Socio-Economics History Blog

Socio-Economics & History Commentary

Credit Suisse: Singapore Likely To Be Among Worst Hit Countries If US Defaults!

  • This coming sovereign debt crisis is a global crisis. The idea that strong Asian economies will not be affected is nonsense. China will be hit hard because it is largely reliant on exports. The Asian Tigers: Taiwan, Hong Kong, Singapore and South Korea will be hit hard too. Singapore despite having probably the 3rd strongest currency in the world will not be spared. Because it is a financial hub and forex hub (the largest forex hub in Asia) it will be hit hard. The world is too inter-connected for countries which are ‘globalized’ to escape this coming global economic, financial and monetary collapse! (emphasis mine)
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    Singapore ‘likely to be hit’ if US defaults
    By Aaron Low, The Straits Times
    SINGAPORE is likely to be among the worst-hit countries in Asia should the United States default on its massive debts leading to a financial crisis, warned Credit Suisse yesterday. This is because US banks account for almost 15 per cent of total domestic bank lending here, said the bank in a report.
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    In such a default cum credit crunch scenario, American banks would almost certainly withdraw their funds from the region, including Singapore, said Credit Suisse head of India and South-east Asia economics Robert Prior-Wandesforde. ‘Should the US default and a credit crunch happen, it would make the fall of Lehman look like a picnic,’ he added, referring to the collapse of Lehman Brothers investment bank in September 2008, an event that triggered the financial crisis.
    ….
    If the US fails to raise this debt ceiling, it could default on its obligations – sending shock waves across global financial markets, said analysts. For Singapore, Mr Prior-Wandesforde noted that banks and financial institutions here are the second-highest holders of US debt and equities after Hong Kong. The size of US debt and equities held by the private sector here is as high as 22.7per cent of Singapore’s gross domestic product, said Credit Suisse.
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    Mr Prior-Wandesforde noted that banks here are very well-capitalised but this would ‘not matter in the event of an extraordinary credit crunch’.

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July 29, 2011 Posted by | Economics | , , , , , , , , | 1 Comment

Billy Graham is a 33rd Degree FreeMason! Illuminist ‘Christian’ Preachers, Wolves In Sheep’s Clothing!

  • Matthew 7:15, New King James Version (NKJV)
    You Will Know Them by Their Fruits
    15 “Beware of false prophets, who come to you in sheep’s clothing, but inwardly they are ravenous wolves.
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  • “To you, Sovereign Grand Inspectors General (of the 33rd degree), we say this, that you may repeat it to the brethren of the 32nd , 31st and 30th degrees – The Masonic Religion should be, by all of us initiates of the high degrees, maintained in the purity of the Luciferian doctrine.  … Yes, Lucifer is God … “
    Albert Pike, Morals and Dogma of the Ancient and Accepted Scottish Rite of Freemasonry in 1871 (blasphemy)
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    One of the unheralded and least known facts about Freemasonry and the Masonic Lodge is its Jewish origins and nature. The religion of Judaism, based on the Babylonian Talmud, and the Jewish Cabala (or, Kabala), an alchemical system of magic and deviltry, form the basis for the Scottish Rite’s 33 ritual degree ceremonies.

    - Freemasonry is Jewish Magic, Texe Marrs
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    “Masonry is based on Judaism. Eliminate the teachings of Judaism from the Masonic Ritual and what is left?”

    - Jewish Tribune of New York, on October 28, 1927
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    “Freemasonry is a Jewish establishment, whose history, grades, official appointments, passwords, and explanations are Jewish from beginning to end.”
    - Rabbi Isaac Wise
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    Satanic doctrine teaches that, ultimately, the New World Order can be established in society only after a time of planned, great world turbulence and chaotic disorder. It is this very concept- “order out of chaos”- which is at the foundation of all Masonic doctrine. Significantly, Masonic initiates elevated to the 33 degree are given a “jewel” to wear proudly. This jewel is decorated with the sign of three, interlocked triangles, representing both the unholy trinity and the number 666. The jewel is also inscribed with the Latin inscription “Ordo Ab Chao,” interpreted as “Order Out of Chaos.”
    Circle Of Intrigue, Page 94, Texe Marrs
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    Here is the 33rd Degree Masonic Symbol
    The higher-level initiates are well aware that in the working of The Plan (for a New World Order), death and bloodshed- unparalleled chaos are prescribed. John Randolph Price, president of the Planetary Commission and organizer each year of a massive and worldwide “Instant of Cooperation” event, has proclaimed that the “Divine Plan” requires chaos to cleanse and purge the world before a bright, new era can emerge.

