Economic Collapse

[[THANATOS].HaVoC_GT]

Gerald Celente has been the leading economic forecaster for years.

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[[THANATOS].Metal]

I'll be damned, somebody on TV that says the same shit I've been saying.

[[THANATOS].HaVoC_GT]

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he's been doing this a long time, and has been right many many times. he totally called everything thats happened.

[Spluff]

There are some very smart people who called the collapse and were prepared. The canadian bank system was prepared and has therefore climbed up the ladders an unprecedented amount.

But freakiest of all, the onion somehow managed to predict the last eight years.

[[THANATOS].HaVoC_GT]

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[ENFORC3R]

I love how he puts everything out there and says it how it is, especially about Obamas cabinet.

Yea the Canadian banking system is one of the best in the world which is why we werent hit so hard, but this buy american shit is gonna hurt us alot.

[[THANATOS].Teo]

ENFORC3R Wrote:I love how he puts everything out there and says it how it is, especially about Obamas cabinet.

Yea the Canadian banking system is one of the best in the world which is why we werent hit so hard, but this buy american shit is gonna hurt us alot.

it wont hurt you or anyone else because its not going to happen. most of the stimulus money will get rid of a fraction of peoples debt. this has happened before... and failed.

if other nations dont want the buy american policy to take affect they need to exercise their power and raise the threat to the US to prevent the measure. show us that it will hurt other economies so much we will suffer greater consequences other wise all you can do is watch and pout.

[[THANATOS].HaVoC_GT]

ENFORC3R Wrote:I love how he puts everything out there and says it how it is, especially about Obamas cabinet.

Yea the Canadian banking system is one of the best in the world which is why we werent hit so hard, but this buy american shit is gonna hurt us alot.

it will hit us. the stimulus wont do shit. the buy american deal, will backfire.

[MOOK]

It's a banking/Global elite power grab. Same as 'The great depression".

They cause it and then solve it...the money, power and influence they gain in the process is by design.

It wouldn't shock me to see another disaster arise in the midst of this to make things much worse with the solution posed, being The North American Union. And everyone will welcome it just to get relief.

Maybe I'm crazy, maybe not. :ymtongue:

[[THANATOS].-Hades]

=IK=MOOK Wrote:I'm crazy :ymtongue:

[MOOK]

lol maybe. Except it's already a reality. Nobody has bothered to inform anyone of it as of yet.

http://www.americanpolicy.org/pdf/NAUFS-new.pdf @-)

[[THANATOS].HaVoC_GT]

=IK=MOOK Wrote:lol maybe. Except it's already a reality. Nobody has bothered to inform anyone of it as of yet.

http://www.americanpolicy.org/pdf/NAUFS-new.pdf @-)

Mook im with ya on this. It's so true. Most people will be like 'wtf mate' when they realize it. I have been talking about his for a long while now. I get a kick out of all the people who havent looked into it, telling everyone else they are crazy. I AM fucking crazy, but thats besides the point.

[MOOK]

It must be nice...
I'm really at a loss for words why Americans aren't rioting in the streets over this. Obama said it's gonna be alright though....ugh.

Quote:U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1)

By Mark Pittman and Bob Ivry

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.

Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

Financial Rescue

The pledges, amounting to almost two-thirds of the value of everything produced in the U.S. last year, are intended to rescue the financial system after the credit markets seized up about 18 months ago. The promises are composed of about $1 trillion in stimulus packages, around $3 trillion in lending and spending and $5.7 trillion in agreements to provide aid. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps.

Federal Reserve lending to banks peaked at a record $2.3 trillion in December, dropping to $1.83 trillion by last week. The Fed balance sheet is still more than double the $880 billion it was in the week before Sept. 17 when it agreed to accept lower-quality collateral.

The worst financial crisis in two generations has erased $14.5 trillion, or 33 percent, of the value of the world’s companies since Sept. 15; brought down Bear Stearns Cos. and Lehman Brothers Holdings Inc.; and led to the takeover of Merrill Lynch & Co. by Bank of America Corp.

The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.

‘All the Stops’

“The Fed, Treasury and FDIC are pulling out all the stops to stop any widespread systemic damage to the economy,” said Dana Johnson, chief economist for Comerica Inc. in Dallas and a former senior economist at the central bank. “The federal government is on the hook for an awful lot of money but I think it’s needed to help the financial system recover.”

Bloomberg News tabulated data from the Fed, Treasury and FDIC and interviewed regulators, economists and academic researchers to gauge the full extent of the government’s rescue effort.

Commitments may expand again soon. Treasury Secretary Timothy Geithner postponed until tomorrow an announcement that may invite private investment as a way to clear toxic debt from bank balance sheets. Measures that have been settled include a new round of injections of taxpayer funds into banks, targeted at those identified by regulators as most in need of additional capital, people briefed on the matter said.

Program Delay

The government is already backing $301 billion of Citigroup Inc. securities and another $118 billion from Bank of America. The government hasn’t yet paid out on any of the guarantees.

The Fed said Friday that it is delaying the start a $200 billion program called the Term Asset-Backed Securities Loan Facility, or TALF, to revive the market for securities based on consumer loans such as credit-card, auto and student borrowings.

Most of the spending programs are run out of the Federal Reserve Bank of New York, where Geithner served as president. He was sworn in as Treasury secretary on Jan. 26.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and then Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. The Federal Reserve so far is refusing to disclose loan recipients or reveal the collateral they are taking in return. Collateral is an asset pledged by a borrower in the event a loan payment isn’t made.

Fed Sued

Bloomberg requested details of Fed lending under the Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral. Arguments in the suit may be heard as soon as this month, according to the court docket. Bloomberg asked the Treasury in an FOIA request Jan. 28 for a detailed list of the securities it planned to guarantee for Citigroup and Bank of America. Bloomberg hasn’t received a response to the request.

The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).


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[[THANATOS].HaVoC_GT]

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[[THANATOS].Metal]

Wow, I'm surprised nobody pulled the plug on those guys mid-broadcast. Also: "Boots" on the right was a nice touch.