HYPERINFLATION-COULD IT HAPPEN AGAIN

JERUSALEM DAY CELEBRATION-SINGING,DANCING FROM ARUTZ-7 INR
http://www.israelnationalnews.com/News/News.aspx/131485

JERUSALEM DAY CELEBRATIONS BEGAN AT 11AM EST WHICH IS 6PM IN ISRAEL.

SPECIAL JERUSALEM DAY PAGE
http://www.israelnationalnews.com//more/activepage.aspx/jerday
http://www.israelnationalnews.com/News/News.aspx/131485
6 DAY WAR VIDEOS
http://www.youtube.com/watch?v=wpS8z8pzQgs&feature=player_embedded
http://www.israelnationalnews.com/News/News.aspx/122445

Jerusalemites Celebrate Reunification
by Hillel Fendel MAY 21,09

(IsraelNN.com) Thursday evening marks the beginning of Jerusalem Day celebrations, marking the 42nd anniversary of the day the Old City of Jerusalem was liberated, and the entire city reunified, during the 1967 Six Day War. The date also marks the accompanying defeat of Egypt, Jordan and Syria, which had repeatedly threatened to destroy the Jewish State and drive the Jews into the sea.Instead, Israel won a miraculous victory, and the Six Day War has become a synonym around the world for a modern-day miracle.Events marking the joyous day have already begun – and not only in Jerusalem. In the lower Galilee city of Nazareth Illit, for instance, some 800 youths from the Ariel religious youth movement descended on the city to dance and sing through the streets with Israeli flags – a Rikudgalim event of the type that has taken place in Jerusalem for 40 years. The Nazareth event was part of a campaign that began two years ago to strengthen Jewish cities in which the Arab presence is growing.See our special Jerusalem Day page, featuring Jerusalem-and-Six Day War history, miracles, Torah, politics and much more.

In Jaffa, as well, another mixed Jewish-Arab city, the local Yeshiva has organized a flag-march through the streets. In the Galilee city of Carmiel, founded only 45 years ago, many Arabs have also begun to move in; a Rikudgalim event will be held at 12:30 on Friday, beginning at the Heart of the City mall.Thursday evening at 7:30 p.m. (12:30 p.m. EDT), in Jerusalem's City of David neighborhood, just below and to the south of the Old City, the Moskowitz Prize for Zionism award ceremony takes place. The winners, who receive $50,000 each, are Noam Arnon of Hevron, Sammy Bar-Lev of Katzrin in the Golan, and Ronit Shuker of Givat Achiya in the Shomron. Click here for the live broadcast from the ceremony.On Thursday evening at 6 p.m., outside the Kings Hotel, protestors rallied against American pressure on Israel to freeze Yesha construction and agree to a Palestinian state.At 10 p.m. (3 p.m. EDT), one of the largest Jerusalem Day celebrations will begin: The traditional event at Yeshivat Merkaz HaRav Kook in the Kiryat Moshe neighborhood. Among the guests will be Knesset Speaker Ruby Rivlin and Deputy Prime Minister Moshe Yaalon; Ministers Yaakov Ne’eman, Daniel Hershkovitz, and Yaakov Mergi; MKs Yaakov Katz (Ketzaleh), Zevulun Orlev, Uri Ariel, and more. Click here for the live broadcast from Merkaz Harav.On Friday, Jerusalem Mayor Nir Barkat will greet the public in honor of the holiday at the Tower of David, near Jaffa Gate.The Rikudgalim march-dance will begin at Sacher Park and end at the Western Wall.

WORLD GOVERNMENT

EPHESIANS 6:10-13
10 Finally, my brethren, be strong in the Lord, and in the power of his might.
11 Put on the whole armour of God, that ye may be able to stand against the wiles of the devil.
12 For we wrestle not against flesh and blood, but against principalities,(DEMONIC ANGELS IN HIGH PLACES) against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.(SPIRTIUAL DEMONIC PERSONS)
13 Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand.

LUKE 4:5-7(BECAUSE SATAN OFFERS WORLD POWER, WORLD ORDERERS HAVE ACCEPTED SATANS GIFT)
5 And the devil, taking him (JESUS) up into an high mountain, shewed unto him all the kingdoms of the world in a moment of time.
6 And the devil said unto him, All this power will I give thee, and the glory of them: for that is delivered unto me; and to whomsoever I will I give it.
7 If thou therefore wilt worship me, all shall be thine.

DANIEL 7:23-25
23 Thus he said, The fourth beast shall be the fourth kingdom upon earth, which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.
24 And the ten horns out of this kingdom are ten kings that shall arise: and another shall rise after them; and he shall be diverse from the first, and he shall subdue three kings.
25 And he shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.

DANIEL 12:4,1
4 But thou, O Daniel, shut up the words, and seal the book, even to the time of the end: many shall run to and fro, and knowledge shall be increased.
1 And at that time shall Michael stand up, the great prince which standeth for the children of thy people: and there shall be a time of trouble, such as never was since there was a nation even to that same time: and at that time thy people shall be delivered, every one that shall be found written in the book.

REVELATION 13:1-3,7,8,12,16-18
1 And I stood upon the sand of the sea, and saw a beast rise up out of the sea, having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy.
2 And the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority.
3 And I saw one of his heads as it were wounded to death; and his deadly wound was healed: and all the world wondered after the beast.
7 And it was given unto him to make war with the saints, and to overcome them: and power was given him over all kindreds, and tongues, and nations.
8 And all that dwell upon the earth shall worship him, whose names are not written in the book of life of the Lamb slain from the foundation of the world.
12 And he exerciseth all the power of the first beast before him, and causeth the earth and them which dwell therein to worship the first beast, whose deadly wound was healed.
16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

REVELATION 17:3,7,9-10,12,18
3 So he carried me away in the spirit into the wilderness: and I saw a woman sit upon a scarlet coloured beast, full of names of blasphemy, having seven heads and ten horns.
7 And the angel said unto me, Wherefore didst thou marvel? I will tell thee the mystery of the woman, and of the beast that carrieth her, which hath the seven heads and ten horns.
9 And here is the mind which hath wisdom. The seven heads are seven mountains, on which the woman sitteth.
10 And there are seven kings: five are fallen, and one is, and the other is not yet come; and when he cometh, he must continue a short space.
12 And the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.
18 And the woman which thou sawest is that great city, which reigneth over the kings of the earth.

We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.James Paul Warburg appearing before the Senate on 7th February 1950

Like a famous WWII Belgian General,Paul Henry Spock said in 1957:We need no commission, we have already too many. What we need is a man who is great enough to be able to keep all the people in subjection to himself and to lift us out of the economic bog into which we threaten to sink. Send us such a man. Be he a god or a devil, we will accept him.And today, sadly, the world is indeed ready for such a man.

ALEX ON RUSSIA TV BILDERBERG PLANS
http://www.youtube.com/watch?v=IGTScCy-do0&feature=player_embedded

CHASING BILDERBERG 1-6
http://www.youtube.com/watch?v=Br7LlpRK0E8&feature=player_embedded
http://www.youtube.com/watch?v=NGuyqqWsLJs&feature=player_embedded
http://www.youtube.com/watch?v=-PDMrTwe10M&feature=player_embedded
http://www.youtube.com/watch?v=_WNa-2zZCN8&feature=player_embedded
http://www.youtube.com/watch?v=wxSshJ46mhA&feature=player_embedded
http://www.youtube.com/watch?v=8iRMAh9iZpI&feature=player_embedded

20 ETERNAL PREDICTIONS
http://www.youtube.com/watch?v=jTS-X21gqMk&feature=related
A DYING CHRISTIANS LAST WORDS
http://www.youtube.com/watch?v=TeE2xg3REtA&feature=related
FAMOUS ATHIESTS LAST WORDS
http://www.youtube.com/watch?v=H5zLzZGzaIA&feature=related
EVOLUTION IS HOGWASH
http://www.youtube.com/watch?v=W9zUOK8F1CE&feature=related

Rogers Echoes Warning Of Sucker’s Rally Paul Joseph Watson
Prison Planet.com Wednesday, May 20, 2009
http://www.infowars.com/rogers-echoes-warning-of-suckers-rally/(VIDEO)

Veteran financial guru Jim Rogers warned CNBC viewers today that the stock market has yet to hit a bottom despite people ploughing their money back into a sucker’s rally, as the Bilderberg Group’s plan to pull the rug out from under euphoric investors draws closer.Rogers said that central banks flooding the world with money only attempts to solve the problem of too much debt with more debt and defies belief, adding that the method will not work because governments have failed to address the underlying problems that caused the crisis in the first place.I mean … you give me 5 or 6 trillion dollars, I’ll show you a very good time, there’s no question about that,Rogers said.I’m not buying shares if that’s what you mean. Not at all,Rogers told Squawk Box Asia.The bottom will probably come later this year, next year, who knows when,he added.Rogers’ sentiment is given weight when one considers the noises coming out of the secretive Bilderberg cabal during this year’s conference in Greece.

As we reported last week based on investigative journalist Daniel Estulin’s inside sources, investors, whipped up into a false state of euphoria by the belief that the economy is recovering, are being suckered into ploughing their money back into the system as a set up for massive losses and searing financial pain in the months ahead as the stock market reverses its uptrend and plummets to new lows.Rogers told CNBC he was still favorable towards commodities and precious metals because they were the only sector where fundamentals were getting better.

VIDEOS FOR THINK TANK STORIES
http://www.youtube.com/watch?v=NInjwd1-9GM&feature=player_embedded
http://www.youtube.com/watch?v=R0bP6ddn6KQ&feature=player_embedded
http://www.youtube.com/watch?v=ypsgfmKGoK8&feature=player_embedded
http://www.youtube.com/watch?v=KQXjsaWlbEw&feature=player_embedded

Think tank elitists downplay Bilderberg/CFR conspiracy to which they belong Globalists Fareed Zakaria, Robert Kagan, Francis Fukuyama and Parang Khanna confronted about impact of secret societies Jones Report | May 19, 2009
http://www.infowars.com/think-tank-elitists-downplay-bilderbergcfr-conspiracy-to-which-they-belong/

Months before think tank elitists such as Fareed Zakaria and Robert Kagan ventured off to yet another Bilderberg meeting in May 2009, they downplayed its significance and chastised those who asked inquisitive questions about its proceedings, its agenda and its undue influence on world affairs.Members of We Are Change Florida, We Are Change Orlando and other truth groups questioned several of these top globalist thinkers about the signficance and predominance of groups including Bilderberg, the CFR, Bohemian Grove and other elite retreats during the Florida International University’s February 2009 Geopolitical Summit.These globalist frontment– who have all pushed for the one-world agenda– seemed collectively to respond Bilderberg? CFR? So what? Is there supposed to be a conspiracy or something? Hehehe. Snicker. What about the Trilateral Commission? This, despite the fact that all belong to one or all of these groups. Parang Khanna even dismisses altogether a question about re-opening the investigation into the 9/11 attacks with a simple and smug Next question.Fareed Zakaria, a Bilderberg attendee in 1993 and 2009, and a reported board member of the Trilateral Commission and the C.F.R., for which he was also the managing editor of their publication Foreign Affairs Robert Kagan, a Bilderberg attendee, CFR & Trilateral Commission member, founding member of the Project for a New American Century (PNAC) and signing author of its controversial 2000 report Rebuilding America’s Defenses; also a contributor to Foreign Affairs magazine. Francis Fukuyama, a CFR and Traileral Commission member and part of the Project for a New American Century think tank. Fukuyama effectively skirted his lifelong neocon ties late in the Bush Administration, rebuking many of its policies as he endorsed Obama during the 2008 election cycle. Trilateral Fukuyama is also the author of The End of History and the Last Man‘ which, in essence, asserts that the U.S. domination over the world became so overwhelming at the end of the Cold War as to assert a permanent order over the world and to end the general struggle over ideologies, i.e. game over for anyone in opposition to the New World Order. Western democracy, Fukuyama argues, is the final form of human government. http://en.wikipedia.org/wiki/Francis_Fukuyama

Parag Khanna, Director of the Global Governance Initiative and Senior Research Fellow in the American Strategy Program at the New America Foundation and a Term Member of the Council on Foreign Relations.Khanna has also worked as an analyst for the C.F.R., the World Economic Forum and the Brookings Institution. He is the author of The Second World: Empires and Influence in the New Global Order. http://www.paragkhanna.com/bio.htm

UNESCO and the New World Order: In their Own Words
Jurriaan Maessen Infowars May 20, 2009
http://www.infowars.com/unesco-and-the-new-world-order-in-their-own-words/(LINKS)

In the wake of the last Bilderberg conference, we bare witness to a great darkening front closing in on us yet another few inches toward total world domination. The alert observers saw it coming for a long time; the thoroughly indoctrinated are only now beginning to sense that something is rotten in the state of Denmark. How could this have happened without us knowing? And where were the media during our collective comatose suspension? Well, they were busy taking crash courses in educational-operations crafted by members of the elite- who are all into streamlining the different media-outlets towards a single purpose, a single hive-mind for us to assimilate into. If you have the misfortune of being born after 1970, you have effectively been put under the spell of this new educational system, dripping into every segment of public life: from broadcasting media and newspapers, to readymade textbooks being used in school and, even, big budget motion pictures flickering predictive programming to be subliminally absorbed. In a 1968 publication by Louis Francois [ PDF - The right to education; from proclamation to achievement, 1948-1968] for the brainwashing division of the UN, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) the author elaborates on the need for a worldwide education-system as opposed to the old, discarded one which still recognised sovereignty of the nation-state (page 18):We are witnessing the establishment of a new world order based upon the system of the United Nations, Francois explains.He links a growing world population as one of the main obstacles to be overcome in the quest for a global educational system (page 25):(…) not only is the population of the world increasing; it is also growing younger (…). So the first obstacle to be overcome by education is that of quantity. The first problem to be solved by a ministry of education is that of accommodating and teaching these rapidly increasing multitudes of young people.On page 32 the author comes to the point, when he arrives at the diabolically logical conclusion of his train of thought: Educational expansion is hard put to it to keep up with the huge growth of population.In order to effectively guide the population toward slavery, the number of people should be reduced lest its effectiveness wear off. Wherever we look, says Francois on page 36, education is striving to forestall the demographic explosion.

With a sharp sense of foresight when it comes to media matters, the UN-representative describes the future of education and what its ground principles are on which this future should be founded (page 80): Promoting the recognition of the fact that, if the countries of the world are still divided by their interests and their political convictions, they are, day by day, growing more closely interdependent in matters of economics, science, technology and culture. Promoting awareness of the fact that nations must cooperate, that is to say work together for their common good within international organisations.To sum up,the author concludes on page 98,UNESCO serves as a catalyst for dynamic ideas. Well placed to hear of what is happening in the world, sensitive to the nation’s needs, UNESCO is aware of the very first stirring of ideas, follows their development and can, at the proper time, co-ordinate, harmonize and finally impose them in their full force.It would almost be amusing, this notion that UNESCO is merely picking up on ideas, if it were not so horribly cynical. This calculated and synchronised move toward a brave new world is not a bottom-up thing, somehow evolving naturally from the grass roots, it is a top-down system, posing as grass roots, to be imposed on as large an audience as it can reach through the use of mass media, schooling systems and other available instruments of propaganda. In 1974, the Director-General of UNESCO, Rene Maheu, stressed the importance of gathering all media, irrespective of its medium, under the great wing of UNESCO and the globalists. At a banquet of the International Co-ordinating Council of the Man and the Biosphere Programme in Williamsburg, USA, Maheu starts out by giving some insight in Unesco’s long-term vision for mankind (page 2):The rationale behind the MAB (Man and the Biosphere) programme is to ensure that the physical, biological and other environmental requirements of man are placed in the hands of each of us (present) and remain under our overall control.

Explaining to his listening audience that the earth will disintegrate if not for a collective effort planned, organized and executed by the international community acting in concert., the Director-General goes on to state:I believe that we have now reached the point in world affairs where we must have a systematic reorganisation of international relations on all levels.He of course favours the UN as the proper body to do the reorganising before which he gives it its proper name (page 4):I wish to reiterate my firm conviction- together with my hope- that a new world order- political, monetary, economic and social- should now be established.Exactly then years after Louis Francois outlined the plans for a new world order, a meeting of consultants was organised at UNESCO Headquarters discussing the free and balanced flow of information in a new communication order.The participants were carefully selected to match the designs of the globalist organisers (page 1): Fifteen consultants and observers from university and professional circles and representatives of international journalists’ organizations attended this meeting. The main purpose of the meeting was to review briefly the origins of the concept of a free and balanced flow of information, to analyse the current state of discussions and the components of a new world order, together with its legal, technological and socio-economic implications, and to maker suggestions and recommendations for future action by UNESCO and other international organisations.One of the aims described in the document, was (page 2): Preparing and carrying out pilot programmes of education incorporating these principles.Regarding the before mentioned legal implications, one of the proposals was to Draw up regulations relating to international mass communications (page 3).There is nothing like a strong chokehold to force your subjects into submission. When the status of the journalist in this new world order was discussed, the participants agreed that they would first have to assess the feasibility of establishing an international code of ethics which would be adopted by journalists possessing a universal sense of mission, that is to say transcending their national origin in the defence of peace and fraternity (page 3). When we strip off the Orwellian euphemisms, a code of ethics off course equals an oath of obedience.

