Excerpts from a free report by the International Forecaster Bob Chapman.
He covers:
- More Bailouts
- Export of Jobs and Money
- The Fed Debt Monetization Program
- Bank Closures
- Illinois Government Exposed
Economic Mistakes of Years Ago Repeated Again Today
by Bob Chapman http://theinternationalforecaster.com
There is nothing to stop these events because the public doesn’t understand what is going on and Congress answers only to campaign contributions and the call of re-election. The biggest insult is to expect Americans to believe unemployment is 10% under U3, never bothering to mention U6, which is 17.3% and climbing.
…Of course there will be more stimulus and Fed monetization of Treasury debt. They know if it is not forthcoming the economic and financial system will collapse.
…There isn’t enough dollars floating around the world to absorb this debt. That is why the Fed has to continue to create money out of thin air.
… We forecast this two years ago while most economists were sleeping. This past year the Fed bought 80% of new government debt… To think this program will end is pure folly. There will be no one to buy the debt, which grows larger with each minute.
… The banks, hedgies, Wall Street, insurance companies are back doing the same speculative things that they did to cause the current crisis, which is far from over.
… As we pointed out in the gold section in a recent issue all major currencies have lost big over the past ten years versus gold. As you saw in the last issue central banks are buying gold and are no longer selling gold. Doesn’t that somehow ring a bell?
… The Federal Reserve’s blowout 2009 profit is no reason to cheer. Rather, it is a reminder of the dangers inherent in the extraordinary policies the central bank has pursued… Anyone with access to printing presses could have racked up similar gains.
… The FDIC closed three more banks over the weekend in what we call, “The FDIC Friday Financial Follies.”… The Securities and Exchange Commission sent subpoenas last month to banks including Goldman Sachs, … seeking information about the sale and marketing of so-called synthetic collateralized debt obligations during the financial crisis.
… And let’s not ignore the fact that Americans’ misery index in reality is far worse than the above official numbers indicate due to fraudulent US economic statistical methodology.
… “We would like all the stakeholders of Illinois to recognize how close the state is to bankruptcy or insolvency” says Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago.
read the rest and checkout Bob Chapman’sThe International Forecaster.
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