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Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation
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Richard C. Cook
Global Research
September 19, 2008
Everything the Federal Reserve and the U.S. Treasury Department are trying to do to stem the tide of the self-destructing U.S. financial system is a stopgap. They are locking the barn door after the horse—many horses—have already escaped, and they know it.
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| Today a lot of commentators want to wag their fingers and blame ordinary working people for living beyond their means. But people have to survive and take care of themselves and their families. If they have to borrow to live, then that is what they will do. Until the loans dry up, as is happening now. | |
They also know the cause of the crisis is not subprime mortgage lending—that was just the trigger. Cries to re-regulate the failed financial industry are coming from Congress, the media, and investors around the world. But lax regulation is not the cause of the problem either.
For now, all the Federal Reserve can do is loan more “liquidity” into the system that must eventually be collateralized by Treasury debt—that is, debt incurred by taxpayers—to cover bad loans made previously with credit which the banking system created out of thin air.
The Federal Reserve and Treasury are trying to forestall and cover up the bankruptcy of the entire U.S. economy, which already is looming. But the injection of liquidity into the system only means more loans and more interest. With more foreclosures and bankruptcies, it also means that more assets pass into the bankers’ hands.
No doubt the decision makers hope to prevent a cataclysmic meltdown, at least until after the November presidential election. President George W. Bush is being deeply discredited, because it happened on his watch. Republican presidential candidate John McCain looks more out-of-touch and clueless with each passing day.
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But even though all the attention has been focused on “Wall Street”; i.e., financial institutions such as Fannie Mae and Freddie Mac, along with Bear Stearns, Lehman Brothers, Merrill Lynch, Morgan Stanley, Washington Mutual, and AIG—with more to come—none of these would have gotten into so much trouble without the nation’s banks having acted to leverage speculative investments with money they themselves generated as electronic ledger entries.
And it’s the banks—or at least some of them—that may be the next to go.
You see, the catastrophe was accomplished with money lent on margin. Only a small fraction of funding by investment banks, mortgage companies, brokerages, equity funds, hedge funds, commodities futures speculators, etc., comes from actual investor capital. The rest—up to ninety-seven percent, in the case of commodities futures contracts—is credit self-created by the banks.
Where did the banks get this credit? The answer is that they simply cranked it out through their fractional reserve privileges derived from their government charters. In fact the only way money comes into existence in this day and age is through a loan from a bank which must be repaid with interest. The loan is secured by the borrower’s collateral or promise to pay. But the cumulative interest load on the economy grows exponentially. As a part of the federal budget, for instance, interest on the national debt is around $500 billion a year and growing.
Now, even more Treasury debt is needed to stopgap the bailouts, debt which will be added to the existing $9 trillion national debt. Some are saying this is socialism, but it is not socialism at all. Socialism is government ownership of the means of production. Building roads and operating public schools is socialism—of a benign and necessary form.
This is where we come to the real problem. The debt-based monetary system, with a debt pyramid in the tens of trillions of dollars, has been made even more dysfunctional with our loss of societal purchasing power due to the outsourcing of jobs to cheaper labor markets. When the geniuses who run our country decided to do this, they condemned our whole society to a second-class existence. The wealth of our nation is now ratcheting down to that level, even though the financial shenanigans since the 1980s postponed the day of reckoning.
Today a lot of commentators want to wag their fingers and blame ordinary working people for living beyond their means. But people have to survive and take care of themselves and their families. If they have to borrow to live, then that is what they will do. Until the loans dry up, as is happening now. We are now seeing that the economic policies of the last generation have made us an increasingly impoverished nation.
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September 19th, 2008 at 12:16 pm
http://cheapogroovo.vox.com/li.....y-usa.html
September 19th, 2008 at 12:17 pm
Hah! I live in New York city and the woman in the ‘Entry’ pic is a homeless woman I see in trendy Soho all the time, I’ve been seeing an increasing number of caucasians as homeless in the city. It used to be rare in NYC to see that back in the 90’s (usually it was a black or hispanic person) but now all I see more White homeless people then anything else.
September 19th, 2008 at 12:18 pm
SOLUTION FOR THOSE WANTING TO STOCK UP NOW:
Max out your credit cards in order to purchase survival gear and then subsequently, file Chapter 7 bankruptcy. The bankruptcy court will have to approve it as long as you wait 6 months (180 days) after your last major purchase and not make it look fraudulent.
If you still have credit during the 6 month period, you can use your credit cards to buy groceries, pay rent, utilities, gas and car maintenances during this “waiting” period—just no major purchases. The key is using the right strategy and doing it smart!
As a caveat, my sage advice is to transfer—title ownership only—your house, car, etc. to someone else during the meantime so that the court cannot relegate them. A friend of mine purposely maxed out his credit cards up to $60K then filed Chapter 7 successfully. He still has everything and is now $60K richer in survival gear including guns, ammo, storable food, bunker, etc.
You can do it too but do it now before the imminent collapse of the United States of Hysteria!
September 19th, 2008 at 12:22 pm
@Sean
I’ll bequeath unto you a little example, to knock the Bible off your head:
Let’s say you and your family are left with nothing—no money, no food, nothing. Now, the only option for you is to steal a loaf of bread from a corporation (e.g. credit card company) , to feed your children or else they starve to death. Would you do it? I would, thus, my children live. You wouldn’t, thus, your children die. Take your Christian morality and jump off a cliff. Sometimes, the right thing to do is the immoral thing to do. Look up moral consequentialism and learn something.
