The Beginning Of The End
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America’s Message To The Rest Of The World: You Send Us Oil And Cheap Plastic Gadgets And We’ll Send You Our Wealth And Prosperity

Have you ever seen pictures of extravagant wealth from places such as Dubai or Abu Dhabi and wondered where in the world they got all that money from?  Have you ever read news stories that talk about China lending us hundreds of billions of dollars and wondered how they could possibly have so much wealth?  Well, it is actually quite simple.  They got much of it from us.  Every month, the United States buys much more from the rest of the world then they buy from us.  It is called a "trade deficit" and the United States has been running one for decades.  In essence, what is happening each month is that we are transferring somewhere between 40 to 50 billion dollars of our national wealth to the rest of the globe and they are sending us oil and cheap plastic gadgets that Americans greedily consume.  By the end of the year we have usually transferred somewhere around a half trillion dollars of our national wealth out of the country for good.

In order to maintain our standard of living, the U.S. government has been going to the countries we have been sending our wealth to and has been begging them to loan us massive amounts of their dollars.  At this point the U.S. government literally owes trillions of dollars to the rest of the world.

Scoffers say that it is just a bunch of "paper money" that we are sending them, but the truth is that it is hundreds of billions of dollars of "paper money" that is not in the hands of average Americans.  We have sent massive amounts of our wealth and prosperity overseas and it isn't coming back unless we borrow it.

Today there are dozens and dozens of U.S. cities such as Detroit, Michigan and Camden, New Jersey that are turning into post-industrial hellholes while thousands of gleaming new modern factories are going up all over China.  42.9 million Americans are now on food stamps (a 16 percent increase in just one year) while the oil sheiks of the Middle East build opulent palaces that are extravagant beyond belief.

Most Americans do not realize how serious the U.S. addiction to foreign oil really is.  We are constantly being drained of our wealth by the oil powers of the Middle East.

So what are they doing with all of this money?  Well, let's take a look at just a couple of examples.

Have you ever heard of the Emirates Palace? It is located in the United Arab Emirates and it cost approximately 3.8 billion dollars to build. The following is how one writer for a major UK newspaper described it after a visit....

The Emirates Palace has so many biggest and best boasts, it could have its own chapter in the Guinness Book of Records, but the atrium is the whistles and bells, the jaw-dropping big daddy of them all — 60 metres high, 42 metres wide and topped with the largest dome in the world. Staff need golf carts to negotiate their way around it. It is decorated with 13 colours of marble, ranging from sunrise yellow to sunset red (to reflect the many hues of the desert), and lots and lots and lots of gold: 6,040 square metres of gold leaf cover the largest gilded expanse ever created in one building. It’s even in the food. I ate gold leaf on my chocolate cake. Apparently, it aids digestion.

In Dubai, there is so much wealth that they pretty much build whatever they can dream up.  For example, in Dubai you will find the largest "indoor ski resort" in the world.  One travel site describes it this way....

When one thinks of Arabia, let alone Dubai, one likely pictures an arid desert of heat and sun. One does not think of snow skiing. Yet, that is what one can do at Ski Dubai, arguably the largest indoor ski resort in the world. The resort features 22,500 square meters of ski area. The heavily insulated building is kept at 30.2 degrees Fahrenheit during the day and 21.2 degrees Fahrenheit throughout the night, which is when the snow is generated. The resort features five ski runs and is open year round.

But it is not just the Middle East that is getting incredibly wealthy off of the United States.  In a recent article entitled "China #1, United States #2? 25 Facts That Prove The Transition Is Really Happening" I detailed how China is in the process of surpassing the United States economically.

Over the past 25 years, the U.S. trade deficit with China has soared into the stratosphere.  In 1985, the U.S. trade deficit with China was 6 million dollars for the entire year.  In the month of August alone, the U.S. trade deficit with China was over 28 billion dollars.

For many Americans this can be difficult to comprehend.  For a moment, imagine a giant map of the world and that there is a gigantic pile of money in China and a gigantic pile of money in the United States.  Then start taking 20 billion dollars from the pile of the United States and give it to China every single month.

