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foreclosures are still happening at around 10,000 a day, people defaulting on their credit cards has hit a record, and across the country the states are having to slice crucial services to the bone. As governor, when we had a budget that went over what we’d allocated, I gave checks back to the people. That was a true stimulus package. When people at home have more money in their pockets, they tend to spend it. Cutting taxes also stimulates the economy, as much as Democrats hate the sound of it. In this case, the taxes coming out of our pockets are just making the rich get richer. “Nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008.”70 For the fiscal year that ended in October 2008, the IRS audited only about four out of every hundred Americans who showed income of $1 million and up. IRS data also showed that the income of the 400 wealthiest individuals in the country hit an average of $263 million in 2006. Within a decade, their share of our nation’s wealth almost doubled—to more than 22 percent.71 Meantime, the offshore tax havens haven’t gone away. Citigroup, for example, has 91 subsidiaries in Luxembourg and another 90 in the Cayman Islands (out of 427 units in 23 countries altogether).72 The Caymans are part of Great Britain, and more than 12,000 “companies” operate out of a single building there. The Caymans lay claim to being the fifth largest center of bank deposits in the world; while it’s true that the shares, bonds, and cash are technically on the islands, they’re actually headquartered back in New York. The $1.9 trillion in bank deposits, although it’s invested in the U.S. and abroad, remains invisible to the IRS. If you ever wondered why Enron paid no taxes, that’s because they created hundreds of these paper companies. Oh, and Dick Cheney’s Halliburton subsidiary, KBR, pays at least 21,000 of its employees through subsidiaries in the Caymans.73 That’s called globalization, I guess. Just like IBM sending its laid-off American workers overseas to countries like India “where your skills are in demand.”74 Fed Chairman Bernanke is also a board member of something called the Bank for International Settlements, based in Basel, Switzerland. The BIS encouraged all the speculative investment banking that led to our current debacle. Carroll Quigley, in Tragedy and Hope, wrote that the BIS was created as the apex of “a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.” The goal being control “in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private

Profile for HAROLD ARROYO, JR.

AMERICAN CONSPIRACIES, LIES AND DECEPTION FROM THE U.S. GOVERNMENT, JESSE VENTURA  

AMERICAN CONSPIRACIES, LIES AND DECEPTION FROM THE U.S. GOVERNMENT, JESSE VENTURA