CLICK HERE LARGE PRINT EDITION: ROBBING HOODS WANT MORE US DEBTS « Culture of Life News 2
As usual, Seeking Alpha has hilarious editorials written by ernest people who have no idea what they are babbling about. Alas, as far as mega-economics goes, there is an astonishing number of people even and especially at the top of the top economics schools who live in a fantasy world where the US can use more and more debt to buy our way out of one recession after another.
Meanwhile, our debt totals climb rapidly. Here is the latest attempt at squaring the debt circle:
What the Economy Needs Is a Helicopter Drop – Seeking Alpha
Lloyd Sakazaki
During the past half year, the concerns of the Fed have shifted from worry about commodity-driven inflation (recall $147 oil in July) to its polar opposite–fear about the onset of deflation (coinciding with oil falling below $40 today). With short-term interest rates now lower than the targeted 1% rate, traditional monetary policy measures have become less potent and the U.S. economy is more susceptible to descending into a “liquidity trap.”
As mentioned by Ben Bernanke in a 2002 speech, one way out of such a predicament is a “helicopter drop”–effectively dropping money from helicopters to consumers and businesses below in order to thwart deflation, stimulate spending and prevent economic stagnation….As Bernanke pointed out in his speech, even when monetary policy by itself becomes ineffective, there are a number of alternative ways to combine monetary policy with fiscal stimulus to prevent deflation and encourage economic growth, despite being in a near-zero interest rate environment like the one we are experiencing today. These less traditional, more innovative measures are:
Broad-based tax cuts
Increased purchases of goods and services by the government
Purchase of private assets via the Treasury
Increased direct transfer of money from the government to the private sector….
To achieve the quickest and most direct money transfer to the consumer, here’s what our government should do:
Beginning during the first half of 2009, write checks to every household filing a tax return, in the amount of, say, $10,000 per dependent (taxpayer, spouse, children, other household members), which is an order of magnitude larger than the consumer stimulus in early 2008.
Offhand, it might appear that this type of seemingly frivolous fiscal policy would be a desperate and highly wasteful use of taxpayer money that could spark a new, undesirable bubble. However, given the precarious state of our economy, such a radical measure stands a greater chance of doing more good than harm and has many benefits: [there is this list of goodies we get this way]
This man is very young, guessing from his picture. I bet, until this year if not still, he gets checks from mommy and daddy. Out of the blue. They pay off his debts without question. They give him regular goodies. He doesn’t inquire, where this money comes from or what sacrifices or dangers his own parents are in, giving him money from Heaven.
Poor people, by definition, don’t have a sugar daddy or loving mommy to give them money from Heaven. So they are more realist about this: they know the money comes from the government and the government is very keen on letting them know, it hates them and wants them dead.
Mommy and daddy don’t want Mr. Sakazaki dead. They tell him, they love him! So of course, he imagines the government loves him, too. And would dearly love to give him a big, fat check. Not a tax cut, even, but an outright check. Drawn up against whose bank?
What the Economy Needs Is a Helicopter Drop – Seeking Alpha
As Professor Roubini points out in this interview, the basic structural problem we face is a global supply glut cannot immediately be reduced even though demand has fallen. Therefore, at least in the short run, the severity of the current crisis justifies “pulling out all stops” to create the demand necessary to meet existing supply. A large helicopter drop appears to be exactly what is needed to stabilize our economy and sidestep the negative impact that further deterioration in employment and the housing and stock markets will otherwise bring.
When the US opened the doors wide to international trade, we created a global oversupply of junk for US consumption. The Bank of Japan created a tsunami of easy lending so we could buy more and more imported junk. So we did! And now, we can’t afford even cheap loans anymore so all this junk manufactured so we could buy it is now rotting on various docks, desperate for buyers.
The question is, should we go even deeper into debt to suck down all this mostly useless consumer goodies? HAHAHA. The answer is obvious.
The estimated population of the United States is 305,237,081
so each citizen’s share of this debt is $34,949.81.
United States public debt – Wikipedia
This debt information is painfully obvious: we cannot go deeper into debt. The average American already owes a year’s worth of wages! If we add another $10,000 to this, it rises to an astonishing $45 k. Per person, not per worker! If it is per worker, the sum zooms to over $100,000. If the money is handed out per person, this would be many times worse. A family of five would be running up over half a million dollars in GOVERNMENT IOUs. This is a catastrophe already!
Here is my retort to this inane article by Mr. Sakazaki:
What the Economy Needs Is a Helicopter Drop – Seeking Alpha
emsnews.wordpress.com here!
HAHAHAHA. If you want to stimulate things, why not mail everyone a million dollars? Then, they can pay off all their debts, the vast majority of us own less than a million dollars!Then we have happy days!!! Zimbabwe should blush as they consider their 23,000% inflation. We will be #1.
Frankly, that foolish $600 giveaway last spring exactly coincided with a sudden and catastrophic surge in the price of everything we need to buy to stay alive; food and fuel shot up.
I calculated that nearly every penny of that boon I got went to the oil companies and buying food. I paid off no debts, put up no savings and the only changes I made with my purchases was to make fewer trips and buy less stuff!
This is why such things fail: they always fail. If the government goes into debt in order to pay my debts [I have very few debts] then we end up not with slow inflation in several years but INSTANTANEOUS inflation.
Worse: most things people buy these days are either produced overseas by American corporations or if made in America, are made in foreign-owned factories. So the profits flow out. Or if the profits are retained, the balance of trade is made worse.
So giving people money to spend in our very foolish ‘consumer society’ only makes our balance of trade worse. It leads to nearly direct hikes in energy costs. And puts the entire US government deeper into debt.
There are two major things wrong with our economic system:
1. A government running all the time in the red.
2. Trade that is always in the red and getting worse each decade.If we don’t fix these two things, WE GO BANKRUPT. We are being kept afloat not because Americans are eager to buy US government bonds but by international corporations, offshore pirate funds and outright potential enemies and very dangerous trade rivals in Asia, they are buying this debt.
To hand over a hunk of money to US consumers to spend on imports is totally insane, utterly useless and downright suicidal. The inability to keep in mind, our massive trade deficit, which over the years has equalled and is now surpassing our budget deficit—-this is typical.
Mr.Sakazaki is too immature to be making comments about international financial matters if he imagines that having a government take on many trillions in debt to undo too much lending.
