The U.S. Economy: Stand by for more worse news
Posted on 26. Nov, 2010 by Raja Mujtaba in US
By Wayne Madsen
A top economic adviser to the Democratic Party, speaking on deep background, told WMR that the domino-like collapse of the economies of Iceland, Greece, Ireland, and, now, possibly Spain, is coming also to the United States.
One of the triggering mechanisms will be at the end of this month when two million idled workers, now collecting unemployment, will be dropped from the rolls. At the end of December, another two million workers will join the ranks of those who have exhausted their unemployment benefits and a total of 4 million Americans will be without unemployment checks and face destitution.
Four million Americans will put financial pressure on municipalities and state governments already facing bankruptcy. Unlike Iceland, Ireland, Greece, Portugal, and, to some extent, Spain, which have strong central government control, the United States is a federal republic and, as such, the collapse of the economy will be state-by-state and begin at the municipality level, according to our source who has contacts within the Obama White House and the Democratic leadership of the Congress.
Municipalities, which guarantee the pensions of their retired employees through the issuance of municipal bonds, will find themselves faced with bankruptcy and the "Muni" bonds will be rated at junk status. Municipalities unable to pay out pensions will discover their pension funds can be bailed out by the Pension Benefit Guaranty Corporation (PBGC) in Washington, a federal corporation set up by the Employee Retirement Income Security Act of 1974.When the first municipality declares bankruptcy and seeks a bailout from the PBGC, there will be a domino effect, with others seeing it as a quick way out. Soon, the PBGC will, itself, be forced into bankruptcy. WMR has been told by our source it is doubtful that a Republican Congress will be interested in bailing out the PBGC.
The wildfire of municipality bankruptcies will then spread to the states, with California and Illinois likely to be the first two states to default on their debts and declare bankruptcy.
In order to raise quick cash for a financially-desperate state government, California Governor Arnold Schwarzenegger plans to sell 24 state buildings, including the Earl Warren Building in San Francisco, headquarters for the California Supreme Court, and then rent them back from the new owners. However, such desperate moves by states, including the selling off of their turnpike systems and state buildings — with parks maybe next on the auction block — is not enough to forestall bankruptcy. Unlike the federal government, which can print as much cash as it likes and needs, states do not have that luxury. However, given the imminent collapse of the national economy, some states may decide to print their own currency, an act that would lead to the dissolution of the present 50-state union.
As far as bank accounts are concerned, our source recommended avoiding large national and regional banks that have a high percentage of toxic assets, especially in the commercial real estate area. The next major bust, after the residential real estate plunge, will be commercial real estate, where values of buildings and shopping centers have been halved. Our source sees smaller, state-based banks, as safer for account holders. Also, as more and more large shopping malls begin to close across the country, the unemployment numbers will also skyrocket.
WMR was also informed that President Obama will not seize the bully pulpit and level with the American people about who and what caused the present economic crisis. "Obama is subservient to his teleprompter," the White House insider source said, "if he'd scrap the teleprompter and speak directly to the American people, he might help things, but right now, he's a disaster."
Wayne Madsen is a Washington, DC-based investigative journalist, author and syndicated columnist. He has written
for several renowned papers and blogs.
Madsen is a regular contributor on Russia Today. He has been a frequent political and national security commentator on Fox News and has also appeared on ABC, NBC, CBS, PBS, CNN, BBC, Al Jazeera, and MS-NBC. Madsen has taken on Bill O’Reilly and Sean Hannity on their television shows. He has been invited to testifty as a witness before the US House of Representatives, the UN Criminal Tribunal for Rwanda, and an terrorism investigation panel of the French government.
As a U.S. Naval Officer, he managed one of the first computer security programs for the U.S. Navy. He subsequently worked for the National Security Agency, the Naval Data Automation Command, Department of State, RCA Corporation, and Computer Sciences Corporation.
Madsen is a member of the Society of Professional Journalists (SPJ), Association for Intelligence Officers (AFIO), and the National Press Club. He is a regular contributor to Opinion Maker.
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Raja Mujtaba
Mr.SINGH.......
26. Nov, 2010
What happens when corruption and greed takes-over corporate America? "Outsourcing everything under the banner of cheap labor"
What America is witnessing now is NOT something that was never warned by analyst……however, the irony is that people failed to pay heed to growing corruption and outsourcing, while US jobs were being stolen right under their nose…….Labor Dept/SENATE kept quite, why?
While US is reeling under 200 TRILLION $ dept and fed busy printing money, making situation more worse, its like feeding one bubble to inflate while other bubble is deflating fast!
Fed may be having more know-how as to why $600 billion for QE2 will ease and recover economy back-on-track, however I don’t this is going to fix it so easily!
