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O.co CEO endorses Ron Paul, slams central banking, and predicts Great Depression

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posted on Jun, 12 2011 @ 04:11 PM
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Overstock.com CEO Endorses Ron Paul



Patrick M. Byrne, the president, CEO, and chairman of the board of directors of Internet retailer Overstock.com openly announced his support and endorsement of Rep. Ron Paul (R-TX) for President of the United States. The announcement came while answering the direct question from David Asman of America’s Nightly Scoreboard on the Fox Business Network.

Mr. Byrne expressed his concern that a more serious market correction - worse than the crash of 2008 - could be in the near future and that the root of the problem was the exercise of fractional reserve banking and the Federal Reserve.


O.co CEO Patrick Byrne clearly stated on Fox Business that the United States is about to undergo a very serious correction far worse than that of 2008, even saying that this will be the second Great Depression and has been positioning his company in expectation of this event. This was said live on television which was already surprising enough. But then it got even better.

Mr. Byrne then went on to attack fraction-reserve banking as the cause of these drastic rises and falls of the economy, i.e. business cycle. He even stated that upcoming QE3 will either cause immediate riots in the streets or its effects which will be felt later on (but not too far down the road) would cause Americans to riot.

Finally he openly stated that he is a Ron Paul supporter which adds him to the growing list of supporters like Congressman Walter B. Jones, Iowa State Representatives Glen Massie and Kim Pearson.

Ron Paul 2012!
edit on 6/12/2011 by Misoir because: (no reason given)




posted on Jun, 12 2011 @ 04:16 PM
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this possible depression seems like something almost purposely done to us...the last 12 years have all seemed like a deliberate attempt to slam our economy into the ground...I wonder if the rich will stay rich even during a depression...I'm guessing they will...it will most affect middle class and lower class
edit on 12-6-2011 by here4awhile because: (no reason given)



posted on Jun, 12 2011 @ 04:31 PM
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Originally posted by here4awhile
this possible depression seems like something almost purposely done to us...the last 12 years have all seemed like a deliberate attempt to slam our economy into the ground...I wonder if the rich will stay rich even during a depression...I'm guessing they will...it will most affect middle class and lower class
edit on 12-6-2011 by here4awhile because: (no reason given)


Just my opinion:

"Rich" is a subjective term
These days someone is rich if they have a few more beans in their pot than you do. I truly believe this a controlled demolition and do not believe for a second that our admin is THIS incompetent. Not Obama, not Bush, not all the way back to Reagan..maybe all the way to the original Mr Big Fed Govt himself : Lincoln. No one is this incompetent and all I can be left with is the idea that it is done purposefully or at the very least without regard in the last few decades. Never let a good crisis go to waste, you know..

I know people who make a combined income for their family of 200K or so a year and things have changed so drastically in just the last 12-18 months that they are scared to death. IMO there will be NO middle class very soon. Maybe we arent even existing now except on paper. What the CEOs and others arent seeing I guess is that the civil tension is already there. I doubt it would take much to get folks rioting. The problem is they will take it out on those they THINK have more than them.. and not who deserves to be ousted. I already have it in my town.. mob actions and home invasions where some idiot thinks that a guy barely making his mortgage is "rich" so they bust in and take what they want. One of our local politicians estimated our city's true unemployment rate at 43%... and our homeless/squatter population has skyrocketed in the last 3-4 yrs. We have businesses going broke constantly in the last 12 months around here. If the base wasnt here.. I dont think the town would exist at all as it is now. I certainly dont see a civil uprising aimed directly at who made this mess.. just toward other citizens.. at first. Everyone seems to be mad and have no idea who the hell to be mad at.. they just lash out at the closest person.. their fellow suffering citizens.



posted on Jun, 12 2011 @ 04:41 PM
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reply to post by Advantage
 





I truly believe this a controlled demolition and do not believe for a second that our admin is THIS incompetent.


