Monday, February 19, 2018

"Here’s Why Americans Will Never Pay Back Their Debt: U.S. Debt Hit RECORD High!"

"Here’s Why Americans Will Never Pay Back Their Debt:
 U.S. Debt Hit RECORD High!"
by The Money GPS

"There has never been a time in which debt has expanded so fast and in every single category. Wherever you turn, debt is there. Look in any corner, under any rock. You will find debt. Many countries are being crushed by debt but when you zoom in, you realize it’s not just the nation itself but also the people. The debt spiral will consume nearly everyone in a matter of time."

“Crash 2: It’s Not a Good Look”

“Crash 2: It’s Not a Good Look
by John Ward

"One of the fundamental reasons why Bullishness about the global business and markets outlook is so widely believed around the World is the assurances we get on a daily basis that first, there are green shoots appearing; and second, there won’t be another financial collapse, because “lessons have been learned, reforms have taken place, there is new regulation, and now we should all move on to the next stage in growth”.

Most of the green shoots I read about do not bear much empirical examination: in some cases, the color of the object looks suspiciously like gangrene to me. But the real Truth of just how little “reform” has occurred – and how in fact the financial plates-in-the-air construct has become even worse over a decade – is almost completely unknown…even among the younger end of professionals.

Irish financial guru and allround sceptic Chris Quigley sent me this table last week – if it doesn’t convince you that Doom is coming, nothing will:
Look first at 2. – the total REAL currency in circulation that you and I use every day. Then go to 11. and look at the so-called “notional” value of derivatives. Silly bits of paper valued at light years beyond any real worth are 300 times the ‘value’ of real cash. Now go to 3., and see that the actual (as opposed to trading) value of derivatives is sixty times less than the notional figure…but still five times the value of cash money. Now look at 4., and note that even the real value is 37% of Global GDP.

We got to here from an excellent starting point: farmers expecting a good crop in July could go to the bank in March and get cash in advance to develop the farm, by issuing discounted crop value derivatives to the bank. Thus, crop is harvested, bank makes a turn on it, farmer invests in farm, everyone happy.

Over the last fifty years, a discounted value benefiting those who supply fresh food to human beings has been turned into an interbank trading scam benefiting only the sellers, shareholders and directors involved on all sides… to the point where, at a fire sale, the real money it would raise is only one sixtieth of what’s in the bank’s valuation as an institution.

“That will never happen,” says the banking sector – which is a lie on several dimensions. First of all, it already happened after 2009: bogus “investment” packages full of worthless derivatives were a major part of the trillions spent on QE buying it up to bail out idiots with tertiary frontal-lobe syndrome. Second, it was supposed to be regulated, but Wall St spent billions on lobbying to stop it: the imbalance is now twice what it was in 2007. Third, if every single major bank around the globe is so overvalued in overall Reported Accounts estimation, can you imagine how several rapid re-evaluations from $37 a share to, say, $1.85 would play out across the already nervous bourses around the Globe?

But we need to be real here well within the confines of such a broader vision of disaster: even if I’m talking total drivel, how can it be beneficial to economies creating productive jobs that employ poorer people to be in possession of a banking system that contributes absolutely diddley-ding-dong squat zero to that and whose nefarious activities benefit a mere 0.05% of the Earth’s human population? That question is nothing to do with politics, but has everything to do with econo-cultural sanity.

As Quigley comments: “Nearly 16% of world GDP is income earned on dividends, interest and rent: 9.5 Trillion dollars. A further approximately 15 % is earned by banks through “fractional reserving”: 9 Trillion dollars. Thus annually nearly 18.5 Trillion dollars, or 31% of world GDP, is income earned but unworked. This is the financial reality behind the phrase: ‘the money system is not physically working and is therefore virtual not real’.”

"Thirteen Russians and a Ham Sandwich"

"Thirteen Russians and a Ham Sandwich"
by James Howard Kunstler

"Remember that one from 1996? Funny, that was the American mainstream media bragging, after the fact, about our own meddling in another nation’s election.

