You’re Going to be a Pauper, The Elites Have Decided It Already

Bankster Economist Heralds Third World Hellholes

Friday, February 25, 2011
The banksters are making it known. You’re going to be a pauper. The mega-bank Citigroup has trotted out its prime economist to send the message.
“China should overtake the US to become the largest economy in the world by 2020, then be overtaken by India by 2050,” said Willem Buiter, chief economist. He also sat on the Bank of England’s Monetary Policy Committee.
In order to accomplish this, the banksters will whipsaw the global economy. “Expect booms and busts. Occasionally, there will be growth disasters, driven by poor policy, conflicts, or natural disasters,” warned the economist.
It has little to do with the weather. Central banksters create monetary inflation and credit expansion and thus engineer artificial booms and inevitably busts that work like a sledgehammer on humanity.
“Just as the boom builds outward from banks to the rest of the economy, with banks benefitting the most, the bust collapses inward to banks from the rest of the economy, with banks suffering the most,” writes Jeffrey M. Herbener. “Now the balance sheets of fractional-reserve banks, swollen with loans and checkable deposits during the boom, suddenly collapse. Or rather, the value of their loans collapses initially, as the projects they lent to turn out to be unprofitable, leaving them with negative net worth…. The monetary inflation and credit expansion of the boom are now reversed in the bust.”
Buiter and Citigroup have created a neat little index to explain all of this. It’s called the “3G index” to measure economic progress – or progress as gauged by banksters. “Using that index the nations to watch over the coming years are Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam,” reports CNBC.
“They are our 3G countries,” Buiter boasted.
It is no mistake they are third world hellholes ruled by authoritarian dictatorships.
Banks and transnational corporations love place like Vietnam where slave laborers work seven days a week for six cents an hour. In Bangladesh, factory workers earn about $38 US per month. Indonesia factory workers make about $2 per day. In the Philippines, sweatshop workers earn less than half of the cost of living. In China’s electronics factories, run like military dictatorships, the suicide rate among workers is staggering. Drones work 15-hour days for $50 per month.

Egypt just underwent a revolution, in large part precipitated by high unemployment and poverty. It was shamelessly exploited by AT&T, Google, Facebook, NBC, ABC, CBS, CNN, MSNBC, and MTV. Google exec Wael Ghonim was designated as an impromptu leader of the revolt by the corporate media.
The third world slave labor hellhole model is what the banksters and their soulless corporations have in mind for the entire planet. Revolutions and rebellions in response to intolerable conditions – half the world, over 3 billion people, live on less than $2.50 a day – will henceforth be micromanaged by financial elitists and turned into harmless (for the elite) televised entertainment super events that do nothing to address the needs of billions of people.

China and India overtaking the United States as the economic dynamos of the future is no mistake. It has nothing to do with hurricanes or mudslides.
Globalism demands a prison planet ruled over ruthlessly by a small hereditary elite. In a few short years, the American people will suffer like the factory workers of China’s sprawling electronics factories and Vietnam’s garment shops run by Nike and Adidas.

Oh Ben You Idiot.......

