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The fleecing of America: The United States Covered Bond Act of 2011

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Marti Oakley(C) copyright 2011 All Rights Reserved

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Occasionally, amid the mountains of mindless legislation produced by those fools in congress, one or two really stellar examples of “what the hell were you thinking?” surfaces and leaves us wanting to bang our heads against the wall repeatedly out of frustration at the sheer stupidity of what is offered as necessary legislation.  Never has this been quite as extraordinary as it is in the Covered Bond Act of 2011, a bill that is intended to avoid the hassle and exposure of public debate over bailing out the criminals while leaving the country twisting in the wind.  Of course this will be supported by the full faith and credit (me & you) of the United States.

 Avery Goodman at www.seekingalpha.com makes this observation:

“So long as the Federal Reserve exists and/or other financial regulatory agencies continue to be run by a revolving door staff that moves in and out of industry and government, crony capitalism will be alive and well in America. No amount of Dodd-Frank or Volcker rule legislation will ever protect savers, taxpayers or the American people. Profits will continue to be privatized and losses socialized.”

This bill will just confirm the practice of privatizing profits while nationalizing the losses, as a legal response to criminal activity.

From the folks over at Patrick.net:

“The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.”

Derivatives?  Weren’t those instruments the same ones that caused the near collapse of the system?  So what are they, exactly? More

The New Land Rush: The selling out of America’s farmers

3 Comments

 Judy Palmer (c)copyright 2010

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If the Chinese acquire large tracts of land here in the United States, food grown will be for import.  This will threaten not only our own independence, but will cause distortions in our food supply and put an end to the local food movement as well. 

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The New Land Rush

The economy continues its slide.  Unemployment remains high, more manufacturing moves overseas with each passing day, the rate of home foreclosures makes the news every hour.  But there is a seemingly bright spot—farm land values have increased 58 percent from their 2000 levels on both a national and global scale.  Because of this, arable land is attracting wealthy investors all over the world.  They hope to profit by either producing crops or leasing the land to farmers.  Mutual funds specializing in the acquisition of agricultural land have been formed to capitalize on the rapidly rising land values, allowing even small investors to reap a share of the rising land values.  In one way, and one way only, this is a good thing.  Beleaguered farmers have ready buyers if they must sell out and may actually realize a profit from the sale of their farms.  But the problems this will cause to society far outweigh any benefits.

Absentee Owners  More

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