@mcuz,
You obviously can’t read. The solution worked for my friend successfully.
You can’t be thrown in jail for debt, unless:
1) It’s fraudulent (which I already covered)
2) It’s for income tax or child support.
And the debt does NOT come from our pockets! Are you that stupid? When a credit card company grants you a credit limit increase, do you know where the money comes from? It’s called fractional reserve banking, meaning they can loan up at a minimum 10 times for every dollar. This means it’s created out of thin air, NOT from our pockets, you stupid nimrod!
By the way, I know stealing is stealing. I did say it was immoral (do you know how to read?) I also posted something about moral consequentialism (if you can read). This is about survival not your little, crybaby whining.
September 19th, 2008 at 12:37 pm
Watch this please. Trying to figure out if counter is frozen on this R. Paul tribute.
http://ca.youtube.com/watch?v=MtgCxAhC68Y
September 19th, 2008 at 12:38 pm
When you look at the parallels between the United States of 2008 and Nazi Germany of the early 30’s the similaritites are striking. Severe economic depression precipitated the rise of the Third Reich and may now be the final piece of the puzzle in establishing the Fourth Reich.
September 19th, 2008 at 12:56 pm
Cultivate a love of two hobies, camping and gardening, and you can survive just about anything.
Add two more hobbies, hunting and fishing, and you do even better.
If you add a serious interest in historical re-enactment (it really doesn’t matter which period you choose: viking, medieval, colonial, frontier, Great Depression Era, or even ancient Greek) and you go several steps better.
Now, live on at least 4 or 5 rural acres in America and build a fall-out shelter and you will be able to survive anthing short of a global extinction event, like a comet strike.
To protect what you have and ensure your survival, you will need to resolve yourself to keeping a low profile and defending your holdings when necessary.
If someone does all of these things, then the condition of the rest of America won’t matter in the least and if more people did this, then we would have a far stronger country. Imagine that … A country of armed and well-provisioned homesteaders!
September 19th, 2008 at 12:57 pm
in my explanation how to take over the world for dummies, i use this explanation. for a trillionaire to pay off someone with a million dollars is equivalent to an average person paying off someone with a penny. a million dollars has the worth of a penny to a trillionaire.
September 19th, 2008 at 1:04 pm
To all who keep posting “learn to live off the land”, “get a goat and some cattle and learn how to butcher”, ” start planting crops”, I live in the fuckin city. Im not Rambo, and I cant eat shit that will make a billy goat puke! Your advice is worthless, unless you already live on a farm in the middle of bumfuck knowhere.
September 19th, 2008 at 1:09 pm
everything’s going exactly as planned !!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=nWyQOh64Qy8
September 19th, 2008 at 1:14 pm
Shut up about Jews already, it is the least of you concerns. What the hell would you do about Jewish people getting richer while you get poorer other than complain to the internet about it? With such weak resolve, you have none to blame but yourself.
September 19th, 2008 at 1:19 pm
And why do people live out of means? ANSWER
BECAUSE THEY TRAIN US WHEN WE ARE CHILDREN TO WANT, WANT, WANT, MATERIALISTIC TRASH
PROBLEM, REACTION, SOLUTION FUK GOV AND PRIVATE IRS TOOO. MY NAME 100% HOW I,M GOING OUT GOOD LUCK PEOPLE
September 19th, 2008 at 1:27 pm
Bush has just given away most of the mortgages in the country to the Bank of China, who is among the federal reserve banks.
The federal reserve is not a federal agency but a bunch of private banks.
They are selling mortgages for pennies on the dollar to China who will invade this country to collect their property they bought with money they printed through their Bank of China without any backing of the currency by gold or silver. The country is over, get ready for what’s coming next.
September 19th, 2008 at 1:31 pm
Greenspan, Paulson, Fuld, Rubin, Greenburg, Schwartz, Thain, and on and on andon…..Jew after Jew in charge of this financial meltdown. These JEWS have their millions and billions, and, although they caused this problem, they will not suffer. YOU will suffer with a decline in your standard of living, higher taxes, and the loss of promise for your children. The Ashkenazi Khazars are at the root of the mortgage backed securities scam.
September 19th, 2008 at 1:33 pm
There are solutions to this problem which need not be found in totalitarian government nor in financial markets but right down by your feet in the soil. We have all the wealth we need right around us. Soon the food prices will shoot up to unnaffordable levels and the government will no doubt step in as a saviour bringing at that moment a host of emergency laws into place: Patriot Act, Civil Contigencies Act (UK) etc etc… as well as numerous ID card/ration book systems. The way to a free society lies in independence for the things we need most: food, water and shelter. Once we have sorted out food and water, we can quit paying the mortgages and fend for ourselves (as we have done since the dawn of time until 1900 at least).
So lets grow our way out of this problem. Peace be with you all.
September 19th, 2008 at 1:42 pm
Im not Rambo, even city folk can go camping once in a while. Stop paying your cable bill, get off your ass and go do it! I’ve got a garden and chickens and live in the sticks, but I’m a 20 minutes’ drive from civilization.
September 19th, 2008 at 1:45 pm
With regard to the New Federal Reserve and US Treasury Bailout.
Here is a REAL Solution to the current financial situation.
The simple solution is to force the Banks to raise their current “Reserve Requirement” which currently stands at: 10 percent for US Banks.
