Socio-Economics History Blog

Socio-Economics & History Commentary

The Truth About the Gaza Massacre!

  • Draw your own conclusions ! We will not be silent on Gaza !


January 20, 2009 Posted by | GeoPolitics | , , , , | 21 Comments

Michel Chossudovsky – The Great Depression of the 21st Century

  • Award winning author and economics professor Michel Chossudovsky is Director of the Centre for Research on Globalization, Montreal, which hosts the critically acclaimed website:
  • Michel Chossudovsky has taught at universities and academic institutions in North America, Western Europe, Latin America, Asia and the Pacific. He is currently teaching in the International Development and Globalization Studies Program at the University of Ottawa.
  • Michel Chossudovsky has also worked for several United Nations organizations on missions to Latin America and sub-Saharan Africa and has acted as adviser to governments of developing countries.
    He is an active member of the Canadian antiwar movement and has written extensively on US and allied war plans in the Balkans, the Middle East and Central Asia.
  • He is the author of several international best sellers including The Globalization of Poverty and the New World Order (2003) and America’s “War on Terrorism” (2005) and more than 500 articles. His writings have been translated into more than 25 languages. He is also a contributor to the Encyclopaedia Britannica. Michel Chossudovsky can be reached at
    Public Lecture organized by the Centre for Research on Globalization (CRG)  Montreal Jan 14, 2009
  • Lecture points :
    Causes and consequences of the financial meltdown;
    The speculative onslaught;
    Financial fraud and the “bank bailouts”;
    Bankruptcy of the real economy;
    Impacts on employment, wages and social services;
    Towards a spiralling public debt;
    The economic crisis and its relationship to the Middle East war;
    The centralization of corporate power;
    The concentration of wealth;
    The globalization of poverty.


January 20, 2009 Posted by | Economics | , , , , , | 3 Comments

Obama, Roosevelt, Gold Confiscation and Dollar Devaluation

  • We are in the early phase of the 21st Century Great Depression. More and more people are using the ‘Depression’ word. To get an idea of what is about to happen we need to go back to 1929-1939, the period of the 1st Great Depression. 
  • Will this be worse than the 1st Great Depression? It is likely to be a lot worse. My feeling is that we are entering a period of global war or wars again. What is the Obama administration up against in this economic 9/11 ? What will the administration implement?
  • Many commentators have mentioned the similarities between Obama and Franklin D Roosevelt (FDR). They are right. Thing about the New Deal, fiscal stimulus, infrastructure spending… Both Obama and FDR are talking up the same alley. 
  • For Gold Bugs, there is that interesting policy of FDR : the confiscation and revaluation of Gold (devaluation of USD against Gold).  Will Obama stay true to this FDR policy? Who knows ?
  • Another Gold Bug, Stewart Thomson says in Is President Obama Wearing A Giant Gold Mask? :