    Circle Of Intrigue, Page 100, Texe Marrs

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July 29, 2011 Posted by | EndTimes, Social Trends | , , | Comments Off

Peter Schiff: ‘Debt Ceiling is a Charade’!

July 29, 2011 Posted by | Economics | , , , , , , , , , , | Comments Off

The Daily Bell: Debt Ceiling Debate Not the Real Point! The Fraudulent FedRes Is The Real Issue!

  • Excellent analysis by The Daily Bell. The world is ruled by Illuminist banksters via their privately owned Illuminist central bank cartel. Those countries whose central banks are not owned by them are demonized and attacked. Think Iraq, Libya and Iran! These Illuminist central banks create money out of thin air by simply typing the numbers into their computer system. This is how the FedRes creates the money for purchasing of US treasuries (ie. Debt Monetization using QE). The American people are made to pay the interest on these US treasuries to the FedRes even though the money was created out of thin air! It is all a SCAM!
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    Debt Ceiling Debate Not the Real Point
    http://www.thedailybell.com/
    Debt-limit debate wearing on Americans … As an Aug. 2 deadline draws closer and Washington’s political brinkmanship only intensifies, Americans are discussing the potential consequences of failing to raise the debt ceiling, which authorizes the federal government’s borrowing to meet expenses that tax collections aren’t sufficient to cover. … The president and the Republican speaker of the House, John Boehner of Ohio, both have appealed to the public and accused the other side of refusing to come to a deal. – USA Today
    ….
    Free-Market Analysis: The debate over the debt ceiling is anything but trivial for the poweres-that-be. Political pundits on both sides of the dialectic, along with their media confidants, would like us to believe that there is a real reason for us all to be concerned over the “acceptable level” of debt. Don’t worry about the fact that America is already the largest debtor nation in the world. Don’t worry that the Fed handed out more than $16 TRILLION in bailouts … just a couple of trillion more and all will be well.
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    Well we have another take on the matter. It seems to us that to debate whether or not further “credit” should be extended is to miss the point. The real point is the fraudulent base on which the Federal Reserve System is built – in other words, the US dollar itself – and how it is eroding living standards and individual freedom. We wrote about this just the other day in an article titled, GAO: Fed Issued $US16 Trillion During 2008 Crisis!
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    For nearly 100 years now, the money elite have had their way with the American people and citizens of most other nations who’ve been harnessed in the dollar noose due to its oil-imposed reserve status. And as central banks (creators) and commercial banks (distributors) were hoisted upon unknowing populations – dumbed down via a broad, yet tightly controlled international media network – the process of wealth redistribution was firmly entrenched.
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    Nowhere has this poisonous system been more effective at draining the lifeblood (productivity) from a nation, than in the United States. The US Constitution has been turned into an artifact of ridicule; the rights of an individual have taken a backseat to the “rights” of the State. And what a State it is.
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    We all now face a global catastrophe, we are told, if the US legislators cannot agree on the need to raise the debt ceiling. We are told that the world will stop turing and all will face a horrible new future. On Monday night, during his Presidential address to the nation, Barack Obama warned, “We can’t allow the American people to become collateral damage to Washington’s political warfare.” Really Mr. Obama? And just how rosy is the current picture for most who are willing to face reality? Are Americans not already collateral damage?
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    Today, in America and the West in general, it is virtually impossible for people to get by without both spouses working – often more than one job each. The family unit has been sabatoged and instead of communal bonds bringing families closer together we have a dog-eat-dog society where even close family members are stepping over each other to survive. All the while, people are working HALF their lives to pay money into a system based on a fraudulent premise: That someone out there can do a better job of taking care of you, than you. And naturally, Mr. Obama believes he, and the system of regulatory democracy he leads, can do that.
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    So why do people sit back and watch this “accident in motion” rather than just realize that the whole gig is up and it is time to face the music? Everyone is complicit in this – the people themselves who blindly gave up their individuality for false security, and the subversive group of monetary elite focused on consolidating their globalist agenda and generaly enslaving the “lower order.” Of course, the former group has been losing for a long time now, but perhaps it is now the latter group who will face some rather uncomfortable times ahead.
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    However, as long as the greater majority refuses to have the courage to take responsibility for their own destinies, then there will continue to be those who will use fear-based dominant social themes to consolidate power. To extend further debt to a disfuntionally bankrupt system will do nothing more than delay the inevitable. It will not fix the unfixable. People are waking up, thanks to the Internet Reformation, and taking human action – one person at a time. This is the bell of liberty that is tolling and it is ringing louder and louder as more and more choose to face reality.
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    Just look at the powerful increase in purchasing power (value) of gold and silver over the past several years to get a pretty good idea as to how rapidly the fiat money scam is unwinding. And this trend is NOT likely to change anytime soon. How can it? Why would it? We still have the majority of people debating in what “form” the debt ceiling package should exist. The majority, well they just don’t get the point – at least not yet. So the struggle will continue, the debt ceiling will go up, and the dying dollar will continue to devalue.
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    Conclusion: The Internet Reformation is leading all who wish to see the truth. And for them, the debt celing debate means rather little and neither do Obama’s fear-based threats. As Dr. Machan says in his editorial today, Americans just need to say NO.
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    “You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.” – Andrew Jackson

