The Bilderberg Group, Oil Prices And US Mortgages.
Bilderberg expects interest rates to rise and many Americans to lose their homes in the months ahead. Meanwhile, they hope they can pressure President Bush to refrain from an all-out invasion of
Timothy Geithner, president of the Federal Reserve Bank of
Many Americans, especially young families, have been buying expensive homes at low but “variable” interest rates. Others have been paying just the interest owed on their homes and not the principal. They are the most vulnerable, Geithner said. Some have paid little or nothing down. Some institutions “lend” buyers the down payment.
When home construction peaks and prices start downward, many will find they owe more on their home than it is worth in the marketplace. They will also find their mortgage—even “interest-only” payments—are unaffordable.
The banks will get the homes back and sell them again.
Again, the term “stupid Americans” was heard among clucks of sympathy or silent indifference. According to one source, no concern was expressed by Allan Hubbard, assistant to President Bush for economic policy.
European Bilderbergers said they would have no part in an invasion of
Several noted that
“Is it not reasonable that
Listeners to this dialogue included Eival Gildy of Israel, head of “coordination and strategy in the office of the prime minister,” and Ziad Abu Amr, member of the Palestinian Legislative Council, president of the Palestinian Council on Foreign Relations and professor of political science at Birzeit University. Ahmad Chalabi, former deputy prime minister of
William Luti, special assistant to Bush for defense policy, and Richard Perle, former high Defense Department official and still a close adviser to Bush, responded that the
Robert Zoellick, deputy secretary of state, said it would be necessary to keep the invasion “option” to pressure
“You’re wrong,” the European answered. “
Bilderberg’s mood was described as “uneasy” when it came to the issue of oil, a discussion followed closely by such oil-rich participants as banker David Rockefeller, Queen Beatrix of the
The “Latin American problem” mixed the issue of oil with Bilderberg’s scheme to expand NAFTA throughout the
Bilderberg’s consensus seemed to be to not force higher oil prices at the moment, but be content with the immense profits enjoyed now.
Chavez’s barrier to NAFTA expansion leaves them moody because establishing an “American Union” is a critical step toward Bilderberg’s goal of establishing the United Nations as a world government.
James P. Tucker Jr., American Free Press