Stock Market Crash Expected In 2008 To Be Worse Than 1929

[nChrist]

If the government monopolizes banking and healthcare, WAVE BYE TO FREEDOM AND A FREE COUNTRY.

Besides, our government caused the current problems and isn't known for doing things well. NOW, it's primarily known for CORRUPTION. They do things for MONEY, POWER, AND CONTROL. We need to remember that government pressure on banking from CONGRESS is what caused this problem. YOU WILL MAKE LOANS TO PEOPLE WHO AREN'T QUALIFIED FOR THEM AND CAN'T AFFORD TO PAY THEM BACK! Folks with any common sense should have known this was a recipe for disaster. They started COOKING THE BOOKS when the ink started turning RED and kept it quiet. Bernie Madolf (sp) was an honest BROKER in comparison. Besides, Madolf only RIPPED OFF 50 BILLION!

Do you really want the government to be running your banking and heathcare? I DON'T! I CERTAINLY DON'T WANT FOREIGN GOVERNMENTS HAVING ANY CONTROL OVER MY PERSONAL MATTERS!

[Brother Jerry]

I figured out how we could take care of our national debt and pull us out of this economic crisis.
.
.
.
.
Get the Democrats to pay their taxes.


 

[nChrist]

I figured out how we could take care of our national debt and pull us out of this economic crisis.
.
.
.
.
Get the Democrats to pay their taxes.


 

   My wife and I talked a little bit about this last night. We should be in awe of the morals and ethical values of our current leadership. UM? - I'm in awe - but not of these things.

[Barbara]

The Crisis Deepens

by Gary Kah

(Gary Kah  - Editor of Hope for the World Update, is a former government trade specialist and the best-selling author of En Route to Global Occupation and The New World Religion. Gary has appeared on over 1,000 talk shows since the release of his books. He has also been a featured speaker at hundreds of conventions, churches, universities and community gatherings in the US, Canada, Europe, Israel and India. Gary has been married for 27 years and is the father of four.)

As the new year continues to unfold, several items will be dominating the headlines. A downward spiraling economy, war and the pursuit of Mideast peace, the push for religious unity and issues of climate change will be nightly themes on the major networks - along with the Obama Administration's handling of these matters. At this point, one thing is all but certain: 2009 will be a year of increasing instability and crisis.

Our newly sworn in President will initially receive a great deal of support from the media, as he did throughout his campaign. However, the favor of like-minded liberals alone will not be enough to overcome the monumental challenges he faces. As a Christian I will pray for Barack Obama, that he will heed God's warnings and make wise decision in the tumultous days ahead.

Thus far he has not shown the best discernment in his choices. For example, he has appointed mostly pro-world government Washington insiders to his cabinet. They include advocated of bigger government, a socialist agenda, and non-family values.

Among President Obama's closest economic advisors are Timothy Geithner and Paul Volcker. Geithner has been the head of the Federal Reserve Bank of NY and is the Fed's main liaison with Wall Streer; he is Obama's new Treasury Sec'y. Volcker is a former chairman of the Federal Reserve; he is Obama's pick to chair the Economic Recovery Advisory Board and was his top financial advisor during the presidential campaign. Volcker is a staunch globalist and supports the introduction of a one-world currency.

Both men are favorites of the pro-UN Council on Foreign Relations (CFR). In fact, Obama's new cabinet is stacked with members of the CFR and their sister organizations - the Trilateral Commission and the secretive Bilderberg group. Obama, himself, has shared his geopolitical plans in Foreign affairs, the CFR's flagship publication; and his wife, Michelle, is a member of a CFR branch in Chicago. Given these details we should not be surprised if the President responds to crisis events with steps leading us ever closer toward global government.

In my book En Route to Global Occupation, I quoted Rear Admiral Chester Ward, a former member of the CFR. He warned that the one world elite

have one objective in common - they want to bring about the surrender of the sovereignty of the national independence of the United States.
A second clique of international members in the CFR...comprises the Wall Street international bankers and their key agents. Primarily, they want the world banking monopoly from whatever power ends up in the control of global government...


The Deteriorating Financial Situation


If we give President Obama the benefit of the doubt and assume that he is completely naive about the goals of his CFR/TC/Bilderberg advisors and genuinely has the best interests of America's citizens at heart, he will need our fervent prayers to turn this nation's economy around.

Consider these statistics that were released this month (January):

* Appropximately 170 banks are now on the government's list of troubles financial institutions, up from 117 in September. (Source FDIC)

* In 2008, all US car manufacturers saw unprecedented sales declines. Chrysler's vehicle sales were down 30%, General Motors 23%, and Ford 32% from previous year. (Source; Morgan and Co. as quoted in The Indianapolis Star)

* 3,100 retail and wholesale companies are expected to close during the first half of this year. (Source: CNN, 1/2/09) This means that upwards of 50,000 individual outlets could be shutting their doors between now and next summer. This would result in the loss of hundreds of thousands of additional jobs.

