History is being made. The American public has never been no nervous, perhaps fearful of something dreadful and imminent. The global monetary system is crumbling. The typical stimulus has failed to jumpstart the USEconomy. The 20 months of near 0% short-term official interest rate has failed to revive the moribund US housing market. The fraudulent FASB accounting rule allowance has only succeeded in delaying the demise for the big US banks, which do not lend much, but do continue to benefit from USFed liquidity facilities. Witness the failure of the US financial sector. Witness the climax chapter of failure for the Fascist Business Model. The US banker brain trust, which possesses only a modicum of economic wisdom, analytic prowess, or foresight, finds itself in a desperate corner. Their talk of an Exit Strategy in the last several months was summarily dismissed as nonsense, propaganda, and wishful thinking by the Jackass here on a consistent irrefutable basis. The US Federal Reserve is ready to embark on the second round of Quantitative Easing. The monetization of US$-based bonds of many types will be done on a second initiative, on cue. Here is the irony, the insanity, the recklessness, the tragedy. What failed, they will do again, maybe even bigger! At risk is global confidence and trust of the United States, hardly a zero cost item.
The urgency of the QE2 Launch will be made quite clear by the leaders occupying positions of power, after they digest the latest housing data. The July existing housing sales fell by 27.2% in a single month. The July new home sales fell by 12.4% in concert. Few analysts operating with USGovt service badges anticipated that the empty-headed home buyer credit of $8000 would rob forward sales and leave an autumn vacuum in home demand. It did. Check out the silver price, which touched $19 on Wednesday. And at $1240, the gold price is poised to make new highs any day. My near-term targets are $23.5 for silver and $1300 for gold. Energy prices are soft but precious metals prices are strong. Think heterogeneity!
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Get silver now. QE2 will kill America. Sheeples, please wake up before it is too late.
ReplyDeleteI'm buyin lead.
ReplyDeleteGood, this stupid system needs to fall. It's completely corrupt and unfair.
ReplyDeleteMaybe we'll get that march on Washington and all these corrupt politicians, banksters and corporate greed mongers will be taken out in one fell swoop.
They are afraid. They pretend to be invincible, they pretend to be all powerful and superior to all of us. But if all the masses gather together and actually force change, nothing can stop us, short of a nuclear strike killing off most of the country.
We have watched this great nation plundered of all its riches, not by a foreign invader, no, but internally by the unadulterated greed and incompetence of those we placed in charge of everything.
I'm through trying to preserve any of it. Let it burn. There is no justification for any of this. The steps to fix the problem are simple, but the greedy will refuse it, because they will lose profits in the short term.
I wouldn't buy any gold or silver. Buy lead. Buy food. Hell buy some platinum if you want. Buy land. And then watch everything crumble.
I never thought I'd say this. Fuck the USA, or rather what it has become.
12:30 I agree completely. The problem is the elites have to be brought down first. The common man right after the Revolutionary had the exact same problems we have now. Bankruptcy, their processions being auctioned off at reduced prices. Search Shay's Rebellion. When the former soldiers marched the on the armory the rich merchants paid a mercenary force to open fire on them.
ReplyDeleteWhat needs to happen first is a run on the banks. I've heard it said that if only 10% of the people withdraw only 10% of their money it would be enough to topple the banks. I am willing to make my withdrawal; we just need to coordinate a date!
I'm thinking 9/11. Let's make that the date. I don't know how we could coordinate that, especially so soon though. It would be symbolic.
ReplyDeleteIt is over. We have already crossed the point of no return. The only solution now is to hasten the collapse so that we can begin to rebuild.
Neither their silver nor their gold will be able to deliver them in the day of Jehovah's fury;but by the fire of his zeal the whole earth will be devoured,because he will make an extermination, indeed a terrible one of all the inhabited earth.Zep 1:18
ReplyDelete"Keep on the watch therfore, because YOU know neither the day nor hour."Mt 25:13
For just as the days of Noah were, so the presence of the Son of man will be, For as they were in those days before the flood, eating and drinking, men marrying women and women being given in marriage, until the day that Noah entered into the ark: and they took no note until the flood came and swept them all away, so the presence of the Son of man will be. Mt24:37,38,39
The warning is being sounded.
12:51 Yes it takes only 10% or less because of the fractional reserve system only requires Banks to be able to cover 10% of the money deposited.
ReplyDeleteBank Runs occur because people do not trust the Banks to keep their money safe and also the Banks can run out of money.
The FDIC's whole purpose is to make you feel your money is safe thus prevent Bank Runs.
Problem is that during massive inflation or dollar devaluation leaving your money in a Bank is the last thing you want to do.
I know many people who have already taken their money out of the Bank. Of course you will not hear that on the News ... until it is painfully obvious.
For bank runs, there are two things that everyone should give serious thought about.
