Vice President Joe Biden and Senators Harry Reid and Mitch McConnell, co-authors of the National Defense Authorization Act (NDAA), worked through the weekend to draft a “fiscal cliff” package to present to Congress Sunday afternoon.
Alternative minimum taxes, keeping unemployment benefits, cutting Medicare and preservation of tax breaks for the wealthy are all on the table and will be addressed in the coming draft proposal.
Senator John McCain and Defense Secretary Leon Panetta spoke out against the idea of having the defense budget slashed dramatically; invoking the cost to national security was too great to allow such a prospect to become reality.
At the last second, with appropriate suspense, the Senate passed the proposal to avoid the fiscal cliff. The deal will increase taxes for incomes earned over $450,000 annually, while purporting to protect those who take-in less than $250,000 per year.
At the same time as the theater surrounding the fiscal cliff was brewing, President Obama issued a pay increase to key members of Capitol Hill by executive order. Biden has received a slight increase, as well as Congress, and members of the Judicial branch of government. The total amount in pay raises equals $11 billion over the coming decade.
Mainstream media suggests that going over the fiscal cliff would bring about a deal between the Congress and Executive branches and force those barring the compromise to “swallow a raw deal.”
Coining the catch phrase “cliff diving” to describe Obama’s stance on the matter brings just the right air of suspense and loathing to the situation. Even Senator Lindsey Graham admitted that “any time you announce a meeting publicly in Washington, it’s usually for political theater purposes.”
Coupled with the banter between political parties and the Obama administration, the drama is becoming nearly unbearable – and quite the perfect distraction.
There is still the under-discussed matter of the debt ceiling, which Obama and Timothy Geithner, Secretary of the US Treasury, affirm must be raised to infinity. The automatic cuts to federal spending which would reduce budgets of federal agencies and stymie the ability of defense and non-defense programs from their functions are yet to be resolved. As well, there is lacking in an overall budget resolution to curb a temporary shutdown of Washington, DC.
In 2010, American International Group (AIG) explained in a hearing that while Geithner was head of the New York Federal Reserve Bank, billions of dollars were laundered through AIG and handed over to specific banks such as Goldman Sachs, Merrill Lynch, Societe Generale and Deutsche Bank.
While the $700 billion in bailout money found its way to the Central Bank of China to pay the nation back for the fraud it encountered after investing in the mortgage-backed securities, the technocrats rewarded themselves in a secret money laundering scheme to extract more wealth out of the hands of average Americans.
At the end of the first term of the Obama administration the Chinese government began purchasing oil and natural gas resources worth billions through the China National Offshore Oil Corporation (which is owned by the Chinese government) and Sinopec Corporation (the Chinese government owns the most stock in this corporation).
Obama offered the Chinese government a third of any new petroleum uncovered in the Chesapeake Bay. Those deposits are estimated to produce 500,000 thousand barrels of oil per day. Sinopec has been promised financial rewards from profits in states like Louisiana, Texas, Michigan, Ohio, and Oklahoma. The fracking endeavors by Niobrara Shale are nearly guaranteed to pay out financially for CNOOC.
The Obama administration is pushing for auctions of foreclosures to foreign investors in bulk sales. The foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Agency (FHA) are of the utmost importance to unload onto foreign investors. By setting the stage for easy money from foreign investors, Obama insures that those investments are given a major return, as more properties are given up for rent rather than resold.
Chinese business owners and possibly government representatives are acquiring a large amount of American real estate with $2 billion in commercial properties in 2011.
China, being part of the BRICs nations, has been purchasing gold to back up the yen while deciding to not accept the US dollar as the global reserve currency.
The Obama administration made investing in America easier for China. China was able to buy 35% of any auction of US Treasury bonds. This was achieved through proxy. By the intent of Ben Bernanke, Chairman of the Federal Reserve Bank (Fed), China may have been broken financially through inflation brought on by this American central bank.
The BRICs countries are pushing for a global gold standard that will alleviate the inflation caused by fiat currency.
The major economies of the world are facing an estimated $7.5 trillion in bond payments, which is how the central banking cartels keep their Ponzi scheme afloat.
April of 2012 marked a new direction for the BRICs countries as they ended their summit in New Delhi, India with talks of moving away from the US dollar as the global reserve currency.
Brazil, Russia, India, China and South Africa are the emerging economies of the world. The G5 countries in counter ignore their movement toward better trade, ceasing the destruction of our planet and the end of slavery through debt.
One suggestion placed on the table was to bailout Europe from the clutches of the central banking system. A BRICs basket currency was discussed to allow non-aligned countries to trade with each other without the fears that the central banks and their fiat currency entail. This would serve as an alternative to the US dollar and the Euro. It would empower other nations to rise up economically.
The BRICs countries signed an agreement to give our loans in their respective currencies in a further effort to move away from the US dollar and Euro. A joint BRICs bank was discussed with vigor. It would serve as an alternative to central banks that abuse their power at the expense of nations worldwide. They hope to replace the International Monetary Fund and the World Bank.
Over 180 countries have signed onto the BRICs agreement as evidenced in their declaration. While the global Elite still hold power over the G5 countries, the rest of the world is standing up, severing their ties and making plans for a new world without them.
Susanne Posel is the Chief Editor of Occupy Corporatism. Our alternative news site is dedicated to reporting the news as it actually happens; not as it is spun by the corporately funded mainstream media. You can find us on our Facebook page.
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