Sunday, September 19, 2010

"Generation Zero" and the September 2008 Capital Vortex

Largely unbeknowsed to the wider public some analysts have touched upon the shady subject on earlier occasions, each with their own theories. They are brought here together.

Some intrepid commentators are also venturing a guess. One has cobbled together the timeline (see the comment sector at the bottom of the first article, particularly here and here).

You can't make this stuff up. So much coincidence just doesn't happen! You don't have to wear a tin foil hat to see that!

PJM: "Generation Zero Zeros in on Cultural Roots of Financial Crisis", by Mary Claire Kendall

September 18, 2008 — the day the market lost $550 billion in little over an hour, costing Americans $14 trillion — was the tipping point for deeply indebted, over-obligated America.

Candidates on the stump are finding voters deeply attuned to and worried about America’s precarious financial condition, thus the impending electoral tsunami on November 2.

Generation Zero – conservatives’ answer to Michael Moore’s Capitalism: A Love Story — zeros in on the causes of this crisis.

The film, made by Stephen K. Bannon (Victory Productions) and David Bossie (Citizens United) — taking about two years and $5 million less than Moore’s love story — makes a convincing case, very artfully, that, in the words of Bulls & Bears’ Tobin Smith, this meltdown was a “failure of culture not of capitalism.”

It opens with Congressman Paul Kanjorski (D-PA) dramatically recounting the cliff we nearly drove over two years ago.

“We were having an electronic run on the banks” Kanjorski said the Fed concluded after immediately pumping $105 billion into the system to no effect. The only solution was to “close the operation, close down the money accounts….”
“If they had not done that,” Kanjorksi intoned, “their estimation was that by two o’clock that afternoon, five and 1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States and within 24 hours the world economy would have collapsed (which would have meant) … the end of our economic system and our political system as we know it.”
“Someone,” Kanjorski concluded, “threw us in the middle of the Atlantic Ocean without a life raft. And we’re trying to determine which is the closest shore and whether there’s any chance in the world to swim that far. We don’t know.”
Generation Zero compellingly argues that only by attacking the causes of this still-bubbling crisis will we make it to shore. And far from being a mystery, the bevy of experts interviewed, including Roger Kimball and Victor Davis Hanson, assert the causes are very clear. (...) >>>

Sept. 19, 2010

The New York Times is quoting a spokesman for George Soros as saying that the well-known hedge fund operator is guilty of no wrong-doing in connection with the financial upheaval currently affecting Greece and Europe as a whole. But Zubi Diamond, author of the powerful new book, Wizards of Wall Street, says the agenda of Soros and other short sellers is clear.

Their purpose, he says, is "to loot America and any foreign country which invested in America. Greece was one of them. Iceland was ravaged and annihilated." (...) The most influential members of Managed Funds Association, the hedge fund short sellers, have an anti-capitalism agenda, an anti-industrialized nation agenda, and a far left liberal, Marxist radical agenda," Diamond says."

Hedge Fund short sellers are not capitalist. They are anti-capitalist and they are not investors; they are anti-investors." He says they "loot" companies and countries. The Times noted that a dinner was held in New York last month where "representatives of some of these hedge funds discussed betting against the euro" in the wake of the Greek financial crisis.

As a result, the paper said, at least four hedge funds had been asked by the Justice Department to turn over trading records and other documents. They were Greenlight Capital, SAC Capitol Advisors, Paulson & Company and Soros Fund Management. (...) >>>

Apr 2, 2010

Enter Stage Right: "A man-made financial disaster", by Alan Caruba

You will recall that, shortly before the end of the 2008 political campaign, the White House announced a threat to the entire financial system and called on Congress to enact emergency spending powers. The Emergency Economic Stabilization Act of 2008 was enacted on October 3, 2008.

Just eighteen days earlier an event occurred that slid under the radar screen of virtually the entire mainstream media. On Thursday, September 15, 2008, at approximately 11 A.M., the Federal Reserve noticed a tremendous draw down of money market accounts in the nation, amounting to $550 billion dollars. It occurred within an hour or two. The money was removed electronically.

It has never been made public which accounts were affected, nor where the withdrawn funds were sent. If we knew those facts, we would know who launched an attack on the United States that has been more devastating than any in our history.

Had the Federal Reserve not closed down the accounts involved it is estimated that by 2 P.M. $5.5 trillion would have been withdrawn and the entire economy of the nation would have collapsed. It would have been followed within a day with the collapse of the world's economy. (...) >>>

Nov. 16, 2009

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