This has been proven in the past, decisively, as futile. Only if a government has NO debts or very little, dare it do such a thing. And ONLY if it has huge trade barriers like a certain country called ‘Japan’. I call Japan ‘Fortress Japan’ for a reason: few foreign corporations last very long, trying to pry open that particular clamshell.
And the Japanese people own over 85% of their government debts. The US people own less than half of our own debt and it is dropping like a rock. To comment on these sorts of matters, we must always keep the much bigger picture in mind.
Russia went bankrupt. England went bankrupt after WWI. Germany and Japan went bankrupt and tried to fix that with WWII. That was a total failure. Rome went bankrupt nearly 2,000 years ago. Empires can and do and nearly inevitably go bankrupt because they get very arrogant about not balancing the books and spending carefully.
What is at stake here is not how comfortable we are but whether we will survive as a nation, as an empire. I strongly suggest we begin negotiating with our supposed allies like Japan and Europe, them taking over paying for their own defense. They are certainly wealthy enough to do this.
We should not be spending half a trillion a year, patrolling the Muslim world and protecting Europe and Japan! This is utterly insane. Then, we can cut the Pentagon’s budget by two thirds, cease using the military/industrial complex as our engine of wealth and figure out how to be an industrial nation, not a consumer society. With tariffs and barriers to protect our industrial base and keep our foreign powers.
This harsh prescription is the only solution. We can’t live off of military production which is today about 60% of our industrial base. This is cannibalizing our capitalist society.
Thank you
As usual, when commenting at sites, I don’t bother with many statistics, people can come here to see reams of stats. So here are some nasty statistics about the terrible trap the US is in. It is NOT a liquidity trap, it is a RED INK trap. Set by our rivals, former enemies and present enemies!
Foreign central banks’ U.S. debt holdings rise -Fed |Reuters
Overseas central banks, particularly those in Asia, have been huge buyers of U.S. debt in recent years, and own over a quarter of marketable Treasuries.
They demanded the US government nationalize Freddie Mac and Fannie Mae and the last two months, all of our creditors have been busy transferring their FM holdings into the US Treasury and walking away with even more US Treasury bills.
Most people don’t know that our own privately-owned central bank, the Federal Reserve, used to hold nearly only US government debt bonds called ‘Treasuries.’ Now, more than three quarters of what they hold are bad debts. Debts owed by the American people to banks which the banks moved into the Fed and which the Fed is feeding into the Treasury. This round robin of debt is evolving into robber baron Robin Hood treasure hunting.
Robin Hood is a story that has gotten all mixed up in people’s minds. You see, Richard the Lionhearted [who was probably a very gay man] insulted the very handsome Duke of Austria while both were in the Middle East on Crusades. So, when Richard tried to sneak home to England via Vienna [HAHAHA...the psychology here is stunning!] he was caught by the Duke of Austria, who imprisoned him and demanded a huge ransom.
John Lackland [sexually the exact opposite of Richard] was supposed to raise these sums. To please his mother who hated him and loved Richard, he PRETENDED to assemble these funds. But took his sweet time. Eventually, it was paid to the Duke of Austria and these funds became a source of endless trouble leading to the death of the Babenberger family. Leopold’s granddaughter, Gertrude finally hid in a nunnery to save herself from enforced marriages [all her husbands being killed, of course].
The thing here is simple: the people of England had to pay the Duke of Austria. This was bad for BOTH. The Robin Hood story was all about how Richard magically escaped from the Duke and the money was returned. It wasn’t. It ended up mostly in Italy as the Holy Roman Emperor [who tried to marry Gertrude] simply stole the loot and used it to attack the Pope. Which failed. But the money ended up in futile wars which ravaged northern Italy.
Handling this money led to the foundation of the first banks, incidentally. Heh. I love history. The main thing is this: THERE WAS NO ROBIN HOOD GIVING MONEY TO THE POOR. Period. We have to grow up and realize that we have to pay ALL government obligations, in the end. There is no evading this. We can’t have our government hand out goodies. These are not goodies.
THESE ARE DEBTS. MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
- China, Mainland 585.0
- Japan 573.2
- United Kingdom 338.4
- Carib Bnkng Ctrs 185.3
- Oil Exporters 182.2
- Brazil 141.9
- Grand Total 2860.5
That is nearly $3 trillion, not in all debts they hold against us, this is debt guaranteed by our future taxes. It is a huge amount and adding another $5 trillion to it won’t save our economy nor our nation. It dooms us, frankly. Bankruptcy isn’t something to sneeze at.
No empire that went bankrupt remained an empire. All were hammered into the ground and often, totally dismembered.
FRB: -Factors Affecting Reserve Balances, December 4, 2008
Federal Reserve Banks:
- Week ended Dec 3, 2008=2,117,751
- Change from week ended Nov 26, 2008= + 23,864
- Change from week ended Dec 5, 2007= +1,250,911
Total factors, other than reserve balances, absorbing reserve funds:
- Week ended Dec 3, 2008= 1,535,921
- Change from week ended Nov 26, 2008= – 32,333
- Change from week ended Dec 5, 2007= + 627,028
There was a $1.25 trillion…yes, TRILLION addition in just ONE WEEK! Amazing, isn’t it? The numbers are just staggering. Now, let’s look at some stories that illustrate the difference between real wealth and fake wealth based on debts:
Carphone Warehouse co-founder in shock resignation | guardian.co.uk
David Ross, one of the co-founders of the Carphone Warehouse, has quit the company after admitting that he had secretly used a large slice of his holding to guarantee personal loans.
Ross’s shock resignation as non-executive deputy chairman of the telecoms retailer was announced this morning. Carphone said that Ross had guaranteed 136.4m Carphone shares - worth £120m at today’s share price – against personal loans without informing the company. It also emerged this morning that Ross had also used his shareholdings in three other companies, National Express, Big Yellow Group and Cosalt, in this way….Ross was ranked 87th on the Sunday Times 2008 Rich List with an estimated fortune of £873m.
London wants the Olympics so it can make money. Like, this sort of one-shot Disneyfication of athletics can be profitable for more than two weeks! This guy was put on the committee because they expected him to raise a lot of money from fellow multi-millionaires. Only he is broke!
Indeed, his total estimated fortune of nearly £1 billion is fictitious. He OWES a billion £. He doesn’t own anything. He is deep in debt! The US loves to trumpet that we are #1. But we are only #1 in owing money to more foreign powers than anyone on earth.
