Participants
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| Speaker | Time | Text |
|---|---|---|
|
unidentified
|
Big Brother. | |
| Mainstream media. | ||
| Government cover-ups. | ||
| You want answers? | ||
| Well, so does he. | ||
| He's Alex Jones on the GCN Radio Network. | ||
| And now, live from Austin, Texas, Alex Jones. | ||
| We have Nobel Prize winner Joseph Stiglitz, former chief economist at the World Bank, scheduled to join us in an hour. | ||
| The Genesis phone system is down. | ||
| They don't have regular phone line backups anymore. | ||
| They did years ago. | ||
| I'm going to insist that that happens, and that a few phone lines be added in the studio. | ||
| That's a problem with this society, is that everything is going to computers with no backups. | ||
| I was out in my little gym in my garage, lifting weights and riding the bicycle about an hour early this morning, and I watched Die Hard. | ||
| The last one that came out, I think Die Hard 4 or whatever it is, Live Free or Die Hard, and it's all about hackers taking over and doing a fire sale, is what it's called, where they completely shut down everything that is computer-based. | ||
| And of course, it's some rogue group of hackers that do it, not the government. | ||
| But in truth, it is the government that openly has said that they are looking At ways to shut the web and all computers, not just in the U.S., but in the world down. | ||
| And boy, we sure are a society that are setting things up to make that easy for them to do, aren't we? | ||
| We sure are. | ||
| All this important news and information going on. | ||
| 30 minutes from now, Dr. Paul Craig Roberts is scheduled to be on the show. | ||
| And then, of course, Nobel Prize winner Joseph Stiklitz. | ||
| Right now we're I think he's in New York City. | ||
| I think we're stringing a wire a String with two Dixie cups on it over there to New York right now And then Sidney Sheehan pops in to give us an inside view of that amazing race Going on between her and the Speaker of the House Nancy. | ||
| Let's keep the war going for a hundred years Pelosi in the district that covers San Francisco and Berkeley where the war is In the polls, over 90% unpopular. | ||
| How could Cindy Sheehan not win? | ||
| Well, it's called Electronic Voting Machines, but we are following that race very, very closely. | ||
| Regardless if Dr. Roberts can make it today, or if Joseph Stiglitz can, or Cindy Sheehan, with his T1-based phone systems. | ||
| What am I talking about? | ||
| I just need to get my IT guy in here right now, and I'll just call him in my studio. | ||
| That's why I put phone systems in here to begin with. | ||
| See, I just forget all this stuff. | ||
| I get in and get ready to do my show, and, uh, I can turn the phone system on. | ||
| It's inside the computer. | ||
| I get in here, and then I'm told that I can't take phone calls. | ||
| Then I forget that the last time this happened is when I put in a phone system in here about a year ago now. | ||
| Hey, I need you to come in. | ||
| Their phone system's down down there, and I got a Nobel Prize winner and some others scheduled for the show. | ||
| So I need you in here in, uh, 20 minutes. | ||
|
unidentified
|
Thanks. See ya. | |
| Anyways, okay, that's handled. | ||
| I forgot I'd already put a backup in. | ||
| Alrighty then. | ||
| And my system does have a phone line going into it, a regular phone line, and then two different computer systems going into it. | ||
| Alright, I'm gonna shut up now. | ||
| Yeah, I'm very upset. | ||
| I'm in a very nasty mood about what's happening to my beloved country. | ||
| It's a rotten, spoiled country. | ||
| It's covered with warts. | ||
| It's very decadent. | ||
| Very twisted, but there's also a lot of good in this nation. | ||
| A lot of people worked hard to build this country, and you know, it's got a lot of problems, but it's the best thing running out there in the world. | ||
| Make no mistake, it is the best. | ||
| And it's going to hell in a handbasket right in front of me, and I got all this economic news we'll cover after the break. | ||
| And so we will Come back after the break and I will refocus in on all the important economic news that is developing by the day. | ||
| Every day things happen many times bigger than Enron. | ||
| No talk of jail, no talk of arrest, no talk of investigations even. | ||
| That's because it's a planned criminal looting. | ||
| Now they will send some innocent broker to jail. | ||
| And they'll blame it on them, but that'll be a year or so down the road when they start the patsies. | ||
| So we'll break it all down on the other side, talk about where this is going. | ||
| Stay with me. | ||
|
unidentified
|
May I have everybody's attention, please? | |
| I've come with a message of information. | ||
| 9-11 was an inside job. | ||
| Do you like being a puppet, sir? | ||
|
unidentified
|
Do you like being a puppet for the New World Order? | |
| How do the American people know that 9-11 was a state? | ||
| Was it engineered by you, David Rockefeller, the Trilateral Commission, the CFR? | ||
|
unidentified
|
The day that we stop asking questions is the day that we have allowed the seeds of despotism to grow at our own door. | |
| Seven years after the attacks of September 11th, a global awakening has taken place. | ||
| An inside job? | ||
| How dare you? | ||
| All right, we think about the comics just in the show tonight. | ||
| If you know that there's treason going on, you can be held accountable for treason yourself. | ||
| All hell is breaking loose on 6th Avenue. | ||
| And if the government has not told the truth in five years, we will be here on the 10th anniversary of not a... | ||
| Truth is rising. | ||
| Download the film at PrisonPlanet.tv right now or get the DVD at InfoWars.com. | ||
| It's now time to take the revolution to the next level. | ||
|
unidentified
|
gasoline prices got you down. | |
| Is your vehicle not getting the mileage it used to? | ||
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| Order Protect-A-Complete fuel system cleaner today for only $9.95 and receive Protect-A-Synthetic engine treatment free. | ||
