Filed under: american union, bernanke, bilderberg, Carbon Tax, Central Banks, CFR, DEBT, Dollar, Economic Collapse, economic crisis, economic depression, Economy, Europe, global economy, Great Depression, Greenback, imf, Income Tax, Inflation, jim tucker, manipulation, New World Order, North American Union, NWO, Paul Volcker, Stock Market, tax, UN, US Economy, van rompuy, VAT, world government
Bilderberg: Raise Taxes, Cut Services in U.S. and Europe
NoWorldSystem.com
April 11, 2010
The Bilderberg Group will meet in Sitges Spain on June 3-6 in efforts to advance their agenda for a new global economic system, they will agree to prolong the recession until 2011. The Bilderberg will discuss plans to level the living standards of Europeans and Americans with 3rd world countries so that we’re all poor together under their World Government Dictatorship.
Bilderberg watcher Jim Tucker discusses his inside information on the groups current agenda; they intend to make all “Europeans and Americans to pay higher income taxes because their plan to level the world so that 3rd world countries rather than living the European and American standard of living drops until we’re all poor together under their world government.” says Jim Tucker. “They manipulated the worldwide depression and now their exploiting it for their own selfish reasons, they intend to [prolong the recession] at least until 2011 for their own purposes, and now we have Bernanke (Bilderberg Member) telling a private group businessmen in Texas ‘it always seems easier putting them off until the day they cannot be put off any more’ he said that ‘we’ve got to raise taxes and cut services.'”.
UPDATE
This week, both past Bilderberg attendees Bernanke and Volcker called out for tax increases.
Bernanke said quote; “These choices are difficult, and it always seems easier to put them off — until the day they cannot be put off anymore.” “To avoid large and ultimately unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above,”. [Source]
Obama’s economic adviser Paul Volcker has promoted an economy killing tax called the ‘Value-Added Tax’ (VAT), on Tuesday he urged the U.S. should raise taxes to help bring deficits under control and add a new European-style VAT tax along with a carbon or other energy-related tax and raise existing taxes, here’s what he said; “If at the end of the day we need to raise taxes, we should raise taxes,”. [Source]
Prisonplanet.com
April 9, 2010
This year’s confab will focus around prolonging the global financial recession and creating more economic woe in order to provide the pretext for more regulation in pursuit of world economic governance, according to Jim Tucker’s sources.
“Bilderberg hopes to keep the global recession going for at least a year, according to an international financial consultant who deals personally with many of them. This is because, among several reasons, Bilderberg still hopes to create a global “treasury department” under the United Nations. Bilderberg first undertook this mission at its meeting last spring in Greece, but the effort was blocked by nationalists in Europe and the United States. “Nationalists” (a dirty word in Bilderberg) objected to surrendering sovereignty to the UN,” writes Tucker.
Tucker’s source highlighted a recent speech by French President Nicolas Sarkozy in which he called for a “new global monetary order.” As we have highlighted, such rhetoric has been abundant over the past year, with British Prime Minister Gordon Brown and EU President Herman Van Rompuy repeatedly echoing similar ideas.
As Bilderberg investigator Daniel Estulin revealed during last year’s Bilderberg meeting in Greece, elitists were planning to paint a false picture of economic recovery in order to sucker investors into ploughing their money back into the stock market, which is exactly what has happened with the Dow soaring back to just below the 11,000 level.
Estulin correctly predicted the housing crash and the 2008 financial meltdown as a result of what his sources inside Bilderberg told him the elite were planning based on what was said at their 2006 meeting in Canada and the 2007 conference in Turkey.
“Bilderberg’s ultimate goal remains unchanged,” writes Tucker. “Turn the UN into a world government with “nation-states” becoming merely geographic references. The European Union is to become a single political entity, followed by the “American Union” and, finally, the “Asian-Pacific Union.” The “American Union” is to include the entire Western Hemisphere, including Cuba and other offshore islands.”
Filed under: aristocrats, bailout, bank bailout, Bank of England, bankruptcy, bernanke, Big Banks, Carbon Tax, Co2, co2 tax, Credit Crisis, DEBT, depopulation, depression, despotism, devaluation, Dictatorship, Dollar, dollar drop, dollar dump, Economic Collapse, economic crisis, economic depression, Economy, Empire, environmental taxation, Eugenics, Fascism, Federal Reserve, GDP, global currency, global economy, global elite, global government, Global Warming, Great Depression, Greenback, hyperinflation, imf, Inflation, internationalist, main street, malthusian, malthusian catastrophe, middle class, New World Order, NWO, obama deception, oligarchy, One World Government, Population Control, Propaganda, ruling class, SDRs, single currency, slavery, Stock Market, Taxpayers, third world, US Economy, Wall Street, webster tarpley, World Bank, world currency, world government
America’s Impending Master Class Dictatorship
cryptogon.com
January 23, 2010
Holy shit, this one will scorch your eyeballs!
Forget my excerpts. Click through and read the whole thing. Highly recommended.
Via: Kitco:
Thanks to the endless barrage of feel-good propaganda that daily assaults the American mind, best epitomized a few months ago by the “green shoots,” everything’s-coming-up-roses propaganda touted by Federal Reserve Chairman Bernanke, the citizens have no idea how disastrous the country’s fiscal, monetary and economic problems truly are. Nor do they perceive the rapidly increasing risk of a totalitarian nightmare descending upon the American Republic.
One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books. State, county and municipal debts and deficits are additional, already elephantine in many states (e.g., California, Illinois, New Jersey and New York) and growing at an alarming rate nationwide. In addition to the federal government, dozens of states are already bankrupt and sinking deeper into the morass every day.
…
It is estimated that the top 1% of Americans control roughly 40% of the nation’s wealth. In other words, 3 million people own $21,400,000,000,000.00 ($21.4 trillion) in net private assets, while the other 305 million own the remaining $32,000,000,000,000.00 ($32 trillion). 77,000,000 (77 million) Americans (the lowest 25%) have mean net assets of minus $2,300 ($-2,300.00) per person; they live from paycheck to paycheck, or on public assistance. The lower 50% of Americans own mean net assets of $27,800 each, about enough to purchase a modest car. Obviously, it would be impossible to retire on such an amount without significant government or other assistance. Meanwhile, the richest 10% of Americans possess mean net assets of $3,976,000.00 each, or 143 times those of the bottom 50%; the top 2% control assets worth more than 1,500 times those in the bottom 50%. When you combine these facts with Wall Street’s typical multi-million dollar annual bonuses, you get an idea of wealth inequality in America. Historically, such extreme inequality has been a well-documented breeding ground for totalitarianism.
