Coming Financial Crisis Worse Than ’29?

Don Wassall

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"Insane" doesn't begin to describe what's going on:


Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?


By Jerome R. Corsi
©2009WorldNetDaily



<DIV =Kona Q2y5_="true">


As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.


The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.


The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury. full article: [url]http://www.worldnetdaily.com/index.php?fa=PAGE.view&amp;page Id=88851[/url]
 

Jimmy Chitwood

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ready for a lot of info, all of it bad?


"These numbers are difficult to describe any other way than horrendous," said Goldman Sachs chief US economist Jan Hatzius.


What The Stimulus Bill Means to Us Here is a quote: "For the average Joe Citizen, it doesn't look good: $13 per weekly paycheck (if you have a job) and tax breaks that appear to be for those who still have money for cars, houses and education. There's a few extra dollars for food stamps, some Medicaid prop-up, some jobs...amazingly ineffective and not likely to ease the situation. Whoever said "anything is better than nothing" is totally wrong in this case, considering the bill the taxpayers will end up with." JWR Adds: Lest anyone deceive themselves, any transfer of wealth orchestrated by government requires both a recipient and an individual who's earnings are being expropriated. (See today's Quote of the Day, from Kenneth W. Sollitt.) The money can't come out of thin air. and when you consider the inherent inefficiency of government, this is even more of an insult than direct theft. At least when a robber sticks you up at gunpoint, there is the assurance that Mr. Badguy gets all the money that you are handing over. But when the government gets involved in the "fairness" racket, only about 50% of the tax funds reach the intended recipients. The rest is consumed in overhead.
<A href="http://homelessness.change.org/blog/view/the_coming_crisis_white_collar_homelessness" target="_blank">
</A>1 in 9 US Homes Vacant


The Coming Crisis: White Collar Homelessness

US Stocks Fall Again
<A href="http://www.bloomberg.com/apps/news?pid=20601087&amp;sid=a2kCgioq69J0&amp;refer=home" target="_blank">
US Auto Parts Industry Wants $18.5 Billion Rescue</A>

Why Geithner's Bailout Plan Got a Bronx Cheer
<A href="http://wnd.com/index.php?fa=PAGE.view&amp;pageId=88903" target="_blank">
Trillions? Get Ready for Quadrillion!</A>

Projected Jobs Numbers Don't Quite Add Up
<A href="http://www.usatoday.com/money/economy/2009-02-13-geithner-g7-meeting_N.htm" target="_blank">
Geithner Faces Tough Debut at G-7 Meeting in Rome</A>
<A href="http://www.usatoday.com/money/markets/2009-02-13-stocks-friday_N.htm?csp=34" target="_blank">
Stocks Sink on Uncertainty of Stimulus Plan</A>
<A href="http://www.marketwatch.com/news/story/SP-heads-first-quarterly-earnings/story.aspx?guid=%7BA077A0AC%2D3404%2D42D2%2D843E%2D19706D565667%7D" target="_blank">
S&amp;P Heads to First Ever Quarterly of Negative Earnings</A>

How to Invest When Stocks Aren't Going Anywhere

$100 Bills as Toilet Tissue?

Chrysler in a Crunch
<A href="http://www.marketwatch.com/news/story/Government-may-have-nationalize-weakest/story.aspx?guid=%7B0DFB5950%2D747C%2D44BF%2DA8FB%2D3F444F5FEE2A%7D" target="_blank">
Some Banks May End Up Nationalized, Analysts Say</A>


FDIC Shutters Four Banks in One Day


Home Prices in Record Plunge in Q4


Economic and Financial Systems Deliberately Destabilized. A key quote: "There probably won't be bank runs as in the 1930s. You will wake up one morning and find you are going to receive one new dollar for 10 old dollars and that new dollar will be for all nations, as they all devalue and default."

Bank of England Says UK Economy Could Fall 6%--- just three months after Alistair Darling predicted a fall of 1.25%


US Unemployment Climbs to 32-Year High

Where Do All the Gold ETFs Get Their Bullion?

A Pension Deficit Disorder

Banks Agree to Foreclosure Moratorium

Wave of Bad Debt Swamps Companies
<A href="http://www.atimes.com/atimes/Global_Economy/KB14Dj01.html" target="_blank">
Silence is Golden</A> (The Mogambo Guru)

Doug Casey on 2009: Another Year of Shock and Awe

European Bank Bailout Could Push EU into Crisis

Ireland to Take Control of Banks, While Plans for Fortis are Rebuffed

As Vacant Office Space Grows, So Does Lender's Crisis

Stimulus Still Can't Help Wall Street

Stimulus Puts $13 in Weekly Paychecks
<A href="http://abcnews.go.com/Video/playerIndex?id=6866999" target="_blank">
Caterpillar CEO Contradicts Obama on Stimulus</A>

