noworldsystem.com


Talk of Worst Recession Since the 1930s

Talk of Worst Recession Since the 1930s

NY Sun
November 12, 2007

After what Los Angeles money manager Arnold Silver called “a brutal three days,” the question is: What now for the market?

A Wall Street superstar this year who runs Balestra Capital Partners, Jim Melcher, says he’s “worried about a recession. Not a normal one, but a very bad one. The worst since the 1930s. I expect we’ll see clear signs of it in six months with a dramatic slowdown in the gross domestic product.”

Balestra Capital, a $350 million New York hedge fund, was up 3% for the past three market sessions, when the Dow Jones Industrials, spearheaded by widespread declines in financial stocks and fears of more billion-dollar-plus asset write-downs, tumbled more than 677 points, or about 4.5%. The Nasdaq fared worse, skidding about 7%, triggered by across-the-board declines in those fast-stepping technology stocks.

Balestra has increased in value by 175% so far this year, Mr. Melcher tells me. A 9-year-old fund, it has posted compounded annual growth of about 30% since its inception.

Mr. Melcher, a market bear, had some pretty discouraging words. “What I think is not good for the country, but good for me.” he says. His basic advice to the country’s roughly 80 million stock players: Run for the hills — the worst is far from over. An investor’s stock portfolio now, he believes, should be only about half of what it might normally be.

With the housing market in a state of collapse — and he says he believes it is far from over — Mr. Melcher argues that average homeowners will not be able to withstand the kind of recession he sees, given the added burdens of rising energy and food costs, and continued deterioration in the credit markets.

Noting that consumption is already slowing, Mr. Melcher figures sharply rising unemployment is inevitable. Another of his worries is that central banks around the globe, America’s included, are debasing their currencies, which is setting the stage for a new round of higher inflation. Our bear figures the next six to 12 months will be awful for investors as the market goes down “pretty substantially.” His frightening outlook calls for an additional 20% to 30% decline from current levels. A drop of that magnitude would put the Dow down in a range of roughly 9,100 to 10,400.

Read Full Article Here

 

Crude Oil = $98; Gold = $845

Seeking Alpha
November 7, 2007

The Fed recklessly abandons their price stability mandate, and this is what it has wrought: Dollar at record lows, oil and gold near all time highs.

It is the first rule of economics, yet so many idiots pundits cannot seem to to remember it: THERE IS NO FREE LUNCH.

In physics, the corollary is that “every action has an equal and opposite reaction.” Why this is too complex for their little frontal lobes is beyond me. It is simple. It is basic. It is easily understood by even supply siders.

Think about all of the brainiacs who have been begging for rate cuts — and from historically moderate rates — over the past 2 years. Be sure to thank them for the reckless disregard for your wallet.

Hey, how’s your core inflation doin’ these days?

Crude (December contract):

Gold (December contract):

Related News:

Wall Street Sees Worst Weekly Point Loss Since 9/11
http://abcnews.go.com/Business…845823&page=1

Gold bounces above $800 after 1 percent drop
http://investing.reuters.co.uk/news/articleinvesting.as…IOUS.xml

It’s the FIRE Economy, stupid
http://mparent7777-2.blogs…nomy-stupid.html

Dollar Crisis: None dare call it ‘conspiracy’
http://infowars.com/articles/…._conspiracy.htm

Subprime Losses May Reach $300/400 Bil
http://www.bloomberg.com/ap…efer=worldwide

Sterling falls as risk aversion leads to carry unwind
http://investing.reuters.co.uk/news/articleinv….G-OPEN.XML

Time for the White House to Rescue the Dollar?
http://www.usnews.com/blogs/capital-comm…-dollar.html

Bets against the dollar unlikely to slow this quarter
http://investing.reuters.co.uk/news/a….REX-IMM.XML

Even a weakened dollar still rules
http://www.iht.com/articles/2007/11/11/bloomberg/bxatm.php

World stocks hit 8-week low
http://www.reuters.com/article/hotStocksNews/idUSSP15927320071112

With the dollar’s fall, intervention idea gains force
http://afp.google.com/article/ALeqM…2b0Z2XrjX5-45Glg

Currency Controls Return as Central Banks Fight Gains
http://www.bloomberg.com/apps/news?pid///78L0&refer=home

The Risk of a Systemic Shock to the System is “Alarmingly High” – Morgan Stanley
http://commonsenseforecaster.blogspot.c,,,em-is.html

Wall Street’s money machine breaks down
http://money.cnn.com/magazines/fortune…2007111210

Oil Price Rise Causes Global Shift in Wealth
http://www.washingtonpost.com/wp-dyn/co..110902573.html

Global credit crisis intensifies
www.guardian.co.uk/business/200…ed=networkfront

Ron Paul to Bernanke: How can we solve inflation with more inflation?
http://noworldsystem.com/2007/11/09/ron-paul-schools-ben-bernanke-again/

U.S. Economic Collapse News Archive

 



Gloom & Doom Economist Says Worst Is Yet to Come

Gloom & Doom Economist Says Worst Is Yet to Come

CNBC
October 22, 2007

Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, thinks the worst is yet to come for the global economy.

Appearing on CNBC’s “Squawk Box,” the economist and managing director of Marc Faber Ltd., explained his bearish outlook — and offered advice for how to play a glum market.

Faber perceives a “battlefield” between the Federal Reserve and other central banks, which had infused billions of dollars into the worldwide system to boost liquidity, and the counter-pressure of illiquidity brought about by market forces such as declining home prices.

Watch It:

http://www.youtube.com/watch?v=isD2aj3wh20

http://www.youtube.com/watch?v=YmORG10k71c

http://www.youtube.com/watch?v=VXsZu9oXCcg

But the economist fears that the Fed’s “throwing money at the system” will not help improve the fundamentals of the real economy. Instead, he believes, excessive monetary growth has merely driven excessive consumption in the U.S., with consumers living beyond their means and speculators “piling one bubble, housing, on top of the Nasdaq [tech] bubble” that popped in 2001-2001.

“The easy money, the easy credit — you can’t solve your problems with what caused them in the first place,” Faber declares.

He posits that a fully-realized recession at the turn of the millenium might have been for the best, restabilizing the world credit markets. “The longer you postpone the hour of truth, the worse it will be,” he augurs. “We will reach ‘zero hour,’ when more debt doesn’t help.”

How should one prepare for the full-fledged global bust Faber predicts?

Precious metals. He points to the traditional safe harbor, gold — but cautions that the precious metal is “a bit over-bought.” Construction-oriented commodities in general will continue to be driven by Chinese demand, he says, making mining companies a good bet. And he the one absolute essential: Food. “We all have to eat.”

Markets. As to national markets, Faber says that Japan and Thailand are “very reasonable.”

Currencies. He foresees the U.S. dollar remaining low against other currencies — but notes that “Euroland” is very expensive compared to the greenback.

