Secretary Timothy Geithner Could Face Criminal Charges Over AIG Coverup

Let's hope that Mr. Geithner is indeed indicted and arrested! The picture below is probably how Geithner looks without his makeup and camera face.

Image Source: buddy

The End of the U.S. Dollar Possibly Confirmed? (Lazard Asset Management World Trust Fund Dumps The Dollar for Sterling)

Here is some more proof that the dollar is sliding. The Board of the prestigious Lazar Asset Management Fund has proposed dumping the dollar and replacing it with the Sterling.

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LONDON--(BUSINESS WIRE)
October 23, 2009

The World Trust Fund

Proposed share split, change of share trading currency, benchmark and performance fee arrangements

Introduction

In the most recent report and accounts published by The World Trust Fund (the “Fund”), the Board referred to the possible change of currency in which the Fund’s shares are traded and a sub-division of the share capital, both of which would be expected to assist in the marketability of the Fund’s shares. The Board is pleased to announce today proposals to implement these changes, together with certain other proposed changes to the Fund’s benchmark and performance fee arrangements with the Fund’s investment manager, Lazard Asset Management LLC (“Lazard”). In summary, the proposals are to:

(i) change the currency in which the Fund’s shares are traded from US dollars to Sterling;

(ii) undertake a sub-division of the Fund’s share capital on the basis of 10 new ordinary shares for each existing ordinary share;

(iii) change the benchmark of the Fund to the MSCI All Countries World Index; and

(iv) increase the NAV on which the performance fee calculation is based ("Reference NAV") to reflect the underperformance of the Fund over the previous 12 months.

The proposed sub-division and change of benchmark are conditional upon the approval of shareholders and it is anticipated that a circular containing details of those proposals (“Circular”) and a notice of extraordinary general meeting (“EGM”) will be sent to shareholders following approval of the Circular by the Commission de Surveillance du Secteur Financier (“CSSF”). This approval is required as a consequence of the Fund being incorporated in Luxembourg.

Change of share trading currency and proposed sub-division

In response to comments from a number of shareholders and potential investors in the Fund about the liquidity of the Fund’s shares, the Board, having consulted with the Fund’s brokers, Arbuthnot Securities, believes that having a larger number of shares in issue with a lower share price than at present and changing the currency in which the shares are traded from US dollars to Sterling, should assist in improving the marketability and liquidity of the Fund’s shares and support the attraction and retention of a diverse shareholder base.

Change of share trading currency – the London Stock Exchange has confirmed that the currency in which the Fund’s shares are traded will change from US dollars to Sterling with effect from 8.00 am on Friday 30 October 2009.

Proposed sub-division – the Board intends to send a Circular to shareholders, following approval by the CSSF, to approve a resolution to sub-divide the ordinary shares of $2 each in the capital of the Fund so that shareholders will receive 10 new ordinary shares of $0.20 for each existing ordinary share of $2. The value of each shareholding will not be affected by the proposed sub-division. The new ordinary shares will, in all respects, rank pari passu with and, except for the difference in nominal value, be subject to the same rights and restrictions as the existing ordinary shares and, in particular, the holders of new ordinary shares will have the same voting rights, the same rights to participate in dividends or income of the Fund and the same rights on a liquidation of the Fund as holders of existing shares. There will be no increase in total share capital as a result of the sub-division, no new shares are being marketed or being made available to non-shareholders in whole or in part and no additional funds are being raised. An expected timetable of principal events in relation to the proposed sub-division will be set out in the Circular.

Proposed change of Benchmark

The Board announced in the Fund’s latest annual accounts that it had been discussing with Lazard a proposed change to the Fund’s benchmark from the MSCI World Index (“Benchmark”), which has no emerging market component, to the MSCI All Countries World Index which includes an emerging markets element (although at a smaller percentage than those investments in the Fund’s current portfolio). In light of the expectation that the Fund will be maintaining a material commitment to emerging markets, the Board has now decided that a change in benchmark would be desirable. The Board also believes that the proposed benchmark will improve transparency and align the Fund’s benchmark with that of its peers in the sector. The proposed change to the benchmark will be conditional upon the approval of both the CSSF and shareholders. Details of the resolution to be put to shareholders and of the EGM will be set out in the Circular, which will be despatched following approval by the CSSF.

