Big Lie

Dzhokar Tsarnaev’s Throat Wound: Another Government Lie Bites the Dust

"In May, the story changed. It was said Tsarnaev didn’t have a bullet wound in his throat, but was cut. CNN later edited out the comment about the throat wound made by police. Now we have a photo of Tsarnaev allegedly surrendering. It was taken by a Massachusetts State Police photographer. Note the absence of a throat wound in the photo. Finally, according to a former wrestling teammate interviewed by the Boston Globe, the man [pleading not guilty] in court 'didn’t look like' Tsarnaev. Moreover, the man brought into court had a thick accent and Tsarnaev does not." Continue reading →

Continue ReadingDzhokar Tsarnaev’s Throat Wound: Another Government Lie Bites the Dust

German Intelligence Worked Closely with NSA on Data Surveillance

"Chancellor Angela Merkel has repeatedly said she knew nothing about American surveillance activities in Germany. But documents show that German intelligence cooperates closely with the NSA and even uses spy software provided by the US. The shift to a more offensive German security policy began in 2007. Since then, there have been 'regular US-German analytic exchanges and closer cooperation in tracking both German and non-German extremist targets.' The German foreign intelligence agency went even further in its effort to please the Americans, 'working to influence the German government to relax interpretation of the privacy laws'." Continue reading →

Continue ReadingGerman Intelligence Worked Closely with NSA on Data Surveillance

Leaked Pakistani report confirms high civilian death toll in CIA drone strikes

"A secret document obtained by the Bureau reveals for the first time the Pakistan government’s internal assessment of dozens of drone strikes, and shows scores of civilian casualties. At least 147 of the dead are clearly stated to be civilian victims, 94 of those are said to be children. The numbers recorded are much higher than those provided by the US administration, which continues to insist that no more than 50 to 60 ‘non-combatants’ have been killed by the CIA across the entire nine years of Pakistan bombings. New CIA director John Brennan has described claims to the contrary as ‘intentional misrepresentations‘." Continue reading →

Continue ReadingLeaked Pakistani report confirms high civilian death toll in CIA drone strikes

Former CIA Officer Philip Giraldi: ‘Edward Snowden Is No Traitor’

"Even accepting the somewhat fast and loose standard for being at war, it is difficult to discern where Snowden has been supporting the al-Qaeda and 'associated groups' enemy. Snowden has had no contact with al-Qaeda and he has not provided them with any classified information. Nor has he ever spoken up on their behalf, given them advice, or supported in any way their activities directed against the United States. The fallback argument that Snowden has alerted terrorists to the fact that Washington is able to read their emails and listen in on their phone conversations—enabling them to change their methods of communication—is hardly worth considering." Continue reading →

Continue ReadingFormer CIA Officer Philip Giraldi: ‘Edward Snowden Is No Traitor’

Detroit’s City Pensioners Finally Figure It Out After 40 Years: No Pensions.

"Fiscal conservatives have said for years that this was inevitable. We were dismissed as crackpots. The red ink could flow forever, we were told. 'No problem!' They say the same thing today about the federal government. The suckers line up for jobs with the federal government, with its fat pensions and unfunded liabilities. The result will be the same: default. Cities can do what individuals do: run up large bills, and then declare bankruptcy. The voters will shrug off 20,000 pensioners who lived in a fantasy world all their lives. They are no longer politically viable. They are merely a tiny voting bloc that has no money to give to campaigns." Continue reading →

Continue ReadingDetroit’s City Pensioners Finally Figure It Out After 40 Years: No Pensions.

Public Sector Pensions Are a National Issue

"Paul Krugman and Dean Baker took the Washington Post editorial page to task yesterday for stating that unfunded state and local pension liabilities amounted to $3.8 trillion. They accuse the page of misquoting a study in which the total was cited as only $1 trillion. Currently, standard practice measures the funding status of public pensions in the US under the laughable assumption that every dollar in the pension funds will earn compound returns of 7.75% or 8% per year. That’s the basis for the $1 trillion in unfunded liabilities. If unfunded liabilities are $1.0 trillion under an 8% rate, then they are $3.4 trillion unfunded under a 4% rate." Continue reading →

Continue ReadingPublic Sector Pensions Are a National Issue

Public Sector Pensions Are a National Issue

"Paul Krugman and Dean Baker took the Washington Post editorial page to task yesterday for stating that unfunded state and local pension liabilities amounted to $3.8 trillion. They accuse the page of misquoting a study in which the total was cited as only $1 trillion. Currently, standard practice measures the funding status of public pensions in the US under the laughable assumption that every dollar in the pension funds will earn compound returns of 7.75% or 8% per year. That’s the basis for the $1 trillion in unfunded liabilities. If unfunded liabilities are $1.0 trillion under an 8% rate, then they are $3.4 trillion unfunded under a 4% rate." Continue reading →

Continue ReadingPublic Sector Pensions Are a National Issue

Europe Continues to Circle the Drain

"Where is the austerity? The cuts Keynesians are complaining about are mere reductions in increase. 'Despite austerity rhetoric,' wrote Frank Karsten, 'government debts keep rising in most democratic countries. ‘Austerity’ is a code word for ‘spending less than we had wanted, but more than in the past.’ In the end, they wind up raising taxes, rather than lowering expenditures to cut deficits.' As we reported last week, central banks around the world continue to cut their euro holdings for the third straight year. The Old World’s scrip now accounts for only 23.3% of foreign reserve holdings. If central banks are wary of euros… you should be as well." Continue reading →

Continue ReadingEurope Continues to Circle the Drain

Europe Continues to Circle the Drain

"Where is the austerity? The cuts Keynesians are complaining about are mere reductions in increase. 'Despite austerity rhetoric,' wrote Frank Karsten, 'government debts keep rising in most democratic countries. ‘Austerity’ is a code word for ‘spending less than we had wanted, but more than in the past.’ In the end, they wind up raising taxes, rather than lowering expenditures to cut deficits.' As we reported last week, central banks around the world continue to cut their euro holdings for the third straight year. The Old World’s scrip now accounts for only 23.3% of foreign reserve holdings. If central banks are wary of euros… you should be as well." Continue reading →

Continue ReadingEurope Continues to Circle the Drain

Bill Bonner: Can a credit system last in the modern world?

"When you have a system based on credit rather than bullion deals are never completely done. Instead, everything depends on the good faith and good judgment of counterparties - including everybody's Number One counterparty: the US government. Its bills, notes, and bonds are the foundation of the money system. But they are nothing more than promises. A credit system cannot last in the modern world. Because as the volume of credits rise the creditworthiness of the issuers declines. The more they owe the less able they are to pay. As time goes by, the web of credit spins out in all directions, entangling not just the present, but the future too." Continue reading →

Continue ReadingBill Bonner: Can a credit system last in the modern world?