If at all, the apply brakes to OUTSOURCING & CORRUPTION and keep A CHECK on “BANKS”!
It seems like BANKS are in control and incharge of US ECONOMY and has brought down AMERICA to its KNEES, while WALL STREET is looting MAIN STREET!
Rocky
27. Nov, 2010
Does Bastille Day ring a bell ?
taz delaney
28. Nov, 2010
as i keep having to remind… the US has 9.6% unemployed but still receiving an unemployment check… though not for long now… and there are 9.2% unemployed but no longer getting any unemployment checks. that is 19% of the would-be workforce of 160mln or 26mln minimum, plus their 60mln dependents or 1/4 of all americans!
speaking of bastille day… a french study of 1989 showed that people generally do not revolt due to cruel tyranny… it takes 15% in or near destitution before the communes, ramparts and guilotines come out for the 'let them eat cake crowd.'
John Kralik
27. Nov, 2010
Singh !! Where have you been ?
"What happens when corruption and greed takes-over corporate America? "Outsourcing everything under the banner of cheap labor"
Miss Gump
01. Dec, 2010
Mr. Singh!!! Sorry to say, your first statement covers it all…..”What happens when corruption and greed takes-over corporate America? It already has!! :’(
Stand by... - TDR Roundtable
27. Nov, 2010
[...] and speak directly to the American people, he might help things, but right now, he's a disaster." The U.S. Economy: Stand by for more worse news | Opinion Maker Comment What happens when corruption and greed takes-over corporate America? "Outsourcing [...]
Inevitable
27. Nov, 2010
About Time For The Complete Collapse of The 50 State Union That Is The USA!
Italics Mine
27. Nov, 2010
And what becomes of the poor souls who have lost their jobs and now exhausted their government help? Do they simply disappear? Do they riot in the streets? Do they band together and form a coup? God help us all everyone.
WideAwake21
27. Nov, 2010
I think that's what the Haliburton camps were set up for…
taz delaney
28. Nov, 2010
hey, someone who knows about that little provision of the military commissions act of 2005! 300,000 semi-secreted cells to add to our already 2.4mln cells… compare with china with 1.9mln.
back in 1997, as having a roundtable with a couple of the smartest folks i know as to what the shadow govt of pentagon/NSA/CIA/FBI and the 20-some other secretist cabals in the US govt would do next to gain their wish-list on a silver platter. it was the precise script for 911 and since then.
we also asked, if they do a sweep for dissidents, how many of us will be disappeared? we decide on… 300,000…
another provision of that bill, overwhelmingly passed by treasonous congress… was one virtually eliminating posse comitatus, the constitutional provision forbidding use of military against the citizenry…
and in 2006-7 there were two unprecedented sweep round-ups by DoJ to pick up 'dangerous criminals on the lam.' turned out they were not at all 'dangerous' and most didn't even know there were warrants outstanding for such as pot or child support… but 10,000 in one weekend and 12,000 in the second round-up.
must say, this is the first site i've yet found which is not pseudo-liberal but is actually left-rad and even somewhat scholarly. hope i can finally get articles published herein?
Malecon
27. Nov, 2010
No friend, YOU learn to help yourself.
Bobzilla
27. Nov, 2010
Spoken by someone who has a job obviously. Really, try and have some compassion. Not everyone who is out of work is a lazy, no-good bum. I was out of work for nearly two years through no fault of my own. I wiped out my savings in the process. I recently got a temporary job that will keep me going for a while but after that… I don't know. I can only pray that God will open some doors for me.
taz delaney
28. Nov, 2010
'help yourself'? excuse me… after 25 years entrepreneuring and about 42mon in taxes paid for nothing much we even approve of… we went unemployed and nearly homeless after 13 months unemployed… and instead of giving us food stamps, they had us investigated for fraud! we were, wow, exonerated but by then amy's unemployment check had finally arrived… $430 a week, just enough to pay our rent while i had to shoplift to feed us…
worse by far for blacks here in new york city… 7.5% unemployment in 2006 but is now over 25% and worse for young black males. how are they supposed to 'help themselves'? with flaming torches towall street would be my counsel.
being in this city when all hell breaks loose? rather not, thanks. but to go out to mall-america where there are no neighborhoods much any more and no one knows each other… not like we are communal enough at this point in time to 'get together for the common good.'
and blackwater now runs 3 packed paramilitary training camps in the USA…
Colonel Ted Westhusing
27. Nov, 2010
It is time to overthrow them
Nomadic Camel
27. Nov, 2010
Either an all out civil war in the US with several areas 'Balkanizing" themselves from the Union or: North Korea rides to the rescue this weekend, attacking South Korea "forcing' the US to stand behind there allies and 'mobilizing' tens of millions of unemployed Americans to fight the Evil Koreans and the Evil Chinese who are intent, according to the media, on taking over the world. WWIII? I think this time around, the West won't get the outcome they got in WWI and WWII.