Here is the definition of the “Reserve Requirement” for Banks:
“The reserve requirement (or required reserve ratio) is a bank regulation that sets the minimum reserves each bank must hold to customer deposits and notes. These reserves are designed to satisfy withdrawal demands, and would normally be in the form of fiat currency stored in a bank vault (vault cash), or with a central bank.”
The key words in the paragraph above are “designed to satisfy withdrawal demands”. Also, the Reserve Requirement can be used against “Bad Loans” for the Banks to pay off these Bad Loans. If the “Reserve Requirement” is Raised, this gives Banks a better ability to “meet withdrawal demands” and “to deal with payoffs on bad loans”. Due to the Reserve Requirement being so low at 10 percent in the USA, if 10 percent of the accounts are withdrawn or more than 10 percent of the Bank Loans go belly up: the Bank is in essence Bankrupt.
Here is an example of the how the same principal of increased Reserves helps USA Citizens in their own lives. As you increase your own Reserves, your Credit Standing, and your Financial Standing goes UP. If you have 50 percent of Reserves in your own Accounts, your Credit Standing, and Financial Standing becomes Stellar. You could go to any financial institution to obtain financing for anything from a Car Loan to a Home Loan and the Loan Officers will be falling all over themselves to lend you the money: because of your 50 percent of Reserves gives you a much better ability to pay down or pay off the loan.
Raising the Reserve Requirement for Banks would have the same exact effect for banks. It would give banks a better ability to pay down bad loans and to meet withdrawals.
This is a REAL Solution to the Financial Crisis. Anything else that this new Bailout comes out with is just more “Deceptive Magic” and “Smoke and Mirrors”.
The Private Central Bank could easily force the Banks and themselves to Raise the Reserve Requirement. One other item that needs to be addressed is the tiered Leverage that the Fractional Reserve System allows. This tiered Leverage needs to be incrementally eliminated, also.
Here is Wikipedia’s take on the Reserve Requirement:
http://en.wikipedia.org/wiki/Reserve_requirement
You can see that the Reserve Requirements vary from Nation to Nation. Other Nations adjust their Reserve Requirements on a Regular Basis. China just raised their Reserve Requirement from 15 percent to 17.5 percent. This places China in a much better financial standing since their Banks have the Reserves to pay out at 17.5 cents on each dollar unlike the US which only has 10 cents on the dollar to pay out.
Feel Free to pass this information onto Friends, Family, and your Congressman.
September 19th, 2008 at 1:52 pm
This literally is just the beggining. Matt 24!!!! I would suggest you read it soon. Most of us will die, whether we like it or not…….but I will die in the name of Jesus. This isn’t ecomonical, or politics, its straight up bible prophecy. How else would the “Beast” get everyone, poor and rich, free and slave, to recieve a mark on his or her right hand………and if they dont have it, they cant buy or sell. Welcome to the NWO. Coming up next, a merger with Canada and Mexico, and at 7:30 we take a look at the superhighway connecting all 3 countries! United States of Hysteria!!! RED WHITE AND SCREWED! Get to know Jesus, only He can get us through this…but theres not much time left…
September 19th, 2008 at 2:02 pm
There is no solution to this, why cant people understand, THE ELITES OF THIS WORLD WANT YOU DEAD! They have sucked you dry as consumers, now all you and I do is pollute the earth and take their resources.
It is time for general population reduction via war, starvation, crime, disease and every other mechanism for world depopulation is well underway.
September 19th, 2008 at 2:07 pm
Odin Gaiman : No , you are wrong you sick gay fuck
they might create money out of thin air but it adds up to our national debt so it is stealing
September 19th, 2008 at 2:07 pm
Have these banks really failed?..and if so..What is the measure? Numbers on paper?
Since we are using fiat money with nothing to back it up.. What will change if more money is printed? Our ssytem seems to be backed by little if anything that is fluid enough to hold it to any standard of accountability.. (both financial and GVT)
Are these deal between the US GVT and the bankers UNCONDITIONAL?
Taxation without represntation… ? Who does the GVT represent? Banks or the people…
November is coming soom..let these decisions be made by the people on the BALLOT….. We can no longer trust GVT to act in our interest… Twice within 100 years is enough…
WHat is the GVT demanding as tangible proof that these banks are failing..
Apparantly this is too big to put on papaer so they just go behind doors..have a few words..come out and tell somebody something they want to hear….
How about putting the FED and these banks up as COLLATERAL to the American people like they have us do when we borrow our own money..
And when they default.. They are EVICTED from the US…
September 19th, 2008 at 2:14 pm
Folks, listen to me if congress approves this measure it will be bad for America and good for the richest of the rich. We are talking about rewarding companies for taking in bad debt and knowing it.
This cannot pass.
Here’s is what I think America really needs.
1) Let Wall Street fall, the only way to clean house is to take out the trash.
2) Use the money that the Fed wants to print up for bad debt to instead invest in America’s electric grid in order to modernize it.
3)Give tax incentives and loans to American automakers who can get electric vehicles to market in 2 years or less.
4) Invest in America’s other infrastructures- bridges, schools, roads etc…
and allow small business to compete in those projects by allowing them to pull their companies strength to lower insurance premiums on high value projects.
5) Notify the foreign holders of U.S. debt that all debts are frozen for 10 years but if they insist on being paid they will receive .10 on the dollar.
6) Freeze all foreclosures on primary homes- reduce debt owed on all mortgages made before 2008 currently priced under $350,000 by 50% unless it is a mortgage held by speculators. It must be the only home of the home owners.
