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Run On The System: Black Friday
MIKE WHITNEY
COUNTER PUNCH
Friday, October 10, 2008
Stock markets across the world are in a state of hysteria. The tidal wave of sell-offs, which began when Henry Paulson announced the Bush administration’s $700 billion bailout plan for the sinking banking system, has swelled into a global tsunami racing round the globe. Shares fell sharply across Europe and Asia for the fifth straight day following a 679 drop on the Dow Jones. Nearly $900 billion was wiped off the value of U.S. equities in just one trading day. The Chicago Board Options Exchange Volatility Index, the “fear index”, soared to a record 64. Credit markets remain frozen. Libor, the London interbank offered rate, nudged up slightly on Thursday night, signaling even greater resistance to lending between the banks. Until there is relief in the credit markets, stocks will continue to slide. But trust has vanished. The 50 basis points rate cut that was coordinated with foreign central banks has had no effect. The market is being driven by fear and pessimism.
White House press secretary, Dana Perino said Thursday that President Bush will address the country on Friday morning:
“He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system. The Treasury Department is moving quickly to use new tools to improve liquidity, which is the root cause of this problem.”
(ARTICLE CONTINUES BELOW)
Bush still believes that the problem is “liquidity” rather than “insolvency”. When liabilities vastly exceed assets, liquidity does not help. The bad banks need to be closed so the good ones can be strengthened with capital injections.
New York Times columnist Paul Krugman said, “Last month, when the U.S. Treasury Department allowed Lehman Brothers to fail, I wrote that Henry Paulson, the Treasury Secretary, was playing financial Russian roulette. Sure enough, there was a bullet in that chamber: Lehman’s failure caused the world financial crisis, already severe, to get much, much worse.”
Lehman’s credit default swaps, (the derivatives which Warren Buffett calls “financial weapons of mass destruction”) are “unwound” on Friday. It could be a “non event” or it could trigger another sell off; it is impossible to know. If tens of billions of dollars are drained from already weakened balance sheets in counterparty deals that have turned sour, the market will react violently. Wall Street is on tenterhooks waiting for the news from Lehman.
There is general agreement among economists about what needs to be done to stabilize the financial system. The banks have to be recapitalized, all deposits have to be guaranteed (beyond the $100,000 FDIC limit) and additional stimulus has to be provided to increase consumer demand. Otherwise the United States is on the lip of another Great Depression. Too much time has been wasted on Paulson’s failed bailout for G-Sax and his friends on Wall Street. Buying the bad assets of underwater banks does not fix the problem. The banks need capital so they can resume lending and transmit credit to consumers and businesses.
Former head of the FDIC, William Isaac, summed it up like this:
“I was opposed to the bailout bill, mostly because I don’t think it will work. The banks — taking $700 billion of bad loans out of the banks doesn’t help get banks lending again. It just solves some problems in some banks. And it doesn’t have any leverage to it. If the Treasury were to put that same $700 billion and used that to invest in bank capital, the banks can loan $10 for every dollar of capital, roughly, which means that the Treasury would be creating $7 trillion of new lending capacity in the banks. And that is vastly superior to buying $700 billion of problem loans. It just — it will really give some punch to the economy. It will get banks back into the lending business….. And to do that we need to get some capital back in there.”
Isaac added: “The other major thing they really need to do… They really need to have the FDIC declare that there is a financial emergency. And when the FDIC does that, the FDIC should announce that during this period of crisis, all general creditors, all depositors, insured and uninsured, bondholders in our banking system, will be protected if a bank fails. And that, I think, will get the inter — the financial markets working again and get banks willing to loan to each other again.”
Nearly one third of all deposits ($2.5 trillion) are not insured under present FDIC guidelines. If these deposits are not insured, as Isaac says, there will continue to be a slow run on the banks which is why the credit markets are paralyzed.
Much of this week’s volatility in the market is the result of program trading (many sell orders were automatically executed when the Dow hit 9,000) and massive deleveraging in the hedge funds, the secretive $1.7 trillion industry. As credit gets tighter, the funds are unable to roll over their short-term debt and have been forced to dump their assets in an illiquid market at firesale prices. This explains the recent see-saw motion in the stock market; the huge 2 to 3 per cent intraday swings (positive/negative) This has added to the fear of smaller investors who have left the market in droves for the safety of US Treasuries or cash. That’s why the dollar has strengthened even though the Federal Reserve is printing money at a furious pace. The inflationary effects will not be apparent until the destruction of credit abates.
The biggest danger we face, in the short term, is a run on the financial system. Calm must be restored if we want to avoid another depression. Investors have already pulled a record $72 billion from stock and mutual funds, and put the money in US Treasuries and government-insured bank deposits. If the trend continues, the financial system will collapse. This is where leadership and credibility really matter. The Bush administration’s record on these issues is dismal. If the government overreacts and limits bank withdrawals or closes the stock market; the sense of desperation and panic will only grow. That increases the likelihood of rioting and violence, which is what took place in China just this week.
The falling stock market reflects the mood of the country as a whole. Confidence in the system has disappeared. The government has lost the moral authority to rule. People have lost faith in everything. Bush has created a tinder box which could explode in flames at any time. It is a dangerous situation.
The econo-blogs were abuzz all night Thursday. The prevailing feeling is that the Wall Street implosion marks the end of America’s dominance as the lone superpower. As always, economist Nouriel Roubini provided a chilling analysis of the present financial malaise:
Nouriel Roubini:
“The US and advanced economies’ financial system is now headed towards a near-term systemic financial meltdown as day after day stock markets are in free fall, money markets have shut down while their spreads are skyrocketing, and credit spreads are surging through the roof. There is now the beginning of a generalized run on the banking system of these economies; a collapse of the shadow banking system… and now a roll-off of the short term liabilities of the corporate sectors that may lead to widespread bankruptcies of solvent but illiquid financial and non-financial firms.
