Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any Time

The Economic Collapse
by Michael Snyder

Cyberattack - Public DomainWall Street banks are getting hit by cyber attacks every single minute of every single day.  It is a massive onslaught that is not highly publicized because the bankers do not want to alarm the public.  But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem.  The truth is that our financial system is not nearly as stable as most Americans think that it is.  We have become more dependent on technology than ever before, and that comes with a potentially huge downside.  An electromagnetic pulse weapon or an incredibly massive cyberattack could conceivably take down part or all of our banking system at any time.

This week, the mainstream news is reporting on an attack on our major banks that was so massive that the FBI and the Secret Service have decided to get involved.  The following is how Forbes described what is going on…

The FBI and the Secret Service are investigating a huge wave of cyber attacks on Wall Street banks, reportedly including JP Morgan Chase, that took place in recent weeks.

The attacks may have involved the theft of multiple gigabytes of sensitive data, according to reports. Joshua Campbell, supervisory special agent at the FBI, tells Forbes: “We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions.”

When most people think of “cyber attacks”, they think of a handful of hackers working out of lonely apartments or the basements of their parents.  But that is not primarily what we are dealing with anymore.  Today, big banks are dealing with cyberattackers that are extremely organized and that are incredibly sophisticated.

The threat grows with each passing day, and that is why JPMorgan Chase says that “not every battle will be won” even though it is spending 250 million dollars a year in a relentless fight against cyberattacks…

JPMorgan Chase this year will spend $250 million and dedicate 1,000 people to protecting itself from cybercrime — and it still might not be completely successful, CEO Jamie Dimon warned in April.

Cyberattacks are growing every day in strength and velocity across the globe. It is going to be continual and likely never-ending battle to stay ahead of it — and, unfortunately, not every battle will be won,” Dimon said in his annual letter to shareholders.

Other big Wall Street banks have a similar perspective.  Just consider the following two quotes from a recent USA Today article

Bank of America: “Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that we will not suffer such losses in the future.”

Citigroup: “Citi has been subject to intentional cyber incidents from external sources, including (i) denial of service attacks, which attempted to interrupt service to clients and customers; (ii) data breaches, which aimed to obtain unauthorized access to customer account data; and (iii) malicious software attacks on client systems, which attempted to allow unauthorized entrance to Citi’s systems under the guise of a client and the extraction of client data. For example, in 2013 Citi and other U.S. financial institutions experienced distributed denial of service attacks which were intended to disrupt consumer online banking services. …

“… because the methods used to cause cyber attacks change frequently or, in some cases, are not recognized until launched, Citi may be unable to implement effective preventive measures or proactively address these methods.”

I don’t know about you, but those quotes do not exactly fill me with confidence.

Another potential threat that banking executives lose sleep over is the threat of electromagnetic pulse weapons.  The technology of these weapons has advanced so much that they can fit inside a briefcase now.  Just consider the following excerpt from an article that was posted on an engineering website entitled “Electromagnetic Warfare Is Here“…

The problem is growing because the technology available to attackers has improved even as the technology being attacked has become more vulnerable. Our infrastructure increasingly depends on closely integrated, high-speed electronic systems operating at low internal voltages. That means they can be laid low by short, sharp pulses high in voltage but low in energy—output that can now be generated by a machine the size of a suitcase, batteries included.

Electromagnetic (EM) attacks are not only possible—they are happening. One may be under way as you read this. Even so, you would probably never hear of it: These stories are typically hushed up, for the sake of security or the victims’ reputation.

That same article described how an attack might possibly happen…

An attack might be staged as follows. A larger electromagnetic weapon could be hidden in a small van with side panels made of fiberglass, which is transparent to EM radiation. If the van is parked about 5 to 10 meters away from the target, the EM fields propagating to the wall of the building can be very high. If, as is usually the case, the walls are mere masonry, without metal shielding, the fields will attenuate only slightly. You can tell just how well shielded a building is by a simple test: If your cellphone works well when you’re inside, then you are probably wide open to attack.

And with electromagnetic pulse weapons, terrorists or cyberattackers can try again and again until they finally get it right

And, unlike other means of attack, EM weapons can be used without much risk. A terrorist gang can be caught at the gates, and a hacker may raise alarms while attempting to slip through the firewalls, but an EM attacker can try and try again, and no one will notice until computer systems begin to fail (and even then the victims may still not know why).

Never before have our financial institutions faced potential threats on this scale.

According to the Telegraph, our banks are under assault from cyberattacks “every minute of every day”, and these attacks are continually growing in size and scope…

Every minute, of every hour, of every day, a major financial institution is under attack.

