THE INTERNATIONAL FORECASTER

WEDNESDAY, MAY 27, 2009

052709(8)_IF
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An international financial, economic, political and social commentary.

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NEXT SCHEDULED ISSUES
SATURDAY, MAY 30, 2009
US MARKETS
Americans may just be beginning to understand the US strategy regarding the
credit crisis, but foreigners understand what they are up too. The US is creating a
stealth default on its debt by continuing to issue massive amounts of money and credit
and in the process devaluing the dollar. This, of course, is fraud, but other nations
have defrauded the US for years by cheapening their currencies and subsidizing
goods and services. China may be upset as others are, but they have totally
subsidized their economy and they have been the worst offenders in cheapening their
currency. What do they call their current $1.25 trillion effort to keep their growth above
8%? They have 30 million unemployed and frankly fear a revolution. Chinese policy
was to sell goods to America, which was unable to pay for those goods. Their $2
trillion in US denominated assets will probably end up being worth $1 trillion and they
knew that going in. They wanted the market and they’ll have to pay the price. US
Treasury and Fed issuance is going to get worse not better – it’s going to be that way
for sometime to come. No aggregates are going to be pulled from the system. If the
US does that the financial system will collapse. There is going to be massive inflation
and what China should be doing is dumping dollars by buying gold. They have not
anticipated the fall in US stock and bond markets and the derivative bomb. American
assets, including bonds, will get badly trashed. We wrote of all this in June of 2002, but
no one was listening. We could not even envision the affects of mark-to-model and the
worthless balance sheets of corporate America, particularly in the financial sector.
Within four years and more likely in two to three years the US will default on treasury
and Agency debt. That should take the dollar in USDX terms to 40. It is now just below
80. China obviously feels the yields offered on US paper on the long end are not worth
the play. They have been buying bills instead in the short-term market that the Fed has
to support. Today investors cannot conceive how bad this depression is going to get.
Even the Bilderbergs see they cannot handle what is coming and want to reverse the
process. Unfortunately it is too late for that. There has been no return since June of
2002. The Chinese knew 5 years ago they were screwed, but they kept on playing the
game. They had to supply jobs or they might have had a revolution. The illuminist plan
to bring China into WTO was a very bad choice. All the money the transnational
conglomerates made will eventually be lost.
America is burdened in expensive wars in Afghanistan and Pakistan and is still
occupying Iraq. This has cost Americans almost $1 trillion and it won’t end for years,
an expensive distraction. We know war was created to enrich the elitists among other
things, but the result has been disastrous not only for America but for the elitists as
well. The Chinese have played a very dangerous game and if they try to get nasty as a
creditor holding debt the US will just default. The Chinese will have to take their losses
and perhaps start a war. America is in receivership and they should simply go into
bankruptcy. We can bring our troops home, get rid of the Fed, pass trade tariffs, clear
Wall Street out of Washington and let the treason and criminal trials begin.

3
 Our guess is that all kinds of deals have been made illegally that we know
nothing about with China. We must find out what these deals were. The only way we
can do that is by removing those from power, who made those deals.
Keynesian inflationism is so engrained in economic orthodoxy that it is very
hard to get a dissenting view. 90% of economists and analysts work for large
corporations, which more often than not are run by Illuminists. IF you speak out of line
you are out of a job. That is why few disagree. We just did about 30 interviews on Fox
News and we were told we would no longer be allowed on the network to speak on the
Federal Reserve. This is today’s version of freedom of the press-or media. If you do
not like it ban it. Economists and analysts face the same problem. Policymakers have
charted a course that risks bankrupting the economy and the Fed are at the core of the
problem. They are doing everything possible to destroy the US economy.
When we see Dr. Kenneth Rogoff, IMF economist, advocating 6% inflation we
have to laugh. It is still running at 9-1/2%. Food prices continue to rise and gasoline is
moving higher as are oil prices. To insinuate that inflation would ameliorate the debt
bomb and help in the de-leveraging process is pure folly. Then we have professor
Mankiw who advocates negative interest rates. You borrow $100 and pay back $97.
That is idiotic and this man is teaching our children, someone has to tell me how
incurring more debt will allow us to escape debt? We are nearing 50 years in finance
and economics and we cannot believe the unmitigated crap we are hearing from so-
called experts. If these are experts please dear Lord send us the uneducated. They at
least have common sense. These are the same people, along with government,
banking and Wall Street who are creating another debt bomb. Federal debt is
expanding at an unheard of 13%. As a result yields are rising as are gold and silver
and the dollar is falling. It is only a matter of time until a crisis of confidence occurs in
the Treasury market. This year the yield has moved from 2.35% to 3.45% on the 10-
year notes and they and the 30’ have broken their 200-day moving averages. At the
same time the Fed has induced these low rates for mortgages, as risk is transferred to
the taxpayer via loans being guaranteed by the GSE’s, Fannie Mae and Freddie Mac.
In just two years we will again face this debt bomb to go along with ALT-A loans,
Option-ARM-pick and pay loans and prime loan failures due to rising, encompassing
unemployment. That will occur in 2011 and 2012. The failure of the housing market is
only 40% to 50% over. All this is happening as policymakers, Goldman Sachs, JP
Morgan Chase, Citicorp, etc., and the rest of the elitists are shifting all the debt from
the financial sector to the American people. Virtually no one talks about what is really
going on. The same people at the Fed, in banking, on Wall Street and in government
are supposedly solving the problems they created. We have news for you; they are not
solving anything. They are just pushing judgment day a little further out. That is costing
us $2 trillion in additional debt a year, which we can ill afford. The bomb gets bigger
every day and you won’t want to be around when it explodes.
We hope you are all aware that as the dollar falls inflation rises. That is
because we don’t produce much anymore and as the dollar declines the cost of
imported goods rises, including oil. By the end of the year oil could be $80 a barrel and
gasoline over $3.00 a gallon. It started to feed on itself two months ago.
As long as the privately owned Fed and the rest of the Illuminists are calling the
shots speculative market dynamics and casino chaos will reign. These arrogant
criminals are taking gambling to even greater heights. They profit because the Fed
briefs them of what is going on so they can reap riches. Manipulation is the order of
the day. All Keynesian thieves love massive stimulus as the bubbles burst. This time
there is no way back. This repeat will rival the collapse of the Lombard System in

4
Venice in 1348. The more important question is will we have another plague to
accompany the Illuminist plague?
The real reason banks want to return TARP funds is that banks do not want
examiners uncovering any of their illegal activities.
When the Allen Stanford case broke we told you that his operation was a front
for CIA money laundering. BBC recently ran a story connecting him with the DEA. As
that story broke he was told there would be no criminal action against him, a fact the
mainline press forgot to carry. It could be narcos were depositing money in his
operation and he and the CIA decided to relieve them of their ill begotten gains. That is
robbing the competition. Stanford has had narco connections since 1990.
The GDP price deflator rose at 2.9% in the first quarter, this while meatheads
tell us there is no inflation and deflation is the problem. Monetization will soon send
inflation flying.
Last week the stock market failed again to advance, forming an ever-bigger
top. The Dow added 0.1%; S&P gained 0.5%; the Russell 2000 gained 0.4% and
Nasdaq rose 0.6%. - a week of desperation. Consumers rose 1.6%; utilities fell 0.3%;
cyclicals rose 2.5%; transports fell 1.5%; banks declined 2.6% and broker/dealers
gained 4.2%. High tech rose 1.7%; semis jumped 3.4%; Internets gained 1.5% and
biotechs rallied 0.7%. Gold billion rose $26.00 and the HUI Index surged 10.9%.
Two-year Treasury bills rose 4 bps to 0.85% and the 10’s surged 31 bps to
3.45% - a total breakdown. German 10-year bund yields rose 18 bps to 3.54%.
Freddie Mac 30-year fixed rate mortgage rates fell 2 bps to 4.82%. They’ll soon
be 5%, although major banks are offering 4-1/2% to 4-3/4%. The 15’s fell 2 bps to
4.50%; one-year ARMs rose 11 bps to 4.82% and 30-year fixed rate jumbos fell a
notable 15 bps to 6.22%.
Fed credit rose $48.6 billion and it is off $81.4 billion ytd. It is up $1.294 trillion
yoy or 149%. Fed foreign holdings of Treasuries, Agency debt surged $25.9 billion to a
record $2.710 trillion. Custody holdings for foreign central banks have been expanding
at 20% ytd, and were up $433 billion yoy, or 19%.
Bank credit fell $34.4 billion and it is up 3.6% yoy. Securities credit was up $6.1
billion; loans and leases fell $40.6 billion; C&I loans fell $9 billion and real estate loans
fell $24 billion. Consumer loans fell $8.4 billion and securities loans were little
changed. Other loans rose $0.6 billion.
M2 narrow money supply rose $8.9 billion. It is up 3.9% ytd. Total money
market funds dropped $16 billion to $3.774 trillion. The dollar index fell 3.6% to 80.05.
The bond market is not falling because there is deflation in our future, but
because the dollar is again tanking. That is why gold and silver is rising. There is also
the matter of US debt going into the stratosphere and the increase in interest rates in
the demand for higher yields to combat coming inflation.
Based on nominal growth over the next ten years the CBO, the Congressional
Budget Office, believes that GDP will grow 50%. There is not a chance that will
happen. In fact, we could have no growth over that period. Yet, the proposed
administration plan is to increase spending 50%. This shows you the desperation and
stupidity of what is going on in Washington. Their only plan is to inflate until the system
collapses. The robust recovery will only bring our negative GDP down to even as the
stimulus package spreads its benefits. That will be some feat with real U6
unemployment at 19.2% to 19.8%. These facts and government projections will sink
not only the dollar, but also sink the entire economy. America is looking at deficits of
more than $1 trillion a year as far as the eye can see. Doesn’t anyone understand the
impact of such borrowing? What foreigners can be stupid enough to lend to us unless
yields are perhaps 15% on treasuries. That means the alternative is massive

