North Korea Revaluating their Currency

Forwarded Email on Currency Revaluation...Could this happen in America?

It's happened before..

In 1933 America had bank holidays (you could not withdraw YOUR money from the bank and Gold was confiscated from American Citizens, which removed the power of the people to use gold as a hedge against inflation)
Here is a link explaining the 1933 grab for gold: http://www.youtube.com/watch?v=rxtFi4V2JYs

http://www.foxnews.com/story/0,2933,578287,00.html

http://news.yahoo.com/s/afp/20091203/wl_asia_afp/nkoreaeconomysecuritymoney_20091203085836

Thu Dec 3, 3:58 am ET

SEOUL (AFP) – North Korea's military was on guard as public anger grew over the communist country's shock currency revaluation, reports said Thursday.

The revaluation implemented Monday has sparked fury and frustration as some citizens saw much of their savings wiped out, according to reports and observers.

They said the North had tightened security against possible agitation, with a curfew reportedly imposed in a border region and shops closed across the country during the changeover period to a new currency, which ends Sunday.

Military authorities have strengthened vigilance and are monitoring people's movements to forestall unrest, South Korea's Yonhap news agency said, citing North Korean merchants in China.

Media reports and embassies in Pyongyang said people had been given a week to exchange money at the rate of 100 old won for one new won -- but the total they can change is heavily restricted.

Reports said authorities initially limited the total sum that an individual can exchange for new currency to 100,000 won. The limit was later raised to 150,000 won in cash and 300,000 won in bank savings.

DailyNK, an online newspaper with informants in the North, said the rule has now been changed a second time.

It said the exchange rate is still 100:1 for the first 100,000 old won. But people can now change the rest of their money at a rate of 1,000:1.

The official exchange rate for the old currency was 135 to the dollar but the black market rate was between 2,000 and 3,000.

Analysts said the move, still not announced by official media, appears aimed at clamping down on burgeoning free markets in an attempt to reassert the regime's control.

"This move is part of Pyongyang's broader effort to curtail the rise of market activities and the development of pathways to wealth -- and potentially power -- beyond state control," Marcus Noland of the Peterson Institute for International Economics wrote in the Asian Wall Street Journal.

South Korea's Chosun Ilbo newspaper said North Koreans are publicly voicing their anger despite the increased presence of security agents on the streets.

"There are accounts of people loudly cursing the government in the markets in major cities," it said.

Prices of goods have soared but it is still unclear whether authorities will cut prices to match the new currency, the daily said.

Alex Jones and Gerald Celente

About Gold and the American Financial System Collapse...

The Dollar Bubble

http://inflation.us/

Total Economic Collapse (Forwarded Email)

“Fascism should rightly be called Corporatism as it is a merge of state and corporate power.”~ Benito Mussolini.

"We are going to see a major change in our way of life. What does this mean for you? Here it is in as simple of terms as I can possibly make it:"

"1. Inflation will skyrocket. If you are in the market for new clothing, expect the price for common, ordinary garments to quadruple overnight. Food, even the basic staples, will become so expensive that the largest percentage of what we spend out of our paychecks will be used just to stay alive. The poorest among us will have trouble merely surviving.

2. Paper money will be basically worthless. That means those dollars we use to purchase goods and services will have absolutely no real value any longer. The dollar, at that point, will have been so thoroughly devalued that it will be worth only the paper its printed on. Unless you have invested heavily in gold and other precious medals, you will be big trouble.

3. Gold and precious medals, which have intrinsic value of their own, will become vastly important. At present, the price of gold has skyrocketed to over $1000 per ounce. This means that a gold coin that at one time carried a value of $20 will now be worth over $1000. Those who have bought these gold coins and bricks as a hedge against inflation will be in a good position to weather the coming storm. Those who have not will be at the mercy of the coming economic storm where goods and services will quadruple in costs and where their paper money will be basically worthless.

4. Starvation will become common. Homelessness will overwhelm American society. Businesses will go under. Joblessness will sweep over the nation, setting us on a course to either match or outmatch the unemployment numbers of the Great Depression."

http://www.examiner.com/x-3704-Columbia-Conservative-Examiner~y2009m10d13-What-the-demise-of-the-dollar-means-for-you

What’s Happening 11/5/09 *Total Economic Collapse – The Swindle* Pt 1

“Fascism should rightly be called Corporatism as it is a merge of state and corporate power.”~ Benito Mussolini.

Turn off your television.

There is an impending terrible danger to every American that is happening NOW… & the media is silent.

Americans have again been lulled to sleep by the liars & the pitchmen…

And the SHARK that took a nip out of us last year is about to drag us under.

Right before our very eyes, our Country is being robbed barren and transformed into a Fascist Corporate-State.

Protect Yourselves as God leads…

Scrump

“What’s Happening” editions & much more are now available online at http://areyouawakeyet.ning.com

------------------------------------------------------------------------------------------------------------

The Articles

Everything Is Happening Now!

