Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Goldman Sachs

Santa Clara’s Field of Dreams

This article was first published at The McAlvany Intelligence Advisor on Monday, July 21, 2014:

Cover of "Field of Dreams (Widescreen Two...

Ray Kinsella, meet the Mayor of Santa Clara, California, home of the brand new Levi’s Stadium where the San Francisco 49ers are scheduled to play their home games starting this fall. And where, it is predicted, their fans will come to watch.

Whether enough of them will is an open question.

Already nearly a third of the 49ers’ season ticket holders have

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Taxpayers On the Hook for New 49ers Stadium in Santa Clara

This article first appeared at TheNewAmerican.com on Monday, July 21, 2014:

A custom San Francisco 49ers GMC Yukon XL at t...

A custom San Francisco 49ers GMC Yukon XL at team headquarters in Santa Clara, California.

Last Thursday every politician, every bigwig, every banker, every individual with any interest whatsoever in the new Levi’s Stadium in Santa Clara, California, showed up for the invitation-only celebration of its grand opening. The beer was flowing, the confetti was flying, and self-congratulatory exuberance was on every lip.

Present were Santa Clara Mayor Jamie Matthews, San Francisco 49ers CEO Jed York, John York (Jed’s father and co-chairman of the team), 49ers president Paraag Marathe, NFL Commissioner Roger Goodell, 49ers coach Jim Harbaugh, and some of his star players including Patrick Willis and Joe Staley. In the background were executives from Levi Strauss, who paid big bucks to name the stadium.

The only people not in the audience were the ordinary taxpayers, who could find themselves on the short end of one of the most massive financial disasters in modern history.

In a toast to the fans who are expected to fill the 70,000-seat extravagance starting with preseason games in early August, Jed York said, “You deserve to have the best stadium in the world. And now you have it!” 49ers president Marathe added, “You can feel the difference [here] and you know the fans are going to feel the difference.”

At one point in the ceremony, noted Mike Rosenberg, a writer for the San Jose Mercury News who attended the affair,

Hundreds of workers wearing white “I built Levi’s Stadium” shirts and hard hats marched down two red-carpeted giant staircases. Thousands of white, red and gold pieces of confetti burst into the air at the end of the event, as dozens of cheerleaders waved their pom-poms and guests rushed to take selfies in front of a giant screen on stage.

The deal has been in the works for years, with initial plans to demolish Candlestick Park and replace it with an updated version in its parking lot. Financial squabbles and traffic glitches finally deep-sixed those plans, and in 2006 the team’s new owners announced they were moving 40 miles south to the tiny burg of Santa Clara, home of the 49ers’ administration offices.

Negotiations with the city council began in earnest the next year, with promises that no new taxes would be needed and that the huge stadium would bring in additional revenues without liability. Free money, in other words.

On June 8, 2010 Measure J was passed, with 15,000 voters in favor and 10,000 against. Those voting for it were persuaded by the language in the ballot which said, in part:

No use of City General or Enterprise funds for construction; no new taxes for residents for stadium; private party pays all construction cost overruns; no City/Agency obligation for stadium operation/maintenance.

Within a year that ballot language had already been breached: Twelve percent of the cost of the $1.3 billion stadium was provided by the city, with another $330 million to be borrowed by the city’s Stadium Authority. Goldman Sachs headed up a consortium of banks that provided some $850 million in construction financing (with Goldman taking its usual 10-percent fee) while Levi Strauss ponied up another $200 million to be paid out over the next 10 years. The NFL itself loaned the Stadium Authority $200 million to help out, expecting to be paid back out of gate revenues, seat leases, trinket and beer sales, and so on.

The assumptions underlying the project are mind-boggling: First, it is assumed that the 49ers will continue to have a winning team for as far as the eye can see into the future, drawing fans from not only San Francisco but also other cities within a 100-mile radius of the stadium. That expectation, however, is already flawed, as more than 30 percent of those loyal fans in San Francisco holding season tickets have given them up, as the 40-mile drive each way and the potential traffic jams on game day were just too daunting.

Second, the interest rate on the financing is short-term, and most of the loans will have to be refinanced no later than 2015. Even a small uptick in short-term interest rates could put debt service requirements out of reach of the authority.

Third, the cost of subsidies negotiated to bring the 49ers to Santa Clara haven’t been measured but include the NFL’s requirement that all revenue from its events “be exempt from sales, amusement or entertainment taxes or other surcharge obligations.”