After a while, what is going to happen?

Well, the United States is going to be a lot poorer and China is going to be a lot wealthier.

As we have become poorer, it has been harder and harder to maintain our very high standard of living.

The U.S. government has been borrowing larger and larger sums of money from the rest of the world in order to "stimulate" our economy, but in the process we are piling up horrific amounts of debt.

The national debt of the United States is now 13 times larger than it was just 30 years ago.

If we did that again over the next 30 years, we would have a national debt of approximately $170 trillion by the year 2040.

Of course that will never happen.

Why?

Well, because the entire financial system would collapse and we would be forced into national bankruptcy long before we ever got into that much debt.

The truth is that we are already on the verge of total economic collapse.  In fact, CNS News is reporting that retiring U.S. Senator George Voinovich believes that the collapse could happen at any time now....

"I think we are on the edge of it right now. I really do,” said Voinovitch. “If we don’t do something about dealing with the debt and the budgets that aren’t being balanced for as far as your eye can see, we are over the cliff. We are on thin ice right now. And I don’t think that we can wait. We need to move forward. We need to move forward for our own benefit, but we also need to move forward because the world is watching us right now."

Indeed, the world is watching us, and they are getting tired of financing our runaway debt.

Just this week there have been some very troubling signs.  For example, U.S. Treasuries just experienced their biggest two-day sell-off since the collapse of Lehman Brothers.

The rest of the world was deeply troubled when the Federal Reserve announced another round of quantitative easing.  Federal Reserve Chairman Ben Bernanke had promised that the Fed would not monetize U.S. government debt, but now that is exactly what is happening.  The rest of the world is less than thrilled by this.

In addition, many economists are warning that the tax cut deal that Barack Obama and the Republicans have agreed to will increase U.S. government debt even more.  In reaction to the deal, economist Nouriel Roubini recently posted the following message on his Twitter account....

"Obama-GOP tax deal costs $900 billion over two years. US kicking the can further down the road. Are bond vigilantes starting to wake up?"

A recent article on CNBC described what these "bond vigilantes" are....

Bond vigilantes – the term was coined by economist Ed Yardeni in the 1980s to describe major investors who demand higher yields to compensate for the perceived risks resulting from large deficits - could derail the country’s precarious recovery, some economists say.

The truth is that the U.S. government is not going to be able to borrow endless amounts of very cheap money forever.

At some point the U.S. is either going to face much higher interest rates on government debt or the Federal Reserve is going to have to step in and monetize the vast majority of all new government debt.

Either alternative will be absolutely disastrous.

Most Americans just assume that the wealth and prosperity that we have enjoyed for so many decades will always be with us.  But that is not the case.  We have been exporting our national wealth and our national prosperity so that we could fill up our shopping carts with cheap foreign-made plastic crap and so that we could fill up our cars with foreign oil.  It has been a fun ride while it lasted, but with each passing day a national financial implosion draws ever closer.

An economic nightmare is coming.

You better get ready.

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  • Rod

    Yep – an economic nightmare is coming and VERY soon.
    The bottom line though is that regardless of what anyone thinks can be done to prevent it, nothing can prevent it.
    Budget cuts, austerity measures, FIAT money printing, mass sackings – it won’t do a damn bit of good.
    Why ? Because the entire system is fundamentally flawed and because the existing debts (funded and unfunded) are so massive they couldn’t be paid off within decades anyway and that’s assuming that “money” was actually worth anything.
    As per usual the politicians will trot out the same tired rhetoric and pray that the crash will happen on their successor’s watch.
    Virtually all of Europe is bankrupt despite the US’s FIAT contributions, the US is so far gone it’s hardly even worth talking about it any more.
    No, it’s time to just sit back and “watch the show” as it were. The starvation, the riots, the wars.
    Reap what you sow mankind…

  • mbabsit

    Well, I improve and convert shotguns as a hobby (mostly Remington 870), and I can tell you for a fact that my parts and raw materials, as well as my tools, are all made in this country (I insist on it). And yes, I DO sell them (has to do with a collection, don’t need an FFL). Sorry to pop your rant, but ignorant types as yourself need to be told.

