9/24/09 *Total Economic Collapse - Deception*

9/24/09 *Total Economic Collapse - Deception*

The “News” is telling us each night that the Recession is OVER.
The Government is announcing “Green Shoots”
They’re lying.
We are all being set-up for a MUCH bigger fall
Not one issue that brought us to the 2008 Economic collapse has been addressed.
In fact, most are MUCH WORSE.
The “toxic assets” remain, the derivatives problem is MANY times bigger than the ENTIRE World GDP, Commercial Real Estate hasn’t even tipped over yet, and the second round of mass-foreclosures (residential) is approaching



And the Banksters stole the TARP money without loaning it to us as promised…


They sent it overseas….


And the Fed can’t find TRILLIONS… it just… disappeared.


And China, Russia, and the rest of the World are dumping the Dollar.


But…


We’ve learned our lesson, right? We won’t forget & make the same “mistakes” again, right?
Surely we couldn’t forget about something so HUGE…
Americans can't remember what year 9/11 happened
http://www.youtube.com/watch?v=uNi087bVVMY&feature=fvw


NOTHING HAS CHANGED.
EVERY trap that led us into last year’s collapse still remains…. And is EVEN BIGGER


Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman
By Mark Deen and David Tweed
Sept. 13 (Bloomberg) -- Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.
“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”…
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYdgQkXu9eBg


Housing is doing well, at least
U.S. mortgage delinquencies set record

By Nick Zieminski Nick Zieminski – Mon Sep 21, 8:32 pm ET
NEW YORK (Reuters) – High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc (EFX.N) credit bureau showed on Monday.
Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July, according to the data obtained exclusively by Reuters.
August marked the fourth consecutive monthly increase in delinquencies, and the report showed an accelerating pace…
http://news.yahoo.com/s/nm/20090922/bs_nm/us_equifax_mortgages_exclusive_1


But The FDIC will protect my money, right?
CORRUPTION: Reverse-Insurance?! (FDIC)
Let me pose a question to you.
Let's say you own a $200,000 house free and clear.
Let's further say that you would like fire insurance. Just in case you are a klutz in the kitchen, for example.
So you sit down and write yourself a fire insurance policy. You promise to pay yourself $200,000 to rebuild your house if it burns to the ground.
You then put your "insurance policy" in the safe and pat yourself on the back - you're insured!
Now, you want to re-do your kitchen and add a pool, so you go to the bank to get a mortgage to finance those improvements.
The mortgage company would accept your self-written policy as proof of insurance, right?
Oh wait - they'd call that fraud?
Well gee, what's this then?

Senior regulators say they are seriously considering a plan to have the nation’s healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors…

http://market-ticker.denninger.net/archives/1456-CORRUPTION-Reverse-Insurance!-FDIC.html


Well, no. They’re broke


FDIC May Ask Banks for a Bailout

FDIC, GOVERNMENT, INSURANCE, DEPOSIT, BANKS, BAILOUT, FUNDS

The New York Times

| 22 Sep 2009 | 12:39 PM ET

Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government…

http://www.cnbc.com/id/32962379/print/1/displaymode/1098/


Well at least we’ve got a partial solution…


September 19, 2008
hp-1147

Treasury Announces Guaranty Program for Money Market Funds
Washington- The U.S. Treasury Department today announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry. For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund – both retail and institutional – that pays a fee to participate in the program….
http://www.ustreas.gov/press/releases/hp1147.htm


Oh.
Well.
One year later…


Is the Treasury Out to Kill Money Market Funds?

-- Posted Thursday, 17 September 2009 | | Source: GoldSeek.com

By David Galland, Managing Editor, The Casey Report

Tim Geithner, the Goldman Sachs Secretary of the Treasury, has gone on record as saying that the government will withdraw its $3 trillion backstop guarantee from the money market fund industry, on schedule, this September 18….

http://news.goldseek.com/GoldSeek/1253217540.php



We’ll just push up the limits
U.S. about to hit debt ceiling - again
The $12.1 trillion debt ceiling is fast approaching 'over the limit' status. Unless Congress raises it, Uncle Sam won't be able to pay what the country owes.

