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Continuation of the Collapse

Published on March 21, 2010

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Already investors are betting on the default of weaker countries like Greece, Italy, Spain and France and this will spread like the bubonic plague into stronger counties throughout Europe and eventually to the United States. We see a large number of virtually bankrupt major sovereign states, including the US, UK, and Japan “teetering atop a financial system that is bankrupt, but is temporarily kept alive with phony valuations and unlimited money printing,” writes DeepCaster LLC. Can you imagine the havoc in international markets if these nations begin to visibly fail? And where will any bailout money come from? Once a key country falls into default, collapse can be devastatingly sudden.

The very latest data suggests the day of reckoning is drawing close. It is no longer a theoretical potential future event. “We are coming to the End Game of the debt supercycle that has lasted for 70 years. Everything is changing in front of our eyes,” writes John Mauldin. As things currently exist, there is absolutely no way out of this world-wide financial, economic and monetary situation. The lookouts on the mast are crying to those below that financial icebergs are dead ahead. The captains of finance and power heard the warnings all through 2009 and signaled the engine room to flank speed with their one solution; more government, more spending, and more debt. Enormous efforts have been made to try to change the course of where we are headed but these efforts have been in vain. Worse, they have made the entire situation more devastating.

State tax collections shrank at the end of 2009 for a fifth consecutive quarter, the longest period of continuing state revenue declines since the Great Depression.

It’s a crisis that will strike with deadly force at virtually any moment. Ahead, directly in the path of the world’s economy are higher interest rates, failing bond auctions, sovereign defaults, municipal, state and city defaults, and continued collapse in employment slicing increasingly into areas of basic public services. Millions more will lose everything and there is only so long that the government can paper over everything. If real unemployment rate is hovering at 20 percent now where is it going to go when we fall into a depression or suffer though an outright collapse of wealth and economic activity?

The Federal Reserve policies since its inception in 1913 have resulted in a 95% decline in the purchasing power of the U.S. dollar. The last 5% will be more traumatic and violent than the first 95%. – James Quinn

Some feel that the collapse will happen in a slow, very painful, long-standing, horribly drawn-out, ugly affair. The higher probability though is that we will wake up one morning and hear about a stock market crash that is provoked by a meltdown in bond and other debt markets. Within the space of a week a significant part of the world’s wealth will be reevaluated downward, governments will panic and do everything wrong as they are doing now, and people will flock to the banks to withdraw money that is not there. In the space of a month dated from the first day of panic we will see the world change in a shocking manner.

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What we’re finding out from a fiscal stand- point is that the worst is yet to come. – Governor Jim Douglas – Vermont

We have been witnessing a global credit market collapse – a kind of end of times financial scenario with no upside. “Every phase of global finance has entered a crisis mode, as the financial structures are coordinated, linked in complete fashion by the tightening noose using a US$ brand of rope,” writes Jim Willie who goes on to say, “Monetization of US Government debt will soon be isolated, in full view, and serve as the focal point of perception in a global monetary crisis.” But when the collapse does arrive the blind, deaf and dumb (economists) will be saying once again “No one could possibly have seen this coming.”

Sales of new homes dropped 11.2 percent in January to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century.

The world is staring down the barrel of an explosive financial mess, which is touching down quite hard in the State of Illinois whose deficit is half the size as the core of the state budget. $13 billion of the $26 billion budget is illegal deficit that must be sanitized before money can be set aside for day-to-day operations in the fiscal year, which begins July 1. The budget deficit in Illinois is almost as big as the one facing California, a financially beleaguered state that has triple Illinois’ population. Will Washington bail out the states?

Kansas City, now on the brink of bankruptcy wants to close half its public schools to stay afloat. Schools officials say the cuts are necessary to keep the district from plowing through what little money is left.