“On the real economic side all the advanced economies…entered a recession even before the massive financial shocks that started in the late summer made the liquidity and credit crunch even more virulent and will thus cause an even more severe recession than the one that started in the spring. So we have a severe recession, a severe financial crisis and a severe banking crisis in advanced economies.
“At this point the risk of an imminent stock market crash – like the one-day collapse of 20 per cent plus in US stock prices in 1987 – cannot be ruled out as the financial system is breaking down, panic and lack of confidence in any counterparty is sharply rising and the investors have totally lost faith in the ability of policy authorities to control this meltdown….
“When markets that are clearly way oversold that even the most radical policy actions don’t provide rallies or relief to market participants, you know that you are one step away from a market crack and a systemic financial sector and corporate sector collapse. A vicious circle of deleveraging, asset collapses, margin calls, cascading falls in asset prices well below falling fundamentals and panic is now underway.” (Nouriel Roubini’s Global EconoMonitor)
There’s a way forward but it will take a lot of digging out and a vision of the future that doesn’t center on Wall Street.
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86 Responses to “Run On The System: Black Friday”
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October 10th, 2008 at 12:54 pm
Is any true economist really surprised?
October 10th, 2008 at 1:23 pm
I watched the market closely today. As is bottomed out, in late afternoon, a lie was told to the press by an Italian leader (the lie being that world governments were planning to shut down markets to calm them). This caused the market to rally back but just as quickly, once the lie was known, they began falling again. Now tonight, Baron Von Moneypants is going to offer some words to the markets, and I would imagine the BushCo. thieves will have their say this weekend. Lies, lies, and more lies, followed by pretty words from career criminals are sure to make a very interesting monday! Will it be a BLACK MONDAY? What is your prediction readers?
October 10th, 2008 at 1:34 pm
no! no true economist is surprised! it starts at HOME! its the attitudes and habits of WASTE and LAZINESS which one can observe on a daily basis in oneself which outisde in the material business world and the consumer society which is forced upon us, are disastrously overproportionated to a mega blitz of total greed and waste which is exploding now.
dont say we didnt see it coming.
this is THE ECONOMIC CRISIS all seers have predicted to happen shortly before world war three and the final disastrous end of 2000 years of wrong thinking and acting, the stupidity of the white man has reached its nemesis climax and will, along with his ” rational ” intellect, land in the trash bin of history, as the most shameless, most mean, most stupid and most retarded EVER example of a failed culture
October 10th, 2008 at 1:45 pm
The only candidate that spoke of these issues in the primaries was Ron Paul.
The only candidate,
Do the Sheeple care? They will vote themselves into oblivion with Obama and Brzezinski’s reign of terror.
October 10th, 2008 at 1:49 pm
most important things you need:
- magnifying glass, to make fire
- fishing hooks (also the very small ones), fishing line, even the 0.2 (serves to fix injuries)
- plastic container for water
- axe
- hunting knife with stone sharpener
- hiking shoes (good ones, 5 pairs)
- couple of nice tents
- a small book that tells you what plants you can eat
Nothing else will endure whats comin. Prepare for zombies, rodents, and mutants !
October 10th, 2008 at 1:56 pm
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
–The Cornbread Mafia
http://www.youtube.com/watch?v=uw5dP5gy2Vs
October 10th, 2008 at 1:57 pm
The Credit Crunch Song – YouTube Another
victim of the Credit Crunch.. Antan Debt performs with his band “The Overdrafts”
http://uk.youtube.com/watch?v=s_iMS31mqmU
October 10th, 2008 at 2:03 pm
Kyle Bates said : Nothing else will endure whats comin. Prepare for zombies, rodents, and mutants !
YOU COULD BE RIGHT
http://www.raidersnewsnetwork.com/
giants – nephilim – all of it.
(the Bible does say : `as in the days of Noah`)
October 10th, 2008 at 2:30 pm
Run on the system?
No way. I won’t hear of it, a “run on the system”.
What horrific rational flatulence.
The crooks are still making money on Wall Street. They made big money again today stampeding both up and down reckless traders that are in way over their heads.
There are any number of practices on Wall Street that allow the entrenched big money insiders to steal money, and Hank Paulson just closed the biggest deal of his life and got them 700 billion dollars more to steal that came as a loan from the American taxpayer.
This is NOT a run on the system.
This is greed is good business as usual.
Don’t fool yourself for one minute. You’re not looking at any Wall Street traders jumping out of windows this time. They learned their lesson in 1929. They make money on the way up. And make even more money on the way down!
The corruption is systemic. And Wall Street is having a field day right not at YOUR expense.
They are laughing all the way to the bank. AIG is laughing all the way to the bank. Every bank in the country is laughing all the way to the bank.
“A steep recession is one hell of a good time to be rich,” that’s what all these crooks are thinking as they head off laughing all the way to the bank.
And there are plenty of people on Wall Street making themselves even richer on this so-called run on the system!
The only way to make a run on the system is to shut it down.
Otherwise you’re just being played for the sucker the system was invented to screw.
October 10th, 2008 at 2:34 pm
America First… I think you’re jumping the gun a bit. I think the tough times are coming, but not yet. Deflation first, then inflation, then hyper inflation… when that hits, that’s when the run on food will happen. Could still be months away.