* 624,000 jobs were lost in the month of December alond; and more jobs were lost in 2008 than in any year since 1945. (Source: Cnn, 1/10/09)

* Based on these figures next month's unemployment rate is expected to soar past 8 percent.

There is another problem; it concerns taxation. As a result of the dramatic rise in unemployment the US Government is taking in less and less tax revenue. The government's tax base will dwindle further not only because of fewer jobs and a slumping GDP, but also due to the colossal amount of this year's tax write-offs resulting from last year's business and investment losses. This will lead to an extimated record $1.2 trillion federal deficit for 2009.

On January th CNBC posed the question, "Wat do we do if the government goes broke?" They acknowledged that we would be in serious trouble very quickly if China suddenly stopped loaning us money because they think we've become an unsafe risk.

Cont'd...

[Barbara]

The Crisis Deepens

Cont'd...

Foreign Acquisitions

Tge fact is foreign powers are increasingly in the driver's seat when it comes to our economic future. Not only is our government dependent on their money to stay afloat, but they are buying up our companies at a record pace. According to a watchdog group called Economy in Crisis (EIC), which tracks foreign buy-outs of US firms, foreign groups are purchasing an average of $201 million worth of US companies PER DAY. This daily average has been climbin steadily in recent years. As early as the 1980s US industries were beginning to succumb to foreign interest. By 2000 America was already in a crisis, but most Americans didn't know it.

The following data, released by the IRS, indicates what percentage of key US industries are owned by foreing entities. (Note: This information is based on 2002 figures - the last year for which industry-wide statistics are available. Imagine what the numbers would be today, seven years later!)

Sound recording industries ----- 97%
Commodity contracts dealing and brokerage ----- 79%
Motion picture and sound recording industries -----  75%
Metal ore mining ----- 65%
Database, directory, and other publishers ----- 63%
Book publishers ----- 63%
Engine, turbine and power transmission equipment ----- 57%
Plastics and rubber products manufacturing ----- 52%
Glass and glass products ----- 48%
Coal mining ----- 48%
Sugar and confectionery products ----- 48%
Pharmaceutical and medicine ----- 40%
Securities brokerage ----- 38%
Chemical manufacturing ----- 30%
Industrial machinery ----- 30%
Securities, commodity contracts, and other financial investments and related activities ----- 30%
Motor vehicles and parts ----- 29%
Machinery manufacturing ----- 28%
Credit card issuing and other consumer credit ----- 26%
Petroleum refineries (including integrated) ----- 25%
Transportation equipment manufacturing ----- 25%
Semiconductor and other electronic components ----- 23%

*This is only a partial list. for a complete list of foreign-owned industry percentages, go to economyincrisis.org

To get a more current picture let's consideer some recent corporate statistics. As of July 2008 the following numbers of US companies had been acquired by foreign entities (listed according to industry):

Oil and gas; petroleum refining ----- 584
Telecommunications ----- 257
Drugs ----- 429
Business services ----- 2,413
Insurance ----- 371
Electric, gas, and water distribution ----- 211
Food and kindred products ----- 476
Investment and commodity firms, dealers and exchanges ----- 510
Electronic and electrical equipment ----- 675
Commercial banks, bank holding companies ----- 152
chemicals and allied products ----- 597
Metal and metal products ----- 553
Printing, publishing, and allied services ----- 546
Measuring, medical,  photo equipment; clocks ----- 685
Transportation equipment ----- 168
Prepackaged software ----- 1,133
Real estate; mortgage bankers and brokers ----- 396
Communications equipment ----- 242
Mining ----- 337
Machinery ----- 68

Most of these industries are vital to maintaining our national independence and freedom as a people. clearly, much of the ability to determine our own future has already been lost - mainly to European interests which have done most of the acquiring so far. It would only be fait to point out, however, that American multinational firms have made their share of acquisitions abroad. The fact is the entire world is being internationalized, and countries are losing their national sovereignty to economic powers that are politically motivated and dedicated to the cause of globalization.

Where Do We Go From Here?

Unlike previous global financial crises, this time the US stands to lose the most. Since it is viewed as the primary perpetrator of the still-unfilding crisis, it will be expected to give up the most "to make things right." Europe's leaders have made clear they expect the US to convorm to their wishes. In November, just days before the G20 Summit in Washington, Europe's top officials met in Brussels to lay down the law. At that time they gave America a 100-day deadline (roughly, until the end of February) to agree to their plans. "We will be defending a common position, a vision...for reforming our financial system," they announced. (Quoted from a joint statement by Europe's leaders in early Nov. 2008 at an emergency meeting in Brussels, Irwin Steizer, "We don't want another Bretton Woods," Telegraph.co.uk, 11.12.08.)

Britain's Prime Minister Gordon Brown is publicly spearheading the call for international reforms. In his annual speech at the Lord Mayor's Banquet on November 10th, Brown remarked, "If we learn from our experience of turning unity of purpose into unity of action, we can together seize this moment of change in our world to create a truly global society." To hammer this point home he restated his position..

