The coming financial crisis may make 1929 look like a 'walk in the park'

Crisis may make 1929 look like a 'walk in the park'

As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control...

"The central banks are rapidly losing control. By not cutting interest rates nearly far enough or fast enough, they are allowing the money markets to dictate policy. We are long past worrying about moral hazard," he says.

"They still have another couple of months before this starts imploding. Things are very unstable and can move incredibly fast. I don't think the central banks are going to make a major policy error, but if they do, this could make 1929 look like a walk in the park," he adds...

More...

Another frightening assessment.

Because these are really uncharted waters, let's hope it isn't as bad a some would make it seem.



[edit on 24-12-2007 by loam]

loam, nice post

I was getting ready to post before I did a search!

This is a very good and concise article on the on-going crisis. You would never know we were in crisis by listening to the talking heads on bubblevision (CNBC).

Its bad enough with the mortgage crisis, now everyone is finding out that many investments are leverage with the same worthless paper and to make matters even worst the value of the asset upon which the debt is collateralized with is falling sharply! 1929 or my!

One good thing, maybe this crisis if it turns intol a depression will derail the NWO and globalization!

Below is a link for the latest "Financial Sense Newhour" by Jim Puplava discussing the current credit crisis broadcast is from 12-22-2007, enjoy!

Financial Sense Newshour, 2nd Hour with Jim Puplava!

[edit on 12/24/07 by mel1962]

not good.

Gools has been saying this for a while. The Telegraph is a right wing paper, not the type to make up insane stories to attack the financial system.

Originally posted by mel1962
One good thing, maybe this crisis if it turns intol a depression will derail the NWO and globalization!

I'm fairly certain that if there really is an NWO agenda, a depression would be on it. It's really the only way to bring about major changes in accepted currency and economic policy.

reply to post by mel1962

Hello mel1962:

I think the a depression would not derail the NWO. To the contrary. It would give it more steam to achieve their goal. Remember, a country becomes more subordinate when its weak. Everything goes in stages. The first stage was to overly inflate real estate values.

Also, remember, in 1929 it was a manufactured depression (they all are). Then those with the money come around and buy everything at a fraction of what it cost. The the roller coaster starts again. The difference is that in this case, there are plenty of more variables involved: high gas prices; low Dollar; credit crunch; mortgage defaults; war; trillion dollar deficits, and I can go on and on.

All I can say is that if we thought 2007 was bad, brace for impact in 2008. The NWO plays chess and we are the pawns. Not to mention what magic trick might Son of a Bush have in his hat. A good way to finally unveil the American Union and the Amero.

Originally posted by mel1962

One good thing, maybe this crisis if it turns intol a depression will derail the NWO and globalization!

They WANT you to suffer. They WANT you to die. In a depression, the real fat cats don't suffer. The Rockefellers etc. The people pulling the strings are unaffected. A depression will assist in getting that world population down to the manageable goal of 500 million (as outlined in Alex Jones's 'Endgame' documentary) - making the NWO much easier to take over and act as saviour, as well as be able to tightly control the New World.

The occasional huge tsunami and earthquake or Avian Flu will do nicely to help them too. They don't mind suffering and uncertainty at all. It's all part of the plan. That's why HAARP exists.

The citizens made this the mess it is. Plain and simple.

Take a look at home prices. Are they worth what they sell for? No? Why?

Do you really think real estate flippers are good?
Does everyone need a 400 thousand dollar home? No.
A 50 thousand dollar car? No.
Two cars?
Two homes?

Credit cards for everything? No.

People need to live within their means. Your home does not need to have marble counter tops and 75 rooms, especially when you are just starting out in the real world.

You do not need to eat out every day. You can cook, you can use that 100 thousand dollar kitchen you will be paying for the next two lifetimes.

You do not need 200 dollar jeans and on and on and on.

It all comes back to living within your means. You may not think this is the problem, but it is.

reply to post by Dulcimer



I don't think that the people who are defualting now are or were living quite so high on the hog. The majority of people who have suddenly gone past 90-day delinquency are more than likely what is left of the lower end of the middle class.

What is going on with the central banks and our economy crumbling is not to be blamed on the moderately wealthy "regular people" This upcomming depression is not the fault of credit card maxer-outers. This is big. Planned. and would have happened regardless.
I was told a few months ago by a friend that I should take all of my money out of the bank...put it in gold. I would suggest that everyone do something similar. The money grubbers--rockefellers, bushes, fords,--their accounts won't be dented. the regular folks, you and I, we will suffer. and honestly...Im a little scared.

Economic collapse is indeed an intentionally perpetrated event regardless of what titles or descriptions you want to give the shot-callers. The NWO, international banking cartel, whatever.

In 1913 the Federal Reserve was established. Within twenty years the Great Depression was ravaging the industrialized world and the United States of America was bankrupt. What did the Fed win from this? What was their reward for keeping America afloat economically?

The suspension of the Constitution in 1933 by a Congresionally approved Executive Order under FDR. The emergency has never been declared over, nor has Constitutional authority been returned to the land.

