GLOBAL BANKING COLLAPSE GETS WORSE

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The spiral of very bad news continues to flow in from all parts of the planet.  This doesn’t even slightly surprise me.  The US was allowed to run for 35 years with  growing trade and budget deficits which are utterly unsustainable.  The entire system depends on the US over-consuming and deindustrializing itself, fatally.  Finally, the end heaves into view.  Just like it did for the British Empire, 100 years ago.

 

Australians warned their budget is ‘buggered’ – Telegraph

 “Batten the hatches. This is not just a recession. This is the sharpest deceleration Australia’s economy has ever seen,” the company’s quarterly report said.

Thanks to its strong export ties to China, Australia – once dubbed the “miracle economy” – managed to escape the downturn that hit the US and British economies last year.

However, with China’s growth now slowing and the mining boom effectively over, it is widely accepted that the country will join the long list of countries suffering from the global financial crisis.

Access Economics said the federal budget was “buggered” because of its heavy reliance on the price of commodities, which was now falling. It said the four year boom enjoyed by the country had disappeared in four months of “chaos”.

All bubbles pop much, much faster than they grow.  Even as everyone can see an obvious bubble, they are helpless when it happens.  Like the Romans at Nero’s feast, people get drunk and are unable to react.  Then, they see millions of rose pedals falling from above.  More and more pile up until they are smothered. 

The roses, in this case, are fiat dollars.  All the central banks of the world happily churned out loans and did many of these based on US trade dollar leverages.  The key nation doing this has been Japan.  This gave Japan tremendous trade leverage with the US, too.  Which is why they did it.  I often complained about the ridiculousness of having the world’s #1 and world’s #2 economies running up such huge debts and one of them being mired in a ‘depression.’  

 

I often said, the Japanese depression was increasingly fake as inflation moved along increasingly higher there and they had more and more GNP growth.  I said, the ZIRP business in an inflationary, growing economy, was nasty.  And it is!  The US now has a collapsing economy and this, in turn, is hammering Japan’s economy.

 

Japan not only started the ZIRP business, the zero interest game, they locked out much of the world’s economic activities due to constantly lowering wages and reducing consumer credit.  Now, everyone is being forced to lower wages and reduce consumer credit and interest rates across the planet are plunging to zero!  Japan’s monumental trade profits didn’t percolate downwards at all. 

 

Japan’s Service Demand Falls as Worsening Job Prospects Hinder Consumption

 

(Bloomberg) — Japan’s demand for services dropped in November as a deepening recession prompted companies to fire workers and lower wages.

The tertiary index, a gauge of money households and businesses spend on phone calls, power and transportation, fell 0.9 percent from October, the Trade Ministry said today in Tokyo. The median estimate of 26 economists surveyed by Bloomberg was for a 0.8 percent decline.

Toyota Motor Corp. and Sony Corp. are firing workers to cope with the global recession that triggered a record drop in exports in November. Wages slid and job prospects worsened in the month, and economists say consumers will keep cutting back as the slump in the world’s second-largest economy intensifies.

 

Due to peculiar social conditions in Japan, there were no worker’s riots, unionization or battles for power over all this.  Instead, the entire workforce simply gave up the ghost and accepted a perpetually declining condition.  Being the world’s #2 economy, Japan’s inability to soak up more consumerist commerce has been a huge hole in world trade.  

 

HSBC, Asian Banks Decline as RBS Loss Signals Deepening Financial Crisis

 

(Bloomberg) — HSBC Holdings Plcled banking shares lower in Asia after Royal Bank of Scotland Group Plc flagged the biggest loss in British history, fueling concerns among investors that the industry crisis is deepening.

HSBC, Europe’s largest bank, lost as much as 8.8 percent and traded at HK$57.20 in Hong Kong at 10:16 a.m., the lowest since October 1998. An index tracking 84 Japanese lenders fell 3 percent in Tokyo. Banks in Australia and Korea also declined.

RBS tumbled 67 percent in London yesterday after saying it may post a full-year loss of as much as 28 billion pounds ($40 billion). The U.K. government is stepping up an industry bailout, less than a week after Bank of America Corp. received a $138 billion rescue and Citigroup Inc. announced plans to split in two.

