Who owns the Federal Reserve Banks?

Posted 29th October 2011

The Federal Reserve Banks (which make up the Federal Reserve Board) are privately owned but the Federal Reserve Board website gives the misleading impression that it is owned and controlled by the US government.

Ownership is stipulated in the Federal Reserve Act and the capital of the Federal Reserve Banks is subscribed by member banks. The member banks receive a 6% dividend annually. The Act also provides for money to be paid over to the government but this in no way means that the Federal Reserve isn’t under the bank member/owners’ control. Continue reading

A New World Beckons

Posted 23rd October 2011

Fractional reserve banking is legalised fraud. The issuing of money, by central banks, is theft from the 99%, aided and abetted by leveraged bank lending.

Money as Debt, a 45 minute video, is an introduction to banking from its origins and describes the process by which the 99% are enslaved in debt and the 1% end up with all the power and wealth.

Circulate it to everyone you know. When the 99% understand how they are being robbed, the pressure for change will be irresistible.

Our debt based money system:

finances the military industry complex which depends on perpetual war for its development;

corrupts politics, media and our public institutions, leading the 99% into slavery with their lies;

underpins an economic system which is raping the planet of its resources at an exponential rate and relies on us consuming stuff we don’t need. Continue reading

To build a better future

Posted 18th October 2011

The challenge for the various Occupy movements is how to create a coherent message.  Clearly the movement is born out of frustration and anger but different people have different priorities.  In addition, the media and others want to know the purpose of the occupations and their objectives.

If one accepts the root cause of the ills in the world today is the monetary system which enslaves the 99% in debt while banks continue to accrue yet more wealth and power, an alternative system needs to be developed.  Fractional reserve banking has evolved over centuries and the financial system has become infinitely more complex over the last thirty years.  Coming up with a new system is not going to happen overnight; it will take time and much discussion across a broad range of people with different interests.   And so we need a process or framework to ensure the movement doesn’t become distracted or diverted into subsidiary issues which would weaken it. Continue reading

Occupy Wall Street movement goes global

Posted 16th October 2011

The mainstream media is beginning to wake up to the global, grass roots uprising coalescing around the Occupy Wall Street movement (OWS).  Inspired by the youth demonstrations which began in Spain in May this year and the various uprisings (Egypt, Tunisia, Greece etc.), disparate groups came together on Wall Street on 17th September 2011 to protest against the financial system which no longer works for 99% of the people.  In spite of being ignored, dismissed or ridiculed by the mainstream media the occupation of the renamed Liberty Square in New York persisted.  Repressive police tactics against the peaceful protesters only swelled their numbers and four weeks later the movement has spread across the globe with over 1000 demonstrations taking place on 15th October.

In London yesterday, the occupation of St Paul’s Churchyard, next to Paternoster Square began, coinciding with the global demonstrations.  The initial objective was to occupy Paternoster Square itself but heavily manned police barricades denied the protesters access.  At midnight on the first day of the occupation there remained between 300-500 protesters and a heavy police presence (circa 600 officers).  During the day the police attempted to kettle and intimidate the protesters using riot gear clad officers and police dogs.  A line of some 40 officers with riot gear to hand were posted along the top of the steps to St Paul’s, where they remained throughout the night.  The following day, Reverend Giles Fraser, Canon Chancellor of St Paul’s, said he was happy for people to “exercise their right to protest peacefully” outside the cathedral and asked the officers “guarding” the entrance to the Cathedral to go as he felt the Cathedral was not under any threat. The first victory is won. Continue reading

Bank of England’s £75bn Quantitative Easing program is doomed

Posted 6th October 2011

The rationale for this second round of quantitative is similar to the justification for the first round undertaken in 2009.  According to the Bank’s leaflet, Quantitative Easing Explained, by buying government and corporate debt (currently held by banks) it will inject £75bn into the financial (banking) system which will foster economic activity.

The £200bn of quantitative easing in 2009 had little effect on the real economy but was certainly beneficial for banks, helping to repair their balance sheets and make profits.  It created an illusion of recovery as stock markets steamed away driven by the liquidity provided by the Bank of England and the US Federal Reserve Board.  But in the real economy people continued to suffer falling living standards and bleaker employment prospects.  The leaflet explains that banks will use this capital injection to increase lending to businesses but, since 2009, the banks have fallen woefully short of expectations in this regard.  Why should QE2 be any different? Meanwhile the debt/leverage bubble continues to grow and this £75billion merely adds fuel to it. Continue reading

