Reinke Faces Life

http://www.lewrockwell.com/rep/foreclosure-fraud.html

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#6 Renowned investor Jim Sinclair is actually warning that the collapse of securitized mortgage debt could be the “final shot” that will wipe out many financial institutions across the United States.

The recent warning that Sinclair posted on his blog is more than a little sobering….

I am asking for your attention again because of the depth of the fraud and now the size of the securitized mortgage debt OTC derivative pile of garbage that is in the trillions. This entire mountain of weapons of mass financial and social destruction is now in question. I have been telling you this for more than 2 years since the manufacturers and distributors of this crap were called by the NY Fed due to the loss of control over the paperwork.

I had dinner with my former partner, then lead director of and CEO of Bear Stearns. I could not contain myself so I asked him why he did so much business in OTC derivatives which were certain to bankrupt them. The answer I got was it was more than 50% of their profit. The right answer should have been it was more than 80% of their earnings.

Securitized mortgage debt is going to be the final shot that kills all kinds of financial entities in the Western world. The biggest holder of this putrid junk is pension funds.

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Regardless of the accuracy of this assertion, one can be sure that, between the Federal Reserve System and the corrupted politicians in the District of Corruption, this will become the taxpayer’s problem. fjohn

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http://www.ricedelman.com/cs/pressroom/pressroom_detail?pressrelease.id=1788

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Yes, this article is about long-term care insurance. As you know, the planners and I at Edelman Financial strongly encourage most of our clients to obtain long-term care insurance. AARP estimates that 70% of Americans who are age 65 today will require long-term care at some point; the average cost is currently $74,000 per year, and in many metropolitan areas the cost exceeds $125,000 annually, according to a 2010 nationwide survey of nursing homes by Genworth Financial.

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We’ve seen estates drained as well. Hopefully, everyone can have the old folks protect their life’s work. Argh! At the very least, Medicaid Trust.

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http://www.ft.com/cms/s/0/5505a7f0-d7c2-11df-b478-00144feabdc0.html

Dollar fall sparks stability warnings

By David Oakley and Peter Garnham in London and Michael Mackenzie in New York

Published: October 14 2010 19:55 | Last updated: October 14 2010 19:55

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The dollar tumbled against most major currencies on Thursday, prompting warnings that the weakness of the world’s reserve currency could destabilise the global economy and push other countries into retaliatory devaluations to underwrite their exports.

Increasing expectations the Federal Reserve will pump more money into the US economy next month under a policy known as quantitative easing sent the dollar to new lows against the Chinese renminbi, Swiss franc and Australian dollar. It dropped to a 15-year low against the yen and an eight-month low against the euro.

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Why? Is QE2 a raid on the treasury? Privatize the gains; socialize the losses! A plague on all their houses.

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http://www.spinninglobe.net/amishmudsill.html

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6. The Shrimp Lady

In the northeast corner of an island a long way from here an older woman sells plates of cooked shrimp and rice from out of an old white truck in a remote corner of the island. Nobody is around the truck. A lot of people pass, however, because the road she’s on goes to a famous surfing beach which attracts crowds year round.

She sells only shrimp and rice plus hot dogs for the kids and cold soda. The license to do this costs $500 a year, $43.25 a month, less than a dollar-and-a-half a day.

Anyone could do what this lady is doing who would get together about $15 thousand in seed capital. She’s 59, has a high-school diploma, a nice smile and cooks good shrimp. A hand-lettered sign advertises the wares beside the road.

The day I stood in line five customers were in front of me. They bought 14 plates between them and 14 sodas. I bought two and two. By the time I got to the window 5 new customers had arrived behind me. I was intrigued enough to sit across the road for two hours and count the sales: 41 plates, l5 hot-dogs, 50 sodas. The plates were $9.95, the dogs $1.25, the sodas $1.00. She had taken in close to $500 in two hours and her sign informed me she was open eight hours, seven days a week. Was it possible this truck was grossing nearly three-quarters of a million dollars a year?

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Back in Orestes Brownson’s day the central promise of American life was democratization of intelligence and winning an independent competency upon which to exercise that intelligence. In America every one got the chance to develop intelligence, not just the elites. Beyond the narrow uses of intelligence for work it found many private uses inside home and family circles. Public argument was the great incentive to master knowledge. But after Darwin a horde of voices said argument was a waste of time for the stupid masses. Mudsill theory became scientized with Charles Darwin, with the rise of the German research university in America, and with the religion of numbers and bell-curve statistics.

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Wow, that’s a stunning example! Forced Gooferment Skrules really hurt.

