Saturday, May 3, 2014

OBOF TYMHM & MORE PART 14-18


WELCOME TO OPINIONS  BASED  ON FACTS (OBOF)

&

THINGS YOU MAY HAVE MISSED (TYMHM)

YEAR ONE

YEAR TWO

YEAR THREE

YEAR FOUR

 

OBOF YEAR FOUR INDEX
 
OBOF TYMHM PART 14-01
Jan. 02, 2014
OBOF TYMHM PART 14-02
Jan. 09, 2014
OBOF TYMHM PART 14-03
Jan. 15, 2014
OBOF TYMHM PART 14-04
Jan. 24, 2014
OBOF TYMHM PART 14-05
JAN 30, 2014
OBOF TYMHM PART 14-06
Feb. 06, 2014
OBOF TYMHM PART 14-06 EXTRA
Feb. 09, 2014
OBOF TYMHM PART 14-07
Feb. 13, 2014
OBOF TYMHM PART 14-08
Feb. 21, 2014
OBOF TYMHM PART 14-09
Feb. 27, 2014
OBOF TYMHM PART 14-10
Mar. 08, 2014
OBOF TYMHM PART 14-11
Mar. 13, 2014
OBOF TYMHM PART 14-11    EXTRA
Mar. 15, 2014
OBOF TYMHM PART 14-12
Mar.  21, 2014
OBOF TYMHM PART 14-13
Mar.  29, 2014
OBOF TYMHM PART 14-14
Apr.  03, 2014
OBOF TYMHM PART 14-15
Apr.  12, 2014
OBOF TYMHM PART 14-16
Apr.  19, 2014
OBOF TYMHM PART 14-17
Apr.  26, 2014
OBOF TYMHM PART 14-18
May  03,  2014

 

Agenda

 

1.  Tidbits from Floyd

2.  ONWARD - constitutional amendment.

          Overturn McCutcheon & Citizen United rulings.

3.  Elites discover free trade is killing the economy.

4.  Climate change is browning the Congo Rainforest.

5.  Economist - prepare for wealth destruction.

 

NOTE:  THE INTERNET HAS THIS POSTING REALLY SCREWED UP.  THERE IS ONE LONG SPACE WITH NOTHING.  JUST KEEP SCROLLING DOWN AND YOU COME TO THE REST, I THINK.

 

 

TIDBITS FROM FLOYD

 

Hi Floyd,

Imagine living in a world where the media called out the real welfare kings. My guess is that it would look something like this:

Earlier this month, Americans for Tax Fairness released a report revealing that Walmart and the Walton family who owns it receive $7.8 billion each year in tax breaks and subsidies.

Even more shocking, Walmart costs taxpayers an estimated $6.2 billion because they pay workers so little that many are forced to rely on government assistance programs.

Can you help us tell America who the real welfare kings are? Thanks for your support in calling out the people who are really exploiting the generosity of taxpayers.

Best,
Jamie Way
Making Change at Walmart


~

The House passed a $10.10 minimum bill, BUT the Republicans in the Senate blocked a vote on the bill.  In my opinion, we will never have an increase in the minimum until we get a Democratic Congress.

~

There were 288,000 new private sector jobs in April and the employment rate dropped to 6.3%.  The economy has now  produced job increases for 50 straight months. 

 

~

A recent poll by The Wall Street Journal / NBC suggests that one half of Americans feel we should be less active in the worlds business.

~~~

 

ONWARD

Robert Weissman's signature
Robert Weissman
President, Public Citizen
 
© 2014 Public Citizen • 1600 20th Street, NW / Washington, D.C. 20009

 

 
Floyd,

Earlier today, our mobilization for a constitutional amendment to rescue our democracy from billionaires and Big Business hit a high-water mark.

At a hearing this morning on the U.S. Supreme Court’s horrible McCutcheon ruling, Senate leaders announced plans to vote soon on a constitutional amendment to overturn rulings like McCutcheon and Citizens United.

Public Citizen enthusiastically thanks Senators Tom Udall, Charles Schumer, Bernie Sanders and others who have helped lead the charge on this issue that is so central to our democracy.

Now that we are going to get a first vote on an amendment, over the next few weeks we must drastically ramp up our advocacy throughout the country and on Capitol Hill.

We must make sure every senator stands with We the People against the forces of dark money and plutocracy.

I’m ready to commit Public Citizen at an unprecedented scale.

But I need your help.  And I need it right now.


Please chip in right now. Whatever you can give — $5, $50, $500, whatever — we must capitalize on this moment before it slips away.

Our nation took a real step today toward reestablishing the true meaning of democracy: rule by the people.

I’m counting on your help to make sure this step becomes a thunderous march to save our democracy from the Koch Brothers and Sheldon Adelson, Karl Rove’s Crossroads outfits and the U.S. Chamber of Commerce.

You’ll hear a lot more from me in the days and weeks ahead about our advocacy plans.

We’ve already done more than most thought possible when we launched our amendment campaign four years ago.

Now it’s time to step up our efforts even more and seize this opportunity.

Thank you for whatever you can give today.
 
 
Onward,
Robert Weissman's signature
Robert Weissman
President, Public Citizen
 
© 2014 Public Citizen • 1600 20th Street, NW / Washington, D.C. 20009

