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11. “State Bank of India Ranks Highest
Ralph Nader interviewed by George
in Consumer Satisfaction,” J.D.
Noory, coasttocoastam.com (Septem-
Power Asia Pacific Reports (2001).
ber 24, 2004).
12. Greg Palast, “French Fried Fried-
8. Barbara Whilehan, “Bankruptcy Bill
man,” The Nouvelle Globalizer (June
Bad for Debtors,” bankrate.com
5, 2005).
(March 23, 2005).
13. Caroline Lucas MEP, Vandana Shiva,
9. Jeffrey Steinberg, “We Can Beat
Colin Hines, “The Consequence of
Rohatyn and the Synarchists,” White
the UK Government™s Damaging
Paper from EIR Seminar in Berlin
Approach to Global Trade,” Sustain-
able Economics (April 2005). (June 27, 2006).
14. Radio interview of Vendana Shiva, 10. “Figures Show States Falling Deeper
democracynow.org (December 13, into Deficit,” The Business Journal
2006). (Tampa Bay), January 7, 2003.
15. C. Lucas, et al., op. cit. 11. Paul Krugman, “The Debt-Peonage
Society,” New York Times (March 8,
16. Bob Djurdjevic, “Wall Street™s
2005).
Financial Terrorism,” Chronicles
(March 1998). 12. Elizabeth Warren, Amelia Warren
Tyagi, The Two-Income Trap: Why
Chapter 29 Middle-Class Mothers and Fathers
Are Going Broke (New York: Basic
1. Al Martin, “Bushonomics II (Part 1):
Books, 2003).
The End Game,” almartinraw.com
13. Nicole Colson, “Drowning in Debt,”
(April 11, 2005); Speech by Global
Exchange founder Kevin Danaher, Socialist Worker Online (February
“Indymedia,” KPFK (Los Angeles), 13, 2004).
March 15, 2004. 14. Chicago Federal Reserve, “Modern
2. A. Martin, op. cit. Money Mechanics” (1963), originally
produced and distributed free by the
3. M. Whitney,“Coming Sooner Than
Public Information Center of the
You Think: The Economic Tsunami,”
Federal Reserve Bank of Chicago,
counterpunch.com (April 8, 2005).
Chicago, Illinois, now available on
4. Isaac Shapiro, J. Friedman, New,
the Internet at http://landru.i-link-
Unnoticed CBO Data Show Capital
2.net/monques/mmm2.html, page 6.
Income Has Become Much More
Concentrated at the Top (Washing- 15. “The Facts About Credit Cards,”
ton, DC: Center on Budget and worldnewsstand.net/money/
Policy Priorities, 2006). credit_cards.htm.