    • The “revaluation” issue of gold has been a hot potato with gold investors. Investors have polarized into two camps. Polarized “I’m 100% right and you’re 100% wrong” thinking by investors is generally dangerous and destructive.
    • The gold revaluation issue has been twisted, thru lack of understanding, into the “gold confiscation” issue. With one camp of investors and analysts “heading for the hills” and bashing the US govt, the US President, the US Central Bank, and the US Treasury as incompetent idiots or evil monsters. This camp believes there will be a confiscation.  ……..
    • The second camp are a combo of head in the sand investors and analysts and money managers who see confiscation as something that was “ancient history”. These are the same people who believed the stock market bull was “here to stay” in the 1990s. They label people who mention the word “confiscation” as Quacks and Weirdos.
    • If you read their work carefully, many of the money managers in the second camp made statements like “there won’t be anything but a mild recession” in very recent years. And failed to mention the derivatives issue in any serious way. Once the crisis hit fullblast, however, there they were in all their glory. Claiming to have predicted everything. Look closely. They got it all wrong. The facts are all there. And they are getting the revaluation issue all wrong now.
    • The gold revaluation issue is a serious issue. Ben Bernanke takes it seriously. So President Obama, by definition, is taking it very seriously. We’re only in the very early stages of this economic crisis, regardless of the damage to the stock and commodity markets. I repeat: revaluation is a US Treasury tool. Not a central bank tool. Revaluation is not brought out of the US Treasury toolbox until the Central Bank’s tools, rate cutting to zero, asset purchases with printed money, have been used extensively. The rate cut tool has been used fully. There is much more that can, and likely will, be done with the asset purchase tool. ……
    • Gold Revaluation is more than a possibility. It’s a freight train. And President Obama is the man who is going to be driving it. With both the US Treasury and the Central Bank on board. And those who have polarized themselves on both sides of the issue instead of looking at the reality are standing on the tracks. It won’t go well for them. You want to be on the train, not on the tracks. …..
    • The US govt cannot “juice up” the economy without a drastic cut in the value of the US dollar. If the citizens, and perhaps global citizens, respond to that cut by hoarding gold instead of spending cash on company products, there is no restart. There is a wipeout. …..
    • After the Gold Revaluation tool is used by the US Treasury, the gameball is handed back to the US Central Bank. And the nuclear weaponry is brought out of the tool box. The money printing tool.
    • The Fed will begin to print money at unprecedented rates. What you have seen to date is child’s play. Question: How can the Fed restart the economy if the printed money is taken and stuffed into gold?
  • So what do you think? Confiscation, Revaluation?? All that glitters is Gold. Deflation (implying economic collapse) or hyperinflation, Gold will still shine. 
  • See also :
    Massive US Dollar Devaluation Against Gold During 2009


January 20, 2009 Posted by | Economics, History | , , , , , | 13 Comments

Lindsey Williams – The Next 12 Months

  • Lindsey Williams was an ordained Baptist minister for 28 years. He went to Alaska in 1971 as a missionary. The Trans-Alaska oil pipeline began its construction phase in 1974. Mr. Williams loved his country and was concerned with the spiritual welfare of the “pipeliners,”. He volunteered to serve as Chaplain on the pipeline, with the subsequent full support of the Alyeska Pipeline Company. The company accorded him executive status and he was given access to the information that is mentioned in this video.
  • What Lindsey Williams learnt during those years amazed him. He had access to the global elite and their plans for the world. There is a secretive global ruling class, an “elite”, that gives orders to governments of the world. Government officials are mere puppets taking orders from these elites.
  • In this video Lindsey gives insight into what the elites are planning for the world in the next 12 months. It includes commentaries on : oil prices, collapse of the ME oil countries, collapse of the USD, hyperinflation, the fall of America….. etc.
  • Does the Satanic-Illuminati cabal rule the world?? Draw your own conclusions.


January 20, 2009 Posted by | Economics, EndTimes, GeoPolitics | , , , , , | 3 Comments

Bailing Out Banks Again !

  • For those of us who have glimpsed into the derivatives that the top banks in America hold, we know that what Jim Rogers said is true: the top banks in America are bankrupt !
  • We have already gone thru 1 round of bailout last year for these banks. They seem to be using the bailout money for acquiring other banks or paying executive bonuses. Bank of America last year was touted as quite a strong bank. It even acquired Merrill Lynch. And what do you know? It is asking for bailout to help it absorb Merrill Lynch.
  • What wonderful Banksters we have. They make mistakes that collapses the entire economy and they get rewarded for their incompetence. Of course some idiots have to foot the bill. We are that some idiots ! What wonderful government we have !?
  • Do not think for a moment that the 2nd bailout will work. It will not! The derivatives problem is : US$512 Trillion. Just 10% of these derivatives go boom it is already US$50 T. The US economy is about US$13 T. So there will likely be 3rd, 4th…. bailouts.
  • Barry Ritholtz says in The Big Picture :
    “The United States of Wall Street just added another major holding to its portfolio of financial garbage: Bank of America. “Like Citi, B of A has now received MORE IN BAILOUT MONEY than its actually worth (BAC = $53B; C = $21B). How this can ever be a profitable investment, as some mathematically challenged Congress-critters have suggested, is all but impossible to imagine.
    “Blaming ‘previously undisclosed losses from its Merrill Lynch’, B of A threatened to kill their purchase of Mother Merrill. Treasury made an emergency capital injection of $20 billion, on top of the $15B and $10B already received by B of A and MER respectively. The taxpayers will also backstop $118 billion of assets, setting up what is likely to be a jumbo money losing trade.
    “What should have happened in both instances was an orderly liquidation, selling off the pieces to competent managers who understand risk, and can manage smaller portions of the firm. Instead, the same idiots who helped destroy all of companies involved are still running the show.
    “The amazingly bad Bank of America plan mirrors an even worse bad deal made by the Feds with Citigroup in November. There, the taxpayers explicitly insured the bank against losses on 90% of $306 billion of toxic assets – Citigroup’s real-estate loans and securities.
    Like Citi, the B of A monies are a terrible deal for the taxpayer – not a lot of bang for the buck, and leaving the same people who created the mess in charge.
    “Organ transplant medicine understands certain truths: You do not give a healthy liver to a raging alcoholic, as they will only destroy the organ via their disease/bad judgment/lifestyle.
    “Why do we give billions of taxpayer dollars to incompetent managers who failed to protect their assets, who destroyed shareholder value? These people have demonstrated a marked INABILITY to run these firms. Why reward them with 10s of billions of dollars? “Its nothing short of madness …” 