Bernanke, You Stupid Bastard
Yes, you.
And Trichet, and the rest of the Central Bank fools.
But especially you, Bernanke.
There's dumb and then there's really dumb. Let's take a short walk back down history lane.
You were sure there was no housing bubble.
Then you were sure it wouldn't pop.
Then you were sure when the subprime problem hit, that it wouldn't cause a recession.
Then you were sure you had it under control with Bear Stearns' hedge funds.
Then you were sure you had it under control with Bear Stearns itself.
Then you were sure it was under control with Lehman, even though you had to know Citibank and others were refusing their collateral in the repo market.
You were sure QE would support higher bond prices - and lower yields. The exact opposite thing happened.
You were sure QE2 would suppress long end yields. The exact opposite thing happened.
Oh yeah, you made excuses both times, but in fact you publicly said that in both cases the exact opposite thing would happen that did.
Now let's look at what happened just today.
Oil went up almost $7 today for the WTI contract. For each dollar that crude oil rises, we transfer roughly $95 billion (estimates vary from $90-100) outside of the United States.
That's a direct hit to GDP.
In ONE DAY the entire impact of your so-called "QE2" was ERASED.
(As an aside, yes, I can do the math on the direct import numbers; the argument here is on the total economic impact, which is as noted above. Estimates there vary somewhat, but they're centered around $90-100 billion/year/dollar increase.)
Your entire gambit and what you sold to Congress and President Obama was that you could "restart" credit expansion with your policies. Implicit in your policy was a need to do so, because without it you cannot succeed. The World Economic Forum at Davos released a paper saying that we needed, collectively, to add one hundred trillion dollars of new debt to the system to support the paltry growth numbers you and your economists are putting up. Worse, the CBO stuck up numbers in the TBAC report that show another doubling of Federal Debt in the next nine years and a rough quadrupling of debt service costs to $800 billion, implying a paltry 3% blended rate.
We had the collapse starting in 2007 because people couldn't afford the debt they already had and yet your entire scheme, to succeed, requires doubling all systemic debt AGAIN.
So how are you going to do it Ben?
Who's going to take on that debt, and how are they going to service it?
You know damn well it can't work, and won't. You also know damn well you've goaded and prodded the Federal Government into taking on $4.5 trillion in debt we cannot afford, or nearly 30% of GDP.
How are you going to take that back off Bernanke? You keep being asked this, but all you say is that you're confident "you have the tools."
Uh huh.
You don't have jack and you know damn well you can't pull your pump-job back one iota without laying bare on the table the fact that the Federal Government is supporting 12% of GDP with borrowed money. If it disappears we have an instant Depression worse than the 1930s.
The bad news is that if you keep this crap up it will disappear by force of the market, there's not a damn thing you can do to prevent it, and that day is rapidly approaching.
EVERY prediction you've made about the economy over the last five years has been wrong.
All of them.
The market is rising only because you're "promising" infinite leverage.
But infinite leverage means certain financial ruin if you're wrong about external forces. And the economy is not a closed system under your control. You cannot control other nations, you cannot control commodity speculators and you cannot control other central banks and politicians. You think you can force China off their peg, but they can suppress riots longer than we can. You think you can keep printing but now Egypt has gone down, Libya is collapsing and if Saudi Arabia folds you're instantly ****ED and so are the rest of us.
Never mind that it's not just the Middle East. What if Venezuela folds? Mexico goes feral with their drug war? How about South Korea, which now has how many banks closed due to runs?
The longer you keep this crap up the worse the instability will become. Eventually something will break that's important, and then it's too late.
You can't win this game Bernanke. And the longer you keep trying to protect the banks that should have been shut down and taken into receivership in 2007 the more damage you're going to do. When the history books are written on this catastrophe your name is going to be featured in bright lights as the personal architect and chief jackass who pontificated that he knew it all because he studied The Great Depression.
Yeah, you studied it all right. And now you're duplicating the mistakes made then, writ even larger.
There are no statesmen left in this nation when it comes to Congress. Not one who will haul your ass in front of them by force of subpoena, put your clear and public record of "accuracy" in front of you and then demand that you justify your twisting of the clear English language to come up with "2% inflation" as your "interpretation" of STABLE PRICES.
You're going to fail Bernanke. You're failing right now. You've destroyed one nation's government and this evening, as I write this, a second is falling apart. The madman behind the second, Qaddafi, has apparently ordered his military to strafe civilians, murdering hundreds.
But behind it all, your policies and those of your cronies, believing in an indefinite Ponzi Scheme of exponential debt without bound, are responsible for every bit of what's happening today worldwide - and what is to come tomorrow.
The only way you can stop it is to admit you were wrong, pull liquidity and allow the insolvent institutions to collapse. And collapse they will - all of them. I'm convinced you know that too. And I'm also convinced that there's three words you will never utter so long as you infest Washington DC: I ****ed up.
So here we sit as Americans, with no solution. There is nobody in Congress or The Administration that has the balls to stop you, and you're too much of a douche to admit you blew it and do what should have been done three years ago.
As a result, all we have left is to be prepared for what's to come.
It's not going to be pretty, and I hope Americans are ready for it.Congratulations Ben Bernnake. Your place in history is secure, and I'm sure Beelzebub thanks you daily for your cooperation.
Some day I'm quite sure you'll meet him face-to-face.