| That's a $13.95 value. | ||
| Protect-a-engine treatment also comes with a 200,000 mile limited warranty on your engine. | ||
| Order now at oilcompanysecret.com. | ||
| That's oilcompanysecret.com. | ||
| Or call 888-873-7371. | ||
| That's 888-873-7371. | ||
| Of the three million plus edible food plants that grow on earth, no other single plant can compare with the nutritional value of the powder, seeds, and oil of the hemp plant. | ||
| At hempusa.org, we ship worldwide these nutritional products with free shipping to the U.S. and Canada. | ||
| At hempusa.org, we want to educate our listeners that edible hemp is not marijuana and is certified THC-free. | ||
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| This superfood will be your greatest asset. | ||
| So try it today, store it today, and change your life. | ||
| Call 908-691-2608 or order from hempusa.org. | ||
| From his Central Texas Command Center, deep behind enemy lines, the information war continues. | ||
| It's Alex Jones and the GCN Radio Network. | ||
| The Largest Story. | ||
| Robbery in world history is going on right now against not just the people of the United States, but the people of Canada, Europe, investors worldwide. | ||
| There are hundreds of billions of dollars being stolen by the international banking cartel on a daily basis. | ||
| That is conservative, by the way. | ||
| Hundreds of billions of dollars being stolen Mainstream news is basically trying to create a panic while at the same time talking out of the other side of their mouth, claiming that everything is going to be okay so that they can't be accused of trying to cause a panic. | ||
| It's a very simple thing to understand. | ||
| On a daily basis now for the last two weeks, institutions much larger and much more leveraged than Enron Are going under. | ||
| Enron made hundreds of thousands of people lose their jobs. | ||
| Millions of investors took a big hit. | ||
| A lot of people lost their retirement. | ||
| And they were not given help. | ||
| A few people got maybe 10 cents on the dollar out of it. | ||
| And then Kinlay, after he was convicted, conveniently died in his home. | ||
| In Aspen, Colorado, if you believe any of that, he's probably basking in the Maui sun with Whitman Price and Haddad, his debt to society paid in full. | ||
| I mean, with this government, as corrupt as it is, there's no telling. | ||
| Remember, he later became Secretary of the Army? | ||
| Mr. White? | ||
| He was the head of operations on the West Coast for Enron. | ||
| And he would give the state legislature walkthroughs to the Enron Energy Trading Command Center. | ||
| Big computer screens running fake computer simulations, showing them energy trading going on. | ||
| There wasn't any energy trading going on. | ||
| It was fake. | ||
| They would just make up whatever numbers they wanted, and some days would bilk the Californian taxpayers for more than a billion dollars a day. | ||
| And that went on for several years. | ||
| It, of course, was a money-laundering operation for drug cartels and the CIA offshore. | ||
| And when they were done with it, they closed it up like an umbrella. | ||
| All the real assets had been moved out the back, and they just told the public there had been some mismanagement, and that's why hundreds of billions of dollars had just disappeared into a black hole. | ||
| Well, that's the same thing that's going on here, but every day, every day, There are events much bigger than Enron, and you'll hear the news say, and federal regulators say, who by the way all come out of these companies, they'll say, oh, there was some mismanagement, they did some things that probably weren't completely kosher, but nothing illegal's been done. | ||
| That's right, taking junk debt, That they knew when they sold it wasn't gonna be paid back, but they knew they were gonna actually cause the run on the securities. | ||
| That's part of the Ponzi scheme. | ||
| And selling it as solid gold, AAA-rated, government-backed securities. | ||
| Standing behind Fannie Mae and Freddie Mac. | ||
| And then, that's why you saw banks popping up like McDonald's all over the country. | ||
| I mean, here in Texas, I'm not exaggerating, By my house they built probably, I don't know, within a mile, ten banks two years ago. | ||
| Just banks everywhere. | ||
| Just banks with no customers. | ||
| You might see one car drive through every once in a while. | ||
| Just everywhere. | ||
| New subsidiaries, new names. | ||
| Thousands of new banks because they could take those assets, those securities, government backed, that means taxpayer backed, and go deposit it as a asset and then loan out 10 times more. | ||
| And then take the money from that bank and set up another bank and loan out 10 times more. | ||
| Or 9 to 1 if you want to get technical. | ||
| The fractional reserve banking here in the U.S. But then they, by the mid-90s, they just got rid of that and just said unlimited. | ||
| And then I found out about the IMF World Bank Plan, which wasn't hidden. | ||
| It was in the BBC News and other places to do that in the West and to leverage everything out and then implode it. | ||
| And then to actually have riots in the streets for food and water and Then bring in martial law and I said, man, this doesn't sound too good. | ||
| I better go on the radio and warn people. | ||
| And I got laughed at like I always do. | ||
| It's all real funny. | ||
| Drinking sodium fluoride, taking mercury shots, prisons popping up everywhere, cops in black uniforms with ski masks with no identification, cameras going up. | ||
| It's, you know, on every street corner, it's real funny. | ||
|
unidentified
|
Ha ha ha ha ha! | |
| It's real, all of it's real funny, isn't it? | ||
| I remember in 1998, I saw a blurb online put out by an industry publication about how Dell was going to move most of its factories to China. | ||
| So I walked up to Michael Dell at a Smart Growth Land Grab conference. | ||
| He was heading up here in Austin. | ||
| I said, well, I read you're going to move in the next five years most of your factories to China. | ||