My message is that we must be: internationalist not protectionist; interventionist not neutral; progressive not reactive; and forward looking not frozen by events. We can seize the moment and in doing so build a truly global society.

As part of Brown's proposal for a new world order he has called for major reform of the global financial system, including a global trade agreement and an expanded role for the 185-nation International Monetary Fund (IMF). Backing him are France and Germany who are specifically pushing form the IMF to become a global supervisor of regulators - "the pivot of a renewed international system" as they call it. (As part of this reorganization the EU team is determined to substitute the European model of capitalism for the less heavily regulated American version, which has been a long-time goal of the French. )

On October 12th The Washington Times had reported that a major shake-up of the IMF should be expected:

With China and other Asian markets supplying much of the liquidity that keeps the US economy afloat, analysts say, the economic meltdown could signal a rearrangement of the pecking order at institutions like the IMF and World Bank that has been largely unchanged since the end of World War II.

Robert B. Zoellick, the American head of the World Bank, argued explicitly last week for a larger "steering group" of countries to replace the long dominance of Western industrial powers at the World Bank and the IMF.
"The G7 is not working," he said. "We need a better group for a better time."

That same week US Treasury Secretary Hank Paulson gave a clear signal of the "new pecking order" on the sidelines of the annual World Bank and IMF meetings in Washington.

With world financial markets reeling, Mr. Paulson said, he was following up an emergency meeeting...of finance ministers from the traditional Group of Seven industrial powers - Britain, France, Canada, Germany, Japan, Italy and the US - with a larger gathering...of the so-called Group of 20, which includes China, India, Russia and Brazil.

On November 3rd Newsweek gave a not-so-subtle hint of where all  these changes are leading us. The title of the article said it all - "We Need a Bank of the World: The financial crisis is global, and only an international central bank can deal with it." The author, Jeffrey E. Garten, who is a professor of international trade and finance at Yale University, specified:

The IMF could continue to exist, but its board would have to be restructured, its bailout role for smaller nations carefully defined, and its directions-including the severity of the conditions it imposes on borrowers-would have to come from the new central bank.

To give it legitimacy, a global central bank would have to be governed in light of political realities. That means that its board would include not only the top financial officials of the US, the UK, the euro zone and Japan, but also China, Saudi Arabia, Brazil, South Africa and perhaps a few others.

Cont'd...

[Barbara]

Cont'd...

Garten went to make his case:

It would be hard to overestimate the political pushback that any official propasal for a global central bank would draw from various constituencies, most especially within the US. Among their many charges, critics will protest the establishment of "world government." But we have a World Trade Organization with legally binding powers over trade disputes. We have a World Health Organization for communicable disease with the ability to quarantine entire countries. And a World Court functions today that has considerable legal and moral clout.

It is true, most of the elements for world government are already in place. The only thing lacking has been a world crisis (or crises) to make it all gel. If global problems demand global solutions - as we've been conditioned to believe for the past few decades - then global financial crisis, a "global war on terror" and the much-feared effects of "global warming" give us three good reasons to capitulate, right?

Political columnist Gideon Rachman, writing for Financial Times on December 8th, summarized, "The financial crisis and climate change are pushing national governments towards global solutions, even in countries such as China and the US that are traditionally fierce guardians of national sovereignty."

America's Next Move

At the moment it appears that the new Obama Administration is planning to fall in line and adhere to many of the Internationalist's demands. The fact that President Obama attaches great importance to matters of global governance, including the United Nations, is demonstrated by his appointment of Susan Rice, one of his closest aides, as America's ambassador to the UN. He has also given her a seat in his cabinet.

Gideon Rachman comments:

A taste of the ideas doing the rounds in Obama circles is offered by a recent report from the managing Global Insecurity (MGI) project, whose small US advisory group includes John Podesta, the man heading Mr. Obama's transition team and Strobe Talbott, the president of the Brookings Institution, from which Ms. Rice has just emerged.

The MGI report argues for the creation of a UN high commissioner for counter-terrorist activity, a legally binding climate-change agreement negotiated under the auspices of the UN and the creation of a 50,000-strong UN peacekeeping force. Once countries had pledged troops to this reserve army, the UN would have first call upon them.

These are the kind of ideas that get people reaching for their rifles in America's talk-radio heartland. Aware of the political sensitivity of its ideas, the MGI report opts for sooting language. It emphasizes the need for American leadership and uses the term, "responsible sovereignty" - when calling for international co-operation - rather than the more radical-sounding phrase favoured in Europe, "shared sovereignty". It also talks about "global governance" rather than world government."

The plan to force America into the new world order appears to be well thought out. So, what happens if Obama doesn't move swiftly enough and fails to comply with Europe's demands by the end of February? Here is a potential scenario of what could result.

*Europe and its global allies could tighten the screws by ceasing to loan money to the US.