Real estate. Faber’s outlook for real estate goes against the grain: Manhattan is the great exception to U.S. trends, continuing to rise in price even when strong U.S. regions show signs of decline. But Faber says that in the bigger perspective, New York property is as vulnerable to a credit bust as any major metropolitan areas, such as “Hong Kong, Zurich and Frankfurt.”

His real-estate advice: “Buy a farm and learn to drive a tractor.”

Related News:

Jim Rogers Shifts Assets Out of Dollar to Buy Yuan
http://www.bloomberg.com/apps/news?pid=….&refer=home

U.S. “undoubtedly in recession”: Jim Rogers
http://www.reuters.com/article/businessNe….=23&sp=true

Iran Breaks With USD
http://www.presstv.ir/detail.aspx?id=28261&secti..351020102

Merrill Lynch Reports Loss on $7.9 Billion Writedown
http://www.bloomberg.com/ap…7aCkqY&refer=finance

Thousands of more jobs gone
http://www.costar.com/News/…474A4A4784CF

Bank of America To Cut 3K Jobs
http://biz.yahoo.com/ap/071024/bank_of_america_job_cuts.html

What the Citibank, et al $80B Bail-Out Fund is Trying to Avoid
http://commonsenseforecast…80b-bail-out-fund.html

Steep decline in oil production brings risk of war and unrest
http://www.guardian.co.uk/oil/story/0,,2196435,00.html

Dollar Slides To Record Low Against Euro
http://www.ft.com/cms/s/0/56….0779fd2ac.html?nclick_check=1

America vetoes G7’s dollar alert
IMF chief warns dollar may suffer ‘abrupt fall’
The Dollar: How Low Can It Go?
IMF Warns Of Inflation Risks
Weapons of mass financial destruction: The credit shock
Gold: Relentless march towards $800/oz-mark seen
US loan default problems widen
Global stocks see sharp declines
China Bank To Buy $1B Stake In Bear Stearns
The Basis for Markets Optimism
Bad Loans
Living paycheck to paycheck gets harder
Who Expects 4-Digit Gold and Why!
Oil jumps over $90 a barrel, dollar sinks to new low against the euro
Dollar dives as US slump spreads
Stocks Sink on Black Monday Anniversary
‘Black Monday’ redux? Global rally makes some sweat
Gold to go higher, says Newmont boss
UK house market is ‘heading for crash’
Dow Loses 367 Points
Markets see U.S. policy of “ignore the dollar”
IMF Badmouths The Dollar In Open Attack On American Middle Class
Dollar stays near record euro low
Video: The inevitable collapse of the dollar
Dollar Falls To New Low Against Euro
A Weak Dollar Is Bad For America
Dangers Of The Diving Dollar
Global inflation: Policymakers fear return of a banished beast
Inflation 7982% In Zimbabwe
Oil Surge To $89 May Provoke OPEC Meeting
Oil Reverses Course, Hits New Record
Gold price hits highest level since 1980
Friction over weak dollar expected at G-7 meeting
Japan and China lead flight from the dollar
2011 – The U.S. Dollar: R.I.P.
Paulson warns of damage to come
Greenspan would not be surprised to see a double-digit fall in US house prices nationally from their peak
Wall’s Street’s Rescue Plan: Be Very Afraid
GMAC Expected to Cut 25 Percent of Mortgage Workforce
Southern CA Home Sales Plunge 30%
German bank hit by subprime crisis slashes results, directors leave
The IMF States The US Dollar Still Has Some Downside
Sub-Prime Blow Up In Canada?
It’s Time For The Banks To Face The Hangman
US home foreclosures double
U.S. home starts fall to 14-year low
Experts Fear Repeat Of 1929 Economic Crash
Oil surges near $88 a barrel
Oil Futures Hit New Record Above $86
After a 200-Year Resource Bear Market, Gold Price Could Pass US$2,271
Wall Street Falls Amid Unease Over Bad Debt; Oil Settles Above $86
Gold & Oil Surges Dollar Falls
Treasury Sales May Rise 50% as Deficit Suddenly Grows
Plan to Save Banks Depends On Cooperation of Investors
Big Banks Trying to Avoid Global Economic Crash
Treasury claims power to seize gold and silver — and everything else
Income inequality worst since 1920s, according to IRS data
Man who correctly predicted Black Tuesday makes another prediction in NY Times: ‘Country is facing… a depression’
Oil Futures Hit New Record Above $85
Oil hits record $84
Bill Moyers: Are we heading for another 1929?
London, Not U.S., Controls U.S. Mortgage Crisis
Gold price rockets to 27-year high, platinum nears record
U.S. Foreclosure Filings Nearly Double in September Over Same Month a Year Ago
Strong silence from U.S. on dollar’s weakness
Central Banks Sell 475 Tons Of Gold
Credit card debt is ready to blow
Americans charge it as Bank of Subprime closes
‘The Roof Is Caving In On the Housing Market’; ‘Think Housing’s Bad? You Ain’t Seen Nothing Yet’

U.S. Economic Collapse News Archive

 



Fed Projects a Four Year Long Recession

Fed Projects a Four Year Long Recession

Mike Swanson
Wall Street Window
September 24, 2007

Aside from the dollar and long-term bonds all markets went up last week as the Fed demonstrated that it is more fearful of a slowing economy and banking woes than inflation. In fact, it is willing to sacrifice the dollar to save the banks. Just last month, the Fed was saying that the threat of inflation is just as great as the threat of a slowdown in the economy. Now it is cutting rates in a huge way as the DOW is near its all-time high, gold is making new highs, and the price of oil is exploding.

The Fed is obviously terrified. I have noted in the last podcast that Bernanke built his career on a doctoral thesis that claimed that the Fed didn’t cut rates fast enough during the 1929 stock market crash. But if you look at a chart of the Depression bear market with an overlay chart of interest rates you’ll see that the Fed cut interest rates as the market topped. A few years later when the market finally bottomed you’ll see that they had been lowering rates all of the way down.

What Bernanke believes is that the Fed should have cut rates all at once during the start of the bear market instead of gradually over two years. He seems to be putting this belief to work right now. It means that he is gravely concerned about the state of real estate and banking in the United States.

As the NYT reports:

Those wanting to understand the Fed’s reversal can profit from reading two papers by Fed officials which were released this summer as the credit squeeze was worsening.

Taken together they constitute an admission that the Fed was surprised by the housing and borrowing boom on the upside, and now it fears it will be surprised on the downside.

One paper, by Karen E. Dynan, a Fed economist, and Donald L. Kohn, the Fed’s vice chairman, asked why a strong economy had left Americans deeper in debt than ever before.

“The most important factors behind the rise in debt and the associated decline in saving out of current income have probably been the combination of increasing house prices and financial innovation,” they concluded. In other words, Wall Street and rising home prices made it easier to borrow more money, and consumers did so.

That led to more consumption than would have been expected. Now, the authors say, “an unexpected leveling out or decline” in home values could have the opposite effect.