"WASHINGTON - A team of American political strategists who helped [California] Gov. Pete Wilson with his abortive presidential bid earlier this year said this week that they served as Russian President Boris N. Yeltsin’s secret campaign weapon in his comeback win over a Communist challenge."
- The Los Angeles Times, July 9, 1996

The beauty in Robert Mueller’s indictment of thirteen Russian Facebook trolls is that they’ll never face trial, so Mr. Mueller will never have to prove his case. In the new misrule of law made popular by the #Me Too movement, accusations suffice to convict the target of an investigation. Kind of sounds like going medieval to me, but that’s how things roll now in the Land of the Free.

Readers know, of course, that I’m not a Trump supporter, that I regard him as a national embarrassment, but I’m much more disturbed by the mindless hysteria ginned up by Washington’s permanent bureaucracy in collusion with half a dozen major newspapers and cable news networks, who have run a psy-ops campaign to shove the country into a war mentality.

The New York Times published a doozy of a lead story on Saturday, the day after the indictments were announced. The headline said: "Trump’s Conspicuous Silence Leaves a Struggle Against Russia Without a Leader." Dean Baquet and his editorial board are apparently seeking an American Napoleon who will mount a white horse and take our legions into Moscow to teach these rascals a lesson - or something like that.

I’m surely not the only one to notice how this hysteria is designed to distract the public attention from the documented misconduct among FBI, CIA, NSA, State Department officials and the leaders of the #Resistance itself: the Democratic National Committee, its nominee in the 2016 election, HRC, and Barack Obama’s White House inner circle. You would think that at least some of this mischief would have come to Robert Mueller’s attention, since the paper trail of evidence is as broad and cluttered as the DC Beltway itself. It actually looks like the greatest act of bureaucratic ass-covering in US history.

Of course, Deputy Attorney General Rod Rosenstein was quick to qualify the announced indictments by saying that Russian trolling on Facebook had no effect on the 2016 election, and that the Trump campaign was not implicated in it. Maybe the indictments were just a table-setter for something more potent to come out of Mueller’s office. But what if it’s not? What if this is all he has to show for a year and a half of the most scrupulous delving into this “narrative?”

Meanwhile, the damage done among America’s former thinking class essentially leaves this polity like the Scarecrow in The Wizard of Oz: without a brain. I doubt they will be satisfied by Mueller’s indictment of the thirteen Russian trolls. Rather, it may tempt them to even more violent hysterics and greater acts of lawlessness. The only thing that will stop this nonsense is Big Trouble in the financial system - which the news media and most of the public are ignoring at their peril. It is coming at us good and hard and it will feel like a two-by-four to the nation’s skull when it gets here.”

Musical Interlude: Adiemus, “Adiemus”

"Vignettes from Ireland"

"Vignettes from Ireland"
by Bill Bonner

"Vignettes from Ireland:

** We walked into the tourist office in Youghal (pronounced ‘Yall’) in County Cork. Two young men were there. Curly hair. Cute. Something odd about them. Too carefully groomed and well dressed for the town. ‘How do we get to Sir Walter Raleigh’s house?’ we asked.

‘I don’t know. I’ll look it up for you.’ Something was amiss. The accents were wrong. And how could they not know where the famous house was located? It is the only tourist attraction in the small, depressed town. When asked, they gave us the full story. ‘We’re Italian. We’re here on an exchange program to learn English. We don’t know anything about this area.’

** We walked through Portlaw in nearby County Waterford yesterday. The town was almost deserted. But one man came towards us. Disheveled. Unkempt. ‘Good morning,’ we said. ‘Agghh…I don’t talk to nobody,’ he snarled.

** The only café in town had café women behind the counter yesterday morning, but no customers. We sat down and were soon enjoying the ‘small Irish breakfast’ - coffee, soda bread, sausage, ham, tomato, egg, and black pudding. We listened while we ate.

