Ivan Canas: As predicted the US is bankrupt. What to do now? Please important to read the 'more info' section where the problem is explained. George W.Bush will be remembered as the one who Destroyed the US leadership.

The US is bankrupt. What to do now?
Economists of every political stripe are predicting a slump, the Democratic presidential candidates have all made proposals for an economic stimulus package — and even the Bush administration, long in a convenient denial about the housing crisis and its impact, is trying to put together a plan to jump-start the economy. Here is where the situation gets tough. The USA must stop pretending to be a super power any more. Will they take the path of war?

Yet the stimulus proposals from both parties amount to just a fraction of the amount spent on the US wars in Iraq and Afghanistan. This war was and still a disaster for the US economy. Bush thought that Iraq by now should have been already functioning as a country and the US economy getting the benefits of their Oil to recover the war expenses plus making profits. Well, that never happened. George Bush, will be remembered in history as the man who destroyed the USA, we are living the fall of an empire.

With more bad news emerging on practically every economic front — falling house prices, a credit squeeze, declining consumer spending, stagnant wages and higher inflation — the picture is likely to get worse.

Wall Street has already signaled Corporate Americas plan: grab all the cash you can, and make workers pay.

This was the reason why Oils prices were very high because everyone (hedge funds)was and still now desperately trying to get liquid; and Oil, Gold and Drugs have become the universally accepted world currencies.

The only sensible advice is either to change dollars into other currencies, or buy gold and silver while you still can, because the US is likely to make it illegal to own gold; and stock up on canned food, the price of which is going to go through the roof. Already the major canners have reduced the size of cans by 20% to preserve stock whilst also maximising their profits.

It is universally accepted internationally that the US Dollar is going to collapse sooner or later some say that it will happen by the end of September 2008.

Some foreign banks have already started to refuse to take US deposits and, since the Patriot Act, any american citizen who manage to send money to a foreign bank, is required to report the fact to the USG, who will make you prove how you obtained it and if you cannot do so, they will automatically label you a 'terrorist' or a 'drug dealer' and confiscate it.

The Bank of South America (Banco del Sur)is trying to organise its own currency for use within the South American continent when the US Dollar finally crashes, based on an initial provision of eight billion dollars.

The social consequences within the US are expected to be extremelly hard.

Lloyds-HBOS takeover a bad signal. The financial problems are far from over. Of course, it is understandable that all parties involved will try to calm down the public around the world.

The main Central Banks in the world were coordinating actions to take because of this crisis.

Although the solution is temporarily 'viable' it shows how GRAVE the situation is. The solution proposed is a system called 'swap' which will allow two Central Banks to borrow money from each other on short term basis in case of NEED. In other words, what private banks have been already doing and was a disaster now has been escalated to Central Banks level.

This means that the main Central Banks ARE going to be in need of money and they know it. The idea is that Central Banks will 'auction' money-lending to their national Banks due to the fact that private Banks do not trust each other.

On the othet hand, the US treasury is going to issue $100.000 millions in more debt at the end of september 2008.

This is the reason why the market is partially calm. Because, it is obvious that there is no more real money just more debt to cover debts. The giant spiral has been turned on.

Plus this experience has prove that liberal policies has been a failure. The are going to 'control' the market in other words socialism for the rich.

Tax payers be ready for it.

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[ivancanas63]

I agree, the governments are going to try to transmit confidence to the public. But to those who know that the federal reserve charges interest rates for that money. There is no way they can pay back this. It is a gigantic spiral.

[rev12a]

If criminal trials are held, and people/corporations found guilty, Confiscate their assets, liquid and fixed (as profit gained illegaly) and give it back to the treasury and the american people.

Too many private companies profit from wars.

The entire US defense force (except for personell) are privately owned companies.

Is it in their best interest to withdraw from a good profit(war)

[BrainChild666]

What about the PENSION ANNUITIES FUND Re-named the TAX RELIEF FUND.

CAFR vs. General Fund. Only 1% of the revenues collected through taxes gets to the General

Fund. California made 16 Trillion in 2006..I added up parking tickets,dog licensing

fees,permits,registration,cert­ifications,property tax,bed tax...

and the budget for California in 2006..

131 billion less than 1% of all the taxes collected.

They are Scamming Us.Down with the BANKS!!

[GameOver1260]

So, the Russians are going to take issue with the Roman Catholic Church, and not all of those devout Catholic boys controlling all the information.

[kmarinas86]

Debt is a tool used to ration money creation.

Evidently it has failed in one sense: Big government spending.

If the price of issuing money is not monetary, then some other form of money rationing must be proposed, lest we can accept hyperinflation.

Debt IS the result when the price of issuing money is money itself. So what is the alternative?

[FoxFleet]

....just wait til you see G22. Thats even more alarming!

[FoxFleet]

Good. Now say it! Who is scamming us?

[FoxFleet]

Ivan had a blinding flash of the obvious...we've been banckrupt since the 40s and likely a little before.

[FoxFleet]

Yes. Geeeesh, I was afraid no one else would say it. We've been on this agenda for a very long time!

[FoxFleet]

Might wanna check that out another few times.

[FoxFleet]

...the guys who aren't allowed in almost any African nation anymore? Or the other blue beenies that sell cookies?

I get them confused so much anymore....

( g )