Does anyone else have an opinion about this? I don't like fear and being afraid. I feel that the powers that be (devil, evil ones, whatever) feed off of fear.
Go to the ant, sluggard; consider her ways and be wise; who, having no guide, overseer, or ruler, provides her food in the summer and gathers her food in the harvest.
Proverbs 21:5
Please, anyone, I'm not saying the Bible is right, nor am I saying the post below is right. I'm not calling anyone a sluggard or foolish by the above quote either.
I'm putting this out for thought.
Go to the ant, sluggard; consider her ways and be wise; who, having no guide, overseer, or ruler, provides her food in the summer and gathers her food in the harvest.
Proverbs 21:5
Please, anyone, I'm not saying the Bible is right, nor am I saying the post below is right. I'm not calling anyone a sluggard or foolish by the above quote either.
I'm putting this out for thought.
Fact is, the government lies about everything now. Everything. I've become so jaded that I automatically disbelieve everything I hear from official sources. Everything.
This past week, US Treasury Secretary Henry Paulsen said there is nothing wrong with the dollar. Federal Reserve Chairman Ben (Whirlyben) Bernanke said there's nothing wrong with the banking system. US President George W. Bush said there's nothing wrong with the economy. Be afraid. Be very afraid.
Not only is something wrong with the dollar, the banking system and the economy, there almost literally is nothing right with any of them. Truth is, that whistling noise you hear is the air streaming past your ears as we all plummet into the deepest economic abyss every seen by mankind. Things seem normal only if you listen and believe the usual suspects. Look over the edge of the cart, folks. The onrushing Depression II will so redefine depressions that it may well co-opt the term "depression" altogether unto itself.
I said 4 years ago:
"The cycle we are in is non-interruptible, too. Even if they wanted to, the central bankers could not stave off what now has become inevitable, because they have exhausted the means of supporting the economic bubbles they created: lowering interest rates (already negative when inflation is factored in) and expanding the money supply (Herculean quantities were added in 2004 with no effect other than to maintain the status quo for a brief additional period - raining money down from helicopters would be the next step, but that would lead to hyperinflation just as surely as will interest rates already set to rise by demand of the world economy).
"Record personal and corporate bankruptcies are occurring. Major auto companies, who really make their money financing the sale of their cars, and America's major federally-guaranteed mortgage lenders all are insolvent, though operating on cash flow for the time being. Their eventual bankruptcy now is a foregone conclusion. In the face of a real estate/mortgage bubble, America is experiencing record foreclosures by banks of their loans to American homeowners, ranchers and small businessmen. Bad though that already is, what it portends for the future is positively hair raising."
Indeed.
Keep in mind that I wrote those two paragraphs just as the housing boom was achieving liftoff. While I was cautioning others to cool it and step back, home prices were ratcheting up fast enough to entice others into becoming "flippers" of multiple houses, both new and old, even some not yet built. Some got out, but most did not and now are regretting at their leisure having bought in near or at the top, as they watch prices slide 20-50% per year in some areas. Too bad.
... and I'm Even More Right Now
Sigh.
These are the "good old days" to which you will refer in years to come. Right now. Today. Mark my words well.
This morning brought notice of three banks in the American Southwest having been taken over by the FDIC. There are others, to be sure. The FDIC takes over banks during the night after the close of Friday business. There will be more ... lots more. For years, I have said the FDIC would become insolvent before this is over. Last week's IndyMac Bank failure, alone, absorbed ten percent of FDIC resources, don't forget.
Of course, the FDIC will get bailed out, just as the Feds now have promised to bail out the two largest mortgage backers in the world: Fannie Mae and Freddie Mac.
As I said, be very afraid. Word came out this past week that Mountain House, a premier supplier of long-term storage food, had its entire stock for the next two years bought up by some mysterious government agency. This is the second food-storage company in the past month to tell this tale. What does that tell you? They are making sure that they take care of themselves (using our tax and inflationed-away dollars, naturally). Once again, what is it that we all get?