*This would probably force the US Government into bankruptcy within 3-6 months.

*Our companies would become even more vulnerable to foreign takeovers as the US Dollar plunges.

*Our economy would completely crash and unemployment would soar to levels not seen since the Great Depression. Unrest and lawlessness would begin to spread as people lose jobs and become desperate.

*Blame for our desperate situation would be directed first at Jews, then Christians - seen as the main obstacles to world peace and financial stability.

*At our weakest moment, an apparently viable solution would be proposed that promises to keep things from getting worse and to restore peace and stability.

*This is when a new currency and a regional economic/political arrangement might be introduced. They would be part of a broader global arrangement - a new world order- with a new kind of leadership that is loyal to its ideals of a one-world government, economy and religious system.

Cont'd...

[nChrist]

Hello Sister Barbara and All!

Much information of all kinds indicates the ushering in of the Tribulation Period. All of these things did NOT come together by accident. However, I'll still say "APPEARS" to be - so "MAYBE".

As an individual Christian, I would say NO to globalism of any kind because I know what it represents:  EVIL - THE END OF FREEDOM - SOCIALISM OR COMMUNISM! I would rather live in a cardboard box and have little or nothing to eat. Regardless, it APPEARS that our so-called government has been busy SELLING US OUT for quite some time. The current melt-down APPEARS to have been carefully engineered and TIMED! NO! - I'M NOT TRYING TO ADVANCE A CONSPIRACY THEORY! HOWEVER, THE CONSPIRACY IS WORKING IN THE OPEN RIGHT UNDER OUR NOSES!

As Christians - our ANSWER IS GOD ALONE! It appears that any further BIG SPENDING is just walking into the devil's yawning mouth to be devoured! I don't have ANY ANSWERS OTHER THAN GOD AND GOD'S WORD, but common sense should dictate MORE BIG SPENDING WITH MONEY BELONGING TO RED CHINA WOULD BE INSANE! We would obviously been better off not borrowing a penny from RED CHINA! OUR SO-CALLED GOVERNMENT WASN'T SMARTER THAN THIS?? THEY TRIED TO SELL US OUT, AND THEY ARE CURRENTLY TRYING TO FINISH THE JOB SO IT CAN'T BE REVERSED! WAKE UP!! - Regardless of whether this is the ushering in of the Tribulation Period or not!! I would simply say to think carefully about the OPPOSITE OF ANYTHING OBAMA HAS TO SAY!

[Barbara]

Amen blackeyedpeas!

Very interesting information I find useful to have in order to keep watchful eyes and ears for what the Word of God said is coming. Of course, no one can know the full extent or timing of what will happen, but I do find the articles of people more educated than I to be quite interesting. It is a very bumpy time right now, so the ability to have my eyes opened more can only help my family and I to keep looking up - knowing all is in HIS Mighty Hand!!

Here's the rest of the article:

Resistance to such a new order has been mounting among conservatives. For example, Conservative Caucus Chairman Howard Phillips, World Net Daily columnist Jerome Corsi, and activist Phyllis Schlafly are among those who have formed a coalition against the proposed amero currency. Some members of Congress are also taking a stand. On January 22, 2007, Virgil Goode of Virginia, Walter Jones of North Carolina, Ron Paul of Texas, and Tom Tancredo of Colorado were among 43 members of the House of Representatives who introduced H.Con. Res. 40, a resolution that expressed:

The sense of Congress that the US should not engage in the construction of a North American Free Trade Agreement (NAFTA) Superhighway System or enter into a North American Union (NAU) with Mexico or Canada.


While these noble men and women have drawn attention to the plans of the global elite, they have been unable to significantly slow their progress. We saw what happened, and is still happening, to Sarah Palin - a solid Christian candidate who is staunchly opposed to the new world order. The internationalist media did everything in their power to destroy her, while flagrantly promoting Obama in every creative way possible. Due in part to the growing international crises, the momentum and money are increasingly on the side of the globalists and their propaganda machine. Unfortunately, I do not see this trend changing. Those who understand what is about to happen and are trying to sound the alarm are in a small minority. Only those who are genuine seekers of the truth realize the gravity of this moment and are warning their loved ones to get prepared.

The Obama Factor

There are additional questions that need to be asked. They center on the person of Barack Obama. Why is it that this left-leaning, largely interfaith media have been so willing to passionately endorse him? And why is it that so many leaders from Europe, Africa, and elsewhere have referred to him as President of the World, the savior, or the new messiah? Nover before have so many messianic terms been used by so many to describe an American political candidate. Beginning with Oprah Winfrey, every celebrity New Ager has thrown their weight behind Barack Obama with a seemingly religious fervor. Shouldn't we be wondering why they are supporting him in this fashion?

Perhaps Barack Obama is viewed by new age occultists, interfaith leaders, and political/economic globalists as being "The One" who can finally deliver America into the new world order. This is likely to be the case...This would be a good time for all of mankind to remember the admonitions of Psalm 146:3-4:

"Do not put your trust in princes, in mortal men, who cannot save. When their spirit departs, they return to the ground; on that very day their plans come to nothing."