5
monetization and wild inflation. Making matters worse the whole world is experiencing
the same problems. GDP growth has fallen 8% in Britain; 21% in Mexico; 14% in
Germany and 15% in Japan. Chinese exports are down 41%, Japanese 38% and
Germany’s 32%. The value of outstanding loans in Spain has fallen from $445 billion
to $47 billion. They had risen between 2000 and 2008 by 850%. That was almost 50%
of Spanish GDP. This is a direct product of the ECB, European Central Bank policy, of
one interest rate for all 16 members, which is idiotic. Real unemployment in Spain is
far above 20%. Ireland, due to the same misguided monetary policy, is almost as badly
off. Both Spain and Ireland are insolvent.
Europeans, deceived by bogus securities ratings by Moody’s, S&P and Fitch,
are even worse off than US banks. Thus far the Fed has bailed out European banks,
but that cannot go on indefinitely. Oddly we see no civil and criminal actions against
American banks and securities industry or the rating companies, which tells us they
knew exactly what they were buying – toxic waste.
The money raising dynamic for the Treasury is overwhelming. 30-year fixed
rate mortgages should be around 5% this shortened week. The Treasury needs to
raise $2 trillion this year of which the Fed has already monetized about $300 billion,
plus the Fed is buying $900 billion in toxic waste. This is $1.2 trillion in monetization by
the Fed.
On Tuesday the Fed is selling $40 billion of 2-year bills, $35 billion of 5-year
notes and $25 billion of 7-year bonds. We wonder if the Fed will suffer the indignity of
its first failed auction. $100 billion is a lot of money. US Treasuries may face a
crowding out process, as governments collectively will have to place $6 trillion in debt
this year. That means international business will find it even harder raising money in
the future. The US has already lost control of long rates, just look at how easily and
cleanly the 10-year notes and the 30-year bonds broke their 200-day moving
averages. Markets are choking on debt. The end result will be US stagflation and a
falling dollar, along with higher yields. The Fed claims it has only bought $116 billion of
monetized Treasuries, but we believe that number is higher. The Fed won’t raise
interest rates, but the market is going too.
As reported Bank United Financial went under last Thursday and two Illinois
banks bit the dust on Friday. They were Strategic Capital Bank in Champaign and
Citizens National Bank in Macomb, which had combined assets of $1 billion. There
were no bailout funds available for them as there were for the 19 big banks, brokerage
houses and AIG. These two will cost the FDIC $279 million. FDIC costs for bank
insurance was $2.28 billion in the first quarter and $8 billion thus far in the second
quarter and we have a month yet to go. The FDIC insurance fund is off 64% yoy. A
new fee for Tier 1 lenders of $0.05 per $100 of assets will raise $5.6 billion. The fund is
at the lowest level since 1994. The 19 biggest banks could lose $600 billion in the next
two years, never mind the other banks. FDIC insured banks lost $32.1 billion from
October through December, the first quarterly loss since 1990. They insure 8,305
institutions with $13.9 trillion in assets.
We have been tracking the Bilderbergs for almost 50 years as well as their
various and sundry groups.
We are told that the US dollar is being deliberately destroyed to usher in a new
world reserve unit. The world economy is to be destroyed to lower the global
population by two-thirds. The problem for these Illuminists is that they are afraid they
are losing control over the world.
At the Bilderberg meeting as well as another meeting of Illuminists, David
Rockefeller – a top Illuminists – told a select mega-rich group in NYC that the dollar
would be replaced as the world reserve currency. Discussed as well at both meetings

6
was the use of the bioengineered H1N1 “Swine Flu” variant, which is intended to wipe
out populations especially in the second and third world.
A precursor to worldwide financial concern, as we described before, was the
breakdown in the US 10-year notes and 30-year bonds, as yields rose and bond prices
fell - a harbinger of things to come. Ur forecast made earlier this year of a 10-year note
yield has been reached. Yesterday we hit a 3.55% close. That prediction was made at
2.35%. Next stop is 4%. The monetization of Treasuries, toxic waste and loans to
banks is running at a furious pace. Four months ago we said in May the beginnings of
hyperinflation would start to show themselves and so they have in the form of these
events. Our exposure of the part played by the Federal Reserve, one of the main
nerve centers of the Illuminati, we hope has played a part in the daily increases in co-
sponsors for Rep. Ron Paul’s HR 1207, the Federal Reserve Transparency Act of
20009, to audit the Fed. When we started a few weeks ago it has 120 co-sponsors and
at the most recent count that figures was 183.
Special Drawing Rights are only a transitory fix. The real goal is a world
currency that will strip all nations of their sovereignty. This effort is doomed to failure,
because widespread disclosure via the Internet, shortwave, satellite and AM and FM
stations. The cat is out of the bag. The world knows what the Illuminists are up to; they
are not going to let it happen. By the world we mean perhaps 20% of the world
population. That is far more than we need to win this battle.
One of the important goals of the Bilderbergs is to get the US to surrender
sovereignty to the International Criminal Court, or ICC.
On the agenda as a very important item is the formation of the International
Association of Securities Commissions. A summit on the matter is being held in Israel
June 8-11, to hand over control of our financial markets to a foreign commission.
Discussed as well was the scam known as global warning. The illuminists are
not making the headway even though Cap & Trade is about to be fast-tracked by the
House. Carl Bilt of Sweden called for a UN solution for all problems. He advocated
expanding NAFTA throughout the Western Hemisphere to create an American Union.
The IMF submitted a report that advocated that the IMF be world treasurer to
restore trust and confidence. Obediently, US Treasury Secretary Timothy Geithner
praised the plan for a World Treasury Department. He expressed hope that there
would be a solution to the world economic meltdown. He was vocal in trying to keep
the recession short-term. It is already the longest recession since “The Depression.”
Tim wants global oversight.
The Bilderbergs were frantic to force Ireland to vote again and accept an even
stronger Illuminist Lisbon Treaty. This would create a total dictatorial European Union.
Polls show citizens of France and Germany overwhelming reject the treaty, but their
leadership sold them out, as usual. At the Bilderberg Meeting in Greece many
European journalists were seized by police at gunpoint and had their notes and film
seized.
These are the people who run your world and if we do not do away with the
Federal Reserve and impose tariffs on goods and services we will become their
slaves, as will our children and grandchildren.
Bonds have declined about 9% in Q2. Now add another 8% or so loss for the
decline in the dollar and you have quantified the pain for non-US holders of US bonds
over the past two months.
The year/year change in ‘Treasury Gross Public Debt’, the real budget deficit, is
$1.912 trillion.
The Rasmussen Investor Index dropped 15 points on Friday, the largest single
day decline ever recorded in its seven-year history.

7
 Rasmussen Consumer Index - Consumer Confidence Falls to Lowest Level in
May.
77% See Politicians Unwillingness to Cut Government Spending as Bigger
Problem Than Voter Resistance to Tax Hikes.
The Death of Israel - A Commentary By Dick Morris From Caroline Glick,
deputy editor and op-ed writer for the Jerusalem Post, comes alarming news. An
expert on Arab-Israeli relations with excellent sources deep inside Netanyahu's
government, she reports that CIA chief Leon Panetta, who recently took time out from
his day job (feuding with Nancy Pelosi) to travel to Israel "read the riot act" to the
government warning against an attack on Iran.
More ominously, Glick reports (likely from sources high up in the Israeli
government) that the Obama administration has all but accepted as irreversible and
unavoidable fact that Iran will soon develop nuclear weapons.
She goes on to write that the Obama administration is desperate to stop Israel
from attacking Iran writing that "as far as the [Obama] administration is concerned, if
Israel could just leave Iran's nuclear installations alone, Iran would behave itself." She
notes that American officials would regard any harm to American interests that flowed
from an Israeli attack on Iranian nuclear facilities as Israel's doing, not Iran's.
In classic Stockholm Syndrome fashion, the Obama administration is empathizing
more with the Iranian leaders who are holding Israel hostage than with the nation that
may be wiped off the map if Iran acquires the bomb.
US life insurers, a group led by MetLife Inc. and Prudential Financial Inc., face
‘pain’ on more than $300 billion invested in mortgages tied to commercial property and
multifamily homes, S&P said. ‘As the recession rolls on, we believe that there is an
increasing possibility of distress for commercial real estate owners and for those that
hold their mortgages,’ said S&P.
Federal Reserve officials are open to raising the amount of Treasury and
mortgage-related securities they are purchasing beyond the $1.75 trillion already
committed. ‘Some members noted that a further increase in the total amount of
purchases might well be warranted at some point to spur a more rapid pace of
recovery,’ according to the minutes. The central bank has previously said it would buy
as much as $1.45 trillion of mortgage-related securities, as well as $300 billion in
longer-term Treasury securities.
San Francisco Bay Area home prices fell 41% in April from a year earlier as
foreclosures accounted for almost half of all sales, MDA DataQuick said. The median
price dropped to $304,000 from $518,000 a year earlier. That’s 54% below the peak
reached two years ago.
WL Ross & Co., Blackstone Group LP and Carlyle Group’s purchase of Bank
United Financial Corp., the largest U.S. bank to collapse this year, came with a signal
from regulators that they may be willing to let more buyout firms snap up banks as
failures soar to a 15-year high. The FDIC deposit fund is down 64% from its peak at
the start of the second quarter last year, reflecting the shutdown of 22 lenders from
April through December. Why wasn’t this bank saved as were the 19 largest banks?
A fresh wave of home foreclosure pain is building in the Big Apple.
Roughly 40,000 homes purchased in the last five years in New York City are
now underwater -- worth less than what is owed on their mortgages -- up sharply over
the past year, according to a real estate market information company.
In fact, in Queens, the second-hardest hit of the five boroughs, nearly one in
four of the 71,911 one-family, co-op and condo sales made in 2004-2009 is now
underwater, according to Zillow.com.

8
 The 23.3 percent of recently purchased Queens homes being underwater in
the first quarter compares to 15.9 percent one year earlier. It shows that New York's
foreclosure pain may be far from over.
"Negative equity is highly correlated with foreclosure rates," said Dr. Stan
Humphries, a Zillow vice president. "Homeowners in negative equity are more
vulnerable to economic shocks -- loss of job, financial shock at the household level --
and less able to navigate those shocks."
According to an analysis of NYC real estate prices done for The Post by
Zillow.com, in Manhattan 6.4 percent of homes purchased in the last five years are
now underwater; in Brooklyn, the total is 14.4 percent; in the Bronx, levels rose to 26.3
percent from a year earlier; and, on Staten Island, 18.6 percent of recently-purchased
homes are now underwater.
At the same time, New Yorkers who have purchased foreclosed houses at
discount prices are also seeing their dream homes' value decline.
Among Brooklyn, Manhattan and Queens foreclosed homes sold at auction
from 2006-08, 32 percent in Queens and 35 percent in Brooklyn declined in value,
according to an analysis by the real estate data site Propertyshark.com for The Post.
"It's incredible," said Bill Staniford, CEO of Propertyshark.com. "It shows the
market has been getting significantly weaker, if you purchased property at a discount
two years ago you are still losing money on it."
Propertyshark.com forecasts overall NYC home values to drop 15 percent-to-
20 percent before stabilizing.
"A recession, unemployment [expected] to rise, and a lot of debts taken on by
homeowners over the last five years sets the stage for more foreclosure activity," said
Jonathan Miller, president/CEO of Manhattan-based real estate appraiser Miller
Samuel Inc.
UBS AG, Deutsche Bank AG, JPMorgan Chase & Co. and Depfa Bank Plc
dropped an appeal against the seizure of 345 million euros ($482 million) of assets
amid a probe into alleged fraud involving derivatives sold to the City of Milan, said two
lawyers representing the banks.
The banks dropped the appeal at a hearing in Milan today. The prosecutor is
considering a May 7 request by the securities firms to put up about 100 million euros of
cash in total in exchange for having the assets returned, the lawyers said.
The police froze the banks’ stakes in Italian companies, real estate assets and
current accounts. The City of Milan is suing the four banks after it lost money on
derivatives it bought from the lenders in 2005. The banks earned about 101 million
euros in what prosecutors call illicit profit for arranging the contracts.
Gross domestic product in the advanced economies fell by 2.1% in the first
quarter of 2009 against the previous three months, the Organization for Economic
Cooperation and Development said Monday.
GDP in the OECD area fell by 4.2% in the first three months of the year against
the same period of 2008, the Paris-based 30-member group said.
The quarterly drop was the steepest since OECD records began in 1960,
edging out the previous record of 2.0% set in the final quarter of 2008.
The contraction was led by export-led manufacturing powerhouses Germany
and Japan, where GDP volume fell 6.9% and 9.1% from the year before, respectively.
Japan alone contributed 1.0% of the aggregate total OECD GDP annual fall of
4.2%, while the euro area contributed 1.3%, the OECD said. The U.S. contributed
0.9%.
The Federal Reserve Bank of Dallas reported Tuesday that factory activity in its
region contracted at a slower pace in May.

