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Central Bank Body Warns Of Great Depression

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posted on Jun, 11 2008 @ 01:44 PM
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Central Bank Body Warns Of Great Depression


www.bankingtimes.co.uk

The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.

In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.

According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.

(visit the link for the full news article)




posted on Jun, 11 2008 @ 01:44 PM
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Silly Central Bankers! Haven't you listened to The Decider? We're just in a "little slowdown"!

And you haven't paid attention to the pie-charts and graphs of our government economical statistics guys! We're not even in a recession! You're supposed to be telling the peons to "keep spending, there's nothing to worry about here" like everyone else! Shame on you!

>End sarcasm<


The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.

It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.




www.bankingtimes.co.uk
(visit the link for the full news article)



posted on Jun, 11 2008 @ 01:49 PM
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Except for the Great Depression was caused because the Federal Reserve kept the money supply too tight (Friedman attributes this to the gold standard...in fact many countries that abandoned the gold standard during the Great Depression, never suffered anything more than a recession...America and France which kept money tight suffered the worst) after they had made the market addicted to liquidity...if anyone goes into a Great Depression, it won't be America, it will be the European Union who has kept their rates high, and allowed their currency to ascend so quickly that it's beginning to hurt their exports...couple that with a credit crunch and you have a massive problem. Mark my words, America will suffer less than most countries...I don't fear a "Great Depression" at all here in the states, that is unless we get a sudden attack of tax hikes, tariffs or a protectionist attitude (and not the kind that Ron Paul has been accused of being, because he's the only sane person in Congress...I'm talking about us abandoning trade and free markets)

[edit on 11-6-2008 by yellowcard]



posted on Jun, 11 2008 @ 01:53 PM
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Oh the Great Indivisible Act, nothing short of fore-closure on security.

interesting.



posted on Jun, 11 2008 @ 02:18 PM
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reply to post by yellowcard
 


You dont fear a depression unless we get tax hikes. Hmm Ok so just keep spending more and more money we DONT have and putting it on the charge card and inflating us to the max. Hmm You right it wont cause us a depression if we dont raise taxes and lower spending it will BANKRUPT us. Do you realize that 22% of your tax dollar goes to pay interest only on all the money we borrowed. We keep printing like this soon it will be half. Then all our money will go to just pay interest. Then after that....bankruptcy.

I recommend anyone who wants the real deal on the FED to read this
www.abovetopsecret.com...'
they are long paragraphs because it is probably one of the more intelligent debates on the issue but if you want the real deal then read up.



posted on Jun, 11 2008 @ 02:23 PM
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Originally posted by mybigunit
reply to post by yellowcard
 


You dont fear a depression unless we get tax hikes. Hmm Ok so just keep spending more and more money we DONT have and putting it on the charge card and inflating us to the max. Hmm You right it wont cause us a depression if we dont raise taxes and lower spending it will BANKRUPT us. Do you realize that 22% of your tax dollar goes to pay interest only on all the money we borrowed. We keep printing like this soon it will be half. Then all our money will go to just pay interest. Then after that....bankruptcy.

I recommend anyone who wants the real deal on the FED to read this
www.abovetopsecret.com...'
they are long paragraphs because it is probably one of the more intelligent debates on the issue but if you want the real deal then read up.


You can pay down the debt without raising taxes...it's called spending cuts. A tax hike in the middle of a recession would cause a possible depression because it would cut down on capital expenditures, consumer spending, business investments and other various things...you can't rob an economy of capital when it already doesn't have enough to sustain itself. I suggest you take an economics class, that's what caused the Great Depression... Smoot-Hawley + Tight money supply = Great Depression

[edit on 11-6-2008 by yellowcard]



posted on Jun, 11 2008 @ 02:26 PM
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Originally posted by yellowcard


You can pay down the debt without raising taxes...it's called spending cuts. A tax hike in the middle of a recession would cause a possible depression because it would cut down on capital expenditures, consumer spending, business investments and other various things...you can't rob an economy if capital when it already doesn't have enough to sustain itself. I suggest you take an economics class.


