Hawkings former plumber
Posts: 10,261 
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
April 26th, 2007, 09:30 PM
An Emergency Program of Monetary Reform for the United States
by Richard C. Cook
Global Research, April 26, 2007
The author of this independent report worked for the Carter White House and NASA, then spent 21 years with the U.S. Treasury Department. In the report, he explains that the U.S. financial system headed by the Federal Reserve System has failed and that only an emergency program of monetary reform can address conditions which may be leading to a catastrophe like the Great Depression or worse. Such an assessment has become increasingly familiar as economic storm clouds continue to gather. But the analysis and recommendations contained in the report may be surprising, even to many progressives.
INTRODUCTION
The mass media show attractive images of the comfortable lifestyles of the upper income earners who benefit from the cash-rich global economy. Which luxury car to drive, which championship golf course to frequent, which hedge funds to invest in, which stock brokers to consult—good questions if you’ve got the money! But behind this attractive scenery, debt, bankruptcy, and poverty are a tsunami that is overwhelming much of the world’s population, including growing numbers in the U.S.
Following close on the heels of these calamities is a worldwide breakdown in law and order. Drug dealing, money laundering, gangsterism, white collar crime, political corruption, weapons trafficking, human slavery, terrorism, and endemic warfare are the dark side of a global financial system where everything has a price, the rich seem above the law, and individual security is almost impossible to attain.
Behind the fences of our gated communities, we fancy ourselves the “good guys” in this scenario. We’ve learned to blame the victim, failing to see that it’s a world the U.S. and the other Western powers have fashioned through our centuries-long march to own or control everything that can have a price tag attached to it.
Meanwhile, “dollar hegemony” has flooded the world with U.S. currency, loans, or debt instruments to support our fiscal and trade deficits, pay for our extraordinary level of resource utilization, induce foreign governments to purchase our armaments, ensure the allegiance of their governing elites, and maintain their economies in subservience through World Trade Organization and International Monetary Fund trade and lending policies.
Today we are engaged in the outright military conquest of the Middle East. Our political leaders tell us that if we don’t fight the “terrorists” in Bagdad we will have to fight them on our own shores. But India, which has become our largest armaments customer, has seen a soaring number of suicides among bankrupt farmers left out of that nation’s economy. The illegal immigrants who have flooded the U.S. from Mexico have watched NAFTA destroy their own family farms, where 600 Mexican farmers a day are forced off the land.
But now our pigeons are coming home to roost. The CEO of one of our leading brokerage houses received over $53 million in bonuses in 2006. Not far from his plush Wall Street office, veterans of two Iraq wars sleep in homeless shelters.
While U.S. corporations, including the financial industry, are reaping enormous profits, our domestic economic problems are growing, including an enormous load of cumulative societal debt, a continuing decline of real family income, and increasing wealth and income gaps between the rich and the rest. Despite the reports in the mainstream press about the economy’s “soft landing” and the continued record-setting performance of the stock market, the financial markets have been shaken by the bursting of the housing bubble and soaring home foreclosures. Meanwhile, the relentless decline of our domestic manufacturing sector continues.
But
The author recommends turning your cash into tangibles before inflation makes it worthless.
An Emergency Program of Monetary Reform for the United States
by Richard C. Cook
Global Research, April 26, 2007
The author of this independent report worked for the Carter White House and NASA, then spent 21 years with the U.S. Treasury Department. In the report, he explains that the U.S. financial system headed by the Federal Reserve System has failed and that only an emergency program of monetary reform can address conditions which may be leading to a catastrophe like the Great Depression or worse. Such an assessment has become increasingly familiar as economic storm clouds continue to gather. But the analysis and recommendations contained in the report may be surprising, even to many progressives.
INTRODUCTION
The mass media show attractive images of the comfortable lifestyles of the upper income earners who benefit from the cash-rich global economy. Which luxury car to drive, which championship golf course to frequent, which hedge funds to invest in, which stock brokers to consult—good questions if you’ve got the money! But behind this attractive scenery, debt, bankruptcy, and poverty are a tsunami that is overwhelming much of the world’s population, including growing numbers in the U.S.
Following close on the heels of these calamities is a worldwide breakdown in law and order. Drug dealing, money laundering, gangsterism, white collar crime, political corruption, weapons trafficking, human slavery, terrorism, and endemic warfare are the dark side of a global financial system where everything has a price, the rich seem above the law, and individual security is almost impossible to attain.
Behind the fences of our gated communities, we fancy ourselves the “good guys” in this scenario. We’ve learned to blame the victim, failing to see that it’s a world the U.S. and the other Western powers have fashioned through our centuries-long march to own or control everything that can have a price tag attached to it.
Meanwhile, “dollar hegemony” has flooded the world with U.S. currency, loans, or debt instruments to support our fiscal and trade deficits, pay for our extraordinary level of resource utilization, induce foreign governments to purchase our armaments, ensure the allegiance of their governing elites, and maintain their economies in subservience through World Trade Organization and International Monetary Fund trade and lending policies.
Today we are engaged in the outright military conquest of the Middle East. Our political leaders tell us that if we don’t fight the “terrorists” in Bagdad we will have to fight them on our own shores. But India, which has become our largest armaments customer, has seen a soaring number of suicides among bankrupt farmers left out of that nation’s economy. The illegal immigrants who have flooded the U.S. from Mexico have watched NAFTA destroy their own family farms, where 600 Mexican farmers a day are forced off the land.
But now our pigeons are coming home to roost. The CEO of one of our leading brokerage houses received over $53 million in bonuses in 2006. Not far from his plush Wall Street office, veterans of two Iraq wars sleep in homeless shelters.