508
Web of Debt

Chapter 30 Chapter 31
1. Christian Weller, “For Middle-class 1. Al Martin, “Bullish Shillism,”
Families, Dream of Own House almartinraw.com (June 20, 2005). See
Drowns in Sea of Debt,” Center for also Dana Milbank, “Almost Unno-
American Progress, ticed, Bipartisan Budget Anxiety,”
americanprogress.org (May 2005). Washington Post (May 18, 2005).
2. U.S. Department of Housing and 2. Adam Hamilton, “Real Rates and
Urban Development (HUD), “Large Gold 6,” ZEAL, zealllc.com (2004).
Percentage of Properties Are Owned
3. Al Martin, op. cit.
Free and Clear,” hud.gov (October
4. Ibid., citing testimony by Federal
12, 2005).
Reserve Chairman Alan Greenspan
3. C. Weller, op. cit.; HUD, op.cit.; Mike
before the Joint Economic Commit-
Whitney, “The Fed™s Role in the
tee in June 2005. See also Kurt
Housing Crash of ™07,” Dissident
Richebacher, “Mr. Ponzi Salutes,”
Voice, dissidentvoice.org (January 9,
The Richebacher Letter (June 2005).
2007); Martin Weiss, “Final Stage of
5. Richard Freeman, “Fannie and
the Real Estate Bubble,” Safe Money
Freddie Were Lenders: U.S. Real
Report (June 2005).
Estate Bubble Near Its End,” Execu-
4. William Buckler, “The Week the
tive Intelligence Review (June 21,
Bottom Fell Out,” The Privateer
2002).
(March 2006); Gracchus, “A New
America,” rense.com (February 19, 6. “U.S. Financial Systemic Risk: Fannie
2003). Mae & Freddie Mac,” http://
seattlebubble.blogspot.com (August
5. Comptroller of the Currency,
11, 2006).
“Comptroller Dugan Expresses
Concern about Negative Amortiza- 7. Eric Weiner, “Foreclosure-proof
tion,” occ.gov (December 1, 2005). Homes?”, Los Angeles Times
(December 3, 2007).
6. See bankrate.com.
7. Craig Harris, “The Real Estate 8. Bob Chapman, “New Scams and New
Bubble,” 321gold.com/editorials Losses,” The International Forecaster
(March 11, 2004). (November 17, 2007).
8. Gary North, “Surreal Estate on the
Chapter 32
San Andreas Fault,” Reality Check
(November 22, 2005).
1. R. Colt Bagley III, “Update: Record
9. Annys Shin, “House Passes Bill on Derivatives Growth Ups System
Fannie and Freddie Oversight,” Risk,” moneyfiles.org/
Washington Post (October 27, 2005); specialgata04.html (July 29, 2004),
“Alan Greenspan is Worried about
reprinted in LeMetropoleCafe.
the Mortgage Lending Agencies,”
2. C. White, “How to Bring the
The Economist, economist.com
Cancerous Derivatives Market Under
(February 18, 2005).
Control,” American Almanac
10. M. Whitney, op. cit.; Richard
(September 6, 1993).
Freeman, “Fannie and Freddie Were
3. Martin Weiss, Global Vesuvius: $285
Lenders: U.S. Real Estate Bubble Near
Trillion in Very High-risk Debts and
Its End,” Executive Intelligence
Bets!,” Safe Money Report (Novem-
Review (June 21, 2002).
ber 2006).
11. M. Whitney, op. cit.

509
Endnotes

4. See Chapter 20. Observer (October 10, 2001).
5. M. Weiss, op. cit. 18. See, e.g., Bob Chapman, The Interna-
tional Forecaster (September 3, 2003),
6. Gary Novak, “Derivatives Creating
goldseek.com/news/
Global Economic Collapse,” http://
InternationalForecaster/
nov55.com/economy.html (June 30,
1062763200.php.
2006).
19. Jeremy Scahill, “Blackwater Down,”
7. “Slipping on Derivative Banana
The Nation (October 10, 2005).
Peels,” http://worldvisionportal.org
(February 9, 2004). 20. Henry Kissinger, Speech at
Bilderberg Conference in Evians-Les-
8. Lothar Komp, “˜Hedge Fund™
Bains, France, May 1992, “Quotations
Blowout Threatens World Markets,”
Attributed to Henry Kissinger,”
Executive Intelligence Review (May
rense.com (December 1, 2002).
27, 2005).
21. Al Martin, “FEMA, CILFs and State
9. Ibid.
Security: Shocking Updates,”
10. Nelson Hultberg, “Cornered Rats
almartinraw.com (November 28,
and the PPT,” gold-eagle.com/
2005).
editorials (March 26, 2003).
22. Ibid.; Michael Meurer, “Greenspan
11. Captain Hook, “A Few Thoughts on Testimony Highlights Bush Plan for
Recently Announced Reporting Deliberate Federal Bankruptcy,”
Changes at the Fed,” Treasure truthout.org (March 2, 2004).
Chests, November 14, 2005, reprinted
23. Henry C K Liu, “The Global
on safehaven.com (November 18,
Economy in Transition,” Asia Times
2005).
(September 16, 2003).
12. The Mogambo Guru (Richard 24. See Richard Hoskins, War Cycles,
Daughty), “The ˜Two Trill in Cash™ Peace Cycles (Lynchburg, Virginia:
Plan,” The Daily Reckoning (April Virginia Publishing Company, 1985).
10, 2006).
25. John Crudele, “Paulson™s Other Job
as Wall St. Plunge Protector,” New
13.“Petro-Euro: A Reality or Distant
York Post (June 9, 2006).
Nightmare for U.S.?”, aljazeera.com
(April 30, 2006).
Chapter 33
14. Rob Kirby, “The Grand Illusion,”
financialsense.com (December 13, 1. Michael Bolser, “Cartel Capitulation
2005). Watch,” Midas, lemetropolecafe.com
15. R. Daughty, op.cit. (April 18, 2004).
2. Bill Murphy, “Consolidation Day
16. “America™s Black Budget and the
Before Gold and Silver Resume Move
Manipulation of Mortgage and
Higher,” Midas,
Financial Markets,” interview with
lemetropolecafe.com (Oct. 2, 2005).
Catherine Austin Fitts, Financial
Sense Newshour, netcastdaily.com 3. John Crudele, “George Let Plunge
(May 22, 2004). Slip,” New York Post (June 27, 2006).
17. M. Whitney,“Coming Sooner Than 4. Executive Order 12631 of March 18,
You Think: The Economic Tsunami,” 1988, 53 FR, 3 CFR, 1988 Comp., page
counterpunch.com (April 8, 2005); 559.
Gregory Palast, “The Globalizer Who 5. Michael Bolser, “Enough Is Enough,”
Came in from the Cold,” The London Midas, lemetropolecafe.com (January

