Socio-Economics History Blog

Socio-Economics & History Commentary

William Engdahl: US Won’t Recover for At Least 15 Years!

July 1, 2010 Posted by | Economics | , , , , , | Comments Off on William Engdahl: US Won’t Recover for At Least 15 Years!

Poison Spreads: Gulf Air Turns Toxic After Oil Spill ‘Relief Effort’ !

July 1, 2010 Posted by | Disaster, Social Trends | , | Comments Off on Poison Spreads: Gulf Air Turns Toxic After Oil Spill ‘Relief Effort’ !

Gerald Celente: Global Currency Meltdown!

July 1, 2010 Posted by | Economics | , , , , | Comments Off on Gerald Celente: Global Currency Meltdown!

America’s Ticking Debt Bomb: Like Greece, “Only Worse,” Pento Says!

Vodpod videos no longer available.

  • Just what is the solution to the debt problem? The banksters would like us to believe more debts, save less, spend more…! You have to be out of your mind listening to these idiots who are out to enslave you. Yahoo Finance reports:
      
    America’s debt bomb is ticking and is likely to detonate in five years or less, says Michael Pento, senior market strategist at Delta Global Advisors.  “It could be much sooner when we hit the debt wall,” Pento says. “My opinion doesn’t matter: Math tells me we’re in a serious problem.”
     
    The math Pento refers to is
    the Treasury Department’s recent estimate that total U.S. debt will top $13.6 trillion this year and rise to 102% of GDP by 2015. Moreover, the publicly traded debt (debt excluding intra-governmental obligations) will rise to $14 trillion by 2015, up from “just” $7.5 trillion in 2009. At $14 trillion, the interest payments on the public debt will total about $1 trillion in 2015, he continues; even assuming solid growth and low inflation, that would equal about 30% of total government revenue. “What do you think that does to our bond market?,” Pento wonders. “It leads to a dollar crisis and a bond market crisis. That’s why gold refuses to go down. ”
     
    Demand for U.S. Treasuries and the dollar currently remain high, especially in the wake of the euro’s slow-motion implosion. Pento admits timing this debt crisis is difficult but predicts we’ll be “like Greece, but worse,” in four years or less, unless we make a sudden turn toward austerity. 
    “When we hit the debt wall it’s going to be extremely pernicious, and quickly.”  The only way to avoid this catastrophe, Pento says, is to “rip off the Band-Aid” and cut government spending dramatically. (Unlike Europe, he says we should cut taxes, rather than raise them.)
     
    “You’re going to have your recession/depression in the short term but on the other side of that you’re going to have a viable currency a viable bond market and a viable economy,” he says. In other words: rather than continuing to kick the can down the road, Pento says we should trade short-term pain for long-term gain.
      

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July 1, 2010 Posted by | Economics | , , , , , , , , | Comments Off on America’s Ticking Debt Bomb: Like Greece, “Only Worse,” Pento Says!

California Notified Of Gulf Evacuation Plans?!

  • Persistent rumours and whistleblower reports are swirling of mass evacuations and martial law. This will be an economic catastrophe for America, not just a human tragedy! How true is the report below? Draw your own conclusions!
     
    California Notified Of Gulf Evacuation Plans
    A well-placed source in California told WMR that the California Emergency Management Agency (CEMA) has been briefed by its counterpart agencies in the Gulf coast states that there are plans to conduct a mass evacuation of millions of Gulf coast residents due to the catastrophic environmental and public health effects of the BP oil disaster.
     
    CEMA officials have been briefed on the planned evacuations by counterparts in the Louisiana Governor’s Office of Homeland Security and Emergency Preparedness, the 
    Alabama Emergency Management Agency, the Mississippi Emergency Management Agency, and the Florida Division of Emergency Management.
     
    The Gulf states’ emergency planners stressed to their California counterparts that they are dealing with a disaster of unprecedented proportions and that contingency plans are being constantly updated and revised on ways to deal with the transformation of the 
    Gulf of Mexico into a deadly “toxic soup” of oil and Corexit 9500 oil dispersants and the atmosphere into a dangerous mixture of hydrocarbon gases.
     
    CEMA was briefed on the impending mass evacuation since California would be expected to absorb a large number of evacuees from the Gulf states. CEMA officials did not say how the state of California, which is virtually bankrupt, would pay for the influx of hundreds of thousands and perhaps greater numbers of evacuees from the Gulf coastal region.

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July 1, 2010 Posted by | Disaster | , , | 1 Comment

CATEGORY 5 ALERT! Katrina-Trained FEMA Planning Forced Evacuations!

