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Old 12-09-2009, 07:19 AM
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Currency Warfare

By Bob Chapman

This past week was one of utmost turmoil in world markets. In the midst of an American holiday, Dubai faced bankruptcy for some $100 billion. Another unsuspected untoward event. The exposure of the Dubai event coming as it did could have been discovered at any given time, thus, we question the timing. We can understand why the London market was off some 300 Dow points, but exposure to Dubai was very limited in Europe, the US and in Asia. Could it have been an excuse to take down the US and European markets and gold and silver? We do not know, but we have come to question everything that happens.

We are predicting a very damaging year in 2010 for both stocks and bonds. One of the big questions is the implementation of Basel II and III and the FASB. If their stricter accounting practices are enforced the corporate world is in for a heap of trouble. Financial firms are in particular danger. In this past 3rd quarter non-financial corporate profits fell 12%. The result was that $97 billion of $123 billion in profits came from the financial sector. This is not a balanced performance. It is very disturbing because most of corporate profits come from cost cutting – that is firing employees. That method of fattening the bottom line cannot continue indefinitely. Lending is not supplying those profits, because loan origination is off 16.2% yoy. Loan defaults were up 10% and a record 5% of loans were not current. Lending fell $2.8 billion, the most since records began in 1984. Ninety percent of loans go to consumers and business, which means consumers consumption of GDP, has had to fall. It’s currently 69.3%, down from 72%. Loans to businesses have fallen 6.5% and small and medium-sized businessmen create 70% to 80% of all jobs. That means improving the employment situation is going to be very difficult. The exceptions are transnational conglomerates, which continue to offshore our production and outsource service jobs. Their profits are up 29%, but they have caused unemployment of 7 million good paying jobs over the past nine years. If you remove the financials, profits are up 7% off their lows. The financial stocks have appreciated 135% off their March lows, which we believe leaves them very vulnerable. Industrials are up 80%. While this was going on business profits fell 0.4% in the 3rd quarter with no relief in sight. Growth rates are falling at the highest rate in decades. We are hard pressed to believe that 3rd quarter growth was 2.8%. What growth there was came from the federal government. Not only is employment falling, but wages have been at a standstill and have been for two years. The government says inflation is 1.2%. We say it is 7-1/8%. Without higher wages buying power is falling 5% or so – hardly inducive for consumer consumption.

In addition to market vulnerability and a very questionable economic recovery we now have to watch world banking deal with the Dubai problems, which is going to bring on a currency warfare, which will bring trade warfare. Soon the accusations will fly and it will be every currency, or country for itself, and that will bring tariffs. We have already seen that with US increasing tariffs on steel and tires with China. The US may have many faults, but other countries are not blameless. All have been devaluing their currencies for years. The ultimate consequences for the world will create difficulties that could eventually lead to wars, domestic and social unrest, and additional unemployment in all countries. Whether you realize it or not this process has already begun. The only avenue left open to nations has been the unbridled creation of money and credit and monetization. That has been accompanied by the concept of too big to fail. This is why the Illuminist lending institutions are being saved and that is being paid for by the public. In 1990 it was decided that in order to keep the system from collapsing, derivatives would be created, as an adjunct to what we now call quantitative easing, a creation of the Federal Reserve. This is another reason why the Fed and its fellow elitists do not want HR 1207 and S604 passed. It will expose the giant Ponzi scheme they have created in partnership with Fed shareholders JP Morgan Chase, Goldman Sachs, Citigroup and others. The edifice is a house of cards. Professionals do not understand how important it is for the Fed to be terminated. It is the core of central control of not only the US economy, but also those of many other nations. Its demise will give America the opportunity to begin a new system not controlled by moneychangers.

The implementation 50 years ago of free trade, globalization, offshoring and outsourcing upset the balance of trade worldwide. It shifted production and sources to the East from the West. A battle that could not conceivably we won by the West with its much higher standard of living. The wealthy elitists don’t care about the living standard of the West, or anyone for that matter, except themselves. They have made the tax free offshore profits and with those further power to control nations. The Fed controls the dollar – the reserve currency of the world. They could do as they pleased. It created imperial America after WWII. Thus the unbalance caused the steadily depreciating dollar, currency manipulation and free trade have destroyed the world’s financial architecture. The result has been massive trade deficits in the West and surpluses in the East. The East and the transnational conglomerates call for freer trade and that is understandable as they have millions of people who will work for virtually nothing. This way the populace can be fed at the expense of the West. Without fair tariffs the world ends up in financial chaos and that is exactly where we are headed. Unfortunately economists and analysts won’t tell you the truth and give us conclusions, because they are perpetually compromised by the Illuminist system. If they tell the truth they are banned from the system. If they keep expressing the truth they are liquidated. All world leaders are well aware of the situation and go right along with the program to stay in power and enrich themselves. Again, next comes the escalation of currency war and tariffs. If you remember we mentioned recently that Germany’s businessmen were demanding a weaker euro, so they could compete in the middle of a depression. What they do not understand is that the dollar is a failed currency, that has to depreciate whether they like it or not. For the last ten years the eurozone has held a special position with an inexpensive currency. Now it is reality time. It is not the strength of the euro – it is the weakness of the dollar that is now perpetual. They are going to have to live with it. The easy days are over for everyone. You could read it in the tea leaves. For the last six years every country in the world’s currency has fallen versus gold. No one, but a few, wanted to recognize that the very sophisticated were exchanging currencies of declining value for gold. Now more are catching on and in time it will be a thundering herd. The nations of the world have exchanged their wealth for depreciating paper as a cost of entering foreign markets to do business. If they are lucky they will end up with $0.30 to $0.40 on the dollar, once official devaluation takes place a year or so from now. All the actions by imperial America since WWII have led to the current state of affairs. All the wars and the debt created have come home to roost. All empires end the same way. The toughest kid on the block eventually loses by being knocked out. The con of the Communist menace and weapons of mass destruction are not working anymore. Even the deal with China has broken down. Manufacturing would be shipped to China and China would fund US debt. Now the Chinese have found out it wasn’t worth it and are exchanging dollars for things, such as commodities and gold and silver. China has discovered that they have been had.

In the background beyond the things we know about, the Fed and its controllers, the investment banks, is the derivative market and the markets of securitization of assets, some synthetic and some real. As long as confidence in these markets prevail the system works. We do not believe that will continue and when that happens the results will be catechismic. We are talking $1.4 quadrillion or more in assets that in part do not exist created to leverage the system to save it and in turn enrich the key players and extend their powerful grip on America and humanity.

As a result of all this the only way the players can keep the game going is by inflating via quantitative easing and monetization. They know the game will soon end and the dumb sheep will be shorn again. The monetary collapse is on the way. If you read our last issue you know that the elitists expect to devalue the dollar officially by the end of 2010. It could take longer, but it is going to happen. The suspension of the Fed by Congress is on the way as is another war - a war extensive and powerful enough to destroy more than half of humanity. The system as we now know it is in the final state of collapse.

Read more...http://www.globalresearch.ca/index.p...t=va&aid=16373
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Last edited by Franc Tireur; 12-09-2009 at 07:28 AM.
 
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Old 12-09-2009, 07:37 AM
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Merry Christmas to all!


Oops! Definitely got the wrong thread.
 
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Old 12-09-2009, 11:07 AM
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As the sheep come around to the full realization that they have been 'had', I expect crime to greatly increase, as the 'sheep' will begin feeding upon one another.

Get your guns and ammo while your dollars still have some value.

Oh, yeah, Merry Christmas to you, too, Zap!
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