Recent comments by Soros suggest that the European Union is coming apart at the seams. "Unfortunately, a collapse of the euro and the European project cannot be ruled out," Soros was quoted as saying in the Die Zeit weekly. "That would be tragic, because then Europe would be threatened by the sort of conflicts between states that have shaped European history," added Soros. Volker in a Reuters article suggests this, "If we need any further illustration of the potential threats to our own economy from uncontrolled borrowing, we have only to look to the struggle to maintain the common European currency, to rebalance the European economy, and to sustain political cohesion of Europe."
The University of Michigan's Consumer Index fell to 66.5 in early July from 76 in late June as consumers have been worried about weak hiring and a slowly healing economy. Rex Nutting, Washington bureau chief for Reuters, said of this:
"Only once did the sentiment index fall so far without being accompanied by an event so big that it's in the history books: December 1980.
In that month, much like today, Americans were anxious about the future of the economy, which had just emerged from a recession. They had elected a president who promised big changes, but the people weren't quite sure what that meant, or whether the new policies would work. The market sold off. The economy dipped back into an extremely brutal recession soon thereafter." more...
Michel Chossudovsky in his new book tells us that "America is dying. It is self-destructing and bringing the rest of the world down with it." John Petras in the same book states it succinctly:
"A world depression, in which upward of a quarter of the world’s labor force will be unemployed, is looming. The biggest decline in trade in recent world history defines the future. The immanent bankruptcies of the biggest manufacturing companies in the capitalist world haunt Western political leaders. The “market” as a mechanism for allocating resources and the government of the U.S. as the “leader” of the global economy have been discredited.
All the assumptions about “self-stabilizing markets” are demonstrably false and outmoded. The rejection of public intervention in the market and the advocacy of supply-side economics have been discredited even in the eyes of their practitioners.
Among almost all conventional economists, pundits, investment advisers and various and sundry experts and economic historians, there is a common faith that in the long-run, the stock market will recover, the recession will end and the government will withdraw from the economy. Fixed on notions of past cyclical patterns and historical trends, these analysts lose sight of the present realities which have no precedent: the world nature of the economic depression, the unprecedented speed of the fall, and the levels of debt incurred by governments to sustain insolvent banks and industries and the unprecedented public deficits, which will drain resources for many generations to come."
It seems the Russian academic Igor Panarin has been predicting the U.S. will fall apart in 2010. For most of that time, he admits, few took his argument -- that an economic and moral collapse will trigger a civil war and the eventual breakup of the U.S. Conspiracy theory? Or economic forecasting? It seems the Russian Foreign Ministry sees some validity in his theories of late, yet some like Vladmir Pozner see these ideas a "crazy": "Mr. Panarin's apocalyptic vision "reflects a very pronounced degree of anti-Americanism in Russia today," says Vladimir Pozner, a prominent TV journalist in Russia. "It's much stronger than it was in the Soviet Union."
Panarin predicts that economic, financial and demographic trends will provoke a political and social crisis in the U.S. When the going gets tough, he says, wealthier states will withhold funds from the federal government and effectively secede from the union. Social unrest up to and including a civil war will follow. The U.S. will then split along ethnic lines, and foreign powers will move in.
California will form the nucleus of what he calls "The Californian Republic," and will be part of China or under Chinese influence. Texas will be the heart of "The Texas Republic," a cluster of states that will go to Mexico or fall under Mexican influence. Washington, D.C., and New York will be part of an "Atlantic America" that may join the European Union. Canada will grab a group of Northern states Prof. Panarin calls "The Central North American Republic." Hawaii, he suggests, will be a protectorate of Japan or China, and Alaska will be subsumed into Russia.
Is this all madness? A crazed and foolish novelization of our American future? read more...