Guy I own you in economics and reality and can you name a president or congress that has done spending cuts in the past oh say 30 years? People like you want the low taxes but you want the big government to go with it. So go vote for McCain and enjoy your big government. Ill vote for Ron Paul who I know will not get in but HE can at least cut spending. But if your not going to cut the spending then you NEED to raise the taxes and I havent see a government cut spending in 30 years.



posted on Jun, 11 2008 @ 02:31 PM
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Originally posted by mybigunit

Originally posted by yellowcard


You can pay down the debt without raising taxes...it's called spending cuts. A tax hike in the middle of a recession would cause a possible depression because it would cut down on capital expenditures, consumer spending, business investments and other various things...you can't rob an economy if capital when it already doesn't have enough to sustain itself. I suggest you take an economics class.


Guy I own you in economics and reality and can you name a president or congress that has done spending cuts in the past oh say 30 years? People like you want the low taxes but you want the big government to go with it. So go vote for McCain and enjoy your big government. Ill vote for Ron Paul who I know will not get in but HE can at least cut spending. But if your not going to cut the spending then you NEED to raise the taxes and I havent see a government cut spending in 30 years.


They haven't cut much in 30 years, and I assure you that you I am quite well versed in economics. I am a Ron Paul supporter, I'll more than likely write in his name...and of course Ron Paul supports spending cuts...NOT higher taxes...so go vote for Obama if you wish to give a heroine addict (our government) more money to burn...because that's all you're going to get. You obviously have no idea about how tax policy effects the economy...the US has one of the highest corporate tax rates in the world. Yeah, let's take away our citizens and business's money when we are already facing a credit crisis and a inflationary "crisis"...brilliant...Please never run for office or have your hands in any sort of fiscal or monetary policy.

[edit on 11-6-2008 by yellowcard]

[edit on 11-6-2008 by yellowcard]



posted on Jun, 11 2008 @ 02:31 PM
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Originally posted by DimensionalDetective

Central Bank Body Warns Of Great Depression


www.bankingtimes.co.uk

The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.

In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.

According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.

(visit the link for the full news article)



and nobody is blaming the liberals??? c'mon you republicans, you blame them for everything else, surely you can find some way of blaming them for a great depression!! THOSE LIBERAL CENTRAL BANKERS ARE TO BLAME!!!!!



posted on Jun, 11 2008 @ 02:37 PM
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Originally posted by yellowcard


They haven't cut much in 30 years, and I assure you that you I am quite well versed in economics. I am a Ron Paul supporter...and of course Ron Paul supports spending cuts...NOT higher taxes...so go vote for Obama if you wish to give a heroine addict (our government) more money to burn.


Ummm No I wont be voting for Obama and continuing the 2 party maffia that is going on. Go ahead and vote Hillary Clinton I know you want to. The fact is Ron Paul will not win even though I will be voting for him but the 2 candidates will NOT cut spending no matter how much they claim to. In a perfect world we would live by the constitution and not being policing the world, policing our country, the nanny state, the welfare state but until someone gets elected that makes that change we are screwed. If we raise taxes and make people pay for the governments massive spending maybe people will wake up and VOTE for people like Ron Paul instead of for some illusion we can have low taxes and HUGE government. Oh and heres a little something for ya




Clinton had higher taxes than Bush and we still had a great economy and a strong dollar. Bush has destroyed this country so Ill see you at the voting booth with a vote for Hillary in your hands.



posted on Jun, 11 2008 @ 02:38 PM
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Not to cut in to your argument guys, but it seems to me that the solutions you're debating address the symptom, not the disease.

Eliminate fractional reserve banking, revoke the fed charter, restore 'true' currency. This is the kind of path I would like to see undertaken. Do you disagree?

[edit on 11-6-2008 by Maxmars]



posted on Jun, 11 2008 @ 02:39 PM
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Originally posted by jimmyx
and nobody is blaming the liberals??? c'mon you republicans, you blame them for everything else, surely you can find some way of blaming them for a great depression!! THOSE LIBERAL CENTRAL BANKERS ARE TO BLAME!!!!!


