Wednesday, 2 June 2004

Former Maryland State Senator Sounds Alarm on U.S. Dollar

This is scary stuff....

Former Maryland State Senator Tim Ferguson is warning "the Federal Reserve is planning to destroy the U.S. economy by printing the U.S. dollar in exponentially riskier quantities until it blows off the charts and crashes, and by easing credit and rates until the average individual and corporate debt loads are so enormous that the resulting massive distortions in the economy suddenly bring on an economic heart attack, leaving no possibility of a short or even medium-term recovery."

Senator Ferguson went on to say in his recent piece published in Usury, Inc:

"That great criminal enterprise - the Federal Reserve - has accomplished step #1, trashing and ending the dollar system, culminating a multi-year, massive, insane inflation of money supply and credit....corporations such as Freddie Mac, Fannie Mae, Farmer Mac, FHA, GM, Ford, and GE (which are actually banks), worked hand-in-hand with the Bank Cartel on this sickening, twisted game, switching from pumping credit cards and cars (which have gone to zero percent financing 12 months ago) to a last-ditch horrendous push into mortgage lending.

"This insane lending will destroy the lending institutions themselves, as Ford and GM are well aware, but the elite do not care, as after this collapse, there will only be one corporation in the world, and they are all pulling together to put everyone as deep into debt as possible, to assure than no American state or corporation or region will survive when the debt mountain suffocates all life.

"This is why so many CEOs are bailing out with insane profits from questionable practices which would normally ruin their career for life, as they have raped their corporation (the latest is Grasso of the New York Stock Exchange); but they know the game is over, and it is now or never - this is their last chance to make millions and move to an island, for insiders are able to see that the economy is literally going to hell, and it will not climb out of hell in their lifetimes.

"The two great props of the deathly-sick US economy - housing and cars - are gone forever, and can no longer be used to cover up the rapidly worsening fundamentals. Indeed, many are recognizing that these two alone - especially artificially low mortgage rates - have postponed a deep crash which should have occurred 2 or 3 years ago. Sadly, this extension has not been helpful, but has served a very useful purpose for the money elite, namely, greatly deepening private and corporate debt loads, exploding red ink in state and local budgets to dangerous levels, emptying pensions, creating a fatally large and exploding US budget and trade deficit, moving millions of jobs thousands of miles away, and expanding the dollar and derivatives mountain to ensure a global panic. This has been carefully coordinated worldwide from the headquarters of all world central banks, in Basel, Switzerland."

Harvey Gordin of El Dorado Gold, a 30-year veteran of Wall Street recently warned, "Americans aren't listening to the warning signs. The debt owed by United States of America is about to spiral out of control, and there's really nothing anyone can do about it. Alan Greenspan has just warned lawmakers that the Social Security system – which currently enjoys a budget surplus that it donates to the country's general fund – will become over subscribed and begin operating in the red by the year 2008. Consequently, the influence of the Social Security surplus won't even help for much longer."

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