If the government decides to expropriate (steal) or commandeer (e.g., force into Treasuries) America’s private wealth in order to buy survival time, such a measure will be designed to destroy the common citizens, not the elite. Insiders will be given advance warning about any such plan, and will be able to transfer their money offshore or into financial vehicles immune from harm. Assuming that the elite moves its money to safety, there would then be $120,000,000,000,000.00 ($120 trillion) in American debt and liabilities supported by only $32,000,000,000,000.00 ($32 trillion) in private net worth, for a deficit of $88,000,000,000,000.00 ($88 trillion). In that case, each American would owe $285,714.29 to balance the country’s books. (Remember to multiply this amount by every person in your household, including any infant children.)
If the common people suspect that something diabolical was in the works, a portion of the $32 trillion in non-elite wealth could be evacuated as well prior to a government expropriation and/or currency devaluation, resulting in less money for the government to steal. What these statistics mean is that it is absolutely impossible for the government to fund its debt and deficits, even if it steals all of the nation’s private wealth. Therefore, the government’s only solutions are either formal bankruptcy (outright debt repudiation and the dismantling of bankrupt government programs) or unprecedented American monetary inflation and debt monetization. If the government chooses to inflate its way out of this fiscal catastrophe, the United States dollar will essentially become worthless. You can be absolutely certain that a PhD. in economics, such as Dr. Bernanke, is well aware of these realities, despite what he might say in speeches. For that matter, so are Chinese schoolchildren, who, when patronized by Treasury Secretary Geithner about America’s “strong dollar,” laughed in his face. One day, perhaps America’s school children will receive a real education so that they, too, will know when to laugh at absurd propaganda.
…
These deficits and debts are now so gargantuan that they have become surreal abstractions impossible even for sophisticated financiers to begin to comprehend. The common citizen has absolutely no idea what these numbers mean, or imply for his or her future. The people have been deluded into thinking that America’s arrogant, egomaniacal, always-wrong-but-never-in-doubt fiscal witch doctors and charlatans, including Greenspan, Rubin, Summers, Geithner and Ponce de Bernanke, have discovered a Monetary Fountain of Youth that endlessly spits up free money from the center of earth, in a geyser of good will toward the United States. Unfortunately, this delusion is false: there is no Monetary Fountain of Youth, and contrary to the apparent beliefs of the self-deified man-gods in Washington, D.C., the debt and deficits are real, completely out of control, and 100% guaranteed to create catastrophic consequences for the nation and its people.
When government “representatives” deliberately sell into slavery the citizens of a so-called free Republic, they have committed treason against those people. This is exactly what has happened in the United States: the citizens have been sold into debt slavery that they and their descendants can never escape, because the debts piled onto their backs can never, ever be paid. Despite expensive and sophisticated brainwashing campaigns emanating from Washington, claiming that America can “grow” out of its deficits and debt, it is arithmetically impossible for the country to do so. The government’s statements that it can dig the nation out of its fiscal hole by digging an even deeper chasm have become parodies and perversions of even totally discredited and morally disgusting Keynesianism.
The people no longer have elected representatives; they have elected traitors.
The enslavement of the American people has been orchestrated by a pernicious Master Class that has taken the United States by the throat. This Master Class is now choking the nation to death as it accelerates its master plan to plunder the people’s dwindling remaining assets. The Master Class comprises politicians, the Wall Street money elite, the Federal Reserve, high-end government (including military) officials, government lobbyists and their paymasters, military suppliers and media oligarchs. The interests and mindset of the Master Class are so totally divorced from those of the average American citizen that it is utterly tone deaf and blind to the justifiable rage sweeping the nation. Its guiding ethics of greed, plunder, power, control and violence are so alien to mainstream American culture and thought that the Master Class might as well be an enemy invader from Mars. But the Master Class here, it is real and it is laying waste to America. To the members of the Master Class, the people are not fellow-citizens; they are instruments of labor, servitude and profit. At first, the Master Class viewed the citizens as serfs; now that they have raped and destroyed the national economy, while in the process amassing unprecedented wealth and power for themselves, they see the people as nothing more than slaves.
Know Your Enemy-The Oligarchs
Filed under: commodities, Credit Crisis, DEBT, devaluation, Dollar, dollar bubble, dollar collapse, Economic Collapse, economic crisis, economic depression, Economy, Federal Reserve, forecast, global economy, gold, Great Depression, Greenback, hyperinflation, Inflation, predictions, Robert McEwen, Stock Market, US Economy, Wall Street
Gold May Reach $5,000 an Ounce By 2012
Filed under: Credit Crisis, DEBT, devaluation, Dollar, dollar collapse, dollar drop, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, forecast, global economy, gold, Great Depression, Greenback, housing market, hyperinflation, Inflation, peter schiff, predictions, Stock Market, unemployment, US Economy, Wall Street
Schiff: No Economic Recovery in 2010
Filed under: agriculture, blizzard, Britain, climate change, climategate, Credit Crisis, Economic Collapse, economic depression, Economy, Europe, european union, food crisis, food market, food shortage, global cooling, global economy, Global Warming, gordon brown, Great Depression, ice age, ireland, london, malthusian, malthusian catastrophe, Oil, Petrol, uk crops, United Kingdom
Food costs to soar as big freeze deepens
London Guardian
January 9, 2010
 Satellite image of the UK covered in white |
Britons have been warned to brace themselves for an increase in food prices as plunging temperatures leave farmers unable to harvest vegetables and hauliers struggle to distribute fresh produce.
Gordon Brown, who will chair a meeting of the Cobra emergency committee early this week to discuss the freeze, was today forced to reassure the country that it would not run out of gas or grit for its roads during the coldest weather in 30 years.
Police confirmed today that the weather-related death toll had risen to 26. A 90-year-old woman froze to death in her garden near Barnsley after falling in the snow. Widow Mary Priestland was discovered when her neighbour called round to make her tea. A 42-year-old Newcastle woman died after being found lying in the snow this morning. She had told her family she was going for a walk at 7pm on Friday.