Conclusion

The next few years promise to be a difficult period in our nation's history. Regardless of what happens in the US -- or the rest of the world -- this is the time for Christians everywhere to step up and let their light shine. The time for openly and freely sharing the love and truth of Christ, I believe, is short. We must make the most of every opportunity.

As Christians we must build the foundation of our lives on the solid rock that is Jesus Christ; not on the sinking sand of this world's hollow philosophies and vain pursuits. Our goal should be to live productive and victorious lives for our King in spite of difficult circumstances. He has given us His power and spirit, enabling us to stand firm for Him. We must live our lives on this earth as overcomers, as we look forward to His return and an incredible eternity with Him.

Jesus promised that He will never leave us or forsake us (Hebrews 13:5) and that He will be with us to the very end of the age. (Matthew 28:20) He meant these words. In the days to come, may we never forget the Lord's promises. Let us always be praising God for His goodness, His grace and forgiving love as together we boldly face the challenges before us.

[Soldier4Christ]

Stocks reject Obama's plans
Dow drops nearly 400 as bill passes, Geithner speaks

The Dow Jones Industrial Average dropped nearly 400 points today, closing below 8,000 in a sharp rebuke of Obama administration economics.

The market dropped nearly 200 points while Treasury Secretary Timothy Geithner presented on live television the administration's revamped bank rescue plan.

The Dow dropped further on news that the Senate passed the president's massive $838 billion deficit-spending economic stimulus plan in a 61 to 37 vote that included only three Republicans, Sen. Arlen Specter of Pennsylvania, and Sens. Olympia Snowe and Susan Collins of Maine.

Investors expected Geithner to explain how the second $350 billion in congressionally approved TARP funds would be spent.

Instead, Geithner suggested the Federal Reserve and Treasury were considering making trillions available to handle the financial crisis, without clearly specifying where the money would come from.

Investors appeared to react negatively at the vagueness of Geithner's plans, as well as his disclosure that the Federal Reserve and Treasury were planning to use as much as $1.5 trillion more, either to bail out troubled banks with more cash infusions or to buy toxic assets from the portfolios of troubled financial institutions.

Geithner also suggested Treasury would create another separate $500 billion fund to buy up toxic financial institution assets in a "good bank/bad bank" structure, while opening up another $1 trillion to reopen credit markets for consumers, including auto buyers, students, small businesses and commercial loans.

Throughout the trading day, rumors circulated that the Obama administration was creating Federal Reserve and Treasury obligations that could total as much as $9 trillion to resolve the toxic asset problem with banks and brokerage firms.

Fox News reported the National Republican Trust PAC put out a statement today claiming it would provide financial support for primary challengers to Sens. Specter, Snowe and Collins in retaliation for their breaking ranks and voting for the Obama economic stimulus plan.

"Republican Senators are on notice," the group's director Scott Wheeler said in a statement reported by Fox News. "If they support the stimulus package we will make sure every voter in their state knows how they tried to further bankrupt voters in an already bad economy."

After the Senate vote, Senate Minority Leader Mitch McConnell told reporters the Obama economic stimulus plan would cause government spending as a percentage of gross domestic product, or GDP, to rise from approximately 21 percent last year, to nearly 40 percent in 2010, levels comparable to Europe.

"The president was right to call for a stimulus," McConnell told the Washington Post, "but this bill misses the mark."

"It's full of waste," McConnell said. "We have no assurance it will create jobs or revive the economy. The only thing we know for sure is that it increases our debt and locks in bigger and bigger interest payments every single year. In short, we're taking an enormous risk – an enormous risk – with other people's money. On behalf of taxpayers, I won't take that risk."

WND has reported that the Obama administration plans to issue record levels of debt in the next two years – up to $2.5 trillion this year and as much as $4 trillion in 2010.

[nChrist]

More and more, it appears that we have the perfect leader to help usher in the Tribulation Period! As Christians, we can take a stand against evil, Pray for Strength and Guidance - and STAND SOME MORE UNTIL CHRIST COMES TO TAKE US HOME! FOREMOST - WE HAVE A PRECIOUS GIFT TO SHARE - THE GOSPEL OF THE GRACE OF GOD! THIS IS STILL THE MOST POWERFUL MESSAGE ON THE FACE OF THE EARTH, AND WE SHOULD PROCLAIM IT!


1 Thessalonians 4:13-18 NASB  13  But we do not want you to be uninformed, brethren, about those who are asleep, so that you will not grieve as do the rest who have no hope.  14  For if we believe that Jesus died and rose again, even so God will bring with Him those who have fallen asleep in Jesus.  15  For this we say to you by the word of the Lord, that we who are alive and remain until the coming of the Lord, will not precede those who have fallen asleep.  16  For the Lord Himself will descend from heaven with a shout, with the voice of the archangel and with the trumpet of God, and the dead in Christ will rise first.  17  Then we who are alive and remain will be caught up together with them in the clouds to meet the Lord in the air, and so we shall always be with the Lord.  18  Therefore comfort one another with these words.



