Local Stories, Events
Ref. : Civic Events
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Ref. : Public Service Notices
Books, Films, Arts & Education
06.11 Underpaid Adjunct Professors Sleep in Cars and Rely on Public Aid [The disease of rapacious-capitalism infects the education system]
Ref. : Letters to the editor
Health Care & Environment
06.15 So much plastic is being made that "recycling has no impact" [Non-recyclable plastic must be made illegal to manufacture, use]
06.15 We must transform our lives and values to save this burning planet [Increased ice melt in polar latitudes has been disguising reality in the middle latitudes. This effect will soon be replaced by record heat as ice volume and seasonal melting increasingly declines.]
06.15 This all-male council in Texas just voted to ban abortion [1:59 video; Bad assumptions foment ignorant actions...]
06.10 Conservatives should change how they think about global warming. I did [Another crisis issue conservatives won't acknowledge...]
06.10 Scottish Power to build vast battery to improve wind energy supply [Who won't understand this?]
06.10 Greenpeace activists board BP oil rig as it is towed out to sea [Fossil fuel company conduct should be illegal...]
News Media Matters
US Politics, Policy & 'Culture'
06.15 'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion [More equality or bring back the guillotines!]
06.15 White House physicist sought aid of rightwing thinktank to challenge climate science [When your President is a quack he naturally surrounds himself with sycophants]
06.13 Why are we still pretending 'trickle-down' economics work? [We aren't ‘laffing’ now! In Trump-world all the worst people are celebrated. Ref.: 3:07 Idiocracy Courtroom Scene]
06.14 Justice Denied, Delayed, or Done Right? Serious Concerns as Prosecutors Throw Out Charges in Flint Water Crisis Cases [A very flawed prosecution using suspiciously limited evidence has been thrown out, a stronger case will be brought using newly found, voluminous evidence.]
Economics & Corrupt Capitalism
06.11 The problem with billionaires fighting climate change? The billionaires [Bloomberg's sanity to control greed to save the life-on-earth (and continuing profits) is unfortunately rare]
06.09 Elizabeth Warren’s economic nationalism vision shows there's a better way [As like championed by Economist Joseph Stiglitz]
International & Futurism
06.15 Africa’s Lost Kingdoms
06.15 The US must stand with the people of Hong Kong [But this attacks Xi's authoritarianism, which Trump is most envious of for himself...]
06.13 What does it mean to be genetically Jewish? [Doing a mental dance with archanery: could a significant number of Russians and Palestinians be intentionally included or excluded as genetically Jewish? And why would Israel do this?]
06.12 Extending the US Embargo on Cuba & Hurting the People [Doing what's cruelest]
Stock Market Collapse: More Goldman Market Rigging?
To be posted on Ms. Brown's WebOfDebt.com website on or about May 8th, 2010
When Goldman does not get its way, it is in a position to throw a tantrum and crash the market. It can do this with automated market making technologies like the one invented by Max Keiser, which he claims is now being used to turbocharge market manipulation.
Last week, Goldman Sachs was on the congressional hot seat, grilled for fraud in its sale of complicated financial products called “synthetic CDOs.” This week the heat was off, as all eyes turned to the attack of the shorts on Greek sovereign debt and the dire threat of a sovereign Greek default. By Thursday, Goldman's fraud had slipped from the headlines and Congress had been cowed into throwing in the towel on its campaign to break up the too-big-to-fail banks. On Friday, Goldman was in settlement talks with the SEC.
Goldman and Wall Street reign. Congress appears helpless to discipline the big banks, just as the European Central Bank appears helpless to prevent the collapse of the European Union. . . . Or are they?
Suspicious Market Maneuverings
The shorts circled like sharks in the Greek bond market, following a highly suspicious downgrade of Greek debt by Moody's on Monday. Ratings by private ratings agencies, long suspected of being in the pocket of Wall Street, often seem to be timed to cause stocks or bonds to jump or tumble, causing extreme reactions in the market. The Greek downgrade was suspicious and unexpected because the European Central Bank and International Monetary Fund had just pledged 120 billion Euros to avoid a debt default in Greece.
Markets were roiled further on Thursday, when the U.S. stock market suddenly lost 999 points, and just as suddenly recovered two-thirds of that loss. It appeared to be such a clear case of tampering that Maria Bartiromo blurted out on CNBC, “That is ridiculous. This really sounds like market manipulation to me.”
Manipulation by whom? Markets can be rigged with computers using high-frequency trading programs (HFT), which now compose 70% of market trading; and Goldman Sachs is the undisputed leader in this new gaming technique. Matt Taibbi maintains that Goldman Sachs has been “engineering every market manipulation since the Great Depression.” When Goldman does not get its way, it is in a position to throw a tantrum and crash the market. It can do this with automated market making technologies like the one invented by Max Keiser, which he claims is now being used to turbocharge market manipulation.
Goldman was an investment firm until September 2008, when it became a “bank holding company” overnight in order to capitalize on the bank bailout, including borrowing virtually interest-free from the Federal Reserve and other banks. In January, when President Obama backed Paul Volcker in his plan to reinstate a form of the Glass-Steagall Act that would separate investment banking from commercial banking, the market collapsed on cue, and the Volcker Rule faded from the headlines.
When Goldman got dragged before Congress and the SEC in April, the Greek crisis arose as a “counterpoint,” diverting attention to that growing conflagration. Greece appears to be the sacrificial play in the EU just as Lehman Brothers was in the U.S., “the hostage the kidnappers shoot to prove they mean business.”
The Nuclear Option
It is still possible, however, for the European Central Bank to snatch Greece from the fire and rout the shorts. It can do this with what has been called the nuclear option -- “monetizing” the debt of Greece and other debt-laden EU countries by effectively “printing money” (quantitative easing) and buying the debt itself at very low interest rates. This is called the “nuclear option” because it would blow up the hedge funds and electronically-driven sharks prowling in Greek waters, which specialize in bringing down corporations and countries for strategic and exploitative ends.
Will the ECB proceed with this plan? Perhaps, say some experts, since the Greek bailout has evidently not quelled the bond crisis. Germany, harboring fears of a Weimar-style hyperinflation, would be expected to contest the nuclear alternative; but there is evidence that what actually triggered the Weimar inflation has been distorted in the history books. The Federal Reserve has lent massively to its member banks at near-zero interest rates without triggering hyperinflation in the United States.
Ellen Brown developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest book, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her eleven books include Forbidden Medicine, Nature's Pharmacy (co-authored with Dr. Lynne Walker), and The Key to Ultimate Health (co-authored with Dr. Richard Hansen). Her websites are www.webofdebt.com and www.ellenbrown.com, and www.public-banking.com.
Ms. Brown's stories are republished in the Baltimore Chronicle with permission of the author.
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on May 8, 2010.