~~~

Elites Discover So-Called “Free Trade” is Killing Economy, Middle Class

 

The New York Times editorial board finally gets it right about trade in its Sunday editorial, “This Time, Get Global Trade Right.” Some excerpts:

Many Americans have watched their neighbors lose good-paying jobs as their employers sent their livelihoods to China. Over the last 20 years, the United States has lost nearly five million manufacturing jobs.

People in the Midwest, the “rust belt” and elsewhere noticed this a long time ago as people were laid off, “the plant” closed, the downtowns slowly boarded up and the rest of us felt pressure on wages and working hours. How many towns — entire regions of the country — are like this now? Have you even seen Detroit?

“This page has long argued that removing barriers to trade benefits the economy and consumers, and some of those gains can be used to help the minority of people who lose their jobs because of increased imports,” the editors write. “But those gains have not been as widespread as we hoped, and they have not been adequate to assist those who were harmed.”

So acknowledging that our trade deals have hurt the country, they say maybe we could try to do it right with coming agreements. They write:

If done right, these agreements could improve the ground rules of global trade, as even critics of Nafta like Representative Sander Levin, Democrat of Michigan, have argued. They could reduce abuses like sweatshop labor, currency manipulation and the senseless destruction of forests. They could weaken protectionism against American goods and services in countries like Japan, which have sheltered such industries as agriculture and automobiles.

They write that one problem is that these agreements are negotiated of, by and for the giant corporations:

One of the biggest fears of lawmakers and public interest groups is that only a few insiders know what is in these trade agreements, particularly the Pacific pact.

The Obama administration has revealed so few details about the negotiations, even to members of Congress and their staffs, that it is impossible to fully analyze the Pacific partnership. Negotiators have argued that it’s impossible to conduct trade talks in public because opponents to the deal would try to derail them.

But the administration’s rationale for secrecy seems to apply only to the public. Big corporations are playing an active role in shaping the American position because they are on industry advisory committees to the United States trade representative, Michael Froman. By contrast, public interest groups have seats on only a handful of committees that negotiators do not consult closely.

The current trade-negotiation process is a system designed to rig the game for the giant multinationals against everyone else:

That lopsided influence is dangerous, because companies are using trade agreements to get special benefits that they would find much more difficult to get through the standard legislative process. For example, draft chapters from the Pacific agreement that have been leaked in recent months reveal that most countries involved in the talks, except the United States, do not want the agreement to include enforceable environmental standards. Business interests in the United States, which would benefit from weaker rules by placing their operations in countries with lower protections, have aligned themselves with the position of foreign governments.  Another chapter, on intellectual property, is said to contain language favorable to the pharmaceutical industry that could make it harder for poor people in countries like Peru to get generic medicines.

These trade agreements place corporate rights over national sovereignty:

Another big issue is whether these trade agreements will give investors unnecessary power to sue foreign governments over policies they dislike, including health and environmental regulations.  Philip Morris, for example, is trying to overturn Australian rules that require cigarette packs to be sold only in plain packaging. If these treaties are written too loosely, big banks could use them to challenge new financial regulations or, perhaps, block European lawmakers from enacting a financial-transaction tax.  And they’re asking, like the rest of us are asking, why in the world won’t they do something about currency?