First girl: ‘I’m not going to pay any attention to her.’
Second girl: ‘She doesn’t know what she’s talking about.’
Third girl: ‘She’s just not from here… How could she know? She knows nothing about the area.’
Fourth girl: ‘Yeah…she’s from Kilmeaden.’

Kilmeaden is about five miles away.

BS big picture: Meanwhile…back to the world of money. As you no doubt remember, average numbers - and government statistics - have created a phony picture of the real condition of the country. According to the Fed, the White House, and the press, we are at the beginning of a period of strong, synchronized growth around the world. The bigger the picture, the more likely it is to be fraudulent. You can stand at a podium and say whatever BS about macro trends and theories you want. But don’t try it at home. People do not live in ‘the world’. They do not work in ‘the world economy’. They live in Columbus, Ohio, or Poughkeepsie, New York. And they take the jobs that are available to them there. Even if it were true that the macro picture is bright (which we very much doubt), the micro picture surely is not.

Tale of two countries: Some areas of the country have done very well - boosted by the ‘financialization’ of the economy and the pumping up of asset prices that has been going on for the last 30 years. The number of multimillionaires, for example, has surged. CNBC: ‘The number of American households worth $25 million or more has grown 73% since 2008, compared with growth of 54% for millionaire households. There are now 145,000 U.S. households worth $25 million or more, up from 142,000 in 2014.’

The average man, however, has not gained a penny. The latest figures show that a man over the age of 25 earns an average of 2.5 cents per hour less than he did in 1999 (in constant 1982 dollars). Since real (inflation-adjusted) income growth has been negative, and only a few people are getting so much wealthier, there must be a lot of people who are getting much poorer.

This was our reasoning when our head of research, Joe Withrow, decided to have a look, county by county. He concluded that 73% of U.S. counties are depressed.

And now comes further evidence, using an entirely different approach. Science news website Live Science reports: ‘Last year was not a good one for Americans’ happiness - a record number of states saw declines in their residents’ well-being, according to a new poll. The poll, from Gallup-Sharecare, found that residents’ well-being declined in 21 states in 2017, compared with the levels in 2016. That’s the largest number of states to see a drop in well-being over a single year since Gallup-Sharecare began the poll 10 years ago. For comparison, during the Great Recession in 2009, 15 states saw declines in their residents’ well-being, compared with the year before, Gallup said in a statement.’

Often have we wondered how such a technologically advanced, capitalist nation in the 21st Century could make so little economic progress. It seems almost impossible. And yet, the evidence is there. What went wrong? We don’t know for sure. But it appears that a combination of fake money, fake interest rates, excessive borrowing, and too much government has brought the capitalist machine almost to a standstill.

Knaves and fools: Another way to look at it: Progress and prosperity depend on win-win deals. And win-win deals depend on a few things - reliable money, safety, liberty, and property rights. Take away any one of those things and the machine goes on the fritz.

Beginning in the 1960s and 1970s, a handful of academics - backed by a small group of political, Wall Street, and crony insiders (aka the Deep State) - got control over the economy, the government, and the Fed. That group found that it could get ahead by imposing win-lose deals on the nation, paid for largely with the funny money made available by the Fed. Since then, this group of insiders has managed to bamboozle more than 300 million people and stifle what should be the most dynamic economy in history.

We have portrayed former Fed chief Janet Yellen and her predecessors as stupid, bumbling, and incompetent. But a Dear Reader sets us straight: ‘The behavior that you ascribe to Bernanke, Yellen, Powell, and other Fed governors is that of bumbling nincompoops… I have an alternate hypothesis: The Fed governors have an agenda consisting of three objectives.

Objective No. 1 is to protect and enhance the wealth of their masters: the big banks that own the Fed. Objective No. 2 is to convince the American public that they have their best interests at heart, and that they are doing their utmost to maintain full employment while containing inflation within a very challenging environment. 
Objective No. 3 is to conceal Objective No. 1 from the public.’

