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Audio: 9/11 & Globalist Crash-Con-omics
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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Wed Sep 17, 2008 8:56 pm    Post subject: Reply with quote

Quote:
The Treasury said today it is selling $40 billion of cash management bills - essentially a fresh batch of debt - at the US central bank's request as part of what a Treasury official called an attempt to "help them better manage their balance sheet."


yeah, so i heard...
all is well, tho, folks... move along... nothing to see here.

my comment about:
Quote:
in other words - i should like to use your money for my venture and pay my bills with it, if need be. i may even reward you. of course, it is not a guarantee how well or if i can reward you, but the more of you chip in, the blue-er we'll be. care to join me?

that was just a joke... i was making fun of the IPO mentality.

lone... lots of luck with your idea, really. if there is an honest way to get even crooked investors interested in a combo project (making a return and being beneficial to the community) i hope you do it. there are angel investor networks out there where you hopefully can find venture money for your plan(s). i have some ideas myself, but always seem to feel if i'd share it with anyone who could make the thing happen, i'd put myself in a position to have it stolen from me or bullied out of the particular arena (via "interested" associations and legal litigators and such).

what cracks me up now is McCain and Palin talking about "reforming" Wall Street and all.. uh, do they mean "regulation?" BWAHAHAHAHA!!!!

or, are they trying to say something like what Hitler was meaning... y'know... that jews are fucking things up?

damn, i forgot to be rich, if that's the case.

oh me of little faith. i oughta pray jesus to come and save america. that's what's wrong.

touch this screen and pray with me now...
...you are getting very, very sleepy.

red

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rustyh



Joined: 17 Sep 2006
Posts: 489
Location: A Wonderful World

PostPosted: Wed Sep 17, 2008 10:51 pm    Post subject: Reply with quote

Quote:
$40bn lost in market plunge

September 18, 2008 10:00am

AUSTRALIAN shares have been hammered in trading today, wiping around $40 billion off the market after the doom and gloom on Wall St continued overnight.

By 10am, the benchmark S&P/ASX200 was 166.8 points or 3.53 per cent lower at 4555.4, while the broader All Ordinaries fell 166.6 points, or 3.49 per cent, to 4603.1.

The finance sector led the way down, with banking stocks suffering the biggest losses.

Commonwealth Bank shed $1.48, or 3.60 per cent, to $39.62, National Australia Bank dropped $1.46, or 7.05 per cent, to $19.24, while ANZ declined 60 cents, or 3.75 per cent, to $15.40.

Westpac slumped $1.03 cents, or 4.48 per cent, to $21.98 and its takeover target St George Bank sank $1.39, or 4.61 per cent, to $28.76.

Macquarie Group shares dropped dramatically, losing $5.73, or 16.89 per cent, to $28.20. Since August 12, Macquarie shares have dropped 49.6 per cent, from $55.21.

Babcock & Brown fell 19 cents, or 20.65 per cent, to 73 cents. US stocks took another battering overnight, falling to a three-year low on concerns the wave of billion-dollar banking collapses is not over yet.

Turmoil sparks gold rush

Shares in Australia's largest gold miners offered the only green amongst a sea of red, after the price of the precious metal recorded its biggest one-day gain in nine years amid uncertainty in equity markets.

Newcrest Mining, Australia's biggest gold company, opened $3.11, or 14.5 per cent higher at $24.50, while Lihir Gold put on 34 cents, or 15.9 per cent to $2.48.

Denver-based Newmont Mining, the world's second largest gold miner, gained 38 cents, or 7.63 per cent, to $5.36 by 10.32am (AEST).

The spot price of gold was trading in Sydney today at $US886.65 an ounce by 10.45am (AEST), up $US103.35 an ounce on yesterday's local close of $US783.30 an ounce.

AIG rescue fails to calm

Yesterday's $US85 billion ($107 billion) rescue of insurer AIG by the Federal Reserve failed to calm a crisis of confidence. Fears linger that Morgan Stanley - one of only two big investment banks left standing - may be next in line for a merger.

The Dow fell almost 450 points and the Nasdaq fell nearly 5 per cent in its worst day since the aftermath of the September 11 attacks in 2001 as rattled investors worried about who could be the next victim of the global credit crisis. There were similar falls on Monday night after the collapse of Lehman Brothers.

There were also heavy losses on the London, Paris and Frankfurt markets.

Who's next?

