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 USA & CANADA 
USA & CANADA / Dollar and America on the Road to Ruin
Date of publication at Tlaxcala: 16/02/2012
Translations available: Italiano 

Dollar and America on the Road to Ruin

Greg Hunter

 

In the last week or so, I’ve noticed an unusual amount of really well written and researched articles warning of impending doom and financial horror.  These articles are not written by a bunch of angry uneducated bloggers but by money managers, investors and financial writers.  All are people who got it right leading up to the meltdown of 2008, and my bet is they are right again.  The mainstream media (MSM) told you after the 2008 crash, “Nobody saw that coming,” which is a bold faced lie that will not work again.   

Jim Quinn of TheBurningPlatform.com wrote a tour de force of troubling realities you will never hear on the MSM.  Quinn lays out the case for coming ruin with stats, charts and razor sharp logic in a post called “Illusion of Recovery–Feelings vs. Facts.”  In his summation, Quinn says, “There is no avoiding the final collapse of a boom created solely by credit expansion. Those in power will never voluntarily relinquish their grand game of pillaging the wealth of the nation, so economic collapse will be the ultimate result. They will continue to use propaganda, printing presses, and half-truths to further their agenda. But those who examine the facts will come to a logical conclusion that we are being sold a great lie.”  (Click here to read this very long but very good Jim Quinn post.) 
 
Other headlines read “Many of Us Will Never See Happy Days Are Here Again.”  The reports site a multitude of statistics showing America in ruin.  Did you know “49 percent of all Americans live in a home that gets direct monetary benefits from the federal government”?  (Click here for that story.)  How about this little post titled “Why The Notions Of Systemic Failure Or Going To Zero Are On Par With Bigfoot & Unicorns For Most Investors.”  Money manager Graham Summers cites two ugly monstrous facts, “1) US commercial banks currently sit atop $248 TRILLION in derivatives  2) The US Federal Reserve is now buying 91% of all long-term new US debt issuance (at the same time China and Russia are dumping US bonds).”  (Click here for more on this story.) 
 
Other titles include:  “A Financial Crisis in 2012 is Inevitable! Here’s Why,”  “Government Is Dead Man Walking-The Fiscal Situation Is Much Worse Than Most People Realize,” and “The Financial Crisis Of 2008 Was Just A Warm Up Act For The Economic Horror Show That Is Coming.”   All these were written in the last week or so, and all feature sound analysis.  (There were several more I left out for the sake of brevity.)  Please keep in mind, these stories only talk about the facts and fundamentals of the economy.  War in the Middle East is not mentioned in any article.  When you consider hostilities featuring Syria, Iran, Israel, China, Russia and the United States, the mind boggles.  War would bring collapse, chaos, and financial calamity in very short order.  Oh, and by all means, let’s throw the European debt crisis into the mix for good measure. 
 
Wall Street insider and financial expert James Rickards thinks the most likely scenario coming is “chaos” that will come from the collapse of the U.S. dollar.  In an interview this week, Rickards said, “There is still time to pull back from the brink, but it requires a specific set of policies: breaking up big banks, banning derivatives, raising interest rates to make the US a magnet for capital, cutting government spending, eliminating capital gains and corporate income taxes, going to a personal flat tax, and reducing regulation on job-creating businesses. However, the likelihood of these policies being put in place seems remote – so the dollar collapse scenario must be considered.”   
 
Rickards thinks things will get so bad the U.S. government will “resort to emergency economic powers.”  What does that mean?  Rickards continues, “Few Americans are aware of the International Economic Emergency Powers Act (IEEPA)… it gives any US president dictatorial powers to freeze accounts, seize assets, nationalize banks, and take other radical steps to fight economic collapse in the name of national security. Given these powers, one could see a set of actions including seizure of the 6,000 tons of foreign gold stored at the Federal Reserve Bank of New York which, when combined with Washington’s existing hoard of 8,000 tons, would leave the US as a gold superpower in a position to dictate the shape of the international monetary system going forward, as it did at Bretton Woods in 1944.”  (Click here for the complete Rickards interview.) 
 
The financial collapse is already in progress no matter the MSM happy news spin.  Real estate prices continue to decline despite a 30-year mortgage rate at or below 4%.  Millions more homes will be foreclosed on in the next few years.  The true unemployment and underemployment rate is 22.5%, and there is little hope of turning things around quickly with American manufacturing gutted and shipped to China.  A record 46 million people are on food stamps.  At least 90% of all mortgages are supplied by the government.  The Fed is holding a key interest rate at 0% through 2014 and is starting a new round of money printing (QE.)  In the wake of the 2008 crisis, the Fed pumped out $16.1 trillion to bail out banks and companies around the world.  It wasn’t enough money because, today, we face another even bigger financial calamity. Vehicle sales have been propped up with a new round of subprime financing.  America’s debt to GDP is 100% or more, and another debt ceiling increase will probably be necessary before the November election.  The banks are allowed to use government accounting fraud to make them look solvent. 
 
 
Most U.S. states are not only flat broke but underwater with massive debt loads.   Bankers who created this mess with trillions of dollars of fraud are not prosecuted for fear of speeding up the coming collapse.  Fuel and food prices are rising, and inflation is running at 11% (if it were calculated the way the government did it in 1980).  As the dollar is debased, inflation will spike.  Those are just a few signs of an unfolding tragedy.  
The biggest problem America has is crushing debt that it will never pay back.  Dollars are loaned into existence, and many have been created to prop up the banks and the economy.  You cannot fight a debt crisis with never-ending bailouts and currency creation.  That’s like fighting fire with gasoline.  A monumental change is coming, and for most Americans, it will be painful—especially for the unprepared.




Courtesy of Greg Hunter
Source: http://usawatchdog.com/dollar-and-america-on-the-road-to-ruin/
Publication date of original article: 08/02/2012
URL of this page: http://www.tlaxcala-int.org/article.asp?reference=6851

 

Tags: QEFEDUSEconomyDebtDollarFinancial collapseFederal Reserve
 

 
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