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Tuesday 01/06/2010 - 14:30 - 15:00
Nigel FARAGE (EFD, UK), Mario BORGHEZIO (EFD, IT)), Godfrey BLOOM (EFD, UK) and Daniel ESTULIN
Brussels, PHS building, Room 0A50 - Anna Politkovskaya
"I’m a Russian expatriate who was kicked out of the Soviet Union in 1980. My father was a dissident who fought for freedom of speech who was jailed, tortured by the KGB. Suffered two political deaths. When these people got tired of us they threw us out. We moved to Canada and 12 years ago I came to Spain. My grandfather was a colonel in the KGB and the counter-intelligence in the 1950s, so I am privileged somewhat to get a lot of the information from secret service which are our best sources of information. Not only the KGB people but the MI6 people, the CIA because most of the people who work for the secret service as you probably know are patriots and they love their country and they’re doing it for the good of the nation and they’re the first ones absolutely terrified of the plans of the Bilderbergers".
The Dubious S&P Downgrade
Many commentators questioned the validity of the downgrade that threatened to collapse the market. Dean Baker, co-director of the Center for Economic and Policy Research, said in a statement:
"The Treasury Department revealed that S&P’s decision was initially based on a $2 trillion error in accounting. However, even after this enormous error was corrected, S&P went ahead with the downgrade. This suggests that S&P had made the decision to downgrade independent of the evidence. [Emphasis added.]
Paul Krugman, writing in the New York Times, was also skeptical, stating:
Everything I’ve heard about S&P’s demands suggests that it’s talking nonsense about the US fiscal situation. The agency has suggested that the downgrade depended on the size of agreed deficit reduction over the next decade, with $4 trillion apparently the magic number. Yet US solvency depends hardly at all on what happens in the near or even medium term: an extra trillion in debt adds only a fraction of a percent of GDP to future interest costs . . . .
In short, S&P is just making stuff up — and after the mortgage debacle, they really don’t have that right.