‘Queen Of Canada’ Silent On Hydraulic Fracturing.

English: Elsipogtog (Big Cove) Health Centre, ...
English: Elsipogtog (Big Cove) Health Centre, Elsipogtog First Nation, New Brunswick (Photo credit: Wikipedia)

Posted December 31, 2013

by Jerry Alatalo

Queen Elizabeth has been mum on what is occurring in her nation of Canada surrounding fracking. Perhaps someone can help me out here. Are reports true that the queen and the “royal” family own Canada? I realize it is a whopper of a question, and perhaps totally naïve, but I would be interested to know if it was possible that a family in 2014 can own an entire nation.

Having written a few articles on hydraulic fracturing I decided to find out what has gone on in Canada recently. The following 25-minute video report was produced by Al Jazeera English, and evidently the mini-documentary was blocked/censored for viewing by Americans. It is an excellent work of investigative journalism. Canada, like many nations around the world, has begun to accelerate fracking operations. There have been many controversies over the practice, including the so-called “Cheney” law, which protects fracking companies from being sued for certain environmental damages their operations produce.

The essential argument against fracking is about contamination of drinking water supplies. In the fracking debate of Canada during the past few weeks First Nation people have protested vigorously to stop fracking, so there is a battle of life philosophies at the heart of the conflict. On one side are corporations who stand to profit from fracking, and on the other are Native people and others who believe that water is essential to life.

What complicates things in Canada is the question of whether or not the Canadian government has properly consulted with Canada’s indigenous people before moving forward. According to the indigenous people, treaties signed hundreds of years ago contain language that requires a cooperative effort when it comes to actions which will possibly ruin land or water – language they claim still applies today in 2014.

Because there is a feeling that the provincial government in Canada where fracking may begin did not fulfill treaty language, that the government did not contact and consult with indigenous leaders, the response has been protest, blockage of highways, and skirmishes. The situation has gained international attention, especially by people in nations where similar controversies over fracking exist. In Elsipogtog, New Brunswick, Canada it is yet unknown whether fracking will occur or not.

In New Brunswick, Canada and nations around the world democracy is on trial when it comes to hydraulic fracturing. At stake is the power of citizens to organize their land and world in ways that they want, without a handful of powerful and wealthy people vetoing that people power.

If anyone reading this runs into Queen Elizabeth – the ‘Queen of Canada’ – please ask her to offer her wisdom to resolve this fracking debate in Canada in a way which will guarantee the greatest health and well-being of all the people of Canada. Surely she must possess the wisdom to suggest the highest, noblest solution to this difference of opinion. Only persons who possess the greatest wisdom in the land rise to become “royalty”.

Right?…

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(Thanks to Courtney Harrop @ YouTube)

Ms. Yellen: How About Quantitative Easing For The People?

The Federal Reserve: The Biggest Scam In History
The Federal Reserve: The Biggest Scam In History (Photo credit: CityGypsy11)

Posted December 30, 2013

by Jerry Alatalo

Economics is a field that many find very confusing – myself included. Professor Steve Keen, who lectured at the University of West Sydney, Australia, considers himself from the economic school of Modern Monetary Theory (MMT). Let me say first that I haven’t spent much time (yet) researching MMT, but with the few MMT economists I have listened to in interviews, speeches, etc., I have come to agree with their ideas. With regard to Professor Keen, in a separate interview he mentioned his wish that Professor Bill Black had been in charge of investigation and prosecution of financial crimes in the 2007-present crisis – instead of the 1980’s Savings and Loan scandals where Mr. Black was one of the lead investigators.

For the sole reason that he admires Bill Black, Professor Keen from that point became one of my favorite economists and a man who I will spend a lot of time listening to. Mr. Keen’s view is that it is private debt, not public debt, that is the real problem in the USA, Europe, and other nations. Private debt includes mortgages, credit cards, student loans, and transactions of the so-called shadow banking system – financial corporations not subject to regulations like traditional banks. You will understand the shadow banking system is running wild when you understand the supposedly “regulated” banks have run virtually wild since repeal of the Glass-Steagall Act in 1999.

The Federal Reserve began quantitative easing (QE) in the fourth quarter of 2008, with a philosophy that Wall Street (WS) was on fire and no longer lending to businesses and citizens. The result of QE, with $85 billion per month of purchases of mortgage-backed securities and Treasury bonds, has been a stabilizing of WS banks – without any helping of the American people. The stock exchange has broken records, however this has no relation to the economic conditions experienced on the ground by the citizens, as unemployment, foreclosures, poverty, etc. continue at very high levels.

The Federal Reserve has in effect doubled-down on policies that created the crisis in the first place, while credit lending remains almost non-existent – QE being like a Band-Aid on a hemorrhage – without any falsely advocated trickle down effects. QE has not been a solution in the least, and has to be seen as a problem. The Fed has increased the size of its balance sheet five times, from $800 billion to $4 trillion, roughly $1.25 trillion being mortgage-backed securities.

These mortgage securities are the complex financial instruments in which the financial industry bundled so-called toxic assets, subprime mortgages which will probably default, many of them so-called “liars” loans, where millions of people who should never have received a home loan got them through fraudulent, criminal actions by lenders across the nation. False incomes, false appraisals, and other frauds were perpetrated to get as many deals as possible done, with bonus incentives pushing the practice to historic criminal levels.

These liars and “ninja” (no income, no job, no assets) mortgage loans were then bundled into derivatives and other complex financial instruments, fraudulently classified “AAA” by the largest ratings agencies, and sold to unwary, unsophisticated customers around the world. These are what are termed “toxic assets”, and this is what the Fed has purchased over $1.25 trillion of since 2008. These are assets which the fraudsters in the too-big-to-fail banks were unable to fraudulently sell to pension fund managers, city, county, state governments, and other institutional investors. In effect the Fed has been like a “fence” for the banks, buying stolen homes. Stolen because these homes became owned by the banks through fractional reserve lending – creating money out of thin air – through a few keystrokes on their computer screens.

Imagine you stole all of your neighbors’ boats, then your local bank paid you for all of them.

Professor Keen has suggested that QE, instead of going to banks in a backdoor bailout, go to the citizens. If his suggestion had been agreed upon since the 4th quarter of 2008, then $3.2 trillion would have gone into the hands of United States citizens, with an additional $75 billion per month now that the Fed stepped down from $85 billion/month in QE. Professor Keen points out that his plan would require that Americans must use the money to pay down debt. This would result in more spending in the economy as people would have less to pay on debt service, more hiring, more taxes, etc.

Mr. Keen’s idea is creative, makes sense, and needs to be very seriously considered. The American citizens have suffered damage through the massive fraudulent actions which took place in the years leading up to the economic crisis of 2007-8. Because there are trillions of dollars worth of toxic assets/mortgage-backed derivatives purchased by those who were falsely led to believe were “AAA” (safe) investments, recovery for pension plans, governments, and others who bought them is next to impossible. 

Instead of continuing to purchase these toxic assets from criminal banks – buying stolen property – direct those resources to the people, who have become the victims of the criminals who committed them. 

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(Thank to The BigPicture RT @ YouTube)