-Caveat Lector-
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The credit collapse, martial law and you
A personal credit collapse of truly monolithic proportions is
starting to become a reality across the country. While the very
concept of a national credit (read debt) collapse was purely a
subject of speculation and debate in years past, it has now becoming
a living reality and a simple peek into the various channels of mass
communication in America will bear this out.
There was a time not too long ago when information outlets such as
Gold Eagle were the only ones discussing the coming credit crisis.
Today, virtually everyone is barraged with a steady diet of
commercials on radio, television and Internet advertising ways to
"get out of debt" and "reduce your mortgage payments. This mostly
falls under the category of "too little too late." Even worse, in
many instances it is simply a matter of exchanging an existing debt
for another, in some cases at an even higher rate of interest.
For example, a radio commercial for a local Nissan car dealer here in
the Wilmington, N.C. area is advertising new cars with an added
bonus: the buyer can have his credit card debt completely
extinguished just for agreeing to buying a new Nissan at 0.9%
interest. The commercial concludes with these words, "Credit card
debt is a serious issue in this country, and here at [name deleted]
we aim to do something about it while helping you walk away with a
new car." This has got to be a first in the annals of American
advertising-trading in one debt for another's and in the name of
"saving" the country from financial collapse!
The lending institutions which only two or three years ago were
handing out free credit cards to everyone with a pulse have given way
to the inevitable result of trying to reel in outstanding debt any
way possible. Profligate spending by the average American debtor
over the past few years has gone a long way in crippling the economy
and will only hasten the unavoidable K-wave depression descending
upon us. America is truly paying for yesteryear's playing.
Another proxy that America's credit card debtors are in for a rude
awakening is the fact that American Express has reduced its
amortizing grace period for cardholders from 25 to 20 days, the first
such reduction in memory. This clearly represents an effort to stay
ahead of the downward curve on the part of America's most prestigious
personal lender.
Perhaps the most sinister aspect of the yawning chasm that is
America's collective personal credit debt is the fact that the
average rate of interest on most bank-issued credit cards is an
usurious 18%-23%! These rates were a product of the hyper-
inflationary, high interest rate period of the late 1970s and early
'80s, yet the rates on most major credit cards were never dropped
even though the natural rate of interest has since fallen
extraordinarily low. This greedy tactic on the part of banks has gone
a long way in bringing America to the threshold of financial
disaster.
Martial law is never a pleasant subject to discuss, especially since
the mere mention of the words automatically brings accusations of
"paranoia," "conspiratorial delusions," "lunacy," or some other
unpleasant moniker. But the fact remains that with each passing
month America is sliding closer into a totalitarian dictatorship
controlled by military/police rule. Already we see undeniable signs
that America is sliding headlong into the path of military rule. For
example, in a recent headline news article published by Time Warner,
a photograph was shown of an airport security officer dressed in
military black from head to toe and wielding a machine gun. A
machine gun! Even considering the heightened tensions in response to
the Trade Tower bombing, is this really necessary? When was the last
time you walked into a U.S. airport to be greeted by military men
with automatic weapons? This only happens in Third World countries
already under the control of a military state.
What, you may ask, does this have to do with the developing credit
collapse? Our response: Everything. The fact that martial law is
slowly beginning to emerge as an accepted extension of the federal
government is a sure sign that Washington fears the social and
political ramifications of what the credit collapse will bring. This
is truly a fearful sign and one that should cause every American to
reevaluate his trust in the "system" which has as its basis certain
Constitutional guarantees of personal and financial freedom.
Piecemeal, these Constitutional guarantees are being stripped away at
an alarming pace.
The latest from U.S. President George Bush is that he has asked the
nation's governors to post National Guard troops at airports this
week as a first step to take federal control of airline security and
coax Americans back into the skies. "This nation will not live in
fear," he told the Associated Press. What he didn't explain is how
the sight of armed troops walking the corridors of the nation's
airports will do anything but instill fear and paranoia.
Bush's plan envisions stationing 4,000-5,000 troops at the nation's
420 commercial airports for up to six months while the federal
government prepares to step in. Also, many more in-flight air
marshals would be trained and a federal agency would be set up to
oversee the screening of passengers and luggage. In other words,
more invasion of privacy. The very fact that air travel is being
federalized and regulated by military rule is proof that a de facto
martial law is already in place since restriction of interstate and
international travel is the heart and soul of martial law. Also,
keep in mind that the term martial law literally means rule by
military force. If 4,000-5,000 heavily armed troops walking the
nation's airports and inspecting luggage isn't rule by force then we
don't know what is.
"When you're in a time of war, you don't question the commander-in-
chief," said Minnesota Gov. Jesse Ventura. He may as well have said
"martial law" instead of "war."
The question that should now be swimming in every gold investor's
mind is, "What will this mean for my precious metals holdings? Will
they be subject to confiscation or other forms of control?" This is
doubtful, because a.) gold as an investment represents but a mere
drop in the bucket for most Americans, and b.) the tale of the gold
tape is undeniably one of insider accumulation, which means there are
no existing plans to control the gold market a 'la FDR during the
Great Depression. The tape and chart would
definitely show it if
the government had any plans of controlling gold since it would show
up in the form of massive selling.
In truth, gold remains the sole form of financial wealth beyond the
long and ever-growing reach of a government bent on rule by military
force. The depression of tomorrow will be one in which gold alone
reigns supreme as the sound instrument of monetary transaction and
storehouse of wealth. Get it today-at bargain basement prices-while
you still can.
Clif Droke
October 1, 2001
Clif Droke is the editor of the weekly Bear Market Report, a combined
forecast and analysis of U.S. stocks and indices and international
precious metals stocks, and is the author of numerous books on
trading and technical analysis (most recently Gann Simplified,
published by Traders Library). For a FREE COPY of the Bear Market
Report send e-mail to: [EMAIL PROTECTED] or write:
The Bear Market Report
Clif Droke, P.O. Box 3401
Topsail Beach, NC 28445-9831
End<{{{
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