USA 2008: The Great Depression

The industrial situation of the United States is absolutely sound, and our credit situation is in no way critical…The interest given by all the public to brokers’ loans is always exaggerated…The markets generally are now in a healthy condition. The last six weeks have done an immense amount of good by shaking down prices…I know of nothing wrong with the stock market or with the underlying business and credit structure. – Charles Mitchell, Chairman of National City Bank of New York, 2 days before the stock market crash on October 22, 1929.

I just look into the eyes of persons trying to convince themselves that America does not stand at the brink of an economic and social collapse.

I do not want to turn this thought into a religious debate…..I simply cannot get chapter 18 of Revelations out of my mind wherein it predicts a graphic scene of a prosperous society falling under judgment in a single hour.

Our leaders are liars, adulterers, immoral and two-faced. We put them there………..just give us a good economy, ‘cause I wana eat. I wanna drink and I wanna play.

4 US depository banks are now issuing a “New Currency” to select group of Americans.Backed by real assets around the globe, this unique investment has generated gains as high as 750% over the last 18 months, while stocks have plummeted.

We believe a small investment in “America’s New Currency” right now, could triple your wealth in 2008.

Brian Hunt, Editor in Chief, DailyWealth

check it out

musselwhite

You need to give links for your external quotes.

reply to post by musselwhite


Can you post some more information on "this new currency" please?

I'm not certain, but this is probably the source Musselwhite is citing:

Can America's 'New Currency' Save Your Retirement?

This is what you call a huge economic problem. As a member pointed out in the New World Order section, Iceland's government is in choas and trying to avoid a economic meltdown.

Iceland raises interest rate to 15.5%

Iceland now has the highest interest rates in Europe after the central bank on Thursday raised rates by 0.5 per cent to a record 15.5 per cent as it struggles to restore confidence in its struggling currency and stave off a banking crisis.

Iceland interest rates

Iceland shows cracks as the krona crashes

The krona has declined 26% against the Euro since the start of this year. Iceland's economy will grow at 0% this year.

It's Krona has fallen again today against the Dollar. Banking sector is running scared, investors have pulled out and observers are expecting a huge crash in the financial sector.

This is what you call economic meltdown.

Originally posted by LLoyd45
I'm not certain, but this is probably the source Musselwhite is citing:

Can America's 'New Currency' Save Your Retirement?

Wow...

Caveat emptor people. :shk:
.

reply to post by infinite


Amazing Infinite! .. I never would have looked into a country like Iceland as a sign of the times.. though I have said before in the past, before the major players of the world crash, our "service" countries will implode first -- which Iceland is a service nation to Europe (no that title is no demeaning, service nations are nations that grow, slow and are entirely based on larger countries economies)

For example, countries that thrive on Tourism may be in for a huge economic punch when summer arrives and fewer people take trips.

This "New currency' may rate a thread of its own. Anytime it takes thousands of words to describe - but not define - anything 'investment' related you may want to be sure you KNOW (not think you know) what you're getting into.

Especially considering they want you to invest your 'old worthless' currency in exchange for the "new" improved currency. Why would they be willing to trade something 'no good' for something 'good?'

caveat emptor - indeed.

reply to post by Maxmars


You actually have to pay $99 for a magazine to tell you "how to invest with the New American Currency" .... but yet never actually tells you how to buy it haha..

Thats great.. I have seen online scams before, but that ones priceless.. wonder if anyone ever bought it..

reply to post by Rockpuck


$99 huh? No wonder profits are high. Sounds like Amway to me.

reply to post by infinite
That s-ucks! I was considering Iceland as a good place to move to before the bottom dropped out here, and they closed their borders.

reply to post by Gools
hey, go easy, this is my first mistake this year!

here is the website regarding the depository banks www.dailywealth.com...

the quote concerning the idiot Charles Mitchell, Chairman of National City Bank of NY in 1929 came from a book entitled "God's Plan in the Coming Depression" by David Wilkerson, Wilkerson Trust Publications, 1998, ISBN 09663172-2-x. Reverend Wilkerson is the founder of Teen Challenge and Associate Pastor of Times Square Church in New York City.

reply to post by Rockpuck


This is from late 2007, the signs are there. (Some have been warning about Iceland since 2006!)

Standard & Poor’s cut its outlook for Iceland to “negative” from “stable” yesterday, as the rating agency said that the North Atlantic nation had failed to address its economic imbalances and was facing the growing risk of a hard landing.

However, the country is struggling to rein in growth and is suffering from inflation at 5.2 per cent, interest rates at a record 13.75 per cent and a current account deficit that reached 51 billion kronur (£416 million) in the second quarter, equivalent to around 17 per cent of GDP.

