REAL REASONS FOR FANNIE MAE/FREDDIE MAC TAKEOVER

by Richard C. Cook
Fannie Mae and Freddie Mac, the twin giants of the home mortgage industry, own or guarantee assets of $5.3 trillion, almost half of the $12 trillion housing market in the U.S. These assets have been disappearing in value due to the collapse of the housing bubble. Fannie and Freddie are government-chartered corporations. They are shareholder-owned companies required by their charters to provide low-cost capital to the mortgage industry, supposedly to further the American dream of home ownership.

In recent years, as the housing bubble inflated and the mortgage industry extended more and more credit to marginal purchasers through the use of 'exotic lending instruments, Fannie and Freddie followed suit. Many in Congress were skeptical they were overextending themselves. So they hired lobbyists.

According to a September 9 report by Allan Chernoff, CNN senior correspondent, they spent $174 million in the last ten years lobbying Congress 'to ensure the political climate would remain friendly. That averages out at $297,435 per senator and representative. No wonder Greg Palast titled one of his books, 'The Best democracy Money Can Buy '. Under the takeover being engineered by Secretary of the Treasury Henry Paulson, the government will oversee operations through a 'conservatorship. It 's a fancy name for bankruptcy. Taxpayer money will be used to inject new capital into Fannie and Freddie 's operations, since, having lost so much on bad loans, they are broke. How will it work?

According to the Washington Post 's Steven Pearlstein:
'Under the deal they could not refuse, Fannie and Freddie directors and top executives will lose their jobs. Shareholders will lose their dividends, voting rights, and most of their ownership stake, while agreeing to pay dearly for the government 's money and backing. '

Protection of debt holders is the key:
'Left unharmed will be holders of trillions of dollars in Fannie and Freddie debt or securities backed by mortgages that Fannie and Freddie have insured against default who will get all their money back, with interest. '
Protection of debt holders is the key, because this includes foreign governments like China, as well as sovereignty funds, mutual funds, and pension funds worldwide. If these international investment sources dry up, the U.S. could no longer finance its enormous fiscal and trade deficits. It 's the Armageddon scenario.

Thus within the overall context of the debt-based financial system run by the Federal Reserve, Fannie Mae and Freddie Mac are the most important business entities in the U.S. 'more so than Exxon-Mobil, Microsoft, General Motors, GE, or IBM. Big companies like Exxon-Mobil at least have tangible assets they use to produce real goods and services. But the financial industry 'including Fannie and Freddie 'have only pieces of paper that represent someone 's ability to make payments in an economy going downhill, with thousands of people losing their jobs daily.

For the last decade, the U.S. economy has been built on a foundation of housing debt as its financial engine. It 's a foundation of sand. The lunacy has been a long time coming, though the 'rest of the story is little known, even to experts. You see, decades ago, the international financial elite which runs the Western world decided that the U.S. would no longer be allowed to maintain its status as the world 's greatest industrial democracy. Because the planners have always worked in secrecy through such groups as the Council on Foreign Relations, The Trilateral Commission, and the Bilderberg Group, sources are sketchy. But the information is there if you look.
The roots of the plan go back to post-World War I days, when the U.S. was making money hand-over-fist by collecting on loans made to the European World War I combatants. The financial elite, including the American Rockefellers, financed the Bolshevik Revolution in Russia. They also began to lay plans to eventually merge the U.S. with the Soviet Union in a one-world communist government.

To prepare us for world government:
To prepare the American mind, such non-profit groups as the Carnegie Institute, the Rockefeller Foundation, the Ford Foundation, and the Guggenheim Foundation sought to influence the U.S. educational system in favor of collectivist ideals rather than those based on the Declaration of Independence and the U.S. Constitution. The blueprint for dumbing down the masses through collectivist propaganda was provided by the Tavistock Institute of Great Britain.

Necessary for the changes in store for mankind was an environment of perpetual warfare as the only way people would accept state terrorism as 'normal. In other words, there always had to be an enemy to frighten people into voluntarily giving up their rights and accepting the legitimacy of a slave society. Key to slavery was a financial system based on debt, because, after all, it was the financiers who were the architects and expected beneficiaries of the planned system.