Nicely Said...................

"As the state grows, one’s sense of self-ownership is destroyed, liberty is traded for "security," the human spirit diminishes, and the citizenry increasingly thinks and behaves like dependent children." Eric Englund, in an essay titled Income Taxes, Obesity, and Other Maladies of Nanny Statism, 2005.

Marc Faber: The Total Financial Collapse of America is Here! - Alex Jone...

Faber believes the cost of living increase in the US is much higher than what the government is publishing, and forecasts that standards of living will continue to fall under the present economic policy. He says the stock market is overbought and may experience a 10-15% correction.
Faber predicts QE3 in the future, benefiting the price of gold and silver. He advises investors to gradually accumulate gold each month. “Not to own any gold is to trust the US government, trust that they will ever balance the budget again,” Faber comments.
Instead of the US government defaulting on its debt, Faber believes the Fed will continue to print more money. He thinks the euro isn’t much better than the US dollar. “The only true currencies that exist today are gold, silver, platinum, and palladium,” Faber argues. He advises against the 10 year and 30 year government bonds. Although real estate may go down another 10% in the US, Faber says this may not be a bad time to buy a house or farmland.
“This crackup boom will end very badly, but before it ends badly, we’ll have money printing, very high inflation, and when everything fails, the US will go to war. They’re already in war, but they’ll increase it.”

Marc Faber: The Total Financial Collapse of America is Here! - Alex Jone...

Interesting Take On Future Gold Confiscation

Insider Report: US Government Will Confiscate Gold When It Touches $2000

Feb 19, 2011
It’s no secret that the US government is broke, the US dollar is crashing and losing credibility globally, and the IMF, China, France and others have publicly stated their desire to eliminate the dollar as the world’s primary reserve currency. The IMF, for example, recently issued a call to replace the Federal Reserve’s fiat paper, ironically suggesting that it should be replaced with yet another synthetic instrument known as the SDR, or Special Drawing Right. The SDR is essentially a monetary unit made up of a basket of other global monetary units that include the euro, Japanese yen, pound sterling, and U.S. dollar. Incidentally, prior to the collapse of the Bretton Woods gold-backed US dollar monetary system in 1973, the SDR was actually ‘backed by gold,’ with one SDR being worth roughly 0.88 grams of gold, or at the time, $1 US dollar.
It’s been suggested that a new SDR, which would likely include the Chinese Yuan within the basket, may also require some non-synthetic units of exchange such as gold.
We’ve learned from well known metals analyst and commentator Roger Wiegand, in an email to silver analyst David Morgan which was subsequently published in Morgan’s latest Silver Investornewsletter available only to subscribers, that several of Wiegand’s high level inside sources have reported that the puppeteers behind the US government, in order to facilitate a move into a new world currency are considering, or may have already begun moving forward with, a plan to confiscate gold and silver from the American public.
The following “Red Alert” was sent by Wiegand to other precious metals experts and analysts and is republished verbatim:
via Sherri Questioning All:
Editor: There is a plan to use the IMF (AKA US Treasury and Wall Street) to be the front man for the new world order and one currency.We also got disturbing news yesterday from an impeccable source that when gold touches $2,000 it’s confiscated in the USAfor about $200. Then it’s to be reissued by the Treasury for $10,000 per ounce to back the new IMF world currency using SDRS in 2011. Large physical gold is being moved to Canada.
We’ve previously commented on the possibility of gold confiscation and other steps that may be taken by our financier controlled government in the event that gold does reach certain thresholds. Reaching these new thresholds, for example $2000 or $5000 per ounce, would suggest that the US dollar has likely crashed or begun a final collapse into oblivion, at which point, all credibility for this unit of exchange will have been lost in the eyes of the rest of the world.
Will this lead to confiscation? Even David Morgan himself, in a recent Youtube interview, suggested that confiscation in the traditional sense was “ridiculous” and an argument that he doesn’t buy.
Confiscation, however, may happen in other forms, as has been suggested by trend forecasterGerald Celente and precious metals expert Jerry Western.
Celente, who has been forecasting $2000 gold for years, says that governments will intervene if the price gets too high:
We are projecting gold to go to $2000. It can go way higher, but we think that’s going to be the limit because the world governments will do something to push the price down.
The free market will certainly value gold appropriately over the long-term, but in the short-term we cannot underestimate the power of interested banking conglomerates and their marionettes within the halls of Congress and the White House to force the price of gold to whatever value they choose through the use of price controls, much like governments have attempted to do with things like rents and food in various parts of the world throughout history. In the case of Mr. Wiegand’s red alert email, it could be as low as $200 per ounce.
In his timely book Got Gold? Get Gold! covering everything you ever needed to know about precious metals, author Jerry Western writes:
So, will it happen again? I’d have to say overtly, probably not. Never say never, but I believe that covertly it has already begun.

