Through his paternal grandmother, Cameron is a direct descendant of King William IV by his mistress Dorothea Jordan.
On 9 March 2012, in the UK's right-wing Daily Telegraph, 'middle middle class' journalist Damian Thompson attacks the UK's right-wing prime minister David Cameron, and Cameron's economics minister George Osborne, for being upper class snobs.
1. Cameron and Osborne grew up in the company of utter snobs who have contempt for the middle middle classes.
2. Cameron has a long history of forgetting to say thank-you to Conservative Party activists, who overwhelmingly come from the middle middle classes.
3. Nadine Dorries has said that Conservative government policy is being run by "two public schoolboys" who don't understand being short of cash – "and what's worse, they don’t care".
David Cameron
What has upset Damian Thompson, and the Daily Telegraph?
Damian Thompson is worried that the middle middle class, people earning around £60,000 per year, are going to have to pay more tax.
Damian Thompson writes: "Disastrously, Osborne has been persuaded that families whose incomes hover around the £60,000 mark are 'rich' for tax purposes (though still beyond the pale when it comes to supper invitations)."
This means a promise to cap 'structural deficits' at 0.5 per cent of GDP, with fines of 0.1 per cent for nations that breach the limit.
The UK and the Czech Republic did not sign up to the treaty, but, David Cameron dropped his objection to the European Court of Justice taking control over such agreements.
Italy
Hugh Cuthbert believes that it is 'more than likely' that the end is now in sight.
He says: "We think measures such as the recently announced long-term refinancing option (LTRO) are what the market is looking for but in disguise.
"Banks have been given almost unlimited access to money at a cost of 1 per cent, they are then mandated to go out and buy sovereign debt.
"It is not just the ECB that is directly buying the sovereign debt, the banks are too. (This sees) banks cured and sovereign debt has a safety net put under it.
"I think the market has missed a trick there and that makes me positive about the future."
France
"In London, the FTSE 100 Index advanced 34 points to 5704.9 as traders were also hopeful Greece would receive its next tranche of its bailout funds later this week.
"The Chinese have plied the greedy and gullible American public with temptingly low-cost goods and supplied the cheap finance which has lured the US government close to fiscal ruin."
- Barry Riley
"The US is the largest debtor in the history of the world."
"This was an example of the changing nature of conflict," said Paul Bracken, a professor and expert in private equity at the Yale School of Management.
In February 2010, Wayne Madsen reported that "the Obama administration authorized the anti-Toyota campaign as a warning shot to Japan over its reformist government’s insistence that the U.S. pull its military troops out of Okinawa." (Obama waging economic warfare on several fronts, including Japan)
"It would seem only logical... for a puppet president to order covert attacks upon foreign competitors. GM (government motors) has now pulled ahead of Toyota...
"BP has fallen from its formerly unassailable status as world's top oil company and may be subject to "hostile takeover."
"The fact that the Deepwater Horizon explosion has been blamed on faulty sealing work on the seabed drill hole done by Halliburton (Cheney's company) should set-off alarm bells.
"It is worth recalling here that Halliburton was at the center of another international/environmental catastrophe, the Kuwaiti "cross-drilling" operation that ignited the 'Gulf War' and the resultant hundreds of oil well firings."
Was BP sabotaged?
We will see more economic warfare.
We have just seen the fast growing economies of Tunisia, Egypt and Libya wrecked by the CIA's Arab Spring.
Think of a French bank holding Greek government bonds which are suddenly worth only half of what they were before.
And it may not just be Greek bonds.
And it it is not just French banks that may suffer..
According to the Global Research article:
There is the possibility of a decline of 30% in the US dollar in 2012.
The United Kingdom could be absorbed into Euroland by 2020.
Scotland may break with England.
A global and US recession could involve falling tax revenues and further drops in home values.
US private debt is far worse than in Greece.
Europe has takes steps to reduce expenditures and debts.
