Dear Peacemakers,
This week's edition is short because I'm running out the door to go to work RIGHT NOW! The two main articles I want to call your attention to are both from Ira Glass and This American Life. The first one is about the Commercial Paper Market and Credit Default Swaps and the second is about Mortgage Backed Securities and Collateral Backed Debt Obligations. These are the weapons of mass destruction that Warren Buffet talks about and they are the reason why there is nothing that anyone can do to stop the worlds economy from going over a cliff. Please take the time to listen to both articles (they are each 1 hour long) because they are nothing short of brilliant in explaining what the problem is. Then read this nugget from the Mogambo Guru ( one of my favorite naysayers.) His answer to everything is to buy gold-NOT but his analysis is mostly right on. He will be telling you how the only tool left in the tool box is for governments to crank up their counterfeiting rackets like crazy. That is all they have left and it is what they mean when they say they will guarantee all loans and provide liquidity to the banks. IT IS ALL MASSIVE COUNTERFEITING THAT WILL RESULT IN A DEATH SPIRAL OF INFLATION. Finish up with this You Tube featuring David Walker (former comptroller general of the US) who is THE current version of Paul Revere letting us all know that the real national debt is closer to $60 TRILLION and that it really is all over but the crying. We'll go into solutions next time. In the meantime have a nice day.
best,
Mike and Barb
Northwoods Peace Initiative |
