Saturday, Nov 23rd
Last update12:05:53 AM GMT
Economic Glance
The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
TVNL Comment: And who lends the US money? The Federal Reserve; A private bank that is in essence nothing more than a money printing loan shark.
The tilt of American policy in favor of the finance industry -- reflected in the policies of recent Treasury Secretaries Timothy Geithner, Henry Paulson and Robert Rubin -- cannot be attributed to any one person or institution. The industry flexes unsurpassed muscle in the political system, backed by billions of dollars invested in candidates and lobbying, a vast grassroots lobbying network of local bankers, the growing centrality of finance in the national economy, and widespread acceptance among public officials of a pro-market, deregulatory philosophy.
It's called the Federal Reserve Bank, but it's neither "federal" nor a "reserve" nor a "bank."
In actuality it's a privately owned entity that has monopolistic control over the US money supply.
Rammed down the throat of Congress during the WW I era (the same period that gave us personal income tax, the draft, and the Pentagon), the reality of the Federal Reserve has been one of the best kept secrets in America.
As the Obama government gets ready to raise a protectionist wall against offshoring, the US firms seem to be shipping more jobs to India.
The US firms have offshored 22,000 green technology jobs to India since January 1, 2009, Doug Brown, co-author of the influential 2009 Green Outsourcing Report, informed TNIE.
The International Monetary Fund (IMF) has been described as one of the enforcers of globalization. Nations who receive IMF assistance are often forced to surrender more sovereignty and further open up their borders to international banks and multinational corporations. Much of their wealth is then sucked dry by foreign predators with its resources and population essentially becoming the collateral for such financial aid. As a result of the global economic crisis, many more nations are having to turn to the IMF for help. At the recent G-20 Summit in London, the IMF’s role was expanded and its powers enhanced. There was little mention of its failed policies and its less then stellar record of effectively promoting development and democracy around the world. While some talk of reform, the IMF continues to rape the world, one poor nation at a time.
Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles.
Federal rule imposed just before market crash.
Shortly before the first signs of the stock market collapse, the Bush administration made a crucial decision that has propelled an estimated one to two million workers into stock-heavy retirement funds.
The administration's decisions came in response to a congressional mandate to encourage more workers to participate in company-sponsored retirement savings plans. The Bush administration came up with a rule that enabled businesses to automatically enroll their workers in tax-free 401(k) retirement plans.
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