| He just laughed at me and said, you're a liar. | ||
| And then just gave me the most devilish smile and just laughed at me. | ||
| It's a big joke. | ||
| Because he knows and the insiders know This nation was born to be butchered like a fat hog. | ||
| And then these delionaires, people that, you know, had Delstock and think they're rich, they call into my show and say, Dad, he's telling the truth, you're a liar, and we're an American company, and we're going to do great, and they're just arrogant, full of themselves, self-assured. | ||
| It's delusional. | ||
| I haven't walked around self-assured and delusional since I was about three years old, imagining that I was a superhero on the back porch on a sunny spring day, and then I had self-awareness suddenly happen, and I realized there's this giant world, a universe around me, I'm an individual, I don't really count unless I make myself count, and that it was embarrassing to be imagining that I was a superhero, jumping off the back steps. | ||
| These adults, though, folks, They are like three-year-olds that never woke up. | ||
| It's dress-up. | ||
| It's playland. | ||
| All these people going to the steakhouses and the golf courses with their heads up in the air and looking at each other, looking at each other's jewelry and just all into it. | ||
| And I'm not even saying things are bad, but the worshiping of it. | ||
| To the point of where you worship things so much, you buy into a fraudulent stock market system and you buy into a system that was designed to totally steal all of our real wealth and with leveraged Fiat currency make us from the richest surplus nation, greatest manufacturing, greatest patents, ideas, best universities, most informed, intelligent, dynamic people, to being what we are now. | ||
| People who bought into lies, bought into frauds. | ||
| There's been millions of lies. | ||
| We've all bought into them. | ||
| And now, we are in the slaughterhouse, being brought through the slaughter pens economically, and a lot of these bovine Two-legged cows don't even know they're in a slaughter pen. | ||
| They don't even know history. | ||
| They are still giggling and smirking and laughing. | ||
| And the sick thing about it is we could have turned this around at any time. | ||
| Now, you probably can't turn it around. | ||
| I mean, they're bringing down the gas-powered bolt. | ||
| Air-powered bolt. | ||
| Big ol' hammer to knock us right in the head. | ||
| Then hang us up by our hind legs and slit our throat, wait us out. | ||
| It's very painful to me to see this happening. | ||
| Very painful. | ||
| To see this happening and developing. | ||
| But this is what happens to decadent, evil countries of self-assured ne'er-do-wells. | ||
| The problem is there's a lot of good people in this nation A lot of people that have fought against this evil and corruption have been laughed at, and we don't deserve this. | ||
| We don't deserve this to happen to us. | ||
| But, c'est la vie, we'll see what happens. | ||
| This is from PrisonPlanet.com, Paul Watson, excellent analysis article. | ||
| You could read this story and get more than you'd get from reading 30 MSNBC stories or CNBC stories. | ||
| Run on the bank, Americans could lose their deposits. | ||
| You know it's bad when Yahoo.com features a story about fiscal Armageddon. | ||
| Well, so is CNN, so is CNBC. | ||
| You know things are bad when Yahoo, the most trafficked website in the world and usually a purveyor of mindless celebrity gossip, cooking tips and dating advice features a top story about how Americans could lose their bank deposits following the collapse of Lehman Brothers. | ||
| By the way, Goldman Sachs is about to go under today. | ||
| I mean, that's just what I mean. | ||
| This is a daily... | ||
| One of these could bring down an economy. | ||
| And it's every day another one falls. | ||
| I mean, this is the biggest bank robbery in world history. | ||
| And the media, again, nothing illegal's been done. | ||
| Nothing bad was done. | ||
| The banks are good. | ||
| It's slack-jawed citizens who went and lied on their applications. | ||
| They were told to do that. | ||
| The whole system was... | ||
| and that was only one small part of this. | ||
| This... that isn't what's bringing things down. | ||
| That's only two hundred million dollars. | ||
| It's the entire system was rigged. | ||
| And they've taken trillions of dollars and leveraged that out. | ||
| That's the problem. | ||
| But the public turns on their TV and... | ||
| and still tunes into the same Business news channels that have lied to them all these years and... | ||
| Tell me what to do now! | ||
| Tell me what to do now! | ||
| Barack Obama! | ||
| John McCain! | ||
| Save me! | ||
|
unidentified
|
Sarah Palin! | |
| Save me! | ||
| Run on the bank! | ||
| You know things are bad when you're on the most crowded website in the world and usually prepare a mindless celebrity gossip that writes a story about how Americans could lose their bank deposits following the collapse of Lehman Brothers. | ||
| For the internet giant to prominently report that there is already a slow-motion run on banks is indeed a landmark event. | ||
| That's what I called it, slow-motion run on banks about a year ago, and precludes even that it's a slow-motion Red Dawn. | ||
| But it's not Soviets taking over, it's NORTHCOM and the Pentagon eating America. | ||
| This is all being militarily run, with precision, bringing the economic structure down as they suck up the pieces. | ||
| And precludes even the most ignorant American from claiming they were not forewarned about the unfolding economic catastrophe. | ||
| I'm going to run through the economic news, then we're going to have Dr. Paul Craig Robertson and the Nobel Prize winner Joseph Stiglitz. | ||
| I'm Alex Jones. | ||
| Stay with me. | ||
| Today, unlike any other in the long course of American history, a terrorist act of war against this country. | ||
|
unidentified
|
The enemy struck America on September 11th. | |
| But who is the enemy? | ||
| Bin Laden. | ||
| This is his M.O. We have to look to the Middle East. | ||
| We have to look to Osama Bin Laden. | ||