Change to the performance fee arrangements

In the period from 31 March 2008 to 31 March 2009, the Fund’s NAV fell by 61.3%, underperforming the MSCI World Index, which fell by 44.0%. The Board has discussed this under performance with the Fund’s investment manager and Lazard has proposed an adjustment to the Reference NAV. The proposal involves increasing the Reference NAV from $17.66 to $25.57 for the period 31 March 2009 to 31 March 2011 to reflect the previous year’s under performance relative to the Benchmark. This will result in the investment manager only being entitled to the payment of a performance fee if there is out-performance relative to the Benchmark using the higher Reference NAV. Except for the raising of the Reference NAV, the performance fee will continue to be calculated in the same manner as described in the Fund's legal documentation. The Board believes that this adjustment will benefit shareholders while at the same time continuing to provide an incentive for the Fund’s investment manager to out-perform the Benchmark.
For more information contact:
Arbuthnot Securities Limited
Alastair Moreton / Hannah Pearce
020 7012 2000

Short Name: World Trust Fund
Category Code: CAR
Sequence Number: 201015
Time of Receipt (offset from UTC): 20091023T081339+0100

Source: AnnuityIQ; Business Wire

Ex-Secretary of Treasury Henry Paulson Reportedly Held Secret Meeting with Goldman Sachs While on Official Government Business in Moscow, Russia!

The audacity of this guy Henry Paulson is quite amazing. He fleeces the American public for trillions of dollars in bailout funds last year as the Secretary of Treasury while socializing with his good ol' buddies from his old firm Goldman Sachs over brandy and wine in Moscow, Russia. Unbelievable! If I tried to pitch a script with this story plotline, I would get thrown out of the office by the production assistant for being too unbelievable!

During that long summer between the collapse of Bear Stearns and the collapse of Lehman Brothers, Hank Paulson held a secret meeting with the board of Goldman Sachs in Moscow.

Andrew Ross Sorkin tells the tale of the meeting in his new book, "Too Big To Fail."

Source: The Business Insider

U.S. Treasury Department Says That It Will Need Indefinite Taxpayer Financial Assistance

I thought the economy was getting better. The economy cannot be getting better if the Treasury Department is releasing reports saying it is going to need indefinite financial assistance (See: "The Next Phase of Government Financial Stabilization and Rehabilitation Policies"). The last I heard, the U.S. people were on the hook for $23.7 trillion over the last 11 months. How much more money does Secretary Geithner need? Is there even that much money in physical value on the entire planet?

The US economy is recovering from the shock of last year’s banking collapse, but could continue to need financial assistance for an indefinite period into the future, the Treasury Department stated in a report released Monday.

The report states that “although we are rolling back emergency support programs that are no longer needed, significant parts of the financial system remain impaired. Unanticipated events could intensify pressure on the financial system. In this context, it is prudent to maintain capacity to address unforeseen developments.”

Source: The Raw Story

Did Ohio Congressman James Traficant Really Say the United States Was Dissolved by the Emergency Banking Act of 1933?

One of the stories that I continually encounter in my searches through the digital crates of information in my quest to find the answer is the [alleged] statement of Former Ohio Congressman James Traficant on the Congressional Record discussing the 1933 bankruptcy of the United States. Now while I cannot validate Wikipedia as a verifiable source, I'll use it to reference Congressman Traficant who is currently in jail serving a long conviction and was known in the halls of Congress for having the wildest hair days.

If you do an internet or Google search of "Traficant" and any permutation of "U.S. bankrupt" "Emergency Powers Act" "U.S. dissolved," it will produce a number of links that will lead you to a statement made by Traficant that is allegedly a part of the Congressional Record, March 17, 1993, Vol. 33, page H-1303.

Here is the unverified and alleged Traficant statement that is found on many websites:

Mr. Speaker, we are now here in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.

It is an established fact that the United States Federal Government HAS BEEN DISSOLVED BY THE EMERGENCY BANKING ACT, MARCH 9, 1933, 48 STATE 1, PUBLIC LAW 89-719, declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress in session June 5, 1933 – Joint resolution to suspend the gold standard and abrogate the gold clause dissolved the sovereign authority of the United states and the official capacities of all United States government offices, officers, and departments and is further evidence that the United States Government EXISTS TODAY IN NAME ONLY.

The receivers of United States Bankruptcy are the international bankers, via the United Nations, the World bank, and the International Monetary Fund. ALL United States Offices, Officials, and Departments are operating within a de facto [ILLEGAL] status IN NAME ONLY under Emergency War Powers.

With the Constitutional Republican form of Government NOW DISSOLVED, the receivers of the bankruptcy have adopted a new form of government for the United States. This new form of government is called a Democracy, being an established socialist/Communist order under a new governor for America.

Note: This act was instituted and established by transferring and/or placing the Office of the Secretary of the Treasury to that of the Governor of the International Monetary fund. Public Law 94-564, page 8, section H.R. 13955 reads in part: “The U.S. Secretary of Treasury receives no compensation for representing the United States.”

