PLEASE READ THIS FIRST
The second problem in the world is the one which allows the corruption to flourish...The Mainstream Media, which is totally controlled by the government, and corporate interest. We do not make this claim lightly, without reason and personal knowledge.
During one phase of our undercover investigations we worked in a high level government public relations office. We helped prepare the daily official government propaganda articles which were hand delivered to the news wire services which were in turn picked up by major newspapers and medias worldwide and reported as truth. What was reported contained basic information with a government spin designed to confuse and intimidate the general public into supporting the corrupt government.
THE ONLY STORIES ON THE MAINSTREAM MEDIA WHICH ARE TRUTHFUL ARE THOSE WHICH ARE INSIGNIFICANT!!!
This practice is standard procedure and is never questioned by the Mainstream Medias or the audience....This is the problem which must be addressed or the government will always control the people and the problems of government control are only beginning...it will get much worse!!!!!
Wednesday, August 22, 2007
In the 1980s the Washington Post honed an editorial page style to attack the Sandinista revolution in Nicaragua that involved complex and convoluted editorials weaving half truths, total lies, innuendo, and unsupported speculation. These editorials were impossible to respond to with letters to the editor limited to 200 words. The “big lie” strategy is effective because to respond with the truth takes even more words than the original lie.
The Washington Post is now using the “big lie” strategy against the Bolivarian process in Venezuela and its democratically elected president Hugo Chavez. An editorial on August 17, 2007 is a textbook example of this strategy. It is entitled “Cash-and-Carry Rule” with a sub heading “Venezuela’s Hugo Chavez cements his autocracy with petrodollars and another push for ‘reform.’”
The US Venezuela Solidarity Network offers this sentence by sentence deconstruction of the Washington Post editorial as a public service to educate serious readers on important issues of US-Venezuela relations and the campaign to derail the process in Venezuela to use its oil wealth for the benefit of its poor majority.
HOW DID THIS ALL COME ABOUT? A (bearish) hedge-fund operator, in a letter to his investors, describes how a senior Wall Street marketing director recounted the genesis of the current situation:
"'Real money' (U.S. insurance companies, pension funds, etc.) accounts had stopped purchasing mezzanine tranches of U.S. Subprime debt in late 2003 and [Wall Street] needed a mechanism that could enable them to 'mark up' these loans, package them opaquely, and EXPORT THE NEWLY PACKAGED RISK TO UNWITTING BUYERS IN ASIA AND CENTRAL EUROPE!!!!
"He told me with a straight face that these CDOs were the only way to get rid of the riskiest tranches of subprime debt. Interestingly enough, these buyers (mainland Chinese banks, the Chinese Government, Taiwanese banks, Korean banks, German banks, French banks, U.K. banks) possess the 'excess' pools of liquidity around the globe. These pools are basically derived from two sources: 1) massive trade surpluses with the U.S. in U.S. dollars, 2) petrodollar recyclers. These two pools of excess capital are U.S. dollar-denominated and have had a virtually insatiable demand for U.S. dollar-denominated debt...until now."
These investors then had standing orders on Wall Street desks for any U.S. debt rated triple-A. Through the "alchemy of CDOs" and "the help of the ratings agencies," the CDO managers collected triple-B and triple-B-minus subprime and repackaged them so the top tier got paid out first. Then leverage the lower mezzanine tranches by 10-20 times and, "POOF...you magically have 80% of the structure rated 'AAA' by the ratings agencies, despite the underlying collateral being a collection of BBB and BBB- rated assets."
The letter concludes: "This will go down as one of the biggest financial illusions the world has EVER seen."
And to think it's all played out is even more laughable.
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