The funny thing is, were it not for Democrats we wouldn't have the Federal Reserve system...look at the voting record. Oh, and just for the record, FDR was a horrible president...I would love to thank that man for the social security system which is a complete and utter failure and has pushed our debt obligations well above our GDP...thanks FDR.

[edit on 11-6-2008 by yellowcard]



posted on Jun, 11 2008 @ 02:42 PM
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Originally posted by Maxmars
Not to cut in to your argument guys, but it seems to me that the solutions you're debating address the symptom, not the disease.

Eliminate fractional reserve banking, revoke the fed charter, restore 'true' currency. This is the kind of path I would like to see undertaken. Do you disagree?

[edit on 11-6-2008 by Maxmars]


Correct Max which is why I posted my link here

www.abovetopsecret.com...

about getting rid of the FED and IRS but yellowcard didnt read it he just wants to spout off that Im an Obama lover when I was the 2 party dictatorship gone along with the FED and IRS. But Im a realist and its going to take a lot more people like me and Ron Paul in the government so until then we have to work with that we have.



posted on Jun, 11 2008 @ 02:43 PM
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Originally posted by mybigunit


Clinton had higher taxes than Bush and we still had a great economy and a strong dollar. Bush has destroyed this country so Ill see you at the voting booth with a vote for Hillary in your hands.


It's funny, because the National debt has never decreased since the 50s...and if you knew anything about economics you'd know that the chart you posted relates debt as it relates as a percentage of GDP and not us actually paying down the debt.



posted on Jun, 11 2008 @ 02:48 PM
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reply to post by yellowcard
 


I FULLY understand this but it at least went sideways under clinton and it didnt kill the dollar hence thats why we have cheap gas then. Bush has added EXTREME amounts to the debt. Ok who is the only president to make us debt free? You want to get into economics history we can but its a waste of time. Trust me you cant out debate me on the economy and we tend to agree overall about the perfect government but the difference is I live in a reality you dont. That reality is we have a 2 party mafffia that spends a lot of money and they hide it with low taxes but put it on the charge card so people will not be aware of their deeds. But we pay for it in higher gas and everything else. So my mentality is if we make people pay for this big government instead of hiding it maybe people will wake up and vote for people like ron paul. Am I getting through? Oh and read my above link...it takes some intelligence but I think you can do it.



posted on Jun, 11 2008 @ 02:51 PM
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how nice of them to warn us... seeing that the central bank is the whole reason for depressions in the firstplace. when can we shove these aholes onto their yachts and send them back to europe where they belong...





You are a den of vipers! I intend to rout you out, and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.

-Andrew Jackson



posted on Jun, 11 2008 @ 02:59 PM
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Originally posted by mybigunit
reply to post by yellowcard
 


I FULLY understand this but it at least went sideways under clinton and it didnt kill the dollar hence thats why we have cheap gas then. Bush has added EXTREME amounts to the debt. Ok who is the only president to make us debt free? You want to get into economics history we can but its a waste of time. Trust me you cant out debate me on the economy and we tend to agree overall about the perfect government but the difference is I live in a reality you dont. That reality is we have a 2 party mafffia that spends a lot of money and they hide it with low taxes but put it on the charge card so people will not be aware of their deeds. But we pay for it in higher gas and everything else. So my mentality is if we make people pay for this big government instead of hiding it maybe people will wake up and vote for people like ron paul. Am I getting through? Oh and read my above link...it takes some intelligence but I think you can do it.


Andrew Jackson...I agree with taxes need to be raise if the government's spending is out of control...BUT if you raise taxes in the middle of a recession, you risk running the economy into a depression...which will kill the dollar more than having just kept tax rates steady until we were in the clear.



posted on Jun, 11 2008 @ 03:06 PM
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Originally posted by yellowcard


Andrew Jackson...I agree with taxes need to be raise if the government's spending is out of control...BUT if you raise taxes in the middle of a recession, you risk running the economy into a depression...which will kill the dollar more than having just kept tax rates steady until we were in the clear.