Morgan Stanley shares sank 24.2 per cent overnight to $US21.75 as investors worried whether it would survive as an independent investment bank in the current environment.

Shares of the other remaining major US investment bank, Goldman Sachs, dropped 13.9 per cent to $US114.50 and at one point fell below $100 for the first time in more than three years.

"The fear is, 'Who is next?'" said John O'Brien, senior vice president at MKM Partners. "It almost feels like people scour the books and say, 'Who is the next likely target that we can put a short on?' and that spreads continuous fear."

Trouble spreads to Britain

The UK's biggest mortgage lender, HBOS reached a merger deal with its rival Lloyds TSB, British media reported after lender's shares plummeted for a third day running.

HBOS - the owner of BankWest - confirmed it was in "advanced talks" with Lloyds TSB, and the BBC and Sky News later reported that a deal had been struck, saying an announcement was expected early tomorrow.

Prior to the reports of the takeover talks, HBOS shares had nosedived 52 per cent to a low of 88 pence, its third successive day of heavy losses.

London's FTSE 100 index tumbled 2.25 per cent to 4912.40 points, breaching key technical support at 5000 points as investors tracked Wall Street's heavy losses.

In Paris, the CAC 40 lost 2.14 per cent to 4000.11 points and in Frankfurt, the DAX was down 1.75 per cent at 5860.98 points.

The Dow Jones industrial average fell 449.36 points, or 4.06 per cent, to 10,609.66, its lowest level since November 2005. It was the blue-chip Dow average's biggest percentage drop since Monday, when it fell 504.48 points, or 4.42 per cent, the most since the aftermath of 9/11.

The S&P 500 fell 57.20 points, or 4.71 per cent, to 1,156.39, its lowest level since May 2005 and its biggest percentage drop since September 17, 2001, when the markets reopened after the September 11 attacks.

The Nasdaq also fell the most since September 17, 2001. It shed 109.05 points, or 4.94 per cent, to 2,098.85, its lowest level since August 2006.

-With the Herald Sun, AFP, Reuters
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atm



Joined: 16 Apr 2006
Posts: 3861

PostPosted: Thu Sep 18, 2008 12:30 am    Post subject: Reply with quote

Quote:


Japan injects £13bn to stem Asia market panic

Leo Lewis Asia business correspondent

18 September 2008

http://business.timesonline.co.uk/tol/business/markets/japan/article4777509.ece

Japan’s central bank today poured a further 2.5 trillion yen (£13 billion) into the financial market in an effort to calm panicked investors who continue to dump stock despite America’s $85 billion bailout of AIG, the insurance giant.

Today’s injection – the Bank of Japan’s sixth in one week – takes to its total fillip to 8 trillion yen since Lehman Brothers filed for bankruptcy, Merrill Lynch was rescued by Bank of America and the US Fed agreed a two-year loan to AIG.

However, Asia markets continued to plunge overnight. Japan’s Nikkei closed 1.8 per cent down while in Hong Kong, the Hang Seng plummeted, losing 1,301.5 points to close 7.3 per cent down.

In Australia and Singapore stocks plunged by over 3 per cent in the morning session.

Brokers in Tokyo said that the huge rout of financial, insurance and real-estate stocks reflected a “total disbelief” on Asian dealing floors that the Federal Reserve’s bailout of AIG had staunched the flood of bad news from the US financial sector.

Customers of AIA, a subsidiary of AIG, remained unconvinced by America’s action, and policyholders lined up for a second day in Singapore to cash in their policies.

Shares across most sectors were savaged as the banking-sector crisis of confidence spiralled into more general fears of global economic trouble. Fundamentals, said one Tokyo fund manager, have become meaningless: “this is bloodletting with nothing intelligent to act as a clotting agent,” he said.

Many now believe that there is still substantial pain to come as other parts of the banking sector are restructured to face the post-Lehman world.

Focus in Asia was on Morgan Stanley, with many speculating that it might become the next bank to be named in defensive merger talks.

Analysts highlighted a “disturbing” widening of the TED spread – the difference between the US treasury bill interest rate and inter-bank rates, and a prime indicator of the market’s sense of risk. The spread is now as wide as it was in 1987.

Traders at Mitsubishi Tokyo UFJ in Hong Kong pointed to those severe disruptions in the money markets as a sign of perhaps deadlier market ructions still to come.

“The AIG bailout comes at a heavy cost to the credit quality of the US Federal Reserve – the lender of last resort,” said one.

