AUDREY’S MISSILESPotentially explosive situation.....Wed Apr 20, 2005 16:4064.140.158.42
A weekly newsletter dedicated to the peaceful
reform of the United States government.
THE SUPER VOLCANO
Yellowstone is not the only super volcano that could erupt. The Bush Administration is sitting atop an equally potent volcano. That potentially explosive situation is the fundamental law of capitalism, a law which cannot be repealed. Nations, like individuals, must pay their debts. Like the story of the volcano, it is not a question whether or not a financial crisis is in the offing, it is only a question when it will happen and how bad it will be.
The Canadian press is carrying an article with this headline: “Is America going broke? Record deficits, colossal debt and no clear plan for digging itself out. If the U.S. sinks, it will take Canada down with it.” A major financial crisis in the US could affect not only Canada, but the rest of the world as well. Is the US close to melt-down? These are the signs which have been cited by economists and others. Housing starts are down, and the stock market is shaky. Retail sales are off. Foreigners have been selling more US stocks than they have been buying. The value of the dollar has been slipping. (The crafty Chinese have been using their ability to fix the value of their currency to use this decline to their advantage. Stupid sucker, Uncle Sam, or is it just another example of corporate treason?) Another sign: This year’s trade deficit will undoubtedly exceed that of last year which was a record high. Estimates for this year are around $640 billion, or more than 1.1 million a minute! Last year a writer in the Christian Science Monitor evaluated the trade deficit problem this way: “ It means more of the federal taxes Americans pay are being sent to central bankers in China, Japan, Taiwan, and to other foreign entities and individuals - now owning about 40 percent of Uncle Sam's debt.” By itself the trade deficit might not cause a crisis, but it is coupled with the rising price of oil, higher interest rates, widespread financial scandals, the lack of individual savings, high (but not so reported by government) unemployment, depressed wages, staggering social costs on state and local government because of massive illegal immigration, steep reported rises of bankruptcies in some areas, and continued corporate control of government. It looks like something bad is coming. How can we protect ourselves?
It is usually a good idea to pay off debts whenever possible. Should people re-finance their homes to get out from under high credit card interest? Judging by the big TV campaign, the lending institutions are anxious to convert their unsecured debt to more secure real estate. Do they know what is coming? So cut up those credit cards, and if you lose your job they can take your house. Should the small investor buy gold? Maybe, but the thing that will always be in greatest demand is food. How can we assure ourselves of a continued ample food supply? The response is that we cannot do very much. The American people have lost control of their government, and we are as vulnerable as the people of Pompeii two thousand years ago.
TELL A FRIEND
It is our hope that the information in this newsletter will be copied and distributed widely. Topics covered are those which are not adequately treated on TV or in the press. Write firstname.lastname@example.org to comment, or to join or leave the lists. (4/21/05) US Financial Crisis
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US renews pressure on China to float currency
FinFacts Ireland, Ireland - 23 hours ago
... The renminbi has been pegged to the US dollar at a stable rate of about ... the consistency of its currency just as it did during the 1997 Asian financial crisis. ...
IMF wants more flexible yuan CNN International
Chinese Pledge Currency Reform Los Angeles Times (subscription)
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