1 Corinthians 15:50-58 NASB  50  Now I say this, brethren, that flesh and blood cannot inherit the kingdom of God; nor does the perishable inherit the imperishable.  51  Behold, I tell you a mystery; we will not all sleep, but we will all be changed,  52  in a moment, in the twinkling of an eye, at the last trumpet; for the trumpet will sound, and the dead will be raised imperishable, and we will be changed.  53  For this perishable must put on the imperishable, and this mortal must put on immortality.  54  But when this perishable will have put on the imperishable, and this mortal will have put on immortality, then will come about the saying that is written, "DEATH IS SWALLOWED UP in victory.  55  "O DEATH, WHERE IS YOUR VICTORY? O  DEATH, WHERE IS YOUR STING?"  56  The sting of death is sin, and the power of sin is the law;  57  but thanks be to God, who gives us the victory through our Lord Jesus Christ.  58  Therefore, my beloved brethren, be steadfast, immovable, always abounding in the work of the Lord, knowing that your toil is not in vain in the Lord.

[Soldier4Christ]

Federal obligations
exceed world GDP
Does $65.5 trillion
terrify anyone yet?

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

The difference between the $455 billion "official" budget deficit numbers and the $5.1 trillion budget deficit cited by "2008 Financial Report of the United States Government" is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.

(Story continues below)

          

But the numbers in the 2008 report are calculated on a GAAP basis ("Generally Accepted Accounting Practices") that include year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.

Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.

"As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money [from] the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year," economist John Williams, who publishes the Internet website Shadow Government Statistics, told WND.

Find out what's behind the chaos at the White House, in the No. 1 best-seller "Obama Nation"

"The Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama nearly $800 billion economic stimulus plan, or the cost of the second $350 billion in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve," he said.

"The federal government's deficit is hemorrhaging at a pace which threatens the viability of the financial system," Williams added. "The popularly reported 2009 [deficit] will clearly exceed $2 trillion on a cash basis and that full amount has to be funded by Treasury borrowing.

"It's not likely this will happen without the Federal Reserve acting as lender of last resort for the Treasury by buying Treasury debt and monetizing the debt," he said.

"Monetizing the debt" is a term used to signify that the Federal Reserve will be required simply to print cash to meet the Treasury debt obligations, acting in this capacity only because the Treasury cannot sell the huge of amount debt elsewhere.

The Treasury has been largely dependent upon foreign buyers, principally China and Japan and other major holders of U.S. dollar foreign exchange reserves, including OPEC buyers purchasing U.S. debt through London.

"The appetite of foreign buyers to purchase continued trillions of U.S. debt has become more questionable as the world has witnessed the rapid deterioration of the U.S. fiscal condition in the current financial crisis," Williams noted.



"Truthfully," Williams pointed out, "there is no Social Security 'lock-box.' There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year. It's only a matter of time until the public realizes that the government is truly bankrupt and no taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today."

Calculations from the "2008 Financial Report of the United States Government" also show that the GAAP negative net worth of the federal government has increased to $59.3 trillion while the total federal obligations under GAAP accounting now total $65.5 trillion.

The $65.5 trillion total federal obligations under GAAP accounting not only now exceed four times the U.S. gross domestic product, or GDP, the $65.5 trillion deficit exceeds total world GDP.

"In the seven years of GAAP reporting, we have seen an annual average deficit in excess of $4 trillion, which could not be possibly covered by any form of taxation," Williams argued.

"Shy of the government severely slashing social welfare programs, federal deficits of this magnitude are beyond any hope of containment, government or otherwise," he said.

"Put simply, there is no way the government can possibly pay for the level of social welfare benefits the federal government has promised unless the government simply prints cash and debases the currency, which the government will increasingly be doing this year," Williams said, explaining in more detail why he feels the government is now in the process of monetizing the federal debt.

"Social Security and Medicare must be shown as liabilities on the federal balance sheet in the year they accrue according to GAAP accounting," Williams argues. "To do otherwise is irresponsible, nothing more than an attempt to hide the painful truth from the American public. The public has a right to know just how bad off the federal government budget deficit situation really is, especially since the situation is rapidly spinning out of control.

"The federal government is bankrupt," Williams told WND. "In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary."

[Soldier4Christ]

Trillions? Get ready for quadrillion
Debt clock in NYC modified to handle incomprehensible growth

The Obama administration economic stimulus package is going to force the Treasury to borrow approximately $2.5 trillion in 2009 and another $4 trillion in 2010, with the result of increasing the current $10 trillion national debt by 65 percent in just two years.

If the Obama administration increases the national debt by 65 percent every two years, the debt will be $16.5 trillion in 2010 and $27.225 trillion by 2012, the year of the next presidential election.