Only gold and a few other precious metals appeared to survive the market hammering: its simplicity as an investment and safe-haven status has always appealed to Japanese investors, who pushed the price up to $892 per ounce as everything else crumbled.





Quote:


A psychological diagnosis of the banking crisis

Oliver James
The Guardian
Thursday September 18 2008

http://www.guardian.co.uk/business/2008/sep/18/wallstreet.banking

Shares in the troubled bank HBOS are up and down like a manic-depressive. It is tempting to assume that the brokers doing the buying and selling are every bit as febrile. Indeed, a study of 26 successful New York brokers from 2000 does suggest they are distinctly flaky.

They had high levels of depersonalisation (feeling detached from one's surroundings) and a staggering two-thirds were depressed. There were similarly high levels of anxiety and sleeplessness. The more they earned, the more likely they were to have these problems. Twice daily, they consumed both alcohol and an illegal substance (mostly cocaine). For relaxation, they chose solitary pursuits: jogging, masturbation and fishing were common.

But for all their Affluenza-driven compulsions and misery, it would be wrong to characterise brokers' turbulent share-dealing as evidence of mental instability. In fact, it is a wholly rational response to the way they are incentivised. In the deregulated shambles of our financial services industry, their bosses motivate them with extremely short-term rewards. If the only way to succeed in the system is to slap a bet on HBOS shares falling, then it is rational to do so.

Even if it is true that HBOS is not as close to insolvency as was the case with Northern Rock, it is still rational for brokers to make these bets once the predatory herd have got an institution in their sights - the more people believe that it is going down, the more they bet on it happening, the more likely it is to happen.

Much more interesting, psychopathologically, is how the brainboxes in charge of the system allowed it to get like this.

You could not accuse the likes of Keith Joseph, Nigel Lawson and Gordon Brown of being thick. Yet we have many financial institutions that exist through lending borrowed money, rather than their own. How could they allow a system in which many of the financial institutions were living on the never-never?

Even at the individual level, we have been coerced into spending more than we earn.

Whatever happened to Thatcher's pious homilies about householders having to balance their books?

If the current stock market rollercoaster symbolises lunacy, it resides in those who set up and monitor the system, not the individual money-chasing traders wanting a larger second home.
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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Thu Sep 18, 2008 10:32 am    Post subject: Reply with quote

Looks like the best place to be if you're an "investor" is shorting MS and GS (Morgan Stanley and Goldman Sachs). They are getting slaughtered the past week.

The psychology is somewhat true, ATM, about the coke use amongst market people. Hell, I may as well say a whole lot true. I haven't been around them since the 90's, but if it's anything like that now, then yes.

Oh, not pretty out there. Perhaps those consumers deep into the negative were the smart ones. What's that few thousand bucks in an account gonna do for anyone holding cash, anyway? I suppose that's what pisses off people who have saved and had been prudent. I can understand their anger... but anger ain't gonna change the fact the money is on its way to meaninglessness.

And all ya need is panic. We are at panic mode now. Why? Because nobody believes the govt. Yes, folks... even those who swear they do, the faithful God-Bless-America types, have left the building.

Red

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Fintan
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Joined: 18 Jan 2006
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PostPosted: Thu Sep 18, 2008 1:51 pm    Post subject: Reply with quote

Quote:
duane:
Mr. Schiff seems to want to blame the government for interfering with the "free market" !!!! the problem is the government colluding with those who run the racket, er, i mean market....

he seems to have forgotten we had factories here and it was the "free
market" that packed them up and shipped them overseas. and that the
consumption is driven by the relentless marketing by those "free market "
corporations to maximize profits.

Agreed. Scheff is rather selective about the bits of
the "free market" he criticizes.

The whole system is rotten, of course.

That said, there is at least more realism coming from Schiff,
than from the vast majority of media 'commentators.'

But it's surface level stuff. No identification of the
deeper game here and no hint of the coming tsunami.

Quote:
Comrade Bernanke Does it Again

Peter Schiff - Sep 18, 2008

By nationalizing nearly 80% of AIG for $85 billion, the Fed is doing a lot more than simply flushing taxpayer money down the toilet. The greater wrong is allowing the agency that has the power to print money to take control of a private enterprise, especially without the approval of the company's shareholders. The move represents the largest lurch toward socialism that this country has ever seen, and signals the end of the vibrancy of America's once vaunted free market economy. Since there is no limit to the amount of money the Fed can create, there is no limit to the number of assets they can acquire.