And, Frederic S. Mishkin, a Fed governor, said in the other paper that this leveling or decline could, in turn, have a bigger effect on the economy than the Fed anticipated.

“Although I generally do not place the housing and mortgage markets close to the epicenter of previous cases of financial instability,” he wrote, “I would note that the current situation in the U.S. could prove to be different.”

Mr. Mishkin said he had modified one Fed economic model, concluding that a 20 percent fall in home prices could cause consumer spending to fall by 2 percent within two years, about twice what the old model forecast.

But that was not the point Mr. Mishkin wanted to emphasize. Instead, his model showed that much of that damage could be averted if the Fed acted rapidly to cut rates — as it is now doing.

When Alan Greenspan was at the Fed he often had Fed governors write papers to rationalize and justify changes in Federal Reserve policy. One should read the Mishkin paper mentioned above to understand what the Fed is doing now. If the credit markets don’t revitalize in the next few weeks you can expect to see the Fed lower rates again by another 50 points at their October FOMC meeting no matter where the Dollar, Gold, or the DOW are. They have signaled that they don’t give a damn about the Dollar. All they care about is Wall Street.

One could look at this another way though. One could say that they don’t care about inflation because they see a total bust in housing that will create deflationary pressures in the economy. Mishkin’s paper projects negative GDP growth for the next five years, a Federal Funds rate falling two full points lower, consumer spending shrinking for five years, and the CPI going down and staying negative if housing prices decline by 20%. These negative trends are expected to begin now and accelerate for two and a half years.

He sees such a housing price decline as very likely as house prices fell by 16% from late 1979 through late 1982. Contrary to people who believe that real estate is the best investment you can buy because it never drops, it has dropped in the past. And with bubbles leading to busts it is happening right now. The question remains, when will it stop? When the Nasdaq topped in March of 2000 it didn’t bottom for two full years. Real estate topped out a year ago.

Mishkin isn’t just a normal Fed governor. He is one of Ben Bernanke’s closest friends. The two served at Columbia university together and in 1997 they wrote a book together calling on central banks to make public targets for inflation. Mishkin’s views dovetail with Bernanke’s.

According to Mark Zandi, co-founder of Moody’s Economy.com, housing prices will decline by at least 11% in the next 3 1/2 years. Zandi sees prices in New York city falling from between 1 percent and 7 percent for each of the next five quarters so there is a lot of leeway in his projections. Hey, if we only get an 11% decline and you cut the Fed model projections in half we’re still facing a horrible recession.

Mishkin argues that “the task for a central bank confronting a bubble is not to stop it but rather to respond quickly after it has burst.” Instead of lower ratings as economic conditions deteriorate as his models do, and show practically a depression coming as a result, he advocates cutting rates all at once just as Bernanke’s doctoral thesis about the 1929 stock market crash argues.

What I have to wonder though is what happens if the Fed lowers rates by one percent or more in the next three months and real estate doesn’t rebound? These theories have never been tried before by a Central bank. We don’t know if cutting rates all at once will prevent the damage caused by a bursting bubble. It has never been tested. Even when the tech bubble burst in 2000, Alan Greenspan didn’t lower rates until almost a year later and after the Nasdaq fell to almost half its value.

The problem is real estate is still overvalued just as tech stocks became overvalued in 2000. One would think that real estate will have to drop and return to a normal valuation before it can bottom out, so simply lowering interest rates may not have the wonderful effects that Mishkin and Bernanke hope they will.

What I do know for sure, which is all you need to know to make money, is that they are setting up an inflationary trend. As the Fed prints more money it has to go somewhere. Of course this is bullish for gold and commodities which are now leading the stock market. But it is possible that the DOW and broad market could also continue to go up too.

Related News:

US economy kills American middle class
http://english.pravda.ru/busines….rican_middle_class%20-0

Ron Paul: The Money Has To Come From Somewhere
http://www.house.gov/paul/tst/tst2007/tst092307.htm

IMF: Global Financial Crisis To Be Long Lasting
http://news.independent.co.uk/business/news/article2996170.ece

U.S. Severe poverty rate at highest in three decades
http://thescribblersweb.com/us_severe_poverty_rate_at_highest.htm

Fall-out at the top reveals French finances in freefall
http://news.independent.co.uk/europe/article2996110.ece

Home sales, prices continue to fall
http://www.msnbc.msn.com/id/20970287/

Borrowers told to lie about wages
http://news.bbc.co.uk/1/hi/programmes/file_on_4/7010415.stm

Northern Rock still lending ‘recklessly’
http://business.timesonline.co.uk/tol/business…cle2512384.ece

Dollar at lifetime low vs euro
http://www.reuters.com/article/hotStocksNews/idUST19472920070924?sp=true

Dollar Falls to Record Low Against Euro as U.S. Growth Falters
http://www.bloomberg.com/apps/news?pi…Yk&refer=japan

Taking Cues From Fed, Speculators Bid Up Oil
http://www.washingtonpost.com/wp-dyn/content/articl….usiness

Premier Says France Bankrupt
http://www.forbes.com/feeds/ap/2007/09/21/ap4144493.html

