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Hosea 4:6 My people are destroyed for lack of knowledge…

Archive for February 2nd, 2009

Allstate’s Catastrophe Bonds Face ‘Imminent’ Default

Posted by truthpills on 2009/02/02

By Neil Unmack and Oliver Suess

Feb. 2 (Bloomberg) — A catastrophe bond sold by Allstate Corp. faces “imminent” default following the collapse of Lehman Brothers Holdings Inc., Standard & Poor’s said. It would be only the second such security to fail in a decade.

New York-based S&P downgraded $250 million of debt sold by Allstate’s Willow Re Ltd. to D, the lowest grade, from CC, according to a Jan. 30 statement. Northbrook, Illinois-based Allstate sold the bonds in 2007 to protect against losses caused by U.S. hurricanes.

“The issuer has notified Standard & Poor’s that it will not have sufficient funds to make the scheduled interest payment,” S&P analyst Gary Martucci in New York wrote in the statement.

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The Next Catastrophe: Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode.

Posted by truthpills on 2009/02/02

Funds worth trillions of dollars start to plummet in value. Political pressure to be “socially responsible” distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered their retirements safely protectedwake up to a sinking feeling of uncertainty and gloom.

Sound like the great mortgage-fueled financial crisis of 2008? Sure. But it also describes a calamity likely to hit as soon as 2009. State, local, and private pension plans covering millions of government employees and union workers with “defined benefit” accounts are teetering on the brink of implosion, victims of both a sinking stock market and investment strategies influenced by political considerations.

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Is It Time to Bail Out of the US?

Posted by truthpills on 2009/02/02

Is It Time to Bail Out of the US?

By Paul Craig Roberts

January 28, 2009 “Information Clearinghouse — California State Controller John Chiang announced on January 26 that California’s bills exceed its tax revenues and credit line and that the state is going to print its own money known as IOUs. The template is already designed.

Instead of receiving their state tax refunds in dollars, California residents will receive IOUs. Student aid and payments to disabled and needy will also come in the form of IOUs. California is negotiating with banks to get them to accept the IOUs as deposits.

California is often identified as the world’s eighth largest economy, and it is broke.

A person might think that California’s plight would introduce some realism into Washington, DC, but it has not. President Obama is taking steps to intensify the war in Afghanistan and, perhaps, to expand it to Pakistan.

Obama has retained the Republican warmongers in the Pentagon, and the US continues to illegally bomb Pakistan and to murder its civilians. At the World Economic Forum at Davos this week, Pakistan’s prime minister, Y. R. Gilani, said that the American attacks on Pakistan are counterproductive and done without Pakistan’s permission. In an interview with CNN, Gilani said: “I want to put on record that we do not have any agreement between the government of the United States and the government of Pakistan.”

How long before Washington will be printing money?

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Bill, H.R. 645, creates detention camps in U.S. for ’emergencies’

Posted by truthpills on 2009/02/02

By Jerome R. Corsi
© 2009 WorldNetDaily

Rep. Alcee L. Hastings, D-Fla., has introduced to the House of Representatives a new bill, H.R. 645, calling for the secretary of homeland security to establish no fewer than six national emergency centers for corralling civilians on military installations.

The proposed bill, which has received little mainstream media attention, appears designed to create the type of detention center that those concerned about use of the military in domestic affairs fear could be used as concentration camps for political dissidents, such as occurred in Nazi Germany.

Heed the warning of a former Hitler Youth who sees America on the same path as pre-Nazi Germany in “Defeating the Totalitarian Lie” from WND Books!

The bill also appears to expand the president’s emergency power, much as the executive order signed by President Bush on May 9, 2007, that, as WND reported, gave the president the authority to declare an emergency and take over the direction of all federal, state, local, territorial and tribal governments without even consulting Congress.

As WND also reported, DHS has awarded a $385 million contract to Houston-based KBR, Halliburton’s former engineering and construction subsidiary, to build temporary detention centers on an “as-needed” basis in national emergency situations.

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Posted in Police State, Uncategorized | Tagged: , , | 4 Comments »