| Fabled Enemies is the first 9-11 film to take a close look at the terrorist ties to intelligence networks inside the United States. | ||
| Some U.S. investigators believe that there are Israelis again very much engaged in spying in and on the U.S. I'm aware that some Israeli citizens have been detained. | ||
|
unidentified
|
Bin Laden's connections to the CIA, the hijackers'ties to the FBI, the Saudi Arabian connection, the Israeli Intelligence Network, Warnings and War Games, the shadow government, and much, much more. | |
| Either you are with us, or you are with the terrorists. | ||
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| The Midas Report You know, as a father and a husband, one of the enjoyable things in my life has been walking in at night and checking on my children, checking up on my wife, making sure she has the things she needs, but mostly providing for my family and knowing that they're secure, that they feel comfortable every day in their little skins. | ||
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| 570. 570. | ||
| In constant sorrow Through his day I am the man of constant sorrow I've seen trouble all my days I bid farewell | ||
| All right, so... | ||
| Mainstream media is saying, run on banks. | ||
| The article points out that although the Federal Deposit Insurance Corporation guarantees individual accounts up to $100,000, the FDIC not only has about $50 billion to insure, about $1 trillion in assets across the nation's financial Institutions. | ||
| One trillion in assets. | ||
| It's a lot more than that that's in trouble. | ||
| I mean it. | ||
| Fannie Mae and Freddie Mac, it's fifty-something trillion on the books and that's leveraged out thousands of trillions. | ||
| That's what these bankers did. | ||
| They just created out of nothing all this liquidity so they could buy the world up. | ||
| But now they want to fully implode the economy so they can buy up the pieces. | ||
| And NORTHCOM is there to make sure that happens. | ||
| God, our military totally turned against us. | ||
| Trained by all the TV and movies that we're the enemy. | ||
| God help us. | ||
| They trained the police that there's thousands of white Al-Qaeda everywhere about to attack, that white people are Al-Qaeda. | ||
| First, it's just those brown people and the racists get behind that and then, well, it's actually you. | ||
| When Americans realize the fact that banks are going to run out of money, the article nonchalantly states, a run on the banks will accelerate. | ||
| Warning comes from top economist Nouriel Roubini. | ||
| We've had him on. | ||
| I want to get him back on, of NYU Stern School of RGE Monitor, who correctly predicted the severity of the credit crunch. | ||
| He says there is already a slow-motion run on retail banks occurring nationwide. | ||
| He advises that people with accounts over $100,000 in value should at least spread them out among different firms. | ||
| The use of such inflammatory language like a run on the bank, especially for the most visited website on the entire planet, is a phenomenon, and other news websites, as well as financial advisors, have been cautious to use such terms in an effort to prevent panic. | ||
| For example, we read in today's Seattle Post intelligence, sir, that Sarah Hassan, an analyst with Seattle's McAdams-Wright Reagan, Inc., said she didn't even want to use the word run on a bank during an interview because these are very touchy times. | ||
| Other advisors are more upfront with their warnings. | ||
| First off, go ahead and make a run on your banks. | ||
| If you have money with a brokerage firm or a bank that is in trouble, get your money the heck out of there, writes Joe Ponzio. | ||
| In reality, I don't want to cause a run on banks, but I wouldn't prevent one by saying that everything is fine and that you shouldn't wait until it's too late. | ||
| Good God. | ||
| And it just goes on. | ||
| You ought to read the comments on it. | ||
| That's really what's interesting. | ||
| They're on PrisonPlanet.com. | ||
| Stocks slide at the open. | ||
| Markets follow the worst pounding in years with further declines. | ||
| 500 points yesterday. | ||
| Hundreds of more points today, up and down since then, as Goldman Sachs reports disappointments. | ||
| And then the disappointment is billions and billions in losses, which signal the other banks going under. | ||
| Oh boy. | ||
| Stocks slipped Tuesday morning as investors considered Goldman Sachs' mixed profit report at the latest Federal Reserve policy meeting after the previous session's brutal sell-off. | ||
| The Dow Jones Industrial Average, the Standard& Poor's 500 Index, and the Nasdaq Composite all declined in early going. | ||
| Goldman Sachs reported earnings of a third quarter which missed analysts' expectations for revenue. | ||
| It goes on. | ||
| The financial firm reported revenue of $6.4 billion, a net profit of $845 million, or $1.81 per share. | ||
| It goes on. | ||
| Among other early movers, Lehman shares inched higher. | ||
| The open trading Bank of America lost 5%. | ||
| Merrill Lynch inched higher as AIG lost under 65%. | ||
| Black Monday, Goldman's financial challenges pale when compared to other firms. | ||
| And it goes over what happened on Monday, 2001, on that Black Monday, September 17, 2001. | ||
| But that happened once! | ||
| It didn't happen every day. | ||
|
unidentified
|
It didn't happen every day. | |
| That's the difference. | ||
| Is that we have Fannie Mae and Freddie Mac. | ||
| Tens of trillions of dollars. | ||
| Leveraged out illegally. | ||
| And every other type of commodity and market and security you can imagine. | ||
| Their books are secret. | ||
| It's just wholesale stealing and fraud and crime. | ||
| We're going to talk to the former Wall Street Journal editor, former head of the Treasury, father of Reaganomics, Dr. Paul Craig Roberts on the other side. | ||
| Infowars.com is the website. | ||
|
unidentified
|
We're on the march. | |
| The empire's on the run. | ||
| Alex Jones and the GCN Radio Network. | ||
| Terror Storm, a history of government-sponsored terror. | ||
| Loose change, final cut. | ||
