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The Day the Dollar Dies
May/June 2013 Trumpet Print Edition ^
| May/June 2013 Trumpet Print Edition
| Robert Morley
Posted on 01/06/2014 12:56:44 AM PST by Yosemitest
The Day the Dollar Dies
Americas financial Pearl Harbor is coming
December 6, 2015, 3 p.m. HKT, Hong Kong
Twenty-one men representing Chinas most powerful institutions file into a conference room atop the ICC Tower looming over Victoria Harbor.
The Politburo Standing Committee has mustered the CEOs of Chinas four largest banks, Sinopec, and several other state-owned multinationals,
plus officers from the Central Military Commission and a pair of academics from Chinas top technology universities.
The general secretary formally opens the meeting.As you know, the United States of America continues to manipulate its currency, he begins.
It is devaluing its dollar, which steals away trade and reduces the value of its debts.
The Standing Committee manages the yuans value to protect our manufacturing base and support employment.
The secretary leans back ever so slightly to say what everyone in the room already knows, and the reason why they are here.Three days ago, the Federal Reserve System announced its sixth quantitative easing policy in the past seven years.
And now, the marching orders.
The Central Politburo Standing Committee of the Communist Party has agreed that it is time to use every financial measure of the Peoples Republic to preserve the state of its economy.
It has approved liquidating the governments holdings of U.S. treasuries.
The order from the stone-faced secretary sounds broad, even bland.
But it means very specific, very powerful things to each man in this room.
It means pulling the trigger on a huge number of massive initiatives.
And its backed by more than a trillion dollars.
The Chinese economy will suffer some collateral damage as well, but the decision has finally been made.
To encourage and to enforce the point, the secretary concludes with a proverb:Good medicine tastes bitter.
He couldve used a different one:Wait long, strike fast.
December 7, 9 a.m. EST, New York
Its a normal day on Wall Street.
Markets are up after last weeks Fed announcement of QE6.
Thanks to this latest round of money-printing, gold is holding at $2,000 per ounce, oil is $95 per barrel.
The dollar index is steady at 82.
Squawk Box is running a story saying Chinas new East Asian free-trade zone seems to have been fast-tracked.
Mongolia, Vietnam, Cambodia, Thailand and Chinas recently reincorporated province of Taiwan are all sending signals that theyre suddenly ready to sign up.
Trade will be conducted in Chinese renminbi.
An Associated Press story getting some play quotes an unnamed official from Japans Ministry of Finance sayingthat since most of Japans trade is now with China, it too will eventually be forced to join the East Asian Prosperity Cooperation.
Even Australia is considering participation.
The markets yawn.
10 a.m. EST
The Dow Jones Industrial Average hits 16,000a new record.
Gold bumps up $20 per ounce.
The dollar index is showing strength.
Market Makers is praising Federal Reserve Chairman Ben Bernankes masterful handling of the economy, despite stubbornly high unemployment numbers.
The lower third is flashing bulletins about surprise resource acquisitions and land deals across Africa and Central Asia by some Chinese state-owned oil and mining giants.
Stuart Varneys show devotes a 30-second chuckle to irrational Chinese exuberance.
10:48 a.m. EST, Beijing
Chinese Central Bank governor Zhou Xiaochuan is on television, announcing that China can no longer afford the Feds aggressive money-printing.It has become evident that with Americas stagnant economy and aging population, it will not be able to pay its debts.
It is defaulting on its debts by using inflation.
China has lent America more than $2 trillion.
The Peoples Bank of China has no choice but to stop purchasing treasuries.
We have spoken our concerns for several years, but the Fed has ignored its largest creditor.
We are cutting off the credit card.
10:56 a.m. EST, New York Stock Exchange
The markets reverse sharply.
Dow futures plunge 1,200 points.
Gold, silver and oil fall as investors impulsively rush for cash.
Treasury yields skyrocket.
Within seven minutes, the frenzy triggers preprogrammed fail-safes.
Trading halts temporarily.
But in Tokyo, Singapore and New Delhi, theyre still trading.
