to pay off their debt. The simple mechanics of the debt-based money that we use dictates that all debt can NEVER BE PAID BACK.
Money is created through lending. The lenders demand repayment of the money created PLUS interest. The money to repay the interest is never created. The debt, in a generalized sense, cannot be paid back. At best, some can be repaid and others will default.
The Federal Reserve System is designed to economically enslave the middle class for the benefit of the banking elite. Any other discussion is pointless. Arguing the role of government beyond its protection of the Federal Reserve racket is a mute point.
You are being taken from a ride. Your hard-earned money is being stolen from you and most American’s don’t even comprehend how it is happening. Worst of all, our children and grandchildren are facing terrible times if we let this continue.
All we need to do to unseat our rulers is stop using their money. When we switch to an alternative currency their system will fall. The central banks will dissolve and their political actors will be out of a job.
Click the link below to explore a new inflation-proof currency, new economic format and new social structure that leaves the criminal bankers and corrupt politicians out of the picture altogether.
Don’t fight the system:
Replace it
http://socialviability.com/
December 30th, 2008 at 5:27 pm
What’s truly sickening about all of this…. We’re allowing it to happen! What’s really needed is some outstanding hacker to broadcast the truth to every television, to every email, to every telephone! The truth, will NOT be ignored for long. The seed must be planted on ALL fronts!
December 30th, 2008 at 5:29 pm
Did anyone else notice, that even though everyone said they agreed with Peter, they would barely let the man get a word in edge wise. I say that America needs to get rid of these phantom loans on money we do not have the gold to back up. Has anyone ever heard of a rush on the bank? This is where everyone runs to the bank, and instead of asking for cash, ask for the actual gold or silver that is supposed to back the money. The banks lend out 10 times more money, than they actually have, and this has eventually came back on all of us. Sadly, America learned virtually nothing from the first great depression, so, what we do not learn from, we are doomed to repeat. Peter Schiff and Ron Paul both to seem to have their heads and wits about them, and actually are standing up, screaming at the top of their lungs for everyone to wake up. Yet, everyone is asleep, and quite comfortable in their false security. This too, shall pass.
December 30th, 2008 at 7:02 pm
SocialViablity keeps pushing that same link. Somebody look at it and shut him up.
December 30th, 2008 at 8:02 pm
URGENT: PLEASE BROADCAST THIS EVERYWHERE
Per Ed Hale from Plains Radio:
“Plains Radio (www.plainsradio.com) has now been told that they will receive a certified copy of the Obama and Dunham divorce decree, dated 1964. This document will be released on the Plains radio network tomorrow night at 6 pm central, 12/31/08”
A New Years Gift!
Ed wants to make sure we have a full audience tomorrow night!
December 30th, 2008 at 8:09 pm
More of the same from these people. rymes and riddles. They have make this shit
more compicated than it has to be. No wonder people are so iresponsible when it comes
to being informed to how the economy works. Its a perfect smear on populations world wide
by the elite. You got to wonder other than the obvious reasons, when are people gonna to
wake up and realize they live in a system that does not benifit them.
December 30th, 2008 at 8:18 pm
we are not on either a gold or silver standard, so a dollar is worth…yep, a dollar.
JCN, eh? what a pathetic website. the commentators that i heard all sounded like they ran out of their meds a few days prior to the “broadcast”. what is the point? if you already hate jews, then do you need a site like JCN? if you wish to convert people, then wouldn’t you at least direct them to a website which was a bit less…um, you know, um, dumbed down.
December 30th, 2008 at 8:47 pm
Why has a revolution NOT HAPPENED yet! It makes me absolutely sick how blind most americans are to let all of this happen. The fed has STOLEN trillions of dollars from us and curse at the TV and at these pigs for putting us in this position, but we still have not done a damn thing. WAKE THE FUCK UP PEOPLE! Tell your friends whats happening. Tell strangers whats happening. Get the word out and get people ANGRY about it. Thats the only way anything will be resolved. If we let the FED, the most corrupt government in the world try to solve this, all they will do is create more debt and all of us will suffer. That is the PLANNED outcome! This debt is MANUFACTURED for the sole purpose of enstating the New World Order. It is time to FIGHT against these twisted injustices our “beloved” government has forced upon us. WAKE UP SHEEPLE!