Europe's Industrial Base May Never Recover from Crisis "European Commission warns EU states running out of money for rescue packages"

<A href="http://news.yahoo.com/s/nm/20090212/us_nm/us_usa_fed_wealth" target="_blank">US Family Net Worth Down 20%
</A>
Senator Schumer's "Pork" Comment Draws Ire


Martin Weiss: Stock Market to Fall at Least Another 40%

Credit Suisse Posts $5.2 Billion Loss

Pimco [runs world's largest bond fund] Says World Crisis Faces "Second Wave"

Deluge of Financial Calamities Looming by Mid-March

Gold Bullion and Crude Oil Trading Analysis

Jobless Not Helpless: What to Do if You Lose Your Job

GM Offers Buyout to All 62,000 Hourly Workers

As US Economy Tanks, No Limits to Make Ends Meet

Aetna Net Income Hit By Investments; Shares Fall

As Vacant Office Space Grows, So Does Lenders' Crisis

Shortage of Critical Commodities Already Seen
 

Jimmy Chitwood

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white is right

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He's Jewish he knows what he is talking about....
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DixieDestroyer

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Jimmy Chitwood

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the problem with the so-called "Fairness Doctrine" is that it will only apply to talk radio. only talk radio will be forced to have a politically balanced program schedule.

television, media publishing, and so forth are not included in the push to create a balanced media message. so the media that the liberals control will be exempted from the legislation.

"funny" how that works, huh?
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white is right

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Expect more of these stories if the layoff numbers keep rolling out. Also if Toronto"The Good" has this problem. How bad is Detroit. Jaxvid must have to pull into his local bank with a Hummer and have cover fire as he goes to the ATM....
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conomic Downturn Sparks Spike In Bank Robberies
Tuesday February 17, 2009
CityNews.ca Staff

Tough economic times can make anyone start to feel desperate, especially if you're out of work and have mouths to feed. But could the recent recession really be inspiring hard-up individuals to rob banks?

Toronto police won't confirm that, but they do acknowledge a recent spike in bank robberies --- up 50% over the past four months. One can't help but wonder if there's a connection.

"I think it's because of the recession," one Torontonian noted.

"People are losing jobs, they are desperate," added another.

On Tuesday, a C.I.B.C. at the Westside Mall at Eglinton Avenue West and Keele was hit. According to one area resident, it's been targeted numerous times lately.

"It's been like three times from January to now the bank has been robbed," she admits

"I just saw the two guys running by then I came outside and the money was on the floor there."

Investigators are not sure what role the economy's playing but they are certain that drugs are a major factor.

"For 2009 we've have had 34 hold-ups and of those, 28 have been cleared through arrest. Drug habits and drug addiction seem to be some of the causes behind these holdups," said P.C. Wendy Drummond.

Detectives say 90% of bank robberies in Toronto end up being solved.Edited by: white is right
 

Don Wassall

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You can go to this page and vote if you want to join Santelli's "Chicago Tea Party." So far 92% are voting "yes." Americans are finally getting fed up with their criminal government and it's about time.


http://www.cnbc.com/id/29283701
 

Kaptain

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I saw that live and my thought was - finally somebody said it. Interesting that a lot of others (including slacky jim cramer) kind of poo-pooed him. At the very least they were reluctant to agree with his rant even though it was so obviously popular with the people.
 

Jimmy Chitwood

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telling everyone what we already knew,The Federal Government is Bankrupt.
"The Federal Government Is Bankrupt ... If The Federal Government Were A Corporation ... The President And Senior Treasury Officers Would Be In Federal Penitentiary." - economist John Williams

Stock Decline Hits Depression Levels
Money invested 10 years ago in stocks have lost half their real value, matching the worst ten years of the Great Depression

Volcker: Crisis may be Even Worse than Depression
The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday. Volcker noted that industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.

"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world."

video: The Crash of 2009 Is Coming To You.[/url
 

Don Wassall

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Articles like this can be propaganda designed to create fear and justify police state measures but are interesting nonetheless:
<H1>Britain faces summer of rage - police</H1>
Middle-class anger at economic crisis could erupt into violence on streets
Police are preparing for a "summer of rage" as victims of the economic downturn take to the streets to demonstrate against financial institutions, the Guardian has learned.


Britain's most senior police officer with responsibility for public order raised the spectre of a return of the riots of the 1980s, with people who have lost their jobs, homes or savings becoming "footsoldiers" in a wave of potentially violent mass protests.


Superintendent David Hartshorn, who heads the Metropolitan police's public order branch, told the Guardian that middle-class individuals who would never have considered joining demonstrations may now seek to vent their anger through protests this year.


He said that banks, particularly those that still pay large bonuses despite receiving billions in taxpayer money, had become "viable targets". So too had the headquarters of multinational companies and other financial institutions in the City which are being blamed for the financial crisis.


