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The Kick Them All Out Project

How the Financial Reform Plan Protects the Status Quo



Obama's (Latest) Surrender to Wall Street

By Michael Hudson

Counterpunch.org

In reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector Pres. Obama is morphing into Joe Lieberman. There also is a touch of Boris Yeltsin in his sponsorship of a financial “reform” ominously similar to what advisor Larry Summers backed in Russia – relinquishing government power to a banking elite. The Financial Regulatory Reform proposal promotes Wall Street’s “product,” debt creation, at the expense of the economy at large, and lets financial chieftains continue to self-regulate the debt industry – and to keep scot-free all their gains from the past decade’s worth of fraudulent lending.

Confronting the wreckage of a debt crisis worse than any since the Great Depression, Mr. Obama has achieved what no Republican could have: rescuing the Bush Administration’s pro-creditor policies that fostered the Bubble Economy in the first place. “Most of the financial sector lobby community is happy with what has emerged,” the Financial Times summarized. A spokesman for the Financial Services Forum, a major Wall Street lobbying organization, called the proposals “careful and balanced.”1/ With such endorsements, victims of predatory lending have good reason to worry. The Obama plan is just the opposite from reforming the financial system along lines that progressive Democrats and other critics have urged.

Cash To Become Extinct As Chips Take Off



The global bankers lust after one thing more than anything.  CONTROL.  It's all about control, ruling for these lunatics.  One ultimate form of that control is to make all financial transaction electronic.  If you don't comply with what they wish, you cannot buy of sell because they switch you off.  Just like that.  You cannot pay your bills, can't buy food.  You're totally screwed!  We cannot allow them to set this up.  Cash must remain!

* * * * * * * * * *

By Anthony Keane

the Sydney Adviser

CASH is accelerating down the path to extinction as new technologies threaten to mark the end of loose change within a decade.

Bank and credit union bosses say cash won't be alone, with wallets and credit cards also likely to disappear too.

They told The Advertiser's round table forum that cash and cards will be replaced by computer chips embedded in mobile phones, watches or other portable devices.

Australian Central chief executive Peter Evers believes cash will be replaced for most transactions in five-to-seven years.

"Cash will disappear as there will be other forms of carrying cash, stored value in your phone or whatever it might be. It will transfer automatically," he said.

Video: The Verdict - Judge Napolitano on Obama’s Plan Giving Unlimited power to the Federal Reserve



The Federal Reserve is unconstitutional, corrupt, stealing wealth, privately held. When will we wake up and end the madness? Fight the Fed - HR1207, HR833.


Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States





Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship In United States

By Paul Joseph Watson & Steve Watson
Prison Planet.com


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

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

Obama’s “Financial Regulatory Reform Plan” is Nothing of the Sort



By Kurt Nimmo
PrisonPlanet.com

Obama’s misnamed “Financial Regulatory Reform Plan” is a brazen attempt by the bankers to consolidate their power.

Obama — or rather, the bankers who own Obama — has devised something called a “Financial Services Oversight Council” to be chaired by the bankster dominated Treasury Department. This uber-council would call the shots for every financial firm in the country and supposedly refer “emerging risks to the attention of regulators with the authority to respond,” even as Obama plans to call for the U.S. Office of Thrift Supervision to close under the direction of the Federal Reserve.

Instead of independent bank regulators, Obama proposes a “National Bank Supervisor” who would have “separate status within Treasury and be led by a single executive,” according to Clusterstock. The NBS czar would occupy a centralized post in enemy territory and “take over the prudential responsibilities of the Office of the Comptroller of the Currency, which currently charters and supervises nationally chartered banks and federal branches and agencies of foreign banks.”

House Passes Bill With “Global Bailout” Provision



Billions in taxpayer dollars to be handed over to European banks through the IMF

By Steve Watson

PrisonPlanet.com

The House has passed a war funding bill which had tagged onto it a completely unrelated provision to hand over $5 billion to secure $108 billion in loans to the IMF.

The chamber voted 226 to 202 yesterday to forward the legislation to the Senate, which may take it up later this week, reports Bloomberg News.

The measure in the bill will also increase the U.S. member contribution to the IMF by $8 billion and authorize the United States to back the IMF’s plan to sell 400 tons (12.97 million ounces) of gold.

It was placed in the bill at the behest of the Obama administration in order to fulfil the president’s pledge to the G20 in April, to contribute toward a $500 billion boost for the IMF, which it says will go toward “helping poorer nations” during the economic downturn.

Federal Reserve To Be Given Sweeping New Powers



Bankers get what they lobbied for, media reports total lack of transparency as “regulation”

By Steve Watson

Prisonplanet.com

The privately owned and run Federal Reserve is to be handed sweeping new powers under Obama administration proposals in a deal that will please bankers who lobbied for more Fed “oversight” of their activities.

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

“The final plan due to be released on Wednesday — which originally aimed to streamline and consolidate banking and securities regulation in one or two agencies — now is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the Washington Times.

In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the US financial system, to do as it wishes without repercussion.

Video: HR 1207 - Ron Paul's Audit the Fed Bill Update



Congressman Ron Paul gives the latest exciting news on his legislation to audit the Federal Reserve and explains the possible next steps for the bill.


Fed Would Be Shut Down If It Were Audited, Expert Says



CNBC.com

The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC.

With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said in a live interview.

"If the Fed examiners were set upon the Fed's own documents—unlabeled documents—to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized."

The Next Big Taxpayer Bailout? IMF Could Get Hundreds of Billions for European Banks



by: Mark Weisbrot
Truthout.org

The bailout of private banks and financial institutions has become a touchy political issue in the United States, ever since President Bush's Treasury Secretary and former Goldman Sachs CEO Hank Paulson asked Congress for a $700 billion dollar blank check last September.

Now the Obama administration is asking the Congress for $108 billion for the International Monetary Fund. This was in accordance with a plan that the administration has helped organize to raise $500 billion in additional funds for the IMF. This would add to the approximately $200 billion that the IMF has on hand, $100 billion in gold reserves, and another $250 billion that the Fund will create in its own currency. These are enormous sums of money that the IMF has never come close to before.

What is all this money for? There is an answer staring us in the face from the financial press: European banks.
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