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The Con That Turned the World Against America
The Trumpet ^ | November 2007 | Staff

Posted on 11/03/2007 3:25:26 AM PDT by HisKingdomWillAbolishSinDeath

The world’s financial system came precariously close to seizing up recently.

In fact, as far as some big banks and financial institutions were concerned, for a moment in time, the system was in a full-blown cardiac arrest. Liquidity, the flow of money—the lifeblood of today’s economic structure—came uncomfortably close to clotting up in August this year.

Defibrillators sizzling and money flowing, central banks around the world acted in concert to jump-start financial markets, slashing lending rates and injecting nearly a half trillion in dollar steroids into the economic pulmonary system.

But contrary to what the big media outlets may have reported, it is actually inconsequential whether or not central bankers succeeded in temporarily stabilizing markets.

Irrevocable damage to America’s economic system has taken place.

And because the world’s largest economies are so closely intertwined, the effects will not be limited to the United States. Confidence in the world’s financial system—a system based on the dollar as the reserve currency—is failing, not because of a liquidity crunch, a popping housing bubble, or the myriad of other commonly cited economic causes, but because of broken faith. The result in the end will be a new world financial order—one without America at the head.

(Excerpt) Read more at thetrumpet.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: economic; goldbugs; mortgages; pimpinforgold; subprime
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To: HisKingdomWillAbolishSinDeath

America is like one huge subprime debtor. Except our “Countrywide” is China.


41 posted on 11/03/2007 6:35:00 AM PDT by montag813
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To: HisKingdomWillAbolishSinDeath

What’s going to happen to the fired Merrill Lynch CEO who is getting a $159 million severence package now that they discovered Merrill attempted to hide $8 billion in losses by diverting them to hedge funds? Will he skate because he was Jesse Jackson’s affirmative action hire? Let’s see if Spitzer has as much outrage over him as he did over Dick Grasso.


42 posted on 11/03/2007 6:40:30 AM PDT by montag813
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To: MrLee
"“If the dollar collapses the whole world would be rushing to buy our American made products.”

The US does not make products anymore.

43 posted on 11/03/2007 6:44:50 AM PDT by DaGman (`)
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To: ontap
"Where else are they gonna go?"

Asian markets, The EU, emerging markets, etc.

44 posted on 11/03/2007 6:47:55 AM PDT by DaGman (`)
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To: HisKingdomWillAbolishSinDeath

“another sign of what precarious times we are living in.”

In which era where the times were not precarious?


45 posted on 11/03/2007 7:09:56 AM PDT by Poison Pill
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To: DaGman

That’s what I was saying!


46 posted on 11/03/2007 7:45:42 AM PDT by MrLee (Sha'alu Shalom Yerushalyim!! God bless Eretz Israel.)
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To: Cold Heat
You're certainly correct about the "sheep." It's amazing how wonderful things are when there's a dem administration... No problems (according to the media) with homelessness, or illegal immigration (I love how Hillary claimed the Bush administration had failed over the last 7 years, as opposed to the terrific job she did as co-president during the preceding 8). On the other hand, the article does make an important point in general. That fiat currency is inherently unstable, because it requires the confidence of the public, and that confidence can be easily shaken by the media, for the exact reason you mentioned: Because the vast majority of people are sheep. "Salt of the earth. You know... Morons."

And right now, the media believes that it's in their "best interest" to do all they can to shake the confidence of the public in ALL governmental instituions. In order to bring "their gang" into office.

Mark

47 posted on 11/03/2007 8:03:22 AM PDT by MarkL (Listen, Strange women lyin' in ponds distributin' swords is no basis for a system of government)
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To: LibLieSlayer
REAGAN came along and blew away the facade of lies entombing America... his words shredded the clouds and let the light of truth illuminate the “Shining City upon the Hill”. There is nothing new in this crap writing... nothing that I have not been told before... and over decades. Some FReepers must be spending too much time watching Dancing With the Stars or The Bachelor.

Yeah, until Bush and the decrepit "republican" congress came along and spent like, well, your typical American. They wasted whatever was leftover from Reagan's accomplishments and Gingrich's "Contract With America". All gone with a yearly stroke of the pen.

48 posted on 11/03/2007 8:04:12 AM PDT by raybbr (You think it's bad now - wait till the anchor babies start to vote.)
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To: RoadTest

And as sheep we are to “Beware of false prophets, who come to you in sheep’s clothing, but inwardly are ravenous wolves”.
Matt 7:15


49 posted on 11/03/2007 8:05:06 AM PDT by seemoAR
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To: newzjunkey

It does if it keeps most of us employed.


50 posted on 11/03/2007 8:07:53 AM PDT by RockinRight (The Council on Illuminated Foreign Masons told me to watch you from my black helicopter.)
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To: Toddsterpatriot

Post your chart, Toddster.


51 posted on 11/03/2007 8:10:46 AM PDT by RockinRight (The Council on Illuminated Foreign Masons told me to watch you from my black helicopter.)
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To: raybbr
No one will ever undo Reagan... ALL Presidents since have spent like crazy etc... but Reagan and his accomplishments will always be with us. He left us instructions on how to reverse the cycle.

LLS

52 posted on 11/03/2007 8:38:53 AM PDT by LibLieSlayer (Support America, Kill terrorists, Destroy dims!)
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To: DaGman
" The US does not make products anymore.

In 2006 US exports were a record $1.4 trillion, up 12.5% over 2005.

