The U.S. Economy is being Marched to the Gallows
The U.S. Economy is being Marched to the Gallows
Predictions of hyperinflation, dollar decline and civil unrest
By Andrew Hughes
Global Research, January 16, 2009
www.globalresearch.ca/index.php?context=va&aid=11818
The upcoming Financial Stimulus package courtesy of the new Economic
dream
team has left numerous economists and analysts quaking in their boots.
We are seeing predictions of hyperinflation, the destruction of the
dollar,
the flight of U.S. creditors, the prospect of widespread civil unrest and
a
descent in to a Greater Depression.
Small business owners have stood up and discredited the tax incentives
that
were meant to convince them to ignore market reality and open the door to
new employees. The measures that supposedly address the enormous
foreclosure
problem seem to change from day to day and only work to the advantage of
the
banks. Obama and Bush have just signed off on an additional $20 Billion
in
cash and $118 Billion in asset guarantees for Bank of America which
already
received $25 Billion last year and is now choking on Merrill Lynch's
losses.
The President Elect and his new Stimulus Czars are not paying attention
and
are proceeding to continue the same destructive formula adopted by
Paulson.
The media bombardment is in overdrive to convince the public that herein
lies the path to salvation. First we had the guarantee that three million
jobs would be created out of thin air only to be bumped up to four
million.
These are nice round media friendly numbers which have no basis in
reality.
With each passing day the sands are shifting on exactly how the money
will
be spent.
Ben Bernancke' s speech at the London School of Economics on January 13,
confirmed that the emphasis has now shifted to bailing out the banks one
more time by buying more toxic assets to clean up their collapsing
balance
sheets. After seeing $8.2 Trillion vanish in to Insurance, Banking and a
moribund auto industry with absolutely no concrete result except for the
tightening of credit, the increasing losses of Big Banking and the GM
chairman having to queue for his airline ticket, the Fed, backed by
Obama,
continues to beat the dead horse.
The scariest aspect of this is the speed at which this 18 wheeler
disaster
is being driven toward the rabbits in the headlights. We haven't yet seen
any senators or reps being threatened with the imposition of martial law,
but we have seen Obama treathen to veto his own fellow democrats if they
do
not rubber stamp the proposals he has been instructed to deliver. Nobody
has
even taken a vote yet and already the gloves are off. Bailout Bill One
and
the Patriot Act were pushed just as hard. The only legislation that gets
the
hard sell seems to involve either stealing the taxpayer's money or their
rights.
Judging by his actions so far, Obama has done absolutely nothing but
continue the transfer of wealth from the American taxpayer to his Wall
St.
campaign contributors.
There has been absolutely zero positive impact on the real economy as the
increasingly horrific indicators continue to mount and the prospect of an
unprecedented Depression continues to rise over the horizon. Economic
reality was left on the back burner and the capital that could have paid
for
Obama's fantastical "stimulus" plan 5 times over has been wasted on the
imploding financial sector, who no doubt will be back for more
#####
How To Resolve The Credit Crisis
Credit Where Credit Is Due
By Ellen Brown
Letter to the bank - Dear Sirs, In light of recent developments, when you
returned my check marked "insufficient funds," were you referring to my funds
or yours?
http://www.informationclearinghouse.info/article21732.htm
#####
video:
money as debt
http://video.google.com/videoplay?docid=-9050474362583451279
http://brasschecktv.com/page/135.html
http://www.youtube.com/watch?v=vVkFb26u9g8
http://www.moneyasdebt.net/
http://www.google.com/search?hl=en&q=money+as+debt&btnG=Google+Search&aq=f&oq=
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