Obama's G20 plan kisses off Declaration of Independence
New international board to intervene in decisions about U.S. companies

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Posted: April 08, 2009
8:32 pm Eastern

© 2009 WorldNetDaily

At the G20 meeting in London, President Obama agreed to create of an international board with authority to intervene in U.S. corporations

by dictating executive compensation and approving or disapproving business management decisions, Jerome Corsi's Red Alert reports.

Political consultant Dick Morris said that by agreeing to create the Financial Stability Board, Obama is a "willing accomplice" to a decision that effectively repealed the U.S. Declaration of Independence and abrogated the sovereignty of the United States.

The final communiqués coming out of the G20 meeting in London April 2 included a document entitled "Declaration on Strengthening the Financial System."

"By agreeing to the stipulations in this document, President Obama gave the blessing of the United States to the G20 decision to elevate the Financial Stability Forum into the Financial Stability Board," Corsi wrote. "The United States has only one vote in the newly constituted Financial Stability Board, a group that will be largely controlled by European central bankers."

The new global regulator now has the authority to examine all U.S. banks, brokerage firms and corporations – including non-financial companies such as the Big Three automakers – to examine operations and determine risk.

The Financial Stability Board then has the international authority to set policies in these corporations, including compensation packages the private boards of directors in the examined companies decide to pay top executives and senior managers.

Morris charged that the Obama administration, by agreeing to create the Financial Stability Board, has gone beyond nationalizing U.S. corporations, to "internationalize" U.S.-based corporations under the control of this new global regulator.

While the G20 focused on regulating risks in hedge funds and derivatives, the authority of the Financial Stability Board extends to any banking, brokerage or business practice by a major U.S. corporation that the Financial Stability Board on its own authority determines is unduly risky.

Under the premise that the IMF and the Financial Stability Board would have the ability to make loans to important U.S. corporations, the IMF and the Financial Stability Board become the effective global regulators over the corporate world, superseding all U.S. governmental authorities, including the Federal Reserve, the U.S. Treasury, the Federal Deposit Insurance Corporation and a host of corporate regulators, including the U.S. Department of Commerce and the U.S. Department of Labor.

Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have topped the New York Times best-sellers list, said no appeal procedure to any U.S. court or regulator is specified by the G20 communiqué as recourse for a U.S. company that wants to contest a decision by the Financial Stability Board as incorrect, unfounded or otherwise overreaching.

Corsi received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.

In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.

Federal obligations exceed world GDP

The US government is bankrupt and has been for many years. The wellbeing of countless future generations of American citizens has already been jeopardized and the passage of the American Recovery and Reinvestment Act of 2009 (the stimulus bill that is neither stimulus, recovery nor reinvestment) guarantees the collapse of the US financial system. Even if the US changes course immediately our government will have already committed $65 trillion in taxpayer dollars to social programs and foreign lenders. Entire social programs such as social security will need to be cut simply to maintain a functioning government and prevent the collapse of our country. What has happened in Washington DC is more than criminal. Our children's children will be obligated to fund politicians' mistakes and lies that were made decades before they were even born. Without absolutely massive reductions in spending, all future generations of Americans for the foreseeable future and beyond will be virtual slaves working to pay down a national debt for which they are not responsible. Entire generations have been sacrificed for feel-good political posturing and the absolute fallacy that the world can be perfected through government social programs and the ever increasing spending that such an ideology requires.

Our country is fiscally unsustainable.

Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you. Proverbs 22:26-27

Please read the article that follows...

Does $65.5 trillion terrify anyone yet?

Posted: February 13, 2009
11:35 pm Eastern

By Jerome R. Corsi
© 2009 WorldNetDaily

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

The difference between the $455 billion "official" budget deficit numbers and the $5.1 trillion budget deficit cited by "2008 Financial Report of the United States Government" is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.

But the numbers in the 2008 report are calculated on a GAAP basis ("Generally Accepted Accounting Practices") that include year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.

Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.

"As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money [from] the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year," economist John Williams, who publishes the Internet website Shadow Government Statistics, told WND.

"The Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama nearly $800 billion economic stimulus plan, or the cost of the second $350 billion in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve," he said.

"The federal government's deficit is hemorrhaging at a pace which threatens the viability of the financial system," Williams added. "The popularly reported 2009 [deficit] will clearly exceed $2 trillion on a cash basis and that full amount has to be funded by Treasury borrowing.

"It's not likely this will happen without the Federal Reserve acting as lender of last resort for the Treasury by buying Treasury debt and monetizing the debt," he said.

"Monetizing the debt" is a term used to signify that the Federal Reserve will be required simply to print cash to meet the Treasury debt obligations, acting in this capacity only because the Treasury cannot sell the huge of amount debt elsewhere.