Yes…he’s right. They’re more knaves than fools. Remarkably, but still predictably, Ms Yellen is now being widely congratulated for her role in this travesty. And her replacement as Fed chief, Jerome Powell, has pledged to continue in her footsteps. ‘While the challenges we face are always evolving,’ he recently assured investors, ‘the Fed’s approach will remain the same.’

Too bad.”

Sunday, February 18, 2018

X22 Report, “Warning, Huge Amount Of Chatter, Something Possible, Imminent: Q”

X22 Report, 
“Warning, Huge Amount Of Chatter, Something Possible, Imminent: Q”

Musical Interlude: Chuck Wild, "Liquid Mind: Ambience Minimus - Shadows of White"

Music by Chuck Wild, "Liquid Mind: Ambience Minimus - Shadows of White"
 Images courtesy of the Solar Dynamics Observatory, Goddard Space Flight Center,
 The Hubble Space Telescope, European Southern Observatory, ESA and NASA.

"A Look to the Heavens"

“Almost every object in the above photograph is a galaxy. The Coma Cluster of Galaxies pictured above is one of the densest clusters known - it contains thousands of galaxies. Each of these galaxies houses billions of stars - just as our own Milky Way Galaxy does. Although nearby when compared to most other clusters, light from the Coma Cluster still takes hundreds of millions of years to reach us.
 Click image for larger size.
In fact, the Coma Cluster is so big it takes light millions of years just to go from one side to the other! Most galaxies in Coma and other clusters are ellipticals, while most galaxies outside of clusters are spirals. The nature of Coma's X-ray emission is still being investigated.’

Chet Raymo, “Morning Stars”

“Morning Stars”
by Chet Raymo

“For some years this William Blake watercolor hung in my living room, blown up photographically to enormous size (that was back in my darkroom days). An illustration from The Book of Job: "When the morning stars sang together..." The original watercolor is small, not a lot larger than what you will get if you click on the image here...

Click image for larger size.

That's Job and his family at the bottom, enclosed by the thickest clouds, representing the flesh. Under the Lord's left arm is the Moon goddess Diana, the heart or feeling, delicately holding the passions in check. Under his right arm is the Sun god Apollo, the intellect, pushing back clouds of ignorance. Above the thinnest wisps of cloud, a choir of singing angels, representing the imagination. Here, then, is Blake's vision of fourfold human nature, as imagined in his mystic dreams, and which Job presumably encountered in the whirlwind. Binding all together is the Divine Imagination.

When I was young I took this image as a guiding icon, a promise to myself to keep flesh, intellect, heart and imagination in balance, and to always aspire to the stars. At some point, early in the fuss of marriage and family, the big photographic reproduction of Blake's watercolor got shifted to the attic, where presumably it still resides amid dust and cobwebs and the discarded detritus of a lifetime.

Has my understanding of the human self changed in the forty intervening years? I have more respect for the flesh now than then. I cannot think of the unceasing activity of the DNA in every cell of my body without esteeming those trillions of tiny whirlwinds. I am less confident than in my idealist youth that Apollo can hold back the clouds of unknowing and that Diana can keep human passions in check. But I still choose optimism. That at least has remained constant since this, one of Blake's most optimistic images, hung on my wall.

Blake roiled between optimism and pessimism, shaken by his visions (oh, the mystery of that unquiet mind), steadied by his art (he died with a pencil in his hand), and bouyed by his beloved wife Catherine (imagine being married to such a soul on fire?).”

"We Learn More..."

"We learn more by looking for the answer to a question and
not finding it than we do from learning the answer itself."
~ Lloyd Alexander

"Mary Oliver on the Magic of Punctuation and a Reading of Her Soul-Stretching Poem “Seven White Butterflies”

"Mary Oliver on the Magic of Punctuation and a Reading 
of Her Soul-Stretching Poem “Seven White Butterflies”
by Maria Popova

"It’s hard to be human and be unmoved by the grace with which Mary Oliver (b. September 10, 1935) captures the subtleties and mysteries of being alive, from her exquisite poems to her soul-stretching ideas about poetry itself. The recipient of a Pulitzer Prize and a National Book Award, Oliver’s lyrical mastery renders her the Whitman of our day and her sublime attunement to the transcendent in nature place her alongside Thoreau.