October 10th, 2008 at 2:37 pm
They left labor and industry out of the equasion….with out that, none of the rest will work..no matter how much money they print, for Wall Street
October 10th, 2008 at 2:42 pm
SOMEONE is making an absolute shit load of money out of this little stock market crash. Gee, I wonder who that could be??????????? Bush??????? His corporate elite cronies???????
October 10th, 2008 at 2:51 pm
Kyle @7.
Yea, no what you mean dude. I’ve read ‘The Road’ by Connor…….! forgot the guys surname, but, it scared the bejasus out of me; even though it was ‘fiction’.
October 10th, 2008 at 2:58 pm
USers are not “too independent.” They’re the most politically naive slaves on Earth. The global boss class likes to us USers to murder and steal because USers are so stupid that they believe boss class lies.
Wake up and rise up.
October 10th, 2008 at 3:04 pm
this shit is really obvious and annoying
October 10th, 2008 at 3:18 pm
WHERE is the line in the sand?
http://ca.youtube.com/watch?v=XbrNSOxwXOM
October 10th, 2008 at 4:37 pm
The dust has,nt even settled and we are already hearing about corp. exects. getting huge sums of money for their “great” job they have done for the companies.
I have not lost my faith in the Good Lord above but I have lost my faith in man.
October 10th, 2008 at 4:57 pm
Panic on the streets of London
Panic on the streets of Birmingham
I wonder to myself
Could life ever be sane again ?
The Leeds side-streets that you slip down
I wonder to myself
Hopes may rise on the Grasmere
But Honey Pie, you’re not safe here
So you run down
To the safety of the town
But there’s Panic on the streets of Carlisle
Dublin, Dundee, Humberside
I wonder to myself
Burn down the disco
Hang the blessed DJ
Because the music that they constantly play
IT SAYS NOTHING TO ME ABOUT MY LIFE
Hang the blessed DJ
Because the music they constantly play
On the Leeds side-streets that you slip down
Provincial towns you jog ’round
Hang the DJ, Hang the DJ, Hang the DJ
Hang the DJ, Hang the DJ, Hang the DJ
HANG THE DJ, HANG THE DJ, HANG THE DJ
HANG THE DJ, HANG THE DJ
HANG THE DJ, HANG THE DJ
Hang the DJ, Hang the DJ, Hang the DJ
HANG THE DJ, HANG THE DJ
HANG THE DJ, HANG THE DJ
Hang the DJ, Hang the DJ, Hang the DJ
HANG THE DJ, HANG THE DJ
HANG THE DJ, HANG THE DJ
Hang the DJ, Hang the DJ, Hang the DJ
HANG THE DJ
October 10th, 2008 at 5:29 pm
It is time to replace “MONEY” with either something of real value or go to a resource based economy.
1% of the people own 99% of the wealth.
I don’t know about you but me, my family and most people I know or have known have been in the 99% of nothing.
I’m sick and tired of watching the rich get richer and the middle class become the poor.
Let the house of cards fall. WE will build a new fair system the benefits US ALL…
October 10th, 2008 at 6:11 pm
well said, Light Warrior!
short and sweet
October 10th, 2008 at 6:58 pm
I agree also Light Warrior. I’m fed up with watching our legislators bury the citizens with an unpayable debt and stealing all the bailout cash and leaving us with the tab after their system fails. This whole collapse is a false flag operation in order to set up police state in many countries at one time. It will accelerate the global govt setup and it will ultimately turn into a global military exercise. I say let the markets crash and spark the fuse for OUR return as a Peoples’ Republic.
October 10th, 2008 at 7:05 pm
Do you twerps think that a money reorganization is going to fix anything. You are slaves in a tainted world and you children will share that fate. Money will bring everything to the surface that needs to be brought ther but look around you and inside you and watch all the “Three Stooges” episodes carefully… watching ……. thinking…….what are the three guys saying on a much deeper level?….who are these three nice young boys? Why did’t I notice this before? Nyuk! Nyuk! Nyuk! WHooooOOOOOOOOOO.
October 10th, 2008 at 7:05 pm
Toilet Warrior more like.
October 10th, 2008 at 7:11 pm
Paul T is right — someone is making a shitload of money in this. Money is not destroyed in a crash, it merely changes hands. Those who sold at the top of the bubble are feeling very smug, usually elites who know exactly when to bail out with insider information. But even individual real estate deals follow the rule — for every sucker who now has an upside-down mortgage, there is a seller who sold a house that’s really only worth $250,000 for $500,000 at the bubble peak and laughed all the way to the bank. Where is the $250,000 profit? Maybe they vacationed on it, maybe they put it down on a million dollar house and now *they’re* upside down. Or maybe they stuck it in a safe place and are ready to buy two houses for the price of one when the market bottoms.
October 10th, 2008 at 8:02 pm
The NWO is taking turns manipulating those areas that affect us all. 9/11 and subsequent terror war/loss of liberties, housing, gas, wars, money markets etc. Unfortunately they’re too powerful for us to be able to do much about it. After the financial markets they’ll be on to something else. Another way to ensure their global control. The NWO’s quest for power is insatiable. Try to stay out of their way.
October 10th, 2008 at 8:03 pm
I had just read in another article in the headlines that the US Government (along with the other G7 puppets) will buy majority stocks in failing banks to keep them above water. Here’s the NEW catch. All of this new bank bailout does NOT include any money from the 700 billion dollar enema we got. It’s added to the bailout and it will happen as Paulson and Bernanke have been given full authority and a few blank checks to help their other banking buddies out too. They have already dumped another 900 billion dollars outside the bailout package, and then approved a 640 billion dollar defense allowance. and dropped another 25 billion dollars on the automakers so they can have a $440,000 bailout party just like AIG did.