 

We are in a riddle here: who can we all borrow from if all the banks in the world are bankrupt?  The answer is, everyone borrows from their own governments.  But most governments are running deep in the red, already.  

Here is an old story I wrote in early 2005:

As Americans pile into their huge SUVs that are polluting the planet and go off Xmas shopping using credit courtesy of Asia and Europe both of whom are frantically offering us billions in debt instruments so we will keep on buying their stuff while we lose one factory after another here at home, the NYT calls this “an addiction”. Well, I call it “Traitors in America selling us down the river.”

From the NYT:

t’s an addiction. Every day, the United States sucks in more and more of it from abroad, just to keep the nation going. We speak, of course, about foreign money.

At our current rate of trade and budget deficits, foreigners need to purchase $2 billion in dollar-denominated assets each day just to keep the dollar stable, said Axel Merk, who manages $60 million at Merk Investments and runs the Merk Hard Currency Fund.

Over half the national debt is now financed by foreigners, according to Roger Ibbotson, chairman of the financial consulting firm Ibbotson Associates in Chicago and a professor at Yale School of Management. That’s been true since 1980, but the difference now, he says, “is the scale of the game.”

“I guess everyone wants to keep this game going,” Ibbotson said. But if one of the countries we’re most dependent on drops out, it could be “like a bank run.”

When empires fall apart financially, the whole world trade systems collapse. It happened to the Spanish empire. It happened to the British Empire. It will happen to our empire. Anyone who knows anything about history minus the stupid propaganda points (like pretending we were fighting for democracy during WWII) knows that when an empire reaches its apex it nearly always goes into a financial frenzy, building palaces and stadiums, getting more and more reckless with their currency, wild military exploits that bring home no spoils, only corrupting the empire further. Diminishing returns on a shrinking market as the distant provinces demand support. All empires react by pulling back but only after they go bankrupt and it is pointless.

Why is the interest rate in Japan so pathetic? They have inflation. They import 100% of their oil, for example. Yet they are flourishing while our economy is on the ropes, kept alive only by history’s biggest spending spree. One last time, we rush to the stores to buy stuff we no longer make. Once more, we fall into the same, stupid trap. As the sun sets on our empire, we send our leader (snark) abroad to be insulted and laughed at, a caged bear with a begging bowl, covered with fleas. Even now, the lesser provinces like Israel and Poland, drags on our diplomacy, demand we pay them tribute, not the other way around.

The tidal forces at work back then are now flowing in the exact opposite direction.  Money is no longer flowing out of every pore of every bank across the planet.  All banks across the entire planet are seeing the opposite: FUTURE returns are vanishing forever.  People are defaulting on loans. 

 

If the problem was banks not lending, this is very easy to solve.  But when the problem is people not paying their loans and defaulting, then we get depressions.  Everyone is firing workers and closing down things and this leads to more bankruptcies and this process of everyone shutting down as fast as possible is guaranteeing more bankruptcies.  This is a vicious cycle, of course.  One that Japan was very familiar with.

 

The flood of easy lending ended the exact same month the Japanese carry trade stopped.  We can trace this reversal of money movement to exactly July, 2007.  The yen is still 90 to the dollar and this is very painful for Japanese export one-way trade.  But Japan should never had been allowed to be so aloof about equal trade deals in the first place.

 

The cartoon at the top of the page is one I drew back then.  The US is an easy credit addict.  We are now suffering from withdrawal pains.

September 27, 2007:  Money Matters: G7 Dwarf Nations Attack Chinese Dragon For Being Too Smart And Rich

 

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Picture_16

 

 

 

 

 

 

 

 

 

 

 

OK! Number crunching time: World External Debt is a whopping $44.6 trillion…3 years ago! It has balloned since then and is probably at around $52 trillion or more. Most likely, more. The US was at $10 trillion over a year ago and has climbed another trillion or so since, I am assuming. England is probably $9 trillion now and this is terrible! Good barking grief!!! How can they do this? They are a tiny country! They have a fraction of our population! They have… they DON’T have much of a united kingdom at all and the Queen is ripping them off by allowing off-shore financers avoid paying taxes! And they are spending as if they are a huge empire and this includes military occupations of many countries they have no right to be in.

