(Original article here)Many Predict US Financial Collapse in September
July 18, 2009
by Charles (A Reader)
Let us contemplate the day in the near future when the consequences of financial chicanery finally outpace the ability of the governments, central banks and big media to cover up and obfuscate the truth. Many respected voices have now gone on record that September 30 or
thereabouts will be that day.
Bob Chapman [Internationalforecaster.com] revealed that the US State Dept has advised embassies worldwide to stock up on a year's worth of the local currency in anticipation of collapse of the US dollar. Look for a temporary banking shutdown timed for around September 2009. As under Roosevelt, some banks won't reopen. 96% of bank reserves are currently held with the Federal Reserve who tells the banks not to loan the money, but rather to save it for further banking acquisition and consolidation. Chapman foresees a bank holiday lasting 4‐5 days. Chapman thinks this first bank holiday presages a much more significant bank holiday months to years later which will involve simultaneous devaluations of multiple currencies as well as other significant changes in the banking system.
Harry Shultz [as quoted in marketwatch.com] says "Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120‐150 days."
Benjamin Fulford [http://benjaminfulford.typepad.com/benjaminfulford/] states that for almost a century the US Treasury Dept has been issuing specialized debt instruments to countries with which the US has had a trade surplus. These complex debt instruments are tailored by complex treaties. Unfortunately, the recent US Treasury funding needs exceed the willingness of these creditor nations to extend additional credit. Fulford writes, "The problem is that after nearly a century of issuing these debt instruments, the chickens are coming home to roost. President Obama tried at the recent G8 plus 5 meeting in Italy to borrow more money than George Bush junior did in 8 years. He was told a resounding no. The result should be total economic chaos in the U.S. by September 30th . "
Jim Willie [goldenjackass.com] writes of an Asian led initiative ending dollar hegemony beginning this weekend. Willie suspects that the Fed/Treasury is covertly loaning foreign central banks the money with which the central banks are now using to buy US debt. Increasingly, US debt is being bought by foreign central banks taking up the slack of investors abandoning US Treasury debt. Willie confirms Chapman's comments and says he solicited and received "multiple confirmations." He adds, "CHAOS WILL PREVAIL WITHIN SEVERAL MONTHS, PERHAPS A YEAR AT MOST{his emphasis}."
Jim Sinclair [jsmineset.com] has recently visited China meeting with its leaders. He states that China is increasingly more willing to take on the United States in its apparent maneuvers to inflate its way out of its debt crisis. In early July Sinclair started a 120 day countdown till breakdown of the US dollar ends market manipulation and all those sour economic chickens come home to roost.
OUT OF TRICKS
Seemingly the Federal Reserve/US Treasury have exhausted their bag of tricks. The Fed is fighting rising interest rates, a difficult task given the hyperinflationary debt financing it is now doing. Once rising pressure on interest rates become too much for the Fed to control, there will probably be several sudden economic and financial surprises cascading with currently known dilemmas: crashing dollar; increasing home mortgage defaults; commercial mortgage defaults reaching critical mass; falling bond and stock markets extending insolvency of pension funds; defaults on debt by state and local governments. And don't forget derivatives and further exposure of corruption and criminality on Wall Street. Bernie Madoff may soon have lots of company.
Unable to produce any more financial wizardry, the cynical federal government is arrayed in full battle dress uniform: 1] Mass forced swine flu vaccinations scheduled this fall performed under the specter of martial law; 2] Rumblings of extending the wars in Asia into Iran and Pakistan; 3] Rekindling the Korean conflict may also be in the cards. Of course, don't forget that both Iran and North Korea are client states of the British World Order. All the recent saber rattling involving Iran and North Korea is wholly orchestrated. We need the distractions from the economic crisis, so our clients Ahmadinejad and Kim provide us with the necessary theater. So what will come first, further banner headlines of dollar collapse and market crashes or the distracting theater of more war or 911 type events?
What will this fall really bring? It is not too far away so we shall soon know. Unfortunately, it may make last fall look pretty tame. When the government answers economic distress by preparing for the worst, then the worst may very well be what happens.
3 comments:
Stockpiling foreign currencies? What U.S. embassies need to stockpile are helicopters and enough fuel to get to England or Israel, the only countries I can think of where a collapse of the dollar won't cause the local populace to storm the embassies, or back to the U.S.
If we go broke, giving back a tiny fraction of the money we've been stealing from them is unlikely to placate the people we've been stealing from.
A devaluation of the dollar isn't likely to stop our wars of aggression--they'll continue until we run out of fuel, no matter how many Americans are unemployed, homeless, and hungry.
Empires fall and this one can't fall quickly enough for me. But our planet is in danger until what we call progress and civilization fall. Overpopulation and pollution aren't progressive, and genocide in pursuit of the resources needed for technological "advances," isn't civilized.
Sooner or later the old Cree prophecy will come true. All over the world right now, people are growing their own food as best they can, because they realize that you can't eat money. When the Soviet Union collapsed, many people had no choice but to grow their own food or starve. They were so successful at it that Russia no longer has to import food. Cuba has been blockaded and embargoed for so long that they have been forced to become almost entirely self-sufficient. They will survive.
We won't.
So let's pressure local governments to create more community gardens where people can grow their own food. Lots of people don't own homes. What are the growing numbers of renters supposed to do?
And the skills people have aren't going to be of much use in the new economy.
I do feel if the whole thing comes crashing down, the most valuable skills will be growing food and making things by hand. It will turn the world upside down, in a good way. Maybe the actual laborers and producers will finally triumph over those who worship the idol of money.
"What are the growing numbers of renters supposed to do?"
I'm a renter. But my apartment has a small balcony that gets some sun, so I have 36 containers growing corn, beans, peas, tomatoes, potatoes, peppers, onions, carrots, radishes, lettuce, and I have some more containers, soil, and seeds ready to plant.
In addition, I belong to an organic Cooperative grocery store and I shop farmers' markets. There are also CSAs, Community Supported Agriculture farms in many areas, and organic urban gardens, plus Food Not Lawns and Food Not Bombs.
If you need space to plant, google yard-sharing.
Yup, if there's anything left of it by then, the meek, not the powerful, shall inherit the earth.
But I'm also forwarding the above article to my bank, a small local bank that never made any risky investments or loans, stayed away from sub-primes, and is committed to community service. It isn't a credit union, but it isn't stupid either.
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