The other odd thing is, Britain owns a lot of our debt, yet is very deep in debt, too. I sense something very ugly here. Japan owns a tremendous amount of our debt but the government itself is also deep in debt. But to Japanese, not to Americans. I see only far too much debt out there, owed to some of the people deepest in debt!
Tribune News | Tribune prepares for possible bankruptcy filing: WSJ |
(Reuters) — Publisher and broadcaster Tribune Co. is preparing for a possible bankruptcy-protection filing as soon as this week, The Wall Street Journal reported on its website on Sunday, citing people familiar with the matter.
Tribune Co., whose newspapers include the Chicago Tribune and Los Angeles Times, in recent days has hired Lazard Ltd. as its financial adviser and a legal counsel for a possible trip through bankruptcy court, the paper reported, citing people familiar with the matter.
is a U.S.-born billionaire and real estateentrepreneur. He is co-founder and Chairman of Equity Group Investments, a private investment firm. With an estimated net worth of US$5 billion, he is ranked as the 68th richest American by Forbes.[1] In April 2007, Zell completed a leveraged buyout of the Tribune Company, publisher of the Chicago Tribune and the Los Angeles Times. He is also the owner of the Chicago Cubs….
A long-time supporter of the Wharton School of the University of Pennsylvania, he helped fund the Real Estate Department at Wharton, as well as the Zell-Lurie Institute at the Ross School of Business at University of Michigan. Zell also endowed the Zell Center for Risk Research at the Kellogg School of Management at Northwestern University, and the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School. Zell has also donated significantly to his alma mater, the University of Michigan.
Another rich bastard who is very deep in debt. Donald the Trump is another prime pig being slaughtered this week for the exact same reason. All the many debts are now showing up. During the lending boom, I was furious with many obvious future deadbeats being called, ‘Rich’ when they were really very poor. Being deep in debt means having NO CAPITAL.
Capitalists who end up debtists end up deadists. Heh. Debt is NOT capital. To the banks, debt is an asset. But ONLY if someone pays for these debts! When they stop paying, the debt turns into a deficit. And to cover the potential losses, banks are supposed to have CAPITAL which vanishes when debts aren’t paid. Got that? HAHAHA.
Only they thought no one would ever chisel them out of these loans. So they figured, they needed capitalization of less than 2%. And now, the US government is going deeper into debt to recapitalize these dumb banking gnomes who ignored history. The fake system they set up with the Derivatives Beast did not mean they didn’t need any capital to hold against possible losses.
Nope. They thought they had that all sewed up with the OTC CDOs. Right. They thought, they were all Robin Hood and his merry gnomes. Legendary.
Behind Schwarzman Spat With Wasserstein Over Fair Value Lies FASB Rule 115
Now banks, which have been unsuccessful in getting regulators to revamp fair-value, also known as mark-to-market, are trying to win revisions to another U.S.Financial Accounting Standards Board requirement that could preserve billions of dollars of their capital.
“Financial institutions, which have been woefully incompetent in running their own firms, are now trying to avoid providing investors with accurate numbers depicting the large losses they have suffered under their mismanagement,” said Lynn Turner, the Securities and Exchange Commission’s former chief accountant, in an interview.
The Financial Services Roundtable, whose members include New York-based Citigroup Inc. and Bank of America Corp. of Charlotte, North Carolina, are proposing using Statement No. 115, which applies to so-called impaired debt and equity, for some securities that now fall under the fair-value rule….
The rule “and the way it’s been implemented has been a major contributor to the financial crisis,” Schwarzman said at the Oct. 30 discussion at Per Se.
Wasserstein, 60, who has a better track record this year with Lazard declining 37 percent in NYSE composite trading, took the opposite position.
“Accounting has now become an exercise in creative fiction,” he said. “Saying assets are worth a lot doesn’t make them worth a lot.”
Now, these Robin Hood gnomes are in trouble. They want fake accountings just like the phone executive in London Town. They want someone to eat the losses so they can continue screwing around with even more debt. They want the consumer society to spend, spend, spend. And to bill our progeny for all this wonderful spending.
This is stupid and irresponsible. Note that the peasants of England, after Robin Hood’s actions, were worse off than ever. And they still had to bail out King Richard, themselves. Penny by penny. No one else ever pays in the end but the peasants.
FEEL FREE TO EMAIL ME AT emeinel@fairpoint.net
45 Comments
December 8, 2008 at 5:11 pm
I would like to propose a NEW defintion for the term “peasant” (not pheasant). Here goes:
:
Peasant: (peas in the pod thinking peace for the ants would be swell for the wells): A peasant is a small part of many whose numbers collectively and relatively overwhelm all else. The peasants ultimately pay only when they choose to.
Peace,
Ken
December 8, 2008 at 6:41 pm
Absolutely correct that the name of the game is to load up the peasants with as much debt as possible.
You have to study feudalism in Europe to understand the current rulers. The feudal rulers had lots of land and the peasants had none. They were allocated a chunk of land to grow food upon, but they had to give 50% or so to their feudal leader.
The peasants had no money and no credit so it was either take this deal or join the military, church or starve to death.
The only difference now is that the US peasants get a 1/4 acre section of land with lots of shiny things on it, and a shiny carriage to go somewhere else to work.
But even more advanced is that they still pay almost 50% to their Federal (Feudal) Reserve bank (Yes, have you ever checked who cashes your IRS checks?) AND they ALSO pay around 20% or so of their wages for 30 YEARS to pay for all the shiny things on their allotment.
From a feudal leader’s point of view, think of the advantage of 30 years Mortgage! Debt is a Bond, as in Bondage (not the fun kind) where you are bound to work for the lender for a certain number of years.
How funny to say your country is free when everyone is enslaved to their feudal banking leaders just to have a roof over their head and to get to work to feed their family.
I still remember the radio broadcast as I was on my way out of California. It was Arnold announcing that he was enslaving the citizens of CA with 2 billion in new debt to build prisons.
OK, we will enslave these ugly bits in cement prisons and the rest of you and your children get the invisible outdoor debt prison!
Everyone remembers the photo of Arnold and Mr. Buffet meeting a European Feudal Banking leader, right?
Fresh air, McDonald’s fries, Disneyland! WOW, YOU ARE FREE … to get into debt and slave away the rest of your life for your Feudal Banking leaders.
Elaine, it would be great if you could do a story about Pinocchio and his little trip to pleasure island that ended up being a slave mining trap. They only truth available in Disneyland.
