Krakk i verdensøkonomien 1

Lagret under: 1 on november 23, 2007 at 6:39 pm

The Financial Destruction of America’s Middle Class

“You will not find that headline anywhere today. Why? Because it isn’t there. It is a headline from the future.”

-Bill Bonner, januar 2007

” “The US needs a trillion dollars a year just to stand still,” says David Bloom, currency guru at HSBC. Modern financial crises have always begun on the peripheries of global economy, setting off a chain reaction. Mr Bloom says the seizure this time will be at the heart of the system as the dollar buckles, pressing down on the “aorta of capitalism”.

So we have a world where the ageing economies of Europe and Japan are too fragile to withstand a dollar slide, yet America needs a weak dollar to cushion its own downturn. Meanwhile, China is holding its currency far below equilibrium. Nobody is doing much to break this impasse. The 1930s come to mind.”

-Ambrose Evans-Pritchard, januar 2007

Between reps and warranties and widening mortgage credit spreads, most subprime lenders will end up closing down or heading to Federal Bankruptcy Court. Indeed, even mortgage firms with limited exposure to subprime loans could fail. Even if a mortgage company survives, it will now have to dramatically raise interest rates to borrowers and put in place sound loan underwriting.”

-Richard Benson, februar 2007

Two analysts who have reconstructed money supply data after the Fed stopped publishing it argue a coming dollar collapse will set the stage for creating the amero as a North American currency to replace the dollar.”

-Jerome R. Corsi, februar 2007

Remember, it’s all relative. Gold has performed well, but only in the last few years. Our guess is that it will perform spectacularly well when this liquidity bubble finally pops – and reaction turns to overreaction.”

-Bill Bonner, februar 2007

“The United States of America and its citizenry has been assessed, warned, plotted against, and sold out by internationalists in government, business, and the banking industry. Its workforce has been decimated, its standard of living shredded and its working people made financial slaves through unjust taxation, socialist government practices, rules and regulations at all levels in society that would make any communist dictator grin with envy.”

-Greg Evensen, februar 2007

David Walker, Comptroller General at the Government Accountability Office, appeared on the show “60 Minutes” last evening to discuss the federal budget outlook. If you saw the show, you know that he painted a very sobering picture regarding the federal government’s ability to meet its future obligations.

If you didn’t see the show, Mr. Walker’s theme was simple: government entitlement spending is like a runaway freight train headed straight at American taxpayers. He singled out the Medicare prescription drug bill, passed by Congress at the end of 2003, as “probably the most fiscally irresponsible piece of legislation since the 1960s.”

-Dr. Ron Paul, presidentkandidat 2008, mars 2007

” As our phony economy begins to unravel before our eyes, it is amazing how few people can actually see it. The collective wisdom of stock market pundits, economists, and Federal Reserve officials gives the impression that everything is just fine. Although some acknowledge that housing is slowing down a bit, that there are isolated problems with subprime mortgages, and that inflation is not moderating as quickly as they hoped it would (let’s ignore surging oil prices), few can see any grave threats to continued economic expansion, or the bull market in stocks, bonds or real estate.”

-Peter Schiff, mars 2007

However, as I have been writing for years, the biggest losers in the real estate bubble will not be the borrowers who took advantage of easy credit, but the lenders who foolishly underwrote the loans. Whether they be unsophisticated clients of small brokerage firms like Brookstreet, or big time hedge fund clients of Bear Stearns, anyone who owns subprime mortgages is going to lose money. Some will lose 100% of what they invested, and those who used margin may lose even more.”

-Peter Schiff, juni 2007

Like rats on a sinking ship the banks, investment bankers and brokerage houses are scrambling, trying to save a rotten financial structure inhabited by a gang of thieves. The firestorm has begun. It is being delayed at every possible juncture, but it will be to no avail. The elitists are in denial. They do not want the system to collapse, not just yet. Their plans for world government have been derailed by what is the train wreck in the Middle East. As Zbig has said the road to the new world order has been delayed by 25 to 30 years. The problem is what they have put in motion cannot be stopped. The curtailment of credit and risk and the contagion has begun and it will have to be played out to its finish. During this process the media and the propaganda organs of government, Wall Street and corporate America are spewing out disinformation and misdirection.”

