From:
http://www.kitco.com/ind/Wieg_cor/roger_feb262009.htmlReally, all I have to say is "Wow". While I think parts of this are a little bit over the top, this guy nailed it head on. I would have liked to see sources cited, though.
Timmy, Larry and Benny are Lost in the Fiscal Wilderness
The abomination of Obamanation will prolong economic pain; stretching out damage into many years of fiscal malaise driving wealth from critically needed investments into business friendly foreign lands. Those with the bucks are moving away. Handwriting is on the wall. Economically destructive Californian trends demonstrate where this once proud nation goes next. We are sinking into a dumbed-down cesspool of despair; into a land of drooling liberals, tossing around cash with abandon. Not being satisfied with the $800 Billion they just slammed this week, they propose much more for health care. We are spiraling down a rat hole with no bottom into a pit of depression.
“…George Soros said last Friday the world financial system has effectively disintegrated, adding … there is yet no prospect of a near-term resolution to the crisis. Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama, Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.”
–Pedro Nicolaci da Costa and Juan Lagorio-Reuters.
The Senate version of TARP II, on the news wires is filled with preposterous proposals many bordering on sheer communism. Let’s see what these people are thinking with a quick review:
1. The Acorn organization currently under investigation for voter fraud is set-up in the TARP II bill to receive millions of dollars under the guise of the community block grants’ program. It appears to us their primary goal in life is to steal votes and fix elections.
2. The Mexican border is wide open with massive violence on both sides as an innocent rancher was sued for protecting his property and holding illegal, criminal immigrants for the police. We heard this week he got nailed with a $68,000 fine. Apparently you are not allowed to protect your own property any longer in America without legal retribution.
3. The latest health care proposal from the failed nomination tax scofflaw from North Dakota (proposed for Secretary of Health and Human Services) demands the federal government be given all health care records of all US citizens under penalty of criminal prosecution. Now the entire world can read your personal health care records.
4. Our new Treasury Secretary made a zero-details speech on how TARP II was supposed to work. With his nervousness and furtive looks he appears to be the crook-front man for criminal bankers. He wants your tax dollars with no details or strings attached. Little Timmy is not only not qualified for his job, like our new president, but appears to be guilty as hell in covering for banksters. After his empty speech he ran to Rome, Italy for G-20 meetings to hide. There is no question this man is unqualified for anything except to push PPT buttons to prop the S&P’s and give orders to sell gold as in his former job as New York Federal Reserve Governor.
5. The Obama Bailout Plan is miniscule on tax relief (which is the fastest way toward an economic healing) and heavy on infrastructure construction; not job viable for many years. Most of the other stuff is just political pork and taxpayer theft. This is a historical taxpayer robbery; a hold-up of epic proportions. And, the worst is, they are just getting started.
6. A new socialist-flaming liberal is being nominated to a lesser judicial position setting him up for a post in the United States Supreme Court. His specialty is denying children’s rights. Imagine how this dude votes on things that reflect other widespread very important rulings.
7. Iran and Russia are closing in for the kill on America, economically and otherwise as they understand Obama is a babe in the political woods. At least Biden was right on one thing-the bigger presidential test from our enemies is coming sooner rather than later. Dictator Putin is changing Russian constitutional rules positioning himself for 12 more years of power.
8. The Obama press conference two week’s ago had seating arrangements to exclude those who oppose his views. He will only be taking questions from far left wing reporters friendly to the administration. Others can only sit and watch in this deliberate denial of free speech.
9. Obama’s right hand henchman has taken census reporting from its rightful space in the Commerce Department directly into the White House. This means that in secret, the congressional districts can be manipulated and illegally gerrymandered to skew-steal future elections from 2010 forward. This also sets-up favored voting districts to receive more billions in pork by the administration to the detriment of the opposing party and their voters.
10. Sneaker Pelosi in the handling of the TARP II plan excluded the Republican Party from any participation in offering any bill ideas. Instead of working together in a bi-partisan fashion as the president suggested, the Speaker shut-out the Republicans and designed TARP II with only ideas filled with pork from her party. When asked about it she said the Republicans did not have any good ideas to offer. Wonder what we get in TARP’s lll, lV, V, etc.?
11. Now, this last Wednesday morning, we learn Speaker Pelosi wanted to impose a windfall profits tax on all retirees to steal their pension money for government and make us all equal.
12. Obviously many of these disastrous ideas will never pass but this is the gang we now have running America. We predict major economic messes ahead in spring and fall of 2009 and in 2010. These kinds of ideas create Boston Tea Parties or, something much worse. I fear for my country as these Neo-Nazi-Fascist suggestions are brought more and more to the forefront of American politics. We’ve not been predicting Armageddon but now have to wonder.
