Odds and Ends in America
May 31, 2010
From The International Forecaster (Bob Chapman),
To help us understand exactly what's going on, and why debt loads that have been growing for years have suddenly become market-melting issue, I turned this week to Satyajit Das, an independent crecit analyst in Australia. Though his vantage point is half a world away, Das is frequently sought out as a consultant by central bankers, government officials and fund managers for his unconflictted insights and his unusually clear explanation of dense pathways of debt and its derivatives....
He suggests we not be fooled by recent earnings reports or government stats, pointing to U.S. bank earnings as especially inaccurate. JP Morgan has a balance sheet of $1 trillion and can borrow at essentially zero, he notes. So if they just go out and buy 10-year bonds at 3% they should be able to earn $30 billion a year. Yet the bank announced a profit of $3.3 billion last quarter.
"What does that tell you? It says they are losing money on everything else." Das says, "Strip out the gifts, and it's a big net loss."
In my view, there is another possible explanation for the meager profits at JP Morgan. They may simply be putting the real profits on their other set of books in overseas accounts in order to make the executives rich while dribbling out a small portion of profits to their shareholders.
Another item of interest involves the new War Between the States and the Federal Government.
Barack Hussein Obama had served 14-State Governors in the United States, National Security
Letters (NSLs) warning that the Governor’s actions in attempting to form “State Defense Forces” needs to be halted “immediately” or they will face arrest for the crime of treason.
Obama is angered by the several State Governors who have reestablished “State Defense Forces.” These forces are described as: “State Defense Forces (also known as State Guards, State Military Reserves, State Militias) in the United States are military units that operate under the sole authority of a state government; they are not regulated by the National Guard Bureau
nor are they part of the Army National Guard of the United States.
State Defense Forces are authorized by state and federal law and are under the command of the governor of each state. State Defense Forces are distinct from their state’s National Guard in that they cannot become federal entities....”
Mr. Obama is fearful of these State Defense Forces, in that he does not have control of said forces, and with the U.S. Military stretched to near breaking from multiple deployments and theatre actions in Iraq and Afghanistan, these State military forces would be under the direct command and authority of the Governors in which states have said forces. In essence, the Governors would have “de facto control” of the United States.
The two Governors leading this move are: Tim Pawlenty, Governor of Minnesota; and Rick Perry, Governor of Texas.
Governor Perry has declared that Obama is punishing his State of Texas by dumping tens-of-thousands of illegal Mexican immigrants into the cities and small towns of Texas. Governor Perry further recently stated: “If Barack Obama’s Washington doesn’t stop being so oppressive, Texans might feel compelled to renounce their American citizenry and secede from the union.”
It looks like there is now open talk of revolt. Keep in mind that Texas joined the Union only with the provision that it could leave at any time. Each year the Texas legislature votes on whether or not to remain part of the United States for another year.
I suspect that all of this conflict is going to make these 14 governors (and others) look more closely at the Restore America Plan, which has legally re-established the original America as of last March. If these groups join forces, it will produce a showdown between the Delaware corporation called The United States of America and the original, organic Republic called the united States of America. (Note that "u" is not capitalized in the original nation.)