Judith Long, who teaches urban planning at Harvard, concluded that even these costs are usually underestimated when proposed to the taxpayers:

Governments pay far more to participate in the development of major league sports facilities than is commonly understood due to the routine omission of public subsidies for land and infrastructure, and the ongoing costs of operations, capital improvements, municipal services and foregone property taxes.

Adjusting for these omissions increases the average public subsidy by $50 million.

That would bring the taxpayers’ cost for the “free” Levi’s Stadium to more than $200 million, not counting any obligation incurred by the Stadium Authority. Another part of the risk is that Santa Clara itself is such a small town, with such a small tax base. Even adding in the county, its population is just 10 percent of the 17 million populating metro San Francisco. No matter how one does the math, the town is making a massive bet on everything turning out just right. As writers Darrell Preston and Aaron Kuriloff of Bloomberg expressed it, “The city is taking what may be the largest per-capita risk for any municipal sports facility [in the country].” The budget for the city itself is just barely $140 million a year.

Roger Noll, a retired professor of economics at Stanford University, looked at the numbers and came to the same conclusion:

The thing that makes this such a dog is that Santa Clara first of all is a small town. There’s some amount of financial hit the city could probably pay [if things don’t pan out as projected], but the probability that it’s going to exceed that is certainly not zero.

That is how a retired college professor says that Santa Clara is taking a huge risk. Within the next three to five years, after “normalization” about attendance, winning games, traffic congestion, interest rates, and maintenance expenses, the taxpayers will know.

Now that the stadium is finished, all the people behind the massive project are counting on those fans to come. Just because they built it doesn’t mean they will.

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More Proof that US Climate Temperature data is being Manipulated

Cover of "The Real Global Warming Disaste...

Writing in his Real Science blog, Steven Goddard explained how he found out that NASA had altered US temperature readings to show a warming trend where none existed: he compared graphs published on NASA’s website in 1999 to those available today. He even set up an animation of the two temperature graphs to show the extent of the fraud.

He went further by exhuming quotes from climate changers who also have changed their opinions, including the infamous James Hansen. In 2003 Hansen authored a paper for the UN’s Framework Convention on Climate Change entitled “Can We Defuse the Global Warming Time Bomb?” in which he concluded that “halting global warming requires urgent, unprecedented international cooperation…” with the clear implication that

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Former Treasury Secretary Geithner to head up private equity firm Warburg Pincus

Former Treasury Secretary Timothy Geithner announced his plans to join the Wall Street private equity firm Warburg Pincus in March 2014 where he will serve as president and managing director.

Geithner is the proto-typical insider with establishment ties that follow almost exactly

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Hillary Clinton Launches her 2016 Campaign with High Dollar Speeches

With a recent series of highly compensated speeches to wealthy and influential groups, former Secretary of State Hillary Clinton has unofficially but effectively launched her 2016 presidential campaign. In July Clinton spoke to Kohlberg Kravis Roberts, a $40 billion international private equity firm, followed by another to the

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Deficit down, national debt up, more taxes needed say two “nonpartisan” groups

Two government reports issued in the last few days show that despite higher tax revenues, thanks to the tax increases signed into law by the president earlier this year, deficits are still sky-high and the national debt continues its inexorable climb into the stratosphere.

Although the deficit for the first eleven months of the 2013 fiscal year was down slightly compared to last year at this time, real progress towards a balanced budget remains elusive. Through August the federal government spent

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Securities Agency Sues Jon Corzine, former MF Global head, over theft of customer funds

The sanctions sought against Jon Corzine, the former head of MF Global, by the U.S. Commodity Futures Trading Commission (CFTC) in a lawsuit filed in U.S. Southern District Court in New York on June 27th should end Corzine’s career as a Wall Street manipulator and send him into

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2nd Generation Quantum Computer System to “Improve” Machine Learning

Two unheralded announcements in May about the collaboration of the National Aeronautics and Space Administration (NASA), Google, and a private, non-profit group, the Universities Space Research Association (USRA) marked an impressive, and potentially threatening, milestone in “machine learning” – teaching computers how to

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The 61st Meeting of the Bilderberg Group: Good Old Boys Getting Together Again

This article first appeared in the McAlvany Intelligence Advisor newsletter:

 

The note from Matthew Holehouse at the British tabloid The Telegraph makes last week’s four-day meeting of the Bilderberg Group at the Grove Hotel in Watford, Hertfordshire, England sound benign. He called it a “gathering of royalty, statesmen and business leaders … [to] discuss how the US and Europe can promote growth, the way ‘big data’ is changing ‘almost everything’, the challenges facing the continent of Africa, and the threat of cyberwarfare….”

