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Is A Financial Crisis Coming To Canada?

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“The pending credit cycle in Canada will be one for the ages.”

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– Marc Cohodes, May 3rd, 2017

Lately, the word “bubble” has been used more often to describe the overheated housing markets in Canadian cities like Toronto and Vancouver. Even Bank of Montreal’s Chief Economist didn’t hold back when he wrote in a report, “Let’s drop the pretense. The Toronto housing market — and the many cities surrounding it — are in a housing bubble”(1).

In March, house prices in Toronto rose a record 33.2% year-over-year and the city was ranked number 1 in the world with the fastest-growing house prices; Vancouver came in third on the list after Sydney, Australia (2).  It’s getting to be such a problem that Ontario’s premier has met with the mayors of Toronto and surrounding areas to discuss housing affordability, while the Prime Minister has admitted that the federal government is monitoring the housing market closely.

But what might have been the clearest sign yet that the housing market is in a bubble was the 2017 Real Estate Expo in Toronto where real estate agencies, developers, and banks paid celebrities like Tony Robins and Pitbull to encourage people to join in on the real estate buying frenzy. Real Estate agents on a stage told prospective buyers things like: “Toronto has become one of the last safe havens in the world,” “Fear will kill you,” and, “Just jump in!” (3)

Clearly, this message is getting around as statistics show an increasing portion of the population owning more than one residential home. This housing bubble, like all other financial bubbles, is the consequence of historically low interest rates, which is the beginning phase of a credit cycle that inflates the bubble. But eventually interest rates rise, and when they do the bubble pops, the cycle reverses, and prices fall.

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The question is, what happens when the cycle turns? If we take a close look at the situation in Canada, we can see instability across the board whether it’s in the economy, in the banking system, or in government finances, and due to this instability, we can reasonably assume that when this cycle turns, it will be pretty ugly for Canadians.

Home Capital Group

Home Capital Group is Canada’s largest non-bank mortgage lender focused primarily on the subprime market — mortgage applicants rejected by the banks — through its subsidiary Home Trust Company. On April 26th, the stock of Home Capital plunged 65% when news came out that the company secured an emergency loan worth C$2 billion to provide liquidity for the company after an overwhelming number of depositors withdrew their money from the high interest savings accounts Home Trust offers — money Home Capital uses to provide mortgages at a higher interest rate, profiting from the spread.

From April 24th to May 1st, Home Capital saw its deposits shrink from C$1.4 billion to C$391 million (4). The problems for Home Capital began back in 2014 when the company cut ties with 45 brokers who were creating mortgages with fraudulent income information that amounted to 10% of Home Trust’s total mortgage originations. Fast forward three years and the Ontario Securities Commission has now submitted formal allegations against the company and the three former and current executives, alleging they knowingly misled investors when discussing the impact of the fraudulent mortgages.

Meanwhile, Home Capital has seen their CFO retire, its Chief Risk Officier leave unannounced, several board members resign, its founder Gerald Soloway step down as CEO and remove himself from the board, his replacement CEO fired, and a total of 33 employees leave in 2016 alone. Representing only 1% of the total mortgage market, it’s too early to know whether Home Capital’s problems will spread, but already investors are losing what matters most in a highly leveraged business: confidence.

On April 26th, the day Home Capital lost 65% of its value, Equitable Group, First National Financial, and Street Capital Group saw their stocks fall 32%, 11%, and 10%, respectively. In the week proceeding, Equitable Group, a mortgage lender that mirrors Home Capital, saw C$75 million worth of deposits withdrawn as their stock fell 39% (5). Canada’s finance minister Bill Morneau has said there is no link between Home Capital and risks in the housing market and Bank of Canada governor Stephen Poloz has said that Home Capital’s problems are “idiosyncratic,” believing they won’t trigger a contagion effect.

Are these statements akin to when the chairman of the United States’ central bank, Ben Bernanke, said in 2007 that “the problems in the subprime market seems likely to be contained”(6)? Already we’ve seen actions being taken to safeguard contagion from spreading. The C$2 billion emergency loan that kept the lights on at Home Capital was provided by the Health Care of Ontario Pension Plan with very stringent terms. The loans have an effective interest rate of 22.5% and are secured against two pools of mortgages from Home Capital’s loan book.

