Today I will be referring back to my post Is Is China Buying Kennecott Copper? I will examine the financial policies of the Heritage Foundation and explain why I believe their policies gave China their large reserve of US dollars, and an economic advantage.
I will go on to explain why the Heritage Foundations policies are diametrically opposed to Reaganomics, contrary to their claim. This is based off from an article by Paul Craig Roberts who served as an economist under the Reagan Administration and is said to be the “Father of Reaganomics.” All referenced material can be found on my earlier post Is China Buying Kennecott Copper.
Additional information that was provided at the end of the show:
In Crucible of Crisis, Paulson, Bernanke, Geithner Forge a Committee of Three
By David Cho and Neil Irwin
Washington Post Staff Writers
Friday, September 19, 2008; Page A01
From the rescue of Bear Stearns to the takeovers of Fannie Mae, Freddie Mac and American International Group, all the key decisions have been made by Treasury Secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and Timothy F. Geithner, the president of the Federal Reserve Bank of New York.
Timothy F. Geithner helped organize the bailout of AIG. AIG has paid the most money out to Goldman Sachs. Henry M. Paulson was a Chief Officer at AIG until 2006 when Bush appointed him to be Treasury Secretary http://en.wikipedia.org/wiki/Henry_Paulson#Goldman_Sachs Obama
Here’s the problem with all the hoopla over the $135 million in AIG bonuses: This sum is only less than 0.1 per cent – one thousandth – of the $183 BILLION that the U.S. Treasury gave to AIG as a “pass-through” to its counterparties. This sum, over a thousand times the magnitude of the bonuses on which public attention is conveniently being focused by Wall Street promoters, did not stay with AIG. For over six months, the public media and Congressmen have been trying to find out just where this money DID go. Bloomberg brought a lawsuit to find out. Only to be met with a wall of silence.
Until finally, on Sunday night, March 15, the government finally released the details. They were indeed highly embarrassing. The largest recipient turned out to be just what earlier financial reports had rumored: Paulson’s own firm, Goldman Sachs, headed the list. It was owed $13 billion in counterparty claims. Here’s the picture that’s emerging. Last September, Treasury Secretary Paulson, from Goldman Sachs, drew up a terse 3-page memo outlining his bailout proposal. The plan specified that whatever he and other Treasury officials did (thus including his subordinates, also from Goldman Sachs), could not be challenged legally or undone, much less prosecuted. This condition enraged Congress, which rejected the bailout in its first incarnation.
It now looks as if Paulson had good reason to put in a fatal legal clause blocking any clawback of funds given by the Treasury to AIG’s counterparties. This is where public outrage should be focused.
Let’s go after the REAL money given to AIG – the $183 billion! I realize that this has already been paid out, and we can’t get it back from the counterparties who knew that Alan Greenspan and George Bush and Hank Paulson were steering the U.S. economy off a real estate cliff, a derivatives cliff and a balance-of-payments cliff all wrapped up into one by betting against collateralized debt obligations (CDOs) and insuring these casino bets with AIG. That money has been siphoned off from the Treasury fair and square, by putting their own proxies in the key government slots, the better to serve them.
So let’s go after them altogether. Sen. Schumer said to the AIG bonus recipients that the I.R.S. can go after them and get the money back one way or another. And it can indeed go after the $183-billion bailout recipients. All it has to do is re-instate the estate tax and raise the marginal income and wealth-tax rates to the (already reduced) Clinton-era levels.
Start Time: 3:00 PM Date: 2009-03-21 End Time: 4:00 PM
Title: Heritage Foundation vs. Reaganomics Location: K-Talk Studio Link out: Heritage Foundation’s “free trade” position Description: I recently received a letter from the Heritage Foundation asking for money. They claim they are the greatest purveyor of Ronald Reagan’s principals in the country.
Although I don’t agree with Reagan’s “War on Drugs” or the “Iran Contra Scandal,” I do agree with many of Reagan’s economic policies as apposed to those of the Heritage Foundation.
This is rather relevant since it was the policies promoted by the Heritage Foundation that gave China a surplus of US cash, which enabled them to buy into Rio Tinto the multinational corporation that owns Kennecott Copper.
I will explain why their policies are diametrically opposed to one another. This means the Heritage Foundation is being totally dishonest when they claim they are carrying on the traditions of Reagan.
Perhaps they are in foreign interventionism, but not in economics.
I need to make some updates. There were a few points I covered in the show that were different from my below post. On the show I covered a Guantanamo Detainee who’s genitals were sliced with a scalpel as part of the torture process. Notice this was not covered by the US media:
I’m leaving the above links exposed so you can see just by looking at them this report came out of the UK and not the US.
I also pointed out how Barack Obama plans to handle the case. He’s maintaining Bush’s State Secrets policy to block the case from going forward. Obama’s plan to maintain Bush’s State Secrets policy was reported by a US columnist by the name of Glenn Greenwald who rights for Salon Magazine. Mr. Greenwald is a Constitutional Lawyer and non partisan individual. Despite the fact he appears to be a Democrat, he has defended Ron Paul against attacks by liberals on several occasions.
We should never as a society accept someone’s genitals being sliced by a razor. If someone really is a dangerous criminal, lock him up for life. If he really has information that can save lives, why not try sodium pentathlon? We should never lower ourselves to this disgraceful level, or we are no better than Nazis. What kind of a human being can slice someone else’s genitals with a scalpel?