| Endgame, blueprint for global enslavement. | ||
| The truth story of the Bilderberg Group. | ||
| The late, great USA. | ||
| America, freedom to fascism. | ||
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|
unidentified
|
First, I get the best parking space at work. | |
| Tonight, I have a date with a very lovely Rachel. | ||
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| Yes, sir. | ||
| Attention, this is an extremely urgent self-reliant news bulletin. | ||
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| Crashing through the lies and disinformation. | ||
| It's Alex Jones, only on the GCN Radio Network. | ||
| We are seeing Enron-level collapses every day. | ||
| Fannie Mae, Freddie Mac going into receivership with the Treasury. | ||
| Dr. Roberts, former Wall Street Journal editor, head of policy, department of the Treasury, father of Reaganomics, Joseph Stiklitz, Nobel Prize winner in economics, joining us in the next hour, author of The Three Trillion Dollar War. | ||
| But Dr. Roberts said he didn't know if the Treasury would be able to even sustain this and not go bankrupt itself or not have the world see it as insolvent last week when he joined us when Fannie Mae and Freddie Mac got in so much trouble, and now we've seen all these other major brokerage firms in deep trouble. | ||
| Goldman Sachs now in trouble today. | ||
| Of course, everybody knows what happened yesterday with another major firm going under. | ||
| Bank of America buying another firm. | ||
| This is just really getting serious. | ||
| And to answer the question from last week, we have confirmed, it has been confirmed, the Treasury is backing the securities out of Fannie Mae and Freddie Mac that were sold, and so those are now government-backed, not just the bad mortgages and jumbo loans of above $500,000. | ||
| So for this one segment, we are joined by Dr. Paul Craig Roberts, author of, and the second edition just came out, The Tyranny of Good Intentions. | ||
| Thanks for coming on. | ||
| Dr. Roberts, where do you see things going here? | ||
| Well, Alex, there's been a lot of concentration in the financial sector. | ||
| It looks like the end of independent broker-dealers, and so we're moving into what Marx or Lenin or somebody would have called a financial monopoly. | ||
| capitalism this concentration is what it will take I guess to prevent this from unraveling happened was all of this in my opinion is consequence of too were deregulated to the point that | ||
| Capitalism. These independent broker-dealers like Goldman Sachs and Lehman Brothers, Bear Stearns, they did not have enough capitalization to back the risk that they assumed in these new deregulated financial instruments like subprime derivatives, collateral debt, obligations. | ||
| No one really knew what the value of these things were because the risk had never been analyzed. | ||
| And so they lacked the capitalization to sustain the risk. | ||
| And so they seem to be, for the most part, going out of business. | ||
| I don't know that it means anything other than just more concentration. | ||
| It's kind of like the deregulation of the airlines. | ||
| We've got fewer and fewer airlines. | ||
| A lot of deregulation happened when the pendulum swung against over-regulation and went too far in the other direction. | ||
| It became an ideology. | ||
| You know, the deregulation of electric power gave us Enron. | ||
| So I don't think it means the end of the world. | ||
| I think we have to have some Concerned that the Treasury's assumption of the Fannie Mae and Freddie Mac risk, since we don't really know what those risks are, that the Treasury could possibly impair its own credit standing. | ||
| It might no longer be seen as the safest government bond. | ||
| It may fall below any number of European countries or Japan. | ||
| And it's ranking, but I don't think it means necessarily the end of the United States. | ||
| The problems that we face that are more serious than this financial trouble that we're experiencing is the budget deficit and the trade deficit. | ||
| And these are pushed into the background. | ||
| They're kind of submerged because of the focus on the current issue. | ||
| There are the more serious problems, because how can you close a trade deficit, which could be approaching a trillion dollars a year, when you don't have factories, when you don't have anything to sell because you're offshoring, not just the manufactured goods, but also the tradable services, research, the development, the engineering. | ||
| Just recently, Duke University has issued a report that these high High value added services that were considered too proprietary, too much of the core business to be outsourced abroad are now being moved offshore. | ||
| So we don't just lose the tradable goods, we lose the tradable services. | ||
| So how do you close that deficit? | ||
| Well, even weapons development outfits aren't just building the cluster bombs and tanks and weapon systems offshore. | ||
| They are now, as you said, having different research and development done, even in, quote, enemy countries like, quote, Communist China. | ||
|
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Right. There's no reason for us to worry about that. | |
| In fact, it might be one way we can curtail the war-making proclivities of the Republicans. | ||
| Well, let me ask you this, Dr. Roberts. | ||
| Yeah. We're talking to a syndicated columnist, author, and of course he's an economist, a former head of policy department of the Treasury, Dr. Paul Kirk Roberts. | ||
| Doesn't it also increase the deficit to have the Treasury bailing out all these quote financial institutions? | ||
| Right. And then further devalue the dollar down the road? | ||
| That's right. | ||
| It increases The budget deficits. | ||
| We have the two deficits. | ||
| The trade deficits and the budget deficits. | ||
| So when the Treasury assumes these responsibilities, it's like the Congressional Budget Office said the other day that the revenues now of Fannie Mae and Freddie Mac should be included in the federal budget. | ||
| And their expenditures should be included. | ||