Israel asks U.S. foreign aid be paid in EUROS
Northern Rock gets 2.9 bln stg
Greenspan Confronted By Activists, Flees From Angry Mob
Greenspan Admits Fed Is Above The Law
Ron Paul Slams Bernanke For Dollar Meltdown
Kissinger Admits Iran Attack Is About Oil
Bernanke panics by ‘launching a nuclear missile into the financial system’
Canadian Dollar at Parity with USD, Bernanke and Saudis Abuse US Dollar
$200 Dollar a Barrel Oil Is Bilderberg Plan To Destroy Middle Class
Oil hits high over $84
Abu Dhabi takes ownership stake in Carlyle Group
Gold hits 28-yr high as dollar touches record lows
Home Price Falls Hit 26% Of U.S. Homeowners
Greenspan: House Prices To Drop Much Lower
Jon Stewart to Alan Greenspan: Why Do We Need the Fed?
Recession Too Mild a Word
Canadian Dollar Trading At Parity With USD
Borse Dubai Gets Stake In Nasdaq
Federal Workers Owe Billions in Unpaid Taxes
UN Global Taxes Before U.S. Senate
Saudi Currency De-Peg To Dollar Inevitable
Inflation fears end rally, sending stocks down
Analyst: Mystery Trades Were Profit Scam For Fearmongers
Dollar hits new low against euro
US expert warns of fresh shocks
Northern Rock: ‘One in 10 chance of property crash’
Congress Asked To Lift Debt Ceiling
Zimbabwe Close To Economic Collapse
Home foreclosures triple in Hawaii
Bank of England doubles emergency loans available to British banks
Fears of dollar collapse as Saudis take fright
China’s Ultimatum: Let Us Invade Taiwan Or We’ll Dump The Dollar
Rogers: Fed Rate Cut Will Trigger Recession
Greenspan Working To Destroy US Economy
Alan Greenspan Defends Himself
Greenspan says euro could replace U.S. dollar as reserve currency of choice
EU Warns China Of Trade Imbalance
Oil hits new high over $82 after Fed rate cut
U.S. gold futures hit 28-year peak
Failed Lender Makes Grab for Employee Funds
Greenspan predicts falling house prices, rising inflation
Greenspan Says China Will Determine World Economic Fate in 2030
Alan Greenspan warns of UK house prices drop
Greenspan alert on US house prices
Credit turmoil set to benefit big banks
Northern Rock: ‘One in 10 chance of property crash’
Hopes of UK interest rate cut ‘before Christmas’ after FTSE rises follow Fed’s swoop to cut rates
Relief as Northern Rock shares up
Treasurys Fall Ahead of Fed Decision
Fed Announces Big Rate Cut
Subprime Fallout: More Companies Slammed
Prepare for prolonged turmoil, says US Treasury Secretary
Oil industry ‘sleepwalking into crisis’
Oil Trades Near Record on Speculation of Reduced U.S. Supplies
Mystery Trader To Collect On Financial Meltdown?
Ron Paul Sees Crisis Ahead For Country
Bankers Fear £12bn Run On Rock
Oil Trades Near Record on Speculation of Reduced U.S. Supplies
Oil industry ‘sleepwalking into crisis’
U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel
“Business Expert” (?) Ann Coulter: It’s Good for Wall Street to Bomb Iran
Britons Withdraw Billions in Bank Run
Northern Rock besieged by savers
Pound slides, yen up on N. Rock jitters
New saver queues at Northern Rock
E*Trade Cuts Earnings Estimate 25% on Mortgage Losses
Fears Rise Over Online Banking
Stocks may rise on expected interest rate cut
Fears grow for British economy as panic over Northern Rock spreads
World’s banks hit for $30billion in credit crunch
Oil Hits $80 A Barrel For First Time
Senate panel okays $850 billion debt increase
Dollar’s retreat raises fear of collapse
Further signs of US economic pain
British Bank Rocked By Bank Run
Forecast: Housing woes pose risk of recession
Mortgage Lender’s Bankruptcy
US dollar hits record lows
Foreclosures gain on sales
American economy: R.I.P.
US Heads for Recession as Foreign Investors Rush for the Exit from US Dollar Holdings
Dollar Hits 15 Year Low
Gold Rallies Past $700
Greenspan: Turmoil Like 1998
Bad News Puts Political Glare Onto Economy
US economy loses jobs for first time in 4 years
ECB Injects €42.2BN Into Money Markets
Is China quietly dumping US Treasuries?
Markets Brace For Seismic September
Fed Injects 31.25 Billion Into Market
Credit Crisis Has Hallmarks of Classic Bank Run
U.S. at risk of recession from housing
Analysts Dismiss Suspicious “New 9/11? Trades
Credit Crisis Compared To 1930
Bank Warns Emergency Borrowers
Bush Unveils Mortgage Proposals
Congressman: Stock Market Will Eventually Collapse
Comptroller: U.S. Facing Economic Collapse
BIS Warns of Great Depression Dangers from Credit Spree
Market Crash Forecast Suggests New 9/11
U.S. Recession Risk Highest Since 9/11
Economy, credit worries drive Wall St down sharply
Fed Injects 17.25 Billion In Market
Foreclosures Up 93% In One Year
After Foreclosure A Big Tax Bill From The IRS
After Fed’s Rescue, Volatile Days Ahead
Warren Buffett Sees Opportunities In Chaos
Run On The Banks in Los Angeles
Zimbabwe Inflation Rate Hits 7600%
Yields On T-Bills Down Most In 2 Decades
Bruised investors suffer as market continues to swing
The Dow Plunges, FOX Reports Happy Economic News
World Stocks Plummet Yet Again
Economic Expert: We Are Already In An Engineered Recession
China is not the Problem
Heavy losses sweep world markets
Wall Street Pulls Off Late Comeback
Fed Poised To Dump More Money Into Market
Stock Market Brush Fire & Run On The Banks
Food prices rising in double digits
Existing Home Sales Fall In 41 States
Banks Add More Funds To Stabilize Markets
Economic Meltdown Favors The Elite
Central Banks Add Cash To Avert Crisis
Stocks End Mixed After Raucous Week
China dollar attack would be ‘foolhardy’: Bush
Fed Adds $38 Bln in Funds, Most Since September 2001
The “Plunge Protection Team” Working Overtime to Save US Stock Market
China threatens ‘nuclear option’ of dollar sales
World stocks slide on fresh US credit concerns
Dow Plunges 387 On Subprime Fears
Credit Crunch In U.S. Upends Global Markets
American Home to Declare Bankruptcy, Employees Told by Managers
Mad Money Cramer: Bernanke, Wake Up
Wall Street shaken by late-day market surges

 



Greenspan Confronted By Activists, Flees From Angry Mob


Greenspan Confronted By Activists, Flees From Angry Mob
WeAreChange Unmask Former Federal Reserve Chair’s Role in Globalist Takeover and Currency Assassination

Aaron Dykes
Prison Planet
September 21, 2007

Activists angry at Alan Greenspan’s recent deliberate attack on the U.S. dollar— which has already resulted in further devaluation and asset seizure by foreign entities– gathered at an event in New York to confront the former Federal Reserve Chairman on his shameful actions in contributing to a dollar collapse.

Members of WeAreChange.org were grabbed by police and forced out of the building after criticizing Greenspan for “destroying the country.” Individuals who waited in line to ask Greenspan a question were told that there were “no interviews” by event handlers, who then signaled for police to take over.

http://www.youtube.com/watch?v=S5wfNnV6vTU

Nate Evans was grabbed by more than four officers after criticizing the “Federal” private bank Greenspan previously headed. Other activists confronted Alan Greenspan as he left the event, giving him a public shaming for acting on behalf of his globalist masters.

While the globalist-controlled mainstream media rewards economic sabotage by portraying Greenspan and other financiers as economic ‘saviors,’ it is refreshing to know that many others are standing up in defiance of deliberate devaluation.

Congressman Ron Paul ripped into current Federal Reserve Chairman Ben Bernanke yesterday for intentionally weakening the dollar and misleading the public when his sole function is supposed to be maintaining the value of the dollar.

Now activists from WeAreChange.org are taking commendable action to expose the fact that these financial figureheads– and not a subservient Bush Administration– are to blame for the unfolding consolidation of middle-class wealth as well as the liquidation of U.S. infrastructure to foreign and global interests– a frightening and intentionally-triggered phenomenon that has already surfaced in publicized buyouts such as the Saudi acquisition of NASDAQ shares and Abu Dhabi’s stake in the Carlyle Group.

We salute individuals like Nate Evans, Gary, Luke Rudkowski, Matt Lepacek and others from WeAreChange.org, as well as the few in Congress like Ron Paul and Bernie Sanders willing to take action and expose the real culprits of U.S. currency assassination.

