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The Proof in Black and White
When we first began to write about this scenario, many thought we were dead wrong. It was simply impossible. But there were news stories that were impossible to miss, even for the skeptical. Take a look at the headlines from this spring. They’re not from “crackpot” sources. I compiled this list of news stories in early Spring 2008.  Since that time, we’ve witnessed the fallout in more than one area. Please visit the links to you can read each story in its entirety if you wish.


March 19, 2008

Can’t Grasp Credit Crisis? Join the Club

Raise your hand if you don’t quite understand this whole financial crisis. Skip to next paragraph It has been going on for seven months now, and many people probably feel as if they should understand it. But they don’t, not really. I’m here to urge you not to feel sheepish. This may not be entirely comforting, but your confusion is shared by many people who are in the middle of the crisis. More


March 14, 2008

A Vicious Circle Ending In A Systemic Financial Meltdown
Mike Whitney Information Clearing House
In his prepared statement, Bernanke announced that the Fed would add $200 billion to the financial system to shore up banks that have been battered by mortgage-related losses. “There is fear that something dramatic will happen and that fear is feeding itself,” Jesper Fischer-Nielsen, interest rate strategist at Danske Bank, Copenhagen. Link


March 16, 2008

Wall Street fears for next Great Depression

Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they never experienced such fear. Link


March 17, 2008

Bernanke Plays `Whack-A-Mole’ With Turmoil in Markets

“The Fed has been playing the equivalent of Whack-A-Mole as financial turmoil keeps cropping up in new and unexpected places,” says former Fed Vice Chairman Alan Blinder, referring to the arcade game where players try to hammer down plastic critters that randomly pop out of holes. “Yet many of the problems facing us are beyond its reach.” Link


March 17, 2008

Greenspan Warns of Worst Crisis Since 1945

“The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War,” Greenspan said in a Financial Times commentary. “The crisis will leave many casualties,” he said, his remarks coming after Bear Stearns, the fifth largest US investment house collapsed Friday and was taken over by JPMorgan Chase for a fraction of its value of only a week ago. Link


March 17, 2008

Wall Street waits for the next domino to fall

Bankers say last week’s near-collapse of one of the most feared and influential US brokerage firms could not have come at a worse time for a sector battered by bad news and huge losses. Link


March 16, 2008

It’s Just About Over for the Dollar

Gulf Arab States Should Scrap Dollar Currency Pegs

Persian Gulf economies should revalue their currencies after the dollar slumped to record lows. Saudi Arabia, the United Arab Emirates and three other Gulf states should link their currencies “to a basket, and not the weakest currency in the world,” Marc Faber told a Middle East investment conference in Abu Dhabi today. “They should have de- pegged their currencies a long time ago,” he said. Faber, who advised investors to buy gold at the start of its six-year rally, this month said Federal Reserve moves to cut interest rates to avert a U.S. economic slowdown will ”destroy the U.S. dollar.” Link

March 16, 2008

The Ides of March–The Dreaded Margin Calls Have Begun at Banks and Hedge Funds
You may ask, “What does all this high finance news mean to me? I don’t have any money in hedge funds or investment banks.” This bad news means that not only will there likely soon be some big bank runs, but also there will be The Mother of All Bailouts, in which the US taxpayers will foot the bill to bail out boutique investing banks, possibly a few big money center banks, and dozens of hedge funds. We are talking about hundreds of billions if not trillions of dollars that don’t exist. So get ready for mass inflation of the US Dollar! Link




March 14, 2008

Leading Economist: Dollar Faces Outright Collapse: Financial experts issue dire warnings as Fed and Treasury continue to say they are “committed to a strong dollar”. Another prominent economist has warned that the bottom may soon drop out of the dollar completely as the currency hits fresh lows and continues to sink worldwide. Link


March 15, 2008

Market Panic Forces Governments Into Action

We are watching the biggest panic in global financial markets that has occurred in my 65 years of life and 50 years of stock, bond and commodities investing. It’s the Saint Patrick’s Day weekend and old Saint Patrick would probably be fascinated to see all the rich and worldly people running around in a panic. Link – Scroll Down for This Story


March 15, 2008

Which bank is going to follow the Bear?

“This is going to go all the way up the chain. There is a risk that all broker dealers are going to become an endangered species if the credit crisis is not sorted out.” Link


March 14, 2008

The Implosion is Accelerating, Prepare While You Can

National Guard units are training and preparing for urban combat. The United States has just reached an agreement with Canada’s armed forces to come in to this country and assume combat roles should they be needed in American cities and towns. The Federal Reserve’s last ditch effort to stem the “blood loss” in the sub-prime and other currency markets has failed. The dollar has been abandoned for Euros. The stock market can’t find its [hind quarters] with both hands and a Chinese made, Wal-Mart sold [hind quarters] finder. Israel has demanded that all of the financial aid it receives from Washington (that’s us) be paid for in Euros. The ultimate irony and slap in the face. Oil, dairy, wheat, wheat products, gold, silver, copper prices, the list goes on and on, are racing for the stratosphere with no end in sight. An implosion has begun and it has no known method of stopping or reversing until critical mass is reached. It will be followed by an explosion in the economy and the political realm unseen since the founding of this nation. Link


March 5, 2008

Prepare To Panic!

There will probably be some bank failures.” (Federal Reserve Commissar Ben Bernanke, in a presentation to Congress last week intended to forestall panic.) The U.S. economy is sinking, and it will take the global economy with it.

This is the perfect time to panic. If we wait until our rulers give us permission to panic, we’ll be dragged to the bottom along with everyone else. Link

February 16, 2008

Planned Collapse of the U.S. Real Economy

From the Global Europe Anticipation Bulletin

According to LEAP/E2020, the end of the third quarter of 2008 will be marked by a new tipping point in the unfolding of the global systemic crisis. In the United States, this new tipping point will translate into a collapse of the real economy, final socio-economic stage of the serial bursting of the housing and financial bubbles and of the pursuance of the US dollar fall. The collapse of US real economy means the virtual freeze of the American economic machinery: private and public bankruptcies in large numbers, companies and public services closing down massivelyLink


February 22, 2008

Depression + Inflation + Famine = Chaos!

Oftentimes it seems so inconceivable that we could have come to this place, yet here is exactly what we are facing, right now: Depression in the housing market; retail inflation (due entirely to the price of oil and the plummeting dollar), credit availability all but shut down, and today we discover that grain stores are at their lowest point since they began measuring in 1960: 53 days. According to the CEO of Potash Corp., the Canadian fertilizer giant, if there is any disruption to this year’s grain harvest, the world will be facing famine in 2009. And this is not a question of the rock-concert-for-third-world-countries famine, folks. He is describing global shortages of wheat. Food prices are already on the rise; with grain shortages, will surely come hoarding and hyperinflation in food. Link


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