Financial Hell might break loose tomorrow. Congress OVER-RIDES Obama Veto of Saudi Arabia Lawsuit Bill! Saudis may retaliate by pulling Billions out of Markets and Billions more out of Banks.
Post by Newsroom - Sep 28, 2016
UPDATED 5:56 PM EDT September 28 -- Late last Friday, we reported that in a troubling development for all Americans, Barack Obama sided with Saudi Arabia when he vetoed the Justice Against Sponsors of Terrorism Act
, better known as the "Sept 11" bill, allowing Americans to sue Saudi Arabia over its involvement in terrorism on US soil, passed previously in Congress, despite clear signs that the veto may be rejected by both the Senate and the House.
Moments ago, that is precisely what happened, when the Senate voted overwhelmingly 97 to 1, to override President Obama’s veto of a bill letting the victims of the 9/11 attacks sue Saudi Arabia, striking a blow to the president on foreign policy weeks before he leaves office.
The vote marks the first time the Senate has mustered enough votes to overrule Obama’s veto pen.
As the Hill reported, not a single Democrat came to the Senate floor before the vote to argue in favor of Obama’s position.
Obama has never had a veto overridden by Congress.
Lawmakers don’t want to be seen as soft on punishing terrorist sponsors a few weeks before the election, at a time when voters are increasingly worried about radical Islamic terrorism in the wake of recent attacks in Manhattan, Minnesota and Orlando, Fla. Oddly enough, Obama had no problem with those particular optics.
The House will take up the matter later on Wednesday, and Speaker Paul Ryan told reporters last week that he expects there be to enough votes for an override.
As a reminder, the legislation, sponsored by Senate Republican Whip John Cornyn (Texas) and Sen. Chuck Schumer (D-N.Y.), the third-ranking member of the Democratic leadership, would create an exception in the Foreign Sovereign Immunities Act to allow the victims of terrorism to sue foreign sponsors of attacks on U.S. soil.
It was crafted primarily at the urging of the families of victims of the Sept. 11, 2001, attacks who want to sue Saudi Arabian officials found to have links with the hijackers who flew planes into the World Trade Center and Pentagon. It passed the Senate and House unanimously in May and September, respectively, but without roll-call votes.
“This is pretty much close to a miraculous occurrence because Democrats and Republicans, senators [and] House members have all agreed [on] the Justice Against Sponsors of Terrorism Act (JASTA), which give the victims of a terrorist attack on our won soil an opportunity to seek the justice they deserve,” Cornyn said on the Senate floor before the vote.
President Obama warned in a veto message to the Senate last week that the bill would improperly give legal plaintiffs and the courts authority over complex and sensitive questions of state-sponsored terrorism. He also cautioned that it would undermine protections for U.S. military, intelligence and foreign service personnel serving overseas, as well as possibly subject U.S. government assets to seizure.
Obama sent a letter to Senate leaders reiterating his threats concerns that the measure could put U.S. troops and interests at risk.:
- Quote :
“The consequences of JASTA could be devastating to the Department of Defense and its service members — and there is no doubt that the consequences could be equally significant for our foreign affairs and intelligence communities,” he wrote in the letter, which was later circulated by a public affairs company working for the embassy of Saudi Arabia.
For once, using threat as a negotiating tactic, especially when on behalf of a foreign sponsor of terrorism and one of the Clinton foundation's biggest donors, failed to work.
Now we wait to see if the Veto is likewise overridden in the House, in what is set to be a historic humiliation for the outgoing American president.
UPDATE 5:56 PM EDT
The House of Representatives has now voted to OVER-RIDE the Obama Veto of the same Saudi Arabia Lawsuit Bill. By a vote of 348 - 77, the House passed the Bill again, and since the vote was over the two-thirds majority required to over-ride a Presidential Veto, the Bill IS NOW LAW. There's nothing the President can do about it.Saudi Arabia made clear that if this Bill was passed, it would withdraw what they claimed would be seven-hundred and fifty BILLION dollars of assets that the Kingdom has in the United States, so as to protect those assets from being seized under the lawsuit provisions.
This number, $750 Billion, is hotly contested as the US treasury says the Saudis only have less then $200 Billion invested in the US. But it is not clear if the US Treasury included things other than stocks, bonds and other financial investment vehicles. It is also not clear if the US Treasury included Real Estate Holdings and other tangible assets.
Now that Congress has, for teh very first time, over-ridden an Obama Veto, it remains to be seen what, if anything the Saudis will do, and what effect their actions may have upon the United States.
It is already being WIDELY rumored the Saudis may kill the "Petro-Dollar" in retaliation. The Petro-Dollar is an agreement forged back in the Richard Nixon Presidency, by then-Secretary of State Henry Kissinger, that all Arab oil sales, worldwide, would have to be conducted in US Dollars, and in return, the US would protect Saudi Arabia and others from being invaded by the then-bad-guy-Soviet Union. This agreement literally forced all the other countries of the world to buy and sell oil in US Dollars, creating a global dominance of US dollars, which helped the US become the economic superpower it has been since then.
If the Saudis cancel the Petro-Dollar agreement, then ALL the countries of the world won;t need to hold physical US cash anymore because they can buy or sell oil in some other cash; perhaps even their own! That would trigger a DUMPING of US cash money by all the countries of the world because they do not need that cash to do business anymore. Where would the cash go? Back to the USA.
With literally hundreds-of-billions in cash flooding back into the US, the value of the dollar would utterly plummet against other world currencies. This would translate into immediate inflation on all the goods we import form other nations. Thus, most things in stores would rise in price very severely and very quickly.
If the Saudis do pull their investments from the US, they may do it a little at a time, or all at once. This would crush the US Stock Market and crush US banks which would have to scurry for cash to meet the Saudi withdrawal demands.
We have now entered the most-dangerous days in American history, barring none.
With the "Establishment" on the ropes through Hillary Clinton's terrible poll numbers and Donald Trumps gigantic campaign rallies, and with Trump hauling-in a record-breaking $18 Million in donations last night after the Presidential Debate, they see their "New World Order machinations coming to a crashing end. It may just prompt them to adopt a "scorched earth Policy" to destroy what they cannot continue to control. That means . . . . us.
If this financial system meltdown takes place, it will happen very fast and very brutally. Expect banks to shut down for WEEKS. Expect your credit, Debit and EBT cards to STOP WORKING. If you do not have food stored-up at home to last a month or two, and do not have CASH for basic survival - nevermind paying the bills, they can wait -- then you will be screwed so badly, you may face starvation within a week as your supplies run out and you have no means to pay for replacements.
This web site has URGED everyone in the strongest possible terms over the past few months, to stock-up on food and take cash out of banks and out of safe deposit boxes which no one will be able to access if banks shut down. We've told you and told you and told you - if you laughed us off as "conspiracy theorists, then the joke may very well be on you starting tomorrow when markets open.
We will all see together.