The reason that Germany was HATED by these Feudal Banking rulers, who pledged never ending war to destroy Germany, was that a few hundred years ago Germany realized that all the land was owned by Feudal rulers and the Church.
The reallocated the land to the citizens of Germany so they could engage in Free Enterprise on their Freehold land and the German people EXPLODED in AFFLUENCE.
So the current Peasant Management plan for the US is to continue the Debt machine forever. If the debt starts looking shaky, have your future taxpaying children buy it.
If you think no one might want to buy your government debt, just create a circle-jerk of debt production and swap it with your neighboring country. I’ll show you my $1 trillion debt if you show me yours.
Now the coup d’grace, the most perfect invention in the history of mankind for creating debt is our all time favorite pastime … WAR!
What kind of people are willing to send their children and their childrens’ tax dollars to war? SCARED PEASANTS!
Elaine, your father was in the CIA and your ex-husbands family in the print media business, so perhaps you know something about this racket?
http://www.indiadaily.com/editorial/17121.asp
The Mumbai based group alleged that Al-Qaeda is a front organization of CIA and MOSSAD. “There is enough evidence that the Al-Qaeda is a front organization of the CIA and MOSSAD. The Bush junta has used the bogey of terror and of Al Qaeda to justify his unending and ever expanding Global War on Terror, which is only a means of capturing the resources of the world and of establishing the sole hegemony of Israel in West Asia,” said the group of activists and intellectuals. The group is holding a press conference in Mumbai on Wednesday to “expose the links between Al-Qaeda and the CIA-MOSSAD”.
December 8, 2008 at 7:01 pm
Elaine, Your so demanding.
I come for a short read and then Depth, ugg.
Good stuff. I don’t know how you put out so much Great info.
Appreciate the massive effort.
December 8, 2008 at 7:02 pm
Even funnier than the immature at Seeking Alpha, check this story out. I think this the definition of a cargo cult:
SUVs at altar, Detroit church prays for a bailout
December 8, 2008 at 7:45 pm
The god the Detroit church and most Americans pray to is Mammon. His manifestation is Santa Claus.
December 8, 2008 at 7:52 pm
GK.. bad news. It’s not the CIA, not the Mossad, it’s spoiled whiners like you, living in a home you can not afford, driving a car that you put on a six year layaway, feeding your kids expensive video games on flat screen tv’s with, extra large shakes and triple cheezeburglers, going on an all you can eat and open bar Caribbean cruise in a captain’s cabin with your credit card that is ninety percent maxed out. You have not saved a penny in your life and now you want a bogey man to blame because you thought Uncle Sugar would make everything alrite.
Roubini is an idiot. There is no global supply glut of anything in the Sub-continent, for example, nor in 90 percent of China for another. We could go around the world with that list. There is a global supply glut of bullshit in GK’s house, that is it though.
December 8, 2008 at 8:18 pm
The Reptiles have a great game going on here.
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The take our money and then lend it back to us at interest.
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This game goes on until we vanish the Reptiles.
December 8, 2008 at 8:42 pm
Legion talking about serpents. Take this evil sight from my eyes Lord.
December 8, 2008 at 8:56 pm
Calvino, I realize you must think you are correct, however I regret to inform you that I own home 100% for cash, a used car bought for cash which I do not use because I walk everywhere, no watching TV, never eat junk food and instead am member of local farmer group that delivers heritage seed fruit and vegetables grown locally. 20 years or working 12 to 16 hours days and a lot of luck have allowed me to save 7 figures and also allowed me the luxury of time to research who is destroying my beloved country.
December 8, 2008 at 9:04 pm
On why we can’t arrest them: Too Big to Jail
December 8, 2008 at 9:28 pm
I withdraw my comments GK, I did not realize the heights that you have scaled. Maybe from your high vista you can tell me why American and Israeli intelligence agencies attacked upper crust Indian society and tortured and killed Israelis?
December 8, 2008 at 9:50 pm
The dark shadows where Mossad and the CIA operate are filled with all sorts of terrors. Trust me on this.
But one thing is certain: not one of these actions or impulses will stop WWIII. Instead, they insure it. I argued about this with my dad since the mid-1950’s.
December 8, 2008 at 10:19 pm
Taking about helicopter drops, the Australian government has just started a AU$10 Billion drop. It is formally known as Lump sum Economic Security Strategy Payment. Essentially 10 million Australians each get AU$1000 (I think I may actually qualify – dependant student living at home).
December 9, 2008 at 12:18 am
I don’t worry about the economy. I KNOW that sooner or later, those tax cuts to the wealthiest 2% that Reagan started and “Dubaya” continued are going to pay off–big time. You see, it’s called ‘trickle down’ economics. You peasants will simply have to know your place in society and defer to your superiors. I think the problem is, the peasantry has gotten too much education. This is a bad thing. Peasants start thinking they have the right to voice their opinions. Actually peasants do NOT have that right. Know your place people!
December 9, 2008 at 12:47 am
Elaine’s discussion of the helicopter drops of money onto the consumer economy and then instant inflated fuel and food prices reminded me of the economics of the small Southern industrial town where I was raised.
During the 1950s, in the South, labor unions were kept out by factory owners and “Right to Work” laws, and this remains much the same now.
Dad worked in the local furniture factory for very low wages, since it was one of the few ways of earning hard cash for survival. The factory owners also owned and controlled the local newspaper. When a cost of living raise or a general pay raise, as it was called, was to be given to the factory employees, the local newspaper ran an article announcing the raise beforehand.
Dad explained that by the time he cashed his paycheck and went down main street to buy groceries and fill up the family car, local merchants, who were friends of the factory owners, had already raised prices to swallow up the money created by the pay raise, and Dad explained that he was no better off than before.
This is exactly what happened with Bush’s cash “gift” to consumers. By the time they received it, the oil companies and food distributors had raised prices.
This means that, in reality, it was a concealed, outright government gift to oil companies and food processors and distributors and other big corporations.
Anyone with half a brain understands that Bush and Bernanke knew this would happen beforehand, and having the government do helicopter drops of cash on consumers is just another scam to stick it to the taxpayers while giving money to wealthy globalist corporations.
I wonder what favors the oil and food folks promised to our leaders in order to receive this outpouring of taxpayer cash that was handed to them on a silver platter. Good God! When will it ever end?