The Treasury has been largely dependent upon foreign buyers, principally China and Japan and other major holders of U.S. dollar foreign exchange reserves, including OPEC buyers purchasing U.S. debt through London.

"The appetite of foreign buyers to purchase continued trillions of U.S. debt has become more questionable as the world has witnessed the rapid deterioration of the U.S. fiscal condition in the current financial crisis," Williams noted.



"Truthfully," Williams pointed out, "there is no Social Security 'lock-box.' There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year. It's only a matter of time until the public realizes that the government is truly bankrupt and no taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today."

Calculations from the "2008 Financial Report of the United States Government" also show that the GAAP negative net worth of the federal government has increased to $59.3 trillion while the total federal obligations under GAAP accounting now total $65.5 trillion.

The $65.5 trillion total federal obligations under GAAP accounting not only now exceed four times the U.S. gross domestic product, or GDP, the $65.5 trillion deficit exceeds total world GDP.

"In the seven years of GAAP reporting, we have seen an annual average deficit in excess of $4 trillion, which could not be possibly covered by any form of taxation," Williams argued.

"Shy of the government severely slashing social welfare programs, federal deficits of this magnitude are beyond any hope of containment, government or otherwise," he said.

"Put simply, there is no way the government can possibly pay for the level of social welfare benefits the federal government has promised unless the government simply prints cash and debases the currency, which the government will increasingly be doing this year," Williams said, explaining in more detail why he feels the government is now in the process of monetizing the federal debt.

"Social Security and Medicare must be shown as liabilities on the federal balance sheet in the year they accrue according to GAAP accounting," Williams argues. "To do otherwise is irresponsible, nothing more than an attempt to hide the painful truth from the American public. The public has a right to know just how bad off the federal government budget deficit situation really is, especially since the situation is rapidly spinning out of control.

"The federal government is bankrupt," Williams told WND. "In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary."

I found this Mussolini quote on an anti-GOP page. However, it seems to be more of a warning about socializing big business.

"Fascism should more properly be called corporatism,
since it is the merger of state and corporate power."
Benito Mussolini.

According to Mussolini, these recent bailouts and government investment in private enterprise are steps on the road to fascism.

Ahmadinejad has a boo-boo and wants Obama to kiss it and make it all better.

Ahmadinejad, the President of Iran, is demanding an apology from the new US president for "crimes" committed against Iran by attempting to prevent, through covert measures, the development of the Iranian nuclear weapons program. This follows on the heels of Obama's first official opportunity to acquiesce (a.k.a. an interview) as president on an Arab television station. If the U.S. led war in Iraq and Afghanistan was a useful recruitment tool for terrorist groups, can you imagine what a public apology by the Commander in Chief of the world's strongest military to one of the biggest sponsors of international terrorism would mean for the growth of terrorism? It sends the message that terrorism works! The U.S. will cave if you press us hard enough! If one statement could guarantee an emboldened terrorist community and a more dangerous world, an apology to Iran is it. A declaration of war with Iran is a close second... or a tie. I haven't decided. :)

Kyoto Treaty in a nutshell

A brief animated history of the middle east...a' la Glenn beck

Unilateral Peace

A Code Pink member had a sign at the inauguration today that read "Yes we can, can end the wars!" (Code Pink is a women's antiwar protest group with a penchant for pink garments and flair for the dramatic.) It reminded me how much the concept of unilateral peace bothers me; that a war can be ended by only one participant in the conflict. Its not a divorce. A war has at least two participants but one army can't just tell the other its moving out of the house, taking the kids, and asking for a cease-fire. If one side stops fighting, the other side doesn't automatically become a harmless bunny rabbit. This is especially true if one combatant group has sworn to rid the planet of their infidel enemies. Think killer rabbit from Monty Python's Holy Grail.

Let's run through the logic for a moment. We the (dare I say) good guys, a.k.a. infidels, stop fighting a war. Then, the opposing forces, having been shown the error in their jihad-ing ways by our magnanimous gesture, decide to find a new vocation after centuries and generations invested in hatred and the dream of a globally oppressive utopia. Not to mention the multitudes of virgins awaiting all good little martyrs on the other side. Oh sure, its extremely unlikely that Islamic fascism would rule the world someday, but why start handing out rope hoping no one tries to hang us.

Call me crazy... but it seems to me that if we stop fighting and the bad guys don't get the memo, the battlefield only changes locations, perhaps following us home to the U.S. like some sadistic lost puppy. And then, its our civilians facing the business end of a death wish, since our military stopped warring and is off planting flowers or something. The danger doesn't end just because we want the world to be all lollipops and rainbows and we tell the bad man to stop.