It’s just another meeting similar to the World Economic Forum at Davos, Switzerland, and there’s nothing to worry about, suggests Holehouse. Except that “meetings take place behind closed doors, with a ban on journalists.”

What would cause major luminaries to take four days out of their busy schedules to spend time at a golf resort if it was just a friendly get-together over tea? Here are some of those luminaries:

  • Jose Barroso, the President of the European Union
  • Jeff Bezos, CEO of Amazon
  • Robert Dudley, CEO of British Petroleum
  • Peter Sutherland, Chairman of Goldman Sachs along with his Vice Chairman, J. Michael Evans
  • Timothy Geithner, former Secretary of the Treasury
  • Donald Graham, Chairman and CEO of The Washington Post
  • Stuart Gulliver, CEO of HSBC
  • Simon Henry, CFO of Royal Dutch Shell along with the company’s CEO, Peter Voser
  • Kenneth Jacobs, Chairman and CEO of Lazard Frères’ along with his managing director, Vernon Jordon
  • Henry Kissinger, Chairman, Kissinger Associates
  • Henry Kravis, CEO of Kohlberg, Kravis Roberts
  • Christine Lagarde, Managing Director of the International Monetary Fund
  • Robert Rubin, former Secretary of the Treasury and current co-chairman of the Council on Foreign Relations
  • Eric Schmidt, Executive Chairman of Google

Let’s face it: these are heavyweights. So why, again, would they take four days out of their lives to attend? Is this something more than just getting reacquainted with old friends?

Daniel Estulin thinks so, as he has for years. In his book, The True Story of the Bilderberg Group, which he says is based on 15 years’ worth of investigation, Estulin says that this group, along with the CFR and the Trilateral Commission, represents a “shadow government” whose top priority is to erase the sovereignty of all nation-states as a precursor to establishing a global government.

Several members of these groups have admitted as much. For example, in 2001, Denis Healey, a founder of the Bilderberg Group, said:

To say we were striving for a one-world government is exaggerated but not wholly unfair. Those of us in Bilderberg felt we couldn’t go on fighting one another and killing people and rendering millions homeless.

So we felt that a single community throughout the world would be a good thing.

There are coincidences that can’t readily be explained away as mere accidents: George H. W. Bush attended a Bilderberg conference in 1985, and became president in 1988. Bill Clinton attended one in 1991, and became president a year later. Tony Blair attended one in 1993 and became England’s prime minister in 1997. Romano Prodi attended in 1999 and within months became president of the European Union. Senator John Edwards spoke to the group in 2004 and was later named by John Kerry to be his vice-presidential nominee.

To some, the long arm of coincidence just can’t reach that far.

Estulin was asked what exactly the Bilderberg Group is. He answered:

It’s a meeting of people who represent a certain ideology. Bilderberg Group is not a conspiracy theory. It’s a conspiracy reality…. It is a self-perpetuating system, a virtual spider web of interlocked financial, political, economic and industry interests. And that in and of itself is a pretty significant factor, because … it is a vehicle through which private financier oligarchical interests are able to impose their policies on what are nominally sovereign governments.

There’s Henry Kissinger, exposed as a Soviet Agent when Soviet Colonel Michael Goleniewski defected, bringing with him the names of 240 soviet spies, one of whom was Kissinger.

And there’s David Rockefeller who wrote in his Memoirs:

Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as “internationalists” and of conspiring with others around the world to build a more integrated global political and economic structure – one world, if you will.

If that’s the charge, I stand guilty, and I am proud of it.

Even Georgetown University professor Carroll Quigley (to whom Bill Clinton conveniently referred in his acceptance speech at the 1992 Democratic National Convention), author of The Anglo-American Establishment and Tragedy and Hope, effectively agreed that there is more going on in Watford this weekend:

This radical Right fairy tale … as a well-organized plot by extreme Left-wing elements … does in fact have a modicum of truth. There does exist, and has existed for a generation, an international Anglophile network which operates, to some extent, in the way the Radical right believes the Communists act. In fact, this network, which we may identify as the Round Table Groups, has no aversion to cooperating with the Communists, or any other group, and frequently does so.