9
 The bank said in a report that its general activity index for last month came in at
-21.5, from -31.6 in April, while its production index stood at -12.0, from -8.9.
In the release, the bank said its employment index indicated a moderating pace
of declines, at -27.0, from April's -37.4. The new orders index stood at -14.0, from -
14.8.
Meanwhile, the prices paid index came in at -28.0, from -34.7, while the prices
received index was at the same level as April, coming in at -30.0.
Economic activity in the district overseen by the Federal Reserve Bank of
Richmond was mixed in May.
A report by the bank said Tuesday that its index of manufacturing activity
moved to 4 in May, from -9 the month before, while its shipments index hit 9, from -3.
Readings under zero indicated contracting activity.
Meanwhile, the bank said that its service sector revenues index came in at -29,
the same reading as April, while its retail revenues index was at -13, versus -11.
U.S. consumer confidence improved sharply in May, especially in expectations
for the economy six months from now, a report released Tuesday said.
The Conference Board, a private research group, said its index of consumer
confidence for May jumped to 54.9, compared with 40.8 in April, which was originally
reported as 39.2. The current month's reading was well above economists'
expectations of 43.0, according to a survey conducted by Dow Jones Newswires.
The index is now at its highest since September 2008, the board said.
The present situation index, a gauge of consumers' assessment of current
economic conditions, edged up to 28.9 from 25.5 in April.
Consumer expectations for economic activity over the next six months jumped
to 72.3 from 51.0 in the prior month.
Home prices in 20 major metropolitan areas fell more than forecast in March as
foreclosures surged, threatening to extend the housing slump.
The S&P/Case-Shiller home-price index decreased 18.7 percent from March
2008, matching the drop in the year ended in February. The measure declined 19
percent in January, the most since data began in 2001.
JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an
accounting rule that lets the second-biggest U.S. bank transform bad loans it
purchased from Washington Mutual Inc. into income.
Wells Fargo & Co., Bank of America Corp. and PNC Financial Services Group
Inc. are also poised to benefit from taking over home lenders Wachovia Corp.,
Countrywide Financial Corp. and National City Corp., regulatory filings show. The
deals provide a combined $56 billion in so-called accretable yield, the difference
between the value of the loans on the banks’ balance sheets and the cash flow they’re
expected to produce.
The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows
that 31% of the nation's voters now Strongly Approve of the way that Barack Obama is
performing his role as President. Thirty percent (30%) Strongly Disapprove giving
Obama a Presidential Approval Index rating of +1. That’s the lowest positive rating yet
received by the new President (see trends).
Dallas Federal Reserve: Unfunded Pension and Health-Care Liabilities
Exceeds $99 Trillion Dollars.
You've heard some big numbers thrown around.
For example, total U.S. government liabilities are at least $65 trillion dollars.
But the head of the Dallas Federal Reserve bank says:
[There is a] "very big hole" in unfunded pension and health-care liabilities built
up by a careless political class over the years.

10
 "We at the Dallas Fed believe the total is over $99 trillion," he said in February.
Over $99 trillion? That's a serious shortfall.
About 45% of law school students have engaged in some form of cheating at
least once in the previous year, according to a survey published in 2006 by Rutgers
University professor Donald McCabe.
Every law school has problems with cheating and plagiarism, said Florida
Coastal Vice Dean Terri Davlantes. "It's just a matter of catching those cheaters. We
do our best to detect cheating opportunities," she said. The school last fall expelled a
first-year student who ran an advertisement offering to pay someone to write a paper
for him.
The ABA, which accredits law schools, does not specifically address academic
integrity or student ethics in its standards for accreditation. All but two of the law
schools accredited by the ABA have devised their own academic conduct and integrity
rules, according to a 2006 report by the ABA Standing Committee on Professionalism.
The others rely on the policies of the universities to which they belong. In general, law
schools rely on the intense competition among students to motivate them to report
other cheaters and uphold their honor codes. But strong bonds among class members
and a resistance to tattle can undercut that motivation.
Home prices in the Washington region fell 18.4 percent in March compared
with the same period a year ago, according to the Standard & Poor's/Case-Shiller
Home Price Index released yesterday, which found that the housing market remains
weak across the country.
U.S. national chain store sales fell 0.4% in the first three weeks of May versus
the previous month, according to Redbook Research's latest indicator of national retail
sales released Wednesday.
The drop compares to a targeted 0.1% decline.
The Johnson Redbook Index also showed seasonally adjusted sales in the
period were down 0.2% compared with May 2008, compared to a targeted 0.2% rise.
Redbook said that on an unadjusted basis, sales in the week ended Saturday
were down 0.5% from the same week in 2008 after a 0.3% decline the prior week.
The International Council of Shopping Centers and Goldman Sachs Retail
Chain Store Sales Index rose 0.8% in the week ended Saturday from its level a week
before on a seasonally adjusted, comparable-store basis.
On a year-on-year basis, retailers saw sales rise 0.5%. The weekly gain was
the biggest since the week before Easter.
U.S. overall consumer confidence fell last week, according to an ABC
News/Washington Post poll released Tuesday.
The consumer comfort index fell two points to -47 in the week ended May 24,
from -45 a week earlier.
According to the survey, 8% of respondents expressed confidence in the
economy, unchanged from the week before. Also, 46% of those polled said their own
finances were in good standing, down from 48% in the prior week. In assessing the
buying climate, 25% of respondents said it was good, down from 26% a week earlier.
The Conference Board surge to 54.9 for consumer sentiment, a 28-point surge,
was the largest gain in the history of the survey. The experts forecast 42.6. We find the
figure of 54.9 totally bogus.
Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the
biggest April drop since 1981, a study released Tuesday by the American Institute for
Economic Research says.

11
 When the economy slumps, so does tax revenue, and this recession has been
no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It
illustrates how severe the recession has been."
For example, 6 million people lost jobs in the 12 months ended in April — and
that means far fewer dollars from income taxes. Income tax revenue dropped 44%
from a year ago.
"These are staggering numbers," Lynch says.
Big revenue losses mean that the U.S. budget deficit may be larger than
predicted this year and in future years.
"It's one of the drivers of the ongoing expansion of the federal budget deficit,"
says John Lonski, chief economist for Moody's Investors Service. The Congressional
Budget Office projects a $1.7 trillion budget deficit for fiscal year 2009.
The Baltic Dry Index is shadowing inflation. It has broken above its 200-day
moving average to 27876. It bottomed in December at 663. Inflation is here, and
hyperinflation is on the way.
On C-span on Saturday our President Barry Satoro said the US is broke.
In the last two months the Fed has bought $500 billion Treasuries, although we
believe the figure is higher. Talk about monetization.
In case it interests you the Dow rallied 24% from 12/16/30 to 2/24/32; from
6/02/31 to 7/03/30 by 30% and 35% from 10/05/31 to 10/09/31. These were typical
bear market rallies before the final plunge.
Consumer expectations have soared. The expectations component [the next
six months] jumped to 72.3, the highest level since December 2007. Anyone
remember what occurred after December 2007?
Twenty percent of consumers believe more jobs will be available in the next six
months, the highest percentage in over five years. Analysts believe the biggest reason
for the optimism is the stock rally. The jump in consumer confidence is troubling
because it is based on hope, the green shoot hype.
Yesterday’s letter noted that consumer confidence as polled by Rasmussen
collapsed a record amount on Friday. ABC Consumer Confidence for 5/24 declined 2
ticks to -47. So there is a discrepancy in polling land due to ‘expectations’.
“The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows
that 31% of the nation's voters now Strongly Approve of the way that Barack Obama is
performing his role as President. Thirty percent (30%) Strongly Disapprove giving
Obama a Presidential Approval Index rating of +1. That’s the lowest positive rating yet
received by the new President.”
By the way, the surge in consumer confidence did NOT translate into robust
rallies in Q3 2008. On June 30, 2008 the S&P 500 closed at 1280. On September 30,
2008 it closed at1166.36. Then the collapse began.
There has been no increase in organic house sales in California in 18 months,
according to CNBC's David Faber.
The creator of “The Taylor Rule”, John Taylor in the FT: Exploding debt
threatens America -
I believe the risk posed by this debt is systemic and could do more damage to
the economy than the recent financial crisis. Income tax revenues are expected to be
about $2,000bn that year, so a permanent 60 percent across-the-board tax increase
would be required to balance the budget. Clearly this will not and should not happen.
So how else can debt service payments be brought down as a share of GDP?
Inflation will do it. But how much? To bring the debt-to-GDP ratio down to the same
level as at the end of 2008 would take a doubling of prices. That 100 percent increase

12
would make nominal GDP twice as high and thus cut the debt-to-GDP ratio in half,
back to 41 from 82 percent.
Inflation will do it. But how much? To bring the debt-to-GDP ratio down to the same
level as at the end of 2008 would take a doubling of prices. That 100 percent increase
would make nominal GD twice as high and thus cut the debt-to-GDP ratio in half, back
to 41 from 82 percent.

*****
This is what we have been beating the drum for on hundreds of radio interviews
over the last two months. This is the most important piece of legislation in the last 100
years. If we can do away with the Fed and get Congress to put tariffs on goods and
services we can save our economy, our financial structure and our country.
Communicate and thank those who co-sponsored and let all of those representatives
know that you want this bill out of committee and voted upon ASAP. We have no time
to waste. Our entire future depends on this bill. Your Editor.
Bill to Audit Fed Gains Serious Momentum
Federal Reserve Transparency Act of 2009
http://www.opencongress.org/bill/111-h1207/show
*****
List of House Republicans Still NOT co-sponsoring HR 1207
http://boards.history.com/topic/Current-Events/List-Of-House/520049907

*****
Torturing the rule of Law

http://www.24hgold.com/english/printarticle.aspx?pagedest=423621&langue=en&view
article=True

*****
Oath Keeper Sheriff Richard Mack
http://www.youtube.com/watch?v=bLJgPuNAh60
*****
Obama Signs Financial Bill, Creating Investigative Panel
http://thecaucus.blogs.nytimes.com/2009/05/20/obama-signs-financial-bill-creating-
investigative-panel/
*****
Exclusive: A Letter to Rupert Murdoch on the Obama Birth Certificate Question
John D. Hemenway, Esq.
http://www.familysecuritymatters.org/publications/id.3320/pub_detail.asp

*****
Next to go belly up … Pension Benefit Guaranty Corp
http://club.ino.com/trading/2009/05/next-to-go-belly-up-pension-benefit-guaranty-corp/
*****
Slouching Towards Balkanization By Pepe Escobar
http://www.informationclearinghouse.info/article22681.htm
*****

Neocon Group Calls for Military Strikes on Media – We believe there will be a
determined effort within the next two years to silence every journalist and newsletter
writer in America. That is why several have already left to publish outside the US.