In this recording from an event held by the Lannan Foundation in 2001, Oliver shares an entertaining thought about punctuation as a control mechanism and reads her intentionally punctuationless prose poem “Seven White Butterflies,” found in the altogether enchanting volume "West Wind: Poems and Prose Poems" (public library).

Mary Oliver speaks, and recites “Seven White Butterflies” here:

"One of our great assistances is, of course, punctuation. But it occurred to me that, perhaps, each of us writers has only perhaps a finite amount of it for our use, and we should use it judiciously - lest we hear a voice, suddenly, when we need, saying, “No more semicolons!” “You’re finished with your dashes!” - and, also, that passive-aggressive comma, with which we so carefully set off what is nice, so it won’t be missed - don’t we?

So I thought of, for fun - and I’ve done that a few times - I would write a poem that uses no punctuation (and this particular one has a question mark, which is quite apparent, at the end) and see what I could do simply with the line break and the cadence of the line and so forth. And it is a little breathless to read, and perhaps to listen to, but here goes: it’s called “Seven White Butterflies.”

"Seven white butterflies
delicate in a hurry look
how they bang the pages
of their wings as they fly
to the fields of mustard yellow
and orange and plain
gold all eternity
is in the moment this is what
Blake said Whitman said such
wisdom in the agitated
motions of the mind seven
dancers floating
even as worms toward
paradise see how they banter
and riot and rise
to the trees flutter
lob their white bodies into
the invisible wind weightless
lacy willing
to deliver themselves unto
the universe now each settles
down on a yellow thumb on a
grassy stem now
all seven are rapidly sipping
from the golden towers who
would have thought it could be so easy?"

That cost me one question mark."

Complement with a beautiful reading from Oliver’s "Dog Songs" and the beloved poet on the mystery of the human psyche."


 "Rarely do we find men who willingly engage in hard, solid thinking. 
There is an almost universal quest for easy answers and half-baked solutions. 
Nothing pains some people more than having to think."
- Martin Luther King, Jr.

Greg Hunter, "Financial Markets Definitely Destabilizing – Charles Hugh Smith"

"Financial Markets Definitely Destabilizing – 
Charles Hugh Smith"
By Greg Hunter’s

"Financial writer and book author Charles Hugh Smith has been watching the extreme movements in financial markets closely. Is he nervous? Smith says, “Oh yeah, it’s definitely destabilizing. In other words, it’s becoming not just more volatile, the whole underlying structure of our economy is destabilizing. What I mean by that is it’s becoming more brittle or fragile. That is fundamentally why we are seeing these wild swings. People are swinging between keeping the money machine like it is for another nine years, and the other side of the coin says wait a minute, we have already had a weak expansion for nine years. It’s almost the longest expansion in U.S. history. A normal business cycle doesn’t run in one direction forever. If you don’t allow your economy to have a business cycle recession, then you are simply making it more fragile by encouraging really marginal and risky investments, and that’s where we are now.”

One very big problem is a dramatic loss in buying power of the U.S. dollar, but it’s not just the dollar. According to Smith, “All these currencies, there is nothing backing the currencies except the government’s force. That’s the yen, the euro, the dollar and the Chinese yuan. They are all going to have a catastrophic drop against real assets because they are all based on too much leverage, too much debt, too much money being pumped into the financial system that ends up in unproductive speculation. You can’t grow your debt at six times the rate of your economy. In other words, if you are creating $6, $8 or $10 of debt to eke out $1 of low productivity growth, you are dooming your currency, and all currencies are doing the same thing. All the currencies are going to take a big drop at some point relative to real stuff. Real stuff is commodities we need: water, grains, food, oil, natural gas and, of course, precious metals. Everybody knows they have been money for 5,000 years, and I personally feel there is a role for crypto currencies.”