State sovereignty has been paved over by Federal districts. Example: The republic of Arizona was once abbreviated as Ariz. It is now abbreviated as AZ representing the federal STATE OF ARIZONA, in all capital letters.

Your sovereignty as an American person with Constitutional rights has been superseded by your incorporated identity, which is represented by your Social Security number and given-name printed in all capital letters. Anyone alive before Roosevelt came to office, was sold into economic slavery as default payment to the Federal Reserve. Anyone born since then has been born into economic bondage. Look at your driver's license, your name is printed in all caps. Look at the bill from the credit card company, your name in all caps. You are not a sovereign person with Constitutional rights, you are a U.S. Citizen incorporated with certain privileges as defined by military courts of public policy, not law.

Yes, military courts. Martial law. The courts themselves are corporate entities operating for profit, not justice, under military authority. The Army specifically, as designated by the gold-fringe border of the national flag displayed in courtrooms today.

Army Regulation 840-10, 2.3(b) (1979) states:
b. National flags listed below are for indoor displays and for use in ceremonies and parades. For these purposes the United States flag will be rayon banner cloth, trimmed on three sides with golden yellow fringe, 2 1/2 inches wide.

Army Regulation 840-10, 2.3(c) states:
c. Authorization for indoor display. The flag of the United States is authorized for indoor display for:
(1) each office, headquarters, and organization authorized a positional color, distinguishing flag, or organizational color;
(2) each organization of battalion size or larger, temporary or permanent, not otherwise authorized a flag of the United States;
(3) each military installation not otherwise authorized an indoor flag of the United States, for the purpose of administering oaths of office;
(4) each military courtroom;
(5) each US Army element of joint commands, military groups, and missions. One flag is authorized for any one headquarters operating in a dual capacity;
(6) each subordinate element of the US Army Recruiting Command;
(7) each ROTC unit, including those at satellited schools;
(8) each reception station.

[edit on 12/24/0707 by jackinthebox]

[edit on 12/24/0707 by jackinthebox]

It's all intentional. People have been trying to warn us subtlely for years that this is all fake. They all end up dead.

Originally posted by damaged petals

I was told a few months ago by a friend that I should take all of my money out of the bank...put it in gold. I would suggest that everyone do something similar.

Yeah, the price of gold can only go straight up. Never down.

Are you expecting a bank run?

I would suggest everyone read this article.

news.bbc.co.uk...

Replace land prices with home values. Replace stock values.... with stock values.

Think Google can keep growing and growing forever? Couple trillion, sure why not?

All good things come to an end. Home values, stock prices, your paycheck.

And please don't go crazy and put an absurd amount of money into gold.

reply to post by RiotComing


Right on and furthermore they want to 'starve' the people. It has always been this way. Its a lot cheaper than 5 billion bullets. This plan is so NWO it is their only hope for continuance of their agenda.

Blaming economic meltdowns on NWO is completely stupid.

Do you really think billions of people will die because they cannot afford 2nd homes and yearly vacations?

Food prices going up.... anyone plant a garden lately?

Sorry, you will not die because of the sub prime meltdown. Unless you commit suicide.

I just have to add that its not whether the house is 'worth' the price the problem is that when you buy a home for say 200k and then 5 years later the dollar d evaluates, the money that you have to pay for say a 1,500 dollar per loan, now is the same as a mortgage double that original price because the dollar is worth less. The dollar continues to loose its purchasing power and with it the middle class.

reply to post by Dulcimer


I am sorry to disagree with you Dulcimer, but not all of our economic problems have to do with people living outside of their means. For the last 20-30 years, America, government and citizens, have been living on debt. The citizens of the US have seen little movement in income to keep up with the cost of goods, meanwhile the true wealth of our nation has been moved beyond our borders so that the upper echelon can make more profit. This issue has somewhat to do with consumer spending, but much consumer spending is just basic goods and services, which people can not cover with their measly, weekly paycheck. I know many people in my area that are in debt and do not spend lavishly on anything, but use debt to make it by.

What this economic crisis really is about is greedy banks, using our government to push credit on the consumer. They have made a great racket of supplementing the dwindling American income, something that should not have happened in the first place. Since what it really is, in all reality, is predatory lending and financial usury. So what happens is this lending inflates prices, causing people to have to borrow more money to get by. It's a bad economic cycle. On top of that, you have financial speculators making everything worse by spreading the debt further into the economy of not just the US, but across Europe and Asia as well. On top of that, there is the government doing nothing to stop this economic malfeasance. In fact, the government and the Fed seem to be making the wrong turn every step of the way. Also, there is national debt, which equates to future American goods and services for the debt holder, uncontrolled government spending and the retirement of the baby boomer generation expecting their Social Security and medical benefits.