When I saw this number, my jaw dropped on the keyboard and dented it.

Next on the list is Germany. Nearly $9 trillion. Gasp. Mein Gott. Das ist aber ganz schrecklich! Wie können sie das tun? Ganz grausame.

France and Italy, other members of the 7 dwarves, follow behind. ‘Hi ho, hi ho, it’s off to bankruptcy we go!’ they sing as they march behind the US into the Dragon’s lair. ‘Hey,’ yells Sleepy Trichert, ‘Someone tell the Dragon to turn on the lights!’ Next comes Netherlands and Miz Japan bringing up the rear. All seven of the conspiritorial G7 dwarves are… ALL IN DEBT UP TO THEIR DAMN EYEBALLS. Or the tops of their pointy caps, I may suggest.

So….the deep in debt 7 dwarves are back to attacking the much thriftier Dragon for not being financially responsible?

 

That article was from 2 years ago. Let’s go to the CIA to see the numbers from 2007:

picture-131

  1. World external debt has shot up by $7 trillion.  
  2. US debt has shot up by over $2 trillion
  3. UK debt has shot up by over $2 trillion
  4. France has shot up nearly $1 trillion
  5. China went up $600 billion
  6. Germany has gone up only $500 billion
  7. Ireland has gone up $500 billion
  8. Netherlands has gone up  over $300 billion
  9. Japan has DROPPED by $100 billion

So world debt grew massively…except in Japan.  Always the exception to all the rules.  The chart, of course, is woefully out of date.  The US debt has climbed much more than a trillion in just six months!  And plans to climb several more trillion in the near future!  The number at the top, the total, is from 2004 and is really out of date.  It is about $66 trillion which happens to be the number of the Derivatives Beast!  HAHAHA.  Hell’s bells, isn’t that queerness?

 

Money is debt.  Dollars are IOUs.  Since the vast majority of global trade and banking is in dollars, this makes the fiat currency grossly over-grown in size.  Yet, we are in a severe deflationary spiral!  

 

I suggest, this is because vast oceans of paper money value is in paper products like mortgages, SIVs, CDOs, etc that are rapidly losing value.  So the ‘money’ vanishes since it is future money, not present money.  There is no way for the mass of systems mired in debt, to pay this off, in full.  The US could do this by making magic money.  But no one wants this.  Except for the damn bankers!

Market Skeptics: Hyperinflation will begin in China and it will destroy the dollar

The US’s trade deficit requires China to print money!

The little discussed downside of the dollar peg is all the money China has to print to maintain it. China’s Central Bank puts the extra dollars it receives from its trade surplus into its growing foreign reserves and then prints yuan to pay Chinese exporters. This results in an increase in China’s base money supply by an amount equal to the increase in its foreign exchange reserves. While China’s ability to keep accumulating US reserves is endless, its ability to keep its money supply under control is not.

An interesting read.  Only it is all reversed: the US, due to our need for more debt money, has to get this from either Japan or China.  China is now spending more, not less money, while ONLY JAPAN is reducing debt spending.  So this means, the US has to get Japan, not China, to do this trick.  The world is NOT flooded with yuan.  It is flooded with DOLLARS.  And we plan to hyper-flood it with dollars in the near future.

 

California is cutting money to children and the disabled.  The sums needed are less than we spend in one year fighting barely armed peasants in Afghanistan.  All we have to do is, stop fighting and spend this money in California.  HAHAHA.  Will Obama figure this out?  NO.  He is surrounded by Zionists who desperately want us bogged down, fighting pesky Muslims.

 

More US debt.  Note that we top the CIA list.  I hope the CIA goes, in greatest alarm, to Obama and tells him about this.  And cows will jump over Gaza and not get shot.

