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See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Editor's Commentary: The Fed is not your friend. They're not the White House's friend. They're not even the American bankers' friend. They're definitely not Wall Street's friend. The Federal Reserve is a globalist organization posing as financial middle managers for over a century with the sole purpose of keeping the U.S. economy in a position of vulnerability to the powers-that-be.
Yet since the inception of the "neutral" "apolitical" organization, they have been viewed by most as being somehow beholden to the goal of keeping western capitalism afloat. This is partially true, but only if we acknowledge that they have been setting a trap for decades. This trap is one that allows them to have full control which they willingly hand over to the globalist elites. They are suicide bombers, as Brandon Smith from Alt-Market notes in the article below. They're just waiting until the moment they're instructed by their true masters to light the fuse.
On today's episode of America First Report, I dove into this article and explained how Americans, even many patriots, are being conned into not recognizing our true financial enemies. This is the big one. As society rocks back and forth between the various crises such as food shortages, energy shortages, border invasion, and a dozen other massive threats, the one that has the potential to send us into complete societal collapse in a matter of days is the Fed and their plans to force Central Bank Digital Currencies upon us.
Though I didn't mention it in the show, it's important to note that this is the reason I finally accepted precious metals sponsors after years of denying offers. I didn't think it was important before. Now, I realize just how important it is for Americans to move their wealth and retirement away from various markets or banking institutions and into precious metals. We recommend two companies for this. Here's my show and Brandon's article...
It’s a Fact That Needs Repeating: The Federal Reserve Is a Suicide Bomber
For many years now I have been examining the policies and behaviors of the Federal Reserve because they are in fact the most powerful institution in the US, with far more influence over the fate of America than any single president or branch of government. They have the power to end the economic life of our country in a matter of moments. They hold their finger on the button of multiple financial nuclear bombs, and to this day there are people that still pretend as if they are a mere moderating presence subservient to the White House or Congress.
This is a fallacy proven by history and the admissions from central bankers own mouths. The Fed answers to no one in our government. They answer to a different set of masters, and the blame for the consequences of their policies falls to them and their cohorts.
Last year I published an article titled ‘The Fed’s Catch-22 Taper Is A Weapon, Not A Policy Error.’ In that article I predicted that the Fed would embark on a hiking spree on interest rates in response to inflationary/stagflationary events. I noted that:
“We are now at that stage again where price inflation tied to money printing is clashing with the stock market’s complete reliance on stimulus to stay afloat. There are some that continue to claim the Fed will never sacrifice the markets by tapering. I say the Fed does not actually care, it is only waiting for the right time to pull the plug on the US economy.”
At the time I received a lot of resistance to the idea. The usual argument was: “The fed will never raise rates and put stock markets at risk. Why would they destroy the golden goose?”
This position showcases a common misconception about the central bank and its purpose. You see, a lot of people think the Fed exists to keep the US economy afloat, and specifically to keep stock markets afloat. This is incorrect. Every single policy of the Fed since its inception has been a long train of abuses designed to slowly and scientifically whittle down the US economy and bring it to the point of extinction.
The next most common argument is: “Wouldn’t the fed sabotaging the economy eventually destroy them as well?”
The answer is YES, and they don’t care. If you have read my previous work on this issue then you know that the Fed is inexorably tied to the Bank for International Settlements (the “central bank of central banks”) and that they call the shots in terms of coordinated global banking initiatives. The BIS is a globalist institution, not an American one, and its agenda is ideologically globalist in nature. The Fed is a servant of globalism; and if the US economy or our currency need to be brought down through a controlled demolition in order to make the globalist dream of a one world socialist “Utopia” come true, that is exactly what the Fed will do.
I was able to predict that the Fed would continue onward with its interest rate hikes and hawkish position only because I acknowledge what the Fed really is: A suicide bomber. And, they have decided the time is ripe to hike interest rates into economic weakness, just like they did at the onset of the Great Depression.
At the beginning of the Depression the Fed increased interest rates after years of artificially stimulating markets with low cost debt. This prolonged the deflationary crash for many years after. It was not until decades later when former Fed chair Ben Bernanke gave a speech celebrating economist Milton Friedman’s 90th birthday that a central bank official finally admitted that the organization was culpable for the Depression debacle.
“In short, according to Friedman and Schwartz, because of institutional changes and misguided doctrines, the banking panics of the Great Contraction were much more severe and widespread than would have normally occurred during a downturn.
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” – Ben Bernanke, 2002
What Ben Bernanke did not admit to was that the engineered deflationary crisis greatly benefited the allies of the Fed – The international corporate bankers. Companies like JP Morgan and Chase National were suddenly in a prime position to seize unlimited power in the US.
So, they’ve done it before, why wouldn’t they do it again?