13
Jeremy Scahill, Antiwar.com: "'There will always be a hostile third party in the fight,'
Peters writes, calling the media 'the killers without guns.... Although it seems
unthinkable now, future wars may require censorship, news blackouts, and, ultimately,
military attacks on the partisan media. Perceiving themselves as superior beings,
journalists have positioned themselves as protected-species combatants.'"
http://www.truthout.org/052309Y?n
*****
Home: No place for Bible study
County demands pastor spend thousands on 'Major Use' permit to host friends
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=98895
*****
Human Rights Situation in Occupied Palestine
by Stephen Lendman
http://sjlendman.blogspot.com/
*****

Ending Today's Economic Crisis Simply and Easily, in America and Globally
http://sjlendman.blogspot.com/
*****
Gay US Diplomats to Receive Equal Benefits
http://www.truthout.org/052409E?n
*****
Credit Default Swaps; The Poison in the Financial System
by Mike Whitney
http://www.globalresearch.ca/index.php?context=va&aid=13717
*****
British banks revolt against Obama tax plan; British banks and stockbrokers
may refuse to take on American clients if new international tax proposals
outlined by President Obama are passed.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5374095/British-
banks-revolt-against-Obama-tax-plan.html
*****
North Korea’s Nukes: Paid For By The U.S. Government
http://www.infowars.com/north-koreas-nukes-paid-for-by-the-us-
government/print/#comments_controls
*****
Bilderberg Agenda Exposed
James P. Tucker, Jr.
http://www.prisonplanet.com/bilderberg-agenda-exposed.html
*****
America galloping toward its greatest crisis in the 21st century
http://www.examiner.com/examiner/x-3515-Denver-Political-Issues-
Examiner~y2009m5d22-America-galloping-toward-its-greatest-crisis-in-the-21st-
century
*****
Threats to Judges, Prosecutors Soaring
http://www.washingtonpost.com/wp-
dyn/content/article/2009/05/24/AR2009052402931.html?wpisrc=newsletter
*****
Californians revolt, slash governor's pay

14
http://www.redalert.wnd.com/index.php?fa=PAGE.view&pageId=327
*****
Showdown Looming On 'State Secrets'
Judge Threatens To Penalize U.S. In Wiretap Case
http://www.washingtonpost.com/wp-
dyn/content/article/2009/05/25/AR2009052502076.html?wpisrc=newsletter
*****
Credit Crisis Cassandra
Brooksley Born's Unheeded Warning Is a Rueful Echo 10 Years On
http://www.washingtonpost.com/wp-
dyn/content/article/2009/05/25/AR2009052502108.html?wpisrc=newsletter
*****
Obama names Sotomayor as Supreme Court nominee
<http://www.cnn.com/2009/POLITICS/05/26/supreme.court/index.html> 26 May
2009 President Obama has chosen federal Judge Sonia Sotomayor as his nominee for
the U.S. Supreme Court. Sotomayor would be the first Hispanic and third female U.S.
Supreme Court justice if confirmed. Obama announced the nomination Tuesday
morning at the White House. Sotomayor, a 54-year-old judge on the 2nd U.S. Circuit
Court of Appeals, was named a U.S. District Court judge by President George H.W.
Bush in 1992, and was elevated to her current seat by President Clinton.

Sotomayor's resume, record on notable cases

<http://www.cnn.com/2009/POLITICS/05/26/sotomayor.resume/index.html> --The
resume and record of federal Judge Sonia Sotomayor (CNN) 26 May 2009

Judge Sotomayor's Appellate Opinions in Civil Cases

<http://www.scotusblog.com/wp/judge-sotomayors-appellate-opinions-in-civil-
cases/> By Tom Goldstein 15 May 2009 Since joining the Second Circuit in 1998,
Sotomayor has authored over 150 opinions, addressing a wide range of issues, in civil
cases.
*****
Steve Quayle interviews former Deputy Assistant Secretary of State, Dr.
Steve Pieczenik
http://whitewraithe.wordpress.com/2009/04/25/steve-quayle-interviews-former-deputy-
assistant-secretary-of-state-dr-steve-pieczenik/
*****
The Story of Ed Freeman
Any of you seen the movie We Were Soldiers?........read on and get goose flesh.....if
you don’t you are not a soldier...

Medal of Honor Recipient, Ed Freeman, died recently at the age of 80, in Boise, ID
......May God rest his soul.....
http://www.prophecytalk.com/index.php?topic=6590.0

*****
The Greatest Swindle Ever Sold: How the Financial Bailout Scams Taxpayers,
Subsidizes Wall Street, and Props Up Our Broken Financial System
Tuesday 26 May 2009
http://www.truthout.org/052609E
*****
Income tax reality check

15
http://www.brasschecktv.com/page/627.html
*****

Harold Koh is too dangerous for America

http://www.wnd.com/index.php?fa=PAGE.view&pageId=99288
*****
The Bilderberg Plan for 2009: Remaking the Global Political Economy
http://www.globalresearch.ca/index.php?context=va&aid=13738
*****

From an Interested Reader:

BY: W.A.M. (Wake Up America Movement)
May 2009
Tracing the trail of TARP money’s uses has led to some revealing new information
about the true intentions of Obama’s Bail-Out plans. The shocking recent experience
of a typical middle-class homeowner bodes badly for all American property owners.
Last week this party received a vague letter from Countrywide, which rambled on
about the mortgage holder’s need to protect their interest in the property. The letter
stated no action being taken and presented no facts or figures.

When the property owner, who had never missed nor been late on a mortgage
payment at any time contacted Countrywide for an explanation of the letter, they were
told they’d receive a more specific correspondence on this before the month was out.
Not being satisfied with this non-answer, the mortgagee insisted on more specific
information while on the call. Eventually, after long delays, they were transferred
without explanation to the Escrow Department of Bank of America.

The homeowner was informed that Bank of America was now their mortgage holder.
They were further informed that this bank has made a full payment of all property taxes
to their county the prior month. This had been done with no notice of any kind to the
homeowner before or since. After more than an hour of specific questions with the
bank’s representative, here’s what they learned to their shock and dismay:

1. Their new mortgage holder had investigated the tax records and found the owner
was 3 installments behind in their property taxes. They had issued a check to the
county in the full amount without any contact with the homeowner about their intent or
actions. (The bank representative acknowledged that there was no jeopardy as the
taxes were not in default – which would require six missed tax installments on the
homeowners part.)

2. The bank gave no explanation for taking this precipitous action nor for their total lack
of contact with the owner about this matter. They told the owner they would have to
repay the bank for taking this unrequested, unnecessary action on the following terms:

- Repay Bank of America the full amount (all three installments) within two weeks time
or be subject to fees, penalties and further increases in their monthly payments as
well. When the homeowner asked how they were even supposed to know all this was
transacted they were told that their June statement from Countrywide no longer
applied and that Bank of America was preparing to send them o new statement – due
immediately – or they would be in default on their loan!

16
3. The banker did not offer specifics on the amount of thee new payments and
attempted to defer details until the owner received this new statement – knowing this
new, revised statement would only reach the owner within days of the full amount
being due! After the owner again insisted on specific facts right now, they were
informed of the following:

- Bank of America intended to demand immediate repayment – without notice – of the

full paid tax amount plus 25% additional dollars – for what the banker called “just in
case” money. What did that mean? Just in case the property taxes went up. How could
they go up if they were already paid?! No explanation was given.

- Bank of America would also immediately require an escrow account be paid for all
future taxes, although these were not the terms of the original Countrywide mortgage
2) the owner had a perfect mortgage payment record with Countrywide and 3) the
property taxes were nowhere near in a state of default with the county.

4. After exhaustive inquiries the owner was finally given a figure: their mortgage
payments were about to go about from $650 per month to a whopping $1,800 per
month – within 2 weeks and with no advance notice. HERE IS THE PUNCH LINE:
They were given these alternatives:

- Pay an ongoing mortgage payment increase to 3 times the amount of their prior
payments with no advance notice for the entire next year

OR

- Pay Bank of America an immediate full check for the 3 paid installments to be posted
before the revised mortgage statements were issued

OR

- ACCEPT AN IMMEDIATE IRREVERSIBLE TARP LOAN FROM THE BANK on the

following terms: Pay the tax check back with 25% “just in case’ costs built in (non-
refundable) plus a signing fee of $45 plus 5% compounded interest on the loan until
paid in full. Due over 60 months in equal installment payments. All payments to
accompany the monthly mortgage payment plus the new Escrow reserve (of several
hundred dollars per month) plus another $55 per month in extra “just in case” money.
These figures increased the bank’s return on their unrequested tax payment to nearly
double the amount of the bank’s April check to the county!

WHAT DOES THE ABOVE TELL US ALL ABOUT THE PURPOSE & USE OF
T.A.R.P:

BANK OF AMERICA has been one of the largest recipients of T.A.R.P $$$

Many other bankers have already exposed the fact that they did not ask for a bail-out.
Some have reported they tried to reject the Fed funds. Several incidents of the Fed’s
use of intimidation and threats to those who attempted to refuse or return funds have
also been reported.

17
The above incident indicates the Fed has plans for the T.A.R.P. dollars all along – that
have less to do with helping a bail-out than in precipitating one! It appears that
T.A.R.P. $$$ to banks have been used to research property tax records; find
vulnerable property owners who are behind on their taxes (but not in default); use the
bank’s T.A.R.P. influx of cash to make unsolicited, unrequested payments of any
outstanding property taxes and evade making this fact known to the property’s owners
until the last minute – when no negotiations are offered except for the homeowners to
also take T.A.R.P. loans (with extravagant rates, interests and fees) OR LOSE THEIR
PROPERTY TO THE BANK!

COUNTRYWIDE IS AMERICA’S LARGEST MORTGAGE LENDER & HOLDER

It seems strange that a bank that was in desperate need of Fed funds would be in a
position – or have any desire – to purchase this company, considering the precarious
state of many current loans. But it also appears that Bank of America’s ability to buy
Countrywide has given them access to the nation’s largest # of property owners on
whom to work the above scheme!

CALCULATE A ROUGH ESTIMATE OF HOW MANY OWNERS ARE HAVING THE

RUG PULLED OUT FROM UNDER THEM BY BANK OF AMERICA’S
COUNTRYWIDE TAKE-OVER – with its concurrent scheme searching tax records,
paying all back taxes without notice, demanding owners repay instantly – OR become
victims of the T.A.R.P. scheme themselves.

In brighter days of our nation’s history a scam like this would put a loan shark in jail
fast. But Bank of America’s scam – which logically appears to be CHANGE
Administration directed – has the invulnerability of being protected by the new major
shareholder owners of the bank, which is: the U.S. GOVERNMENT under the OBAMA
ADMINISTRATION!

And WHAT WILL BECOME OF THE PROPERTIES SUDDENLY LOST by OWNERS

who CANNOT MEET THE BANK’S T.A.R.P. Terms:

A.C.O.R.N. is now set to RECEIVE BILLIONS TO CLAIM FORECLOSED

PROPERTIES!
The combined elements of the above scheme seems to demonstrate that Obama’s
close Chicago contacts with slum-lords and big-time realty players has moved into the
nation’s capital to the detriment of US all. It also explains why the current Congress
has raced ahead with other matters but dragged their feet totally on taking any
practical action to impede property foreclosures!

SAVE A PROPERTY! SAVE A HOME! SAVE A MIDDLE CLASS FAMILY!

Spread this information far and wide as quickly as possible. Tell your relatives,
friends, realtors and property investors of all kinds;
IF YOU OWN A PROPERTY WITH ANY OUTSTANDING TAXES PAY THEM
IMMEDIATELY -WITHOUT DELAY – before a T.A.R.P. funded and Fed directed bank
does so and DEMANDS your repayment at USURY RATES! If you don’t have the cash
available to pay the county now – take out a personal loan, draw cash on a credit card,
sell your 2nd car – but DO SOMETHING NOW before you fall prey to T.A.R.P./
A.C.O.R.N. Scheme.

