It did not take long, but the first financial abuses in Obamacare are being reported on Sept. 25 in a new investigation conducted by the Treasury Inspector General for Tax Administration. In the report, a healthcare slush fund controlled by the Internal Revenue Service (IRS) is missing $67 million that the agency is unable to account for, and is a disturbing start to the multi-billion dollar program that has yet to even have its first patient processed.
On Sept. 25, trends forecaster Gerald Celente did an interview with Greg Hunter on the USA Watchdog webcast. In the interview, Celente spoke about the delayed war in Syria, and why the Fed chose to not initiate a tapering of their bond buying program during the recent FOMC meeting earlier this month. Celente also stated that the primary reason that the Fed held off tapering now was due to how interest rates reacted from just the rumors of a potential taper, and that it will most likely come early next year after the Christmas retail season is complete.
President Obama picked a good company man when he appointed Jack Lew to replace Timothy Geithner as the newest Secretary of the Treasury. And like the former head of America’s purse strings did during his time in office, Lew is choosing to use intimidation and threats over negotiation and fiscal planning in regards to the upcoming debt ceiling crisis.
Treasury now estimates that extraordinary measures will be exhausted no later than October 17. We estimate that, at that point, Treasury would have only approximately $30 billion to meet our country’s commitments. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion. If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history.
Earlier this month, areportcame out that the NSA has full access to most smartphone operating systems through a backdoor programmed into their platforms during their creation. And while most users of Apple, RIM, and Samsung devices either knew about this intrusion, or relatively don’t care, the New York Police Department wants to be sure you are in synch with the surveillance state. On Sept. 18, the NYPD issued a letter calling for all Apple users to make sure to upgrade to the new iOS7 operating system, and the police even resorted to standing in front of Apple stores while shoppers purchased the new iPhone 5′s to make sure everyone got the message.
As the Western financial and banking systems fall steadily towards insolvency and a new credit crisis, the United Kingdom is turning towards Islam as a way to infuse new capital and new programs to stave off their own course of bankruptcy. By accepting Sharia law and the potential restriction of democratic freedoms, the UK appears willing to give up much of its financial sovereignty to be a major player in the world of Islamic finance.
The core definition of fascism is the melding of government and corporations, where laws and decisions are made to benefit banking and industrial entities over that of the people. And five years after the U.S. government voted to use taxpayer money to bailout out insolvent financial institutions, coupled with central bank QE policy which has benefited Wall Street over Main Street, 70% of Americans now believe our government has become a fascist ideologue in a recent poll.
Back in April of this year, the Obama administration instituted achangein how GDP is measured, increasing the number reported by more than 3%. This occurred after the economy had retracted for the prior 2 quarters, and at a time when the national debt was climbing to over 105% of annual GDP.
So as not to be outdone, it appears that the Eurozone has caught on to this idea of manipulating their own GDP numbers in an attempt to make state economies look much better than the vast recession most of the Eurozone is experiencing.
On Sept. 18, the most anticipated decision in several years from the Federal Reserve took place, sealing the fate of the American dollar and the economy as a whole. In an 11 minute speech, Fed Chairman Ben Bernanke reported that the central bank would not taper their bond buying program as many on Wall Street anticipated, and instead will continue the $85 billion in money printing that has lasted for more than a year.
Since its inception, Bitcoin and the concept of Bitcoin, has been a refreshing alternative to global central bank control, and the constant devaluation of money. Relegated to the activist and alternative communities at the beginning of its inception, the currency has since grown to be recognized by a wide range of consumers and investors.
So when a New York district court declared Bitcoin as a currency, and open to regulation, two former Facebook founders saw the opportunity to capitalize on the digital money, and plan a way to expand its exposure through an electronically traded fund (ETF). And on Sept. 17 in a conference with potential investors, the Winklevoss twins declared that they foresee Bitcoin as the ‘internet of money’, and a new wave of the future.
On Sept. 16, a former head trader with the Royal Bank of Scotland (RBS) issued a new warning that a cyber attack on the banking system is a real and probably threat in light of the many recent electronic outages and delays in payroll processing. Known under the pseudonyms V and the Guerrilla Economist, this high level insider has warned of impending cyber attacks meant to mask liquidity and financial problems that threaten the entire banking system.
The financial world was hit with a bombshell on Sept. 15, when the surefire front runner to lead the Federal Reserve shockingly pulled out of the race to replace Ben Bernanke at the end of his term. The candidate who had a 70% chance of becoming the next Fed Chairman was long time financial power broker Larry Summers, and the vacuum he leaves places as the new favorite, a central banker who admitted that she completely missed the warning signs leading up to the 2008 financial meltdown.