Among the many disturbing recommendations made by the panel, such as setting up an international fund for the purpose of renting news transmission channels, the need was expressed to set up a World Press Council to help ensure the truthfulness and objectivity of information, in the event of it proving impossible to devise and adapt an international code of ethics (page 6). A transnational body, in other words, that will decide whether a news item is truthful or not. While the going was good, the participants also called for (page 4) seminars for professionals in order to make them understand the need to broaden the concerns of those who, in the mass communication process, have the responsibility for selecting information, in other words, those who act as information filters (Gate-Keepers).At a 1983 UNESCO conference, there seemed to be an even greater consensus on the strategies that should be implemented in order to reach a new world order and it appears that those in attendance had a swell time debating semantics (page 16): The participants regarded the new world order as a recognized concept, developing but irreversible, which would be established stage by stage.(…) The establishment of a new world communication order appeared to one participant as a participation, a world response to the communications revolution, whereas another emphasized the importance of the word new in describing the concept. Some statements emphasized the importance of speaking of a new order and not the new order since the concept was steadily evolving and also stressed the important difference between a new international order, concerned only with inter-State relations, and a new world order, which took into account all communication problems in a global context.Bordering on the ridiculous, this exchange between globalists is nevertheless significant for it occurred long before papa Bush delivered his famous new world order speech before the US congress in 1991. It became part of the nomenclature long before that within the seclusion of key globalist meetings. On page 10 some participants of the conference declared that the effort to establish a new world information and communication order in stages could not be separated from the effort to promote a new international economic order.

Their final idea and plan for a world government is not some magical or mysterious force that can only be understood by an arduous reading between the lines, on the contrary: it’s being spelled out for us word for word by overeager transnationalists. As professor Saul Mendlovitz, Co-Director of World Order Models Project (WOMP) said in his acceptance speech at the award ceremony of the 1990 UNESCO Prize for Peace Education’ (page 36): it is my personal belief (not shared by all members of WOMP) that there is an overwhelming surge in the direction of global polity and that a world state is emerging. Indeed, some of the policy elite are beginning to discuss a single world central bank and a single currency.This- in their own words- is the endgame of the elite. But the road is not without obstacles, as they themselves are acutely aware of. In the same acceptance speech- champagne glass in hand- the professor expresses his concern about a smooth going in the near future: My fear, Mendlovitz added,is that we will be put off by notions of centralization and legal form and attempt to realize values at a local level, thus permitting the centralizing forces of the dominant states and classes to maintain control of both the transition and governance of the global polity. What I believe is called for then is the liberating from within ourselves the idea of specie identity. That is, to cultivate that capacity in each of us to identify, empathize and act with and on behalf of the human specie, and in the end the planet we inhabit.In order to further inspire this detachment of humans from their own tribe- and divert this natural inclination towards a sense of world citizenry- replacing the tribe for the global tribe- a great propaganda-infrastructure was forced into being, with a special seat reserved in it for the mass media to incrementally commence with the brainwashing. The globalists have meanwhile spread their tentacles very wide indeed, in an attempt to suck out our survival instincts stage by stage, and pumping human creative energy straight into their desired new world order. The question as to whether they will succeed depends entirely on the capability of the target audiences to resist the constant stream of propaganda. And this capability of course will depend for a large part on the effectiveness of the information war we are waging.

Government Critics to be Sent to Mental Asylums?
Elementals Alternative News Blog May 20, 2009

Mr X, who had called Jacqui Smith a communist, was stunned to be told that the GP had received a letter from the highly secretive Fixated Threat Assessment Centre following instructions from the Home Secretary herself.The UK government has established a secretive new police unit a la George Orwell with the powers to detain anyone for any length of time without any due process.The shadowy unit called the Fixated Threat Assessment Centre (FTAC) was covertly established in 2006. The unit includes the services of police psychiatrists. Why? For one very good reason, and one reason only: psychiatrists operate above the law. They can detain ANYONE AT ANY TIME AND FOR NO MORE REASON THAN THEIR STATED OPINION THAT THE PERSON MAY BE A DANGER TO THEMSELVES OR TO OTHERS.

Once forcibly detained by a psychiatrist a person can be legally locked away forever and subjected to despicable treatments such as psychotropic drug regimes, lobotomies and electric shocking of the brain. They are not entitled to a trial of any sort, they need face no criminal charges. A person incarcerated by a psychiatrist has no rights whatsoever. Even Stalin had to produce his prisoners in court eventually. The miserable occupants of Guantanamo retain the certainty that one day they will face justice, or at least that they will have their day in court; the occupants of psychiatric prisons have no such comfort.It is a thin line that separates a rule of law democracy from a totalitarian dictatorship. The FTAC crosses that line. For many years our individual freedoms have been incrementally cut away. The FTAC rips the flesh off freedom and lays bare the bones of repression for all decent and honest people to see. The FTAC represents nothing less that the repeal of Habeas Corpus with its right of trial and its protection from arbitrary state detention.A Writ of Habeas Corpus orders that a prisoner is to be brought before a court so that the court can then determine whether that person is serving a lawful sentence or should be released from custody. The prisoner, or someone acting on behalf of the prisoner if he/she is being held incommunicado can petition the court or an individual judge for a Writ of Habeas Corpus.The justification for the extreme powers of FRAC is of course terrorism. Experience shows that the powers of the FTAC will be quickly exercised in a far wider sphere than even the most skeptical imagine. Once a law is enacted the very fact of its existence gives it respectability and thus acceptability.For years society casually turned a blind eye to the total lack of Human Rights for anyone labeled mentally ill, never dreaming that the definition might one day be widened sufficiently to cover not only themselves, but everyone who may for any reason be deemed a threat by those in authority. In the twenty-first century mental illness is presumed to be the normal circumstance and sanity deemed to exist only after treatment by a psychiatrist.

We live in a nightmare world that is starting to exceed the imaginings of even George Orwell.Fixated Threat Assessment Centre (FTAC) tasked to intimidate critics of Jacqui Smith? The UKColumn was shocked to learn that a member of the public, who wrote letters and emails calling the Home Secretary a communist and criticising her for creating a police state, has been summoned for an interview with his GP. The individual, who wishes to remain anonymous, informed the Column that he was recently surprised to receive a call from his GP asking him to attend the surgery.Once in front of his doctor, Mr X was stunned to be told that the GP had received a letter from the highly secretive Fixated Threat Assessment Centre (FTAC) following instructions from the Home Secretary herself. Although embarrassed, the GP understood from the communication that he was required to interview Mr X to establish his state of mind.The implications of this incident are extremely serious, as they suggest that anyone who dares to criticise the Home Secretary, or perhaps even the government itself, will be regarded as mentally ill. Clearly for Mr X, Smith’s actions were intended to be a warning and the first step in attempting to brand him mentally ill.

Google: More People Will Die From Swine Flu If We Cannot Retain Search Data Co-founder makes ridiculous assertions to justify sidestepping privacy concerns
Steve Watson Infowars.net Wednesday, May 20, 2009

Google has cited a possible influenza pandemic as a reason why it should be allowed to permanently retain users’ search data without restrictions.There is an ongoing debate within the European Commission as to how long web companies should be able to keep such data, with privacy advocates suggesting it be wiped after six months.

However, Google co-founder Larry Page has suggested that the company should not be hindered in retaining search data, rather ludicrously suggesting that the more restrictions there are on data retention, the more likely we all are to die.Our up-to-date influenza estimates may enable public health officials and health professionals to better respond to seasonal epidemics and pandemics,Page is reported to have claimed at Google annual Zeitgeist conference in London.He said Google’s ability to plot and predict potential pandemics would not be possible if the firm had to delete search data after six months, the BBC reports.Sci-Tech website The Register points out that Google has previously boasted that its flu estimates are available each day because Google search queries can be automatically counted very quickly.Which raises a question: if the point of using web searches to track disease is that the data is instantly available, how does data that is more than six months old help, let alone make us all less likely to die? The Register asks.Only hardened cynics (ahem) would suggest that the push for long term retention of search data is intrinsically tied to Google’s mass profit making target advertising campaigns.

I GUESS THATS WHY GOOGLE THE INTERNET DICTATOR IS ALWAYS IN MY COMPUTER AND ON MY LINE

MAY 15,09

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MAY 15,09

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City : Mountain View
Lat/Long : 37.4192, -122.0574 (Map)

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MAY 15,09

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City : Mountain View
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MAY 18,2009

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NUCLEAR WEAPONS WILL BE USED.

PSALMS 97:3
3 A fire goeth before him, and burneth up his enemies round about.

REVELATION 14:18-20
18 And another angel came out from the altar, which had power over fire; and cried with a loud cry to him that had the sharp sickle, saying, Thrust in thy sharp sickle, and gather the clusters of the vine of the earth; for her grapes are fully ripe.
19 And the angel thrust in his sickle into the earth, and gathered the vine of the earth, and cast it into the great winepress of the wrath of God.
20 And the winepress was trodden without the city,(JERUSALEM) and blood came out of the winepress, even unto the horse bridles, by the space of a thousand and six hundred furlongs.(200 MILES) (THE SIZE OF ISRAEL)

ISAIAH 66:15-18
15 For, behold, the LORD will come with fire, and with his chariots like a whirlwind, to render his anger with fury, and his rebuke with flames of fire.
16 For by fire and by his sword will the LORD plead with all flesh: and the slain of the LORD shall be many.
17 They that sanctify themselves, and purify themselves in the gardens behind one tree in the midst, eating swine's flesh, and the abomination, and the mouse, shall be consumed together, saith the LORD.
18 For I know their works and their thoughts: it shall come, that I will gather all nations and tongues; and they shall come, and see my glory.

ISAIAH 26:21
21 For, behold, the LORD cometh out of his place to punish the inhabitants of the earth for their iniquity: the earth also shall disclose her blood, and shall no more cover her slain.(WW3,1/2 earths population die).

ISAIAH 13:6-13 KJV
6 Howl ye; for the day of the LORD is at hand; it shall come as a destruction from the Almighty.
7 Therefore shall all hands be faint, and every man's heart shall melt:(FROM FRIGHT)
8 And they shall be afraid: pangs and sorrows shall take hold of them; they shall be in pain as a woman that travaileth: they shall be amazed one at another; their faces shall be as flames.
9 Behold, the day of the LORD cometh, cruel both with wrath and fierce anger, to lay the land desolate: and he shall destroy the sinners thereof out of it.
10 For the stars of heaven and the constellations thereof shall not give their light: the sun shall be darkened in his going forth, and the moon shall not cause her light to shine.
11 And I will punish the world for their evil, and the wicked for their iniquity; and I will cause the arrogancy of the proud to cease, and will lay low the haughtiness of the terrible.
12 I will make a man more precious than fine gold; even a man than the golden wedge of Ophir.
13 Therefore I will shake the heavens, and the earth shall remove out of her place, in the wrath of the LORD of hosts, and in the day of his fierce anger.

ISAIAH 24:17-23 KJV
17 Fear, and the pit, and the snare, are upon thee, O inhabitant of the earth.
18 And it shall come to pass, that he who fleeth from the noise of the fear shall fall into the pit; and he that cometh up out of the midst of the pit shall be taken in the snare: for the windows from on high are open, and the foundations of the earth do shake.
19 The earth is utterly broken down, the earth is clean dissolved, the earth is moved exceedingly.
20 The earth shall reel to and fro like a drunkard, and shall be removed like a cottage; and the transgression thereof shall be heavy upon it; and it shall fall, and not rise again.
21 And it shall come to pass in that day, that the LORD shall punish the host of the high ones that are on high, and the kings of the earth upon the earth.
22 And they shall be gathered together, as prisoners are gathered in the pit, and shall be shut up in the prison, and after many days shall they be visited.
23 Then the moon shall be confounded, and the sun ashamed, when the LORD of hosts shall reign in mount Zion, and in Jerusalem, and before his ancients gloriously.

2 TIMOTHY 3:1
1 This know also, that in the last days perilous (DANGEROUS) times shall come.

JOEL 2:3,30
3 A fire devoureth before them; and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.

ZECHARIAH 14:12-13
12 And this shall be the plague wherewith the LORD will smite all the people that have fought against Jerusalem; Their flesh shall consume away while they stand upon their feet, and their eyes shall consume away in their holes, and their tongue shall consume away in their mouth.
13 And it shall come to pass in that day, that a great tumult from the LORD shall be among them; and they shall lay hold every one on the hand of his neighbour, and his hand shall rise up against the hand of his neighbour.

EZEKIEL 20:47
47 And say to the forest of the south, Hear the word of the LORD; Thus saith the Lord GOD; Behold, I will kindle a fire in thee, and it shall devour every green tree in thee, and every dry tree: the flaming flame shall not be quenched, and all faces from the south to the north shall be burned therein.

ZEPHANIAH 1:18
18 Neither their silver nor their gold shall be able to deliver them in the day of the LORD'S wrath; but the whole land shall be devoured by the fire of his jealousy: for he shall make even a speedy riddance of all them that dwell in the land.

MALACHI 4:1
1 For, behold, the day cometh, that shall burn as an oven; and all the proud, yea, and all that do wickedly, shall be stubble: and the day that cometh shall burn them up, saith the LORD of hosts, that it shall leave them neither root nor branch.

REVELATION 8:7
7 The first angel sounded, and there followed hail and fire mingled with blood, and they were cast upon the earth: and the third part of trees was burnt up, and all green grass was burnt up.

REVELATION 9:18
18 By these three was the third part of men killed, by the fire, and by the smoke, and by the brimstone, which issued out of their mouths.

HALF OF EARTHS POPULATION DIE DURING THE 7 YR TRIBULATION.(THESE VERSES ARE JUDGEMENT SCRIPTURES NOT RAPTURE SCRIPTURES)

LUKE 17:34-37
34 I tell you, in that night there shall be two men in one bed; the one shall be taken, and the other shall be left.
35 Two women shall be grinding together; the one shall be taken, and the other left.
36 Two men shall be in the field; the one shall be taken, and the other left.
37 And they answered and said unto him, Where, Lord? And he said unto them, Wheresoever the body is, thither will the eagles be gathered together.(Christians have new bodies,this is the people against Jerusalem during the 7 yr treaty)(Christians bodies are not being eaten by the birds).

MATTHEW 24:37-51
37 But as the days of Noe were, so shall also the coming of the Son of man be.
38 For as in the days that were before the flood they were eating and drinking, marrying and giving in marriage, until the day that Noe entered into the ark,
39 And knew not until the flood came, and took them all away; so shall also the coming of the Son of man be.
40 Then shall two be in the field; the one shall be taken, and the other left.
41 Two women shall be grinding at the mill; the one shall be taken, and the other left.
42 Watch therefore: for ye know not what hour your Lord doth come.
43 But know this, that if the goodman of the house had known in what watch the thief would come, he would have watched, and would not have suffered his house to be broken up.
44 Therefore be ye also ready: for in such an hour as ye think not the Son of man cometh.
45 Who then is a faithful and wise servant, whom his lord hath made ruler over his household, to give them meat in due season?
46 Blessed is that servant, whom his lord when he cometh shall find so doing.
47 Verily I say unto you, That he shall make him ruler over all his goods.
48 But and if that evil servant shall say in his heart, My lord delayeth his coming;
49 And shall begin to smite his fellowservants, and to eat and drink with the drunken;
50 The lord of that servant shall come in a day when he looketh not for him, and in an hour that he is not aware of,
51 And shall cut him asunder, and appoint him his portion with the hypocrites: there shall be weeping and gnashing of teeth.

WW3 THE 3 WAVES THAT MARCH TO ISRAEL

DANIEL 11:40-45
40 And at the time of the end shall the king of the south( EGYPT) push at him:(EU DICTATOR IN ISRAEL) and the king of the north (RUSSIA AND MUSLIM HORDES OF EZEK 38+39) shall come against him like a whirlwind, with chariots, and with horsemen, and with many ships; and he shall enter into the countries, and shall overflow and pass over.
41 He shall enter also into the glorious land, and many countries shall be overthrown: but these shall escape out of his hand, even Edom, and Moab, and the chief of the children of Ammon.(JORDAN)
42 He shall stretch forth his hand also upon the countries: and the land of Egypt shall not escape.
43 But he shall have power over the treasures of gold and of silver, and over all the precious things of Egypt: and the Libyans and the Ethiopians shall be at his steps.
44 But tidings out of the east(CHINA 2ND WAVE OF WW3) and out of the north(RUSSIA, MUSLIMS WHATS LEFT FROM WAVE 1) shall trouble him:(EU DICTATOR IN ISRAEL) therefore he shall go forth with great fury to destroy, and utterly to make away many.( 1/3RD OF EARTHS POPULATION)
45 And he shall plant the tabernacles of his palace between the seas in the glorious holy mountain; yet he shall come to his end, and none shall help him.