December 30th, 2008 at 9:03 pm
How do the folks at the JCN feel about the Roman Catholic Church? I’m curious. How is one able to define exactly what is criminal anyway? Is there such a thing as natural law and is the Jew the only one that breaks it? Is there a divine law as well? And the Jew is the only one who breaks that too? If grace builds on nature what are the folks at JCN building on? They missed that Goldman Sachs ripped off Mexico too, viz. the financial raiding of the Banco de Mexico (Mexico’s central bank) in October and taking approximately $6.4 billion dollars in less than 60 minutes by Martin and Alejandro Werner’s “JCN”.
Lauren, if Moctezuma was after the Jew would he fit in okay at JCN? How much teleological good would that do the devil worshipping human sacrificing cannibal anyway? Fitting in or not fitting in at “JCN”?
Hernan Cortes wouldn’t approach this big flaming pile of JCN city of the pyramid wreckage without clarifying some priorities first. “Prevenir antes ser prevenido”.
December 30th, 2008 at 11:26 pm
Schiff is of course a voice of reason and sanity in an economic world going mad. I think what happens is people sometimes get complacent. They have their big screen tv’s and mini-vans and satellites. (I’m happy that they have these things and I truly hope they enjoy them.) Sometimes because of this complacency people might forget or neglect to pay attention to the bigger picture. (No pun intended.) And everything might seem fine to them when it’s really not. And that doesn’t become apparent until things get worse and start affecting them directly.
This doesn’t mean people aren’t good or that they’re dumb. No! It means that they’re human and as humans people sometimes take the approach, “Oh what I can do?” Unfortunately those at the very top know all this and are able to exploit our complacency to their advantage and get away with some rotten behavior with little resistance.
This is why in the Old Testament, God wanted His people to have Watchmen over the cities. This is why God says in the O.T. that His people perish for lack of knowledge. So for those out there who are so inclined, serve as the watchmen. For those who are able to educate and give knowledge to the people – give knowledge to the people but do it with a sense of purpose, in humility and when possible with love. (Not easy.)
In this way, the nefarious ones at the top and their minions in society just may be stopped. A lot of times, it’s just a few brave souls who make the difference in the world for the better.
December 30th, 2008 at 11:43 pm
impeachbush.org
December 31st, 2008 at 12:14 am
Subscriber Services
Current Issue
Free Newsletters
News Magazines Directories Classifieds Yellow Pages Videos Advertise
Go to Section: Choose a Section —————————— News Most Popular National International East Midwest Southeast Texas/South Central West —————————— Magazines East Midwest Southeast Texas/South Central West Subscribe —————————— New Markets Audio/Video How to Write —————————— Resources Market Directories Forums Events Calendar —————————— Contact Us Send Feedback Subscriber Services Submit News How to Advertise Site Search:
Home > News > International News > Nov 2008
International News
World Leaders Urge Obama to Shape New Economic Order
By Keith Weir
November 5, 2008
Send Feedback E-mail this Article Print this Article Article Reprints
Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order and lead the world out of its worst financial crisis since the 1930s.
AdvertisementExcitement about the election of Democrat Obama as the first black U.S. President was tempered by an awareness of the challenges he faces as the world’s biggest economy labors in recession.
“We need to change the current crisis into a new opportunity. We need a new deal for a new world,” said European Commission President Jose Manuel Barroso. “I sincerely hope that with the leadership of President Obama, the United States of America will join forces with Europe to drive this new deal,” he added.
Initial market reaction was muted, with economic gloom remaining the major focus. The dollar rose against major currencies following its biggest one-day slide in 13 years.
Asian stocks gained but ended off highs and European shares shed three percent. Analysts said a victory for Obama had been largely priced in and concerns about the global economy were paramount.
Obama does not take office until January, leaving outgoing President George W. Bush to host a summit of world leaders in Washington on Nov. 15 to discuss the global financial crisis which has its roots in the collapse of the U.S. housing market.