18
it’s now self-evident why the banks were pressed to take FED funds and how they are
being directed to use them – to decimate the already overburdened American middle
class.
*****
From an Interested Reader:
Mr. Chapman - I became familiar with your voice and your factual information on Dr.
Stan Monteith's program - Radio Liberty. I'm a 60-year-old man and am doing the best
I can to help my extended family prepare for what we will be facing. I wanted to
encourage you to keep doing what you're doing. If not for people like you, I would not
be aware of what is actually happening economically in our country. There is so much
pathetic propaganda in the media that I still find it hard to believe. We're facing a
catastrophe and nobody saw it coming? You apparently did see it coming and warned
people. It's no fun being a prophet. But you apparently are appointed to this role.
Some, who hear you, like me, will take action. Most will not. It reminds me of the Jews
during the NAZI scourge in Germany. Some saw the handwriting on the wall and took
their families to safety. Many did not, until it was too late. I'm sensitive to this historical
fact because my wife and I are in Germany right now on a business assignment for 6
months. What happened to the Weimar Republic is going to happen again - only this
time it is the United States that will endure the ravages of hyperinflation. Please, keep
doing what you're doing. You may not realize it, but the information you present is
saving lives by encouraging people to make emergency preparations. Don't stop doing
what you're doing. Redouble your efforts. You have no idea how many lives you may
be saving. In just my case alone, your information has enabled me to act to provide a
6-month supply of food stores for my parents - who are still alive - as well as my wife's
extended family. In total you have affected in a positive way, for the glory of GOD, at
least 25 people, several of whom are children. I hope you are encouraged my by
email. You are in my prayers daily. And I am sure I am not the only one praying for
you. Best regards

*****
From a Fellow Subscriber: This is very thought provoking.
http://www.fourwinds10.com/resources/uploads/pdf/the_brief.pdf
Dear Bob,

Please see link above the three you will find redundant, the fourth (response to CM) is
amazing f true to say the least. It seems there is an amazing amount of wealth that has
been hidden from view in this world. I’d be interested to read your comments here or in the
If, if you think its worth your while.

Thank you again for your amazing insight, I listen to every single program on your channel.
I only wish I could hear all the shows that you do.
*****
From a Fellow Subscriber:
Hi Bob: Rumor has it that during Jordan’s King Abdullah’s recent “STATE” visit to
Washington approximately 1 month prior to Netanyahu’s “STATE” visit King Abdullah
was “told” by Barky that the Palestinians will get east Jerusalem as their capitol and
that their Palestinian flag will fly over “ALL” their official gov’t offices and that the UN
flag will fly over all of the holy sites and that the UN will “police” east Jerusalem for the
Palestinians. Rumor has it that Barky told Netanyahu 100% the —“EXACT”— same
thing during the recent visit to Washington and Bibi just rolled over like the good CFR

19
puppet that he is and did not say one word of any of the above to his co-religionists in
the USA, including all the left wing co-religionists that put Barky in power. NOT ONE
ZIONIST JOURNALIST OUT OF 1000’S IN AMERICA DARES TO SAY OR PRINT
ANY OF THE ABOVE. WHERE IS THE NYT AND THE WASHINGTON POST??????
WHERE IS AIPAC & THE ADL???????? — nor has one word of any of the above,
“YET” been published by any media in Israel. If anyone in the subscriber base watches
the press conference video they will see that BIBI & BARKY just sat there like two
icebergs—wait until Wall Street— “BILLIONAIRE BOYS CLUB “—Zionist king pins like
Mike Bloomberg et al— “get the news”—they will all go completely— “BERSERK”—
the best part will be that their— “BILLION DOLLAR”— news organization got scooped
on the— “ZIONIST NEWS OF THE CENTURY” — by the IF—there will not be
enough— “CROW” —TO— “GO AROUND” —SO THAT THEY CAN ALL EAT
SOME—puns intended—you have long talked about “SIGNAL FAILURE“—let the
illuminists try to manage all their financial scams and the partition of JERUSALEM at
the same time and see how many of their rank and file enablers of — “ALL FAITHS” —
bail out on them. Very recently in the IF and on the radio you have spoken
“ominously” about a totally unexpected— “untoward event”—that will crash the
system—this could be it—when the illuminists read some or all of the above they will
go completely insane — everybody in the subscriber needs to “GET READY.”
*****
From a Fellow Subscriber:
Hey Bob. Great show today. Ya gotta hear this and tell the people.
You may recall a couple months ago I started a refi. Have prepaid balance a lot
and decided to take some money out and put more in metals and shares. Been with
countrywide since inception, which, as you know is now BOA. Only wanted about 50k.
Have couple hundred thousand in equity. Great credit score etc. "Fast track" program.
My condition from beginning was to keep my HELOC or I wasn't interested.
They of course said no problem. The conditions spoken when initiated began to
change as BOA took over.
The incompetence is incredible. They, in California and Arizona told me they were
swamped with people like myself, having good credit, equity, etc. was overwhelming
their refi business.
They have since put nearly any and every obstacle to dissuade my "easy"
refinance. They use their own appraiser, which is told to place very low valuations. In
my estimation, according to public sales in my area, even within a month placed their
appraisal at least $100k lower than public records comparables.
Today, a poor lady that does all their closing in N.O. area came over to close
the loan. Poor thing told me she has NO closings from these people she works for.
Yet, BOA says they are overwhelmed with quality applicants as myself. Point being, as
you know they are LYING. They are NOT lending money even to extremely qualified
persons as evidenced by this poor lady's not conducting any closings. I told them I
don't want the loan unless as we originally discussed at length the HELOC remains. I
have plenty of equity with HELOC even with their pittance of an appraisal.

BOA changed requirements, no docs etc. so many times, presumably out of

ignorance or intentionally. THET DON'T WANT TO MAKE LOANS!! I know you know
that their money is parked at the FED. Warn your listeners it’s all a show. The
underwriters must be instructed to frustrate qualified applicants into foregoing the refi.
I think I'm going to sue them when its over for the lies and changes they made
for inconvenience sake and me being a lawyer won't cost me much. These people,
BOA, need to be exposed for the crooks they are. It’s all a sham. Warn your readers.

20
Thank God I don't need the refi and could care less about canceling. Sadly, I'm certain
there may be many that hear you and may need the money from a refi. They are in for
a horrific experience if that is the case.

Thanks and take care. We are making an impact. I spoke with people during
my surgery and the common man is perceptive enough to know something is terribly
wrong. We simply must continue to inform them. I really believe God is using people
like yourself to awaken others prior to the final enslavement that is prophesied. His
mercy is incredible!! I hope you feel privileged to be used in such a manner. The
discernment He gives you is amazing.
*****

COMMODITIES
Gold ended the week up 2.7% to $957 (up 8.5% y-t-d). Silver was up 4.9% to
$14.70 (up 30% y-t-d). July Crude jumped $4.55 to $61.55 (up 38% y-t-d).
June Gasoline surged 8.7% (up 72% y-t-d), while June Natural Gas sank 14.4% (down
38% y-t-d). Copper jumped 3.9% (up 49% y-t-d). July Wheat rallied 6.1% (up 0.3% y-
t-d), and July Corn gained 3.1% (up 5.7% y-t-d). The CRB index advanced 3.3% (up
6.3% y-t-d). The Goldman Sachs Commodities Index (GSCI) surged 5.1% (up 20.4%
y-t-d).

GOLD, SILVER, PLATINUM AND PALLADIUM

We believe you are now looking at the last opportunity to buy cheap gold and
silver. All those dimwits looking for $700 and $500 gold have been wrong again.
This time on a long-term basis we have both the fundaments and the technicals
working for us. Once the options expire this week both metals should be ready to test
the old highs. Accelerating inflation is again on the way, as investor demand continues
to accelerate. As we mentioned in a previous recent issue, the GDP price deflator, is
rising at a 2.9% rate. Foreigners have eased up on buying US Treasuries, but we as
yet see no concerted move to stop buying Treasuries. As long as buyers
accommodate the US Treasury we see no move to another reserve currency unit. It
will come and there will be a dollar crisis this year, but it is still in the future. Other
nations still have 64.5% of their foreign reserves in US dollars. They will take 50%
losses from here rather then break ranks with the US. This will lead to financial and
economic dislocation that in many nations of the world will end up in revolution. When
that transpires gold and silver will be king.
The only way to return to sound money is to get rid of the Fed. Then we can
again issue US notes backed by gold. We are probably looking at $6,000 to $7,000 an
ounce, which is what real inflation has been since 1980. One of the problems here is
that secretly controlled banks have sold off most of their gold in efforts to suppress the
price since 1988, although most of the selling has occurred over the past ten years.
There hasn’t been an audit of US gold since 1954, so we don’t know if they have any
at all. We think central banks sold off most of their gold. They may have somewhere
between 5,000 and 15,000 tons available. Be as it may we’ll find out in good time.
It has been a long hard road with plenty of fights along the way over the past
50 years. We won before and we will win again. That in spite of criminal conspiracy
among the Fed, Treasury, bankers, Wall Street, The World Gold Council and GFMS,
Gold Fields Mineral Services. They are all liars and criminals. For those who are new
to this, central banks lease gold to a bullion bank like JP Morgan Chase, which sells it
into the market, but the bank still carries it on the books as an asset even though it has
been sold. What kind of criminal madness is that? Who in their right mind would

21
believe that central banks continually take losses in leasing gold? That is the price they
pay to suppress the gold price, so that they can print more fiat currency and keep the
world in financial bondage. As we saw some central banks are sick of what is going
on. Germany requested delivery of their gold from West Point and Dubai has
transferred its gold out of London. It will be interesting to see if they are capable of
making delivery.
That reminds us that Rep. Ron Paul has 183 co-sponsors for a House bill to
conduct an independent audit of the Fed, including its claims to For Knox gold.
As we have been telling you for years that China had been accumulating gold,
well China has finally admitted they bought 1,054 tons over the last six years. This
holding is sure to increase. China is the world’s largest gold producer, mining 282 tons
of gold in 2008. Chinese investment demand was 69 tons. India bought 660 tons last
year, so you can see what China is capable of. China purchased all domestic
consumption and bought through willing governments, such as Russia, South Africa
and South American countries. If China is going to be playing the political game at the
top level they could add another 4,000 tons easily. They certainly have the dollars to
do it. What would you do with a falling dollar, horrible deficits, and climbing gold and
silver prices and with a trade war in the works? If China and other nations expand
money and credit in order to suppress their rising currencies they will face domestic
inflation just to maintain their export trade.
Now that things are getting real serious how long do you think the Chinese and
the Gulf States are going to hold up the dollar? How long do you think savers are
going to bail out debtors? All creditors will continue to put pressure on the US, demand
secret concessions and will enter into our political process if they haven’t done so
already. China has already taken defensive action by accumulating gold and
commodities. We believe within two to three years China will float a gold backed
currency and that will end the dollar as a gold backed currency.
Overnight and early Tuesday our government leaned on currencies, metals,
and commodities and tried to hold the Dow up. The Dow fell 43 to 8,217; S&P fell 52;
Nasdaq lost 68 and the FTSE was off 90 Dow points. The Nikkei lost 36; the CAC lost
53 and the DAX fell 36. The yen rose .0012; the euro fell .0118 and the pound fell
.01089. The 2-year was 0.87%; the 10’s were 3.43%; one-month Libor was 0.31% and
the 3-month was 0.66%. Oil fell $1.91 to $59.76; gas fell $0.04 to $1.80 and natural
gas fell $0.08 to $3.43. Gold fell $14.90 to $944.00; silver fell $0.28 to $14.41 and
copper lost $0.05 to $2.05.
On Tuesday gold fell $5.20 to $953.00, as silver fell $0.09 to $14.59. The
outside contract months were about the same. The attack of gold began early in
London but was unsuccessful. The gold option writer wanted a much lower price, but
neither they or the government were successful in pounding gold down. Today was
gold option exploration day and the commercials took stiff losses. Hopefully the $950
call option holders take delivery. OI for gold call options in June is 101,196 of which
53,932 contracts will be in the money if gold goes over $1,000 an ounce. Dealers on
the floor are concerned with the unusually large OI in the June contract. They do not
have the gold to deliver at Comex. Will the ECB come to their aid again, we’ll see?
Usually dealers rig the market on option expiration week. This time they couldn’t do it.
The buying was too heavy. This readers could well be the start of something big. As
we said in an earlier issue rotation is going on. Investors are taking profits or simply
fleeing the stock and bond markets and moving into gold, silver and commodities. This
is the worst cartel putdown we’ve seen in some time. Today’s action was a disaster for
the elitist. We saw the cartel take down of gold early in London and that had to cost

