US could start defaulting on debt ‘very soon’ warns Lew

US Treasury Secretary Jacob Lew warned Monday that the US is on course to hit its so-called debt ceiling, the limit to which it can legally borrow, by the end of the month.

He called on Congress to raise it immediately to prevent the issue from harming the economic recovery, adding that the government would start defaulting on its debt “very soon” if it failed to act.

“Time is short. Congress needs to act to extend the nation’s borrowing authority, and it needs to act now,” Mr Lew said in a speech on Monday. Continue reading

U.S. Treasury, Fed planning for possible default – source

U.S. Treasury and Federal Reserve officials worried about the growing possibility of a catastrophic default are crafting contingency plans to mitigate the economic fallout if Congress fails to extend America’s borrowing authority, a source familiar with the plans said.

With just eight days before the Treasury Department says the U.S. will hit its $16.7 trillion (10.46 trillion pounds) borrowing limit, lawmakers and the White House remain far from a deal to extend it. Officials are examining what options might be available to calm financial markets if a U.S. debt payment is missed.

The specifics of their planning remain unclear, but the source said an area of special focus is a key bank funding market known as the tri-party repurchase agreement, or repo, market, where banks often use Treasury bills, notes and bonds as collateral for short-term loans from other banks and big money market funds. Continue reading

China Space Program Ramping Up Capabilities, Pentagon Says

To ‘blind and deafen’ the enemy would be to use what the Chinese call ‘shashou jiang’, or what we’d call in English: ‘assassin’s mace‘ — something America today loves to complacently ignore.

China’s growing space prowess shows no signs of slowing, the U.S. Department of Defense said in its annual report to Congress on military and security developments involving the People’s Republic of China.

The Pentagon has been carefully monitoring China’s space activities, and pointed out that last year, the country conducted a total of 18 space launches and expanded its space-based intelligence, surveillance, reconnaissance, navigation, meteorological and communications satellite constellations.  Continue reading

Obama brushes off Congress on Russian helicopters for Afghan military

WASHINGTON — The administration of President Barack Obama has
dismissed congressional objections to purchase military helicopters from Russia.

The Defense Department said it would proceed with the procurement of Mi-17 utility helicopters from Russia. The Pentagon said the helicopters would be transferred to the Afghanistan military. Continue reading

Goldman to Clients: Brace for Another 8% Drop in S&P

The S&P 500 is set to fall another 8 percent by the end of the year, on top of the 7 percent decline seen since the year’s high reached in September, according to a new strategy note by Goldman Sachs.

“Uncertainty swirling around the “fiscal cliff” that must be resolved by year end, the pending jump in capital gains taxes at the start of 2013, and the debt ceiling that will be reached in late February, represent clear and present downside risks to the market in the near term,” wrote the analysts, headed by Chief U.S. Equity Strategist David Kostin. Continue reading

Communist Party Congress: how it works

At the centre of the spectacle is the Communist Party congress, a gathering held once every five years that is the 18th such event in the party’s history.

Continue reading

China to Shoot at High Frontier

China needs a weak candidate who is negligent or non-chalant about America’s security and supremacy in the world. Within the first four years of the Obama administration, Chinese military technology seems to have gained near equality to its US countepart. Another four years will likely bring it to a strategic advantage over the United States. The gap might even widen enough to where we might not even be able to defend our homeland due to being blinded by the assassin’s mace.

U.S. Intelligence: China to conduct test of more powerful anti-satellite weapon capable of hitting GPS, spy satellites, but after U.S. election

China’s military is set to conduct a test of a new and more capable anti-satellite missile that United States intelligence agencies say can knock out strategic satellites in high-earth orbit, according to U.S. officials.

However, a recent intelligence assessment said the test of the Dong Ning-2 direct ascent anti-satellite (ASAT) weapon is being delayed in an apparent effort to avoid upsetting President Barack Obama’s reelection bid, said officials who spoke on condition of anonymity. Continue reading

What If November Changes Nothing?

As judge Napolitano points out, there are more similarities between the two candidates than before thought… Napolitano makes the point: The public doesn’t realize they’re voting for the same person. What if the fix is in?

What if the principal parties’ candidates for president really agree more than they disagree?

What if they both support the authority of the federal government to spy on Americans without search warrants? What if they both support confining foreigners, uncharged and untried, in Guantanamo Bay? What if they both believe the president can arrest without charge and confine without trial any American he hates or fears?

What if both major presidential candidates believe they can fight any war, assassinate any foe or assault any country using the military or the CIA, and they need not ask Congress for a declaration of war as the Constitution requires, nor account to Congress or the public as the law requires? What if they both want American troops to remain in Afghanistan, even though no foreign country in history has successfully done so, and even though the culture in Afghanistan is as lawless, as vicious to women and children, and as harmless to America today as it was when President Bush invaded it in 2001?