REVELATION 14:18-20
18 And another angel came out from the altar, which had power over fire; and cried with a loud cry to him that had the sharp sickle, saying, Thrust in thy sharp sickle, and gather the clusters of the vine of the earth; for her grapes are fully ripe.
19 And the angel thrust in his sickle into the earth, and gathered the vine of the earth, and cast it into the great winepress of the wrath of God.
20 And the winepress was trodden without the city,(JERUSALEM) and blood came out of the winepress, even unto the horse bridles, by the space of a thousand and six hundred furlongs.(200 MILES) (THE SIZE OF ISRAEL)

The Third and Final Wave of WW3 is when all Nations march to Jerusalem, but JESUS bodily returns to earth and destroys them,sets up his KINGDOM OF RULE FOR 1000 YEARS THEN FOREVER.

2ND WAVE CHINA AND KINGS OF THE EAST MARCH TO ISRAEL

REVELATION 16:12
12 And the sixth angel poured out his vial upon the great river Euphrates; and the water thereof was dried up, that the way of the kings of the east might be prepared.(THIS IS THE ATATURK DAM IN TURKEY,THEY CROSS OVER).

DANIEL 11:44 (2ND WAVE OF WW3)
44 But tidings out of the east(CHINA) and out of the north(RUSSIA, MUSLIMS WHATS LEFT FROM WAVE 1) shall trouble him:(EU DICTATOR IN ISRAEL) therefore he shall go forth with great fury to destroy, and utterly to make away many.( 1/3RD OF EARTHS POPULATION)

REVELATION 9:12-18
12 One woe is past; and, behold, there come two woes more hereafter.
13 And the sixth angel sounded, and I heard a voice from the four horns of the golden altar which is before God,
14 Saying to the sixth angel which had the trumpet, Loose the four angels which are bound in the great river Euphrates.(IRAQ-SYRIA)
15 And the four angels were loosed, which were prepared for an hour, and a day, and a month, and a year, for to slay the third part of men.(1/3 Earths Population die in WW 3 2ND WAVE)
16 And the number of the army of the horsemen were two hundred thousand thousand:(200 MILLION MAN ARMY FROM CHINA AND THE KINGS OF THE EAST) and I heard the number of them.
17 And thus I saw the horses in the vision, and them that sat on them, having breastplates of fire, and of jacinth, and brimstone: and the heads of the horses were as the heads of lions; and out of their mouths issued fire and smoke and brimstone.(NUCLEAR BOMBS)
18 By these three was the third part of men killed, by the fire, and by the smoke, and by the brimstone, which issued out of their mouths.(NUCLEAR BOMBS)

China warns EU not to meddle in internal affairs
ANDREW WILLIS Today MAY 21,09 @ 08:25 CET

EUOBSERVER / BRUSSELS - Speaking after the eleventh EU-China summit in Prague on Wednesday (20 May), Chinese premier Wen Jiabao warned the European Union not to meddle in China's domestic affairs. In conducting strategic cooperation between China and the EU, the most important thing is to stick to the principles of mutual respect and not interfere in each other's internal affairs,Wen said. The warning comes just weeks before Tibet's spiritual leader, the Dalai Lama, is due to visit several countries in Europe. The EU has long pushed for greater freedom of expression in the autonomous region of Tibet and has shown concern over human rights abuses carried out there in the past. At the same time, Wen assured the EU that China does not harbour ambitions of becoming the dominant world power but instead supports greater multilateralism in global decision-making. China will never seek hegemony, he said, adding that multi-polarity and multilateralism constituted the will of the Chinese people.The two sides exchanged views on a number of the world's trouble spots including Burma and Sri Lanka.

The EU was represented at the summit by Czech president Vaclav Klaus whose country holds the EU's rotating presidency, commission president Jose Manuel Barroso and EU foreign policy chief Javier Solana. While many politicians in recent weeks have heralded the G20 as the correct forum for multilateral discussions to take place in, some analysts say a G2 of just China and the United States is where future important decisions are likely to be made.Last year British historian Niall Ferguson coined the term 'Chimeria', a reference to the unique interdependence between the economies of the two states. Speaking after the Prague summit however, Chinese premier Wen poured cold water on the idea that China and the United States would monopolise global decision-making in the future.I think that idea is baseless and wrong," he said.

Developing relationship

Following tense EU-Sino relations in 2008 including the cancellation of a summit scheduled to take place last December, this year has seen a flurry of dialogue and meetings between the two sides. Their usefulness has been called into question however, with the European commissioner for external relations, Benita Ferrero-Waldner, saying in Brussels on Tuesday that there needed to be more concrete results. It now appears that China agrees. We must work to raise the efficiency and quality of the [EU-China] summit and also the high level dialogue on trade, Wen said on Wednesday, adding that the relationship had evolved successfully in the face of the economic crisis and must continue to do so. As a sign that China takes the threat of protectionism seriously, Wen announced that he would shortly be sending a second procurement mission to Europe to increase his country's imports of EU goods. In return China would like to see the EU relax its exports of high tech products, end an arms embargo and recognise the large Asian country as a market economy, a status that would restrict EU anti-dumping measures against it. Cooperation agreements on SMEs and science and technology were signed between the two sides at the summit.

Climate change

A third cooperation agreement was signed on clean energy. Despite the rapid economic growth experienced in recent years, Wen said China was still a developing rather than a developed nation, referring to the common but differentiated responsibilities of the two sides regarding a future agreement on climate change. Developing countries argue that the world's richer countries have brought about climate change and as a result should contribute financially to poorer nations to help them meet future CO2 emission targets.So far the world's major economies have held their cards close to their chests in the lead up to a pivotal climate change meeting in Copenhagen in December but on Wednesday commission president Barroso said it was now time for all sides, including China, to move the process forward.Now what is needed is a clear engagement of all major economies to make a deal possible in Copenhagen. For that to happen, each of us must put his positions on the table,he said.

MUSLIM NATIONS

EZEKIEL 38:1-12
1 And the word of the LORD came unto me, saying,
2 Son of man, set thy face against Gog,(RULER) the land of Magog,(RUSSIA) the chief prince of Meshech(MOSCOW)and Tubal,(TOBOLSK) and prophesy against him,
3 And say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech(MOSCOW) and Tubal:
4 And I will turn thee back, and put hooks into thy jaws,(GOD FORCES THE RUSSIA-MUSLIMS TO MARCH) and I will bring thee forth, and all thine army, horses and horsemen, all of them clothed with all sorts of armour, even a great company with bucklers and shields, all of them handling swords:
5 Persia,(IRAN,IRAQ) Ethiopia, and Libya with them; all of them with shield and helmet:
6 Gomer,(GERMANY) and all his bands; the house of Togarmah (TURKEY)of the north quarters, and all his bands:(SUDAN,AFRICA) and many people with thee.
7 Be thou prepared, and prepare for thyself, thou, and all thy company that are assembled unto thee, and be thou a guard unto them.
8 After many days thou shalt be visited: in the latter years thou shalt come into the land that is brought back from the sword, and is gathered out of many people, against the mountains of Israel, which have been always waste: but it is brought forth out of the nations, and they shall dwell safely all of them.
9 Thou shalt ascend and come like a storm, thou shalt be like a cloud to cover the land, thou, and all thy bands, and many people with thee.(RUSSIA-EGYPT AND MUSLIMS)
10 Thus saith the Lord GOD; It shall also come to pass, that at the same time shall things come into thy mind, and thou shalt think an evil thought:
11 And thou shalt say, I will go up to the land of unwalled villages; I will go to them that are at rest, that dwell safely, all of them dwelling without walls, and having neither bars nor gates,
12 To take a spoil, and to take a prey; to turn thine hand upon the desolate places that are now inhabited, and upon the people that are gathered out of the nations, which have gotten cattle and goods, that dwell in the midst of the land.

ISAIAH 17:1
1 The burden of Damascus. Behold, Damascus is taken away from being a city, and it shall be a ruinous heap.

PSALMS 83:3-7
3 They (ARABS,MUSLIMS) have taken crafty counsel against thy people,(ISRAEL) and consulted against thy hidden ones.
4 They have said, Come, and let us cut them off from being a nation; that the name of Israel may be no more in remembrance.
5 For they (MUSLIMS) have consulted together with one consent: they are confederate against thee:(TREATIES)
6 The tabernacles of Edom,and the Ishmaelites;(ARABS) of Moab, and the Hagarenes;
7 Gebal, and Ammon,(JORDAN) and Amalek;(SYRIA) the Philistines (PALESTINIANS) with the inhabitants of Tyre;(LEBANON)

DANIEL 11:40-43
40 And at the time of the end shall the king of the south( EGYPT) push at him:(EU DICTATOR IN ISRAEL) and the king of the north (RUSSIA AND MUSLIM HORDES OF EZEK 38+39) shall come against him like a whirlwind, with chariots, and with horsemen, and with many ships; and he shall enter into the countries, and shall overflow and pass over.
41 He shall enter also into the glorious land, and many countries shall be overthrown: but these shall escape out of his hand, even Edom, and Moab, and the chief of the children of Ammon.(JORDAN)
42 He shall stretch forth his hand also upon the countries: and the land of Egypt shall not escape.
43 But he shall have power over the treasures of gold and of silver, and over all the precious things of Egypt: and the Libyans and the Ethiopians shall be at his steps.

EZEKIEL 39:1-8
1 Therefore, thou son of man, prophesy against Gog,(LEADER OF RUSSIA) and say, Thus saith the Lord GOD; Behold, I am against thee, O Gog, the chief prince of Meshech (MOSCOW) and Tubal: (TUBOLSK)
2 And I will turn thee back, and leave but the sixth part of thee, and will cause thee to come up from the north parts,(RUSSIA) and will bring thee upon the mountains of Israel:
3 And I will smite thy bow out of thy left hand, and will cause thine arrows to fall out of thy right hand.
4 Thou shalt fall upon the mountains of Israel, thou, and all thy bands,( ARABS) and the people that is with thee: I will give thee unto the ravenous birds of every sort, and to the beasts of the field to be devoured.
5 Thou shalt fall upon the open field: for I have spoken it, saith the Lord GOD.
6 And I will send a fire on Magog,(NUCLEAR BOMB) and among them that dwell carelessly in the isles: and they shall know that I am the LORD.
7 So will I make my holy name known in the midst of my people Israel; and I will not let them pollute my holy name any more: and the heathen shall know that I am the LORD, the Holy One in Israel.
8 Behold, it is come, and it is done, saith the Lord GOD; this is the day whereof I have spoken.

JOEL 2:3,20,30-31
3 A fire(NUCLEAR BOMB) devoureth before them;(RUSSIA-ARABS) and behind them a flame burneth: the land is as the garden of Eden before them, and behind them a desolate wilderness; yea, and nothing shall escape them.
20 But I will remove far off from you the northern army,(RUSSIA,MUSLIMS) and will drive him into a land barren and desolate, with his face toward the east sea, and his hinder part toward the utmost sea, and his stink shall come up, and his ill savour shall come up, because he hath done great things.(SIBERIAN DESERT)
30 And I will shew wonders in the heavens and in the earth, blood, and fire, and pillars of smoke.(NUCLEAR BOMB)
31 The sun shall be turned into darkness, and the moon into blood, before the great and the terrible day of the LORD come.

EU sets low expectations for Russia summit
ANDREW RETTMAN Today MAY 21,09 @ 09:23 CET

EUOBSERVER / BRUSSELS - EU envoys at a summit in the Russian Far East on Thursday (21 May) and Friday will voice worries over energy security and trade tariffs, but expect to come home with little by way of concrete agreements.The European Commission last week sent proposals to Moscow on how to beef up an existing Early Warning Mechanism (EWM) to alert Brussels on the risk of future gas cut-offs, such as the massive outage in January. The current set-up, described by one EU official as basically down to some guys calling each other,is to be put on a more formal footing, with the possible inclusion of transit countries such as Ukraine.The EU believes a repetition of the January fiasco could take place at any time, with Russia itself warning that Europe should loan money to Ukraine to help it pay spiralling gas debts.European envoys will also push Russia to roll back protectionist tariffs imposed last November as a reaction to the economic crisis. The so-called 55 point plan saw new duties slapped on imports of cars, steel, milk and butter. Steep duties on timber exports to EU paper mills are also set to bite from January onward.EU foreign ministers meeting in Brussels on Monday said agreement on a new EWM and the launch of a dialogue on public health were among the summit's potential deliverables.

But there is little faith that Moscow will budge on tariffs.

Russia has since November 2007 refused to even discuss the question of Siberian overflights - a system of fees that sees EU airlines pay €330 million a year to Russian carrier Aeroflot. The hard line comes despite the EU making air fees a condition for Russia's WTO accession, unlike the 55 point plan.The EU summit delegation will be led by Russophile and eurosceptic Czech President Vaclav Klaus, who is to share a long plane-ride from Prague to the Siberian town of Khabarovsk with EU top diplomat Javier Solana. Mr Klaus was chosen for the mission because of his good chemistry with Russian President Dmitry Medvedev and has shown willingness to toe the EU line in pre-summit briefings inside the EU.Any public statements at the Khabarovsk event are likely to mask the EU's deeper energy security concerns, however.With new laws designed to keep foreign investors' hands off mineral reserves, lack of respect for private property rights and rampant corruption in most layers of society, it is becoming harder for EU energy companies to join Gazprom in keeping the pipelines full.The EU foreign ministers on Monday said they are "watching" the new trial of former oil tycoon Mikhail Khodorkovsky, whose company, Yukos, was seized by powerful Kremlin insider Igor Sechin five years ago.But they said nothing about the trial of Semion Mogilevich - an alleged Russian mafia boss with top-level ties in the gas business and politics, arrested last year. "Nobody will ever really put him away. He knows where all the bodies are buried," one Russia analyst told EUobserver.

Listening mode

The EU envoys in Siberia will also be in listening mode on Russian plans to create a new multilateral energy transit agreement to replace the existing Energy Charter Treaty (ECT) and a separate, worldwide, security pact to overarch Nato.The European Commission has already stated it will stand by the ECT. Some EU officials even see the energy pact proposal as insurance against an anti-Russian ruling in a current legal case over the Yukos break-up. The Yukos arbitration, based on the ECT, could cost an impoverished Kremlin over €20 billion.In terms of hard security, the need for a two-state solution in Israel is one of the few areas where the two sides agree.

With EU diplomats in Khabarovsk mandated to urge Russia to pull troops out of Georgia rebel enclaves Abkhazia and South Ossetia in line with a French-brokered peace accord, Russia is planning to bring its own complaints to the table.Moscow on Wednesday accused Romanian special forces of inciting riots in Moldova in April in an attempt to destabilise the Russia-friendly regime. We want to ask our colleagues from the European Union whether they intend to take responsibility for what European Union members do,Medvedev aide Sergei Prikhodko said.The modest achievements of past EU-Russia summits, which take place twice a year, have seen EU officials advise member states to scale back the meetings to just once a year in future, if Russia agrees.

Iran claims missile test with Europe in range
VALENTINA POP Today MAY 21,09 @ 09:23 CET

EUOBSERVER/BRUSSELS – Iranian President Mahmoud Ahmadinejad claimed to have sucessfully tested another ballistic missile capable of reaching Europe.Speaking in the northern Iranian city of Semnan, where the Sajil-2 missile was allegedly test-fired, Mr Ahmadinejad said the blast was a success and met the predetermined target. If its alleged range of almost 2,000 kilometers is true, the missile could reach Athens, southern Italy and the Black Sea coast of new EU members Romania and Bulgaria.

A similar test was carried out in November, while in February Iran launched a domestically-made satellite that prompted France and Great Britain to express their concerns over the missile capabilities of the Islamic state.Israel, also a nuclear power, said Wednesday's test should be more of a concern to Europe, since previous missiles tested by Iran could already reach the Jewish state.With presidential elections scheduled for 12 June, the test could also be read as part of Mr Ahmadinejad's re-election campaign, as three other contenders have been approved by Iran's electoral council.Italian foreign minister Franco Frattini had to cancel at the very last minute a trip to Tehran when he found out that Iranian authorities had organised his meeting with reformist ex-president Mohammed Khatami in Semnan, where the missile was tested, not in the capital as initially agreed.Iran made the venue switch from Tehran to the Semnan missile site a condition for the visit, the Italian foreign ministry said.Mr Frattini's visit would have given Mr Ahmadinejad an electoral boost, as it would have been most senior visit from a European country since he came to power four years ago.The European Union's foreign policy chief, Javier Solana, visited Iran a year ago but EU governments said they would avoid individual visits because of Tehran's refusal to halt its nuclear programme. Mr Frattini intended to ask Tehran to send a high-level delegation to an international conference in Italy next month on stabilising Afghanistan and Pakistan, diplomatic sources told Italian news agency Ansa.