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July 29, 2011 Posted by | Economics | , , , , , , , , , , , , , , , , | Comments Off

The Dynamics of Doom: Why The Eurozone Fix Will Fail !

  • This is a great article explaining in simple terms why the bailouts will fail ! Keep in mind that the Illuminist’s plan is for a collapse of the Eurozone and Euro. It is intentional and is to usher in global economic, financial and monetary collapse. The recent 2nd bailout of Greece is really about consolidation of power and the establishment of a Eurozone wide ‘Ministry of Finance’. It is simply a cover for destruction of national sovereignties and conquest. Jim Rickard explains:
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    In Europe for over ten years you’ve had the European Central Bank, which is the equivalent of the Fed, but they did not have the equivalent of a Euro Treasury. So the best way to understand the ESFS, for the first time we have a European-wide Ministry of Finance.  They don’t call it that, but that’s what it is, and it’s run by the Germans.  So in effect Germany will be dictating fiscal policy to all of the Euro system from here on out. …. The bad news at least if you’re Greece or Italy or Spain or Portugal is that from now on your fiscal policy is going to be dictated by Germany.  .. Germany has accomplished financially what it has never been able to do militarily since the days of the Holy Roman Empire, which is to basically gain control over Europe.”
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  • The Dynamics of Doom: Why the Eurozone Fix Will Fail
    by Charles Hugh Smith, http://inteldaily.com/
    The only way out of the Eurozone end-game is massive debt forgiveness and a return to national currencies. The first will destroy the banks, the second will destabilize the German export economy. “Extend and pretend” is an endgame, not a fix.
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    Let’s dig into the dynamics of doom:
    1. The consequences of austerity. The kleptocratic “fix” is to divert more of the debtor nations’ national incomes to debt service. In other words, money that once went to labor (wages) and social services now goes to debt repayments and interest. What are the consequences of this massive diversion of  income? The economy shrinks. Less income means less spending, which means negative growth.