The "line in the sand" that the Government seemed to draw by refusing to bail out Lehman Brothers was erased in just two days by the very next wave of financial panic.

While Fannie and Freddie were arguably quasi-government agencies that deserved special protection, no such status exists with AIG. Where does the Fed get the authority to use the money it prints to take over private companies? Congress never gave such authority and, even if it had, it would be unconstitutional, as Congress itself has no such authority to delegate. What about the shareholders? Why didn't they get to vote on this acquisition? Whatever happened to private property rights?

Where does this stop? What other troubled companies will the Fed nationalize, and how much will it cost? Why stop at troubled companies? If the Fed can buy into a sick company, why not a healthy one? Now that we have allowed the Fed to take over any asset it wants, private property rights are meaningless. When oil prices get really high, why bother with a windfall profits tax when the Fed can simply nationalize Exxon-Mobil with a few cranks on its printing press. Who needs Bolsheviks when you have the Fed?

AIG is not a bank; it is not even an investment bank. The "lender of last resort" power was supposed to apply only to banks, to prevent runs. It was not meant to apply to any company that had been declared "too big to fail".

I suppose the Fed is trying to get around some of the more obvious illegalities by having the new AIG shares issued on behalf of the Treasury. What happened to the concept of an independent Fed? Here you have the Fed seizing a private company and ceding control to the U.S. Treasury. Rather then acting independently, the Fed and the Government are merely partners in crime.

On the economic side, the Fed expects us to believe this is a smart investment. Does anyone really think that officials at the Fed and Treasury are suddenly private equity experts? These are the guys who missed both the tech and housing bubbles, and who assured us that subprime problems were contained. I would not trust them to run a lemonade stand, let alone one of the largest insurance companies in the world.

The idea that this bailout was necessary given that the alternative would be worse should by now be fully discredited. All of today's financial problems are the direct consequence of Fed policy that was designed to weaken the recession that followed the bursting of the tech bubble and the shock of September 11th. Of course, the tech bubble itself resulted from the Fed's actions to sooth the pain following the collapse of LTCM, the Russian debt default, the Asian crisis, and Y2K.

I suppose the precedent for all of these actions was established back in 1979 when the government guaranteed Chrysler's debt. It sure would have been a lot better and a whole lot cheaper if we had simply let Chrysler fail. The road to financial hell, or in this case socialism, is certainly paved with "good" intentions. Today's historic surge in the price of gold shows that at least a few investors are refusing to march in the parade.

http://www.321gold.com/editorials/schiff/schiff091808.html

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Fintan
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PostPosted: Thu Sep 18, 2008 2:24 pm    Post subject: Reply with quote

Gold to soar?
Don't buy it.


The PPT have bucketfulls of derivatives to
toss at the gold price in a series of ambushes
designed to burn gold investors.

No escape from fiat currency is the motto.

That doesn't mean physical gold is not a good place to be.
Just watch it if you're tempted to trade in it.

This market ain't free.

Quote:
Gold prices could double or triple

September 18, 2008, 11:00 AM by Peter Koven

It took longer than almost anyone expected, but gold prices finally caught fire yesterday and rose a breathtaking US$70 an ounce. And according to Citigroup Global Markets analyst John Hill, this may just be the start.

Mr. Hill wrote that gold is finally displaying classic safe-haven attributes and de-coupling from other commodities, after being held down recently by de-leveraging, distress selling and dis-inflation. He figures those are short-term impacts that masked the the strong physical demand for bullion.

"Gold appears to be entering a powerful new phase of investment demand tied to safe-haven and monetization themes," he wrote.

No matter what, Mr. Hill thinks the outlook for gold looks strong. If the United States sinks into a deep recession that spreads into emerging markets, he expects gold would "double or triple" from current levels. A more likely outcome is slow growth accompanied by monetization and socialization of derivative losses, which he figures is likely to hurt paper currencies and help gold.

He expects gold to move higher through 2009 and 2010 and is maintaining average forecasts in those years of US$950 and US$1,000 an ounce respectively. But if the macro environment deteriorates, he thinks it could rise to uncharted territory.

Mr. Hill's top picks in the sector are Barrick Gold Corp., Peter Hambro Mining PLC, Lihir Gold Ltd., and Newmont Mining Corp.