Concerns have now switched to food supply. Sub-zero temperatures have made it impossible to extract some vegetables from the ground. Producers of brussels sprouts and cabbages are all reporting problems with harvesting. Cauliflowers are said to have turned to “mush” in the sustained frost, with the result that only imported ones are available – at more than £2 each.
“Food is selling fast and there is a problem with replenishing it,” said Stephen Alambritis of the Federation of Small Businesses. “One business I spoke to said it was like Christmas Eve, with people rushing to buy up food. This will inevitably have an impact on food prices.”
Food prices had already started to edge up after a sustained period of low inflation. Food inflation increased by 3.7% in December, up from 2.8% in November, said the British Retail Consortium.
In Ireland, 6,000 acres of potatoes remains unharvested and there are claims that up to three-quarters of the crop may be ruined. Potato growers in Northern Ireland say they are facing some of the biggest losses in recent history because of frost damage.
Meanwhile, greengrocers in some of the worst-hit areas are reporting shortages, with the price of carrots and parsnips reportedly rising by 30% in some small shops. A spokesman for the National Farmers’ Union said: “There are isolated examples of farms struggling to get milk supplies out, but so far the majority of farmers, although finding it difficult, are getting on with the job.” Milk suppliers in Somerset said they feared they may have to dump 100,000 litres of organic milk because tankers could not get through.
In a move that underscores the severity of the situation, on Monday the government will permit an emergency relaxation of European laws regulating the driving hours for hauliers involved in the distribution of animal feed. Under the temporary rules, the hauliers will be allowed to drive for 10 hours rather than the EU maximum of nine. There will also be a reduction in their mandatory daily rest requirements, from 11 to nine hours.
Today, the prime minister insisted gas supplies were not running out, despite record levels of demand. In a podcast from Downing Street, Brown said: “I can assure you: supplies are not running out. We’ve got plenty of gas in our own backyard – the North Sea – and we also have access to the large reserves in Norway and Netherlands.”
Last week, nearly 100 large businesses were forced to stop using gas in an attempt to conserve supplies.
Filed under: agriculture, Credit Crisis, DEBT, depression, devaluation, Dollar, dollar bubble, dollar collapse, dollar drop, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, food crisis, food inflation, food market, food shortage, global economy, Great Depression, Greenback, hyperinflation, Inflation, liquidation, malthusian, malthusian catastrohe, u.s. economy, USDA
Food shortages THIS year! Want to know why the media is not covering this?
Filed under: Big Banks, bob chapman, DEBT, depression, devaluation, Dictatorship, Dollar, dollar bubble, dollar drop, dollar dump, Economic Collapse, economic crisis, economic depression, economic disaster, Economy, Empire, Federal Reserve, global economy, global government, Great Depression, Greenback, hyperinflation, Inflation, market manipulation, New World Order, NWO, One World Government, Stock Market, US Economy, US Treasury, world government
Bob Chapman: A New U.S. Dollar is Underway
Filed under: 1984, 9/11 Truth, Africa, aristocrats, Bank of England, Big Brother, bilderberg, Bohemian Grove, Britain, cashless society, Central Banks, Communism, Control Grid, cult, DEBT, depopulation, Dictatorship, Dissent, Economy, elite, Eugenics, famine, Fascism, Federal Reserve, freemasons, George Bush, global economy, global elite, global government, Goldman Sachs, Illuminati, Income Tax, internationalist, IRS, malthusian, malthusian catastrophe, manipulation market, market manipulation, masons, Media Manipulation, Military Industrial Complex, New World Order, NWO, oligarchy, One World Government, Oppression, orwell, Police State, Population Control, queen elizabeth, queen of england, rome, rothschild, ruling class, Secret Societies, slavery, Stock Market, Surveillance, tax, third world, toxic earth, toxic environment, toxicity, truth movement, u.s. economy, vatican, Wall Street, War On Terror, world government | Tags: Dr. Russell Blaylock
Fight The New World Order with Global Non Compliance
Filed under: Afghanistan, Africa, civil unrest, DEBT, depression, despotism, Dictatorship, Dissent, Economic Collapse, economic depression, Economy, Empire, famine, global economy, Great Depression, hyperinflation, Inflation, Iran, malthusian, malthusian catastrophe, middle east, Ordo Ab Chao, Pakistan, Protest, recession, riot, third world, US Economy | Tags: 2010 forecast, 2010 predictions
2010 could be a year that sparks unrest
Economist.com
December 31, 2009
IF THE world appears to have escaped relatively unscathed by social unrest in 2009, despite suffering the worst recession since the 1930s, it might just prove the lull before the storm. Despite a tentative global recovery, for many people around the world economic and social conditions will continue to deteriorate in 2010. An estimated 60m people worldwide will lose their jobs. Poverty rates will continue to rise, with 200m people at risk of joining the ranks of those living on less than $2 a day. But poverty alone does not spark unrest—exaggerated income inequalities, poor governance, lack of social provision and ethnic tensions are all elements of the brew that foments unrest.
Filed under: Africa, agriculture, Alex Jones, carbon dioxide, Carbon Tax, climate change, climate science, climategate, Co2, copenhagen, Copenhagen treaty, corruption, darwinists, devaluation, Dictatorship, ecoscience, egypt, Empire, ethanol, Eugenics, famine, Fascism, fearmingering, food crisis, food market, food prices, food shortage, Genocide, global economy, global elite, Global Warming, global warming hoax, government, haiti, Hoax, Holocaust, imf, internationalist, internationalists, italy, john holdren, Lord Monckton, malthusian, malthusian catastrophe, manipulation, mud pie, Nazi, New World Order, NWO, obama, oligarchy, poor, scandal, starvation, sterilization, third world, UN, united nations, World Bank, Zoellick
Genocidal Climate Change Policy is Killing Third World Nations
Millions dying from starvation as a direct consequence of global warming fraud
Paul Joseph Watson
Prison Planet.com
December 10, 2009
The implementation of policies arising out of fraudulent fearmongering and biased studies on global warming is already devastating the third world, with a doubling in food prices causing mass starvation and death – a primary reason why the climategate crooks and their allies should be criminally investigated and hit with the strongest charges possible.
As Lord Monckton outlined in his recent Alex Jones Show appearance, climate change alarmism and implementation of global warming policies is a crime of the highest nature, because it is already having a genocidal impact in countries like Haiti, where the doubling of food prices is resulting in a substantial increase in starvation, poverty and death.