Greenspan Admits Fed Is Above The Law

Abe Day
Prison Planet
September 21, 2007

This week, former chairman of the Fed Reserve Alan Greenspan in an interview aired on PBS’ News Hour was asked by Jim Lehrer what should be the proper relationship between a chairman of the Fed and The President of the United States. In a shockingly honest tone Greenspan replies,

“Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t, frankly, matter.”

This issue with the Fed being above government is one of the key things We The People need to understand in order to wake up to the awful situation that we have found ourselves in. Our wealth, our labor, and anything we gain buy being productive has been stolen from us since the Federal Reserve took over our money system in the 1913.

Most people believe the Fed to be a government agency overlook by the President of the United States. Others fully believe the statements of Mr. Greenspan but don’t really understand what it means to have an “independent agency” (i.e. private banks) be above The Presidency, The Congress and Senate, and the Supreme court of the United States. This power to create money has been given over to a group of businessmen not beholden to our U.S Constitution; a document to protect our God given freedoms from tyranny. Hopefully enough of our rising generation can learn this sad truth and vote to return the power to regulate money back into the hands of those to whom it belongs…We The People.

Related News:

Greenspan: House Prices To Drop Much Lower
http://www.reuters.com/article/newsOne/idUSL2146624120070921?sp=true

Jon Stewart to Alan Greenspan: Why Do We Need the Fed?
http://www.jbs.org/node/5640

Greenspan Working To Destroy US Economy
http://infowars.net/articles/september2007/180907Greenspan.htm

Alan Greenspan Defends Himself
http://www.youtube.com/watch?v=m6b4qX_qm40

Greenspan predicts falling house prices, rising inflation
http://money.guardian.co.uk/news_/story/0,,2171622,00.html

Greenspan says euro could replace U.S. dollar as reserve currency of choice
http://www.iht.com/articles/ap/2007/09/17/bus….nspan-Euro.php

Greenspan Says China Will Determine World Economic Fate in 2030
Alan Greenspan warns of UK house prices drop
Greenspan alert on US house prices
Alan Greenspan claims Iraq war was really for oil

 



Abu Dhabi takes ownership stake in Carlyle Group

Abu Dhabi takes ownership stake in Carlyle Group
Arab emirate’s investment ties with Bush family deepen

Jerome R. Corsi
World Net Daily
September 21, 2007

The Financial Times announced last night the government of Abu Dhabi has made an investment in the Carlyle Group, a Washington-based private investment firm with close ties to former President George H. W. Bush and his family, as well as to top government officials in the Reagan and Clinton administrations.

Mubadala, a wholly owned investment arm of the Abu Dhabi government, bought a 7.5 percent share of the Carlyle Group in a transaction in which the deal price was struck at a 10 percent discount to a valuation of $20 billion for all of the Carlyle Group.

Abu Dhabi is the largest of the seven emirates of the United Arab Emirates and the capital.

Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan of the Abu Dhabi ruling family is the chairman of Mubadala.

WND reported Dubai International Capital, a private equity investment capital firm that is a wholly owned subsidiary of Dubai Holdings, has commonly participated in co-investments with the Carlyle Group.

Dubai, like Abu Dhabi, is one of the seven emirates that form the UAE.

WND reported yesterday Dubai, in a complex set of transactions, is moving to acquire 19.9 percent of the Nasdaq stock market in New York, in the first equity transaction which would place a Middle Eastern government in an ownership position in a key U.S. stock exchange.

As a result of the transaction, Dubai will also acquire 28 percent of the London Stock Exchange, one of the oldest and largest stock exchanges in the world.

The transaction is being made through Borse Dubai, a holding company 100 percent owned by the government of the Emirate of Dubai and controlled by Mohammed bin Rashid al-Maktoum, the head of the Dubai ruling family.

Should Dubai Buy Part of the Nasdaq?
http://www.usnews.com/blogs/cap…-the-nasdaq.html

Dubai to get 20% share in Nasdaq
http://www.youtube.com/watch?v=LYPobSSPloo

 



Bernanke panics by ’launching a nuclear missile into the financial system’

Bernanke panics by ‘launching a nuclear missile into the financial system’
“By lowering interest rates by half a point while the market priced in a quarter point drop and the US dollar index is under 80 Bernanke is doing the equivalent of launching a nuclear missile into the financial system.”

Mike Swanson
Commodity Online
September 20, 2007

I was shocked by yesterday’s decision by the Federal Reserve to lower interest rates by 50 basis points and then signal that there is more to come in its statement. The Fed is in a tough bind. I know there are frightening things happening in the credit markets and banks and Wall Street is clamoring for rate cuts. We saw the near collapse of Countrywide Financial a few weeks ago and England’s Northern Rock has experienced a full fledged bank run. At the same time though inflation is accelerating as oil prices hit all-time highs and gold breaks through $700 an ounce and the DOW is only 1.7% off of its all-time high.

Look the Fed saved the stock market from crashing on August 16th by intervention. We’ve since seen a rally going up into yesterday’s expected Fed announcement while the credit markets continued to deteriorate. The move down in July was the first act of a financial crisis – and normally those unfold in two stages. The first being when people realize there is a big problem causing huge frightening losses the extent of which are unknown and are forcing institutional investors to selling due to margin calls and redemptions.

The second act is when the market finds out how big the losses are and who has them. This is what happened in 1998. The market fell hard in August of that year due to turmoil in the international bond market, bounced, in September, and then dropped hard again to form a double bottom when the Long-Term Capital hedge fund blew up.

If the Fed hadn’t lowered interest by .50 basis points yesterday the market most likely would begin a correction by the end of this week that would bring it down to retest the August lows by the middle of October. The market most likely would have then made a double bottom and be geared up to up through the end of the year. If the Fed had to it could have even intervened again to force a bottom.

Just about everyone expected the Fed to lower rates by a .25 basis points yesterday. To me this seemed like the logical thing to do. This way the Fed would save some ammo for later and deliver a message that it was there to step in if needed, but things weren’t too serious.

But by lowering rates by .50 points the Fed not only surprised the stock market, which forced shorts to close out positions and caused people to react to the news and create an outsized rally, but sent a very powerful message: The Fed will not allow the market to have a pullback of any sort. The Fed will not allow banks that made bad loans to go under and simply doesn’t care about inflation or the value of the dollar at this stage of the game.

I know many people reading this are excited to see the market go up, but you need to step back and think about things for a minute. Why did the Fed do what it did yesterday? What the Fed did is dire, because it is lowering interest rates in a huge dramatic way when the DOW is only 1.7% off of its all-time high and inflation is accelerating. Not even Alan Greenspan did anything like this.

This is one of the most shocking things I’ve ever seen in the markets. August 16th was shocking. And if you listened to my podcast the following weekend you know it troubled me. I thought the stock market almost crashed that day and I took it as a sign that the macro big picture was changing – that subprime was a true problem in the markets that could lead to a wipeout in the coming weeks. I did not know what was going to happen, but I decided to actually stay out of the markets for the most part until the picture became more clear.

