The United States economy is going to crash. Not "recess," not "depress," but CRASH. We are all going to pay for our indifference towards our government's mammoth machine of war and megalomanaical borrowing. If we the people had stepped up and stopped the war machine, we would not be facing the destruction of virtually all of the economic means which we employ now, nor would we be responsible for complicity in a scheme that has killed and devastated millions of human beings throughout the world. PLEASE! Do not live in denial. We know why the economy is crashing: it is based on greed, it is based on war, and it is absolutely dependent on OUR apathy towards it. It's time to find a new way to think about economics. Our current way IS going to end, whether we like it or not, and it is we the people who will decide what rises in its place.
Daily News Headlines & Propaganda for 24 August 2008 (see All News):
The Great Consumer Crash of 2009 (SeekingAlpha.com - 14 Aug 08 - USA) ... “It is easy to ignore the storm if you look at the opposite horizon. When the storm reaches your location there can be no more ignorance.” I hate to tell you, but the storm has reached your location and it is a Category 5 hurricane. The levees are leaking. Ignore it at your own peril. The 6,000 sq ft McMansion buying, BMW leasing, $5 Starbucks latte drinking, granite countertop upgrading, home equity borrowing days are coming to an end. The American consumer will not go without a fight. For the last seven years the American consumer has carried the weight of the world on its shoulders. This has been a heavy burden, but when you take steroids it doesn’t seem so heavy. The steroid of choice for the American consumer has been debt. We have utilized home equity loans, cash out refinancing, credit card debt, and auto loans to live above our means. It has been a fun ride, but the ride is over. We can’t get steroids from our dealer (banks) anymore. - SeekingAlpha.comWhy we love ‘America’s Outrageous War Economy!’ (MarketWatch.com - 18 Aug 08 - USA) ... Yes, America's economy is a war economy. Not a "manufacturing" economy. Not an "agricultural" economy. Nor a "service" economy. Not even a "consumer" economy. Seriously, I looked into your eyes, America, saw deep into your soul. So let's get honest and officially call it "America's Outrageous War Economy." Admit it: we secretly love our war economy. And that's the answer to Jim Grant's thought-provoking question last month in the Wall Street Journal -- "Why No Outrage?" There really is only one answer: Deep inside we love war. We want war. Need it. Relish it. Thrive on war. War is in our genes, deep in our DNA. War excites our economic brain. War drives our entrepreneurial spirit. War thrills the American soul. Oh just admit it, we have a love affair with war. We love "America's Outrageous War Economy."... Why else are Americans so eager and willing to surrender 54% of their tax dollars to a war machine, which consumes 47% of the world's total military budgets? - MarketWatch.com
US trashes US Dollars 48b in food a year (PressTV.ir - 22 Aug 08 - Persia) ... In the US nearly a third of food products, worth some USD 48.3b, are thrown away annually by households alone, a new report says. The massive wastage in the US comes as the growing food crisis worldwide has triggered riots in over 30 developing nations early this year and it is still being aggravated by over-consumption, the Inter Press Service reported. Professor Jan Lundqvist of the Stockholm International Water Institute (SIWI) says that that there are 850 million people worldwide who suffer from hunger and starvation daily compared with over 1.2 billion people who are overweight and obese... Some 18,000 children die every day because of hunger and malnutrition worldwide, according to the UN food agency. - PressTV.ir
US regulators shut Columbian Bank in Kansas (AP/BusinessWeek.com - 22 Aug 08 - USA) ... The Federal Deposit Insurance Corp. was appointed receiver of Columbian Bank of Topeka, Kan., which had $752 million in assets and $622 million in deposits as of June 30... It was the ninth failure this year of an FDIC-insured bank. That compares with three failures in all of 2007. More banks are in danger of failing this year, agency officials have said. - Associated Press
Freddie, Fannie Failure Could Be World `Catastrophe,' Yu Says (Bloomberg.com - 22 Aug 08 - USA) ... A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China's central bank... "If it is not the end of the world, it is the end of the current international financial system"... China's $376 billion of long-term U.S. agency debt is mostly in Fannie and Freddie assets, according to James McCormack, head of Asian sovereign ratings at Fitch Ratings Ltd. in Hong Kong. The Chinese government probably holds the bulk of that amount, according to McCormack... The two companies combined account for more than half of the $12 trillion U.S. mortgage market. - Bloomberg.com
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