RATE CUTS AMID THE GLOOM
That summit will tackle new ways to regulate the world’s financial sector as the world heads into recession. Governments and central banks are trying to soften the impact of the downturn with cheaper lending and stimulus measures, which have already amounted to around $4 trillion.
Germany’s cabinet agreed a package of measures to give Europe’s biggest economy a €50 billion ($64.2 billion) boost and protect about 1 million jobs, a government source said. The plan is designed to help ordinary Germans after the government introduced a €500 billion ($642 billion) bank rescue package to help restore confidence in the financial system last month. It includes extra funds for small and medium-sized firms to borrow, tax breaks on new cars and funding for infrastructure projects and building work.
Gloomy data from Britain and the 15-nation Euro zone added to expectations of hefty interest rate cuts on Thursday. British manufacturing output fell for the seventh month and by much more than expected in September to mark the longest stretch of monthly declines in 28 years. In the Euro zone, service sector activity touched a fresh decade low in October.
The Bank of England and the European Central Bank (ECB) are expected to cut their rates on Thursday by at least 50 points, having cut four weeks ago as part of a coordinated round.
Australia, which cut rates by 75 basis points on Tuesday, slashed its economic growth forecast.
Bank of Japan Governor Masaaki Shirakawa said risks of economic weakness remained the bank’s main concern in the face of the global financial crisis, but warned that too big a cut in interest rates in Japan could distort the market.
TREASURY TASKS
Obama will move quickly to appoint his top team.
The next Treasury Secretary, who could be named within days, will inherit one of the hottest seats in Washington, faced both with piloting a $700 billion bailout package and the regulatory reform needed to prevent a repeat of the crisis.
The short list likely includes former Treasury secretary Lawrence Summers, ex-Federal Reserve Chairman Paul Volcker and Timothy Geithner, president of the Federal Reserve Bank of New York.
Obama, whose popular support strengthened on perceptions that he has a better grip on the economic crisis, has advocated a second government stimulus package worth $175 billion that would include money for investments in infrastructure as well as another round of tax rebates.
The U.S. Treasury is expected to announce on Wednesday the return of the three-year note when it sets out plans for borrowing which could total $2.1 trillion in the current fiscal year, to fund its massive bailout program.
PAYBACK TIME?
The financial crisis, which stemmed from a U.S. housing market collapse, has redrawn the banking landscape and authorities are pushing for changes to its corporate culture.
Swiss bank UBS AG said its chairman and board may repay previously granted bonuses as part of a report on pay at the company due at a shareholder meeting later this month.
BNP Paribas, France’s biggest bank by market capitalization, said third quarter net profit more than halved due to higher provisions tied to the financial crisis.
Italian Prime Minister Silvio Berlusconi said the government was working on support for banks, families and businesses. The support plan for banks is not yet definitive, while the only certainty is €16 billion ($20.54 billion) for infrastructure, he told reporters on the margins of a trade show.
(Additional reporting by Reuters bureaus worldwide, editing by Mike Peacock)
Copyright 2008 Reuters. Click for Restrictions.
December 31st, 2008 at 3:47 am
THEY ARE CERTAINLY GEARING UP FOR THE NWO AS PREDICTED, THE MASK IS OFF THE CARDS ARE ON THE TABLE.
I TRAVEL A LOT AND EVERY WHERE I GO PEOPLE SAY “OBAMA IS JUST A PUPPET! DOING WHAT HIS MASTERS TELL HIM” IS THIS GETTING THROUGH IN THE US YET? OR IS IT STILL OBAMANIA.
TIME TO STOP COMPLYING, START TO STAND UP ON EVERY FRONT. I THINK THERE SHOULD BE A MOVEMENT FOR PEOPLE TO GO OUT AND START PULLING THESE CAMERAS DOWN, THAT WILL GET THE BALL ROLLING AND LET THEM SEE WE ARE NOT TAKING THEIR SHIT!!!!!
THEY MAY TAKE OUR LIVES…. BUT THEY WILL NEVER TAKE OUR FREEDOM!!!!!!
December 31st, 2008 at 9:01 am
FCUK BOY BUSH, AND HIS NEO-SCUM BLOOD-SUCKERZ.