  • VegasBob

    America no longer produces anything of value that cannot be produced better and cheaper elsewhere.

    Such is the stupidity of the American experiment of voluntarily submitting to globalization.

    Therefore, this once-great nation is doomed to a few more years of Bernokio’s non-stop money-printing until the whole sorry mess collapses and throws the entire globe into economic depression or world war.

  • http://www.logosfera.ro/ Logosfera

    “By the end of the year we have usually transferred somewhere around a half trillion dollars of our national wealth out of the country for good.”
    No you don’t. The half trillion dollars you transfer is money printed out of thin air. You’re not transffering wealth but money which is a different thing.

    Try to be more consistent in your views about what FED does, what wealth is, what money is. You can’t have your cake (say that FED prints money out of thin air) and eat it too (say that you’re exporting real wealth). It’s enough that regular media is twisting the facts.

  • nosilverspoon

    psy-ops Pavlov conditioning education system is alive and well..stay tuned for self destruction… http://www.deliberatedumbingdown.com/

  • bichu

    Laugh and the world laughs with you. Weep and you weep alone.

  • Matt

    Imagine the consequences. Dollar loses its value big-time so a gallon of gas costs $10, bread $5, Dollar Menu now a $5 menu so a bag of fries is $5. But your paycheck either stays the same or goes down. So either you eat less or eat and drive and not much else. You won’t be able to afford to fly – plane tickets will go up 4 to 5 times. Only the rich will fly. And you won’t be able to drive far either with gas at $10/gallon. Motorcycles and bicycles will become more common along with taking the bus or vanpool to work. Only the rich will have SUVs and trucks. Only the rich will be able to live in the desert where your AC runs all day in the hot season since electricity will be $1000 per month to do so. Oil lamps and candles for the poor. Families will be forced economically to live together their whole lives. Remember the Waltons? That is already beginning with the housing bust. Family farms are coming back. Local communities are coming back. You could think of it as heading back in time to simpler, more local lifestyles like before the industrial revolution. University sports will be local with a once-a-year trip outside of the state. USC will still play Notre Dame every year but that will be their only long distance trip. And international overseas travel – only for the rich – no matter how much you tax them Gary, since if you tax them too much they will either leave the country or cheat and not pay taxes. Restaurants, shopping malls, retail in general will be greatly reduced, only patronized by the rich. Again why will all this happen you ask – because a huge and much deserved dollar devaluation is coming, which will be the manifestation of our ecomonic collapse. But this is nothing new – every fiat money system that has ever existed crashed and burned. Latest example in current times is Zimbabwe – do a google image search on “zimbabwe 100 trillion dollar bill”. That is what we are headed for, if we make it that far.

  • zack

    The trade deficit is an unfortunate byproduct of the spineless politicians and the public trying to get something for nothing. Everyone wants a free lunch, and so we have corporate and other special interest moochers that have manipulated the laws and regulations in this country in a way that make the overall country uncompetitive and unproductive, while lining their own pockets. The only question is how long the rats can continue to fight over the cheese while the Titanic sinks.

    We help Americans find jobs and prosperity in Asia. Visit http://www.pathtoasia.com/jobs/ for details.

  • flubadub

    Our dependence on foreign oil would be history by now if the Dept. of Energy used the 33 years since its founding to work on eliminating it. One overlooked solution, a technology that has been around for decades, is the use of Compressed Natural Gas as a motor fuel.

    It would require a minimum of R&D for manufacturers to convert their existing car and truck engines to run on CNG. Why is it that our so-called leadership in Washington seems to be ignoring the huge benefits to be realized by supporting this inexpensive, clean, plentiful and domestically produced alternative fuel? Some cities, Seattle, Denver and Birmingham AL for example, have already successfully converted part of their fleets to run on natural gas based fuel. Corporate fleets are beginning to realize the benefits of CNG as well. Think of the huge number of privately paid for jobs that would be generated by supporting a project like building an infrastructure along interstate highway routes to provide CNG to fuel America’s vehicles.