Threats range from teenagers in their bedrooms engaging in adolescent “hacktivism”, to sophisticated criminal gangs and state-sponsored terrorists attempting everything from extortion to industrial espionage. Though the details of these crimes remain scant, cyber security experts are clear that behind-the-scenes online attacks have already had far reaching consequences for banks and the financial markets.

In the end, it is probably only a matter of time until we experience a technological 9/11.

When that day arrives, will your money be safe?

The Economic Collapse

Massive 60% Stock Market Correction Coming: “Period Of Extreme Turmoil”

SHTFplan
by Mac Slavo

The confidence game is almost up warns Prudent Bear Fund President David Tice. And when the economic recovery and stock market build-up is finally revealed for the conjecture that it really is we’ll have a sell-off of unprecedented proportions.

Markets could soon face a fall of up to 60 percent, two experts told CNBC on Wednesday.

A jolt to international confidence in central banks will lead to a 30 to 60 percent market decline, David Tice, president of Tice Capital and founder of the Prudent Bear Fund, told CNBC’s “Power Lunch.” When this happens, he said, markets will face a “period of extreme turmoil.”

This crash will be precipitated, he said, by a disillusionment with the Federal Reserve’s “confidence game,” which will then see inflation rise, and the Fed scramble to raise rates. At that point, Tice added, “the Fed starts to lose control.” (CNBC)

Buckle up, because there is no stopping what is coming. The signs for an impending catastrophe can no longer be ignored.

What happens next is anyone’s guess, but given the seriousness of the crisis in 2008, we should expect the entire bottom to fall out of not only stock markets, but the economy and the U.S. dollar as well.

It was so bad in 2008, in fact, that then-Secretary Henry Paulson claimed we were on the brink and even wrote a book about it.

According to Representative Brad Sherman, Congressional members were approached at the time and told to brace for a complete collapse of our financial system, to the point that tanks would have to be deployed on the streets of America if Congress failed to authorize the multi-trillion dollar bank bailout.

Many of us were told in private conversations that if we voted against this bill on Monday, that the sky would fall, the market would drop two or three thousands points the first day, another couple thousand the second day, and a few members were even told that there would be martial law in America if we voted no.

House Representative Brad Sherman (D-California)
Debate on the House Floor, October 2, 2008

Since then, our federal government and military have had time to prepare. They weren’t ready for it then, but they are now, after having spent tens of billions of dollars on everything from ammunition and armored vehicles, to collapse war game simulations and hybridizing national law enforcement with federal agencies.

Moreover, new directives and field manuals have authorized the military to engage civilians to quell large-scale unexpected civil disturbances to the point that soldiers are legally allowed to fire upon and kill unarmed American citizens if government finds it necessary to stabilize the situation.

The primary scenarios outlined in government war games revolve around economic collapse, food riots, widespread civil disturbance and a complete breakdown of law and order.

Are you prepared for it? Catastrophe is on the horizon.

stock-market-correction

SHTFplan

NATO Releases Satellite Imagery “Proof” That Russia Has Invaded Ukraine

Zero Hedge

NATO released new satellite images on Thursday, 28 August 2014, that show Russian combat forces engaged in military operations inside the sovereign territory of Ukraine. The images, captured in late August, depict Russian self-propelled artillery units moving in a convoy through the Ukrainian countryside and then preparing for action by establishing firing positions in the area of Krasnodon, Ukraine. Russia’s response – “reports on Russian troops in Ukraine are false.”

 

Via USNATO,

The source of the images is an independent firm named Digital Globe. The images have not been altered or changed by NATO. Additional information has been added to identify locations, dates and equipment. DigitalGlobe images can be independently verified: http://www.digitalglobe.com

Story by SHAPE Public Affairs Office

Image 1 shows Russian military units moving in a convoy formation with self-propelled artillery in the area of Krasnodon, Ukraine, well inside territory controlled by Russian separatists. The image was captured on 21 August 2014. There is confidence the equipment is Russian, since Ukrainian units have not yet penetrated this far into separatist controlled territory.

Image 2 shows Russian self-propelled artillery units set up in firing positions near Krasnodon, Ukraine. They are supported by logistical vehicles which are likely carrying extra ammunition and supplies. This configuration is exactly how trained military professionals would arrange their assets on the ground, indicating that these are not unskilled amateurs, but Russian soldiers. Russian artillery systems like these have recently shelled Ukrainian positions outside the city of Luhansk in conjunction with a separatist counteroffensive to attempt to break the Ukrainian siege of the city.

Image 3 includes two pictures (left and right) and shows a military deployment site on the Russian side of the border, near Rostov-on-Don. This location is approximately 31 miles or 50 kilometres from the Dovzhansky, Ukraine border crossing.
 
