Peering Into The Abyss

[Kevin_Kennedy]

For a few fleeting, horrifying moments this past week the fault lines that underlie the global economic crisis erupted into plain view. With deft and quick effort leaders in Washington, Europe and Asia papered over the fissures and fears largely subsided. But the shock of plain truths which resulted in violent currency movements are the latest reminder that the 21st century economic order will bear little resemblance to the world we now know.

The tremors began in Beijing, where an essay from the governor of the People’s Bank of China seemed to favor the creation of an IMF currency to replace the U.S. dollar as the world’s reserve. In Europe, the rotating president of the European Union, outgoing Czech Prime Minister Mirek Topolanek, characterized America’s plan to combat the widening global recession as the “road to hell.” At same time, British Member of the European Parliament Daniel Hannan made headlines the world over with his stinging rebuke of the inflationary and debt-focused policies of the current UK government.

Peering into the Abyss by Peter Schiff

 

[editec]

[FONT=Times New Roman, Times, serif][FONT=Times New Roman, Times, serif]Printing money is merely taxation in another form. Rather than robbing citizens of their money, government robs their money of its purchasing power. Many people assume that if government provides the funds we can spend our way back to prosperity. However, it’s not money we lack but production. If the government simply prints money and doles it out, we will not be able to buy more stuff; we will simply pay higher prices. The only way to buy more is to produce more. It is production that creates purchasing power, not the printing press![/FONT]
[/FONT]

[FONT=Times New Roman, Times, serif]Read the above over and over and over again until IT SINKS IN.[/FONT]

[FONT=Times New Roman, Times, serif]The only way to buy more is to produce more. It is production that creates purchasing power, not the printing press![/FONT]

[FONT=Times New Roman, Times, serif]And yet STILL our government tells us that FREE TRADE has been good for our nation.[/FONT]

[FONT=Times New Roman, Times, serif]No, it hasn't.[/FONT]

[FONT=Times New Roman, Times, serif]It is making puapers of Americans one industrial class (and the management classes who worked with them) at a time.[/FONT]

[FONT=Times New Roman, Times, serif]It has however made a very small segement of our nation's population VERY wealthy, even as our locate state and Federal governments, as well as our people are going BROKE.[/FONT]

[FONT=Times New Roman, Times, serif]FREE TRADE is not something that ADAM SMITH advocated. If you think that ADAM SMITH was an idot, read WEALTH OF NATIONS again.[/FONT]

[FONT=Times New Roman, Times, serif]The wealth class of this nation betrayed the people of this nation just as surely as the banking class has.[/FONT]

[FONT=Times New Roman, Times, serif]Contrary to the musings of the pandering imbeciles who suck the asses of the masters, the American people went on a credit spreee because they mostly had NO CHOICE.[/FONT]

[FONT=Times New Roman, Times, serif]Starved for cash, because their incomes were declining since 1969, we send our women to work. [/FONT]

[FONT=Times New Roman, Times, serif]When two income working families still couldn't keep up with inflation, we started living on credit. [/FONT]

[FONT=Times New Roman, Times, serif]When our credit cards got burdensome, many of us borrowed against the only significant asset we had (thanks in part to inflation) we started remortgaging our homes.[/FONT]

[FONT=Times New Roman, Times, serif]And then the bottom dropped out of the real estate market....[/FONT]

[FONT=Times New Roman, Times, serif]Our master class fucked the working class thinking that their class were above the petty concerns or of those de clase factory workers.[/FONT]

[FONT=Times New Roman, Times, serif]We still read the indifference of some of us right here on this board ty7pically couched in a blame the victim way like this:[/FONT]

[FONT=Times New Roman, Times, serif]"People with skill sets that are useful get paid."[/FONT]​

[FONT=Times New Roman, Times, serif]And that is partial right...people with skill sets are getting paid...IN CHINA.[/FONT]​

[FONT=Times New Roman, Times, serif]Here in the USA skilled workers are starving for work.[/FONT]​

[FONT=Times New Roman, Times, serif]So now the dollar, once something that was good as gold is losing value.[/FONT]​

