Sunday, March 15, 2009

[PDI] Economist Michel Chossudovsky on America's fiscal collapse

Interview by Bonnie Faulkner on Guns and Butter, one hour:

Some notes:

The numbers are astounding, and horrifying. . . .We 're in a very
serious situation - the most serious crisis in modern history. Defense
spending and the bank bailouts are eating up the totality of Fed
revenues, and exacerbate the crisis because the real truth is that
stimulus money is NOT going to the real economy. We're really looking at
a fiscal collapse, not a fiscal crisis, because virtually every category
of public expenditure is threatened.

Worse, low interest rates (which notably do not apply to consumer
credit) means few will be purchasing U.S. debt in the form of Treasury
Bills and Bonds while at the same time low interest rates encourage
another speculative onslaught by the financial economy. Treasury thus
lacks the ability to finance its operations.

Worse yet, the banks are not only the recipients of public money but a
big portion of the US debt is held by the banks, allowing the banks to
dictate policy - and basically control EVERYTHING. The public money
going to the banks is being used by the banks to buy up public assets
(and speculate with derivatives).

This means State and local taxes will skyrocket. Meanwhile the upward
transfer of wealth to the financial economy will further gut the real
economy due to speculative activity. The FEMA camps being built around
the country specifically ties in to anticipated unrest.

The people who control the government and the people who support the
government know very well what they have to do to control dissent. One
is to control the media, including the alternative media, so that the
public is completely unaware of the pending impoverishment of the entire
nation. (and since we have a global economy this impoverishment extends
to nations around the world, China's economy is collapsing now. 3rd
world countries already impoverished by IMF structural adjustment loans
will suffer most, and the collapse of their economies will literally
drive even greater numbers into death by starvation)

In short, the system is rigged. Read about the first global crash of
1345 to find out what may be in store:

Also WATCH FOR another email from yours truly titled The World According
to Derivatives which is about my 7 part series on derivatives which
explains the whole picture.

THE SOLUTION? Demand Congress get behind Kucinich to create
Constitutional money and regulate the value thereof.

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