7) Abolish the federal reserve. Rescind all agreements made by the fed in the last 10 months that are not in the interest of taxpayers.
9) Invest in Solar and Wind technologies with money raised by taxing big oil.
10) Re-invest in America’s farms and make incentives available to encourage small farms.
11) Raise the minimum wage to a rate above the poverty line for workers above the age of 18 not enrolled in college. Reduce the hours workable by those under age 18 not in school to 20 hours a week.
12) Adjust core inflation to show influence of energy and food prices.
13) Abolish the patriot act. You cannot have authoritarianism and prosperity they don’t like each other.
14) Pull troops from Iraq “victory” (in a military sense) was reached when we captured Saddam. If not then, certainly when we had him killed the only reason they are still there is to control the oil.
15) Hold the president and vice president accountable for their high crimes and misdemeanors thus restoring faith in America by restoring accountability.
Globalism is fine, but it has to be responsible globalism we need to know we can power ourselves, we can feed ourselves, we can house ourselves.
It is key to ensuring every countries security and independence.
Bailing out wall street is the exact opposite thing we should be doing.
I suggest arrest warrants for Ben and Henry and anyone else involved in this assault taking place on our country.
September 19th, 2008 at 2:15 pm
Has anyone researched the Federal Reserve System regarding legality of it’s debts? It’s a private system, I believe. Therefore, since it is private, do the U.S. citizens REALLY have to back up it’s debts? I really think if this is researched, you’ll find we (U.S. taxpayers) are legally responsible for THEIR debt. Can anyone weight in on this?
September 19th, 2008 at 2:16 pm
Correction:
Has anyone researched the Federal Reserve System regarding legality of it’s debts? It’s a private system, I believe. Therefore, since it is private, do the U.S. citizens REALLY have to back up it’s debts? I really think if this is researched, you’ll find we (U.S. taxpayers) are NOT legally responsible for THEIR debt. Can anyone weigh in on this?
September 19th, 2008 at 2:24 pm
What about the PENSION ANNUITIES FUND Re-named the TAX RELIEF FUND.
In the movie CAFR EXPOSED the Fund was at 32 Trillion Dollars and generated
some 5.2 Trillion in interest per year? Isn’t the private sector of the economy doing
well? CAFR vs. General Fund. They’re not broke only the Public sector is being
Destroyed. Only 1% of the revenues collected through taxes gets to the General
Fund. California made 16 Trillion in 2006…I added up parking tickets,dog licensing
fees,permits,registration,certifications,property tax,bed tax and on and on.
and the budget for California in 2006…
131 billion less than 1% of all the taxes collected.
They are Scamming Us….Down with the BANKS!!!!!!!!!!!!!!!!
September 19th, 2008 at 2:25 pm
sounds like the Ideal time for a Ron Paul comeback he’s got more experience than Osama and McGayne put together. But I don’t think it would be fair to him to fix this….U.S. is on it’s death bed thank yourselves people for never standing up to these people….Oh wait….you protested lot of good that did lol!!
September 19th, 2008 at 2:26 pm
I feel Nafta coming in the air tonight.
September 19th, 2008 at 2:27 pm
great comments by everyone.
September 19th, 2008 at 2:31 pm
Im looking for goats and cattle now and Im enrolled in Butcher school. Im stocking up on chewing tobacco, and trying to buy a tractor. Yee Haw
September 19th, 2008 at 2:31 pm
Well put Pirate Emily. As someone here said before, “Go Amish on their ass”.
I’m not Rambo, As Emily suggest, cut off your cable, get off your ass, sell anything that will not help you survive (like your golf clubs or your Playstation) and get out to the country. When the shit hits the fan, people who remain in the cities are as good as dead. If you think the L.A. riots or the looting after Katrina was bad, just wait. I too use to be a city dweller, but I woke up, sold my urban box and moved out to God’s country. Sure, its an hour drive to and from work (got rid of the SUV and got a hybrid), but when the time comes, I’ll have a damn better chance than anyone in the city. Stock up on at least a years worth of food per person, get as many heirloom seeds as you can get, buy a hoe and a shovel, and be perpared to become self-reliant. That’s really all any of us can do (except to spend all day typing blogs that spew crap like “it’s all the Jews fault”, or “Me and my AR-15 will take on all of you”)
Good Luck People
September 19th, 2008 at 2:35 pm
You would be correct if our elected REPRESENTATIVES were not the ones borrowing the capital in the first place from the fed. This link explains alot…http://www.halexandria.org/dward282.htm
September 19th, 2008 at 2:54 pm
How is this massive bailout helping the American Citizen? Will the GVT also allow homeowners and not just those facing foreclosure to reset their mortages? I doubt it as these cancerous mortages will be repackaged and sold for pennies on the dollar again, and who would touch them?Adding more paper money to the system only stalls the inevitable complete crumbling of the American Democracy. Without the creation of new jobs and increases in the purchasing power of the dollar, people will continue to default on their mortages, fail to pay their credit card debts or student loans and purchase and consume less and lesser. Will the GVT also pick up any and all future foreclosures as well? The strength of our entire enconomy is no longer based on manufacturing but on providing services i.e. FIRE: Finance, Insurance and Real estate and we have just seen each aspect implode due to out and out GREED! Watch as the Bailout Babies lay off more and more workers as the weeks pass. We already know that the holidays are the traditional time of year when Wall Street sheds its excess workers. This year it will be a total Bloodbath! Without a new economic bubble or World War to increase the national GNP and get the masses working again, the Doomsday Cycle will simply start anew only to come crashing down again. Lets not forget the American Taxpayer will not only get squeezed by the Federal GVT but by the States and local GVTs due to less and less money coming to the States from the FEDS leading to greater budget shortfalls and increased borrowing by the States. The only thing left to do is for everyone to hoard food supplies, invest in precious metals, buy a generator, start a small garden and learn how to can. Afterwards declare personal bankruptycy and then lock the doors and batten down the hatches! Let’s Roll!