It is what some call a "perfect storm," but blaming the whole situation on the somewhat powerless consumer, is ludicrous. In fact, the housing bubble is just the tip of economic problems in this country. What you should is blame it on bad economic policy and inflationary economy that make money cheap and assets overvalued. I don't if there is a conspiracy involved , but the government and the Fed are doing anything to stop it or cut it off before it got so bad. I found this out when they started to "Band Aid" the issue with multi-billion dollar money pumps and .25 percent rate decreases. To think that economists did not know about it before this year is not rational either. I remember reading The Economist in 2002 or so talking about the fall of the American economy. Of course, the housing bubble was not the biggest issue back then. There is much, much more on this issue that I am not even going to touch on, but needless to say an American crash is going to have great shockwaves that will effect the majority of the world.

For what it's worth, if it does get very bad, it will be the end of consumerism, which would probably make you very happy Dulcimer. Hopefully, the human suffering will not be too great. It is good advice to plant a garden, get some dry goods and get to know your local farmer. It also good advice to diversify investments and take gains when available and/ needed.

Pray, contemplate, or meditate for a solution and have a good holiday everyone!

I love how everyone keeps blaming credit cards and consumer spending for what is happening now. hmm so which person was more likelly to have an MBA the Loan officer that loaned you 10 times what you earn in a year in a so called designer loan OR the person who got the loan?

Those of you that keep saying oh this is our faults... to an extent yes it is we walked into an EXPERTLY LAID TRAP!!

We have been being systematically encouraged to be fiscally irresponsible by people THAT SHOULD HAVE KNOWN BETTER!! Especially considering it's been less than 30 years since the last great bank bailout after they way overextended on bad loans etc.

I understand that CNN is telling you that overall people are doing ok and you probably think it's just you thats suffering because you made unwise choices blah blah or you're area of the country is the only area that is way below the average wage for your industry according to all of the average wage things etc....

Thing is I've lived in several states in the last 5 years... and multiple areas in each state and I've spent alot of time talking to people in this period...

Here is what I've found
1. The statistics for the average rent prices are a LIE rents are higher across the board than they say they are and I lived in areas in teh west where rent should have been UBER CHEAP according to stats etc.

2. Average Wage statistics per job: Once again LIES across the board Not once have I came even close to making what an A+ certified computer technician with 5 years of experience or more should make. Supposedly the average wage in all 3 states for said job was 13.50 per hour. The closest I got was 12.50 per hour with insurance that was a joke no paid time off no sick days and no retirement plan whatsoever.

3. I thought I was just somehow financially inept: Then I started talking to people.... Turns out no one I talked to was making it. None of them have had a raise that even matches cost of living increase for at least 10 years most of them were actually making less per hour then than they were a decade before in the same job!! (Note: I am not using any adjusted inflationary income BS I am talking base pay rate is literally less dollars per hour than it was a decade ago!!)

In conclusion no matter how many people want to tell me it's all the consumers fault.... I submit to you that the Political Correctness Survivor guilt ethic has been so thoroughly inculcated into your way of thinking that you may truly believe we really are at fault.... But that is what you are supposed to think while the Bandits and Barons pillage whats left and leave us to die.

On 21-5-2006 I started a thread Bill Gates: The ol' Dollar, it's gonna go down. It is ironic to look back to that thread and see how many people were in total disbelieve that the allmighty Dollar could possibly collapse.

The situation has totally changed now, most ATSers are aware of what is about to happen within a very short time frame. It could be months it could be years, but I guarantee you that within a decade from now the Dollar has collapsed and a new currency will replace it. That currency would self-evidenly have no major importance as the Dollar has since the Bretton Woods agreement and the consequences of a Dollar collapse will be severe, not just to Americans also to us, our economy will go down as well. The Euro is no strong currency. The value is determined by the weakness of the Dollar.

Never forget that it is a small group of people that got richer from all of this. The Federal Reserve (which is owned and controlled by a group of wealthy American banks) prints as much money as it wants. No one possibly knows how many Dollars they bring into circulation as they stopped providing M3 money supply data. Free Dollars... it's made a certain group of people extremely rich, but in the long term it has ruined a country.

This is what president Wilson said about the creation of the Fed:

"I am a most unhappy man. I have unwittingly ruined my country.
A great industrial nation is controlled by its system of credit.
Our system of credit is concentrated. The growth of the nation,
therefore, and all our activities are in the hands of a few men.
We have come to be one of the worst ruled, one of the most completely
controlled and dominated governments in the civilized world.
No longer a government by free opinion, no longer a government by
conviction and the vote of the majority, but a government by
the opinion and duress of a small group of dominant men."

Originally posted by Dulcimer
Sorry, you will not die because of the sub prime meltdown. Unless you commit suicide.

I just remembered, that i actually lived through an economic collapse some years ago, here in my country.

The funny thing is, that i forgot it untill now.


What happened was, first the numbers on our money went into the billions (seriously), then it was replaced by funny pieces of paper with slightly lower numbers on it.

In the end it was replaced by a new currency.

Another thing, that happened was, that people who had taken large loans for houses or apartments, were able to repay them later for next to nothing, which made quite a few people reasonably wealthy.


Yes, people died, but they tend to do so all the time.