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October 17, 2008
Exclusive: Are Cyber Terrorists Pulling the Last Straw Out of the World’s Economy?
With uncharacteristic speed, Congress passed, and President Bush signed, the now infamous “bail out bill” on October 3rd. Following urgent, yet unsuccessful, pleas to the American people to back the bill, it flew through House and Senate before many Americans had time to distinguish who was at fault, Freddie Mac or Fannie Mae. It was a national economic crisis – created by banks making bad loans, inflated values and enormous bonuses for CEOs. Or was that the full story? It was only days before the economic crises went from a national issue to a “global” one.
On September 19th, the Securities and Exchange Commission issued a ban on “short selling,” the act of selling stock or securities based upon the expectation that the stock or security will decrease in value. The UK counterpart to the SEC had issued the same action just a day previous. Such activity was experienced in the days before 9/11 with airline stock. According to Michael Webster at RightSideNews:
The feds have seen a possible similar trend operating on Wall Street recently and no end to the panic selling on Wall Street without government intervention. U.S. corporate regulator, the SEC, is seeking to ease the terror by implementing emergency rules relating to short selling.
This possible action will be stronger than the recent use of the emergency powers that the SEC invoked in July to slap a temporary ban on "naked" shorting of 19 companies, including the mortgage insurers Fannie Mae and Freddie Mac, and a number of major investment banks and commercial banks. The new aim will be to stop "unlawful manipulation" of American companies and their stock and to hopefully help to maintain orderly markets. Just how much damage has been done is not known but is believe catastrophic.
The list of those who would benefit from an American economic collapse continues to grow daily. The Democrat Party, desperate to elect to the country’s highest office an inexperienced, untested junior senator with little or no record, stands to “win big,” as they pile on pie in the sky promises such as renegotiated mortgages for defaulted borrowers. The CEOs of Fannie Mae and Freddie Mac stand to win big, as their financial mismanagement and incompetence is quickly paid for by the tax dollars of working Americans rather than facing indictments and prison terms. As the days passed, President Bush began slipping the term “global” into his economy speeches. It seems as if overnight, we went from a huge national banking bail out to a global economic crisis.
On October 10th, Bob Unrah reported on World Net Daily that one of the beneficiaries of the American economic bail out bill is China. The Bank of China owns, according to WND, $7.5 billion in Fannie Mae and Freddie Mac bonds, in addition to $5.2 billion in mortgage-backed securities guaranteed by the two agencies.
On the same weekend the news of the financial gain Communist China will receive via the hard working American taxpayer was buried, a troubling story was reported on Fox News. The computer network of The World Bank, one of the largest repositories of secure data regarding the economies of every nation had been compromised. Not once – not recently – but at least seven intrusions since the summer of 2007. It is unknown how much data was obtained, for what purpose or by whom, although the Fox News report does state that at least two of the attacks came from IP addresses in China. The attacks, downplayed by the FBI, who discovered the breach, and the World Bank, yield little more than unknown consequences and limitless questions.
According to Fox News:
The second major breach — of the bank's treasury network in Washington — was discovered in April 2008. The World Bank's Treasury manages $70 billion in assets for 25 clients — including the central banks of some countries. It carries out substantial collaborations with the world's finance ministers on public wealth and debt management, runs an active bond-trading desk in Washington, and does everything from currency trading to capital markets financings.
After a forensic analysis of the treasury breach, bank investigators discovered that spy software was covertly installed on workstations inside the bank's Washington headquarters — allegedly by one or more contractors from Satyam Computer Services, one of India's largest IT companies.
The software — which operates through a method known as keystroke logging — enabled every character typed on a keyboard to be transmitted to a still-unknown location via the Internet.
While many Americans see the huge move of the Federal government into the private banking business another sharp turn towards socialism, are there underlying forces at work – a shadowy group of cyber terrorists – poised behind cloaked computers ready to pull the last straw out from under an economy weakened by corruption and fraud?
Family Security Matters Contributing Editor Renee E. Taylor is the editor/webmistress of American Truckers at War, a freelance writer, photographer, home schooling mom and publicist for Joey Holiday. Feedback: editor@familysecuritymatters.org.
FamilySecurityMatters.org Contributing Editor Mark R. Taylor served in Iraq from January 2004 to May 2005 as a civilian convoy commander, and his website is American Truckers at War.
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