Link

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Hombre



Joined: 07 Jan 2008
Posts: 967

PostPosted: Thu Sep 18, 2008 4:03 pm    Post subject: Reply with quote

Fintan my man,

with utmost respect I've taken the other side of the trade on this one. Today was a day to mark on one's calender, it was a watershed day on wall street. Snap back trading and fist fights on the floor, I saw a few. Pretty ugly.
It took a bucket load of balls to buy long common this morning but any who did made a ton of money. I made a bit but am not as greedy as I was in my youth Laughing Laughing I preserve capital like a dong protects his bone.

Gold and Oil are scams being run by the IMF, Fed's and World Bank. The smart money is selling Gold and the Fools are buying. I'll wager a large sum that by Christmas Gold will be near 600 an 0z and Oil under 80 per.

What many never grasp is that the sellers of Gold are in fact the owners of Gold. They always will be because they are the only ones who have the capital to buy it back when it falls in value. They have the capital because THEY WERE THE ONES WHO SOLD IT.

Trying to turn Oil into a world currency will fail and fail big time. When you couple that with this sub-prime BS you have a liquidity issue beyond anyone's capability to grasp, FOR COMMON MAN THAT IS.. An asset that depreciates in value at the rate of 5%-10% per month doesn't take long to destroy anyone holding a load of that assets debt. HTF can you meet the obligations of those assets if they are worth 40% less than the monies loaned on them, and in some cased 50%?

The boys and girls in Washington haven't figured this out yet. They'll need to use words like " SCAM " " FRAUD " to work there way out of this mess and then figure a way to SELL the next " BIG IDEA " to the public in an effort to regain the imaginary trust. I doubt it flies.

An RTC isn't the answer only fools think it is. ( JMHO )

If you don't see a strengthened dollar within 6 months time, and things are even 1/2 as bad as TPTB want you to believe then 1929 will end up looking like a freaking picnic in the park compared to what lies ahead.

IMHO~~ allowing the hedge funds to play with oil is far worse than sub-prime simply because someone will eventually buy, and some are buying depressed assets but ( NO ONE ) will continue to buy Oil that they can't afford. Why would anyone buy a commodity, that actually has no tangible value, before buying one that does is something that has always made me chuckle, yet they line up like it's going out of style. Laughing

Anyway that's just an old mans rant, AH 2 cents Very Happy

Hombre
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Fintan
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PostPosted: Thu Sep 18, 2008 4:47 pm    Post subject: Reply with quote

Volatile markets are great for making money.
That's why we have them.

But I'm not in the business of debating short-term trading.

Quote:
Hombre
It took a bucket load of balls to buy long common
this morning but any who did made a ton of money.

Please. I did it back in '87.

But why use balls when brains are better?

Tell me when these people have NOT staged
a rally 3 to 5 days after they staged a fall?

It's boringly predictable.

Quote:
Hombre: The smart money is selling Gold


Ummmm.....
Fiat currencies are imploding, rather than let assets(profits) deflate.
How smart is selling gold?
Long term, it's not.

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Fintan
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PostPosted: Thu Sep 18, 2008 8:12 pm    Post subject: Reply with quote

Quote:

The Next Level Show - 19th September, 2008

Economic Icebergs & Opportunity

US markets are rallying from yet another staged 'crisis' on the way
to impact with the economic iceberg -the real one- which lies ahead.
This particular crisis marks the formal first move to Third World economic
status and a socialist command economy. And yet, despite this, we are all
also on the cusp of opportunity. Fintan Dunne analyses the Meltdown.


LISTEN:
Broadband Mp3 Audio
http://BreakForNews.com/audio/BeautifulTruth080919a.mp3
Click to Play or Right-Click to 'Save As' and Download.

Dialup Mp3 Audio
http://BreakForNews.com/audio/BeautifulTruth080919.mp3
Click to Play or Right-Click to 'Save As' and Download.