In pool A, Home Capital can borrow C$0.50 of every dollar pledged and in pool B C$0.26 for every dollar pledged. These terms tell us what the HOOPP thinks about the quality of these mortgages being put up for collateral and of Home Capital’s ability to repay the loan. Meanwhile, as investors were dumping Home Capital’s stock en masse, two asset managing companies provided a floor for the stock. CIBC Asset Management increased its position from 2.46 million shares to 9.69 million, while Turtle Creek Asset Management, Home Capital’s biggest investor, was also a buyer (7). It is important to note that these two asset managers were not investing their own money, but were making “investments” on behalf of other people.

Home Capital has also raised money by selling C$1.5 billion in mortgage renewals to MCAP Corp., one of Canada’s largest independent mortgage financing companies that originates, securitizes, trades and services residential and commercial mortgages (8). Equitable Group, Home Capital’s mirror image who suffered its own bout of eroding investor confidence, has been given a C$2 billion funding backstop by a syndicate made up of the 6 major Canadian banks to provide support in case the lender should need it (9). All in all, the fear of contagion is clearly evident and the question that needs to be answered is whether the fraudulent mortgages in Home Capital loan book are limited to 10% or is it a much higher number? And, how many of these mortgages are insured by the Canadian taxpayer through the CMHC?

CMHC

The Canadian Mortgage and Housing Corporation is a government institution that has been a leading contributor to the inflating of the Canadian housing bubble. The institution is the largest provider of mortgage-insurance for homeowners unable to make a 20% down-payment, protecting lenders from default thus enabling them to make more risky loans.

The CMHC is similar to America’s Fannie Mae and Freddie Mac, two government institutions that were largely responsible for the collapse of the U.S. housing market. Like Fannie Mae and Freddie Mac, CMHC also buys and sells mortgage-backed securities, mortgages that are pooled together into a bond that became the popular financial instrument that sank the global financial system in 2008. The CMHC buying mortgages leads to more lenient lending standards as banks know they can make loans that they can later sell to the CMHC and not have to keep on their books.

All of this is backed by the Canadian government and thus the Canadian taxpayer. What’s really egregious about the CMHC is that while they provide banks with full insurance against losses, it’s the homeowner who pays the insurance premium and that taxpayer who pays the deductible, the banks pay nothing. Currently, the CMHC has about 9% equity against its liabilities outstanding (10). If there is a housing correction, the CMHC would need a taxpayer bailout of epic proportions.

Banks

It wasn’t too long ago that the Canadian banking system was considered the darling of the financial world. Back in 2008, a survey by the World Economic Forum listed Canada’s banking system as the world’s safest (11), a title also given to the country by the rating agency Moody’s in 2012 (12). But today the sentiment is much different as Moody’s has recently cut the credit rating of the 6 Canadian chartered-banks stating: “Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past(13).

In March, the Bank of International Settlements (the Central Banks’ Central Bank) listed Canada as having the riskiest banking system of developed countries based on credit-to-GDP gap, property price gap, debt service ratio, and debt service ratio if interest rates rise (14). Residential mortgages make up about 52% of all Canadian bank loans so suffice it to say, the banking system is very vulnerable to a downturn in the housing market (15).

What makes matters worse are the leverage ratios of the Canadian banks. The leverage ratio is a capital adequacy figure that measures a bank’s ability to withstand negative shocks to its balance sheet. In a balance sheet, the difference between a company’s assets and liabilities is its equity so that if a company sells off its assets to pay its liabilities, the equity left over is returned to the owners. If a bank has $100 in assets and $90 in debt, then $10 is the difference and represents 10% equity or capital. The problem with assets is they can fall in value. If the capital ratio is at 10%, then that means assets can fall in value up to 10% before the bank is unable to pay its creditors. The leverage ratio is an international regulatory banking standard set up by the Basel Committee on Banking Supervision. The leverage ratio measures the core capital of a bank against its total assets.

As per their 2016 annual reports, the major Canadian banks leverage ratios are: RBC – 4.4%, TD – 4%, BMO – 4.2%, Scotia – 4.4%, CIBC – 4%, National Bank – 3.7% (16)(17)(18)(19)(20)(21). If the value of the assets of these banks fall in percentage more than these figures, then the banks become insolvent. And of course, in the banking industry, loans are considered assets and as stated earlier, 52% of the banks’ loan book is made up of residential mortgages. Compounding the situation is the report from credit agency Equifax that says they saw a 52% increase in suspicious mortgages between 2013 and 2016 (22).

