Tuesday, December 7, 2010

From Bad To Worse: The Economy Today, And Tomorrow

At first, we were told the American economy was a freight train; invincible. After the derivatives and mortgage crisis began in 2007-2008, we were told the problem was a mere blip in our financial timeline; nothing to be concerned about. In 2009, we were told that the recession was over, and that “green shoots” were on the way. Later, they said we were “turning the corner”, whatever that means. In 2010, we were told it was time to get used to the “new normal”, which of course has yet to be clearly defined. Now, at the cusp of 2011, the year which many establishment economists originally claimed would bring a bright new era in U.S. employment and finance, it has become clear to much of the public that we are being deliberately herded with empty words and false promises towards a very dangerous and uncertain future.
We have discovered that there is no “new normal”. The word “normal” denotes a certain consistency, a set of rules to the system which are generally understood, yet we have seen nothing consistent except the continued downward freefall of our fiscal infrastructure and the end of anything remotely resembling stability.
I feel quite a bit of empathy and maybe even a little remorse for those who blindly believed the mainstream nonsense of the past few years. I can’t imagine being so lost and so utterly disappointed on such a regular basis. The only good to come out of this dashing of false hopes is that it has caused many to begin questioning what the hell is really happening. Why have things only become worse? What about all the government legislation and stimulus? When is it finally going to produce the effects that were once guaranteed? In fact, what are the benefits of ANY action the government or the private Federal Reserve has taken so far?
Let’s look at financial conditions across the globe and here at home, and perhaps we can gain a true understanding of the situation before us, and find answers for some of these questions…
More Here..


  1. Bank run day report :
    Inconvenient but timely break down of ATMs cash access in Ireland and at the Irish banks post office branches in the UK.
    The US treasury appears to have set aside cash reserves for covering any bank runs in the US .

    The vault stored FRN are said to be “badly printed”.
    Incredibly more than a billion dollars worth of notes were printed before the mistakes were found!

    “Bank of Ireland ATM and online systems fail”

    One of the Irish Republic's biggest banks has issued an apology to customers after a systems failure meant that, for a time, they were unable to access their cash accounts.
    Bank of Ireland said it became aware at 1000 GMT on Tuesday that ATMs were not working and customers were unable to make online transactions.
    People with Post Office savings accounts in the UK were also affected.
    A spokesperson said the fault had been largely rectified.
    However, the amount of cash that can be withdrawn via ATMs may be restricted.

  2. Sorry, the above bank run report should have said .
    Incredibly more than …

    a $100
    Billion …

    notes were printed before the mistakes were found!
    See :

  3. " Why have things only become worse" ? !

    Really ? For whom of do you speak ? Would it be for the Mrga Banks who have recieved Trillions?

    Would it be for the Hedge funds who have recieved back door sweatheart deals ?

    Would it be individula countries that have been bailed out time and again from IMF ?

    Would it be our States - that have been the recipients of Billions and Billions of Stimulus money for this boondoogle and that ( and the occasional bridge)

    Would it be Social Security that although didn't see a raise this yera and is insolvent- by golly is still sending those checks!

    Would it be the 40 Million welfare recipients! Hell No! Their checks are on the way too !

    Would it be the tier 5 group ? No way ! Way tyo go tier 5 trekkies ! 3 fucking years with nothing to do but walk to the amilbox for your 450 a week

    How about those big ole corporation buyouts/handouts/grabbags ?

    what the fuck are you talking about ?

  4. to 4:28. I can see that you've never been on public assistance or disability where they pay the grand sum of $600 a month. Or unemployment, which averages $250 a week.

    The only people doing well are the banks (on paper, anyway). Social Security is not insolvent, by the way. No one on unemployment gets more than 99 weeks and most of them get less. The Obama deal only help 2 million people and no one else.

    However, your rant is so incoherent, it's hard to tell whom you hate. Maybe if you could limit your rant to actual facts, it might help.

  5. well gotta bail out those who were playing with the derivatives, estimates of that market run from 500 trillion to just over a quadrillion dollers..LOLOL
    seems obvious a new currency and new system will eventually come to be...cept it'll be bad for freedoms


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