  • UK banks are also insolvent. Banks get £1trillion bailout… but RBSshares still plunge 70% in fresh City bloodbath :
    In another day of frenzied activity the Government hurled public cash at the industry in a determined attempt to get it lending again. Developments included:

    ● A Treasury scheme to offer Government insurance for up to £260billion in worthless ‘toxic assets’ held by the banks;

    ● A £100billion guarantee for mortgages to encourage banks to lend to homebuyers;

    ● A £50billion Bank of England scheme to buy assets of private firms and financial institutions to inject cash into the economy;

    ● A European Commission forecast that the economy will shrink dramatically this year by 2.8 per cent and Government debt will soar to 72 per cent of output in 2010;  ……..  
    Despite Mr Brown’s announcement of his latest rescue plan almost all banks traded sharply lower on the markets. Crucially, the Prime Minister stopped short of putting a figure on his scheme, drawing Tory claims that he has written a ‘blank cheque’ that leaves the taxpayer dangerously exposed.

  • Have you ever wondered why governments are at the peck and call of banksters? The illuminati banking cartel owns the government. The secret cabal that rules the world.


January 20, 2009 Posted by | Economics | , , , | Comments Off on Bailing Out Banks Again !

China, Taiwan, Korea’s Exports Tumble

  • All the Asian exporting economies are feeling the deep bite of the global depression. The figures all say same thing : economy is facing catastrophe.
  • Brad Setser says in Global Depression. This Doesn’t Look Good: Taiwan, Korea and China Exports Tank :
    a) The trajectory of this downturn looks much worse than the trajectory of the 2000 recession. That isn’t news. But it is still worth noting. Korea and Taiwan export a lot of electronics, so they were among the hardest hit by the tech bust.
    b) It is striking that neither Taiwan nor Korean exports seem to have been impacted by the (modest) slowdown in US imports that started in 2006. They made up for slower export growth to the US – counting both their direct exports to the US and their indirect exports through China – with strong growth in their exports to Europe, China and the Gulf. Y/y export growth rates for Taiwan and Korea were actually up a bit earlier this year, during the peak of “decoupling.” No more …  

These look a lot like charts of financial variables after a bubble bursts, not charts of the level of exports. That isn’t good.

  • All the Asian Economic Tigers (Singapore, Hong Kong, Taiwan and South Korea) have very much lower debt level as compared to Anglo Saxon economies. So they can stimulate domestic demand by fiscal policies. But I very much doubt that it will replace export demand contraction entirely. The domestic market is way too small to do so.
  • China’s contraction is down right scary also. Let’s hope their US$ 600B stimulus package will arrest the contraction quickly. I have my doubts though. The rapidity of the collapse is catching all Asian governments off guard.


January 20, 2009 Posted by | Economics | , , | 1 Comment