Global Financial Meltdown

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

with links at: http://www.sheilacasey.com/2008/10/karl-denninger-predicts-financial-armageddon.html

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.

UPDATE 10/6/08 OPEN WIDE THE JAWS and 9/29/08 WHAT REALLY HAPPENED TODAY by Michael C. Ruppert

Mike Ruppert claims to be is in danger for coming out of retirement to speak out about events, despite his tacit agreement to remain silent. Please tell people about him and his work. ~PFN

UPDATE OCTOBER 6, 2008 -- OPEN WIDE THE JAWS -Monday, October 6, 2008 - 7:58 PM
from http://www.mikeruppert.blogspot.com/
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WHAT REALLY HAPPENED TODAY Tuesday, September 29, 2008, 7 P.M.
http://www.fromthewilderness.com/whatreallyhappenedtoday2008.shtml

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UPDATE -- OPEN WIDE THE JAWS -Monday, October 6, 2008 - 7:58 PM

NOW IS THE TIME -- THERE IS HOPE By Michael C. Ruppert

I think what we are experiencing right now in this country is all 9/11 fallout, why we are ~where we are~ as a nation, and what we can do about it at this critical juncture.
Phoenix Fire Nectar

NOW IS THE TIME -- THERE IS HOPE
Michael C. Ruppert
Wednesday, September 17, 2008, 7 P.M. PDT
http://www.fromthewilderness.com/nowisthetime2008.shtml

Let me paraphrase something I once saw George H.W. Bush say: "Everything I am; everything I have accomplished; and everything I hope to accomplish I owe to David Rockefeller." Today I saw something I never thought possible. I saw a Rothschild endorse a fundamentally Rockefeller candidate -- John McCain. DNC Platform Committee Member Lynn Forester de Rothschild quit her post to endorse McCain as she also ended her longstanding role as a fundraiser for Hillary Clinton. The Clintons also have strong Rockefeller "lineage" so I'm guessing that Hillary understands the move perfectly with a wink and a nod. I'll give you the punch line now, without making you read further.

Fed's rescue halted a derivatives Chernobyl (London Telegraph)

Fed's rescue halted a derivatives Chernobyl
Last Updated: 1:24am GMT 23/03/2008

When the Federal Reserve stepped in to save Bear Stearns, most people had no idea what was at stake, writes Ambrose Evans-Pritchard

We may never know for sure whether the Federal Reserve's rescue of Bear Stearns averted a seizure of the $516 trillion derivatives system, the ultimate Chernobyl for global finance.

"There was the risk of a total meltdown at the beginning of last week. I don't think most people have any idea how bad this chain could have been, and I am still not sure the Fed can maintain the solvency of the US banking system."

All through early March the frontline players had watched in horror as Bear Stearns came under assault and then shrivelled into nothing as its $17bn reserve cushion vanished.

Melcher was already prepared - true to form for a man who made a fabulous return last year betting on the collapse of US mortgage securities. He is now turning his sights on Eastern Europe, the next shoe to drop.