 

PBOC’s 2009 Bill Issues Likely Down Over 70% – Clearing House

SHANGHAI (Dow Jones)–Bill issues by China’s central bank will likely fall more than 70% this year as Beijing eases monetary policy, the clearing house for China’s interbank bond market said in a research note.

        The People’s Bank of China will likely sell less than CNY1 trillion ($146.3 billion) worth of bills this year, down sharply from CNY4.23 trillion in 2008, China Government Securities Depository Trust & Clearing said in the note published last week.

        Outstanding PBOC bills will likely total CNY3.2 trillion by the end of 2009, down from around CNY5 trillion by the end of 2008, the clearing house said.

Since Japan is doing this, China must do this.  And we must do this.  We won’t do this.  So what does that make us?  We are opening the spigot.  They are both closing it.  The Asian people know how to batten down the hatches.  We leave all our windows and doors wide open.  Who is the deepest in debt?  The US, not China, not Japan.  Japan’s is 1/10th our debts.

 

Bloomberg.com: Invest

‘Time to Sell’ Treasuries, Biggest Korean Fund Says 

A rally that sent U.S. Treasuries to their best year since 1995 is coming to an end, South Korea’s National Pension Service, the country’s biggest investor, said.

U.S. government efforts to combat the recession will prompt the Federal Reserve to raise interest rates this year, said Kim Heeseok, who oversees $160 billion as head of global investments for the service in Seoul. The decline would snap a surge that sent the securities up 14 percent last year, according to Merrill Lynch & Co.’s U.S. Treasury Master index, as investors sought the relative safety of debt.

“It’s time to sell U.S. Treasuries,” said Kim, who took over as head of investments at the start of the year. “The stimulus plan may cause inflation. The U.S. will raise the benchmark interest rate.”

Asia is now in a new format: they are no longer trading with the US, they are in World Turtle mode. The world, you see, rides on the back of this Turtle. We are the turtle, of course.

 

S&P strips Spain of its AAA credit rating – Telegraph

The credit-rating agency’s downgrade comes at a delicate moment for Euroland’s weaker bloc. Several states already face difficulties raising money on the bond markets. The yield spreads on Spanish debt rose yesterday to a post-EMU high of 122 basis points above German Bunds, though still below levels for Italy, Ireland and Greece.

Explaining the downgrade, S&P cited the “structural weaknesses in the Spanish economy” and predicted a long recession that will raise public debt by 18pc of GDP and may entail a huge bank bail-out.

Brussels predicted that unemployment in Spain would reach 19pc by next year, pushing the jobless total to near 4.5m. Opposition leader Mariano Rajoy called on finance minister Pedro Solbes to step down as a “patriotic duty”. “This is a man who has thrown in the towel. He’s given up, he’s got no ideas left and no clue what to do next,” he said.

The Spanish housing market was very much like Florida.  Much of it was vacation houses for people living further to the North.  When the banking collapse began in the US and the northern European states, it quickly took over the southern vacation/retirement communities.  The same empty fun in the sun houses sit abandoned in the Mediterranean as in the Gulf of Mexico.

 

Bloomberg.com: Worldwide

RBS Plummets Amid Concern Bank May Be Nationalized 

 Royal Bank of Scotland Group Plc slumped by the most in two decades in London trading on concern the government may have to take full control of the bank after forecasting the biggest loss ever reported by a U.K. company.

The stock dropped 67 percent, the most since September 1988, to 11.6 pence, paring the Edinburgh-based lender’s market value to 4.6 billion pounds ($6.7 billion).

“Nationalization at zero value is implicit in the price,” said Derek Chambers, an analyst at Standard & Poor’s Equity Research Ltd. who has a “hold” rating on the stock. The stock price “is an option on the vague chance that it doesn’t get nationalized.”

First Iceland, then Ireland and now Scotland: like a tsunami, the wave of collapses are moving relentlessly southwards!  In Europe, it is moving from East to West.  Scotland can nationalize the bank.  But it does nothing about the collapse of the currency and trade.