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http://www.ricedelman.com/cs/pressroom/pressroom_detail?pressrelease.id=1629

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Lawmakers are creating solutions for their pension shortfalls. New York is considering a plan that would let it borrow money from the state’s pension plan and use that money to pay its annual obligations to the pension plan. (No, that’s not a typo — they’re essentially planning to rob Peter to pay, well, Peter.)

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Worth reading. The insanity of unfunded liabilities is only going to get worse.

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http://answers.yahoo.com/question/index?qid=20100906192154AAN9byy

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In addition to the penny, the nickel also has a physical value which is higher than its face value; nickels cost around 7.7¢ US to make.

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http://www.metalprices.com/FreeSite/metals/nickelalloy/nickelalloy.asp

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OK, you can afford a truckload of gold or silver.

How about a couple hundred buck in nickles?

The Gooferment is paying 7¢ each. And, it still has an intrinsic worth.

When the crunch happens, it’ll have some value over and above the paper value.

When the hyperinflation hits, we all know what the paper will be useful for!

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http://www.wnd.com/index.php?fa=PAGE.view&pageId=208601

Politics versus gold
Thomas Sowell
Posted: September 28, 2010

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Inflation is a quiet but effective way for the government to transfer resources from the people to itself, without raising taxes. A hundred dollar bill would buy less in 1998 than a $20 bill would buy in the 1960s. This means that anyone who kept his money in a safe over those years would have lost 80 percent of its value, because no safe can keep your money safe from politicians who control the printing presses.

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“We, The People”, aka the Sheeple, are SO dumb. It’s a miracle that the species survives. It’s the meme of Gooferment that kills more than any disease, impoverishes us, and sets brother against brother over trivialities.

Argh!

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http://theeconomiccollapseblog.com/archives/20-signs-that-the-economic-collapse-has-already-begun-for-one-out-of-every-seven-americans

20 Signs That The Economic Collapse Has Already Begun For One Out Of Every Seven Americans

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For most Americans, the economic collapse is something that is happening to someone else. Most of us have become so isolated from each other and so self-involved that unless something is directly affecting us or a close family member than we really don’t feel it. But even though most of us enjoy a much closer relationship with our television sets than we do with our neighbors at this point, it is quickly becoming undeniable that a fundamental shift is taking place in society. Perhaps you noticed it when two or three foreclosure signs went up on your street. Or perhaps it got your attention when that nice fellow down the street lost his job, and he and his family seemingly just disappeared from the neighborhood one day. The Census Bureau made front page headlines all over the nation this week when they announced that one out of every seven Americans was living in poverty in 2009. Every single day more Americans are getting sucked out of the middle class and into soul-crushing poverty.   

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Do any of you have any suggestions for how we should go about fixing all of this?

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I think there are two things that can prevent TEOTWAWKI (The End Of The World As We Know It).

One, we must redefine the money back to a commodity money. I think the easiest way to do that is to repeal the “Legal Tender” laws. Allow everyone the freedom to transact in whatever currency they wish to. Competition will supply the discipline.

Two, we must end Gooferment education. It took decades to destroy American education; we need a transition plan back to “you had them; you educate them”. (I proposed a 40 year plan back in the Eighties during the NJ tax revolt days. If it had been adopted, we’d be almost done with the propaganda camps.)

From these two actions, we’d turn the Titanic away from the iceberg.

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http://www.news.com.au/business/breaking-news/us-government-hiding-true-amount-of-debt/story-e6frfkur-1225926567256#ixzz106MjZzOz

US Government ‘hiding true amount of debt’

* By Gregory Bresiger

* From: NewsCore

* September 20, 2010 9:09AM

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THE actual figure of the US’ national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.

“The Government is lying about the amount of debt. It is engaging in Enron accounting,” said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America’s Economic Future.

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The various authors and economists quibble about what it is exactly. But whether it is the lowest at 60T$ or the highest at 200T$, does that really make a big difference?

We need “honest counts” so we know how big a hole we are in!

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http://www.telegraph.co.uk/finance/economics/8010896/Parents-wont-have-wealth-to-pass-on-report.html

Parents won’t have wealth to pass on, report
Future generations should not expect to inherit wealth from their parents following the ravages of the worst financial crisis since the 1930s, a new report has warned.
By Angela Monaghan
Published: 10:00PM BST 18 Sep 2010

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Parents won’t have wealth to pass on, report warns

The report says few Europeans are likely to have made adequate provision for their retirement, let alone passing on wealth to the next generation.

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“Europe’s working population has yet to wake up to the fact that it will not be able to retire as early as it would like, and indeed may have to work a lot longer,” Mr Bowers said.

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Hard to believe that the politicians and bureaucrats have wiped out a nation’s wealth. A life time of work destroyed. By rich corrupt politicians and their self-serving bureaucrats.

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