This leads one to ask was Home Capital the only lender to partake in mortgage fraud? How secure are the uninsured mortgages on the banks’ loan book and what happens if these people lose their jobs and are unable to make mortgage payments? A recent survey suggests that over half of Canadians are $200 away from not being able to meet their financial obligations (23).

Canada’s Dependence on Housing

Since the decline of energy prices, Canada’s economy has become more reliant on the housing industry. In fact, without the growth in housing, Canada’s economy would be contracting. It is estimated that housing makes up 20% of Canada’s GDP with industries like real estate, construction, and financial services.

The number is significantly higher when you consider the indirect impact of a booming housing market. Lawyer fees, government revenues, and increased retail purchases due to the wealth effect of rising home equity values enabling households to spend more (24). Consumer spending as a share of GDP is around the highest since the 1960s (25).

Debt-to-disposable income was at a record high 167% in March (26), and while this ratio has little impact day-to-day as Canadians aren’t expected to pay off their debts tomorrow, it does highlight the vulnerability of Canadians to economic shocks. Another indicator, the debt-to-service ratio, which is the cost to carry debt relative to income, is at 14% and has remained there since 2008, but that’s because interest rates have been at historic lows since 2008. What happens if interest rates rise? A survey by Manulife Bank found that out of 2,098 people polled, 72% said they would have difficulty paying their mortgage if their payments rose by 10%. An increase of 10% in mortgage payments could take as little as a single percentage point increase in interest rates (27).

HELOCs = Home Equity Loans of Canadians

Government Debt

Moving on to the problems in the public sector, we’ve already seen the harm government can do with the CMHC distorting the housing market by guaranteeing mortgages and mortgage-backed securities, and blame should also be put on the central bank’s historic interest rate policy. But looking specifically at government finances, the debt held by provincial governments is alarming. Ontario has the largest debt held by any sub-sovereign in the world at over C$300 billion.

Quebec is at over C$180 billion in debt. Other provinces are currently running deficits with no end in sight. At the federal level, debt isn’t too bad at just over C$700 billion when you compare it to America’s $20 trillion, but that could change by the time the Trudeau administration is voted out of office. It is estimated that Canada could run deficits until 2050 (28) with the policies enacted by Prime Minister Trudeau and he’s on pace to break the all-time record for federal government spending per Canadian despite Canada not being in a recession or at war (29).

Excessive debt is future consumption denied while higher taxation ensured, both outcomes are destructive to an economy, as more of the country’s capital and resources are directed towards paying the interest on the debt rather than being used in the real economy. Moreover, as a country becomes addicted to government spending, it becomes more reliant on it and thus harder to cut. If the government is forced to cut spending, it will have negative ramifications throughout the country for many Canadians dependent on it.

Gold

A development that was largely ignored by the corporate media, but should concern Canadians, is that the Canadian government has almost no gold left in its reserves (30). Unlike America, Germany, Russia and China, countries with vast gold reserves, practically all of Canada’s reserves are pieces of paper. This is foolish and short-sighted as gold has proved to be the ultimate form of money that will retain its value during a crisis, while paper assets can easily evaporate in value during a crisis of confidence and a deterioration in confidence is exactly what could ignite a financial crisis in Canada.

The Loonie

The Canadian loonie has been under pressure in the wake of the Home Capital debacle, dipping below 0.73 to the U.S. dollar. In 5 years, the loonie has gone from being at par with the U.S. dollar to falling under 0.70 at the end of 2015, when oil prices were at its lowest. This weakness in the loonie creates price inflation for Canadians as prices are a reflection of the value of money. I believe this 0.70 mark is an important psychological level for the Bank of Canada because when the loonie falls below this level people start to feel it more at the grocery store and financial commentators start to make noise about it.

The bank has two means of supporting the loonie: raising interest rates or using their reserves to buy it in the currency markets. If we explore scenario one it’s not a pretty picture. The current rate at the Bank of Canada is 0.5% and people have been calling for them to begin raising it for a while, especially now that the U.S. central bank has begun raising its rates putting further pressure on the loonie/dollar exchange. A rise in interest rates will in all likelihood pop the housing bubble as debt becomes more expensive, decreasing demand for mortgages.