But the US continues increasing debt.
"We have entered a phase involving the decimation of Western banks...
"Customers of all financial operators - banks, insurance companies, investment funds, pension funds - are now questioning the soundness of these institutions.
Greece has raised taxes and reduced government spending.
This has caused the Greek economy to slow down and tax revenues to decline.
100,000 businesses have closed.
A third of the population is living in poverty.
The following are signs that the European financial system is heading for an implosion of historic proportions.
1 When you reduce government spending you also slow down the economy.
2 As the economy slows down in Europe, unemployment will rise.
3 Germany, and the other wealthy nations of northern Europe, are sick and tired of bailouts and do not plan to hand over trillions of euros.
4 The European Central Bank could print trillions of euros, but this would go against existing treaties and most of the major politicians in Europe are strongly against this right now.
When the CIA hits the economies of such countries as Libya, Egypt, Tunisia, India, Russia, Indonesia, or China, the global economy suffers.
5 Europe is rapidly running out of time.
6 Germany has kept the focus exclusively on fiscal deficits.
This crisis was not caused by fiscal deficits (except in the case of Greece).
Spain and Ireland were in surplus, and Italy had a primary surplus.
7 There are dozens of European banks in danger of failing.
Nobody wants to 'throw any more money into those black holes'.
We could start to see banks fail in rapid succession.
Charles Wyplosz, a professor of international economics at Geneva’s Graduate Institute, says:
"Banks will collapse, including possibly a number of French banks that are very exposed to Greece, Portugal, Italy and Spain."
8 According to financial journalist Ambrose Evans-Pritchard, European banks need to reduce the amount of lending on their books by about 7 trillion dollars in order to get down to safe levels.
9 European banks are overloaded with worthless assets that have a book value of trillions of euros.
10 Either the Germans will have to allow the ECB (European Central Bank) to print money out of thin air to buy bonds with, or, "we will finally see the market determine the true value of European government bonds."
11 Huge amounts of European sovereign debt are scheduled to be 'rolled over' next year (Money is due to be paid back to lenders; so new money must be borrowed.).
The poor cannot afford to shop in Walmart
12 Once the new treaty is ratified, eurozone governments will lose the power to dramatically increase government spending.
The coming recession could become a full-blown depression.
13 Credit rating agencies are warning that more credit downgrades may be coming in Europe.
14 S&P has put 15 members of the eurozone (including Germany) on review for a possible credit downgrade.
15The stock prices of many major European banks are in the process of collapsing.
16 Bank 'runs' have been reported in certain parts of Europe.
At the start of 2010, savings and time deposits held by private households in Greece totalled €237.7 billion.
By the end of 2011, they had fallen by €49 billion.
Savings fell by a further €5.4 billion in September and by an estimated €8.5 billion in October.
17 Economic activity is slowing down.
In October, Japanese machinery orders dropped 6.9%, following an 8.2% drop in September.
South Africa has recently reported a 5.6% drop in manufacturing activity.
Britain recorded a 0.7% decline.
China’s October exports fell 1.7% after dropping 3.8% in September.
Korea’s exports are down three consecutive months. Singapore’s were off in September and October. Indonesia’s plunged 8.5% in October after slipping 2% in September. India’s dropped 18.3% after being flat in September.
"Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions."
"Will the new Italian PM, Mario Monti, cater for the needs of the Italian people or for the mega-bankers’ lodge sitting on the powerful Trilateral Commission of which he himself is European chairman?
"The same question goes for Greek president Lucas Papademos, also a Trilateral member.
"The same question goes for all the governments of the EU member states where the real power brokers are the major bankers, industrialists and media moguls sitting on the Trilateral, Bilderberg, World Economic Forum and Chatham House think-tanks and private lobbies.
"Global elites will do everything to keep the euro on its transitional path towards a global currency that will eventually replace both the euro and the US dollar.