WE’RE IN THE MIDST OF AN INFORMATION WAR FOLKS.
TIME TO UNITE, AND FIGHT, FOR OUR HUMAN RIGHTS.
LET’S RETURN POWER BACK 2 THE PEOPLE, BY THE PEOPLE, & 4 THE PEOPLE
December 31st, 2008 at 9:47 am
how to beat the NWO : http://www.youtube.com/watch?v=_T7346dFnkE
December 31st, 2008 at 10:07 am
In all of these posts I haven’t noticed one person stating the obvious truth. IT’S NOT THE GOVERNMENTS MONEY TO GIVE! How is it that the most hated US Congress in history (led by the unbelievably miserable Pelosi and Reid), with an approval rating of 18% gets 541 of 545 members reelected. HOW CAN THIS BE!!!!!!!!!!!
What the Hell is going on? It makes me sick.
December 31st, 2008 at 10:35 am
Colt,
I have said what you wrote at least a hundred times. How on earth could so many bad people be reelected? A friend recently told me that “You don’t live in the real world. You should go to the Wal Mart at 5:00 on Saturday afternoon, get in the longest line and just listen.” After thinking about it for a couple minutes, I had to agree with him. I read the comments of intelligent people such as the people posting here but these are not the norm unfortunately. I simply can’t bring myself to go to the Wal Mart on Saturaday afternoon so I guess I’ll just be ignorant. Reading you guys comments makes me feel better. Have a great holiday.
December 31st, 2008 at 11:00 am
#49
We need to wake the **** up??? You need to wake the **** up. If you were so smart you would be an elite, and not running around spewing crap like you know everything. You’re a poor schmuck like the rest of the people on here. If you had money you wouldn’t be calling for revolution, you would be trying to protect your investments. You just point your anger toward the “NWO” because you’re pissed off your life hasn’t amounted to anything.
December 31st, 2008 at 11:07 am
oh and #49,
Planned outcome? Paraniod much? But ok, I’ll bite this one…. so the conclusion is that if it is planned, that if a group of people could “plan” all this you have no chance against them anyway. Every little thing that happens in the world is somehow a billiant plan by this shadow global elite you all talk about. Come off it. Ever think that we humans are pattern seeking animals and we prefer conspiracy theories to no theory at all. Ever consider that the world is chaotic and no one has control over it let alone planned it? I thought not.
December 31st, 2008 at 12:25 pm
If you do not believe it is a plan is someone upset? Not us, we thank you. BTW it is also a NON-HUMAN PLAN. This insures the disbelief of a “pattern seaking creature”. It is an ancient plan in which you and your kind follow the non-existant history of it. It was created at the moment you were created and it will be followed to its outcome which is freely available for you to read, but not understand because of your own desires.
L E V I A T H A N
December 31st, 2008 at 12:39 pm
#54 and you think the supreme idiot BUSH was something more. Bush was not even aware of his on human self.
December 31st, 2008 at 3:34 pm
5 very large segments of AUTOMATONS exist in this country which will make it difficult for love to prevail:
1) government employees (state, city and federal, union and management);
2) People hoping to be government employees;
3) people who live off the government
4) people who work for quasi-government firms (Halliburton, Con Edison, Verizon, etc)
5) people related to the above;
things can’t improve unless you decrease government (hatred/lies) and increase the other side (love/truth)
from the bewilderness- thanks for coming!
James Mansfield
PS: don’t blame these types- they know NOT what they do!
December 31st, 2008 at 6:56 pm
x
December 31st, 2008 at 7:09 pm
y
December 31st, 2008 at 8:09 pm
This guy Schiff is PART of the criminal network that is destroying the US. This is nothing more than the good cop/bad cop scenario. They’ve been at this for CENTURIES and STILL nobody, well except this guy http://www.subvertednation.com seems to know WHO they are. God I wish you would figure it out like he has.
December 31st, 2008 at 9:47 pm
SchiffIsAShill Says:
December 31st, 2008 at 8:09 pm
This guy Schiff is PART of the criminal network that is destroying the US. This is nothing more than the good cop/bad cop scenario. They’ve been at this for CENTURIES and STILL nobody, well except this guy http://www.subvertednation.com seems to know WHO they are. God I wish you would figure it out like he has.
