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Articles By Guest Writers on: The Coming Economic Depression
The DREADED "D" WORD People hate it when David Wilkerson talks about it - and they hate it just as much when I talk about it. But right now I have to bring it up again because of what is happening. Yesterday WorldNetDaily published the following: "Alarm: China signals flight from dollar Investment CEO says he's 'never seen people more nervous'. An unprecedented signal from senior Chinese leaders that the Asian economic giant might abandon the U.S. dollar sent shockwaves through the markets today as the Dow Jones Industrial Average lost 360 points and the greenback fell to a record low against the euro. Xu Jian, a Chinese central bank vice director, told a conference in Beijing, "The dollar is "losing its status as the world currency." Meanwhile, at the same meeting, Cheng Siwei, vice chairman of China's National People's Congress, said, "We will favor stronger currencies over weaker ones, and will readjust accordingly." Craig Smith, CEO of Swiss America Trading Corp., told WND he's been in the investment business for 30 years and has "never seen people more nervous." Alarmed by today's economic news, he dispatched a note to brokers with a warning of ominous potential consequences if China and other trading partners abandon the dollar. "If that were to happen, all bets are off, and we will be in a depression that makes 1929 look like child's play," he said, "or we will experience Weimar Republic inflation as the dollar makes extreme moves toward devaluations." [- http://worldnetdaily.com] A. STROM Again: Actually, according to all the data that I have seen, the Dollar situation is not even the worst of the problems. There is a global Credit Crunch underway - affecting giant banks and Investment companies the worst - and every day we are getting news of MULTI-BILLION dollar write-downs. All of this is linked to the Housing and Mortgage crisis in America - and its effects are being felt worldwide. -And it is growing worse. This Credit crisis by itself actually threatens the entire SYSTEM - no exaggeration. And it is already underway - NOW. Many international banks are in crisis mode already - but how long it takes to reach "Main Street" is difficult to know. There is already some fallout. For instance, giant retailers such as Wal-Mart reported yesterday their worst October in over a decade. But this is just the beginning of sorrows. |
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As one commentator put it today: "The dollar fell another 2 per
cent last night, gold soared to $840 per ounce, oil topped $98
per barrel, General Motors reported a $39 billion loss after the
market closed on Tuesday, the real estate market continued its
downward slide, and the major investment banks are marching in
lock-step towards bankruptcy..." There has been an absolute orgy of Greed in this country - from the Investment Bankers selling shady Mortgage-Backed Securities to the condo flippers and Real Estate Appraisers and "Junk Bond" specialists and "Liar's Loan" officers. And what is left is an absolute mountain-pile of shameful, unethical financial garbage - which nobody is willing to swallow any more.
And then there are the DERIVATIVES.
-A market worth over $400 TRILLION which, if it ever gets
infected by this toxic junk (-which is close to happening), may
cause the WORST SYSTEMIC AVALANCHE that the world has ever seen.
The Americans invented it and
spread it around the earth. And now, even in REVIVAL COUNTRIES,
this gospel of greed is taking over. Carter Conlon says that he
was in a poor African nation recently where there are 700,000
little children living without parents on the streets - and yet
the PASTORS ARE DRIVING BMW's and preaching SELFISH PROSPERITY.
Where did they get such sickness? -They got it from America. We
beam it to them live by satellite. ___________________________________________________
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