December 9, 2008 at 2:07 am
Is there a market more bizarre and mysterious than the gold market? At least with the stock market you know it is looking for a bottom that might result in a rally. But with gold…who knows…contango or backwardation? Will 2008 conclude with the blow up of Comex? $2,000 or $400/troy ounce?
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“Michael Bolser, a trained physicist who developed dollar value commodity indexes and 10 months ago correctly forecast the scope of the current recession, expects more than 3,000 tonnes of gold to flood the market this week.”
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“Bolser, based in Florida, says the International Monetary Fund will release the gold for sale on Wednesday, Dec. 10. The 64-year-old Bolser says the price of gold subsequently will slide as much as 40 percent – to $455 an ounce in coming weeks from its current $760 an ounce.”
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“Bolser is a former director of the Gold Anti Trust Action Committee (GATA). The organization, as well as Bolser, believes governments, multi-national organizations and quasi-governmental agencies such as the Bank for International Settlements and the IMF often intervene in commodity markets to “manage the market.”
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http://www.stockhouse.com/Columnists/2008/December/8/Horrific-gold–dump—Is-this-guy-for-real-Thom
December 9, 2008 at 2:30 am
Fareed Zakaria interviews former ISI Head In Pakistan Says “911 Was An Inside Job”
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http://www.youtube.com/watch?v=19R9H01IB1s
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WTC7: NIST Finally Admits Freefall – “In its draft report, released in August 2008, NIST attempted to cover up evidence that WTC7 fell at freefall, but the coverup was transparent. In its final report, released in November 2008, NIST finally acknowledged freefall, but couched it in a bizarre framework that continues to deny its clear significance.”
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http://rattube.com/blog1/2008/12/08/wtc7-nist-finally-admits-freefall/
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I really hope the 911 truth comes out in the US. Once people get a whiff of the CIA-Mossad-MI5 stink they will start to wake up like a high school kid nodding-off and hearing something hot about sex.
December 9, 2008 at 3:01 am
I agree with Elaine that subversive state-sponsored operations will increase the chance of a nuclear WWIII.
An ever more dark option is that the people who control those operations want to actively encourage radical depopulation which a Pakistan and India war would do quite readily.
What is the probability that there is someone, ONE person at least, in a position of power who would like to use our Nukes? I posit that the probability is 100%.
I used to be an AVID reader of FTW and Mike Ruppert until I finally realized it was very intelligently written disinformation to divert attention from the state whose name cannot be spoken.
If you google his handler Jenna Orkin and Disinformation you can learn more.
But look at the main text on their blog. Basically it states that nukes will go off and then hopefully people will live sustainably. (!)
There are people thinking very big and very long term with very dangerous consequences for us comfortable peasants.
These state-sponsored dark ops MUST BE STOPPED.
http://www.mikeruppert.blogspot.com/
Act 2: From the Wilderness’ Peak Oil Blog
“With the arrival of Peak Oil, the curtain has closed on Act 1 of the drama Petroleum Man. What will happen in Act 2? Chekhov said, “If there’s a gun on the wall at the beginning of the play, by the end it must go off.” In the world’s nuclear arsenal are many guns on the wall. If life copies art, will there be an Act 3 in which the players, having learned their lesson the hard way, live sustainably? To explore these and other questions… take heart! Jenna Orkin”
December 9, 2008 at 4:56 am
CLOWN PRINCESS SHOOTS THE GUN
http://nyinvestingmeetup.blogspot.com/2008/12/tribune-bankruptcy-has-it-all.html
In a broader sense, there is much more of an object lesson from the Tribune’s financial difficulties than that dubious lending practices permeated Wall Street (not exactly a new idea at this point). The lack of responsible reporting on the events that led to the credit crisis, giving an outlet to the Wall Street Pollyanna chorus that denied that the problems were serious and which claimed over and over again that they would soon go away, and not looking into the U.S. government’s cover up of the current recession with manipulated economic statistics are how the big news outlet have handled things of late. The tribune itself seems to have been victimized by the web of denial that the U.S. mass media fostered on the American public. Poetic justice perhaps?
if there arent’ so many differences to why then why
http://www.cahrecords.com
vote your paycheck
December 9, 2008 at 7:01 am
Good grief. Of course, Drkirbyluv, the damn ISI would blame the US for 9/11. Sheesh!
You have to figure out how duping people works. The ISI probably had a lot more to do with planning of 9/11 than anyone in the US.
December 9, 2008 at 7:47 am
Adherence to conspiracy theories inflates the aura of mystery in the personal lives of the true believers. I would think that you would discourage these fantasies Misses Supkis, because treason is mundane. While those afflicted with abbreviated attention spans will look for MI5, the CIA and the Mossad to blame for their ennui, real treason parades on C-Span every day. Take the bad Senator Bob Corker, from Tennessee, whose state is full of foreign automakers. No one but Senator Bob is more vociferous in his criticism of Detroit automakers. Senator Bob could not care less if every auto worker in Detroit loses his job, because they are Northeners and because they are union. Same thing. Then there is the bad Senator Shelby from Alabamy, whose state is host to foreign auto plants itself. Whatever I said about senator Bob, can be said about Senator Shelby. But then your midnight battles with the MI5 are much more satisfying than the parade of traitors who are your neighbors, GK.
December 9, 2008 at 8:58 am
Lets see, if I run a grocery store and suddenly all of my neighbours get $600 free to spend
I jack up the prices
You would be insane not to
December 9, 2008 at 12:39 pm
Looks grim. Maybe I’ll get these great looking amaranth seeds from this company I researched. You can make great flour with amaranth seeds, and the greens are said to be better than spinach. The Seeds.
And maybe this Book.
Elaine, I didn’t see where you covered this (getting slouchy):
Fed approves Chinese bank CCB to open office in US
And this:
Chinese Tour Groups Go House-Hunting In U.S.
Crazy Uncle Sam really IS giving it all away!!!
December 9, 2008 at 12:43 pm
True treason isn’t JUST letting terrorists attack us with impunity and then using this as an excuse to attack Iraq, that had absolutely nothing to do with the attacks….it is selling our debts to foreign powers and allowing everyone including total rival powers flood us with imports!
There is nothing, absolutely nothing worse than that! And running up bigger and bigger public deficits to enable this flood of imports or to destroy domestic industries and replace them with identical foreign manufacturers…this is true treason.
For this kills our nation, outright. This destroys our nation in the future. This is bombs going off across every city in our entire nation, destroying them.
