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Title: THOUSANDS OF CURRENCIES WERE CREATED DURING THE GREAT DEPRESSION
Source:
YouTube
URL Source: http://video.google.com/videoplay?d ... i=oC-CSLasIYuGrgPH37ibBQ&hl=en
Published: Jul 19, 2008
Author: Unknown
Post Date: 2008-07-19 14:22:17 by Uncle Bill
Keywords: Become, Elite, Print Money
Views: 159
Comments: 13
American Response to the Great Depression 
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#1. To: Uncle Bill (#0)
Good stuff, thanks UB.
Who knew? Thanks for this information - I don't imagine the ptb would allow this to happen today, or in the future.
hi Bill, great to see you. you've been missed.
Don't take any wooden nickels.
The U.S. Constitution is no impediment to our form of government.--PJ O'Rourke
Excellent! ;-)
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your counsel nor your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen.”—Samuel Adams
It was illegal then as well. Now, as to whether the PTB would enforce that law more strictly then they did almost 80 years ago, that may depend upon the reach of federal authority, and the will of the authorities.
The U.S. Constitution is no impediment to our form of government.--PJ O'Rourke
The creation of the Fed pretty much screwed our fiscal pooch.
Hi christine. God Bless you! Stick around. We're entering the initial stage when the government's banksters gets to confront people they normally never have to deal with, and their international fractional reserve fiat buttholes pucker so much it slips up over their heads and chokes them to death. Should be interesting. Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
well, that creates quite a visual! ;)
Hi Uncle Bill. Where have you been?
The fed was inevitable, after the settling of the frontier and connection of the coasts; the NAFTA highway is integral to the amero. Freedom requires a frontier.
We have just discovered an important note from space I've been working for 2 decades+ preparing for what is coming. I continue that pursuit. 8-) Economist Predicts Worst is Just Ahead Economist Predicts Worst is Just Ahead West Orlando News New York, July 15, 2008 In a series of recent writings on the RGE Monitor Nouriel Roubini – Chairman of RGE Monitor and Professor of Economics at the NYU Stern School of Business - has argued that the U.S. is experiencing its worst financial crisis since the Great Depression and will undergo its worst recession in the last few decades. His analysis leads to the following conclusions: * This is by far the worst financial crisis since the Great Depression * Hundreds of small banks with massive exposure to real estate (the average small bank has 67% of its assets in real estate) will go bust * Dozens of large regional/national banks (a’ la IndyMac) are also bankrupt given their extreme exposure to real estate and will also go bust * Some major money center banks are also semi-insolvent and while they are deemed too big to fail their rescue with FDIC money will be extremely costly. * In a few years time there will be no major independent broker dealers as their business model (securitization, slice & dice and transfer of toxic credit risk and piling fees upon fees rather than earning income from holding credit risk) is bust and the risk of a bank-like run on their very short term liquid liabilities is a fundamental flaw in their structure (i.e. the four remaining U.S. big brokers dealers will either go bust or will have to be merged with traditional commercial banks). Firms that borrow liquid and short, highly leverage themselves and lend in longer term and illiquid ways (i.e. most of the shadow banking system) cannot survive without formal deposit insurance and formal permanent lender of last resort support from the central bank. * The FDIC that has already depleted 10% of its funds in the rescue of IndyMac alone will run out of funds and will have to be recapitalized by Congress as its insurance premia were woefully insufficient to cover the hole from the biggest banking crisis since the Great Depression * Fannie and Freddie are insolvent and the Treasury bailout plan (the mother of all moral hazard bailout) is socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized. Instead of wiping out shareholders of the two GSEs, replacing corrupt and incompetent managers and forcing a haircut on the claims of the creditors/bondholders such a plan bails out shareholders, managers and creditors at a massive cost to U.S. taxpayers. * This financial crisis will imply credit losses of at least $1 trillion and more likely $2 trillion. * This is not just a subprime mortgage crisis; this is the crisis of an entire subprime financial system: losses are spreading from subprime to near prime and prime mortgages; to commercial real estate; to unsecured consumer credit (credit cards, student loans, auto loans); to leveraged loans that financed reckless debt-laden LBOs; to muni bonds that will go bust as hundred of municipalities will go bust; to industrial and commercial loans; to corporate bonds whose default rate will jump from close to 0% to over 10%; to CDSs where $62 trillion of nominal protection sits on top an outstanding stock of only $6 trillion of bonds and where counterparty risk – and the collapse of many counterparties – will lead to a systemic collapse of this market. * This will be the most severe U.S. recession in decades with the U.S. consumer being on the ropes and faltering big time as soon as the temporary effect of the tax rebates will fade out by mid-summer (July). This U.S. consumer is shopped out, saving less, debt burdened and being hammered by falling home prices, falling equity prices, falling jobs and incomes, rising inflation and rising oil and energy prices. This will be a long, ugly and nasty U-shaped recession lasting 12 to 18 months, not the mild 6 month V- shaped recession that the delusional consensus expects. * Equity prices in the US and abroad will go much deeper in bear territory. In a typical US recession equity prices fall by an average of 28% relative to the peak. But this is not a typical US recession; it is rather a severe one associated with a severe financial crisis. Thus, equity prices will fall by about 40% relative to their peak. So, we are only barely mid-way in the meltdown of stock markets. * The rest of the world will not decouple from the US recession and from the US financial meltdown; it will re-couple big time. Already 12 major economies are on the way to a recessionary hard landing; while