During the 1930s and 1940s, in order to defeat Nazi Germany in World War II, the United States built an economic powerhouse that resulted in full employment and a high standard of living. But by the 1960s and 1970s, the industrial economy was being dismantled. The 1970s was the critical decade. The financial elite, working through the OPEC nations as their instruments of change, wildly inflated the worldwide price of oil, driving the U.S. economy into stagflation. To combat the stagflation which they themselves had created, the elite, working through the Federal Reserve and its chairman, Paul Volcker, raised interest rates through the roof, causing the economy to crash.

The U.S. lost much of its producing economy during the recession of 1979-83. Since then, every period of economic growth has been a financial bubble. We had the merger-acquisition bubble of the 1980s, the dot.com bubble of the 1990s, and Alan Greenspan 's housing bubble of the 2000s. The purpose of the housing bubble was to allow George W. Bush to fight his wars of conquest in the Middle East.

Mortgage fraud investigation blocked:
According to mortgage industry insiders I have interviewed, soon after Bush became president the word went out to begin the wholesale falsification of mortgage applications so people could buy houses who had no business doing so. A push by state attorneys-general to investigate the mortgage fraud was blocked by Bush 's Treasury Department.

The bubble resulted in the tremendous inflation of housing and real estate prices that today is unraveling. Housing is still so overpriced, however, that many people can no longer afford to buy a home or can no longer get credit because financial institutions have become so reluctant to lend.

Housing inflation is what has powered the U.S. economy for the last decade. In its heyday it accounted for fifty percent of all economic growth. Take away the housing bubble, and the U.S. economy is dead in the water. That is why the government has taken over Fannie Mae and Freddie Mac. Unfortunately, there are no further bubbles waiting in the wings. When they gave up their homes to debt, the American people gave up the last thing they owned of value.

Obviously the takeover of Fannie and Freddie is a stopgap, probably to keep the economy afloat until after the November presidential election What comes next?

CHINA, AUSTRALIA AND END OF THE WORLD AS WE KNOW IT

by James Reed:
The economic elite of Australia China-worship, primarily because the resources boom of Western Australia keeps the farce of Australian capitalism bopping along. And yet, there are storm clouds on the horizon. China wanting dirt-cheap resources, is buying into Australian power coal and uranium resources. Slowly China is buying up iron ore companies.

Rudd is coy at the moment, but will eventually allow China to rape us, ultimately allowing China to control the entire iron ore supply chain. Australia, then, will be just another hole in the ground. China today is a rising star, but one day may be a falling star.

Water control, to take but one example, is emerging as a major issue in Asia. China controls the Tibetan plateau, which is the source of many of Asia 's mightiest rivers. Growing populations and industrialization seems set to lock China and India into a deadly endgame over water. China is damming rivers at an alarming pace.
Already two dams have been built on the Mekong River and three more are planned. Vietnam, Laos, Cambodia and Thailand are not happy.

Things are set to heat up, and China might find itself in hot water, hated by most of Asia. Nothing makes the triggers pull faster than thirst.

THE IMMIGRATION TSUNAMI

by James Reed
Australia is facing major environmental problems and its cities are experiencing unregulated sprawl. For a variety of reasons, all of our capital cities have inadequate water supplies to meet present and future needs. Capital cities are becoming unliveable yet the immigration flood is only just beginning. It is well known that our so-called $12.5 billion education export industry is really only an expensive migrant recruitment scheme.

The Rudd government is immigration mad and has opened the immigration floodgates. The biggest immigration programme since Arthur Calwell 's post WWII is now under way, largely for the same ultimate reason racial dilution of the White race of Australia. This is done under the pretence of a shortage of workers and hence the need for guest workers, who of course never leave.

James Redden and Graeme Hugo, of the University of Adelaide (The Australian 19/8/08 p.20) put the case for seasonal guest workers. No concern is expressed about environmental issues, over-staying or sustainability.

How about stripping tenure from all our academics as well as superannuation, and letting them compete with academic guest workers?
How about closing down the universities and selling them off for amusement parks to Asia and seeing how our chattering class go out in the real world away from the sheltered towers of academia?