First National Bank, Edinburg, TX, also operating as The National Bank of El Paso, and The Community’s Bank, located in Bridgeport, Connecticut, were closed down by the FDIC on Friday, Sept. 13. These bank failures are the first two in the month of September, and bring the total number of failed banks in 2013 to 22.
8/23/2013 *** TX *** Edinburg *** First National Bank, Edinburg, TX, also operating as The National Bank of El Paso *** $637.5 million dollar estimated FDIC DIF cost.
8/23/2013 *** CT *** Bridgeport *** The Community’s Bank *** $7.8 million dollar estimated FDIC DIF cost. - FDIC
Over the past 10 days, the spot price of both gold and silver has dropped by more than 9% to stabilize around $1320 per ounce. This move, which began on Sept. 3, and accelerated around the 9th of the month, is tied primarily to gold leases dumped on the markets by India in an attempt to stave off attacks on the Rupee.
According to a former head trader from the Royal Bank of Scotland, this metals beat down is a reaction to attacks by the U.S. on BRIC nations for attempting to create a new reserve currency and alternative lending facility, and in the short term, could drive the spot price to just below $1200.
With recent SNAP figures showing that over 100 million, or nearly 1/3 of all
Americans, receive some form of food stamp assistance, it is very difficult to
believe economic analysts who say that our financial system is in recovery, and
getting better for everyone. Yet even with all the billions of dollars in
government assistance to help the public, a new poll out on Sept. 12 shows that
20% of the population is experiencing trouble getting food and basic necessities
to survive on.
On Sept. 9, President Obama laid out a plan to cut the annual cost of living allowance (COLA) from active duty military members, even in the midst of ongoing war efforts. Claiming economic conditions as the basis for dropping the proposed 1.8% increase down to 1%, the President at the same time appeared to disregard budgetary concerns when sending a similar amount of money to support the Muslim Brotherhood during the last fiscal year.
Dr. Jim Willie, statistician, economist, and publisher the Hat Trick newsletter, spoke in an interview with USA Watchdog on Sept. 8 regarding the G20, Syria, and the status of the coming alternative currencies. In the interview, Willie noted that not only is the world isolating the U.S. in regards to their foreign policy agenda, but they are forcing the U.S. to have to adapt to a new currency system where they will no longer have global control in a petrodollar. This action could also mean the U.S. having to split their debt backed money, which would lead to a devaluation and massive rise in inflation at home.
This split would entail there being a dollar strictly for domestic use, which would bring instant inflation to American consumers, and an international dollar that foreigners who hold dollar reserves can deal with outside of Fed monetization.
Think your Smart phone is secure? Not according to internal documents from the NSA which show that not only do they have backdoor access to tap into your data and locations, but they also have created individual working groups dedicated to each individual operating system (OS) used by those phones.
On Sept. 7, a German publication reported that the NSA has the capacity now to access data from within every Smart Phone, Blackberry, and and iPhone, and to know every location the owner has traveled.
First there was Cyprus, where the EU and the world became exposed to a new form of bank bailout called the ‘bail in’. Now, Poland has taken the next step when on Sept. 4 the government seized and confiscated half of the nations private pension funds, and collateralized them to help towards paying off their sovereign debts.
Interestingly enough however, the primary function of this confiscation is not about paying off the debt in a move towards eventual solvency, but to expand their collateral base to allow them to borrow even more money, and raise their debt limits.
On Sept. 6, the Bureau of Labor Statistics (BLS) issued their latest job report numbers, with August’s totals missing expectations by 11000. More importantly however, was the more than 500000 Americans who fell off the unemployment rolls, which increased the total number of people out of work to just under 91 million.
And with that increase of American workers no longer being counted as participating in the work force, the separation between manipulated U3 rates and the actual unemployment rate, widened to a difference of over 4%.
India seeks gold from ancient shrines in an attempt to trade for U.S dollars
Over the past three weeks, the Indian rupee has been in the process of a historic collapse, and in a desperate move on Aug. 31 to acquire U.S. dollars to pay for necessary oil imports, the government is seeking ways to acquire thousands of tons ofgoldfrom its ancient shrines to stem off further drops in their devaluingcurrency.
It has not been a very good Labor Day weekend for President Obama over the growing fiasco in his Syrian foreign policy. On Sept. 2, a Syrian cyber group hacked into the primary Marine website Marines.com, posting a propaganda piece which informed military personnel that siding with the rebels is siding with the terror group Al Qaeda, and that the Syrian military itself stands with their American ‘brothers’ in fighting on the same side.
Once again, Russia has strategically moved a pawn to block NATO and the United States on the chessboard of Syria. In an agreement which completely shuts out opposition forces from using Cyprus as a base of operations for potential strikes against Syria, Russia offered the government cash to pay off existing loans with European banks, and restructured their debt at more amenable interest rates.