When house prices fall, reflecting the decrease in demand, that’s when delinquency rates rise as homeowners, especially in the subprime market, go underwater as their mortgages become more expensive than the value of the home. As delinquencies rise, houses are foreclosed and put on the market increasing supply, putting more downward pressure on prices. The CMHC (taxpayer) then needs to cover all the mortgages and securities it insured, while at the same time the value of their assets are falling. With only 9% equity, the CMHC would need a massive government bailout. If the banks’ assets fall below their leverage ratios, then they too become insolvent, needing either a bail-in or bailout. At this point, a full-blown crisis emerges, leading to further erosion of confidence in Canada and the loonie. Rising inflation is countered with higher interest rates, and the higher cost of debt cripples the economy as highly indebted individuals, businesses and governments all have to cut back on their spending leading to higher unemployment.

It’s clear why the Bank of Canada has been so reluctant to raise interest rates. Scenario two, using reserves to prop up the loonie, will likely be futile as the market is more powerful than governments. It may work at the beginning and buy time, but as the Bank of Canada bleeds through its reserves, this in itself will erode confidence leaving them in the same position they found themselves in at the beginning, only this time without any bullets left in the barrel. A third scenario is to just let the loonie crater and let price inflation run rampant. This might be feasible to start, but as consumer prices explode Canadians will be squeezed as their cost of living outpaces their income leading to lower living standards and social unrest.

Final Remarks

Using the 2008 financial crisis in America as a model, it wasn’t until September 2008 when the government nationalized Fannie Mae and Freddie Mac – which backed $6.2 trillion worth of mortgages – making it clear to everyone that a major crisis was unfolding, but there were many signs leading up to that moment that indicated something bad was brewing in the housing market, including in April 2007 when America’s largest subprime lender, New Century Financial, declared bankruptcy.

In Canada, already the Toronto developer Urbancorp has filed for bankruptcy and Home Capital would have done the same if not for the rescue loan and it’s still highly probable that Home Capital will file for bankruptcy in the weeks or months to come. Are we in the early innings of a financial crisis in Canada? What will happen to the loonie if the markets and its speculators lose confidence in Canada? And how will the Bank of Canada respond to a falling loonie? So far in 2017, the loonie has been the worst-performing major currency in the world. I’m not predicting that a major storm is a certainty, but there’s no denying that there are dark clouds forming above Canada.

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How Facebook Has Become The Strategic Media Mouthpiece For The Global Elite

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In Brief

  • The Facts:

    Facebook has made deals with mainstream media outlets to pay for their news content, further turning Facebook from a neutral social media platform into a conglomerate that supports a political bias and the agenda of the global elite.

  • Reflect On:

    What can conscious media outlets do to overcome growing censorship and mainstream bias from the big tech companies and ensure that you continue to get neutral, agenda-free news coverage and commentary on the issues of the day?

It’s not clear whether Facebook was truly conceived by an innocent genius with noble intent, but one fact has become abundantly clear: Facebook is now a mouthpiece and tool for the proliferation of mainstream perception. This is specifically designed to enrich the global elite and continue to disenfranchise ordinary citizens and any attempts to bring important truths to light that would threaten the elite. And, of course, Mark Zuckerberg is now a ‘junior partner’ in this global elite.

The episode of the Jimmy Dore show found in the video below, which is worth watching to get the full context of the discussion, introduces whistleblower Vikram Kumar, a former promoter of third-party videos on Facebook. Dore brings interesting insights into Facebook’s latest strategies in terms of controlling the news commentary. He explains how Facebook is proliferating the establishment’s narrative while limiting and blocking alternative voices which, of course, Facebook characterizes as ‘Fake News’. Here, Kumar discusses Mark Zuckerberg’s testimony in Congress to this effect:

Back in 2017 there was that TechCrunch report that said that Facebook was taking measures to stop the spread of ‘Fake News’ by banning certain political accounts from promoting their videos on their newsfeed. So when I heard Mark Zuckerberg in 2018 telling Congress that he would be doing the same thing, I thought, what changed between 2017 and 2018? Are they taking new measures, are they re-taking the measures?  And it wasn’t until a week later that I realized that Variety Magazine reported that Facebook Watch, which is Facebook’s media platform, had reached a multi-million dollar deal with CNN, Fox News, ABC, and large media outlets.

The congressional testimony was the perfect opportunity for the political establishment, the media establishment, and the tech companies to form an alliance against small media outlets.

Returning Media To The Global Elite’s Control

The process of bringing fundamentally liberating technologies like social media under control has been a difficult process, but the global elite seems to feel they are getting a handle on it. Since the big media giants Google, Facebook, Youtube and others are now strictly following the global elite playbook, with special algorithms and thinly-veiled censorship strategies, the process of promoting the elite agenda while suppressing dissenting voices is in full swing.