Go to any city in parts of the world with trade surpluses and they are thriving. Go to any cities of any countries with trade deficits and they are dying.
December 9, 2008 at 12:44 pm
GK if I may, I’d like to pitch in and give my 2 cents worth to Calvino’s question: …tell me why American and Israeli intelligence agencies attacked upper crust Indian society and tortured and killed Israelis?
and Elaine’s: …the damn ISI would blame the US for 9/11.
If India believed that Pakistan had anything to do with the terrorist acts in Mumbai you can be sure that they would have marched into Islamabad by now. No ifs or buts.
The Indians do not posture and play John Wayne, you hit them and they will smack hard and fast. The Chinese the same.
Remember when the Paki’s last tried to pull one on India? Kargil region 1999, the Paki’s thought they could walk into India, the Indians left the borders and “allowed” them in. The Paki’s thinking the Indians were running away rolled in, over 1,200 of them charged with lots of bravado. less then 1,000 feet into India, the Indians closed the borders behind them, and quickly cut them to pieces. To the last man.
When the Paki’s asked for their men back, the Indians returned them in urns, fully cremated, with apologies. Kind of reminds one of the last Israeli incursion into Lebanon, yes?
If the “terrorists” wanted to commit real terrorism, with the amount of C4 they had in their possession they could have killed thousands of Indians at Mumbai Central Station. But then, that would have caused an immediate and fatal reaction.
Clearly, there were selective targets, among them the head of Mumbai’s anti-terrorism squad, Hemant Karkareand and his entry team. There are political undertones relative to a fast approaching election.
Let’s not also forget that good ‘ol Henry the Zionist Kissmeister was in Mumbai when the attacks took place. Enjoying Indian food? I think not. On a mission for B.O., maybe. Was he a target? Possibly. As Elaine said, the “dark shadows” are filled with all sorts of terror… These guys eat their own children make no mistake.
Also, Elaine, the ISI are bought, paid for and financed thugs of the CIA. They run their “Powder trade” for them. If they planned 9/11 then why were the families of Osama escorted back to Saudi Arabia within 48 hours of 9/11 by the US Secret Service, while unknown 14 year olds with no terrorist backgrounds languish in Gitmo? Cui bono?
Treason is a tool used by the elite to control the unthinking using fear and intimidation. But “real” treason, well, that is committed at the highest levels of government.
December 9, 2008 at 12:57 pm
Kissinger was not there at all. He was there BEFORE it. But this doesn’t mean he DID it.
About border wars between Pakistan and India; constant until something happened. What was that, pray tell?
Nuclear bombs. Now, both dare not go directly to war! This is the reason why there is only bluster, not bombs. This is why the US and Russia fought ALL their wars with each other over other people’s lands like Vietnam or Afghanistan but never, ever directly.
This is reality. I know it is annoying to people but this is real politiks: nuclear bombs changes where people fight. Using terrorists to annoy a neighbor is what nations use when they can’t do a direct strike.
December 9, 2008 at 1:30 pm
On the contrary, I was not inferring that Henry did it, but rather that his mission may have been one of the targets. He was there on orders of the President-elect to undo what 8 years of Bush policy has brought to the region; discussing a pipeline that is not favorable to Uncle Dick and his ilk. One terrorist attack, and you have a crash and burn investment climate.
As for the nuclear weapons, who taught the Paki’s how to build nuclear weapons? The Turks, who got them from the U.S. A cut out, is a cut out, is a cut out. The sin of omission just as real as the sin of commission, yes?
Nuclear weapons were meant to allow the business of attrition which is way, way more profitable that a nuclear war. Nuclear war is cheap and permanent. No business if you actually commit a nuclear war. Only stupids do that.
December 9, 2008 at 1:50 pm
Btw Elaine, the border military in Kashmir. both Indian and Pakistani know each other well. Their officers many times cross the border and have dinner at their counterparts homes. By invitation. When they fire volleys at each other, they warn one another, “we are going to fire at this time and to this location, clear the area.” So it’s accoustic warfare for the most part. Every so often they are given orders which they have to follow, for that is what soldiers do, they follow the chain of command. As said earlier, real treason is always high up, it is economics and politics in motion.
December 9, 2008 at 1:59 pm
Critical.. tremendous post. I learned a lot, of nothing. One should be contrary and critical of oneself first. To that point, let us go through a list of terror attack where maximum human toll was extracted. You wanted c4 to take many? Be obliged.
July 26.. 16 die aat an Ahmadebad food market bombing.
May 13, seven simultaneous explosions went off in Jaipur on May 13, killing 56 people.
“Samjhauta (Friendship) Express” at the Deewana railway station in Panipat in Haryana, about 60 miles north of New Delhi, on Feb. 19, 2007. 67 dead.
Explosion in Malegaon, about 188 miles northeast of Mumbai on Sept. 8, 2006. 2 dead, 20 injured.
Blast in Mumbai on July 11, 2006. 188 people were killed and hundreds injured in seven bomb explosions at rail stations and on trains in India’s financial hub.
A bomb blast at the railway station in Varanasi, India, on March 7, 2006. Explosions rocked a packed railway station and crowded Hindu temple, killing at least 12 people and injuring dozens.
A series of explosions in crowded markets in New Delhi on Oct. 29, 2005 killed at least 16 people and injured more than 60.
A bomb blast near Mumba Devi temple in Bombay on Aug. 25, 2003. Two car bombings killed at least 25 people and injured at least 150.
December 9, 2008 at 2:16 pm
Calvino, I can always count on you to do your homework, but your math, well, that is another matter. To get the impact needed in a country of over a billion 16, 25, 60, 67, 150 or 188 will not cut it. As many people die of car accidents in India in a day.
Not to worry, your understanding of terrorism is limited to New York muggers and Wall Street conmen, so you are excused.
Of course, I may have forgotten 9/11 and bin Laden, but then he worked for the ISI who are handled by the CIA, so lets call that one an inside job, shall we?
December 9, 2008 at 3:17 pm
Let’s not forget that there are often pragmatic motives. For example, Pakistan seems to be currently experiencing some odd variety of anarchism. (No doubt with vicious infighting.) So they need some kind of military action to keep the population organized around a common cause. I don’t know how Indian politics is working out, but the situation there is always complicated. Meanwhile, the Anglo Bloc would dearly love to pull India, with all it’s vast potential, into it’s circle. I would bet that the Indians will go to the Eastern Bloc, since it is rising and the Anglo Bloc is failing. They are not at all stupid. Mutual low-level hostility offers political benefits for both India and Pakistan.
