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Economic News Discussion

Public Group active 1 month, 2 weeks ago

Discuss the latest economic developments and share hot news links and videos. This group is part of the Amped Economic Network: http://ampedstatus.org/economic.php

  • Julie Clair Aron joined the group AvatarEconomic News Discussion   1 month, 2 weeks ago · View

  • Alison posted an update in the group AvatarEconomic News Discussion:   12 months ago · View

    http://money.cnn.com/2013/07/25/investing/sac-capital-charges/

    SAC Capital hit with criminal charges

    In a move that could deal a death blow to one of the country’s largest hedge funds, federal prosecutors announced criminal insider trading charges Thursday against SAC Capital, the firm run by billionaire investor Steven Cohen.

    The indictment charges that the hedge fund was guilty of both ”unlawful conduct by individual employees and an institutional indifference to that unlawful conduct.”

    The government alleges a pattern of insider trading that was ”substantial, pervasive and on a scale without known precedent in the hedge fund industry.”

    **Interesting to note that companies found to have been guilty of insider trading are STILL ALLOWED to operate in the US.

    So BIG WHOOP – they get charged a huge fine (payable to the SEC) and still keep the massive profits they illegally ”earned”. Must BE NICE!

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

    Be set when the Fed’s help ends

    http://money.cnn.com/2013/08/01/investing/fed-stock-market.moneymag/index.html

    Wall Street always watches the Federal Reserve closely. Lately, however, it has trouble paying attention to anything else.

    Look at what happened in late May and June after chairman Ben Bernanke said the Fed would, eventually, assuming things get better, start to pare back its aggressive efforts to keep credit flowing. The rally on the Dow, which not long ago had crossed 15,000, pulled back sharply. Treasury rates jumped to a 20-month high by late June. (When yields go up, bond prices go down.)

    For bond fund investors, the sell-off meant ”their worst month since the Greek financial crisis,” according to Lipper analyst Jeff Tjornehoj.

    How can so much hang on the ambiguous words of one economist? As you’ll see, the Fed has played such an extraordinarily large role in markets since the 2008 crisis that professional traders have a lot of short-term money riding on Bernanke’s next move.

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

    http://money.cnn.com/2013/07/22/investing/high-speed-trading-fine/index.html

    High speed trader fined $3 million for commodity manipulation – FINED but NOT PROSECUTED????

    ”While forms of algorithmic trading are of course lawful, using a computer program that is written to spoof the market is illegal and will not be tolerated,” said David Meister, enforcement director at the U.S. Commodity Futures Trading Commission.

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

    http://www.naturalnews.com/041298_unfunded_liabilities_retiree_pensions_government_confiscation.html

    The top 10 biggest U.S. cities on the brink of pension bankruptcy
    According to Business Insider, here are the top 10 U.S. cities whose pension obligations will soon collapse: (this article was originally published in 2010, so we have updated the ”years” to reflect 2013)

    #1 Philadelphia – Unfunded liability of $9 billion, $16,696 per household, only 1 year before the pension accounts are empty

    #2 Chicago – Unfunded liability of $44.8 billion, $41.966 per household, money runs out in 4 years

    #3 Boston – Unfunded liability of $7.5 billion, $30,901 per household, money runs out in 4 years

    #4 Cincinnati – Unfunded liability of $2 billion, $15,681 per household, money runs out in 5 years

    #5 St Paul – Unfunded liability of $1.4 billion, $13,686 per household, money runs out in 5 years

    #6 Jacksonville – Unfunded liability of $4 billion, $12,944 per household, money runs out in 5 years

    #7 New York City – Unfunded liability of $122 billion, $38,866 per household, money runs out in 6 years

    #8 Baltimore – Unfunded liability of $3.7 billion, $15, 420 per household, money runs out in 7 years

    #9 Detroit – Unfunded liability of $6.4 billion, $18,643 per household, money runs out in 8 years

    #10 Fort Worth – Unfunded liability of $2 billion, $7,212 per household, money runs out in 8 years

    Note that some of these numbers were actually optimistic. Detroit, for example, was predicted to run out of money in 2021, yet it already declared bankruptcy in 2013. What you are looking at here is a looming cascade of municipality bankruptcies over the next 10 – 20 years.

