Tuesday, April 5, 2011
U.S. headed for 'Great Collapse'?
Obama administration repeats Carter's 1970s 'stagflation'
Economist John Williams of "Shadow Government Statistics" is predicting the U.S. economic solvency crises of the last two years are just precursors to a great collapse: a Hyperinflationary Great Depression.
Williams feels the outside timing on the hyperinflation remains 2014, although there are strong indications the collapse has already begun.
He lists the following as factors contributing to the coming economic crisis:
* The Federal Reserve moving to monetize U.S. Treasury debt with its current policy of Quantitative Easing 2, or QE2, aimed at buying another $600 billion in Treasury debt; * The U.S. dollar losing its traditional safe-haven status, while losing its reserve status, as the world moves to a new global reserve currency, most likely in the form of International Monetary Fund use of Special Drawing Rights; * The federal government moving into what is effectively long-term insolvency, with GAAP-based (Generally Accepted Accounting Practices) showing total federal obligations at $76 trillion – more than five-times the level of U.S. GDP by the end of 2010; * The weakness of political will in Washington, with Congress being unable to cut funding as severely as needed, especially when it come to the necessary slashing of unfunded liabilities in government social programs such as Social Security and Medicare.Williams' Hyperinflation Special Report (2011) warns the United States is about to experience once again the "stagflation" combination of low economic growth plus high inflation and high interest rates that came to characterize the presidency of Jimmy Carter in the late-1970s, but on a scale magnified many times over.
How much money will the Obama administration print?
With the Obama administration about to incur its third trillion-dollar-plus federal budget deficit, the question is: How much money will the Obama administration print?
"Bankrupt governments – unable to raise adequate cash to cover obligations – invariably crank up the currency printing presses to do so, creating a hyperinflation," Williams wrote.
Williams contends that the Obama administration will print whatever amount of currency is needed to prevent an immediate systemic economic collapse, even if the inevitable consequences are the debasement of the dollar and the increasing of domestic inflation.
"The deliberate monetary and fiscal abuses have resulted in de-stabilizing selling pressures against the U.S. currency, in rising gold and silver prices, and in a nascent pickup in reported U.S. consumer inflation," he observed. "That inflation has been driven by unhealthy monetary policy instead of healthy economic demand, and it should continue to increase in the months ahead."
He noted that major powers such as China, Russia and France, as well as international monetary institutions such as the IMF, have called for the abandonment of the U.S. dollar as the global reserve currency.
'Economy is not in recovery'
Williams also directly counters the conventional wisdom that the U.S. economy is in recovery from the 2007 recession.
"Despite pronouncements of an end to the 2007 recession and the onset of an economic recovery, the U.S. economy still is mired in a deepening structural contraction, which eventually be recognized as a double- or multiple-dip recession," he wrote.
Williams predicts that QE2 will likely be expanded or supplemented by a QE3, as the Fed finds no other buyers for Treasury debt at an affordable price.
"Looming with uncertain timing is a panicked dollar dumping and dumping of dollar-denominated paper assets, which remains the most likely event as proximal trigger for the onset of hyperinflation in the near-term," Williams warns.
Williams advises that physical gold (sovereign coins priced near bullion prices) remains the primary hedge in terms of preserving the purchasing power of current dollars. He also favors investments in silver and hedges in stronger major currencies, such as the Swiss franc and the Australian dollar.
"In terms of survival on a day-to-day basis, U.S.-based individuals should be building a store of goods in preparation for a manmade disaster, much as they would for a natural disaster such as an earthquake," he concludes. "Economic activity probably would devolve to a barter system, but such could take months to become fully functional."
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Dan Gainor: Unreported Soros Event Aims to Remake Entire Global Economy
Left-wing billionaire’s own experts dominate quiet push for ‘a grand bargain that rearranges the entire financial order’
Two years ago, George Soros said he wanted to reorganize the entire global economic system. In two short weeks, he is going to start – and no one seems to have noticed.
On April 8, a group he’s funded with $50 million is holding a major economic conference and Soros’s goal for such an event is to “establish new international rules” and “reform the currency system.” It’s all according to a plan laid out in a Nov. 4, 2009, Soros op-ed calling for “a grand bargain that rearranges the entire financial order.”
The event is bringing together “more than 200 academic, business and government policy thought leaders’ to repeat the famed 1944 Bretton Woods gathering that helped create the World Bank and International Monetary Fund. Soros wants a new ‘multilateral system,” or an economic system where America isn’t so dominant.
More than two-thirds of the slated speakers have direct ties to Soros. The billionaire who thinks “the main enemy of the open society, I believe, is no longer the communist but the capitalist threat” is taking no chances.