Well, past history suggested that we would see a retest of the lows and the success or failure of that retest would tell us the depth of the credit problems and give us a good idea of what the market would do the rest of the year.

Yesterday the Fed lowered rates by .50 points to shock the markets and force a rally to prevent such a retest. Yesterday is just as dramatic as the market action on August 16th, because it does indeed tell us that the macro picture is changing in a big way. A way that I didn’t anticipate, because it is incredibly reckless and dangerous on the part of the Federal Reserve. It is almost insane. It would be the equivalent of George Bush saying “I am losing in Iraq and I need to win a war somewhere so I am going to launch nuclear strikes on Iran so I can go out a winner. Dick Cheney says it is a good idea so it must be.” By lowering interest rates by half a point while the market priced in a quarter point drop and the US dollar index is under 80 Bernanke is doing the equivalent of launching a nuclear missile into the financial system.

When the stock market went bust in 2000 Greenspan didn’t lower rates to almost a year later and with the Nasdaq almost cut in half. During the 1998 Long-Term Capital Crisis he first cut by a quarter point and then lowered rates later when the market dropped again. The Fed is supposed to lower rates as you approach the trough of a business cycle, not right up near the top when there is inflation. To do so is very dangerous and if Bernanke continues this course he will destroy the value of the dollar. The Fed is saying that it will now print money like mad to prevent any sort of market pullback of any kind and it doesn’t care about the value of the dollar. The US Dollar index is trading below its 30 year support level and will eventually collapse if the Fed continues upon the course that it announced yesterday.

And he is sending a message that he is willing to do this.

I can think of only two reasons:

1)The problems in the mortgage markets are worse than we know and the entire banking system is bankrupt. In other words the mortgage securities that banks hold are worth nothing. The Fed in turn is going to print money and lower interest until housing prices go back up, so mortgage securities will rally, and if inflation explodes and the dollar becomes worthless it is worth the cost, because the banks must be saved. And the banks own the Fed.

Of course this seems crazy. Yeah there is turmoil in the banking system, but can it really be that bad? But it would have to be to justify such action on the Fed and even then some would argue that its not worth jeopardizing the dollar to save the banks.

Just because the Fed panics doesn’t necessarily mean there is anything to fear. If you recall at the end of 1999 Alan Greenspan pumped the money supply in fears of a phantom Y2K menace. That action helped create the final blow-off for the Nasdaq bubble and made the ensuing bear market worse than it would have been. It was a huge mistake.

If the banking system isn’t about to go bankrupt then to cut interest rates at this pace is a mistake that makes the Y2K menace look like a little bruise on a knee.

2)Ben Bernanke has a PH.D in economics and is obsessed with the idea that the Fed caused the Great Depression, because it didn’t lower interest rates fast enough. He’s an academic who is putting the theories he learned as a young man to use.

I can understand this. I was an academic once. I was in a university PH.D history program and left with a Master’s Degree. I know what academic life is about. When you go through graduate school you have to write a doctoral thesis, which will start your real career. Usually those thesis – if they are successful – lead to books and then more writings that branch off of the original thesis. Creative minds, and there is a difference between being imaginative and smart, then investigate new avenues of thought throughout their careers and come up with innovative theories and groundbreaking research.

The unimaginative though spend the rest of their career circling around the theories behind their doctoral thesis. They remain anchored to it and don’t actually come up with any new ideas the rest of their lives that amount to anything. They may be successful professionally, but deep down they aren’t anything but a one hit woner.

That is essentially what Bernanke is. He wrote a thesis claiming that the Great Depression happened because the Fed didn’t lower interest rates fast enough after the stock market topped out in 1929. I don’t believe this at all, but to explain why is a subject left for another time. What is important though is that if you look at a chart of the stock market between 1929 and 1932 and look at what the Fed did you’ll see that the Fed lowered interest shortly after the market topped out and continued to lower rates in the following years and the market fell anyway. Rates and the stock market fell together.

What this means though is ff you believe the Fed didn’t lower rates interest fast enough as Bernanke does then you think the Fed should have lowered rates all at once instead of doing so as the market dropped.

It appears that Bernanke is putting that theory to test right now. At the very least he is trying to prevent the market from reaching phase two of this crisis, in which the extent of the subprime losses are revealed, by restoring the balance sheets of troubled hedge funds with a big stock market rally of his creation.

Based on Bernanke’s Depression thesis it seems that he is going to lower rates dramatically and quickly over just a few months, because he believes that if he doesn’t the banking system will collapse, the stock market will crash, we’ll have a Depression or who knows what. In the end this probably won’t make any bit of difference and will cause a hyperinflation of consumer prices and a collapse in the value of the dollar – and may not be even needed at all. He’s fearing that the credit markets and banking problems justify such a course of action, but that isn’t a 100% certainty. Maybe the problems aren’t as bad as he fears. But we won’t know that.

Instead a year from now if he continues this course we’ll have a different set of problems – a dollar that has collapsed in value and eventually a huge spike in interest rates as foreign investors flee the dollar and the US government bond market.

I almost wish I had no money in my brokerage account or my banking accounts right now and just had a closet full of gold bullion. One could sell everyone one has and put it in gold and not have to worry about a thing right now. But of course gold stocks will go up huge over the next 6-8 months so there is more money to be made in them. I’ll just have to buy the next pullback or 1-2 week period of consolidation in them and get on board that ride. But at some point it will be prudent to take profits and move the money into pure gold or a foreign currency as I fear that the dollar could actually become worthless when Bernanke’s is done.

Look even Bloomberg has a headline that states “FOMC now stands for Friend of Market Committee” on their website this morning.

Here are some more must read reactions:

Billionaire Jim Rogers before the rate cut in a must see Bloomberg video:

““Every time the Fed turns around to save its friends on Wall Street, it makes the situation worse if Bernanke starts running those printing presses even faster than he’s doing already, yes we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems in the U.S.”

In an article on Financialsense.com Frank Barbera writes:

“Forget about any ‘Moral Hazard,’ and forget about the purchasing power of those hard earned Dollars. Clearly, that is the message that the Fed is sending to the International community with today’s action. A shocking, potentially reckless move, where will the Bid be found on the greenback, and at what point will foreigners decide that a 4.48% yield on a 10 year Bond doesn’t cover the bet? (Heck, it ticked up a whole basis point today.) Only time will tell, but for now, the Fed’s stark message seems to be re-inflate at all costs. In pursuing this arguably high-risk path, the Fed is opening the door to a potential Pandora’s Box. Conspiracy theorists may argue that Central Banks are working together, and that despite a lower value for the Greenback, foreign money will continue to be recycled into US Dollars. Yet, what if that is wrong? What if foreign money decides to flee the Dollar market? In that reality, this high stakes gambit by the Fed could blow up in its face, as exiting foreign capital hammers the Dollar and begins to send long term rates sharply higher. At that point, we face a melt down, as rising long term rates would be another nail in the coffin for the US Residential Market, and could continue to generate chaos in credit markets. A marked departure from the Greenspan gradualism, the Fed appears to be leaving its equilibrium at the political alter of an election year, and at the special interest alter of Wall Street investment banks. How ironic that if presumed foreign cooperation is renounced, the Fed could end up standing alone in a long suffering melt down. Looking back at past interest rate cutting cycles, we see that the trend in the US Dollar has not been anything but ugly. Now, with the US Dollar on the verge of all time record lows against most major currencies, is it possible that today’s aggressive rate cut will be seen as anything but an Admiral Farragut style “Damn the torpedoes, full speed ahead” decree of a global “we don’t care” weak dollar policy?”