Oct 13 2009

By: Jim Sinclair

My Dear Friends,
Everything we have discussed here for many years is NOW taking place.
Everything we have suggested is coming is NOW on your doorstep.
Any ideas of trading have been smashed not only by common sense, but also by the flash systems against which you do not stand a chance.
All precious metals companies with materials in, on top or mining will succeed in market terms.
All shorts in both precious metals shares and gold itself will end up covering in a less than comfortable manner.
Gold will trade at $1250 and $1650 before seeking Alf’s and Armstrong’s prices.
The US dollar is nearing a severe crisis period that will occur this winter.
Middle American business is facing severe difficulty with a collapse of CIT or even a failure to refinance to a comfortable level a potential crisis-producing event. CIT is to Middle America what Lehman was to the financial industry.
There is very little to add today with one exception: Have you protected yourself?…


http://jsmineset.com/2009/10/13/everything-is-happening-now

Government Reports Point to Fiscal Doomsday
Martin D Weiss
When our leaders have no awareness of the disastrous consequences of their actions, they can claim ignorance and take no action.
Or when our leaders have no hard evidence as to what might happen in the future, they can at least claim uncertainty.
But when they have full knowledge of an impending disaster ... they have proof of its inevitability in ANY scenario ... and they so declare in their official reports ... but STILL don’t lift a finger to change course ... then they have only one remaining claim:
INSANITY!
And, unfortunately, that’s precisely the situation we’re in today: Three recently released government reports now point to fiscal doomsday for America; and one of the reports, issued by the Congressional Budget Office (CBO), says so explicitly:

• The CBO paints two future scenarios for the U.S. budget deficit and the national debt. But it plainly declares that fiscal disaster will strike in EITHER scenario. Furthermore ...
• The CBO states that its fiscal disaster scenarios could cause severe economic declines for decades to come, including hyperinflation and destruction of retirement savings.
• The CBO then proceeds to admit that even its worse-case scenario could be understated by a wide margin due to panic in the financial markets or vicious cycles that are beyond control.
• Separately, in its Flow of Funds Report for the second quarter, the Federal Reserve provides irrefutable data that we are already beginning to witness the first of these consequences in the United States: an unprecedented cut-off of credit to businesses and consumers.
• Meanwhile, the Treasury Department shows that America’s fate remains, as before, in the hands of foreigners, with the U.S. still owing them $7.9 trillion!
• And despite all this, neither Congress nor the Obama Administration have proposed a plan or a timetable for averting these doomsday scenarios. Their sole solution is to issue more bonds, borrow more, and print more without restraint...

That is the epitome of insanity.
Yes, the great government bailouts of 2008 and 2009 have bought us some time ... but they have promptly proceeded to sell us into bondage.
Yes, they have given us safe passage over tough seas ... but only to throw our assets onto the global auction block for the highest bidders.
The one bright spot: Unlike some governments, ours does not conceal the evidence of its folly. Quite the contrary, the proof pours forth from these three government reports in relatively blunt language and unmistakably blatant numbers ...

http://www.silverbearcafe.com/private/10.09/doomsday.html

What the demise of the dollar means for you

October 13, 12:34 PM

Columbia Conservative Examiner

Anthony G. Martin

For several months you have read the warnings issued by economists and columnists, including this writer, concerning the devaluing of the dollar and its ultimate demise. But what, exactly, does this mean for you, the citizen?

It would be too easy for readers to dismiss such talk as the musings of those who get their jollies from engaging in economic lingo, while missing the enormous consequences that the demise of the dollar will have on our everyday lives.


We are speaking here of a cataclysmic, seismological blow to our way of life as Americans.


One of the primary reasons Americans enjoy an affluent way of life when compared to much of the rest of the world is the primacy of the dollar as a world currency. Oil, for example, is bought and sold using the dollar. Thus, dollars are being pumped into various economies around the world for one reason alone--it is in great demand. This helps the American consumer by keeping the value of our currency up, keeping inflation down, and keeping our goods and services affordable to the masses.
But what happens when the dollar is devalued? Or worse still, what happens when global entities, such as the oil barons, stop using the dollar as their currency?
Here is where you and I come into the picture…


http://www.examiner.com/x-3704-Columbia-Conservative-Examiner~y2009m10d13-What-the-demise-of-the-dollar-means-for-you

The ultimate demise of dollar reserve status
November 3, 2009

By Joseph Edozien

On continued thought, it seems increasingly difficult to avoid the murky conclusion that the ultimate demise of dollar reserve status is the implicit monetary policy of the United States of America.

But it is…

Both the rhetorical and policy responses from the monetary authorities in the United States to the not so veiled undermining of confidence in the global currency reserve status of the dollar from other monetary authorities, notably from China and Russia, have been remarkably tepid and timid. This diffidence is not normal for America, and is therefore thought-provoking.

This of course raises the quite awkward question of why and how patriotic monetary authorities in the United States could possibly see merit in implicitly colluding in the debasement of the perceived value of its own sovereign currency…


http://www.busrep.co.za/index.php?fArticleId=5229940&fSectionId=613&fSetId=662


Remember the safety net that we’ve had?….


The FDIC is bankrupt


The Net is Gone.