53 posted on 11/03/2007 10:13:53 AM PDT by Proud_texan (Just my opinion, no relationship to reality is expressed or implied.)
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To: HisKingdomWillAbolishSinDeath

In reading through the posts, I found many that disagreed with the article—but without I fear reading the whole piece.

Whether you like it or not, the Dollar has slumped to record lows against the Euro over the past few months and seems primed to go even lower.

Are such currency ratings cyclical? Sure, but the overwhelming reputation of the Dollar as the safest currency may be tarnished with every cycle.


54 posted on 11/03/2007 10:28:24 AM PDT by wildbill
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To: DaGman
All true except that apparently, up until now, there has never been the degree of outright fraud foisted upon the rest of the world that, up until now, considered the soundness of U.S. economy beyond question. Brokers of mortgage securities and those that rate those securities burned the very people that depend on the honesty the US economy implies. I know of no other time in the history of this country where the integrity of this country's economy was so seriously called into question.

The questions are not really questions but are statements of unrealized fears. In other words, I disagree with your contention that there is something wrong, and secondly that someone screwed someone.

The vast majority of sub primes are being paid on time. The set asides and loss claims by the big boys are all paper at this point, and are meant to be way on the conservative side. Out of a abundance of caution, they are preparing for potential losses that are yet to materialize.

They are forced to do this by the markets, because they cannot be caught understating. The real numbers, or the actual losses will not be tallied for a couple years and are expected by most to be way short of the baseless projections. It is the media and the short sellers who are hyping the fears, just as they are doing with the price of oil.

It's the perfect storm for them with the election looming. All this results in consumer confidence falling like a rock, yet no pain is being felt by the fearful. They then claim everything is going to hell and when asked how they are doing personally, they all say GREAT!

So what's wrong with this picture?

I'll tell you................

The picture is not real. It's bovine excrement! But just as soon as Hillary is elected, the media will drop this crap like a hot potato and the fears will dissipate like fart in the wind.

The sad thing to me, is that REPUBLICANS of all stripes are buying into this stuff, hook, line and sinker. I saw it again last night while watching a C-span presentation of a Republican focus group.

Among the things the focus group said, was that Bush lacked intelligence, He refused to listen to the Base voters, yet out of the same mouths came statements like..."He sticks to his guns and we like his determination."

The entire lot of them were worried about the economy and their children's future yet each and every one said they were doing great financially.

They all were worried about too much expense for the war and felt Bush was breaking our financial back, yet they all liked the idea of free health care and drugs.

Talk about schitsophenia!

Frankly speaking, this country will get the leadership it deserves in 2008. Stupid is as stupid does......While they are worrying about nonexistent increases in deficit spending and loss of basic freedoms because the war costs in useless Iraq, they will gleefully add billions to entitlement programs, tie the hands of the people who protect them in order to protect their false perceptions of freedom, and regulate business out of business because they think they are getting screwed by someone...................anyone.........wag finger in any direction as long as it is away from them.

Yep! Lose money in the market and it's always fraud....But never say the same about a slot machine. That's just gambling risk.......

These are conservatives saying this stuff! Republicans!

No way we win elections this way. No way in hell.

After this Bush administration is over, we face 8 years of hell and stagnation. Maybe then, and only then, will the memories return regarding what a bad economy looks and feels like. What a recession really is! What real, and not media perceived fraud and deceit really looks like up close and personal. There will be no need for false perception creation.

Then and only then...............

55 posted on 11/03/2007 11:07:05 AM PDT by Cold Heat (Mitt....2008)
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To: Proud_texan
" The US does not make products anymore. In 2006 US exports were a record $1.4 trillion, up 12.5% over 2005.

Yup!

The media (democrat mouthpiece) has turned reality on it's head, and so called re pubs are buying the false perceptions as reality and don't even question it.

Why is it that we have to lose to democrats in order to remember what they are and how they deceive?

It's like Russian roulette.

We do it over and over again like a bunch of populist fools...clowns....worthless air breathers.

56 posted on 11/03/2007 11:13:14 AM PDT by Cold Heat (Mitt....2008)
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To: Cold Heat
"so called re pubs are buying the false perceptions as reality"

Not only repubs. I was searching this article trying to find out who wrote it (if there's anything that steams me more than crap like this it's crap like this with no name attached to it) and found this article posted on DU.

If I didn't know better I'd swear some of the comments there were cut and pasted from FR.

57 posted on 11/03/2007 11:28:56 AM PDT by Proud_texan (Just my opinion, no relationship to reality is expressed or implied.)
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To: yldstrk
If the dollar collapses the whole world would be rushing to buy our American made products.

It's happening. We sell products worldwide, and our sales are picking up nicely. Also, we have people moving from our Canadian offices to Phoenix, selling their houses in Canada that are still inflated and buying houses in Phoenix that have gone down in the last year. Even better, they're still being paid at the rate they were making in Canadian Loonies but now converted to Greenbacks. Nice move, if you can do it.

58 posted on 11/03/2007 11:56:14 AM PDT by narby
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To: RockinRight; Roccus

59 posted on 11/03/2007 1:25:15 PM PDT by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: Toddsterpatriot; RockinRight

Although I’m skeptical of that first chart, I’ll accept it for now. That last chart however, is misleading. Aircraft and armaments (probably our biggest $$ items) skew those numbers.


60 posted on 11/03/2007 1:49:21 PM PDT by Roccus (Someday it'll all make sense.....maybe.)
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