22
them dearly in physical gold. As a result, gold could easily climb over $960 on
Wednesday or Thursday.
Gold open interest rose 5,840 contracts to 396,763, as silver OI rose 673 to
96,769. The ETF-GLD supposedly added 12.14 tons of gold, which have been
unchanged. What a farce. El scamo whamo.
The ECB says gold and gold receivables fell 14 million euros or 0.63 tons, the
same as last week. This is a pittance.
The Austrian Central Bank sold no gold in 2008.
South Africa’s first quarter gold output fell 10% quarter-to-quarter, or 4.8%
year-on-year.
The HUI fell 2.83 to 376.32 and the XAU rose .09 to 151.51. The yen fell .0051
to $.9416; the euro fell .0057 to $1.3983; the pound rose .0013 to $1.5924; the Swiss
franc fell .0018 to $1.0838; the Canadian dollar rose .0019 to $.8947 and the USDX
dollar index rose .12 to 80.13.
Oil rose $0.65 to $62.32; gas rose $0.02 to $1.83 and natural gas $0.01 to
$3.64. Copper rose $0.04 to $2.14; platinum fell $19.30 to $1,140 and palladium fell
$1.95 to $231.70. The CRB rose 1.34 to $245.44.
The Dow rose on totally bogus consumer confidence numbers up 196 to 8,472;
S&P rose 210 and Nasdaq 351 Dow points.
Early Wednesday was mixed. The Dow was up 34 to 8,495; S&P rose 41;
Nasdaq rose 14 and the FTSE was up 24 Dow points. The Nikkei rose 128; the CAC
28 and the DAX 32. The yen was off .0009; the euro fell .0053 and the pound rose
.0043. The 2-year yielded 0.95%; the 10’s were 3.54%; one-month Libor was 0.32%
and the 3-month was 0.66%. Oil rose $0.47; gas gained $0.03 and natural gas rose
$0.10. Gold was off $3.80 to $949.50; silver fell $0.07 to $14.53 and copper fell $0.01
to $2.13.

*****
Did the ECB Save COMEX from Gold Default?
http://seekingalpha.com/article/129128-did-the-ecb-save-comex-from-gold-default
*****
Another Smoking Gun
By: Theodore Butler
http://news.silverseek.com/TedButler/1243360187.php
*****
CANADA
Hi Bob,
Canada will have to borrow from the Central Bank and increase taxes.
"Government spending cannot create additional jobs. If the government provides the
funds required by taxing the citizens or by borrowing from the public, it abolishes on
the one hand as many jobs as it creates on the other.""
- Ludwig von Mises <http://mises.org/about/3248>
Deficit swells from $34-billion to $50-billion ˆ in 4 months
Steven Chase
Ottawa ˜ From Wednesday's Globe and Mail, Wednesday, May. 27, 2009 06:47AM
EDT
Finance Minister Jim Flaherty offered an impromptu fiscal update Tuesday,
announcing that this year's budget deficit will balloon to more than $50-billion ˆ a new
record for red ink in Canada as the costs of the economic downturn mount.
Full story here:

23
http://www.theglobeandmail.com/news/politics/deficit-swells-from-34-billion-to-50-
billion-in-4-months/article1152864/
*****
EUROPE
European banks have loan exposure to Asian businesses and to Eastern
Europe of $2 trillion of which half is at risk. That is three or more times the losses
facing US banks on a GDP basis. No one knows where the money will come from to
bail these banks out. It won’t come from profits, not in a depression. The answer is, as
it is worldwide, is to incur more deficits to gain time not really knowing what to do.
America’s cost over the next year will be $2 trillion plus the $900 billion they are
spending in purchasing toxic waste in the name of the American people to relieve
banks of their casino losses. What is worse is that the following years US debt will be
$3 trillion and America’s credit rating is on watch. As we see it Europe, Japan and the
US will need some $7 trillion over the next two years. Raising even half of that would
be a monumental task. There is no chance that deficits in countries worldwide will be
brought under control. Monetization will be the name of the game and gold and silver
will be the big winner and savers and investors worldwide will be the losers.
Irish mortgage lending fell 68% in the first quarter from a year earlier. The value
of lending fell to 2 billion euros ($2.76bn) in the three months through March from 6.27
billion euros a year earlier. The volume of home loans dropped 61%.
Germany’s Ifo institute in Munich said its business climate index, based on a
survey of 7,000 executives, increased to 84.2 in May from 83.7 in April. Economists
expected a gain to 85, the median of 39 forecasts in a Bloomberg News survey
showed. The index reached a 26-year low of 82.2 in March.
U.S. Patriot air defense missiles and over 100 U.S. personnel will be deployed
in Poland by the end of this year despite Russia's objections, Poland's deputy defense
minister has said.
Polish Foreign Minister Radoslaw Sikorski said in February that a battery of
U.S.-manned Patriot systems would be placed in Poland, regardless of whether plans
for a U.S. missile defense base in the country go ahead or not.
"This will be the first time U.S. soldiers are stationed on Polish soil, other than
those who come under NATO control, on exercises for example . . . This will be
symbolic for Poland," Stanislaw Komorowski said in an interview published by the
Financial Times on Thursday.
Washington signed deals with Warsaw and Prague last year to deploy 10 interceptor
missiles in Poland and a radar in the Czech Republic by 2013.
To clinch the deal with Warsaw, the United States accepted Poland's demands
for extra security guarantees to offset the potential risks of deploying a missile-
interceptor base in the Central European country, including the deployment of Patriot
missile systems and greater bilateral military ties.
Komorowski said final agreements with Washington would be concluded in
July, followed by the deployment of over 100 U.S. military personnel and 196 missiles
by the yearend.
Russian analysts believe that the possible deployment of Patriot missiles in
Poland would only complicate the current negotiations between Russia and Europe on
the Conventional Forces in Europe Treaty, although the move itself is unlikely to
threaten Russia's defense capability.
Patriot (MIM-104) is a theater air-defense system designed to counter tactical
ballistic missiles, cruise missiles and advanced aircraft.

24
As well as the U.S., the Patriot is in service in Egypt, Germany, Greece, Israel, Japan,
Kuwait, the Netherlands, Saudi Arabia and Taiwan. Patriot missile systems were
successfully deployed by U.S. forces during Operation Iraqi Freedom in 2003.
Porsche SE, struggling to combine with Volkswagen AG, is in danger of losing
some of the 17.3 billion euros ($24.3 billion) in profits recorded from holding VW
options because it may not have the money to exercise them.
Porsche bought options and Volkswagen stock for more than three years and
controls more than 70 percent of Europe’s biggest automaker. Now, Stuttgart,
Germany-based Porsche may be unable to raise the money needed to cash in the
options, according to research by Sanford C. Bernstein & Co., Sal. Oppenheim jr. &
Cie. and FAIResearch GmbH & Co.
The 78-year-old maker of the 911 sports car piled up more than 9 billion euros
in debt and hasn’t been able to raise the financing even after the options contracts
surged in value along with the sevenfold gain in VW shares since 2005, according to
the analysts. Porsche is attempting to negotiate a merger with Volkswagen and seek
an investor to provide cash after its bid last year fell apart when VW’s home state of
Lower Saxony vetoed the proposal and its car deliveries fell 27 percent in the six
months ended Jan. 31.
Italy's trade deficit with non-European Union countries narrowed in April, as
imports fell at their steepest rate since 1993 and exports to China increased, statistics
office Istat said Tuesday, but an overall decline in exports still bodes ill for Italian
economic activity.
The trade deficit with non-E.U. countries was EUR76 million in April, compared
with a deficit of EUR1.77 billion in the year-earlier period.
Overall, imports fell 29.6% in April on year, while exports fell 20.5%. Exports to
China rose 8.2%, while imports from China fell 11.3%.
Confidence among business executives in Belgium improved in May, but
remained near all-time lows, the Belgian Central Bank said Tuesday.
The central bank's main index rose to -27.6 in May from -29.4 in April. The
improvement was most noticeable in the trade sector, which climbed to -22.9 in May
from -26.6 in April.
EU Mar Industrial New Orders down 0.8% MoM, -26.9% YoY.
Polish retail sales rose 1.0% on the year in April, a steeper rise than expected
and compared with a 0.8% annual decline in March, as supermarket and clothing sales
rose significantly on the month, data from the Central Statistical Office, or GUS,
showed Tuesday.
Poland's unemployment rate fell to 11.0% in April from 11.2% in March, data
released Tuesday confirmed.
The euro zone's current account deficit narrowed for the fourth consecutive
month in March, with the income balance swinging to a small surplus for the first time
in over a year, data showed Tuesday.
The current account was EUR6.5 billion in deficit, compared with a revised
deficit of EUR7.8 billion in February, data from the European Central Bank showed.
Dutch producers remained pessimistic about the economy in May, the Dutch
Central Bureau for Statistics, or CBS, said Tuesday.
The index for producer confidence rose only slightly to -17.3 in May, compared
with -17.4 in April, CBS said.
In April 4.46 million (± 35,000) persons aged 15-74 were employed. Compared
to April 2008, this is a decrease by 116,000 persons. The difference is statistically
significant. The number of employed men decreased by 76,000 and the number of

25
employed women with 40,000. The employment rate thereby fell with 2.4 percentage
points and amounted to 64.3 (±0.5)% of the population aged 15-74.
The decrease in the number of employed occurred primarily in the two
industrial branches "Manufacturing, mining and quarrying; energy and environment"
and "Financial, insurance and real estate activities; business services". Within these
branches, the number of employed decreased by 47,000 and 41,000 persons
respectively.
On average, the number of hours worked amounted to 132.3 (±1.5) million per
week. When adjusted for differences between 2008 and 2009 with regard to public
holidays etc., this was a drop by 3.2%.
The number of unemployed amounted to 403,000 (±23,000), 110,000 more
than in April last year. Also, the unemployment rate rose by 2.3 percentage points to
8.3% of the labour force.
Switzerland 1Q Employment Level (QoQ) stays unchanged at 3.96M.
French consumer spending on manufactured goods increased by more than
expected in April, as a car-scrapping scheme helped boost purchases and households
increased their spending on home equipment, data showed Tuesday.
Consumer spending on manufactured products - a good proxy for consumer
spending, which accounts for about two thirds of French gross domestic product - rose
0.7% on the month in April, and increased 0.6% on the year, national statistics office
Insee said.
Figures for March were revised to show a 0.6% monthly increase, lower than
the 1.1% rise initially estimated. Much of the revision, however, was due to seasonal
adjustments that occur once a year in statistical series, Insee said in its release.
French consumer confidence recovered slightly in April compared with March,
after hovering for several months close to its record low.
In April, French households' spending on cars increased 3.7% on the month
and 5.8% on the year. Spending on household appliances, on manufactured products
as well as on leather and textile goods all increased on the month - by 0.8%, 0.7% and
0.3%, respectively - leaving only the category 'other manufactured products' flat on the
month, Insee said.
German gross domestic product posted its steepest decline since records
began in 1970 on weak investment activity and a sharp drop in net exports.
First-quarter real GDP shrank 3.8% from the fourth quarter of 2008, data from
the Federal Statistics Office confirmed Tuesday.
That was the fourth straight quarterly decline in GDP, underpinning the view
that Europe's largest economy will contract by as much as 6% this year.
The data, which are adjusted for seasonal and calendar effects, are in line with
the GDP "flash" estimate the statistics office had published May 15.
Lower investment and a sharp drop in net exports depressed economic activity
at the start of the year, while private consumption increased slightly.
Net trade contributed 2.2 percentage points to the decline in first-quarter GDP;
exports dropped 9.7% and imports fell 5.4% from the fourth quarter, the statistics office
said.
Investment in machinery and equipment slumped 16.2% from the fourth
quarter, contributing 1.3 percentage points to the fall in GDP.
Household spending increased 0.5% quarter-on-quarter; government
consumption rose 0.3% for that period.
German consumer confidence is expected to remain stable at low levels in
June on general uncertainty about future job market developments, a key consumer
survey showed Tuesday.