It is a strategy of competent incompetence, and it is just one strategy in the overall goal of aggregation of power. By acting competently incompetent, politicians then can argue that their incompetence is the result of their hands being tied by that pesky little Constitution. If only the people would relieve the competently incompetent of those constraints, then they could get the government they deserve.



posted on Jun, 12 2011 @ 04:44 PM
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reply to post by Advantage
 


when i say rich I don't mean a person with a few more beans in the pot than me...I mean the people who are so well off it's almost unbelievable to have that much money...I mean the top less than 1% of all americans...I'm sure they will lose some...but I am doubting they will be hurting that much to be honest



posted on Jun, 12 2011 @ 04:59 PM
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Originally posted by here4awhile
reply to post by Advantage
 


when i say rich I don't mean a person with a few more beans in the pot than me...I mean the people who are so well off it's almost unbelievable to have that much money...I mean the top less than 1% of all americans...I'm sure they will lose some...but I am doubting they will be hurting that much to be honest


Then I agree

I think there will be a great divide between the rich and the poor and nothing in between. That ball is already rolling.



posted on Jun, 12 2011 @ 05:00 PM
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Originally posted by Jean Paul Zodeaux
reply to post by Advantage
 





I truly believe this a controlled demolition and do not believe for a second that our admin is THIS incompetent.


It is a strategy of competent incompetence, and it is just one strategy in the overall goal of aggregation of power. By acting competently incompetent, politicians then can argue that their incompetence is the result of their hands being tied by that pesky little Constitution. If only the people would relieve the competently incompetent of those constraints, then they could get the government they deserve.



Again, you hit the nail on the head.. and that was what I was saying but you put it much more precisely



posted on Jun, 12 2011 @ 05:04 PM
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This man does not know there is another depression on they way anymore than anyone else does. And this would be the third since there were 2 great depressions during FDR's presidency.

And there have been depressions in the world long before the Fed was established so to blame it all on them is ridiculous. Do you really believe that if the Fed didn't exist the country would forever experience prosperity?

rubbish



posted on Jun, 12 2011 @ 05:10 PM
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Patrick Byrne has witnessed firsthand the absolute corruption of our federal government in bed with wall street.
Deep Capture

And the Website..
Criminal manipulation

A must read if you want to know how pervasive the fraud is. The architects of destruction run our country.



posted on Jun, 12 2011 @ 05:11 PM
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reply to post by Misoir
 


Given that the money supply is now topping 5% growth when in point of fact it should be shrinking because thats what normally happens in a downtrending economy... yeah, a QE3 could be the straw the breaks the camels back... the camel being the US dollar.

Its weird how the media is lapsing back into reality. Its like they really bought the nonsense about a recovery lol.



posted on Jun, 12 2011 @ 05:12 PM
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reply to post by Stewie
 


The rich and powerful have always had their hands in government and this in unlikely ever to change so what he's witnessing is far from anything new or astonishing.



posted on Jun, 12 2011 @ 05:13 PM
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reply to post by kro32
 

I think he does.
Some people are actually out in the business world ,and they recognize destructive trends. If you are not aware that our country is being destroyed from within, you need to read a bit more.



posted on Jun, 12 2011 @ 05:22 PM
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Originally posted by kro32
This man does not know there is another depression on they way anymore than anyone else does. And this would be the third since there were 2 great depressions during FDR's presidency.

And there have been depressions in the world long before the Fed was established so to blame it all on them is ridiculous. Do you really believe that if the Fed didn't exist the country would forever experience prosperity?

rubbish


Well obviously you are right, fractional reserve banking by it's very nature must cause recessions. However what you may not realize is the recession absolutely should have happened in 1999/2000.

The fed's action of dropping the interest rates to near zero is what is going to turn what would have normally been a normal cyclical recession into a major depression. The fed's actions - stupidity at best, malevolence at worst - is the primary cause of our impending economic destruction.

Are they 100% to blame? No, our congress, and the American people also share plenty of blame for letting them get away with it.

Also to say no one knows a depression is coming is just wrong - to act like they happen out of the blue for no reason shows you are clueless. High debt load has been the common denominator for all the depressions - and it is at it's highest ratio ever now. It is coming like it or not.



posted on Jun, 12 2011 @ 05:28 PM
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reply to post by proximo
 


If depressions and economic downturns are so easy to predict why do so many rich and powerful and corporations get nailed hard when they happen then? Why is all their money not protected?