RUDD 'S MYOPIC PAN-ASIAN VISION

by James Reed
Our Prime Minister Rudd, known in China by his Chinese name Lu Kewen (yes, Rudd is essentially 'Chinese '), has a Pan-Asian vision. Moving beyond 'Australia is a part of Asia rhetoric of the Keating era, Rudd 's vision exists as total colonization, both economically, culturally and racially.

The old Australia doesn 't exist; Anglo-Australia is replaced by a geographical space totally open to Asian penetration. Asia remains 'nationalistic but 'Australia ceases to exist, being cosmopolitanly broken down, like a spider might ingest an insect.

Nationalism is undergoing a resurgence in Russia, and was, of course, always strong in China. Multiculturalism, Asianisation and political correctness, however, have paralysed nationalism in Australia. There is no organised resistance to our planned demise and even freedom movement publications don 't talk about the issue much.

This old dog continues to howl at the moon. I continue to rage about the end of days of the Australia that I once knew and loved, but now but a memory. All the sacrifices have been for nothing. Our diggers died in vain.

PROBLEM NOT FEDERATION BUT POLITICIANS

from Philip Benwell
National Chairman of the Australian Monarchist League, Mr. Philip Benwell says 'Former State Treasurer, Michael Costa, is in error in calling for "state governments to be abolished" because "the NSW political system no longer serves the public good."

He should realise that it is not our system of a federation of sovereign states that is at fault, but, as he himself claims, because they are "dominated by (Labor) spin merchants and (Labor) machine politicians unqualified to govern."

Any problems Australia faces with our federation is due not to our constitution nor our system of governance but to the political excesses of, and gross mismanagement by, our politicians.

MALCOLM TURNBULL AND THE LIBERAL PARTY

by Betty Luks
Have had a number of phone calls from folk alarmed at the ballot win by former money-changer* and barrister Malcolm Turnbull for the position of Liberal Party leader. The consensus is it is the final nail in the coffin of that party. Most see him as 'the sleeper for the International Money Power who bided his time for the right opportunity.

For those Liberals who did not vote for this man, they might consider doing what their electors once expected of them and that is to use their votes for the benefit of their constituents not for the benefit of the money lenders of this corrupted and decaying world system.

For those who think I am being much too harsh referring to Mr. Turnbull as the former 'money changer let me refresh your memory as to the history of the word.

* Money Changer:
The old Teutonic word which subsequently became modern English bench was adopted into Italian, probably from the Teutonic Lombards of northern Italy, in the form of 'bianco '. It soon acquired the special sense of a moneychangers 'bench or table and found its way, together with the object it represents, into most of the countries of Europe.
Thus, like the name Lombard Street, the word carries us back with it to the origin of banking in northern Italy and to Edward I 's substitution of Italian bankers for Jewish moneylenders.
Source: Owen Barfield 'History in English Words '.

PRINCE CHARLES SPEAKS FOR THE PEOPLE AND MANY SCIENTISTS TOO

Dr. Mae-Wan Ho of the Institute of Science in Society reminded us of Prince Charles Reith Lecture broadcast over the BBC in 2000. The prince first spoke out against genetic modification in the 2000 Reith Lecture 'Respect for the Earth when he was viciously attacked by the scientific establishment. The following was one of the very few articles defending him that got into the mainstream media and is just as relevant today as it was then.

Prince Charles embarrassed the government and the scientific establishment with his Reith lecture broadcast on BBC Radio 4 (17 May 2000). In his wide ranging talk, which drew on the work of theologians, philosophers, scientists and economists, he said much that surely expressed the views of the majority in this country. Is it possible that the prince is more in touch with the common people than our elected Government?

The idea that there is a sacred trust under which human beings accept stewardship for the earth is common to most spiritual traditions, including those that do not acknowledge a Creator. The Prince urged us to recapture this sense of the sacred, in which we accept that there are bounds of balance, order and harmony in the natural world and that development is progress only if it is sustainable.