Mr. Western suggests that, while the government will not overtly confiscate, as they did in 1933 when the US dollar was backed by gold, there are other ways that the financial powers that be, who essentially own our government, will strip the people of their precious metals.
…there’s the matter of gold and silver Exchange Traded Funds. Many of these funds, including the largest, are thought by many informed individuals, not to hold the metal they are purported to. At some point, if they don’t have the metal, they will default on their obligations to shareholders. Those shareholders who thought they owned gold will not…They will have had their gold taken from them. Confiscated.
The two largest gold and silver ‘backed’ commodity ETFs currently have a total of nearly $70 billion in market capitalization. If the gold and silver aren’t there, as the fund managers claim, then if and when investors start requesting delivery of the physical metals, the funds will crash in the style of Ponzi and the paper representing their physical holdings will become worthless.
The other real possibility will be confiscation through taxes, writes Western:
The final implementation of confiscation will probably be in the form of confiscatory taxes. If taxes rise to 90% on any profit I must report, then it will be discouraging and not worth the effort to hold the metal.
With the passage of President Obama’s health care bill, the American people found out, after the fact as usual, of the new 1099 requirements which will force gold/silver merchants to declare all precious metals transactions over $600. Thus, the mechanism for tracking and taxing even small cash transactions has already been put into place.
We cannot, however, dismiss outright the suggestion that precious metals will be physically confiscated from the people. The reasoning behind the 1933 confiscation and ban on owning gold until the mid 1970’s was primarily because the US dollar was backed by gold. One US dollar represented a specific amount of gold, 0.888 grams in fact. Today, no such backing exists, and gold has been called a relic of the past by modern day monetary experts.
However, if the IMF gets its wish, and it very well may if the US dollar’s long term plunge continues unabated, then gold will become a part of the new world reserve currency unit, currently being referred to as the SDR.
If the United States is to retain a portion of that SDR basket, we will not be able to do it with our current monetary unit, the Federal Reserve Note, and a new currency domestically would be required. Sure, it may still be called the dollar, but it will likely need to be pegged to some physical asset, at least in part, for it to have any credibility globally and within the SDR basket. This means that the government is going to need to get its hands on some gold. There are supposed to be tons of it in Fort Knox, but we really don’t know because no accounting of those assets have been done for some 50 years. In the event we don’t have as much gold as the Federal Reserve says we do, then those precious metals are going to need to come from somewhere.
For this reason, we can’t dismiss the idea that confiscation may become reality.
So, if you’ve taken our past advice and hold physical precious metals, we recommend looking into some creative ways of making sure they don’t exist if someone ever comes knocking.

Read These Debts Facts: They're Wild

Debt, Debt, Debt – 15 Facts About U.S. Government Finances That Are Almost Too Crazy To Believe