| Well, obviously, the expenditures are greater than the revenues. | ||
| That's why they had to be taken over. | ||
| So, yes, That will automatically increase the amount of money the Treasury has to borrow every year for the federal government to operate. | ||
| And that, of course, puts more pressure on the dollar. | ||
| At some point, the rest of the world, which is financing us, realizes that there are just too many dollar obligations for them to be good. | ||
| And when they stop buying the bonds, that's when reality hits Americans, and when it hits Washington. | ||
| Because then they realize, hey, you know, we've been dependent all this time on foreigners to operate the government on a daily basis, and we've abused that to such an extent, we've scared off the lenders! | ||
| And that's, those are the problems that are lurking that are far more serious. | ||
| Then the failure of Lehman Brothers or Merrill Lynch being bought by Micro America or whatever the remaining independent broker dealers who will possibly be pushed into being acquired by some commercial bank. | ||
| Apparently these big commercial banks, I don't really understand the mechanics of it. | ||
|
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I haven't had time to think about it. | |
| They feel that these big commercial banks are protected by so many deposits that they... | ||
| I don't quite know how the accounting works, but somehow this shields the investment parts from being undercapitalized. | ||
| So... When really what they're doing is infecting everybody's savings and pension funds right now by moving all of this Bad debt and all these dirty securities into Bank of America and others. | ||
| Well, Bank of America wouldn't have taken this if they didn't see it to be their advantage. | ||
| You know, sometimes the companies get... | ||
| Insolvency doesn't always mean the company doesn't have a future when things turn around. | ||
| It just means it can't last that long. | ||
| And that's Probably the case. | ||
| Well, it'd have to be pretty smart to know how all this would work out. | ||
| Whether it's engineered or not, it is leading to financial concentration. | ||
| Uh-huh, which is what the elite wants. | ||
| I mean, could you come up with a more dastardly plan? | ||
| If you tried to, to offshore our industry, to dumb our population down, to militarize our police, to then run us up to debts, that never before seen even in imperial Rome, and then to set up a domestic police state and have NORTHCOM over the people, and to have our new industry be prisons and military, I mean, that's really... | ||
| I mean, you talk about the greater threat being our trade deficit, and I agree with you, but even if everything fell apart tomorrow and we had a depression, If we had liberty and some free market system, we could build it back up, but if all we have is North Com and the prison system left, and a lazy population, I don't see us ever digging out of that. | ||
| I see us becoming a banana republic, Dr. Roberts. | ||
| Well, Alex, if I was this elite and I was that clever, I would rather be Taking the cream off the top of a highly prosperous and successful country. | ||
| I don't see how it would be my advantage to run it into the ground. | ||
| So, this I think is what's problematic about the elite wanting to destroy the country. | ||
| I can see that we want to have power and more control, but they certainly don't gain from creating a situation in which they can't borrow money. | ||
| Well, Alex, I don't think they planned to get everybody in debt. | ||
| What they did, they fooled themselves with free trade theory and faulted all shoring. | ||
| was free trade and that we would benefit. | ||
| And when they found out what they were really doing is killing consumer demand because people were losing the jobs and the income, then they said, oh, well, we can substitute low interest rates. | ||
| And a housing boom, if we drive up their housing prices, they'll be richer, they can refinance them, and spend the money. | ||
| And we'll have a service economy, and we'll call putting a hamburger together manufacturing. | ||
| So I think it's really just a low grade of fault rather than a supermind. | ||
| I mean, what is Homeland Security all about? | ||
| I mean, you've written a book about it. | ||
| You know it's martial law. | ||
| You know they're gearing up for it. | ||
| They admit they are. | ||
| Both parties are bought and paid for by the same interest. | ||
| I mean, what is all that for? | ||
| That question deserves far more attention than it gets. | ||
| It's obviously not about terrorists, which there aren't any. | ||
| And I would say that... | ||
| The police agencies never want to be accountable. | ||
| They never want accountability. | ||
| You know, years ago in New York we were trying to have police review boards and the police were fussing, the conservatives were fussing, this would make the police ineffectual and all that. | ||
| They don't like accountability and so they've always got some kind of legislation on hand It makes them less accountable and gives them more power, and they use whatever happens to advance that. | ||
| Because the Patriot Act, for example, was written long, long before 9-11, and even before anybody planned 9-11, because it was waiting for an opportunity. | ||
| So they always want to be unaccountable. | ||
| They don't like accountability. | ||
| No, that's right. | ||
| Viet Dinh and Ashcroft and Chertoff, they admittedly just bundled a lot of other laws they'd already tried to pass. | ||
| I mean, that's admitted, some of it written in the 80s, and just stuck it all together and then passed it. | ||
| That's right. | ||
| And of course, the law and order conservatives who think that crime is rampant, they always want the police to have more power and be less accountable. | ||
| So there's so many factors out there pushing for unaccountability that Just like on the economy. | ||
| So where do you see the economy going? | ||
| I mean, this looks like... | ||
| Well, that's another very important question. | ||
