By David Ceresne
Saturday, February 2, 2013; GATA
A financial tsunami is on the way.
By David Ceresne
Saturday, February 2, 2013; GATA
A financial tsunami is on the way.
Retirement Savings Accounts Draw U.S. Consumer Bureau Attention
By Carter Dougherty – Jan 18, 2013 12:01 AM ET
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
Consumer Financial Protection Bureau director Richard Cordray said, “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.” Photographer: Andrew Harrer/Bloomberg
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans.
The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
Sure they are “interested” in 401(k)s . . . they hold trillions of dollars that can be used to buy trillions of long term bonds the FED has been buying. As interest rates rise, those bonds will lose much of their value. This is a way for the FED to ‘cash out’ of those toxic assets .. sell them to pension funds. Fund managers get commissions, the FED gets cash the worker/investor continues to get screwed.
By the way, this has been in the planning stage for three years.
(Editor’s note: Colin Flaherty has done more reporting than any other journalist on what appears to be a nationwide trend of skyrocketing black-on-white crime, violence and abuse. WND features these reports to counterbalance the virtual blackout by the rest of the media due to their concerns that reporting such incidents would be inflammatory or even racist. WND considers it racist not to report racial abuse solely because of the skin color of the perpetrators or victims.) EDITOR’S NOTE: The links in the following report may contain offensive language.
He was black and angry. They were white and guilty, just the way he learned in school.
So he shot them.
That’s the evidence that has emerged from the Atlanta trial of Nkosi Thandiwe, who has been sentenced to life in prison plus 65 years for shooting three white girls last year. One died, one is paralyzed.
According to the Atlanta Journal-Constitution, Thandiwe testified the reason he purchased a gun probably was “to enforce beliefs he’d developed about white people during his later years as an anthropology major at the University of West Georgia.”
“I was trying to prove a point that Europeans had colonized the world, and as a result of that, we see a lot of evil today,” he said. “In terms of slavery, it was something that needed to be answered for. I was trying to spread the message of making white people mend.”
The report says the night before the shooting, he was at a “Peace Party,” and was enraged that two white people were there.
“I was upset,” Thandiwe said. “I was still upset Friday. I took the gun to work because I was still upset from Thursday night.”
A jury found him guilty of murder – following a decision by a judge that just because he learned crazy things in school, that did not make him too crazy to stand trial.
Thandiwe said during his last few years in college, his history studies changed his thoughts about how some white people treated black people.
“In terms of slavery and race, it was something that needed to be answered for. I saw it as something that the black community hasn’t recovered from so my initial way to handle that was to spread information to help combat some of the ignorance that was in the black community about our history,” said Thandiwe.
“Correct me if I’m wrong, but you were trying to spread the message of making white people the enemy,” asked Assistant District Attorney Linda Dunikoski.
“Yes,” replied Thandiwe.
The shootings were Thandiwe’s second episode of racial violence in less than a month. Thandiwe assailed a visiting courier with racial epithets and had to be physically restrained from striking and causing harm to visitors at a parking garage where he worked, said WSBTV News in Atlanta.
Racial resentment is the new mother’s milk of education, said a prison psychologist who did not wish to be identified. Students, black and white, learn from their earliest days that blacks are victims and powerless to fight racism, he said.
Not just in school, but also in churches and from their parents, he said.
The attitude of victimization breeds resentment and violence.
“But most dangerous of all, black students are taught they are not responsible for their behavior because they are the victims of white racism,” he said. “I see that every day in the prison where I work.”
Examples abound: In Wilmington, N.C., Joshua Proutey was recently shot in the head and killed while being robbed by four black people who had targeted him because white people “were bound to have money.”
One of the confessed killers, a 17-year old, said he did not like being “stereotyped as a tough guy.”
In Chicago, the city recently agreed to pay $22.5 million to the victim of black mob violence because she was white and the city police released her into a “predominantly black” area, placing her in danger. A Harvard professor testified that because of what he called Routine Activities Theory, violence is an expected result in that situation.
In Wilmington, Del., the pastor of one of the largest black congregations in the state said: “This violence in our community – you don’t think it has something to do with the last 400 years?”
Rev. Lawrence M. Livingston told the News Journal. “We didn’t create this stuff – all this mess.”
The comments came just a few days after a crowd of black people beat a white clergyman near Livingston’s church.
These are just a few of the more than 400 examples of racial violence and lawlessness in more than 80 cities documented in “White Girl Bleed a Lot: The return of racial violence and how the media ignore it.”
The flip side of the rising tide of black mob violence is what the prison psychologist calls “infantile omnipotence:”
This is the feeling that because something has not happened to you directly, you can ignore it. Like an infant who thinks it is not vulnerable to any danger because all it has ever known is the safety of the womb or the crib.
This is what accounts for widespread willingness to ignore the violence among members of the media and some members of the public, he said.
“Black people have been encouraged to hate whites and to discriminate against them from the so-called civil rights leaders,” said author and syndicated talk show host Jesse Lee Peterson: “And that is evil. The evil will get worse from generation to generation if you don’t deal with it.”
Taleeb Starkes is a social worker, film maker and author of the book called “The Un-Civil War.”
“These schools are reinforcing the long-existing, deep-rooted, victimization gospel that’s religiously practiced in the African-American community,” said Starkes. “Moreover, denunciation of this victimization gospel by any African-American is sacrilegious and leads to the questioning of ‘blackness.’ Even scarier is the fact that this ideology is spawning urban terrorists whose actions are always justified by another tenet of the victimization gospel called P.T.S.D (Post Traumatic Slavery Disorder).”
Starkes continued, “Combined with the race peddlers and the mainstream media’s intentional portrayal of African-Americans as permanent victims incapable of hate-crimes, this self-defeating ideology has become a societal toxin. Consequently, any Black-on-White crime, regardless of viciousness, is essentially interpreted as Black ‘payback’ instead of Black crime. Alternatively, had this urban terrorist been a bloodthirsty White supremacist who mercilessly killed two unsuspecting Black women, Negro-geddon would have commenced.”
Imagine Portugal’s dismay and frustration at having to learn the hard way that you can’t trust big banks. (And it could have much far worse — gold was trading around $380/oz then, as opposed to today’s price of $1,660/oz.)
According to Keith Barron, geologist and consultant responsible for one of the largest gold discoveries in 25 years:
I believe that most of the Western world’s gold, which is supposed to be in central bank vaults, has been leased out. Much of it is now in private hands in India, and what remains continues going East to China and other Asian vaults. So (perhaps) most of the Western gold has vanished from the vaults and it’s now just a book entry. These various Western countries and bullion banks simply roll these leases over when they come due, and the gold never gets returned back to the countries.
(By leasing out the gold, those banks have been collecting interest on that gold. Gold pays no interest so banks or governments leasing it were enjoying a profit. Those lease agreements must have had a provision for the lease to be rolled over continually.
What happens when interest rates begin to rise in world markets? The income gained from those leases may or not be a fixed rate, meaning the benefit gained may be nominal. Meanwhile, that physical gold leased out may be further encumbered by the lessor by a swap, hypothecation, or further lease elsewhere.
Is it any wonder Venezuela, Germany, Switzerland and others are wanting to repatriate their gold? And, what is the likelihood that the FED still has all of their gold in their vaults? Who is on the hook to replace that gold? What will the cost be to do so?
This could be the beginning stages of a run on banks for their gold. If it is perceived that a shortage exists, which is very possible, we could see prices rise dramatically.
An international financial tsunami could result the likes of which we’ve never seen before.– Publius)