It’s easy to point the finger at Nafta and other trade agreements for job losses, but there is a far bigger culprit: currency manipulation. A 2012 paper from the Peterson Institute for International Economics found that the American trade deficit has increased by up to $500 billion a year and the country has lost up to five million jobs because China, South Korea, Malaysia and other countries have boosted their exports by suppressing the value of their currency.

What So-Called “Free Trade” Agreements Did To The Economy

A trade deficit means that we buy more from the rest of the world than we sell to it. This means that jobs making and doing things here migrate to there. Before the mid-70s the United States ran generally balanced trade, with a bias toward surplus.

Now we have an enormous, humongous, ongoing trade deficit that over the years has added up to trillions and trillions of dollars drained from our economy. We have lost millions and millions of jobs as tens of thousands of factories closed. We have lost entire industries. We are losing our entire middle class to the resulting wage stagnation and inequality.

Here is what happened when the trade deficit took off. First, look at this chart of the “decoupling” of wages with productivity. In other words, as productivity goes up, what happens to the share of those gains that go to labor:

I am sorry!  The blog just won't print charts.  What it did show was that productivity up 254%, hourly wage up 113%.  (Floyd)

Most people understand the damage that so-called “free trade” has done to the economy, much of our country and the middle class. Millions of people have outright lost their jobs because of corporate CEOs who conclude, “It’s cheaper to manufacture where they pay 50 cents an hour and let us pollute all we want.”

Many others have felt the resulting job fear: “If I so much as hint that I want a raise or weekends off they’ll move my job to China, too.” Entire regions have lost their economic base as factories and entire industries closed and moved.

But We Globalized And Expanded Trade

The basic pro-free-trade argument is that all trade is good and these agreements increase trade. NAFTA negotiator Carla Hills, defending NAFTA, says, “our trade with Mexico and Canada has soared 400 percent, and our investment is up fivefold.”

Of course, this is like proudly telling people that the Broncos scored 8 points in the 2014 Super Bowl*. (Hint: the Seahawks scored 43 points.)

Yes, trade is up and exports are up, but imports are up even more, which costs us jobs, factories and industries. What happened was NAFTA “expanded” trade against American workers and our economy, costing about a million jobs and increasing our trade deficit 480 percent. And don’t even ask what happened with our China trade. (Hint: our 2013 trade deficit with China was 318.4 billion dollars.)

How Would The N.Y. Times Fix Trade?

The Times editorial says we should “press countries to stop manipulating their currencies” and “the president also needs to make clear to America’s trading partners that they need to adhere to enforceable labor and environmental regulations.”

OK, but why would the giant multinationals participate? The point of the free-trade regime up to now has been to accomplish the opposite: to free the giants from the pesky laws and regulations imposed by governments, especially from labor and environmental regulations. The negotiations have been a rigged game designed to transfer the wealth of entire nations to a few billionaires (including Chinese billionaires) and giant, multinational corporations. It worked.

Meanwhile … In The L.A. Times

Meanwhile in the Los Angeles Times, representatives George Miller (D-Calif.), Rosa DeLauro (D-Conn.) and Louise Slaughter (D-N.Y.) have written an op-ed, “Free trade on steroids: The threat of the Trans-Pacific Partnership,” talk about NAFTA as a “model for additional agreements, and its deeply flawed approach has resulted in the outsourcing of jobs, downward pressure on wages and a meteoric rise in income inequality,” and ask us not to “blindly endorse any more unfair NAFTA-style trade agreements, negotiated behind closed doors, that threaten to sell out American workers, offshore our manufacturing sector and accelerate the downward spiral of wages and benefits.”

In 1993, before NAFTA, the U.S. had a $2.5-billion trade surplus with Mexico and a $29-billion deficit with Canada. By 2012, that had exploded into a combined NAFTA trade deficit of $181 billion. Since NAFTA, more than 845,000 U.S. workers in the manufacturing sector — and this is likely an undercount — have been certified under just one narrow program for trade adjustment assistance. They qualified because they lost their jobs due to increased imports from Canada and Mexico, or the relocation of factories to those nations.

The recent Korea free trade agreement followed the NAFTA model and the results have already proven terrible for American workers:

Obama said it would support “70,000 American jobs from increased goods exports alone.” In reality, U.S. monthly exports to South Korea fell 11% in the pact’s first two years, imports rose and the U.S. trade deficit exploded by 47%. This led to a net loss of tens of thousands of U.S. jobs in this pact’s first two years.

