The continuing devastation unleashed by the US subprime crisis not only impacts Americans and their investments in real estate, it is also having terrible effects on foreign economies. According to Max Keiser and his excellent reporting for the People and Power series on Al Jazeera, Iceland is quaking under the weight of bad US debt.
Below are two links, one on Keiser's work covering the Iceland story back in the Summer of last year (!) and another link to how the story is only now surfacing in the UK as the result of Britain's similar problems and their effect on countries like Iceland.
Stories like this make you ask, "Is it now true that the only way the US can maintain its standard of living is by exporting bogus wars and bad debt to foreign countries?"
http://thiscanadian.typepad.com/this_canadian/2008/03/there-is-no-we.html
YOU THINK you're SCREWED NOW?
As a Canadian, lemme tell ya... the crimes NAFTA perpetrated on America's behalf upon Canada was JUST A TEASER to what the "Security & Prosperity Partnership" is gonna do to the US (& Canada).
There is no WE in CORRUPTION
JUST A TEASER. Americans are so used to believing that *screwing other people* benefits AMERICANS... they just can't get it through their heads that THE CHICKENS HAVE COME HOME TO ROOST.
INTEGRATE THIS! Challenging the Security & Prosperity Partnership
http://www.canadians.org/integratethis/
Chase mortgage memo pushes 'Cheats & Tricks'
"The bank says it never backed the strategies, which detail how to get an iffy loan approved"
Thursday, March 27, 2008, Jeff Manning, The Oregonian
http://www.oregonlive.com/printer/printer.ssf?/base/business/120658650589950.xml&coll=7
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Spread Love...
BlueBerry Pick'n
can be found @
ThisCanadian com
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"We, two, form a Multitude" ~ Ovid.
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"Silent Freedom is Freedom Silenced"
rigged markets part 1
http://uk.youtube.com/watch?v=8z66kmPRl5Y
rigged markets part 2
http://uk.youtube.com/watch?v=_3H6uEyR66M
Wait! I just had the most wonderful idea! Why don't you bail out 10 or 20 families with your money? That's what I thought, it's not your responsibility. It's not the government's responsibility either.
I'd have to say you've no idea what you're talking about BrownShirted.
go look up BASEL II & do your homework.
~~~
Spread Love...
BlueBerry Pick'n
can be found @
ThisCanadian com
~~~
"We, two, form a Multitude" ~ Ovid.
~~~
"Silent Freedom is Freedom Silenced"
wow, that's really naive, MElmore1965
... um... when the BANKS went out of their way to screw with people the fault lies with the criminals they are...
it might be news to you, but taking advantage of people by FRAUD is a crime. Removing the regulations doesn't make it LESS ETHICAL... just more likely to occur to a wider swath of the General Population.
why is it that people LOVE to blame the victim? its a bloody pathetic, lazy thinking & typical of people who like to talk down the Poor & beatify the white-collar crime.
"Corruption is why we win", eh?
http://www.youtube.com/watch?v=GodbekgFZng
~~~
Spread Love...
BlueBerry Pick'n
can be found @
ThisCanadian com
~~~
"We, two, form a Multitude" ~ Ovid.
~~~
"Silent Freedom is Freedom Silenced"
"The deficits were easy to fund in times of abundant liquidity, but we think the global credit crunch is going to make it a lot harder," he said. "The history of financial crises suggests that it can be dangerous to think 'it's different this time'." We all know that no one learns and we're going to be left in a *snafu*, hehe ;)
The currencies mentioned in the article are taking a nose dive. Investors will have to pay back more valuable currency with less valuable currency (not good). Another item is that "carry trades weaken the target currency, because investors sell what they have borrowed, and convert it into other currencies."
We all know that for some strange people have lost their minds (in general) and one boy genius decided that "free money" was the way to go...for selfish reasons, of course. So...the entire global economy joined this free for all and everyone decided to self destruct at once. This was done on purpose (I think you know that) with no hesitation.