Destined to fail – the world’s financial system

Posted 4th October 2011

Examine the growth of debt and leverage in the global economy and it is difficult to conclude that the route to salvation is additional stimulus from governments, taking on yet more debt to accelerate growth. Public sector deficits and consumer indebtedness weigh heavily upon economic activity and more debt will add fuel to a potential meltdown. But how did the world arrive at this parlous state? The responsibility rests not with individuals, politicians or otherwise. It is the result of a system with skewed incentives exemplified by the banks’ profiting from ever expanding debt. Banks wield such power that governments’ policies inevitably pander to their interests. If one doubts this statement, one only needs to look at the sub-prime mortgage crisis which was created by perverse structural incentives to obscure the truth. The major culprits were the banks which issued and traded mortgage backed securities and derivatives. But others were by no means blameless. Continue reading

Does Al Gore do Science and Reason?

Posted 4th October 2011

In the run up to Al Gore’s televised 24 hour climate alarmism extravaganza, he penned an article for Rolling Stone in which he sought to discredit those scientists who dissent from the claimed “consensus” on climate change.  This is a rebuttal of those claims which Rolling Stone will not publish:

Al Gore sounds desperate (Climate of Denial – Rolling Stone June 22, 2011).  According to NASA’s satellite data, sea levels show a 6mm decline in 2010 and AMSR-E Global Sea Surface Temperature Variations indicate that oceans are cooling.   Studies, by three separate teams from the National Solar Observatory and the Air Force Research Laboratory, are suggesting the next solar cycle (25) will be similar to the Dalton or Maunder Minima. These minima occurred during the Little Ice Age which saw temperatures plunge after the relatively high temperatures of the Medieval Warm Period.  Scientists studying oceans demonstrate that the recent warming, to the end of the last century, is part of the natural cycle of oceanic oscillations and predict a thirty year cooling phase.   The CLOUD experiment at CERN suggests that all the warming of the late twentieth century could be accounted for by a small percentage reduction of reflective cloud cover (albedo) – more of the sun’s rays reached the earth, warming the planet.  Indications are that albedo is growing once more.  Clearly,  the computer climate models on which climate alarmism is based are flawed because they fail to model these natural processes correctly.

What’s a Nobel Prize winner, trying to save the world, to do? Continue reading

Weasel words and the missing hotspot

Posted 19th November 2010

The fundamental flaw in the anthropogenic global warming theory is the missing hotspot in the troposphere over the tropics, see David Evans’: http://sciencespeak.com/MissingSignature.pdf

As Albert Einstein said: “No amount of experimentation can prove me right, one experiment can prove me wrong.”

The IPCC has never claimed to have found the hotspot but characterised contradictory satellite and radiosonde (weather balloon) data as “unreliable”.  They’d rather we believe the climate models which predict a hotspot over the equator than the real life data which show it doesn’t exist.  Yet another attempt to gloss over this fundamental weakness in the man-made global warming theory is made in a recent paper by Peter W. Thorne, John R. Lanzante, Thomas C. Peterson, Dian J. Seidel and Keith P. Shine: Tropospheric temperature trends: history of an ongoing controversy.  In the Abstract it concluded that there is no reasonable evidence of a fundamental disagreement between tropospheric temperature trends from models and observations when uncertainties in both are treated comprehensively. Continue reading

A year on from Climategate

Posted 16th November 2010

In the run up to Copenhagen, a selection of documents, files and emails from the University of East Anglia’s Climatic Research Unit (CRU) were leaked onto the internet.  When what came to be known as Climategate could no longer be ignored, the man-made global warming supporters swung into action.  Numerous “talking heads” were trotted out to confirm that nothing in the emails invalidated the science underpinning the anthropogenic global warming theory (AGW) and it mustn’t delay progress at Copenhagen.  Fortunately, for most of us, it did derail Copenhagen but in an increasingly febrile atmosphere the epithet “denier” was hurled at anyone suggesting that something is rotten in the state of climate science.

The various inquiries into Climategate studiously failed to expose the extent to which the IPCC process had been hijacked by a coterie of climate scientists and their supporters.  The man-made global warming narrative remained intact in the media in spite of various IPCC’s alarmist claims being proven as false.

However, little by little the “climate change” edifice is crumbling, aided and abetted by a particularly savage winter across the Northern Hemisphere in spite of the Met Office’s confident prediction to the contrary. Continue reading

21st Century Carbon Caper

Posted 30th September 2010

A recent Chartered Institute for Securities & Investment presentation “Is Carbon Trading and Investment the next Sub-Prime Crisis?” prompted the audience to revisit (and some to recant) their belief in man-made global warming and draw parallels with the sub-prime crisis.   Click here for the podcast (sound and slides) of the presentation: ClimatePresentation_to_CISI_23Sep2010

Note: The podcast starts half way through the introduction by Michael Mainelli, Chairman of ZYen. In the question and answer session, there is reference to an additional three billion tons of wheat per annum for bio-fuel power stations, the correct figure is three million tons.