Citigroup (C), JP Morgan Chase (JPM), Wells Fargo (WFC) and Others to Lose FDIC Debt Guarantees

October 20th, 2009

Some of the nation’s largest financial companies, including Citigroup (NYSE: C), GE Capital (NYSE: GE), JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and others will no longer have certain debt guaranteed by the federal government through the FDIC’s Temporary Liquidity Guarantee Program as of October 31st.
The FDIC voted on Tuesday to end the Temporary Liquidity Guarantee Program that is being used to guarantee certain debt issued by some of the nation’s largest banks, but also setup a 6-month safety net facility as part of the process. All five members of the FDIC’s panel of regulators voted to end the program as scheduled on October 31^st.
New debt can be issued and guaranteed under the program up until the deadline. The deadline on the newly placed debt would expire no later than December 31^st, 2012.
FDIC Chairman, Sheila Bair, stated, “It should be clear that this is not a continuation of the program but an ending of the program…



(PLEASE UNDERSTAND… THE SAFETY NET IS G O N E )

http://www.americanbankingnews.com/2009/10/20/citigroup-c-jp-morgan-chase-jpm-wells-fargo-wfc-and-others-to-lose-fdic-debt-guarantees

Be Prepared for the Worst

Ron Paul, 10.29.09, 09:20 AM EDT
Forbes Magazine

The large-scale government intervention in the economy is going to end badly.

Any numbers of pundits claim that we have now passed the worst of the recession.
Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the economy would continue growing last year, even while it was clear that we were already in the beginning stages of a recession.
A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner. The economy and stock market seemed to be recovering, and there was optimism that the recession, like many of those before it, would be over in a year or less. Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954. I fear that our stimulus and bailout programs have already done too much to prevent the economy from recovering in a natural manner and will result in yet another asset bubble...

http://www.forbes.com/forbes/2009/1116/opinions-great-depression-economy-on-my-mind.html

Good thing the “Stimulus” & the “Bailout(s)” (read: “Stolen”) Trillions taken from us and given to the banks are working…

Capmark Financial files for bankruptcy

Sun Oct 25, 2009
NEW YORK, Oct 25 (Reuters) - Commercial real estate company Capmark Financial [CPFNG.UL], one of the nation's largest commercial-real-estate lenders, filed for bankruptcy protection on Sunday, undone by declines in the sector and a heavy debt load related to its leveraged buyout.
The company was created out of the commercial real estate assets of General Motors' finance arm GMAC in March of 2006. According to the bankruptcy filing, GMAC owned 21.3 percent of the company's stock while an investor group, which includes Kohlberg Kravis Roberts & Co. [KKR.UL], Goldman Sachs Group's (GS.N) Goldman Sachs Capital Partners and Five Mile Capital, owned 75.4 percent…


http://www.reuters.com/article/bankruptcyNews/idUSN2511609020091025

Commercial lending giant CIT files bankruptcy

Government to likely lose $2.3 billion it spent to prop company up last year

Mon., Nov. 2, 2009

NEW YORK - Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses.

On Monday, CIT Group Inc's bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co…

http://www.msnbc.msn.com/id/33576310/ns/business-us_business/

Citi Abruptly Shutting Down Gas-Linked Credit Cards

Vince Veneziani|Oct. 20, 2009

AP: Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected.
Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed…


http://www.businessinsider.com/citi-abruptly-shuts-down-gas-linked-credit-cards-2009-10


At least someone is doing well as America bleeds…

Goldman Sachs May Reap $1 Billion in CIT Bankruptcy (Update1)

By Dakin Campbell
Oct. 5 (Bloomberg) -- Goldman Sachs Group Inc. is set to earn about $1 billion should CIT Group Inc. enter bankruptcy …


http://www.bloomberg.com/apps/news?pid=20601087&sid=aO0Oz2qKY3y0

The Great American Bubble Machine

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again

MATT TAIBBIPosted Jul 13, 2009 1:49 PM

Previous Next Page 1 of 7

Click to watch Matt Taibbi break down his report in our exclusive video.

For more on Wall Street's march on Washington, read Taibbi's "The Big Takeover."

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates…

http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine

Don’t believe what you see in the “Mainstream Media”… These are not people trying to dutifully report the “News”…

These are actors… nothing more… they simply parrot the lines given to them by their Masters in D.C.

Oh, and the “Economic Experts” you see in the “MSM”?
The ones squealing *Recovery!!!* daily?


They’re lying.


Doesn’t anyone remember this?


March 9, 2009: In Cramer We Trust


Jim Cramer recommends buying Bear Stearns two weeks before it collapses…


http://www.thedailyshow.com/watch/mon-march-9-2009/in-cramer-we-trust


And people still believe what Mr. Cramer says… to this day.


Amazing.