The image on the left was captured on 19 June 2014 and shows the area to be mostly empty at this time. The image on the right was taken two months later on 20 August 2014 and shows the same location. Russian main battle tanks, armored personnel carriers, cargo trucks and tented accommodations can all be clearly seen. This is one example of the multiple encampments that Russia has positioned near its border with Eastern Ukraine. Many of these forces are deployed within a few kilometers of Ukraine, and are capable of attacking with little warning, and could potentially overwhelm and push-back Ukrainian units. Russia has also moved significant numbers of combat aircraft and helicopters to airfields along the border. Russian unmanned aircraft routinely cross into Ukrainian airspace.
 
Some equipment from these locations is moved across the border and is used to resupply and equip separatist forces operating in Ukraine. For months, Russia has provided separatist fighters with heavy equipment in the form of tanks, armored vehicles, artillery, and multiple rocket launchers. Air defense systems have also been provided to separatists, even following the downing of Malaysian airlines flight MH17.

Image 4, captured on 23 July 2014, depicts what are probably six Russian 153mm 2S19 self-propelled guns located in Russia near Kuybyshevo. This site is situated 4 miles, or 6.5 kilometres, south of the Ukraine border, near the village of Chervonyi Zhovten. The guns are pointed north, directly towards Ukrainian territory (see North indicator on image). See image 5 for an overview of where these guns are situated in relation to Ukrainian territory.

Image 5 shows a wider overview including the position of the self-propelled guns from image 4. Note the North indicator on this image, and remember that the guns are orientated in this location. It is clear that from this location, it would be impossible NOT to fire into Ukrainian territory. This is clearly NOT an exercise; these guns are being used to support separatist forces operating in the territory of Ukraine.

*  *  *

“Proof” indeed…

*  *  *

Merkel looking…

  • *MERKEL: RECEIVING REPORTS ON RUSSIA TROOP PRESENCE IN UKRAINE
  • *MERKEL SAYS EU TO DISCUSS POSSIBLE TOUGHER RUSSIA SANCTIONS

*  *  *

Russia’s reponse:

  • *RUSSIA SAYS REPORTS ON ITS TROOPS IN UKRAINE ARE FALSE: RIA

 

Zero Hedge

Ebola Outbreak: New Vaccine Trials To Be Fast-Tracked In UK, USA and Africa

The Independent
by CHARLIE COOPER

Trials could begin as early as the next few weeks if all goes to plan

A new Ebola vaccine aimed at preventing the disease that has claimed the lives of more than 1,200 people in West Africa is to be tested in fast-tracked safety trials in the United Kingdom, Africa and the United States.

Codeveloped by the National Institutes of Health (NIH) in the United States and the pharmaceutical multinational GlaxoSmithKline, human trials of the vaccine will be accelerated due to the current epidemic, which the World Health Organisation (WHO) recently identified as a public health emergency of “international concern”.

If ethical and regulatory approval is given, the UK research teams involved in the international consortium conducting the trial could begin their work within the next few weeks. Volunteers in the UK could be given the candidate vaccine as early as mid-September.

A £2.8 million grant from the Wellcome Trust, the Department for International Development (DFID) and the Medical Research Council will allow a team from the Jenner Institute at the University of Oxford to start the vaccine tests. Parallel trials will also start in the US.

The Oxford team will be led by Professor Adrian Hill. He said: “the tragic events unfolding in Africa demand an urgent response. In recent years, similar investigational vaccines have safely immunised infants and adults against a range of diseases including malaria, HIV and Hepatitis C. We, and all our partners on this project, are optimistic that this candidate vaccine may prove useful against Ebola.”

In Africa, vaccine trials will be conducted by the MRC in the Gambia. Trials will also take place in neighbouring Mali.

The WHO’s increasing concern about the level of the Ebola epidemic in West Africa, and the need for an emergency immunisation programme to begin as soon as possible, has meant that GSK will begin manufacturing almost 10,000 additional does of the vaccine while the clinical trials are still in progress.

If the trials prove to be safe and effective, stocks of the new vaccine could be made available to the United Nations by GSK, with a fast-tracked immunisation programme following almost immediately.

The new vaccine has been developed to combat the Zaire species of Ebola. This is the variant of the disease that is currently affecting West Africa. Because of its biological construction and the way it generates a protective immune response, it cannot cause a person who is vaccinated to become infected with Ebola.

Pre-clinical research has indicated the new vaccine provided “promising protection” to non-human primates which have been exposed to Ebola without showing any significant effects.