And what is your evidence of this? His father is Irwin Schiff who was fighting the FED and the income tax. What part of what network is he from? All I know is he has been right so far and has been fighting the fedaholics.
Pete has been dead on with his economic prognostications and I see no evidence of some imagined criminal network.
January 2nd, 2009 at 7:58 am
#61
You make no sense. This is a “NON-HUMAN PLAN”? and we follow a “non-existant history”
Oh I know it is freely available to read, and I read it. The difference is you actually believe schmucks like Michael Tsarion, and David Icke. A reptilian conspiricay? wow, really??? Our entire history is false? really??? So leviathan, what is the way to thwart the plot of the albino shape-shifting lizard bitches?
January 3rd, 2009 at 4:06 pm
Charles I was beheaded in 1649. Cromwell died in 1658. The Bank of England was founded in 1694. We haven’t seen a useful tally stick in years. The plutocracy ad hoc “1984″ has been Orange and Judeo-Freemasonic but it’s never been very Catholic or Cavalier. Mrs. Bush is a Methodist and a billionaire. Sweet connecting enrichment. Lollard and
Voiceless it cries,
Wingless flutters,
Toothless bites,
Mouthless mutters,
and the wind in the Last Picture Show in west Texas.
January 4th, 2009 at 4:45 pm
@ “centerbound”,
You just demonstrated, quite plainly to see, how “Polly-annish” you and so many others out there are! Either that, or you really are a big liar!
Most of human history, if you care, has been manipulated for political gain and social control. Entire civilizations have been deliberately led to their own destruction, according to a plan. Our global financial collapses have almost always been planned and collaborated by those who stood the most to gain. Recorded history can still be searched for FACTS, such as these, about how systems of command and control of the mass populace have come and gone only because a group of very powerful and influential people have benefited from the increased control over the everyday citizen. All of these social “isms” have been driven, not accidental! All of the wars have been for political purposes, not because the citizenry simply “hated” the other!
It is people, like you, who refuse to see the obvious! It is people, like you “centerbound”, that simply refuse to see that there indeed are very evil people!
Go ahead and take it for granted that “People cause all of their own ills” and do nothing to truly research, for yourself, the historic tragedies of humanity. I know you won’t be one of those!?!?
-JSSmith
January 5th, 2009 at 8:36 am
INFORMATION IS THE BEST WEAPON TO USE AGAINST THESE NEO-SCUM BASTARDS !!
IT’S TIME FOR ALL INFOWARRIORS TO STEP UP, STEP FORWARD, AND POLLUTE THE
WORLD WITH OUR COLLECTIVE KNOWLEDGE OF CONSCIOUSNESS. 1 LOVE !!!!!!!!!!!
TIME TO GIVE POWER BACK 2 THE PEOPLE, GIVEN BY THE PEOPLE, & GIVEN 4 THE PEOPLE
AND SO BEGINS THE REVOLUTION ………………………………………………………………….
………”RON PAUL”……………………….”ALEX JONES”………………………….”DAVID ICKE”……….
…..FOR PRESIDENT…………….FOR VICE-PRESIDENT………….FOR SECRETARY-OF-STATE……..
January 7th, 2009 at 9:37 pm
Matthew Chapitre 5:
1 Videns autem Jesus turbas, ascendit in montem, et cum sedisset, accesserunt ad eum discipuli ejus,
2 et aperiens os suum docebat eos dicens:
3 Beati pauperes spiritu: quoniam ipsorum est regnum cælorum.
4 Beati mites: quoniam ipsi possidebunt terram.
5 Beati qui lugent: quoniam ipsi consolabuntur.
6 Beati qui esuriunt et sitiunt justitiam: quoniam ipsi saturabuntur.
7 Beati misericordes: quoniam ipsi misericordiam consequentur.
8 Beati mundo corde: quoniam ipsi Deum videbunt.
9 Beati pacifici: quoniam filii Dei vocabuntur.
10 Beati qui persecutionem patiuntur propter justitiam: quoniam ipsorum est regnum cælorum.
11 Beati estis cum maledixerint vobis, et persecuti vos fuerint, et dixerint omne malum adversum vos mentientes, propter me:
12 gaudete, et exsultate, quoniam merces vestra copiosa est in cælis. Sic enim persecuti sunt prophetas, qui fuerunt ante vos.