The bankers own the media… through corporations & outright…

Media Rules Complicate Restructurings

BY MIKE SPECTOR AND SARAH MCBRIDE

Wall Street lenders are tripping over federal media-ownership rules as they find themselves the unexpected owners of several distressed radio, television and newspaper companies.
The issue has taken center stage at Citadel Broadcasting Corp., as one of the U.S.'s largest radio broadcasters races to revamp its balance sheet. Citadel has offered senior lenders owed $2 billion -- including J.P. Morgan Chase & Co., General Electric Co.'s GE Capital and ING Groep NV -- a deal that would exchange a big chunk of debt for equity, people familiar with the negotiations said…


http://online.wsj.com/article/SB125322915767921233.html


Does this sound like Recovery?


Maybe desperation… or maybe an intentional attack…

Hisssss (Citibank Overpressure Warning?)

Karl Denninger Friday, October 23. 2009

To recap what this says (this is the second page of the letter that was posted in The Ticker yesterday:)

• Standard "purchase" interest rate is going to 29.99%.
• The "default rate" is also now 29.99%.
• The cash advance fee rate is now 5% (most were 2% previously, but I do not have the previous value for this account or for Citibank in general.)

Huge numbers of small business owners - especially sole proprietors - use these cards as a means of financing operations. They relied on that 10 or 12% interest rate, and most of them have huge balances outstanding.
I have since confirmed that this letter is not just going to people who have had credit "challenges". Indeed, this appears to be a blanket change on the part of Citibank. I now have multiple copies from people who assert that they have 750+ FICOs and have never missed a payment on this or any other obligation - the "paragon" of so-called "responsible" credit use. All of the letters are identical.
The problem should be obvious - for someone with one of the 12.99% cards that is now 30%, this is a radical change that more than doubles monthly interest expense. Of those who have sent me copies of this letter and disclosed their previous rate, none were over 20%, meaning that these changes represent 50% or greater interest rate increases. If you're anywhere near the edge of being unable to pay, this will shove you off the bridge and into the deep, shark-infested water of bankruptcy.


But more important, I believe, is what this says about what's really going on in these banks. Many simply put this out there as a "response" to the pending credit-card legislation, and note with irony that the bank that is most-owned by taxpayers (Citibank) is the one doing the worst screwing of the consumer.
But is it that simple? After all, given the extraordinary support that the taxpayer has put into Citibank (they would be literally out of business several times over but for our support) would not Treasury stomp on this sort of abuse? Remember, Barack Obama is supposedly "for the people" and "change in Washington and on Wall Street", right?
Perhaps there something more dangerous - and hidden thus far - going on here?...


http://market-ticker.denninger.net/archives/1537-Hisssss-Citibank-Overpressure-
Warning.html

Please don’t believe that the money you’ve deposited into your bank is safe…

It’s not.

And the ones elected and appointed to protect us from predatory banks &

bankers…

Are WOLVES… dressed as Sheepdogs…

More FDIC Malfeasance: 43% Loss

Friday, October 23. 2009

Karl Denninger

Yet another bank with more than 40% loss taken by the FDIC:
As of September 30, 2009, Partners Bank had total assets of $65.5 million.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.6 million.
Again, we see that the FDIC refused to step in and close this institution when the firm's Tier Capital Ratio (based on an actual market value for assets) went below 6%, 5%, 4%, 3%, 2%, 1% and flat.
Indeed, the FDIC not only allowed all of the firm's Tier Capital (that is, their EXCESS CAPITAL) to be wiped out, but then allowed the bank to continue to operate until its asset base was destroyed to the tune of 43% of "face value" before stepping in and closing the institution.
Prompt Corrective Action - a LAW, not a suggestion - is supposed to prevent this outcome. It is being wantonly and willfully ignored by the OTS, OCC, The FDIC and CONGRESS.
This level of loss is unconscionable and Sheila Bair, along with everyone involved in bank regulation at The Fed and the various Treasury departments (OTS, OCC and FDIC) must be held to account for their willful and intentional blindness.
What is the actual value of assets in our nation's banks - including the really big ones like Bank of America, Citibank, JP Morgan and Wells Fargo?
How can anyone possibly believe, given the overwhelming history of the last two years in this crisis, that the nation's banks are claiming and carrying their assets at anything close to their actual value when we continue to see, week after week, losses to the deposit insurance fund proving that close to half of the claimed "asset value" in these seized banks is a pure, unadulterated fiction?...


http://market-ticker.org/archives/1541-More-FDIC-Malfeasance-43%25-Loss.html


The one’s we’ve elected to represent and protect us are robbing us…

Behind the panic: Financial warfare over the future of global bank power
By F. William Engdahl
Online Journal Contributing Writer

…It is becoming clear Paulson, and his friends at Citigroup and JP Morgan Chase, had a strategy, as did the godfather of asset backed securitization and deregulated banking, former Fed Chairman Alan Greenspan.

Knowing that at a certain juncture the pyramid of trillions of dollars of dubious subprime and other high risk home mortgage-based securities would come falling down, they apparently determined to spread the so-called ‘toxic waste’ ABS securities as globally as possible, in order to seduce the big global banks of the world, most especially of the EU, into their honey trap.