"Join Greg Hunter as he goes One-on-One with Charles Hugh Smith, author of the new book “Money and Work Unchained” and the founder of the popular site"
Something very strange here... Listen closely at 00:25, another voice is apparently speaking into Hunter’s earpiece saying “That's on the the internet, issues side (last 2 words unclear).” Hunter’s reaction shows he clearly hears it, he shrugs it off. At 01:13 the same voice says, “Wealthy, very European.” Who and what is this all about? - CP

Smith's latest article: "Our Approaching Winter Of Discontent", Feb.16, 2018

"Promise Me..."

“Promise me you'll always remember: You're braver than you believe,
and stronger than you seem, and smarter than you think.”
- Christopher Robin to “Pooh”

The Daily "Near You?"

Puerto Iguazú, Misiones, Argentina. Thanks for stopping by!

"The Worst Threat We Face Is Right Here At Home”

"The Worst Threat We Face Is Right Here At Home”
by Chris Martenson

"Last week, volatility made a long-overdue return to the US and global equity markets. It began with a 2-day back-to-back violent drop. Day 3 saw a big rebound, swiftly followed by two more days of gut-wrentching losses. And then finally, last Friday, the day saw massive swings both high and low, ending with a huge upside run. During this period the S&P 500 lost more than 300 points. Since then, though, the market has been steadily rising.
Click image for larger size.
Is the danger past?  Are the markets safe once more?  And if so, did the markets recover organically? Or were they rescued by The Plunge Protection Team (PPT)?

The answer matters. If such intervention was rare we could almost justify it, if it took the form of simple, pre-arranged circuit breakers that shut the market down for a "cooling off" after they’ve moved too far, too fast. Indeed, these already exist, and are sufficient in our view. But if such market interventions are routine, persistent, and generally depended on by the major market participants, then they're highly destructive over the long term. 

Sadly, we live with the latter. Insiders get stinking rich by front-running the scheme (check). Normal adjustments are prevented (check), allowing dangerous bubbles of extreme overvaluation to form (check), while fostering malinvestment (check). Do this long enough and you end up with a deformed economy, an eroded social structure, and markets that no longer function as appropriate mechanisms for capital distribution and economic signaling. 

This is where we find ourselves today.

Modern-Day Soviet Crop Reports: In the former Soviet Union, the communist method of assuring economic progress was to set targets for production. Famous among them were the crop reports. In these, year after year, the various regional oblast (province) authorities would declare having met or exceeded the crop targets, despite rarely ever truly doing so.  These crop reports were so famously unreliable that the Kremlin leadership eventually took to obtaining their information from US satellite reconnaissance data rather than their own internal reporting from local Communist Party bosses.

Basing next year’s crop planting decisions on these reports often led to famines, and sometimes even mass starvation of entire regions.

Poor data = Bad decisions. 

The Soviet crop reports are now a famous example of an unreliable measure that led to disastrous consequences. Because of the false reporting, poor decisions were made. Eventually it became clear to even the Soviets that attempting to centrally micro-manage a major economy is an act of folly. Too much of this and too little of that were produced.  Cement, steel, and auto quotas harmed rather than helped for obvious reasons; poor information flows assured that production decisions were late or flawed or both. All this contributed dearly to the Soviet economy's collapse.

The lessons here are instructive and simple:
centralized management of complex systems doesn’t work, and
bad data leads to bad outcomes.

Today’s stock and bond markets are no different than the Soviet crop reports of old. They mainly represent what a small committee of central planners believe are the right numbers to achieve very broad macro-economic goals. 

Enormous damage has already been done by the interventions and distortions resulting from the pursuit of the delusional aims of todays central planners (with the world's central banking cartel being the most culpable). But it's poised to get a lot worse from here.