Quote:
REFERENCES

Bruce Lee Quotes
http://breakfornews.com/forum/viewtopic.php?p=37541#37541

Opportunities in the Impending Perfect Storm
http://news.goldseek.com/GoldSeek/1220634300.php

Surviving The Credit Chaos
http://www.gold-eagle.com/editorials_08/kasun091608.html

Is the Party Over?
http://www.greenfaucet.com/the-market/is-the-party-over

Extraordinary Measures Today, a Financial Funeral Tomorrow
http://www.greenfaucet.com/the-market/extraordinary-measures-today-a-financial-funeral-tomorrow/94888

Stop Trading!: Financial Terrorism?
http://www.cnbc.com/id/26778065

Traders: Washington Has Awakened
http://www.cnbc.com/id/26778945

Middle classes face ruin as Argentina's crisis widens
http://www.guardian.co.uk/world/2001/dec/23/argentina.sophiearie

A 125-Year Picture of the Federal Government's Share of the Economy, 1950 to 2075
http://www.cbo.gov/doc.cfm?index=3521&type=0



Quote:
The Worst Is Yet to Come

BY CHRIS PUPLAVA

Last week I took a look at why consumers were so depressed. In short,
my conclusion was that consumers were finally coming to terms with their
balance sheets and this wakeup call: that you can’t borrow your way
indefinitely to maintain ones standard of living. Consumers will be forced
to save and consume less as the liquidity trough of cheap credit has been
removed. As Warren Buffet said, “Only when the tide goes out do you
discover who’s been swimming naked.”



The banks are now paying for their complete lapse in lending standards
as financial losses continue to mount. Total commercial bank delinquent
loans and leases have surpassed levels seen in the prior recession.
Moreover, the rate of growth in noncurrent loans and leases is one for the
record books as current deterioration in bank loans surpasses the rates
seen in the prior two recessions.



http://www.financialsense.com/Market/cpuplava/2008/0827.html


Quote:
Ex-Finance Ministers Offer U.S. Economic Advice

by David Kestenbaum

Morning Edition, September 15, 2008 · When the U.S. Treasury stepped in to save Fannie Mae and Freddie Mac this month, the public got a reminder of just how interconnected the economies of the world have become. What began as a problem in the U.S. mortgage market, with people borrowing too much to buy houses here, ended up threatening to drag down the entire global economy.

With the news of the Fannie and Freddie bailout still unfolding, former finance ministers from around the world met last week to discuss global economic stability. Some of them had a polite suggestion for the U.S., namely that a little international advice might have helped stave off the crisis.

The ministers met at the University of Virginia, beneath the grand dome where Thomas Jefferson once kept his library. They were cordial, but also frank. Maybe the U.S. should get a financial checkup, they suggested, from the International Monetary Fund.

"Now I think the time has come," said Yashwant Sinha, former finance minister of India. "After the crisis here ... the U.S. should accept some monitoring by the IMF." Sinha thinks an IMF review might have sounded an additional warning about America's still-unfolding mortgage crisis.

It's worth noting that the IMF is the world agency that countries turn to when they're in serious trouble, as Argentina has done during its recent flirtation with the brink. The IMF functions as a kind of global loan shark.

http://www.npr.org/templates/story/story.php?storyId=94617079


Quote:
Hey U.S., welcome to the Third World!

It's been a quick slide from economic superpower to economic basket case.

Rosa Brooks - September 18, 2008

Dear United States, Welcome to the Third World!

It's not every day that a superpower makes a bid to transform itself into
a Third World nation, and we here at the World Bank and the International
Monetary Fund
want to be among the first to welcome you to the community
of states in desperate need of international economic assistance.


As you spiral into a catastrophic financial meltdown, we are delighted to
respond to your Treasury Department's request that we undertake a joint
stability assessment of your financial sector. In these turbulent times, we
can provide services ranging from subsidized loans to expert advisors
willing to perform an emergency overhaul of your entire government.

As you know, some outside intervention in your economy is overdue. Last
week -- even before Wall Street's latest collapse -- 13 former finance
ministers convened at the University of Virginia and agreed that you must
fix your "broken financial system." Australia's Peter Costello noted that
lately you've been "exporting instability" in world markets, and Yashwant
Sinha, former finance minister of India, concluded, "The time has come.
The U.S. should accept some monitoring by the IMF
."

We hope you won't feel embarrassed as we assess the stability of your
economy and suggest needed changes. Remember, many other countries
have been in your shoes. We've bailed out the economies of Argentina,
Brazil, Indonesia and South Korea. But whether our work is in Sudan,
Bangladesh or now the United States, our experts are committed to
intervening in national economies with care and sensitivity.

We thus want to acknowledge the progress you have made in your
evolution from economic superpower to economic basket case. Normally,
such a process might take 100 years or more. With your oscillation
between free-market extremism and nationalization of private companies,
however, you have successfully achieved, in a few short years, many of
the key hallmarks of Third World economies
.