 

RBS on the brink as shares plummet by 69% and City is warned: ‘You’re about to become Iceland-on-Thames’ | Mail Online

RBS on the brink as shares plummet by 69% and City is warned: ‘You’re about to become
Iceland-on-Thames’

Bank shares plummeted today after the Royal Bank of Scotland revealed it was facing the biggest loss in UK corporate history just as the Government launched its latest attempt to stave off economic disaster.

RBS, which owns NatWest, saw its value plunge by a massive 71 per cent at one point to a 23-year low after announcing it stands to lose up to £28billion for last year, almost double the previous record loss for a British company.

The bank’s new chief executive Stephen Hester said it was time to ‘fess up’ to the mistakes made during the boom years as he revealed it will lose £7 to £8billion on lending and another £15 to £20billion from taking on Dutch bank ABN Amro. 

Losing only $35 billion?  Well!  That is peanuts for our banks!  They lose $1150 billion without blinking an eye!  And get bailed out, too!  The glories of being the global trade currency…which is not for much longer.

 

Brown’s fury at Royal Bank of Scotland’s £2.5bn loan to Russian oligarch | Mail Online

Former Royal Bank of Scotland boss Sir Fred Goodwin, branded ‘the world’s worst banker’, was blamed last night for forcing taxpayers to write off a £2.5billion loan to a Russian oligarch.

The money was lent by the bank, which is now controlled by the Government, to Leonid Blavatnik, 51, a London-based billionaire who owns chemical giant LyondellBasell, which is on the verge of collapse.

Treasury officials examining RBS’s books were horrified to learn that they included the sum to Mr Blavatnik, which has now been written off.

A senior official said the loan was more evidence that the recklessness of banks was a major factor in the credit crunch.

‘These bankers doled out ridiculously large sums to foreign investors to finance deals which had nothing to do with Britain,’ said the official.

‘It is only now that we are going through the banks’ accounts that we can see the true scale of their irresponsibility. Some of it is every bit as crazy as the American sub-prime loans scandal.’

Competition forced bankers to offer loans to every con man on earth.  Now, we get to find out exactly how many.  I’d say, the majority of the people getting loans were cons.  They used offshore islands and the Japanese carry trade.  Now, these loans are collapsing. Duh.  

 

I bet the vast majority of the super-rich are both cons as well as DEBTORS.  I say, let’s restart debtor’s prisons only have them for people borrowing more than a million dollars.  And of course, the bankers who went bankrupt lending to Mafia bosses of various ethnic groups, should also be sent to these prisons.

 

Ireland to restrict accounts of big Anglo debtors | Reuters

The Irish government is placing heavy restrictions on the accounts of major debtors of Anglo Irish Bank (ANGL.I) under legislation nationalising the top-3 bank.

Under the draft law, which will be debated in parliament on Tuesday, anyone who owes the commercial lender 20 million euros (18 million pounds) or more will be prevented from withdrawing money if the total in their accounts would drop below the amount owed.

The only way the debtor can get around the restriction is by applying for the written consent of the bank itself. A copy of the legislation is available here. Irish media have reported that the Quinn Group, onehere. Irish media have reported that the Quinn Group, one of the largest family-owned businesses in Ireland, is Anglo’s single largest debtor.

Right now, since so many cons took up huge debts, we can’t trust most debtors to be honest.  And honest people in debt are being forced into bankruptcy due to the overall economic collapse due to all the cons who got immense, multi-billion dollar loans to buy up and destroy, many businesses.  Remember: the madcap buy-up/buy-out mania fueled by the bankers and the con men featured wage drops and layoffs.  And THESE are the reason the global economy is collapsing.

 

All those useless, stupid deals were very destructive.  We burned down our capitalist system in order to park immense and stupid loans on top of every possible equity platform.

 

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38 Comments

Filed under .money matters, Free Trade

38 responses to “GLOBAL BANKING COLLAPSE GETS WORSE

  1. cognitis

    I’d alerted my clients to Iceland’s banking crisis as significant. First, many institutions and governments could have easily guaranteed Iceland’s banks, thus averting a panic; second, Iceland served as a key US base during Cold War; finally, Iceland’s banks served as custodian for many offshore tax havens’ accounts. That many could have averted a panic and didn’t, indicates an intention to create the images of panicked Icelanders clearing grocery shelves, images of Europeans starving; if US were a major power, under no conditions should it have allowed a newly-threatening Russia to guarantee Iceland’s banks; also, BOE should have never allowed crown territory depositors to lose everything in their Iceland MM funds, or why would BOE have guaranteed all the other failing banks?

