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Scaring all who have eyes to see

Published on April 20, 2010

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What is coming should scare us all breathless. The very foundations of the world system are starting to shake and even the drums of war are getting louder. We are in the end stages of the societal and financial system destruction that is going to cut a swath through humanity.  State, city, town and federal governments have been and are still continuing to spend beyond the citizenry’s ability to pay for what they are doing and only the simpletons of the world believe there will be no consequence.

The threat is so big and so feared that denial has locked on to most minds as nobody wants to see the reality of the situation, which is getting more threatening with each passing month. It’s too big to comprehend and shatters all sense of security when one looks directly into the eye of the financial black hole. It has not gone away. They have been feeding the hole with trillions stupidly making the black hole bigger. That means its annihilating force has grown not diminished during the year of green shoot la-la land. So when the next full on crisis hits it will make 2008 feel tame by comparison. Fear will be increasing month by month if not week by week as denial gives way to reality.

Governmental spending is skyrocketing and tax receipts are plummeting, a perfect recipe for disaster. Spending beyond ones means generally leads to the same things – HUGE DEBTS – BANCRUPTCY – DEFAULT – AUSTERITY –SOCIAL UNREST – CURRENCY CORRUPTION – WAR. When you get to the end of a fiat currency system, more and more elements of it become a fraud and that is finally clearly being shown with the government’s case of fraud against Goldman Sacks.

The time of endlessly ‘kick-the-can’ down the road without addressing the underlying causes is about to end as we are forced to wake up to the reality of a world having to pay up on its debts or default. The wealthiest people and banks would be very happy to have a good part of humanity turned into debt slaves, which many already are but when austerity measures hit hard in the next year after decades of loose credit it’s going to burn hard a lot of souls.

Many waves are building up in Europe and in the United States and many are going to hit and then build up like standing waves and affect all of us in the next several months. The global economy is on the verge of a “sovereign debt crisis” following a severe financial crisis, a key member of the European Central Bank’s Executive Board warned the 15th of April. “We may already have entered into the next phase of the crisis: a sovereign debt crisis,”

Ambrose Evans-Pritchard writes that a group in Germany has ask for an injunction to block the transfer of German funds to Greece until a court has ruled on the legality of bailing out another European country. “The legal challenge has far-reaching implications. It threatens to cloud the issue for weeks or months and may ultimately force Berlin to withdraw support, raising the risk of wider systemic crisis in Southern Europe. The complaint will argue that the rescue contains an illegal rate subsidy, threatens monetary stability as encoded in the Maastricht Treaty, and breaches the ‘no bail-out’ clause. Greece is clearly responsible for its own mess. Dr Wilhelm Hankel, professor of economics at Frankfurt University and one of the four litigants, said the EU-IMF bail-out throws good money after bad. "The whole manoeuvre merely delays the day of reckoning. It is not in Greece’s interest to accept the money because the wage cuts and tax rises being imposed will lead to an endless economic depression. They should step out of the eurozone voluntarily, devalue, and restructure their debts with IMF help. That is the path of economic sense," he said. "In the end, the only way to save the euro is to shrink the eurozone. There are other candidates".

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“Not only are foreclosures, short sales and the like devastating for homeowners, they are a death knell for many banks. For the past three years, Washington’s policy has been to sweep anything toxic under the carpet. Well, we’ve run out of carpet. There was always just one possible end to the housing crisis: plummeting prices. The glut of newly foreclosed properties added to a hugely oversaturated market will see to it that they do fall, and fast and furious at that. The next dead drop in home prices will put huge additional numbers of owners underwater. Fannie Mae, Freddie Mac, the FHA, they will all grow beyond salvation, suffering losses (even with funny accounting) that will run in the hundreds of billions of dollars. Property taxes, for many places in America the only thing that stands between mere austerity and full-blown bankruptcy, will have to come down with the home values. The fake recovery has consumers fooled enough to go out and buy some more stuff on their credit cards. It makes no difference what the next smart way is to keep up appearances even longer: the outcome is as clear as it is inevitable. Real estate built America, and it’s going to take it down. Foreclosures will be the wrecking ball for the American economy,” writes The Automatic Earth.

If we look at the actual numbers we can see the wrecking ball in progress. According to realtytrac.com, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter of 2010, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. According to the New York Times about seven million households are behind on their mortgage payments. As I noted here yesterday, there are about 51 million mortgages in the U.S., so that means about 14% of all mortgage holders are in some stage of default. About 1 million are already in the foreclosure pipeline (as noted above) while a pool of 6 million defaulted/delinquent mortgages awaits entry into the pipeline. So much for green shoots la-la land.

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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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