The next argument that I hear constantly is that the Fed is “ignorant” and they don’t know what they are doing. This is nonsense. Jerome Powell knows EXACTLY what he is doing, and here is the proof – In October of 2012 the Fed held a meeting in which Powell warned that markets and corporations had become addicted to the Fed’s easy money policies. If they decided to taper their stimulus measures and raise rates, there would be potentially disastrous blowback. Powell argued that:
“…I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy.” – Jerome Powell
As he admitted, it is indeed their strategy. Powell was not the Fed chairman at the time, so he may not have been aware of the full agenda, but he is certainly aware now. Why would Powell undertake the exact policy action he once warned would result in a full spectrum implosion of the credit bubble? Probably because he was told to.
Powell knows the history of the Great Depression and he knows what will happen when the Fed raises rates into economic weakness and he is doing it anyway. He already tried a test run of rate hikes back in 2018 and the results were not hard to figure out; markets began to tank. We should never forget that the central banks are fully cognizant of the effects of their endeavors. As I stated back in February:
“The rate hikes of 2018 were a test run for a more aggressive and deliberately engineered crisis down the road. The Fed has its own agenda, it does not care about protecting U.S. markets, nor does it even care about protecting the U.S. economy in general.
I hold that the Fed is a weapon for social and political change within America and part of its job is to greatly reduce the standard of living of the population while making it appear as if this decline is a “natural” consequence of the U.S. System.”
This leads us to the final question – What happens next?
That’s easy to answer: The fed continues to hike rates well into next year and will not reverse course or capitulate and return to stimulus. The dovish predictions were wrong. The people that said the Fed would not raise rates were wrong. The people that said the Fed would never remove support from stock markets were wrong. This process is ongoing and the effects will grow as the months pass, but those that were hoping for a manic return to the days of bailouts and QE are going to be deeply disappointed.
This is a stagflationary crash, and as such we are going to experience the worst of both deflationary and inflationary worlds. Prices will remain high while GDP goes negative. Sales will decline and jobs will decline as we enter into the end of this year. There is no way around this. The Fed will have all kinds of theories and misdirections on why these things are happening, and they will try to distract the public as much as possible in the meantime.
What the Fed will never do is admit that a crash is happening until it is too late for people to act. They will never warn the populace of the dangers and they will never tell people to prepare. Watch as they tap dance and tell the public that all the pain is “transitory.” Then, watch as the dust settles and they tell people that “no one could have seen this coming.” It’s all very predictable, because it’s all been done before.
Article cross-posted from Alt-Market. Image by William Warby via Flickr, CC-BY 2.0.
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There were many contributing factors to the economic downturn of 2008-09, but there was one major challenge in the subprime mortgage market that was the singular catalyst. All of the other factors could have been remedied pretty easily if the housing market hadn't sent shockwaves across every financial sector. As a result, I've always considered the downturn to be a one-cause event.
What we're facing going into 2023 is very different. Instead of one major factor exacerbated by many smaller factors, we're seeing multiple existential threats to the sanctity of the western economic structure. Individually, these factors could be catastrophic much like subprime mortgages were catastrophic 14 years ago. Unfortunately, there are at least six major factors that are individually catastrophic which puts us in the perfect storm.
The boat is ready to sink and most of the lifejackets are either gone or faulty.
On today's episode of The JD Rucker Political Report on America Out Loud as well as America First Report, I discussed an article by Michael Snyder over at The Economic Collapse Blog, cross-posted to one of my Substacks. He listed 12 numbers pointing to an economic collapse between now and the end of 2023. It doesn't take a degree in economics to realize that everything he pointed out should be of major concern to every American and pretty much every member of western society.
For reference, here is his list:
* The government is telling us that the unemployment rate only went up to 3.7 percent in August.
* According to John Williams of shadowstats.com, if honest numbers were being used the real rate of unemployment in the United States would be over 24 percent.
* About half of all U.S. companies say that they will be eliminating jobs within the next 12 months.
* The government is telling us that the inflation rate in the United States is only 8.5 percent.
* According to John Williams of shadowstats.com, if the rate of inflation was still calculated the way that it was back in 1980, the real rate of inflation would be somewhere around 17 percent right now. That is worse than anything that we experienced during the Jimmy Carter era.
* At one company, the number of Americans taking out short-term loans for groceries has nearly doubled this year.
* One out of every five home sellers in the United States dropped their asking price last month. This is more evidence that home prices are starting to rapidly move in a downward direction.
* Sales of previously-owned homes were about 20 percent lower this July than they were last July.
* One recent survey found that 3.8 million Americans believe that they could be evicted from their homes within the next two months.
* According to the National Energy Assistance Directors Association, approximately 20 million U.S. households are currently behind on their utility bills.
