Thursday, May 17, 2012

Global Debt Crisis - Collapse Is Inevitable

There isn't enough money on planet Earth

"No matter how you look at it, as The Automatic Earth and others have pointed out ad infinitum, in the end the US economy rests on two pillars: Jobs and Housing. They are where both all the good and bad in economic terms begin and end. Ben Bernanke and his Fed policies are majestically failing on both counts.

That is the reality that is shaping America’s reality today. Anything else is just a sideshow. Discard all the hubris on recovery, on falling unemployment; all that is but a mirage the political/industrial/financial/media conglomerate wishes you to see and believe in, so you won’t pay attention to what truly goes on. Which is that Fed and Treasury policies were never designed to support or revive the economy you depend on for your income and your well-being in general. They were and are designed to take your wealth away from you.

What is at issue? Easy as pie: banks were bailed out with many trillions of dollars in taxpayer funds (which they won’t pay back, they’ll just come back for more) without any scrutiny to speak of.

Bernanke and Geithner at best (yeah, right!) just “hoped” they would lend again, but they never made it a condition of the bailouts. What we find now is what I have repeatedly been saying for years now: The banks are far too deep in debt, even after the bailouts, to revive lending even to “healthy buyers”. The entire bailout circus has been a scam, since the money was handed out to banks without looking at how much debt they really have on their books.

It’s all been one big massive wealth transfer, perpetrated under the guise of fixing the financial system and the economy in general. Neither was the real purpose behind the bailouts: they were and are nothing but a clever way to steal from the poor and fork over the loot to the rich. And they ain’t done yet. That, you can put your money on. That is a safe bet.

You need to wake up to this. You really do. You need to cut your dependence on the financial/political system to the maximum extent that you can. If you don’t, it will steamroller over you. The system is so deep in debt that it will come looking for every last penny it can find in your pockets. Many of you will be caught by surprise, and stuck with tens of thousands of dollars, and often many times, in debt. That will turn you into a potential slave. Or a prisoner, if you will. Terminology is not an urgent priority on the chain gang."


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