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The ECONOMIC COLLAPSE of 2009 — Debt created by futures speculation is 16 times greater than the sum total of the entire wealth on the planet?

From: RBN, Dave Hodges

In the United States, credit swap derivatives created national debt totals of over one quadrillion dollars. That is one thousand trillion dollars! The entire GDP of the planet is estimated at $66 trillion dollars. And somehow, in the infinite wisdom of Congress, we falsely and naively believed that a $750 billion transfer of wealth (i.e., bailout) was magically going to save the economy and the collective futures of the American middle class. In short, the debt created by futures speculation is approximately 16 times greater than the sum total of the entire wealth on the planet! And we think we are going to climb out of this?

The bailout is enough, just enough, to float the economy through the 2009 presidential inauguration. The placebo effect of the anticipated widespread public hope, which will be fueled by the Obama inauguration, may push the inevitable economic crash out another 30 days, but not much further. America is living on both borrowed money and borrowed time.

The present bail out (i.e., the public theft of our collective private assets) will not save your job, your mortgage or your pension. If the bailout was going to preserve anything but the bottom line of the international banksters, then ask yourself why NORTHCOM is constantly conducting riot suppression activities. What does NORTHCOM and the Government know that most Americans do not know with regard to what lies ahead?

The bailout is nothing but a power play which provided the means for the Treasury Secretary (i.e., the treasury czar), the former head of Goldman Sachs, Henry Paulson, to gain absolute power over the economy. Does any well-informed person think that Obama is going to bring about real change? Where is Obama’s new Treasury Secretary coming from?

Meet the new boss, the same as the old boss. The new Treasury Secretary elect, Timothy Geithner, is the President the New York Fed. And what about Clinton’s chief financial advisor, Larry Summers who has now resurfaced in the Obama administration? Summers and Robert Rubin, another Goldman Sachs colleague, in conjunction with Paulson, undermined the Glass-Steagall Act during the Clinton administration. The Glass-Steagall Act resulted from Depression era policies which wisely prohibited banks from becoming insurance brokers and engaging in other unsavory practices such as participating in the credit swap derivatives ponzi schemes. If Rubin and company had not convinced Clinton to scrap Glass-Steagall, we might not be on the precipice of economic disaster.

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  1. mike

    I always enjoy being the first to comment.
    What’s going on is terrifying to me. This
    is not some minor recession or contraction.
    I walked through our local shopping mall today
    and could see the beginnings of what will be
    the worst catastrophy we will probably ever witness in our country. So many stores closed
    or in the process of closing. Major anchor stores with empty shelves and no customers.
    Oh sure there were some people walking around
    but with no purchases.I think this trend is going to worsen dramatically. The rest of the world is going through the same thing. The
    bailouts and stimulus MUST stop now! The elected
    leaders need to get tough or get out. Prosecute
    the wall street/washington criminals. The level
    of corruption runs so deep in washington I think
    the best thing to do would be tear it down
    monuments and all. Our political system needs
    a complete overhaul -then financials. All the artificial wealth of the past ten years was
    a LIE , smoke and mirrors, magic trick. I think
    when things get really bad , the gov’t will
    pull out one final trick and that will be
    depopulation. They will most likely unleash
    some kind of engineered virus, call it the
    bird flu and wipe out 3/4’s of the population
    very, very quickly. It really seems things
    are ramping up to this gastly scenario.

  2. Charles Littleton

    You are right. The futures markets are way too big and need to regulated. When we have a single futures market,credit swaps, that is larger than the total planets GNP, we have a big problem (fraud even)
    Clinton and Bush were morons for letting this happen. May God have mercy on our souls.

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