To answer the question of how big a problem borrowing $6.5 trillion will be over the next two years, we decided to examine just how large 1 trillion actually is.

One trillion is the number 1 followed by 12 zeroes, as in: 1,000,000,000,000.

If you had gone into business on the day Jesus was born, and your business lost a million dollars a day, 365 days a year, it would take you until October 2737 to lose $1 trillion.

If you spent $1 million a day, every day since Jesus was born, you would still be only slightly more that three-quarters of the way to spending $1 trillion.

One trillion dollars divided by 300 million Americans comes out to $3,333 per person.

One trillion one-dollar bills stacked one on top of the other would reach nearly 68,000 miles into the sky, about a third of the way from the Earth to the moon.

Earth's home galaxy, the Milky Way, is estimated to contain about 200 billion stars. So, if each star cost one dollar, one trillion dollars would buy five Milky Way galaxies full of stars.

One trillion seconds of ordinary clock time equals 31,546 years. So, spending money at the rate of one dollar every second, or $86,400 every day, would still take nearly 32,000 years to spend $1 trillion.

If someone were to build city blocks that contained 10 homes valued at $100,000 per home, you would end up with ten houses to a block, ten blocks to a mile and a hundred blocks per square mile. It would take 10,000 square miles to reach $1 trillion in value. This would be more than the size of six U.S. states: Vermont, 9,615 square miles; New Hampshire, 9,351 square miles; New Jersey, 8,722 square miles; Connecticut, 5,544 square miles; Delaware, 1,954 square miles; and Rhode Island, 1,545 square miles.

Craig Smith, founder and CEO of Swiss America, estimates it would take approximately four generations of Americans to pay off the interest of the U.S. Treasury bonds sold as debt to create the $1 trillion stimulus package, factoring in a 3 percent growth rate in the economy throughout that time.

The U.S. national debt now exceeds $10 trillion according to the according to the U.S. National Debt Clock, at Times Square in New York City.

With the estimated population of the United States at 305,556,415 people, each citizen's share of the national debt is $34,769.40.

In September 2008, the digital display on the Times Square National Debt Clock was modified to eliminate the dollar sign, so the national debt in tens of trillions of dollars could be displayed.

The clock, created in 1989 by Manhattan real estate developer Seymour Durst, is now being redesigned so it can display the national debt in numbers measured in the hundreds of millions, with a dollar sign that could be eliminated should the national debt ever reach $1 quadrillion.

The new clock should be ready to install early this year.

The Bush administration added more than $4 trillion to the national debt, increasing it more than 70 percent from the time George W. Bush took office Jan. 20, 2001.

Yet trillions may no longer be enough to measure important financial statistics on a global basis.

The Bank of International Settlements now estimates that derivatives, the complex bets financial institutions and sophisticated investors make with one another on everything from commodities options to credit swaps, now top $650 trillion worldwide – that’s $ 0.65 quadrillion.

A quadrillion, a trillion multiplied by 1,000, is a 1 followed by 15 zeroes, as in: 1,000,000,000,000,000. <

[nChrist]

WHEW!

I just want to know if they've come up with a more appropriate word than "BOONDOGGLE"! The scope and magnitude of insanity has grossly exceeded the definition of this word.

WE ARE ALL WITNESSES OF THE LARGEST CRIMES EVER COMMITTED IN HISTORY! UM? - Think about this - maybe this is why we aren't mentioned in End Times Bible Prophecy! Who's loaning us all this money to buy DISAPPEARING PORK? What will eventually happen if we can't pay these folks back? I'll just say that it might have been more wise to borrow the money from MOB LOAN SHARKS! They would have also help us know when it was smart to slow down the borrowing. Sudden large numbers of politicians with broken legs would be more than a hint to slow or stop the borrowing. This would be much better than being NUKED. I realize that the MOB charges extra for dealing with politicians because everyone knows that politicians can't be trusted! Regardless, it would have been much smarter dealing with the mob and having a few dozen politicians endure broken legs. We would also have the extra bonus of the MOB teaching the government how to tell the truth and develop some semblance of dignity.

The MOB would make house pets of the ULTRA-LIBERALS if they were house-trained. YOU GUESSED IT - THEY AREN'T! It's nearly impossible to even paper-train them!

[Barbara]

Pastor Roger, that really puts things into perspective, thank you!

I thought this was a very interesting article. Could it  that this very situation was shown to us, maybe a type or shadow of what was to come, in the Joseph narratives of Genesis? Extremely interesting similarities:

The Joseph Principle and Crisis Economics

by Carl Teichrib

Confusion reigns. Economic bewilderment appears to be the hallmark of our times. Banks don't seem to know what to do; politicians offer stimulus packages that don't stimulate; and everywhere financial planners and advisors proclaim that "it will get better" while each passintg week gets worse.

