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Election Season 2014

And it has brought us to this trainwreck called ObamaCare and we have bankrupted our kids and grandkids!

We are now headed into the 2014 Election Season and common sense and conservatism are on the rise. Please stand-up and be counted!

Reading Collusion: How the Media Stole the 2012 Election is a great place to start!

The Founding Father's Real Reason for the Second Amendment

And remember the words of Thomas Jefferson "The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government." See Video of Suzanna Gratia-Hupp’s Congressional Testimony: What the Second Amendment is REALLY For, below (u-tube HERE).

The Leaders Are Here... Palin, Cruz, Lee, Paul, Chaffetz....

T'S A WONDERFUL LIFE

Can You Really Still Believe That None of These People Would Have Done a Better Job???

Bloggers' Rights at EFF

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Thursday, November 17, 2011

Greg Palast: Vulture’s Picnic

The older you get the more you realize how often things are connected and how sometimes things that you thought were at opposite ends of the spectrum actually come full circle and intersect. Such is the case here… see side story at the bottom.

Video: Greg Palast "I Do Investigative Reporting! I Don't Think It's Legal Under Patriot Act 4 In The U.S."

Lazy Ouzo-Swilling, Olive-Pit Spitting Greeks
Or, How Goldman Sacked Greece

Here's what we're told:

Greece's economy blew apart because a bunch of olive-spitting, ouzo-guzzling, lazy-ass Greeks refuse to put in a full day's work, retire while they're still teenagers, pocket pensions fit for a pasha; and they've gone on a social-services spending spree using borrowed money. Now that the bill has come due and the Greeks have to pay with higher taxes and cuts in their big fat welfare state, they run riot, screaming in the streets, busting windows and burning banks.

I don't buy it.  I don't buy it because of the document in my hand marked, "RESTRICTED DISTRIBUTION."

I'll cut to the indictment:  Greece is a crime scene.  The people are victims of a fraud, a scam, a hustle and a flim-flam.   And––cover the children's ears when I say this––a bank named Goldman Sachs is holding the smoking gun.

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This is an adaptation of an excerpt from Vultures' Picnic, Greg Palast's new book, out next week, an investigator's pursuit of petroleum pigs, power pirates and high-finance fraudsters. Read the first chapter or just get the book here.

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In 2002, Goldman Sachs secretly bought up €2.3 billion in Greek government debt, converted it all into yen and dollars, then immediately sold it back to Greece.

Goldman took a huge loss on the trade.

Is Goldman that stupid?

Goldman is stupid—like a fox. The deal was a con, with Goldman making up a phony-baloney exchange rate for the transaction.   Why?

Goldman had cut a secret deal with the Greek government in power then.  Their game:  to conceal a massive budget deficit.  Goldman's fake loss was the Greek government's fake gain.

Goldman would get repayment of its “loss” from the government at loan-shark rates.

The point is, through this crazy and costly legerdemain, Greece's right-wing free-market government was able to pretend its deficits never exceeded 3 percent of GDP.

Cool. Fraudulent but cool.

But flim-flam isn’t cheap these days: On top of murderous interest payments, Goldman charged the Greeks over a quarter billion dollars in fees.

When the new Socialist government of George Papandreou came into office, they opened up the books and Goldman's bats flew out.  Investors' went berserk, demanding monster interest rates to lend more money to roll over this debt.

Greece's panicked bondholders rushed to buy insurance against the nation going bankrupt.  The price of the bond-bust insurance, called a credit default swap (or CDS), also shot through the roof.  Who made a big pile selling the CDS insurance?  Goldman.

And those rotting bags of CDS's sold by Goldman and others? Didn't they know they were handing their customers gold-painted turds?

That's Goldman's specialty.  In 2007, at the same time banks were selling suspect CDS's and CDOs (packaged sub-prime mortgage securities), Goldman held a “net short” position against these securities. That is, Goldman was betting their financial "products" would end up in the toilet. Goldman picked up another half a billion dollars on their "net short" scam.

But, instead of cuffing Goldman's CEO Lloyd Blankfein and parading him in a cage through the streets of Athens, we have the victims of the frauds, the Greek people, blamed.  Blamed and soaked for the cost of it.  The "spread" on Greek bonds (the term used for the risk premium paid on Greece's corrupted debt) has now risen to — get ready for this––$14,000 per family per year.

Euro-nation, the secret Geithner memo, and the Ecuador connection

Why did the Greek government throw its nation's fate into Goldman's greasy hands?  What the heck was in the "RESTRICTED" document? And why did I have to take it to Geneva, to throw it down in front of the Director-General of the WTO for authentication, a creepy French banker I otherwise wouldn't bother to spit on, and then tear off to Quito to share it with the grateful President of Ecuador?

To give you all the answers would require me to write a book.  I have:  Vultures' Picnic––in Pursuit of Petroleum Pigs, Power Pirates and High-Finance Fraudsters.

It's really quite important to me that you read it, that you get it now.  That's a funny statement, I suppose, from an author.  But if you've been reading my stories in The Guardian or watching my reports on BBC Newsnight, you've gotten the facts; but I really want to let you inside the investigations, to cross the continents with me and follow down the leads so that you can get a full picture of The Beasts.  The Beasts and their trophy wives, intelligence agency go-fers, political concubines and bone-breakers.  And besides, it's enormous fun when it's not scary as sh*t.

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Here's a taste of Chapter 12 - The Generalissimo of Globalization - from the film-enhanced eBook edition.  [And more on the 1% Greece-ing us, check out the upcoming issue of In These Times.]

VIDEO:  Vultures' Picnic - Chapter 12 - The Generalissimo of Globalization

Note:  I will be in Chicago for In These Times on November 29, part of our 15 city tour that begins this coming Sunday, November 13, in Portland, then moves to San Francisco, LA, San Diego, Denver, Boulder, New Mexico, Albuquerque, Chicago, Madison, New York, DC, Houston, Burlington, and Atlanta. Find out more info here.

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Greg Palast is the author of Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates and High-Finance Carnivores, which will be released on November 14 by Penguin USA.

Greg Palast just wrote Vultures' Picnic

Video:  Vulture's Picnic, 1% Vultures Praying on 99% Greg Palast Interview

Related: 

Video: UKIP Nigel Farage – How dare you tell the Italian and Greek People Wath to do!!!  - Nov 2011

Out of the blue I received information from a friend on Greg Palast’s new book:  Vultures' Picnic 

In 1970 two politically active kids were Presidents of their high school classes in Southern California.  Both went through the next 40+ years of their lives involved in writing, photography and political activism… one a progressive and the other a tea party type.  One is Greg Palast and the other is the writer of this was well as several other blogs, Marion Algier.

Amazing how two people, coming from the same high school with opposite points of view can come full circle and actually find some common ground…  agreeing on fraud, corporate greed, inept and corrupt government, banksters and the list surely goes on, while still disagreeing on so much. And fun to look back!

Class Presidents

Poly Class Presidents 1970  - Left:  Greg  and Middle: Marion

By Marion Algier

Ask Marion~  -  h/t to Jean Stoner

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