Collapse of U.S. Economy Imminent

[ckramer]

In its attempt to establish a world empire dominating every nation on the planet, the U.S. has exhausted its ability to finance the expansion and the country now faces imminent financial collapse. From all indications, it looks like 2006 will spell the end for America.

Consider these five important points:

read it here

[Goldensilence]

1. i'm no economist myself

but i see it coming as well with all the things going on lately.With all this new information pouring in I'm starting to be more concerned with every passing day.

[rodeodance]

2. Bush was pushing his adm. economic stuff again this week.

[Kagemusha]

3. If the US doesn't need to finance its own expansion, what's the big deal?

I never heard this complaining when Democrats were presiding over deficits. Of course the Democrats stopped presiding over deficits under Clinton. But the US largely doesn't bankroll its own expansion because it doesn't have to through the power of mutual greed known as international finance. (Not that there's any neat or tidy distinction between money that comes in to prop up entitlement programs and that which finances war.)

[seattlemetal]

4. Is this for real? It reads like a sensationalist conspiracy theory....

is there any truth to it? did Iraq really switch to the Euro before we attacked? is Iran really about to do the same thing?

[Strelnikov_]

8. Iraq, Yes. Iran, Yes.

IMHO, sole reason for 'liberating' Iraq. No, but a definite consideration.

IMHO, sole reason for pending of 'liberation' of Iran from the burden of nuclear power. No, but a definite strong consideration.

[katty]

19. yes, it's for real - MSM will never speak of this...here is one link

Iranian Bourse article

http://www.globalresearch.ca/index.php?context=viewArticle&code=PET20060120&articleId=1758

[tocqueville]

5. 4 out of 5 points

Point #1 The U.S., Great Britain and Israel are preparing to attack Iran. As it appears the main reason for invading Iraq was to stop it from selling oil in Euros, likewise Iran has plans to dump the dollar come March 2006.

Point #2 U.S. Treasury Secretary John Snow issued a warning recently that the U.S. Government is on the verge of collapse - as the statutory debt limit imposed by Congress of $8.184 trillion dollars would be reached in mid-February - the government would then be unable to continue its normal operations. Considering the current total U.S. debt stands at $8.162 trillion dollars, once the official debt ceiling ($8.184 trillion) is reached, the U.S. government’s credit abroad (its borrowing power) is gone. Those countries (mainly China) who presently keep America afloat by holding U.S. Treasury Notes, will most likely no longer continue doing so.

Point #3 Bank Of America and Compass Bank managers (probably all other U.S. banks too) have been instructing their employees in the last few weeks on how to respond to customer demands in the event of a collapse of the U.S. economy - specifically telling the employees that only agents from the Department Of Homeland Security will have authority to decide what belongings customers may have from their safe deposit boxes - and that precious metals and other valuables will not be released to U.S. citizens. The bank employees have been strictly prohibited from revealing the banks’ new "guidelines" to anyone. (however, employees have been talking to friends and family)
......................

Point #4 FEMA has activated and is currently staffing its vast network of empty internment camps with armed military personnel - unknown to most Americans, these large federal facilities are strategically positioned across the U.S. landscape to "manage" the population in the event of a "terrorist" attack, a civilian uprising, large-scale dissent ,or an insurrection against the government. Some of these razor-wired facilities have the capacity of detaining a million people.

http://bellaciao.org/en/article.php3?id_article=9995

comment : point 2 is accurate has been around in MSM for a while. point 3 is easy to verify.
Point 5 says that Bush "no warrants" policy has practically banned habeas corpus. The Posse comitatus has already been "ignored" during Katrina.

[muriel_volestrangler]

10. The points are mostly dubious

1: well, maybe they have plans, maybe they don't. Maybe the Iranians are going to start selling oil in euros, maybe they aren't - the last thing they said in September was that they are not going to use the euro.

2: The US hits the statutory debt limit every year or so, and this means nothing. The Bush admin has already raised it in 2002, 2003 and 2004. Congress raises it after a few of them make a speech about how incompetent Bush is.

3: If we can see exactly what the banks are telling their employees to say, rather than rumours, this might mean something. If this rumour came from someone apart from an anonymous contributor to an open source website, it might have more credibility. Has anyone found the source for this rumour?

4: Again, what's the source for this? The far right always go on about the 'vast internment camps' in the USA, despite having been wrong about them in the past. Claims like this need a bit of evidence, eg photos of the camps being occupied.

5: Now this is a good point. Bush is trying to get rid of Habeas Corpus for any "enemy combatant", and claims the right to declare even American citizens as "enemy combatants".

Really, this is one proper concern about freedom in the USA, and unsourced rumours and conjecture.

[orwell]

14. Point 1...

Iran is bringing a Euro-based energy trading bourse online sometime in March. The currency markets are extremely large and liquid. They dwarf both the bond and stock markets. While trading oil for Euros will impact the dollar, it will not put it into a tailspin. I expect the dollar will go lower no matter what the Iranians do. You just can't print gigantic quantities of money and run massive internal and external deficits forever and keep a sound currency.

Point 2: I is essentially meaningless. The US Congress will just raise the debt limit again, as they have so many times in the past.

Point 3: It can't be known, therefore is functionally unverifiable. A run on the banks is possible, but it didn't happen after the 1987 SM crash. I know. I checked the day of the crash and there was not a spike in withdrawals.

Point 4: FEMA does have camps. They have had them for years. It's probably not a bad idea in case of emergency. Whether they are staffing up or not can't be known.

I think the US financial markets are time bombs. But this article seems over the top for even a financial tin foiler like myself.

[JNelson6563]

6. It's certainly possible

with consumer driven economy depending on consumer credit, yeah, things look wobbly. Additionally, we have been sustained by foreign investment. At the same time we are strong-armng our way in to grab up the planet's resources, our foreign investors (like China) also need access to those same resources (and their need increases daily, soon to out-strip world production).

It's a perfect storm a-brewin'. Prepare for a mighty reckoning.

Julie

[iwanmycntrybak]

7. Bush* wants to destroy this country

so he can rebuild it his way, just like Iraq! He has to bring it down first.

[PSPS]

9. Warning: bellacio is a whackjob site.

I don't consider bellacio a reliable source for information. But if you're into tinfoil with some anti-semitism thrown in, it's that place!

[tocqueville]

12. not always

they published the stuff about the yellowcake conspiracy and it turned out to be true. The only really interesting point in that story besides point 5 is the bank story. And it can be easily verifyed.

[Zynx]

11. That is a far-right panic "buy gold and lead" article.

[yellowdoginGA]

13. no reason to panic

[cliss]

15. wow, a frightening article.

I think every bit of it is true. And I think we should all consider the possibility that the US will fall.

And plan accordingly. thankx for posting, ckramer.

[katty]

18. Iranian Bourse/Link

http://www.globalresearch.ca/index.php?context=viewArticle&code=PET20060120&articleId=1758

[apollo56]

16. Gat a life! Why does crackpots like this want to scare people!

I know we are in trouble but this is a crackpot website and they only want to freighten people when people have enough to worry about as things go these days.

[katty]

17. yup, follow the money...Iran wants to nuke the $

Point #1 The U.S., Great Britain and Israel are preparing to attack Iran. As it appears the main reason for invading Iraq was to stop it from selling oil in Euros, likewise Iran has plans to dump the dollar come March 2006.