CRASH 2008

Cause of the CRASH is the Fed Reserve bank’s loan policy, which greatly expanded the amount of debt.

"A democracy exists whenever those who are free and poor are in sovereign control of the government; an oligarchy when the control lies in the hands of the rich and better born.”—Aristotle

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Table 1. Domestic debt* and GDP (Trillions of dollars)

	GDP**	Total debt	Household	Financial firms	Non-financial Firms	Governments State-local-fed
1970	1..0	1.5	0.5	0.1	0.5	0.4
1980	2.7	4.5	1.4	0.6	1.5	1.1
1990	5.8	13.5	3.6	2.6	3.7	3.5
2000	9.8	26.3	7.0	8.1	6.6	4.6
2007	13.8	47	13.8	16.0	10.6	7.3

* The federal part of local, state, and federal debt includes only that portion held by the public. The total debt in 2007 when the federal debt held by federal agencies is added totaled $51.5 trillion.

** Inflated because instead of measuring just growth in material wealth, it includes also profits in the financial sector—as though this was derived from the making of durable good. In fact the average American has less purchasing power today than in 1970. Material wealth has not grown as fast as population. It also isn't in constant dollars.

On Naming the same

Necon, neoconservative, neoliberal (the term used in Europe), globalizers, flat worlders, free market profiteers, robber barons, and lassie fare capitalists

Industrial production1928 to 1939

The core is rotten--jk 10/3/8

Before reading this article, look at the 1^st chart at http://skeptically.org/crash/id16.html and the one below Morgan at http://skeptically.org/crash/ on the expansion of funds U.S., there are similar charts for nearly all nations—Reaganomics is a global (IMF) plague.

The Core is Rotten--jk 10/3/8, 11/30/8, 4/23/9

Pumping money into the banking system will not avert a second great depression, for the principle cause is the Federal Reserve Banking System and their policy 10% fractional asset requirement of member banks. This policy has permitted the supply of money to multiply. The more money ran through the Federal Reserve and member banks the more profits they make through loans. A dozen other factors pushed forward the clock: especially falling buying power of workers and debt overload (federal, consumer, housing, and commercial). Other major causes include the loss of manufacturing, trade deficits, the outsourcing of jobs, housing bubble, drop in value of stocks and pension plans, rising unemployment, supporting a gigantic financial sector, a military budget greater than all the other nations of this world’s combined, and the worlds most costly medical system. Propping up housing prices and the financial sector is only delays the collapse. Ideologs undid the strong dollar policy of Clinton and the Democrats. In 01, with the fed debt at $5 trillion, and the Republicans drastically cut taxes on businesses and the top 1%, while waging a war. At $11 trillion dollars in 08, the fed debt is unsustainable; so too are unsustainable commercial and manufacturing at over $20 trillion, and consumers’ at over $13 trillion. The trade deficit in 07 was over $60 billion per month. Total debt in the U.S. totals $53 trillion (Sept. 08). And there is on top of this the shadow banking sector, which has in 08 was over $60 trillion. Our government has responded by further expanding the currency through new debt owed to the banks, which they then return to the banks like a form of welfare. Debt is the problem more debt is not the long-term fix.

Read the long version of this at http://skeptically.org/crash/id23.html

J.P. Morgan

Flooding the economy with dollars

The chart above says it all

Cause of the CRASH is the Fed Reserve bank’s loan policy, which greatly expanded the amount of debt.

Don't believe the Fed numbers

link to shadow stats article (bottom)

The current Consumer Price Index increase (using pre 1976 basket of goods) for this year (November 08) is 13%, not the under 4% reported. We are getting poorer faster than the government reports. Social Security payment drop in real dollars, as does wages, bank accounts, brokerage accounts, housing equity, and so on.

It is not a housing bubble, but rather as Joseph Stiglitz (noble laureate in economics) states was a money bubble. The U.S. avoided a wartime recession built upon oil going form $23/ barrel to $100. This dollar flood, as the above chart shows was dispersed through the Federal Reserve to banks, and then to the loan market of which housing and credit cards were the largest recipients—which by the way, the credit-card bubble bursting will be next.

Joseph Stiglitz, Globalization and its discontents, 2002, http://en.wikipedia.org/wiki/Globalization_and_Its_Discontents

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Oct 1928 to Oct 1930 Stockmarket

Enter secondary content here

The fruits of globalization

Since Bush has been president (until Oct 1, 2008):

Over 10 million people have slipped into poverty;
Over14 million Americans have lost their health insurance;
median household income has gone down by nearly $9,300;
over 6 million manufacturing jobs have been lost;
over 20 million American workers have lost their pensions;
wages and salaries are now at the lowest share of GDP since 1929
Federal debt is over $10 trillion

These figures are understated, for the government manipulates the figures, such as excluding energy, food, and other costs increases from their calculation of the rate of inflation.

A series of 3 articles define the problem and propose solutions (economics, political, and the ideal).

UNEMPLOYMENT--red is gov, blue is real

A measure of misery

Teddy Roosevelt's advice that, "We must drive the special interests out of politics. The citizens of the United States must effectively control the mighty commercial forces which they have themselves called into being. There can be no effective control of corporations while their political activity remains."

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Nothing I have seen is better at explaining in a balanced way the development of the national-banking system (Federal Reserve, Bank of England and others). Its quality research and pictures used to support its concise explanation set a standard for documentaries--at http://www.freedocumentaries.org/film.php?id=214. The 2^nd greatest item in the U.S. budget is payment on the debt.