Posts Tagged ‘Ponzi Scheme’
Catherine Austin Fitts explains how the financial terrorists have deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore.
She also warns about the coming global take over of food supplies and creation of a global currency.
Oh and by the way, she was the Commissioner at the United States Department of Housing and Urban Development under George H. W. Bush!
As Toronto Star National Affairs Columnist, Thomas Walkom outlines in his article on November 13, 2010 the United States government has failed to solve it’s massive financial problems and is about to throw their final desperate financial hail Mary in hopes of avoid the seemingly inevitable economic collapse that looms for it’s citizens.
Here’s a really brief recap of his comments:
- Global trade imbalance: China makes and exports too much and the US makes too little and imports too much.
- Unmanageable US debt: US losing the ability to borrow from the global markets to fund two long wars and massive taxes cuts.
- Political paralysis in the US virtually assures no real solutions are on the political horizon.
- Currency war: With all options exhausted the US will begin printing money and flooding Capital markets with devalued US dollars – so-called quantitative easing. But countries that historically supported the US are running away from the US dollar faster than the Fed can print them.
Greece owes $367 Billion to Other EU nations, Ireland owes $865 Billion to Other EU nations,
Spain owes $1 TRILLION mainly to France, Britain Germany, Italy owes $1 TRILLION mainly, to France, Britain Germany and so on and so on…
How can broke economies lend money to other broke economies who haven’t got any money because they can’t pay back the money the broke economy lent to the other broke economy and shouldn’t have lent it to them in the first place because the broke economy can’t pay it back.
The question is not when this game is going to end but how many millions of citizens are going to be absolutely devastated by the ultimate economic solution facing these and all other nations on this planet?
Because there is no disaster which immediate, decisive, wrong action cannot make worse.
CFO: Members of Congress probing threats to the global financial system — especially the threat of concentration of risk — will have a lot to ponder in newly mandated disclosures highlighted by a Fitch Ratings report issued this week. While derivatives use among U.S. companies is widespread, an “overwhelming majority of the exposure is concentrated among financial institutions,” according to the rating agency’s review of first-quarter financials.
Concentrated, in fact, among a mere handful of financial-services giants. About 80% of the derivative assets and liabilities carried on the balance sheets of 100 companies reviewed by Fitch were held by five banks: JP Morgan Chase, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley. Those five banks also account for more than 96% of the companies’ exposure to credit derivatives.
As much as politicians and market witch doctors want to make you believe their ponzi, bailout scheme is going to work. The worst is yet to come. Prepare for a very cold winter.
* In Inflation Adjusted dollars