TimesOnline

Compare their 17% defict to the UK, which is currently about 2%, that is pretty bad. Most of these booming European countries have spent more during the boom and not saved (apart from Ireland).

Iceland is not a member of the European Union, so state aid is out of the question for them. The Icelandic nation always thought it would be better off out of the EU

...one of the worlds most important trading zones

reply to post by musselwhite


Thank you.
.

reply to post by Gools
sometimes i am confused...............but i'm confused at a higher level. i appreciate you, Gools.

reply to post by infinite

Most of these booming European countries have spent more during the boom and not saved (apart from Ireland).

This is true.. though for Ireland, their construction industry is the leading contributor to its GDP right now, as percentage for a single industry. Its no secret that Ireland's housing boom was over inflated to an extreme and is now coming down hard on them, and as it does the construction sector is already tumbling with it. Dropping the construction projects will hurt the economy enough, but the biggest problem facing Ireland is not its Construction but its tourism and its corporate base. Intel announced earlier in the year it is considering shutting down all Intel production from Ireland because of rising taxes, higher wages and so forth.. and planned on moving operations to....... India.

They are not alone, several big corporations have announced they are now seeking a new base of operations. However, Ireland still has more companies moving in then out, though a new trend that is starting to appears to be companies using Ireland as a base for their corporation, but not employing more then one person to reap the benefits of Ireland's cheap corporate taxes .. exploitation of their own system.

And as I said, tourism will suffer as well, with the big difference in the exchange rate American's will have less to spend, other European countries are facing the same economic hardships as we are over here, though you don't have to worry about the exchange rate.. countries such as France and Spain have seen huge drops in tourism already because American's can't afford to spend money like we used to.

But I use Ireland as a perfect example of a service nation, it provides services for the larger economies around it.. and so when the UK, France and even as far away as America have economic problems, the ripples spread across the world economic pond and disrupt every country.. the smaller ones can only take so much of a hit, being a micro economy a small hit can be a big hit, and it can have long lasting effects.

As you say spending by nations, especially new to the Euro Zone, like Eastern Bloc countries are seeing a huge slow down, much larger then the larger world economies. Many Eastern European economies have seen their economy explode because of construction and a new influx of services from big corporations that where once unavailable.. sort of like an untapped reserve. But because they have less money, less saved, and no industry of their own.. you can only spend a nation into prosperity so long as they have an income! ..

The world wide economic problem is not an American one, nor a UK one, though we are in the news the most.. looking at food riots, hyper inflation on necessities like oil and food, water and housing .. the entire world is on the brink with us, only the smaller and poorer countries will feel the pressures and changes before we, the larger economies do.

reply to post by Rockpuck


I'm planning on moving back home to Ireland after I've finished my degree next year. Hopefully, I'll find work in either HR, marketing or finance. But it really depends on how the economy holds up. Might stay in England for a year or two, get some experience and then move back across.

Might eve work in America for a while, not sure yet.

Tax changes in the UK, targeting non-domiciles with a annual £30,000 levy, and high taxes in France will benefit Ireland still. Plus, the peace process in Northern Ireland has lead to a boom in the economy across the Island of Ireland.

But I cannot falter your post, you are correct in everything you've made. This thread is a perfect example of overhyping doom and gloom, which is resulting in ignorance towards nations who are experiencing true economic meltdown (Zimbabwe is another example).

Back to the topic at hand, I am shocked to find the Revelations of St.John the divine has somehow been twisted into this thread The US economy, mainly the problem of national debt, will become an issue by 2012. It is predicted the United States will no longer be able to pay off the interest then.

There is still two years for tax and economic reform.

It seems individuals are engaging in a circular cause and consequence scenario,

Fear of economic downturn cause people to spend less, which reduces demand, causing economic downturn.

[edit on 10-4-2008 by infinite]

reply to post by Maxmars




It prevents the government from spending money they don't have. Today, they can create all the money they want because it's made from paper.


If money was gold, they couldn't spend more than they had.


It keeps government in check.


But yes, it does have its own problems, such as cornered markets, hoarding, etc.


Clearly something needs to be done to stop government spending, because right now there is literally no limit to how much money they can create, and no limit to what they can buy.


Remember, the most important thing the government buys is legislation and influence. This is how they got so powerful... by printing money and giving us no choice but to use it.

[edit on 10-4-2008 by ianr5741]

reply to post by Rockpuck
if you go to the DailyWealth website there is an article "Can America's 'New Currency' Save Your Retirement. it is not back by gold or silver or any commodity. in this article it states it to be beyond the reach of our government. i put the link up in earlier post.



[edit on 10-4-2008 by musselwhite]

reply to post by musselwhite


.....right where you buy a $99 subscription to a mysterious magazine that tells you how it all works? K mate, sounds solid to me.. "beyond the reach of our government"