A Great Irony: The ironic parody of all the current US concern over the possibility of Russian meddling in US elections is that virtually nobody from either political party seems the slightest bit concerned that the US is actually recreating the very worst mistakes of the now-defunct Soviet empire. In point of fact, the Federal Reserve has done far more self-inflicted harm to long-term US interests than anything that Russia has been accused of, let alone been proven to have done. At this point, there’s no contest between the two. 

If the damage inflicted by the Federal Reserve had been done by a terrorist organization, it would for certain be public enemy #1. Consider that, under the Greenspan/Bernanke/Yellen Federal Reserve, the following has occurred:
Pension plans, both public and private have been ruined.  Millions of future retirees and taxpayers will not have trillions of dollars they would and should otherwise have to support them in their later years.
Income inequality is at the highest its been in over 100 years
Wealth inequality is also at historical extremes
Student debt is now nearly $1.5 trillion, up ~ $1 trillion since 2007
More than a trillion dollars of interest payments on savings accounts has been forfeited - denying funds to the next generation for use in business creation, household formation, and education.
Total debt in the US and globally is up massively since the 2008 Great Recession (itself a central banking accident), and now stands at more than $233 trillion worldwide.

These are among a few of the destructive results of the Federal Reserve’s decision to lower interest rates to 0% in order to reward the big banks, well connected private equity firms, and unrestrained government borrowing. Of course, when you print money (as the Fed does) you cannot create wealth; you only transfer it from one party to another. 

Put another way, the Federal Reserve and its foreign partners (the BoJ, ECB, etc.) have been picking winners and losers. Losers have been seniors dependent on a fixed income, Millennials and every generation following them, and savers, pensioners, and taxpayers. The winners have been the banks, the ultra-rich, entrenched political parties, rentiers, and baby boomers with sizable financial portfolios.

Here's just one example of the kind of devastation the Fed's deeply unfair actions have wrought: a simple Google search on "pension" brings up many alarming headlines. Put more bluntly: approximately 90% of US citizens have been financially and economically tossed under the bus simply so that the already-rich could get a little richer. If that’s not a form of terrorism, I don’t know what is.

This chart shows the future burden amassed under the last three Federal Reserve Chairmanships:
Click image for larger size.
None of that could have happened under responsible banking practices. Instead, such excess was enabled and encouraged by an activist Federal Reserve that loosened and loosened some more whenever reality began to exert itself. 

They did this to reward themselves and their colleagues and banking associates.  It has been a series of self-dealings and unchecked conflicts of interest.

My point here? None of this was done by accident. It has been deliberate and done with full intent to create exactly the conditions in which we find ourselves.

Sure, we could go ahead and obsess over the claim that somehow an insignificant $100k worth of Facebook ads purchased by Russia are somehow responsible for our current misery and overall state of domestic neglect. But we'd be focusing on entirely the wrong parties.

The worst threats we face are right here at home.

Conclusion: As bad as the damage done so far has been, the real pain has not yet begun. The entire command-and-control system of the US and other western economies and markets has resulted in several decades of increasingly poor decision making and mal-investment. 

When it comes to repaying the current global debt levels of ~310 % of GDP, we can confidently predict that such a debt load can never be repaid. They can only try to roll it over as long as they can - which can't go on much longer without real consequence. Mounting losses are certain at this point.

When it comes to underfunded promises and entitlement programs, such as pensions and social security (clocking in at nearly 800% of GDP!), there’s really only one all-important question that matter at this point: Who’s going to eat the losses?

In 'Part 2: It's Even Worse Than You Think,' we reveal the much further extent of the racket being run against the public by the world central banking cartel, and how it's efforts to continue this racket have sentenced us all to another massive financial/economic crisis - one that is both now inevitable, necessary, and overdue. By preventing that which should happen, the central banks have set the stage for an enormously dangerous and disruptive market crash.  The kind that forces markets to close for days and weeks on end. The kind that leads to major banking crises punctuated by 'holidays’ where depositors can not access their money.  The kind where disorder and social unrest becomes a real risk.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)."