Feb 19, 2011
If your family started spending nearly twice as much as it brought in every single year, how long do you think it would be before your family was completely and totally broke? Well, that is essentially what the federal government is doing. The U.S. government is so deep in debt at this point that it is hard to even try to describe it. Where do you even begin? Trying to put the vastness of U.S. government debt into words is kind of like trying to describe a great work of art by Michelangelo to a blind person. This year the U.S. government is going to go 1.645 trillion more dollars into debt. How can one possibly accurately convey just how large that amount of money really is? If you went out today and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars. Who can even comprehend such an amount? The U.S. government has mismanaged our finances so badly that it is hard to believe. We have sold our children and our grandchildren into perpetual debt slavery and not that many people really seem very upset about it. It is as if most of the nation is in a massive state of denial.
Read over the 15 statistics below and really try to absorb them. It is imperative that we all try to understand how deep a hole we are in. This is the legacy of the Federal Reserve system. You see, people are not upset about the Federal Reserve just because they needed a new hobby. The truth is that the Federal Reserve system has transformed the wealthiest, most prosperous people on the planet into a horde of debt slaves. The American people are now saddled with the biggest debt in the history of the world, and the really sad thing is that it never had to turn out this way.
But this is the end result of turning control of our currency and of our financial system over to the international bankers. Once we did that, it was only a matter of time until the U.S. government was drowning in debt.
Thomas Jefferson desperately tried to warn us about central banks. He believed that for the government to borrow money in one generation which must be paid back by future generations is equivalent to stealing….
And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
In fact, Thomas Jefferson said that if he could add one more amendment to the U.S. Constitution it would be a ban on all government borrowing….
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.
Where would we be today if we had listened to Thomas Jefferson?

Instead of listening to the warnings of our founding fathers, now we are in debt hell….
#1 The Obama administration is now projecting that the federal budget deficit for this year will be an all-time record $1.645 trillion dollars.
#2 The budget deficit for this year alone will end up being well over 10 percent of GDP. That is an absolutely nightmarish level.
#3 Currently, the accumulated national debt of the U.S. government has reached a grand total of $14,123,589,307,190.53.
#4 If you divided the national debt up equally among all U.S. households, each one would owe a staggering $125,475.18.
#5 The federal government has borrowed 29,660 more dollars per household since Barack Obama signed the economic stimulus law two years ago.
#6 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
#7 In the new budget that the Obama administration has proposed, the U.S. government would spend 3.7 trillion dollars in 2012 and by 2021 the U.S. government would be spending a whopping 5.6 trillion dollars per year.
#8 The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.
#9 The total compensation that the federal government workforce earned last year came to a grand total of approximately 447 billion dollars.
#10 The U.S. national debt is currently rising by well over 4 billion dollars every single day.
#11 The U.S. government is borrowing over 2 million more dollars every single minute.
#12 The U.S. national debt is over 14 times larger than it was just 30 years ago.
#13 Unfunded liabilities for entitlement programs such as Social Security and Medicare are estimated to be well over $100 trillion, and nobody in the U.S. government seems to have any idea how we are actually even going to come close to meeting all of those obligations.
#14 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.
#15 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
So has all of this reckless government spending improved the economy at least?
Not really.
In fact, there are signs that the economy is weaker than ever….
*According to Gallup, the U.S. unemployment rate reached 10.0% in mid-February. In addition, Gallup says that the percentage of part-time American workers that want full-time work rose to 9.6% in mid-February.
*During the 4th quarter of 2010, 4.63 percent of all U.S. home loans were in foreclosure. That matched the all-time high, and it was up significantly from 4.39 percent in the 3rd quarter.
*New home sales in the state of California were at the lowest level ever recorded in the month of January.
*When you adjust wages for inflation, middle class workers in the United States make less money today than they did back in 1971.
*The number of Americans that have become so discouraged that they have given up searching for work completely now stands at an all-time high.
So what have we gotten for this colossal amount of debt?
Not a whole heck of a lot.
So why don’t the American people care more about all this debt? Have they given up? Have they resigned themselves to the fact that our financial system is going to collapse?
Gonzalo Lira had some interesting observations about this the other day on his blog….
You know those gamblers in Vegas, who go there and blow their house on the black jack tables? And then they go around town buying hookers and blow left and right, partying hard until the dawn, acting as if they didn’t have a care in the world? At least until the night runs out?
That’s the United States.
But the good news is that an increasing number of Americans are waking up and are realizing that our financial system is just a house of cards. Many are starting to realize that our financial system is a gigantic Ponzi scheme that is inevitably going to collapse at some point. Democrats and Republicans have both supported this system and they have both gone along for the ride. Both parties have been responsible for spending us into oblivion. The United States was once the most blessed nation on earth, but now we are rapidly becoming the biggest financial disaster the world has ever seen. Please share this information and the chart posted below with as many people as you can. The American people desperately need to wake up because we are headed for disaster….