Don’t be fooled by the talking head in the oval office. They have robbed us for decades, and Bush is getting in his extra stabs before we cave in. There is an ugly utopian empire being crafted against us that is being paid for by US!!
Now, We The People, who know whats going on will continue to pound our wardrums. We The People hear them, but Them The Sheeple refuse to listen because they are weak and compliant and have that ‘live to work, work to live’ mindset, because THAT is ‘the American Way’. They deny any other event outside mainstream media as hype and conspiracy theory. It is pure and unfiltered bullshit and we know it! But they religiously get their Thimerasol injections every flu season and get their daily flouride doses. And they clog their brains with TV-TV-TV and more TV, along with days full of Xbox, Extreme Fighter, WWF, MTV, iPod, iPhone, reality shows, hundreds of advertiser lies and deception, alcohol, drugs, and all those other distractions. But WE THE PEOPLE ARE AWAKE! We must endeavor to awaken the masses. Give them things to think about. Debate them instead of trying to convince them. Refer them to the internet and let them research and learn for themselves.
They are destroying the middle class by forcing them to pay out of our own pockets, to construct a firm structure to prop up their rotting bridge. After we have dumped every penny the nation has to offer, they will burn that bridge along with our newly indebted support structure we erected underneath that bridge. It’s the age old ‘wolf in sheeps clothing’ approach, and the sheeple took it hook, line, and sinker.
October 10th, 2008 at 8:09 pm
Light Warrior typed: “WE will build a new fair system the benefits US ALL…”
Use of the collective “WE” implies that human beings cannot cognitively understand reality. This is so because human beings are continuously faced with a fundamental decision to choose one of two inherently basal courses of action, to live or to die. Whatever one does in pursuit of either of those two most basic pathways constitutes the substance of morality either positive in the case of life or negative when pursuing death. Positive morality arises as an axiomatic fact of objective reality and takes the form of license to act in furtherance of one’s own self-interest to the betterment of one’s own life. When the collective coerces the individual to take action contrary to the betterment of her own self-interest, it does so under the assumption that she does not know or is not capable of knowing what improves her condition in regards to her life.
The collective assumption that the group somehow has superior cognition or intuitively understands how to arrange affairs so that “all” benefit at the cost of the ability of the individual to have knowledge of how to improve her own lot is a fallacy. The stolen concept is the fallacy of using a concept while denying the validity of its genetic roots, i.e., of an earlier concept(s) on which it logically depends. In this case, the assertion that a “new fair system that benefits US ALL…” will be built depends on using the concepts of cognition and morality in context of “US ALL” while implicitly denying the individual can have license to act or understand how to act to improve her own life. Thus collectivism is essentially immoral and therefore wrong.
October 10th, 2008 at 9:10 pm
The fact that the market needs a bailout is final proof that a free market system is an oxymoron. Let it implode, it will not be the end of the world unless you are one of the parasites that lives off the labour of the rest of us while doing nothing that contributes in any meaningful way to society or the planet. Any bailout should be fought against in every possible way, I refuse to pay for people who have robbed us blind.
October 10th, 2008 at 9:12 pm
Remove all of your money from the stock market, money market accounts, 401K, cd’s etc. Take what you have and invest in silver! Let these banks fail as they deserve to. They have created a state of hyper-inflation and now want you, the victim, to bail them out now that the bubble has burst. Remember the good ole days when a loaf of bread was a quarter and gas was a dollar a gallon or less? It can go back to that again if we just abandon their system. Forget about credit, it’s a trap! Once the country has done tis, they will beg you to spend money by offering products at their true value again. This is most likely only happening to devalue the dollar and replace it with a new “more stable regional currency” anyway! If we are going to be stuck with an Amero, let’s make sure that all the fat cat bankers are broke ewhen it happens!
October 10th, 2008 at 10:16 pm
This is not the end but the beginning of the end the end will come when you no longer have the fight in you. when you just sit there and wait not wishing to die. You are told that you will be sent to prison. They can not send everyone to prison but those who are afraid to go to prison or even to die for their freedom deserve what they get. You are true to the word SHEEPLE. Buy the Tshirt and fight back. Trade with your neighbors and barter with your work mates. Keep what is yours and give little away to THEM. Do no borrow money. Do not get yourself tied up that you have not way out but to work for THEM. Rent the bill boards and tell the truth to the stupid masses. Make a difference for your families future. This war and it is a war might not be won but it will needs to be fought!
October 10th, 2008 at 10:16 pm
yes I saw what you did….
why did you have everyone where a Black Tie today as if it was a FUNERAL?
You act as if…God does not exist, and I have to call you out. You act as if God is Weak, yet you know the exact is true.
So to Celebrate the fact that you are playing out a Scam on everyones sub conscious… here is a Song for your fake ass Funeral Tricks!
http://www.youtube.com/watch?v=C6KMYms8is0
October 10th, 2008 at 10:20 pm
Since it was a FRIDAY and the STOCK MARKET Gambling Roller Coaster is alive and well here is a 700 BILLION Party song to kick off the Paulson party!
http://www.youtube.com/watch?v=DQA1d0QQvf8
October 10th, 2008 at 10:24 pm
A MESSAGE TO ALL FREE PEOPLE-GET READY TO PROTECT YOURSELF AGAINST THE TYRANNY THAT THE FOREFATHERS KNEW WE WOULD FACE-TAKE HOLD OF THE 2ND AMENDMENT AND ARM NOW !-DO NOT DELAY-GET READY TO DEFEND YOUR LIBERTY-AND GIVE THEM HELL`S FURY !