American traders call for calm, saying that a full-on dump of Chinas U.S. treasury stockpile would be mutually assured destruction.
Thirty minutes later, trading resumeswith an eerie calm.
11:44 a.m. EST, Moscow
As markets settle into an uneasy wait-and-see, Russian President Vladimir Putin appears at an unscheduled press conference.
Holding up a gold coin, he announces that the Central Bank of Russia completed the largest bullion transfer in modern history in October: 850 metric tons from the International Monetary Fund.Russia would like to thank the United States, Canada and Great Britain for approving this historic purchase of their gold holdings.
In this age of unrestrained electronic money printing and currency devaluations, it is the opinion of the central bank that physical gold bullion remains a critical component for national wealth and power.
Putin then throws down this challenge:The gold is here for anyone to audit.
I suggest that investors follow Russias example and demand an independent audit of Fort Knox.
With this shock announcement, Russia becomes the worlds third-largest holder of gold after the European Union and China.
Putin adds that Moscow is also negotiating for entry into the East Asian Prosperity Cooperation
and, starting in January, will use the Chinese yuan for international currency transactionswith the notable exception of oil and gas exports to Europe, which will now be priced in euro marks.
Putins itar-tass transcript goes viral.
Twitter and Facebook explode.
To Wall Street and the world, it is now clear that something momentous is happening.
It looks like a pre-planned attack on Americas anemic economy.
Before Putin finishes his announcement, investors erupt in sell orders.
The Dow plummets 30 percent in nine minutes.
Institutional investors dump U.S. treasuries at fire-sale pricestrying to get out before China unleashes its hoard.
Jim Rickards is on CNN saying its a full-on revolt against the dollar standard.
The ZeroHedge blog has it up in doomsday 100-point font:Is this the start of WW3 ?
Rumors begin to swirl on the trading floor and on tv screens around the worldthat Americas biggest banks are caught short
and unable to cover their multibillion-dollar positions in the derivatives market.
12:03 p.m. EST
Bank of America CEO Brian T. Moynihan denies that the bank has a liquidity problem.
12:07 p.m. EST
Citigroup CEO Michael Corbat calls the buzz about his banks derivatives positions malicious rumors started by speculators that are just false.
The bank is fundamentally sound, he insists.
12:15 p.m. EST
Warren Buffet warns of contagion to the insurance sector.
12:30 p.m. EST, Federal Reserve Bank, New York
Visibly agitated, Federal Reserve Bank Chairman Ben Bernanke says that due to market conditions the Fed will temporarily purchase unlimited amounts of treasuries to restore confidence in the market.The Federal Reserve is committed to a strong dollar policy
and any damage to the banking system is limited and contained, he said.
His announcement has the opposite effect.
Instead of instilling confidence, investors take it as confirmation of a worst-case scenarioand a giant sell signal on the dollar.
The dollar index drops into free fall, gold jumps by more than $700 per ounce, and silver hits $100.
Ten minutes later, Bill Gross at bond giant PIMCO is being interviewed by Lauren Lyster on MSNBC.
She asks if we are witnessing the end of the dollar as the worlds reserve currency.
Gross confirms that he began shifting most of his $1 trillion-plus fund out of dollar-denominated assets more than a year ago.
He put the money in Europe back when everyone else thought it was falling apart.The writing was on the dollars wall a long time ago, he says.
Americas mushrooming debt and the lack of political will to address its spending problems assured the demise of the dollar.
I just didnt realize it would happen so fast.
In an hour and a half, the dollar has lost more than half its value.
Fox News is saying people should spend their dollars now before they are worthless.
Dennis Kneale is actually comparing the collapse of the dollar to the Argentine peso and the Greek drachma.
12:39 p.m. EST, Atlanta, Chicago, Phoenix, Oakland
Riots are reported in shopping malls and business districts across several major cities, as people awake to the fact that the value of their cash is evaporating.
Their savings and investments have lost more than half of their purchasing power compared to other currencies.
Local news footage shows empty store shelves and malfunctioning AIMs.
People panic and rush grocery stores to stock up.