  • The Gulf oil spill is alot worse than the corrupt MSM wants us to believe. I am leaning on the side of mass relocation of 20M-40M people from the Gulf coast. Eric Blair writes:
     
    It has been reported that our well-oiled government is planning mass evacuations of Gulf coast cities. Sources close to the government like investigative journalist Wayne Madsen reported: “Plans are being put in place for the mandatory evacuation of New Orleans, Baton Rouge, Mandeville, Hammond, Houma, Belle Chase, Chalmette, Slidell, Biloxi, Gulfport, Pensacola, Hattiesburg, Mobile, Bay Minette, Fort Walton Beach, Panama City, Crestview, and Pascagoula.”
     
    Council on Foreign Relations member, Matt Simmons, was quoted on June 23rd in the 
    Washington Post, “We’re going to have to evacuate the gulf states.  Can you imagine evacuating 20 million people? . . . This story is 80 times worse than I thought.”
     
    And to add to the growing speculation that evacuations were being planned, Coast Guard Admiral Thad Allen in a 
    Gulf oil spill press conference on June 25th suggested that evacuation plans were underway.  He even discussed some of the logistics: “We would designate essential and non-essential personnel, and non-essential personnel would basically take shelter. Ideally, we would not do this at the same time they are trying to do an evacuation of citizens, so there’s a staging of this, and we actually would coordinate that with FEMA and the local governments.”
     
    If Katrina was any indication of how the U.S. government handles mass evacuations, then responsible residents should begin planning their move now before they are forced to leave at gunpoint.  Remember military in the streets and “temporary” FEMA housing?  It seems clearer by the day that mass evacuations may be inevitable as several imminent threats to human health are converging with no end in sight. Experts are sounding the alarm on many fronts:
     
    • Hurricane season is rapidly approaching which will contaminate everything.
    • A gigantic
    methane bubble has been discovered which can explode.
    • Methane levels at
    1 million times normal levels along with other dangerous toxins in the air.
    • Corexit dispersant is reportedly causing mass crop damage.
    Oil rain has been reported in multiple Gulf coast states.
     
    Since these health risks do not carry the immediate shock effect of a powerful Category 5 hurricane, it may be difficult to convince residents to leave the area especially with the EPA’s history of lying about air quality.  Therefore, the authorities may have to use even harsher measures to get citizens to comply with evacuation orders. And where will the government put 20 million displaced Americans?
     
    Over the years researches have revealed that FEMA camps do in fact exist and surely they will be utilized in an event of this scale.  
    Government documents indicate many more have been built since the last time the U.S. government actively used them to lock up Japanese Americans in internment camps after Pearl Harbor.  Surely, FEMA will call these locations something mild like temporary “Relocation” camps to soothe the scared public.
     
    With no viable solutions to stop the oil from gushing and the deadly toxins from leaching into all life systems, it seems the region may become a dead zone for decades to come.  Clearly, free-thinking residents must be contemplating their future along the Gulf coast as quite bleak.  For Gulf Coasters, it may be wise to evaluate relocation options now before FEMA invites you camping.

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July 1, 2010 Posted by | Disaster | , , | Comments Off on CATEGORY 5 ALERT! Katrina-Trained FEMA Planning Forced Evacuations!

Time to Shut Down the US Federal Reserve?

  • The Illuminist privately owned central bank cartel is at the root of humanity’s problems. By controlling money(fiat currencies), the Illuminati rule the world. These banksters have created/financed many wars in the past. War is a means of amassing great wealth and also getting rid of ‘useless eaters’ (who threatens the cabal). Ambrose E. Pritchard writes:
      
    Like a mad aunt, the Fed is slowly losing its marbles. Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.
     
    Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).
        …..
    However, Dr Athreya’s assertions cannot be allowed to pass. The current generation of economists have led the world into a catastrophic cul de sac. And if they think we are safely on the road to recovery, they still fail to understand what they did.
     
    Central banks were the ultimate authors of the credit crisis since it is they who set the price of credit too low, throwing the whole incentive structure of the capitalist system out of kilter, and more or less forcing banks to chase yield and engage in destructive behaviour.
     
    They ran ever-lower real interests with each cycle, allowed asset bubbles to run unchecked (Ben Bernanke was the cheerleader of that particular folly), blamed Anglo-Saxon over-consumption on excess Asian savings (half true, but still the silliest cop-out of all time), and believed in the neanderthal doctrine of “inflation targeting”. Have they all forgotten Keynes’s cautionary words on the “tyranny of the general price level” in the early 1930s? Yes they have.
     
    They allowed the M3 money supply to surge at double-digit rates (16pc in the US and 11pc in euroland), and are now allowing it to collapse (minus 5.5pc in the US over the last year). Have they all forgotten the Friedman-Schwartz lessons on the quantity theory of money? Yes, they have. Have they forgotten Irving Fisher’s “Debt Deflation causes of Great Depressions”? Yes, most of them have. And of course, they completely failed to see the 2007-2009 crisis coming, or to respond to it fast enough when it occurred.
     