"This entails engineering the controlled collapse of both currencies, whilst preparing the yellow brick road for a 'Global Dollar'..."
VIDEO - Engineering the Eurozone Collapse - F. William Engdahl on GRTV
Over the period 1927-2011, $1.00 invested in equities grew 29 times greater than $1.00 invested in government bonds.
(However, equities massively underperformed bonds from late 1929 to mid-1932 and their cumulative return didn’t overtake bonds again until 1950. Stocks have also cumulatively underperformed bonds since 2000.)
The gold price is now well below $1,900 an ounce. ($1,715 an ounce)
Investors have looked at Japan.
Japan has had many years of high debt, low interest rates, and deflation.
Shares tend to do best when inflation is low.
But, shares MAY be a better hedge against inflation than government bonds.
Investors in shares hope for a recovery by 2013.
American companies profit margins "on some measures were even higher in 2011 than they were before the credit crunch; the last time they were so high was in the 1960s."
How much of Buffett’s $62bn would the fund manager end up with.
The answer is that the manager would get $57bn. And Buffett would be left with only $5bn. "This assumes an annual fund management charge of 2 per cent, and a performance fee of 20 per cent of gains – the norm in the hedge fund industry."
If you give your savings to an investment manager, there will be hidden charges, fees and other deductions.
Abramovich yacht
The Financial Times reports that the boss of an investment management firm gave a presentation to UK government officials.
This boss provided a real-life example of what happened when a UK private investor put £70,000 into a pension fund, back in 1994. Over the next 15 years, the stock market rose by 66 per cent.
This should have meant a gain of £46,000, making the pension fund worth £116,000. But, in 2009, the investor was told his fund was worth just under £70,000.
His £46,000 had been eaten up by charges and fees. FT Money has revealed that "personal pension funds on sale today can take 39 per cent of a final fund value in charges, over a 25-year period."
David Norman, the founder of TCF Investments,suggests that investing £100,000 in the average UK equity mutual fund over 20 years will generate a sum of £227,695, assuming 7 per cent growth. But, £159,272 will be deducted in various charges.(who's paying for all those yachts?)
2. RICHARD BRANSON
Northern Rock is a bank that was taken over by the British government at a cost of £ 1.4 billion.
It is now to be sold to Richard Branson.
Branson's Virgin Group will spend only £50 million in cash to get hold of the bank.
According to the Financial Times, the government will get £747 million.
But, a third of this will come from Northern Rock itself.
"Virgin Group is injecting only £50m of cash alongside a similar amount from little-known Abu Dhabi fund Stanhope Investments, and close to £260m from US financier Wilbur Ross..."
"Why did gold and silver stocks just get hammered, at a time when commodities are considered a safe haven against widespread global uncertainty?
"The answer, according to Bill Murphy’s newsletter LeMetropoleCafe.com, is that the sector has been the target of massive short selling...
"A bear raid is the practice of targeting a stock or other asset for take-down, either for quick profits or for corporate takeover...
"When Lehman Brothers went bankrupt in September 2008, some analysts thought the investment firm’s condition was no worse than its competitors’.
"What brought it down was not undercapitalization but a massive bear raid on 9-11 of that year, when its stock price dropped by 41% in a single day...
"When done on a large enough scale, short selling can force prices down, allowing assets to be picked up very cheaply.
"Another Great Depression is the short seller’s dream, as a trader recently admitted on a BBC interview.
"His candor was unusual, but his attitude is characteristic of a business that is all about making money, regardless of the damage done to real companies contributing real goods and services to the economy..."
C. Dr. Webster G. Tarpley, at Global Research, 3 October 2011, has written:
1.The US and UK are carrying out economic warfare against the Eurozone.
2. The problems of the Eurozone are being axaggerated.
3. The aim is to divert attention away from the problems of the USA and UK.
4. "London and New York are exporting their own derivatives depression into the EU, using credit default swaps, corrupt credit ratings agencies, and their entire panoply of financial dirty tricks."
