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PostPosted: Wed Feb 07, 2007 10:41 am
 


<strong>Written By:</strong> Ed Deak
<strong>Date:</strong> 2007-02-07 09:41:50
<a href="/article/214150752-the-great-dollar-crash-of-07">Article Link</a>

02/06/07 "ICHBlog" -- - Every time a US Dollar is traded, a check is issued on an account that is overdrawn by $8.6 trillion. (That is the present size of the national debt) It is, without question, the biggest swindle in history. Flimsy sheets of faded-green scrip are eagerly exchanged for costly goods and services without any regard for the real value of the currency.

And, the real value of the currency is absolutely nothing!

How is it that this scam persists when people appear to be aware of the massive debt and deficits which underwrite the dollar? Do they still believe in that puerile fairy tale about “the full faith and credit” of the United States backing up every greenback? Or are they pacified by the wizened graybeards, like Alan Greenspan and Hank Paulson, who soothingly bray about the “strong dollar policy”?

What gibberish.

In truth, the dollar rests on the crumbling foundation of consumerism and oil. The American consumer’s gluttonous appetite for spending has kept the greenback flying high for decades. Economists marvel at America’s lust for electronic gadgetry, the latest fashions, and useless knick-knacks. They call our profligate spending “the engine for global growth”; and indeed it is. No other country in the world is nearly as addicted to binge-spending as the US consumer. As long as he can beg, borrow or steal his way into the shopping mall; the orgy of spending is bound to continue. (Consumer spending is 70% of GDP)

Regrettably, there are signs that the US consumer is beginning to buckle from the weight of personal debt. The Associated Press reported just this week that “people are saving at the slowest rate since the Great Depression… and the Commerce Dept stated that the nation’s personal savings rate for 2006 was a negative 1%, the worst showing in 73 years.”

Additionally, credit card debt has skyrocketed, which is an indication that homeowners are no longer able to siphon easy-money from their home-equity. The nose-diving real estate market has slowed refinancing to a dribble; cutting off the additional $825 billion of cash which was extracted from home-equity just last year.

Clearly, the well is running dry; the housing bubble is hang-gliding into the abyss and there’s nothing Fed-master Bernanke can do to save it from its inevitable crash-landing.

The central banks around the world are now watching for any sign that the American consumer is about to give up the ghost. As soon as that happens, bank managers everywhere will swing into action, ditch their U.S.Dollars and head for the exits. When the “global engine” sputters to a halt; it’ll be curtains for the greenback.

The Oil-extortion Racket

The dollar’s link to oil has helped to keep it afloat but, in truth, it’s just another dismal rip-off. More than 70% of the world’s oil is denominated in USD; a virtual monopoly for the USA. Until last year, even Russia was using dollars in its oil transactions with Germany. Imagine a comparable deal, like the US purchasing oil from Canada in rubles?!?

It’s lunacy; and yet this is the system the US hopes to preserve so it can maintain its unique status as the world’s “reserve currency” and keep expanding its debt into perpetuity. It explains why the Federal Reserve has been able to increase the money supply by a whopping 15% for the last 6 years! Trillions of dollars are now circulating in the oil trade keeping the value of the dollar high by creating artificial demand.

The other reason the dollar hasn’t succumbed to hyperinflation is because the current account deficit is running at roughly $800 billion per year. The Asian giants (China and Japan) and the oil exporting countries are mopping up more than $700 billion of our red ink every year!

The dollar’s link to oil forces central banks to maintain humongous stockpiles of USD to pay the steadily rising price of oil that keeps their industries and vehicles running. Otherwise they would have chucked the flaccid greenback years ago and converted to the more steadfast euro.


The so-called ‘global economic system’ has nothing to do with competition, free markets or private enterprise; that’s just public relations gobbledygook. In practice, it is the world’s biggest extortion racket, wherein, the “Godfather”-- Uncle Sam-- holds a gun to the heads of his subjects and forces them to use our fiat-paper to purchase the oil that lubricates their economies.

Why would anyone accept a personal check from a nation that owes the bank more than $8.6 trillion dollars?

Why, indeed?

It’s blackmail, pure and simple; and yet, the Chinese, Japanese etc. continue to play along knowing full-well that we neither have the inclination nor the resources to pay them back in kind?

It’s madness.

Every so often, a rebel nation will try to break the shackle of greenback-tyranny and operate outside the US-run system?

For example, Saddam Hussein switched to euros 6 months before he was carpet-bombed in Shock and Awe. His defiance only hastened his ultimate downfall.

Now Iran and Venezuela are threatening to convert to euros. Is it any surprise that they are both on Bush’s axis-of-evil hit list?

<a href="http://www.ichblog.eu/content/view/405/2/">http://www.ichblog.eu/content/view/405/2/</a>


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PostPosted: Wed Feb 07, 2007 11:50 am
 


That is the huge case of the ameros predicted by many. A number of people are going to be left with worthless US$s debt. I do hope that our CDN$ does not fall for the "ameros" scam. But the sellouts seem to be the ones running the country.

Vive is doing a great job covering this story but the mainstream medias are not. No suprise, I suppose... I wish this issue was driven way up for the next federal election. The "green" issue seems to have been hijacked in order to hide the bigger scam unfolding. Any ideas on how to whistleblow on the next big scam???

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"We are all in this together somehow, some more than others somehow"



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PostPosted: Wed Feb 07, 2007 1:24 pm
 


I grew up in an impoverished country in the Great Depression, where we had 94 barefoot kids in my Grade 1 in 1933, and was 16 before I first had an old bicycle, in 1943, after working for it on construction site through the summer break.

