Benefits of recession

Recessions don’t have to bring all bad news. Here are some VERY positive developments:

• Bleak future predicted for Michigan schools
• Idaho tax revenue is $41M behind estimates
• North Carolina tax collections down $35M as consumers cut spending
• Florida’s budget gap could be as high as $3.2 billion
• Newsom asks dept. heads to take 10% pay cut
• State revenues again don’t live up to expectations (KS)
• N.H. pols will cut budget due to revenue shortfall (NH)
• State revenue collections continued downward trend (AR)
• NY state cuts revenue estimate by $850 million
• 15,000 S.F. workers face layoffs, shorter weeks
• Postal Service to shed another 30,000 jobs

Bring on the depression!

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This depression’s wealth consolidation far from over

The FDIC is preparing for a huge wave of small bank “failures” in the Midwest:

The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks… The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.

[...]

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida. Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

These “failures” are almost always forced takeovers by the FDIC where the assets are then redistributed to much larger banks for pennies on the dollar. The same thing happened in the depression of the 30′s and is the whole purpose of the current engineered “crisis”.

For the first wave of bank coups, see the archives on this blog. Many more to come it appears.

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Retro Greenspan and Buffett on inflation

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” — Alan Greenspan

“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is ‘taxed’ in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn’t seem to notice that 5 percent inflation is the economic equivalent.” — Warren Buffett “How Inflation Swindles the Investor,” Fortune, May, 1977

Ironically Greenspan was directly responsible for inflation while serving as Fed chairman and Buffett now advocates, and profits from, inflationary bailouts.

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The planned destruction of the dollar

As Michael Rivero says:

There are two possibilities here.

1. The wrecking of your lives is intentional by design of the government.

2. The wrecking of your lives in accidental by incompetency of the government.

Either way, you are screwed and the government is to blame.

Details no longer matter.

The goal is to destroy the current system so that power and wealth can be further consolidated.

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Forbidden-to-work laws

Howard Katz on the tactics the government uses to guarantee unemployment:

Getting union workers to beat up other workers and deny them jobs was one of their tactics. Another was the tactic of enacting forbidden-to-work laws (fraudulently labeled “minimum wage laws”) in which workers with low labor value were forbidden from making employment contracts. Later they actually paid people to remain unemployed. and imposed special punishments on employers (such as health insurance for older workers).

All the while selling voters on the idea they are pro-labor. As Katz says: “Almost everything you have been taught is a lie.”

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The Most Over Hyped Market Rally Ever

The folks at mybudget360.com report:

There is probably no better indicator of market volatility than the current price to earnings ratio of the S&P 500. The market volatility is spectacular and we are seeing more gyrations in this recession than we did during the Great Depression. Since March when the S&P 500 touched the 666 mark, the rally has boosted the index by 54 percent. Was this caused by stunning second quarter earnings? Absolutely not. With nearly 97 percent of all companies now reporting earnings for the second quarter, the S&P 500 PE ratio sits at 129. This is by far the most over hyped rally in the world.

We are in the initial stages of a hard-core correction. Propagandists refer to this as a “recession” and the same idiots that were telling you that everything was okay before this started are now telling you all about “green shoots”. Believe them at your peril.

Details in the article.

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Reason for the depression

The purpose of ANY depression, actually. Robert Wenzel reveals:

You are about to witness a major league, sophisticated takeover of pretty much the entire banking system by the insiders. For most small banks, it will be difficult if not impossible to compete.

This depression was engineered in order to consolidate wealth into the hands of a select few, just like all the others. None of this is happening by accident or due to “not enough regulation”.

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Hyperinflation Nation

Prepare now before the US dollar is worthless.

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Forecast: deflation then hyperinflation

Ty Andros predicts:

The Tsunami of debt will begin to hit in the second half of this year and continue for quite some time (deflationary spiral as asset prices collapse due to no new lending to insolvent borrowers), at which point, the G7 financial systems will reach the ultimate destination of all fiat currency and credit systems in history: their DEMISE. Deflation will be met with the printing press until the public understands, then POOF, Zimbabwe and Argentina, here we come…

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GM: the next Amtrak

Ron Paul writes:

The promise that this is temporary and will eventually be profitable is supposed to ease the American people into accepting this arrangement, but it is of little comfort to those who remember similar promises when the American taxpayers bought Amtrak. After three years, government was supposed to be out of the passenger rail business. 40 years and billions of dollars later, the government is still operating Amtrak at a loss, despite the fact that they have created a monopoly by making it illegal to compete with Amtrak. Imagine what they can now do to what is left of the great American auto industry!

As Dr. Paul points out, this is known as fascism.

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