Mike Whitney, “Housing Bubble Meltdown: Is It Too Late to Get Out?”, April 28, 2007
http://www.marketoracle.co.uk/Article882.html
“The details of the meltdown are being downplayed in the media to prevent panic-selling among the public. But the Fed knows what’s going on. . . .
“Kenneth Heebner, manager of CGM Realty Fund (Capital Growth Management), provided a realistic forecast of what we can expect in the near future as defaults increase. . . . “I would expect that housing prices in 2007 will decline 20% in a lot of markets. What you are going to see is the greatest price decline in housing since the Great Depression . . . .
“Nearly 70% of subprimes have been securitized [sold as securities to hedge funds and institutional investors]. . . . In Henry C K Liu’s “Why the Subprime Bust will Spread” (Asia Times) the author states that the bursting housing bubble will trigger a major pension crisis. After all, who are the “institutional investors? They are mostly pension funds that manage the money the US working public depends on for retirement. . . .” (Liu)
“. . . Since nearly 50% of “securitized” mortgage debt is owned by foreign investors, the subprime meltdown is bound send tremors through the entire global financial system.”
___________________________________________________________
“The Housing Mess” by Terry Savage, The Street.com 5-13-07
http://www.thestreet.com/_iwon/newsanalysis/opinion/10356410.html?cf=WSIWON1111051500
Predicts a drop in home prices of 30 to 50 percent. Other sources warn that a drop in home prices of 40 percent would collapse the economy of the United States. (See Web of Debt, chapter 31.) Collapsed mortgages and foreclosures shrink the supply of money-built-on-debt, shrinking the economy, in the sort of syndrome experienced in the Great Depression.
____________________________________________________________
“Venezuela Exits IMF and World Bank,” AlJazeera.net, May 1, 2007.
http://english.aljazeera.net/NR/exeres/A9912111-2F84-46E8-AF39-5FFD33332E29.htm
Details how Venezuela and other countries are distancing themselves from international lenders.
Related article: “Chavez Threatens to Nationalize Banks, Steel Producer,” Associated Press (May 3, 2007)
http://biz.yahoo.com/ap/070503/venezuela_chavez.html?.v=19
_______________________________________________________
“Asia Will Start Its Own Currency Pool So It Can Dump IMF,” drawing on Bloomberg News Service article dated May 3, 2007.
________________________________________________________
Emily Thornton, “Roads to Riches – Why investors are clamoring to take over America’s highways, bridges, and airports – and why the public should be nervous,” Business Week, May 7, 2007.
http://www.businessweek.com/magazine/content/07_19/b4033001.htm?chan=search
_________________________________________________________________________
Filed under: In the News |
WEB OF DEBT BLOG 
Suggestion:
Tie the money-supply to an index to available energy held in a responsive-to-needs format such as bushels of
grain, cords of wood, etc. plus capacity of photo electric cells, wind mills, etc. less depletion of oil and gas reserive
“The details of the meltdown are being downplayed in the media to prevent panic-selling among the public. But the Fed knows what’s going on. . . .”
Yep. The Fed knows. They knew. They are the orchestrators of every boom, bust, depression, that the developed nations have had. They are the major reason for the poverty and hunger in the underdeveloped nations, via economic plunder and theft of resources.
The Fed not only knows, they are responsible.
Time to take back the money creation power. It belongs to the people, and should be restored to them.