The initial results from the Oxford study – involving 60 volunteers – will be critical. If no adverse reactions are found in the UK study, further trials will be extended to a 40 volunteers at the MRC Unit in the Gambia.

A second African study, conducted by researchers at the University of Maryland’s Vaccine Development Programme in Mali , is scheduled to begin in the state capital Bamako.

Dr Jeremy Farrar, director of the Wellcome Trust, said: “This epidemic has shown how difficult it can be to control Ebola. How useful drugs and vaccines might be in complementing existing public health interventions can only be assessed in epidemics. The initial safety work we’re announcing today with our international partners will hopefully make that possible during this crisis and for inevitable future epidemics.”

Professor Umberto D’Alessandro, director of the MRC Unit in the Gambia, said: “Thanks to the long-term collaboration between the MRC and the Gambian Government’s Ministry of Health, we have the proven capacity and expertise to carry out trials to the highest quality standards, including trials for vaccines similar to this one. This trial won’t benefit immediately those currently at risk but we hope that in a not too distant future we may be able to protect people against Ebola.”

The UK’s International Development Secretary Justine Greening said: “We are cofunding these important clinical trials to find a safe vaccine for Ebola, as well as providing critical care on the ground. Britain is a world leader in medical research and mobilising our unique strengths to find a vaccine could be pivotal to containing Ebola and preventing future outbreaks.”

The Independent

The Truth Behind Social Media-Driven Donation Campaigns

InfoWars
by ANTHONY GUCCIARDI & MIKAEL THALEN

Tactic often used to scam well-meaning people

gateswaterscam

While hospitality and charity remain a cornerstone of American society, a recent history of social media-driven donation campaigns show the tactic has often been used to scam well-meaning people.

Although more than $94 million in donations have been raised through the viral “ice bucket” social media campaign, the actual amount going towards the non-profit ALS Association’s research is strikingly different.

According to the ALS Association’s own 2014 financial breakdown, only 27 percent of funds make their way to researching a cure for the disease. Despite its non-profit status, six figure salaries are bestowed upon the group’s top 11 executives.

As Sayer Ji of GreenMedInfo points out in his breakdown of the ice bucket phenomenon, even the smaller portions spent on research for ALS are actually going towards pharmaceutical interventions and the pharmaceutical industry at large.

The Susan G. Komen Foundation, known for its pink ribbon breast cancer campaign, has received similar condemnation as well after the company’s expenditures were found to be less than charitable. According to Charity Navigator, the company’s 2010 revenue reached nearly $312 million. Of that, only 20 percent was used for research, with former CEO and president Hala G. Moddelmog making as much $550,000 per year.

“Komen receives over $55 million in annual revenue from corporate sponsorships, from such health-minded companies as Coca Cola, General Mills, and KFC,” noted AlterNet’s Emily Michelle. “Buy a bucket of junk food, and pretend as though you’re helping to save lives while you slowly take your own.”

Following the devastating 7.0 earthquake in Haiti in 2010, the “Hope for Haiti” telethon brought countless celebrities out to raise awareness and funds for those hit hardest in the country. Shortly after, it was learned that much of the cash would be given to several foundations such as one run by former presidents Bush and Clinton. Donations were also funneled to United Nations operations as well as foundations with absurdly high administrative costs.

Most famously, the Kony 2012 campaign ran by the Invisible Children organization, was allegedly used to gather funds for children affected by Joseph Kony, war lord and leader of the Lord’s Resistance Army in Uganda.

Called ”misleading” and “dangerous” by former Yale political science professor Chris Blattman, Invisible Children only used $2.8 million of $8.8 million raised to directly help Ugandan children according to a 2010-2011 expenditure report.

Beyond the financial aspect, further research revealed the campaign to be part of an undeniable attempt to create support for military intervention into Africa.

Although Kony 2012 did eventually experience a major backlash from the public, the attempt to push war through social media campaigns has only continued. A video published earlier this year entitled “I am a Ukrainian” attempted to push the American public into supporting US policy in the region after so called “grass roots” protests arose in the country.

“The origins of the video are not quite as ‘grass roots’ as is portrayed. The clip was produced by the team behind A Whisper to a Roar, a documentary about the ‘fight for democracy’ all over the world, which was funded by Prince Moulay Hicham of Morocco,” Infowars writer Paul Joseph Watson noted. “The ‘inspiration’ behind the documentary was none other than Larry Diamond, a Council on Foreign Relations member. The Council on Foreign Relations is considered to be America’s ‘most influential foreign-policy think tank’ and has deep connections with the U.S. State Department.”

Evidence indicating that protesters were being paid and armed by the US as they called for deeper involvement with the European Union only raised suspicions over the group’s legitimacy.