Ruling elite under fire in EU elections
EUOBSERVER STAFF Today MAY 21,09 @ 14:20 CET

EUOBSERVER / BRUSSELS - Ruling parties in some of the EU's biggest member states are coming under heavy fire in EU election campaigns, giving eurosceptic groups a chance to grab attention. Italian leader Silvio Berlusconi, whose right-wing PDL party is polled to scoop up to 40 percent of the country's EU vote, faced calls to resign on Wednesday (20 May) over alleged links to a corporate bribery scandal.A court in Milan has ruled that a Berlusconi proxy paid British-born lawyer David Mills €435,000 to act as a false witness for the premier in a series of fraud trials which implicated the media tycoon. The PM's spokesman said the resignation calls were politically timed to damage Mr Berlusconi, who heads his party list.British eurosceptic party UKIP is to spend €2.3 million in the next two weeks to woo unhappy Labour voters in the wake of the parliament expenses scandal.Of the recent inquiries we have had from our first-time buyers [new supporters], around 60 percent of them have come from Labour,UKIP leader Nigel Farrage said, the Times reports. UKIP and Labour are both polling at around 16 percent, compared to UKIP's 6 percent at the start of May.The anti-Lisbon treaty Libertas party has targeted the Conservative opposition party, which currently leads UK polls, with a video clip making fun of Tory leader David Cameron's apology for the expenses problem. Libertas says the clip has had over 1 million hits. France's ruling UMP party has fended off a legal challenge against its promotional video, with the audiovisual regulator, the CSA, on Wednesday ruling the clip was not propaganda.The centre-right Civic Platform government in Poland has seen its approval ratings dip for the fourth month in a row, according to CBOS surveys. Approval dipped from 44 percent to 42 percent in May. Prime Minister Donald Tusk's personal rating fell three points to 48 percent. Eurosceptic opposition Law and Justice party leader Jaroslaw Kaczynski on Wednesday said Poland faces an infernal [economic] crisis,urging Poles to give Civic Platform a warning in the EU vote.

Laziest MEPs shamed

The Polish political elite in general has come under fire in articles detailing the laziest MEPs and euro-deputies' lavish lifestyles. Tabloid Fakt said Civic Platform MEP Krzysztof Holowczyc was absent for 65 percent of EU parliament sessions. Daily broadsheet Rzeczpospolita wrote that from June, MEPs are to fly around Europe in business class and have in the past sipped cocktails on African beaches at symposia on poverty.In Germany , a joint campaign by the ruling CDU and CSU parties is trying to appeal to the most conservative end of the spectrum of centre-right voters. The campaign focuses on religious issues, such as making a reference to God in future EU treaties, keeping Turkey out of the EU and strengthening the role of the German language in the European Union. The parties also pledge to see if European competences can be clawed back to the national level.Greek opposition socialist party Pasok has attacked the governing New Democracy faction for dissolving parliament early in what it sees as an attempt to run away from a series of corruption scandals. Pasok is linking the European elections with national elections,socialist leader George Papandreou said on Wednesday. We want citizens to ...change the direction of the country.The Czech left-wing opposition party, the CSSD, is planning to pump up to €2.6 million into its EU election battle against the conservative ODS faction. CSSD chairman Jiri Paroubek said the recent ODS government managed to draw less than 1 percent of EU funds for the country available up to 2013.Fears over voter apathy are being confirmed in Ireland and Romania , where people appear to be more interested in local by-elections and upcoming presidential elections, respectively, than the EU vote.

Election posters cause annoyance

Irish people have begun to complain about plastic EU election posters obscuring important road signs. In a letter to the Irish Times on Thursday, an academic from the Catholic University of Louvain informs Irish readers that the Belgian government erects temporary structures offering a designated space for a limited amount of recyclable paper posters instead.Sweden is bucking the trend, however. In Gothenburg, pre-voting in the EU election at the major Nordstan polling station shows that 900 people cast ballots on Wednesday compared to just 278 at the same stage in the general election two years back. Austrian Greens are doing their bit to kindle EU sympathies, with street theatre in Vienna on Wednesday designed to dispel cliches, such as the notion that Brussels spends all its time regulating on bendy bananas.

Meanwhile, the Spanish government has put forward a legal proposal to EU member states, which would allow the EU parliament to increase the number of MEPs from 736 to 754 as soon as the Lisbon treaty is ratified (potentially in early 2010) instead of in 2014 (as currently envisaged). The move, reported by the Irish Times, is to be considered at the June EU summit. Spain, France, Sweden, Austria, Britain, Poland, Portugal, the Netherlands, Bulgaria, Latvia, Slovenia and Malta stand to benefit from the extra seats if it goes through.If you know an elections story you think should be covered in our review, please write to ar@euobs.com

SINS OF PEOPLE

2 TIMOTHY 3:1-5
1 This know also, that in the last days perilous times shall come.
2 For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy,
3 Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good,
4 Traitors, heady, highminded, lovers of pleasures more than lovers of God;
5 Having a form of godliness, but denying the power thereof: from such turn away.
6 For of this sort are they which creep into houses, and lead captive silly women laden with sins, led away with divers lusts,
7 Ever learning, and never able to come to the knowledge of the truth.

DECIEVERS WAXING WORSE AND WORSE.

2 TIMOTHY 3:13
13 But evil men and seducers shall wax worse and worse, deceiving, and being deceived.

MORE SIN SIGNS

EPHESIANS 5:5-8
5 For this ye know, that no whoremonger, nor unclean person, nor covetous man, who is an idolater, hath any inheritance in the kingdom of Christ and of God.
6 Let no man deceive you with vain words: for because of these things cometh the wrath of God upon the children of disobedience.
7 Be not ye therefore partakers with them.
8 For ye were sometimes darkness, but now are ye light in the Lord: walk as children of light:

HAYS COUNTY Radio host says 8-year-old strip-searched,School, sheriff's office, state agency dispute radio host's claim of incident at school.By Patrick George AMERICAN-STATESMAN STAFF Thursday, May 21, 2009

Hays County sheriff's department officials repudiated a radio report Wednesday that claimed an elementary school student was strip-searched by sheriff's deputies. But Alex Jones, an Austin-based nationally syndicated radio host, said he thinks the alleged search of an 8-year-old girl Tuesday was unlawful. And the family's attorney, whose fees are being paid by Jones, said he is considering taking legal action. Wade Jefferies, the family's attorney, said a Buda Elementary School staff member saw a dime-sized bruise on the back of the girl's thigh on Monday and asked where it came from. The girl said she hurt herself, Jefferies said, but when pressed further, the girl said her mother might have done it. On Tuesday, Jefferies said, the girl was asked to pull down her pants for a protective services official, school administrators and possibly a sheriff's deputy. It was humiliating to her, frightening to her, and it caused her severe trauma and distress,said Jefferies, who declined to name his clients.Chris Van Deusen, a spokesman for the Department of Family and Protective Services, said that as a rule, the agency does not conduct forcible interviews or strip searches.CPS does not strip-search children and did not strip-search a child in this case,he said. Van Deusen said he was unaware of any charges being filed in the incident and declined to say whether an investigation is ongoing.Sheriff's department spokesman Lt. Leroy Opiela said a deputy was sent to the campus to assist a caseworker. The caseworker, accompanied by the school nurse, went into a private room to examine the child, he said.

Jones reported that deputies performed the strip search, Opiela said.

That is completely untrue, Opiela said. Our deputy was asked to leave the room. He was not present for any type of exam or search.In a statement Wednesday, Julie Jerome, a Hays assistant superintendent, said, School staff responded appropriately to the child's comments by contacting Child Protective Services.Jones' story prompted calls from across the country that caused the Hays County 911 system and administrative lines at the sheriff's office and the school district to overload, Opiela said. The calls peaked about 2:30 p.m., he said; it was unclear how long the overload lasted or what effects it might have had.Reached by phone Wednesday, Jones said he aired only what he was told by the child, whose mother works in his office. Jones said the girl told him that a man in a uniform told her to remove her pants or she would get in trouble.According to his Web site, Jones' shows are syndicated on 60 AM and FM stations nationwide and are available as podcasts. Jones said he told his audiences that the girl was crying and was unsure who was in the room when she removed her clothes. Jones also said that the girl's mother was not notified of the search.It's a child,Jones said.The fact that they made her do it is wrong. We don't live in the Soviet Union.Van Deusen said: When responding to an allegation of abuse or neglect, it is the agency's practice to interview the alleged victim and ask him or her to show the investigator any injuries the child has suffered. This is always voluntary and when the investigation is taking place at a school, is done with school personnel present.pgeorge@statesman.com; 445-3851

Airport security bares all, or does it? Privacy advocates to launch campaign against whole-body imaging machines updated 1:36 p.m. EDT, Mon May 18,By Jessica Ravitz CNN

ATLANTA, Georgia (CNN) -- Privacy advocates plan to call on the U.S. Department of Homeland Security to suspend use of whole-body imaging, the airport security technology that critics say performs a virtual strip search and produces naked pictures of passengers, CNN has learned.The national campaign, which will gather signatures from organizations and relevant professionals, is set to launch this week with the hope that it will go viral,said Lillie Coney, associate director of the Electronic Privacy Information Center, which plans to lead the charge.People need to know what's happening, with no sugar-coating and no spinning,said Coney, who is also coordinator of the Privacy Coalition, a conglomerate of 42 member organizations. She expects other groups to sign on in the push for the technology's suspension until privacy safeguards are in place.Right now, without regulations on what the Transportation Security Administration does with this technology, she said, We don't have the policy to hold them to what they say. They're writing their own rule book at this point.The machines detect both metallic and nonmetallic threat items to keep passengers safe,said Kristin Lee, spokeswoman for TSA, in a written statement.It is proven technology, and we are highly confident in its detection capability.Late last month, freshman Rep. Jason Chaffetz, R-Utah, introduced legislation to ban these machines. Of concern to him, Coney and others is not just what TSA officials say, it's also what they see.The sci-fi-looking whole-body imaging machine -- think Beam me up, Scotty -- was first introduced at an airport in Phoenix, Arizona, in November 2007. There are now 40 machines, which cost $170,000 each, being tested and used in 19airports, said TSA's Lee.

Whole-Body Imaging
These six airports are using whole-body imaging as a primary security measure, according to TSA: San Francisco, California ,Miami, Florida ,Albuquerque, New Mexico
Tulsa, Oklahoma ,Salt Lake City, Utah ,Las Vegas, Nevada.Six of these airports are testing the machines as a primary security check option, instead of metal detectors followed by a pat-down, she said. The rest present them as a voluntary secondary security option in lieu of a pat-down, which is protocol for those who've repeatedly set off the metal detector or have been randomly selected for additional screening.So far, the testing phase has been promising, said Lee. When given the choice, over 99percent of passengers choose this technology over other screening options,she said.

A big advantage of the technology is the speed, said Jon Allen, another TSA spokesperson, who's based in Atlanta, Georgia. A body scan takes between 15 and 30 seconds, while a full pat-down can take from two to four minutes. And for those who cringe at the idea of being touched by a security official, or are forever assigned to a pat-down because they had hip replacements, for example, the machine is a quick and easy way to avoid that contact and hassle, he said.Using millimeter wave technology, which the TSA says emits 10,000 times less radio frequency than a cell phone, the machine scans a traveler and a robotic image is generated that allows security personnel to detect potential threats -- and, some fear, more -- beneath a person's clothes.

TSA officials say privacy concerns are addressed in a number of ways.

The system uses a pair of security officers. The one working the machine never sees the image, which appears on a computer screen behind closed doors elsewhere; and the remotely located officer who sees the image never sees the passenger.As further protection, a passenger's face is blurred and the image as a whole resembles a fuzzy negative,said TSA's Lee. The officers monitoring images aren't allowed to bring cameras, cell phones or any recording device into the room, and the computers have been programmed so they have zero storage capability and images are automatically deleted,she added.But this is of little comfort to Coney, the privacy advocate with EPIC, a public interest research group in Washington. She said she's seen whole-body images captured by similar technology dating back to 2004 that were much clearer than what's represented by the airport machines.What they're showing you now is a dumbed-down version of what this technology is capable of doing,she said.Having blurry images shouldn't blur the issue.Lee of TSA emphasized that the images Coney refers to do not represent millimeter wave technology but rather backscatter technology, which she said TSA is not using at this time.Coney said she and other privacy advocates want more oversight, full disclosure for air travelers, and legal language to protect passengers and keep TSA from changing policy down the road.For example, she wants to know what's to stop TSA from using clearer images or different technology later. The computers can't store images now, but what if that changes? TSA will always be committed to respecting passenger privacy, regardless of whether a regulation is in place or not,Lee said.She added that the long-term goal is not to see more of people, but rather to advance the technology so that the human image is like a stick-figure and any anomalies are auto-detected and highlighted.

But Coney knows only about what's out there now, and she worries that as the equipment gets cheaper, it will become more pervasive and harder to regulate. Already it is used in a handful of U.S. courthouses and in airports in the United Kingdom, Spain, Japan, Australia, Mexico, Thailand and the Netherlands. She wonders whether the machines will someday show up in malls.The option of walking through a whole-body scanner or taking a pat-down shouldn't be the final answer, said Chris Calabrese, a lawyer with the American Civil Liberties Union.A choice between being groped and being stripped, I don't think we should pretend those are the only choices, he said. People shouldn't be humiliated by their government in the name of security, nor should they trust that the images will always be kept private.Screeners at LAX [Los Angeles International Airport],he speculated,could make a fortune off naked virtual images of celebrities.Bruce Schneier, an internationally recognized security technologist, said whole-body imaging technology works pretty well,privacy rights aside. But he thinks the financial investment was a mistake. In a post-9/11 world, he said, he knows his position isn't politically tenable,but he believes money would be better spent on intelligence-gathering and investigations.It's stupid to spend money so terrorists can change plans, he said by phone from Poland, where he was speaking at a conference. If terrorists are swayed from going through airports, they'll just target other locations, such as a hotel in Mumbai, India, he said.We'd be much better off going after bad guys ... and back to pre-9/11 levels of airport security, he said.There's a huge cover your ass' factor in politics, but unfortunately, it doesn't make us safer.Meantime, TSA's Lee says the whole-body imaging machines remain in the pilot phase. Given what the organization has gleaned so far, she said additional deployments are anticipated.

THIS MUSLIM LIER OBAMA HAS TO BE REVEALED FOR THE DECIEVER HE IS.

Birth certificate billboard mania continues,First sign erected in truth and transparency campaign May 20, 2009 11:00 pm Eastern 2009 WorldNetDaily

WASHINGTON – More than $25,000 has been raised in the first two days of a national billboard campaign to raise awareness of questions surrounding the constitutional eligibility of Barack Obama to serve as president – and the first sign, an electronic one, is already up and online. Joseph Farah, editor and chief executive officer of WND, said he's calling it the truth and transparency campaign.The money is being used to erect billboards around the country that ask a simple question: Where's the birth certificate? The first such sign to be posted under the 2-day-old campaign, a digital, electronic one, is up and online on Highway 165 in Ball, La. – the result of a donation by the owner. In addition, based on the heavy volume of financial donations in the first two days of the campaign, WND was able to commit to leasing two more standard billboards – one in Los Angeles and the other in Pennsylvania. It will take several weeks to get those billboards up because of the vinyl printing and shipping involved.I know now, because of the sensational response to this idea from WND viewers, that this national campaign is going to be big and long-lasting, said Farah.I want to thank all of those who have pitched in and contributed – with either cash donations or, in some cases, space donations. But the need for money continues. The public should know it costs about $2,000 just to print these 15-by-45 foot billboards. Each one is a huge commitment.