I known of the operation of this network because I have studied it for twenty years and was permitted for two years, in the early 1960s, to examine its papers and secret records. I have no aversion to it or to most of its aims and have, for much of my life, been close to it and to many of its instruments. I have objected, both in the past and recently, to a few of its policies … but in general my chief difference of opinion is that it wishes to remain unknown, and I believe its role in history is significant enough to be known.

The question remains: what would these worthies be doing in Watford that requires that they take four days out of their lives if something awfully important weren’t going on? Just asking.

—————————–

Sources:

Bilderberg is ‘a conspiracy reality’

The True Story of the Bilderberg Group

Daniel Estulin

Osborne, Clarke and Balls to attend Bilderberg Group meeting

The Bilderberg Group

Henry Kissinger

Henry Kissinger Soviet Agent

Bilderberg website

Bilderberg meeting agenda

Tragedy and Hope: A History of the World in Our Time

The Anglo-American Establishment

This is an amazing admission.

[To] conspiracy  theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world  is a rigged game.

We found this out in recent months, when

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The Trouble with Outright Monetary Transactions

Mario Draghi presents his credentials as candi...

Mario Draghi presents his credentials as candidate ECB president (Photo credit: European Parliament)

Mario Draghi, President of the European Central Bank (ECB), spoke before Germany’s Parliament on Wednesday, defending his decision to purchase government bonds from member states needing financial assistance but without unleashing inflation. Similar to the Federal Reserve’s continuing attempts to stimulate the economy through the purchase of government securities, called Quantitative Easing, or QE, Draghi’s Outright Monetary Transactions, or OMT, “will not lead to inflation,” he claimed in the closed-door session. He said:

In our assessment, the greater risk to price stability is currently falling prices in some euro-area countries. In this sense, OMTs are not in contradiction to our mandate; in fact, they are essential for ensuring we can continue to achieve it.

This is utter nonsense, wrote Mish Shedlock, in his blog Global Economic Analysis. Since Draghi’s “mandate” is similar to that of the Federal Reserve — that is, to maintain price stability along with low unemployment — it’s impossible to increase the supply of money by buying government bonds with credits created out of thin air without eventually unleashing price inflation at the consumer level in the economy. Shedlock wrote:

The problem with such nonsense is you cannot break the law while screaming you are upholding it. Draghi now sounds and acts like hypocr[itical] US presidents of both political parties.

Both President Bush and President Obama (as well as the treasury departments under each administration) have shown little concern for the law. Increasingly presidents are of the mind [that] “we have to destroy capitalism [in order] to save it” or as President Bush stated and Obama practices: “ I’ve abandoned free-market principles to save the free-market system.”

What the members of the German Parliament wanted to hear was that Draghi would not be

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Quick! Who is the Most Powerful Person on the Planet?

English: EPP Congress Bonn: Podium discussion ...

(Photo credit: Wikipedia)

Mario Draghi. Who? According to Matthew Lynn, writing at MarketWatch.com, “measured by what [he] can actually do, the most powerful person will soon be the president of the European Central Bank, the Italian banker Mario Draghi.” He explains:

In the last few weeks, we have seen an extraordinary expansion of the European Central Bank’s powers. It can now set interest rates, control financial markets, and effectively dictate tax and spending policies across what remains — despite its current difficulties — the world’s largest single economic bloc.

To explain how this former Goldman Sachs executive  ascended to such a high perch in the world of international finance would take far more room than we have here. Suffice to say, the path to power has been under construction for decades, and deliberately planned, going all the way back to

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Eurozone Recession Accelerates; Moody’s Piles On

Board of Governors - International Monetary Fu...

Economists polled by Reuters predicted that the recession in Europe that began late last year would continue into the new year and they weren’t disappointed. Reuters announced that economic output in the 17-member eurozone declined by 0.3 percent in the last quarter of 2011, the sharpest since the second quarter of 2009 at the start of the recession. Those same economists are now predicting that European GDP growth will stay negative at least for the rest of the year with only modest chances of improvement in 2013.

The International Monetary Fund (IMF) has the same negative expectations, predicting at least a 0.5-percent contraction of the eurozone countries next year. Even Germany, long the anchor to windward and the engine of growth for the European community, went negative in the last quarter compared to its modest growth rate of 0.6 percent in the third quarter.

Investment banking firm ING admitted that the decline caught their forecasters by surprise. Carsten Brzeski said the economic contraction “turned out to be weaker than expected.”

