November 2011 - A perfect storm, page 1

So, in November 2011 the United States will brace itself for a politico-financial "perfect storm" that will make the summer problems look like a slight sea breeze. The six elements of the future crisis have already come together

Paraphrasing:
1. The 'Supercommittee' will fail
2. Automatic budget cuts will kick in affecting recipients of social security and the military
3. Credit agencies will join S&P in downgrading credit rating of US Treasuries, increasing US dependency on short term financing
4. The Fed has no ammo left for rescue, and can only manipulate the stock market and gas prices
5. US deficit will increase dramatically as tax receipts fall from drop in economic activity
6. Obama's Jobs program will fail because it won't create many jobs or rally the engines of the economy, and any tax hikes in it will be cut by the Republicans

So for LEAP/E2020, it's a combination of all these elements at the end of 2011 that will trigger this major financial shock ... a kind of final shock thrusting the planet out of the world before the crisis for good. But the world after is still to be built because many futures are possible, beginning 2012.

www.leap2020.eu...

Another interesting comment made, is that the Greek crisis is a distraction raised by media each time Washington and London are in serious difficulty. The US is in recession and the UK is experiencing very violent protests, while austerity measures fail to control spending and plunging the country into social crisis.

reply to post by Dbriefed

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Hey... You know what??? The world can blow up after my Hawaiian vacation in November... I'll be cool with the world ending after that! Besides my flight is already paid for! It may be a little selfish but it's my perogitive.

Watch if the markets gap down massively on Monday off Fridays close.

Friday closes
DOW - 10,913
NASDAQ - 2,413
S&P 500 - 1,131

danericselliottwaves.blogspot.com...

If a massive gap down happens Monday, then a falling wedge may not be in play but rather a solid wave (iii) of [v] down. So until then we'll have to see the exact nature of Sunday's futures.

reply to post by OBE1

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omg who's surprised? raise your hands



someone get that tired old man a coffee

Original post in September, nearly end of November now and guess what?

www.businessweek.com...

U.S. Debt Supercommittee Said Ready to Announce Failure

November 20, 2011, 6:30 PM EST

...Nov. 20 (Bloomberg) -- The deficit-cutting congressional supercommittee is expected to announce tomorrow that it has failed to reach agreement on at least $1.2 trillion in federal budget savings, a Democratic aide said.
...

‘Nobody wants to give up hope,” Hensarling said on the “Fox News Sunday” program. “Reality is, to some extent, starting to overtake hope.”...

Interesting comments:

“I don’t think there’d be much of a reaction” by markets to a supercommittee failure to agree on a plan, Mark Zandi, the chief economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said on “Fox News Sunday.”

Really? We'll see tonight and tomorrow.

“You can’t grow if you raise taxes in the middle of a recession,” Kyl said.

There's truth in that last statement. Taxes are a burden on the economy. Tax businesses or mom-and-pop shops that hire, and there's less money to spend on hiring. This whole tax the rich thing is blind to anything but banksters, and forgets the massive overspending by this incompetent and corrupt administration and congress, and all those who are going to get hurt. If there's one thing that unquestionably does trickle-down, it's taxes. The 1% (considering only banksters) are not strong enough to lift this economy. The rest of the 99% will have to help lift the economy, which means all that overspending will be funded by taxing all of us, and writing loopholes for corporations and other groups with lobbyists.

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