Birth certificate question being raised in Ball, La. Donations are being accepted to defray the costs of a national billboard campaign with the simple message: Where's the birth certificate? While the campaign is off to a great start, many viewers have asked why Obama's name is not included in the billboard. Farah said the matter was carefully considered.There are several reasons we chose the message: Where's the birth certificate? he explained.There is only one birth certificate controversy in this country today – despite the near-total absence of this issue from coverage in the non-WND media. This is a grass-roots issue that resonates around the country, as our own online petition with nearly 400,000 signers suggests. In addition, I like the simplicity of the message. I like the fact that the message will cause some people to ask themselves or others about the meaning of the message. It will stir curiosity. It will create a buzz. I'm assuming when these billboards are springing up all over the country, it might even make some in the news media curious. And there's one more factor that persuaded me this was the way to go. Come 2012, campaign laws will pose restrictions on political advertising mentioning the names of presidential candidates. This one clearly doesn't. I would like to see the federal government make the case that this is somehow a political ad,he said. Farah said the campaign was born of frustration with timid elected officials in Washington, corrupt judges around the country and a news media that show a stunning lack of curiosity about the most basic facts of Obama's background – especially how it relates to constitutional eligibility for the highest office in the land.As Obama transforms this country from self-governing constitutional republic to one governed by a central ruling elite, the simple fact remains that no controlling legal authority has established that he is indeed a natural born citizen as the Constitution requires, Farah said. Obama's promises of transparency have become a bad joke as he continues to hide simple, innocuous documents like his birth certificate and his student records.

The idea behind the billboard campaign is to make sure Obama cannot avoid this question any longer. He must be asked to produce it at every turn, Farah says. Billboard space is currently being hunted in Houston, Dallas, San Antonio, Sacramento, San Francisco, New York-New Jersey, Des Moines, Seattle and other metro areas.Is it unusual for a news agency to launch such a campaign?asks Farah.Yes it is. But we live in very unusual times. The founding fathers built special protections into the First Amendment for the free press. The reason they did that is because they understood a vibrant Fourth Estate was necessary as an independent watchdog on government. It is in that tradition that WND assumes this role – since nobody else in the press will do it.WND previously launched a petition campaign that has collected more than 370,000 names demanding Obama's eligibility be verified and demonstrated publicly. That campaign continues. That list has been shared with members of the Electoral College and the chief justice of the U.S. Supreme Court. I wish such a campaign were not absolutely necessary,said Farah.I wish there were checks and balances in our political and electoral systems to ensure that constitutional eligibility of presidential candidates was established before politicians could assume the highest office in the land. I wish my colleagues in the news media believed the Constitution really means what it says and pressed this issue as hard as we have pressed it at WND. I wish radio talk-show hosts were bold enough to ask this question. But wishing is not enough. It's time to raise the visibility of this issue vital to the rule of law in America. I ask everyone to pitch in and help WND make a simple yet profound statement: The Constitution still matters.Your donation – from as little as $5 to as much as $1,000 – can be made online at the WND SuperStore. (Donations are not tax-deductible. Donations of amounts greater than $1,000 can be arranged by calling either 541-474-1776 or 1-800-4WND.COM. If you would prefer to mail in your contributions, they should be directed to WND, P.O. Box 1627, Medford, Oregon, 97501. Be sure to specify the purpose of the donation by writing billboard on the check. In addition, donations of billboard space will be accepted, as will significant contributions specifically targeted for geographic locations.)

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/

HALF HOUR DOW RESULTS THU MAY 21,2009

09:30 AM -5.97
10:00 AM -113.74
10:30 AM -152.33
11:00 AM -161.26
11:30 AM -151.01
12:00 PM -127.99
12:30 PM -144.96
01:00 PM -128.79
01:30 PM -155.78
02:00 PM -147.27
02:30 PM -181.20
03:00 PM -199.76
03:30 PM -171.72
04:00 PM -129.91 8292.13

S&P 500 888.33 -15.14

NASDAQ 1695.25 -32.59

GOLD 955.10 +17.40

OIL 61.01 -1.03

TSE 300 9967.85 -264.59

CDNX 1089.85 +4.21

S&P/TSX/60 605.41 -17.14

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -4.04%
S&P +0.02%
Nasdaq +9.56%
TSX Advances 995,declines 578,unchanged 285,Volume 2,747,409,141.
TSX Venture Exchange Advances 442,Declines 393,Unchanged 360,Volume 271,030,632.

Dow -122 points at 4 minutes of trading today.
Dow -165 points at low today.
Dow +0.08 points at high today so far.
GOLD opens at $939.20.OIL opens at $60.56 today.

AFTERNOON,NEWS,STATS
Dow -199 points at low today so far.
Dow +0.08 points at high today so far.

DAY TODAY PERFORMANCE - 12:30PM STATS
NYSE Advances 938,declines 2,606,unchanged 90,New Highs 7,New Lows 33.
Volume 3,247,168,789.
NASDAQ Advances 701,declines 1,853,unchanged 109,New highs 10,New Lows 11.
Volume 1,006,396,858.
TSX Advances 403,declines 931,unchanged 233,Volume 1,084,008,347.
TSX Venture Exchange Advances 235,Declines 324,Unchanged 299,Volume 112,069,411.

WRAPUP,NEWS,STATS
Dow -199 points at low today.
Dow +0.08 points at high today.
Dow -1.54% today Volume 302,650,807.
Nasdaq -1.89% today Volume 2,107,464,614.
S&P 500 -1.68% today Volume N/A

NAOMI KLEIN - BANK HEIST ROBBER OBAMA-BANKS
http://www.youtube.com/watch?v=AMW5B6xANnU&feature=channel

Obama fuel standards lag behind EU effort
LEIGH PHILLIPS Today MAY 21,09 @ 09:49 CET

EUOBSERVER / BRUSSELS - US President Barack Obama's new fuel economy standards announced on Wednesday (20 May) have won praise domestically and around the world for being America's first emissions cap, but however much of a step forward, if passed, the car emission rules will still lag far behind those of Europe's own much criticised rules.Mr Obama's plan, a compromise between car manufacturers and environmental critics, would require the average US vehicle - cars and light trucks - to achieve 35.5 miles per gallon (in metric around 15 kilometres to the litre) by 2016, a 30 percent advance over current fuel standards.As a result of this agreement we will save 1.8 billion barrels of oil over the lifetime of the vehicles sold in the next five years,said the president announcing the measure.According to a White House official, the programme will reduce greenhouse gas emissions by 900 million tonnes - the equivalent of taking 177 million cars off the road.The proposed fuel economy and CO2 emissions standards marks the first time the US has regulated greenhouse gas emissions, and for this reason many people in the environmental community are cheering the move. Today's announcement is one of the most significant efforts undertaken by any president, ever, to end our addiction to oil and seriously slash our global warming emissions,said Carl Pope, the executive director of the Sierra Club, one of America's oldest and largest environmental groups.The speed with which the Obama administration is moving to build the clean energy economy has been breathtaking,he added.But when compared to European Union standards, those of Japan or even China, the lower level of ambition becomes apparent.China currently enforces an average fuel efficiency standard of 35.8 miles per gallon (mpg) and Japan demands 42.6 mpg.Europe meanwhile requires vehicles achieve 43.3 mpg and by 2016 - the deadline of the Obama scheme - vehicles in the 27-country bloc will have to meet an efficiency standard of 50 mpg.Despite Washington's lower target, the development remains vital because the US accounts for roughly half of all CO2 emissions in the world that are produced by cars. This is the case even though America is home to just 30 percent of the planet's cars because of the size of the country - people drive further in cars with larger engines.

EU's own targets criticised

And behind the headline targets, the European Union is far from the car emissions angel it appears to be.Last December, the EU reached a tentative agreement, yet to be approved by the European Parliament, on cutting car emissions. Using a slightly different measuring stick to that of the US, the EU would require that the average carbon emissions from all new cars be reduced by 18 percent to 130 grams per kilometre by 2015.However, green groups at the time slammed the deal as a capitulation to the car lobby, particularly from Germany, as the initial proposals from the European Commission would have seen all new cars required to meet the 130g/km standard by as early as 2012 as an average across a company's fleet - which was already a step back from previously stated ambitions.Instead, firms were allowed to phase in their adherence to the standards - with 65 percent of a car company's fleet having to meet the requirement by 2012, 75 percent by 2013, 80 by 2014 and 100 percent by 2015.Fines for breaching the standard were also watered down. Originally to have been €20 per excess gramme, they are now to be only €5 per gramme.Finnish Green MEP Satu Hassi has suggested that the EU rules are weaker than what is likely to result simply from market demand. Consumers are increasingly prefer more fuel-efficient vehicles, she has argued, a trend that will drive down emissions from cars faster than the EU legislation.

EU defends free movement of labour in face of UK workers protests
ELITSA VUCHEVA Today MAY 21,09 @ 09:23 CET

The EU on Wednesday (20 May) warned against the negative effects of "closed borders" on jobs, following two days of protests by British oil refineries' employees against the use of foreign labour. The two-day British strikes involved thousands of workers at seven refineries angered by proposals to employ dozens of foreign workers, mainly from central and eastern European member states, instead of local ones, the BBC writes.Similar protests had taken place in February, when workers at the Lindsey oil refinery in north-eastern England protested plans to award a contract to an Italian-based firm using its own Italian and Portuguese workers. The protest later spread to a nuclear plant in the north-west of England as well.The European Commission insisted on the benefits of free movement of workers and warned against the negative effects of closing borders.We think that free movement of workers benefits both the workers and the host country,commission spokeswoman for employment Katharina Von Schnurbein told the BBC.Certainly closing borders doesn't create any jobs. You have to see also that it works both ways: British people also benefit from working abroad,she added.

But after talks with trade union officials on Wednesday, Hertel UK, the contractor at the South Hook Liquefied Natural Gas Terminal in Milford Haven when the strikes started, said it agreed to replace the foreign workers with local ones.Following discussions today we have agreed to withdraw immediately all 40 non-UK workers and will be looking to directly employ suitably skilled UK workers. We trust this will bring the unofficial strike action to an end and hope staff will agree to return to work today,Hertel's managing director David Fitzsimons said last night, the Financial Times reported.Our policy is always to recruit local and UK people where they are available and have the right skills and qualifications, although using the original, non-UK workforce employed by our subcontractor did not contravene national agreements negotiated with the relevant trade bodies,he added.

Number of eastern European workers dropping

Meanwhile, figures published by the British Office for National Statistics on Wednesday showed an increasing number of eastern European workers are leaving Britain.

It said that the number of Poles – who comprise nearly 60 percent of all eastern Europeans working in the UK – registering in the UK between January and March this year was almost three times lower compared to the same period last year (12,480 registrations in January – March this year compared to 32,365 last year).The ONS also found that the total number of east Europeans given the right to work in Britain fell by 36 percent to 133,000 by the end of March compared to the year ending in March 2008.Additionally, overall net immigration went down to 147,000 — after reaching over 200,000 in 2005, the Times writes.After years of rising net migration into the UK, the trend is going into reverse, the paper quoted a spokesman for the Institute for Public Policy Research as saying.It's striking that the great influx of Eastern Europeans of the last five years is tailing off dramatically.

The Weimar Hyperinflation? Could it Happen Again?
Ellen Brown Global Research May 20, 2009

It was horrible. Horrible! Like lightning it struck. No one was prepared. The shelves in the grocery stores were empty. You could buy nothing with your paper money. – Harvard University law professor Friedrich Kessler on the Weimar Republic hyperinflation (1993 interview) Some worried commentators are predicting a massive hyperinflation of the sort suffered by Weimar Germany in 1923, when a wheelbarrow full of paper money could barely buy a loaf of bread. An April 29 editorial in the San Francisco Examiner warned: With an unprecedented deficit that’s approaching $2 trillion, [the President’s 2010] budget proposal is a surefire prescription for hyperinflation. So every senator and representative who votes for this monster $3.6 trillion budget will be endorsing a spending spree that could very well turn America into the next Weimar Republic.1 As in Weimar Germany, money creation in the U.S. is now being undertaken by a privately-owned central bank, the Federal Reserve. In an investment newsletter called Money Morning on April 9, Martin Hutchinson pointed to disturbing parallels between current government monetary policy and Weimar Germany’s, when 50% of government spending was being funded by seigniorage – merely printing money.2 However, there is something puzzling in his data. He indicates that the British government is already funding more of its budget by seigniorage than Weimar Germany did at the height of its massive hyperinflation; yet the pound is still holding its own, under circumstances said to have caused the complete destruction of the German mark. Something else must have been responsible for the mark’s collapse besides mere money-printing to meet the government’s budget, but what? And are we threatened by the same risk today? Let’s take a closer look at the data.

History Repeats Itself – or Does It?

In his well-researched article, Hutchinson notes that Weimar Germany had been suffering from inflation ever since World War I; but it was in the two year period between 1921 and 1923 that the true Weimar hyperinflation occurred. By the time it had ended in November 1923, the mark was worth only one-trillionth of what it had been worth back in 1914. Hutchinson goes on: The current policy mix reflects those of Germany during the period between 1919 and 1923. The Weimar government was unwilling to raise taxes to fund post-war reconstruction and war-reparations payments, and so it ran large budget deficits. It kept interest rates far below inflation, expanding money supply rapidly and raising 50% of government spending through seigniorage (printing money and living off the profits from issuing it). . . . The really chilling parallel is that the United States, Britain and Japan have now taken to funding their budget deficits through seigniorage. In the United States, the Fed is buying $300 billion worth of U.S. Treasury bonds (T-bonds) over a six-month period, a rate of $600 billion per annum, 15% of federal spending of $4 trillion. In Britain, the Bank of England (BOE) is buying 75 billion pounds of gilts [the British equivalent of U.S. Treasury bonds] over three months. That’s 300 billion pounds per annum, 65% of British government spending of 454 billion pounds. Thus, while the United States is approaching Weimar German policy (50% of spending) quite rapidly, Britain has already overtaken it! And that is where the data gets confusing. If Britain is already meeting a larger percentage of its budget deficit by seigniorage than Germany did at the height of its hyperinflation, why is the pound now worth about as much on foreign exchange markets as it was nine years ago, under circumstances said to have driven the mark to a trillionth of its former value in the same period, and most of this in only two years? Meanwhile, the U.S. dollar has actually gotten stronger relative to other currencies since the policy was begun last year of massive quantitative easing (today’s euphemism for seigniorage).3 Central banks rather than governments are now doing the printing, but the effect on the money supply should be the same as in the government money-printing schemes of old. The government debt bought by the central banks is never actually paid off but is just rolled over from year to year; and once the new money is in the money supply, it stays there, diluting the value of the currency. So why haven’t our currencies already collapsed to a trillionth of their former value, as happened in Weimar Germany? Indeed, if it were a simple question of supply and demand, a government would have to print a trillion times its earlier money supply to drop its currency by a factor of a trillion; and even the German government isn’t charged with having done that. Something else must have been going on in the Weimar Republic, but what?

Schacht Lets the Cat Out of the Bag

Light is thrown on this mystery by the later writings of Hjalmar Schacht, the currency commissioner for the Weimar Republic. The facts are explored at length in The Lost Science of Money by Stephen Zarlenga, who writes that in Schacht’s 1967 book The Magic of Money, he let the cat out of the bag, writing in German, with some truly remarkable admissions that shatter the accepted wisdom the financial community has promulgated on the German hyperinflation.What actually drove the wartime inflation into hyperinflation, said Schacht, was speculation by foreign investors, who would bet on the mark’s decreasing value by selling it short. Short selling is a technique used by investors to try to profit from an asset’s falling price. It involves borrowing the asset and selling it, with the understanding that the asset must later be bought back and returned to the original owner. The speculator is gambling that the price will have dropped in the meantime and he can pocket the difference. Short selling of the German mark was made possible because private banks made massive amounts of currency available for borrowing, marks that were created on demand and lent to investors, returning a profitable interest to the banks. At first, the speculation was fed by the Reichsbank (the German central bank), which had recently been privatized. But when the Reichsbank could no longer keep up with the voracious demand for marks, other private banks were allowed to create them out of nothing and lend them at interest as well.4

A Story with an Ironic Twist

If Schacht is to be believed, not only did the government not cause the hyperinflation but it was the government that got the situation under control. The Reichsbank was put under strict regulation, and prompt corrective measures were taken to eliminate foreign speculation by eliminating easy access to loans of bank-created money.More interesting is a little-known sequel to this tale. What allowed Germany to get back on its feet in the 1930s was the very thing today’s commentators are blaming for bringing it down in the 1920s – money issued by seigniorage by the government. Economist Henry C. K. Liu calls this form of financing sovereign credit.He writes of Germany’s remarkable transformation: The Nazis came to power in Germany in 1933, at a time when its economy was in total collapse, with ruinous war-reparation obligations and zero prospects for foreign investment or credit. Yet through an independent monetary policy of sovereign credit and a full-employment public-works program, the Third Reich was able to turn a bankrupt Germany, stripped of overseas colonies it could exploit, into the strongest economy in Europe within four years, even before armament spending began.5 While Hitler clearly deserves the opprobrium heaped on him for his later atrocities, he was enormously popular with his own people, at least for a time. This was evidently because he rescued Germany from the throes of a worldwide depression – and he did it through a plan of public works paid for with currency generated by the government itself. Projects were first earmarked for funding, including flood control, repair of public buildings and private residences, and construction of new buildings, roads, bridges, canals, and port facilities. The projected cost of the various programs was fixed at one billion units of the national currency. One billion non-inflationary bills of exchange called Labor Treasury Certificates were then issued against this cost. Millions of people were put to work on these projects, and the workers were paid with the Treasury Certificates. The workers then spent the certificates on goods and services, creating more jobs for more people. These certificates were not actually debt-free but were issued as bonds, and the government paid interest on them to the bearers. But the certificates circulated as money and were renewable indefinitely, making them a de facto currency; and they avoided the need to borrow from international lenders or to pay off international debts.6 The Treasury Certificates did not trade on foreign currency markets, so they were beyond the reach of the currency speculators. They could not be sold short because there was no one to sell them to, so they retained their value.