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One of the biggest issues to remedy was the lack of viewership that traditional mainstream media was getting from young people, which is really the target market not only for advertisers but the social engineering wing of the global elite as well. Here’s how Kumar describes it:

As you know, young people, they don’t watch cable… the viewership of Fox News, CNN, and ABC are dying off, they’re getting older and older, and so what Facebook is, is access to young people, right, and so they viewed small anti-establishment media outlets such as yourself as an existential threat to their next generation of revenue.

Tech companies view media companies extremely valuably, you could go back to 1996, there was that merger between Microsoft, General Electric and NBC to create MSNBC.com. A lot of people don’t know that the ‘MS’ in MSNBC stands for Microsoft, and the reason why media companies and tech companies are so intertwined with each other is ’cause you can influence young people so much when you have the distribution network of something like Facebook, and with Facebook Watch, and their media platform, and their deal with CNN, Fox News, and ABC, they’re able to indoctrinate the next generation of young people. And so they want to take viewership away from shows like yours, and put those young people that haven’t been paying attention with cable news back into the pockets of companies like Fox News, ABC, and CNN.

Every media company wants some of that Facebook Watch dough. And so the companies that have coverage that Facebook doesn’t like are out of there, and new companies that have coverage that Facebook likes are back into the deal. And so Facebook is already taking steps to craft the political landscape in the framing that they find positively. And so you get that whole thing where Facebook shuts down over 800 political pages and accounts, and even legitimate political pages that expose things like police brutality… you’re already seeing a coordinated effort from the establishment media and tech companies to kind of craft the narrative for young people.

This is how that Variety Magazine article Kumar talked about characterizes the deal between Facebook and Mainstream Media:

After going through the fake-news wringer, Facebook is shelling out money on original news content. The strategy is partly aimed at driving up viewing on its Facebook Watch platform — but it also is supposed to demonstrate the social-media giant’s commitment to funding trustworthy journalism.

A corporate conglomerate now giving itself the authority to judge what is and isn’t trustworthy journalism. What could possibly go wrong?

Is Facebook Still Just A Tech Company?

The slippery slope that Facebook is trying to anchor itself to is as clear as the nose on Mark Zuckerberg’s face. He continues to want us to think about Facebook as a social media platform whose objective is still ‘to make the world more open and connected,’ yet at the same time he wants Facebook to become the prime arbiter of the ‘news that is fit to print,’ or in this case, to decide which sources of news will benefit and not benefit from Facebook’s tremendous reach. The same Variety article reinforces the idea that Facebook is trying to have things both ways, gaining the advantages of defining itself as a tech company, and not taking on the liabilities inherent in being a media company:

In the past, CEO Mark Zuckerberg has remarked that Facebook is a technology company — not a media company. Asked whether Facebook is now in fact a media company, given that it’s paying for a growing slate of content, Brown responded, “Having worked for big media companies, I don’t think Facebook is a media company. But are we responsible for the media on Facebook? Yes.”

The fact is that we have entered into somewhat uncharted territory in terms of what defines a media company since the rise of the Internet. We can only hope that we will collectively awaken to the fact that Facebook has clearly gone beyond being a platform that provides equal access to all voices and commentaries, and has given in to the temptation to control the flow and proliferation of information. As this Wired article starts off,

FACEBOOK STEADFASTLY RESISTS categorization as a traditional media company. Instead, CEO Mark Zuckerberg insists on calling the social network a technology platform—even though nearly half of all American adults get their news on Facebook. These old arguments no longer work, especially as Facebook starts making its own video content.

It is incumbent upon the awakening community to clearly grasp what is happening here and to act accordingly in terms of our future engagement with social media sites like Facebook. It is important to see how Bill Clinton’s Telecommunications Act of 1996, which allowed media cross-ownership that led to mergers between tech companies and media companies, was a seed that has already started to bear the fruit of an Orwellian dystopia, where the global elite are permitted to continue to proliferate mainstream propaganda and limit exposure to alternative views that are a threat to their agenda.

The Takeaway

Conscious media outlets, like us here at Collective Evolution, are in the crosshairs of the recent efforts on the part of Facebook and other large media conglomerates to selectively control the proliferation of information. Our best hope in these times is that the awakening community makes deliberate choices in terms of which sources to tune in to. While the global elite may have the power, the wealth, and the technology, they are still pushing an agenda, which to discerning minds looks and sounds very different from the unbiased truth.