September 19th, 2008 at 2:57 pm
justone1@23: Wow, I could not have said it better if I had tried. As a matter of fact I hope you don’t mind if I copy your post to Notepad and save it so I can refer back to it for any information that will help me.
I would only add that right now people need to start stocking up on water, food(canned and dry), medical supplies, and portable dwelling(tent), weapons(defense and survival). Start doing that NOW. Food, water, medical supplies are going to go thru the roof and soon.
September 19th, 2008 at 3:07 pm
The gig is up! All cards are played …We’ll survive till the election….http://www.youtube.com/watch?v=-9oOL483tAY
September 19th, 2008 at 3:07 pm
The gig is up! All cards are played …We’ll survive till the election….
September 19th, 2008 at 3:47 pm
We have all been too reliant on borrowing money. The powers that be have sucked the money out, bought up what´s in trouble, let others falter and then pump money back in when they´ve got what they want. Of course this is all done little by little. I bet they wished they could just rush this all through and get to where their famillies want to be, right on top of the pyramid in a world gov.
Here´s some advice.
1.Pay off your credit card. If you´ve got one but with a zero balance, cut it up and cancel it, because it´s still charging you that yearly fee like millions of others like you.
2.Use cash. Cash does not make the banks money. The banks want you to use credit and cards because they charge everyone for it. They make billions out of we the people.
3. Keep money you have outside of the bank. Not in a safety deposit box though. Somewhere only you know.
4. Withdraw your balance and/or allow an amount to sit there to cover a bare minimum of monthly debits. Pay cash back in each month to cover the next debit and so on.
I am from today withrawing my savings in cash and just keeping a bare minimum few hundred to cover the odd thing here and there.
So as you can see from the other posts, good advice is out there.
5. If you still live at home, stay there and make it work there, but save money up at the same time and pay your contribution to the family bills of course.
6. When it´s eventually time to move out, you cannot go asking a bank for money. Try and get a loan from a family member with a private contract and avoid the donation tag by wiring it through a big brother bank.
7.You´ll have to buy cheap and probably run down property and do it up yourself. Learn skills and become handy. Preferably a run down property, but in a decent area. No mobile phones either it´s either that or a land line – make a choice. Plus pay as you go. Don´t be tight though. Know when and how to pay your way when the moment is right amongst friends and family. You will know.
8. The overall goal here is to be debt free and not reliable on what other entities dictate to you at any given time.
Anyway, that´s all for now. I think you get the picture forming for all of us. Take the power back into your own hands as it will be the making of you. Mark my words.
September 19th, 2008 at 3:51 pm
Most Americans have been living beyond their means for a long time. They were lured into
excessive borrowing by predatory creditors no doubt, but they are still to blame for being
so stupid. America has been a materialist status-driven culture with many people desperately
doing anything to keep up with a certain standard of living. They weren’t getting in debt to put
food on their childrens’ table, they were getting in debt to drive the right kind of car, live in
a multi-million dollar home, wear the right designer clothing and vacation in the top places -
all to feed their material-driven overblown capitalist ego. Now the shit is hitting the fan.
Those of us who never fell for this delusion and excess are not in denial, we are at this point
not facing this type of crash or bankruptcy and we don’t have the debt. Beyond that no one
really knows what we’re going to face. It’s not denial, it’s taking all the precautions you can
then turning to your inner spiritual power. That is not denial and imagination, it is the essence
of life. The greater power is in the spiritual source, not in evil. Anyone with a clue at this point
is opening to a more power spiritual directive within their self. That’s where it’s at. And that
power will prevail over this transitory evil. It’s not denial, it’s faith. And living day by day
from that inner power which is the source that will guide us through whatever is to come.
If you think that the spiritual source is nothing but fairyland and imagination, it is you who is
empty and unprepared. Beyond that, it’s not enough to warn people. Everyone knows the govt.
is against them. The movement needs to develop more of a game plan on direct organized
action to take.
September 19th, 2008 at 3:58 pm
The thing that scares me the most is that I never completed a class above economics 101 and anyone with common sense can easily figure out that if you allow more and more of your manufacturing jobs to go overseas in order to be more competitive ( ie “profitiable” ) in a Global Economy and taking into account that the basic philsophy of a business is to manufacture a good or provide a service for as cheap as possible and to sell it or attach a fee as high as possible in order to maximize profit, its not hard to foresee that what is happening is happening. First the manufactoring jobs are outsourced beginning with simple goods to manufactor such as baseballs and toys. Then up the ladder to furniture and auto parts and then finally to specialized goods such as electronics. Eventually when that well dried up it was simple logic that businesses would turn to outsourcing first their “backroom” operations and then moving up to entire IT departments! If we now have what is called a “service ” economy dominated by computer clicks and software which contracts the workforce, what industry is left for the American worker to call his/her own? Nothing except to feed upon ourselves through becoming the most survilled and spyed upon country in the world. By becoming the country with by far the highest prison population. By becoming the country with the most darconean drug laws in existence, the most addicted to prescript meds on the planet, the most bloated military and police forces in the world, and oh, let’s not forget that if we just happen to realize this and need someone to talk to about this, we are also the country with the greatest number of people in therepy, seeking therepy, or already in the Nuthouse! By the way I just read that the FDA will now allow cloned meat to be sold to the Public with any special labeling and no long term testing completed on possible risks to the human populance. If a Goat produces milk with Spider Silk in it, how can that be healthy to eat or drink? Yuucch!!!!!