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      adoration · 1 year ago

      Beyond filling a weekly obligation, what was the point of Paul Farrell’s essay on MarketWatch?

      ”[T]he capitalist’s ’bizarre’ Myth of Perpetual Growth” is a self-fulfilling prophecy; Usury is the fuel of unsustainable but the actual unfolding of that same .01% quest for perpetual growth.

      PHOTO: A stray dog stands on a rubbish dump at the seafront in Sidon, southern Lebanon.

      Just as usury is the fuel of perpetual growth, as in a cancer feeding off of perpetual debt, perpetual revolution (a la Trotsky) is the means by which We the People can be rid the Rothschilds globally, and the .01% Rothschild wannabes domestically – the vampires living off of the blood money generated through usury-based capitalism. By nationalizing the banks (then left to do their ordinary banking chores, moneychanging, cashier’s checks, checking and debit card accounts and so on), the banning of usury altogether in nationalized banks and the US Treasury and their respective financial transactions follows.

      Nationalizing the banks and banning usury is accomplished in the Congress by willing Senators and House Representatives. Our first Action item starts at the ballot box. Recruit and vote in more of the willing. Vote out the takers of baksheesh and bribes, the unwilling who represent the .01%’s status quo banking interests.

      Through AS/N’s immediate stated goals (getting the quid pro quo and election campaign money out of politics), one by one we rid ourselves of the congressional candidates who vote against the financial interests of We the People.

      See Ending the System of Political Bribery and
      Breaking Up the “Too Big To Fail” Banks and the Federal Reserve.

      Thanks, @harlowmarlowe.

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

    Finally, Bank Regulators Have Had Enough
    https://www.propublica.org/thetrade/item/finally-bank-regulators-have-had-enough

    Last week, banking regulators, led by the Federal Deposit Insurance Corporation, but including the Federal Reserve and the Office of the Comptroller of the Currency, proposed a rule to raise the capital at the largest, most dangerous banks.

    Separately, Gary Gensler, the head of the Commodity Futures Trading Commission, who has been waging an underfunded and lonely fight to tighten the markets for those side bets called derivatives, managed to push forward a rule to regulate the complex markets. Banks and his fellow commissioners had resisted, pushing for more delay and more study. Nothing is ever killed in Washington; it’s just studied into a perpetual coma.

  • Ed Diver posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

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      michael ronquillo · 1 year ago

      he is spot on about the issues we are facing but the truth of the matter in this day and age we should not be so dumb that we cannot see it our own selves, and i am not speaking about the majority of us on this site either. we need a population growth stop the earth just cannot support this many humans, we have already crowded most of the wildlife from their homes and getting worse by the day.

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year ago · View

    1.2 Million in $100 bills goes missing from Swiss flight – Fed was shipping $ to US

    http://www.cnn.com/2013/06/25/us/new-york-swiss-airlines-theft/index.html

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      michael ronquillo · 1 year ago

      sure is ,i wonder what happened to all those pallets of money that disappeared in iraq?