Within two years, Germany’s unemployment problem had been solved and the country was back on its feet. It had a solid, stable currency, and no inflation, at a time when millions of people in the United States and other Western countries were still out of work and living on welfare. Germany even managed to restore foreign trade, although it was denied foreign credit and was faced with an economic boycott abroad. It did this by using a barter system: equipment and commodities were exchanged directly with other countries, circumventing the international banks. This system of direct exchange occurred without debt and without trade deficits. Although Germany’s economic experiment was short-lived, it left some lasting monuments to its success, including the famous Autobahn, the world’s first extensive superhighway.7

The Lessons of History: Not Always What They Seem

Germany’s scheme for escaping its crippling debt and reinvigorating a moribund economy was clever, but it was not actually original with the Germans. The notion that a government could fund itself by printing and delivering paper receipts for goods and services received was first devised by the American colonists. Benjamin Franklin credited the remarkable growth and abundance in the colonies, at a time when English workers were suffering the impoverished conditions of the Industrial Revolution, to the colonists’ unique system of government-issued money. In the nineteenth century, Senator Henry Clay called this the American system,distinguishing it from the British system of privately-issued paper banknotes. After the American Revolution, the American system was replaced in the U.S. with banker-created money; but government-issued money was revived during the Civil War, when Abraham Lincoln funded his government with U.S. Notes or Greenbacks issued by the Treasury. The dramatic difference in the results of Germany’s two money-printing experiments was a direct result of the uses to which the money was put. Price inflation results when demand (money) increases more than supply (goods and services), driving prices up; and in the experiment of the 1930s, new money was created for the purpose of funding productivity, so supply and demand increased together and prices remained stable. Hitler said,For every mark issued, we required the equivalent of a mark’s worth of work done, or goods produced.In the hyperinflationary disaster of 1923, on the other hand, money was printed merely to pay off speculators, causing demand to shoot up while supply remained fixed. The result was not just inflation but hyperinflation, since the speculation went wild, triggering rampant tulip-bubble-style mania and panic.

This was also true in Zimbabwe, a dramatic contemporary example of runaway inflation. The crisis dated back to 2001, when Zimbabwe defaulted on its loans and the IMF refused to make the usual accommodations, including refinancing and loan forgiveness. Apparently, the IMF’s intention was to punish the country for political policies of which it disapproved, including land reform measures that involved reclaiming the lands of wealthy landowners. Zimbabwe’s credit was ruined and it could not get loans elsewhere, so the government resorted to issuing its own national currency and using the money to buy U.S. dollars on the foreign-exchange market. These dollars were then used to pay the IMF and regain the country’s credit rating.8 According to a statement by the Zimbabwe central bank, the hyperinflation was caused by speculators who manipulated the foreign-exchange market, charging exorbitant rates for U.S. dollars, causing a drastic devaluation of the Zimbabwe currency. The government’s real mistake, however, may have been in playing the IMF’s game at all. Rather than using its national currency to buy foreign fiat money to pay foreign lenders, it could have followed the lead of Abraham Lincoln and the American colonists and issued its own currency to pay for the production of goods and services for its own people. Inflation would then have been avoided, because supply would have kept up with demand; and the currency would have served the local economy rather than being siphoned off by speculators.

The Real Weimar Threat and How It Can Be Avoided

Is the United States, then, out of the hyperinflationary woods with its quantitative easing scheme? Maybe, maybe not. To the extent that the newly-created money will be used for real economic development and growth, funding by seigniorage is not likely to inflate prices, because supply and demand will rise together. Using quantitative easing to fund infrastructure and other productive projects, as in President Obama’s stimulus package, could invigorate the economy as promised, producing the sort of abundance reported by Benjamin Franklin in America’s flourishing early years. There is, however, something else going on today that is disturbingly similar to what triggered the 1923 hyperinflation. As in Weimar Germany, money creation in the U.S. is now being undertaken by a privately-owned central bank, the Federal Reserve; and it is largely being done to settle speculative bets on the books of private banks, without producing anything of value to the economy. As gold investor James Sinclair warned nearly two years ago: [T]he real problem is a trembling $20 trillion mountain of over the counter credit and default derivatives. Think deeply about the Weimar Republic case study because every day it looks more and more like a repeat in cause and effect9 The $12.9 billion in bailout funds funneled through AIG to pay Goldman Sachs for its highly speculative credit default swaps is just one egregious example.10 To the extent that the money generated by quantitative easing is being sucked into the black hole of paying off these speculative derivative bets, we could indeed be on the Weimar road and there is real cause for alarm. We have been led to believe that we must prop up a zombie Wall Street banking behemoth because without it we would have no credit system, but that is not true. There is another viable alternative, and it may prove to be our only viable alternative. We can beat Wall Street at its own game, by forming publicly-owned banks that issue the full faith and credit of the United States not for private speculative profit but as a public service, for the benefit of the United States and its people.11 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 earlier books focused on the pharmaceutical cartel that gets its power from the money trust.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.

Notes

1.Examiner Editorial: Get Ready for Obama’s Coming Hyperinflation,San Francisco Examiner, April 29, 2009.
2.Martin Hutchinson,Is It 1932 – or 1923?, Money Morning (April 9, 2009).
3.See Monthly Average Graphs, x-rate.com.
4.Stephen Zarlenga, The Lost Science of Money (Valatie, New York: American Monetary Institute, 2002), pages 590-600; S. Zarlenga, Germany’s 1923 Hyperinflation: A Private Affair,Barnes Review (July-August 1999).
5.Henry C. K. Liu, Nazism and the German Economic Miracle, Asia Times (May 24, 2005).
6.S. Zarlenga, op. cit.
7.Matt Koehl,The Good Society?, Rense (January 13, 2005).
8.Bags of Bricks: Zimbabweans Get New Money – for What It’s Worth,The Economist (August 24, 2006); Thomas Homes,IMF Contributes to Zimbabwe’s Hyperinflation, www.newzimbabwe.com (March 5, 2006).
9.Jim Sinclair,Fed Actions a Bandaid on a Gaping Economic Wound,reprinted in Go for Gold, September 18, 2007.
10. Eliot Spitzer,The Real AIG Scandal, Continued! The Transfer of $12.9 Billion from AIG to Goldman Looks Fishier and Fishier,Slate (March 22, 2009).
11. See Ellen Brown,Cash Starved States Need to Play the Banking Game, webofdebt.com/articles (March 2, 2009).

Gazprom troubles may impact EU consumers
VALENTINA POP Today MAY 20,09 @ 09:29 CET

EUOBSERVER/BRUSSELS – With Gazprom's profits dwindling and its debt rising, supply contracts with EU countries could be renegotiated and pipeline politics are likely to sharpen, energy experts have told EUobserver.Russian state-owned gas producer Gazprom on Monday said it would slash its dividends sevenfold compared to last year, as it struggles with falling profits and rising debt. The gas giant said its net profit in the fourth quarter of 2008 had fallen 84 percent to €811 million, while its net debt was €30 billion at the end of the year, making it Russia's biggest debtor. Adding to the falling demand and plummeting gas prices, Gazprom lost some €1.5 billion in the first two weeks of January, when it halted gas exports through Ukraine due to a pricing dispute. The price Gazprom receives from the European contracts is indexed to the price of oil with a six-month lag. The price of gas is now collapsing at the exact rate that the price of oil was collapsing six months ago,energy expert Pierre Noel from the European Council on Foreign Relations, a London-based think-tank, told this website.But with European demand on the decline, Gazprom's situation is not likely to immediately affect the EU consumer. We'll see in a year's time, if the crisis persists, that there might be some pressure to renegotiate the contracts in Europe,Mr Noel said.

A similar view was expressed by Polish expert Agata Loskot-Strachota, head of the energy project at the Centre for Eastern Studies in Warsaw. The troubled monopoly could try to change the terms of existing contracts and increase its grip by entering the internal markets of EU member states,she said.The crisis may also mean the expansion of Russian business in central and eastern Europe, Ms Loskot said, citing the recent selling of Austria's OMV shares in Hungary's MOL to Russia's Surgutneftegaz – a move denounced by the new Hungarian premier.Shell intends to do the same with its shares in Ceska Refinerska, this time to another Russian company – Lukoil, Ms Loskot added.All of this would not be of any concern for European consumers if companies like Gazprom were functioning by market rules, an American expert said.We don't really know what the true financial strain on Gazprom is because the company should be considered as an arm of the Russian government, where money can flow from one part to another without people on the outside knowing what's going on, said Alexandros Petersen from the Atlantic Council of the United States, a Washington-based think-tank.

Pipeline politics and PR

For every move the Europeans are making in the attempt to reduce their energy dependency on Russia, Moscow is countering with rival pipelines and PR tricks, Mr Peterson said.On Friday, Russian premier Vladimir Putin and his Italian counterpart, Silvio Berlusconi, made headlines with their agreement to double the capacity of South Stream, a pipeline planned to run on the seabed of the Black Sea and seen as competition to the EU-backed Nabucco which would carry Caspian gas directly to Europe via Turkey. South Stream should be considered a gambit to block other projects like Nabucco,the US expert said, noting that the agreement was signed a week after an energy summit in Prague that gave a slight boost to Nabucco.The race between South Stream and Nabucco was openly stated by the Russian side.I consider South Stream to have every chance of being realised earlier than Nabucco,Russia's Energy Minister Sergei Shmatko told reporters on Monday.The EU however maintains that the two projects are not rivals and that the bloc would benefit from both diversification of suppliers and routes.

South Stream threat to Ukraine

If built, South Stream would however pose serious problems to Ukraine, a transit land for 80 percent of Russia's gas deliveries to Europe.Most of this gas will substitute gas currently crossing Ukraine, and some new gas,Paolo Scaroni, chief executive of Italian company ENI, Gazprom's partner in South Stream said on Friday.Former German chancellor Gerhard Schroeder, an advocate for Gazprom projects, also made the case for South Stream and blamed Ukraine for all the gas cuts Europe had experienced.When we get Russian gas, the problem is not the supplier, but the fact that 80 percent of the pipeline is located in the Ukraine. We should look for independence not from Russia, but from such transit schemes,he was quoted by RIA Novosti on Monday.In March, the EU signed an agreement with Ukraine to modernise its gas transportation system without Russia's involvement, which prompted Moscow to threaten it would review EU-Russian relations.

I WAS TRYING TO GET THE TRANSCRIPT FOR WHEN GEITHNER WAS QUESTIONED ABOUT CHINA DUMPING THE DOLLAR BUT COULD NOT GET TEXT YET.

GEITHNER DISCUSSES TARP
http://www.cnbc.com/id/15840232?video=1128889419&play=1
http://www.cnbc.com/id/15840232?video=1128920645&play=1
http://www.cnbc.com/id/15840232?video=1129095360&play=1
http://www.cnbc.com/id/15840232?video=1129466468&play=1
CHINA & INDIA CAN'T SAVE US
http://www.cnbc.com/id/15840232?video=1128693937&play=1
FED TO MUCH POWER OVER BIZ
http://www.cnbc.com/id/15840232?video=1129026011&play=1
PARSING THE FOMC MINUTES
http://www.cnbc.com/id/15840232?video=1129141349&play=1
http://www.italkcash.com/forum/news-feeds/97492-text-fomc-minutes.html
http://www.federalreserve.gov/monetarypolicy/fomcminutes20090429.htm
CHINA EU SUMMIT
http://www.cnbc.com/id/15840232?video=1129194495&play=1
GREEN HOGWASH,KUDLOW(DICTATORSHIP)
http://www.cnbc.com/id/15840232?video=1129474934&play=1
ABOLISH SEC REPLACE WITH FED
http://www.truveo.com/geithner-preview/id/3149144432
http://www.truveo.com/who%E2%80%99s-running-treasury/id/539116412
http://www.truveo.com/treasury-geithner-qa/id/1468371376

Treasury Secretary Timothy Geithner testifies before Senate Banking Committee about TARP money by Associated Press Wednesday May 20, 2009, 10:04 AM Associated Press file Treasury Secretary Timothy Geithner projects U.S. financial institutions will repay $25 billion of their government rescue funds over the coming year. Updated at 4:29 p.m.

WASHINGTON -- Declaring that the financial system was starting to heal,Treasury Secretary Timothy Geithner said Wednesday that major banks had raised $56 billion since stress tests showed several in need of more capital -- a sign of emerging investor confidence.Geithner also said a public private program announced in March to rid institutions of their worst assets would be in place by July.The hopeful assessment was laden with caution, however. Geithner pointedly warned the committee that he would not discuss an exit strategy for the government's $700 billion intervention in major private sector institutions.It's not quite time yet, he told Sen. Richard Shelby of Alabama, the top Republican on the committee.Confronting anxiety among both Democrats and Republicans, Geithner said that resolving the business entanglements of insurance conglomerate American International Group would take significantly longer that initially envisioned.And he disputed Republican assertions that bank repayments of government infusions cannot be used for further assistance to the financial system.

All in all, senators from both parties voiced skepticism about the degree to which the Treasury has intervened in companies and about what it has done or failed to do with the leverage it has gained over those firms. Such doubts are surfacing as Geithner and the Obama administration are preparing to seek congressional action on a financial regulatory overhaul, with some urging quicker action and others counseling a slower pace.In a recurring line of questioning, Committee Chairman Chris Dodd, D-Conn., asked Geithner why major AIG creditors, which include Goldman Sachs and Merrill Lynch, had been permitted to recoup the entirety of their investment in the company. The government has injected $70 billion into AIG and owns about 80 percent of its assets.Where's the negotiation going on here? Why aren't we pressing back? Dodd said.Hell, we own about 80 percent of this company. Seems to me we ought to be pursuing this more aggressively than paying 100 percent on the dollar to this.

Geithner said the administration didn't have the authority to extract such concessions from AIG creditors. If I felt we did,he said,I would do it in a second. Sen. Sherrod Brown, D-Ohio, wondered why General Motors, which has received $13.4 billion in loans from the government, is proceeding with a plan to increase U.S. sales of cars made abroad, including importing autos made at its Chinese factories.

They're talking about closing plants down here and opening plants in China and selling them back,Brown said.What gives here? What's going on here? Geithner replied that the administration's focus was on helping GM restructure so that it can be viable without government support.I do not believe that we can do that and also be involved in making detailed decisions about how they run their business and how they do that,he said.In written testimony provided to the committee, Geithner said that of the $56 billion raised by the nation's biggest banks since they underwent stress tests, $48 billion had been raised by banks deemed in need of additional capital. That puts them nearly two-thirds of the way to their government-imposed goal of $75 billion in new capital.The Federal Reserve tested 19 major institutions to see if they could withstand a further downturn in the economy. The 10 banks that were found to need more capital after the stress tests, including Citigroup Inc. and Bank of America Corp., have until June 8 to develop such a plan and have it approved by regulators.The private money that was sitting on the sidelines is back on the playing field,said Scott Talbott, a senior vice president at the Financial Services Roundtable, an industry group.It shows confidence by investors in the financial sector in general and in those specific institutions.Still, the administration and the industry believe bank lending has in part been hindered by the amount of real estate-related loans and securities on their balance sheets. As a result, Geithner said a program that would combine up to $100 billion in government funds with private investments should be operating within six weeks. The program is designed to create a purchasing pool of up to $1 trillion.Treasury has received applications from more than 100 potential fund managers to help run the program. Geithner says Treasury will inform applicants of their preliminary approval in the next several weeks.The program was announced March 23 and some lawmakers have questioned why the program is not yet up and running.Geithner has projected that financial institutions will repay $25 billion of their government rescue funds over the coming year. He said the money could be used to further assist institutions in need of government help, a stance that Republicans dispute.It was clearly the understanding here during the debate that we'd permanently reduce public debt with repayments, and that's not what's going on, said Sen. David Vitter, R-La.But Geithner, in his testimony and in a letter to Vitter, said Congress permitted repayments of the $700 billion Troubled Asset Relief Program to be used to continue aiding the financial system.

May 20, 2009 TG-139 Statement by Timothy F. Geithner U. S. Secretary of the Treasury before the Senate Banking Committee May 20, 2009

Introduction,Good morning.