    Today, UK daily uses “Iceland-on-Thames”. Evidently, the intentional delay in saving Iceland’s banks shows up now in UK; few could miss the comparison: both Iceland and UK are islands dependent on food imports.

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  3. PLovering

    cognitis, nice try.
    .
    In point of fact, Iceland was deliberately targeted for financial destruction by Lizard Central Bankers.
    .
    That the Russians bailed them out speaks volumes.

  4. nah

    how can this look so easy? imean is there something im missing we payed excellent salaries for macro management… i think the world is run by super computers that want socialism…. watch
    .
    http://www.dailymotion.com/video/x7gqts_immortal-tyrants-graspop-2008_music
    .
    journey to the center’ of the earth

  5. PLovering

    Was zum Teufel ist das? China und Russland kaum aus der Liste.
    .
    Die fucking Echsen getötet die goldene Gans.

  6. hardrock

    Elaine, where you said; “All those useless, stupid deals were very destructive. We burned down our capitalist system in order to park immense and stupid loans on top of every possible equity platform.” This comment shows again your keen insight and ability to put in the fewest possible words a key idea and thought. Excellent observation my Dear!
    An entire book [or books] could be written on this subject alone.

    What one is obligated to do however, is to understand how it was possible for this to happen. There are numerous reasons, two of which are of utmost importance to understand. First; it can only happen when we have unrestricted fiat money with which the debt is facilitated. Second; Regulators looked the other way because of the total corruption in the ‘Big Biz’, ‘Big Gov’ revolving door. The rest is all about motivation and methodology.

    So much hinges on the flawed aspect of human conscience where the age old problem of ‘obey or be obeyed’ is in play always.

    Sad damn state of affairs we humans have gotten ourselves into…..the way out will cost billions, yes billions of lives before we get tired of killing one another. The ‘Kondratieff Winter’ has already started. None of the civilized world is prepared for the disintegration which take place on a rapid scale…..the slow moving train wreck is picking up speed because those in control refuse to see that the problem they helped create is now a monster of such proportions it hides in plain site. They, with their monstrous egos and fear are unable to admit there is a major probability they will fail. They, in fact, do not even know they ‘don’t know’.

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  8. Dutch

    URGENT MESSAGE TO PRESIDENT-ELECT OBAMA

    SOLUTION TO THE FINANCIAL CRISIS

    Declare all debts forgiven. Export it through free trade. Nationalize the market. Print money for wages. This will turn deadbeats into productive members of society instantly. Productive members of society need to “tithe” to each other. Eliminate all taxes. Run free trade by barter. Recall immediatly all on the unemployed payrolls to return to work.

    MALACHI CHAPTER 3 (KJV respectivly)

    Let us not squabble over past trangressions. Forgive! Martin Luther King Jr. mentioned “contents of our hearts and not the color of our skin” this can be accomplished through the “tithe”

    OH MY GOD! (I am turning into a democrat!)

    HAHAHHAHAHHAHHAHAHA

    YES WE CAN!

  9. Dutch

    Dont Hand Money Out To Special Interest It Promotes Inequality.

  10. Melponeme_k

    I’m still holding a small bit of hope that the new Obama administration will make some difference. But not that much.

    It seems the bigwigs are determined to pull as much value out of the system before it collapses. They have already written the small people off.

  11. BigKev

    I don’t believe that you can blame individual bankers for making ultimately stupid decisions. In a highly competitive environment, competitive individuals will make whatever decisions necessary to win – this is what business is all about and national interest or protection of global economy is a distant whisper.
    In Aus we have a body called APRA. Not as strong as it could be (how many regulators were) but certainly not corrupt like some.
    The banks here had the sword of loss of banking license hanging over their head to at least keep them in some sort of check – thus, although the Aus banks are suffering, nothing like the scale of the unfettered international banks

  12. Dutch

    ONE MORE THING

    PEG GOLD @ 1000 AND SILVER @ 50 (the peoples money)

    CASH NOW BECOMES CREDIT (the governments money)

    Jesus Christ said “I am the way, the truth and the light.” Let us pick up our cross and follow him.