5. The USA and UK want to be able to buy up assets in the Eurozone at bargain-basement prices.
6. The Anglo Americans want to destroy the Euro.
"The dollar is now so weak and unstable that it can only survive through the downfall of all the alternative currencies."
7. "If the speculation persists, certain forms of capital controls and exchange controls would be in order."
8.What Europe Must Do
A. Liquidate Zombie Banks; End Too Big to Fail.
About a dozen of the top European money center banks are clearly insolvent.
They must be subjected to bankruptcy proceedings, and their derivatives wiped out.
B. 1% Euro-Tobin on All Financial Transactions.
A 1% Euro-Tobin will serve to subdue speculation in general, and particularly to bridle the activities of the hedge funds.
C. Universal Cancellation/Freeze of Derivative Debts.
D. The most dangerous kinds of derivatives need to be permanently prohibited.
E. Raid the Ratings Agencies — Reports have surfaced in the United States that credit ratings agencies have engaged in insider trading by giving speculators advance notice of their attacks on US Treasury bonds.
F. Debt Moratoria Now for Crisis Economies.
Countries, like Greece, Portugal, and Ireland need to declare an immediate, unilateral, and total debt moratorium on all international financial debt.
G. Europeanize The European Central Bank.
The ECB must be taken permanently out of the control of secret cliques of unelected and unaccountable bankers and subjected to the democratic control of representative political institutions.
H. €1 Trillion For Infrastructure.
I. 40 Million New Productive Jobs for Full Employment.
J. End Afghanistan, Libya, Kosovo, and Other Military Meddling.
Foster a development community of sovereign states which would embrace Europe, Russia, Africa, the Middle East, and other parts of the world.
In October 2011, Brightstar, a multinational manufacturer, will begin assembling BlackBerrys in Argentina.
Argentinian workers will assemble the pieces and put them in local packaging.
Making BlackBerrys in Argentina will be more expensive than making them in Asia, but it will give jobs to Argentinians.
The policy of the Argentine government will cut foreigners' share of Argentina’s mobile-phone market from 96% in 2009 to a forecast 20% by the end of 2011.
Argentine's president Cristina Fernandez de Kirchner
Argentine manufacturers have been booming.
Argentina now imposes more 'trade limitations' than any country except Russia.
Argentina cannot raise tariffs, because it belongs to the Mercosur customs union.
But Argentina has various tactics it can use to limit imports.
The Argentine government is planning to limit total foreign landholdings to 20% of the country’s territory.
It is planning to stop any individual from acquiring over 1,000 hectares (2,471 acres).
In the October 2011 election President Fernández is expected to be re-elected.
Big US corporations like cheap labour.
US hourly wages are $33.53.
(Average hourly take-home pay for US workers was $23.03. Social insurance expenditures add $7.90 to hourly compensation and benefits paid by employers add $2.60 per hour for a total labor compensation cost of $33.53.)
US hourly wages are about the lowest in the developed world, way below those in Norway ($53.89), Denmark ($49.56), Belgium ($49.40), Austria ($48.04), and Germany ($46.52).
Big corporation would rather pay $1 per hour rather than $33
Argentinian model Floppy Tesouro
Dr. Paul Craig Roberts is a former Assistant Secretary of the US Treasury.
At Global research, on 25 September 2011, Dr Roberts explained that one of the main reasons for the economic problems of the USA and Europe is the moving of jobs to Asia.
2. Manufacturing employment fell by 5 million employees.
3. The number of larger factories (those employing 1,000 or more employees) declined by 40 percent.
US factories employing 500-1,000 workers declined by 44 percent.
According to Dr Roberts:
"It is US corporations that move their factories abroad...
"Half of US imports from China consist of the offshored production of US corporations...
"In China as of 2008, total hourly labor cost was $1.36...
