Thursday, November 13, 2008 Posted by Shattered Paradigm
The "Wall Street bailout" is not just the 700 billion dollars that we have been told - according to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for about 5 trillion dollars, so far, in an attempt to avert the collapse of the financial system.
But why are we giving 5 trillion dollars to Wall Street? Just so they can pay executive bonuses and acquire more regional banks and go on more luxury junkets?
Why aren't we giving the money to the people who actually need it? Regular Americans are suffering. Jobless claims in the U.S. have jumped to a 7 year high, and very quickly people are not even going to have jobs to pay the taxes to pay for this bailout.
The truth is that we are headed for the worst financial crisis this generation has ever seen. Even the experts agree.....
The former Goldman Sachs chairman, John Whitehead, is warning that we are facing an economic crisis worse than the Great Depression.
"I think it would be worse than the depression," Whitehead said at the Reuters Global Finance Summit. "We're talking about reducing the credit of the United States of America, which is the backbone of the economic system."
Merrill Lynch president John Thain also believes that the economy is looking at a crisis equal to that of the great depression of 1929:
"At present the US economy is rapidly shrinking. We are looking at a global slowdown that will affect all those in global markets. This is not a crisis like those of 1987 or 1998 or 2001. The contraction will be much greater. We have to go back to 1929 to find a similar slowdown."
This is not just a recession. This is not just an economic slowdown. This crisis is the result of fundamental changes in the health of our economic system.
The following ten minute video does a great job of explaining where we are currently at economically:
So where is all of this going?
Can we get out of it?
Not according to one of the most respected futurists in the U.S.
Gerald Celente, the CEO of Trends Research Institute, is predicting catastrophic changes for America in the coming years. Celente has quite a track record - he successfully predicted the 1987 stock market crash, the fall of the Soviet Union and the economic crisis of 2008. Now Celente is forecasting coming food riots, tax rebellions and a "revolution" in America - all within four years. Check out what Celente recently told Fox News:
In another interview, Celente stated that “there will be a revolution in this country,” and he elaborated even more on his predictions for the future:
“It’s not going to come yet, but it’s going to come down the line and we’re going to see a third party and this was the catalyst for it: the takeover of Washington, D. C., in broad daylight by Wall Street in this bloodless coup. And it will happen as conditions continue to worsen.”
“The first thing to do is organize with tax revolts. That’s going to be the big one because people can’t afford to pay more school tax, property tax, any kind of tax. You’re going to start seeing those kinds of protests start to develop.”
“It’s going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and we’re going to see many more.”
“We’re going to start seeing huge areas of vacant real estate and squatters living in them as well. It’s going to be a picture the likes of which Americans are not going to be used to. It’s going to come as a shock and with it, there’s going to be a lot of crime. And the crime is going to be a lot worse than it was before because in the last 1929 Depression, people’s minds weren’t wrecked on all these modern drugs – over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension.”
So what should we all do about this?
You better get ready.
Tough times are ahead.