Amid all of the social media madness when it comes to charitable organizations like Susan G. Komen and now the ALS Association, it remains true that the key element necessary for real change is the spread of information. And when financial abilities allow for it, supporting real charities with a proven track record of directly supporting its stated goals with the bulk of its financial power.

InfoWars

I Blame The Central Banks

Washington’s Blog

For the coming bond bubble disaster

By Chris Martenson. Cross-Posted from Peak Prosperity.

The current bubbles in financial assets — in equities and bonds of all grades and quality — raging in every major market across the globe are no accident.

They are a deliberate creation. The intentional results of policy.

Therefore, when they burst, we shouldn’t regard the resulting damage as some freak act of nature or other such outcome outside of our control. To reiterate, the carnage will be the very predictable result of some terribly shortsighted decision-making and defective logic.

The Root of Evil

Blame can and should be laid where it belongs: with the central banks.

They were the “experts” who decided to confront the excesses of decades past (which saw borrowing running at roughly 2x the rate of real economic growth) with even easier monetary policies designed to spur even more borrowing.

Rather than take stock of the simple fact that nobody can forever borrow at a faster rate than their income is growing (no matter how large that entity may be), the Fed, the ECB, the BoJ and the BoE have conveniently overlooked that simple fact and then boldly claimed that the cure is identical to the disease.  If the problem is debt then the solution is even more debt.

If the Fed, et al. were doctors, they would prescribe alcohol to the alcoholic. They would administer more lead to the lead-poisoned patient. They would call for more water to put in the pool where a drowning individual is floundering.

The bottom line is that the Fed and its ilk made the disastrous decisions that gave us the first two burst bubbles of the new millennium. And the wonder of it all is that, instead of being met at the gates with torches and pitchforks and held to account for their errors, they have instead been granted even greater powers, less oversight, and practically zero blame.

And now they’ve given us a third and, I suspect, final bubble. By which I mean I think the effects of this bursting bubble will be so horrendous that a hundred years might pass before people will again be in the mood to speculate on fantasy wealth.

My hope is that, when this third bubble pops, the figurative (and, perhaps, literal?) torches and pitchforks come out. Finally forcing the central banks to answer to the public for their grievously poor decisions.

And yes, the investing public also bears a portion of the responsibility for playing along with the central banks. For years, some have consoled themselves with stories about how This Time Is Different, and many have ignored many obvious warning signs as they’ve enjoyed stock market and bond gains fueled by seemingly limitless liquidity.

But in the end, it’s the central banks that  set the tempo and the melody at the dance hall.  When they flood the world with liquidity and set interest rates to 0%, they enforce a Hobbesian choice: either play along in the risk markets, or sit in cash earning less than nothing as inflation eats away at your purchasing power.

The central banks are entirely to blame for mis-pricing money and that is the fundamental error that drives every bubble and betrays capital into hopeless investments.

So let’s all remember to place blame where it is due when the bubble bursts. We shouldn’t act surprised because there’s really no honor in being caught unawares by something so obvious.

The Biggest Bubble(s) Of All Time

We’ve covered the equity bubble in the past, but today we’re going to cover the bond bubbles (yes, plural) because the current excess in the bond market is the granddaddy of them all, and is far larger than anything ever recorded in history by a very wide margin.

But for the sake of completeness, regarding equities, if you ever wanted to get the willies about the stock market in a single chart, I think this one from Doug Short of Advisor Perspectives which plots the relationship between equity prices and margin debt is about as good as it gets:

(Source)

Margin debt is simply money borrowed to buy equities.  Typically speaking, an average investor with $100,000 in an account can buy up to $150,000 worth of stock. Margin debt is fuel to a rising market and a lead anchor for a falling market.

Yes, perhaps this time is different, or perhaps it’s exactly the same with speculators borrowing more and more as stock prices rise, sure in the knowledge that they will be smart enough to get out of the way of a falling market (this time).

But, enough of material we’ve covered here recently. Back to bonds.

When the bond bubble bursts, so much that people believe to be true will be revealed to be obvious and distressingly ordinary illusions.

When there’s simply too much debt, in the period leading up to a debt bubble’s bursting, everyone is counting on getting paid his or her money back, both the interest and the principal. After the bubble bursts, it’s plainly obvious that no such thing will be happening.

As is always the case with bubbles (of any sort), the only important question that needs to be answered is: Who will take the losses?

One simple answer to that question is: Whoever is holding the bonds when the bubble bursts.

Bubbles are structured like a game of hot potato. When the timer finally dings, the person holding the potato loses. It doesn’t matter one whit whether the ‘hot potato’ was a tulip bulb, swamp land, a house in Las Vegas, or a paper financial security.