[FONT=Times New Roman, Times, serif]DUH![/FONT]​

[FONT=Times New Roman, Times, serif]That's what happens when your nation's master class ships production offshore, folks.[/FONT]​

[FONT=Times New Roman, Times, serif]The currency your nation issues loses value because it's value has ALWAYS been based on what your nation PRODUCES.[/FONT]​

[FONT=Times New Roman, Times, serif]Not what debt instruments its bankers can create. Not on how powerfully your nation's military can bomb third world nations.[/FONT]​

[FONT=Times New Roman, Times, serif]But on how much STUFF your nations people PRODUCE.[/FONT]​

[FONT=Times New Roman, Times, serif]The very people many of you on this board have such comtempt for...the WORKING STIFF who MKAE STUFF, were the bedrock foundation of your nation's former wealth.[/FONT]​

[FONT=Times New Roman, Times, serif]How many lawers do you think a BROKE NATION needs?[/FONT]​

[FONT=Times New Roman, Times, serif]How many doctors do you think a BROKE people can afford?[/FONT]​

[FONT=Times New Roman, Times, serif]How many computer programmers do you think a nation with no industry will need?[/FONT]​

[FONT=Times New Roman, Times, serif]How many soldiers do you think we'll be able to put into the field if our economy is BROKEN?[/FONT]​

[FONT=Times New Roman, Times, serif]Fools, god damned fools.[/FONT]​

[FONT=Times New Roman, Times, serif]ANYONE of us who bought into that CLASSIST indifference about what was happening in the RUST BELT and to those factory workers who were losing their jobs was completely and totally WRONG.[/FONT]​

[FONT=Times New Roman, Times, serif]Shit rollls downhill?[/FONT]​

[FONT=Times New Roman, Times, serif]Yeah, well that's often true.[/FONT]​

[FONT=Times New Roman, Times, serif]But shit backs up the pipes too, folks, and THAT is what is happening to our economy right now.[/FONT]​

[FONT=Times New Roman, Times, serif]Those of you blming unions? Most of you who have never actually worked for living?[/FONT]​

[FONT=Times New Roman, Times, serif]You are fucking tools and dupes working for the people who are detroying this nation. My contempt for your selfish, classist, indiffernce about how YOUR NEIGHBORS were doing, knows no bounds.[/FONT]​

[FONT=Times New Roman, Times, serif]Those of you who still that think you'll float above the fray because you have valued skillsets?[/FONT]​

[FONT=Times New Roman, Times, serif]You are fucking fools. [/FONT]​

[FONT=Times New Roman, Times, serif]Do you honestly think your petty wealth is going to give your small lives the escape velosity to get out of the way of a NATIONAL BANKRUPTSY?![/FONT]​

Think again, folks.​

You fates, and the fate of this nation are intertwined.​

Your delusions that your are such valuable people, people aremed with such valued skill sets is nothing but a conceit.​

Such hubris as we read every day on this board from the board's imbeciles is exactly why this nation is going down.​

 

[Toro]

There will be no run on the dollar. There is no abyss of currency collapse.

 

[editec]

There will be no run on the dollar. There is no abyss of currency collapse.

There will be no run on the dollar?

You mean no run beyond the 40% decline in its value that we've seen in the last year or two, right?

That's encouraging.

 

[Toro]

There will be no run on the dollar. There is no abyss of currency collapse.

There will be no run on the dollar?

You mean no run beyond the 40% decline in its value that we've seen in the last year or two, right?

That's encouraging.

A bear market and a run are different things.

The dollar hit multi-generational lows. That is the lower bound of the trading range.

 

[neurosport]

And yet STILL our government tells us that FREE TRADE has been good for our nation.

According to this guy:

Article Page

what gutted American manufacturing was FED's monetary policy which artificially inflated our standard of living to the point where jobs HAD to be outsourced because Americans didn't want to work for a reasonable amount of money any more.

in other words if we didn't have an economy based on borrowing and spending free trade would not have hurt us.

there is nothing wrong with free trade. what's wrong is BORROWING AND SPENDING.

When two income working families still couldn't keep up with inflation, we started living on credit.

you should really read the articles at the link i provided ... like seriously

we started living on credit because the government made it more profitable to live on credit than to save ...