"A corporation that moves 1,000 jobs to China saves saves $32,000 every hour in labor cost...
"These savings translate into higher .... executive compensation, not in lower prices for consumers who are left unemployed..."
It's not just factory jobs.
"The high speed Internet has made it possible to offshore many professional service jobs, such as software engineering, Information Technology, research and design."
Meanwhile, the US government allows in each year one million legal immigrants and an unknown number of illegal immigrants.
Naguib Sawiris, the chairman of Egypt's Orascom Telecom, told the Financial Times (Business calls for unity alliance) that the protesters "are losing support in the street: many people are against their demand of President Mubarak to leave.
"They worry about stability and people want to go back to their business.
"Already people are short of food and money (and) businesses are going bust."
He estimates that the unrest could wipe 10 per cent off Egypt's gross domestic product.
At the beginning of 2011, the economy was expected to grow by about 6 per cent.
"Many analysts say that foreign capital could pour out of the country once the banking system reopens, but concerns over domestic bank runs have also been mounting as Egypt’s political upheaval continues."
Nicolas Sarkozy arrived in Brazil in December 2008.
He signed a Brazil-France agreement in the areas of defense and nuclear energy.
Brazil will build five submarines, including a nuclear one, with French technology.
France will help Brazil in the construction of six nuclear power plants in Brazil. -news.xinhuanet.com
"Sources said an anonymous male caller phoned a downtown office of Air France in Buenos Aires, not the company's office at the airport, in the morning of May 27, and asked about the time of departure of an Air France flight. Then said 'There is a bomb on that airplane' and hung up." - For now, spies downplay French jet bomb scenario
"I'd declare that the people in China are freer and less fearful than the people of the West." - Yeah, Yeah, Tiananmen Square
"The U.S. Treasury must sell a record net $2 trillion in new debt in 2009 to fund a $1.8 trillion projected fiscal deficit, resulting from falling tax revenues, an economic stimulus package and sundry bank bailouts.
"It's the Chinese, and any other Treasury bond buyer who follows the markets, that have pulled away, to varying degrees from buying Treasury long securities." - The Big Collapse Could Be Very Near
"More goods are always produced than can be purchased (also called overproduction), especially when wages are constantly being driven down to boost profits.
"Credit is the temporary cure-all that seems to bridge this gap — the larger the gap grows between wages and products produced, the more debt is needed to stave off a recession, or overproduction...
" The disease lies in overproduction, which occurs naturally in an economic system that produces goods only for a market." - The Deeper Origins of the Economic Crisis
1.In China, retail sales are up 17% in real terms.
2.In China, GDP grew by a 'pretty spectacular' 6.8% during the fourth quarter of last year.
3.Chinese shares have gained 25% this year – the best return of any stock market in the world.
4.Optimism in China has been helped by the government's £405bn support package.
5.China is funding its stimulus package using reserves, not extra borrowing.
6.China's currency has appreciated more than 20% against the dollar since 2005.
The USA and most of Europe are not in such a strong position as China.
China has $700bn of US Treasury bills.
With Western governments 'intent on printing money and debauching their currencies', China, Russia, Taiwan, South Korea and others are 'privately raising doubts about their future appetite for Western debt.'
America hopes to sell more treasury bills - 'a staggering $2,000bn' of them.
In China the share of wages dropped from 53% in 1998 to 40% in 2007.
According to The Economist, "a raft of government policies will have to change to lift households’ share of national income."
In Asia, a lack of free medical care and lack of free schooling means that people have to save a high proportion of their income.
"Higher public spending on health, education and welfare support could encourage households to save less and spend more."
In the USA, the same applies.
"The recent news that China plans to spend 850 billion yuan ($125 billion) over the next three years to provide basic health care for at least 90% of the population by 2011 is therefore welcome."
Bush and Blair brought poverty to their own countries.
And to the world.