The Netherlands declined into recession (defined as two quarters of declines in GDP, or “negative growth” in economic parlance) with its third quarter contraction of 0.4 percent followed by another 0.7 percent decline in the fourth. Italy’s economy dropped by 0.7 percent in the last quarter with little improvement expected for at least a year. This puts Italy into the same recessionary camp as Belgium, Portugal, and Greece.

Portugal may be looking for another bailout as its economy suffered at 1.3 percent decline in the fourth quarter, more than double the 0.6 percent decline from the third quarter.

But Greece is the basket-case poster child for economic performance, with a stunning

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Big Banks Oppose Volcker Rule, Urge Delay in Implementing It

President Barack Obamaa, flanked by Paul Volck...

The deadline for comments on the proposed Volcker Rule was Monday night and hundreds, if not thousands, of letters arrived at the last minute to rail against the rule, mostly from Wall Street. The Volcker Rule — which would prohibit banks from trading with their own money — was proposed last summer by former chairman of the Federal Reserve Paul Volcker, who said in a letter to President Obama that they shouldn’t be gambling with money guaranteed by the taxpayers. Big losses by government-backed banks that were trading in risky securities such as mortgage-backed assets precipitated the financial crisis in 2008 and set up the need for federal bailouts of those banks.

The idea behind the rule is simple: Prohibit banks from making “proprietary trades” that are unrelated to traditional banking practices such as making loans and clearing checks. Putting such rules down on paper however is proving to be daunting and giving the banks affected a chance to buy some time.

Volcker’s letter to President Obama was three pages long. The rule incorporated into the Dodd-Frank act was 10 pages long. By the time the four regulatory agencies empowered to oversee its implementation — the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, the Comptroller of the Currency, and the Securities and Exchange Commission (SEC) — got done with it, the Volcker Rule encompassed 298 pages.

The public comment period started when the FDIC signed onto the bill on October 11, and ended Monday, February 13 at midnight. The draft offered for comment contained 1,300 questions on 400 topics so that the agencies would be able to “discern” the right, proper, and appropriate course of action to take with the final draft. Implementation of the Volcker Rule is scheduled for July. This gave the banks a perfect opportunity to delay the whole process by complaining among other things that the bill is far too complicated for the banks to be able to comply by then.

As of Monday the SEC had already received over 14,000 letters, at least one of them 365 pages long. Some attempted to respond to all 1,300 questions with answers of their own while others posed new questions and offered significant revisions to the bill’s language.

But that was Monday. By midnight another 200 letters from the primary target of the bill—Wall Street banks and investment houses—were expected. Lawyers representing Goldman Sachs, Morgan Stanley, and Citigroup as well as the trade group itself, the Securities Industry and Financial Markets Association (SIFMA), spent the weekend holed up in hotels in downtown Manhattan cranking out long and detailed responses to the proposed bill.

The strategy is clear: Delay the matter until after the elections when the entire game could change, including the need to reintroduce the legislation for congressional and presidential review, probably with many new faces perhaps more favorable to tabling the matter altogether. Dennis Kelleher, president of Better Markets, a nonprofit pro-regulation group, said, “It’s part of their ongoing strategy—if you can’t kill the

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European Fiscal Pact: Closing the Ring

Graphic "When Greece falls" presente...

Monday’s meeting of the European Union in Brussels resulted in agreement of 25 of the 27 member states to inflict upon themselves and their hapless and increasingly powerless citizenry the tools of international fiscal dictatorship.

The purpose of the “fiscal pact” is to enforce “budgetary discipline” so that the present euro crisis can be contained and future such crises averted. In the short run that means granting the European Central Bank (ECB) additional power to expand its reserves so that bailouts to failing countries can continue, subject to enforcement rules. In the longer run, the pact puts in place the primary tool of coercion, the European Stability Mechanism, to be effective in July.

European Council President Herman Van Rompuy said that initially the ESM will be limited to just €500 billion ($650 billion) but that the ultimate number “will be reassessed down the line.”

Critics say that’s the entire purpose of the ESM: to set up the mechanism of control under the guise of providing bailout funds to members in need while installing ruling class elites (bankers with ties to Goldman Sachs) out of reach of the taxpayer class. Angela Merkel, German Chancellor and mouthpiece for the ESM, was clear: “It is an important step forward to a stability union. For those looking at the union and the euro from the outside, it is very important to show this commitment.”