They had help. In recent testimony under oath by Eric Dinallo, the superintendent of the New York Insurance Department at the AIG bailout oversight hearing into the AIG rescue by Paulson, Dinallo said that funding cutbacks in recent years directed by the Bush-Cheney administration had reduced the responsible department that should regulate or watch over the $80 trillion in asset backed securities (ABS), which included the toxic subprime and Alt-A mortgage securities and much more.

The Bush administration cut the staff of more than 100 people down to one -- yes that was not a typo.

One as in ‘Uno.’

Was that just ideological budget cutting fervour, or was it deliberate? Was former Goldman Sachs’ man, the man who convinced the president to hire Paulson, Bush’s former director of the Office of Management and Budget (OMB), Joshua Bolten, now the president’s chief of staff, responsible for insuring there was no effective government oversight of the exploding securitization of mortgage assets?...

http://onlinejournal.com/artman/publish/article_3857.shtml

The foxes are firmly in our henhouses…

SEC Names Goldman’s Storch as Enforcement Unit Operations Chief

By Joshua Gallu

Oct. 16 (Bloomberg) -- The U.S. Securities and Exchange Commission named Adam Storch, a 29-year-old from Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer...

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6ItnK32Cl6Y

Glenn Beck Clips 07-15-09 You Won't BELIEVE The Goldman Sachs Governmental Ties Chart!

http://www.youtube.com/watch?v=khGZ3a4zTNU

And they’re protecting their thievery

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary

Posted by Tyler Durden at 1:26 PM

In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading...

http://zerohedge.blogspot.com/2009/06/nyse-halts-transparency-feels-goldman.html

Right before our very eyes… the Corporate State emerges…

Goldman Sachs & J.P. Morgan Quietly Buying Up the Media

Every since the Corporations have bought up the media, the very idea of ‘honest journalism’ has been a joke in America.
I grew up with the likes of Edward R. Murrow and Walter Cronkite – I KNOW what real and honest journalism is all about.
The ‘propaganda’ corporate machine that rules the airwaves now, is nothing more than a tool to control the message/masses, and at all costs…
http://waronyou.com/topics/goldman-sachs-j-p-morgan-quietly-buying-up-the-media/

And since this Company and our Government have become one… the further damage that they can and will inflict on Americans is immeasurable…

Goldman: Get Ready For Oil Prices To Go Back To $147

Jay Yarow|Aug. 6, 2009

Goldman Sachs is once again warning the world of a coming spike in oil prices that will remind everyone of 2008...

http://www.businessinsider.com/goldman-get-ready-for-oil-prices-to-go-back-to-147-2009-8

Goldman Pillages, Goldman Steals, Goldman Sachs

…Meanwhile, the SEC stood by and watched as naked short selling destroyed Bear Stearns and Lehman Brothers. Merrill Lynch then took itself out of the game, leaving a Bulge Bracket consisting of only Goldman Sachs and Morgan Stanley.
Of those two, which has uncommon influence over the federal government?
Goldman Sachs, of course.
And if this is true, does it leave any doubt as to the lengths the SEC might have gone to preserve a corrupt system when it benefited the company?..


http://www.marketrap.com/article/view_article/91135/goldman-pillages-goldman-steals-goldman-sachs


And then we gave them (they stole) Billions in “Bailout” money… which they’re not going to pay back…

Bailout watchdog expects much to remain unrefunded

Wed Oct 21, 2009

WASHINGTON — The man who watches over the $700 billion in government money given to banks and other institutions to avert a financial collapse said Wednesday he thinks it's too early to say how much will be repaid to the taxpayers.
Just as the Obama administration prepares to announce a new TARP-like program for small community banks, Inspector General Neil Barofsky said he believes that "it's unrealistic to think we're going to get all of that money back."…


http://www.comcast.net/articles/finance/20091021/US.Bailout.Watchdog


Because they can find much better things to do with it… why repay us?

Goldman Sachs 2009 bonuses to double 2008’s; $23 billion could send 460,000 to Harvard, buy insurance for 1.7 million families

By John Byrne
Tuesday, October 13th, 2009
Yesterday, we brought you the insurance company that wouldn't insure a 17-pound infant because he was too heavy. Today, we bring you the investment bank that manages to double its bonuses during the worst recession since the Great Depression…


http://rawstory.com/2009/10/goldman-sachs-2009-bonuses-to-double-2008s-23-billion-could-buy-115-million-iphones-or-send-460000-to-harvard/


Apparently, the birth of our brand-new Fascist Corporate-State is, like all births, painful…


As evidenced by these 19 recently-dead bankers…

These Are DEAD Bankers

http://www.scribd.com/doc/19715640/These-Are-DEAD-Bankers

And last but certainly not least… from the making an appearance from the DISTRACTION that dominated the “News” as the final rape of America began…

Madoff Client Jeffry Picower Netted $5 Billion—Likely More Than Madoff Himself

by Jake Bernstein, ProPublica - June 23, 2009 12:28 pm EDT

Jeffry M. Picower is alleged to have taken in $5.1 billion as a result of fraudulent returns from Madoff accounts…

http://www.propublica.org/feature/madoff-client-jeffry-picower-netted-5-billion

But no matter how much you steal or how many Nations you destroy, you still can’t take it with you…

Top Madoff Investor Found Dead in Florida Pool

Monday, October 26, 2009

PALM BEACH, Fla. — The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said...