    Electric powered vehicles will eventually become a meaningful part of the solution. Fort now, the Chevy Volt or Nissan Leaf might as well be thought of as miniature nineteenth century steam locomotives with coal tenders in tow. Much of the electricity they use to charge their batteries is currently supplied by coal burning providers. Nuclear energy and a much more efficient national “smart grid” to deliver that energy to the point of use will be necessary if they are to be accurately called zero emissions vehicles. But it’s been over thirty years since the last nuclear generated power plant has been built in this country and our present grid is so overwhelmed that we’re told to adjust thermostats and do laundry in the evening on hot summer days.

    None of this will happen of course because the government is worse than broke and therefore incapable and there are far too many regulations to overcome for any sane private industrial concern to attempt such undertakings.

  • http://www.themidnightcafe.com MaxPower

    Instead of nothing but doom and gloom we need to band together and simply stop buying this crap. How about this…how about we simply start buying from small businesses and insisting on American made goods? How about we work together with other like minded Americans who are doing the same thing? How about we vote with our dollars and simply refuse to participate in the draining of our country?

  • gon4beer

    Maybe we could do a “Greece” and sell Hawaii?

  • http://boycottcivilization.tumblr.com Hunter/Gatherer

    @mbabsit: You’re right, the US will get back on track as soon as we all get jobs converting shotguns for export.

  • Maria

    It is not just the United States that is in debt up to its eyeballs…it is the entire world. I’m tired of hearing all the analysts talk about how bad off we are or which country is going under next. Broke is broke…and WE ARE ALL broke! Time to wipe the slate clean and start over. No central banks. No IRS. Flat tax. Gold standard. No fiat. No reserve currency. No trade deficit. No derivatives. No flash trading. Balanced budgets…local, state and federal. We don’t manufacture much now, but industry will come back. About all we have left to sell right now is food…but right now food is gold. So is clean water. Anyone have a better idea?

  • Gary2

    This is the result of greedy CEO’s and corporations outsourcing the good jobs that paid a living wage. Now all we have left are low wage crap jobs in the service sector.

    The Gov jobs look so extravagant because the private sector jobs are so bad.

    All this was done because the rich have purchased the government. If you needed anymore proof-how can anyone possibly be talking about giving the rich tax cuts when we have so many people on food stamps, not able to pay their rent/mortgage etc. The resat of civilization must think we are insane and you know what, many people who keep voting against their economic self interest are crazy.

    This is another reason we need to tax the rich and spread the wealth. I know most people agree with me-simply look at survey questions-should we raise taxes on the wealthy ($250,000+)? An overwhelming majority say YES! To those that think the rich need more tax cuts I apologize that those pesky facts keep getting in the way.

  • Karen

    YES – now Obama/REP Tax Deal –
    The End is very near but wr the WE the PEOPLE will get our revenge when we see yhese Senators, Wall Street Crap, and all the prople associated wiyh free Trade & Wars –
    They will all be in the Food Line as their GREEDY Billions won’t have any value and China doesn’t want Poor Ex-CEOs.
    We will just kick them out of the line!
    I own free & clear an acre of my land and a really nice house with Solar. When the downside happens I will start a Commune and request guns as admission to keep the Greedy OUT!!

  • Theo

    @ mbabsit. To quote the late Mr. Arthur Jones: “Ignorance we can deal with. Stupidity, well…that’s genetic, you can’t deal with it.” Sorry to bust your bubble, but stupid types, such as yourself, need to be told.

  • Mike

    Sigh, so so screwed we are.

    Why can’t people wake up? Why can’t people see what’s happening? I know why. It’s because our generation is the most spoiled, ignorant, selfish and indoctrinated generation America has ever seen.

