Hold on to Your Hats

We are now weeks away from the Obama inauguration. Unemployment continues to climb, lines at the food pantries, shelters and other services become longer. Corporate America is doing its very best to keep us all calm and pliable. The mainstream media presents the current days as a bit difficult, but something we will pull out of-perhaps within a year. Yet if one turns to any source of media or information with intact integrity, then one sees a very different picture.

The beginning of the economic scares, as all economic scares in our history, was controlled. The Wall Street, Banking and Washington elite put a great amount of time and care into developing the climate to be receptive to such threat and panics. Like the Wall Street/Congressional collaborations of the '20's, legislation was drafted favoring deregulation-"respect for our free markets"-the oversight of financial practices and their affect on the wealth producing People was disregarded. Congressmen Phil Gramm (who worked on McCain's campaign), Jim Leach and their cohorts rewrote legislation, passed in the wake of the great depression, and reopened the doors to corruption, and national robbery.

Now everyone is simply hoping Obama will change things. Fat chance. Obama has named Paul Volckner of 1980's recession fame to the newly created Presdent's Economic Recovery Advisory Board; Tim Geithner, of the New York Federal Reserve, worked with the Bush administration to orchestrate the beginning of the fall '08 economic panic-by allowing Lehman Brothers to go bankrupt. Mr Geithner was recently nominated by President-Elect Obama for Secretary of the Treasury. Jim Leach has been acting throughout the beginnings of the panic as Obama's economic advisory. If one is hoping that this charismatic young leader is going to lead us out of this crisis-one is going to be sadly disappointed.

The following paragraph is taken from an article by Global Research.

"In the period from August 1929 until he left office President Herbert Hoover oversaw a 43-month long contraction of the US economy of 33%. Barack Obama looks set to break that record, to preside over what historians could likely call the Very Great Depression of 2008-2014, unless he finds a new cast of financial advisers before Inauguration Day, January 20. Required are not recycled New York Fed presidents, Paul Volckers or Larry Summers types. Needed is a radically new strategy to put virtually the entire United States economy into some form of an emergency 'Chapter 11' bankruptcy reorganization where banks take write-offs of up to 90% on their toxic assets, that, in order to save the real economy for the American population and the rest of the world. Paper money can be shredded easily. Not human lives. In the process it might be time for Congress to consider retaking the Federal Reserve into the Federal Government as the Constitution originally specified, and make the entire process easier for all. If this sounds extreme, perhaps revisit this article in six months again.

http://www.globalresearch.ca/