She failed to mention that Great Britain and the Czech Republic have both

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MF Global Head Jon Corzine Denies Involvement

Jon_Corzine

In testifying yesterday before the House Committee on Agriculture, Jon Corzine, former head of failed MF Global—which took customers’ funds for its own use when it had financial difficulties because of risky investments—expressed repeatedly his grief over what went wrong with his company, and his sympathy for the “plight” of his customers who lost millions if not billions of their money with its downfall: “Their plight weighs on my mind every day — every hour. And as the chief executive officer of MF Global at the time of its bankruptcy, I apologize to all those affected.”

He then pleaded ignorance: “I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money. I remain deeply concerned about the impact that the unreconciled and frozen funds have had on MF Global’s customers and others.” Then Corzine tried to distance himself from the disaster, saying that since he wasn’t involved in the day-to-day operations on the trading floor, he really couldn’t explain how things got so desperately out of hand:

I did not, however, generally involve myself in the mechanics of the clearing and settlement of trades, or in the movement of cash and collateral. Nor was I an expert on the complicated rules and regulations governing the various different operating businesses that comprised MF Global. I had little expertise or experience in

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France Slides Towards Debt Downgrade

A keychain of the Eiffel Tower.

Moody’s rating service warned on Monday that France’s coveted triple-A credit rating is in jeopardy as a result of the country’s “elevated borrowing costs…amid a deteriorating growth outlook.” Senior credit officer Alexander Kockerbeck said “As we noted in recent publications, the deterioration in debt metrics and the potential for further liabilities to emerge are exerting pressure on France’s creditworthiness and the [current] stable outlook of the government’s AAA debt rating.”

In May of this year Fitch Ratings confirmed France’s triple-A rating with a “stable” outlook but warned that “continued fiscal consolidation is needed to stabilize and then start to reduce public debt, which reached 81.7 percent of GDP as of [the end of] 2012.”

In August Fitch repeated that its rating for France remained triple-A but noted that the rise in the prices of credit default swaps (CDS) “may be a sign that the markets are

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Gaming the Taxpayer-Funded Clean Energy System

Burn Money

Green Energy

The increase in federal subsidies for clean energy development from $17 billion in 2007 to $37 billion in 2010 has resulted in a “gold-rush mentality” among developers, according to the New York Times.

One of the primary beneficiaries of the rush to feed at the golden trough is David Crane, CEO of NRG Energy, who exclaimed that this was a once-in-a-generation opportunity: “We intend to do as much of this business we can get our hands on. I have never seen anything…in my 20 years in the power industry that involved less risk than these projects. [We are] just filling the desert with [solar] panels.”

Crane was joined by Kevin Smith, CEO of SolarReserve, another company enjoying federal subsidies, who said, “It is like building a hotel, where you know in advance you are going to have 100 percent room occupancy for 25 years.”

NRG Energy’s massive solar panel development, California Valley Solar Ranch, consists of nearly one million solar panels that will, according to proponents, produce enough electricity, on clear days, to power 100,000 homes (at least for a couple of hours each day when the sun is near its peak, and if those numbers aren’t being gamed). It also consists of massive subsidies from

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Worldwide Recession Impending and Inevitable

A globe icon in the Ambox-content style

Christine Lagarde, managing director for the International Monetary Fund (IMF), warned that the world faces the risk of a “lost decade” and that “there are dark clouds gathering in the global economy.”

Reiterating her call for global cooperation, she added,

If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability, and a collapse in global demand. Ultimately, we could face a lost decade of low growth and high unemployment.

Following a “financial dialogue” between China and India, it was announced that the global economy is now in a “critical phase…. There are clear signs of a slowing as developments in advanced economies begin to weigh on [both of] these countries.” And the Chief Executive of Hong Kong, Donald Tsang said earlier this week that the world economy faces a 50-percent chance of a recession.

Economist John Hussman thinks those chances are much closer to 100 percent.

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Jon Corzine Proves Regulation is Rigged

Our Governor

After spending the entire weekend trying to sell his company, MF Global, Chairman Jon Corzine finally capitulated, and his board declared bankruptcy on Monday morning, October 31. It was during negotiations with a potential suitor for the business, Interactive Brokers (IB), that word leaked out that customers’ monies were missing, and IB left Corzine to fend for himself. A board meeting was hastily called and ended Corzine’s dream of building another Goldman Sachs with other peoples’ money.

It isn’t as if the regulators were asleep. According to the New York Times, alarm bells went off last June when regulators from the Financial Industry Regulatory Agency (FINRA) first discovered that

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.