  • Antonio Gonzalez

    You are wrong, this is not wealth, this is credit and America never will
    pay for it.

  • http://www.planorperish.com/ Gutter Economist

    Message to the American people from the United States Congress

    (1) We have our wealth and we don’t care about yours.

    (2) To keep you in your rightful place, we will continue to destroy all remaining wealth creating industries (agriculture / forestry, construction, energy / mining, and manufacturing) in America.

    (3) We don’t think that you have the intelligence or courage to oppose us.

  • lostinmissouri

    Encouraging all our job producing corporations, to go over seas, wasn’t that good of an ideal, after all.

    “Free trade” and “globalization” are “good for America”, is a big fat lie.

    Another big fat lie, is the one, our good friend Gary, is always espousing, “tax the rich”.

    After 85+ years, of “taxing the rich”, anyone with eyes can see, that this, has done the exact opposite, of what it was supposed to do. Rich are richer, poor are poorer.

    What the Garys of the USA, do not see, is that taxing corporations (the rich) only results in you paying the tax. Corporations collect taxes; you (average Gary), ultimately end up paying them.

    The “spreading the wealth” lie, is also being seen, for what it is. No wealth is spread, only plenty of poverty, instead.

    We need to hasten the day, this corrupt, bankster owned, government collapses. Rebuilding will be easier, than most of you think.

    The new government will be one that puts Americans first….something that hasn’t been for 40 years. The pendulum will swing back to “make it here”. Screw “free trade” and “globalization”!

  • James K

    I disagree, the american wealth is now gone. The US government has robbed the people and only about 5% are awake. Just like the people that hang out on blogs like this.

    Thank god for them. But china does not the US wealth and properity, I think they are laughing in the face of the US…and planning their next strategic move. As the guy over at http://www.forecastfortomorrow.com put it. They are waging a silent war and hitting us where it hurt before we even realise it. They are the next superpower.

  • http://www.danielrevelationbiblestudies.com Robert Stout

    Thank you for the very informative article!!! Here is one of the best web site to prepare for what is coming to a neighborhood like yours real soon!!! Go to: http://www.survivalblog.com My friends, I rarely say anything profound, but this site is it!!! Read or copy every word and act upon it, because time is running out for our country and the world!!! Don’t get caught because it’s too late, ACT NOW while’s there’s a little time left!!! You will be very glad you did!!!

  • http://WBDM Joe in JT

    Fourteen trillion…140 trillion, who gives a rats ass, it’s paper money. What matters is a persons hard work. Whether you are a carpenter, a mason or a doctor, wealth is measured in real work. More important than work is your ability to grow your own food and draw your own water. Now the tyranny food bill S510 is halfway to becoming law requiring Americans to have a “license” and permit to have a greenhouse or garden. Owing China 10 trillion doesn’t mean a thing if you can’t grow some potatoes or green beans in your own back yard.

  • http://WBDM Joe in JT

    Now I know why we bailed out the mega banks like Chase. The money given to the banksters is being used to bombard TV viewers with Venture Capitol blue colored credit cards, with their retarded cavemen in the commercials doing the most rediculous things. Also I’ve noticed the exact same commercials like LendingTree and GetFreeCashNow pitched by loser Montel Williams enticing senior citizens to remortgage their house for the 4th time or take out a payday loan against grandma’s Caddy for 300 bucks then lose the car for non payment. Our government has not learned a thing from the financial crises, in fact the fox is in the hen house and it’s getting worse.

  • LostInOz

    gon4beer
    December 9th, 2010 at 4:25 pm

    Maybe we could do a “Greece” and sell Hawaii?

    Hahah why should the chinese and japanese “pay” for Hawaii when they already enjoy the benefits without having to pay ? Unless they want to kick out the whities and indigenous hawaiians (if there are any left). You Americans are reaping what you sow…going back all the way to Raygun who weaned you all onto Middle Eastern oil (undoing all the work during the Carter years to conserve oil and develop alternatives) and you all cheered his “morning in America”.
    SERVES YOU ALL RIGHT ! SERVES YOU ALL RIGHT ! THE CHICKEN COMES HOME TO ROOST !