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    The Eurozone’s “happy story” counts on debtor economies “growing their way  out of debt.” If labor’s share of the national income is falling, and both private and government spending and income are falling, precisely where is the “growth” supposed to come from? As private income falls, tax revenues fall, causing the government to raise taxes and junk fees. This further reduces  private income, and so on in a self-reinforcing feedback loop of contraction.
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    Austerity sets up a positive feedback loop of less income and less  spending. The people in these debtor economies can look around and  see the consequences: everyone has less money, and less confidence that the “austerity fix” will do anything but put debt-junkies into fatal withdrawal. Once an economy becomes dependent on debt that rises faster than the  resulting “growth,” then that economy is set on an unwavering path to implosion. (The Cycle of Dependency and the Atrophy of  Self-Reliance).
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    As belief in the system fades (When Belief in the System Fades March 12, 2008) and institutions lose their legitimacy ( The Three Ds: Delegitimization,  Definancialization, Deglobalization July 1, 2011), then people naturally save more as insurance against an uncertain future. Fewer people are willing to risk their capital in new ventures, and as the economy loses vitality then these trends reinforce each other.
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    2. This loss of faith and confidence triggers hoarding and capital flight. As Ludwig von Mises noted long ago, the only way to organically “grow” an economy is for capital to accumulate faster than the  population, that is, capital increases on a per capita basis. Capital means savings/cash, not debt, that is invested in productive assets and enterprises. So what happens when you skim more of a nation’s income to service debt?  There is less capital accumulated, and thus less capital available for investment.
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    What happens when people lose faith in the financial institutions and their coercive “fixes”? They move their capital to less-risky, more productive climes. In other words, capital flight is another positive feedback: as people move their capital out of the country, then there is less available per capita for productive investment. Toss in a kleptocratic government which increases taxes while misallocating precious capital on crony Capitalism and corruption, and you get a death-spiral of capital flight and risk  avoidance. The irony of a loss of faith is people instinctively place their capital in non-productive savings: in gold, Swiss lock boxes, and so on. This instinct  removes capital from the pool of investments in productive assets.
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    3. Taxes must be raised to fund higher debt service. There is no other way to service sovereign debts, so taxes must rise, adding another positive feedback to the contracting economy: higher taxes reduce net income, create disincentives to earning more via productive enterprises and incentivizing tax avoidance and capital flight.
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    4. The frantic rush by the EU and European Central Bank (ECB) into a  domino-like series of short-term “fixes” effectively destroys the possibility of  long-term solutions. Injecting more debt into debtor nations is  like “fixing” the debt-junkie’s withdrawal symptoms with massive doses of euro-denominated smack: the “fix” dooms the “patient” in the long run, even as it “makes everything better” for a brief interlude of faux “normalcy.” But like any other addiction, resistance to the “fixes” rises and the  interludes diminish in length.
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    The dynamics of austerity without massive debt renunciation doom the EU, and the dynamics of using taxpayer-funded debt to “fix” over-indebtedness also dooms the EU. Massive debt renunciation will doom the big European banks, and of course those banks are the raison d’etre for the entire project: it’s all about saving the banks, isn’t it?
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    5. These dynamics set up a double-bind endgame. The EU Overlords and the ECB can busily move their last knight around their king, but the game is already lost. Austerity triggers a positive feedback of economic contraction, debt fixes to over-indebtedness launches a cycle of diminishing returns, and the reliance on short-term fixes over long-term solutions sets off self-reinforcing losses of legitimacy and faith in the system’s sustainability.

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July 29, 2011 Posted by | Economics | , , , , , , , , , , , | Comments Off

Stephen Lendman: Israeli Home Demolition Terrorism!