October 10th, 2008 at 10:28 pm
http://www.youtube.com/watch?v=xeITauzZA6A
Just cuz I kinda am rooting for the UNDERDOG to win as I suspect Hussein might have some Communist tendencies….
and this 700 Billiion BAIL OUT will not help a single person who actually is desperate to have some help in the form of strengthening the American Economy instead of Big Bank Balance Sheets (why help only the banks well that was all the care CONGRESS could muster up)….
Screw the Banksters and thier LOBBYISTS wanting to hog all the 700 BILLION all to themselves while they watch the whole system Crash and Burn….
October 10th, 2008 at 10:35 pm
Oy we Brits dont want to Bail Out any Banks either!
http://www.youtube.com/watch?v=IAHxoPQ0oys
October 10th, 2008 at 10:38 pm
VOODOO ECONOMICS 2008!
come on say it VOODOO ECONOMICS 2008!
altogether now VOODOO ECONOMICS 2008 and the Gambling Stock Markets (Plural)
http://www.youtube.com/watch?v=Vro8txhrgso
October 10th, 2008 at 10:46 pm
We need to come together as One Nation and stop the LOBBYISTS from taking from the taxpayer that which the Big Money Bankers hid through Enron Style Accounting!
http://www.youtube.com/watch?v=ZzPZ-zKfld0
who says you cant think fast?
October 10th, 2008 at 10:52 pm
How come this 700 Billion Bail Out 2008 is alot like “spin the bottle”
No one knows where it will STOP!
http://www.youtube.com/watch?v=8eqqZhojcDI
yes we do have MONEY to bail out the banks, No we dont have Money to help anyone else!
October 10th, 2008 at 10:59 pm
Paulson is a friend of the American Worker! Lay off him man….
http://www.youtube.com/watch?v=ZfPahciKvGE
October 10th, 2008 at 10:59 pm
Check this BRILLIANT ARTICLE.
http://news.goldseek.com/Golde.....569353.php
October 10th, 2008 at 11:05 pm
I Wont sympathyse Anymore,
No Bail Out of corrupt Banking practices….
http://www.youtube.com/watch?v=Qs3T0-C_G7Y
Let McCain earn his Sheriff reputation and go after All of them…
October 10th, 2008 at 11:11 pm
http://www.youtube.com/watch?v.....re=related
Lies begat more Lies….
How many LIES does it take to cover the first lie?
October 10th, 2008 at 11:18 pm
too all the Big Banks that are Too Big To Fail
Take your 700 Billion Bribe and move on, your LOBBYISTS will be gone soon enough
http://www.youtube.com/watch?v=xJAX_JSe9Wk
October 10th, 2008 at 11:23 pm
PLease watch the new zeitgeist movie Addendum, it is so pertinent to the situation we have here, and it ends so optimistically regarding the future and what we can do NOW
http://www.zeitgeistmovie.com
Yhan
October 10th, 2008 at 11:25 pm
cuzz there is a War for your mind…
http://www.youtube.com/watch?v=9uCj5iUs0PQ
October 10th, 2008 at 11:41 pm
wow! incredible documentary of argentina economic collapse http://au.youtube.com/watch?v=whVSw5X2pVU
October 10th, 2008 at 11:41 pm
http://www.youtube.com/watch?v=gpWwxAfNrxI
How far will the Banksters go to control your future
No one has an answer as thier world keeps CRASHING DOWN….
October 10th, 2008 at 11:47 pm
I believe if these BANKERS feel they need all of our MONEY to gamble in the STOCK MARKET they should pass this test first!
http://www.youtube.com/watch?v=7Us0y5ECKFs
October 10th, 2008 at 11:54 pm
What a Big Money Banker looks like after seeing his TRILLIONS in paper backed by nothing go down the tube…
Guess its like the CEO of LEHMAN BROS time to smoke some CRACK!
http://www.youtube.com/watch?v=ZIxTJMi2FBY
October 11th, 2008 at 12:02 am
I say no to to the bail-out. I call their bluff! If the market crashes, then so be it as we would rid of the temple money changers this way and can begin again more intelligently. What do you thinnk is going to happen? If noone can pay their mortgage? Do you think they will kick everyone out into the streets at the same time? I know, I know, they will round us up on trains and take us to camp right? well, that could happen but Im still trying to figure out how that would serve them monetarily. wouldn’t we be a liability? ok, I know, they will test out new drugs on our brains like the ADA and AMA did with the Holocaust people to benefit the new emerging economies. Now that there may be an asset to them! Lets see, they will pump flouride and bayer will invent new kinds of aspirin and medical procedures with the american people as lab rats. Oh, what an awful thought. Hey, it happened to the jews so that we can keep a fever down, market drugs to americans and flouride. You can thank Jp Morgan and Ig schiff for your welness.
October 11th, 2008 at 12:04 am
http://www.youtube.com/watch?v=thubteW5APs
Why arent these Enron Style Accounting with debt ratios of 71 to 1 not being investigated by the Senate or even the HOUSE OF REPRESENTATIVES on these Banks accounting books….
Sure we heard about the 500k AIG party that was a swell party and I am glad I was there as a Taxpayer… o wait we werent invited to the PARTY!
BILLIONS flying around who will end up with it KNOW ONE KNOWS!