Thus far, this global gathering has generated less publicity than a spelling bee. And that’s with at least four journalists on the speakers list, including a managing editor for the Financial Times and editors for both Reuters and The Times. Given Soros’s warnings of what might happen without an agreement, this should be a big deal. But it’s not.
What is a big deal is that Soros is doing exactly what he wanted to do. His 2009 commentary pushed for “a new Bretton Woods conference, like the one that established the post-WWII international financial architecture.” And he had already set the wheels in motion.
Just a week before that op-ed was published, Soros had founded the New York City-based Institute for New Economic Thinking (INET), the group hosting the conference set at the Mount Washington Resort, the very same hotel that hosted the first gathering. The most recent INET conference was held at Central European University, in Budapest. CEU received $206 million from Soros in 2005 and has $880 million in its endowment now, according to The Chronicle of Higher Education.
This, too, is a gathering of Soros supporters. INET is bringing together prominent people like former U.K. Prime Minister Gordon Brown, former Fed Chairman Paul Volcker and Soros, to produce “a lot of high-quality, breakthrough thinking.”
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On April 8, a group he’s funded with $50 million is holding a major economic conference and Soros’s goal for such an event is to “establish new international rules” and “reform the currency system.” It’s all according to a plan laid out in a Nov. 4, 2009, Soros op-ed calling for “a grand bargain that rearranges the entire financial order.”
The event is bringing together “more than 200 academic, business and government policy thought leaders’ to repeat the famed 1944 Bretton Woods gathering that helped create the World Bank and International Monetary Fund. Soros wants a new ‘multilateral system,” or an economic system where America isn’t so dominant.
More than two-thirds of the slated speakers have direct ties to Soros. The billionaire who thinks “the main enemy of the open society, I believe, is no longer the communist but the capitalist threat” is taking no chances.
Thus far, this global gathering has generated less publicity than a spelling bee. And that’s with at least four journalists on the speakers list, including a managing editor for the Financial Times and editors for both Reuters and The Times. Given Soros’s warnings of what might happen without an agreement, this should be a big deal. But it’s not.
What is a big deal is that Soros is doing exactly what he wanted to do. His 2009 commentary pushed for “a new Bretton Woods conference, like the one that established the post-WWII international financial architecture.” And he had already set the wheels in motion.
Just a week before that op-ed was published, Soros had founded the New York City-based Institute for New Economic Thinking (INET), the group hosting the conference set at the Mount Washington Resort, the very same hotel that hosted the first gathering. The most recent INET conference was held at Central European University, in Budapest. CEU received $206 million from Soros in 2005 and has $880 million in its endowment now, according to The Chronicle of Higher Education.
This, too, is a gathering of Soros supporters. INET is bringing together prominent people like former U.K. Prime Minister Gordon Brown, former Fed Chairman Paul Volcker and Soros, to produce “a lot of high-quality, breakthrough thinking.”
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Radioactivity in sea up 7.5 million times
Radioactive iodine-131 readings taken from seawater near the water intake of the Fukushima No. 1 nuclear plant's No. 2 reactor reached 7.5 million times the legal limit, Tokyo Electric Power Co. admitted Tuesday.
The sample that yielded the high reading was taken Saturday, before Tepco announced Monday it would start releasing radioactive water into the sea, and experts fear the contamination may spread well beyond Japan's shores to affect seafood overseas.
The unstoppable radioactive discharge into the Pacific has prompted experts to sound the alarm, as cesium, which has a much longer half-life than iodine, is expected to concentrate in the upper food chain.
According to Tepco, some 300,000 becquerels per sq. centimeter of radioactive iodine-131 was detected Saturday, while the amount of cesium-134 was 2 million times the maximum amount permitted and cesium-137 was 1.3 million times the amount allowable.
The amount of iodine-131 dropped to 79,000 becquerels per sq. centimeter Sunday but shot up again Monday to 200,000 becquerels, 5 million times the permissible amount.
The level of radioactive iodine in the polluted water inside reactor 2's cracked storage pit had an even higher concentration. A water sample Saturday had 5.2 million becquerels of iodine per sq. centimeter, or 130 million times the maximum amount allowable, and water leaking from the crack had a reading of 5.4 million becquerels, Tepco said.
"It is a considerably high amount," said Hidehiko Nishiyama, spokesman for the Nuclear and Industrial Safety Agency.
Masayoshi Yamamoto, a professor of radiology at Kanazawa University, said the high level of cesium is the more worrisome find.
"By the time radioactive iodine is taken in by plankton, which is eaten by smaller fish and then by bigger fish, it will be diluted by the sea and the amount will decrease because of its eight-day half-life," Yamamoto said. "But cesium is a bigger problem."