I am also wondering about Obama’s supposed plan to pull out of Iraq and move all the troops into Afghanistan. The war there would seem to be hopeless even if that were done. He could keep the troops trudging around Afghanistan, but not really fighting the Taliban (acoustic warfare). After all, if they were all just brought home, the real unemployment level would immediately precipitate a visible great depression. I’m just airing these guesses.
December 9, 2008 at 4:58 pm
Calvino is right in this case. Terror attacks are common in many parts of Asia until say, a communist government or a radical revolutionary religious organization takes over and runs things pretty brutally.
Even then, you get bombs going off, etc. Occasionally, these spill out into the bigger empires. So we get radicals coming to Europe or America to wage their wars.
The world is a very complicated place, Many of the people who are deep inside various spook organizations try their damnedest to manipulate these civilian terrorist organizations.
This leads to ‘blow back’. Anyone who imagines that the US or Israel or Russia are in charge of or even slightly control these civilian revolutionaries is NUTS.
They are nearly by definition, uncontrollable. Often, organizations like the CIA or ISI or KGB or Mossad feed and protect these terror cells. But they don’t control or even dictate anything to these groups.
These terrorist cells know this very well and play the spook organizations like a fiddle. They know exactly what they are doing! And their goal is to create big enough wars to upend all the major empires: Russia, China, the US and EU.
December 9, 2008 at 5:57 pm
The autoworkers in Tennesse and Alabama must be a curious lot. They seem to actually LIKE lower pay and lower benefits than their Detroit counterparts. Logic would make one think otherwise. But wait…in general, the autoworkers in Tennessee and Alabama are a smaller AND younger workforce. This means lower health care costs than their Detroit colleagues. BUT: that won’t last long. Sooner or later, these Tennessee and Alabama workers WILL age–HaHa! you can’t avoid it. Wait until these Foreign car workers need an expensive medication or a major operation. These Foreign car workers will be PROUDLY non union but DEEPLY IN DEBT: hello bankruptcy, hello eating cat food when you are 68 years old. Forget about a comfortable retirement. Meanwhile, the politicians who fed these bozos this anti union crap are alternately laughing AND sneering at these autoworkers’ stupidity. Frankly, I find it hard to feel sympathy for these knuckleheads. I don’t wish them ill per se, but they DESERVE a taste of the medicine they wanted.
December 9, 2008 at 5:59 pm
critically brilliant.. More people died in a single year in car accidents than in the entire Vietnam war. Did not stop the society from nearly rupturing. Bad, bad analogy. Even more unnerving is that no one wants to get blown up when they are buying oranges with their children.
December 9, 2008 at 6:07 pm
‘Terror attacks are common in many parts of Asia until say, a communist government or a radical revolutionary religious organization takes over and runs things pretty brutally.’
The Pentagon did not like his methods – unorthodox. One day he sent his people to hit a schoolteacher and one of the farmers who was big in the cooperative. Hostile activity went to zero in the sector after that. Must have hit the right people.
Want to take a stab at the source of those lines. Paraphrasing, but should be enough there to identify.
December 9, 2008 at 9:29 pm
As the US just approved the China Construction Bank to move into NYC, the communist take over of the US is pretty much progressing nicely.
global-business-center.com/r6734,US_Authorizes_Chinese_Bank_to_Open_Branch_in_New_York.php
“The Federal Reserve – the U.S. central bank – on Monday approved an application by China Construction Bank to set up a branch in New York city. The Federal Reserve issued a statement saying the branch is expected to offer wholesale deposit-taking, lending, trade finance and other banking services.”
=====
Just to have some fun with our local Zionist Calvino who probably thinks communism in China is just dandy, I will post this amazing synthesis of world history from someone in Australia.
The truth should just send him OFF HIS ROCKER!
Does anyone what to predict the probability that he will respond with cogent facts about the formation and control of communism, or will it be one of the standard disinformation rants?
====
If anything, in your writing, you are shining the spotlight (successfully) upon a cryptocracy of elite families of the Moriah, or Illuminist or Sion or Rex Deus Dynasties (some of whom are of ethnic Judean or Desposyniac ancestry – tracing their lineage through King David) together with their global network of secret societies. The nations which observe Jewish law look to this Dynasty and its Council of Elders and Sanhedrin as supreme; so do many nations which are controlled by them. This is a covert super national government. Its agenda is world order on the basis of Communism as defined by the platform of the Internationale and U.N. Charter.
This highly elite group owns the Bank of Settlements in Basle (pronounced appropriately Ba’ al), Switzerland. Thus they own nations through their reserve banks of issue, they own the IMF and its corporate infrastructure. Marxist economic rationalism is their monetary dicta for nations – formerly one set of economic rationalist policies for the former socialist republic bloc of nations (the USSR) vs another set of economic rationalist policies for the capitalist economic bloc aligned with the West. Today, of course, their economic dicta is creating a global Soviet for the emerging Trilateral of EU / Russia vs NAU vs Asia/Pacific.
You are shining the spotlight very clearly upon the ways in which this cryptocracy has used and even genocided Jewish people in the service of the cryptocracy’s agenda to own the entire earth in fee simple and to enslave all nations.
I think historically with many documented proofs, you have successfully nailed the Revelation of the Method for the 20th century and its genocides.
Thesis: Bolshevik Revolution as financed by the Wall Street Banksters and dictated by them as State Monopoly Socialism for the USSR.
Anti-thesis: the WJC Declaration of War served on the anti-Communist state of Germany – the only nation capable of standing in the way of a Soviet takeover of Europe and Hitler’s rise to power financed again by the European Banksters in the same cartel with the Bank of Settlements at its Apex.
Synthesis: the Communism of the U.N. (its Charter identical to the Communist platform of the Internationale). This is the globalisation of the new world order now integrating into the Trilaterals of the global pyramid through the phoney war on ‘terror’ aka WW III against the peoples of the Middle East, Central Aisa, all Western nations. This Banksterism is being waged through the ideologies: Zionism, Economic Rationalism – capitalist version: bolshevism vs the corporate state, New American Century-ism, Islamofacism. More of this orc mischief every day.