  • Ed Diver posted an update in the group AvatarEconomic News Discussion:   1 year, 1 month ago · View

  • Ed Diver posted an update in the group AvatarEconomic News Discussion:   1 year, 1 month ago · View

    The most true indicator for the global economies health is the ’Baltic Dry Index’. It is the measure of bulk ore and and other unprocessed dry materials transported by shipping companies, it’s numbers cannot be manipulated. At it’s peak in 2008 the index soared to 11,793.. It then plunged to a seasonally varying mark around 2000, until 2012 when it found a new average around the 1000 point, yes one tenth of the bulk materials are now being shipped than before 2008. Now the indicator, seemingly impossibly, is shrinking again and 1000 now represents the seasonal peak and a spooky prospect arises, will global trade all but stop?
    If anybody tries to tell you things aren’t so bad reflect on these numbers, you aren’t going mad, if trade is down, so is the economy, hell, trade is the economy!

    http://etfdailynews.com/2013/06/14/baltic-dry-index-shows-the-global-economy-on-the-verge-of-a-slowdown/

  • Ed Diver posted an update in the group AvatarEconomic News Discussion:   1 year, 1 month ago · View

    Financial Insider: “We Are Moving Into the Last Stages Before An All Out Collapse”

    http://www.shtfplan.com/headline-news/financial-insider-we-are-moving-into-the-last-stages-before-an-all-out-collapse_06072013

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

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      Alison · 1 year, 2 months ago

      A report by the National Employment Law Project last summer said that mid-wage occupations — paying $14 to $21 an hour — accounted for 60 percent of the job losses during the recession, but just 22 percent of the job growth in the recovery. By contrast, low-wage jobs — defined as those paying $7 to $13 an hour — had accounted for 58 percent of the job growth as of last summer, while they accounted for just 21 percent of the job losses during the downturn.

  • Alison posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    Interesting graphic showing the influence Goldman Sachs has, as well as the repeat offenders that have ”served” the last 3 presidents- Larry Summers, Robert Rubin, Timothy Geither, Henry Paulson.

    Here

  • Christina Marlowe posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    Obama appoints Melvin Watt, (D) North Carolina, to oversee Fannie and Freddie

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      adoration · 1 year, 2 months ago

      Study (and totally nationalize) Fannie Mae and Freddie Mac

      http://bit.ly/16nntQw

      Also see The Grio’s related links

      [Cross-posted in the AmpedStatus/Network no-usury discussion group archives.]

  • Christina Marlowe posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    Article: How Big Pharma is Killing Americans…

    http://www.alternet.org/how-big-pharma-killing-americans-and-bankrupting-country

    Commentary:

    The Pharmaceutical industry, along with it’s diabolical methods and it’s many death tolls, is eerily similar to Nazi Germany’s Dr. Mengele and the many ”experiments” on the numerous innocent ”subjects.” I do indeed see many shocking parallels and very few actual differences. This is beyond simply reprehensible; Indeed, beyond totally criminal. I hasten to add that I am not a conspiracy-theory ”type,” but I am thinking that this maybe only one part of a much grander and much more sinister scheme, (like that of so-called austerity measures): This entire picture is looking more and more like deliberately engineered genocide. Just saying.

    CM

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      michael ronquillo · 1 year, 2 months ago

      yeah they have a program going on now using humans for lab rats involving chronic pain. they give the test subjects 7,000 dollars to test this new pain patch they have and a years worth of patches to get involved in this study and i for one am not going to take any damned thing i do not know what it is and the side effects the big pharma is the reason i am deaf. when i was 18 months old they gave me a series of streptomycin shots that killed the auditory nerves in both ears so i damned sure am not about to take something i do not know about especially seeing what all of these drugs they are coming out with are doing to people. thanks for the post and the article above.

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        Christina Marlowe · 1 year, 2 months ago

        Important Link for anyone who cares at all:

        http://sjlendman.blogspot.co.nz/

        Excerpt of Simpson-Bowles Act:

        ”Plan A includes:

        ending or capping middle class tax breaks; home mortgage interest deductions and tax-free employer provided healthcare insurance are targeted;

        taxing capital gains and dividends the same as ordinary income;

        lowering income tax rates to 9, 15 and 24%; currently they range from 10 – 39.6%;

        slashing corporate tax rates from the top 35% rate to 26%; eliminating some deductions was proposed;

        making the research and development tax credit permanent;

        making deep Medicare cuts; increasing Medicaid co-pays; eliminating $54 billion from graduate medical education; and enacting ”comprehensive tort reform;” doing so makes it harder for aggrieved patients to file malpractice suits;

        raising the Social Security retirement age to 69 by 2075; reducing cost-of-living increases; they’re now based on annual inflation rates; raising the payroll tax ceiling to $200,000; high-income earners benefit most;

        eliminating 10% of federal workers by 2015; doing so increases unemployment when reducing it should be prioritized;

        raising the federal gasoline tax by 15 cents a gallon; imposing ”user fees” on motorists; at issue is having ordinary people fund the federal transportation and highway spending program; and

        cutting $100 billion in military spending; targeted are administration inefficiencies, weapons Pentagon officials don’t want, overseas force contingent drawdowns, and medical benefits for military retirees through less care and/or higher premiums and co-pays; ”

        ~S. Lendman

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        Christina Marlowe · 1 year, 2 months ago

        Important Link for anyone who cares at all:

        http://sjlendman.blogspot.co.nz/

        Excerpt of Simpson-Bowles Act:

        ”Plan A includes:

        ending or capping middle class tax breaks; home mortgage interest deductions and tax-free employer provided healthcare insurance are targeted;

        taxing capital gains and dividends the same as ordinary income;

        lowering income tax rates to 9, 15 and 24%; currently they range from 10 – 39.6%;

        slashing corporate tax rates from the top 35% rate to 26%; eliminating some deductions was proposed;

        making the research and development tax credit permanent;

        making deep Medicare cuts; increasing Medicaid co-pays; eliminating $54 billion from graduate medical education; and enacting ”comprehensive tort reform;” doing so makes it harder for aggrieved patients to file malpractice suits;

        raising the Social Security retirement age to 69 by 2075; reducing cost-of-living increases; they’re now based on annual inflation rates; raising the payroll tax ceiling to $200,000; high-income earners benefit most;

        eliminating 10% of federal workers by 2015; doing so increases unemployment when reducing it should be prioritized;

        raising the federal gasoline tax by 15 cents a gallon; imposing ”user fees” on motorists; at issue is having ordinary people fund the federal transportation and highway spending program; and

        cutting $100 billion in military spending; targeted are administration inefficiencies, weapons Pentagon officials don’t want, overseas force contingent drawdowns, and medical benefits for military retirees through less care and/or higher premiums and co-pays; ”

        ~S. Lendman

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          michael ronquillo · 1 year, 2 months ago

          politicians have too much time on their hands and too many hands in their pockets influencing their decisions. make everyone that is knowledgeable and have the smarts to do so do their part by having to take part in our government with no pay it is our duty to make sure that it benefits one and all.they keep cutting the benefits for those who need it the most,basically rubbing our noses in shit and the ignorant masses keep accepting this bullshit.quit giving billions to the likes of big business big banks and damned sure shut down the fed. look at iceland for example they have turned their economy around in less than 2 years since putting the banking thieves in jail and kicking the rest out.this country used to give 10 year charters to big businesses so that they could not form monopolies and put the small businesses out of business which is the backbone of any economy, with the deregulations over the years and tax cuts on the wealthy it has destroyed this country. thanks for the post and links.

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            Christina Marlowe · 1 year, 2 months ago

            M This is why I do NOT accept paying TAXES, for just ONE example.

            But I do NOT want to be ARRESTED.

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              michael ronquillo · 1 year, 2 months ago

              hi christina, i can’t blame you for that one and think that with all the taxes that ARE being paid this country should have high speed rail systems and free health care not to mention a slew of other things i can think of.

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                Christina Marlowe · 1 year, 2 months ago

                THEY, the ostensible government, the REAL Power Brokers, are hanging us out to DRY. They, the Pharmaceutical Racket, they are poisoning us all to death, for one thing…Much more.

