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Context of 'January 26, 2009: British Newspaper Lists 25 of the People at Center of Global Economic Meltdown'

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Offutt Air Force Base control tower during Global Guardian 1998.Offutt Air Force Base control tower during Global Guardian 1998. [Source: Jeffery S. Viano]As the 9/11 attacks are taking place, a large military training exercise called Global Guardian is said to be “in full swing.” It has been going on since the previous week. [Omaha World-Herald, 2/27/2002; Omaha World-Herald, 9/10/2002] Global Guardian is an annual exercise sponsored by US Strategic Command (Stratcom) in cooperation with US Space Command and NORAD. One military author defines Stratcom as “the single US military command responsible for the day-to-day readiness of America’s nuclear forces.” [Arkin, 2005, pp. 59]
Exercise Tests Military's Ability to Fight a Nuclear War - Global Guardian is a global readiness exercise involving all Stratcom forces and aims to test Stratcom’s ability to fight a nuclear war. It is one of many “practice Armageddons” that the US military routinely stages. [Bulletin of the Atomic Scientists, 11/1/1997; Associated Press, 2/21/2002; Omaha World-Herald, 2/27/2002; Omaha World-Herald, 9/10/2002] It links with a number of other military exercises, including Crown Vigilance (an Air Combat Command exercise), Apollo Guardian (a US Space Command exercise), and the NORAD exercises Vigilant Guardian and Amalgam Warrior. [US Department of Defense, 5/1997; GlobalSecurity (.org), 4/27/2005] Global Guardian is both a command post and a field training exercise, and is based around a fictitious scenario designed to test the ability of Stratcom and its component forces to deter a military attack against the US. Hundreds of military personnel are involved. [US Congress, n.d.; Collins Center Update, 12/1999 pdf file; Times-Picayune, 9/8/2002] The exercise involves “a lot of the elements of what ultimately would be the nuclear command and control system in support of a national emergency,” according to Admiral Richard Mies, the commander in chief of Stratcom. It includes an “exercise secretary of defense” and “an exercise president.” Mies will say that because of the exercise, “A lot of [Stratcom’s] command and control systems that, in peacetime, are normally not on alert were at a much, much higher state of alert [on September 11] and we had a number of aircraft, manned control aircraft that were airborne that were simulating their wartime roles.” [NET News, 12/27/2011]
Exercise Normally Held in October or November - According to a 1998 Internet article by the British American Security Information Council—an independent research organization—Global Guardian is held in October or November each year. [Kristensen, 10/1998] In his book Code Names, NBC News military analyst William Arkin dates this exercise for October 22-31, 2001. [Arkin, 2005, pp. 379] And a military newspaper reported in March 2001 that Global Guardian was scheduled for October 2001. [Space Observer, 3/23/2001, pp. 2 pdf file] If this is correct, then some time after March, the exercise must have been rescheduled for early September.
Exercise Includes a 'Computer Network Attack' - Furthermore, a 1998 Defense Department newsletter reported that for several years Stratcom had been incorporating a computer network attack (CNA) into Global Guardian. The attack involved Stratcom “red team” members and other organizations acting as enemy agents, and included attempts to penetrate the command using the Internet and a “bad” insider who had access to a key command and control system. The attackers “war dialed” the phones to tie them up and sent faxes to numerous fax machines throughout the Command. They also claimed they were able to shut down Stratcom’s systems. Reportedly, Stratcom planned to increase the level of computer network attack in future Global Guardian exercises. [IAnewsletter, 6/1998 pdf file] It is unclear if a computer network attack is incorporated into Global Guardian in 2001.