We need an Inspector on the case… this mess it getting out of Control!
October 11th, 2008 at 12:10 am
http://www.youtube.com/watch?v=Nnz3arehwQw
How come everytime something goes wrong in the NeoCon plans they are set BACK 5 YEARS?
Who knew the Bail Out 2008 would wake everyone up to the Huge Theft the Banks have been at for YEARS….
October 11th, 2008 at 12:24 am
Rep. Brad Sherman Martial Law
http://uk.youtube.com/watch?v=.....re=related
October 11th, 2008 at 12:31 am
Ladies and Gentlemen. . .
Please, everybody quickly and quietly, without raising a fuss, stock up on food, medicines, soap and various sundries. A year’s comfortable supply is only about $400 per adult if you do it smartly. That’s a real bargain if you think about it. Do it before inflation/deflation take hold, while supply lines are still liquid, and encourage your friends and family to do the same. Don’t do it all at once. Do it over the course of the next couple of weeks. There’s no need to clean out entire racks in the grocery store; this would only cause upset to others. Allow the supply chain to do its job. It is a powerful thing designed to feed thousands in your neighborhood, so it can manage so long as you don’t overload it. Just go out for groceries a several times each week and purchase a modest quantity of goods for storage.
Right now everybody is in a state of disbelief; that the crisis is not real. They are thinking of silver and gold and various safe places for investment, and that’s fine; perhaps by some lucky chance it will all blow over; I certainly hope it does! –But it takes very little effort and relatively little expense to set aside a year’s worth of supplies. Everybody should have at least a month’s supply of food set aside regardless of the state of the outside world!
Remember; you cannot eat silver and you cannot eat gold. This is a common mistake made by people trying to survive in parts of the world where trouble strikes. There are more immediate concerns, but if you are smart now, then there is no need for undue suffering later on. A few hundred bucks on non-perishable food items unobtrusively obtained.
Please do it now while society is still in a state of functional order.
Cheers to you all, and go without fear, my dear people! Love and help your neighbors.
October 11th, 2008 at 12:38 am
MARTIAL LAW IS COMING: WAKE UP
http://uk.youtube.com/watch?v=anYvNF5RxeI
October 11th, 2008 at 12:45 am
as Alex Jones says Fight Fire with Fire….
http://www.youtube.com/watch?v=4UEytKnQHms
We all know the Bail Out 2008 is a HUGE fraud, at least if society will survive we will have Big Money Bankers who Will come back to the Pig Trough for MORE!
October 11th, 2008 at 1:19 am
Who Really Controls America?
http://uk.youtube.com/watch?v=.....re=related
October 11th, 2008 at 1:47 am
http://www.youtube.com/watch?v=U7LqCkHOEUo
No Bail Out 2008
October 11th, 2008 at 1:49 am
http://www.ponderthis.net/wp-c…..9/fail.jpg
Paulson and Bernake sharing a moment of Realization that they crap they are selling is PURE CRAP to the CONGRESS and they KNOW, it is only to cover thier buds…
http://www.youtube.com/watch?v=UPgqI1e-rDo
Knowing that thier plan will fail….
PRICELESS!
October 11th, 2008 at 1:51 am
http://www.ponderthis.net/wp-c.....9/fail.jpg
Priceless
October 11th, 2008 at 2:15 am
http://www.youtube.com/watch?v=lqUPApCUt90
call Bernake or even Paulson and let them know…
NO BAIL OUT2008 of corrupt banking Enron Style Accounting!
We all know it is the Masses paying to Bail Out the FEW…
If you make 21MILLION a year or more… you dont NEED taspayer help…
October 11th, 2008 at 2:24 am
http://www.youtube.com/watch?v=x0MrA5AhShI
Anyone know where we can hang out with Weekend at Bernie’s?
Bernake admit, you FAILED…
October 11th, 2008 at 2:39 am
Why is BUSH so full of HATE is it because he sold his soul to the devil… I dont know but Im sure you can figuire it out…
http://www.youtube.com/watch?v=CgfSzuFD8rw
October 11th, 2008 at 2:46 am
Does Greed pay? I guess it does when you have LOBBYISTS running around CONGRESS begging for a 700 BILLION payout… talk about Gambling on a high level… we didnt even have a playoff for the money! I say no sleep til we have a final winner… maybe the American People can WIN!
http://www.youtube.com/watch?v=RI2IyHXJo5M
October 11th, 2008 at 2:53 am
http://www.youtube.com/watch?v=uCEeAn6_QJo
I can swim I can swim I can swim
I can hear Bernake telling Bush this BS while we do not see any real relief whatsoever for the economy vs. Big Banks….
Can they survive with only 700 BILLION taxpayer dollars?
I can swim I can swim I can swim… Karaoke Bernake
October 11th, 2008 at 3:10 am
George Clooney or Marky Mark… guess they were both good in the PERFECT STORM…
of course Uncle Bernie would love for you to just close your eyes and imagine everything is fine in his world…
http://www.youtube.com/watch?v=UnzgNAzquCw
Feel it Feel it
October 11th, 2008 at 3:19 am
I sat back and thought about the things we used to do and it really meant alot to me… you meant alot to me… NeoCons you know its true…
http://www.youtube.com/watch?v=GSqV3rWM4iQ
Neocons you know its true….
together we are one seperated we are two
October 11th, 2008 at 3:35 am
Who are the Big 5
http://www.youtube.com/watch?v=t4LJFSCgxvk
See the face of fear running scared in the valley below…
October 11th, 2008 at 3:45 am
This BUSH makes more sense then the current BUSH
http://www.youtube.com/watch?v=_BZsXVf6INc
Bail Out on Bush 2008
October 11th, 2008 at 4:14 am
Follow the leader, except we can assume with BUSH at a 17percent approval that he is the most unpopular president in all of US HISTORY. What kind of legacy is that? In fact Bush feels since he can NOT be the best president the US ever had he might as well be the WORST is all of US History! No wonder why his words facilitate even more of a CRASH. Thanks BUSH for ruining the US economy in record speed. Maybe you can run a small business into the ground after we replace you!
http://www.youtube.com/watch?v=LTClsWzUHBo
October 11th, 2008 at 4:51 am
Undoubtedly, the bailout has failed (as we knew it would), the printing presses at the Fed are smokin’ and a Wiemar style hyperinflation remains a real threat.
