Yes, the middle class will be destroyed. No, it's not an accident.

with links at:

Economist and financial guru Karl Denninger has been railing for weeks about the lunacy of the bailout bill and the devastation it will bring to our financial markets.

Here's the key passage from Denninger's post on Market Ticker from Wednesday:

"Oil will collapse in price to $20/bbl. Unfortunately nobody will have any money to buy gasoline, or a car, so it won't matter. As in The Depression millions of automobiles will be scrapped after being abandoned by their owners for lack of insurance and registration fee money. Cheap scooters will become the dominant form of transportation for those with jobs, as they will be all most people can afford.

"As credit collapses distribution of food and other essentials will break down. Unable to access credit, trucking companies will be unable to get goods to market. The current distribution system for food requires travel of over 500 miles from production to consumption; this is untenable in a market where stable credit is unavailable. Food distribution will be severely impacted and in some areas may break down below critical levels.

"Unemployment will reach 25% within two years. Median income will fall by 30% nationally. Foreclosures will reach 20 million homes. The government will step in with HOLC-style remediation but it won't matter - the unemployed won't be able to pay irrespective of the price.

"House prices will fall to well under $100,000 nationally on a median basis but with lending all but non-existent you'll need 50% down. A few people will make out like bandits near the bottom, being able to buy up homes for $10,000 each in blocks of 10 at a time - for cash. 60% of America will be renters; nearly half of all homeowners will ultimately lose their homes to foreclosure.

"Civil unrest will break out in major cities when incomes fall but the cost of food and essential services fail to come down materially, leaving millions of Americans hungry, broke and homeless. Unlike in the 1930s America will not quietly stand in soup lines - instead they will riot, loot and burn. The National Guard will be called up but will find it impossible to exert meaningful control without shutting down all commerce in the affected areas. The decision will be made to cordon off the cities and deny entry to anyone who does not live in that specific neighborhood, essentially shutting down commercial activity. GDP will fall by 30%.

"The S&P 500 will fall to 150 and flatline, a 90% loss. CNBC and Bloomberg will cease broadcasting. Volume will fall to 10% of former levels."

Denninger has not yet woken up to the truth about what happened on 9/11, and in fact has a section on his site called "tinfoil" for those of us who understand a bigger picture than just the financials -- a picture that includes politics and history.

Because he doesn't grasp that there is a worldwide conspiracy to destroy the middle class, he still thinks this financial debacle is due to incompetence and mismanagement. He is still urging his readers to write and call Congress, although Congress has made it abundantly clear that they don't care what we think; they don't work for us.

Yes, the middle class will be destroyed, but no, it is not an accident.

How gullible can the American people be? Do they truly believe that the 9/11 debacle, the Iraq war debacle, the Katrina debacle, and this financial debacle are all due to incompetence? Has a single individual been demoted or fired for their "incompetence" in these disasters? (Actually yes, Michael Brown, the "Brownie" of "Heckuva job Brownie," is gone from FEMA for his role in the destruction of New Orleans. But I know of no other.)

There is a plan to destroy the wealth of the middle class, but before this could be done, a police state had to be created to prevent a revolution. This was all planned very carefully.

First, in the 90s the laws were changed to allow a huge financial bubble to be created out of nothing.

Next, the illegal spying. Our shadow rulers got the goods on Congress and many journalists, who were then vulnerable to blackmail.

Then, 9/11, and the excuse to create a police state and destroy our Constitutional protections.

Then, manipulation of interest rates to create a huge housing bubble.

Next, the Bush administration sued to prevent the states from protecting their citizens from predatory lending.

Third, the collapse of the housing market, the stock market, and the dollar, in that order. Civil unrest will be controlled by the police state which is already in place.

When people are hungry and desperate, they will agree to anything. Liberty gone, they may be forced to agree to an RFID chip in their hand to replace their credit cards, drivers license, EZ pass, etc. Without the chip you are not a part of society, cannot buy or sell.

If you make trouble for the fascist state, they turn off your chip.

At that point we are completely controlled with no hope of revolution.

In the video below, Hollywood film maker Aaron Russo (producer of The Rose and Trading Places) describes what he learned through his friendship with Nicholas Rockefeller. Rockefeller told him (before it happened) about 9/11, the War on Terror, the Iraq war, and a plan to fit everyone with an RFID chip to track their every move.

Please...follow the links in this post. Turn off Fox News, CNN and MSNBC and do your own research. The mainstream media is controlled through a CIA program called Operation Mockingbird and cannot be trusted. See this article by Pulitzer Prize winning journalist Carl Bernstein in Rolling Stone, "The CIA and the Media."

The future, not just of our nation, but of the world, depends upon millions of people taking the scales from their eyes and clearly seeing the future that faces us if we do not act.