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      adoration · 1 year, 2 months ago

      Come the [R]évolutión, price gouging and profiteering in vital human services would be considered an act of chickenshittedness – which come the revolution, all forms of chickenshittedness would be banned. That goes for Big Pharm and the Insurance Industrial Complex in health care; same as usury in banking on Wall Street, and the Pentagon’s ”revolving door” on K Street.

  • Christina Marlowe posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    1. STOP paying ALL taxes: Local, State, Federal
    2. STOP paying ALL Banks and ALL ”Insurance” companies (SCAM of epic proportions)
    3. WITHDRAW ALL MONIES FROM BANKS NOW
    4. STOP Willingly Working as SLAVES

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      michael ronquillo · 1 year, 2 months ago

      done did that to a point just ain’t figured out how to get out of the ripoff sales taxes that goes up every time you turn around.

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      Christina Marlowe · 1 year, 2 months ago

      Im going further than that: Here is first draft proposal:

      Non-Violent Solution to the Total Systemic Failure of Government:

      I will first qualify by saying that it is not that I disagree with Taxation. BUT, the Taxes of the ordinary citizens are being impudently stolen and misappropriated and those within this government are the ones who are stealing it and brazenly using it for themselves to live high on the hog, right as they continue to cut public service programs. The U.S. government itself has become the main problem and there is no band-aid solution to total systemic failure.

      To be clear: I believe strongly in fair taxation if and only if the money is spent for the total abolition of Poverty in America; for the building and maintenance of infrastructure; Education for all citizens; Direct access to Health Care for all citizens, which will include the total elimination of ”health care insurance;” And for the Programs that benefit the Common Good, that which has not been considered at all by this government.

      Therefore, I disagree with paying, in any way, or supporting at all, a government that clearly represents corporate interests over any interests of We the People, the tax-paying citizens of the United States. It is simply criminal and totally contemptible how these government ”employees” are conducting themselves. And let us remember the fact that these ”employees” are only there to represent the interests of the common good of the country and its citizenry. They are decidedly not there to represent corporate interests. In fact, it is indeed amoral what these ”officials” are doing to the very citizens who entrusted them, not to mention the total and callous disregard for the poor, the elderly and the disabled among us. This is not civilized and I will no longer support or endorse such a disgraceful and corrupt government.

      My solution is as follows, but requires action of all citizens:

      1. Stop paying All taxes: Local, State, Federal
      2. Stop paying All Bank Debt
      3. Stop paying All ”Insurance” companies
      4. Withdraw All Monies from Insolvent Banks
      5. Stop working for slave-wages

      Peaceful, non-violent demonstrations to Demand that each member, in each branch of this government, vacate their positions at once.

      Here is a sample letter to government representatives stating intent:

      Letter to Representative Lois Capps,

      Ms. Capps,

      You are included in the following statement, by your abject incompetence; your total refusal to address the systemic failure of this government; and your total and willful ignorance of any and all real issues, along with your continued insistence on focusing instead on trifling, insignificant non-issues. Thus, Ms. Capps, you are very much a part of the problem:

      It is abundantly clear that the U.S. government, including Congress, the Senate, the ”Judicial” system, and all of it’s other useless agencies do not represent ”We the People.” The U.S. government is clearly owned, lock, stock and barrel by the Corporations, including the Banks and Wall Street, that have enthroned themselves.

      I am, therefore, calling for you, along with every other member of each branch of this government, to remove yourself without protest, from your post in this systemically failed government.

      Sincerely,

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      adoration · 1 year, 2 months ago

      bomb throwing doesn’t help, but then neither does climate change

      For every dollar spent on running IRS, $3 to $5 is collected for the treasury. Sequestering is costing us a fortune. Taxes are necessary. No question about that. Is as-is taxation fair? No! The re-write has to have a fairness quotient. On a sliding scale, people who can’t afford to pay taxes wouldn’t even be asked, and would in fact get money back on their federal taxes to offset what is the overpaying of ”local” and state (sales and gasoline) taxes.