The government has placed our financial future in the hands of criminals and incompetents. Guess what the outcome of this might be?
But then again the government is peopled by incompetents and criminals.
Why should we not expect anything but disaster?
October 11th, 2008 at 5:08 am
Im no expert but what I can understand using laymen terms with regards to the financial situation is that it was inevitable that the bubble or should I say balloon will burst as you can only blow so much hot air into it.
In a more poetic translation, it seems like the house of cards is finally falling. The froth is being blown away to réveil the dark murky waters below.
Expect dark days ahead.
October 11th, 2008 at 6:00 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 11th, 2008 at 10:35 am
LOOK FOLK’S
Hold the ones you love its going to be ok but it will not be cake walk to chainge the way we view our world.
Just know that what you see playing out MUST HAPPEN and all that you once claimed as truth will be spot lighted for what it is(FACT OR FICTION)!!
The MASTERS of EVIL MUST (((FALL)))
October 11th, 2008 at 10:39 am
This started a long time ago and is quiet deliberate:
Tom Dennen
About ten to fifteen years ago, stories began emerging about the activities of the Big, Bad World Bank and the International Monetary Fund (IMF) in Third World countries.
These institutions, it seems, had begun a lending practice, which entailed offering these countries cheap, low-interest money that they knew would not and could not be paid back.
When they defaulted, the banks in essence took over the economies, took over in debt repayments, the bulk of those countries’ wealth by simply collecting the interest on the original loan.
And if the capital loan is never touched, the interest is indefinite.
That, we now agree, is history.
(On the up side, say my justifiable detractors, some thirty million Third World denizens have joined the economic middle class and a few leaders have swollen Swiss savings stashed away).
But their countries are in an inescapable debt trap, paying off interest that eats up most of their Gross Domestic Product revenues.
Historic bells began ringing two or three years ago when a thing called sub prime mortgages began to appear in print because they were appearing on the red side of the balance sheets of large First World lending institutions that had been manipulating the banking system’s business methods: These inevitable default debts were bought, sold and resold as ‘highly leveraged optimal return’ financial instruments and other fancy names.
The rest is also, as they say, history.
But there is a curious coincidence if not a pattern here, in the economic treatment of those, individuals or small countries, which are more than likely, if not predictably and inevitably, debt defaulters.
Why lend them money when you know it won’t come back?
Because it will.
Through Interest.
Interest is certainly income and therefore debt is money.
And it’s a permanent income that over the years will far exceed the original loan – a permanent money supply for an original, one-time investor!
What a way to do business.
It looks a lot like some clever one-eyed economists leading those who are so blind they can’t balance a chequebook let alone an economy.
This is an edited version of a release last week from the World Bank representing the G7 countries, published on the Shell Infosight website (www.shellinfosight.com) on 9 October.
“World Bank Group President Robert Zoellick says that the way in which the world tries to solve its economic problems needs to be rethought amid today’s global crisis, including turning the Group of Seven into a Steering Group that would include South Africa and other emerging market economies.
Speaking at the Peterson Institute for International Economics in Washington DC on Monday, Zoellick said that the existing multilateral economic system needs a fundamental overhaul to become one that empowers rising economic states.
Zoillick said, “The G-7 is not working. We need a better group for a different time. “For financial and economic cooperation, we should consider a new Steering Group including Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa, and the current G-7.”
“Such a Steering Group would bring together over 70 percent of the world’s GDP, 56 percent of the world’s population, 62 percent of its energy production, the major carbon emitters, the principal development donors, large regional actors and the primary players in the global capital, commodity and exchange rate market,” he said.
Once is an accident, twice is a coincidence, three times is war.
I believe that we are watching some of the final battles in the economic consolidation of the world’s resources.
This is an excerpt from Theodore Roosevelt’s first Fireside Chat in 1933, long before sub prime lending enjoyed its brief but savage disruption of the global economy:
“ … First of all, let me state the simple fact that when you deposit money in a bank, the bank does not put the money into a safe deposit vault. It invests your money in many different forms of credit — in bonds, in commercial paper, in mortgages and in many other kinds of loans. In other words, the bank puts your money to work to keep the wheels of industry and of agriculture turning around…
“ … We have had a bad banking situation. Some of our bankers had shown themselves either incompetent or dishonest in their handling of the people’s funds.
“They had used the money entrusted to them in speculations and unwise loans. This was, of course, not true in the vast majority of our banks, but it was true in enough of them to shock the people of the United States, for a time, into a sense of insecurity and to put them into a frame of mind where they did not differentiate, but seemed to assume that the acts of a comparative few had tainted them all.”
1933.
This week from Gebari, one of the most respected business journalists in Britain who’s been right so many times in the past it is indeed worrying to see such doom from such a person:
“We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.”