Our hope is that a growing number of people are seeing through the agenda of the global elite enough to be motivated to ensure that conscious media survives, and then thrives. One of the future goals of our Conscious Media Movement campaign is to strengthen an alliance between ourselves and other conscious media outlets and work together to find ways we can amplify the voice of truth and neutrality.

One of the first steps we are taking in our CMM campaign is to fund an Investigative Journalism team to join our efforts here at CE. To help support this, click here. 

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The Man Who “Hacked” NASA & The AFSPC Gives A New Interview Describing What He Found

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In Brief

  • The Facts:

    Nearly two decades ago, Gary Mckinnon of the UK accesses nearly 100 NASA and Department of Defence, including the US Air Force Space command. He faced extradition for 10 years after finding a picture of a UFO and a list of "non terrestrial officers."

  • Reflect On:

    How sheltered are we from certain information? Has 'national security' simply become an excuse to keep information concealed from the public to protect corporate and government interests?

The field of UFOlogy has long been muddled with disinformation campaigns and bad journalism, and sometimes this journalism includes infiltration efforts by intelligence agencies themselves. This is clear given the fact that intelligence agencies have a direct relationship with journalists and mainstream media outlets, as there are declassified documents showing so. Operation mockingbird is a great example, not to mention all of the mainstream media journalists who have come out and said that mainstream media is directly influenced by intelligence agencies, governments and corporations. You can find some of these documents and see examples of these whistleblowers in two previous articles I’ve published that go into more detail here, and here. When it comes to UFOs, we know that they’re real, but we also know that along with that reality there has been “an official campaign of ridicule and secrecy.” (Ex-CIA Director Roscoe Hillenkoetter) Perhaps this ridicule campaign carries on today through some rather ghastly, unbelievable claims, but let’s not let that mask the fact that this phenomenon is indeed real, and there are a plethora of credible sources including documents, data, physical evidence, and more suggesting we’re not alone, and that we probably are being visited and have been visited by intelligent extraterrestrial beings from other worlds and possibly other dimensions.

A lot of this evidence has come from UFOlogist Richard Dolan, who has always been a key resource for me with regards to accessing credible information about the UFO phenomenon. I find that it’s important to seek out proper researchers who share information in a credible and verifiable way, especially about a subject that can so easily be ridiculed when you are trying to reach the masses who don’t have much knowledge about it, but are genuinely curious. I also feel that my generation of UFO researchers lack proper research and investigative skills, are easily influenced and swayed, and in the age of social media are simply trying to share whatever they can, no matter how credible, to simply ‘stay relevant,’ instead of doing it for the love and genuine desire to share important, truthful information.

Like I said, there are some rather ‘outside the box claims’ out there that have absolutely no credibility behind them, and to share those actually does more disservice to the movement, in my opinion. On the other hand, there are some very outside the box claims and information that do indeed have tremendous amounts of credibility behind them, and these are the ones we should be paying attention to.

One example comes from the case of Garry McKinnon, who for 10 years was in great danger of extradition to the United States for accessing nearly 100 NASA and military computers including the United States Space Command. This was the real deal, and HERE is a clip of Obama and the UK Prime Minister at the time fielding a question about Garry, this breach made headlines new.

Gary was able to access these computers in real time and view files on them. He found some startling pictures, one in particular was of a large cylindrical shaped UFO hovering in space, in addition to a strange spreadsheet document with a list of “non-terrestrial officers,” presumably belonging to a publicly unacknowledged branch of the United States military operating in space, as well as “fleet to fleet” transfers of materials, whatever that means.

I’ll let you listen to the interview below for more details straight from Garry McKinnon’s mouth, via Dolan’s Youtube Channel, where he also describes a high-resolution photograph, taken from space, of a smooth, cigar-shaped craft.

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The Real Secret Space Program

Is there a secret space program, and have clandestine groups been reverse engineering ET technology?

Dr. David Clarke is an investigative journalist, reader and lecturer at Sheffield Hallam University in England. He was also the curator for The National Archives UFO project from 2008–2013, and regularly comments in national and international media on UFOs.

These documents reveal how the RAF expressed great interest in finding UFOs.

Dr. Clarke told The Daily Mail,

Even though they have been partly censored they can’t conceal the fact the UK military were interested in capturing UFO technology or what they coyly refer to as ‘novel weapon technology’… And the files reveal they were desperate to capture this technology – wherever it came from – before the Russians or the Chinese got hold of it first…. Although this was 1997, Russia was still regarded as an undefeated enemy with a weapons programme regarded as a threat to the West.