The Fed lowered interest rates with the DOW only 1.7% off of its highs. How low will they lower interest rates if the economy continues to slowdown and real estate prices don’t rebound? When will it end? We know the trend now. It is clear what the macro picture has become – the Fed is going to print money like mad and inflation is going to explode. You buy gold, gold stocks, and other commodity stocks to profit from that trend. And at the same time you pray that the trend doesn’t run to its final destination.

Everytime that Fed has lowered interest to bail out a segment of the financial markets it has created another financial bubble somewhere else until that bubble had a blow off stage and collapse of its own. When Greenspan lowered rates in 1998 to bail out Long-Term Capital a bubble in tech stocks formed the next year. When that bubble burst in 2000 and he lowered rates to stop the carnage he created a bubble in housing prices. That bubble ended a year ago and when banking problems and the collapse of mortgage securities hit the market as a result in the past six weeks Bernanke lowered rates.

The next bubble to come appears to be gold, commodities, and inflation. If that bubble runs it course and has a blow-off stage it will end with the collapse of the dollar and a panic on the part of foreign investors when it comes to anyone holding US debt and dollars. We may have a time over the next couple of months in which the stock market goes up in dramatic fashion, but at the end game anyone holding their savings and assets in US dollars will be wiped out.

The Fed signaled yesterday that it is willing to take that risk in order to save a bunch of Wall Street banks and hedge funds. Welcome to socialism for the rich. If the dollar goes to nothing hundreds of millions of people will lose their saving to bail out a few Wall Street bankers. It will one of the greatest transfers of wealth in history of money from the poor to the rich.

 



Canadian Dollar at Parity with USD, Bernanke and Saudis Abuse US Dollar

Dollar plunges on fears Saudis might drop peg
Euro breaks above $1.40 for first time; parity for Canadian dollar

Market Watch
September 20, 2007

SAN FRANCISCO (MarketWatch) — The dollar fell sharply across the board Thursday, hitting a new all-time low against the euro and falling to parity with its Canadian counterpart, pressured by lower U.S. interest rates and a report Saudi Arabia might end its dollar peg.

The Canadian dollar rose slightly above one-to-one parity with the U.S. dollar in early trading, marking the first time this has happened since November 1976. The dollar was last trading at C$1.0013 after moving as low as C$0.9996, down from C$1.0155 Wednesday.

The euro broke through the $1.40 level into uncharted territory for the first time, just two days after the Federal Reserve made an aggressive cut of half a percentage point to its benchmark interest rate target.

The euro was last up 0.7% at $1.4068. It earlier rose to $1.4097, its highest level since the currency began trading in January 1999.

The trade-weighted dollar index, which tracks the performance of the greenback against a basket of currencies, was down 0.9% to 78.610, after earlier hitting a new 15-year low.

“The environment has been developing for a U.S. dollar bearish move,” said David Watt, senior currency strategist at RBC Capital Markets. “A weight of evidence has been accumulating.”

The dollar has fallen significantly against most major currencies since the Fed made a larger-than-expected half-point cut in both its federal funds target and discount rate Tuesday, in a move aimed at preventing the credit woes from dragging down the broader economy.

Lower rates erode the returns on dollar-denominated assets, so the Fed’s announcement sent the dollar into a tailspin against most major currencies.

The greenback was down 1.4% to 114.40 yen, even though Japan’s 0.5% interest rate is the lowest in the developed world.

It also dropped against the British pound, which has taken a knock in recent days on worries about the U.K. banking system. The pound was trading at $2.0096, compared to $2.0010 late Wednesday.

“The U.S. dollar is clearly being sacrificed by the Federal Reserve in a last ditch effort to save the mortgage bankers,” said Ned Schmidt, editor of the Value View Gold Report.

“Foreign investors would be foolish to buy U.S. investments knowing that the value of the dollar will decline,” Schmidt said.

On Thursday, Fed Chairman Ben Bernanke said in prepared testimony before a House panel that more delinquencies and foreclosures can be expected in the subprime adjustable-rate mortgage market as borrowers face interest-rate resets. See full story.

Saudi Arabia mulling peg drop?

Fueling bearish sentiment on the dollar, a report in the U.K.’s Daily Telegraph newspaper on Thursday pointed out that Saudi Arabia’s central bank didn’t take action in the wake of the Fed’s rate cut.

“Saudi Arabia has refused to cut interest rates in lockstep with the U.S. Federal Reserve for the first time, signaling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East,” the report said.

But Marc Chandler, currency strategist at Brown Brothers Harriman, said speculation that Saudi Arabia may abandon the peg between its riyal and the dollar and to reduce its holdings of dollars seems unfounded.

“While SAMA [Saudi Arabian monetary agency] may abandon the peg at some point, it is unlikely this will lead to a mass exodus from the U.S. bond markets, especially by central bank reserve managers,” Chandler said in a research note. “The largest reserve holders are not in the Middle East but in Asia and account, together with Russia, for over 63% of total reserve holdings.”

Referring to the currency peg, Chandler said that the governor of SAMA has said the bank held rates steady to fight inflation.

No coincidence

Stocks were lower Thursday. See Market Snapshot. Treasury bonds, typically a safe-haven buy when stocks drop, also languished under the weight of the dollar’s drop. See Bond report.

Gold futures, another safe-haven buy, rose more than 2% to top $745 an ounce in New York, to levels not seen since 1980. See Metals Stocks.

Crude-oil futures also rose Thursday, hitting as a new record of $83 a barrel. See Futures Movers.

“Is it a coincidence that the U.S. dollar, oil and gold are all breaking significant levels at the same time? No,” wrote Kathy Lien, chief strategist at Forex Capital Markets.

“The reason why the dollar can be blamed for the strength of oil and gold is because a weak dollar induces inflationary pressures, and since oil is priced in dollars, OPEC nations have a vested interest in seeing oil prices rise just so that they do not see a significant shortfall in profits,” Lien said.


Oil hits high over $84

Reuters
September 20, 2007

Oil surged to $84 a barrel on Thursday in the seventh straight record-breaking session as companies shut Gulf of Mexico output on forecasts a tropical depression churning through the region would become a storm.