Realist
27. Nov, 2010
Thank the "Federal Reserve" for creating so much money out of thin air, then charging the rest of us usuary (interest) on it for this situation. The bastards were thrown out of the temple once for this and it will happen again.
truth
27. Nov, 2010
AMerica its your fault, your too dumb you elect draft dogers and crimnally insane, and you expect results and truth LOL. You want your government back you MUST ban lobbying and put term limits on these idiots in washington, they were elected in by idiots. The only one that should of been elected in was RON PAUL he has been telling you the truth since day one and all you dois alugh at him like ROSS PEROT and he warned you too about all the AMerica jobs going South and they did. The media like our governmtn are owned by the same corupt sysem of lobbying and companies with there evil, they have destroyed our economy made wars off lies even caused 9/11 and if we wnet back further in history we will find out that WW11 was stared off a lie to who gave the money to Hitler war machine when they were broke. There needs to be many real investigation not secret agenda sponsored investigations REAL. America is just to stuipiad they bekeive everything thas on that TV, the news is a joke all stations. The AMerican education system has been dumbed down on purpose why it is easier to sell lies to ignorant people and beleiv me there is hugh amounts of ignorant people in AMerica or there just asleep. Maybe they are spraying from jets dumb dumb gas because the AMerica public to buy into 9/11 gov story. Building that melt from aviation fuel in 55 minutes when aviation fuel is like diesel fuel but cleaner. never happen in this world of the dumb in reality. Your letting the media bench the truth and you know our media is behine the high treason. They hang people for high treason, they hang people for war crimes but not in AMerica whenyou had bush on national TV admit he did it and he do it again, that is a confession. Then we blames his legal consel, I guess when you do somethng wrong just say your lawyer said you could do it and your walk. America you eitheer need to wake up or get your head out the boob tube. There is no truth there. You want the truth go to news like rense.com there is people out there tying to warn the ignorant
Eddie
30. Nov, 2010
truth,
your comments would be much more legible and enjoyable if you would at least do a spell check. You may even command more credibility that way, because it would show repect for the reader..
worried
03. Dec, 2010
Truth. First I would like to say I dont think you are even an american, or you wouldnt put us all down like you are! It must be really easy to sit back and critisize people when you are not going through it! What you dont understand is when the united states of American was united, We were a great nation with alot of heart and soul and trust and we would help anyone and do anything for anyone and any country like god would want us to do! THAT WAS OUR DEMISE! We trusted the government to do the right thing, but things went south and now we dont really have much say on anything, we just have to go with the flow. Some of us live in places where its hard to get tv,radio, cell phone service or phone service at all. and the newspaper only comes once a week! So we find things out when its to late. Yes the government lies to us about everything! They are trying to take all of our rights away on everything from growing our own food to hunting to having weapons, but you know what know matter what the government does to us or what anyone else says or does to us, we are still Americans and we believe in stiking up for and taking care of our own, so just because we are having troubles not were not completely down and out and we wont go out with out a fight and there is alot of us to fight. It will get to a point when we the people will give up on trusting the government and will make a stand and demand things even if we all have to go out to washington and converge on the white house to get a point across! And dont think you have us figured out because you dont! We will surprise you just like a rattlesnake! Were not dumb, maybe naive and too trusting but we will get through this and figure out away. And if the people who moved here to our great land dont like it here and think were stupid and dumb then maybe they should go back to where they came from and give us back our jobs, and homes and not live somewhere they dont believe in. And you should at least know what your talking about before you talk, and know how to spell for crying out loud.
Floda
27. Nov, 2010
Type your comment here…This time they'll gety a LOT more than just thrown outa the Temple.
Gray Lance
27. Nov, 2010
I see some references to hope that "God" somehow intervene…. there is that old adage: God is always hardest on the poor….
The U.S. Economy: Stand by for more worse news « Zionist Outrage
27. Nov, 2010
[...] Read Full Article Here [...]