Poor people around the world, “Are being killed in large numbers by starvation as a result of (climate change) policy,” said Monckton, due to huge areas of agricultural land being turned over to the growth of biofuels.
“Take Haiti where they live on mud pie with real mud costing 3 cents each….that’s what they’re living or rather what they’re dying on,” said Monckton, relating how when he gave a speech on this subject, a lady in the front row burst into tears and told him, “I’ve just come back from Haiti – now because of the doubling in world food prices, they can’t even afford the price of a mud pie and they’re dying of starvation all over the place.”
As a National Geographic Report confirmed, “With food prices rising, Haiti’s poorest can’t afford even a daily plate of rice, and some must take desperate measures to fill their bellies,” by “eating mud,” partly as a consequence of “increasing global demand for biofuels.”
In April last year, World Bank President Robert Zoellick admitted that biofuels were a “significant contributor” to soaring food prices that have led to riots in countries such as Haiti, Egypt, the Philippines, and even Italy.
“We estimate that a doubling of food prices over the last three years could potentially push 100 million people in low-income countries deeper into poverty,” he stated.
“That’s how serious this is, these people, by their scientific fraud and financial fraud, they’re profiting enormously….while people die of starvation in a dozen regions of the world….it is a scandal of the worst proportion – our own fellow creatures are being killed by starvation because these people have lied and made up the science and hidden it so nobody else could check,” said Monckton.
If the measures currently being debated at the Copenhagen summit in the name of fighting global warming are passed, we can only expect a further assault on the already horrifying plight of the population of the third world.
In the leaked Copenhagen text that emerged earlier this week, leaders of third world countries were horrified to discover that developed nations would take on less of a burden than anticipated and that more would be demanded of poorer countries despite the fact that any further cuts in CO2 emissions would further cripple their flimsy economies and poverty-stricken people.
In addition, the leaked paper revealed that funds from climate financing, originally allocated to go to the UN and then be doled out piecemeal to third world nations, would instead be paid directly into the coffers of the World Bank and IMF, organizations that have made a habit out of looting poorer countries with crippling loans that cannot be paid back, forcing such countries to hand over their entire infrastructure to globalist loan sharks.
The fact that policies arising out of the contrived science of global warming are already killing people in vast numbers in the third world further illustrates the fact that the entire climate change movement is a Malthusian offshoot of the profusely stated goal on behalf of the global elite to eliminate a huge chunk of the global population via modern-day eugenics.
This agenda was vehemently argued for by President Obama’s top science advisor and one of the pre-eminent climate change ringleaders, John P. Holdren, in his 1977 book Ecoscience, in which he called for installing a “planetary regime” to enforce draconian population control measures such as forced abortion and mandatory sterilization through the water supply.
Watch the segment from the interview below where Monckton discusses how the climate crooks are deliberately devastating the third world with their lies about global warming.
Filed under: black friday, Credit Crisis, DEBT, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, global economy, Great Depression, Greenback, hyperinflation, Inflation, Stock Market, US Economy, Wall Street | Tags: National Retail Federation, ShopperTrak
US Shoppers Spent Less Over Black Friday
Reuters
November 30, 2009
American consumers shopped more for bargains at the start of the U.S. holiday season and spent significantly less than a year ago, according to early data released on Sunday.
Consumers said they will have spent nearly 8 percent less on average, or about $343 per person, over the weekend that includes U.S. Thanksgiving Day, Black Friday and runs through Sunday, according to the National Retail Federation.
While traffic to stores and retail websites rose to 195 million people from 172 million in 2008, the early data this weekend represents a worrisome sign for retailers, who had braced for weak sales and sought ways to protect margins.
Data released by ShopperTrak on Saturday showed that sales rose a scant 0.5 percent on Black Friday, which is often the single busiest day of the holiday shopping season.
Filed under: China, Credit Crisis, DEBT, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, Federal Reserve, global economy, gold, gold shortage, Great Depression, Greenback, hyperinflation, imf, India, Inflation, jim rogers, Russia, sri lanka, Stock Market, US Economy, Wall Street | Tags: CNBC, jim rickards
Jim Rogers: Gold Price to Double in Coming Months
CommodityOnline
November 28, 2009
The rally in gold prices has driven several bullion analysts to frenzied forecasts. Some say gold prices will reach $2,000 per ounce soon. Others are predicting big boom for the yellow metal, saying gold prices will zoom to $5,000 and eventually to even $15,000 per ounce in the years to come.
What is happening in bullion market these days? Yes, agreed that weakening dollar, global economic meltdown, shrinking gold supply and increasing cost of mining gold from the earth are all making gold the most-sought after investment these days. That is also driving the yellow metal prices to record highs.
These days, the biggest gold buyers are not individual customers or families, but global central bankers that are vying with each other to accumulate gold reserves in an attempt to get out of their decades-old dependence on the US dollar as the best asset class. India jumped into the bullion fray to buy 200 tonnes of gold from the International Monetary Fund (IMF) early this month. Other countries like China, Russia, Brazil and Sri Lanka are frantically trying to accumulate gold reserves.
Jim Rickards Discusses $4,000 Gold on CNBC
Filed under: bailout, bailouts, campaign for liberty, Credit Crisis, DEBT, Dollar, Dominique Strauss-Kahn, Economic Collapse, economic depression, Economy, financial market, global economy, Great Depression, Greenback, hyperinflation, imf, Inflation, patriot movement, revolution, Ron Paul, Stock Market, Taxpayers, tea party, truth movement, US Economy, Wall Street | Tags: CBI
IMF Warns of Revolution if Another Round of Bailouts are Handed Out
Washington’s Blog
November 24, 2009
Many officials and experts have warned of violence stemming from the economic crash.
The head of the International Monetary Fund, Dominique Strauss-Kahn, is now warning that there might be a revolution in some countries if governments hand out another round of bailouts to the financial sector:
- The public will not bail out the financial services sector for a second time if another global crisis blows up in four or five years time, the managing-director of the International Monetary Fund warned this morning. Dominique Strauss-Kahn told the CBI annual conference of business leaders that another huge call on public finances by the financial services sector would not be tolerated by the “man in the street” and could even threaten democracy.
“Most advanced economies will not accept any more [bailouts]…The political reaction will be very strong, putting some democracies at risk,” he told delegates.