Will Germany bail out Greece and the rest of the failing members of the European Union? Would you borrow money to bail out your next door neighbor? The Greek prime minister warned of national bankruptcy unless public spending was slashed as German banks vowed to shun Greek debt and the government was said to be readying a critical bond issue. We are seeing the lightening before the heavy thunder and it’s a good time to read the handwriting on the walls.

Money in today’s world is credit, and make no mistake, credit is not money, especially when it is owed by bankrupt governments. – Ty Andros

What Ty Andros says here is particularly important for it reveals what is actually happening. In yesterday’s world, credit was money, but in tomorrows it is not. “The globe will face the worst monetary crisis in history, with epicenter the US Dollar. The sovereign debt defaults will come full circle, the start being September 2008, the conclusion an attack on the US Treasury Bond. The US Govt. debt is unsustainable, growing worse, and will eventually break. Pure financial physics. Gravity will sink the US Ship of State and its imprisoned economic flotilla. The global reserve currency in the US Dollar stands as the biggest travesty in the history of global finance,” says Jim Willie.

“2012 also is the beginning of a three-year period in which more than $700 billion in risky, high-yield corporate debt begins to come due, an extraordinary surge that some analysts fear could overload the debt markets. The result is a potential financial doomsday, or what bond analysts call a maturity wall,” writes Nelson D. Schwartz for the New York Times.

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The West, and the entire globe, is passing into the initial (could be thought of as final) phases of a flat money collapse. Its not just regular looking money that is threatened with collapse it is uncountable trillions in derivatives, credit default swaps and bonds that are going to be wiped off the face of the earth. Home value was made into money (credit) for a while and that is just one example of deflating wealth and the collapse of values that have been equated into money.

“The chances are excellent that a U.S. government, at the end of its financial rope will default, likely by radically devaluing its dollar. They’re way past thinking in millions. They don’t even think in billions anymore; they’re up to trillions. Soon Obama will have to ask the buffoon he appointed as a science advisor what comes after trillions, says Doug Casey, who continues with, “It’s not just another economic downturn when scores of millions find their life savings go “poof.” What we’re looking at is a cataclysm at some point soon.”

What has been accomplished in the last year and a half in the United States is a “vast pumping of blood through a dead corpse, with plenty of lateral drains directed to Wall Street firms. To expect an Exit Strategy to succeed is to demand a dead man to walk without the gigantic crutches and vast intravenous lines attached,” concludes Willie. An implosion is taking place. The world is reverting to a kind of mathematical practicality with deflation destined to take the upper hand (for now) as money and liquidity simply evaporate. What we are experiencing is an unprecedented deflation of excess credit that should not have been extended in the first place.

30 percent of the public support socialism; they have to, they no longer believe they can support themselves. – Ty Andros

There is always something of a lag between a change in circumstances and our reaction to it. At this point, a surprising number of people still haven’t come to the realization that an impending financial cataclysm awaits the world and is already coming ashore like thunderstorms and tornados destroying the lives of millions of families each month as the world economy downsizes. Sorry there’s just not enough room for all of us on the economic map. And sorry to tell you that there are not enough lifeboats – so fortify your self for what is coming.

Finally the broader U.6 unemployment rate that counts discouraged workers has been thrust into the news and it’s really a pathetic thing not to count the millions of cast aside workers as dead men and women.  There are millions already in America who cannot find a job, who have exhausted jobless insurance benefits, who just subsist or function as dependents. These millions are walking and talking beings and when we count them we see that unemployment hit 21.6% recently. It is still rising. Its level challenges that of the Great Depression and things have only started to get bad. Next step is the gutting of the heart of America with massive firings of teachers, firemen, librarians, park service personnel, and even policemen.

Even public hospitals and emergency center personal will be hit. Miami’s major hospital network, which runs its only round-the-clock trauma center and is a safety net for the poor and uninsured is running out of money and could close, a predicament that illustrates the precarious financial state of many hospitals around the country.

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Dr. Mark Sircus AC., OMD, DM (P)

Director International Medical Veritas Association
Doctor of Oriental and Pastoral Medicine

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