The really striking part about the global bond markets today is that the potatoes have never been more numerous, or hotter.

I suppose this would be a good time to revisit how Einstein defined insanity: trying the same thing over and over again and expecting different results.

Unfortunately for those hoping for a different outcome, history is 100% consistent on the matter: Bubbles always burst. And when they do, what people thought was fabulous wealth is proven illusory, and it simply vanishes.

Not that this clear historical record is keeping humans from trying to cheat the odds.

Given that the Fed has engineered three increasingly larger bubbles within an unprecedentedly-short fifteen-year time span, perhaps we shouldn’t persecute them. After all, they may easily be able to plead ‘not guilty’ by reason of insanity.

$100 trillion – is that a lot?

We frequently throw around big numbers in our analysis. We even try to explain them in terms that help us mentally grasp an appreciation of their enormity (watch the video How Much Is A Trillion?, as an example). But the size of the bond market across the developed world defies even our best efforts.

After all, if $1 trillion dollars is a stack of $1,000 bills 68 miles high, then I guess $100 trillion would be a stack 6,800 miles high:

Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says

Mar 9, 2014

The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record lowinterest rates, according to theBank for International Settlements.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value ofequitiesto $53.8 trillion in the same period, according to data compiled by Bloomberg.

The jump in debt as measured by the Basel,Switzerland-based BISin its quarterly review is almost twice the U.S.’sgross domestic product.

Note that global debt climbed by $30 trillion between 2007 and 2013, a 42% increase while global equities actually declined a few trillion (to $54 trillion), yielding a global debt-to-equity ratio of almost 2. [Note: Global equities are now valued at $66 trillion and are pouring on almost $1 trillion/week lately. Of course, they have a habit of going down, from time to time, even more quickly than they rise.  Something that is easy to forget in today's environment]

So, a 42% increase in just 6 years. Did global GDP advance by 42% during this same period? No. Not even close.

Did private companies borrow all that money planning to plow back into productive enterprises? Nope. Companies borrowed relatively little of $30 trillion, and even then, they mainly used that newly-borrowed money to buy back shares and/or stash it on their balance sheets.

Who did borrow all that money then?

Why, nations did. Sovereign entities that were desperate to keep things afloat and borrow heavily (because private concerns weren’t able to take on new debt fast enough).

Why? Because the world’s debt pile must keep expanding. That’s the world we live in today. If the pile should start to contract, the game of Who Will Take The Losses? begins. And governments know (sometimes consciously, sometimes subconsciously) that the debt bubble has become so monstrous, and so interconnected globally, that even a moderate correction will wipe out so many players that the world financial system will be brought to its knees. Or worse.

In Part 2: Something Very Wicked This Way Comes, we provide great detail into why sovereign and corporate (both high-grade and junk) debt markets simply and mathematically must contract. Current prices are so historically divorced from fundamentals at this stage that this ‘prediction’ is about as elementary as counting on gravity to bring a tossed stone back to earth.

Given the excesses of the stock and bond markets I am increasingly concerned that this next bubble burst will be far worse than any that has yet come since I’ve been alive. Countries will fail financially and economically, political upheaval will follow, fortunes and dreams will be shattered, and lots of people will lose their jobs.

In short, lots of things will break and cease to function as the greatest wealth transfer in all of history plays out.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

Washington’s Blog

CNN Publishes Psyops Story Denying Vaccine-Autism Link

Global Research
By Sayer Ji

cnn denies vaccine-autism-link

CNN just dropped the bomb many of us have been waiting for: pure denial. They have been waiting patiently for the journal – Transactional Neurodegeneration – which published the historical study on the link between autism and MMR vaccine to retract, redact and otherwise deny the truth of the study.

For the record, we contacted the editor-in-chief of Transactional Neurodegeneration, Professor Shengdi Chen tonight, with this communication:

Professor Shengdi Chen,

Your recent decision to remove Dr. Hooker’s article published in your journalTransactional Neurodegeneration online has been cause of great concern among stakeholders in the scientific, journalistic and legal community here in the U.S., due to a top CDC vaccine safety expert — William Thompson – confessing under the advice of legal counsel today that the CDC manipulated and/or omitted data used in Dr. Hooker’s study that falsified a link between African-American children and the diagnosis of autism in those receiving the MMR vaccine before 36 months of age versus those receiving it after 36 months.While it is feasible that you made the decision for scientific, ethical, and precautionary reasons, as you state on your journal’s website:

“This article has been removed from the public domain because of serious concerns about the validity of its conclusions. The journal and publisher believe that its continued availability may not be in the public interest. Definitive editorial action will be pending further investigation.”