The question is: Did they get one? More on that later…

The military personnel who are encountering these phenomena tell remarkable stories. In one example, over the course of two weeks in November 2004, the USS Princeton, a guided-missile cruiser operating advanced naval radar, repeatedly detected unidentified aircraft operating in and around the Nimitz carrier battle group, which it was guarding off the coast of San Diego. In some cases, according to incident reports and interviews with military personnel, these vehicles descended from altitudes higher than 60,000 feet at supersonic speeds, only to suddenly stop and hover as low as 50 feet above the ocean. – Christopher Mellon, former Assistant Secretary of Defence

We don’t know the answer to these questions, but we do know that the United States has a history of government agencies existing in secrecy for years. The National Security Agency (NSA) was founded in 1952, and its existence was hidden until the mid 1960s. Even more secretive is the National Reconnaissance Office, which was founded in 1960 but remained a secret for 30 years.

We are talking about Special Access Programs (SAP). From these we have unacknowledged and waived SAPs. These programs do not exist publicly, but they do indeed exist. They are better known as ‘deep black programs.’ A 1997 US Senate report described them as “so sensitive that they are exempt from standard reporting requirements to the Congress.”  (source)

We also know that there is a black budget to fund these programs.

HERE is another great discussion with Dolan titled “Secret Space Program, Real Evidence.”

Are These Objects Extraterrestrial?

There are literally hundreds of people with extensive academic, political and military backgrounds, all the way to astronauts, who have been blowing the whistle for a very long time.  Many scientific publications have also been made throughout the years describing strange and radar confirmed military sightings by military pilots. You can see some evidence and documentation from this article I wrote regarding the Chilean Air Force.

According to Herman Oberth, one of the founding fathers of rocketry and astronautics, “flying saucers are real and . . . they are space ships from another solar system. I think that they possibly are manned by intelligent observers who are members of a race that may have been investigating our Earth for centuries.” (Oberth, Hermann: “Flying Saucers Come from a Distant World,” The American Weekly, October 24, 1954)  (source 1)(source 2)

“”We have, indeed, been contacted — perhaps even visited — by extraterrestrial beings, and the US government, in collusion with the other national powers of the Earth, is determined to keep this information from the general public.”

Victor Marchetti (Second Look, Volume 1, No 7, Washington, DC, May, 1979)

Another great quote:

“There are objects in our atmosphere which are technically miles in advance of anything we can deploy… we have no means of stopping them from coming here… there is a serious possibility that we are being visited and have been visited for many years by people from outer space, from other civilizations… This should be the subject of rigorous scientific investigation and not the subject of ‘rubbishing’ by tabloid newspapers.”

– Lord Admiral Hill-Norton, former Chief of Defence Staff, 5 Star Admiral of the Royal Navy, Chairman of the NATO Military Committee

The point is, if you believe some of these objects are indeed extraterrestrial, you are not alone. Couple these statements with the claims of thousands of individuals who have had contactee and abduction experiences who’ve shared remarkably consistent stories, it’s definitely a plausible hypothesis for the UFO phenomenon.

The Takeaway

What are the implications of extraterrestrial contact? Humanity will always go through paradigm shifting realizations that will jolt human consciousness. Right now, we have a lot of work to do here on Earth, and we should be focusing on cleaning up our planet and ridding it of greed, destruction, war, etc. I feel that the ET reality is somehow connected to that realization, and the need and urgency that many of us feel regarding the planet and service to others.

What about you?

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Media Silent As Nobel Prize Winning OPCW Found “Fixing” Its Own Findings On Syria

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In Brief

  • The Facts:

    Evidence suggests that the Organization for the Prohibition of Chemical Weapons (OPCW) deliberately suppressed evidence and testimony that contradicted the U.S. and mainstream media narratives regarding chemical weapons attacks in Syria.

  • Reflect On:

    Why is there so much information manipulation by mainstream media? How much of a stranglehold does mainstream media have on the perception of the masses with regards to various global events?

Douma, Syria, April 2018. Dozens of people die in a suspected chemical weapons attack in the eastern suburb of the capital Damascus. The United States and many European countries immediately identify President Bashar al-Assad as responsible for the attacks, and respond with deadly violence of their own, starting a bombing campaign against his forces. Yet new evidence leaked from whistleblowers suggests that not only is the Western story on shaky ground, but the report into the incident from the Organization for the Prohibition of Chemical Weapons (OPCW) deliberately suppressed evidence and testimony that contradicted the U.S. narrative.

