Friday, October 15, 2010

'We're at risk of financial collapse': Ken Clarke's Warning for Western economies

The West is in ‘grave danger of financial collapse’, Kenneth Clarke warned last night.
We face ‘quite the most dramatic’ spending cuts in ‘living memory’, the former chancellor added as the Coalition prepares to unveil plans to rein in the unprecedented budget deficit left by Labour.
‘I actually am one of those who believes, with a grave danger of financial collapse, we’re not out of the woods in the Western world yet,’ he said in the extraordinary address.
‘There is an extremely serious financial crisis.’

Read more: Here..

The Coming Collapse of the Real Estate Market

Government Set to Announce Second 
Year of $1 Trillion-Plus Deficit 


  1. Obama will go down as the worst President in the history of the world. Health care new taxes cap and trade this clown makes Carter look great.

  2. Yes, Obozo makes Carter look like Reagan! This guy will be impeached and/or resign!

  3. He may actually be similar to the last Roman emperor. When the western empire was finally considered dead anarchy spread throughout the lands they civilized.

    What did this anarchy look like? The governors or generals in each city tried to seize power and form a municipality. Often this was disturbed by barbarian forces. Italy was totally screwed. Bishops were the ones trying to keep control while Lombards, Goths, Vandals, and such were laying waste to the treasures in the cities and taking 'Roman' women.

    Well, Italians are hardly Roman, they're a mix of many different races. Anytime you hear an Italian brag about being Roman you may want to inform him of that.

    But anyways, this took place within two centuries after the official death of the western empire. The east often tried to send military aide and western generals that remained had little ambition to take back the empire. The last roman emperor was considered so insignificant that no one even bothered to kill him. He just went home and lived.

    Obama will pretty much be the same. Of course though, weeks or months after the official death of America when everyone is busy building communities within neighborhoods the NBC might have him giving his speeches about shit no one is listening to. No one is listening now either. He's a vagina. Get Jan Brewer in there you'd have some testosterone running this country.

  4. hyperinflation here we come
    Gold and Silver up up and away.Obandit is raping you and most dont even know.That pooper going to come 2011

  5. “The West is in ‘grave danger of financial collapse”
    This is nonsense propaganda .The UK and US economies are not still "stuck in the woods".
    They are stuck in the shit of insolvancy.
    The UK and the US economies . The Anglo / US economic bloc already collapsed in 2008.
    Dead ponzi economies.
    Both economies are still bailed out shells now needing a second stimulus bailout.
    Both economies are now only ticking over powered by the smell of the printing press .’Quantative easing” printing money is now the go in both the US and America .
    Both countries buy each others paper and invest in each others shares and bonds in mutual help to prop up appearances.

    Only Government Guarantees for Credit and valueless fiat paper is creating the illusion of strength and profits .
    Most of the UK banking industry is already semi-nationalized with injections of government money propping up the finance sector.
    The US banks escaped this fate with TARP one socializing the losses of the US banks and then by printed “stimulus” no cost interest free money available to the banks.
    The US Banks are not stupid enough to loan this windfall bonanza of free money out by investing in a US economy where no real profit can be got. They hold the money in reserves ready for a cheap asset, end time, buy up.
    Some of the free money is parked back with the Fed as reserves and excess reserves where the Fed very kindly pays them interest on the free money it gave them!
    Some of this free money of the banks is used by the UK and US to buy each others shares and bonds, boosting each others share values by ramping up the share market and bond markets
    This it is said shows great profits being made!
    Banksters earning their bonuses!
    But, lots of this cheap Fed supplied money also flows overseas in a “carry trade” to where the cheap or free money can earn higher interest, even real profits.
    This huge outflow of dollars is greater than demand so the international value of the dollar falls.
    The US now threatens currency wars as its own dollar value falls with the demand other countries raise the value of their currencies so the US can afford to import goods cheaper .
    But the threats do not always have the desired effect of beggaring the neighbors to save America. China and others are resistant .
    So, what competitive export ammunition can the de-industrialised high waged America export anyway ?
    There is only one ammunition card left in the pack for America to win in these currency wars .
    You guessed it.
    More fast devaluing $ paper exports !!
    Only paper ammunition is left in the arsenal.
    So, It will not end well for the aggressor in these currency wars.
    Meanwhile on the "home front", the finance sector attempts to recoup some of its past losses .
    The banks attempt to make profits by looting the assets and savings of the middle class .
    But even house foreclosures are not very profitable at all now as the property bubble has burst and property values continually fall. Besides, in all the frauds and past dud bond scams a lot of the banks ownership titles have been “lost”!
    The banks have been exposed at turning to fraudulent counterfeit mortgage contracts as proof to title and are relying on friendly judges and politicians to help them out.
    Thereby threatening the very basis of the old rules of contract law.
    So it will not all end well on the "home front" either.


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