26
 German market research group GfK's forward-looking consumer climate index
remained unchanged at 2.5 points for June, in line with a Dow Jones Newswires poll of
16 analysts.
By comparison, the index stood at 5.0 points a year ago.
Germans' economic expectations increased to -28.3 points in May from -31.2
points in April. "Consumers are assuming that the worst is behind us," GfK said.
Income expectations declined to -9.3 from -8.0 points on job anxieties, while
the buying propensity index rose marginally to 12.5 points from 12.4 points in April,
GfK said.
"Consumer sentiment has yet to face a real test when confronted by the
anticipated rise in unemployment," the survey said.
On Monday, the euro declined after the Munich-based Ifo business climate
index increased to 84.2 in May from 83.7 in April because 85.0 was expected. The Ifo
index is at its lowest level since Germany's reunification in 1990.
Irish house prices fell 10.7% on the year in April compared with a 10% fall in
March, according to research from independent think tank Economic & Social
Research Institute and Permanent TSB bank Wednesday.
"This is the fastest rate of decline in national prices that we have seen to date
since the index started in 1996," said Niall O'Grady, general manager of business
strategy at Permanent TSB.
"The particularly dramatic reduction in prices (of 7.9% since January) for first-
time buyers reflects their reluctance to buy in a market that is still declining and where
unsold properties are being reduced further," he said.
On month, national house prices fell 1.9% in April, a greater fall that 1.0% in
March
In the first four months of 2009, prices fell 4.9%, compared to a fall of 3.3% in
the year-earlier period.
The average price paid for a house nationally in April was EUR248,640,
compared with EUR255,999 in February, EUR261,573 in December 2008 and is down
20% from a peak of EUR311,078 in February 2007.
Spanish retail sales continued to fall in April as spiraling unemployment
reduces disposable income, but the pace of decline eased as lower inflation and
interest rates provided some support for consumption.
According to data Wednesday from Spain's National Statistics Institute, or INE,
April retail sales fell by 7.5% on the year in calendar-adjusted terms after falling by
8.2% in March and by 9.1% in February.
By segments, sales at large chain stores were flat on the year, while sales at
department stores and big supermarkets were down 5.3% on the year, and smaller
outfits showed a sharper drop.
Italian hourly wages rose by 3.5% on the year in April, the same annual rise as
in March, on increasing salaries in the public and construction sectors, statistics office
Istat said Wednesday.
Hourly wages in April rose 0.1% from the month earlier, the same as in March.
The year-on-year rise in hourly wages is above the annual inflation rate, which
was 1.2% in April.
Italian industrial production fell further in May, declining around 1.0% from April,
Confindustria's research center said in a brief statement Wednesday.
In April, industrial production rose 1.3% from March, stirring hopes of a
recovery.
Industrial activity in May was only slightly above the very low levels seen in
March, Confindustria said.

27
 The business lobby's data are not seasonally adjusted.
Official figures will be released later by Istat, the national statistics institute.
New industrial orders fell 1.2% in May from April and were down 15.1% from
May 2008, Confindustria said.
Manufacturing accounts for more than a fifth of gross domestic product in Italy.
Italian consumer confidence was higher than expected in Mayas the outlook
among households of the overall economy and employment opportunities improved,
data showed Wednesday.
The seasonally adjusted consumer confidence index for Europe's fourth-largest
economy was 104.9 in May, unchanged from April and much higher than 99.8 in
March, according to figures from Italian research center ISAE.
Swedes' consumer sentiment improved more than expected in May, though is
still pessimistic, data released Wednesday showed.
The Swedish consumer confidence index improved to -11from -21 in April, data
from the Swedish National Institute of Economic Research showed.
French business sentiment improved in May, though less than expected, as
business leaders were slightly more optimistic about both past and future production,
data showed Wednesday.
The index measuring business leaders' confidence increased to 72 in May from
71 the previous month, gradually recovering from March, when it stood at its lowest
since the survey started in 1976, Insee said.

*****
A Proper Response to Police Brutality
http://www.youtube.com/watch?v=p2Fn-j_bsIc&feature=player_embedded

*****
Regime Change: Georgia's Rose Revolution Fades to Black
http://www.globalresearch.ca/index.php?context=va&aid=13728
*****

ENGLAND
Britain had an 8.5 billion-pound ($13.4 billion) budget deficit in April, the most
for the month since records began in 1993, and Standard & Poor’s signaled the
country may lose its top credit rating. Tax revenue fell 9.5% and spending increased
5.4%.
Growth in U.K. mortgage lending slowed for the second straight month to an
eight-year low in April, reflecting the low level of demand for mortgages seen in recent
months, data from the British Bankers Association showed Wednesday.
"The house purchase part of the mortgage market appears to have stabilized,
with slightly more approvals coming through, although April's weak net mortgage
lending reflects the lower number of approvals in previous months," said David Dooks,
director of statistics at the BBA.
Seasonally adjusted net mortgage lending grew just GBP2.7 billion in April.
That was the smallest increase since March 2001 and compares with a GBP3.4 billion
increase in March 2009.
When compared with a year earlier, lending growth was half the GBP5.5 billion
increase reported in April 2008, the BBA said.
Mortgage approvals - a good forward-looking indicator for housing market
activity - totaled 27,685, up from 26,671 in March.

28
 Despite the pickup however, the level here also remains below that seen a year
earlier, with mortgage approvals totaling 32,752 in April 2008.

LATIN AMERICA
Brazil is managing the financial crisis ‘extremely well’ and emerging as an
engine of global growth, said Mohamed El-Erian of Pacific Investment Management
Co. ‘People certainly feel the crisis is a major stress test for Brazil and that they’ve
done extremely well so far,’ El- Erian said. ‘People are starting to take Brazil very
seriously, not just as a stand-alone country, but for the impact it can have on the global
economy as a whole.’

ASIA
Malaysia's economy contracted at a worse-than-expected 6.2% in the first
quarter, data released Wednesday show.
It was the first quarterly contraction in Malaysia's economy in nearly eight
years.

*****
From a Fellow Subscriber of KOREAN ORIGIN:
To Bob Chapman

I am always grateful for your newsletter and info. I am just writing this email to inform
you about the recent suicide of South Korea's ex-President Roh and the significance of
this event that you might want to know about.

Like any third world, developing country, South Korea have always had military
dictatorships or corrupt, corporate political system, in which almost every single ex-
presidents involving in some sort of bribe scandals. Although the country achieved a
rapid economic progress, the political system and the ruling elites didn't change a bit
and didn't respond successfully so far (in my opinion) to the ever rising awareness of
South Korean citizens who have been yearning for more fair and open democratic
society.

That's when President Roh appeared on major political scene. Supported primarily by
young voters who are mostly internet based, Roh stunningly won the presidency in
2002 against conservative Lee who was the favorite by far... You can compare the
election with JFK beating Nixon, or Roh with like Ron Paul in terms of Internet
supporters. South Korea probably had by far the earliest and most developed Internet
blog based culture and this made everything possible.. Roh was truly an odd character
in my opinion because he refused to take any bribe what so ever (which is very
common) and very stubborn in what he thought was right or wrong throughout his life.
His life background as a poor and high school graduate from countryside truly
represents him in my opinion. When he was president, LITERALLY a WAR began
between Roh and corporate oligarchies, who are extremely powerful and influential in
South Korea. In addition, President Roh almost declared a war on 3 major media,
newspaper conglomerates that dominate 90+% market share and which of course are
controlled by the same corporate oligarchs... As a result, media had constantly
attacked President Roh throughout his presidency, and this is the reason why his
presidency is evaluated by some as total disaster and some as success..... In my
opinion, he probably should have been more flexible especially to media since media

29
controls people's thoughts... This again describes his character of being straitforward
and refusing to conform.

After Roh's presidency, President Lee Myung Bak became the new president. He is a
member of "New Right" which is connected to the Japanese conservative elites and
probably to illuminati whether they know it or not... "New Right" is synonym for "neo-
conservative" that are very pro Japanese and American.

The corporate oligarchs including the new president LMB HATED Roh.... After Roh's
presidency, Roh's family members and close supporters got involved in bribe
scandals. One thing Roh was always confident about was his clean record of not
getting a dime from corporations. The recent scandal depressed Roh too much and he
committed suicide. Roh himself probably didn't get a dime but his family members and
close supporters might have gotten mere few millions of bribes that were not
justifiable. This was of course nothing compared to multi BILLION dollars scandal that
almost every president in the past got involved. The truth is that the corporate
oligarchs and new president LMB destroyed Roh to death...
At this point, the public is being furious... even the conservatives are thinking
that LMB should be blamed for president Roh's suicide. The public had been fed up
with President LMB's administration. During a little over 1 year of LMB's administration,
he has done enough to anger people and massive number of demonstrators filled the
street with "candles" a few times already. He is hated by people as the same scale as
George W Bush was hated by the public... Roh's suicide is awakening public how
corrupt the current political system is and how politicians like Roh is being witch
hunted. Roh's supporters are throwing eggs to certain politicians who come to Roh's
mortuary to pay respect. President LMB himself couldn't dare to visit Roh's mortuary
so far because of public's response. The situation is a no-joke. Oligarch's probably
didn't expect a bit that Roh would commit suicide. The whole LMB's administration and
his whole party is in jeopardy, and this is getting real interesting. In order to achieve
NWO in Far East region, Japanese illuminati or "new right" have to penetrate into
Korean society, and LMB's possible impeachment in the future would ruin their plan.
The Koreans are well educated and internet savvy, and when they demonstrate and
go out on the street, they really achieve what they want. Last year demonstrations over
importing US meat was a good example.

Korea is getting very unstable..... if worldwide revolution is coming in the future, Korea
should definitely play a role in my opinion......
*****

JAPAN
Japanese camera maker Nikon Corp. said Tuesday it will cut 1,000 jobs to try
to stem losses this year.
The company will slash 800 non-regular employees, such as contract and part-
time workers, from its domestic manufacturing work force of 2,900 by March 2010,
said company spokesman Katsuhiko Kaneko. It plans to cut another 200 from its
marketing and servicing staff in Japan and overseas.

