Archive for dollar collapse
With Greenspan running off to the Middle East, China and Russia recommending they dump the dollar, our condition is far worse than we ever imagined.
Despite what our politicians are telling us, experts in other lands have issued the warning: Economic collapse within three months.
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.
“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.
A very nasty period indeed.
Ron Paul was right. Globalization, according to Janjuah, the Royal Bank’s credit strategist.:
“Globalisation was always going to risk putting G7 bankers into a dangerous corner at some point. We have got to that point,” he said.
US Federal Reserve and the European Central Bank both face a Hobson’s choice as workers start to lose their jobs in earnest and lenders cut off credit.
The authorities cannot respond with easy money because oil and food costs continue to push headline inflation to levels that are unsettling the markets. “The ugly spoiler is that we may need to see much lower global growth in order to get lower inflation,” he said.
“The Fed is in panic mode. The massive credibility chasms down which the Fed and maybe even the ECB will plummet when they fail to hike rates in the face of higher inflation will combine to give us a big sell-off in risky assets,” he said.
Just as then, the dollar has plummeted far enough to cause worldwide alarm. In August 1992 it fell to 1.35 against the Deutsche Mark: this time it has fallen even further to the equivalent of 1.25. It is potentially worse for Europe this time because the yen and yuan have also fallen to near record lows. So has sterling.
Inflationary Depression is nearly upon us. Ron Paul was right, and he is being proven out in the most dire of ways. The Fed will save the banks like Morgan Stanley and Lehman, EVEN AT THE EXPENSE OF THE AMERICAN ECONOMY.
Our government is NOT our friend, even with ‘representatives’ of the people, since they have been bought and sold like cattle.
Brace yourselves, people. About 7 million died because of the last Great Depression. That was without a war, without martial law, without China being a well-armed enemy threatening war.
“But this year, there was a surprising potential foe: the falling dollar. In his report to Congress last week, Director of National Intelligence Michael McConnell went beyond the conventional world of spycraft. Mr. McConnell specifically acknowledged “concerns about the financial capabilities of Russia, China, and OPEC countries and the potential use of their market access to exert financial leverage to achieve political ends.”
This has, of course, been written about all over the place, here and elsewhere. Ron Paul has written about it. Ron Paul has taken this issue, OVER AND OVER AGAIN, to Congress, to the Federal Reserve, and ANYWHERE that somebody might listen.
This ANY-MINUTE-NOW catastrophe wasn’t even NECESSARY! All we needed to do, all our ‘representatives’ needed to do was FOLLOW THE CONSTITUTION and listen to the founders, but, well, all that is lunatic fringe talk, isn’t it?
This isn’t all. Not by a long shot.
The War Drums keep beating over Iran, one of those OPEC countries who has allied itself with China and Russia AND Venezuela in this plan to collapse the dollar at the moment BEST for their own plans. War with Iran IS war with China, IS war with Russia. That’s the nature and purpose of ‘entangling foreign alliances.’
” Russia makes no secret of its ambitions to elevate the ruble to world reserve currency status.”
And more: “A perfect storm for dollar desertion may already be brewing. In the months ahead, China is expected to export fewer consumer goods to the U.S. with a forcibly-appreciated yuan. Meanwhile, Chinese spending for Russian oil and gas will likely start to ramp up. Mr. Medvedev, whose duties include serving as chairman of Gazprom, observed this past summer that the U.S. dollar was not immune to crisis of a “comprehensive, global character.” He was thinking ahead about potential opportunities. “A situation may arise where we, China, and some other Asian countries will speak of the emergence of a regional reserve currency.” The yuan was a possibility, Mr. Medvedev conceded. “But it is in our interest that it be the ruble.”
With China on our very doorstep in Panama and ports around the southern perimeter of America, and Russia even demanding that our long time ally, Japan, meet with them regarding investments and territorial matters; our crashing dollar puts us not only in serious economic jeopardy, but opens us up for military invasions on our own soil!
“The dollar won’t be strengthened by further interest-rate cuts or more fiscal stimulation leading to inflationary consumer spending. If the U.S. is to reclaim its position as provider of the world’s most trusted currency, we must think more boldly.It’s time to confront currency disorder. “
But, and BEWARE- notice what ELSE they say: “A global system based on a universally-accepted monetary asset — the U.S. has the world’s highest level of official gold reserves, followed by Germany and France — would not only counter Russia’s offensive. It would convert a national security threat into a golden opportunity. “
Now, if THAT doesn’t qualify for the success of GHWB’s New World Order, what does?
Economic collapse = goodbye American Sovereignty. No Constitution, no Bill of Rights, no Social Security… no nothing.
But, we Ron Paul-ites are the ones that are nuts and lunatics. At least, that’s what the boob tube tells you.
Well, see what the boob tube told you so long ago…