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Jim the Realtor driving around Oceanside, CA, showing the rate of commercial foreclosures in the area.
Bottom line: healthcare proposals and current/proposed taxes are ticking people off. As the unemployment rate sinks further, and these people can’t find jobs, and on top of this, the weight of more taxes and payments are forced on the American public by an incompetent government, people are going to start fighting back in various forms. As Gerald Celente says, “When people lose everything and have nothing to lose, they lose it.” Unless things start turning the tide in the broader economy, we’re going to start seeing more of this I believe. And it could get ugly.
I have no idea if these things will come to pass. It’s merely conjecturing and forecasting, so don’t stake your emotions in this and get all worked up. However, at the same time, this particular trends forecaster, Gerald Celente, has been dead-on in predicting major market crises and global events since 1980. He correctly predicted the ’87 crash, the collapse of the Soviet Union, and the dot com bust, amongst a host of other things.
As it was said on the Naked Capitalism blog entry pertaining to this testimony, “Bernanke basically stonewalls and refuses to offer reasonable explanations. Not sure if he is treating the Congress as stupid or not entitled to know, but he backs himself into a real whopper with his non-defense defense (see 2:55 to 3:20).”
In answer to the Congressman’s question about who gave the Federal Reserve the authority to lend a half a trillion dollars to foreigners, Bernanke responds that it was enacted in the Federal Reserve Act of 1913. Basically what he’s saying is we can do what we want, lend money to whomever we please, and all this without any true approval from the Senate, which is exactly what has been happening since the fall and even before that.
Basically, when you get down to it, if you are of the persuasion that we’ve just recently lost our economic rights, you’re mistaken. We lost those rights almost a century ago through the groundwork that was laid in the Federal Reserve Act. It gave power to this super bank, or Bank of banks, who could then later use that power in any way it deemed fit. Bernanke’s rebuttals make that clear. They are acting without the authority of the people, in contradiction of the Constitution.
Quite keen insight. He was laughed at by most of the people on these shows … “A prophet is not without honor except in his hometown and in his own household.” No one wanted to hear it. And articles like this really should make you take a step back and listen: Fiscal ruin of the Western world beckons … I’m starting to wonder if people really understand how bad off things really are.
Update 8.1.2009: and this prophetic warning from a proven trends forecaster does not bode well for the US … The Collapse of `09.
Use the phrase New World Order around people and immediately you will get responses ranging from, “I know! The world government is coming upon us,” to “You’re a nut.” The phrase is often associated with conspiracy theories, some of which are out there. But nowadays, the term is being thrown around very freely in the press.
When I saw these news article titles below, I was kind of shocked, just because it was strange to see a term, associated mostly with many fanatics out there, being used as a normal term for, well, nothing short of some form of global governance. But what I find really interesting about these links below is that they are all from major media sources endorsing the concept of a world economy, which also calls for and implies a world governing body to govern that world economy with (hopefully) just laws. Check ’em out.