China, Russia quit dollar

Here are the particulars:

Day 1 of Glenn Beck’s scenario begins with China announcing that they will no longer buy U.S. Treasury bonds. This is not such a far fetched idea, as they have certainly slowed their rate of bond purchases and have voiced public criticism of Ben Bernanke’s announcement this week of a second round of quantitative easing.

Day 2 and 3 focuses on Wall Street which gets ’spooked’ by China’s announcement. The volume of stock sales is ultra low as rumors of instability abound. By Day 5, the world begins to react. Markets in Asia drop 10%. The American and European markets also decline a like amount. The European Central Bank reacts quickly, raising interest rates to attract capital as investors seek a ‘flight to safety’.

Day 7 of Glenn Beck’s scenario has the U.S. stock markets closed while the Federal Reserve Board holds an emergency meeting. Needless to say the government is certainly participating in decisions during the next 48 hours. With some vague pledge of ‘a plan’, the markets reopen on Day 8. They may even rally a bit, gaining 500 points or so. On Day 9, things seem to be stable.

Day 10 and the U.S. Dollar loses 10-15% of it’s value! The Fed’s quantitative easing has pushed a sudden burst of inflation as global banks try to divest themselves of the reserves of dollars. How possible is this? Again, following Bernanke’s statements on Wednesday, financial leaders in China, South Korea and Thailand have already said this week that they will act together, in concert, to protect themselves from a devalued dollar.

Day 11, the Fed meets again. On Day 12, in Beck’s scenario, the Fed decides to follow the Euro Bank’s move of increasing interest rates. Far from securing stability and confidence, the sudden change in direction by the Fed has the opposite affect.

Day 13, Lucky 13 — GLOBAL MELTDOWN! All of the world’s market begin to crash as confidence in ‘The System’ goes out the window. It’s every man (and lady) for themselves! The value of all paper securities be they mortgages, stocks bonds, currency, is questionable. The markets go into total free-fall, losing perhaps 20% or more in a single day.

On Day 14 of Glenn Beck’s scenario, the IMF (International Monetary Fund) and the G20 financial leaders meet. In a televised, joint announcement, they announce an emergency plan to restructure all ’sovereign debt’, the debt held by each nation. Perhaps even a new currency or basket of currencies for global trade to replace the U.S. dollar. The beginning of the New World Order.

On Day 15, the public begins to panic. In the past two weeks, the value of their currency has declined some 20% or more. The cost of food, oil, etc, has jumped. Bank runs are televised as people get whatever cash they can and buy whatever is available from the shelves of grocery stores. The entire nation is behaving as if a hurricane is approaching. ‘The System’ is utterly swamped.

Glenn Beck’s scenario for economic collapse is not all that far fetched. In polls taken earlier this year, more than 70% of Americans believe that things could get much worse. That another economic collapse could happen. As I wrote earlier today, a high-ranking finance official from China, Xia Bin, warned yesterday that the Federal Reserves plan for a second round of quantitative easing would not work and could lead to another collapse. Both of Glenn’s guests, authors Damon Vickers and Brad Thorn agree that the scenario is a very possible one. Beck said that during the course of researching his latest book, “BROKE”, some of the 30+ economists he talked with think that even 15 days may be optimistic. A sudden crash could happen in 3 days from an event such as China ending it’s purchase of U.S. bonds.
By Andrew Zarowny – www.rightpundits.com”

http://economiccrisis.us/2010/11/glenn-beck-15-days-economic-collapse/#more-8805

The idea behind the stimulus was to put money into the hands of orgs that supported Zero’s candidacy as down payment for their support in 2010 and 2012 (and beyond); now that has failed, he’s jumped whole-hog into the illegal alien / amnesty campaign, simultaneously pushing the Islamofascist line — and that includes suppressing domestic petroleum (and even coal) production. The agitprop in support of the stimulus claimed it would pump money into the economy to make it recover, but that won’t work anyway, because it doesn’t result in economic expansion and more employment. The Russian-Chinese move should be seen in the context of currency unions, the best-known of which is the multinational Euro, and the US$, which remains the lingua franca of world trade, and for that matter, of black market economies in places like Zimbabwe and Cuba.

Thank You for your kind words...
I did misword the sentence though
in the fill that gap...should have read
in to fill that gap.

We must be rid of 0bama and his cabal of marxist jackals. They are killing us.

You are correct. Americans are arming up.
This tells me the match is lit. The fuse to the
powder keg is only a few feet away. When the match
lights the fuse, the time of the explosion will
be only seconds away. I do not look forward to
this time. Anyone in a proper frame of mind would not
look forward to this time. It is as though, time
from and for our leaders is about up. When the hand
lights the fuse, it will be nearly impossible to
stop the explosion. May our leaders be taking note.

At the point, of the explosion, there will be no
time left to stop what will be done.

The People want Jobs.
The People want Spending brought under control.
The People want Sincere and Honest politicians.
The People want the illegals controlled and gone.
The 'sane' People do not want War, unless
America is playing to win that War.

I foresee none of these actions becoming reality.
And the hand continues to move toward the fuse.

My Best to You, and all of We the People.
May God Bless this Land, one more time.

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