He singled out gene biotechnology (genetic modification) for attack as an unacceptable transgression of Nature's limits, treating our entire world as a "laboratory of life" with potentially disastrous consequences.

Did he attack science? Was he anti-science, as has been claimed? Not at all. Many scientists, me included, were quite comfortable with what he said. His attack was aimed at the "impenetrable layers of scientific rationalism" (he might have said, "rationalisation") that obscure our sense of the sacred and respect for the earth, and in the end lead us to regard the whole of nature, including human beings, as something that can be "engineered for our own convenience or as a nuisance to be evaded and manipulated". That view may indeed infect science, but it is not at all inherent to it.

Nor does one have to believe in a Creator to agree with Prince Charles that that there is a "perfect unity, order, wisdom and design of the natural world" and opposing British philosopher Bertrand Russell's view that that the universe is "all spots and jumps" without continuity, coherence or orderliness.

Prince Charles is speaking for the people when he called for support for organic farming. Who could disagree when he argued that if a fraction of the money currently being invested in developing genetically manipulated crops were applied to understanding and improving traditional systems of agriculture, which have stood the all-important test of time, the results would be "remarkable"?
Source: https://www.i-sis.org.uk/PrinceCharlesSpeaks.php

THE FUTURE WILL NOT BE PACIFIC

by James Reed
The guest workers scheme is being openly embraced by Australia 's immigration elite as a 'solution to the 'crime bomb which presently exists in the Pacific. In Papua New Guinea, rascal gangs rape and murder; in Tonga, Chinese businesses are burned down and the Pacific is now the prime location for arms trafficking, drugs and people smuggling.

The intellectuals say that unemployment is the real cause of this crime bomb and that by Australia opening its open door even wider, the crime bomb of the Pacific will be defused. There is simply no evidence to support this and human history counts against it. It is more likely that Australia will import the same crime bomb. After all, crime is more profitable than hard labour.

The future will not be pacific for Australia. Each passing day brings ever-increasing bad news. How long have we got left doctor?

HOW CHINESE CHILDREN WIN

by Brian Simpson
A mythology, popular amongst so-called 'racial realists ', sees East Asians as intellectually superior to Whites, not only in IQ but in academic success.

But a study by University of Western Sydney researchers and the NSW Education Department of the study habits of Asian children has found that good study habits and regular homework routines is the key to Chinese youngster 's success.

Thus most Chinese children study at a desk at home, while Anglo children do their homework seated on their bed I suspect with rock music or TV on. So the differences could well be environmental after all.

SOLZHENITSYN OPENED UP ADAMS EYES : WHAT DID HE SEE?

by James Reed
Phillip Adams (The Australian 12/8/2008 p.20) claims that the recently deceased Alexander Solzhentisyn opened his eyes to the horrors of Soviet Communism, horrors that the Left long denied. But doesn 't this insight carry even further?

If Adams and the Left have been so wrong about this aspect of Communism, about which in their youth they were so sure, why not the rest the whole grab bag of leftists tricks? Immigration, multiculturalism, feminism, Asianisation.

Do we need a suffering Solzhenitsyn-type to reveal that these doctrines too, like Communism, have feet of cracking clay?

THOUGHT POLICE COME TO KICK DOWN YOUR DOOR

by Ian Wilson LL.B:
'Here comes the chopper to chop off your head the last one through is dead ' is an old playground song. But now the Victorian Equal Opportunity and Human Rights Commission wants Premier John Brumby to beef-up the powers of the thought police.

The proposal is for the Commission to be granted powers of forced entry, search and seizure. The law of burden of proof would be reversed so that anyone thought to have committed a thought crime would be considered guilty until proven innocent (source: The Australian 20/8/08 p.10).

As the example of Canada shows, these Commissions which once went after Holocaust deniers, now have a broad net which captures anyone violating canons of political correctness. Critics of Islam, the homosexual-lobby, you name it, are regularly frog marched before the new inquisition.

The defenders never win against the odds as the defenders must support their own case, whilst the complainers freely draw on the power of the State.

You know the story jump up and down, complain to Premier Brumby before the skies of freedom fall down upon us.