While I want to believe that Congressman Traficant made this statement on record for future generations to see, I have to verify any information that I can before posting it as fact even if I believe the allegations made in Traficant's alleged statement. Unfortunately in this case, there is just no evidence on the Congressional Record that Traficant made the alleged statement. I looked up the Congressional Record at issue for Traficant's statement, sorting by date (thanks to Cywar) and retrieved the below embedded document. If you review the document I pulled from the Congressional Record and the alleged Traficant statement above, you will see that the statements are not the same. The first paragraph in the alleged statement is the only paragraph that appears in the official Record. Paragraphs 2-5 in the alleged statement do not appear in the official Record embedded below.

Ex-Congressman James Traficant's Statement in the Congressional Record, March 17, 1993, Vol. 33, Page H-1303

Therefore:

1) Traficant made the alleged statement and the Congressional Record has been changed to delete the references about the international bankers in Paragraphs 2-5; OR

2) Traficant never made the alleged statement and the alleged statement above is merely an urban legend!

Does anyone have the CSPAN tape of Traficant from March 17, 1993?

Source: RadarPress Newswire; Prison Planet Forums; Library of Congress (Thomas)

The Beginning of the Federal Reserve Banking Dictatorship & The End of the United States of America Republic!

It is so sad to see the negative path on which the country is heading. It is so sad to see that people are asleep and/or do not care about what the bankers are doing to the country stealing trillions of dollars. They are looting us blind on a daily basis while speaking on television about how much they are helping us. The latest slap to the American face is the new regulatory scheme being proposed by Timothy Geithner and President Obama.

By the way, a trillion dollars is $1,000,000,000,000.

As reported by Infowars and the Associated Press:

President Obama’s plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy, which is likely to be enacted before the end of the year, will officially herald the beginning of a new form of government in the United States - an ultra-powerful banking dictatorship controlled by a small gaggle of shadowy and corrupt elitists.

The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets.

This goes a step further than the centrally planned economies of the Soviet Union or Communist China, in that the Federal Reserve is not even accountable to the U.S. government, it is a private entity that according to former Fed chairman Alan Greenspan, is accountable to nobody but the banking families that own it.

I may be in the minority, but giving any one entity this much power is contrary to American values and ideas. Our republic is built on governmental restrictions with checks and balances. If the Fed is given sole authority to regulate any industry, then the Congress, President and the Courts will be meaningless and powerless!

Source: Infowars; the Associated Press

The End of the U.S. Dollar as the World's Reserve Currency Will Negatively Affect Us All!

As the world awakens from its dollar high over the last sixty years, the dollar withdrawal will likely be deadly. Nations have grown tired of financing the USA's consumer lifestyle and America's credit card has been canceled by the world at large. It is now only a matter of time before the judgment creditor nations come a calling on these outstanding debts seizing our ports, parks, BLM land, bridges, roads, mines, timber and infrastructure. However, even if these nations do not demand repayment, America will not have the money to continue its deficit spending. The Federal Reserve can print more money, but this will likely lead to hyperinflation as the American people realize how much value the dollar has lost.

If the dollar is replaced as a reserve currency, American military power collapses literally overnight and with it the ability to dominate world affairs. All the aircraft, ships, submarines, the over 700 overseas military bases – mostly in the Middle East protecting the flow of the economy’s lifeblood (oil) - are currently paid for on the Chinese credit card. The wars in Afghanistan and Iraq are in fact being financed bv Chinese money. If military spending had to be paid for by what the economy makes each year in real manufactured goods, then it would have to be cut dramatically until the American defense forces resembles less a super-power and more the defense forces of other large countries.

Source: Global Surf News

The Debt of the United States of America Approaches Insolvency

The hits just keep on hitting with this economy. Now we're approaching insolvency. I need to find Morpheus, so he can show me just how far down our economy rabbit hole will go.

In the early months of next year, when the official data are published, the United States will run a serious risk of insolvency. This would involve, in the first place, a valuation crisis for the dollar. After this, the United States could face a social crisis like that in Argentina in 2001. A crisis in U.S. public debt would likely have a severe impact on the Asian countries that are the main exporters to the United States, China first among them.

Source: Spero News

Track the $8.5 Trillion Government Bailout!

If you want to track the ridiculous $8.5 trillion U.S. government bailout, then click HERE to see where your tax dollars are going. Spend, spend, spend. Cash rules everything around me!

If anyone stumbles across this post, do you agree or disagree with the government bailout?

Source: San Francisco Chronicle