- Bob Chapman, juli 2007

As noted in the last newsletter, the fundamentals underlying the U.S. currency remain extraordinarily negative. While general movement against the dollar has begun, heavy dollar selling has not hit, yet. The timing of the ultimate move against the greenback remains uncertain, but the crisis likely will come sooner (next several months), rather than later, with little or no warning.”

- John Williams, juli 2007

Do alligators bite? Of course, they lie all the time. Some things were sacred and they didn’t lie about them. The M3 data that shows how much money the Fed prints as well as how much is in circulation, etc, just last year, they announced, ‘No one is really interested in these numbers and they are too hard to compile.’ Like a drunken, gambling spouse declaring there is no need to balance the check books or look into the bank accounts, so it is here. Many people yelled about the M3 numbers being suppressed but to no avail, of course.

Onwards! Since they are lying about basic bank accounting, they have to lie about everything else or people will figure out, something smells rotten in Denmark, DC.

They redrew the rules for figuring out inflation so it no longer tracks inflation. This is so they can cheat retirees and have fake interest rates and thus, steal from granny and gramps and starve school children while lining their own pockets.”

- Elaine Supkis, august 2007

The near-failure of the German Sachsen LB bank, which had to be saved from bankruptcy with 17.3 billion euros in credit, revealed that European banks hold over half-trillion dollars in so-called asset backed commercial paper, much of it in the U. S. and subprime mortgages. A failure in America caused Europe too to face a crisis. The problem is scarcely isolated.”

- Gabriel Kolko, september 2007

“According to Michael Panzner, the US is less than two years away from “financial Armageddon.” When the stock market bubble burst in March 2000, the collapse that followed wiped out over two-thirds of the value of the technology-laden Nasdaq Index and decimated the hopes and dreams of millions of Americans. Now, imagine not one, but four such disasters looming on the horizon. Four key elements–Debt, Derivatives, Government Guarantees, and the Retirement system–are quickly unraveling, and because they are so intricately connected, there will be an unremitting domino effect.”


“A leading economic expert has warned that a global crash and recession is imminent on the back of record highs in real estate, stocks and energy, combined with a devaluation of the dollar and continued “speculative bubble thinking”.

Robert Shiller, the Stanley B. Resor Professor of Economics at Yale University told an audience at the annual Dubai International Financial Centre (DIFC) Week that a sharp downward correction is due in the global markets.

Shiller stated:

“Perhaps we have gotten a little too confident in the global economic growth,” said Shiller. “The problem is high oil, stock and real estate prices. I believe that a substantial part is speculative bubble thinking. We have gotten too confident of the prices in these markets,”.

“The unwinding of these markets is the most serious risk facing these markets today,” Shiller added.

-November 2007

When the dollar ceases to be the reserve currency, foreigners will cease to finance the US trade and budget deficits, and the American Empire along with its wars will disappear overnight. Perhaps Bush will be able to get a World Bank loan, or maybe one from the “Chavez bank,” to bring the troops home from Iraq and Afghanistan.”

- Paul Craig Roberts, november 2007



“All over the world people are saying the same thing: official inflation figures lie. And all over the world, they’re probably right. Consumer prices are going up. Yesterday brought reports from Hong Kong and Russia, both of whom announced higher inflation rates. And in the United States, Merrill Lynch reported that the cost of Thanksgiving had risen nearly 8% – or more than twice the official inflation rate – from the year before.”

-Bill Bonner, november 2007


“Citi has $134 billion in CDO and ABS’s primarily backed by subprime toxic waste. They have $25 billion in commercial paper backed by toxic garbage. It should be noted Citi is watching a disintegrating housing market, which will depreciate these values further. Once they figure in the leverage you will find Citi is bankrupt. We expect the Fed will print the money and create credit to bail Citi out, and they will bail out all the biggies.”

- Bob Chapman, november 2007

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