JohnZ
27. Nov, 2010
God is an absentee landlord.
giszelle
03. Dec, 2010
Type your comment here…
ah admitting he / God is a landlord..
thou must knowest he has a plan..then
we are at the brink of Revelation 13
this prophecy reveals a one world goverment with a background scenario -staged 2010
look at the beast and see the countries mascots
He is so present and truthful it was written with you in mind – a forwarning – read and understand
by the by…sound bite…
at best Obama is a fall guy for other peoples mess – He is not a disaster – he is the man for this hour – with all the truth that is coming out – i appreciate thinking folk and those who know stuff and are not afraid to say it out loud – truth being revealed – surely we understand he is not responsible for the climate of these US economics or the opinions of men who don't care to acknowledge what the US has stood for – opportunity for everyone and great power of choice; President Obama deserves respect – he is in a rough position – coming in after for reaching actions of notorious bushes…
The U.S. Economy: Stand by for more worse news | Opinion Maker : PlanetTalk.net - Learn the truth , no more lies
27. Nov, 2010
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World Spinner
27. Nov, 2010
The U.S. Economy: Stand by for more worse news | Opinion Maker…
Here at World Spinner we are debating the same thing……
KILL THE BANKS!!! - Page 7 - Stormfront
28. Nov, 2010
[...] Re: KILL THE BANKS!!! A top economic adviser to the Democratic Party, speaking on deep background, told WMR that the domino-like collapse of the economies of Iceland, Greece, Ireland, and, now, possibly Spain, is coming also to the United States. The U.S. Economy: Stand by for more worse news | Opinion Maker [...]
sheep jumper
28. Nov, 2010
Bankers lend us so many Dollar Debt Instruments we cannot pay back and they seize USA Assets.
Viet Nam Saying:
When Beaux Coup Sheep Jump Off Cliff
Somebody have Beaux Coup Bar-B-Que!!!!
Rothschild Bankers funded WW II Germans & Allies via B.I.S. in Switzerland to Deutch Bank & Bank of England.
Germans Printed Debt Free Currency & tossed Rothschilds out of Germany so UK firebombed Germans & NOT bombed factories so war last 5 years & killed all German Banking Problem Children.
We shoot Arabs for same reason 800 years.
Read Best Bank Book:
http://www.filefactory.com/file/b422gc9/n/ndcic.pdf
Video shows CIA & LAPD Import Cocaine:
http://www.filefactory.com/file/b42304b/n/crackthecia.wmv
ANU News.net More Very Bad Economic News Coming
28. Nov, 2010
[...] One of the triggering mechanisms will be at the end of this month when two million idled workers, now collecting unemployment, will be dropped from the rolls. At the end of December, another two million workers will join the ranks of those who have exhausted their unemployment benefits and a total of 4 million Americans will be without unemployment checks and face destitution. Four million Americans will put financial pressure on municipalities and state governments already facing bankruptcy. Unlike Iceland, Ireland, Greece, Portugal, and, to some extent, Spain, which have strong central government control, the United States is a federal republic and, as such, the collapse of the economy will be state-by-state and begin at the municipality level, according to our source who has contacts within the Obama White House and the Democratic leadership of the Congress. https://opinion-maker.org/2010/11/the-u-s-economy-stand-by-for-more-worse-news/ [...]
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28. Nov, 2010
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[...] top economic adviser to the Democratic Party, speaking on deep background, told WMR that the domino-like collapse of the economies of Iceland, Greece, Ireland, and, now, possibly [...]
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The U.S. Economy : collapse of the economies of Iceland, Greece, Ireland, and, now, possibly Spain, is coming also to the United States. | OneWorldScam
29. Nov, 2010
[...] The U.S. Economy : collapse of the economies of Iceland, Greece, Ireland, and, now, possibly Spain, is coming also to the United States. By Wayne Madsen A top economic adviser to the Democratic Party, speaking on deep background, told WMR that the domino-like collapse of the economies of Iceland, Greece, Ireland, and, now, possibly Spain, is coming also to the United States. One of the triggering mechanisms will be at the end of this month when two million idled workers, now collecting unemployment, will be dropped from the rolls. At the end of December, another two million workers will join the ranks of those who have exhausted their unemployment benefits and a total of 4 million Americans will be without unemployment checks and face destitution. Four million Americans will put financial pressure on municipalities and state governments already facing bankruptcy. Unlike Iceland, Ireland, Greece, Portugal, and, to some extent, Spain, which have strong central government control, the United States is a federal republic and, as such, the collapse of the economy will be state-by-state and begin at the municipality level, according to our source who has contacts within the Obama White House and the Democratic leadership of the Congress. Municipalities, which guarantee the pensions of their retired employees through the issuance of municipal bonds, will find themselves faced with bankruptcy and the “Muni” bonds will be rated at junk status. Municipalities unable to pay out pensions will discover their pension funds can be bailed out by the Pension Benefit Guaranty Corporation (PBGC) in Washington, a federal corporation set up by the Employee Retirement Income Security Act of 1974.When the first municipality declares bankruptcy and seeks a bailout from the PBGC, there will be a domino effect, with others seeing it as a quick way out. Soon, the PBGC will, itself, be forced into bankruptcy. WMR has been told by our source it is doubtful that a Republican Congress will be interested in bailing out the PBGC. The wildfire of municipality bankruptcies will then spread to the states, with California and Illinois likely to be the first two states to default on their debts and declare bankruptcy. In order to raise quick cash for a financially-desperate state government, California Governor Arnold Schwarzenegger plans to sell 24 state buildings, including the Earl Warren Building in San Francisco, headquarters for the California Supreme Court, and then rent them back from the new owners. However, such desperate moves by states, including the selling off of their turnpike systems and state buildings — with parks maybe next on the auction block — is not enough to forestall bankruptcy. Unlike the federal government, which can print as much cash as it likes and needs, states do not have that luxury. However, given the imminent collapse of the national economy, some states may decide to print their own currency, an act that would lead to the dissolution of the present 50-state union. Read In Full Here : opinion-maker [...]