Chairman Dodd, Ranking Member Shelby, members of the Senate Banking Committee, thank you for the opportunity to testify before you today.On October 3, 2008, during a time of tremendous financial upheaval and economic uncertainty, Congress passed the Emergency Economic Stabilization Act (EESA) with the specific goal of stabilizing the nation's financial system and preventing catastrophic collapse. Soon after taking office, this Administration rebuilt the EESA programs from the ground up with a new foundation. We also unveiled a financial stability plan to restore the flow of credit to consumers and businesses, tackle the foreclosure crisis in order to help millions of Americans stay in their homes, and comprehensively reform the nation's financial regulatory system so that a crisis like this one never happens again. Today, just four months into President Obama's term of office, there are important indications that our financial system is starting to heal. For example, spreads for investment grade corporate bonds have fallen about 210 basis points and spreads on high yield corporate bonds are down about 770 basis points since the end of November. Spreads on AAA municipal bonds have come down 150 basis points since October. Risk premiums in short-term, inter-bank markets have fallen 280 basis points over roughly the same period and the cost of credit protection for the largest U.S. banks has fallen by about 180 basis points just since early April. Treasury is continuing to look into additional metrics that gauge the markets more broadly, as well as additional economic metrics, to determine the effectiveness of the current strategy and whether additional or different steps are needed. With the help of our lending facility with the Federal Reserve, new securities issuance has started to revive. Spreads for AAA credit card receivables asset-backed securities (ABS) have fallen about 330 basis points from their peak. There has been more issuance of consumer ABS in the past two months than in the preceding five months combined. In our housing market, interest rates on 30-year mortgages have dropped to historic lows and refinancing has surged.

Finally, we have already seen a substantial amount of adjustment in our financial system. Leverage has declined, the most vulnerable parts of the non-bank financial system no longer pose the same risk, and banks are funding themselves more conservatively.These are all welcome signs. However, the process of financial recovery and repair will take time.

The Conditions We Confronted Upon Taking Office

The challenges that our financial system confronts are complex, interrelated, and the result of developments over many years. Earlier this decade, a combination of factors generated unsustainable bubbles in many housing markets across the country. A protracted period of rapid innovation, excessive risk taking, and inadequate regulation produced a financial system that was far more fragile than was generally appreciated during the boom times.Starting in 2007, unexpected losses experienced by major banks on mortgage-backed securities set off a vicious cycle. The losses reduced their capital, which forced them to pull back on lending. This put downward pressure on asset prices, which generated further losses for the banks and reduced wealth for millions of American families and businesses. Tightening financial conditions became a drag on the broader economy. As workers lost jobs and as prospects for businesses darkened, prospective losses on consumer and business loans increased. And as the scale of the potential financial losses increased, market concerns about the viability of individual institutions mounted, and as firms became reluctant to maintain even normal exposures to one another, the basic functioning of our financial markets was compromised.In the fall of 2008, major policy intervention (including the EESA legislation) was, in the end, successful in achieving the vital but narrow objective of preventing a systemic financial meltdown. However, while those actions reduced overt concerns about systemic risk, as President-Elect Obama and his economic team prepared an economic program, the outlook for the economy was deteriorating rapidly. Economic data that became available in November and December pointed to a very sharp fall in economic activity. For example, the advanced data on orders for durable goods fell by 6.2 percent in October, the largest monthly decrease in two years. On December 4, it was reported that payroll employment had fallen by 533,000 in November.[1] This was the largest monthly decline since the deep recession of 1973-74. Quickly worsening prospects for the economy meant that likely losses for U.S. financial institutions were rising sharply as well, and this heightened concerns about the adequacy of their capital.The disruptions to the financial system were a major factor undermining the economy. Liquidity in a broader range of securities markets, including the market for long-term Treasuries, fell sharply. Credit spreads for virtually all credit products reached historic highs in the fourth quarter. Loan growth and bond issuance slowed in the fourth quarter. In particular, the issuance of new ABS essentially came to a halt in October. Part of the decline in credit growth reflected falling demand for credit as consumers and businesses became more cautious. But a variety of factors pointed to meaningful constraints on the supply of credit. For example, a record number of banks reported tightening credit standards in the fourth quarter.In addition, given the substantial burden placed upon the American taxpayers, there was deep public anger, skepticism about whether the government was using taxpayer money wisely, and a perceived lack of transparency, all of which led to eroding confidence.

Our Response

Leaving that situation unaddressed would have undoubtedly risked a deeper recession and more damage to the productive capacity of the American economy. It would have resulted in higher unemployment and greater failures of businesses. The lesson of past economic crises is that early, forceful and sustained action is necessary to spur growth, repair the financial system and restore the flow of credit in order to sustain economic recovery.Facing these extraordinary challenges, this Administration and the Congress responded with extraordinary action. Within weeks, we enacted the American Recovery and Reinvestment Act (ARRA) that is giving 95 percent of working Americans a tax cut, creating or saving 3.5 million jobs, providing nearly 4 million students with a new higher education tax cut and helping 1.4 million Americans purchase their first home by providing $6.5 billion in tax credits. On February 10, the Administration outlined a series of proposals to stabilize the housing market; boost new consumer and business lending by re-starting the market for securities; increase transparency and new capital in the financial system by conducting an unprecedented regulatory review of our nation's largest banks; and create a market for legacy real-estate related loans and securities that are clogging banks and making them reluctant to lend.

Reforming EESA

Upon taking office, this Administration reformed EESA in four concrete ways. First, we brought a new framework of transparency, accountability and oversight. Second, we redirected the program to get credit flowing again to the financial system. Third, we focused the program on the housing market, consumer business lending, small business lending, and efforts to help create a market for legacy loans and securities. Finally, we worked to ensure that our programs facilitated broader restructuring in the financial system by providing unprecedented transparency about the health of our major financial institutions, allowing investors to differentiate more clearly among banks and ultimately make it easier for banks to raise enough private capital to repay the money they have already received from the government. I would like to update the committee on each.

Transparency, Accountability and Oversight

A key element to our new approach came in March, when the Department of the Treasury launched a new website, www.financialstability.gov, that lists how taxpayer dollars are spent, what conditions are placed on institutions in exchange for government assistance, and provides an interactive map illustrating state-by-state bank and financial institution funding.We have also taken a number of steps to better measure whether our programs are increasing the flow of credit through Monthly Lending and Intermediation Surveys. Treasury undertook this important initiative to better understand the effects the program is having and to help the public easily assess the lending and intermediation activities of banks participating in the Capital Purchase Program (CPP). The Surveys capture data from the 20 largest recipients of investments under the CPP, detailing quantitative information on three major categories of lending – consumer, commercial, and other financial activities – based on banks' internal reporting, as well as commentary to explain changes in lending levels for each category. We are in the process of expanding our monthly survey to include all banks participating in the CPP, including more than 500 small and community banks across the country and are adding a metric to follow lending to small businesses. For institutions taking part in the Capital Assistance Program (CAP), which I will describe momentarily, Treasury is requiring recipients to detail in monthly reports their lending broken out by category. In addition, on January 28, 2009, Treasury announced that it would begin posting all of its investment contracts online within five to ten business days of each transaction's closing. Treasury is in the process of posting all the contracts signed prior to January 28 to the website as well. To date, Treasury has posted over 240 investment contracts on www.financialstability.gov, in addition to terms and program guidelines for all programs under the EESA.

Since taking office we have worked closely with the Government Accountability Office, the Congressional Oversight Panel, and the Special Inspector General for the Troubled Asset Relief Program, the three oversight bodies examining the implementation of EESA. We are continually reviewing their recommendations and are adapting our programs in response to their proposals.Finally, on February 4, the President laid out a set of broad reforms for compensation packages for financial institutions that receive government assistance. Congress put in place additional reforms and currently Treasury is preparing an Interim Final Rule to implement the executive compensation and corporate governance provisions of the ARRA.

Housing

As we are all painfully aware, the collapse of the housing price bubble, and the sharp reversal in lending standards that helped fuel that bubble, have had a devastating effect on homeowners and the financial sector, with dire consequences for the economy overall. In addition to reducing household wealth across the country, and thereby further intensifying the economic contraction, falling home prices and extraordinarily tight lending standards have trapped homeowners in their old mortgages. Even many homeowners who made what seemed to be conservative financial decisions three, four, or five years ago find themselves unable to benefit from the low interest rates available to unencumbered borrowers today. At the same time, increases in unemployment and other recessionary pressures have continued to impair the ability of some otherwise responsible families to stay current on mortgage payments.Since January, the Administration has spent considerable effort developing and implementing a comprehensive plan for stabilizing our housing market. Working with the Federal Reserve, along with enacting programs to help provide more financial strength to the GSEs, we helped bring overall mortgage interest rates down to historic lows.We launched a new program called Making Home Affordable to make it possible for millions of American homeowners to refinance and take advantage of those lower interest rates.And we put in place a program to reduce the monthly mortgage payments for eligible borrowers. This loan modification program ensures monthly mortgage payments are at most 31 percent of a person's income for five years. On April 6, building on MHA, Treasury announced a major inter-agency effort to combat mortgage rescue fraud and put scammers on notice that we will not stand by while they prey on homeowners seeking help to avoid foreclosure. On April 28, Treasury announced a Second Lien Program so that, when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program will automatically reduce payments on the associated second lien according to a pre-set protocol. Servicers alternatively have the option to extinguish the second lien in return for a lump sum payment under a pre-set formula determined by Treasury, allowing servicers to target principal extinguishment to the borrowers where extinguishment is most appropriate. Treasury also announced steps to incorporate the Federal Housing Administration's (FHA) Hope for Homeowners into MHA.

And on May 14, Treasury announced new details on Foreclosure Alternatives and Home Price Decline Payments. The Foreclosure Alternatives are meant to prevent costly foreclosures by providing incentives for servicers and borrowers to pursue short sales and deeds-in-lieu of foreclosure in cases where a borrower is eligible for a MHA modification but unable to complete the modification process. The Home Price Decline Protection Incentives will provide additional payments based on recent home price declines, and therefore will incentivize additional modifications in areas where home prices have been falling.To date, MHA's progress has been substantial. Fourteen servicers, including the five largest, have signed contracts and begun modifications under our program. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, more than 75 percent of all loans in the country are now covered by MHA. The 14 participating servicers have extended offers on over 55,000 trial modifications and mailed out over 300,000 letters with information about trial modifications to borrowers and Fannie Mae and Freddie Mac have acquired thousands of refinancings for high loan-to-value (LTV) borrowers. Since the launch of its new automated underwriting system on April 4, Fannie Mae has had over 233,000 eligible refinance applications through DU Refi Plus, with over 51,000 of these having LTVs between 80 and 105 percent. More than 3,650 Home Affordable Refinance loans have closed and been delivered to Fannie Mae and Freddie Mac already. These application volumes indicate the desire of homeowners to take advantage of the Administration's program.Since the Treasury released guidelines for servicers under MHA on March 4, close to 3 million borrowers have accessed Fannie Mae and Freddie Mac loan look-up tools online to see if they have a loan eligible for refinancing. Just two weeks after the guidelines were released Treasury also launched www.makinghomeaffordable.gov, a website dedicated to helping empowering homeowners with the tools to gather information about the program and determine whether they might be eligible. The site has received more than 17.7 million page views in less than two months.Going forward, we will continue to explore additional ways to help the housing market and report on ongoing progress.

Capital Assistance Program

Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators. However, concerns about economic conditions – combined with the destabilizing impact of distressed legacy assets – have created an environment under which uncertainty about the health of individual banks has sharply reduced lending across the financial system, working against economic recovery.For every dollar that banks are short of the capital they need, they will be forced to shrink their lending by eight to twelve dollars. Conversely, every additional dollar of capital gives banks the capacity to expand lending by eight to twelve dollars. Providing confidence that banks have a sufficient level of capital even if the economic outlook deteriorates is a necessary step to restart lending, so that families have access to the credit they need to buy homes or pay for college, and businesses can get the loans they need to expand. Moreover, reassuring investors that banks have sufficient resources to weather even a very adverse economic scenario will make it possible for banks to raise additional private capital.

That is why a key component of any credible program to restore confidence to the financial system and get credit flowing again is to recapitalize the banking system, ensuring that the largest banks in the country have sufficient capital so they can support lending, even in a more severe economic scenario.On May 7, Federal banking supervisors announced the results of the most extensive regulator review in our nation's history of the biggest 19 banks. The forward-looking test provided unprecedented levels of transparency and clarity to address uncertainty in the banking system. The results found that 9 of the 19 firms currently have capital buffers sufficient to get through the adverse scenario and that the remaining 10 firms collectively need to add $75 billion to their capital buffers to reach the target.Any Bank Holding Company needing to augment its capital buffer is required to develop a detailed capital plan to be approved by its primary supervisor, after consultation with the FDIC and Treasury. These plans are due 30 days following the release of the results, on June 8th, and must be implemented within six months of the release of the results. Also, some firms may choose to apply to Treasury for Mandatory Convertible Preferred (MCP) under our program as a bridge to private capital.This review is helping to increase confidence in the financial system. To date, more than $56 billion in funds have been raised or announced by the 19 banks, including $34 billion in common equity capital. Of the $56 billion, about $48 billion has been planned or executed by banks with a SCAP shortfall. Banks without a shortfall have signaled their intent to use funds to repay EESA capital if approved. One of the preconditions to repaying EESA capital is that banks must demonstrate financial strength by issuing senior unsecured debt for a term greater than five years not backed by FDIC guarantees. To date, banks have also raised $8 billion in non-FDIC guaranteed bonds.

Going forward, we plan to re-open the application window for banks with total assets under $500 million under the Capital Purchase Program, established last October by the previous Administration, and raise from 3 percent of risk-weighted assets to 5 percent the amount for which qualifying institutions can apply. This applies to all term sheets – public and private corporations, Subchapter S corporations, and mutual institutions. Current CPP participants will be allowed to reapply, and will have an expedited approval process.In addition, we plan to extend the deadline for small banks to form a holding company for the purposes of CPP. Both the window to form a holding company and the window to apply or re-apply for CPP will be open for six months.These are essential steps to ensuring that community banks, a source of strength and resilience for the U.S. financial system, continue to lend during this economic crisis. Community banks have accounted for more than one third of the dollar volume of loans to small businesses – the businesses which in turn have accounted for the majority of new jobs created annually over the past decade.

Consumer and Business Lending Initiative

Securitization has come to play a very important role in the U.S. financial system. Banks develop and maintain expertise in originating certain types of loans. This includes loans to individuals through credit cards, mortgages, student loans, and other forms of consumer credit as well as loans to businesses, particularly those that are not able to raise funds directly in securities markets. In recent years, an increasing portion of these loans have been aggregated into pools and sold as so-called Asset Backed Securities, or ABS. The rapid growth of the market for ABS in the years before the current crisis increased the supply of credit available to individuals and small businesses because once banks pool and sell loans to the securitization market, it opens up their balance sheet to create new loans.As the economy deteriorated over the summer of 2008, credit spreads on ABS began to rise, and the disruptions that followed the failure of Lehman Brothers severely disrupted the market of newly issued ABS. Issuance of consumer ABS averaged $20 billion per month in 2007, and $18 billion per month during the first half of 2008. However, ABS issuance slowed sharply in the third quarter before coming to a virtual halt in October 2008. The closure of this market is a major constraint on the supply of new credit to individuals and businesses, particularly in an environment where banks have little scope to expand their balance sheets.An important part of the FSP is a significant expansion of the Term Asset-Backed Securities Loan Facility (TALF) through the Consumer and Business Lending Initiative (CBLI). The TALF is designed to jumpstart the securitization markets, which in turn will increase lending throughout the economy. Under the TALF, the Federal Reserve extends loans to investors who purchased newly issued ABS. Treasury has committed funds under the EESA program to provide a degree of credit protection for the Federal Reserve's TALF loans. The program was initially proposed in November 2008, with a focus on highly-rated ABS backed by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). As part of our financial stability plan, we announced an expansion of the size and scope of the program, increasing the scale of potential ABS funding under TALF. Recently, Treasury and the Federal Reserve expanded TALF to include newly or recently issued AAA-rated ABS backed by four additional types of consumer and business loans – mortgage servicing advances, loans or leases relating to business equipment, leases of vehicle fleets, and floor plan loans. Treasury and the Federal Reserve have expanded the 3-year TALF loans to include a 5-year term and just yesterday we announced extending certain legacy commercial mortgage backed securities as an eligible collateral for TALF loans. Addressing the dislocation in the commercial real estate market through this program is critical to restoring the flow of credit to owners of commercial real estate and preventing a damaging chain of events in this market.The terms of the funding provided under TALF, including fees, are set in a way that is designed to limit the risks faced by U.S. taxpayers while still meeting the objective of encouraging lending to consumers and small businesses. The amount and cost of funding that is provided varies depending on the riskiness of the assets being financed. Treasury and the Federal Reserve used conservative assumptions when calibrating the limits on the funding provided given the uncertain economic environment.To date there has been $24.8 billion in total new issuance under TALF, of which $17.2 billion was borrowed by investors using TALF loans. The three month average of TALF issuance was equivalent to 50 percent of the 2007 market volume. Spreads on ABS securities have narrowed between 40-60 percent from the peak in December 2008. Since the fourth quarter of 2008, 5-year fixed rate AAA credit cards tightened 300 basis points in four months. Finally, the commercial mortgage-backed securities spreads have narrowed by 800 basis points just from the presence of the TALF program.Going forward, Treasury and the Federal Reserve will continue to monitor and enhance the ABS programs to bring in new, more niche asset classes and make sure that the number of eligible borrowers and issuers continues to increase.