Customers claim widespread price gouging.
Mobs of young people rampage through Birmingham, Cincinnati, Chicago.
1:02 p.m. EST, Washington, D.C.
President Obama holds an emergency press conference.This morning, December 7, 2015a date that will live in infamy
the United States of America was suddenly and deliberately attacked by overseas governments in an attempt to discredit the dollar
and take away its status as the worlds reserve currency.
Let me be clear:To even entertain the idea of the United States of America not paying its bills is irresponsible.
Its absurd.
Some have questioned the integrity of our nations bullion reserves.
Believe me, the gold is there.
When Germany requested its gold holdings back, we began returning it.
I now urge my German counterparts to confirm Europes commitment to using the dollar as a reserve currency.
I have authorized Chairman Bernanke to implement capital controls to prevent millionaires and speculators from taking money out of the country.
I am also issuing an executive order that will limit private ownership of gold.
I am also directing Congress to pass new tax legislation and tariffs on Chinese goods.
Unfortunately, some elements in our cities seek to gain from this crisis:speculators on Wall Street and rioters on Main Street.
To protect the common good,I hereby declare a temporary state of emergency
and authorize Homeland Security, FEMA and the National Guard to restore order to our great cities .
1:25 p.m. EST, New York
The plunging markets go into free fall after the presidents announcements.
Gold jumps another $800, silver is at $175, oil at $250.
The dollar hits an all-time low.
Investors around the world flee the dollar.
American cities have started to burn.
Back in the real world
Although the dates and events in this scenario are obviously fictitious, the principle ISNT.
In fact, ,b>such an economic disaster is imminent enough that the Pentagon held its first-ever financial war games back in 2009.
Instead of carrier movements, tactical strikes and aerial bombardments, the weapons were currencies, stocks, bonds, interest rates and derivatives.
But just like real war exercises, the purpose was the same:to discover fatal weaknesses and how the enemy might exploit them.
Wall Street banker Jim Rickards participated in the war games.
In his book Currency Wars, he writesthat the Pentagon is clumsy at financial warfare.
Financial war is not beyond Americas horizon.
Whether or not politicians and the Fed will publicly acknowledge it, the war has already begun.
In 2010, Brazilian Finance Minister Guido Mantega was the first public official to confirm what everyone knew but no one would admit.Were in the midst of an international currency war, he told industrial leaders in Sao Paulo.
This threatens us because it takes away our competitiveness.
The advanced countries are seeking to devalue their currencies.
While the U.S. and other governments might throw out phrases like commitment to a strong dollar every now and then,
what many of them are actually doing is actively and openly devaluing their currencies to gain unfair short-term economic advantages.
Faced with unacceptably high unemployment and a stagnant global economy, the worlds leading economies are resorting to currency manipulation to steal a greater piece of a shrinking economic pie.
The short-sighted goal is to weaken the currency to make domestic goods cheaper for foreigners to buy and foreign goods more expensive to purchase.
This beggar-thy-neighbor strategy is highly contentious and potentially explosive.
In 2012 alone, global central banks cut interest rates 75 times in an effort to weaken their currencies.
Ever since the Fed launched QE2 in August 2010, we have been in the currency war regime, confirms Alessio de Longis,
who runs the Oppenheimer Currency Opportunities Fund.
It will continue to be this.
Regardless of who started it, the war is heating up.
Latest Currency Shot
When Shinzo Abe was elected prime minister of Japan in December, it heralded a new stage in the global currency war.
He immediately announced that Tokyo would no longer be neutral.
It would implement a massive $1.4 trillion quantitative easing (money-printing) plan to reduce the value of the yen.
He said the yen had risen too high(in reality, the dollar, yuan and euro had fallen, making the yen appear to have risen).
He then bullied the Bank of Japan into doubling its acceptable inflation level.
Abes intent was plain:to boost job creation by the same artificial means employed by the U.S. and Chinacurrency devaluation leading to increased exports.
And he was very open about it.
A daring monetary policy is essential if Japan is to beat deflation and drive down the value of the yen, he said.We strongly expect the BOJ [Bank of Japan] to conduct aggressive monetary easing with a clear price target.
