11.10.9.......The Road Map
Lloyds Banking May Cut 5,000 Administration, Information Technology Jobs Paterson: NYS Will Be Broke Before Christmas
Delivers Scary News To Legislature, Says Only Way To Fix Problem Is To Have Immediate Cuts To Education, Hospitals
Remember...The Recession is OVER and we are running a $2 Trillion dollar plus growing deficit. A deficit no nation in the world has the resources to fund....
Yet we are adding $1 Trillion to health care and now this???
Obama's Afghan Plan: About 40K More Troops...
Sure banks have been able to use "extend and pretend" accounting.....it has been working since March.....but at what cost?
So far the dollar is down only about 20%.....our 10,000 market is really only 8,000 in March adjusted dollars.
Millions of Americans have lost jobs and millions more have suffered massive wage cuts.
And despite running a massive deficit, our cities, counties, and states are running out of money....NOW!!!!!!
You think foreigners are going to keep accepting our currency simply so we can prosecute wars, care for our sick and elderly, and feed our poor.....and not produce much of anything other than sell real estate back and forth to each other at lower and lower prices?
Soon they will reject our currency and demand our natural resources....such as coal like Buffett's BN ships across America. As this happens, more and more distress will kick in as fewer and fewer will simply be able to afford basic needs....less the costs of maintaining a home.
Welcome to the Detroitization of America......
We already have families camping outside of WalMart at midnight waiting for checks to clear.
"There are families not eating at the end of the month,” said Stephen Quinn, executive vice president and chief marketing officer at Wal-Mart Stores, and “literally lining up at midnight” at Wal-Mart stores waiting to buy food when paychecks or government checks land in their accounts.
The process started on 3.9.09 when we allowed our banks to lie about the value of assets but enforced true value on citizens and small business. We knew had bad things had deteriorated in 9.09 when the FDIC, FHA, and Pension Guaranty basically ran out of money.
Now on 11.10.09 we can feel the distress as our states are running out of money, are counties are running out of money, and our cities are running out of money....soon our hosptitals and schools will be running out of money as bankers continue to tighten credit as we give them free money.
Tighter Bank Lending Standards Reinforce Fed's Decision to Keep Rates Low
In this environment...interest rates are only low for bankers.....not citizens and small business.
This process is called Zombulation....it is not difficult to see where we are going, just difficult to accept. Under Zombulation, wages collapse and the price of most everything, skyrockets. Using standards like Detroit or The Great Depression fail to even come close to the gravity of the problem or understanding the nature of the disease.
In The Great Depression America had no debt, honest accounting, and a growing industrial base......and despite its current state, Detroit has had the Federal Government and piles of money flowing in to sustain it.
This go around....everyone needs money...and there is only so much to hand out. The more we print, the less its worth and the less its worth the more we need to print.......until we have printed so much that the cost for gasoline is so high that few can afford to drive to the grocery store as the only thing our nation has of value is that we can export.
Pretty soon, the printing machine will be forced to come to a stop....either by force or by choice...at that point, extend and pretend will come to an end.....and we will ALL be forced to apply the same accounting standards.
At that point...the nature of our currency will stabilize and we can set a foundation for the future.....the question now is when will that point be and how far will our nation have deteriorated?????