Filed under: Africa, African Union, Al Gore, Barack Obama, bilderberg, carbon credits, carbon dioxide, Carbon Tax, China, climate change, Co2, copenhagen, Copenhagen treaty, depopulation, Dictatorship, ecoscience, Empire, environmental taxation, Eugenics, Europe, european union, g20, G7, Genocide, george bush sr., george h. w. bush, global economy, global government, global oligarchs, global tax, global treaty, Global Warming, global warming hoax, Globalism, globalists, Herman Van Rompuy, Hoax, impirialism, international treaty, internationalism, internationalist, internationalists, john P. holdren, mario borghezio, New World Order, NWO, obama, obama deception, oligarchy, One World Government, Population Control, Rompuy, slavery, sovereignty, trilateral commission, UN, united nations, us sovereignty, world government, world tax, world treaty | Tags: Dieter Helm
New EU President: 2009 is the “first year of global governance”
Sees Copenhagen as step towards global management
Old-Thinker News
November 20, 2009
The new EU President, Herman Van Rompuy, has proclaimed 2009 as the “first year of global governance.” During Rompuy’s intervention as President on November 19th, he stated,
“2009 is also the first year of global governance, with the establishment of the G20 in the middle of the financial crisis. The climate conference in Copenhagen is another step towards the global management of our planet.”
Rompuy attended a Bilderberg dinner at Hertoginnendal, Brussels on November 15th, during which he announced a plan to implement EU wide taxes that will be paid directly to Brussels. Recently Mario Borghezio (Italy), member of the European Parliament, spoke openly against the influence of globalist organizations such as the Bilderberg Group and the Trilateral Commission. “Is it possible that no one has noticed that all 3 (EU Presidential candidates) frequently attend Bilderberg or Trilateral meetings?,” asked Borghezio. Rompuy will undoubtedly serve globalist interests during his reign of the European Union.
The Road to Copenhagen part III: A “Planetary Regime” in the Making
Jurriaan Maessen
Infowars
November 22, 2009
“It is the sacred principles enshrined in the United Nations charter to which the American people will henceforth pledge their allegiance.” George H.W. Bush addressing the General Assembly of the U.N, February 1, 1992
The machine of mass media is working overdrive now that the Copenhagen summit is approaching. All major media outlets have by now obviously received their talking-points which have an strangely similar ring about them all across the board. Even a superficial comparative study in the overall reporting reveals not only a stunning disregard for national sovereignty, but a willingness to support carbon-taxes imposed by a- as John P. Holdren puts it- “planetary regime”.
Last month experts told the Second Committee Panel Discussion of the UN General Assembly that “a new regime of governance was under way in the global financial system.” The same is being said about global climate measures, global resource management and global development.
The mass media is not only setting the agenda themselves, they more often than not simply parrot the globalists that are being shoved in our face on a daily basis. Many of whom have a Ph.D. behind their name. Under the header ‘Carbon Tax’ is sensible, and perhaps inevitable, advocate says‘, the Los Angeles Times quotes Oxford professor Dieter Helm stating:
“(..) I’m in favor of quite a low carbon tax to start with – for political economy reasons, to get it in place, (…). Across Europe, my guess is within five years everybody will have a carbon tax…”
This, according to Helm, will make sure that the United States will eventually be forced into the global carbon tax policy as well:
“(…) is everybody else doing it? That’s a very good protection for politicians. The answer is yes, they are.”
Back in December of 2001, the Africa division of the UN Development Programme apparently already seriously considered such a tax:
“The main energy sources that would be affected by a carbon tax include coal, petroleum, kerosene and natural gas. The tax would be reflected in an increase in their price, at a level based on the capacity of each type of fuel to emit carbon dioxide.”
Answering the question who would collect the taxes and enforce such a global tax policy, the UN panel was quite clear:
“The panel said a new international tax organization should be created to assume all functions performed by existing institutions. It would serve as a global intergovernmental forum for international cooperation on all tax issues. It would also help resolve conflicts between countries and help them to increase tax revenue by fostering information exchanges and measures that could reduce tax evasion on investment and personal income earned at home and abroad.”
This sounds a lot like John P. Holdren doesn’t it, exclaiming in Ecoscience that “a Planetary Regime- sort of an international superagency for population, resources, and environment” could impose global policy and enforce it. “Such a comprehensive Planetary Regime”, said Holdren, “could control the development, administration, conservation, and distribution of all natural resources, renewable or nonrenewable, at least insofar as international implications exist.”
Furthermore, the UN panel advocated in 2001:
“We thus endorse the Commission’s proposal to create a global council at the highest political level to provide leadership on issues of global governance. The proposed council would be more broadly based than the G7 or the Bretton Woods institutions.”
In 2007, Reuters quoted Mr. Global Warming Himself, Al Gore as saying that a global carbon trading scheme could be “quite efficient if the world’s top polluters, the United States and China, fully joined.” Gore also stated that a direct tax on carbon would certainly be “an even simpler and more direct measure.”
It was the Bilderberg-appointed Herman Van Rompuy- the new EU-president- who stated recently that “The Climate Conference in Copenhagen is another step towards the global management of our planet.” He also announced that 2009 would be the “first year of global governance.” And he’s not the first to call for such global management. All people who occupy a position of power in the infrastructure of the New World Order have called for it since its very conception shortly after World War II.
As a preface to the coming Copenhagen summit in December, the United Nations Population Fund in a recently published ‘ State of the Population 2009‘ is pushing for global reproductive health services. This means not only universal access to ‘family planning’ but also better access to abortion facilities. Humans, after all, are supposed to be the prime driver of climate change and therefore: less humans means honouring Mother Earth.
In the foreword, the executive director of the UNFPA, Thoraya Obaid addresses the fake global warming hype, saying that “floods, storms and rising seas” will soon envelope the planet if not for quick, decisive and global efforts to combat these calamities.
“A Copenhagen agreement that helps people to reduce greenhouse-gas emissions and adapt to climate change by harnessing the insight and creativity of women and men would launch a genuinely effective long-term global strategy to deal with climate change.”
Global strategy. That’s the talking point we hear over and over again from all agencies, UN or otherwise, who have an interest in profiting from the deal they are proposing. Never mind that all nation-states who sign on to the Copenhagen treaty will effectively forfeit their representative systems to this global authority, deciding which taxes will be paid by which nation-state. In the end, all roads seem to lead to a “planetary regime” envisioned by the elite long before “global warming” was even heard of.