      Regulate (nationalize) interest-free, no-usury banks for conducting everyday transactions.

      Nationalize the Federal Reserve under the wing of the Treasury. Money is safer in We the People’s bank than stuffed into a lumpy mattress somewhere. Ever notice how many crooks are in the mattress business? Shoot! They advertise on TV.

      As for working as slaves with wages to match, that’s where workers representation (unions) come in. Repeal all of the so-called ”states rights” and ”right to work” laws. Let workers negotiate their pay and working conditions with the government and the private sector.

      It still starts and stops at the ballot box; electing politicians who will fight for our causes, and our voting out those who represent the interest (no pun intended) of the 1%.

      Climate change insurance, anyone?

      Insurance is tricky, starting with divorce insurance. It is well known that divorce more often than not leads directly to bankruptcy. You’ll notice, not even Lloyds of London insures against divorce. Neither do they insure against floods in a flood plane, or against forest fires in a forest. People who live down at the beach are really stupid. We the People should not be expected to pay for the stupidity of others. Just as there should be a single-payer scheme (nationalized) for health care, fire and flood and disaster insurance should be readily available to anyone who doesn’t build in a flood plane or in a forest. After 2063, none except private sector insurance will be provided in the aforementioned flood planes, forests, or where there are earthquakes, tornados and hurricanes. Come the révolutión, the self-insuring government will be expected to own housing enough for the workers that are required to live thereabouts for their work.

      .

  • Christina Marlowe posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    Watch Destopia on Netflix or maybe on Utube as well. It’s about the state of the economy and the current living conditions in Detroit; Interviews with the people who’ve been basically left there to die. The government keeps cutting services. It’s horrific and shameful. Are we dealing with the DEVIL???

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      Ed Diver · 1 year, 2 months ago

      Detropia Official Trailer

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        Christina Marlowe · 1 year, 2 months ago

        Thank you for that, Ed. There was also a BBC production up on Utube a few years ago entitled Requiem for Detroit. It was taken down, but maybe it’s back up…It’s well worth watching; It documents the rise of American consumerism, especially with the automobile, and then the fall of manufacture, as evidenced in Detroit. It is Depressing, though.

  • Christina Marlowe posted an update in the group AvatarEconomic News Discussion:   1 year, 2 months ago · View

    One Source: http://www.guardian.co.uk/poli…

    Summary: More Deregulation and more privatization.

    Conclusion: The ”leaders” are insane; Either they are or I am.

    More Deregulation? And Finish off Privatization, too?

    Between the many lines, PLEASE read this:

    The ’leaders’ do NOT represent the people. Period. They are fully owned and fully run by global Corporations. Global Corporate Takeover.

    WE are being Hung out to DRY.

    So!! Okay, then, I guess that would translate into a general vision of simply letting the peasants fight amongst themselves and finally kill each other off, once and for all. But first, let them all languish mired in debt and stuck in thankless and low-paying jobs for good measure.

    Does any one else think that this is not a very good plan? Just wondering.

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      Alison · 1 year, 2 months ago

      I tried to read the article but am getting an error – Page not found. Can u pls repost?

      I agree that that is NOT a good plan so we must both be crazy. ⊙_ʘ

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      Christina Marlowe · 1 year, 2 months ago

      I’ve seen the Quigley papers somewhere along the line in my research; By what you’ve included, it sure seems to be TRUE. Thanks for that!! I wish I knew what was REALLY going on…And I’m VERY curious to know EXACTLY just who is pulling the strings. I am suspecting certain things, but cannot find facts.or actaul evidence. It’s all pretty DARK from my vantage point. And also I don’t know if we should be having, um…SYMPATHY for President Obama…We KNOW NOTHING. Just saying…

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        michael ronquillo · 1 year, 2 months ago

        check out the jesuits, i think you just might find out just saying. they operate in the shadows and now you have one for a pope.

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