What if they both think this costly and fruitless war – the longest in American history – is somehow good for American freedom and security, even though most Americans do not? What if they both refuse to understand that the longer we are killing people in foreign lands who can cause us no real harm the more likely will people from those lands come here and bring us real harm?

What if President Obama wants to raise taxes by increasing some tax rates on the rich? What if Gov. Romney wants to raise taxes by eliminating some tax deductions available to the rich? What if raising taxes on anyone in a recession will cause higher unemployment?

What if they both believe in borrowing newly printed money from the Federal Reserve in order to fund the government? What if Obama is of the view that the federal government can tell you how to live and keep you from becoming too rich? What if Romney wants to make the same federal government more effective and efficient at what it does?

What if Obama is really a Marxist who rejects personal freedom, natural rights and private property? What if Romney is really an empty suit who doesn’t know or won’t say what he believes? What if Obama really wants all health care providers to work for the federal government? What if Romney spent the entire presidential primary season condemning Obamacare, only to say this past weekend that there are parts of it he really likes and will endeavor to retain?

What if Obama wants federal bureaucrats to ration health care and decide who lives and who dies? What if Romney spent the entire presidential primary season running against conservative and libertarian opponents and arguing that only the free market or the states should address health care, but earlier this week accepted a major federal role in its management?

What if Obama will have the feds tell you what doctor to see and tell the doctor what procedures to administer? What if Romney consistently blasted the concept that Congress can constitutionally force you to buy health care coverage you don’t want to buy, but now accepts the concept that Congress can constitutionally force insurance companies to sell you health care coverage they don’t want to sell?

What if the system is fixed? What do we do about it?

Full article: What If November Changes Nothing? (Lew Rockwell | Judge Napolitano)

A Soviet front that exploited the black-white divide and the U.S. ‘leaders’ it published

Newly declassified documents from Operation SOLO, an FBI program to infiltrate the Communist Party of the United States, reveal that a journal called Freedomways, which was influential in the black community for decades, was subsidized by the Soviet and Chinese Communist Parties.

Freedomways has been called “one of the most influential African-American literary and political journals of the 1960s and 1970s.” It began in 1961 and ceased publication in 1986.

During the 25 years it served as a propaganda organ for the CPUSA and Soviet front organizations such as the World Peace Council, Freedomways published articles by such figures as:

  • Derrick Bell, one of Barack Obama’s academic mentors and a Harvard professor;
  • Martin Luther King, Jr., the slain civil rights leader who turned against the Vietnam War and has been honored with a national memorial in Washington, D.C.;
  • John Lewis, a Democratic member of Congress from Georgia and critic of the conservative Tea Party movement; and
  • Jesse Jackson, a former aide to King and Democratic candidate for president who has recently been stirring up racial resentment over the killing of black teenager Trayvon Martin.

Freedomways grew out of a Soviet campaign, launched after the Russian revolution, to exploit the “Negro question” in the U.S. and manipulate blacks and members of other minority groups for Communist purposes. The goal was a “Soviet America.”

In 1981, a communist-inspired Black Liberation Army, with the help of the Weather Underground, waged a campaign of terrorism and murder that resulted in the deaths of two police officers and a Brinks guard.

The SOLO documents demonstrate that the Soviet Union illegally provided funding, reportedly more than $28 million, to the CPUSA. The documents are based on FBI informants, Morris and Jack Childs, who had infiltrated the highest levels of the CPUSA and had participated in meetings with foreign communist parties.

President Ronald Reagan awarded Morris Childs (and posthumously, Jack) with the Presidential Medal of Freedom for their work for the U.S.

Freedomways was so extreme that it ran a notice hailing Angela Davis as a “courageous Black woman leader” when she went on trial for murder. Davis, who beat the murder rap, became a prominent CPUSA official and college professor at the University of California at Santa Cruz. She later started an anti-prison project, Critical Resistance, funded by the Open Society Institute of billionaire George Soros.

Despite his reputation as a moderate, Martin Luther King, Jr. paid tribute to W.E.B. Du Bois, who himself joined the CPUSA in 1961, at an event sponsored by Freedomways in New York City.

One of King’s closest advisers was Freedomways editor J.H. O’Dell, also known as Hunter Pitts O’Dell, a secret member of the CPUSA who would later join Jesse Jackson’s Operation PUSH. Another King adviser was New York attorney Stanley Levison, who had been involved in Communist Party financial affairs and was helping to arrange funding of the party by Moscow. He had recommended O’Dell to King.

The Kennedy brothers, President John F. Kennedy and Attorney General Robert F. Kennedy, had warned Martin Luther King, Jr. against associating with communists. He ignored their warnings.

Jesse Jackson, one of King’s aides and considered by some to be King’s successor as the nation’s premier civil rights activist, was hailed by Freedomways as a “nationally known Freedom Fighter” when it ran his 1972 article on “Three Challenges to Organized Labor.”

