Shocker: Electronic Money Market Run Nearly Destroyed US Economy

RushLimbaugh.com ^ | February 10th | Rush

[palmer]

It’s a bunch of denial. The fact is that Americans could not grow rich buying 5000 sq ft mansions, SUVs and super sized TV’s with credit from abroad.

[palmer]

Because the stuff outlined above (disorganized drivel and a few facts) flies in the face of real facts: Dollars were sought after before and after mid-Sept. American banks were teetering for over a year. American banks had bubble prices before that and were doomed to fall and undershoot. And on and on.

[gussiefinknottle]

I always suspect Soros. This is what he does.

[NoControllingLegalAuthority]

Debt, as a ratio to income (e.g. GDP), cannot grow to infinity. Sooner or later it crashes

Oh yeah?

None of that is stopping congress from running up a national debt into trillions of dollars which can NEVER be repaid.

[RC one]

Smart. I’m far too reliant on electronic debit cards myself. I might need to think about that.

[palmer]

Right, same rule applies to the Federal govt. If they grow debt beyond a sustainable level (ours is not the worst in the developed world quite yet), then it won’t be payable by future taxpayers without completely killing economy and will have to be defaulted upon or inflated away. We knew when the crisis got going last year and last summer that the Fed chose the inflation route. The trouble is the market got ahead of the Fed (deflation) and pointed the way to default. So the Fed will need to inflate that much more.

[djf]

Congress is trying to save their behinds.

Look.
This is the situation.

If the banks decided that they weren’t making enough to hand out their billions of dollars in bonuses, all they would have to do is close the doors.

Then there would be blood in the streets, including some, if not most, Congressmen.

So the banks have the POWER to TELL WASHINGTON WHAT TO DO.

And they did. It will never be repayed and the dollar is headed towards toilet paper status.

The banks and money market funds and schwabbs of the world don’t care, as long as the cush continues.

[wildandcrazyrussian]

Too bad the typical Congressman like Kanjorksi is such an economically illiterate person as exemplified above. He let himself be scared into actions compliant with the wishes of others instead of trying to get further confirmatory information and understand the reality. Which "the banks" were allegedly targeted? Is there even 5.5 trillion in the segment of the system known as "money market funds"? If the transfers were made from one bank to another, weren't they still in the banking system?

It's amazing to see how such techniques are so effective.

[Matchett-PI]

NOTE the Liveleak date on this:

Secret “closed door” meeting with Congress
Liveleak.com ^ | March 14th, 2008 | Liveleak

Posted on Monday, March 31, 2008 6:40:27 PM by RobRoy
http://www.freerepublic.com/focus/f-chat/1994684/posts

Sent: Friday, March 14, 2008 4:20 PM Subject: CLOSED Congress Session Last Night: Only 4th Time In 176 Years !

SPECIAL “CLOSED SESSION” OF U.S. HOUSE OF REPRESENTATIVES DISCUSSED A LOT MORE THAN THE PENDING SECURITY SURVEILLANCE PROVISIONS!

This was only the fourth time in 176 years that Congress has closed its doors to the public. What was it that they were discussing that they do NOT want us to know about?

Word has begun leaking from last nights special, closed-door session of the United States House of Representatives.

Not only did members discuss new surveillance provisions as was the publicly stated reason for the closed door session, they also discussed:

1. the imminent collapse of the U.S. economy to occur by September 2008,

2. the imminent collapse of US federal government finances by February 2009,

3. the possibility of Civil War inside the USA as a result of the collapse,

4. advance round-ups of “insurgent U.S. citizens” likely to move against the government,

5. the detention of those rounded-up at “REX 84” camps constructed throughout the USA,

6. the possibility of retaliation against members of Congress for the collapses,

7. the location of “safe facilities” for members of Congress and their families to reside during expected massive civil unrest,

8. the necessary and unavoidable merger of the United States with Canada (for its natural resources) and with Mexico (for its cheap labor pool),

9. the issuance of a new currency - THE AMERO - for all three nations as the proposed solution to the coming economic armageddon.

Members of Congress were FORBIDDEN to reveal what was discussed. Several are so furious and concerned about the future of the country, they have begun leaking info. More details coming later today and over the weekend. SPREAD THE WORD!!!

Video here: http://www.liveleak.com/view?i=46d_1205873088

[Ghost of Philip Marlowe]

This is the beginning of uncovering what I suspected all along — a ‘manufactured’ economic crisis to get Dems elected. It was the mother of all October surprises.

The question remains, who were the principles behind the initial actions that set the ‘run’ in motion.

Let's face it folks, if this is true, this would be an act of tyranny (if domestic) and an act of war if committed deliberately by foreign interests in order to throw our elections.

The people who committed this and enjoy its fruits ought to wake up and realize what lies at the end of the road they are traveling down.

They're not going to like that destiny.

