By Catherine Austin Fitts

I have been listening to commentators criticize the decision by regulators and financial institutions to loosen the terms and conditions in mortgage lending and securitization. The drumbeat thinking is that relaxed terms and conditions were the cause of the fiscal crisis.

This is simply not true. At the time of the bailouts, approximately $8 trillion would have extinguished all the single family mortgages in the country. Consequently, bailouts of over $27 trillion were not designed to deal with mortgages in arrears. They were designed to deal with trillions of mortgages issued on non-existent homes or on homes that had many mortgages on them, fraudulently issued and securitized with derivatives layered on top of that. That is how you get bailouts sufficient to pay off many multiples of ALL the home mortgages in the country.


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By Peter Farquhar

The Vatican Library was founded in 1451 by Nicholas V. It holds some 180,000 manuscripts, 1.6 million books and 150,000 images and engravings.

Last year, non-profit organization Digita Vaticana Oculus was founded with the aim of helping fund the digitization of 80,000 of the manuscripts, or 41 million pages.

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Related Reading:

Vatican Library: Online Collection List

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“Baseball was, is and always will be to me the best game in the world.” ~ Babe Ruth

By Catherine Austin Fitts

It does not get much better than being in the San Francisco Bay Area when the Giants are playing in the World Series.

Once upon a time, the Giants were my father’s team. Actually, it was because the “Say Hey Kid” – Willie Mays of the San Francisco Giants – was my father’s favorite player. I loved Hank Aaron who played for the Atlanta Braves.

Every year my father and I would bet and cheer our heroes onwards. Who would have the most home runs, Willie Mays or Hank Aaron? Who would have the higher RBIs? The competition was fierce. The growth of my slender personal net worth depended on Hank’s performance each summer.

We lived in a city where our baseball team did not get to the World Series.

For the first half of the 20th century, Philadelphia had two teams: the Athletics and the Phillies. Connie Mack lead the Athletics to win the World Series in 1913, 1929 and 1930, placing as the runner up in 1905, 1914 and 1931. But the Athletics were traded to Kansas City in 1955, five years after Mack retired in 1950 at the age of 87.

Philadelphia then waited until 1980 for the Phillies to win the World Series. For all the years of my Philadelphia childhood, the empty seats in Connie Mack Stadium underscored what a long wait that was.

By the time the Phillies finally won the World Series in 1980, I was working on Wall Street, regularly on the prowl for Yankee tickets.

So I appreciate the magic that comes to a city when their hometown team has won again and again, and made it all the way to the World Series.

Tonight the Giants whopped the Kansas City Royals 7-1 in the first of two games in Missouri. They are coming home Thursday for three straight games here in San Francisco.

The anticipation is everywhere. On this cool, crisp sunny day, everyone had on his or her Giants windbreakers and sweats. All the kids had new Giants tees. As I sat in the local café this evening, neighbors discussed who had tickets to this week’s games or their plans for watching from home with family and friends.

The Giants have given us something we can share, something to admire, something of which we can be proud.

Play Ball!

Related Reading:

2014 World Series on Wikipedia

Strongly Recommended:

Baseball (TV series) by Ken Burns

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By Catherine Austin Fitts

To say that Naomi Klein’s new book This Changes Everything: Capitalism vs. Climate Change is disappointing is an understatement.

Klein’s best seller Shock Doctrine was a tour de force. For several years after its publication, it was a pleasure to see Naomi Klein fearlessly debating Alan Greenspan and putting him neatly in his place.

I am still waiting for the book on climate change that deals with reality, makes sense of the issues and frames the uncertainty for busy people with little or no scientific background.

For such a book to do so it would need to:

  • Provide an overview of climate trends based on hard statistics from redundant sources;
  • Explain trends in geophysical dynamics such as the deterioration in the magnetic fields:
  • Provide an overview of space weather and explain trends related to current climate behavior;
  • Address the relationship between the global spraying program that has been ongoing since the mid-1990’s and what has been happening with our climate – HAARP too;
  • Address serious allegations regarding weather manipulation and weather warfare and how they relate to symptoms attributed to climate change;
  • Frame the scientific debate between those who believe that climate trends are a function of man made behavior, including fossil fuel use, or trends related to space weather and geophysical conditions;
  • Stop confusing the current central banking warfare model with capitalism and markets. There is a difference between organized crime and managed/manipulated economics and market economics. A coherent picture of the real economics we are dealing’ with is important to understand, as markets are potentially a very important part of real solutions; and
  • Understand the relationship between fossil fuels and the current dollar reserve currency status. As Chris Powell once said, “fiat currency has done far more environmental damage, then all the mining companies have ever dreamt of doing.” This discussion would include an understanding of Jim Norman’s “Oil Card” and the national security management of global oil prices as an essential component of our current system.

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By Nick Hanauer

You probably don’t know me, but like you I am one of those .01%ers, a proud and unapologetic capitalist. I have founded, co-founded and funded more than 30 companies across a range of industries—from itsy-bitsy ones like the night club I started in my 20s to giant ones like Amazon.com, for which I was the first nonfamily investor. Then I founded aQuantive, an Internet advertising company that was sold to Microsoft in 2007 for $6.4 billion. In cash. My friends and I own a bank. I tell you all this to demonstrate that in many ways I’m no different from you. Like you, I have a broad perspective on business and capitalism. And also like you, I have been rewarded obscenely for my success, with a life that the other 99.99 percent of Americans can’t even imagine. Multiple homes, my own plane, etc., etc. You know what I’m talking about. In 1992, I was selling pillows made by my family’s business, Pacific Coast Feather Co., to retail stores across the country, and the Internet was a clunky novelty to which one hooked up with a loud squawk at 300 baud. But I saw pretty quickly, even back then, that many of my customers, the big department store chains, were already doomed. I knew that as soon as the Internet became fast and trustworthy enough—and that time wasn’t far off—people were going to shop online like crazy. Goodbye, Caldor. And Filene’s. And Borders. And on and on.

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[CAF Note: Should some of us now be prepared to revisit the 1990's in Washington - such as having our Sunday brunches interrupted by undercover agents taking pictures and creating tabloid false frames?]

By Mike Allen

Administration insiders say Ron Klain, who starts Wednesday as the White House Ebola czar, will be in line to succeed John Podesta as counselor to President Barack Obama when Podesta leaves, likely to chair Hillary Clinton’s presidential campaign.

“The president has been talking to Ron about different roles for a long time, and he wouldn’t accept the Ebola job unless there was a promise of something bigger,” said a longtime Klain colleague.

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Related Reading:

Ron Klain on Wikipedia

Why Ron Klain Is Right for the Ebola Job

The Clinton Administration: Progressives for For-Profit Prisons – Dillon Read and Co. Inc. & the Aristocracy of Stock Profits

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By Robert Parry

Jeff Leen, the Washington Post’s assistant managing editor for investigations, begins his renewed attack on the late Gary Webb’s Contra-cocaine reporting with a falsehood.

Leen insists that there is a journalism dictum that “an extraordinary claim requires extraordinary proof.” But Leen must know that it is not true. Many extraordinary claims, such as assertions in 2002-03 that Iraq was hiding arsenals of WMDs, were published as flat-fact without “extraordinary proof” or any real evidence at all, including by Leen’s colleagues at the Washington Post.

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