So, I have a good idea what "economic depression" and poverty means.

What I don't understand is how our politicians can be so incredibly stupid to accept this criminal economic theory that was bound to end in a crash, sooner, or later. And how our universities can teach this same criminal theory as "economics" ?? These are the things that boggle the mind.

On the other hand, we have seen enough, with our eyes wide open, not to trust any ideological, or economic system and have been preparing, learning and building for this all our lives.

What we're concerned about are armed gangs combing the countryside for something to eat and steal. A typical "Road Warrior" scenario, that could easily happen with all the tools and equipment available for the purpose.

Let's hope this stupid system will collapse with the same whimper as it did in the Soviets.

Ed Deak.



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PostPosted: Wed Feb 07, 2007 2:12 pm
 


Good article, Ed, but I would say to your statement:

"No other country in the world is nearly as addicted to binge-spending as the US consumer."

Canada is close behind, and I would say, is as nearly addicted to binge-spending as the US.


---
“The war is not meant to be won, it is meant to be continuous, the essential act of warfare is the destruction of the produce of human labour”



“The war is not meant to be won, it is meant to be continuous, the essential act of warfare is the destruction of the produce of human labour”


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PostPosted: Wed Feb 07, 2007 2:15 pm
 


.....and we know what happens to people who go on binges.

End up with their heads in the potty, under the bed.

Ed Deak.


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PostPosted: Wed Feb 07, 2007 4:13 pm
 


Good article, Ed. I don't know whether the collapse will come this year, next year or five years from now, and I am sure no one else does either. But nonetheless, this house of cards must come down. Start preparing now, folks!


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PostPosted: Wed Feb 07, 2007 11:45 pm
 


I think all it's going to take is a "nudge"......maybe a massive earthquake....possibly a drought.....perhaps persistent and "wicked" weather. We like to think ol' Mother Nature has been beat, and so look at potential human causes......

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PostPosted: Thu Feb 08, 2007 11:07 am
 


It will happen when the present holders and speculators will have converted enough of their worthless Dollars into gold and Euros. Especially gold. Then they can let the dollar drop into the garbage can. And they will.

But then comes the day, when the Chinese will feel strong enough and kick out all the wide eyes.

What then?

Ed Deak.


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PostPosted: Thu Feb 08, 2007 8:16 pm
 


So they will all die rich then.......?

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PostPosted: Thu Feb 08, 2007 8:20 pm
 


<a href="http://www.cbc.ca/canada/story/2007/02/06/confboard-cities.html">http://www.cbc.ca/canada/story/2007/02/06/confboard-cities.html</a><p>---<br>"When you change the way you look at things, the things you look at change." <br />
-Max Planck<br />
<br />



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PostPosted: Thu Feb 08, 2007 9:00 pm
 


In 1988, during the FTA debate, going on all over the country, the CD Howe Inst. claimed, that women will be the biggest winners from the FTA. In the '88 Leaders Debate on TV , Mulroney promised 250,000 FTA jobs, in his 89 New Year's address 500,000. Judith Maxwell of the Economic Council promised 250,000 women's jobs, the CONFERENCE BOARD 125,000. The Economic Council forecast 188,000 jobs lost and 439,000 gained.

It was promised all around that manufacturing jobs will be the biggest winners in labour and income

Which shows how much the predictions of the these horses' tail ends are worth. Especially when they start talking about "competitiveness".

Ed Deak.


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PostPosted: Thu Feb 08, 2007 11:45 pm
 


"What I don't understand is how our politicians can be so incredibly stupid to accept this criminal economic theory that was bound to end in a crash, sooner, or later."

Simple Ed, the Rich are not impoverished, they are enriched. Its only the non-rich that are devestated by the likes of the Great Depression. What happens to the poor doesn't matter, the only important thing is that the rich got a helluva lot richer.


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PostPosted: Fri Feb 09, 2007 12:06 pm
 


"Canada, like other societies, has transformed itself…”

Playing the literalist card Dio offers an assertion;
Canada, an inanimate object, cannot perform an action; Action can be done TO the inanimate.
It is this linguistic trickery of putting forth falsehood, a falsehood largely unnoticed, that results in, when unchecked the creation of bullshit beliefs.

I believe it is our inexactness while misusing language which results in mass psychosis.

When the Conference Board of Canada, or any other quasi official sounding band of profiteers present carefully crafted fantasy for the mass dumbed down and care-less worker bees expect phraseology such as “Canada transformed itself…” to go unchallenged because it is at the point of "Canada has transformed it self..." that most have been lead of the scent.


---
[juris ignorantia est cum jus nostrum ignoramus]

it is ignorance of the law when we do not know our own rights"

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"When I tell the truth, it is not for the sake of convincing those who do not know it, but for the sake of defending those that do."

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but to acquire wisdom, one must observe."


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PostPosted: Fri Feb 09, 2007 12:31 pm
 


oops "led" not lead

---
[juris ignorantia est cum jus nostrum ignoramus]

it is ignorance of the law when we do not know our own rights"

lex ferenda



"When I tell the truth, it is not for the sake of convincing those who do not know it, but for the sake of defending those that do."

William Blake

"To acquire knowledge, one must study;
but to acquire wisdom, one must observe."


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PostPosted: Sat Feb 10, 2007 12:21 am
 


The article is just.........bullshit, bullshit, bullshit.

Warlock

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