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

  • The real terrorists in Palestine are the Zionists. They commit genocide and ethnic cleansing against the semitic Palestinian people while pretending to be victims. Ashkenazi Jews are not the Jews of the Bible. They are not semitic and are not descendents of the 12 tribes of Israel. Zionist ’666′ Israel is a Satanic counterfeit!
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    Israeli Home Demolition Terrorism
    By Stephen Lendman, http://sjlendman.blogspot.com
     Co-founded (with Meir Marglit) and directed by Jeff Halper, the Israeli Committee Against Home Demolitions (ICAHD) “is a non-violent, direct-action organization established in 1998 to resist Israeli demolition of Palestinian houses in the Occupied Territories.” ICAHD also helps rebuild homes. In addition, it resists “land expropriation, settlement expansions, by-pass road construction, policies of ‘closure’ and ‘separation,’ ” as well as destruction of agricultural land and crops. It also works for peace, equity, and ending Israel’s illegal occupation. Access its web site through the following link:http://www.icahd.org/
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    It estimates over 24,800 West Bank, East Jerusalem and Gaza houses demolished since 1967 (4,247 during Cast Lead, according to the UN). It classifies demolition types as:
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    — punishment for actions associated with the structures (about 8.5%);
    — administrative for lacking building permits (about 26%);
    — land-clearing/military demolitions for any reason,including achieving IDF goals or accompanying extrajudicial assassinations (about 65.5%); and
    — other undefined reasons.
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     In fact, Israel’s demolition and displacement policies are serious international law breaches for any reason. Nonetheless, they continue as official state policy to steal Palestinian land for Israelis, an issue Western media ignore, as well as other Israeli crimes of war and against humanity.
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     On June 27, the Association for Civil Rights in Israel (ACRI) said the Knesset Constitution, Law, and Justice Committee passed a first draft of a law requiring Palestinians to pay house demolition costs with no judicial review. ACRI and Bimkom: Planners for Planning Rights petitioned the committee, calling the measure extreme, adding that without judicial review “there is no option for the owners to demolish the structure themselves,” a much cheaper procedure. Moreover, this legislation gives administrative authorities “unbalanced” demolition freedom, including to bulldoze homes in “structurally disadvantaged communities such as Bedouins in unrecognized communities” and Palestinians in East Jerusalem. A “softened version of the bill” lets courts decide whether costs should be imposed and how much. It’s expected to become law.
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     On July 21, a new UN Office for the Coordination of Humanitarian Affairs (OCHA) report documented alarming numbers of West Bank Area C demolitions and forced displacements, saying more occurred (342) so far in 2011 than in 2009 and 2010 combined. Based on field visits to 13 Area C communities, the report said “restrictive policies and practices of the Israeli authorities, including movement and access restrictions, settlement activity and restrictions on Palestinian construction” force most Palestinians to leave. It added that thousands more are at risk because 3,000 demolition orders have been issued, including against 18 schools.
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     On July 18, ICAHD reported “a new wave of demolition orders, stop-building orders, property confiscations, settler harassment and multiple warnings of imminent eviction(s) by the Israeli Civil Administration….”
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    … for the full article click here!

Revelation 2:9 - .... and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

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July 29, 2011 Posted by | Economics | , , , , , , , , , | Comments Off

Israeli Threatens No ‘Food, Fuel, Water, Anything’ If Occupied Palestinians Seek Statehood !

Revelation 2:9 - .... and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

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July 29, 2011 Posted by | GeoPolitics, Social Trends | , , , , , , | Comments Off

Gerald Celente: America Is Heading For An Economic 9/11 ! The Game Is Over!

July 29, 2011 Posted by | Economics, Social Trends | , , , , , , , , , , , , , , | Comments Off

Max Keiser: Golden Salute to Global Breakdown!

July 29, 2011 Posted by | Economics | , , , , , , , , , , , | Comments Off

U.S. Default: The Final Countdown?

  • I do not believe that the US will go for a hard default! America will stealth default via money printing: QE! The snakes are playing a game. America’s rating will be downgraded, interest rates will increase. The FedRes will be the sole buyer of US debts and thus the beneficiary of the rise in interest rates. Americans will be forced to pay more interest to the FedRes for the money created out of thin air!

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July 29, 2011 Posted by | Economics | , , , , , , , , , , , | Comments Off

Jim Rogers: “Prepare For a Lost Decade or More”!

July 29, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , | Comments Off

Ron Paul’s Urgent Warning on Global Currency Crisis And Rising Police State!

July 29, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , | Comments Off

   

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