By Jeanne Sahadi, CNNMoney.com senior writer

Last Updated: September 16, 2009: 10:34 AM ET


NEW YORK (CNNMoney.com) -- Congress has raised the debt ceiling four times in the past two years and will probably have to do it again in the next month.
With the government borrowing record amounts of money, the nation's current debt ceiling of $12.1 trillion will be pierced soon…
http://money.cnn.com/2009/09/16/news/economy/debt_ceiling/?postversion=2009091610


This is coming…
"Option" mortgages to explode, officials warn

Thu Sep 17, 2009 7:49pm EDT

By Lisa Lambert
WASHINGTON (Reuters) - The federal government and states are girding themselves for the next foreclosure crisis in the country's housing downturn: payment option adjustable rate mortgages that are beginning to reset.
"Payment option ARMs are about to explode," Iowa Attorney General Tom Miller said after a Thursday meeting…
http://www.reuters.com/article/wtUSInvestingNews/idUSTRE58G5U320090917


Nothing’s changed… so this is coming as well… This will collapse hugely


Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul
By Christine Harper, Matthew Leising and Shannon Harrington
Aug. 31 (Bloomberg) -- Wall Street is suiting up for a battle to protect one of its richest fiefdoms, the $592 trillion over-the-counter derivatives market that is facing the biggest overhaul since its creation 30 years ago.
Five U.S. commercial banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp., are on track to earn more than $35 billion this year trading unregulated derivatives contracts…
http://www.bloomberg.com/apps/news?pid=20601109&sid=agFM_w6e2i00


And will be helped along…


The Most Critical Time Of Day For Bulls

Graham Summers
September 14, 2009

In case you have not heard the news, China has announced that it will be instructing its state-owned enterprises to potentially default on their derivatives contracts. As I have written extensively in the past, the derivatives market is a massive time bomb just waiting to go off. China's latest move may be the match that lights the fuse…



http://www.gold-eagle.com/editorials_08/summers091409.html





They’re only PRETENDING to try to stop it..
Derivatives Proposal Is Too Soft, Regulator Says
Agency Chief Concerned About Rule Exemptions

By Zachary A. Goldfarb

Washington Post Staff Writer
Thursday, August 20, 2009
A top federal regulator has urged Congress to adopt tougher rules to govern betting in exotic financial instruments known as derivatives than the Obama administration has proposed, warning that the administration's new vision of market regulation could contain loopholes.
One of the Obama administration's top priorities in its revamp is to regulate both derivatives and firms that trade them.
But Gary Gensler, chairman of the Commodity Futures Trading Commission, warned key lawmakers in a letter this week that provisions of the administration's proposed legislation could leave significant elements of the derivatives market out of the reach of regulators and undermine efforts to combat fraud….
http://www.washingtonpost.com/wp-dyn/content/article/2009/08/19/AR2009081903923.html


Some are telling the truth
Economist warns of double-dip recession
By Robert Cookson and Sundeep Tucker in Hong Kong
Published: September 14 2009 15:01 | Last updated: September 14 2009 15:01
The world has not tackled the problems at the heart of the economic downturn and is likely to slip back into recession, according to one of the few mainstream economists who predicted the financial crisis.
Speaking at the Sibos conference in Hong Kong on Monday, William White, the highly-respected former chief economist at the Bank for International Settlements, also warned that government actions to help the economy in the short run may be sowing the seeds for future crises…
http://www.ft.com/cms/s/e6dd31f0-a133-11de-a88d-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fe6dd31f0-a133-11de-a88d-00144feabdc0.html%3Fnclick_check%3D1&_i_referer=&nclick_check=1