Your policies of irresponsible government deregulation in critical sectors
allowed you to rapidly develop an energy crisis, a housing crisis, a credit
crisis and a financial market crisis, all at once
, and accompanied (and
partly caused) by impressive levels of corruption and speculation.
Meanwhile, those of your political leaders charged with oversight were
either napping or in bed with corporate lobbyists.

Take John McCain, your Republican presidential nominee, whose senior
staff includes half a dozen prominent former lobbyists. As he recently put
it, "I was chairman of the [Senate] Commerce Committee that oversights
every part of the economy." No question about it: Your leaders' failure to
notice the damage done by irresponsible deregulation was indeed an
oversight of epic proportions.

Now you are facing the consequences. Income inequality has increased,
as the rich have gotten windfalls while the middle class has seen incomes
stagnate. Fewer and fewer of your citizens have access to affordable
housing, healthcare or security in retirement. Even life expectancy has
dropped. And when your economic woes went from chronic to acute, you
responded -- like so many Third World states have -- with an extensive
program of nationalizing private companies and assets. Your mortgage
giants Fannie Mae and Freddie Mac are now state owned and controlled,
and this week your reinsurance giant AIG was effectively nationalized,
with the Federal Reserve Board seizing an 80% equity stake in the flailing
company.

Some might deride this as socialism.
But desperate times call for desperate measures.


Admittedly, your transition to Third World status is far from over, and it
won't be painless.
At first, for instance, you may find it hard to get used
to the shantytowns that will replace the exurban sprawl of McMansions
that helped fuel the real estate speculation bubble. But in time, such
shantytowns will simply become part of the landscape. Similarly, as
unemployment rates continue to rise, you will initially struggle to find a
use for the expanding pool of angry, jobless young men. But you will
gradually realize that you can recruit them to fight in a ceaseless round
of armed conflicts, a solution that has been utilized by many other Third
World states before you. Indeed, with your wars in Iraq and Afghanistan,
you are off to an excellent start.

Perhaps this letter comes as a surprise to you, and you feel you're not
fully ready to join the Third World. Don't let this feeling concern you.
Though you may never have realized it, you've been preparing for this
moment for years.


http://www.latimes.com/news/opinion/la-oe-brooks18-2008sep18,0,6908905.column

READ COMMENTS ON THIS ARTICLE:
http://www.latimes.com/news/opinion/la-oew-rb18-2008sep18,0,7265214.graffitiboard

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They only function when open.


Last edited by Fintan on Fri Oct 17, 2008 5:57 pm; edited 4 times in total
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LonePunman



Joined: 09 Jan 2008
Posts: 70

PostPosted: Thu Sep 18, 2008 8:51 pm    Post subject: Reply with quote

There is only one currency left:

Righteousness, justice, compassion, charity.

Pursuing gold is as foolish as pursuing paper money, guns, drugs, or prostitutes.

"In all your getting, get wisdom!"

"Go now, rich men:
Howl and weep!
For the miseries that are coming upon you now!

Your riches are rotted away, your garments moth eaten.
Your gold and silver is poisoned.
The rust on them will witness to your adulterations,
and shall eat your flesh as a fire.
You have piled up treasure for the Last Days.

Behold! The hire of the labourers who worked your fields, you held back by fraud!
The money cries out, and the cries of the the workers have entered into the ears of the LORD of the Sabbaoth!

You have lived in hedonism on earth, and went whoring.
You have fattened up your hearts as for a day of slaughter.

You condemned and killed the just, and they could not resist you."


...................................................(Jacob to the 12 Tribes - 5:1-6)
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and i



Joined: 13 Sep 2006
Posts: 302

PostPosted: Thu Sep 18, 2008 9:19 pm    Post subject: Reply with quote

AIG was the most alarming story to me. "Huge Company That's Highly Connected to the Events of 9/11 Borrows $40 Billion From the US Central Bank". And it gets like a 3 paragraph article once and that's that...

When will people start to realize that government, banks, and large corporations are the same entity?!? I suppose we have known for decades really... I suppose the better question is: When will we end our dependence on useless products and fiat currency?

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duane



Joined: 07 Mar 2007
Posts: 554
Location: western pennsylvania

PostPosted: Thu Sep 18, 2008 9:46 pm    Post subject: Reply with quote

another good one, Fintan

" A criminal is a person with predatory instincts who has not the sufficient capital to form a corporation" Clarence Darrow

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