  13. criticalcontrarian

    Elaine: Banking as it exists today is a con! It’s all OPM (other people’s money), they never use their own; they cook every mark in their own fat. Allow me to qualify that statement, fractional banking without accountability is a con. And right now it looks like almost every monkey and his uncle is in on the big con. Too sad. But on the bright side, the collapse will certainly bring a lot of change, all of it forced no doubt. They will all be dragged to Hell screaming and crying their innocence to no avail…
    [..]
    BTW, looks like some Get-Out-Of-Jail cards have been bought and paid for: Obama’s Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives @ http://tinyurl.com/8zb62b
    I truly hope we can see some change, if not, that will be a clear message from Providence, or Libra, that it is time for the West to pay the Piper.

  14. don

    I am about 2 blogs back interpreting the Gata
    and TOTBORR graphs. The concept of China calling
    in all those debts scares the hell out of me !!!!!

  15. criticalcontrarian

    A Bit of Humor. For anyone who still believes in the Fed, in Wall Street or the City, you might as well take your chances doing this, because at the end of the day this is really what you are doing:

  16. emsnews

    Half of the inauguration costs were spent long before anyone was elected. They thought that we would be over the crash by then. The ridiculous building of huge bullet-proof containers, etc. was going on when I was last in DC in September.
    ;
    As with all empires, the pomp and display business actually shoots up as an empire dies. England’s ceremonies for Queen E II were much more elaborate after all the colonies were peeled off and the empire became a rump state like Israel with only one colony, the giant US, to milk. And they milked us.
    .
    So we get a few more ‘hurrahs!’ before we lose our nation. Remember: there is this huge split in the US. The regions that are being heavily taxed and then, the taxes going to the South and western republican states is a thorn in the sides of the North.

  17. Gary

    Another sign of a decaying empire are viscious
    fights over peripheral issues. Rome was like this in its last days with huge quarrels over trivial political problems. On all the
    real issues, mental rigor mortis had already set in–issues of money,class privilege,and military.
    America is like this now with huge battles over
    gay marriage,the morning after pill, and the
    theory of gravity, er evolution.

  18. openly hidden

    no. us “losing” our nation is not going to happen. big changes, hopefully, but the absolute last thing obama and his supporters are going to let happen is an outright collapse. you all completely underestimate how easy it would be to utterly squash any internal threat to our society if they go for it. 100 can easily be controlled by a few. tatooing faces and chopping a foot off dissenting subjects as fine examples for the rest of us is way more likely than obama and his people who finally got their chance stands by and watches collapse. won’t happen.

  19. openly hidden

    no matter what might happen, obama did not get elected to preside over the disintegration of the usa REPUBLIC, and we are not and never were nowhere near EMPIRE! that could be an option B.

  20. openly hidden

    and the us military, the illinois national guard, all the police forces, AND the 50,000 member gang in chicago by someone ALL are going to be on obamas side no matter what happens to the banksters and gold and the old way of doing things….imho. end of story

  21. Bear of Little Brain

    Bloomberg just mentioned that a last minute change is that Obama will be sworn in using a Bible from a Masonic lodge/library/something (Lincoln’s Bible??).
    There was a really weird comment, something about the Bible falling open at a certain passage. I think she said Genesis 41, verse 13. I am probably wrong but, if I’m not, it goes:
    “And it came to pass, as he interpreted to us, so it was; me he restored unto mine office, and him he hanged.”
    ~
    The Devil likes you to glimpse his tail. I’ll listen out for confirmation.