Hartshorn, who receives regular intelligence briefings on potential causes of civil unrest, said the mood at some demonstrations had changed recently, with activists increasingly "intent on coming on to the streets to create public disorder".


The warning comes in the wake of often violent protests against the handling of the economy across Europe. In recent weeks Greek farmers have blocked roads over falling agricultural prices, a million workers in France joined demonstrations to demand greater protection for jobs and wages and Icelandic demonstrators have clashed with police in Reykjavik.


In the UK hundreds of oil refinery workers mounted wildcat strikes last month over the use of foreign workers.


Intelligence reports suggest that "known activists" are also returning to the streets, and police claim they will foment unrest. "Those people would be good at motivating people, but they haven't had the 'footsoldiers' to actually carry out [protests]," Hartshorn said. "Obviously the downturn in the economy, unemployment, repossessions, changes that. Suddenly there is the opportunity for people to mass protest.


"It means that where we would possibly look at certain events and say, 'yes there'll be a lot of people there, there'll be a lot of banner waving, but generally it will be peaceful', [now] we have to make sure these elements don't come out and hijack that event and turn that into disorder."


Hartshorn identified April's G20 meeting of the group of leading and developing nations in London as an event that could kick-start a challenging summer. "We've got G20 coming and I think that is being advertised on some of the sites as the highlight of what they see as a 'summer of rage'," he said.


His comments are likely to be met with disappointment by protest groups, who in recent weeks have complained that police are adopting a more confrontational approach at demonstrations. Officers have been accused of exaggerating the threat posed by activists to justify the use of resources spent on them.


Police were said to have been heavy-handed at Greek solidarity marches in London in December and, last month, at protests against Israel's invasion of Gaza. In August 1,000 officers, helicopters and riot horses were drafted to Kent from 26 UK police forces to oversee the climate camp demonstration against the Kingsnorth power station. The massive operation to monitor the protesters cost £5.9m and resulted in 100 arrests. But in December the government was forced to apologise to parliament after the Guardian revealed that its claims that 70 officers had been hurt in violent clashes were wrong.


However, Hartshorn insisted: "Potentially there will be more industrial actions ... History shows that some of those disputes - Wapping, the miners' strike - have caused great tensions in the community and the police have had difficult times policing and maintaining law and order."


Both "extreme rightwing and extreme leftwing" elements are looking to "use the fact that people are out of jobs" to galvanise support, he said.


A particularly worrying development was the re-emergence of individuals involved in the violent fascist organisation Combat 18, he said. "They are using the fact that there's been lots talk about eastern European people coming in and taking jobs on the Olympic sites," he said. "They're using those type of arguments to look at getting support."


Hartshorn said he also expected large-scale demonstrations this year on environmental issues, with hardcore green activists "joining forces" with middle-class campaigners over issues such as airport expansion at Heathrow and Stansted. With the prospect of angry demonstrations against the economy, that could open the door to powerful coalitions.


"All you've got to do then is link in with the environmentalists, and look at the oil companies. They're seen to be turning over billions of pounds profit in issues that are seen to be against the environment."


[url]http://www.guardian.co.uk/uk/2009/feb/23/police-civil-unrest -recession[/url]
 

Freethinker

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Don Wassall

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Yetanother disastrous day for the stock market -- but we're supposed to believe that the price of gold declined and that of silver held steady today. Lies and manipulationare what make the current system "work," butlies and manipulationcan only go so far before the system crumblesthanks tothe smoke and mirrors backing up the lies and illusions. Peel back the curtain and there's no substance, only a group of increasingly desperate criminals trying to keep the charade going.


I guess that's enough metaphors for one post.
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Don Wassall said:
Yet another disastrous day for the stock market -- but we're supposed to believe that the price of gold declined and that of silver held steady today. Lies and manipulation are what make the current system "work," but lies and manipulation can only go so far before the system crumbles thanks to the smoke and mirrors backing up the lies and illusions. Peel back the curtain and there's no substance, only a group of increasingly desperate criminals trying to keep the charade going.


I guess that's enough metaphors for one post.
smiley4.gif


being heavily in cash, and in physical gold and silver is the only way to go. could see wide scale bank runs by this summer. people are spooked and scared. go to a coin store and pick up some gold and silver coins too.

you know how much actual cash (federal reserve notes) is out there? $900 billion, or around $3,000 for every American. and lots of that cash is out of the country. and even less gold and silver out there.
 

Kaptain

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Gold and silver tend to suddenly take large dips in price. I know its manipulated by large market players. One thing I suspect is that Fort Knox has been secretly selling off our national treasure of Gold anytime the gold market seems to be threatening to take off. I think one day very soon with our nation in shambles and our future leveraged to international banks in permeanent debt the last slap in our face will be when they reveal that there is no more gold in Fort Knox. After that nobody will care about America.