Buying Groceries with Silver Coins

A Grocery Store in Los Angeles, CA accepts silver coins for payment.

Insure yourself and family against Inevitable Hyperinflation

http://www.dailypaul.com/node/74072

http://press.freelakotabank.com/index.php

http://aocsmint.com/index.php?main_page=index


"Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion...when you see that in order to produce, you need to obtain permission from men who produce nothing...when you see your laws don't protect you against them, but protect them against you...when you see corruption being rewarded and honesty becoming a self-sacrifice...you may know that your society is doomed." "Atlas Shrugged"

Insure yourself against the Federal Reserve and the upcoming Dollar Crash...Check out these links on purchasing silver and gold coins and non fiat money.

BE PREPARED FOR THE WORST

http://www.forbes.com/forbes/2009/1116/opinions-great-depression-economy-on-my-mind.html

http://www.infowars.com/be-prepared-for-the-worst/

Here are some excerpts from an excellent article by Dr. Ron Paul:

A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner.


"Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954."

"Anytime the central bank intervenes to pump trillions of dollars into the financial system, a bubble is created that must eventually deflate."

"We have seen the results of Alan Greenspan's excessively low interest rates: the housing bubble, the explosion of subprime loans and the subsequent collapse of the bubble, which took down numerous financial institutions. Rather than allow the market to correct itself and clear away the worst excesses of the boom period, the Federal Reserve and the U.S. Treasury colluded to put taxpayers on the hook for trillions of dollars. Those banks and financial institutions that took on the largest risks and performed worst were rewarded with billions in taxpayer dollars, allowing them to survive and compete with their better-managed peers."

"Even with the massive interventions, unemployment is near 10% and likely to increase, foreigners are cutting back on purchases of Treasury debt and the Federal Reserve's balance sheet remains bloated at an unprecedented $2 trillion."

"What is more likely happening is a repeat of the Great Depression"

"Government intervention cannot lead to economic growth. "

"Paying for these programs out of tax revenues is pure redistribution; it takes money out of one person's pocket and gives it to someone else without creating any new wealth."

"The only remaining option is to have the Fed create new money out of thin air. This is inflation. Higher prices lead to a devalued dollar and a lower standard of living for Americans. The Fed has already overseen a 95% loss in the dollar's purchasing power since 1913."

The reason so many Americans love Ron Paul is because he may be the only politician who is telling us the truth. He does not have a product to sell and he is no talking head be controlled by a Teleprompter. He is one of 'us'...He believes in the Constitution, limited smaller Federal Govt, returning the power to the State and the People, abolishing the Federal Reserve and the Income Tax, he is against Abortion, and for family values and moral decency. What is controversial about those ideals? Those are the basic principles that helped make this nation great...

Saudi Arabia dumping US interest oil contracts...

http://www.goldnewswire.net/saudis-dont-want-oil-price-set-in-u-s-anymore

"Saudi Arabia on Wednesday decided to drop the widely used West Texas Intermediate oil contract as the benchmark for pricing its oil, dealing a serious blow to the New York Mercantile Exchange."

Run for the Hills

http://www.nypost.com/p/news/local/tax_refugees_staging_escape_from_qb4pItQ71UXIc0i6cd3UpK

Rich taxpayers leaving NY..A lot of families from California and NY are actually relocating to the South...

Fiat Money

http://www.zerohedge.com/article/marc-faber-death-fiat-money-dollar-will-go-value-exactly-zero

Marc Faber On The Death Of Fiat Money - "Dollar Will Go To A Value Of Exactly Zero"

Ron Paul on upcoming Dollar Crash, Iran, and China

http://www.businessandmedia.org/articles/2009/20091001105703.aspx

“What happens when Israel strikes Iran or Iran has the earth rays and we know that they now have a nuclear weapon, what happens to our financial system at that point?” Beck asked.

The libertarian Paul maintained China would become the world’s financial heavyweight and they were already making preparations to be the world’s top dog.

“I think the Chinese take over,” Paul said. “If there’s a real panic and oil shoots up to a couple of hundred bucks, the Chinese will dump their dollars. Chinese are maneuvering for this. The more we threaten Iran, the stronger the Chinese influence gets because they're using the dollars that they have earned from us and saved, they have a trillion, and they are starting to buy up assets in Iran and build plants and get involved in their energy. So the whole thing is backfiring on us. We’re getting ready to put tougher sanctions on the Iranians and that will make things that much worse. It won't help the dissidents in Iran. It's going to cost us a lot of money, and there will be a bombing and that will be a big, big event. I think it will crash the dollar is what I think it would do.”

But the situation deteriorates even more Paul – with states leaving the union.

“I think we’re going to have a de facto 10th Amendment, secession,” Paul said “People are just going to ignore the federal government because they won’t – and there’s, you know, a total loss of credibility.”