The slides used in the 23rd September 2010 presentation to the Chartered Institute for Securities & Investment are available here: CarbonTradingCrisis.v.1.7 Continue reading

Nothing to see here, the science is settled

Posted 17th July 2010

Below is correspondence with the Department of Energy and Climate Change (DECC) in response to a letter to the new Science Minister, David Willetts, calling for a thorough, independent, public inquiry into the science behind the claims of impending climate catastrophe.  Although the letter to David Willetts was written following the general election, the DECC’s response only arrived shortly after publication of the Muir Russell Report, the third report into the leaked documents and emails from the University of East Anglia’s Climatic Research Unit (CRU):

15/07/10 10:23
From: ccu.correspondence@defra.gsi.gov.uk
Subject: Response to your Query : – Ref:DWOE000187405 – Climate science and scientific integrity

Dear Mr Menzies

Thank you for your email dated 4 June to the Science Minister David Willetts. As your enquiry is about climate change it has been passed to the Department of Energy and Climate Change for a reply. I apologise for the delay.

Since submitting your enquiry to Mr Willetts, you have probably become aware of  the conclusions of a third investigation into the CRU leaked documents. Like the other two reviews mentioned in your e-mail, the investigation chaired by Sir Muir Russell found no evidence of scientific malpractice by CRU scientists.

The alleged absence of pronounced warming in the tropical mid-troposphere is claimed by some as evidence of flawed climate models and that greenhouse gases cannot be the main cause of observed surface warming. In reality there is no strong evidence for a systematic inconsistency between observed and modelled temperatures for the tropical troposphere, mainly because there is too much uncertainty in the observational measurements.

Considered in isolation, pronounced warming in the tropical mid-troposphere is a theoretical expectation resulting from water vapour feedback and should occur regardless of the agent that is causing global warming. As is made clear by the IPCC (Chapter 9 of the Working Group 1 Report, www.ipcc.ch), the unique signature of warming due to increases in greenhouse gas concentrations is warming of the surface and troposphere, combined with simultaneous cooling of the stratosphere. The latter effect is being observed  from satellite measurements.

Your email also suggests that the temperature trends from 1940 to 1979 and from 1998 to the present are a further reason to question the reliability of climate models. Contrary to what Peter Taylor says in his book, it is well known that sulphate aerosols created in the atmosphere from fossil fuel combustion were a major influence on the small cooling trend from 1940, although uncertainties remain over the scale of the effect. Even so, when all possible factors are taken into account, models can quite accurately reproduce the 1940 to 1979 trend as shown in Chapter 9 of the above mentioned IPCC report.

The temperature trend since 1998 is understood to result from natural climate variability, combined with reduced solar irradiance during the downward part of the solar cycle after its 2001 maximum. Also, of course, the period since 1998 is too short an interval on which to draw conclusions about long term trends or on the reliability of climate models.

In summary, the evidence for human caused warming stems from long understood basic physics and from the recently observed warming pattern, which cannot be explained by natural factors alone; the ‘hockey stick’ graph is largely irrelevant in this respect and certainly irrelevant to future climate change. Furthermore, the consistency of the conclusions reached by the three separate CRU investigations is clear evidence of the integrity of the science produced by that institution.

Finally, you quite rightly indicated in your email that climate science is a complex and challenging issue, which needs continued research. The Department of Energy and Climate Change is funding a programme of climate science and related research to inform Government policy on mitigation of, and adaptation to, climate change.

I hope you find this helpful.

Yours sincerely,

Anna Forberg
DECC Correspondence Unit

16/07/10 00:10

Dear Ms Forberg

Thank you for your response.

The various investigations, to which you refer, were superficial and lacked independence and transparency.  The Commons Select Committee Inquiry failed to probe the email leaks fully, left investigation of the science to the Oxburgh review, and relied on the Muir Russell panel to investigate possible wrongdoing at CRU.

The Commons Committee’s findings are difficult to reconcile with the written evidence it received.  Its findings were carried by three votes to one on all the issues of substance, the dissenter being the only committee member with science qualifications, Graham Stringer MP.  Following the Muir Russell report, Stringer claims parliament was misled on several counts and says Russell’s review was inadequate and, contrary to the Committee’s request, wasn’t independent. Continue reading