  • LostInOz

    Antonio Gonzalez
    December 9th, 2010 at 9:57 pm

    You are wrong, this is not wealth, this is credit and America never will
    pay for it.

    Yeah, America will default and no-one will ever do business with America again !!! It would be OK if you had factories and productive capacity to take care of yourself but hahaha YOU DON’T !!

  • LostInOz

    Gary2
    December 9th, 2010 at 5:36 pm

    This is the result of greedy CEO’s and corporations outsourcing the good jobs that paid a living wage. Now all we have left are low wage crap jobs in the service sector.

    The Gov jobs look so extravagant because the private sector jobs are so bad.

    All this was done because the rich have purchased the government. If you needed anymore proof-how can anyone possibly be talking about giving the rich tax cuts when we have so many people on food stamps, not able to pay their rent/mortgage etc. The resat of civilization must think we are insane and you know what, many people who keep voting against their economic self interest are crazy.

    This is another reason we need to tax the rich and spread the wealth. I know most people agree with me-simply look at survey questions-should we raise taxes on the wealthy ($250,000+)? An overwhelming majority say YES! To those that think the rich need more tax cuts I apologize that those pesky facts keep getting in the way.

    This is NOT THE FAULT OF THE RICH. The Rich do what they do best – making money. THE FAULT LIES WITH THE AMERICAN VOTING PUBLIC, WHO HAS VOTED AGAINST THEIR OWN INTEREST TIME AND TIME AGAIN !!! All because they are afraid of “socialism” and “communism” and because what is good for corporations is good for the American public — YOU FOOLS ! STOP BLAMING OTHERS INSTEAD OF YOURSELVES !!!

  • http://lnx-bsp.net/ Tel

    You are not telling the whole story here…

    “In order to maintain our standard of living, the U.S. government has been going to the countries we have been sending our wealth to and has been begging them to loan us massive amounts of their dollars.”

    What actually happened is that China deliberately kept their currency locked to the US dollar, in order to be able to sell cheap. In effect, the US dollars went to China to buy their produce, and then came straight back as loans to keep the Yuan devalued. On several occasions the US politely asked them not to do this, but they did it anyhow.

    So in effect, all that gear was purchased from China for a much lower price than the nominal price, and the rest of the payment was in the form of IOU notes (US treasury bonds). At this stage it seems very unlikely that China will get paid what it originally expected to get paid, because by the time those US treasury bonds reach term, inflation will have done its work and the US dollar will be worth half what it is today.

    China will simply get ripped off, and there’s nothing they can do about it. They manipulated their currency, and they lose their savings because of that. Hard to feel sorry for them. They did pick up a lot of valuable US technology in the process and with hard work they can still improve their situation.

    The problems inside the US are a different set of problems. The best explanation comes from George Washington’s Blog, November 2010:

    “Ben Bernanke’s answer to all of the water running out of the bathtub (high unemployment, falling home prices, slow growth, etc.) is to pour more and more water (easy money) into the tub (quantitative easing, zero percent interest rates, etc.)

    Similarly, Geithner and Obama and Congress can throw all of the money at the giant banks through direct and hidden bailouts that they like, but – until the hole is plugged – nothing they do will work.

    The water will just keep running away.

    What’s the hole that is swallowing up the economy? The failure to follow the rule of law.

    The rule of law is what provides trust in our economy, which is essential for a stable economy.

    The rule of law is the basis for our social contract. Indeed, it is the basis for our submission to the power of the state.”

    There it is guys, simple as that. Corruption and fraud are eating the heart out of the USA and you can’t blame China for that. Stop rewarding failure, and you stop getting failure. Clean up the fraud and you start the working economy again.