* The Dow Jones Industrial Average has fallen for three weeks in a row. We also witnessed this sort of a gradual slide just prior to the big crash of 2008.
* In August, a whopping 2,150 corporate executives sold off shares in their companies. Are they trying to cash in while they still can?
I absolutely respect Snyder's understanding of the economy and collapses. He has been writing about economic collapses for longer than I've been writing about politics in general. But on this topic, I take exception to one notion.
He continues to reference how bad things were in 2008-09 as something we may face. I think he's dramatically understanding the challenge.
I think the possible upcoming economic collapse will make 2008-09 seem like great fiscal times.
Critics will likely point out that Snyder is selling his book. They'll say I have gold sponsors so it behooves me to promote the notion of a coming economic collapse. In other words, they'll get on comments here and say we're fearmongering for profit.
Let me be perfectly clear. I do NOT want an economic collapse. I am not hoping things keep going south so I can sell more precious metals. Unlike the vast majority of conservative pundits and commentators out there, I have not been promoting gold for years. I started BECAUSE of the challenges I believe are coming. This isn't about fearmongering. The possibility of an economic collapse is real. I do not believe it's a foregone conclusion... at least I pray it isn't. But I also would never paint a rosy picture of an economy when I believe things are anything but rosy.
I'm just calling it how I see it.
Beyond the multiple existential threats that I believe are causing a perfect storm to form around us, there is the motivation component. It seems the powers-that-be and their puppets are pushing for collapse. The World Economic Forum, Club of Rome, and Council for Inclusive Capitalism, among others, have been doing everything they can to launch The Great Reset. You don't need to reset something that hasn't crashed. If it ain't broke, it's hard to convince the people to make sacrifices to fix it. In other words, they need capitalism to break.
Then, there are the "failing" world leaders, including the Biden-Harris regime. I put "failing" in scare-quotes because I think pretty much every conservative commentator is wrong to declare the regime's policies have been failing. They're working exactly as they're intended to work. Yes, they're supposed to increase inflation dramatically. Yes, they're supposed to make driving gas vehicles cost-prohibitive. Yes, they're supposed to launch an energy crisis, food crisis, and every other possible crisis they can muster.
This is an intentional, semi-controlled demolition of western capitalism.
There are three things we should do in order to salvage what we can and possibly prevent the economic collapse. First and foremost, we must take our righteous objections to damaging policies to the highest possible level. It's not just about griping on social media. We need protests. We need lawsuits. We need our voices to be heard.
Second, we need a red wave in November, one that is much bigger than is even being predicted. If the GOP takes back control of the House, Senate, or both, the best they can do is prevent further damaging policies from coming forward. Unless we unleash a massive red wave that can actually get veto-proof legislation passed, all we're doing is slowing the bleeding. Having Mitch McConnell and Kevin McCarthy in charge is only marginally better than Chuck Schumer and Nancy Pelosi, but at least it's something.
Last but not least, we must prepare locally. That means many should strongly consider becoming "preppers." It means feeding as many of our purchases into our local economy as possible. Stop buying through Amazon. Stop buying through companies aligned with the Chinese Communist Party. Strengthen your local economy because if an economic collapse comes, having a localized infrastructure upon which you can rely is far better than needing to stand in government breadlines.
Eventually those breadlines will become cricketlines.
Pray for America, folks. We're facing hard times ahead and a federal government bent on taking advantage of our hardships. Become as self-reliant as possible before you no longer have that option.
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See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Bank of America announced a program that will target specific communities in certain cities across the nation with zero-down, zero closing cost mortgages. This is being declared as racist by many conservative pundits, and it definitely is. But it's actually not racist for the reason most are saying and definitely IS racist for an even worse reason.
Reports coming from many pundits indicate the loans are only for Black and Hispanic borrowers. That's not true, but it's actually worse than that. Here are the details according to NBC News [emphasis added]:
Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said.
The notion that this is for Black or Hispanic borrowers only is incorrect. Whites, Asians, or anyone else living in these Black and Hispanic communities are eligible, and that makes this even MORE racist than had they just done an affirmative action move. By isolating specific communities, they are basically saying that they'll "help" people in poor communities to stay in their poor communities.
This isn't just a race-based program. That alone would be terribly racist. This is about segregation. They are taking poor people and telling them to stay in their poor neighborhoods if they want to get a super-special loan.
As I noted in a short episode of today's America First Report show, Democrats and leftists are inherently racist and often don't even realize it. By pushing poor people in poor communities to stay in their poor communities, somehow Bank of America feels justified for their racism.
Here’s the video from today’s show.
As noted in today’s show, we strongly recommend moving wealth or retirement to precious metals while the prices are so low.
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