"They" are either going to buy us up on the cheap and make us eternal slaves, or a revolution will take place and we will throw off their yoke and physically remove them from our country. Right now it looks like they will buy us up cheap with the spoils of our labor and our ancestors labor. Edited by: Kaptain Poop
 

Jimmy Chitwood

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this morning on LewRockwell.com i stumbled over a nice column that puts the errors inherent in the government's plan of stimulus packages and increasing control in simple language.

an excerpt:

No financial measures or calculated metrics are needed to analyze the situation. Any such numbers would favor the party presenting them anyway and thereby be biased by association.

Here's the problem so even those mental midgets on CNN can understand it: there is nothing the government can do with our money to legally stimulate the economy except let us keep it! Here's why:

Firstly, there's a seemingly irrelevant, historical document sitting in the National Archives in Washington called the constitution. It's the document that Ron Paul referred to many times during the Republican primary debates that usually evoked a condescending chuckle from the likes of McCain, Romney, Giuliani, Huckabee and the other Manchurian candidates.

Nowhere in that document does there exist clear constitutional authority for the federal government to tax the people and redistribute those monies to the markets of their choice.

Secondly, the whole charade is a wash: if Uncle Sam takes money from me in the form of taxes, or debt or inflation that I was going to spend on having my lawn cut, and gives it to you so you can have your car washed then there are no new jobs created. The young man I would have hired to cut my lawn loses the job, and the one that washes your car gains one. Zero-sum game.

Thirdly, there is nothing that the government can do on my behalf with my money that I can't do better. Anyone who has ever worked for a large corporation or a state or the federal government will attest to the blatant inefficiencies associated with it. It's just not logistically possible for the government to act as a central planner for our economy. To think they know what, who, where, when, how much to invest so as to better our lives. Besides, hasn't that been tried before and failed miserably? Wasn't that Communism?

Fourthly, the insertion of the government in-between businesses and consumers creates the opportunity for businesses to lobby (bribe) the middleman and get special interest treatment. Lobbying directly to the consumer without the government is called marketing. The benefit to the consumer is a quality product. Lobbying with the government in the middle is called special interest pandering and the benefit to the government is cold hard cash in hand and there is no benefit to the consumer. Only corruption and higher prices.
 

j41181

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If Obama thinks he can cut the deficit in half, he's dreaming and living in wonderland. You can't cut a deficit, you can only subside it a bit, and stabilize it.
 

icsept

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Bush had a $250 billion deficit. Obama is increasing it to $1.5 trillion in 2009. He then pledges to cut the deficit in half in 2010; i.e. $750 billion. Still 3 times the Bush deficit. Whatever. The majority of Americans don't know a billion from a gazillion and don't care because they don't pay taxes.
 

j41181

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icsept said:
Bush had a $250 billion deficit. Obama is increasing it to $1.5 trillion in 2009. He then pledges to cut the deficit in half in 2010; i.e. $750 billion. Still 3 times the Bush deficit. Whatever. The majority of Americans don't know a billion from a gazillion and don't care because they don't pay taxes.
It will hit $2 trillion and most folks in the USA still don't know what it means.
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Don Wassall

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icsept said:
Bush had a $250 billion deficit. Obama is increasing it to $1.5 trillion in 2009. He then pledges to cut the deficit in half in 2010; i.e. $750 billion. Still 3 times the Bush deficit. Whatever. The majority of Americans don't know a billion from a gazillion and don't care because they don't pay taxes.


When W. Bush took officehe inheriteda budget surplus from the last years of the Clinton administration. Those Clinton surpluses were the only balanced budgets in the past 40 years. The annual deficit really started to go up during the (Republican) Ford administration, then exploded when Reagan was in the White House. Deficit spending is a way of life with both arms of the one party system. For Republicans to now pretend to be practicing fiscal responsibility in opposition to Obama is the height of hypocrisy, but sadly tens of millions of DWFs and dittoheads still buy into the charade. If McCain had been elected the same kind of insane government deficit spending would be going on, only slightly tweaked toward a bit more military spending and a little less social spending.


ButI think history will judge the W. Bush regime as the one that definitively destroyed the United States because of the cumulative effect of many bad policies.
 

j41181

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Don Wassall said:
But I think history will judge the W. Bush regime as the one that definitively destroyed the United States because of the cumulative effect of many bad policies.
Bush is to blame because he is the figurehead, but Bernanke, Paulson, WallStreet, and those Banks on Mortgage loans are to really blame. Their irresponsible economic practice and policy caused this economic meltdown. The Democrats have their hands full in fixing this darn mess left behind by the GOP. Bush maybe the figurehead, but he had no say in how to run the economy. That's up to Bernanke, the Treasury Secretary, and Wallstreet, and the Banks.
 
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