Small Business Initiative

In recent years, securitization has supported over 40 percent of lending guaranteed by the Small Business Administration (SBA). As a result of the severe dislocations in the credit markets that began in October 2008, however, both lenders that originate loans under SBA programs and the pool assemblers that package such loans for securitization have experienced significant difficulty in selling those loans or securities in the secondary market. This, in turn, has significantly reduced the ability of lenders and pool assemblers to make new small business loans. While the SBA guarantees about $18 billion in new lending in 2008, new lending was trending below $10 billion earlier this year. On March 16, 2009, Treasury announced a program to unlock credit for small businesses as part of the Consumer and Business Lending Initiative. As part of the program, Treasury will make up to $15 billion in EESA funds available to make direct purchases to unlock the secondary market for the government-guaranteed portion of SBA 7(a) loans as well as first-lien mortgages made through the 504 program. These purchases, combined with temporary benefits, including higher loan guarantees and reduced fees implemented under the American Recovery and Reinvestment Act of 2009, will help provide support to small business lending. The announcement impact of this initiative – combined with the implementation of 90 percent guarantees and reduced fees – has helped raise weekly SBA loan volumes by over 25 percent since March 16. In addition, secondary market activity has picked up, with $185 million in total loan volume settled from lenders to brokers in April, the highest monthly total since September.Going forward, Treasury expects to finalize details that will allow purchases to begin shortly.

Public Private Investment Program

A variety of troubled legacy assets are congesting the U.S. financial system. The vicious cycle of deleveraging has pushed some asset prices to extremely low levels, levels that are indicative of distressed sellers. The difficulty of obtaining private financing on reasonable terms to purchase these assets has reduced secondary market liquidity and disrupted normal price discovery. This constraint on capital reduces the ability of financial institutions to provide new credit and uncertainty about the value of legacy assets is constraining the ability of financial intuitions to raise private capital.The Public Private Investment Program (PPIP) is intended to restart the market for these assets while also restoring bank balance sheets as these devalued loans and securities are sold. Using $75 to $100 billion in capital from EESA and capital from private investors – as well as funding enabled by the Federal Reserve and FDIC – PPIP will generate $500 billion in purchasing power to buy legacy assets, with the potential to expand to $1 trillion over time. By providing a market for these assets, PPIP will help improve asset values, increase lending capacity for banks, and reduce uncertainty about the scale of losses on bank balance sheets – making it easier for banks to raise private capital and replace the capital investments made by Treasury.By following three basic principles, PPIP is designed as part of an overall strategy to resolve the crisis as quickly as possible with the least cost to the taxpayer. First, by partnering with the FDIC, the Federal Reserve, and private sector investors, we will make the most of taxpayer resources under EESA. Second, PPIP will ensure that private sector participants invest alongside the government, with the private sector investors standing to lose money in a downside scenario and the taxpayer sharing in profitable returns. Third, the program will use competing private sector investors to engage in price discovery, reducing the likelihood that the government will overpay for these assets. By contrast, if the government alone purchased these legacy assets from banks, it would assume the entire share of the losses and risk overpaying. Alternatively, if we simply hoped that banks would work off these assets over time, we would be prolonging the economic crisis, which in turn would cost more to the taxpayer over time. PPIP strikes the right balance, making the most of taxpayer dollars, sharing risk with the private sector, and taking advantage of private sector competition to set market prices for currently illiquid assets.The program has two major components, one each for securities and loans. The Legacy Securities Program initially will target commercial mortgage-backed securities and residential mortgage-backed securities. Treasury will partner with approved asset managers. Pre-approved asset managers will have an opportunity to raise private capital for a public-private investment fund (PPIF). Treasury will invest equity capital from the EESA in the PPIF on a dollar-for-dollar basis with participating private investors. Additional funding will be available either directly from Treasury or through TALF. The program is designed to encourage participation by a wide range of investors, and we extended the application deadline to facilitate that objective.

The Legacy Loans Program is designed to attract private capital to purchase eligible legacy loans and other assets from participating banks through the availability of FDIC debt guarantees and Treasury equity co-investments. Under the program, PPIFs will be formed – with up to 50 percent equity participation by Treasury – to purchase and manage pools of legacy loans and other assets purchased from U.S. banks and savings associations. The FDIC will provide a guarantee of debts issued by PPIFs and collect a guarantee fee. The FDIC will be responsible for overseeing the formation, funding, and operation of legacy loan PPIFs and for overseeing and managing the debt guarantees it provides to the PPIFs.The terms of the funding provided under both parts of PPIP, including fees, will be set in a way that is designed to limit the risks faced by U.S. taxpayers while still meeting the objective of generating new demand for legacy assets. In addition, those participating in the program will be subject to a significant degree of oversight to ensure that their actions are consistent with the objectives of the program.To date, Treasury has received more than 100 unique fund manager applications representing various types and sizes of institutions, geographical diversity and including a significant number of women, minorities and veterans. Treasury is evaluating a select group of finalists and will inform applicants of their preliminary qualifications in the next several weeks. Working with the Federal Reserve and the FDIC, we expect these programs to begin operating over the next six weeks.

Auto Task Force

On February 20, 2009, National Economic Council Director Larry Summers and I convened the official designees to the Presidential Task Force on Autos to analyze the February 17 restructuring plan submissions of Chrysler and General Motors and work toward a determination on the ability of the plans to yield long-term financial viability and competitiveness for these companies without taxpayer support. On March 30, the President laid out a new finite path forward for both companies to restructure and succeed; Chrysler would have until April 30 to reach a definitive deal with Fiat and secure the necessary support of stakeholders, and General Motors would have until June 1 to engage in more fundamental restructuring and develop a credible strategy for implementation.In addition to supporting these companies with working capital during this restructuring period, the Administration took steps to ensure that consumers had confidence in the cars they buy and that suppliers that depend on viable auto companies had support to weather the storm. To this end, the President announced a warranty commitment program, which would guarantee the warranty of all new cars purchased from GM or Chrysler during the restructuring period, and a $5 billion Supplier Support Program to provide suppliers with the confidence they need to continue shipping their parts and the support they need to help access loans to pay their employees and continue their operations. In addition, the launch of the Term Asset-Backed Securities Loan facility (TALF) has expanded the funding available for retail auto loans.On April 30, President Obama announced an agreement among Chrysler, Fiat and their key stakeholders that positions Chrysler for a viable future. As a result of the sacrifices by key stakeholders and a substantial commitment of U.S. government resources, Chrysler now has a new opportunity to thrive as a long-term viable 21st century company. We have been heartened by the steady progress that Chrysler has made through its bankruptcy proceeding and are confident that the new Chrysler-Fiat partnership will emerge from the court process shortly. A sale hearing on the transaction is scheduled for May 27 – less than a month after the company filed for Chapter 11.As the President has made clear, this restructuring process will require sacrifice by all stakeholders in the auto industry, including auto workers, debt and equity investors, dealers, suppliers, and the communities in which they operate. Yet, the Administration's commitment to the American automotive industry has given both GM and Chrysler a new lease on life, preventing plant and dealership closings on a massive scale and saving tens of thousands of jobs across the country. By helping these companies become more competitive, this process will result in more secure employment for tens of thousands of American workers and the best possible chance for the American auto industry to create more good jobs in the future.Through the Task Force, we will continue to work with GM and its stakeholders in the lead up to the June 1 deadline. We will also continue our significant efforts to ensure that financing is available to creditworthy dealers and to pursue efforts to help boost domestic demand for cars.

EESA Funds

Some of the programs I have mentioned have required the Administration to use additional EESA funds and I would like to provide the latest estimate we have on how much remains. By the time President Obama was sworn in, over half of the $700 billion allocated to Treasury under the EESA had already been committed. The new programs where we committed additional resources are our housing programs, consumer business lending, small business lending, the auto program and our program to create a market for legacy loans and securities. We've also had to make additional resources available to help stabilize AIG. An attached chart shows our latest accounting. Today, Treasury estimates that there is at least $123.7 billion in resources authorized under EESA still available. The attached table provides a breakdown of our expenditures. This figure assumes that the projected amount committed to existing programs will be $601.3 billion (of which $355.4 billion was committed under the previous administration), but also anticipates that $25 billion will be paid back under the CPP over the next year and available for new assistance. Because the most relevant consideration is what funds will remain available for new programs, we believe that our estimates are conservative for two reasons. First, our estimates assume 100 percent take-up of the $220 billion made available for our housing and liquidity programs, which require significant voluntary participation from financial participants. If any of those programs experience less than full take-up, additional funds will be available. Secondly, our projections anticipate only $25 billion will be paid back under CPP over the next year, a figure lower than many private analysts expect.

Regulatory Reform

As we work to stabilize the financial system, we need to make sure we are also putting in place comprehensive reforms to ensure a crisis like this never happens again.The rapid growth of the largest financial institutions and their increasing interconnections through securities markets have heightened systemic risk in the system. In response, we need to expand our capacity to contain systemic risk. This crisis – and the cases of firms like Bear Stearns, Lehman Brothers and AIG – has made clear that certain large, interconnected firms and markets need to be under a more consistent and more conservative regulatory regime. It is not enough to address the potential insolvency of individual institutions – we must also ensure the stability of the system itself.Financial innovation has expanded the financial products and services that are available to consumers. These changes have brought many benefits. But we have to make sure that when households make choices to borrow, or to invest their savings, there are clear and fair rules of the road that prevent manipulation, deception, and abuse. Lax regulation has left too many households exposed to those risks. We need meaningful disclosures that actual consumers and investors can understand. We need to promote simplicity, so that financial choices offered to consumers are clear, reasonable, and appropriate. Furthermore, there must be clear accountability for protecting consumers and investors alike.The rapid pace of development in the financial sector in recent decades has meant that gaps and inconsistencies in our regulatory system have become more meaningful and problematic. Financial activity has tended to gravitate towards the parts of the system that are regulated least effectively. Looking ahead, our regulatory structure must assign clear authority, resources, and accountability for each of its key functions. The financial landscape has become ever more global in recent years. Advances in information technology have made it easier to invest abroad, which has expanded and accelerated cross-border capital flows. Greater global macroeconomic stability has also helped to accelerate financial development around the world. To keep pace with these trends, we must ensure that international rules for financial regulation are consistent with the high standards we will be implementing in the United States. Additionally, we must seek to materially improve prudential supervision, tax compliance, and restrictions on money laundering in weakly-regulated jurisdictions.

Finally, the recent financial crisis has shown that the largest financial institutions can pose special risks to the financial system as a whole. In addition to regulating these institutions differently, we must give the Federal government new tools for dealing with situations where the solvency of these institutions is called into question. Treasury has proposed legislation for a resolution authority that would grant additional tools to avoid the disorderly liquidation of systemically significant financial institutions that fall outside of the existing resolution regime for banks under the FDIC.

Conclusion

Let me conclude by saying that our central obligation is to ensure that the economy is able to recover as quickly as possible, and a prerequisite for that is a stable financial system that it is able to provide the credit necessary for economic recovery. Our work is not yet completed.But, even then, stability is not enough. We need a financial system that is not deepening or lengthening the recession, and once the conditions for recovery are in place, we need a financial system that is able to provide credit on the scale that a growing economy requires.Meeting this obligation requires early and aggressive action by the government to repair the financial system and promote the flow of credit. It requires governments to take risks. It also requires the financial system to support sustainable economic expansion. And it requires comprehensive regulatory reforms that deter fraud and abuse, protect American families when they buy a home or get a credit card, reward innovation and tie pay to job performance, and end past cycles of boom and bust.This is our commitment. Thank you.

The estimated change in payroll employment in November was later revised to a decline of 597,000.See White Paper: Public Private Investment Program, U.S. Treasury, March 23, 2009, http://www.treas.gov/press/releases/reports/ppip_whitepaper_032309.pdf
Projected Use of TARP/Financial Stability Plan Funds by Administration as of May 18, 2009
Programs Announced Under Previous Administration AIG $40 billion
Citi/Bank of America (TIP and Guarantees)$52.5 billion Autos $24.9 billion
Capital Purchase Program $218 billion TALF 1.0 $20 billion Subtotal $355.4 billion
Programs Announced Under Obama Administration
Housing $50 billion.AIG (Second Investment) $30 billion Auto Suppliers $5 billion Additional Autos $10.9 billion Expansion of Consumer and Business Lending Initiative[1]TALF Asset Expansion (New Issuance) [2] $35 billion Unlocking SBA Lending Markets $15 billion Public Private Investment Program[3] TALF for Legacy Securities $25 billion Other PPIP Programs for Legacy Assets $75 billion
Subtotal $245.9 billion
Total Committed (Without Potential Repayments) $601.3 billion
Total Remaining (Without Potential Repayments) $98.7 billion
Conservative Estimate of Potential Repayments $25 billion
Total Committed (Including Potential Repayments) $576.3 billion
Total Remaining (Including Potential Repayments) $123.7 billion
Additional Funding
Additional Support for the Auto Industry
Capital Assistance Program

[1] The Consumer and Business Lending Initiative also includes the $20 billion committed to TALF under the previous administration and the $25 billion committed to TALF for legacy securities under the PPIP, amounting to an overall total of $80 billion under TALF and $95 billion under the CBLI.
[2] New assets made eligible under the expansion of TALF include commercial mortgage-backed securities, mortgage servicing advances, loans or leases relating to business equipment, leases of vehicle fleets, and floor plan loans.
[3] The Public-Private Investment Program was announced at a level of $75 to $100 billion, which includes $75 billion in additional resources for the PPIP program on top of $25 billion devoted to TALF for Legacy Securities.

DANIEL 7:23-24
23 Thus he said, The fourth beast(THE EU,REVIVED ROME) shall be the fourth kingdom upon earth,(7TH WORLD EMPIRE) which shall be diverse from all kingdoms, and shall devour the whole earth, and shall tread it down, and break it in pieces.(TRADE BLOCKS)
24 And the ten horns out of this kingdom are ten kings that shall arise:(10 NATIONS) and another shall rise after them;(#11 SPAIN) and he shall be diverse from the first, and he shall subdue three kings.(BE HEAD OF 3 KINGS OR NATIONS).

Turkey receives reassurance on EU membership bid
ELITSA VUCHEVA Today MAY 20,09 @ 09:15 CET

EUOBSERVER / BRUSSELS – The European Commission as well as the current and upcoming EU presidencies on Tuesday (19 May) reassured Turkey that it is negotiating for full membership of the European Union, despite France and Germany repeatedly stating their opposition.The European Commission is committed to the EU accession process of Turkey ... on the basis of the negotiating framework that was adopted by unanimity by all [EU] member states and Turkey in October 2005,EU enlargement commissioner Olli Rehn said after talks in Brussels with Turkish foreign minister Ahmet Davutoglu.

Turkish membership is in the fundamental interest of the EU,Mr Rehn added, while noting the process would be long and calling on Ankara to continue implementing needed reforms. The country should enhance fundamental freedoms, such as freedom of expression, freedom of the media as well as women's rights, trade union rights,he said.Similar statements were made by Czech foreign minister Jan Kohout on behalf of the Czech EU presidency, as well as by Swedish foreign minister Carl Bildt, whose country will take over the EU presidency after the Czechs, on 1 July.Mr Kohout insisted that it is important that member states stick to commitments they have made, while Mr Bildt said: We are committed jointly ... [to] fulfil that European programme of the accession process that was agreed in July 2008.The comments follow a number of statements made by the leaders of France and Germany opposing Turkey's EU membership bid and pushing for a privileged partnership instead.Last week Ankara reacted strongly saying such remarks were unacceptable and represented a violation of the promise made to Turkey by the EU.At Tuesday's press conference, Mr Davutoglu restated Ankara's position that full membership is the only acceptable outcome of the negotiations process.Turkey – an EU candidate since 1999 – opened membership talks with the bloc in October 2005, but has only opened ten chapters of the 35-chapter accession package so far, with only one successfully closed.Mr Kohout said he was still confident at least one more chapter could be opened before the end of June, when the Czech EU presidency ends.The ambition of the [Czech] presidency is still to open at least one chapter, the one on taxation, he said.This is in the range of our possibilities, I think.