  22. Bear of Little Brain

    Obama’s bible: Google threw this up:
    “There is no constitutional requirement that a Bible be used at presidential inaugurations. George Washington began the tradition at the first inauguration in 1789, using what was known as the Masonic Bible. The passage read was Genesis 49:13, chosen, according to the Architect of the Capitol, because the Bible was “opened at random due to haste.”
    http://www.freemasonrywatch.org/obama.inaugural.bible.html
    ~
    Genesis 49:13:
    “Zebulun shall dwell at the haven of the sea; and he shall be for an haven of ships; and his border shall be unto Zidon.”
    ~
    All gobbledegook to me. Anyone able to clarify?

  23. Bear of Little Brain

    An aside:
    When the City needed to expand office space, Canary Wharf was chosen for the development. The tallest building there is topped off with a pyramid.
    http://en.wikipedia.org/wiki/Canary_Wharf

  24. Bear of Little Brain

    Obama’s just been announced, prior to entering. They’ve avoided the “H” word – “Hussein”. So far. Heh.

  25. emsnews

    Thanks for the Freemason reminder. I will hopefully talk about that if no one screams at me, nonstop. You will all be surprised at the emails I get, accusing me of being evil because I talk about religion and money together. And talk about the Jewish community, specifically. The Bible is all about Jews! Gads. And we are not supposed to notice this.

  26. emsnews

    Wesley’s Notes

    49:13 Zebulon shall dwell at the haven of the sea – This was fulfilled, when 2 or 300 years after, the land of Canaan was divided by lot, and the border of Zebulon went up towards the sea, Jos 19:11.
    *
    OK: the whole thing here is BLACK MAGIC. Opening the Bible at random to do an incantation is very important part of Christian/Zionistic magic. I instinctually did this when doing a major exorcism in 1967, in Lawrence, Kansas.
    *
    In this case, I fear the reading is all about Zionism today.

  27. Jeremy/Nashville

    I was listening to Gerald Celente and he mentioned that we would see things get a lot worse after the inauguration, in February. I think this expensive inauguration is nothing but a display, or rather an attempt to keep spirits high. Well, spirits won’t be too high when the inauguration buzz is over and people keep loosing their jobs and getting utility bills they can’t pay. I think 2009 will be the year of collapse. I will say, I think Obama will get blamed for not “fixing” things, which is very unfair because no one can fix things at this point.

  28. Jeremy/Nashville

    I think involving the Bible should not be a part of the inauguration. The Bible shows us what people experienced, practiced, and believed in ancient times and it is certainly a valuable book of literature and contains a lot of information. But the Bible is a book “about” God, it is not a book given by God. To put your hand on the Bible, to swear by it, to make an oath by it, as if that seals the deal in some supernatural way is nothing but superstition and nonsense. America has Christian citizens, but it is not a Christian nation. America has Jewish citizens, but we should not be blindly pro-Israel. I am at least thankful that Obama mentioned the fact that America is a nation of ALL religions.

  29. hi

    Emsnews is on point. I wonder how much more effective the messages would be without the condescension? Ironic?

  30. emsnews

    I write the way I do because I am sitting on this mountain, deep in snow. I lived here for ten years in a tent and ten years in a house I built. I sometimes snark, sometimes yell, sometimes whisper. I may sound ‘condescending’ but to whom, pray tell?
    .
    Go to ANY website and listen to writers call the citizens of America, ‘sheeple’. I never do this, eh? HAHAHA. I do laugh at the string pullers at the top. A lot. Do join in.

  31. cognitis

    Along with banks, hedge funds have been blowing up; hedge funds limited partners (investors), though unlike banks, haven’t been protected by the Fed or Treasury or FDIC; since like banks many funds contain very illiquid degraded assets, funds have sought refuge in partnership provisions allowing redemption halts. Below is a link to a recent partnership letter; this general partner not only has stopped redemptions, but he has also made impossible all future redemptions and even jacked up his fixed management fee (fee for retaining assets against LPs’ demands for redemptions on inflated asset valuations). Read it for a good laugh, and he even quotes someone named Mary Kay: http://dealbreaker.com/images/thumbs/Steel%20Partners%20Complaint.pdf

  32. cognitis

    My recent post gives a link not to the partnership letter but to the lawsuit filed in DE chancery court by trust controlled by Carl Icahn et alii

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