They conclude:

There are many things we can do to enhance our competitiveness with China and in the global economy.

We can invest in our own infrastructure, manufacturing and job training. We can work harder to address issues like currency manipulation, unfair subsidies for state-owned enterprises in other nations and global labor protections. We can enter deals that increase U.S. exports while doing right by our workers and our priorities, and we can address the real foreign policy challenges in Asia with appropriate policies instead of through a commercial agreement that could weaken the United States and its allies.

What we should not do is blindly endorse any more unfair NAFTA-style trade agreements, negotiated behind closed doors, that threaten to sell out American workers, offshore our manufacturing sector and accelerate the downward spiral of wages and benefits.

No New Trade Agreements, Instead Fix The Ones We Have

Of course, as we reach consensus that we got trade wrong, and realize how these “NAFTA-style” agreements have done so much damage to our economy and middle class, doesn’t this mean it is time to back up and renegotiate NAFTA and others?

THREE COMMENTS FOLLOWS.

 

THERE WERE 24 COMMENTS.

        vulfhild

Herp-a-derp, I was wondering when corporations would figure out that if they keep eroding the American middle class, there will be a lot less people who can buy their products.




Remember Ross Perot's Presidential campaign that the Free Trade would result in a "big swooshing sound" out of this country.  The stupid public would not listen, would not vote for any but the "lesser of 2 evils."  Let this be a lesson to you if and when Bernie Sanders runs for president in 2016.

 


BUT THE ELECTED MEMBERS OF CONGRESS CLOSE THEIR EYES TO IT AND CONTINUE TO DO WHAT THEIR "RICH AND POWERFUL" FINANCIAL SUPPORTERS WANT DONE.  NOT ONCE DO THEY PUT THE WANTS AND NEEDS, SAFETY AND HEALTH, JOBS AND FUTURE, OF THE PEOPLE WHO VOTE FOR THEM, OR THE GOOD OF THE U. S. ECONOMY FIRST.  OUR ELECTED MEN AND WOMEN WHO TOOK AN OATH TO PROTECT AND SERVE THE MAJORITY OF THE PEOPLE, TO UPHOLD THE U. S. CONSTITUTION AND THE FEDERAL LAWS VIOLATE THEIR OATH EVERY DAY THAT THEY SERVE IN ELECTED OFFICE.....

CONGRESS MUST IMMEDIATELY REPEAL EVERY EXISTING TRADE AND FREE TRADE AGREEMENT THAT THE UNITED STATES OF AMERICA IS A PART OF.....

"WE THE PEOPLE" MUST DEMAND THAT IN EVERY FREE TRADE TREATY THAT THERE BE A BALANCE IN TRADE DIFFERENCE OF NO MORE THAN 10% CLAUSE.  THAT THE COUNTRY THAT HAS THE SURPLUS MUST PAY CASH TO THE COUNTRY THAT IS SHORTED, IN THE CURRENCY OF THE COUNTRY SHORTED.  WE MUST ALSO DEMAND THAT ABSOLUTELY NO PART OF A TREATY CAN VIOLATE THE U. S. CONSTITUTIONAL RIGHTS OF A U. S. CITIZEN OR AN EXISTING FEDERAL LAW.

CONGRESS MUST INSIST THAT EVERY TRADE OR FREE TRADE ACT OR TREATY MEET ALL EXISTING LAWS OF THE UNITED STATES OF AMERICA.

CONGRESS MUST INCLUDE LANGUAGE IN EVERY TRADE AND FREE-TRADE AGREEMENT THAT OUTLAWS CURRENCY MANIPULATION.

"WE THE PEOPLE" MUST DEMAND THAT THE FEDERAL GOVERNMENT UNDER "EMINENT DOMAIN LAWS" SEIZE THE FACILITIES AND EQUIPMENT OF ANY CORPORATION, INSTITUTION, COMPANY OR ORGANIZATION THAT MOVES THEIR MANUFACTURING PRODUCTION OR PERFORMANCE OF A SERVICE TO A FOREIGN COUNTRY AND FINANCE THE SALE OF THE FACILITY AND EQUIPMENT TO THE EMPLOYEES TO OWN AND OPERATE, PRODUCING THE SAME GOODS AND SERVICES.