“I think that there will be violence,” he explained. “I hope we don’t have to go through, you know, a very violent period of time, but that's what happens too often when the government runs out of money and runs out of wealth, the people argue over, you know, a shrinking pie and, of course, the people who have to produce are sick and tired of producing.”

This is why our Forefathers wanted a DECENTRALIZED FEDERAL GOVT. WITH THE POWER RESIDING IN THE INDIVIDUAL STATES AND THE PEOPLE.

Bank Holidays in Tennessee due to the Swine Flu?

Imagine you attempt to deposit your check and you find an armed guard at the front door of your local bank and you are told to turn around and go home. Imagine not being able to get YOUR MONEY out of the bank due to a 'Bank Holiday'. This has happened to America before, in 1933.

http://en.wikipedia.org/wiki/Emergency_Banking_Act


Pull your money out of the bank NOW! Keep cash in your home or on your person. Diversify your spending power by purchasing silver/gold goins, goods that you could trade/barter with, and have different denominations of the American Dollar on hand and NOT IN THE BANK!

Dollar Demise

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

"Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq"

"In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading"

"In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar."

"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars."

Yikes!

American Financial System Collapse

Worse than the Great Depression: when will they admit what we all know in our hearts

Sorry to be such a pessimist, but, in this case, I am just looking at the hard facts. What the pundits on CNBC and the news tell you about the economy is simply not true, it has never been true. They tell you stuff to try to convince you to act in the way that makes them money; buy their newsletters, invest in their chosen buys, but the illiquid alchemy of Wall Street no longer has an effect on consumer confidence. The bottom line is the whole system is insolvent, and now we finally realize it. We were told that it is O.K. to live in an economy where your only real industry is a retail industry to sell imported products to your own people. That its O.K. to fund these purchases with debt, and that its O.K. to pay that debt off with more debt. It’s O.K. for our government to put whatever it wants on the credit card, including foreign wars, and that its O.K. to fund those wars by borrowing from other countries who don’t approve of them. We also thought it was O.K. to promise the poor a constant supply of money that we do not have, which is not enough to live off of, and when we didn’t have enough, just tax some company thats doing a good job until it goes under, or relocates to China. We also thought it was O.K. to fund our cities, industries, infrastructure, police departments, schools on bonds which are traded in the open market, which might at some point not sell. We are closing in on those days where our treasury bills and bonds will not be a commodity anyone wants. Then everything supported by those things will fail. You’re seeing it now, the auto industry relied on us making bad decisions with our credit cards to stay afloat. Now that we can’t do that, they are going down. The Chicago Tribune is going under, who owns the Chicago Cubs, which is up for sale in bankruptcy. Seriously, the Chicago damned Cubs are for sale in a bankruptcy auction. Wrigley Field, you know, Harry Carey, “Take Me Out to the Ballgame” on WGN... The Chicago Cubs are for sale in a bankruptcy auction. The pundits don’t want to admit that the housing market is going to correct itself whether we like it or not. Home prices are going to fall to where the average home value is a couple times the median income. This is actually a good thing, but the fact that we are fighting it tooth and nail will bring our entire economy to the brink. It exposes all the fake debt on every bank’s balance sheet, and they will not have that, even if they have to destroy our entire country to do it. In fact, every other country in the world is in the same shape. We need to take a long hard look at how this exact type of environment lead to a World War II. At first a group will push for a “global solution”, which a few countries would be destroyed by, when those countries don’t play ball economic nationalism is the next thing that happens, followed by a few countries bankrupting so fast that War is their only solution out. We can’t ignore the fact that hyperinflation is what lead to the rise of Adolph Hitler. That FDR wiping the Japanese out of the central banking game is what lead them to attack us. We are in grave times, and the only way were going to get out is if we take stock of our situation, realize that there is no way to prop this system up, and to just let fall apart what is insolvent. Then we can begin rebuilding. We have the manpower all over the world, the ingenuity to fix it. We cannot fix it by building roads to nowhere and funding it on more debt. We cannot keep playing the central bank fake money shell game. It’s insolvent. I don’t care how much you “studied the Great Depression”, Ben Bernanke, because you are pushing us right into one. Every time you open your mouth the Dow drops 400 points, because the traders on the floor hate you, and they realize the economy is fake every time you talk. You’re an incompetent, Ben Bernanke, and you can’t avoid the Great Depression by staring at it all day. That’s like trying to avoid hitting mailboxes while you drive by staring at the mailboxes rather than at the road ahead. Regardless, there will be a short term boom. Gas prices will remain low as long as the economy deflates. We may even have a few month boom somewhere during next year, for the consumer. However, in the meantime we will continue shedding jobs every month. The jobs report will look worse and worse, and eventually unemployment will hit 30%. Count on it. We will have worker riots and marches, we will have more people on the dole, and the dole will bankrupt itself. The market hates the US Government for its excessive and egotistical central banking scheme, and if we don’t let it trim our system down, it will take our whole society down with it. The rest of the world is sick of making products for us to consume without giving anything back. Our loose monetary policy causes that. It’s over, we have to actually save money and make products again. On the positive note, at least you get to live through history! Maybe the kids who are growing up now will be the next Greatest Generation who survives a challenging paradigm shift. We’ll see, but, for now, there are dark times ahead. -Written By Barry Donegan 12-9-2008 http://dangeroustruth.wordpress.com/