Countries of the World are dropping the Dollar as their reserve currency.
Even without the multiple bear-traps facing our Economy, This alone spells trouble
Dollar headed for collapse?

by Larry Edelson on September 17, 2009
So far in my emails to you on the future of the U.S. dollar, we’ve seen how President Obama and U.S. Fed chief Bernanke pretty much have no choice but to destroy the greenback’s value:
It is the ONLY way Washington can ever hope to service the more than $100 trillion it now owes to investors and seniors.
Plus, we’ve also seen how China and other foreign investors have already begun to stampede for the exits, accelerating the dollar’s demise:
Dumping greenbacks is the ONLY way they can hope to insulate themselves from what many believe is the inevitable demise of the dollar.
In more normal times, either one of the twin crises outlined above would cause reasonable investors to expect the dollar to plunge even faster going forward.
But now, a new, global movement has begun that points to an even faster decline for the U.S. dollar in the weeks and months ahead …
The warning signs are crystal clear to anyone who follows global economic news with an open mind. Nevertheless, this third shoe to drop in the dollar’s collapse will come as a complete surprise for the vast majority of all U.S. wage-earners, consumers, savers and investors.
By the time they see the story about this new assault on the greenback on the evening news, trillions of dollars in personal wealth will have been vaporized. Every dollar they’ve earned, saved, invested and have socked away for retirement will have been gutted of its value…
http://blogs.uncommonwisdomdaily.com/real-wealth/dollar-headed-for-collapse/


So what’s the REAL reason for this collapse?





FROM JEROME CORSI'S RED ALERT
U.N. calls for replacement of U.S. dollar
Joins Russia, China and G20 with demands IMF step forward

Posted: September 14, 2009
1:26 pm Eastern

© 2009 WorldNetDaily
World organizations, including the United Nations, are openly calling for the creation of a one-world currency to replace the dollar – and the Obama administration's trillion-dollar deficits are serving as a trigger for the currency switch,…
http://www.wnd.com/?pageId=109774


Here it comes


New world currency order starts to unfold

Joe Prendergast

* Last Updated: September 21. 2009 7:17PM UAE / September 21. 2009 3:17PM GMT

The US dollar still retains a disproportionately large representation in international trade transactions, official reserves and exchange rate regimes.

This is largely due to the many institutional arrangements and incumbencies which remain from the Bretton Woods era of 1944 to 1971 when the gold-linked dollar provided the formal anchor for the world monetary system.

Now, though, this privileged, inherited status of the paper dollar is under threat from the falling relative economic size of the US and its cyclical influence and the scale of the excesses that very privilege has allowed…

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090922/BUSINESS/709219952/1137



There are literally hundreds of stories I could post about dozens of Countries that are RIGHT NOW calling for a Global Government and a Global Currency.


Maybe I’ll have an edition devoted to that in the future.


The point of this is DO NOT BELIEVE what the Corporate Spokesmen tell you each night on the “News”.


Be cautious. Read the signs for yourselves. Don’t WAIT to be told what to think.


Protect Yourselves.


Pray, & get right with God.


Since I started this Newsletter, I've had many tell me that the Info is Important, and that they're using it.
If that's the case and it's proving useful, then know that every edition (eventually), as a resource, is now available HERE
http://scrumpthetexan.blogspot.com
as well as in the attached What’s Happeningnew.doc that accompanies each Newsletter.

Do you believe what you see on TV?

Have you ever seen the movie “Wag The Dog”?

Would you believe me if I told you that CNN, “The Most Trusted Name in News”,

FAKED coverage of The First Gulf War?

No?

Watch This…



CNN’s Hoax on America

http://www.youtube.com/watch?v=xIZh1nm8Lzg





This "What's Happening" series of emails is something I'm putting together (most) each day to shed light on things not normally heard on TV.
If you want to be taken off the email list, let me know.
If you think any of this is important, spread it around.
Scrump




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