The secret policy of certain western governments is:
1. Help the super-rich to get richer.
2. Keep down the wages of the poor.
THE USA
With George W Bush as president, the number of Americans living in severe poverty has increased dramatically.
Nearly 16 million Americans now live on an individual income of less than $5,000 (£2,500) a year or a family income of less than $10,000 (£5,000). (news.independent.co.uk)
The number of Americans living in extreme poverty has grown by 26% since 2000.
In the USA, poverty as a whole has worsened and the number of severe poor is growing 56% faster than the overall segment of the population characterised as poor - about 37 million people. (news.independent.co.uk)
2. The gap between rich and poor has reached its highest level for more than 40 years.
3. During the past 15 years there has been an increase in the number of households living below the poverty line.
4. Households below the poverty line now account for more than half of all families in parts of some cities.
5. In parts of some cities more than half of all households are now "breadline poor" - enough to live on but no access to opportunities enjoyed by the rest of society.
6. Households in already wealthy areas have tended to become disproportionately wealthier.
7. Many rich people now live in areas segregated from the rest of society.
In the Calton district of Glasgow, male life expectancy is 53.9 years, almost ten years fewer than in Bangladesh.
However, life in Bangladesh can be worse than in Britain.
BANGLADESH
Large western companies like Tesco like to get cheap clothing from Bangladesh.
Tesco's chief executive Terry Leahy is a special adviser to the British government on business matters.
1. Workers at factories supplying clothes to Asda (Walmart), Tesco and Primark told the Guardian that they were paid well below the £22 a month considered by experts to be the minimum living wage.
2. Mahbubur, 20, a machine operator, earns £16 a month, but he said apprentices or helpers in his factory earn only £9. His basic hours are 8am to 8pm, six days a week, but overtime, sometimes through the night, is compulsory.
What are we to think of Tesco, Walmart and similar companies?
Paul Collins, of War on Want, said: "These companies are driving down prices and pushing up profits and their workers are paying the real price in terrible pay and conditions." ( Brown is urged to act over 4p-an-hour sweatshop pay )
"Most baseballs are made in Haiti by American companies. The factory girls get about $1.40 a day. They get injured arms and eyes."
"Is it only baseballs?"
"The Americans control the bauxite, sugar and sisal. It's like Cuba before Castro."
"Is it always slave wages?"
"You know Walt Disney?"
"Fun people."
"They have contractors here who make Micky Mouse clothes. The factory girls get 8 pence an hour. You can't live on that. Then Wal-mart sells the Pocahontas pyjamas for $11-97."
"The Americans supported Baby Doc? But didn't he get thrown out?"
"And replaced by military dictatorship," said Jean, smiling.
"What about the radical priest Aristide? Didn't he win an election?"
"Very popular man among the poor! But 9 months after he came to power he was toppled."
"By whom?"
"The army chief, Cedras, took over. These generals had been trained in the USA and were in the pay of the CIA."
"Then later Aristide was allowed back into Haiti."
"Yes. But FRAPH, a group financed by the CIA, started a lot of violence to destabilise Aristide."
"FRAPH?"
"They were mainly made up of Tonton Macoutes. The Macoutes have always given Aristide a hard time. In 1988 Macoutes hacked to death scores of people in a church, while trying to kill Aristide."
"And the Macoutes have ensured that there is chaos in Haiti. What are the Americans up to?"
"The super rich, of whom there are many in Haiti, want a return to dictatorship. That might suit the fascists who run America. A socialist priest might try to make Walt Disney's people pay higher wages."
"Don't the Americans care about poverty?"
"Did the Americans care about the children they murdered in Indo China? America is run by billionaire fascists pretending to be Christians and democrats. The Haitian death squads in 1991, after Aristide had been kicked out, were led by Toto Constant. Now Constant, who lives in New York, claims he worked for the CIA."
OBAMA ADOPTED BY MK ULTRA?
Kennedy and the 'gay' UK prime minister Harold Macmillan. (Website)