But Qui Bonum? Who will benefit?
Could it be that Mr. Zoellick has his eyes on South Africa’s gold bars?
October 11th, 2008 at 11:30 am
Congressman Sherman presented an opinion on the $700B bailout on YouTube. It was a hostage situation: “place $700B in unmarked bills in our hands, or you will never see your 401K again.” The money is being used to buy bad paper–not to help ease the credit freeze. Worst of all, when we need more money to provide real solutions, we will already be extremely far in debt.
It would seem to me that this is quite a deliberate plan by the banking cartels and the powers that be. By placing third world countries deep in debt, they are able to steal resources and do what they want. Now they are in the process of doing this in the US: crush the ecconomy with debt and then make deals to ease this–to fast-track us towards a world government. The Codex Alimentarius acceptance is undoubtedly part of this–and the acceptance of the new North American Union and the Amero currency.
If they can rachet up the fear levels high enough with their all-pervasive propaganda media machine, they can further expand their command and control, as the people take to the streets like in China. Who knows, they might even be able to get Marshall Law instituted and the presidental elections suspended. They are the grand puppeteers.
The best defense is to be well informed and use the internet for information. The TV has become 100% propaganda. The “Federal” Reserve system is the real problem; the banking cartels are the real problem. Until people fully understand that, we will never have a stable economy.
To understand the Federal Reserve system, look to YouTube, and a Federal Reserve Booklet called “Modern Money Mechanics” available on eBay. By uderstanding this fully, the real problem becomes obvious.
October 11th, 2008 at 3:43 pm
there’s gonna be a mountain of dead bodies out of this.
October 11th, 2008 at 4:35 pm
Tom- no one is going to read a posting that’s like ,seriously, 8,000 words long.- just a helpful hint.
October 11th, 2008 at 10:01 pm
Global Bankers Have Unleashed Inflationary Holocaust
http://www.economiccollapse.webs.com/
October 12th, 2008 at 2:21 am
Seen zeitgeist – Addendum, the new release yet. Even better than first one.
October 12th, 2008 at 12:04 pm
zeitgeist is bootzilla…it’s made for the intellect of a little kid
can you say disinfo???
nice try tho dude who made it….you are really slick
October 12th, 2008 at 12:18 pm
#86 Chris
Let me guess you pretend to drink the blood and eat the flesh of your idiot? Better yet, do you believe the idiot walked on water and floated away from Earths gravity? All from your little black book that thinks the earth is square and the universe rovolves around our tiny little rock? Heck, that little evil black book has God murdering over 1 million humans and Satan murdering 2 humans. I prefer Satan to your evil Dictator; for Satan allows personal freedom and choice while your God Dictator DEMANDS blind submission and barbaric rituals/superstitions.
Religion = Dictator Worship
Stupid is as stupid does.
October 12th, 2008 at 1:20 pm
yeah let me kno how that shit works out for you tho, after you bow down to death like all the rest of your kind
you are pretty smart with your little belief system if you are merely living for this world, I bet it makes a lot of sense to you
October 12th, 2008 at 1:38 pm
hey ken since you seem to be such an expert on the scriptures, perhaps you can enlighten me as to which chapter records Jesus saying he “DEMANDS blind submission and barbaric rituals/superstitions”
that sounds really bad
I thought I read the new testament bible but I must have skipped over that part WOW
you are just like totally shattering my belief system with such revalationary truths man.
how did you aquire this unfathomably wise knowledge? are you some sort of a…a….prophet?
maybe I should be worshipping you since you are so deity like with your infinately insightful analysis
October 12th, 2008 at 3:05 pm
When Religious people/cults can’t argue against the words in their Bible, they attempt to rationalize the words by claiming they don’t mean what they say. But that’s only when atheists quote the scriptures. When Religious people/cults quote the bible, suddenly it means exactly what it says. That’s called heresy when you take some divine law and twist it to support your doctrine. Jesus, is simply a Devil who grants redemption for the atrocities committed by his followers.
I contend that we are both atheists. I just believe in one fewer god than you do. When you understand why you dismiss all the other crazy gods, you will understand why I dismiss yours.
Today is Sunday, did you go pretend to drink the blood and eat the flesh of some idiot like a brainwashed cannibal? crazy barbaric rituals or is this saved for a really special barbaric ritual day. Do you wear a torture device around your neck like some brainwashed follower lunatic in worship of a dead lunatic who supposedly floated away from Earths gravity? Do you have a superstition that says you have to worship some idiot to attain some crazy afterlife? Both hell and heaven are superstition one attains only through dictator worship, barbaric rituals and irrational superstitions. Superstitions and rituals come from brainwashed religious people.
RELIGION = DICTATOR WORSHIP
God is a sound people make when they’re too tired to think anymore and religion is a MIND VIRUS, passed from one idiot to another.
I am a male homo sapiens sapiens, an upright walking animal, that roams planet Earth using reason and logic to navigate my journey through life so that I may bring truth an justice to light for those that cannot.
I do not kneel before any dictator here on Earth or some magical dictator in the sky; you are the idiot who does that.
October 14th, 2008 at 2:12 am
Personally, as a Deist, I don’t think God gives a Rat’s Ass about what is going on down here on our 3rd Rock from the Sun. I mean think about it, God has a Universe to play with, a Universe that has existed for oh perhaps 14.5 Billion years. Our Solar System, best guess 4.5 Billion years and man, in all of his evolutionary forms…maybe 4.5 million years. And on the subject of organised, communal systems…maybe 6,500 years. If we were Created in God’s Image, why’d He wait so damned long?