Filed under: Africa, CNBC, DEBT, Dennis Gartman, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, gas prices, global economy, gold, gold bubble, gold shortage, Great Depression, Greenback, hyperinflation, Inflation, Oil, peak gold, Petrol, Stock Market, US Economy, Wall Street | Tags: Blyvooruitzicht, Blyvooruitzicht gold, Witwatersrand, Witwatersrand gold
Peak Gold
South African gold on final deathwatch as top grade scientist finds residual gold is more than 90% less than claimed
Barry Sergeant
Mineweb
November 16, 2009
The apparent bottom line in a paper published in the South African Journal of Science is that South Africa’s gold industry is on final deathwatch, despite claims of massive existing below-ground reserves. Chris Hartnady, research and technical director of Cape Town earth sciences consultancy Umvoto Africa, has found that South Africa’s Witwatersrand goldfields are around 95% exhausted, and anticipates that production rates should fall permanently below 100 tonnes a year within the coming decade.
Gold production from the Witwatersrand, the biggest known gold field in the world, peaked at around 1,000 tonnes in 1970 and has declined ever since. Hartnady says that while initially (1970-1975) the decline was “quite precipitous”, it has been interrupted by only short periods of slight trend reversal (1982-1984 and 1992-1993).
Leon Esterhuizen, a London-based specialist analyst at RBC Capital Markets, has reacted to the research by saying that “South African gold is dying — this is not new news”, but adds “that it may be dying faster than we currently believe is novel”. On the levels of reserves, Hartnady finds that the South African “residual gold reserve” after production through 2007 is only 2 948 tonnes, a little less than three times the 1970 production figure, and much less than 10% of the officially cited reserve
The country’s gold reserves are less than half of the current United States Geological Survey (USGS) estimate of 6 000 tonnes, and the country is not first, but fourth in world rankings, after Australia (5,000 tonnes), Peru (3,500 tonnes) and Russia (3,000 tonnes), Hartnady’s research shows. The USGS currently cites South Africa’s gold reserves at around 6,000 tonnes, while SA claims a 36,000 tonnes reserve base figure (or about 40% of the global total). Hartnady’s findings are based on Chamber of Mines figures and mathematical modeling pioneered by the distinguished American geologist M. King Hubbert.
Esterhuizen comments that “most recent indications from Harmony (even with gold bullion at new dollar records over USD 1,133/oz) is that its old shafts – effectively the Free State gold field – are dying. DRDGold has got Blyvooruitzicht on life support and is trying to get permission to keep the plug in for a little bit longer (with everything around Blyvooruitzicht now having been shut down), while Pamodzi Gold’s demise and Simmer & Jack’s failure at Buffelsfontein just proves the point — all of this, at record gold prices in rand terms”.
Gold Is in a ‘Bubble’ And Will Keep Going Higher: Gartman
Filed under: China, DEBT, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, France, Germany, global economy, gold, gold shortage, Great Depression, Greenback, India, Inflation, italy, silver shortage, Stock Market | Tags: barrick gold
Barrick Confirms We Reached Peak Gold
Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world’s top producer Barrick Gold.
London Telegraph
November 11, 2009
Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.
“There is a strong case to be made that we are already at ‘peak gold’,” he told The Daily Telegraph at the RBC’s annual gold conference in London.
“Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore,” he said.
The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday. The key driver over recent days has been the move by India’s central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.
China has quietly doubled holdings to 1,054 tonnes and is thought to be adding gradually on price dips, creating a market floor. Gold remains a tiny fraction of its $2.3 trillion in foreign reserves.
Gold exchange-traded funds (ETFs) – dubbed the “People’s Central Bank” – have accumulated 1,778 tonnes, making them the fifth biggest holder after the US, Germany, France, and Italy.
Filed under: Barack Obama, bilderberg, Central Banks, China, commodities, common currency, Credit Crisis, DEBT, Dictatorship, Dissent, Dollar, dollar collapse, dollar dump, economic depression, econommic collapse, Economy, Empire, g20, george soros, global central bank, global currency, global economy, global elite, global fascism, global government, global oligarchs, global treasury, Globalism, globalist, gold, Great Depression, Greenback, hyperinflation, imf, IMF bonds, Inflation, internationalism, internationalist, internationalists, manipulated economy, manipulated market, manipulation, market manipulation, New World Order, NWO, obama, Oil, oligarchy, One World Government, Petrol, SDR, SDRs, single currency, slavery, socialism, soros, Stock Market, UN, united nations, US Economy, World Bank, world currency, world government
Soros: “An Orderly Decline of the U.S. Dollar is Acceptable”
Billionaire globalist says China must be more subservient to the IMF’s New World Order, warns Americans that it would be unwise to resist a new world currency
Paul Joseph Watson
Prison Planet.com
October 28, 2009
Billionaire globalist George Soros told the Financial Times during an interview that China will supplant the United States as the leader of the new world order and that America should not resist the country’s decline as the dollar weakens, living standards drop, and a new global currency is introduced.
Asked what Obama should discuss when he visits China next month, Soros stated, “This would be the time because I think you really need to bring China into the creation of a new world order, financial world order,” adding that China was a reluctant member of the IMF who didn’t make enough of a contribution.
“I think you need a new world order that China has to be part of the process of creating it and they have to buy in, they have to own it in the same way as the United States owns…the current order,” said Soros, adding that the G20 was a move in this direction.
Soros said that there was a flight from currencies across the board, and that this is why the price of commodities, notably gold and oil, were generally rising. He also stated that an orderly decline of the dollar was “desirable” and that the entire system needed to be reconstituted towards a global currency.
“You need a new currency system and actually the Special Drawing Rights do give you the makings of a system and I think it’s ill-considered on the part of the United States to resist the wider use of Special Drawing Rights, they could be very useful now when you have a global shortfall of demand, you could actually internationally create currency through Special Drawing Rights,” said Soros, explaining that this was already in process after the IMF injected an allocation of Special Drawing Rights (SDRs) equivalent to $250 billion into the global economy.
Soros also stated that richer countries were already transferring wealth to poorer countries via SDR’s, with the IMF paying for the half per cent transaction cost.