At the gut level everyone knows that if the markets completely unravel, if currencies shatter in the confusion, a brutal monster - Chaos - will appear from under the bed and run rampant while the financial house burns. Watching the markets and thinking through the possibilities,...this phrase comes into mind...Ordo ab Chao is a Latin phrase and the motto of the Thirty Third Degree  of Freemasonry. It means, "Order out of Chaos." This expression portrays a simple message. Out of the chaos of extreme crisis comes a time when everything is re-made, and order is restored. But you must understand; just because order has been established, it doesn't mean that the world is the same as it was before the catastrophe. It won't be; it can't be. Eventually organization returns to your life. However, you also know that your world has been changed forever; it's not as it was before that fateful day.

...In Genesis 47, Joseph, second in command to Egypt's Pharoah and warned of a coming famine, had prepared stockpiles of grain to aid the people through the crisis. when the famine hit the land, the people came to Joseph to buy food stock. A simple transaction was made; the citizens used the national currency to purchase grain.

In vs 14 and 15 we find an unusual development. After the grain was purchased ...(KJV) "the money failed". The New Int'l Version says that the "money is used up." Egypt experienced monetary deflation - the contraction of the money supply - in the midst of a natural calamity. Taken  to its extreme end, as happened in Egypt, the result was a collapse in the currency. After going into government coffers it ceased to exist as a tangible tool of daily trade.

Needing to eat, what did the citizens do? They brought their livestock in exchange for grain (vs 16-17). As an agrarian society, livestock represented the industrial base of the people. Hence, placing this power in the hands of the government, the people's commercial activity was effectively curtailed.

In relating this series of events to others. some have asked me, "Why didn't the people just eat the animals instead of trading them for grain?" Refrigeration didn't exist. And while the people could have dried some of the meat for long-term use, grain would have been the most valuable and stable food source during a drought. Now the people had neither money nor livestock; and a year later they were out of food.

Returning to Joseph, ...the people begged their leader to take their land and themselves in exchange for food (vs 18-19). Property was therefore consolidated under the state, and the citizens literally became slaves in their own country (vs 20-21). In the KJV the language goes even further: ...the rural areas are de-populated and the people move into cities. This is a masterful population control strategy...the people became economic assets. They gladly relinquished control of their wealth, property, and themselves (gave up their freedom) for the promise of state-dictated security.

The manipulation of money is, arguably, the most potent method used outside of war to rapidly rearrange society. Am I suggesting that our current economic crisis will be used as leverage to re-structure our Western world? The odds are in favor of it. Consider what the father of modern economics, John Maynard Keynes, had to say in 1919.

"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency." - John Maynard Keynes, The Economic Consequences of the Peace, (1919), p. 236.

Three other quotes come to mind;

"The great struggle of history has been for the control over money. It is almost tautological to affirm that to control the production and distribution of money is to control the wealth, resources, and people of the world." - Jack Weatherford, The History of Money (Crown Publishers, 1997) p. 246.

"The control of money and credit strikes at the very heart of national sovereignty." - A W Clausen (then president of Bank of America), in a 1979 interview with the Freeman Digest, "International Banking," p 21.

"...new comprehensive politico-economic systems across peoples almost always arise out of conquest or common crisis..." - A W Calusen, Freeman Digest, "International Banking," p. 23.

A Rising Phoenix for a New DEY

On January 9, 1988, The Ecomonist published a cover story about a proposed int'l currency called the Phoenix. Like the mythical firebird that arises out of the ashes of destruction, this int'l currency would likewise emerge from the chaos of crisis. As the article noted, it would take "several more big exchange-rate upsets, a few more stockmarket crashes and probably a slump or two" before politicians would accept the Phoenix and secede monetary power to a higher authority. The Economist even suggested a start-up date: 2018.

Looking to curb government-led monetary mis-management, a problem that seems to plague every nation-state, the article suggested a radical re-arrangement: Country-level decision making would have to disappear under a world central bank and its new global currency.

...More recently, Robert Mundell - the "father of the euro" - has been traveling around the world lecturing on the hoped-for creation of a new international currency called the DEY, a combination of the US dollar, euro, and yen. Crisis, Mundell realized, will open this door. He stated, "International monetary reform usually becomes possible only in response to a felt need and a threat of a global crisis."

And Benn Steil, the Director of International Economics at the Council on Foreign Relations, suggested a re-making of the world's financial system around three key currencies - the US dollar, euro, and a new Asian monetary unit. Steil implies that the hinge-point for this development would be a major shake-up involving the US dollar.

Today, during every news hour, we hear more talk of the global financial emergency, an ongoing event that isn't going away. Therefore, it shouldn't be a suprise to learn that some world leaders are actively promoting a new global order as a response to the current crisis.

[Soldier4Christ]

Yes, this has been and still is the objective of those that are bringing about this economic collapse and resulting chaos. There may be a few that are ignorantly following along but I do believe that the majority of those in public office have actually planned this from the start. They have been like a hungry lion in wait, biding their time for just the right moment and the prey have willingly exposed themselves to the moment.