Paul Craig Roberts

From Boardwalk Empire by M. Scorsese & T. Winter

“From the end of the recession in 2009 through 2011 (the last year for which Census Bureau wealth data are available), the 8 million households in the U.S. with a net worth above $836,033 saw their aggregate wealth rise by an estimated $5.6 trillion, while the 111 million households with a net worth at or below that level saw their aggregate wealth decline by an estimated $600 billion.” (Pew Research, “An Uneven Recovery," by R. Fry & P. Taylor.)

Since the recession was officially declared to be over in June 2009, I have assured readers that there has been no recovery. Gerald Celente, John Williams (shadowstats.com), and no doubt others have also made it clear that the alleged recovery is an artifact of an understated inflation rate that produces an image of real economic growth.

Now comes the Pew Research Center with its conclusion that the recession ended only for the top 7 percent of households that have substantial holdings of stocks and bonds. The other 93% of the American population is still in recession. The Pew report attributes the recovery for the affluent to the rise in the stock and bond markets, but does not say what caused these markets to rise.

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Ellen Brown

“[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.” — Sprott & Kargutkar, “Caveat Depositor”

The crossing of the Rubicon into the confiscation of depositor funds was not a one-off emergency measure limited to Cyprus. Similar “bail-in” policies are now appearing in multiple countries. (See my earlier articles here.) What triggered the new rules may have been a series of game-changing events including the refusal of Iceland to bail out its banks and their depositors; Bank of America’s commingling of its ominously risky derivatives arm with its depository arm over the objections of the FDIC; and the fact that most EU banks are now insolvent. A crisis in a major nation such as Spain or Italy could lead to a chain of defaults beyond anyone’s control, and beyond the ability of federal deposit insurance schemes to reimburse depositors.

The new rules for keeping the too-big-to-fail banks alive: use creditor funds, including uninsured deposits, to recapitalize failing banks. - But isn’t that theft?

Perhaps, but it’s legal theft. By law, when you put your money into a deposit account, your money becomes the property of the bank. You become an unsecured creditor with a claim against the bank. Before the Federal Deposit Insurance Corporation (FDIC) was instituted in 1934, U.S. depositors routinely lost their money when banks went bankrupt. Your deposits are protected only up to the $250,000 insurance limit, and only to the extent that the FDIC has the money to cover deposit claims or can come up with it. - The question then is, how secure is the FDIC?

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Stephen Lendman

In late January, Lebanese military sources reported multiple Israeli violations of Lebanon's airspace. One or more targets on the Syrian-Lebanese border were struck. Around the same time, Israeli warplanes attacked a military research center in Jamraya. It's about 10 miles from the Lebanese border. Early Sunday morning, Israel struck it again. Video footage showed multiple explosions. Huge fires followed.

On May 5, the Syrian Arab News Agency (SANA) headlined "Explosions Hit Scientific Research Center in Jamraya Caused by an Israeli Rocket Attack, Casualties Reported." The Damascus al-Hameh area was struck. Syrian state television said:

"The new Israeli attack is an attempt to raise the morale of the terrorist groups which have been reeling from strikes by our noble army." "This new Israeli aggression is a clear attempt to alleviate the pressure on the armed terrorist groups after our army beat them back in several regions and after the army's victories on the road to recovering security and stability in Syria." "This attack proves the direct involvement of the Israeli occupation in the conspiracy against Syria and its links with terrorist groups in the aggression supported by Western countries and some Gulf countries."

Israeli officials confirmed Saturday's attack. YNet News said an unnamed "senior" Israeli source corroborated the second one. He claimed missiles intended for Hezbollah were targeted. Previous articles suggested otherwise. Assad needs all the weapons he can get. If reports were accurate, evidence would have corroborated them. None was forthcoming.

Obama ignored Israel's naked aggression. He claimed it's entitled to defend itself against enemies, saying: "The Israelis, justifiably, have to guard against the transfer of advanced weaponry to terrorist organizations like Hezbollah." He shares responsibility for what happened. These type incidents are jointly planned. Both nations partner in imperial crimes. Doing so is longstanding.

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