U.S. crude settled up $1.39 at $83.32 a barrel after touching an all time high of $84.10 earlier. London Brent settled up 62 cents at $79.09 a barrel.

Oil has traded above $80 for the past week in part due to concerns about U.S. supplies after government data showed crude stocks in the top consumer fell for the fourth straight week.

A tropical depression blowing into the Gulf of Mexico exacerbated worries as companies shut offshore oil and natural gas output on expectations it would become a tropical storm.

Energy companies have shut over 360,100 barrels of oil per day, some 27.7 percent, of Gulf crude oil production and 16.7 percent of natural gas production on the storm threat, the U.S. Minerals Management Service said on Thursday.

“Energy companies shutting down Gulf of Mexico production and Fed Chief Bernanke’s optimistic words on the economy were supportive for this latest record rise in crude futures,” said Phil Flynn, analyst at Alaron Trading in Chicago.

RISING PRICES

U.S. Federal Reserve chief Ben Bernanke said he expected rising defaults on U.S. mortgages but added the Fed was committed to preventing new lending problems after cutting interest rates sharply on Tuesday.

The dollar fell to a lifetime low against the euro and reached parity with the Canadian currency on Thursday on expectations more interest rate cuts could be made.

Oil has risen by a third this year, driven by worries of fuel shortages during the Northern Hemisphere winter, supply risks in producer countries, the weaker dollar and rising money flows from investors.

The recent surge to record prices came after producer group OPEC agreed to add 500,000 barrels per day (bpd) to global markets to help calm consumer nation concerns.

While analysts are divided over whether prices can sustain current levels, some OPEC officials said oil will not stay above $80 for long.

“This situation is not stable and cannot be permanent,” said Hossein Kazempour Ardebili, Iran’s OPEC governor.

Wednesday’s rise to record highs came after data showed crude oil stocks in the United States fell by 3.8 million barrels last week, nearly twice the 2 million-barrel draw expected in a Reuters poll of analysts.

Related News:

Home Price Falls Hit 26% Of U.S. Homeowners
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNe…..XML

Greenspan Admits Fed Is Not Beholden To Any Government Agency
http://www.prisonplanet.com/articles/september2007/210907Beholden.htm

Greenspan: House Prices To Drop Much Lower
http://www.reuters.com/article/newsOne/idUSL2146624120070921?sp=true

Jon Stewart to Alan Greenspan: Why Do We Need the Fed?
http://www.jbs.org/node/5640

Recession Too Mild a Word
http://www.bestcyrano.org/THOMASPAINE/?p=309

Canadian Dollar Trading At Parity With USD
http://www.bloomberg.com/ap….gmV7h0cU&refer=currency

Borse Dubai Gets Stake In Nasdaq
http://afp.google.com/article/ALeqM5iDJRbVtgwg7Ao6zLElV969fyg9Jg

Federal Workers Owe Billions in Unpaid Taxes
http://www.wtop.com/?nid=428&sid=1034585

UN Global Taxes Before U.S. Senate
http://www.fmnn.com/WorldNews.asp?nid=49206

Saudi Currency De-Peg To Dollar Inevitable
http://www.bloomberg.com/apps/news?pid=20601083&sid=aGO6cU_5z57M&refer=currency

Inflation fears end rally, sending stocks down
http://www.reuters.com/article/hotStocksNews/idUSL2036288720070920?sp=true

Analyst: Mystery Trades Were Profit Scam For Fearmongers
http://prisonplanet.com/articles/september2007/200907_profit_scam.htm

Dollar hits new low against euro
US expert warns of fresh shocks
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Congress Asked To Lift Debt Ceiling
Zimbabwe Close To Economic Collapse
Home foreclosures triple in Hawaii
Bank of England doubles emergency loans available to British banks
Fears of dollar collapse as Saudis take fright
China’s Ultimatum: Let Us Invade Taiwan Or We’ll Dump The Dollar
Rogers: Fed Rate Cut Will Trigger Recession
Greenspan Working To Destroy US Economy
Alan Greenspan Defends Himself
Greenspan says euro could replace U.S. dollar as reserve currency of choice
EU Warns China Of Trade Imbalance
Oil hits new high over $82 after Fed rate cut
U.S. gold futures hit 28-year peak
Failed Lender Makes Grab for Employee Funds
Greenspan predicts falling house prices, rising inflation
Greenspan Says China Will Determine World Economic Fate in 2030
Alan Greenspan warns of UK house prices drop
Greenspan alert on US house prices
Credit turmoil set to benefit big banks
Northern Rock: ‘One in 10 chance of property crash’
Hopes of UK interest rate cut ‘before Christmas’ after FTSE rises follow Fed’s swoop to cut rates
Relief as Northern Rock shares up
Treasurys Fall Ahead of Fed Decision
Fed Announces Big Rate Cut
Subprime Fallout: More Companies Slammed
Prepare for prolonged turmoil, says US Treasury Secretary
$200 Dollar a Barrel Oil Is Bilderberg Plan To Destroy Middle Class
Oil industry ‘sleepwalking into crisis’
Oil Trades Near Record on Speculation of Reduced U.S. Supplies
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Oil Trades Near Record on Speculation of Reduced U.S. Supplies
Oil industry ‘sleepwalking into crisis’
U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel
“Business Expert” (?) Ann Coulter: It’s Good for Wall Street to Bomb Iran
Britons Withdraw Billions in Bank Run
Northern Rock besieged by savers
Pound slides, yen up on N. Rock jitters
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E*Trade Cuts Earnings Estimate 25% on Mortgage Losses
Fears Rise Over Online Banking
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Fears grow for British economy as panic over Northern Rock spreads
World’s banks hit for $30billion in credit crunch
Oil Hits $80 A Barrel For First Time
Senate panel okays $850 billion debt increase
Dollar’s retreat raises fear of collapse
Further signs of US economic pain
British Bank Rocked By Bank Run
Forecast: Housing woes pose risk of recession
Mortgage Lender’s Bankruptcy
US dollar hits record lows
Foreclosures gain on sales
American economy: R.I.P.
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Dollar Hits 15 Year Low
Gold Rallies Past $700
Greenspan: Turmoil Like 1998
Bad News Puts Political Glare Onto Economy
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Credit Crisis Has Hallmarks of Classic Bank Run
U.S. at risk of recession from housing
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Credit Crisis Compared To 1930
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Fed Injects 17.25 Billion In Market
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After Foreclosure A Big Tax Bill From The IRS
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Warren Buffett Sees Opportunities In Chaos
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Bruised investors suffer as market continues to swing
The Dow Plunges, FOX Reports Happy Economic News
World Stocks Plummet Yet Again
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China is not the Problem
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Wall Street Pulls Off Late Comeback
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Food prices rising in double digits
Existing Home Sales Fall In 41 States
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Credit Crunch In U.S. Upends Global Markets
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