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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Best of Bill Buckler
October 15, 2008
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Today, the US economy stands with net external debts of $US 9 TRILLION and they are climbing at an annual rate of more $US 800 Billion as shown by the US current account deficit. The US stands with an internal annual budget deficit which could top $US 1 TRILLION when the cost of the serial bailouts are added and as the US Treasury is forced to borrow these huge sums to try to save the US banking and financial system. Today, the US is bankrupt, it is broke.

For the Bush Administration to claim that the US Dollar should still be a reserve currency is a farce….

Astounding actions are being taken at the US Federal Reserve, actions without any precedent. This latest Fed cut in interest rates is a small part of it. The Fed is literally blowing its balance sheet apart with one new "facility" after another for pumping more money out being opened. This week, the Fed made the decision to double the auctions of fresh cash to American banks to as much as $US 900 Billion!

Fighting Credit Deflation With Credit Inflation:

The US central bank has expanded credit more than at any time in the past seven decades! So-called "assets" on the Fed's balance sheet expanded by $US 285 Billion last week to $US 1.498 TRILLION. This was the biggest one week increase EVER by the Fed according to JPMorgan Chase & Co. The Fed is interposing itself into the US money and financial markets directly by doing the lending which the commercial banks are failing to do. This is lending as a last resort with a vengeance. The Wall Street Journal has reported that: "On Thursday, October 2, the Federal Reserve released the latest data on its balance sheet, which has ballooned by some $US 500 Billion to $US 1.5 TRILLION in the past month." Over the last six or seven weeks, the Fed's balance sheet has doubled. This Fed data is of extreme importance. Were the Fed to continue to expand its balance sheet at a monthly pro-rata rate of $US 500 Billion, in a year its balance sheet would balloon to $US 7.5 TRILLION. This is an impossible sum because under the "fractional reserve", it would enable the commercial banking system to inflate credit to the even more impossible sum of $US 75-90 TRILLION piled on top of the other US bank credit.

Ó 2008 – The Privateer

http://www.the-privateer.com

capt@the-privateer.com

(reproduced with permission)

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