GENES PRAISE THE BRAVE

by Brian Simpson
According to Laurent Lehmann and Marcus Feldman, publishing recently in 'Proceedings of the Royal Society (2008): bravery should not have evolved by Darwinian natural selection because of the risks of dying in combat. However, it is proposed that the brave win more sex partners and that this outweighs the risks.

Well, I don 't know. Looking around at the Generation Y males, it is hard to see any manhood and courage. I could not imagine these mobile phone crunching pencil necks standing with the 300 Spartans of Thermopylae or sailing on a Viking war ship.
They are the by-products of over-civilisation and excess consumerism. Contrary to these scientists, it appears bravery really has died out.

I DON 'T FEEL SORRY FOR CHEAP CHINESE IMPORTS

by James Reed
The Australian headline reads, 'Threat to cheap Chinese Imports (25/7/08 p.1). Yes, we are expected to feel sorry for Chinese exporters who have flooded Australia with cheap consumer goods because higher prices are being passed on now because of rising wages and material prices and a decline (soon, perhaps, a crash) in the US dollar.

Let the prices rise, I say. Let this insane era of globalisation and exploitation of Asian workers end. With equal economic justice, globalization cannot function and will be replaced by, in the natural scheme of things, economic nationalism.

THE CASE AGAINST ISRAEL

by Peter Ewer
One of the most impressive, in my opinion, critiques of Zionism, published in recent times is Michael Neuman 's 'The Case Against Israel (AK Press, 2005). The title is a response to Alan Dershowitz 's 'The Case For Israel (2003), but does not explicitly attempt to refute Dershowitz point-by-point.

Rather, through a logical analysis of historical facts, Neuman directly confronts major Zionist myths. Neuman argues that Zionism is responsible for the Israeli/Palestinian conflict and that 'Israel is the illegitimate child of ethnic nationalism.

Thus: 'The central fact of the conflict is that Zionists sought sovereignty in Palestine. From this, all else follows: the Arab response and all that came after. ' Neuman is the son of German-Jewish refugees, so the old anti-Semitism argument doesn 't stick.
Indeed Neuman offers an extensive refutation of the argument that all criticisms of Zionism constitute 'anti-Semitism.

For one thing, not all Semites are Jews (some also argue that not all Jews are Semites). This is a very good book that deserves the widest possible circulation.

BEWARE YOUR ANTI-ZIONIST PAST

by Peter Ewer
Watch where you walk politically if you have ever criticized Zionism. Rose Jackson made what I would consider mild 'anti-Zionist statements in 2006, saying that 'all governments should be secular and 'By speaking out on behalf of the Palestinians and Lebanese people, we can give voice to those that some governments and media would wish to silence. '

But Jackson wants a seat on a Waverley council in Sydney 's east, which has a large number of Jewish residents. Now she is of the opinion that her previous comments were 'na 've '.
The NSW Jewish Board of Deputies chief executive officer, Vic Alhadeff said that although her remarks were 'unfortunate she did not go along with the 'anti-Semitism of the far Left. '

If that is not a story to bring tears to one 's eye and warm the cockles of one 's heart on a cold winter 's night, I don 't know what is. Say, I just wonder if Waverley was full of Palestinians, what the state of play would have been?

DR. WILLIAMS: SYMBOL OF THE DECLINE OF ANGLICANISM

by James Reed
First it was support for Muslim fundamentalist Sharia law, and now it is support for gay marriage. The Archbishop of Canterbury, ever-seeking publicity, has said that 'gay sexual relationships can 'reflect the love of God comparable to marriage.

Dr. Williams is not comparing gay sex in bathhouses in San Francisco with heterosexuals producing and nurturing children, as the gay relationship requires 'the same character of absolute covenanted faithfulness. And the proof of the existence of that ? nowhere to be found in Dr. Williams writings.

I believe that Dr. Williams should put his money where his mouth is, resign his position and work helping black homosexuals in ghetto regions of the USA or even Africa. How, in good conscience, can he justify writing theological papers and treatises when minorities suffer?

Come on Dr. Williams, let 's go together and help the AIDS sufferers of the world. I will go if you go first !