“This page has long argued that removing barriers to trade benefits the Economy and Consumers, [BUT WE HAVE FINALLY BECAME AWARE OF THE TRUTH THAT THE ONLY ONE THAT IS GAINING ARE THE CORPORATIONS, INSTITUTIONS, COMPANIES AND ORGANIZATIONS.]  and some of those gains COULD HAVE been used to help the Minority of people who lose their jobs because of increased Imports,” [WE COULD CREATE HUGE TARIFFS AND DUTIES TO PROTECT THE EMPLOYMENT OF AMERICAN CITIZENS IN THE UNITED STATES OF AMERICA.] the editors write.  “But those gains have not been as widespread as we hoped, and they have not been adequate to assist those who were harmed.”

WHY IS IT THAT THE MEMBERS OF THE CONGRESS WILL NOT IMPOSE TARIFFS AND DUTIES TO PROTECT THE WORKING AMERICAN CITIZEN?  SIMPLY BECAUSE THOSE THAT PROVIDE THE HUGE AMOUNT OF MONEY TO THEIR POLITICAL CAMPAIGN FUNDS ARE CONTINUING TO MAKE EVEN BIGGER PROFITS WITH THE GOODS AND SERVICES THAT THEY ARE PROVIDING AND SELLING MANUFACTURED OR PROVIDED WITH FOREIGN SLAVE LABOR.

"WE THE PEOPLE" NEED TO DEMAND THAT THE CONGRESS PASS A LAW WHICH WOULD REQUIRE THAT EVERY LAW, REGULATION, RULE OR TREATY MUST BE PUBLISHED IN IT'S FINAL FORM ON-LINE AND IN THE PAPER NEWS MEDIA FOR 30 DAYS BEFORE IT IS VOTED ON BY THE MEMBERS OF CONGRESS.  SO THAT "WE THE PEOPLE" CAN READ IT AND MAKE COMMENTS ON IT AS TO IF WE SUPPORT OR OPPOSE IT TO OUR ELECTED MEMBERS OF THE CONGRESS.

Negotiators have argued that it’s impossible to conduct trade talks in public because opponents to the deal would try to derail them.  IS THAT NOT THE RIGHT OF THE PEOPLE IN A DEMOCRACY OR A REPUBLIC?????

ANYTHING THAT IS KEPT SECRET IS DONE SO FOR ONLY ONE REASON, YOU AND I WOULD OPPOSE IT.  THIS IS ANOTHER THING THAT I DO NOT LIKE ABOUT PRESIDENT OBAMA AND HIS ADMINISTRATION. PRESIDENT OBAMA DOES NOT WANT "WE THE PEOPLE" TO KNOW WHAT IS IN IT YET THE CORPORATIONS ARE DIRECTLY INVOLVED IN WRITING IT.....

WHICH THE "TO LARGE TO FAIL BANKS" WOULD ALSO DO IN THE UNITED STATES OF AMERICA TO PREVENT US FROM CREATING A FINANCIAL TRANSACTION TAX.

IT MIGHT BE CHEAPER TO THESE CORPORATIONS, INSTITUTIONS, COMPANIES AND ORGANIZATIONS TO MOVE WORK OFF-SHORE AS LONG AS WE HAVE A CONGRESS THAT IS NOT CAPABLE OF, OR LACKS THE COURAGE TO PROTECT THE U. S. WORKER WITH TARIFFS AND DUTIES.  THE REPRESENTATIVES AND SENATORS NEED TO LEARN THAT THEY REPRESENT THE MAJORITY OF THE AMERICAN CITIZENS AND NOT THE JOBS AND SECURITY OF THE CITIZENS OF FOREIGN COUNTRIES.  NOR ARE THEY ONLY SUPPOSE TO REPRESENT AND PROTECT THE INTERESTS OF THE RICH AND POWERFUL 1.0%.....

CONGRESS MUST MOVE TO WRITE STRONG LAWS, REGULATIONS AND RULES TO PROTECT THE AVERAGE AMERICAN CITIZENS FROM THE ABUSES OF THE ELITE RICH AND POWERFUL THAT THREATEN THE HEALTH AND SAFETY OF THE WORKING MAN AND WOMAN.

CONGRESS MUST MOVE TO WRITE STRONG LAWS, REGULATIONS AND RULES TO PROTECT THE INVESTMENTS OF THE AVERAGE AMERICAN CITIZENS FROM THE ABUSES OF THE ELITE RICH AND POWERFUL THAT THREATEN THEIR PROPERTY AND INVESTMENTS.

