World financial crisis deepens

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George Victor

Germany has always produced its firebrands.

Only when the Parisian paving stones fly, however, do we know it's serious.

Fidel

Just imagine all the socialism they wont be able to afford after trying gallantly to put Humpty back on the wall.

Jacob Two-Two

My friends, this is just the beginning. What we are looking down the barrel of is some very, very hard times indeed. The terrible thing is that it could all be over tomorrow if the elites who run the world suddenly woke up and realised that they can't keep robbing everyone and expect things to keep functioning.

After all, the entire problem is all on paper. Nothing's really wrong with the world (not yet, anyway). The workers can still work, the resources are still there, the need for goods and services is unchanged. The real problem is that the gangsters with their hands on the tillers created a lot of fake wealth in order to enrich themselves, and now that the bill is due they don't want to give it up. They'll kick and moan and do everything in their power to make us pay for their bad debts instead of giving up the phoney money without a fight like sane people might do. This means poverty, violence and death on a very large scale. It remains to be seen how long the people will take it before they forcibly remove the bastards from the halls of power and give the world back to its people. Hopefully this happens before the energy and climate crisises get into full swing, because if not...

George Victor

Please define "full swing", Jacob.

Fidel

[url=The">http://www.globalresearch.ca/index.php?context=va&aid=12493][b]The U.S. Economy: Designed to Fail[/url]

Quote:

Yes, it’s that bad. The day after the speech the Dow-Jones dropped to 7,271, almost 50 percent off its October 2007 high, with no bottom in sight. According to the Washington Post, the Big Three automakers are now facing a “bottom-up” collapse of their component supply lines if their vast network of suppliers doesn’t receive new federal loans within a week. Worldwide the situation is just as bad. The U.N.’s International Labour Organization reports: 

“What began as a crisis in finance markets has rapidly become a global jobs crisis. Unemployment is rising. The number of working poor is increasing. Businesses are going under.” 

President Obama’s speech was long on resolve but short on substance. He assured the nation: 

“We will rebuild, we will recover, and the United States of America will emerge stronger than before.”

But neither President Obama, nor his Democratic supporters or Republican antagonists, should feel badly about what is happening. This is because the system they have been given to work with was designed to fail. The U.S. was saddled long ago with a debt-based monetary system, whereby the only way money can be introduced into circulation is through bank lending. It was the system that was instituted in 1913 when Congress gave away its constitutional power over money creation to the private banking industry by passing the Federal Reserve Act.

It was then that the catastrophe we are now facing became inevitable. It took nearly a century to get here but it finally happened. We should have known it was coming when Federal Reserve-created bubbles replaced economic growth from our disappearing heavy industry, starting with the recession of 1979-83. We could have seen it coming when the dot.com bubble collapsed in 2000-2001, and Fed Chairman Alan Greenspan worked with the George W. Bush administration to substitute the housing bubble for a real recovery.

The day of reckoning is here. So don’t worry, Mr. President. It’s not your fault. When the collapse takes place the international bankers who will take over might even let you keep your job.  

105th post eh. What is this, the beginning of a thread bubble?

Michelle

Sorry, Fidel. :)  Continue in a new one.

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