510
Web of Debt
26, 2004). See his chart site at 19. Richard Freeman, “London™s
pbase.com/gmbolser/ Cayman Islands: The Empire of the
interventional_analysis. Hedge Funds, Executive Intelligence
Review (March 9, 2007).
6. John Emry, Not Free, Not Fair: The
Long-term Manipulation of the Gold
Chapter 34
Price (Toronto: Sprott Asset Manage-
ment, August 24, 2004), reprinted at
1. “The Coming Storm,” The Economist
fallstreet.com.
(London), February 17, 2004, quoted
7. John Embry, Andrew Hepburn, “US in “New Bretton Woods Advances as
Stocks: The Visible Hand of Uncle
Dollar Faces ˜The Coming Storm,”
Sam,” introduction by Japan Focus,
Executive Intelligence Review
Asia Times (October 19, 2005).
(March 5, 2004).
8. Chuck Augustin, “Plunge Protection
2. John Hoefle, “Mergers, Derivatives
or Enormous Hidden Tax Revenues,”
Losses Reveal Bankruptcy of the U.S.
lemetropolecafe.com (June 30, 2006).
Banking System,” Executive Intelli-
9. Jim Sinclair, “Cartel Blatantly gence Review (November 1, 2002).
Hammers Gold,” jsmineset.com
3. Michael Edward, “Cooking the
(November 21, 2003).
Books: U.S. Banks Are Giant Casi-
10. The John Brimelow Report, nos,” http://worldvisionportalorg
“Goldman Sach™s ˜Partner™,” Midas,
(February 2, 2004).
lemetropolecafe.com (March 24,
4. Robert Guttman, How Credit-Money
2004), quoting Bianco Research
Shapes the Economy (Armonk, New
report.
York: M. E. Sharpe, 1994), Sections 11,
11. The Prowler, “Raid on the Treasury,”
11.1.
The American Spectator (October 12,
5. Ibid., Sections 10 and 11.
2006).
6. The Boston Consulting Group,
12. Bill Murphy, “Moral Hazard,”
“Growing Profits Under Pressure:
LeMetropoleCafe.com (September 8,
Integrating Corporate and Invest-
2006), reposted at gata.org/node/
ment Banking,” bcg.com (2002).
4361 (September 9, 2006), quoting Joe
Stocks at siliconinvestor.com/ 7. “Wall Street v Wall Street,” The
readmsg.aspx?msgid=22789705. Economist (June 29, 2006).
13. Ibid., citing federalreserve.gov/ 8. William Hummel, “Money Center
boarddocs/speeches/2002/ Banks,” in Money: What It Is, How It
200209252/default.htm. Works http://wfhummel.net
14. Ibid., citing crmpolicygroup.org/ (January 8, 2004).
docs/CRMPG-II.pdf.

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