Lee Rogers – “The U.S. Economic Meltdown Continues”

http://www.roguegovernment.com/news.php?id=10659

The U.S. Economic Meltdown Continues

Lee Rogers | July 15, 2008

There is little doubt that the United States economy is edging closer to collapse. The U.S. is facing not just a recession but a depression and almost everyone in the U.S. mainstream press is in denial. The major cable news networks prefer to run story after story on celebrity sex scandals and other perversions than to talk seriously about the tanking U.S. economy. There is literally no good economic news. This past week we’ve seen oil reach a record high of $147 a barrel and we are also starting to see future predictions of $200 and even $300 for a barrel of oil. As if that wasn’t bad enough, the 2nd largest bank failure in U.S. history took place this past week and there are even predictions that 150 banks could fail over the next 12 to 18 months. Mortgage giants Fannie Mae and Freddie Mac which were facing collapse last week are now going to be bailed out by the U.S. government at great cost to the American people. Foreign interests continue to buy up what’s left of America as Anheuser Busch just got bought out by a European company. Along with all of this horrible news, the U.S. Dollar continues to lose more and more value as the Federal Reserve crime syndicate refuses to implement policies to defend the validity of the currency. The insanity of this is unparalleled.

There are so many different facets to the unraveling economy that it would literally take days to properly analyze everything that’s happening. What is clear is that all of this is happening by design. The high oil prices have been the result of the Federal Reserve devaluing the U.S. Dollar through their policy decisions. This combined with the continued funding of war in the Middle East are key causes behind the parabolic rise in oil.

Putting oil aside, almost all of the economic problems that we see occurring are the result of currency devaluation. Alan Greenspan’s policies of excessive credit creation fueled a bubble in the NASDAQ stock market during the late 1990s and spawned the housing market bubble that we are dealing with today. This has caused all sorts of problems within the banking system and has lead towards the IndyMAC bank failure and the very real prospects of additional bank failures. In fact, the FDIC has already hired additional staff in anticipation of this. The collapse in the housing market has also been one of the primary causes of Fannie Mae and Freddie Mac teetering towards collapse while a government bailout looms.

Jim Rogers a highly respected financial analyst slammed the government bailout of Fannie Mae and Freddie Mac.

“I don’t know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae,” Rogers, 65, said in an interview from Singapore. “So we’re going to bail out everybody else in the world. And it ruins the Federal Reserve’s balance sheet and it makes the dollar more vulnerable and it increases inflation.”

Rogers has made predictions that the Federal Reserve could fail within the next decade. He has also been critical of the Fed’s policies that have resulted in the continued devaluation of the U.S. Dollar. He is not alone in his sentiments as other economists like Marc Faber also believe that the U.S. central bank and the currency it creates out of thin air could eventually collapse.

Despite massive currency devaluation, record high oil prices, an insane foreign policy, predictions of looming bank failures around the country and this recent debacle with Fannie Mae and Freddie Mac, the pundits on CNBC are still optimistic. On Larry Kudlow’s program, there were people actually suggesting that people should buy financial stocks despite the fact that they continue to lose value. Another words, this is a signal that the establishment is selling the financial stocks and they need suckers that will buy them.

With all of this financial turmoil, gold is rapidly heading towards $1,000 at a time in which precious metals have historically remained flat. This is a clear indication that people are losing more and more confidence in the U.S. Dollar. Gold still remains undervalued relative to oil and seems poised for a massive explosion in the next few months.

There is no doubt that the U.S. Dollar is heading further and further into the toilet. While the European Central Bank raises interest rates, the Federal Reserve continues to maintain interest rates, which means the Euro is going to continue to rise against the U.S. Dollar. Ben Bernanke, Hank Paulson and the rest of these criminals in Washington DC, simply do not care about defending the value of the U.S. Dollar. These people are more interested in consolidating power and ensuring that their banker buddies on Wall Street don’t lose their shirts.

With everything that’s going on, the United States could face a scenario similar to what happened to Argentina nearly a decade ago. There is simply no good economic news regardless of how the pundits in the media try to spin it. When the economy crashes the government will not be there to help you because this financial crisis has been created intentionally. When it finally unravels, the American people should demand the heads of the policy makers at the U.S. Treasury and in the Federal Reserve. These people have sold out this country through their criminal economic policies.

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Published in: on July 15, 2008 at 9:28 PM  Leave a Comment  

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