You may have half the economists saying one will come and the other half saying it won't. If it was that easy there would never be any debate. Just because this guy is in the business world does not make him a mind reader.

I'm sure I could dig up predictions from lots of powerful people in business who predicted something the markets would do or the economy where they ended up being wrong if you want to show you that no nothing is that predictable.



posted on Jun, 12 2011 @ 05:50 PM
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reply to post by kro32
 


Well there are a few main reasons.

First knowing it is going to happen soon and knowing the exact date are two entirely different things. Many people will be in the market trying to get every dime they can when suddenly one day the market will all of the sudden tank. Some piece of news will spark it all, but unless you can see the future it cannot be timed. So in a word greed.

Second, the vast majority of the money invested is stupid money - that meaning money that has been intrusted to be invested by someone working for the investor (Financial adviser). It is in the financial adviser's best interest to always claim the market will continue to do well - that is how they get paid. It is a conflict of interest. That is why channels like CNBC are constantly saying how things are going to get better and the market will be going up, to do otherwise would piss off their sponsors, and likely hurt their own ratings.

Third, the government and media are all lying to everyone now about how things are turning around, how the worst is over. The government is lying, because they can't very well admit the truth and hope to get reelected, and today's media basically parrots whatever the government wants them too. The casual news watcher is very likely to believe that everything is actually ok, if that is their main source of info.

Forth, there really is a lot of cognitive dissonance going on, meaning there is a ton of people who really just can't accept a depression is going to happen despite all the data in front of them. They shrug it off saying it's never happened in my lifetime before so, it's not going to happen now either.



posted on Jun, 12 2011 @ 05:58 PM
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So is this similar to the business leaders that predicted the Bush tax cuts would make the economy vibrant or the business leaders that said Obama's policies were going to lead us out of a recession?

As far as current day economists go they are so far over the map on this issue you could find any number to support any theory you want.

But if you want to believe this 1 guy than that's up to you I guess.



posted on Jun, 12 2011 @ 06:10 PM
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reply to post by kro32
 

Okay, Kro, I am going to give this a shot
It is not just this "one guy", it is basically all of the smart guys that have only one agenda. Truth.
It is quite understandable that you don't know what to believe, or to believe that these are all random events and no one can really predict the outcomes.
But, it is simply not true that everyone is in the dark. In fact, many know exactly what they are doing, but they are unrepentant liars...they only live to make money regardless of the cost to society or economies. When criminals like this are actually in charge of our economy, and much of the world now it seems, then the "other" smart guys that only have an agenda of truth are there to let us know how deep the rabbit hole goes.
The problem is, YOU don't know WHO the smart guys are.
Read and learn, and someday you may contribute something worthwhile.
No offense, I am just trying to help.



posted on Jun, 12 2011 @ 06:16 PM
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reply to post by Stewie
 


Very nice rant with no discernable information.

I guess you win



posted on Jun, 12 2011 @ 06:16 PM
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i am so sick of the BIGOTRY agianst the rich

who cares what somelese has/

it doesnt take a rocket scientist of the ceo of the big o to know that none of the problems of the financial crisis have been addressed in fact they have all compounded the problems.

fanny and freddy and the government pushing every american should have a home and the government created the market to buy and sell mortages and inflated the industry.

2.0 is comming and if people who just either cant or just dont want to beleive that then i feel sorry for you.

with the addition of the frank dodd act forcing tighter restriction and creating more power to the government makes whats comming look like a $2 dollar hooker in vegas.

and its not wall street as everyone blames now and will blame agian its the stupid inept government of this country who created the situtation and created the boogeyman as a deflection tactic so that you people will never look at the real vilians here.

and that is mother father all being all benevolent government.



posted on Jun, 12 2011 @ 06:20 PM
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Originally posted by kro32
reply to post by Stewie
 


Very nice rant with no discernable information.

I guess you win


...Or...maybe you both win, since you've provided no discernible information either, and have no doubt been ranting. A sort of annoying win - win, if you will.



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