Four years ago, I naively believed that the FDIC, FNMA (aka Fannie Mae) and FHLMC (aka "Freddie Mac") all would be allowed to fail when they became bankrupt, with their stockholders and bondholders going bust. I never dreamed the Feds actually would simply print the money to keep them lurching through the night, zombie-like. Money that creates debt once it is printed - our debt. Night of the Living Debt, in other words.
We unwittingly have enslaved our children and grandchildren to the massive debt we continue to allow the louts who run things to mount up in our name, but for their benefit.
Wait until our little red wagon hits the bottom of the chasm into which we have been falling, some time during the next few months and, certainly, within the next couple of years.
This past week, US Treasury Secretary Henry Paulsen said there is nothing wrong with the dollar. Federal Reserve Chairman Ben (Whirlyben) Bernanke said there's nothing wrong with the banking system. US President George W. Bush said there's nothing wrong with the economy. Be afraid. Be very afraid.
Not only is something wrong with the dollar, the banking system and the economy, there almost literally is nothing right with any of them. Truth is, that whistling noise you hear is the air streaming past your ears as we all plummet into the deepest economic abyss every seen by mankind. Things seem normal only if you listen and believe the usual suspects. Look over the edge of the cart, folks. The onrushing Depression II will so redefine depressions that it may well co-opt the term "depression" altogether unto itself.
I said 4 years ago:
"The cycle we are in is non-interruptible, too. Even if they wanted to, the central bankers could not stave off what now has become inevitable, because they have exhausted the means of supporting the economic bubbles they created: lowering interest rates (already negative when inflation is factored in) and expanding the money supply (Herculean quantities were added in 2004 with no effect other than to maintain the status quo for a brief additional period - raining money down from helicopters would be the next step, but that would lead to hyperinflation just as surely as will interest rates already set to rise by demand of the world economy).
"Record personal and corporate bankruptcies are occurring. Major auto companies, who really make their money financing the sale of their cars, and America's major federally-guaranteed mortgage lenders all are insolvent, though operating on cash flow for the time being. Their eventual bankruptcy now is a foregone conclusion. In the face of a real estate/mortgage bubble, America is experiencing record foreclosures by banks of their loans to American homeowners, ranchers and small businessmen. Bad though that already is, what it portends for the future is positively hair raising."
Indeed.
Keep in mind that I wrote those two paragraphs just as the housing boom was achieving liftoff. While I was cautioning others to cool it and step back, home prices were ratcheting up fast enough to entice others into becoming "flippers" of multiple houses, both new and old, even some not yet built. Some got out, but most did not and now are regretting at their leisure having bought in near or at the top, as they watch prices slide 20-50% per year in some areas. Too bad.
... and I'm Even More Right Now
Sigh.
These are the "good old days" to which you will refer in years to come. Right now. Today. Mark my words well.
This morning brought notice of three banks in the American Southwest having been taken over by the FDIC. There are others, to be sure. The FDIC takes over banks during the night after the close of Friday business. There will be more ... lots more. For years, I have said the FDIC would become insolvent before this is over. Last week's IndyMac Bank failure, alone, absorbed ten percent of FDIC resources, don't forget.
Of course, the FDIC will get bailed out, just as the Feds now have promised to bail out the two largest mortgage backers in the world: Fannie Mae and Freddie Mac.
As I said, be very afraid. Word came out this past week that Mountain House, a premier supplier of long-term storage food, had its entire stock for the next two years bought up by some mysterious government agency. This is the second food-storage company in the past month to tell this tale. What does that tell you? They are making sure that they take care of themselves (using our tax and inflationed-away dollars, naturally). Once again, what is it that we all get?
Four years ago, I naively believed that the FDIC, FNMA (aka Fannie Mae) and FHLMC (aka "Freddie Mac") all would be allowed to fail when they became bankrupt, with their stockholders and bondholders going bust. I never dreamed the Feds actually would simply print the money to keep them lurching through the night, zombie-like. Money that creates debt once it is printed - our debt. Night of the Living Debt, in other words.
We unwittingly have enslaved our children and grandchildren to the massive debt we continue to allow the louts who run things to mount up in our name, but for their benefit.
Wait until our little red wagon hits the bottom of the chasm into which we have been falling, some time during the next few months and, certainly, within the next couple of years.
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