U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes

The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

Video: Rogers – The Elite Are Turning A Recession Into A Depression

Veteran investor says Obama’s agenda will only exacerbate the problem

Veteran investor Jim Rogers warns that the policies of central banks and politicians are turning what would have been a recession into a new great depression, and that Barack Obama’s taxation agenda will only make the problem much worse.

The G-20’s Secret Debt Solution

If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again.

Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system.

U.S. Is Said to Be Urging New Mergers in Banking

WASHINGTON — In a step that could accelerate a shakeout of the nation’s banks, the Treasury Department hopes to spur a new round of mergers by steering some of the money in its $250 billion rescue package to banks that are willing to buy weaker rivals, according to government officials.

MSM: Fearing Global Recession, C.Banks Poised to Act

SINGAPORE/LONDON (Reuters) – Central banks are likely to launch new coordinated emergency action this week to calm panic in financial markets, which could be rocked further by data pointing to global recession.

The U.S. Federal Reserve is expected to cut rates sharply following share selloffs and currency collapses in developed economies and the emerging markets of Asia and Latin America.

The Derivatives Time-Bomb: The Real WMD

A £516 Trillion Derivatives ‘Time-Bomb’

Not for nothing did US billionaire Warren Buffett call them The Real ‘Weapons Of Mass Destruction’

The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the “ticking time-bomb”.

It’s a market in which the lead protagonists – typically aggressive, highly educated, and now wealthy young men – have flourished in the derivatives boom. But it’s a market that is set to come to a crashing halt – the Great Unwind has begun.

How Central Banks Destabilized the World’s Economies

The crisis that America finds itself in is not political in origin nor can it be laid at the feet of any individual or party. The whole world, including Europe, is experiencing a massive monetary disruption. Moreover, it is not the first time that the world has been shaken by a financial crisis. It happened in 1824 and it happened again after WW I. What is depressing is that though these crises have but one single cause today’ s central bankers and legions of economists find themselves utterly clueless, readily taking as a causes those data which are in fact symptoms of a very deep monetary disorder.

Major Central Banks Offer Unlimited Dollars

Major central banks pledged on Monday to pour unlimited amounts of dollars to unblock frozen credit markets, as governments around the world announced measures to prop up ailing banks.

Confidence Is Leaving the Fiat Money System

Whenever financial markets set out to end the disastrous process through, a decline in economic activity, governments and their central banks do whatever it takes to keep the fiat-money system going. In the current situation, however, banks’ capacity to keep expanding the credit and money supply has been greatly diminished.

Misunderstanding the Causes of the Great Depression

As the financial crisis intensifies, the government keeps upping the ante, crossing more and more boundaries that would have been unthinkable–especially coming from “free market guys” like Bush and Paulson–just last year. Even more sickening is all the “free market” pundits who are cheerleading the literal nationalization of the US financial industry.

Run On The System: Black Friday

Stock markets across the world are in a state of hysteria. The tidal wave of sell-offs, which began when Henry Paulson announced the Bush administration’s $700 billion bailout plan for the sinking banking system, has swelled into a global tsunami racing round the globe. Shares fell sharply across Europe and Asia for the fifth straight day following a 679 drop on the Dow Jones. Nearly $900 billion was wiped off the value of U.S. equities in just one trading day. The Chicago Board Options Exchange Volatility Index, the “fear index”, soared to a record 64. Credit markets remain frozen. Libor, the London interbank offered rate, nudged up slightly on Thursday night, signaling even greater resistance to lending between the banks. Until there is relief in the credit markets, stocks will continue to slide. But trust has vanished. The 50 basis points rate cut that was coordinated with foreign central banks has had no effect. The market is being driven by fear and pessimism.

New World Order – Global gamble: the fightback begins…

It was the longest day in the battle to rescue the world’s stricken economy from the financial crisis which had left banks teetering. Sean O’Grady, Economics Editor, reports from Washington

The world’s central banks and governments appear to be running out of ammo in the face of a financial crisis that has been intensifying by the hour.

Full-Spectrum Breakdown

On Friday morning, Senator Christopher Dodd, the head of the Senate Banking Committee, was interviewed on ABC’s “Good Morning America.” Dodd revealed that just hours earlier at an emergency meeting convened by Secretary of the Treasury Henry Paulson and Federal Reserve chairman Ben Bernanke, lawmakers were told that “We’re literally maybe days away from a complete meltdown of our financial system.” Dodd added somberly, that in his three decades of serving in public office, he had “never heard language like this.”

Financial Bailout: America’s Own Kleptocracy

The largest transformation of America’s Financial System since the Great Depression

Nobody expected industrial capitalism to end up like this. Nobody even saw it evolving in this direction. I’m afraid this failing is not unusual among futurists: The natural tendency is to think about how economies can best grow and evolve, not how it can be untracked. But an unforeseen road always seems to appear, and there goes society off on a tangent.

What a two weeks!

Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation

Everything the Federal Reserve and the U.S. Treasury Department are trying to do to stem the tide of the self-destructing U.S. financial system is a stopgap. They are locking the barn door after the horse—many horses—have already escaped, and they know it.

They also know the cause of the crisis is not subprime mortgage lending—that was just the trigger. Cries to re-regulate the failed financial industry are coming from Congress, the media, and investors around the world. But lax regulation is not the cause of the problem either.

MSM: Hey U.S., welcome to the Third World!

Dear United States, Welcome to the Third World!

It’s not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department’s request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.

All Roads Lead To Hyperinflation

Losses and bankruptcies of the major banks that we predicted, trouble for the taxpayer who now shoulder a trillion in debt from bank failures, Why do we have to bail out Wall Street fraud? Lehman Brothers left to expire, We are watching our Zombie economy implode, Buy-outs are just throwing good money after bad, Toxic waste eats your equity capital, eats your stocks, your bonds, and eats your retirement funds. 1929 all over again

Video: MSM – Glenn Beck Interviews Ron Paul 9/18/08

Economy Will Collapse…

Bilderberg Seeks Bank Centralization Agenda

A day after Bilderberg, New York Federal Reserve president Timothy Geithner calls for a global regulatory banking framework.

Asia central banks prop up currencies – Dump Dollar

Central banks in Indonesia, the Philippines, South Korea and Taiwan were spotted selling dollars to support their currencies