September 19th, 2008 at 4:11 pm
I refused flat out to go into debt. I didn’t buy a house even though I was well qualified. I had my debt trouble in College once and learned fast that it was a trap. Since then others have always questioned my logic as if it was me who was crazy for not sigining onto a 40 year deal for a mortgage or for not carrying credit cards or owning a car. I learned that when the majority “expect” a certain type of behaviour from you it is most definitly the duped who don’t want to be reminded of the scam that they fell for. Call it the black sheep in me but the idea of owing a bank for the rest of my life always made me uneasy. Now even today people throw this insane logic that at me that a mortgage is not really debt??? Oh how fooled they were to sign away their souls for an illusion of home ownership. Now they will have to dig to get out from under it all. Someday they will understand why I did what I did.
September 19th, 2008 at 4:11 pm
38!! Thank you for your insightful post. Finally something aimed at the young and the poor and the restless idealist.
September 19th, 2008 at 4:19 pm
Hey Monica, last weekend I went to that Great American Institution of Fine Dining called Cracker Barrel and decided to buy something as American as apple pie, a cast iron frying pan which brought back memories of the one my Grandmother had in her kitchen. I turned it over and loo and behold….. it said Made In China. I went throughout the store which is stocked with Americana items and almost all were made in China. The only thing missing was a Use By Date. I say that to say that most Americans are not living above their means. But when you buy products that use to last a lifetime and now conk out only a fews years down the road, Americans whose incomes adjusted for inflation are at early 1980’s levels, and no raise in site have no choice but to live on credit. Cars break down. Clothes wear out. Food gets consumed And Children grow up to go to college. Are American lifestyles without blame? Not at all, but if I run a business and you come to me for a loan and your paperwork revels that you have more debt than income I should no better than to give you a loan unless I knew, I just KNEW that worse come to worse a Knight in Shining Armour would come to my rescue!
September 19th, 2008 at 4:24 pm
Dear USA citizens,
dont worry, soon your government will fire up some new war in Europe or Asia, arms industry will work 24-7, you shall have jobs, nice homes, cheap gas.
And as always you shall forget that your luxury is a product of some nations suffering.
I live in Serbia, the same Serbia that had 2 anti-nazi movements in ww2, Serbia that saved over 500 US airmen, the same Serbia that was bombed in 1999. by US led NATO coz she tried to fight muslim terrorists from Albania, Serbs bombed in Bosnia coz they fought against mujahideen and bosnian muslims- same Bosnians that were loyal to Hitler, same Albanians or Croats that were and are supporters of nazi regime.
I think that Allies didn’t win, Nazi’s did- their ideology still lives, countries that supported them then- now are rewarded with independent states, built on the mass graves of your former friends and allies – the Serbs.
And the major hipocrisy is- now US goverment asks from Serbian security forces to help track muslim terrorists- coz they are NOW dangerous to world stability (while they were killing Serbs in the 90’s they were obviously nice people and victims of nasty Serbs who didn’t want to be erradicated just coz they are Christians so they defended their homes from muslim fanatics- how dare they!)
I think it’s a pleasent supprise that men like mr Jones show what kind of mistakes and injustices US goverment made. Coz sooner you realise that they started with us, you will realise that your own country is next to be a playground for global goverment off nazi oldtimers and their disciples.
September 19th, 2008 at 4:32 pm
#41
same here. I see people buying houses not having a clue. even though you attempt to tell them whats going on. the only thing alot of people want to talk about is the star of a game or big brother tv show. it’s very sad.
September 19th, 2008 at 4:35 pm
Since march with the Bear Sterns Bailout Ben Bernanke and the Federal Reserve have planned this “crisis” to be reveled to the Public at the most opertune moment. Look at the history of past finicial meltdowns. The Bankers always sacifice a few of their own for in sake of the bigger plan. Its always the same story. The sky is falling. All our (half-hearted) efforts to correct the situation are not working. Look! See! Banks are failing! We have no money to loan to anyone! Time is running out! Help! Question: If the Brightest minds from our Greatest Institutes of Learning are working on Wall Street, how longer are we going to allow the Federal reserve to control our money supply when they seem to be doing a hellava job Benny!
September 19th, 2008 at 4:45 pm
i read this article and thought to myself we the simple people caused this meltdown ,what a joke,these people running government melted the economy by passing nafta and starting wars and for what a damn lie, this nation had so much money(REAL MONEY) before clinton left office they could have payed off the national debt rememeber? but oh no clinton signed nafta and gave away the jobs here to the world so tell me whos fault is that,a fact is if you dont have work you cant pay for wars or for a cracker let alone a postage stamp doesnt take much brains to think that out, the point is what nerve these mobsters in government and the controlled press have blaming the common people for their ill thought plains is the biggest bunch of total (HORSESHIT) that any could ever believe its time to take these criminals and put them all in jail and force them to be put on trail for treason ,the whole damn bunch that caused this national yard sale of all our lives and our childerns futures that alone is the worst crime alone when are kids grow up they will be no more than slaves with no rights except to live like animals is that a republic i for one dont think so as far as richard cooks article, he may think he stated the facts but truthfuly if he had to work a regular job like a lot of people did before this meltdown a majority of americans didnt use credit cards they lived month to month but since the educated monkeys took over and blew this nations economy all to hell,yes the working people and the people had to borrow money at grossly inflated rates because of the fact that you have to pay bills to live at a human level( FOOD,HEAT,AND YES BILLION DOLLAR GASOLINE) WHY BILLION DOLLAR GASLINE? because that what the monkeys friends made in ill gotten profits at all americas cost and that isnt a monopoly get real i really post to much but its called the truth and a sad fact please just think about what ive posted and if one point i have written is true then i have not wasted your time , may god bless you all in this time of trouble.