ReplyDeleteIn 1933, the run on banks was a RUN ON GOLD. It wasn't about banks not having paper; it was about banks not having enough GOLD to back the existing paper. People were ultimately denied gold in exchange for paper (US$).
In 1971, the world was denied gold in exchange for paper (US$). There was a run on US Gold.
Paper gold has become the fractional reserve of gold, today. When this breaks down, prepare to be astonished at what happens to physical gold.
Excerpt from other text:
At the time that President Hoover wrote to Roosevelt 5 to 15 million dollars a day of gold withdrawals were bleeding from US banks. Gold was being shipped offshore and went into hiding. By March 2nd 21 states had closed their banks. Over 200 million dollars in gold had been taken out of US banks. The following day panic spread to the Federal Reserve as 110 million dollars in gold was paid out to foreign banks from New York and Chicago banks. Another 40 million dollars in gold was paid out by other banks on that same day.
That's how I am 12:30. I am very comfortable watching all the living-death fall apart. Everyone I know seems to be trying to hide their faces in bullcrap or preserve something that is inevitably going to crumble.
ReplyDeleteIf people are too scared to look at things conceptually from a time away, what will they do when it is a living reality that surrounds them!?
4:30,
I hope that is so. The Native Americans and Taoists described the same thing. People will become increasingly demented and perverse and those who are pure at heart and have truth of mind will become isolated until 'He' or 'It' comes for those who waited for the New World and resisted the growing shadow (Ego-Consciousness). In different words more or less.
“More free money for banksters and long live the American taxpayer” says:
ReplyDeleteBen and the Messiah and the unemployed are saving America..
The financial coup and good crisis management team in place, after the necessary coup
has resulted in the greatest continuing transfer of wealth from the middle class to the long suffering but deserving financial elite in world history.
Since the financial coup the situation in America has never been better at returning a just reward in profits for hardworking capital since the days of those great heroes of American monopoly efficiency capital, the fabled, “Robber Barons.” that built a great America , later consolidated by the sacrifices on the war altars for the Empire system by , the American military .
Today, Americas unemployed can stand flag waving proud of their food stamps economy.
Because the government , in partnership with business is doing its Corporate State duty for recovery of profits , by socializing past losses and refunding depleted bankster capitals so that true American capitalism once again can get back the profitable capitalist way of life for Americans and the consumer freedoms we once knew and loved.
Recovery is well under way. Inefficient small business small banks and unproductive of profit working people are meeting their justly deserved end and being tossed onto the rubbish heap of history ,so that a more profitable America can once more, Phoenix like rise from the dead and grow out of the creative destruction fires of the invisible hand .
The current looting foreclosures and growing unemployment of the middle class, that started with the Bush financial Coup, now managed by Obama ,is absolutely necessary. Because , with the collapse .of the Great Ponzi economy, there is no other available source of profit, in a de-industrialized America..
No other way in an America that cannot pay its debts off and therefore denies capital a decent living , without inadvertently but necessarily creating a nation of debt peons .Because its too hard for capital to even find workers to exploit for profit in high waged America even if the industries still existed.
Its no longer what’s good for GM is good for America but what is good for GS profits that counts.
But since, those low lives of Asia ,in China, Japan and the oil Sheik puppets no longer trust in dollars, they are now sabotaging America and its lifestyles by cutting back on the credit necessary to subsidies the lifestyles of ordinary Americans.
The will not even keep on buying the old level of Treasuries , for some inscrutable Asiatic reason, even though Ben is printing dollars by the Ton and there is no lack of supply.
So, many Americans are willingly ,patriotically accepting the necessary layoffs for their own good with only a little unappreciative whining.
They have faith in sacrificing themselves for American banksters and to allow the government to continue to be able to afford to fight its wars against the third world. . The unemployed are standing in the front line helping government to finance its wars . They are the true heroes of America in this crises of capitalism. Food stamps are a badge of honor in the fight against Bin laden and the Chinese and Muslim oil sheiks sabotage of the American financial system and its dud bonds..
Obama should pass out medals to these patriots as well as food stamps.!
Thanks to American patience and their patriotic willingness to stand by their man ,Capital, through thick and thin ,through the good times and the corrupt times ,till death do us part, and may the food stamps and foreclosures continue till the debts to capital are paid off . This happy situation of contented cow ,debt peonage, may last a few decades if no black swan event ‘unexpectedly “ occurs. So, the future is bright as only a few decades will be required to pay off the debts.
The banks are already screwed. The too big to fails, by any sane accounting method we toast some time ago. The only thing keeping them going is the blind unknowing faith of Americans, who still believe what their President tells them--"we have turned the corner" crap. The facts speak differently. It's only a matter of time. if you want your cash, you better deal with it now. Soon, you won't have a choice. You'll be standing in line, waiting for a couple bucks.
ReplyDeleteAlso, don't think you'll be able to tap your 401k in an emergency. They'll close the markets, preventing you from selling your mutual funds. They got all that figured out already. Do what you will now--you've been warned.