| You know, in the past, when we had a recession, we had a recession because the economy heated up, inflation moved up, the Fed cut down on the money supply, sales fell off, inventories built, firms laid off workers, and then when the recession set in, the Fed would switch gears and lower the interest rates again. | ||
| Get the credit out, and things would pick back up, and sales would pick up, and they would rehire the workers. | ||
| Well, that's not what we've got anymore. | ||
| The jobs are gone. | ||
| They're offshore. | ||
| The consumer is overloaded with debt. | ||
| Credit card debt, mortgage debt. | ||
| You can't get any more consumer demand out of debt expansion. | ||
|
unidentified
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They don't have any ability to bear any more debt. | |
| And the jobs are gone, so they can't pull those back with an anti-recessionary policy. | ||
| So the question is, what will cause the economy to pick up? | ||
| I think that that's an open question. | ||
| I don't know what... | ||
| And maybe that's why they want to start a World War threat. | ||
| Well, you know, since they have no way to finance the war except foreign borrowing, I don't know if the foreigners want us to Well, what about this? | ||
| They're not even talking about prosecuting anybody or even investigating to prosecute with all the scams that have been going on. | ||
| I mean, that's another dangerous sign right there. | ||
| Yes, I think it is. | ||
| And the fact that Cheney's lawyer... | ||
| Boyd, the signature of the Attorney General on a document that the Department of Justice would not approve. | ||
| You know, this is now... | ||
| And now it just came out. | ||
| Tens of millions of fines under Cheney's orders when he headed up Halliburton to Nigeria and nothing happens. | ||
| It comes out in major papers. | ||
| I mean, exactly. | ||
| It's like corruption is just running rampant. | ||
| There's a lack of any kind of accountability. | ||
| And this is an extremely serious problem for the social and political order, for the legal order. | ||
| It's like the laws just are not applied. | ||
| They're not enforced. | ||
| And it's very difficult to describe a socio-political system that doesn't apply its own laws. | ||
| It's a kleptocracy. | ||
| It's a selectively enforced system. | ||
| Cleptocracy, where the elite are above the law, but then write unconstitutional laws for we the people. | ||
| Well, you see, not all the elite above. | ||
| I mean, Lehman Brothers has to be the elite, and they're going down the tube. | ||
| Merrill Lynch is the most famous brokerage firm in the world, and they had to become part of a commercial bank. | ||
| So it's just difficult to understand, other than the American people don't seem to have any real awareness of what is transpiring and of the risk to the kind of social economic system they live in and to them personally. | ||
| And so it seems like what we are witnessing is a dissolution. | ||
| A mass mental illness. | ||
| Stay there, stay there. | ||
| We've got a break. | ||
| Stay there for one second. | ||
| I want to say bye to you during the break. | ||
| Today, unlike any other in the long course of American history, a terrorist act of war against this country. | ||
|
unidentified
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The enemy struck America on September 11th. | |
| But who is the enemy? | ||
| Bin Laden. | ||
| This is his M.O. We have to look to the Middle East. | ||
| We have to look to Osama Bin Laden. | ||
| Fabled Enemies is the first 9-11 film to take a close look at the terrorist ties to intelligence networks inside the United States. | ||
| Some U.S. investigators believe that there are Israelis again very much engaged in spying in and on the U.S. I'm aware that some Israeli citizens have been detained. | ||
|
unidentified
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Bin Laden's connections to the CIA, the hijackers'ties to the FBI, the Saudi Arabian connection, the Israeli Intelligence Network, Warnings and War Games, the shadow government, and much, much more. | |
| Either you are with us or you are with the terrorists. | ||
| Do you want to pay for the government bailout of Fannie Mae and Freddie Mac? | ||
| You may have no choice. | ||
| Obviously, taxpayers are on the hook for over $6 trillion. | ||
| That's right, trillion dollars in mortgages held by these two corporations. | ||
| The part that most people don't realize is that this bailout can have significant adverse effects on their 401ks and IRAs. | ||
| Unless you're planning to help pay for this bailout with your personal retirement funds, you need to act now. | ||
| The solution is to fund a self-directed IRA with gold and silver. | ||
| Put your retirement money beyond the reach of government financiers today by calling 1-866-323-5665. | ||
| SafeGrow IRAs are just a phone call away. | ||
| That's 1-866-323-5665. | ||
| Microgym and Midas resources can help you protect your retirement nest egg. | ||
| Get informed and ask for our free report on the unseen fallout of the Fannie Freddie rescue. | ||
| Call 1-866-323-5665. | ||
| Every week, thousands of violent crimes are committed. | ||
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| going to finish up Dr. Roberts' comment, and then we've got Joseph Stiglitz coming up, Nobel Prize winner for economics. | ||
| He's been forecasting what we're now We're getting to see happen, basically saying a lot of the same things Dr. Roberts is saying. | ||
| They have different theories about how to implement things. | ||
| They both agree on unaccountability. | ||
| Corruption is the source of it. | ||
| And during the break, we were talking to Dr. Roberts about, I was saying, what's the felt? | ||
| Where does all this flow? | ||
| And you were saying hubris, arrogance, just delusional megalomania, I guess. | ||
| And I agree with you, the greater threat is just the basic unaccountability by the system itself and a kind of Delusion! | ||
| So, finishing up your statement. | ||
| Yes, that's right. | ||
| It's ignorance and hubris. | ||
| It's true of the investment banks, for example. | ||
| I mean, there's no accountability there. | ||
| They took shameless risks. | ||
