When governments oppose their citizens…
Here are some of the latest acts by governments:
House Votes to Protect Citigroup if It Gambles and Loses
November 12, 2013
One of the nation’s leading banks wants Congress to amend federal law adopted in the wake of the 2008 financial crisis so it and other Wall Street institutions can go back to gambling with risky investments and have taxpayers cover the losses again if they bet wrong.
Under the Dodd-Frank Act of 2010 (pdf), banks can no longer use monies backed by the Federal Deposit Insurance Corporation (FDIC) to invest in high-risk derivatives, such as “swaps.” This prohibition was adopted because derivatives crippled numerous key players on Wall Street five years ago, including Countrywide Mortgages, Bear Stearns, AIG, Lehman Brothers, Washington Mutual, Wachovia and others.
One of those “others” was Citigroup, which had to be bailed out by the federal government to the tune of $45 billion. A Citigroup lobbyist, though, was primarily responsible for authoring the Swaps Regulatory Improvement Act, which was approved by the U.S. House of Representatives two weeks ago.
The bill would wipe out Section 716 (pdf) of Dodd-Frank that requires banks to use a non-bank entity for trading commodity, energy and other swaps. In other words, if the legislation becomes law, financial institutions could return to conducting high-risk trading with funds that are backed by the FDIC (i.e. the taxpayer).
Dennis Anderson, who’s running for Congress from Illinois, says “to propose an easing of the controls on such behavior is irresponsible.”
Continue reading at: allgov.com
Greatest Transfer of Wealth Ever – PROOF!
Merkel Rejects Referendums in Germany
by Martin Armstrong
The Crisis in DEMOCRACY Continues. The European politicians are scared to death to allow citizens to votes. Angela Merkel has rejected any more direct referendums in Germany. Merkel is outright against any further democracy in Europe. This is the real reality. The end of democratic processes that goes hand in hand with the final stages of economic meltdown.
French Officials Warn of Social Tinderbox as Economy Contracts Again
Francois Hollande called on France to judge him on his success in “bending the curve in unemployment”, but this has come back to haunt him
by Ambrose Evans-Pritchard
France’s economy has buckled once again amid official warnings of an explosive political mood across the nation that threatens to spin out of control.
French output fell by 0.1pc in the third quarter and Italy remained trapped in recession, dashing hopes of a sustained recovery in Europe. “It is no longer a question of whether the eurozone can achieve ‘escape velocity’, but whether it can grow at all,” said sovereign bond strategist Nicholas Spiro.
The latest data show a continued erosion of France’s industrial base and export share. It risks shattering the credibility of President François Hollande, who has been talking up recovery for months. A YouGov poll showed his approval ratings have dropped to 15pc, the lowest recorded for a French leader in modern times.
Continue Reading at Telegraph.co.uk…