Bowing to the pressure, the central bank announced it would potentially buy unlimited amounts of government bonds.
Since then, the yen has lost 25 percent of its value against the euro and about 13 percent against the dollarand Japans exporters grabbed market share.
Ever since the new government took control, it feels as though Japan is filled with the spirit for economic revival, Toyota executive Takahiko Ijichi said in March.
Outside of Japan, Toyotas competitors are filled with a different spirit.
China is fully prepared for currency war, its central bank deputy governor, Yi Gang, said that same month.China will take into full account the quantitative easing policies implemented by central banks of foreign countries.
Just hours before the BOJ announcement, German Bundesbank President Jens Weidmann warned thatpopulist governments threatened to unleash competitive currency wars,
as politicians pushed central banks to weaken currencies and steal trade.
It was a message aimed at the big powers:America, China and Japan.
Monetary policy risked becoming a political tool, he warned.
By February, the risk of currency war morphing into trade war was so high that the G-20 issued a joint declaration:We will refrain from competitive devaluation .
We will not target our exchange rates for competitive purposes,
will resist all forms of protectionism and keep our markets open.
But joint platitudes aside, the world is fully engaged in currency war and stands on the brink of full-scale trade war.
Return to 1930s
It is as if the world is back in the 1930s.
Back then, it was Great Britain that set off the chain reaction.
Following the failure of Austrian bank Creditanstalt and another bank in Germany, Britain was forced off the gold standard and devalued the pound.
Norway, Sweden and Denmark quickly followed.
America held off until 1933, when ,b>President Roosevelt confiscated all gold held in U.S. banks before devaluing the dollar against gold by 41 percent.
By 1936, Germany, France and the rest of Europe had abandoned the gold standard and were devaluing too,
all in an attempt to renege on debts and steal trade.
When the short-term boosts gained through currency devaluation were exhausted,
nations increasingly turned to tariffs, taxes and trade barriers to protect local industries and jobsall of which worked to retard economic recovery, increase social unrest, and escalate grievances between nations.
What happened next in 1939 is well known.
The currency-war-turned-trade-war was transformed into World War II by a madman.
Today, we see history repeating.
In January, Jin Liqun, chairman of the China Investment Corporation (Chinas massive sovereign wealth fund), warned America that[t]here will be no winners in currency wars,
and that Americas money printing machine will have to slow down for people to have full confidence in the dollar.
It was a thinly veiled reminder of what several Chinese officials have intimated over the past few years:that Americas biggest creditor nation holds a disproportionately important role in maintaining the dollars status as the worlds reserve currencyand that if America isnt careful,China could strip the dollar of that coveted status.
China isnt alone in preparing for the post-dollar world.
In March, China joined with Brazil, Russia, India and South Africa to create a BRICS bankto fund international development outside the purveyance of the U.S.-based financial system and the World Bank.
In March, China also announced a $30 billion currency swap with Brazil designed to make each nation less reliant on the U.S. dollar.
That same month, it also announced that it was concluding a deal with Australiato cut out the U.S. dollar middle man and conduct bilateral trade in yuan.
In this case, it seems to be Australia that is pushing for the deal.
The two countries conduct a whopping $120 billion in trade each year.
China is also bypassing the dollar in bilateral currency deals with Japan, India and Russia.
We are now in the late stages in the run-up to World War IIIlocked in a vicious currency war
that is getting ready to morph into a trade war.
And in todays high-speed electronic world, the train wreck will happen much faster.
The slide from currency war to trade war to hot war could be orders-of-magnitude fasterand orders-of-magnitude more damaging.
Experts say those countries that first devalue their currencies gain the most.
The same could be said about actual war.
Those countries that act firstsurprising their rivalsgain a distinct advantage.
When Japan surprise-attacked Pearl Harbor on Dec. 7, 1941,it hoped it would be a catastrophic blow to America,
and it could have been.
Today, most Americans have no idea an economic war is being waged, but they will soon.