13. When our esteemed Treasury Secretary made his little non-detail speech, the stock markets immediately sold-off and the Dow at one point was off nearly -400 points. Traders and investors do not like what they saw and heard and voted with their trades by selling. The stock markets’ weakness has prevailed despite technical oversold indicators. We still predict the Obama Bounce but the strength and power is trending to the weak side.
14. While stocks sold off, bond prices recovered from selling and posted a nice price increase. Gold and silver, which have technically completed a new five wave rally are consolidating in a profit taking correction prior to the next rally. The next PM rallies, probably concluding in mid-March, might be higher and faster with more strength.
15. The U.S. Dollar being so over-printed and diluted is poised for a continuation of longer term selling. Our many months low index forecast for the dollar has been 46.00 with a fall from 87.00, basically cutting its value in half again. One of the best analysts we know just cut his dollar forecast to 40.00 on the technicals. Now, we are thinking he is more correct than our number. We need new updates but know this gentleman’s work and find it always accurate.
16. While TARP II has some funds included for helping those out of work and hungry, we suggest that even though the money will be available for this badly needed support, most of the money-help will never arrive in time due to the disorganization and stupidity of bureaurats. We predict a very long and hot summer in major cities of the U.S and overseas with food riots; higher criminal activity and a marked lack of response by governments paralyzed with inaction. They have the resources to help but cannot make the right moves.
17. With national U.S. un-employment moving toward 20% (unacknowledged) and millions more being fired or laid-off, social problems in the United States will turn into unprecedented violence. This will continue for at least the next 2-3 years, growing ever more, nasty. The 1930’s disaster was prolonged by the government interference of FDR lasting 15 years with unemployment still over 20% in 1939. Look for a repeat with much worse numbers.
18. Europe and China, as we have predicted, is ahead of these disasters on the time-line. Over 20mm Chinese farmers brought to the cities to work are laid-off and heading back to neglected farms smashed by expanding drought. In Europe, the U.K. is ready to economically implode and riots are spreading over Spain, Greece, Holland, France, Portugal and others. We forecast Europe falls first in chaos with China second and then parts of South America. America has a very bad May just ahead in markets but the late September, early October, fall will be an unmitigated disaster. Those duel dates hit us again in 2010 for perhaps a potential bottom.
19. The fabulous recovery of Ireland after government tax reductions to 12% has fallen to pieces. U.S. bad derivative paper sold to Ireland and the encouragement of cheap housing loans and easy credit for the Irish citizens has done them in. They plan to exit the Euroland experiment. Others will follow with the Euro eventually disappearing as Europe’s nations revert to protectionism while using their old currencies. The Euroland experiment is toast.
20. Switzerland is now at risk as 200mm in Swiss Francs were loaned to Eastern European nations and they cannot pay it back nor roll-over the loans. The Swiss loaned a portion of this directly but most of these loans were made by other central banks of Western Europe. In the end, the Swiss currency has major exposure overall.
21. Germany and Canada are holding up the best. We think Germany will dump Euroland leaving them to their own devices and in economic mayhem. Canada has Ontario manufacturing problems but will generally do better than most. This is not a pretty picture world-wide.
22. Last and most scary of all, president Obama signed an executive order permitting wide-open immigration of Hamas Palestinians into the USA. Bad guys just got the USA front door keys.
In our view, the American nation can withstand stupid politicians and a major prolonged depression. Over-priced assets will be written down and restructured. The large investment banks will be nationalized but be disguised as being stand-alone companies. The IMF, Federal Reserve, U.S. Treasury are all in cahoots to keep the big banks “private” so they can continue with the same old game robbing the world using inflation and lending tricks.
The larger question is, “Do we maintain our nation with the rules set down by the U.S. Constitution and Bill of Rights, or will current events drive us beyond Fascism-Light into a dictatorship?” New gun rules are being proposed to take control of the millions of guns out there in the United States. We think if this rule passes we all go over the line and something much worse transpires with speed.
Will the Tree of Liberty need refreshing once again? There are millions of Bubbas out there ready to go, to fight for freedom. Once it starts heaven help us. –Traderrog
In Trader Tracks, we provide weekly guidance and extra e-mail alerts to report our best new trades and offer suggestions for trade management. Visit our website at webeatthestreet.com for more information on our spectacular futures and commodities trading record.
Roger Wiegand
Editor Trader Tracks Newsletter
& The Rog Blog at webeatthestreet.com