Entity Tags: US Strategic Command, Apollo Guardian, Crown Vigilance, Global Guardian, North American Aerospace Defense Command, US Department of Defense, US Space Command, Vigilant Guardian, Amalgam Warrior, Richard Mies

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The US Strategic Command (Stratcom) formally terminates its Global Guardian exercise at this time, according to a 2006 article in The Bombardier, the newspaper for Barksdale Air Force Base, Louisiana. Global Guardian was put on pause just over 90 minutes earlier, according to the same article (see 9:11 a.m. September 11, 2001). [Bombardier, 9/8/2006 pdf file] However, other reports will suggest that Global Guardian was canceled significantly earlier than 10:44 a.m. One article in the Omaha World-Herald will state, “When the second World Trade Center tower was hit,” at 9:03 a.m., “the exercise was canceled, and the battle staff [at Offutt Air Force Base, Nebraska] moved to the real-world crisis.” [Omaha World-Herald, 9/8/2002] But an earlier article in the World-Herald will say that military authorities canceled Global Guardian “after the attacks on the World Trade Center towers and the Pentagon,” suggesting some time after 9:37 a.m., when the Pentagon was hit. [Omaha World-Herald, 2/27/2002] An E-4B National Airborne Operations Center aircraft that was involved in Global Guardian was reportedly only told to pull out of the exercise just after the Pentagon was hit (see (9:27 a.m.) September 11, 2001). [Verton, 2003, pp. 143-144] Even after Global Guardian is canceled, this plane and two other E-4Bs that are involved in the exercise will remain airborne. [Omaha World-Herald, 2/27/2002] The annual Global Guardian exercise tests Stratcom’s ability to fight a nuclear war (see 8:30 a.m. September 11, 2001). [Omaha World-Herald, 2/27/2002; GlobalSecurity (.org), 4/27/2005]

Entity Tags: Global Guardian, US Strategic Command

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The Royal Bank of Scotland (RBS) predicts “a full-fledged crash in global stock and credit markets over the next three months as inflation paralyzes the major central banks.” RBS credit strategist Bob Janjuah says, “A very nasty period is soon to be upon us—be prepared.” Bolstering Janjuah’s dire predictions, the RBS bank research team warns that the Wall Street equities index, Standard & Poor’s (S&P) 500 index is likely to fall by more than 300 points to around 1050 by September as “all the chickens come home to roost” from what the Daily Telegraph describes as “the excesses of the global boom, with contagion spreading across Europe and emerging markets. Such a slide on world [markets] would amount to one of the worst bear markets over the last century.” Janjuah also warned of the credit crisis in 2007. RBS predicts that Wall Street would rally a little in early July before quickly fizzling out. “Globalization was always going to risk putting G7 bankers into a dangerous corner at some point. We have got to that point,” Janjuah says. RBS debt market chief Kit Jukes says Europe will not be immune from the problems: “Economic weakness is spreading and the latest data on consumer demand and confidence are dire.” [Daily Telegraph, 6/19/2008]

Entity Tags: Bob Janjuah, Royal Bank of Scotland, Kit Jukes

Timeline Tags: Global Economic Crises

“The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part,” says Guardian City editor Julia Finch, who lists individuals who led the world into its current economic crisis (see June 2008). These individuals include:
bullet Alan Greenspan, US Federal Reserve chairman, 1987-2006: “[B]lamed for allowing the housing bubble to develop as a result of his low interest rates and lack of regulation in mortgage lending. Backed sub-prime lending; urged homebuyers to swap fixed-rate mortgages for variable rate deals, leaving borrowers unable to pay when interest rates rose. Defended the booming derivatives business, which barely existed when he took over the Fed, but which mushroomed from $100tn in 2002 to more than $500tn five years later.”
bullet Mervyn King, governor of the Bank of England: “His ambition was that monetary policy decision-making should become ‘boring.’”
bullet Bill Clinton, former US president: “Beefed up the 1977 Community Reinvestment Act to force mortgage lenders to relax their rules to allow more socially disadvantaged borrowers to qualify for home loans. Repealed the 1999 Glass-Steagall Act, prompting the era of the superbank; the year before the repeal, sub-prime loans were just 5 percent of all mortgage lending. By the time the credit crunch blew up it was approaching 30 percent.” [Guardian, 1/26/2009]

Entity Tags: Mervyn King, William Jefferson (“Bill”) Clinton, Alan Greenspan, The Guardian, Julia Finch

Timeline Tags: Global Economic Crises

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