13 Vos estis sal terræ. Quod si sal evanuerit, in quo salietur? ad nihilum valet ultra, nisi ut mittatur foras, et conculcetur ab hominibus.
14 Vos estis lux mundi. Non potest civitas abscondi supra montem posita,
15 neque accendunt lucernam, et ponunt eam sub modio, sed super candelabrum, ut luceat omnibus qui in domo sunt.
16 Sic luceat lux vestra coram hominibus: ut videant opera vestra bona, et glorificent Patrem vestrum, qui in cælis est.
January 10th, 2009 at 11:35 pm
A return to pure capitalism is exactly what many of the international corperations want ! In fact,those international corperations are striving as we speak to bring about a NWO based upon the principles of rule by and for capital as oppossed to rule by and for the people.Another words when you here people promoting capitalism they are promoting the very thing the international corperations want to impose upon the entire world.The promoters of capitalism also promote the following;child labor and the abolishment of all laws regulating or banning child labor-the termination of government enforced work-place saftey laws and the end of goverment enforced laws which provide for the financial care of persons injured on the job.-the termination of laws which garuntee over-time pay -are you starting to get the picture ?Think about the things that make your life worth while,unless you are a millionaire,it is very likely that if we were to return to a purer form of capitalism those things would no longer exist.Thats right,things like paid vacations,forty hour workweeks instead of sixty or more,the perservation of public lands including national parks and places to hunt and fish which are available for nearly everyone,minimum wage garuntees,sick leave,my god people,those of you who promote unbridled capitalism are either ignorant of history,already very rich,or just plane stupid ! If you think capitalism and freedom have anything in common, than explain to me why it is that in many developing countries the capitalist corperations,”many of them American”prevent employes from leaving work using the threat of violence,even to the point of using armed gaurds to keep workers from leaving the work places !? Explain to me why if the capitalists are the great promoters of freedom some thing they are,then why is it that the capitalists are the ones who most feircly resisted the end of government sactionend slavery in America ?
People,under a pure form of capitalism individuals do not have” rights”,you only have privilages associated with the wealth you inherit,earn or perhaps steal.Think about it,when you are at work do you have free speech,privacy rights or any rights at all ? The honest awnswer for most is no ! The fact of the matter is that in a purley capitalistic scociety the only place you would have garunteed rights would be upon your own private property,therfore heaven forbid financial troubles should cause you to loose that property,the lose of private property in a purely capitalistic scociety would mean the termination of all the rights garunteed in the bill of rights.Still think the capitalists want you to be free ? Hell,according to the capitalists humans do not even have the absolute right to live upon our own planet ! Thats why most of us unless we inherit land either have to rent or buy land to live on.Now who do you think the earliest humans paid their rent to ? Oh yea thats right ,for most of human history before the ruling class stripped the common people of the right to live freely upon the common lands people did not pay rent ! It was the elite who were responsible for the emergence of the concept of private land ownership.Maybe it is just me,but for some reason when I see a ”no tresspassing” sighn out in the middle of no where I do not feel very free !
There is no point in me continuing this rant.If you are past the age of forty and still believe that capitalism,espeacialy unbridled capitalism allows for human freedom it is probably because you are wealthy or simply refuse to accept the truth,that truth being that capitalism is a system in which freedom does not exist, but a form of wealth related privaledge mimicks freedom,causing people to value little more than the constant pursuit of capital .This endless pursuit of capital requires a great degree of conformity and sacrifice of individual values as well as the destruction of our natural world,which at one time allowed our ancestors to expereance true freedom.Today we have many conveinances,and some of us have a lot of privaleges, however privaledges nor conveinances equal freedom.Even a prisoner can flip a light switch,and the slaves prior to the cival war were allowed to purchase their own freedom,that is if they could afford to.True freedom is not dependent upon how much money you have,nor upon invention made possible by money.That is a truth the capitalists do not want you to know.