The Bill has come due and it's for $1,000,000,000,000,000.00
Now, things are so bad that a reader at Felix Salmon's Market Movers blog is moved to darkly say, "Gold is for optimists. I'm diversifying into canned goods." Hahaha! Gold is for optimists! Hahaha!
By The Mogambo Guru
Today we are going to Rgemonitor.com for the Mogambo Laugh O' The Day (MLOTD) concerning gold, in the award subcategory, "A joke that does not make fun of people so damned stupid that they have no clue of what the last 4,000 years of economics and gold says about why they should be buying gold with both hands with every penny at their disposal, and selling the kids into slave labor to get a few extra bucks with which to buy gold, and since they are slaves and thus somebody else's problem now, they won't need their stupid piggy banks, and these parents can help themselves and use whatever money is in them to buy a little more gold. Later, when gold has zoomed up in price and you are finally rich, happy and generous instead of being poor, hateful and stingy, you can buy the kids back! Probably at a discount! And certainly better trained to follow orders and able to work 20 hours a day chained to a sewing machine for weeks at a stretch!"
The Financial Times went on, not about this terrific joke, but about economist Nouriel Roubini, of Roubini Global Economics and former director of the US Treasury Department's Office of Policy Development and Review, who "has long been positioned firmly on the gloomy side of the outlook scale - but the past week's batch of predictions has been ominous even by his own dark standards. In fact, they're nigh on apocalyptic. Or, in other words, a 'generalized systemic financial meltdown'."
In his own words, Mr Roubini said, "Losses due to subprime alone will be as high as $400 to $500 billion and this does not count losses due to near prime, prime mortgages, auto loans, credit cards, commercial real estate, leveraged loans, loans to the corporate system; if added all up losses could end up - in a US recession - as being as high as $1,000 billion or $1 trillion. The financial bloodbath thus has only started and a hard landing of the economy is clearly ahead of us."
The actual excerpt is that "there is currently at least a $1,000 trillion black hole in the world economy", what with "$600 trillion in world liabilities, plus more than a $400 trillion derivatives neutron bomb, all of which will go off when the Westerners (from EU and US) will no longer be able to borrow."
So, with trembling hands I feverishly punched the calculator, adding 400 trillion plus 600 trillion, which is 400,000,000,000,000 and 600,000,000,000,000, and then I think, "That's too many zeroes! It won't even fit on my calculator screen, for God's sake!"
Hold on to your pocketbooks, because before this latest massive scam perpetuated upon the American people has shaken out, WE the People will get soaked with the costs of paying for a massive scheme to defraud the public that will dwarf the
1980's S & L Scandal.
While Bush the Younger is in charge of the presidency during this theft of people's money, his father, Bush the Elder, was first Vice President, then President during the S & L scam that will wind up costing the American public over around ONE TRILLION DOLLARS.
The collapse of Neil's Silverado S & L wound up costing the American public nearly 1.3 BILLION, but Neil walked away virtually unscathed, paying a measly $50,000 dollar fine.
How did this member of the Bush Crime family, Neil, perpetuate this fraud? Here's one of the schemes: "As a director of a failing thrift in Denver, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners. Federal banking regulators later followed the trail of defaulted loans to Neil Bush oil ventures, in particular JNB International, an oil and gas exploration company awarded drilling concessions in Argentina -- despite its complete lack of experience in international oil and gas drilling. It probably helped that the Bush family had cultivated close ties with the fabulously corrupt Carlos Menem, former president of Argentina.
Daddy Bush even personally intervened in one of his kid's cases that came before the SEC (Security and Exchange Commission) so his son Neil would escape without any jail time.
And Daddy Bush didn't want his beloved agency the CIA, to get any mud on it's name, even though it had helped swindle
banks out of billions of dollars, to help pay for black ops and drug running.
Never let it be said the Bush Crime Family doesn't have a nose for money to pilfer, as brother Jeb also got in on this massive theft of people's money.
It should also be noted that shortly after news of Neil Bush’s involvement in the S&L scandal hit the press his father, George Bush Sr., announced the Desert Storm campaign in Iraq, which subsequently had the result of making Neil’s name quickly fade from the headlines.
Boy, is that Bush family lucky or what? Damn near anytime bad news arrives that shows the Bush Crime Family in their true light, something else, usually involving a massive amount of violence, pops up to divert us proletariat from the real news.
Personally, i have more respect for gangsters like Jesse James or Al Capone. At least they were upfront and honest about their intentions when they'd stick a gun in your face and demand your money.
Unlike some of the notorious crime families stealing America blind these days, using corrupt regulators, bought and paid for politicians and horse thieves who hide behind a black robe.