…the decision raises concerns as to your culpability in a cover-up.

You should know that your decision is being perceived as a threat to the credibility of your journal and career as an esteemed scientist.

Given the legal implications of your decision to potentially collude with a now verified cover-up involving the falsification of scientific data related to vaccine science and autism, would you be willing to make a statement to defend your decision?

I have copied a wide range of legal, journalistic and scientific stakeholders in this communication, and hope you can clear up what appears to be a precautionary decision on your part, which I hope can be clarified in detail on your part.

Sincerely,

Sayer Ji,
Editor-in-Chief of Greenmedinfo.com

The CNN report, which while disturbing, is entirely consistent with their stance on promoting misinformation about the clearly documented dangers of vaccines, verifies the true gravity of this debacle.

Watch the CNN Coverup Story here.

They waited, patiently, to spin the story in a way that advocates for widespread, lemming-like obeyance to the CDC’s one-size-fits-all vaccination schedule, that has been linked to the U.S.’s abysmal infant mortality rate, not to mention burgeoning autism incidence, now afflicting 1 in every 68 children born in this country.

Tonight, we also sent the following communication to the Cheautism listserve, addressing our concerns about the link between the MMR and autism, titled “Confirmed: Wakefield/Hooker’s whistle blower and others at the CDC did falsify vaccine/autism data”:

Today, a press release posted on the website of CDC whistle blower William Thompson’s legal representation, Frederick M. Morgan,Jr., Morgan Verkamprevealed that Andrew Wakefield and Dr. Hooker’s initial claims about malfeasance at the CDC are, broadly speaking, true. In William Thompson’s own words:

STATEMENT OF WILLIAM W. THOMPSON, Ph.D., REGARDING THE 2004ARTICLEEXAMINING THE POSSIBILITY OF A RELATIONSHIP  BETWEEN MMR VACCINE AND AUTISM

“My name is William Thompson.  I am a Senior Scientist with the Centers for Disease Control and Prevention, where I have worked since 1998.

I regret that my coauthors and I omitted statistically significant information  in our 2004 article published in the journal Pediatrics. The omitted data suggested that African American males who received the MMR vaccine before age 36 months were at increased  risk for autism.

Decisions were made regarding which findings to report after the data were collected, and I believe that the final study protocol was not followed…

My concern has been the decision to omit relevant findings in a particular study for a particular sub­ group for a particular  vaccine. There have always been recognized risks for vaccination and I believe it is the responsibility of the CDC to properly  convey the risks associated  with receipt of those vaccines.”

As those of you who have been following this unfolding story, covered only in the alternative media, are aware that there has not been a single mainstream or even hybrid media report on the topic thus far, adding to the growing suspicion that this coverup stretches far beyond the CDC to the global mainstream media. As revealed today, the very journal that published Dr. Hooker’s study on the 3.4 fold increase in risk of autism in African-American boys who received the MMR before 36 months of age vs. those who received it after 36 months – Transitional Neurodegeneration – removed the article entirely from its website, with the explanation:

This article has been removed from the public domain because of serious concerns about the validity of its conclusions. The journal and publisher believe that its continued availability may not be in the public interest. Definitive editorial action will be pending further investigation. [see journal comment]

Now that the link between MMR vaccine and autism has been thrust into public attention by one of the CDC’s own top vaccine scientists — at the very top of the evidence- and health authority food chain – and not just the growing number of parents who, after directly witnessing their infants or children undergo sudden neurodevelopmental regression during the most intense vaccination window in life (2-15 months) and who were subsequently slapped with an idiopathic, presumably genetically-based ‘autism’ or ‘autism spectrum disorder’ diagnosis by their pediatricians, the question must be refocused not on if but how the MMR vaccine causes autism.

Here are a few observations as to the cause:

MMR Vaccine May Cause Autoimmunity to the Central Nervous System: Since 2002, research began to emerge showing a clear link between MMR vaccine and the pathogenesis of autism, starting with a report published in the Journal of Biomedical Science showing that abnormal measles-mumps-rubella antibodies are linked to central nervous system (CNS) autoimmunity in children with autism.[1]

The researchers hypothesized that autoimmunity to the CNS may play a causative role in autism, likely by causing the immune system to attack myelin basic protein (MBP) — the insulating sheath that protects the nerves — via a phenomenon known as molecular mimicry.

