...asset seizure will be very big. This method can be targeted by prosecutors.
This will not be the only or even the main method. There will be a huge real estate meltdown and properties primarily residential, which have the highest utility, will be scarfed up by the billions by the "haves and have mores" at a fraction of their value, while common people clinging to the edge fall into desparate poverty and homelessness.
Many commercial properties can't even pay their keep at todays ridiculously low mortgage rates. Of those that fall into foreclosure, many will be boarded up, even at a nickel on the dollar.
Is a USA Economic Collapse Due in 2005?
by F. William Engdahl
http://www.studien-von-zeitfragen.net/ 26 July 2004
www.globalresearch.ca 28 July 2004
The URL of this article is:
http://globalresearch.ca/articles/ENG407A.html <"The whole world is hostage to the misconceived economic policies of a dollar standard out of control.">
<The US Senate just reconfirmed 78-year-old Alan Greenspan to an unprecedented fifth term as chairman of the world's most powerful central bank, the Federal Reserve, or Fed as it is known. The fact that President Bush re-nominated Greenspan underscores how vulnerable the global financial edifice is, and not how excellent a central banker Greenspan is.
On the surface, world growth appears to be expanding finally, after severe recession and the 60% fall of the US stock market in 2000-2001. The Federal Reserve says it is so confident that growth in the US economy is taking firm hold, that it raised its key interest rate from a record low 1% to 1.25% last month, signaling it would slowly bring rates up to "neutral" levels of 3.5-4.5% over coming months. Around the world, strong growth of exports are being reported from Brazil to Mexico to South Korea. Growth in China is so strong the government is worried it is overheating. In Europe, the UK is expanding at the fastest pace in 15 years. France expects GDP to grow by 2.5%, and even Germany is talking about stronger export growth. The driver is US economic growth.<snip>
<The problem with this optimistic picture is the fact it is entirely based on the dollar and unprecedented creation of cheap dollar credit by Greenspan and the Bush Administration. Their only short-term goal has been to keep the US economy strong enough to assure re-election for George Bush in November. Washington reports are that Bush made a deal to re-appoint Greenspan on the promise Greenspan would keep the economy growing until the elections. They have done this by a combination of historic low interest rates, rates only seen before in times of war or depression, and by stimulating the economy by record budget deficit spending, issuing government bonds to finance it. The world has been flooded with cheap dollars as a result...>
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