And in North America, it is clear that the Communist Revolution is being conducted from the highest levels of Western governments. Their script for America demands a ‘backlash’ against the Jewish people as responsible for this Revolution in the minds of the multicultural population at large. In their script ‘the Backlash’ will be the trigger that changes the entire rule set and justifies every tyranny: internment of thought criminals, abridgement of all rights etc.
You clearly demonstrate from many sources that the Jewish people (as a people) are victims of this dialectic and have also suffered among the genocides of the twentieth century. Rightfully, you oppose this. And so should we all….
Not for nothing do the Bolsheviks first deal with the intellectuals. Summarily. Because the people who read and think for themselves and are never satisfied until they get it figured out will get their number. And there will be worse to come when these Sons of Bitches use their proxies to commit terrorist acts on the American people and orchestrate their backlash against the Jews- they are going to pin it on the ‘homegrowns’ the thought criminals a.k.a. intellectuals who figured it out. You figured it out Henry. Through you, many have also done so.
Time is short. But unless those who know and understand speak now we will regret it forever. Write on for your people, Henry, who as fellow Americans and Canadians are loved as a people, an integral part of the great multinational Project America. And may the Gentiles who love the God Abraham, Isaac and Jacob and our Lord, Jesus Christ cheer you on.
Lynda, Australia
December 9, 2008 at 10:07 pm
Arrgh! Anyone who thinks bankers were funding the Russian commies is NUTS. The communists caused tremendous fear in the ‘bankers’ in the west to the point, many of them in England and the US backed Herr HITLER.
People forget, many bankers in the past were most certainly NOT Jewish at all…by the way. And Bush’s granddaddy was pro-Hitler.
December 9, 2008 at 10:56 pm
Elaine, if clarity is your definition of nuts then we are nuts! LOL. Either that or the CIA, KGB, Mossad and the like only dance the two step. You know better. When they wind up that toy they know full well all the subsequent movement and scenarios that will play out. They have perfected their formula through decades of deatrh and destruction. They calibrate, ramp up, or wind down according to need. They have had hundreds if not thousands of test cases and successes over the years. Its what they do. To think otherwise is overly simplistic. Intel runs into problems when the politicos attempt to change their game plan in midstream, to suit their personal political agenda. Then they either change the politico or put a scenario in play that destroys him.
All is relative to money,and here the intel agencies are King. No money, no revolutionaries. They need the revolutionaries to justify their existence and for people to think that they are not “in complete control”, by making everyone think the revolutionaries are “uncontrollable”. It’s easy to say take out a Hariri with a JDAM and blame the the Hezbollah or Syrians. $18,000 of kit and you have achieved what millions of dollars of political patronage and influence could not. Btw, that’s a lot of oranges Calvino. It takes two hand to clap. Wrap your head around that. LOL.
There are uncontrolled players like say the Somali pirates who are driven by destitution. But only for a little while, eventually they too are controlled and used.
Haven’t you noticed how while all the banks and industrials are out of money and passing the begging bowl to the American taxpayer the intelligence agencies are quietly going about their business? The drug trade is their piggy bank, and it funds their ops way beyond the imaginable. $1 Trillion per years worth. That is at par with the yearly Yen carry trade (which is now toast) which obviously led to cheap money lending activity which has bankrupted the U.S. The drug trade is far worse, it has destroyed countless families and children in the U.S., and for what? I leave you to answer that question.
December 10, 2008 at 12:56 am
There has to be a huge connection between the drug trade
and the hedge funds that frequent the “pirate coves” of the
Carribean, ie, Cayman Is. Has anyone explored that little
realm of dark matter.
More reserves (including cash) improve the loaning ability of
banks. I would be willing to bet that they are very deeply
involved in drugs as well as conning the government out of
bailout money, in order to re-load their blown reserves.
December 10, 2008 at 4:43 am
Criticalcontrarian: illegal drugs and empires go hand in glove. On the other hand, the ONLY time ANY empire funds revolutionaries is when they hope to destroy another power or another nation.
The German emperor in WWI thought he would play a dirty trick on his cousin in Russia [they were very much blood relatives!] by shipping a dangerous revolutionary to Russia to stir up trouble. He did NOT expect Lenin to win great power and kill his relations!
Nor did he expect, himself, to end up out of power, too. The British throne was horrified by all this and spent money trying to get the Russian nobility back into power! This reactionary revolution failed. Trust me on this: bankers far, far, FAR prefer royalty over revolutionaries!
There are, as usual, typical ‘blow back’ situations where people help dangerous people and then get attacked later. The US, for example, funds people seeking to overthrow Chinese rule in a number of provinces in China. I would not be surprised if China funds groups seeking to tear apart the US, too.
As for the spooks in the US going ‘about their business’: they have ENDLESS FUNDS. And can we know how much?
HAHAHAHA. It is a secret. But do note that Congress and the President seem to now have absolutely no control over their overspending. So all things violent or ugly or secret are being funded very, very well. Limitlessly, in fact.
December 10, 2008 at 5:48 am
Elaine: I agree for the most part to what you are saying, however, there is a great difference between Pax Americana and past Empires, a very big one, simply it infects its own, it eats its own offspring.
The Queens men forced opium on the Chinese not on their own people. The biggest market for heroin, cocaine and cannabis is the U.S., this while U.S. intelligence controls the world drug trade. They allowed the drug lords to set up, grow and establish the conduits to market, then killed them in the name of law enforcement and took over their operations. Afghanistan was never about bin Laden, it was always about the poppy. The taliban were in the way, they practically destroyed all the poppy plantations. Today, it is back with a vengeance; there are photos of U.S. soldiers within rifle distance of the fields.
China doesn’t have to spend any money to destroy the U.S., it does not have to; the U.S. government, elite and sheeple are doing well enough left alone, thank you very much. Sad, but true.
December 10, 2008 at 7:31 am
Oh my! HAHAHA. Do you realize, much of the mania of the Victorians for detail stuff all over everything, this is how opium operates on the mind?
Much of Victorian England was hooked on opium! It was even given to children to put them to sleep! It was everywhere. Ditto, other things.
Coca cola, for example, had cocaine in it.
December 10, 2008 at 8:42 am
And the difference between the Brits and Americans is what pray tell….???? Is not the Fed majority owned by the by the Brits? And Coca-cola is American last I heard.
January 11, 2009 at 11:02 pm
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August 13, 2009 at 4:02 am
This is pretty sobering info. One wonders how far off a global economic collapse is.
-Mike