Discussion of Housing Bubble, US Dollar, Debt, Trade Deficit, Oil, Gold, Consumer Spending, Central Banks, Inflation, Outsourcing and the Bleak Future of the US economy
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posted by Randy @ 5:09 PM
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****HOME--MAIN BLOG PAGE**** I’m 44yrs old, retired from the USAF & manage a Telecomm organization. I have been writing about our bubble economy since 2005 & many of today’s economic events were actually anticipated and forewarned of. You should know that the U.S. Housing Bubble was only the latest symptom of much larger fundamental economic imbalances that have been building for decades - due to poor monetary and policymaking decisions. With that, I personally feel a major economic transformation is taking place right before our eyes & the prosperous “good life” that we’ve enjoyed in the US is ending. I have unrelated Telecom Eng. & Eng. Mgnt. Degrees, but have spent many thousands of hrs studying economic issues – providing me with a strong understanding of “the big picture” *****Disclaimer***** These articles reflect the opinion of this author and are by no means a guarantee of future economic conditions. Additionally, these articles are provided for INFORMATIONAL PURPOSES ONLY and are NOT MEANT to provide investment advice to anyone. For investment advice, please consult with your professional financial planner
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US bank customer Dalton Chiscolm could learn on Friday if he is one step closer to becoming the world's first ever billion-trillionaire.
Mr Chiscolm sued Bank of America in Manhattan's federal court in August for "$1,784 billion, trillion", in a complaint that boiled down to poor customer service.
BBC News: 1,784 billion, trillion lawsuit
Australian Senator warns of U.S debt default
Joyce warns of bigger GFC
October 23, 2009
THE Nationals Senate leader Barnaby Joyce is openly canvassing an economic upheaval that would dwarf the current global financial crisis, triggered by the US defaulting on its sovereign debt within the next few years.
In unusually pessimistic comments for a senior political figure, Senator Joyce said the US Government was running such large deficits and building up so much debt that it was in a similar position to Iceland or Germany before World War II.
In a Senate estimates hearing on Wednesday night, he asked Treasury secretary Ken Henry what would be the implications of an American debt default for the Australian economy.
Dr Henry warned that canvassing extreme scenarios could alarm the community.
''I don't mind discussing hypotheticals in general … [but] one has to be careful not to discuss publicly hypotheticals that are that extreme,'' Dr Henry said.
''I don't, myself, consider that outcome to be a high probability outcome, certainly not one that I would want to say much about in a public forum.''
But Senator Joyce insisted yesterday that the dangers to the global economy from the run-up in US private and public sector debt were real and should be debated.
''It is the elephant in the room,'' Senator Joyce told The Age. ''This is a huge risk that Australia faces. What is the game plan, what happens if it comes unstuck?
''Far from turning around the [George] Bush legacy of deficits and debt, [US president Barack] Obama has made it worse. It has got all the hallmarks of a financial collapse about to happen in America.''
Senator Joyce said investor concerns about the American Government's ability to fund its deficits were already undermining the role of the US dollar in the international trading and financial system.
''The US dollar is almost becoming like junk bonds,'' he said.
Three outrageous videos
Obama declares Health Crises. We can expect not only changes in emergency care but also limitation of public gatherings and such. Now is the time to backup food supplies, medications, people contact lists and personal what ifs.
The lots for sale last week represented arrears from only 2006, well before the worst of the downturn for U.S. automakers.
Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.
Reuters: Detroit house auction flops for urban wasteland
DETROIT (Reuters) - In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.
After five hours of calling out a drumbeat of "no bid" for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag.
"OK," he said. "We only have 300 more pages to go."
There was tired laughter from investors ready to roll the dice on a city that has become a symbol of the collapse of the U.S. auto industry, pressures on the industrial middle-class and intractable problems for the urban poor.
On the auction block in Detroit: almost 9,000 homes and lots in various states of abandonment and decay from the tidy owner-occupied to the burned-out shell claimed by squatters.
Taken together, the properties seized by tax collectors for arrears and put up for sale last week represented an area the size of New York's Central Park. Total vacant land in Detroit now occupies an area almost the size of Boston, according to a Detroit Free Press estimate.
The tax foreclosure auction by Wayne County authorities also stood as one of the most ambitious one-stop attempts to sell off urban property since the real-estate market collapse.
Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.
How strange
The pix say it all.