CONGRESS MUST MOVE TO WRITE STRONG LAWS, REGULATIONS AND RULES TO PROTECT THE ENVIRONMENT THAT WE ALL MUST LIVE IN.

CONGRESS MUST PROPERLY FUND EVERY DEPARTMENT OF THE GOVERNMENT AND ALL OF THE AGENCIES WHICH HAVE THE RESPONSIBILITIES TO ENFORCE THESE LAWS, REGULATIONS AND RULES.

WE THE PEOPLE MUST FORM ONE SINGLE NATIONAL UNION TO REPRESENT THE EMPLOYEES WITH THEIR EMPLOYER. THAT IS THE ONLY WAY TO CREATE A LEVEL PLAYING FIELD FOR THE WORKING MEN AND WOMEN IN THE UNITED STATES OF AMERICA.  SEEING AS EVERY EMPLOYEE WOULD BENEFIT THEY SHOULD PAY ONE HOURS WAGES TO THE UNION PER MONTH FOR THEIR REPRESENTATION.

~~~

NASA Satellite Images Show Climate Change Accelerates ‘Browning’ of Congo Rainforest

Tim Radford

EcoWatch / News Report

Published: Sunday 27 April 2014

 

The Congo—one of the world’s greatest rainforests—is getting steadily less green. The slow change in color during this century, recorded by a series of U.S. satellites, has been matched by a rise in temperature and lower precipitation. And, researchers think, it could reflect a forest’s response to climate change

Scientists from Australia, China, the U.S. and France report in the journal Nature that they examined optical, thermal, microwave and gravity data collected by orbiting sensors between 2000 and 2012.

The new study used satellite data from NASA to track the gradual “browning” of the Congolese rainforest.

They concentrated on intact forested regions during the months of April, May and June each year, which span the peaks of growth and rainfall. They detected an intensification in the forest’s decline. This decline was consistent with lower rainfall, poorer water storage below the canopy and a gradual change in the composition of species.

“It is important to understand these changes because most climate models predict tropical forests may be under stress due to increasing severe water shortages in a warmer and drier twenty-first century climate,” said Liming Zhou, of Albany State University of New York. But other factors could accelerate this “browning” of one of the world’s greatest rainforests.

A team from the Catholic University of Louvain in Belgium—also known in Belgium’s other language as KU Leuven—predicts in the Journal of Climate that explosive population growth and inefficient agricultural practices are likely to make things a great deal hotter for the region and a great deal worse for the rainforest.

By 2050, according to their computer models, Central Africa will be on average 1.4 degrees Celsius hotter than it is today just because of greenhouse gas emissions. And the steady destruction of the forest will add an extra 0.7 degrees Celsius to that figure.

Temperature increases on such a scale will harm plant and animal species and even bring about some extinction. Where the forests have been cleared, there will be increased levels of evaporation, and consequent rises in temperature.

Across the Atlantic, things also look bleak for the Amazon rainforest. Paulo Brando of the Amazon Environmental Research Institute in Brazil and colleagues from the U.S. report in the Proceedings of the National Academy of Sciences that the piecemeal clearing of the rainforest, along with drought, has begun to create “tinderbox” conditions  and an ever more destructive cycle of burning.

Over the course of eight years, in one of the longest-running experiments of its kind, the researchers burned 50-hectare plots of forest in the south-eastern Amazon, a region vulnerable to climate change. They compared the tree deaths each year to measure the impact of drought on fire intensity.

“Drought causes more intense and widespread fires,” said Dr. Brando. “Four times more adult trees were killed by fire during a drought year, which means that there was also more carbon dioxide released into the atmosphere, more tree species loss and a greater likelihood of grasses invading the forest.”

This research, too, was backed up by satellite observation. In 2007, a year of drought, fires in south-east Amazonia burned 10 times more forest than in an average year—an area equivalent to a million soccer fields, according to Douglas Morton of the U.S. space agency NASA, a co-author.

Climate change is expected to bring shorter, more intense rainy seasons and longer dry seasons in the region. Michael Coe of Woods Hole Research Center, another author, said “We tend to think only about average conditions, but it is the non-average conditions we have to worry about.”

~~~

Economist Caution: Prepare For 'Massive Wealth Destruction'

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Tuesday, 29 Apr 2014 10:30 AM

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Take immediate steps to protect your wealth . . . NOW!