While U.S. corporations, including the financial industry, are reaping enormous profits, our domestic economic problems are growing, including an enormous load of cumulative societal debt, a continuing decline of real family income, and increasing wealth and income gaps between the rich and the rest. Despite the reports in the mainstream press about the economy’s “soft landing” and the continued record-setting performance of the stock market, the financial markets have been shaken by the bursting of the housing bubble and soaring home foreclosures. Meanwhile, the relentless decline of our domestic manufacturing sector continues.
But
The author recommends turning your cash into tangibles before inflation makes it worthless.
Hawkings former plumber
Posts: 10,261
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
April 26th, 2007, 09:42 PM
It dosn't matter if I'm silly anyway, Richard Cook wrote the report, pick on him.
It dosn't matter if I'm silly anyway, Richard Cook wrote the report, pick on him.
House Member
Posts: 3,167
April 26th, 2007, 09:51 PM
There are grotesque inequities to be sure. And the Dow, according to some experts, is soaring precisely because major corporations have been able to exploit and increase those inequities. Everyone knows that few things will buoy a company's shares better than a major layoff or successful contract diminution. Fewer people to pay and less to be paid them directly or in benefits: it's got to mean fatter company coffers.
I am amazed at a time when so many clouds are out there that the sun is shining so brightly on the markets.
There are grotesque inequities to be sure. And the Dow, according to some experts, is soaring precisely because major corporations have been able to exploit and increase those inequities. Everyone knows that few things will buoy a company's shares better than a major layoff or successful contract diminution. Fewer people to pay and less to be paid them directly or in benefits: it's got to mean fatter company coffers.
I am amazed at a time when so many clouds are out there that the sun is shining so brightly on the markets.
Hawkings former plumber
Posts: 10,261
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
April 26th, 2007, 09:58 PM
Nothing will stop the coming economic decline, even victory in Iraq. Da jig is up.
Nothing will stop the coming economic decline, even victory in Iraq. Da jig is up.
Hawkings former plumber
Posts: 10,261
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
April 26th, 2007, 10:12 PM
The wealthy hunt bears all the time, the market is a scam.
The wealthy hunt bears all the time, the market is a scam.
Hawkings former plumber
Posts: 10,261
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
Videos: 3
Location: RR1 Distopia 666 Discordia Drive Apt 911
April 26th, 2007, 10:12 PM
The wealthy hunt bears all the time.
The wealthy hunt bears all the time.
House Member
Posts: 3,167
April 26th, 2007, 10:14 PM
"The Dow climbed over 13,000 - a new world record, noticed by all.
Meanwhile, ignored by almost all, the dollar (USD) sank to its lowest
level ever against the euro (EUR).
Of the two, the latter we consider more interesting. For the decline of
the dollar - against euros, gold, and financial assets generally -
undermines Americans' wealth even as they see themselves living in the lap
of prosperity. The decline of the dollar could also push forward the day
on which the world's big holders of the greenback look at their piles and
begin to worry that they have a trillion or two too many. At that point
(which we have been attending for so long we often forget what we are
waiting for) you should see some real excitement in the world's investment
markets..." from the Daily Reckoning April 26 2007
Just another interesting viewpoint on the current market.
"The Dow climbed over 13,000 - a new world record, noticed by all.
Meanwhile, ignored by almost all, the dollar (USD) sank to its lowest
level ever against the euro (EUR).
Of the two, the latter we consider more interesting. For the decline of
the dollar - against euros, gold, and financial assets generally -
undermines Americans' wealth even as they see themselves living in the lap
of prosperity. The decline of the dollar could also push forward the day
on which the world's big holders of the greenback look at their piles and
begin to worry that they have a trillion or two too many. At that point
(which we have been attending for so long we often forget what we are
waiting for) you should see some real excitement in the world's investment
markets..." from the Daily Reckoning April 26 2007
Just another interesting viewpoint on the current market.
Bright Spark
Posts: 301
Location: Whitby, Ontario
Location: Whitby, Ontario
April 26th, 2007, 10:20 PM
Canada benefitted greatly during the 90's when our dollar was worth 70 cents US.
Quote:
A weaker dollar is not necessarity a bad thing. It makes US goods cheaper on the open market and keeps more American money within the US as Americans discover that travelling overseas becomes too expensive.
"The Dow climbed over 13,000 - a new world record, noticed by all.
Meanwhile, ignored by almost all, the dollar (USD) sank to its lowest
level ever against the euro (EUR).
Meanwhile, ignored by almost all, the dollar (USD) sank to its lowest
level ever against the euro (EUR).
Canada benefitted greatly during the 90's when our dollar was worth 70 cents US.
House Member
Posts: 3,167
April 26th, 2007, 10:40 PM
You are right to a point. But the US dollar is the world's reserve currency and any prolonged greenback weakness could spur a major sell-off which would be disastrous for US stocks and investments. China alone is sitting on a huge reserve of US dollars. Why would it want to hold a depreciating currency?
You are right to a point. But the US dollar is the world's reserve currency and any prolonged greenback weakness could spur a major sell-off which would be disastrous for US stocks and investments. China alone is sitting on a huge reserve of US dollars. Why would it want to hold a depreciating currency?
what green dots?
Posts: 3,157
April 26th, 2007, 11:02 PM
This isn't textbook situation. The largest US overseas market is a country with a big enough war chest to play its currency against the greenback until doomsday to 3 decimal places on a daily basis and is making a point of keeping it on par.
I still find novelty in noticing the degree to which the impact of market corrections on ordinary lives doesn't register with a lot of folks once they get a little theory under their wigs.
This isn't textbook situation. The largest US overseas market is a country with a big enough war chest to play its currency against the greenback until doomsday to 3 decimal places on a daily basis and is making a point of keeping it on par.
I still find novelty in noticing the degree to which the impact of market corrections on ordinary lives doesn't register with a lot of folks once they get a little theory under their wigs.