September 19th, 2008 at 4:50 pm
It’ll be bad for a while.
September 19th, 2008 at 5:41 pm
Go to Africa Pakistan, Afghanistan, Turkmenistan and call America a impoverished nation after seeing that. This isn’t the great depression. You can compare us to england in the 1950s.
Debt ridden facing some hard times but nothing compared to the great depression. Remember adjusted for inflation and on a Per capita basis englands Debt was higher then our current debt.
September 19th, 2008 at 5:54 pm
take a look arround your house,if you can find an item manufactured in the US ,that would be a cause for a celabration. on my street there are no partys. your american autos mite be assembled there, but almost every thing is made in china. i rebuilt my alternator last week,i was willing to wait for parts that were manned here. well i don’t think i need to say anymore,i am speachless
September 19th, 2008 at 6:43 pm
#52 You really need to do a spell check buddy. All in all your post is an epic fail due obvious reasons. As far as the world bankers are concerned we ARE classified as a third world country. Take a look on how much debt we owe to Japan, and now China. I can never recall who the top two countries are hat loaned the USA money. Our cost of living and wage standards have not been adjusted since the 70’s. If our wages were adjusted to meet the cost of living items we would see a better nation. What I mean by cot of living is food, fuel, and the basic needs to live with.
September 19th, 2008 at 7:37 pm
#53:
Read the damn posts and don’t critique them. I stopped doing that now, (thank-you!), and now feel much better by just trying to get the ‘gist’. We can’t all be perfect English literal asses. Nor might we want to be. Keep communicating; no matter what.
September 19th, 2008 at 7:57 pm
are you ready for the obamanation of desolation? Daniel 12
September 19th, 2008 at 8:34 pm
I agree with #51 Zek,
We are far from impoverished in the US. Just the opposite, we live in opulence.
However, we are a nation that has been raped for 7 3/4 years.
Anyone who voted for these cocksucking thieves in ‘88, 2000 and 2004 now each owe me $10 K.
Red States can kiss my rosey Irish arse….. Go Buckwheat & Joe….
September 19th, 2008 at 9:56 pm
I get a kick out of these people hanging flags off their house they are renting from the fed. These are dip shits with no hope of ever understanding anything. Losers but dangerous ones. Both because they are so stupid and because they will sell you out in a heart beat for a cinnamon roll with 9 oz. of frosting.
September 19th, 2008 at 10:00 pm
The people that have laughed and mocked people like Alex Jones and passed them off as nutty conspiracy theorists are in for a rather rude awakening. I hope they enjoy the taste of crow.
September 19th, 2008 at 10:01 pm
#53 Did you read your own post when referring to #53 and a spell checker? LOL
Both #52 and #53 are close but this is a planned implosion without a cause. China and Japan hold the biggest amount of our debt with bonds worth trillions. The Vatican, Italy, France, Germany, Spain, England, all share ownership of this country with England owning the most physical property and assets.
We have moved most all our manufacturing base oversea and the last little bit of the manufacturing base left in this country is going bankrupt like GM and Ford and still we don’t build most every part. This country started moving from and industrial base to an information base many years ago back during the Regan reign. As the jobs moved away overseas for tax breaks they couldn’t get here and any number of reasons like environmental issues, it was hoped people would move toward the info base and many have but there wasn’t enough retraining for the types of info jobs coming up after the I base moved away for those not savvy to the information world. Not everyone was able to move from blue collar to white collar.
All the wealth this country had is gone. Gold, gone long ago, money is worthless, real property will be confiscated, resourses already consolidated and stolen. This country is being gutted and looted before the collapse happens right after the election I believe. When it does, Martial law will be declared like they always do when the want to over throw a country and then a dictator will step in.
In simple terms, To overthrow a nation you replace it’s leader by political means or assassination, then you must devalue their currency, take their gold and resources and destroy their ability to make more money like moving their industrial base overseas or destroying it financially. When the collapse happens mayhem hits the streets when people realize they have been fucked good. So troops march in they say to stop the (coming)unrest, but instead they kill, rape, and loot as they take people away to camps for slaves. Martial law is then declared and a dictator like Bush will step up and say, “thought you were going to get rid of me uh? Think again!”. Lets hope like hell he doesn’t.
The FED has the biggest role in this collapse because one, they already engineered it to happen. 2009 will not be a good year for this country. The number 9 represents “the end” in numerology which is before you return to zero again. Saved by Zero.
September 19th, 2008 at 10:59 pm
drive dollar into ground all hope is lost but wait!…whats that shining sliver of hope?????THE AMERO!!!!!!this is all manufactured to sell the amero and eventually the NAU…DUH
September 19th, 2008 at 11:38 pm
SEE YAHH!Wouldnt wanne be yah.Ive already got my exit plan.Do you have one?I see know all the things ive learned.And all of the hatred and bull shit.Ive went through these past two years.Was just god telling me to leave sodom and gamora.People need to realize you cant be a traitor to people .That are the complete embodiment of a traitor.A NATION OF BENIDCT ARNOLDS.