Only this time, instead of awaking to the sound and images of bombs exploding over Hawaii,America risks awaking to the sounds of riots, images of frantic bankers and empty store shelvesand to newspaper headlines calling today
The Day the Dollar Died.
TOPICS: Business/Economy; Conspiracy; History; Society
KEYWORDS: currency; dollar; gold; ibtz; nationaldebt; ntsa; nuttery; preppers; shtf; silver
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-54 next last
To: Yosemitest
How deep into the Earth would one have to dig to bury a single stack of 100 dollar bills whose total value was 17 trillion dollars?
Clue: the thickness of all denominations of paper/rag US money is identical.
21
posted on
01/06/2014 7:45:43 AM PST
by
Graewoulf
(Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
To: Graewoulf
The Earth isn’t “THICK” enough.
22
posted on
01/06/2014 7:46:51 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Graewoulf
Here is what
15 Trillion dollars look like.
The blocks of money are stacks of $100 bills worth $10,000 each.
Welcome to the
2011 United States Federal Debt.
2012 is already slated at $16.4 Trillion.
23
posted on
01/06/2014 7:55:03 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
You are on the right track, but the human eye will rationalize that the stack that you show still is not as tall as the Statue of Liberty.
Sooooooooo - - - How deep into the Earth would one have to dig to bury a single stack of 100 dollar bills whose total value was 17 trillion dollars?
Clues:
1.) The thickness of all denominations of paper/rag US money is identical.
2.) The thickness of a 100 dollar bill is 0.0043 inches.
3.) Assume that there is no space between the 100 dollar bills.
24
posted on
01/06/2014 8:17:21 AM PST
by
Graewoulf
(Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
To: Yosemitest
This is a likely scenario. Obviously, there is enough supposition to pick it apart. But the dominoes are all in place. I do not think that China, Russia, etc. will come out of this scenario only lightly scathed. I have converged on the idea that an economic collapse in the US will happen as a result of a worldly cascade of disasters.
To: Yosemitest
This can't happen because the Fed will step in and buy bonds, in which case the Chinese will get a couple trillion seriously devalued dollars in return for their Treasuries, which would push the value of the Yuan up to the point that their exports die.
It would be as though they decided to shoot themselves in the head.
26
posted on
01/06/2014 8:56:51 AM PST
by
pierrem15
(Claudius: "Let all the poisons that lurk in the mud hatch out.")
To: Graewoulf
17 trillion dollars in 100 dollar bills equals 115,372.47474747474 miles or
115,372 miles 2,506 feet 7 inches and .9999995264 inches. But
the earth is only at the equator is 7,926.28 miles miles in diameter and from pole to pole is only 7,899.80 miles.
So like I said before, the Earth is NOT "Thick" enough.
It would require you to dig through 14.555630131663277 earths.
27
posted on
01/06/2014 9:03:05 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: pierrem15
Hopefully, someone will beat them to it.
28
posted on
01/06/2014 9:05:06 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
Even Barry Soetoro is not that big a spender.
Try again.
29
posted on
01/06/2014 9:09:46 AM PST
by
Graewoulf
(Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
To: Graewoulf
I’ve wasted enough time on this silliness.
30
posted on
01/06/2014 10:01:02 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Graewoulf
Here's the work. Where is it wrong?
100 dollar bill is 0.0043 inches
100,000 is 43 inches
1,000,000 is 430 inches
1,000,000,000 (1 Billion) is 430,000 inches
1,000,000,000,000 (1 Trillion) is 430,000,000 inches
17,000,000,000,000 17 Trillion is 7,310,000,000 inches
1 mile = 63,360 inches or 5280 feet
17 trillion dollars in 100 dollar bills equals 115,372.47474747474 miles
or 115,372 miles and 2,506.6666666272 feet
or 115,372 miles 2,506 feet 7 inches and .9999995264 inches
But the earth is only at the equator is 7,926.28 miles miles in diameter and from pole to pole is only 7,899.80 miles.
So like I said before, the Earth isn't "Thick" enough.
It would require you to dig through 14.555630131663277 earths.
Correct the mistake.