And what about war with Iran. The right-wing Italian Prime Minister Silvio Berlusconi recently made the stunning admission that the G8 nations "absolutely believe" that Israel will attack Iran. One author features seven potential effects of an Iranian War:
1) The Price Of Oil Would Skyrocket
2) Fear Would Explode In World Financial Markets
3) World Trade Would Instantly Seize Up
4) Military Spending Would Escalate
5) Russia Would Greatly Benefit
6) Massive Inflation
7) The Price Of Gold Would Go Through The Roof
The same author published 25 signs that almost everyone is expecting an economic collapse. read more... As he states it:
"The truth is that bad economic signs are everywhere. Consumer confidence is plummeting, big banks are hoarding cash, top financial experts are issuing recession warnings and it seems like almost everyone is trying to accumulate as much gold as possible. Now that the G20 nations have all pledged to dramatically cut government spending in an effort to get debt under control, worries about a double-dip recession have reached a fever pitch. So will we see the full-fledged economic collapse that so many analysts are warning of before the end of 2010? Of course it is possible, but it seems much more likely that we will just see the beginning of another recession that could certainly deepen into a depression as we head into 2011 and 2012. There are so many variables and so many moving parts that it is always difficult to predict exactly how things will play out. What does seem virtually certain, however, is that we are heading into a time of extreme economic stress."
In March 2008, David M. Walker, the Comptroller General of the United States and head of the Government Accountability Office, resigned 5 years before the end of his 15-year term expired. His reason of resigning was stated publicly that the Comptroller was limited in what he could do and that the United States was in danger of collapsing in much the same manner as the Roman Empire.
William Jennings Bryan during his tenure with Woodrow Wilson resigned do to the plutocratic control of government by the financial sector much like that of our time, saying, "Plutocracy is abhorrent to a republic; it is more despotic than monarchy, more heartless than aristocracy, more selfish than bureaucracy. It preys upon the nation in time of peace and conspires against it in the hour of its calamity.... The time is ripe for the overthrow of this giant wrong."
Strong words for a desperate age, but maybe no truer words were ever said against the global economic power of the American Oligarchy that still rules over Washington and the world financial markets. The Banking elites seem to have a stranglehold upon the world. President Obama once spoke of change and we thought it might be a change for the better. After the redistribution of wealth from the taxpayer to the very elite banks and brokerage firms that caused our economic mess to begin with is it time to rethink what kind of change the Obama administration has given us? It seems that neither the left nor right have any vision or answer for our current economic predicament. On all sides we seem to be told that the only way out is for the taxpayers to make the great sacrifice: next will be the abolition of our Social Security and higher taxes to pay for this global piracy. Once again the American public and the world has been duped by the machinations of the economic policies of a handful of central-banks and their false leadership. Bob Chapman tells us that "Americans and others are being systematically betrayed by their legislators." read more...
Roy C. Smith says that the recent reform bill signed into law by Obama "does little to prevent a systemically important bank from failing, and makes it far more difficult for regulators to assist one seeking to avoid failure. This all but insures that the system-wide calamity the bill should be trying to prevent will, in fact, occur again." He adds: "Most of the systemic risk in the U.S. is now carried in the six largest bank-holding companies (Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley). The bill lets them off easy: none is to be broken up and the effort to lower the risk they take on was diluted." read more...
Americans for Financial Reform tell us "under current law, there is no single body designated to look at the “big picture,” and head off financial crises like the crash of 2008 and major non-bank players in the financial market operated in the shadows without any government oversight." A new aspect of the bill recently passed by the House and Senate, and signed into law by Obama, is the creation of a new “council of regulators” who will both monitor system-wide risk and advise the Federal Reserve Board – the current primary systemic risk regulator. To understand what we won and lost in this new reform bill read more...
Chapman suggests we throw these politicos out in November. I would add that we clean out both parties, that it is time to vote for real change, real reform both monetary and politically. Time to bring down the piracy of Washington and Wall-Street. Time to awaken this planet to a new alternative to the dilemmas of globalization and its dark heritage. Some offer us a socialist progressive path, others a libertarian communitarianism, and still others an anti-globalist coalition. Whatever we do we must all realize that this is our earth, our lives, our future and that we all are part and partial responsible for this mess and we must all start by looking into our own complicity with the powers that be and resolve not to ever let others have so much economic and political control over our lives again. How and by what means this is accomplished is going to be a global struggle for justice and equality of all by all. No matter what name you label it with.