AUSTRALIA
The value of building work completed in Australia fell 4.4% to A$17.43 billion in
the first quarter of 2009 from the fourth quarter 2008, the Australian Bureau of

30
Statistics said Wednesday.
The value of total construction, which includes building and engineering work,
during the quarter fell 3.7% from the previous quarter to A$34.47 billion.
An index of job vacancies for skilled workers in Australia fell by 7.0% in May
from April, and was 62.6% lower from a year ago, the Department of Employment said
Wednesday.
The index currently stands at 35.1.

AFRICA
The latest economic data has come out - and officially ushered in a recession
in South Africa. Data from Statistics South Africa (Stats SA) showed that SA’s real
gross domestic product (GDP) at market prices on a quarter-on-quarter (q/q)
seasonally adjusted annualized (saa) basis dropped by -6.4% in the first quarter of
2009 from -1.8% in the fourth quarter 2008.

HEALTH
BABY BOOMER MEDICINE
Numerous articles have been written on the effectiveness of herbs. In August of1998
the USA TODAY reported some 60 million Americans were using herbal remedies.
Why were so many people starting to use herbs? Herbs were getting a lot of press
partly due to some of the studies being done. Mark Blumenthal, founder of the
American Botanical Council, states that herbs have solid science behind them. Others
agree such as naturopathic physician Donald Brown of Seattle. He is recognized as a
top herbal expert who explains that herbal remedies that have the best scientific
evidence behind them and the clearest definition of their uses will be the ones that
become the most popular. For this article we are going to look at one of the most
popular and powerful herbs – Echinacea. The US medical profession was introduced
to Echinacea in 1887. It was introduced in Europe in 1895. The purple corn flower
(Echinacea) become very popular and by the 20th century was the top selling herb in
America.

ECHINACEA 20th CENTURY HISTORY

When penicillin and other “wonder drugs” were created the flower was off the bloom
for Echinacea and the demand for it waned. By the 1930’s Echinacea fell from use
after propaganda by the AMA promoted it as a worthless plant and anyone who
defended it was a quack. However, in Europe Echinacea was growing in popularity,
especially in Germany. Dr. Gerhard Madaus (after securing Echinacea purpurea seeds
from American) began growing and researching the benefits of Echinacea. Much of the
German research at that time did not include Echinacea angustifolia since Dr. Madaus
did not obtain those seeds. Germany published some of the most comprehensive
studies on Echinacea and Dr. Madaus founded Germany’s leading herbal medicine
manufacturer. Today Dr. Madaus studies are still used as some of the best scientific
studies to date.

THE TRACK RECORD

The research being done on Echinacea was by medical researchers, doctors and
herbalist. The German physicians established that Echinacea’s primary action was to
increase the number of white blood cells. This enhanced the immune system and
assisted the body to fight off infections. Since the 1930’s, over 400 journal articles
have been published on this so-called “worthless plant.” More studies have been

31
written on the chemistry, pharmacology and clinical uses of Echinacea than any other
herb. What do all these studies conclude? The majority of them state that Echinacea is
effective in treating viral and bacterial infections, fungus, healing wounds and reducing
inflammation.

ANCIENT RESEARCH
Echinacea has pricked man’s interest for hundreds of years. The Plains Indians used
Echinacea as an antiseptic, analgesic and a poisonous antidote to insect and snake
bites. They used it for toothaches, wounds, sore throats, childhood diseases such as
mumps, smallpox and measles. Other Indian tribes known to use Echinacea were;
Cheyenne, Choctaw, Comanche, Dakotas, Pawnee, Sioux, Meskawaki Fox and
Omaha. The Echinacea plant is common in North America and was one of the Native
American Indian’s favorite herbs. The part of the Echinacea plant most often used was
the root stalk. The early settlers leaned about Echinacea, and its therapeutic uses,
from the Indians and it has been used ever since. History teaches that in 1762 settlers
and Dakotas Indians used Echinacea to treat saddle sores on horses. Soon Echinacea
root became the secret ingredient in tonics and blood purifiers. During 1916 to 1950,
Echinacea was listed in the US National Formulary (published by the Journal of the
American Medical Association) as a useless remedy.

WHAT WE KNOW
From the plains of North America to the halls of science in Germany what have we
learned about Echinacea? What we know is that it is best for immune enhancement.
What does that mean? It is not the herb of choice to be used as a preventative but to
help strengthen the immune system to shorten the duration of illness. The studies to
date state that Echinacea is an herb helpful in treating; colds, coughs, flu, URI (upper
respiratory infections), sore throat, swollen glands, urinary tract infections, herpes,
candida, wounds, skin infections (topical use), psoriasis, eczema, inflammation (topical
use) and other minor infections. How does the science explain how this herb works?
Echinacea stimulates your immune system to make killer T-cells, which kill viruses and
bacteria and helps your white blood cells attack germs. It is also recommended that
anyone with an auto-immune disease, such as lupus, HIV, MS or TB should not use
Echinacea. Researchers believe that Echinacea can worsen these conditions. Others
feel that although there are a few restrictions using Echinacea that the benefits
outweigh any risks.

YOUR GREEN THUMB

If you have room in your garden to dedicate some space to medicinal herbs I
recommend you make room for Echinacea. Any garden is beautified by this daisy-like,
pink-purple corn flower that attracts butterflies. It blooms in early to late summer with
large, showy flowers which are great as a perennial border. Echinacea is drought
tolerant and has a compact root system, which no significant disease have been found
to affect it. It is recommended not to plant Echinacea near cucumbers. The cucumber
mosaic virus has been known to affect Echinacea causing its leaves to yellow, which is
caused by aphids. The next decision is whether to plant Echinacea angustifolia or
purpurea? They are both indigenous to North American and easy to grow from seed.
Plant your seeds in the spring when the soil is between 55 to 70 degrees F. Plant near
the surface of the soil and after they begin to germinate, lightly cover with 1/8 inch of
soil. Plants should be 18 to 24 inches apart. Germination time is within 10-20 days.
After germination they grow quickly. Most Echinacea will grow in zones 3 to 10 and

32
prefers shade in well-drained, neutral soil (pH between 6-8) but it can grow in clay-
laden soil. It doesn’t like weeds and blooms from June to October.

Echinacea Angustifolia will have long, thin petals, grows to less than 12 inches high
with a rose-purple to a pale purple color. It does well in zones 4 to 9 and particularly
likes high elevations where winters are cold.

Echinacea Purpurea is the choice for residential gardens across America. It has long,
stiff stems and one large cone of purple flowers. It grows to three feet high and is
native to Virginia, Georgia and Louisiana. It is easy to cut and dry and is harvested in
late fall. Unlike Angustifolia it prefers lower elevations with milder winters.

SCIENCE & USE

The experts believe that the popular herbs will have the best scientific evidence behind
them and the clearest definition of their uses. We’ve been told that Echinacea is not to
be used as a preventative and only to be used intensively for short bursts. Why? The
research suggests that Echinacea stimulates the immune system to shorten our
duration of illness and if it were used too often it would not be as effective at
stimulating our immunity. What if you have a chronic condition, can you still use
Echinacea? It is recommended to use Echinacea for no more than three weeks and
take a one-week break before you resume use. Can you use Echinacea with other
herbs? Echinacea is an excellent herb to combine with other herbs such as astragalus
root, ginseng (American or Siberian), garlic and cayenne. Some research involving
long-term herbal programs including Echinacea combined with other herbs generally
recommends a lower dose of Echinacea. Can you use Echinacea with prescribed
medications or over-the-counter medicines? Generally it is best not to combine herbs
with prescribed medications or OTC medicines. You especially do not want to use
Echinacea with antibiotics or auto-immune suppressants because Echinacea
stimulates your immune system and the drugs suppress it.

SELF-CARE GENERATION
Our generation is witnessing a resurrection of the self-care approach to health. I
believe that by converting to a healthy lifestyle and using medicinal herbs the baby
boomers are going to take the burden off the current health care system by placing the
personal responsibility for health on the individual. This is the voluntary way as
opposed to the political way of forcing you to accept drugs, surgery and lifestyle
management via your doctor and employer. If you haven’t heard, our government
wants to use your employer to reward or punish you regarding your health status. So,
if you are not a believer in herbs, you might want to become one. I’m a believer
through personal experience and I have done what no politician or physician could do.
So can you.

SELF-CARE MADE EASY

Staying healthy shouldn’t be complicated. If you exercise, cleanse and nourish the
body you will have most things taken care of. For organ cleansing made from certified
organic herbs grown to tilth standards (the highest “real” organic standards) call
Apothecary Herbs. For a full line of immune boosting organic herbal formulas plus a
whole lot more call Apothecary Herbs and get a free product catalog toll free 866-229-
3663, International 704-875-8010 online http://www.thepowerherbs.com. The
Echinacea formulas to look for are Echinacea Deluxe, Children’s Echinacea, Adult
Echinacea and Immune Booster. You will also find Astragalus Root Tincture, American

33
or Siberian Ginseng Tinctures as well as herb kits and packages to make self-care
easy. Call now.

OUR VERSION OF THE ECONOMIC STIMULUS – Apothecary Herbs is offering 15%

off your total order before shipping when you print off your shopping cart order online
or fill out the catalog order form and mail in your order with your check or money order.
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SAVE 15% on this package with the STIMULUS DISCOUNT. Call Apothecary Herbs
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SURVIVAL ITEMS – STAND-UP FOOD POUCHES (NOW SAVE 15% CALL NOW)
Order your convenient and compact, dehydrated food in the stand-up pouch for food
emergencies or recreational camping. Light weight food pouches have a long shelf life,
are easy to store for your rainy day food shortages and don’t cost a lot to ship. We
have several meals to choose from in single and double serving sizes to avoid waste.
Mix and serve in the stand-up pouch and avoid the need for extra utensils and
cleanup. Order single serving or double serving meals by the case and for a hot meal,
don’t forget the reusable Flameless Oven for just $13.00. Call Apothecary Herbs 866-
229-3663, International 704-875-8010 or order online http://www.thepowerherbs.com.

HERB TALK LIVE – with Herbalist Wendy Wilson every Tuesday & Thursday at 7:00
pm EST on AVR www.theamericanvoice.com and Thursday at 4:00 pm on WBCQ
7.415 and Saturday 7:00 am on GCN www.gcnlive.com. Free radio show archives at
http://www.thepowerherbs.com

34
#10 CANS SURVIVAL FOOD – call Freeze Dry Guy 866-404-3663 or
www.freezedryguy.com.

*****
From a Fellow Subscriber:
Dear Mr. Chapman,
http://groups.yahoo.com/group/InfowarLords/links/
The webpage above provides links that address some common misconceptions in
recent postings by other subscribers with regard to vaccines, mercury and autism, as
well as a successful treatment for mercury poisoning recommended by Dr Haley, a
biochemist at the University of Kentucky, who is a scientific advisor for the National
Autism Association. If you follow the links, it will lead to one of his presentations at an
Institute of Medicine conference, on how Mercury causes 4x more damage in boys
than girls, and more in autistic than normal children. In another link, Dr Howenstine
explains how vaccines from the pharmaceutical industry by design do not create a full
immune response - implying that they do not confer true immunity, otherwise booster
shots would be obsolete.

*****

Blue Cross Millionaires Are Scared to Compete With a Public Plan

http://www.truthout.org/052509Y?n
*****
Can you trust your family doctor?
http://laiglesforum.com/2009/05/26/can-you-trust-your-family-doctor/

*****
NEXT SCHEDULED ISSUES
SATURDAY, MAY 30, 2009

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