Dear Peacemakers,
For quite sometime now I have been focusing more on economic issues more than ending the war in Iraq (and Afghanistan and EVERYWHERE!). That is because war and economy are intrinsically related and because a seriously crashed economy does look like war--as we saw on our visits to Iraq in the 1990's and in the West Bank and Gaza in 2003. I remained convinced that a global economic meltdown is upon us and that it will change the focus of our peacemaking efforts as the United States becomes a third world has been. Civil unrest here in the US is going to be on a huge upswing with a concurrent crackdown on civil liberties and freedom. The only question that remains is will the US willingly leave their position as the sole global superpower graciously or will they try to hang on with the only thing they have left which is way too much firepower. I think the question is clearly rhetorical.
The articles I am sending are culled from several months of combing through way too much information to find bits and pieces that help to make sense of it all. In some cases I agree with the writer's analysis but not their solutions. I hope you find these tidbits helpful and not too discouraging. As the great economic unwinding plays itself out I have found the articles I collect coming more from mainstream business sources than weblogging doomsayers. I think that means we are in trouble for real. I'm always looking for feedback so please feel free to comment and send articles that you have been collecting as well.
Good Luck,
Mike and Barb
Northwoods Peace Initiative
I just found this. It seems like a good article to lead with because it cuts through the confusing language so often associated with discussions about economics
Smoke, mirrors ... and how a handful of missed mortgage payments started the global financial crisis .GLOBAL FINANCIAL CRISIS, PART 4: How we got here -Iain Macwhirter traces the history of financial mismanagement, fraud and complex mathematics that combined to culminate in a run on – and the collapse of – some of the world’s biggest banks
This is WAY important. It is the most serious statistic out there-way more than the national debt or the trade deficits or anything else. Some put the number of the global derivatives market over one thousand trillion dollars. This is the one that brings the global economy to its knees because no one really knows what it means when this bubble blows. Derivatives the new 'ticking bomb' Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen
Who's Afraid of a Big, Bad Bailout?
This one is interesting. It is an unsolicited briefing about the bailout to a Texas congressman by an investment consultant. It helps to explain why fixing the shutdown of lending IS so time urgent. I agree with much of his analysis but not his conclusions. The bailout cannot work for lots of reasons, one of the most important being that $700 billion is a number that Paulson pulled out of thin air. Even IF Paulson is correct with his remedy he is going to need at least $5 TRILLION just to get started.
A class warfare blogger lays out how the rich guys are robbing the rest of us blind. Cynical yet enlightening.
The Really Hard-to-Swallow Truth About the Bailout
Nouriel Roubini is a very respected economist from New York University and you should link to his website. This is his take on the silent run on the banks that is happening as we speak.
Financial and Corporate System is in Cardiac Arrest: The Risk of the Mother of All Bank Runs
A view from Argentina where the economy crashes on a regular basis. If this is in our future hold onto your hats.
Get Your Dollars Out Now! FAST!!!
While the US crashes China is buying up stuff all over the world with their worthless US financial paper and piles of cash. They are taking it all back to China and putting it under tarps for a rainy day. The US cannot bid against them is powerless to stop them. That's why we are extending our military presence in Africa. If we can't buy it we'll take it by force.
Special Report: China Invades Africa
Here are a few anecdotes that connect the failure of Wall Street to Main Street. You hardly need to read these because you see it happening around you every day-right?
In hard times, tent cities rise across the country. Since foreclosure mess, homeless advocates report rise in encampments
Mortgage forgiven for woman, 90, who shot herself in her foreclosed home
The party's over for Iceland, the island that tried to buy the world
In case there is any doubt, things are going to get worse before they get better because cheap petroleum is over FOREVER
On the edge of the abyss
If you think Barak Obama is going to save us wait until you see which candidate has been bought off with the biggest sum
from Goldman Sachs (which is where Treasury Secretary Paulsen used to be the CEO) Please tell me you aren't surprised.
VIDEO: Goldman Sachs Bribed Senate To Pass Bailout Bill
And FINALLY.... it looks like they are bringing US combat brigades back to the US to keep order when it all falls apart. I'm sure that makes us all feel much safer.
Why is a U.S. Army brigade being assigned to the "Homeland"?
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