the rest of the world will experience a severe growth slowdown only one step removed from a global recession. Given this sharp global economic slowdown oil, energy and commodity prices will fall 20 to 30% from their recent bubbly peaks. * The current U.S recession and sharp global economic slowdown is combining the worst of the oil shocks of the 1970s with the worst of the asset/credit bust shocks (and ensuing credit crunch and investment busts) of 1990-91 and 2001: like in 1973 and 1979 we are facing a stagflationary shock to oil, energy and other commodity prices that by itself may tip many oil importing countries into a sharp slowdown or an outright recession. Also, like 1990-91 and 2001 we are now facing another asset bubble and credit bubble gone bust big time: the housing and overall household credit boom of the last seven years has now gone bust in the same way as the 1980s housing bubble and 1990s tech bubble went bust in 1990 and in 2000 triggering recessions. And a similar housing/asset/credit bubble is going bust in other countries – U.K., Spain, Ireland, Italy, Portugal, etc. – leading to a risk of a hard landing in these economies. * But over time inflation will be the last problem that the Fed will have to face as a severe US recession and global slowdown will lead to a sharp reduction in inflationary pressures in the U.S.: slack in goods markets with demand falling below supply will reduce pricing power of firms; slack in labor markets with unemployment rising will reduce wage pressures and labor costs pressures; a fall in commodity prices of the order of 20-30% will further reduce inflationary pressure. The Fed will have to cut the Fed Funds rate much more – as severe downside risks to growth and to financial stability will dominate any short-term upward inflationary pressures. Leaving aside the risk of a collapse of the US dollar given this easier monetary policy the Fed Funds rate may end up being closer to 0% than 1% by the end of this financial disaster and severe recession cycle. * The Bretton Woods 2 regime of fixed exchange rates to the US dollar and/or heavily managed exchange will unravel – as the first Bretton Woods regimes did in the early 1970s – as US twin deficits, recession, financial crisis and rising commodity and goods inflation in emerging market economies will destroy the basis for it existence. * Thus, the scenario of 12 steps to a financial disaster that I outlined in my February 2008 paper is unfolding as predicted. If anything financial conditions are now much worse than they were at the previous peak of this financial crisis, i.e. in mid-march of 2008.
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
They're going to the bathroom now to call in their panic. 8-) Wall Street's collapse: who is next? James Doran in New York The Observer, Sunday July 20, 2008 In the middle of last week, as the shares of almost every American bank were sliding south faster than an Arctic ice shelf, panic stultified even the highest echelons of Wall Street. 'I got a call from a partner at a major Wall Street brokerage, I won't say which one,' says Brad Hintz, chief Wall Street analyst at Sanford C Bernstein & Co, an independent asset manager. 'He was literally in the bathroom and in all seriousness he called me to ask me if I thought his firm, where he is a partner, was going to survive,' Hintz says. 'I find that kind of panic incredible.' US banking shares recovered much of their lost ground as the week wore on, but the underlying fear that America may soon suffer a wave of banking failures still looms large in the minds of traders and bankers alike. So far Bear Stearns, one of the big five investment banks on Wall Street, has collapsed, while two weeks ago Indymac Bank, a Californian mortgage provider and high street bank, was closed down. Now there are fears that Lehman Brothers, another big Wall Street bank, might be next to go under, while US regulators have drawn up a list of at least 90 banks said to be in a critical condition. The expected blood bath in the banking sector is just the latest fallout from America's housing market collapse and the credit crunch, which have battered the US economy for almost a year. As house prices continue to fall, banks that hold billions of dollars of mortgages on their books - like Indymac - are faced with investors selling off shares in record numbers and depositors withdrawing their cash in a panic. This fatal combination leaves such banks virtually worthless, and powerless to weather the continuing economic storm. Hintz, meanwhile, adds that a continued freefall in banking shares would wipe out billions of dollars worth of personal wealth in America, which would have a disastrous effect on the wider economy. Wall Street's most powerful executives have billions of dollars tied up in the weakening shares of their institutions. 'We are running out of options,' Hintz says. 'You cannot tell people that this is a problem that will fix itself any longer. Many people on Wall Street have never seen a downturn like this last this long. And that makes them very unsettled. None of them were around to remember the Great Depression.' Hintz recalls his father, who lived through the Depression, telling him stories of how his family survived by eating nothing but oatmeal for two or three weeks at a time. 'My father is still alive; these are things we have endured within living memory,' Hintz says. 'People are beginning to think there could be a possibility we may endure them again.' About this articleClose This article appeared in the Observer on Sunday July 20 2008 on p5 of the Business news & features section. It was last updated at 00:02 on July 20 2008.
Press 1 for English, Press 2 for English, Press 3 for deportation Death of Habeas Corpus: “Your words are lies, Sir.”
#2. To: Uncle Bill (#0)
#3. To: Uncle Bill (#0)
#4. To: Uncle Bill (#0)
#5. To: Uncle Bill (#0)
Liberty Dollar bump
#6. To: lodwick (#2)
I don't imagine the ptb would allow this to happen today, or in the future.
#7. To: DeaconBenjamin, christine, Uncle Bill, Rotara, all (#6)
#8. To: christine (#3)
#9. To: Uncle Bill (#8)
and their international fractional reserve fiat buttholes pucker so much it slips up over their heads and chokes them to death.
#10. To: Uncle Bill (#0)
#11. To: lodwick (#7)
The creation of the Fed pretty much screwed our fiscal pooch.
The Martians plan to throw a dance for all the human race
#12. To: TwentyTwelve (#10)
#13. To: christine (#9)
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