US bound for recession, tips Reserve Bank Australia board member

[TexasLawyer]

US bound for recession, tips RBA board member
John Garnaut
December 1, 2006

AN INFLUENTIAL Reserve Bank board member, Warwick McKibbin, says the United States is heading for recession. The chairman of the US Federal Reserve, Ben Bernanke, expects a smooth slowdown, but Professor McKibbin predicts a housing-induced contraction will make "the Fed's job very difficult".

"I think there will be a recession in the US next year because of the housing market coming off and consumers slowing down their spending," the Australian National University economist told the Herald.

Yesterday the Bureau of Economic Analysis said US gross domestic product increased at an annual rate of 2.2 per cent in the September quarter. The figure was revised up from 1.6 per cent but remained slower than the 2.6 per cent recorded in the three months to June.


<snip>

http://www.smh.com.au/news/business/us-bound-for-recession-tips-rba-board-member/2006/11/30/1164777720860.html

[roamer65]

1. Funds are really flowing heavy into the Aussie dollar...

...this morning. It already up to .7891 USD. Canadian dollar is holding steady. I bet the Bank of Canada is buying as many greenbacks as they can handle to stem the tide. I think we're in for another 30-50% devaluation of the USD.

[whistle]

2. Following every major war there is the inevitable recession. This time

...it could be the worst since the depression of the 1930's as the Bush administration has during the past seventy months systematically dismantled nearly all of the economic safety nets that were set up under FDR with the exception Social Security.

The Democratic majority will need to take courageous steps to turn this economic slowdown around to prevent it from going into a worldwide economic collapse. Solutions are out there if the party is willing to unite and take a strong leadership role and a long range view for the economic salvation of the United States and the world economies.

http://www.larouchepub.com/eirtoc/2004/physical_economy/phys-economic_studies.html

[Strelnikov_]

4. And Overlay A Petroleum/Natural Gas Price Spike Due To Resource Depletion

things do not look good.

[dipsydoodle]

6. It's not just rescource depletion

as the value of the dollar falls the suppliers will want more/ barrel to compensate.

[Strelnikov_]

9. Yep. A Big Problem When You Import 70% Of Your Petroleum

And they want to do the same (import dependance) for natural gas.

[Captain Hilts]

3. Hey, whose side are they on??????!!! nt

[area51]

5. Recession

We're already in a recession. Take a look around at the buildings boarded up & businesses closed. Take a look at the few job listings around, both in the newspaper and on the internet. See how few jobs offer a livable wage, how few are perm jobs as opposed to contract & part-time, and how few offer any bennies. The evidence is everywhere.

[liberal N proud]

7. Agreed

6 years long

[whistle]

8. Economic collapse is what we are headed for unless major steps

....are implemented to stop the collapse on the scale of those taken by FDR during his first 100 days in office after his inauguration in March 1933. Of course fascist Americans at that time attempted to stop FDR and actually planned a coup to remove FDR and put in a fascist dictator, until they were exposed and stopped by loyal Americans inclduding General Smedely Butler.

<snip>
The Morgan-British Fascist Coup Against FDR

by Lonnie Wolfe
Printed in the American Almanac, February, 1999
<...>

XII. Conclusion
In the darkest days of the Depression, the London-financial interests attempted two coups. The one in Germany succeeded in installing Adolf Hitler and his Nazi police state as their instrumentality. The one in the United States failed in its design for a fascist police state. The courageous actions of the republican patriot Smedley Butler brought the plot to the light of day; from the moment of its exposure, it could not take place as planned.

In so doing, Butler had given the greatest American President of this century, Franklin Delano Roosevelt, the time needed to make America ``coup proof,'' despite the fascist intent of the financier interests centered around the House of Morgan and its allies. Where the Hitler coup plotters used the weaknesses of the Weimar Constitution to destroy Germany, Roosevelt used the strengths of the U.S. republican Constitution, in the powers given the President, to launch a revolution against the power of the financial oligarchy.

While stopping short of destroying the power of the Morgan interests and their allies, FDR was able to hold them in check, through various banking reform measures, such as the Glass-Steagall Act and the creation of the Securities and Exchange Commission. Most importantly, Roosevelt revolutionized the Democratic Party, making it the bulwork for defense of such policies by bringing in labor, minorities, and others, around the principle that government has the responsibility to act to preserve the General Welfare of each of its citizens, leaving as his legacy a social safety net that includes the minimum wage and social security.

If Roosevelt had been eliminated, as the plotters desired, who knows what would have been possible. In 1971, the former Speaker of the House, John McCormack told Jules Archer that Roosevelt and the nation owed General Butler a debt of gratitude for his exposure of the Morgan plot: ``If General Butler had not been the patriot that he was, and if they had been able to maintain their secrecy, the plot certainly might very well have succeeded, having in mind the conditions existing at the time.... If the plotters had gotten rid of Roosevelt, there is no telling what might have taken place....''

Today, once again in the middle of a global financial crisis, a new coup is in progress, one that would destroy the Presidency, the social policy that is the legacy of FDR, and the consitutuency-based Democratic Party, which represents the political bulwork against a banker's dictatorship. Through deregulation, they have already ripped away many of the fetters that Roosevelt put on the bankers' power. As Lyndon LaRouche has warned, that coup must be defeated to defend our republic from a fate even worse than envisioned by Morgan coup plotters back in 1933. To accomplish this, we must, as LaRouche calls for, rally the forces to rebuild the Democratic Party in the image of the party of FDR.
<MORE>
http://american_almanac.tripod.com/smedley.htm

<more at>
http://demopedia.democraticunderground.com/index.php/FDR_coup_attempt

http://www.huppi.com/kangaroo/Coup.htm

<video news reel>
http://www.youtube.com/watch?v=i3QHLoJP66w

[Union Thug]

10. "See how few jobs offer a livable wage, how few are perm jobs as opposed to contract & part-time,"

This is key.

Negative savings, credit card debt on the rise... It's a house of cards. And if it tumbles, maybe then, finally, working people in this country will see what the Reaganites and BushCO minions have planned for them and see the "family values" cultural crap for what it is.

The wealthy will be fine, but the rest of us had better be prepared to either accept our thralldom or step up to the fight.