Soros said the world would have to go through a “painful adjustment” following the decline of the dollar and the introduction of a global currency. Reading between the lines, he essentially threatened to kill the dollar completely if the United States did not get on board with the global currency.
Soros predicted that China would become the new engine of the global economy, replacing the U.S., and that this would slow economic growth and reduce living standards. Soros characterized the United States as a drag on the global economy because of the declining dollar.
Watch the video interview below.
Filed under: Africa, African Union, bernanke, bilderberg, Bob Zoellick, central bank, China, common currency, Communism, Daniel Estulin, DEBT, despotism, Dictatorship, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Empire, Fascism, Federal Reserve, g20, george soros, global bankers, global central bank, global currency, global economy, global elite, global government, global oligarchy, global treasury, Globalism, globalists, Great Depression, Greenback, Henry Kissinger, hyperinflation, imf, Inflation, internationalist, internationalists, logan act, manipulated economy, manipulation, market manipulation, Masaaki Shirakawa, New World Order, NWO, oligarchy, One World Government, poverty, Robert Zoellick, Russia, SDR, SDRs, single currency, slavery, socialism, sovereignty, Stock Market, super currency, Timothy Geithner, trilateral commission, UN, united nations, US Treasury, World Bank, world currency, Yoshihiko Noda | Tags: g20 scotland, scotland g20, st. andrews
G20 Elite Plan African Union Controlled by the IMF
The Corbett Report
November 11, 2009
 Daniel Estulin |
In an exclusive interview with The Corbett Report earlier today, Daniel Estulin revealed the behind-the-scenes details of last week’s G20 Finance Minister’s meeting in St. Andrews, Scotland. Many of these details come from actual G20 documents that his sources were able to sneak out of the meetings in spite of security measures which, Estulin notes, were unprecedented “even by Bilderberg standards.” These documents, which contain valuable information about the conference, are available at BilderbergBook.com and have been mirrored on The Corbett Report homepage. They were smuggled out at great personal risk and need to be disseminated widely.
The key issue discussed at the meeting, according to Estulin, was “the next step in globalization, which is the creation of the African Union.” This is part of an unfolding agenda of the ceding of national sovereignty to unnacountable regional governments which can more easily administer and implement the aims of the financial oligarchs. One of these aims is the elite’s exhaustively documented penchant for population reduction, including tying development aid to population control problems. “The creation of the borderless African continent will be spearheaded by the IMF.”
One of the smuggled documents shows that an attendee had the IMF articles of agreement at the meeting and highlighted the fact that funds were made available “under adequate safeguards” to member nations. This is code speak for imposing draconian measures designed to plunge countries into virtual servitude, with the result that in Africa, countries spend five times more revenue on servicing their IMF debts than they do on health care for their own citizens.
Watch an excerpt of the interview in the video below:
The meeting’s attendees, also identified in the smuggled documents, reads like a who’s who of the financial oligarchical elite, including leading Bilderbergers such as U.S. Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, World Bank President Bob Zoellick, Turkish Finance Minister Ali Babacan and British Finance Minister Alistair Darling and many others. The Trilateral Commission was also represented at the conference by Japanese members Yoshihiko Noda and Masaaki Shirakawa.
In the interview, Estulin discusses the G20’s debate on dumping the U.S. dollar which he first revealed would be on the meeting’s agenda in a press release last week. He indicates that the matter, although discussed, was rejected . “The American and the British delegations tried to persuade the Russian and the Chinese delegates to devalue the dollar and create a basket of currencies or another world currency to take the place of the dollar,” he said. “Luckily, both the Russians and the Chinese told the Americans and the British to go pound sand. They were not willing to do this.”
The idea that the Western financial oligarchs are aiming to dump the U.S. dollar is in line with recent reports that Goldman Sachs (whose members are suspiciously well connected to the upper echelons of the U.S. Treasury) actually took up positions to short the housing market right before the crash. Although a pre-meditated attempt to bring about a financial collapse would appear not to be in the financial oligarch’s self-interest, it makes perfect sense when one considers this as a problem-reaction-solution operation of creating a problem in order to get the public to support a pre-determined solution. In this case, the endgame has always been to use a financial collapse to usher in a New World Order. Now, exactly as precicted, everyone from Kissinger to Soros is using the economic collapse to call for a new financial order of greater international (read: unelected, undemocratic and unaccountable) control over world financial markets. Indeed, just as the G20 was wrapping up, talking heads like Damon Vickers were starting to insert talking points about a new global currency and a “New World Order” onto CNBC. Although it is good news that the dumping of the dollar failed to gain traction at this meeting, it by no means insures that this disastrous move will not continue to be pursued by the influential globalist financiers.
On a positive note, Canadian Finance Minister Jim Flaherty made a show of standing up for the people of the planet by noting that “the recent public policy of privatizing profits and socializing losses is unacceptable to taxpayers,” to which someone responded “Do you think they have noticed?” The response provoked laughter from the assembled oligarchs. Mr. Estulin has a message for the G20 oligarchs: “Gentlemen of the G20, in case you’re wondering: Yes, we the great unwashed have definitely noticed.”
Listen to the full interview by clicking here
U.S. Gives Up Economic Independence to the IMF
World Bank and IMF Join Global Attack on U.S. Dollar
U.S. Dollar Will No Longer Be World Reserve Currency
Filed under: DEBT, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, global economy, gold, gold shortage, Great Depression, Greenback, hyperinflation, imf, India, Inflation, rbi, Stock Market, US Treasury
India buys 200 tons gold from IMF
Times of India
November 4, 2009
More than 18 years after New Delhi pawned 67 tons of gold to tide over a balance of payments crisis, the Reserve Bank of
India has bought thrice that amount of gold from the
International Monetary Fund to diversify its assets.
The IMF on Monday announced the sale of 200 metric tons of gold to the RBI, saying it represented almost half of the total sales volume of 403.3 metric tons that was approved by the Fund’s Executive Board in September.
Welcoming the purchase of 200 metric tons of gold by India’s RBI, IMF MD Dominique Strauss-Kahn said, “I strongly welcome this transaction with RBI.”
“It is an important step toward achieving the objectives of the IMF’s limited gold sales program, which are to help put the Fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries.”
For India, the purchase, apart from signaling that its economy has come full circle, is a way of spreading its assets which are said to be currently over-weighted with foreign currency, mainly in the form of sovereign US Treasury bonds. In other words, it is a hedge against a falling dollar.
