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This is why I think the crisis is far from over.

No more cheap oil and no more cheap cash, hence collapsing banking profit. (ability to replenish capital)

The economy is too slow to generate new wealth to keep pace with the collapsing fake money. Keep handing out cash and bailing out everybody turns out to be not enough to prime the collapsing cycle.

China, Japan and europe on the other hand has the ability to soak up "the good money" and accumulate liquidity inside their border. All those new cash Bush is printing, ends up in China and Europe.

So, big US banks are going to suffocate as economy continue to slow. Liquidity and wealth will keep draining out of the country.

Weak and corrupt leadership aren't helping either.

Paul S

You made the point earlier Elaine that bears repeating here: look at our so-called "choices" for President. Obama/Biden, both Senators (so much for 'change you can believe in'). McCain,US Senator. And Mccain's VP would not surprise if s/he is also a US Senator. Now, what the hell kind of choice is that? Why is it NOT a topic, when it so obviously SHOULD be a concern? These guys, like the bankers, are sooo inbred, NO amount of reality is going to affect them. And I don't think they are delusional. The bankers, and the politicians, especially the ones in the bankers pockets are cynical, calculating criminals; more sociopaths than deluded. BTW: great cartoons (as always) on the 'Teddy bear' picnic.


GO to Ron Pauls campaign for liberty rally in Minneapolis. Its not much, but as Americans who love freedom,rule of law etc.. its all we have. Im going, not because its going to make a difference, but, because its SOMETHING. We have to make ourselves heard. Enough is enough!!!


The scale of corruption is beyond comprehension. Corrupt politicians, bankers, clergy, media, health care...the list goes on and on and on. Somehow, we became a nation of "me" instead of "we."

Our country was sold off, we are now simply a fascist client state of Israel.

Ralph - I'll see you at Ron Paul's liberty rally in Minneapolis! Like Ron Paul said "Let it not be said that we did nothing"



Burn the Beard


Chris Martenson recently added to his crash course; Chapter Seventeen: Peak Oil


It's excellent!



You and I went through the 80's, the 90's, and the last 8 years watching the national savings rate drop like a rock and the creation of credit (as a substitute for earnings and savings) supernova. We scratched our heads as aggregate debt (government, business, households) just kept going up and up while wages stagnated, industries closed, and infrastructure rotted. What were these idiots thinking? Where and when would it end, we asked; because we (unlike 90% of Americans) knew it WOULD end.

Personally, I was amazed it managed to go on as long as it did (it topped out with aggregate debt at 350% of GDP - Weimar Germany levels). Sure, the politicians and bankers are trying to keep the spasming body alive with - surprise! - more credit creation, but it isn't working because limits exist and they have been reached.

The other thing we've been watching and shaking our heads about hasn't happened yet: the refusal by Chi-Pan, Russia, and the Sheiks to keep buying our debt. We see the same complacent "of course this irrational behavior will continue indefinitely, it's how the wonderful world financial system works" propaganda, and again we just wonder where and when the end is going to come.

When America hits that iceberg, it would be wise be living somewhere else.


I can remember when NY's budget first crossed the $1 billion mark. That was what - about 38 years ago? It is now $122 billion? This is a greater than 12,000% increase? Actually, the state's budget page says that the coming budget is only (only?) $80 billion. Still, this is an eighty fold increase in 38 years. This is an average increase of 12% per year. Some of this is an increase in services, pensions and corruption etc. Even so, it implies that inflation has been high for a long time.

Plus, local and state governments have to pay for purely domestic labor and products almost exclusively. Little can be "outsourced" or discarded (like pensions) compared to corporations. We have built large expensive governments while stripping or exporting value out of the private sector of the economy. This is not sustainable.

The real irony is, many government programs benefit corporations immensely, even foreign corporations, yet corporations fight paying taxes tooth and nail.

Royal Dutch Paper

Interesting choice Obama made. Biden? A DuPont man no doubt,a deleware senator, credit card central. Not to mention that dupont owns conoco and phillips 66! (As well as the state of Deleware!) Mwhahahha. And I thought bush, cheney and rice were bad!
Nice article Elaine. Still, with what Mish says about Lehmen, I am pretty sure that they do have a chair(s) at the fed. Maybe a systematic crash is in store after all.(the combo of freddie, fannie and Lehman?) Still nervous about Denver. Tax the poor, thats the only way these jokers know how to raise revenue. Makes me wanna PUKE!

Echelon Pole

Wall Street

Elaine Meinel Supkis

Seriously, I was invited to the Ron Paul party. I got a press pass and everything. Then my father in law came by on Saturday to tell me, he was going to be operated on Sept. 2 and then post-op Sept. 3rd. A total washout for me. Have to take care of family.

I hope the Ron Paul people have fun. I hope they yell very, very loudly. And same with the other minor candidates. Yelling very loud is the only tool left.

Elaine Meinel Supkis

Echelon, just click and drag the link. I will then visit and use it.

Thanks in advance.

If you want to post pictures, just use the img src code with the two <" "> opening and closing code tags.


Well I guess I will be writing in Ron Paul and Dennis Kucinich, and in the process get place on the watch list. Guess it does not matter much, seeing the USS Iwo Jima and her escorts just left Norfolk and heading towards the Middle East, 3-4 weeks tops, where a massive fleet has already been assembling. A lot of people are moving mountains to keep the the dollar strong and the yen carry trade moving along for the moment. I still expect oil and gold prices to be crushed until the moment the bombs drop.

The largest local dealer had no silver bullion of any sort late last week.


Elaine Meinel Supkis

No bullion for sale? Ah! Interesting. There are levels of fraud at work here, deep inside the rare metals markets. I think it is seizing up. Due to a flood of funny money and 'leveraged' paper bets now coming due as prices fall.

I had a very strange dream last night. Went into the systems where wizards work, that dream/real world where forces intersect.


The poster, a concept for next version of The Wall Street movie.

Memorable quotes:
Mullah Cheney: Greed is God. Greed captures the essence of the evolutionary spirit.
Bud Bush: Mission accomplished. Every battle is won before it is ever fought. Sun-tzu, The Art of War.
Bud Bush: Why do you need to wreck this economy? Mullah Cheney: Because it's wreckable, all right?
Bud Bush: Life all comes down to a few moments. This is one of them.

The source code tell I mixed up " and ” , maybe this will work?
If not Poster: http://bilder.vgb.no/2522/img_48b3dd05aeb79.jpg


Elaine this article sums up the derivatives beast, its origin and purpose. Please review it. http://www.gata.org/node/4242 Thank you.

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