Tuesday, June 7, 2011

'Suicide cult driving US econ. to abyss'

A suicide cult is driving the US economy off the cliff by keeping the United States in a perpetual state of war and by “eviscerating” the middle class, says an economic analyst.

“The only way you can rationalize what the American policy makers are doing is to see it in the context of a suicide cult,” Max Keiser said in an interview with Press TV.

“What we are witnessing is the US effectively committing financial suicide. You'd have to compare [it with] maybe a death cult like Jim Jones in Guyana who convinced the entire population of the cult to drink the cyanide-laced Kool-aid and to kill themselves,” he added.

The finance critic argued that US policy makers want "to continue invading countries, blow through trillions of dollars that they don't have, while simultaneously gutting all the manufacturing capacity in the country and destroying the food supplies with chemicals and genetically modified products (GMO), guaranteeing that most of the Americans today will come down with cancer in the next five to ten years from GMO foods, cell phones and anything else that America excels at."

He said the objectives of these policies are to steal the wealth of the US middle class and to make “the entrenched oligarchy and kleptocrats that are in charge of the country richer than ever before.”

Keiser pointed out that US President Barack Obama is playing a key role in this process which is “the largest transfer of wealth in the history of the US, [one which is] creating a permanent underclass with no jobs, living on food stamps and... people on the verge of rioting in the streets.”

The analyst also accused Obama of abandoning US citizens, saying that the president is “like a captain who has left the ship.”

Keiser predicted a gloomy outlook for the US economy, adding that Americans should expect higher food and energy prices, with the poverty rates also rising.

On Thursday, Moody's Investors Service warned that it might review the US for a possible credit downgrade amid concerns about the current national debt crisis coming to more than USD 14.4 trillion.

Bank of America, Citigroup and Wells Fargo Co. may be downgraded by Moody's, the provider of credit ratings and research covering debt instruments and securities, as the rating firm reviews whether the government will limit its support of the largest financial firms.


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Will Market Manipulation Stop Gold and Silver from Rising?

Dees Illustration
Greg Hunter
USA Watchdog

There are plenty of folks flocking to the internet these days to tell the world why gold and, particularly, silver are finished as an investment and wealth protection opportunity. Some are even screaming to sell now before gold and silver prices tank. To give you an example of what I am talking about, I want to share a comment with you from a reader named Michael. Last week, he wrote me and said, “You are incorrect that gold/silver will go up in value like you have stated on your site. There is too much manipulation going on behind the scenes to ever let it go too much past where it is. And the same goes for housing. Will interest rates go up? Yes, but not leading to a housing collapse. It will lead to regrowth. For you and all of the others that think gold/silver will shoot up much higher, I feel bad for you. You have normalcy bias towards this and your mindset is too rigid to see the truth…which is the market manipulation that goes on behind the scenes that will continue indefinitely IN SOME FORM OR ANOTHER that you nor anyone else can predict!”

My answer to Michael said, “The Fed bailed out the world to the tune of $12.3 trillion. More than $12 trillion in liquid assets are held outside the country. The days of the U.S. dollar being used as the world reserve currency are numbered. These are just a few of the reasons gold will rise in price relative to the dollar. With all due respect to you, I do not have normalcy bias. I have facts and they all point to a currency crisis in the U.S. dollar. . . . It will go much higher regardless of the manipulation that will not be able to counter the overwhelming trend. Your only argument against gold and silver is “there is too much manipulation behind the scenes to ever let it go up much past where it is.” There was no manipulation in the markets before this year? I think not, and you offer a very weak argument on this point. Please don’t feel bad for me. Feel bad for yourself for missing a heck of a run so far.” (Click here to read the comment section from the original post.) As far as housing is concerned, if the Fed wasn’t artificially suppressing interest rates, home loans would be closer to 9% instead of 5%. When rates go up, you will not see “regrowth.” You will see prices come down even more than they are right now.

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