The half-life of cesium-137 is 30 years, while that for cesium-134 is two years. The longer half-life means it will probably concentrate in the upper food chain.
Yamamoto said such radioactive materials are likely to be detected in fish and other marine products in Japan and other nations in the short and long run, posing a serious threat to the seafood industry in other nations as well.
"All of Japan's sea products will probably be labeled unsafe and other nations will blame Japan if radiation is detected in their marine products," Yamamoto said.
Tepco on Monday began the release into the sea of 11,500 tons of low-level radioactive water to make room to store high-level radiation-polluted water in the No. 2 turbine building. The discharge continued Tuesday.
"It is important to transfer the water in the No. 2 turbine building and store it in a place where there is no leak," Nishiyama of the NISA said. "We want to keep the contamination of the sea to a minimum."
JAPAN TIMES
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Bible Codes: The Messiah in 2012?
For those who had hard to understand the video here is an explanation:
Torah code proponents know that one cannot predict the future with Bible codes because every future possibility is already encoded into the Torah. It is up to the free will of Mankind as to which future will materialize, therefore one may find a code that could portend an upcoming event, but it may or may not happen, and therefore, Torah codes should NOT be used to foretell events. However, it can be used to show when events could be RIPE to happen. Below is such a venue.
There is one event that most all of Mankind is waiting for, and that is the arrival of the Moshiach (Messiah). I will be asking Rav Glazerman about a video he put up showing the possibility of the Moshaich coming in almost exactly one year's time from now, next Passover, 2012. In this video below, he shows the time could be ripe for just such an event.
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The horrors of history, the highs of humanity, they can all be found embedded in the Torah (Bible) Codes. Bible codes are Hebrew letters making up words which are found in equidistant sequences encoded in the Torah. The words they form can appear in horizontal, vertical, diagonal or even backwards directions and sometimes intersect each other, giving greater connective strength to a code.
On April 3rd, I interview(ed) Rabbi Matityahu Glazerson, an Israeli who is an expert in the Torah codes, and has authored over 25 books on different Torah topics, Jewish Mysticism, and other Judaic topics. 
If you check out his website and videos at: www.glazerson.comyou will see some of the various historic or other news-shaking events that he has found in the Torah such as the following topics:
If you check out his website and videos at: www.glazerson.comyou will see some of the various historic or other news-shaking events that he has found in the Torah such as the following topics:
*Gadaffi's Defeat In Bible Codes
*Syrian Dictator, Bashar al-Assad's Downfall
*The Japan Tsunami and Redemption
*The Slaughter of the Fogel Family in Itamar last month
*Syrian Dictator, Bashar al-Assad's Downfall
*The Japan Tsunami and Redemption
*The Slaughter of the Fogel Family in Itamar last month
- Those are just a few, as visiting his website will show you codes which show dozens of other events, including the Gaza Flotilla, U.S. President Obama, and even a threat to the world by Korea. To ask him questions, phone into the show at: 1-800-270-4288 at Sunday April 3rd at 3:30pm (8:30am Easern/NY time). Or listen on Archive later when the show has been uploaded to our archive page: www.IsraelNationalNews.com/Radio/
Will the Moshiach (Messiah) come next year in 2012?
Torah code proponents know that one cannot predict the future with Bible codes because every future possibility is already encoded into the Torah. It is up to the free will of Mankind as to which future will materialize, therefore one may find a code that could portend an upcoming event, but it may or may not happen, and therefore, Torah codes should NOT be used to foretell events. However, it can be used to show when events could be RIPE to happen. Below is such a venue.
There is one event that most all of Mankind is waiting for, and that is the arrival of the Moshiach (Messiah). I will be asking Rav Glazerman about a video he put up showing the possibility of the Moshaich coming in almost exactly one year's time from now, next Passover, 2012. In this video below, he shows the time could be ripe for just such an event.
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Former SEIU Union Official Exposes Plot to Collapse U.S. Economy
A former top official with the SEIU was allegedly caught on tape during a March 19 forum describing a union-led plot to “destabilize” the country, bring down capitalism, crash the stock market and destroy the American economy for the purpose of redistributing wealth. Commentators are already referring to the alleged conspiracy as a plan for “economic terrorism” as the uproar continues to grow.
The speech detailing the supposed plot, presented at a leftist gathering at Pace University by former Service Employees International Union banking and finance boss Stephen Lerner, was first obtained by The Blaze news service. Since being posted online, the revelations have caused a firestorm that is spreading fast.
