Fed and the world Government

By John Anast

Like one of the vanishing acts of Houdini, the intrinsic value of the US dollar seems to have disappeared. Similar to the fate of that famous illusionist the unquestioned unparalleled strength and preference of the US dollar in World markets is also unlikely to reappear. It is only fitting to thank, on its birthday, the one private organization, which has governed the US dollar and its direction, since its existence was codified into US law some ninety years ago in 1913. Since that time the Federal Reserve Bank "Fed" has operated as a quasi "National" bank of the United States of America accepting all of the benefits the terms "full faith and credit" and "for all debts public and private" and none of the debt obligations that they themselves create.

By Joan Veon August 26, 2003

While most people understand what took place when the American Revolution was fought, many are not aware of the permanent financial revolution that is being fought over the world's monetary system since 1694 when the Bank of England was created. At that time, a group of private individuals decided that they could make a great deal of money if they changed the laws of the land to shift control of the country's finances from the government to them. The Bank of England, which is England's "central bank," is a private corporation which earns a continuous stream of income when the British government borrows from them to run the country. England was the ingenious country that recognized they could run the world's finances if they established private corporations in all the countries of the world. The combined debt of all the world's country's would create an income stream of unbelievable amounts. In 1913, Congress passed the Federal Reserve Act creating our central bank. Most Americans don't know that this organization is a private corporation established to control America's monetary system through the banking industry.

Keynote address by David C. Korten

Global 6 Billion People’s Summit, June 22, 2002, University of Calgary

One people. One planet. One chance. So few words to speak such truth with so much power.

It’s a special privilege to have this opportunity to share with you my thoughts on the world that can be. Thank you for this opportunity. And my thanks to Rev. Dr. Chief John Snow and to Stephen Lewis for the candor and wisdom of their comments last night. They gave me courage to go back to my room and revise my notes for this talk to include some words I might not otherwise have had the courage to say. They are, however, words that must be said if we are to fulfill the spiritual and democratic purpose for which we gather here. I share them in a spirit of hope, compassion, and love for the life of the whole.

KABUL, Sept 24 (Reuters) - Afghanistan's mobile telephone industry is booming, but with power cuts and militant attacks on telecom masts, running the business is fraught with problems, the head of Afghanistan's leading mobile provider said on Wednesday.

Afghanistan's economy is emerging from decades of war and, despite millions of dollars pumped into reconstruction, it remains one of the poorest countries in the world.

Criminality and insecurity caused by a resurgent Taliban have added to the problems hindering economic growth. In 2002, more than 99 percent of Afghans did not have access to telecommunication services. The capital, Kabul, accounted for around two-thirds of Afghanistan's functioning lines, according to the World Bank, and there was no mobile phone network.

"I can calculate the movement of the stars, but not the madness of men." – Sir Isaac Newton, after losing a fortune in the South Sea bubble

Something extraordinary is going on with these government bailouts. In March 2008, the Federal Reserve extended a $55 billion loan to JPMorgan to "rescue" investment bank Bear Stearns from bankruptcy, a highly controversial move that tested the limits of the Federal Reserve Act. On September 7, 2008, the U.S. government seized private mortgage giants Fannie Mae and Freddie Mac and imposed a conservatorship, a form of bankruptcy; but rather than let the bankruptcy court sort out the assets among the claimants, the Treasury extended an unlimited credit line to the insolvent corporations and said it would exercise its authority to buy their stock, effectively nationalizing them. Now the Federal Reserve has announced that it is giving an $85 billion loan to American International Group (AIG), the world’s largest insurance company, in exchange for a nearly 80% stake in the insurer . . . .

Michael Hudson is a former Wall Street economist specializing in the balance of payments and real estate at the Chase Manhattan Bank (now JP Morgan Chase & Co.), Arthur Anderson, and later at the Hudson Institute (no relation). In 1990 he helped established the world’s first sovereign debt fund for Scudder Stevens & Clark. Dr. Hudson was Dennis Kucinich’s Chief Economic Advisor in the recent Democratic primary presidential campaign, and has advised the U.S., Canadian, Mexican and Latvian governments, as well as the United Nations Institute for Training and Research (UNITAR). A Distinguished Research Professor at University of Missouri, Kansas City (UMKC), he is the author of many books, including Super Imperialism: The Economic Strategy of American Empire (new ed., Pluto Press, 2002.

The US has been trying to supplement its climbing expenditure in the Iraq and Afghanistan wars by increasing foreign weapons sales.

According to the New York Times, all manner of military supplies such as missiles and vehicles like tanks and various fighter aircraft have been sold around the world whilst Mid East conflicts are taking centre stage.

In 2005, US foreign military sales totaled 12 billion dollars in comparison with 32 billion this year and the cycle seems to be self-perpetuating with 60 countries getting 4.5 billion dollars in military aid from the US.