  • http://www.scrapcarz.co.uk/free-collection/cheshire/chester/aldford-brook Emily

    You know Michael, I actually wrote about this today on my own weblog. Your article has provided me with some food for thought, I feel that you have made many interesting points. I simply wish I had read it before I published my own article!

    Cheers ;-D,
    cars2scrap

  • Lennie Pike

    Tel is correct. Not a single one imprisoned after all of this. There is no law governing the financial oligarchy. A leniency program for banks who steal and break the law with absolutely no consequences other that restitution exists somehow. Example – Bank of America stealing money from state government and local government bond offerings with zero punishment.

    The strategy for the financial oligarchy therefore should be (and obviously is)to steal and break the law as much as possible because at worst all you will have to do is return the money – that is if you get caught, and you will not get caught by any government agency because they are all paid by and part of the gang, it would have to be by a private citizen or group for restitution to be made. The MSM will also back you up.

    Why wouldn’t the same apply to me. I rob a bank, return the money, and am set free. What’s the difference?

    The difference is Americans lay down and accept this with no preventative action and with out shame. What do Europeans have in their make-up that we don’t. We used to be stronger than them. I think we are all very afraid of our government – a bunch of gutless cowards.

  • http://www.planbeconomics.com mark

    We’re selling them the American dream. Unfortunately it’s completely false and built off the backs of American soldiers.

    http://www.planbeconomics.com/2010/12/10/lies-and-the-american-dream/

  • Owen

    It is amazing but true, the West (especially America) first creates an enemy before we fight them. Look for an all out nuclear attack on the U.S in the next few years. I predict it will come only after they drain us of all our natural resources including our water. And I predict we will lose that war simply because our esteemed leadership has scripted it that way. It would not surprise me in the least if most of our leaders arranged to be out of country when this goes down…

  • Grob Hahn

    Most of the people who run America have invested in large family compounds to insulate them from the rest of us. This is not a new phenomenon. And it works well until a fundamental societal collapse occurs. Then they discover, like Spartacus, that the Roman legions are too far flung to be of any assistance to the wealthy senators in the provinces. We find ourselves in the same situation as Rome yet again crumbles around us. And for the same reasons. As a race we humans by and large don’t give a crap about anyone but #1. But we also know we can’t all live that way so we fragment ourselves into an array of castes. In modern times our finances are spread all over the world so localized collapses are usually short-lived. In an earlier time an event like 9/11 would have sunk the economy to the point that even GW begging people to head to the mall wouldn’t help. Our real problem though is that this economic cushion is still built largely on a massive house of cards. The cloud economy can absorb some hits and recover, even Bin Laden knows this, but enough coordinated hits in the right places and it all comes crashing down. On a global scale. Will humanity be saved by the miracle of mass effort regardless of economy?
    Grobbbbbbbbbbbb

  • http://Www.no2foreclosures.info David

    The prosperity of China is due to the millions of hard working Chinese, not the fake wealth/money used to buy made-in-China goods. Remember iPods, iPhones, and iPads are all made in China.

    See my recent article, “Currency Wars for Dummies” for a better understanding of the nature of this “trade deficit”:

    http://www.rense.com/Currency%20Wars%20For%20Dummies.pdf

  • http://nonamills.co.cc/ Nona Mills

    Senators, Wall Street Crap, and all the prople associated wiyh free Trade & Wars – They will all be in the Food Line as their GREEDY Billions won’t have any value and China doesn’t want Poor Ex-CEOs. We will just kick them out of the line! I own free & clear an acre of my land and a really nice house with Solar. When the downside happens I will start a Commune and request guns as admission to keep the Greedy OUT!!

  • http://mbrscrapcar.co.uk Car Scrap

    this is very scary stuff I have to say

  • http://www.inomics.com/ anon343

    It won’t be as bad as 1929.

    By the way the French economy has gone bankrupt six times in its history.

    Iceland didn’t bail out the bank debt, but they did guarantee people’s savings in those banks. Its economy is recovering much faster than countries which did ‘bail out the banks’.

    Buying american goods would help. Spending rather than saving money will be helpful too.

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