Switch off your shield
Switch off and feel
I'm working on loving-yeah
Giving you back the good times
Ship it out-out
I'm working for the black gas
[Repeat 1]
We got two tribes
We got the bomb
We got the bomb-yeah
Sock it to me biscuits-now
Are we living in a land
Where sex and horror are the new Gods?
Yeah
When two tribes go to war
A point is all you can score
Frankie Goes to Hollywood 1983
The mortgage companies were forewarned about the quality of the mortgages they were "granting", and chose to go with the quick money. Banks have been issuing mortgages a lot longer than any of us alive today have been buying houses. They have lending models that tell them who is qualified and who isn't. Mortgages are not handed out at the whim of a buyer...the bank 's legal department issues the paperwork.
Yes, it is Bush's fault--he has created an environment where the corporations and the wealthy have been given the opportunity to raid our economy. Personal responsibility ends where the robber barons take charge...and that is where we are today. We are suckers in a grand scheme of people who think they are going to somehow throw this whole mess back in OUR faces...they didn't think this one out very well. Bush is responsible for encouraging an environment of arrogance.
I won't make the same mistake next time!
Great post!
http://uk.youtube.com/watch?v=qxYi2W9vEfw
Never before in the history of the Human Condition has there been such a massive shift of wealth from the hands of the multitude to the closed yet bulging pockets of the few. The systematic draining of financial resources has been and continues to enjoy the full cooperation of the setting government with all its agencies in cue. The wholly owned subsidiary the MSM is the information/propaganda branch that has brought the science of mass marketing to it's highest and best use ever. The speed of execution for this shift has been blinding and we have not begun to feel the results of the full impact a broken U.S. consumer will have on the world markets. When we have finally reaped the tempest that unbridled greed has gained us, no soul will be unaffected. Greed is blind and self destructive. So Blood for Oil along with all it's horrors we have assented too by our silence and lack of courage.
April 19th!
When someone runs up their credit card, leverages the equity in their home to the max, and then declares bankruptcy, I would say that is perhaps the best example of "multitude" stuffing their pockets full at the expense of the "rich". How you can mistakenly think a bank losing $100k on a bad loan is somehow transfer of money from the poor to the wealthy truly boggles the mind!
3. Immediately offer a $5,000 to $10,000 direct rebate to all persons and companies purchasing and installing domestically manufactured or privately manufactured Alternative energy systems in homes and buildings that reduce the unit consumption of total energy use buy 50% or more. The low end would be for 50% percent energy reductions and the high rate would be for systems achieving over 75% reductions in overall unit energy consumption. This action will immediately create enormous investment into the alternative energy sector and create manufacturing jobs at historical levels.
These are three simple yet Earth changing steps. It's time to move towards a vibrant Green economy.
We should invest in green infrastructure like high speed rail. I read somewhere that the Chinese plan to spend $200 billion on their rail network in the coming years. A similar plan in North America would create jobs and build the infrastructure needed for a cleaner future.
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1. Immediately release with much fanfare, 10%at a minimum to 20% maximum of the S.P.R. ediately of(Strategic Petroleum Reserve) at $45. per barrel to domestic refiners only. This will lower the price of gas at the pump by at least $1.00 per gallon. It will reduce the price of all heating and electricity costs nationwide as well as force the entire crude market to come down to earth. Every product we touch travels to market, every increase, or decrease in the price of crude has a direct impact on all costs of goods. (Accounting 101)This single act will immediately free funds already in the hands of the American consumer and make them available begin to catch up on other expenses and to spend on consumer goods. Demand fuels economies, not supply. A supply side economy, is and always will be a false economy. We already own this crude and can counter price manipulation via this domestic offer. Ten percent is 70,000,000 barrels. we currently import less than 5 million barrels of OPEC crude per day. It is a complete knowing misrepresentation for those that contend that the suppliers forced to compete would shut off their own income stream. Economics 101.
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