A caller who has traveled abroad also wanted to recommend http://www.cctv-9.com He described their news coverage as excellent.
Original Post: 02/14/2009
I would like to bring to everyone’s attention an article by Paul Craig Roberts, which I will read in this radio broadcast. This article was originally brought to my attention by Rob Alexander and Brodie Mower from the Salt Lake Chapter of the Campaign for Liberty.
Before I get started though, I would like to bring everyone’s attention to my last post on Provo Police beating a man name of Chris Lauridsen with nightsticks. This is an important issue, and I have posted some pretty important data in that post on how people vote in General Elections.
Chris Lauridsen’s story actually relates into this Paul Craig Roberts’ article because if we had more locally owned media, outrageous events such as this would surely get more news coverage.
I would like to thank Rob Alexander and Brodie Mower from the Salt Lake Campaign for liberty for bringing this article to my attention.
First let me give you a background on Paul Craig Roberts if you haven’t already heard of him. The article I am about to read to you can be found here.
I can tell you first hand there are some very disturbing articles published on Israel’s Haaretz.com that we never hear about in the US. I won’t read the articles over the air because they are too disturbing, but I will post the links below:
This story was also covered by the Guardian based out of the UK, but not in the US.
Jewish UK MP Sr. Gerald Kaufman who’s parents were Holocaust survivors actually claims the original Zionists were terrorists. Could he be right? Mind you Zionism is a political movement, not the Jewish faith. You can be an Atheist like Bill Maher and be a Zionist.
My greatest fear is the US government will see all this free speech on the internet and take steps to block it. Indeed they are trying. In 2007 Democrat Jane Harmon introduced HR 1955, which was introduced in the Senate as S. 1959: Violent Radicalization and Homegrown Terrorism Prevention Act of 2007. You can read the full text of the bill on the Govtrack.us site which I have linked to above.
This bill was going to be an amendment to the Military Commissions Act, and establish an internet oversight branch within the Department of Homeland Security. Luckily the bill didn’t pass. The only cosponsor was Normal Coleman from Minnesota. I know many people don’t like Al Franken, but personally, I am happy to be rid of Norm Coleman.
Mind you I never heard one major media outlet, including NPR, report on this issue. The outrage that prevented this bill from going forward was purely internet driven.
Cisco with all their integrity ***sarcasm*** sold China Cisco routers capable of blocking and filtering any internet traffic they don’t want the Chinese people to see. Don’t think that can’t happen here.
The man who trades freedom for security does not deserve nor will he ever receive either.
Notice the point Paul Craig Roberts made about media consolidation. Lou Dobbs makes this same point in his book War On The Middle Class. I would encourage everyone to read this book. I also bought extra copies and gave one to Jason Chaffets, and one to Stephen Sandstrom.
Almost every media outlet in the United Sates is owned by one of 10 companies. Many of them have co-ownership in each others media outlets. Here’s a chart that lists who owns what: The Big Ten. Note MSNBC is owned by General Electric and Microsoft two of the largest corporations in the world. The have a vested interest in what news you do and don’t year.
I remember Keith Olbermann (who claimed Fanny Mae and Freddie Mac are not publicly funded), was reporting on Ron Paul supporters who were protesting Sean Hannity for slandering Ron Paul. Olbermann said the Name Ron Paul twice and then through out the rest of his news program, he referred to the Ron Paul supporters as “angry Republicans.” It was like someone told him you’re not supposed to let people know about Ron Paul. They most have shown the clip of the protesters 10 times.
That’s why it is so critically important to have a station like K-Talk that is locally owned. The FCC did a study that found local ownership makes a big difference. Fair.org reported on a local ownership study by the FCC that found locally owned stations deliver nearly six (6) minutes more of total news and almost five-and-a-half (5 1/2) more minutes of local news in a 30-minute newscast. The FCC tried to destroy all evidence the report ever existed.
Perhaps the answer is to get rid of the FCC and let states regulate their own airwaves.
When it comes to getting real political news, I am a big fan of C-Span where you can watch what the unedited activities of Congress. Comcast used to have C-Span 1 and C-Span two on lower channels where people could find the broadcasts. I believe it was on channels 19 and 20. They bumped C-Span to channel 78, put a Spanish station on 20, and left 19 static for sometime.
I have noticed something very important from watching C-Span. Congress relies on the New York Times and the Washington Post for much of their information. They bring up these publications in hearings, and when delivering speeches.
Perhaps it is up to us to provide Congress with alternative News Sources Paul Robert Craig has recommended.
I know there are a lot of Alex Jones fans out there, but I believe Joel Skousen is correct when he says Alex Jones gets Fed a lot of misinformation and does not filter it out. It’s good to double check many of his claims. Paul Robert Craig does make appearances on the Alex Jones show at times as well as many other credible people. All I’m saying is people need to look at the source of the information and do some cross checking.
I have listed the international web sites recomended by P.C. Roberts above. You can also get an interesting news selection by going to news feeds I have added to this web site. http://ut.alternativeconservative.com/news-feeds
One feed is from stories dugg primarily by Ron Paul supporters on Digg.com. The other news feeds are Politics from Reddit, and World News from Reddit. People anywhere in the world can submit news stories to these news feeds.
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