| No institution with integrity would have taken those kinds of risks. | ||
|
unidentified
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driven. | |
| Government would take the kind of risk with its finances or its diplomacy as the United States government has taken the last eight years. | ||
| And the fact that the law is not applied shows a complete lack of legal accountability. | ||
| I mean, where are the bar associations? | ||
|
unidentified
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Where are the law schools? | |
| Why aren't justices speaking out? | ||
| Where are the Judiciary Committees of Congress? | ||
| There's just no accountability. | ||
| The whole idea seems to be, oh, well, we have to deal with terrorists. | ||
| How can we be accountable? | ||
| Oh, if we don't improve our bottom line, shareholders will bring suits, or some takeover artist will show up on the doorstep. | ||
| There's just the total lack of accountability Well, it's the same thing that we've seen over and over again throughout history, just magnified in our current situation. | ||
| I mean, take the surge. | ||
| The surge, admittedly, was tens of billions of dollars of $100 bills on pallets paid off of the warlords, and then it's come out in the news. | ||
| I reported it two years before it was in the news that they give privates $30,000 But that's to corrupt them. | ||
| They give colonels a hundred thousand, they give millions to generals, and then they kill all these army inspectors and people looking into corruption. | ||
| I mean, this is... | ||
| It's like General Amazade when he threatened General Togumbu in the car, saying, you're being investigated. | ||
| And Togumbu, investigating Abu Ghraib, said, it was then I realized I wasn't in the army anymore, I was in the mafia. | ||
| Good report. | ||
| Yes, I think you're... | ||
| You're right to be suspicious, and it's a good thing that you report these things, otherwise people simply will not know about them. | ||
| So, just to sum up briefly, this is a financial mess, but the real mess is submerged, and that's the two ongoing deficits, the budget and trade deficits. | ||
| What ways do they have of closing them? | ||
| Clear they have any at all. | ||
| I suspect that when the next dollar crisis hits and they start having trouble selling their bonds, financing the government, that they will make a run at private pensions. | ||
| They will simply say, as my successor in the Treasury, a Clinton appointee, said, That the build-up of private pensions is tax-free, and therefore there should be a capital levy on the private pensions to make up for the tax-free build-up. | ||
| In other words, the government should go in and recoup the tax-free build-up in the pensions with a capital levy. | ||
| Amazing. We're out of time, Dr. Roberts. | ||
|
unidentified
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Thank you. | |
| Thank you for listening to GCN. | ||
| Visit GCNlive.com today. | ||
| On September 11, 2001, along with hundreds of my fellow troops, I went to Ground Zero and we knew what to do. | ||
| Or at least we thought we did. | ||
| Truth Rising is a breakthrough 9-11 film that finally gives first responders a platform to tell their story. | ||
|
unidentified
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Whitman, EPA director on the 18th, made a statement. | |
| That the air was safe to breathe. | ||
| This film follows the growing momentum of 9-11 Truth as brave souls throughout the world take action against their global masters. | ||
| He had his hand over the radio while he was getting a countdown. | ||
| He takes his hand off and you hear 3, 2, 1, and it was boom, boom, boom, boom, boom! | ||
| This is an emergency transmission worldwide. | ||
| Download Truth Rising at PrisonPlanet.tv and aggressively spread it worldwide. | ||
| Or order the DVD at If we don't expose the government-sponsored terror, they're going to commit more acts and bring in martial law. | ||
|
unidentified
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Waging war on corruption. | |
| Alex Jones on the GCN Radio Network. | ||
| Alex Jones on the GCN Radio Network. | ||
| Big Brother. | ||
| Mainstream media. | ||
| Government cover-ups. | ||
| You want answers? | ||
| Well, so does he. | ||
| He's Alex Jones on the GCN Radio Network. | ||
| And now, live from Austin, Texas, Alex Jones. | ||
| Look, I've got to say, it could have been It's been a lot worse. | ||
| A lot of people would say in a scenario where you have several banks. | ||
| People would have said you get a thousand, you get more. | ||
| The fact is, it seems relatively well-contained. | ||
| Let's see. | ||
| Bill Gross is with us now, Chief Investment Officer of PIMCO. | ||
| Bill, what do you think the right way to look at this is? | ||
| The market is afraid or, wow, you know what? | ||
| If you have a bank no one expected to go out of business and get bought this weekend, another bank declared Chapter 11 and the world's largest insurer Trying to get a Fed lifeline. | ||
| Things are pretty good considering. | ||
| Well, I suppose in terms of the stock market, you know, investors are afraid, Erin, but I think in addition there's a technical situation, a technical unwind that's associated with claimant. | ||
| It's primarily in the credit markets, but it flows through to the stock markets, and that is that credit default swaps and interest rate swaps that were Thank you for having me. | ||
| and had positions with Lehman, and that includes the street, that includes Goldman Sachs and Merrill Lynch, and includes PIMCO, now are scrambling to re-initiate those positions, and it produces Lots of volatility, lots of uncertainty and technical positions that need to be unwound. | ||
| Do you have clarity at PIMCO right now about what your potential losses might be? | ||
| Who the counterparties are? | ||
| I mean, do you know or are you still trying to figure it out? | ||
| No, we know exactly who our counterparties are. | ||
| We know exactly how much we have on with Lehman. | ||
| We came in over the weekend and determined that. |
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