In order to prove this hypothesis, they took the blood serum of 125 autistic children and 92 control children who were tested for measles-mumps-rubella (MMR) and MBP autoantibodies – that is, antibodies that are directed not against pathogens but against self-structures. The study found the “presence of an unusual MMR antibody in 75 of 125 (60%) autistic sera but not in control sera.” This antibody was found to be immunopositive for a measles hemmagglutinin protein specific to the measles vaccine component of the MMR vaccine.  They also found a strong association between MMR antibodies and CNS autoimmunity, noting “over 90% of MMR antibody-positive autistic sera were also positive for MBP autoantibodies.” The study concluded that autoimmune-mediated CNS damage could explain how MMR causes autism:

Stemming from this evidence, we suggest that an inappropriate antibody response to MMR, specifically the measles component thereof, might be related to pathogenesis of autism.”

Both Wild Type and Vaccine Strain Measles Can Cause Brain Damage

In 2009, a study published in the Annals of Clinical Psychiatry, analyzed the blood serum of autistic and normal children, as well as the cerebrospinal fluid of some autistic children.  The results were reported as follows:

Many autistic children harbored brain myelin basic protein autoantibodies and elevated levels of antibodies to measles virus and measles-mumps-rubella (MMR) vaccine. Measles might be etiologically linked to autism because measles and MMR antibodies (a viral marker) correlated positively to brain autoantibodies (an autoimmune marker)–salient features that characterize autoimmune pathology in autism. Autistic children also showed elevated levels of acute-phase reactants–a marker of systemic inflammation.

The study clearly found that there is scientific evidence supporting virally driven (both via wild type and vaccine strain MMR) autoimmune mechanisms within a subset of autism patients – what they termed “autoimmune autistic disorder (AAD),” explained by the author’s speculative “neuroautoimmune (NAI) model for autism.” And that AAD can be identified through basic blood serum based immune tests.

MMR Vaccine May Cause Autoimmunity towards Gastrointestinal and Brain Targets

A 2003 paper published in Medical Hypotheses asked the question: “Does the MMR vaccine and secretin or its receptor share an antigenic epitope?”[2]  The researchers hypothesized that the MMR vaccine, which is believed responsible for causing a regressive autism-spectrum like condition in a subgroup of children, may produce autoantibodies that target secretin or its receptor, which is found in the gut as well as the brain, and would therefore cause both gastrointestinal distress and brain damage consistent with the “autistic entercolitis’ that Andrew Wakefield first identified in his subjects.

Obviously, this is only one of many potential mechanisms for MMR-caused or mediated autism pathogenesis. Another, commonly overlooked factor, which I would appreciate getting criticism or feedback on from the cheautism list community is:

  • Endogenous retroviruses (ERVs): the master seed stock for the MMR vaccine included cell lines – diploid and animal — which are now known to harbor a reservoir of proviruses capable of undergoing pathogenic reactivation into replication competent and virulent ERVs both through chemical (e.g. formaldehyde) and radiation exposure (e.g. gamma radiation) and through the attenuation process itself, which requires serial passage of the intended vaccine virulence factor – e.g. measles, rubella – through a wide range of biological fluids and cell types, providing ample opportunity for recombination, human cell line adaption and surreptitious activation of pathogenicity, including zoonosis — crossing over of an essentially benign ERV sequence in the native cell line to a cell from another species.

Indeed, when the original master vaccine seed stocks for many of the attenuated vaccines still in the present-day CDC vaccine schedule were being developed, the approximate 50% viral origin of the human and related animal genomes was not yet known, and reverse transcriptase was not even discovered until the 70′s. Publicly available WHO and CDC documents clearly reveal that a major concern at the time in vaccine development was the theorized existence of a ‘carcinogenicity factor’ in immortal cell (cancer) lines that, while being ideal candidates for vaccine development and manufacturing, due to the fact that they would not need to be replenished — as is the case for diploid cell lines that require refreshment with newly aborted fetal cells — and so, they made a conscious decision to use non-human animal cell lines to evade this perceived cancer threat. Since then, a wide range of oncogenic (and otherwise pathogenic) viruses have been discovered in simian (e.g. SV40), chicken (e.g. endogenous avian leukosis virus), mouse (e.g. mouse mammary tumor virus), pig (e.g. pig endogenous retrovirus; the major impasse towards porcine xenotransplanation in human medicine), and other animal species cell lines — all of which many presently contaminate live vaccines like the MMR, and any one of which may contribute to the pathogenesis of neurological conditions including ‘autism.’

Health Guide: Vaccine Research | GreenMedInfo | Health Guide

Clearly, there a widespread coverup is underway. if it were not for the CDC scientist’s own statement, we would not have reason to raise such a high level of concern. And yet, William Thompson himself admits culpability and points to others at the CDC who were in collusion with covering up the autism-MMR link. The truth will prevail.

Global Research