While the whole alleged conspiracy was not revealed because Lerner suspected there could be police present at the forum, the details he provided were enough to understand the basic ideas. Among other strategies, Lerner suggested mass strategic defaults on mortgage and student loans, civil disobedience, strikes, disruption of shareholder meetings and large-scale protests.
“There are actually extraordinary things we could do right now to start to destabilize the folks that are in power and start to rebuild a movement,” Lerner said. “There is going to be a ten state mobilization to try and shut down [the JP Morgan Chase shareholder] meeting and then looking at bank shareholder meetings around the country and try and create some moments like Madison [Wisconsin] except where we are on offense instead of defense.”
Claiming that organized labor and “community organizations” were in the process of dying, Lerner said a new strategy was needed. “We need to figure out in a much more — through direct action — more concrete way how we are really trying to disrupt and create uncertainty for capital, for how corporations operate,” he told the group.
And one of the primary targets — initially at least — would be JP Morgan Chase bank. “So a bunch of us around the country think: ‘who would be a really good company to hate?’” Lerner explained. “We decided that would be JP Morgan Chase, and so we are going to roll out over the next couple of months what would hopefully be an exciting campaign about JP Morgan Chase that is really about challenging the power of Wall Street.”
Another avenue for wealth redistribution Lerner described in his speech involves local and state governments blackmailing banks. Essentially, governments would threaten to refuse to do business with certain banks unless they were willing to renegotiate existing loans, reduce interest payments and rewrite mortgage contracts “for everybody in the communities.”
Students would also be encouraged not to pay back their estimated $1 trillion in student-loan debt. And government-employee union members should go on strike unless governments agree to coerce banks into accepting new terms. Finally, the recent “disruption” in Madison must spread to Wall Street and cities across America, Lerner suggested.
The “simple strategy” Lerner and his cohorts are pursuing would “bring down the stock market,” bring down bonuses and “interfere” with the ability to be rich, he said. “And that means we have to politically isolate [the people who allegedly control the country], economically isolate them and disrupt them.”
He said three main ideas needed to be emphasized. America is not broke and there is “plenty” of money, “they” have the money, and “they” are using people in government to try to “destroy us.” “And so we need to take on those folks at the same time.”
According to Lerner, “brave and heroic battles” will soon be challenging the power of giant corporations. “We hope to inspire a much bigger movement about redistributing wealth and power in the country and that labor can’t do itself, that community groups can’t do themselves, but maybe we can work something new and different that can be brave enough and daring and nimble enough to do that kind of thing.”
NEW AMERICAN
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Frightened residents flee as 7.1 quake hits Java
Indonesia has cancelled a tsunami warning after a powerful earthquake struck in the Indian Ocean south of the island of Java.
Coastal areas in parts of Indonesia had been on alert for a small tsunami after the quake struck at 3.06am local time (8.06am NZT) on Monday.
The quake prompted frightened residents to flee their homes and run onto the streets.
The quake was felt in the Indonesian capital of Jakarta, where buildings swayed for more than 30 seconds, as well as in Yogyakarta.
There were conflicting reports of the size and epicentre of the quake.
Indonesian authorities reported the quake as being a magnitude 7.1 and striking at a depth of 10km, with its epicentre 293km southwest of Cilacap in central Java.
However, the US Geological Survey said a magnitude-6.7 quake struck at a depth of 24km, 277 kilometres south of Tasikmalaya in West Java and 241km east-north-east of Christmas Island.
NZHERALD
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Royal Bank of Scotland's Irish loan losses double to £15bn after stress tests, says UB
Royal Bank of Scotland would need to more than double its provisions against potential losses on its Irish loan book if it faced the stress tests with the same criteria used by the Irish government earlier this week.
The part-nationalised bank has so far put aside £6bn to cover the losses it expects to make on its Irish portfolio. However, UBS analysts estimate RBS would need to raise this to £15bn using the loss assumptions Blackrock applied to Irish banks.
In contrast, Lloyds Banking Group would need to increase its provisions by just £200m to £8bn, according to UBS.
On Thursday, Ireland's central bank revealed the country's four main banks will have to raise an additional €24bn (£21bn) in capital following stress tests designed to repair market confidence in the country's shattered financial system.
The tests uncovered the level of loan losses Allied Irish Bank, Bank of Ireland, Irish Life & Permanent and the EBS Building Society would face in a scenario where property prices continue to fall and economic growth remains weak.
The European Central Bank and International Monetary Fund, which last year provided Ireland with a €85bn bail-out, welcomed the announcements by the Irish government. The ECB said it would suspend the BBB– rating threshold for the eligibility of collateral for the Eurosystem credit operations for all debt instruments issued or guaranteed by the Irish government.
The Telegraph
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