Good boy Andrew Jackson another man against big bank. Anyways I agree with you on raising in a recession to an extent and that extent is this. In the early 90s there was a financial situation just like this one. You had Regan rack up the national debt big in a short amount of time with started to show small signs of inflationary pressures and a small sign of a recession. What did Clinton do he raised taxes against what EVERYONE said he should not of done. Now he didnt raise it a ton and I think the amount would make a difference and where the tax hikes would be targeted to. Right now there is 15 trillion dollars out there and someone has that money. I can almost promise you the top 1% has 90% of the money out there. Its these guys who need to pay. They have made a lot of money and Im talking the hedge fund type guys who are making sick amounts of money especially the ones who drive the price of oil up.

I know it sucks but it is a reality and until the sheeple of America wake up and smell the roses this situation will not get fixed and I think if people started to have to pay for this big government spending they will start to vote for people who dont want to spend all this money. Kinda like the same affect of high gas prices now everyone wants to be energy independent.



posted on Jun, 11 2008 @ 03:10 PM
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Originally posted by mybigunit

Originally posted by yellowcard


Andrew Jackson...I agree with taxes need to be raise if the government's spending is out of control...BUT if you raise taxes in the middle of a recession, you risk running the economy into a depression...which will kill the dollar more than having just kept tax rates steady until we were in the clear.


Good boy Andrew Jackson another man against big bank. Anyways I agree with you on raising in a recession to an extent and that extent is this. In the early 90s there was a financial situation just like this one. You had Regan rack up the national debt big in a short amount of time with started to show small signs of inflationary pressures and a small sign of a recession. What did Clinton do he raised taxes against what EVERYONE said he should not of done. Now he didnt raise it a ton and I think the amount would make a difference and where the tax hikes would be targeted to. Right now there is 15 trillion dollars out there and someone has that money. I can almost promise you the top 1% has 90% of the money out there. Its these guys who need to pay. They have made a lot of money and Im talking the hedge fund type guys who are making sick amounts of money especially the ones who drive the price of oil up.

I know it sucks but it is a reality and until the sheeple of America wake up and smell the roses this situation will not get fixed and I think if people started to have to pay for this big government spending they will start to vote for people who dont want to spend all this money. Kinda like the same affect of high gas prices now everyone wants to be energy independent.


I fear the current economic situation is much more fragile than the early 1990s...this credit crunch is massive and I fear it's not over. I think we have had just a minor misunderstanding, because we seem to appear to agree on at least 90% of our thinking.

[edit on 11-6-2008 by yellowcard]



posted on Jun, 11 2008 @ 03:21 PM
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Originally posted by yellowcard


I fear the current economic situation is much more fragile than the early 1990s...this credit crunch is massive and I fear it's not over. I think we have had just a minor misunderstanding, because we seem to appear to agree on at least 90% of our thinking.

[edit on 11-6-2008 by yellowcard]


We do agree on where we would like the government to be we just may have a small disagreement on what we need to do in the mean time till we get that government we want. In practical terms I agree with you we need to lower taxes but if we start making people pay for the crap that government peddles our way maybe the people who can make they change you and I want will wake up and get off the sheeple ground. But what the republicans do is spend all sorts of money and put it on the charge card and lowers taxes to make it look like they are doing people a favor when they are not they are killing the dollar and racking up more and more debt. I also agree the credit crunch is not over. This government got us in REALLLL deep he printed a lot of money in a short amount of time so we have to deal with the reprecutions in the mean time. However there are a lot of banks sitting on a lot of cheap FED printed cash and when it gets unleashed which I do not think they will do till the FED raises rates so they can maximize the profits our economy will recover.

But it is just a band aid it does not fix the real problem and that is our monetary system and our policies the government has both here and abroad. We need to start looking into the fact of do we have enough money to police the world and have bases on every country and troops. We need to look at our intervention policies and our local police state and welfare state policies. We need to get people in there like Ron Paul and when we get enough we can make change. Im 26 and looking at 2010 so there is plenty of time for me. BTW I recommend you read the link I gave above on the FED.



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