Founded in 1997 to represent the collective position of its 193 member states, the OPCW oversees and verifies adherence to the strict rules that regulate the use of chemical weapons, which it hopes to eliminate.

After its fact-finding mission was complete, the OPCW issued a report on the alleged Douma attack. While far from conclusive or damning (it refused even to speculate on who was responsible for the attacks), it did suggest there was “likely” a chlorine attack carried out by dropping gas canisters from the air. This seems to contradict its interim findings that stated, “No organophosphorus nerve agents or their degradation products were detected, either in the environmental samples or in plasma samples from the alleged casualties.” Nevertheless, some insinuated that the new report implicated government forces, the only groups likely to possess both the chemicals and the helicopters necessary to carry out such an attack.

But others criticized the findings. Piers Robinson, Co-Director for the Organization for Propaganda Studies and formerly Chair in Politics, Society and Political Journalism at Sheffield University claimed the OPCW report contained “significant anomalies” and was “unpersuasive, to put it mildly”, noting contradictions on analysis of chemicals used, the method of delivery, and more.

Robinson’s fears appear to have been confirmed and on October 15 an OPCW whistleblower met in secret with a panel of international experts, including the first Director-General of the organization, Dr. Jose Bustani. After seeing the evidence provided by the whistleblower, the panel came to the conclusion that the OPCW had suppressed and distorted its data, analysis and conclusions, noting that “key information” about chemical analysis, toxicology, ballistics investigations and witness statements were suppressed, “ostensibly to favor a preordained conclusion.” The panel also expressed alarm at efforts to exclude certain inspectors from the investigation or from allowing them to express differing opinions and observations. Dissenting assessments that concluded that the gas canisters were probably placed in Douma, rather than dropped from aircraft – suggesting an altogether different scenario to the one the U.S. government was presenting – were suppressed.

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On the new evidence provided, Dr. Bustani said it, “confirmed doubts and suspicions I already had” about the incoherent report, claiming that “the picture is clearer now, although very disturbing.”

Who, if anyone, pressured the OPCW to do this? One possibility is the Trump administration, who recently awarded them a further $4.5 million for “further investigations” into Syria. This is particularly noteworthy, as the United States is infamously thrifty when it comes to paying international organizations. For decades it has refused to pay its dues to the UN, now owing billions, in retaliation for not fully complying with its wishes. It also cut funding to UNESCO in 2011 and left the organization in 2017 after it recognized Palestine– even though the U.S. is officially committed to a two-state solution in the Middle East. Many with experience in bidding for funds will know that if an organization gives you millions of dollars for research, you know what is expected of you. On the issue, Robinson said there is “certainly an element of incentivization…in order to encourage the OPCW to find and reach conclusions that are going to be compatible with what they want.”

The U.S. also previously forced Bustani from the OPCW in 2002 for contradicting their claims on Iraq and weapons of mass destruction. The Bush administration under Secretary of State John Bolton seemingly threatened to kill his family if he did not resign: “You have 24 hours to leave the organization, and if you don’t comply with this decision by Washington, we have ways to retaliate against you. We know where your kids live,” John Bolton told him.

The Media Demands War

The whistleblower’s testimony goes directly against the way in which corporate media presented the Douma attack. Unquestioningly accepting the Trump administration’s line, media claiming to be the custodians of truth and defenders of democracy, immediately began to clamor for a military response.

Even as the dust in Douma was still settling, the Washington Post’s editorial board claimed that “President Trump will deal another blow to US global leadership if he does not follow through” on bombing the country. The New York Times’ editorial team appeared to be trying to goad him into action, noting, “The president should know by now that tough talk without a coherent strategy or follow-through is dangerous.” In other words, “talk is cheap, it is time for action.” For the Guardian, considered at the left extreme of the mainstream spectrum, even waiting for a report to ascertain what truly happened was “irresponsible obfuscation”; its top foreign affairs commentator and former foreign and U.S. editor, Simon Tisdall insisting that, “After Douma, the West’s response to Syria’s regime must be military…there can be no more excuses.” He also condemned Obama’s hesitance to commit to more U.S. involvement in Syria as “a blot on his record.”

This article was written by Alan-Macleod for mintpressnews.com where it was originally published.  Posted here with permission. 

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