31
posted on
01/06/2014 10:03:48 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
100 dollar bill is 0.0043 inches
100,000 is 43 inches. HERE"S THE MISTAKE, because it should be 4.3 inches.
1,000,000 is 43 inches
1,000,000,000 (1 Billion) is 43,000 inches
1,000,000,000,000 (1 Trillion) is 43,000,000 inches
17,000,000,000,000 17 Trillion is 731,000,000 inches
1 mile = 63,360 inches or 5280 feet
17 trillion dollars in 100 dollar bills equals 11,537.247474747474 miles
or 11,537 miles and 15,679.99999995264 inches
or 11,537 miles 1,306 feet 6 and .99999999999996 inches
But the earth is only at the equator is 7,926.28 miles miles in diameter and from pole to pole is only 7,899.80 miles.
So like I said before, the Earth isn't "Thick" enough.
It would require you to dig through 1.4555630131663277 earths.
32
posted on
01/06/2014 10:32:27 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Graewoulf
It would require you to dig through 1.4555630131663277 earths.
33
posted on
01/06/2014 10:33:05 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
many others (including George Soros) have been planning it for many many years.
...........
George soros sold his position in gold in early 2013
http://money.cnn.com/2013/02/15/investing/soros-gold/
currently soros is bullish on the US economy because of oil. that means he’s also bullish on the dollar.
34
posted on
01/06/2014 11:22:47 AM PST
by
ckilmer
To: ckilmer
He’s been saying he wanted to “Collapse the Dollar” for many years, regardless of his current position on gold.
35
posted on
01/06/2014 6:54:23 PM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: ckilmer
"Soros Bets on U.S. Financial Collapse"
... What is most troubling to me about this, Diamond added, is that the Feds QE2 is in alignment with George Soross agenda to destroy global capitalism.
The decline of the dollar is what George Soros wants and what he has proposed in the past, he noted.
Soros, the billionaire hedge fund operator who finances various leftist and Marxist groups, including Media Matters, has made his fortune by betting on the collapse of national economies and currencies.
He was convicted of insider trading in France.
Media Matters recently received $1 million from Soros so that it could try to mute the effectiveness of conservative media organizations and personalities, some of them critical of Soros.
In recent Fox News programs, Glenn Beck has been focusing on the decline of the dollar and how Soros has proclaimed that an orderly decline of the dollar is actually desirable.
Programs like these have made Beck into a top target of Media Matters.
AIM has been warning for years about the intentions of Soros, noting in a 2004 report that he specializes in weakening or collapsing the currencies of entire nations for his own selfish interests.
We noted, Despite his vision of an open society, he operates an unregulated hedge fund, open only to the super-rich.
His Soros Fund Management is a member of the founders council of the Managed Funds Association (MFA).
Diamond said that as Soros is betting on a U.S. financial collapse, his net worth and the amount of money under the management of his hedge fund have ballooned.
The money that Fed chairman Ben Bernanke is putting into the economy, Diamond said, is designed to replace the stolen money from American families and the capitalist corporations under the cover of the financial crisis.
The collapse of capitalism will be a big pay day for George Soros and members of the Managed Funds Association, he said.
They are betting against the dollar and moving assets to gold and to the emerging economies.
They are betting against U.S. survival as a capitalist nation.
Referring to the members of the MFA who are betting against the U.S., Diamond asked: Have you heard them say they want to restore capitalism?
No.
But you will hear them talk about the new normalmeaning that we are not going back to capitalism.
And this is by design.
Diamonds criticism follows the shocking statements of Charles Ortel, managing director of Newport Value Partners,
who told AIM that the Federal Reserve plan to buy $600 billion of U.S. Government securities borders on the criminal
because the impact will be the devaluation of the dollar by 20 percent and the destruction of $10 trillion of household net worth.
Ortel told AIM that the Obama Administrations war on capitalism has become a war on wealth under the direction of Fed chairman Ben S. Bernanke.
Republican Rep. Tom Price and Senator-elect Rand Paul have led the criticism of the Federal Reserve,
with Paul saying, With so much blame going around for the current financial crisis
it is surprising that so few in the mainstream press have discussed the role of the Federal Reserve System.
