As CNBC commentator Charles Gasparino put it in a November 6 column in the Wall Street Journal, “Interest rates are close to zero; in effect the Federal Reserve is subsidizing the risk-taking and bond trading that has allowed Goldman Sachs to produce billions in profits and that infamous $16 billion bonus pool (analysts say it could grow as high as $20 billion). The Treasury has lent banks money, guaranteed Wall Street’s debt and declared every firm to be a commercial bank…... Read Full Story
Our usurping, non-citizen, spendthrift President, together with our corrupt, elitist-bootlicking Congress of money-grabbing Dumbos and Jackasses, are spending us into a multi-trillion dollar hyperinflationary oblivion as their ratings by their constituents drop into the toilet bowl, ratings which are disgracefully the lowest in all of US history. With a diabolical "Robin Hood in Reverse" plan in place since 1913 for the extortion of money from the US middle class to reduce their serfs to pov... Read Full Story
The U.S. currency dropped against 12 of its 16 major counterparts as the International Monetary Fund said traders are probably using the dollar to fund so-called carry trades around the world and it may still be overvalued.I hope everyone here in The United States takes a moment to understand what this means. Let me lay it out for you:When the global economy truly recovers oil will skyrocket up to or beyond the $150 where it was in late 2008. If the dollar is indeed still "overvalued" and go... Read Full Story
According to an interview with Hard Assets Investor (HAI), Peter Schiff doesn't want the U.S. dollar to be a reserve currency, and doesn't want any other paper currency to replace it either.Thus the discussion about which currency might replace the dollar is moot.Even a basket of currencies managed by a global organization is out of the question since as a staunch libertarian Mr. Schiff is against most organizations which aren't motivated by profit.Thus he reiterates his support for a gold s... Read Full Story
Monday, November 9, 2009If the Obama administration keeps its promise in guaranteeing not to raise taxes to pay for universal health care, the only way to cover the costs will be for the Federal Reserve to print even more money out of thin air, a process that will kill the dollar and lead to lower living standards for all Americans, warns Congressman Ron Paul.In his weekly Texas Straight Talk telephone update, Dr. Paul said that Saturday night’s passage of the health care bill in Congr... Read Full Story
LOS ANGELES -- In recent years, millions of Americans looked at their houses and saw big, fat piggy banks. And it occurred to them to take out big, fat new mortgages.Few did it on the scale of Ronald Burkle.The Green Acres EstateMr. Burkle, the grocery-store billionaire, has $56 million in loans against two houses, including $9 million added last year. One is his iconic Beverly Hills mansion, "Green Acres," a 44-room Italian Renaissance palazzo built in the 1920s by silent-film star Harold L... Read Full Story
Anger and discontent are reaching a boil as a lethal combination of economic corruption and political collusion are deleveraged across the United States.From recent rampages in Orlando, Fla., to mortgage-related torture in Los Angeles, certain members of the citizenry seem to have had their fill of being manipulated for the financial gain of others, and they're firing back with force.And the situation threatens to burn hotter as the winter holidays -- always a peak period fof domestic violen... Read Full Story
Regardless of what we hear from the mainstream media, economists and left wing progressives currently in charge of the Legistlative and Executive branches, this is not a failure of capitalism, nor is it the downfall of capitalism. What we are experiencing is what Martin Armstrong referred to as the last throes of socialism in his essay The Collapse of Capitalism or is it Socialism? The government is literally throwing everything it has in the bank at the printing presses at this problem, kin... Read Full Story
Note: A chart example of what else we are up against: A Return of OIL PricesBanks, given trillions stolen from the taxpayer, are using their ill-gotten fiat to speculate in markets using quant computers and insider information, neither of which the taxpayer has access. Nor do they have access to national level politicians, their contributions simply are not as large. Thus, the banks hoard their trillions while cutting off lines of credit to the very taxpayers who bailed them out. What lines ... Read Full Story