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gordy three dogs
30. Nov, 2010
just bend over and place head between knees and kiss your ass goodby.
bill collier
30. Nov, 2010
What if ALL the unemployed occupied ALL the offices of ALL the senators and congressmen and refused to leave until the unemployment benefits were extended? Could "they" arrest that many people? good press coverage, if there is such a thing, would help. PEACEFULLY, please!
no violence; just persistence.
The U.S. Economy: Stand by for more worse news - Stormfront
01. Dec, 2010
[...] they just overestimate the psychological advantage of lying to people to keep their spirits up.) https://opinion-maker.org/2010/11/the-u-s-economy-stand-by-for-more-worse-news/ Quote:A top economic adviser to the Democratic Party, speaking on deep background, told WMR that [...]
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worried
03. Dec, 2010
So what about our 401K what about our stocks and bonds and shares in things, should we take it out and pay the 20% so we dont lose it all? All of this is obama's fault! Why cant we just impeach him and kick his ass out??? we should have as soon as we found out he isnt even an american by birth! If it was any other president doing this they would have been gone. I dont get it. We seem to be helpless. so what do we do to survive? not use banks at all. take our money out of everything and hope and pray????
beeyobee
04. Dec, 2010
The world's powerful elite see sovereignty as the enemy to global domination, so they work behind the scenes to enslave countries through debt. Their goal is a Global Government, and it will be marketed as the ultimate tool to prevent war and economic collapse.
They are the ones who engineered our debt-based fractional-reserve monetary system. This system is engineered to eventually hyper-inflate and collapse, so it shouldn't be a big surprise that it's happening now; collapse is inevitable, now or 50 years from now.
America's population mirrors its government's spending policies; buy now, pay later. Debt is slavery.
Without divine intervention or a politically-engaged population (same thing), we will likely also suffer greatly through a third world war in the years to come. In addition to the needless loss of life, it will also affect everything from the price of oil to the availability of food and water. History can give you better examples than I can about how bad it can really get, but during the Great Depression, America was still a largely agricultural nation. What happens now when 2% of our population feeds the other 98%, and is only able to do so thanks to oil-powered machinery, petro-chemical fertilisers, herbicides and pesticides, and long chains of supply?
Support local food production by voting with your dollars. Store a year's supply of food somewhere safe. If you live in a major city, do your best to relocate somewhere more rural. In the event of a collapse and/or war, large cities will be under military control with restrictions on personal freedom.
If you aren't part of the solution by preparing yourself and educating others of these harsh realities, you're part of the problem. I pray for us all.
ent here…
Marian Greeson
04. Dec, 2010
American was founded by God fearing men and women, led over the years by God Fearing men of the Christain faith. I will stand strong in spite of the information written above because all Christains are willing to band together to forestall those fearful statistics that some misguided writers have written. If all of America's christain peoples band togther, we will not fail to maintain our lives, liberties and the pursuit of happiness promised by our leaders down through the years
Bruce
05. Dec, 2010
C'mon people you have got to face the facts. #1 the politcians have rigged the system for their own benefit. They have squandred the money. #2 We as a Government are going broke with NO WAY of paying our debt. #3 The jobs are NOT coming back PERIOD and I mean PERIOD. #4 Prepare for yourself and your families. #5 The revolt that so many hope for IS COMING. The problem is it has to get REAL bad before it starts. True turmoil and chaos is coming. It has no choice but to appear. Eventually we WILL make the riots in other countries look like a family picnic. It is during those times you need to have your crap in order. If you wait till then to start preparing you'll be nothing but an ignorant unwritten statistic!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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20. Feb, 2012
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