Rep. Lewis, regarded by many as a civil rights icon like Martin Luther King, Jr., wrote a 1965 Freedomways article, “Paul Robeson: Inspirer of Youth,” about the famous actor and singer who had been a member of the CPUSA and admirer of Soviet dictator Joseph Stalin.

“He [Robeson] talked and listened to the representatives of the Communist Party,” wrote Lewis, then national chairman of the Student Non-Violent Coordinating Committee (SNCC). “In many ways,” he wrote, “we of SNCC are Paul Robeson’s spiritual children.”

In fact, former CPUSA official Manning Johnson testified in 1949 that that he saw Robeson “a number of times in the headquarters” of the CPUSA and that Robeson was, in fact, a party member. Johnson said Robeson wanted to be “the Black Stalin among Negroes.”

“Paul’s assignment was to work among the intellectuals, the professionals, and artists that the party was seeking to penetrate and influence along Communist lines,” Johnson testified.

Rep. Lewis become famous in his own right, since his days with SNCC, when he and his Congressional Black Caucus colleagues claimed in 2010 the N-word was “shouted” at him by Tea Party members, when no camera recorded anything of the sort. Andrew Breitbart had promised $100,000 to anyone who could prove the epithets had been used.

For many years, black groups such as the NAACP were bitter foes of the CPUSA, knowing that its politics were divisive and not designed to foster racial harmony. NAACP official Herbert Hill wrote a famous article, “The Communist Party — Enemy of Negro Equality.”

When Communist Party member Frank Marshall Davis tried to stage a takeover of the Hawaii NAACP in 1949, the organization fought back, saying it did not want “unity” with the communists. Davis, who had moved from Chicago to Hawaii at the suggestion of Paul Robeson, was Barack Obama’s mentor for eight years in Hawaii before Obama went off to college.

In 1949, Jackie Robinson, the first black player in baseball, testified before the House Committee on Un-American Activities in opposition to communist manipulation of blacks. He said Robeson’s statement about blacks loving the Soviet Union was “silly” and added, “We can win our fight without the Communists and we don’t want their help.”

But Freedomways, the communists and their fellow-travelers continued to make inroads in the black community.

Other writers for Freedomways included:

  • Entertainer Harry Belafonte, a fundraiser for Elizabeth Warren in her Massachusetts Senate race;
  • Julian Bond, former chairman of the NAACP and current member of the board of the Southern Poverty Law Center;
  • Howard Zinn, the leftist “historian” and CPUSA member;
  • Rep. John Conyers; and
  • Then-Rep. Ronald V. Dellums, described by the publication as being “in the forefront of the New Breed of young Congressmen who are a clear voice for the kind of basic social changes the United States needs.”

The FBI says that Operation SOLO was launched because “America’s growing realization of the penetration of the U.S. government by the Soviets and the subsequent political debate over the role of communism in society became the focus of the day.”It would appear that some of the documents, viewed in light of current events, demonstrate a lasting impact by the Communists on many black leaders, including Obama himself.

Full article: A Soviet front that exploited the black-white divide and the U.S. ‘leaders’ it published (World Tribune)

Why Approving Permanent Normal Trade Relations with Russia Is in the U.S. National Interest

With or without consent of the governed and without study of the ramifications such as further dual use technology theft. As mentioned in a previous post, the US Department of Commerce is where China acquired 600 supercomputers from through the Clinton administration giving it the “great technology leap forward”.

Approval of Permanent Normal Trade Relations (PNTR) with Russia is the U.S. Chamber’s top trade priority before the Congress this year. The Chamber is working as part of the Coalition for U.S.-Russia Trade to reach this objective.

On December 16, 2011, trade ministers at the 8th Ministerial Conference of the World Trade Organization (WTO) celebrated the conclusion of 18 years of negotiations for Russia to accede to the WTO and invited Russia to become the organization’s 154th member. In those negotiations, which took place under both Republican and Democratic administrations, Russia committed to enact a host of reforms, and Moscow is expected to complete this work and formally join the WTO in July 2012.

That Russia will join the WTO is no longer in doubt. In fact, at this juncture, the United States can neither help nor hinder Russia in doing so. However, Congress must act to ensure that the United States benefits from the reforms Russia is undertaking as it joins the WTO. Specifically, Congress must pass a short and simple bill that grants Russia PNTR status and repeals the Jackson-Vanik amendment with respect to Russia. Failure to do so will put U.S. workers, farmers, and businesses at a unique disadvantage in the growing Russian marketplace and drive new sales, exports, and job-creation opportunities to our European and Asian competitors.

Full article: Why Approving Permanent Normal Trade Relations with Russia Is in the U.S. National Interest (The US Chamber of Commerce)