As if to prove the point, the Sunday TV interview shows featured lengthy discussions about proposed budget cuts and federal spending
but no detailed examination of the actions of the Federal Reserve.
Charles Ortel had told AIM that the result of the upheaval will be a new global regulatory regime to manage the U.S. and other economies.
In this regard, talk of global taxes by the United Nations has increased recently
and Obama himself endorsed the concept in a document adopted by the September 20-22 U.N. Summit on the Millennium Development Goals.
Senator David Vitters Senate resolution 461 would put the Senate on record against any global tax scheme.
Like Ortel, Diamond notes that previous attempts to save the economy through the actions of the Federal Reserve have demonstrably failed.
Rather than allow the Fed to pour more printed money into the economy, Diamond said that the new Congress should be following the money paper trail and try to recover as much of the stolen money as possible.
Instead of holding the looters accountable, he said that the Fed is allowing the looters to digest the stolen money and dig us deeper into the hole.
The Securities and Exchange Commission (SEC), he said, should reinstate regulations designed to protect invested capital from the hedge fund short-sellers.
What is needed is the legal protection for the invested capital, protection for the value of our homes
and policies that encourage capitalism and risk taking, he said.
The hedge fund short-sellers should be monitored and regulated like mutual funds, he said.
While Bernanke takes the brunt of Diamonds critique,
Diamond doesnt lose sight of the President who re-appointed Bernanke to that post.
President Barack Obama is doing everything he is NOT supposed to doand is FAILING TO DO the things he is SUPPOSED TO DOto fix this economic crisis, he said.
Consider the matter of stimulus spending, for example.
Obama got $700 billion in stimulus money, supposedly for shovel ready jobs.
But he later admitted there were no shovel ready jobs.
So it is just more money down the drain, more debt and deficit, digging us deeper into the hole, he said.
He concluded, This is the person the pundits and talking heads on TV insisted is smart and intelligent.
Misguided Americans may have inadvertently elected a dummy or an enemy agent as their President.
Take your pick.
36
posted on
01/06/2014 8:18:21 PM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
The decline of the dollar is what George Soros wants and what he has proposed in the past, he noted.
.................
This was absolutely true in 2008. But crap you ever looked at a picture of the dollar from 2001 to 2008—you didn’t need a George Soros to see that the dollar was going down the toilet....
But the world has radically changed meat cleaver through your brains in the last 5 years.
Oil changes everything...including the value of a currency and the price of gold. Dollar goes up. Gold goes down.
You’re probably a young whipper snapper. You don’t remember the 1970’s. What’s happening now is the mirror image opposite— of what happened then.
Even Soros is not such a fool that he doesn’t change with the times. Right now Soros hates gold. Soros likes the US economy and by extension the US dollar.
37
posted on
01/07/2014 6:39:06 AM PST
by
ckilmer
To: ckilmer
"You dont remember the 1970s. Whats happening now is the mirror image opposite of what happened then."
I graduated high school in 74 and I've got over 26 years in the military.
I'm not sure I remember exactly what you're hinting at and who your talking about.
Mr Peanut was pretty bad, and I was working in the control tower when the 747s landed at Columbus AFB
and loaded up all the Iranian student pilots and hauled them back to Iran to be executed by their new government.
But I think today is much, much worse!
NEVER BEFORE IN OUR HISTORY have we had an ILLEGAL ALIEN elected pResident that is so "ANTI-United States" and is working with our ENEMIES to destroy us from within.
NEVER !
38
posted on
01/07/2014 6:48:07 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: ckilmer
In short, you’re full of it!
39
posted on
01/07/2014 6:48:58 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: Yosemitest
In short, youre full of it!
............
Proof is in the pudding. Watch the value of the dollar go sideways to up this year. And the value of the gold to go sideways to down.
You don’t need me. Just use your eyes and your brains. Just don’t accuse your eyes of lying.
40
posted on
01/07/2014 6:50:56 AM PST
by
ckilmer
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