Financial Preparedness

http://www.shtfplan.com/

http://www.shtfplan.com/marc-faber/caution-crashcollapse-dead-ahead-say-faber-rogers-dent-and-celente_10022009

"This is what they do. They will shut dissent out at any cost for them to maintain power. Again, how people can look up to and follow politicians is beyond me. And, I’ll say this Eric, and I want to make this really clear. Anyone that follows their leaders is going to do so at their own peril, because if they follow their leaders during this economic and possibly geo-political crisis that’s about to come, they’re going to go down with the ship because the leadership could care less about them.

Do you think Nancy Pelosi cares whether or not Eric King has a place to live tomorrow, or a meal to eat? And this country is going down, and the people that follow their leaders are going to go down with them.

I also want to make this clear. Clinton, Bush, Pelosi, Barney Frank, Christopher Dodd, Bonner, Shelby — these are not my leaders. They couldn’t lead me across the street. They’re political hacks, every one of them. The only thing they know how to do is to be a politician, and that means never having to work a day in your life, having a crew of serfs and slaves around you that they call staff and aids, and to be assured that even after you leave you will continue to live in a style that you have been accustomed to.

And how people can tolerate thi,s and the Obama show and the rest of them, is beyond me. And how they can look up to them to me is a loss of dignity and respect."

"Gerald Celente, Trends Research forecaster and contrarian thinker, advised listeners of the Jeff Rense show on September 23rd to look out below, calling it the Christmas Crash. He believes that the next collapse will come quickly, sometime this Fall, but as late as January or February of 2010:

“It’s going to really be an ugly scene. We are really encouraging people now to take pro-active measures and prepare for the worst. Don’t spend an extra dime.”

FDIC Bailout

http://finance.yahoo.com/news/FDIC-could-seek-bailout-from-apf-3266069115.html?x=0&.v=9

"Congress in May more than tripled the amount the FDIC could borrow from the Treasury if needed to restore the insurance fund, to $100 billion from $30 billion."


"The FDIC estimates bank failures will cost the fund around $70 billion through 2013. Ninety-four banks have failed so far this year. Hundreds more are expected to fall in coming years largely because of souring loans for commercial real estate"

"Regulators have approached big banks about borrowing billions to shore up the dwindling fund that insures regular deposit accounts. "

"The loans would go to the fund maintained by the Federal Deposit Insurance Corp. that insure depositors when banks fail, said two industry officials familiar with the conversations, who requested anonymity because the plans are still evolving."

Problem: the Federal Reserve

Solution: Bring down the Federal Reserve (End Central Banking, end fiat money, end fractional reserve banking, stop monetizing debt, etc...)

Scenario:

Joe American has $10,000 dollars. Joe deposits it into the local bank into a savings account with .10 interest rate. Joe thinks his money is safely nestled in a large fireproof/bombproof state of the art vault. When in reality, he is taking a HUGE RISK for a little profit. Most people don't realize that banks take your money and invest it in risky monetary ventures in hopes of making more capital...Your money does not sit idly.

DO THE MATH:

Savings Account Balance: $10,000

Interest Rate on this Account: .10% (current rate for Bank of America Savings Acct)

Amount of Money you are earning: $10 A MONTH!

Another Math Problem:

Savings Account Balance: $10,000

Interest Rate: 6%

Amount of Money you earn: $600 a month!

Hyperinflation or stagflation is inevitable. By using simple logic, anyone can come to the conclusion that you cannot keep printing paper money which is not backed by anything of intrinsic value (gold or silver) and expect to have economic growth and job creation. You cannot use a credit card to pay off your other credit card debt. It is a dangerous, endless cycle where the borrower is literally slave to the lender.

Temporary Solution:

Sounds crazy! But you need to PULL your money from your savings account. Invest some in gold and silver coins, basic food/water/and medical supplies, purchase some guns/ammo for self defense/home protection, and keep some paper cash on hand at home.

Your homework:

American Hyperinflation 1 of 4-

http://www.youtube.com/watch?v=5cS5Dczez-M

Moneymasters-

http://video.google.com/videoplay?docid=-515319560256183936

End the Fed by Ron Paul

http://www.amazon.com/End-Fed-Ron-Paul/dp/0446549193

Banking Holiday (banks lock their doors and you cannot withdraw your money)-

http://en.wikipedia.org/wiki/Emergency_Banking_Act

Link to Bank of America current interest rate in Savings Acct.-

http://www.bankofamerica.com/deposits/checksave/index.cfm?template=save_regular&context=&statecheck=CA&cd_bag=&sa_bag=&ch_bag=

Look for the sequel to this article in a couple of days...It will cover how the Financial Crisis of 1933 made John Dillinger a folk hero, German hyperinflation, and how history exists in cycles (you can predict trends/forecasts)