    The Fed has since made a hash of quantitative easing, largely due to Bernanke’s ideological infatuation with “creditism”. QE has been large enough to horrify everybody (especially the Chinese) by its sheer size – lifting the balance sheet to $2.4 trillion – but it has been carried out in such a way that it does not gain full traction. This is the worst of both worlds. So much geo-political capital wasted to such modest and distorting effect.
     
    The error was for the Fed to buy the bonds from the banking system (and we all hate the banks, don’t we) rather than going straight to the non-bank private sector. How about purchasing a herd of Texas Longhorn cattle? That would do it. The inevitable result of this is a collapse of money velocity as banks allow their useless reserves to swell. And now the Fed tells us all to shut up. Fie to you sir.
     
    The 20th Century was a horrible litany of absurd experiments and atrocities committed by intellectuals, or by elite groupings that claimed a higher knowledge. Simple folk usually have enough common sense to avoid the worst errors. Sometimes they need to take very stern action to stop intellectuals leading us to ruin.
       ……
    There has been a cosy self-delusion that rising debt is largely benign because it is merely money that society owes to itself. This is a bad error of judgement, one that the intuitive man in the street can see through immediately.
      
    Debt draws forward prosperity, which leads to powerful overhang effects that are not properly incorporated into Fed models. That is the key reason why Ben Bernanke’s Fed was caught flat-footed when the crisis hit, and kept misjudging it until the events started to spin out of control.
      ….
    As for the Fed, I venture to say that a common jury of 12 American men and women placed on the Federal Open Market Committee would have done a better job of setting monetary policy over the last 20 years than Doctors Bernanke and Greenspan.

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July 1, 2010 Posted by | Economics | , , , , | Comments Off on Time to Shut Down the US Federal Reserve?

Third US Carrier, 4,000 Marines Augment US Armada Opposite Iran! G-8 ‘Fully Believes’ Israel Will Attack Iran, says Italy PM !

USS Nassau

  • An attack on Iran is inevitable. This will be done by Israel and be the start of World War 3. China will inevitably be dragged into this conflict. China gets a great amount of oil from Iran. Should Iran fall to the Illuminist hegemony, China will have to bow to the western Illuminati. Although, it can get oil from Venezuela, the amount it needs for its future is definitely more than Venezuela alone can supply. Besides, war is around the corner for Latin America too. The Illuminist money power wants total domination of world ex-Russia.
     
  • Russia is a wild card here. Nobody wants to piss on the Russian bear. It alone can take on both NATO and US. Russia will unlikely just let the western Illuminist cabal trash Iran. It will no doubt be on the side of Iran and China when war starts. When war will start is anybody’s guess. But I doubt it is 2-3 years away. More like 6 months to 1 year!
     
    Third US carrier, 4,000 Marines augment US armada opposite Iran
    debkafile’s military sources report that Washington has posted a third carrier opposite Iran’s shores. It is supported by amphibious assault ships and up to 4,000 Navy and Marine Corps personnel, bringing the total US strength in these waters to three carriers and 10,000 combat personnel.
     
    The USS Nassau (LHA-4) Amphibious Ready Group 24th Marine Expeditionary Unit, tasked with supporting the Bahrain-based 5th Fleet area of operations, is cruising around the Bab al-Mandeb Straits where the Gulf of Aden flows into the Red Sea. Its presence there accounts for Tehran announcing Sunday, June 27 that its “aid ship for Gaza” had been called off, for fear an American military boarding party would intercept the vessel and search it.  This would be permissible under the latest UN sanctions punishing the Islamic Republic for its nuclear program. The third US carrier group to reach waters around Iran consists of three vessels:
     
    1. The USS Nassau Amphibious Assault ship is not just an enormous landing craft for the 3,000 Marines aboard; its decks carry 6 vertical take-off AV-HB Harrier attack plans; four AH-1W Super Cobra, twelve CH-46 Sea Knight and CH-53 Sea Stallion helicopters, as well choppers convertible to fast V-22 Osprey airplanes capable of landing in any conditions. This vast warship has 1,400 cabinets for sleeping the entire Marine-24th Marine Expeditionary Unit aboard.
     
    2.  The amphibious transport dock ship USS Mesa Verde which carries 800 Marines equipped for instantaneous landing.
     
    3.  The amphibious dock landing ship USS Ashland which carries 400 Marines and 102 commandos trained for special operations behind enemy lines.
      ….
    These new arrivals are a massive injection of naval, air and marine muscle to the strength Washington has deployed in the Persian Gulf-Red Sea-Indian Ocean arena in recent months. The USS Harry S. Truman Carrier Strike Group consisting of twelve warships is cruising in the Arabian Sea opposite Chah Bahar, the Iranian Revolutionary Guards biggest naval base not far from the Iranian-Pakistan border. It is there that most of Iran’s special commando units are housed. Also posted in the Arabian Sea, further to the west, is the USS Dwight D. Eisenhower Strike Group.
     