Justin_n_IL
Yo, peeps,
For all those years, was the government cheese good, Daddy?
Looks like someone is finally waking up to America's "Friendly Fascism." (see the Bertram Gross book of the same name).
Only problem is the 'friendly" part is way past over. You may not notice yet, cuz us frogs are in the pot and its just a tad warm right now.
"Let non of us exult too soon, for the womb is fruitful from which this one crawled..."
-- Arturo Ui, referring to Hitler in one of Bertolt Brecht's plays
Since Obama solely represents the interests of global elite "one-worlders," like the Rothschild's and Rockefeller's, it's only time before he (Obama) kicks up the burners permanently!
David Dees is indeed the critical-thinking "Peter Max" of the "Anti-NWO/Freethinking/Truth" movements. The people involved in dissecting obvious and unsettling conspiracy facts.
We leave conspiracy theory for the likes of people like the S&MSM, George Bush and Dick Cheney who seem to posit that, on a day Cheney was running war games similar in nature to the actual attacks, that 19 guys (w/box cutters) assisted by some CIA backed-and-funded Muhjadeen operative in a cave (OBL), in Afghanistan, hooked up to a dialysis machine and using a cell phone, made the United States Air Defenses schedule their two-hour coffee break (stand down)! WTF?!! And they were able to drop a 47 story building without anything hitting it! Double-Down WTF?!!
Where's my tinfoil hat for those theoretical MoFo's!
The patriotic questioning of truth in ALL FACETS is only arrived at by seeking rational knowledge outside of the controlled and dirty spoon servings of government propagandists and their servants in the wholly-corporatized mainstream media.
A few quotes from Daddy the Big Rock Treasonist, oh sorry, Big Rock Globalist! (Oh yeah, they're the same thing, sorry)
"For more than a century ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure – one world, if you will. If that’s the charge, I stand guilty, and I am proud of it."
- -David Rockefeller, from his own book, Memoirs.
"We are grateful to the Washington Post, the New York Times, Time magazine and other great publications whose directors have attended our meetings and respected the promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the world is now more sophisticated and prepared to march towards a world-government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the National auto determination
practiced in past centuries"
--David Rockefeller in an address to a Trilateral Commission meeting
in June of 1991
And 9-11 was the modern day trigger that has gotten us to this Rothschild/Rockefeller scripted, staged, and economically bleak landscape.
They know what the f--k they are doing, because THEY ARE DOING IT!
Hey all, enjoy the Michael Jackson film, "This is it!"
I’ll leave you with this –
“911 is a naked con any Girl Scout with a web connection could bust wide open over a weekend and still have time for a bake off.”
This is the most amazing story I have yet to read on the Killing Of Lehman and Merrill, written by Matt Taibbi, published in Rolling Stone just a couple weeks ago. It goes through the legalized crime of the Naked Short Selling. It concludes by saying that these investment banks have been in the business of printing, essentially, their own money through NSS. The counterfeiting of stocks, bonds and Treasuries continues.
http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/print
Just curious - What happened to the "Obama Worship" cartoon. I see it has been pulled. I wonder why?
Jerry - superb article and thanks for sharing... Yes, the entire financial system is no more than a big casino that is rigged to ensure the house comes away a winner - Madoff's ponzi scheme was small scale stuff compared to the real manipulation going on.
Raymond - as you can see I added a few more of Dee's illustrations - took that one out of the lineup as it was the most controversial.
Let's talk Congress. After all.. isn't it ground zero for corruption. First place to look would be to the House and Senate majority party heads. And that brings us to a feckless Harry Reid.
How the hell did this spineless twerp rise to Senate head?
What's going on in Nevada. Jesus...Harry Reid is worse even than the elderly,warmonger & senile/clueless John McCain to the south.
There can be no hope for us as long as Congress is populated by
agents of special interests.
Every thing revolves around regaining control of Congress.
Harry Reid is an embarrassment to Nevada, just as Nancy Pelosi is to CA and Barney Frank is to MA.
Read mpettis.com to get a view of Chinese economics from an insider who is an economics professor living in China.
China is continuing to over produce manufactured goods in spite of the US consumer reducing his-her spending. They want to find markets in the Asian sphere and in Europe to fulfill their sales quotas.
What they do to reduce costs is to cut already low wages for workers, and provide production stimulus on the backs of workers. Also, they are pushing huge infrastructure projects which maybe considered too much for a country with low production costs.
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