September 19th, 2008 at 11:46 pm
Looks like GOLD is becoming a safer investment than a 401k or bank cd.Gold has always returned over a long period of time.American money looks like it will not.
September 20th, 2008 at 12:01 am
And then there was Mad Max.
September 20th, 2008 at 12:45 am
WE WILL BUILD THE PEOPLE’S ARMY AGAIN…RISE TO THE OCCASION. THE TYRANTS WILL HANG HIGH. THE ELITE WILL LOSE ALL OF THEIR POWER.
September 20th, 2008 at 2:43 am
KILLER VIDEO…
http://ca.youtube.com/watch?v=Vv3yuRdD2oE
September 20th, 2008 at 3:25 am
get out of dollar, take your cash out of bank…and get your passport ready.. http://www.internationalliving.com can help you find a better place to live..
September 20th, 2008 at 3:28 am
Canada, here I come…
September 20th, 2008 at 3:29 am
Response to #62 wasteland soldier. Venezuela is a good place to expat to. Know several people down there.
September 20th, 2008 at 5:22 am
It used to be ‘where do you work’?
Now it’s ‘do you work?’
September 20th, 2008 at 10:02 am
#72 steve thanks but they couldn’t get away with it without the full support of the minions (government workers and quasi-government workers (many unionized) who stand ready to crush any significant movement towards LOVE and PEACE and JUSTICE and HOPE.
From the bewilderness- thanks for coming
James Mansfield
September 20th, 2008 at 10:48 am
#74-poverty is wealth–>
You could do advertising for NASA (government)
September 20th, 2008 at 10:54 am
Poverty is a growth industry. Lot’s of folks getting rich off poverty.
September 20th, 2008 at 11:08 am
i’m lazy and don’t want to feed the beast. i’m homeless by choice in both ways.
September 20th, 2008 at 11:09 am
not to mention that i owe the IRS more than i can make in a year
September 20th, 2008 at 11:47 am
Alaskan magnetometers went BONKERS with every 9/11 “event”, including the planes-shaped holes appearing in the towers. HAARP was involved.
No one in New York reported the deafening sound of wide-body commercial airliners hitting the towers at full throttle.
In 1999, the Washington Post reported on the military’s psychological operation hologram project.
See here for source information and much much more…..
9/11: Distinguishing The Propaganda From The Smoking Guns
http://www.checktheevidence.co.....;Itemid=60
September 20th, 2008 at 12:30 pm
The difference between Nato and the Nazi’s .
1) Nato is a group of countries aggressively invading the world
Nazi’s were two countries aggressively invading the world
2) Nato has almost complete control of all media in the western world (exeption being Alex and
the 911 truth movement)
Nazi’s had control of the media in Germany and Austria and not the world.
3) Nato has plans for a 100 year war of to promote Nwo controlled slavery and is being sold as
democracy.
Nazi’s also had prepared for a long war even stating they would invade the Usa in the 80’s and
they promoted fascism
4) Nato had public opinion on there side because they sold us the idea terrorists attacked us
and they were threatening our freedoms .
Nazi’s were using a policy called lebensraum or expansion of living space to promote there
beliefs that the state controls every aspect of your life . From the begginning they were viewed
as the aggressors to the world.
5) Nato is surrounding Russia.
The nazi’s signed a non aggression pact with Russia and split poland
6) The German economy in 1939 was strong and people were happy with there leadership.
Nato’s economies started crumbling on Sept 11 2001 and has only increased (when it comes to
leadership we dont follow politics because it is negative) American Idol , sporting events and
hollywood are important(even if were broke as long as we have cable)
7) Nato cannot control how media has made bush look like a weak moron
Nazi ’s made hitler look strong and next to god.
Nazi’s had complete censorship
9) Nato is slowly planning to invde the world.
Nazi’s used the term blitzkrieg or lightning attack.
10) Nato is anti family and allows the destruction of her empire internally by causing viruses,
poisoning us , abortion that has killed 50 million (North america) Gmo, cancer , chem trails
poison water (Flouride) and anti family policies like same sex marriage.
Nazi’s were pro family , gave rewards for child birth (kinder kurche kuche) ,anti abortion and
anti same sex marrige.
I belive Nato is far worse then the nazis and they plan on causing more destruction then The nazi party . At least Germany only attacked anyone who was against the regime, in the case of the Nato everyone is a potential target including The Elites.This is complete suicide for man kind
Ps , Totalitarianism always falls and truth prevails and thats Positive…
Post your comments on below link.
http://posmedprod.webs.com/criticalissues.htm
September 20th, 2008 at 1:17 pm
Here is a site providing comparison of US government statistics compared to world wide stats and showing what the real values for GDP, CPI and inflation are and have been, it also has extrapolated the money supply numbers (M1, M2 and M3) that BushCo and Bernanke stopped publishing a few years back the extrapolation is based on the value of the dollar not government sources or news.
http://www.shadowstats.com/
September 20th, 2008 at 1:28 pm
This is a sickening reality. It’s time to frogmarch the bums out of there. Keep your powder dry. Read, read read.
http://therejoinder.wordpress.com
September 20th, 2008 at 2:04 pm
Western Union will not cash their own money orders.