    G-8 ‘fully believes’ Israel will attack Iran, says Italy PM
    World leaders “believe absolutely” that Israel may decide to take military action against Iran to prevent the latter from acquiring nuclear weapons, Italian Prime Minister Silvio Berlusconi said Saturday.
      
    … the members of the G-8 are worried and believe absolutely that Israel will probably react preemptively,” Berlusconi told reporters following talks with other Group of Eight leaders north of Toronto.

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July 1, 2010 Posted by | GeoPolitics | , , , , , | 1 Comment

UN Report: Scrap Dollar As Sole Reserve Currency! Suiting Up for a Post-Dollar World !

  • The signs are there for all to see. The reign of the USD as world reserve currency is coming to an end. Although, it has been strengthening for the past few months, its demise is certain. It may be the least ugly amongst all the ugly currencies. But the underlying problems in the US economy, budget deficits and total debt are insurmountable. There is simply no way of paying off all US debts.
     
  • The Illuminist plan is to destabilize all currencies ie: global currency crisis. They have done that to the Euro pretty successfully. At the end of this global monetary crisis, the Illuminists will introduce their One World Currency, global central bank and global government. There is no doubts in my mind that they will not be successful without playing their World War 3 card. This is essentially what North Korea and Iran are about. It is their setup for World War 3.
     
    Scrap dollar as sole reserve currency – U.N. report
    A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value. But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.
     
    “The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the U.N. World Economic and Social Survey 2010 said. The report says that developing countries have been hit by the U.S. dollar’s loss of value in recent years.
     
    “Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (U.S. dollar) reserves during the 2000s,” it said.
     
    The report supports replacing the dollar with the International Monetary Fund’s special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies. “A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” the U.N. report said.
     
    The report said a new reserve system “must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity — such as SDRs — to create a more stable global financial system.”
       
    Suiting Up for a Post-Dollar World
    …..There is fresh evidence that time is running out for the dollar-centric global monetary order. In fact, central banks outside the US are already making swift and discrete preparation for a post-dollar era.
     
    To begin, the People’s Bank of China has just this week decided to permit a wider trading range between the yuan and the dollar. This is the first step toward ending the infernal yuan-dollar peg. …
      ….
    In response to the 2008 credit crunch, the Fed printed so many dollars that the People’s Bank of China was forced to drive Chinese inflation into double digits to maintain the peg. The pain has fallen on China’s workers, who have seen their wages stagnate while prices for everything from milk to apartments have skyrocketed. This week’s move indicates that, regardless of its own policy motives, the Communist Party can no longer afford to keep pace with the dollar’s devaluation. The result will be a shift in wealth from America to China, which may trigger a long-anticipated run on the dollar, while creating
    investment opportunities in China.
     
    Just days before China’s announcement, Russian President Dmitry Medvedev rattled his monetary sabre by telling the press of his intention to lead the world toward a new monetary order based on a broad basket of currencies. Giving strength to his claim, the Central Bank of Russia announced that it would be adding Canadian and Australian dollars to its reserves for the first time. …In other words, it will be a strategically important partner for China as it tries to cast off dollar hegemony.
     
    Speaking of Europe, the major powers there are moving toward a post-dollar world by rejecting President Obama’s calls to jump on America’s debt grenade. The prescriptions coming from Washington translate loosely to: our airship is on fire, so why don’t you light a candle under yours so that we may crash and burn together. Given that dollar strength is largely seen as a function of euro weakness ..
    , debt troubles in the eurozone’s fringe economies have created a distorted confidence in the greenback. However, as you might imagine, Europe has higher priorities than being America’s fall guy. Led by an ever-bolder Germany, the European states are wisely choosing not to throw themselves on our funeral pyre, but to wisely clean house in anticipation of China’s rise.
     
    In another ominous sign for the dollar, the Financial Times reported Wednesday that after two decades as net sellers of gold, foreign central banks have now become net buyers. What’s more, more than half of central bank officials surveyed by UBS didn’t think the dollar would be the world’s reserve in 2035. Among the predicted replacements were Asian currencies and the euro, but – by far – the favorite was gold. This is supported by Monday’s revelation by the Saudi central bank that it had covertly doubled its gold reserves, just about a year after China made a similar admission. There is no reason to assume these are isolated incidents, or that the covert trade of dollars for gold doesn’t continue. To the contrary, this is compelling evidence that foreign governments are outwardly supporting the status quo while quietly preparing for the dollar’s almost-inevitable devaluation. What people like Paul Krugman believe to be a return to medieval economics may, in fact, be the wave of the future.

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July 1, 2010 Posted by | Economics | , , , , , , , , , , , | Comments Off on UN Report: Scrap Dollar As Sole Reserve Currency! Suiting Up for a Post-Dollar World !