That’s exactly what many well-respected economists, billionaires, and noted authors are telling you to do — experts such as Marc Faber, Peter Schiff, Donald Trump, and Robert Wiedemer. According to them, we are on the verge of another recession, and this one will be far worse than what we experienced during the last financial crisis.

Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

Faber points out that this bleak outlook stems directly from former Federal Reserve Chairman Ben Bernanke’s policy decisions, and the continuous printing of new money, referred to as “quantitative easing” in the media.

Faber’s pessimism is matched by well-respected economist and investor Peter Schiff, the CEO of Euro Pacific Capital. Schiff remarks that the stock market collapse we experienced in 2008 “wasn’t the real crash. The real crash is coming.”

Schiff didn’t stop there. Most alarming is his belief that daily life will get dramatically worse for U.S. citizens.

“If we keep doing this policy of stimulus and growing government, it’s just going to get worse for the average American. Our standard of living is going to fall . . . People who are expecting Social Security can’t get all that money. People expecting government pensions can’t get all their money . . . We simply can’t afford to pay them.”

Equally critical of the current government and our nation’s economy is real estate mogul and entrepreneur Donald Trump, who is warning that the United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.

Trump doesn’t hesitate to point out America’s unhealthy dependence on China. “When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others.”

It is this massive debt that worries Trump the most.

“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he gets finished,” Trump says, referring to President Barack Obama. “When you have [debt] in the $21-$22 trillion [range], you are talking about a [credit] downgrade no matter how you cut it.”

Despite the overwhelming concern expressed by Faber, Schiff, and Trump, the most damning piece of evidence for immediate wealth destruction comes in the form of an ominous chart published last November that has been quietly making the rounds on Wall Street.

The chart, recently republished by Mark Hulbert on MarketWatch, shows a direct correlation between today’s stock market and the one leading up to the historic 1929 collapse.


The shocking parallel confirms what one expert says is in store for our country and economy this year.

Where Trump, Faber, and Schiff see rising debt, a falling dollar, and a plunging stock market, investment adviser and author Robert Wiedemer sees much more widespread economic destruction.

In a recent interview to talk about his New York Times best-seller Aftershock, Wiedemer says, “The data is clear, 50 percent unemployment, a 90 percent stock market drop, and 100 percent annual inflation… starting in 2013.”

Editor’s Note: Watch the disturbing interview with Wiedemer.

Before you dismiss Wiedemer’s claims as impossible or unrealistic, consider this: In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their research in the book America’s Bubble Economy.

When the interview host questioned Wiedemer’s latest data, the author unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”

The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The country’s financial “rescue” devised in Washington has failed miserably.

The blame lies squarely on those whose job it was to avoid the exact situation we find ourselves in, including former Fed chiefs Bernanke and Alan Greenspan, tasked with preventing financial meltdowns and keeping the nation’s economy strong through monetary and credit policies.

Shocking Footage: See the eerie chart that exposes the ‘unthinkable.’

At one point, Wiedemer even calls out Bernanke, saying that his “money from heaven will be the path to hell.”

But it’s not just the grim predictions that are causing the sensation in Wiedemer’s video interview. Rather, it’s his comprehensive blueprint for economic survival that’s really commanding global attention.

The interview offers realistic, step-by-step solutions that the average hard-working American can easily follow.

The video was initially screened for a relatively small, private audience. But the overwhelming amount of feedback from viewers who felt the interview should be widely publicized came with consequences, as various online networks repeatedly shut it down and affiliates refused to house the content.

Bernanke and Greenspan certainly would not support Wiedemer publicly, and it soon became apparent mainstream media would not either.

“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog. “But unfortunately, it kept getting pulled.”

“Our real concern,” DeHoog added, “is the effect even if only half of Wiedemer’s predictions come true.

“That’s a scary thought for sure. But we want the average American to be prepared, and that is why we will continue to push this video to as many outlets as we can. We want the word to spread.”

Editor’s Note: For a limited time, Newsmax is showing the Wiedemer interview and supplying viewers with copies of the new, updated Aftershock book including the final, unpublished chapter. Go here to view it now.
                                          
~~~

If the good Lord is willing and the creek don't rise, I'll try to talk with you again next week.

God Bless You All

&

God Bless the Unite States of America

Floyd


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