[Matchett-PI]

Here’s more bttt (in addition to my #29 above):

Are we witnessing a Tin Foil Theory Come True?
Posted on Wednesday, November 12, 2008 1:57:08 PM by Blogger
http://www.freerepublic.com/focus/f-news/2130877/posts

Compare this thread from March of this year
Secret “closed door” meeting with Congress (copied and pasted below)
Liveleak.com ^ | March 14th, 2008 | Liveleak
http://www.freerepublic.com/focus/f-chat/1994684/posts

With this article & recent history:

US May Lose Its ‘AAA’ Rating
CNBC.com | 10 Nov 2008 | 07:49 AM ET
http://www.cnbc.com/id/27641538

The United States may be on course to lose its ‘AAA’ rating due to the large amount of debt it has accumulated, according to Martin Hennecke, senior manager of private clients at Tyche.

“The U.S. might really have to look at a default on the bankruptcy reorganization of the present financial system” and the bankruptcy of the government is not out of the realm of possibility, Hennecke said.

“In the United States there is already a funding crisis, and they will have to sell a lot more bonds next year to fund the bailout packages that have already been signed off,” Hennecke told CNBC.

In order to solve or stem the economic slowdown, Hennecke suggested the US would have to radically reduce spending across all sectors and recall all its troops from around the world.

As for a stimulus package, there is not much of an industry left to stimulate back into life, Hennecke said.

[Thermalseeker]

So the banks have the POWER to TELL WASHINGTON WHAT TO DO.

Since at least 1913...

[nyconse]

Quite true, like all conspiracy theories...it seeks a complicated explanation with many ‘villains’ which would include Pres. Bush, Paulson etc for something that is really quite simple. Bankers and traders were able to make risky loans because it didn’t matter how credit worthy a person was or how much you leveraged in terms of investment...only if you could sell the mortgages or investments...to basically insurance companies...like AIG, Bear Sterns, Lehmans, Fanny etc. It removed risk paving the way for basically gambling by traders and bankers alike.

[Ghost of Philip Marlowe]

And one last point.

Glenn Beck gets his financial insight from “The Creature from Jekyll Island,” I'm sure.

While there is a lot of truth in that book and a lot of knowledge we should all gain and learn from, it is no guarantee of things to come.

Beck's show is entirely dedicated to the “blueprint” that has been created by the Central Bank has created and that Jekyll Island so clearly and convincingly lays out.

But his is a doomsday scenario only and leaves no room for the will and benevolent self-interest of the American people.

I listen to Beck to get monetary information that others do not provide, but he is very much a drama queen that is capitalizing on the fear and partial knowledge (that is, those who are inclined to believe conspiracy theories and have enough knowledge of history to be swayed by the conspiratorialists, who always use a touch of truth and a touch of history to lend credence to their conspiracies) of a lot of people.

It is important to prepare for your families. Have a food and water supply on-hand. Be ready to leave your money and unnecessary things behind for good, perhaps. Prepare to make your own way. That is the independent, individualist spirit that made America. That is, don't be so dependent on your routine and your comfort that you will give away your liberty for the lie that ‘they’ will take care of you. We should all be at that point in our lives.

But fight to prevent us from ever getting to that point, and put no more faith in Man and Government being able to ruin the providence and joy that God provides for you than you put faith in Man and Government to provide for your needs and happiness.

[MarkL]

IMO it was an intentional act, not a bunch of panicked people.

This is the sort of thing that George Soros has done in the past, like when he tried to collapse the economy of Great Britain, with his financial attack on The Bank of England.

Mark

[Westbrook]

This has George Soros written all over it.

There is still a warrant outstanding for him in Russia for doing the same thing there back in the 1990s. Soros manipulated the Russian currency market, making billions, and destroying the value of the rouble in the process. The rouble went from $0.17 in 1998 to $0.03 in 2002.

In 2005, the Russian police raided his Moscow offices, closed them down, and arrested everyone there. Other arrests followed.

Unfortunately, Soros was here in the States at the time, which has no extradition treaty with Russia.

[Kenny Bunk]

You'll never find this freeper carrying water for Limbaugh.

BUT, the financial situation does have many of the earmarks of a manufactured scenario. The "Crisis of 9/18" put the final nail in the McCain "campaign's" coffin. I have no trouble believing that Mr. Soros may have engineered the electronic run on the markets, It is certainly within the scope of his ability, especially with some well-placed help..

At the time, a theory was bruited about that this was a scenario, which although it certainly achieved its objective, could very easily get out of hand. At the very least, the "Crisis of 9/18" deserves intelligent scrutiny.

[rightwingextremist1776]

bump for later....

[bert]

.....these people are anonymous????......

They are not anonymous but within the limits of the privacy rules. Also, if the event occurred in such a narrow time frame, it might be difficult to make an analysis quick enough.

It was my understanding that the money is institutional MM deposits and the word spread among those money managers.

Money market mutual funds have provisions for electronic deposits and withdrawals to or from another account. In less than one minute it would be possible to liquidate a money market account and transfer it to another bank.

Keep in mind, money is electronic blips. It is not real.

[southland]

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