Imminent Erosion of USDollar Seawall
by Jim Willie, CB. Editor, Hat Trick Letter | July 16, 2009
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The globe is losing patience with leadership and management of the USGovt ship at sea. They simple refuse to offer a credible solution to the primary keynote crack in the hull, falling housing prices and cratered mortgages, each of which work their destructive magic to wreck the banks. The home loan modifications are a farce, a travesty not designed to modify but rather to frame a series of loan forbearances. The motive for not fixing the mortgage mess is mysterious to the masses, but not here. Jackass claims have been consistent, that effective loan modifications would alter the underlying mortgage bonds drastically. The Powerz wanted enough time delay to rejigger as many mortgage bonds as possible into new securities, thus rendering impossible any legal challenges to the original mortgage package process that was loaded with fraud to the hilt. Any drastic alteration of mortgage bonds would reveal vast fraud of two types. Many mortgage bonds did not have clearly certificate property titles with careful registrations. And then the coyote ugly part, that many mortgage bonds were simply counterfeits sold into a frenzy filled credit market designed to process the most vile vermin on paper. The USDollar is vulnerable here and now, as a new wave of bank losses is imminent from numerous types of mortgages along with some basic types. Let’s see if the grapevine is correct, that the USDollar will begin to see a trashing initiative starting this weekend, out of Asia. They must be impatient beyond description. This autumn is expected to see some rather tumultuous events unfold, as the US financial structures are breaking across most of its ramparts even as loyalty to it is fading like a mist. There will be no return to the US of yesteryear, only a tragic march.
One surely struggles mightily where to begin to describe the incredible weakness, confusion, corruption, and lopsided interests when it comes to managing the USEconomy and US banking system. The recovery is a hobbled man taking a rest on a couch in the morgue waiting room. The nonsensical Green Shoots of recovery are recognized as a painted mirage at worst and error due to faulty information at best. More like a congame to sell bank stocks at inflated prices, an act difficult to repeat. The Stimulus Plan apparently has very little stimulus inside it, and 75% of its ummph is planned for next year. The US Federal Reserve is fighting disclosure of not only its balance sheet but its disbursement of TARP Funds. Imagine a silly setup where Congress cannot find out what its central bank is doing, when acting as its own contractor, how ludicrous! Perhaps claims for independence should really be packaged in executive privilege like Nixon did, to conceal crimes. Appeal to the US Supreme Court might take a long long time, since they enjoy three months vacation in summer. When a Constitutional challenge of the USFed as Congressional contractor does find its way to the august high court, we will find out how compromised they are also. Images of “The Pelican Brief” by John Grisham come to mind, violence upon bench justices in the winds.
http://www.financialsense.com/fsu/editorials/willie/2009/0716.html
Appeal to the US Supreme Court might take a long long time, since they enjoy three months vacation in summer. When a Constitutional challenge of the USFed as Congressional contractor does find its way to the august high court, we will find out how compromised they are also. Images of “The Pelican Brief” by John Grisham come to mind, violence upon bench justices in the winds.<<<
I think we are already seeing the insanity come out, it is sure showing up on the police scanner.
When the day comes that ALL the crooked politicians and their connections are exposed, we might feel hopeful again.
Until that time, we are being led by insane meglo maniacs and they do not care what the world suffers, as long as they get rich and can rule.
My opinion of course....