Financial Meltdown: History repeating itself – from Yugoslavia, to Argentina, Zimbabwe, and America?

Image by cooldesign / freedigitalphotos.net *

Image by cooldesign / freedigitalphotos.net *

Doug Casey (1):

  • they’re telling us we’ve been in a recovery for five year
  • people’s standard of living is going down
  • real incomes are falling
  • job opportunities are disappearing
  • 50% of Americans are reliant upon the government for their income

¨More and more, Americans are tired, frustrated, anxious, and worried about the state of their country. They are afraid of an increasingly violent and oppressive federal government, and they are worried about the economic insecurity which still grips the nation.¨John W. Whitehead (2)

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Remobilizing Gold could save the World Economy

Image: worradmu / freedigitalphotos.net *

“The world’s monetary gold should be remobilized. This can be accomplished by opening the U.S. Mint to the free and unlimited coinage of gold. There should be no attempt to fix, cap, or otherwise control the dollar price of gold.”

Gold is the only ultimate extinguisher of debt. Other extinguishers do, of course, exist but they are not ultimate in that they have a counterpart in the liability column of the balance sheet of someone else. Gold has no such liability attached to it. Gold is where the buck stops. It is this property that makes gold unique as a financial asset.
Professor Fekete

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Panic Spreads: G-7 Finance Ministers hold Emergency meeting on Spain

Image: FreeDigitalPhotos.net *

“Indications are that the imminent bankruptcy of Banco Santander, the lead bank of the British Crown’s Inter-Alpha Group, and the largest bank in Europe, is now at the center of the crisis” LaRouchePAC

“Spain will be sacrificed on the altar of high finance.Daniel Estulin

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The “OTHER” Greek debt: It Gets Worse

Image: M - Pics / FreeDigitalPhotos.net *

“One moment please” as I introduce you to the 800 pound Greek Gorilla that is about to enter the room. Allow me to now present to you the “OTHER” Greek debt that is outstanding and will have to be accounted for as the country defaults. Detailed below are some of the “OTHER” sovereign obligations of the Greek government which have now been submitted to the ISDA and I list some of them below. You will note that there are bank bonds, Hellenic Railway bonds, Urban Transportation bonds et al that are guaranteed by Greece. You will also note that there are bonds tied to Inflation, Floating Rate Notes, Asset-Backed securities and a whole mélange of other structured products with a Greek sovereign guarantee.  Mark J Grant

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Ron Paul: U.S. Economy squeezed as Debt accelerates

Speech against Raising the Debt Ceiling by 1.2 Trillion – Jan 18 2012

Economy squeezed as Debt accelerates

By Ron Paul
http://paul.house.gov/
February 27, 2012

Senator Jeff Sessions, ranking member of the Senate Budget Committee has pointed out that our per capita government debt is already larger than Greece’s.  Per person, our government owes over $49,000 compared to $38,937 per Greek citizen.  Our debt has just reached 101% of our Gross Domestic Product.  Our creditors see this and have quietly slowed down or stopped their lending to us.  As a result, the Federal Reserve has been outright monetizing debt as a way to patch things together and keep the economy on life support a little longer.  There is rapidly shrinking demand for our debt, and confidence in the dollar is falling.  This phenomenon is hidden only by the fact that confidence in all other fiat currencies is falling faster. Continue reading

Iceland shows eurozone (and the US) how to fight crisis

Satellite image of Iceland by NASA / Wikipedia (1)

Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.”

“Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.”

“That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.”  
bloomberg.com
(2)

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Follow the Money: Behind Europe’s Debt Crisis Lurks Another Giant Bailout of Wall Street

European Debts and Deficits / Wiki Commons *

“The Street’s total exposure to the euro zone totals about $2.7 trillion.
“Greece isn’t the real problem. Nor is Ireland, Italy, Portugal, or Spain. The real problem is the financial system — centered on Wall Street. And we still haven’t solved it.”

Robert Reich

“And that problem will not be solved in the way that you might think of it, because the people ‘solving it’ are the same ones who created it. Their every effort will be directed toward increasing their power and preserving their situations and advantages, to the exclusion of most other concerns.”
Harvey Organ
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Argentine President Launches Atucha II Nuclear Reactor

Argentine President Cristina Fernandez de Kirchner

“Cristina Fernandez de Kirchner, president of Argentina and wife of the late Nestor Kirchner, delivered this rousing patriotic speech on September 28, 2011 at the activation of the Atucha II nuclear power plant. Cristina passionately re-affirms her husband’s commitment to the defense of the sovereignty of Argentina, and celebrates science, industry, and the creative powers of her citizens as the driver of Argentina’s economic future.” LaRouchePac Continue reading