Is the USA doomed to collapse?
Since the economy began sliding downhill in late 2007, mainstream economic and market experts have consistently erred on the sunny side.
As late as June 2008, mainstream consensus held that the U.S. was heading for a “soft landing” and would avoid recession. Several months later, the slump was acknowledged to have started in January 2008, but we were supposed to see renewed growth by mid-2009, with unemployment peaking in the eight-to-nine percent range. A quick “shovel-ready” stimulus bag was supposed to set us back on the road to prosperity.
In January, recovery projections were pushed forward to late 2009. Today, the consensus is for a mid-2010 recovery, with unemployment peaking at just over 10 percent. Clearly, the mainstream has struggled to catch up to reality for well over one year. What are the chances that they finally have it right this time?
Moreover, the mainstream continues to see what is going on as a plain-vanilla recession that will be quelled with some on-the-fly monetary and fiscal tinkering. Washington, we are told, will pull us out of this slump—as soon as the masses can be enticed back to the shopping malls. Then things will return to how they were before. But what if the experts and politicians are wrong not only on their ever-changing recovery timeline, but also on the nature—nay, the very existence—of a recovery?
almost,however,lots of the public is waking up.only time will tell…..
US and Global Economic Collapse Warning
http://www.newamerica-now.blogspot.com
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Did the U.S. allow any latin country to repay them through printing money during the latin america debt crisis?
The debt was denominated in US dollars. Any money in the local currency would have to be converted into USD first. Printing money would be counterproductive in that case as it would lead to inflation, meaning that the money would buy fewer dollars and do less to service the debt.
How is the current financial crisis affecting the American citizens?
How is the current financial crisis affecting the American citizens?\
Include details please.
Answer much appreciated..
The current financial crisis is affecting the American citizens in many ways. For example, the american citizens are not buying decorative & fancy items now. Because they are concentrating on the basic needs. If you need 50 dollars weekly & if you get around 45 dollars what will you do? The American citizens are doing the same now. Even America has been a big economifallenngth for the world, but now they are not at a position to be as strong enough. Because weakness makes negative on mind. Does not matter it is temporary or long term. So, now American citizens are thinking themself weaker than before.
Do you believe the economic collapse we just experienced is over?
Do you think another worse collapse is imminent. Is the 15million dollar per second interest payout on our loans to China, Saudi Arabia going to sustain forever? Is the frivilous printing of money by Obamonomics going to hold our heads above water for long. Are
you optomistics or are we in trouble?
This is a debt-collapse Depression (aka balance sheet depression). It is caused by too many people spending money they did not have – taking on debt. Epitomized by a government spending money it does not have and its taxpayers do not have.
Depressions unfold in phases and stages. We have only seen the first leg down, and the first bear market rally. We have a long way to go. It will continue deteriorating until the debts are paid off and the balance sheets rebuilt. BO & Company have done exactly the wrong things, and are making matters worse, and prolonging the pain. They have more than doubled the US’s total liabilities from about $54 Trillion to $110-120 Trillion since 1/20/09, just 6+ months ago.
From the 1929 Crash until the stock market returned to its previous record in 1954, it took 25 years. The Depression itself lasted from 1930 until 1946, after the war ended. This is the Greater Depression since there is so much more debt involved.
And those "green shoots" are just some reused piece of Astroturf flung out the window in front of the sheeple in hopes they will "believe" in the "change." But nobody who is paying the slightest bit of attention to what is going on believes these "changes" are of the slightest benefit to anyone but BO’s campaign contributors.
Who are the Architects of Economic Collapse?
Most Serious Economic Crisis in Modern History
The October 2008 financial meltdown is not the result of a cyclical economic phenomenon. It is the deliberate result of US government policy instrumented through the Treasury and the US Federal Reserve Board.
This is the most serious economic crisis in World history.
The "bailout" proposed by the US Treasury does not constitute a "solution" to the crisis. In fact quite the opposite: it is the cause of further collapse. It triggers an unprecedented concentration of wealth, which in turn contributes to widening economic and social inequalities both within and between nations.
The levels of indebtedness have skyrocketed. Industrial corporations are driven into bankruptcy, taken over by the global financial institutions. Credit, namely the supply of loanable funds, which constitutes the lifeline of production and investment, is controlled by a handful of financial conglomerates.
With the "bailout", the public debt has spiraled. America is the most indebted country on earth. Prior to the "bailout", the US public debt was of the order of 10 trillion dollars. This US dollar denominated debt is composed of outstanding treasury bills and government bonds held by individuals, foreign governments, corporations and financial institutions.
Who are the architects of this debacle?
In a bitter irony, the engineers of financial disaster are now being considered by President-Elect Barack Obama’s Transition Team for the position Treasury Secretary:
Lawrence Summers played a key role in lobbying Congress for the repeal of the Glass Steagall Act. His timely appointment by President Clinton in 1999 as Treasury Secretary spearheaded the adoption of the Financial Services Modernization Act in November 1999. Upon completing his mandate at the helm of the US Treasury, he became president of Harvard University (2001- 2006).
Paul Volker was chairman of the Federal Reserve Board in the l980s during the Reagan era. He played a central role in implementing the first stage of financial deregulation, which was conducive to mass bankruptcies, mergers and acquisitions, leading up to the 1987 financial crisis.
Timothy Geithner is CEO of the Federal Reserve Bank of New York, which is the most powerful private financial institution in America. He was also a former Clinton administration Treasury official. He has worked for Kissinger Associates and has also held a senior position at the IMF. The FRBNY plays a behind the scenes role in shaping financial policy. Geithner acts on behalf of powerful financiers, who are behind the FRBNY. He is also a member of the Council on Foreign Relations (CFR)
Jon Corzine is currently governor of New Jersey, former CEO of Goldman Sachs.
The Federal Reserve, The World Bank, and the International Monetary Fund are the architects of this economic crisis. They institute their policies through the CFR, the Trilateral Commission, and the Treasury Department.