India is the world’s largest private gold consumer, but the government’s holding of gold as an asset is modest. Even so, the latest purchase puts it at Number 10 among the list of top 10 gold-holders in the world.
Filed under: bank bailout, China, Credit Crisis, DEBT, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Federal Reserve, global economy, gold, Great Depression, Greenback, hyperinflation, India, Inflation, obama stimulus, peter schiff, Russia, silver, silver shortage, Stock Market, US Economy
GOLD UPDATE – (11/11/2009)
As the market opened today Gold hit an all-time high of $1,117.80-$1,115 per troy ounce, that is nearly a $10 dollar difference from just a few days ago.
The steep rise in gold has many factors but mainly because China, India and Russia are moving towards gold and silver as a storage of wealth, and also the other factor of course is the dollar is in the dumps. Is this a sign of hyper-inflation at our doorstep?
Schiff: Gold could reach $5,000 before dollar death
What silver and gold should you buy?
Filed under: 2012 election, abc news, campaign for liberty, cental bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Federal Reserve, George Stephanopoulos, global economy, gold, gold shortage, gold standard, Great Depression, Greenback, hr 1207, hyperinflation, India, Inflation, private bank, Ron Paul, ron paul 2012, sam donaldson, silver shortage, Stock Market, US Economy
Sam Donaldson: End The Fed Before They Do Further Damage
Filed under: Barack Obama, bernanke, Big Banks, China, Credit Crisis, death of u.s. economy, DEBT, deflation, devaluation, Dollar, dollar collapse, dollar dump, Economic Collapse, economic depression, Economy, economy collapse, Euro, Federal Reserve, fiat currency, food market, global economy, gold, gold standard, Great Depression, Greenback, housing market, hyperinflation, imf, Inflation, interest rate cuts, job market, latin america, liquidity, obama, Oppression, peter schiff, private banks, rate cut, silver, stock exchange, Stock Market, subprime, subprime lending, unemployment, US Economy, Wall Street, weimar republic, World Bank, Yen, Zimbabwe
Peter Schiff: Get out of the U.S. Dollar NOW
Filed under: bailout, bank bailout, Big Banks, China, Credit Crisis, DEBT, deflation, devaluation, Dollar, dollar collapse, Economic Collapse, economic depression, Economy, Federal Reserve, global currency, global economy, Great Depression, Greenback, hyperinflation, imf, Inflation, interest rate cuts, Japan, liquidity, market manipulation, private bank, rate cut, SDR, SDRs, Stock Market, US Economy, Wall Street, world currency, Yen
Even the Fed Doesn’t Want to Hold U.S. Dollars
Seeking Alpha
Friday, October 23, 2009
This is the scariest image in finance:
The above chart shows the dollar’s performance since the Fed announced its Quantitative Easing program in March. This chart tells us two things:
1. Americans just got 15% poorer on the world stage thanks to Ben Bernanke
2. A currency crisis is in the works (and perhaps already starting)
Regarding #1: When the financial crisis hit, the Fed realized it would need to keep interest rates low while it attempted to bail out the banks (80% of the $200+ trillion in derivatives sitting on commercial banks’ balance sheets are related to interest rates).
The problem with this is that it makes Treasuries very unattractive to foreign investors (China & Japan) who want a higher yield. Consequently, the Fed decided to pick up the slack by buying $300 billion worth of Treasuries through the now famous Quantitative Easing program.
As I noted last week, the Fed is now the largest buyer of US debt (it bought more debt than the next three largest buyers combined in 2Q09). China and Japan are no one’s fools. And they’re not going to fund a monetary policy that is both profligate and likely to erode the value of their dollar holdings.
Which brings us to item #2: the coming dollar crisis.
I am not a huge fan of technical analysis, but it is a useful tool for navigating a trader-heavy, liquidity driven, manipulated market such as today’s. On that note, I want to point out that the dollar began forming a falling bullish wedge pattern starting in June (see above chart). This pattern entails an ever-tightening range of lower highs and lower lows and typically precedes major breakouts to the upside.
Except it didn’t.
As you can see, the dollar broke down out of this pattern in late September. It then rallied back up into the trading range before breaking down again. This is bad news. The next line of support (place where the dollar could bounce) is 76. We’ve already broken that one too.
Now the next line of support is 72. Now, the dollar has only fallen to this level once in the last 30 years (Summer 2008, see the chart below). If we fall below that, then we’re in uncharted territory and a major dollar devaluation is in the works.
Perhaps it’s already happening.
To review a point made earlier, the dollar has lost 15% of its value since March 2009. On an annualized basis, we’re talking about the dollar losing almost a third of its value in one year (30%). That is an absurd level of devaluation. And China, Japan, etc. have had enough. It is now clear that a flight from the dollar has begun; the Fed buys more US debt than the next three biggest buyers combined.
However, what most people don’t realize is that even the Fed itself is shifting away from the dollar. Everyone knows that China and Japan hold massive foreign reserves (the dollar). But the US Federal Reserve does this too (we own euros, yen, etc.). And for some reason the amount of foreign reserve assets (non-dollar assets) on the Fed’s balance sheet skyrocketed by 50% to $133 billion at the end of August.
Now, $133 billion in foreign reserves is nothing compared to China and Japan’s ~$3 trillion. But a 50% increase in one week is an astounding rate of change.
The culprit?
A 500% increase in SDRs: the “global” currency issued by the IMF. The blog ZeroHedge caught this story first and pointed out that SDRs are the IMF’s means of maintaining a “super reserve” currency for the world. SDRs are defined as: a basket of currencies, today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar.
Now, one has to wonder why the US Federal Reserve decided to suddenly buy $40 billion worth of SDRs overnight. The answer is that the IMF decided to massively increase the amount of SDRs outstanding from SDR 21 billion to SDR 204 billion in late August.
This came as part of a G20 decision made in April 2009 to stabilize the global financial system. Interestingly, of the countries involved in buying SDRs, the US bought the most at SDR 30 billion, compared to Japan (SDR 11 billion), and China (SDR 6 billion).
I realize this is getting a bit technical. But in simple terms this means that the US Fed intentionally participated in a world reserve currency scheme that devalued the dollar.
Folks, even the Fed doesn’t want to own dollars. It’s time to look for a currency that can’t be devalued.
noworldsystem.com 