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by Mark Sircus
07 May 2010
from
IMVA Website
Time is fast running out.
Financial collapse once thought
impossible now is looming.
When the world’s recession began,
countries with the heaviest debt loads experienced the unforgiving
brutality of reverse leverage. Now that payback time has arrived,
not just individuals and corporations, but nations are threatened
with default.
Meaning there is a world of deadbeats
who will never be able to pay back their debts and investors are
just starting to realize this.
“April was a wild month. Not only
were there massive upheavals in the physical earth: earthquakes,
volcanoes and tornadoes; but people: countries and institutions
this month have been moving into a fresh wave of unease and
flux.
Whether it is the sovereign debt
crisis in the EU, Greeks protesting in the streets, Tea Parties
and bank closures in the USA, or the SEC versus Goldman Sachs:
people are upset, and the free world is struggling through
uncomfortable revelations and change.
People everywhere are awaking from
the daze of the past decade to realize that most are poorer than
they thought. Many are just plain broke,” writes Danielle
Park.
Thursday was a wild day and today Friday
things are not looking so hot in Asia or in Europe.
Thursday the Dow Jones industrials at
one point lost 1,000 points, nearly a tenth of their value, with 60
percent of the drop happening in less than half an hour. It was the
biggest drop ever during a trading day.
That half hour sent a lot of shivers
down a lot of peoples’ spines.
"Today… caused me to fall out of my
chair at one point. It felt like we lost control," said Jack
Ablin, chief investment officer at Harris Private Bank
in Chicago.
On Wednesday President Carolos
Papoulias said that Greece was standing on the "edge of the
abyss."
The situation is turning nasty and
things are looking darker all of a sudden to the masses that have
been euphoric in green shoot la-la land. The Euro is dropping like a
stone and now markets are panicking and remember Wall Street was
already down by 400 points before things went crazy possibly due to
some mistake.
New York City Mayor Michael Bloomberg on Thursday unveiled
his revised $63 billion budget plan for fiscal 2011, which includes
shedding 11,000 public employees through layoffs and attrition.
What is happening in Greece and
elsewhere is but a footnote, the main event is about to unfold.
Global financial crisis part II has
begun and we are going to see things blowing up all over the world
right before our very collective eyes. This is the final assault
and death agony of capitalism and on what little freedoms are
left though it could be complete chaos that undermines the best
plans of the elite class.
Where do you think California’s 30% drop
in state
revenues will lead? The governor did not base his budget
for the present fiscal year on a 30% plunge in revenue.
Investors are looking around and
quivering in their boots.
2010 will go down as a final chapter
before all hell breaks loose around the world.
“A great drama is unfolding. What we
are seeing is the slow, steady decline of the greatest fraud
ever perpetrated on the people of the world. The fraud I am
referring to is fiat money. This is the so called "money"
created by the central banks. Fiat (non-intrinsic) money can be
created at will by a central bank via a computer.
You work all your life to make a
total of $900,000.
The Fed, with no work or sweat
on its part, can create a billion or 10 billion fiat dollars
at will.
Is that logical or moral?
It allows politicians to spend
whatever they want, and the bills are paid for in fiat money.
The result is that many nations have spent far more than they
ever should have, and oceans of fiat money have swept across the
planet,”
writes Richard Russell.
Latvia laid off one in 3 of its
government workers and whoever
was lucky enough to keep their jobs saw their pay cut by 25%.
These kinds of cuts are headed for California and then New York
and then New Jersey and Ohio and then we will see where we are.
The entire edifice of trust and awe that
the powers-that-be has inculcated regarding the monetary system is
eroding. People have seen for themselves that the system is not a
fair one and is in fact manipulated.
Faith and trust is
increasingly rare commodity these days.
Recent polls show 4 out of 5 people do
not trust Washington, and they trust Wall Street the same for these
days it is really hard to separate the politicians from the
bankers.
“People aren’t idiots,” writes
the Daily Bell.
“They have seen the trillions
disbursed to the banking community while their own lives are
correspondingly reduced and even ruined. They wonder why their
pensions, their jobs, their lives have to be so dramatically
constrained while the elites spend trillions to prop up a system
that doesn’t work.”
One out of every 12 city workers will be
let go in the
city of Fresno California. Those in the know expect
this to happen in hundreds of cities around the US.
Dictatorship is already upon us as
elected representatives defy the will of the people they represent
and work against the public interest.
Confusion is raining down hard today
especially in England (Election Day) where they have not the
slightest idea what to do. The entire sociopolitical construct of
the West is in jeopardy as the first world is like Humpty Dumpty
falling off a very great and rich dry wall made in China.
Chris Laird
writes,
“We have a looming war threat in
the Mid East as well, which if
it is not avoided could lead to World War 3. Israel stated again
unofficially that the West has another two months before they
act unilaterally on Iran.
Obama has pretty much squelched
the Israeli efforts to contain Iran, and has essentially halted
US military aid purchases for Israel, and this has now been a
year of that much to their chagrin.
Does not mean, however, that they
won’t act alone. Since they are being pushed into a corner, get
ready for a real show over there.”
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