The Great Depression was not an event that wiped out U.S. capitalists. It was an event that made the rich even richer by transferring the wealth of the people into the hands of the wealthy. Legendary is Bank of America s rise to affluence through real estate foreclosures from 1929-37. Don t believes for a minute that the richest of the rich will be hurt by the coming collapse. The only ones hurt will be you and me.
George Soros is a member of the Bilderberger Group, a collection of the wealthiest individuals on the planet. It includes, from the U.S., both Democrats and Republicans, and from Europe and Asia the richest old money that can be found. U.S. participants in this year s conference included David Rockefeller, Henry Kissinger, former Treasury Secretary Larry Summer, former CIA Director John Deutch and George Soros. It was just after this year s meeting which ended in early June, that all of the revelations about corporate fraud started to really hit the news. One wonders if it had been on the agenda.
I also note sadly a recent financial report from the Denver area stating that mortgage foreclosures were going through the roof. This, at the same time that Reuters (July 2, 2002) reported that corporate layoff announcements had risen by 12% in one month. In this context Bush s tax cuts seem worse than bad judgment. As former Ass t Secretary of Housing Catherine Fitts pointed out to me in a last minute e-mail, By 2010, when (and if) the Bush tax reductions are fully in place, an astonishing 52 per cent of the total tax cuts will go to the richest one per cent & Put another way, of the estimated $234 billion in tax cuts scheduled for the year 2010, $121 billion will go to just 1.4 million taxpayers.
Unless you can convince me that gravity might suddenly reverse direction, this collapse is inevitable and imminent. It will be unspeakably brutal. How long do we have? Maybe weeks, Maybe months, Maybe only days. But the house of cards is already starting to collapse all around us. A major terrorist attack, the folly of an invasion of Iraq or a nuclear exchange between India and Pakistan would only be a momentary diversion from a much greater tragedy.
Most Americans believe that their homes are their last, best retirement insurance. Yet many Americans have mortgaged their homes for 120 percent of value. Their loans are backed with the full faith and credit of the U.S. government through various agencies such as Ginnie Mae, Fannie Mae, Freddie Mac, and the Federal Housing Authority.
The International Forecaster has predicted that 40 percent of Fannie and Freddie s loans are going to come back and haunt them. We envision an S&L type bailout of $2.4 trillion down the road. This will be the biggest financial disaster in history.
The full faith and credit of the U.S. government lie behind these home loans. If the homeowners go broke in an economic crash, they default. If the U.S. government goes broke -- before or after that point -- it defaults, and the holders of U.S. debt ultimately have the right (especially under WTO and globalization) to foreclose on the collateral -- your home loans. In the worst case scenario most of the United States could legally be owned by all of the countries holding U.S. debt -- better described as T-Bills, or U.S. gold, or U.S. stocks.
The Institute of International Finance, the global organization of major banks, predicted an almost unprecedented collapse in world economic growth and capital flows.
It became the first major global institution to forecast a full-scale global contraction in 2009, predicting that the economy would shrink by 1.1pc. Now What? 2010-2012?????
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