Journal is Back
August 21, 2004
After being down for quite some time due to malicious porn spammers, the journal / blog section is back! The new location is: http://www.depression2.tv/nwo-2/. This section now becomes the archive. Update your bookmarks accordingly, and thanks for stopping by!
This Week’s News 5-17 – 5-21
May 17, 2004
This week we’re going to try something a little different – we’re going to let you, dear readers, source the news, and see what happens. Typically, either Rich or myself will be in charge of sourcing daily news stories on the unfolding Second Great Depression. This website gets between 2,500 – 3,000 visitors on the average weekday, so there is obviously an incredible amount of interest in the subject matter. Until we recently added this blog section, communication had been rather one-sided, from us to you. With the addition of the blog, communication has become very interactive. Depending on the subject matter, we have received hundreds of comments and very interesting interactive discussions.
Until we recently added this blog section, communication had been rather one-sided, from us to you. With the addition of the blog, communication has become very interactive. Depending on the subject matter, we have received hundreds of comments and very interesting interactive discussions.
As an experiment, (and also so that both Rich and I can take a little break from sourcing the news) this week we’ll let you be the editor. If you visit the site regularly, you know what kind of news we’re looking for. See something interesting that you think others would like to know about? Go ahead and post it in the comments section below. Just copy and paste the link from your browser, and write a short headline. If you feel inspired, a brief summary, or short editorial comments are also welcome.
Depression2.tv began as an experiment, and we continue forging ahead with the experimental nature that the world wide web has opened up. Here are some headlines to start the morning:Comments (91)
Open Thread: Cancelled Elections, 2004?
April 28, 2004
Read the orginial post, © Copyright 2003, Maureen Farrell atPittsburgh Indy Media : Your comments Welcome at the end.
On Dec. 31, 2003, New York Times columnist and former Nixon speech writer William Safire offered his standard New Year’s predictions. This time, however, one item stood out. In addition to speculating on everything from which country would next "feel the force of U.S. liberation" to who would win the best picture Oscar, Safire predicted that "the 'October surprise' affecting the U.S. election" would be "a major terror attack in the United States." [Salt Lake Tribune]
While such speculation is hardly worth a trip to the duct tape store, when combined with repeated assaults to our democratic process and troublesome assertions from noteworthy sources, it warrants further investigation.
In Nov. 2003, you might recall, Gen. Tommy Franks told Cigar Aficionado magazine that a major terrorist attack (even one that occurred elsewhere in the Western world), would likely result in a suspension of the U.S. Constitution and the installation of a military form of government. "[A] terrorist, massive, casualty-producing event somewhere in the Western world -- it may be in the United States of America -- [would cause] our population to question our own Constitution and to begin to militarize our country in order to avoid a repeat of another mass, casualty-producing event," he said. [NewsMax.com]
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Global economy set for best years in decade, IMF says
April 22, 2004
Editor's note: What is such a bullish news article doing on such a bearish website? Normally I would throw this up for a balancing view on the news page, but this is so contrary to what I believe the near future will hold that I want it here on the site, to serve as future reference, right or wrong. Add your comments at the end.
THE world economy is on course for its best two years of expansion for more than a decade, the International Monetary Fund said yesterday.
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My Life as a Deadbeat American
April 15, 2004
By Frmr Sftwr Engnr
It all began with the bastard from Bombay, India that is, and actually they call it M’umbai, now, but that sure didn’t stop the fellow from cursing up a storm in a flat, mid-western, American accent.
He had called me to try collect on my credit card debt. The irony of him calling me on the low cost, high-bandwidth telephony service that I helped to engineer in the early 80’s was not lost on me as I detected the slightest hint of Hindu accent in his speech. However, the fellow from M’umbai did not take kindly to my pointing out the irony of the situation…me, a long term unemployed telephony and other software engineer, being hounded for debts by a fellow halfway round the planet and ONLY because 20 years ago I worked my ass off with hundreds of other engineers to provide a signal switching network that allows for the low cost long distance we enjoy today.Continue reading "My Life as a Deadbeat American"
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Kudlow & Cramer - The Show Stinks
April 02, 2004
Presented by Jeff Kassel for your reading pleasure: A couple of emails to Jim Cramer about his show, and a couple of responses.
From: Jeff Kassel
Sent: Friday, March 26, 2004 11:58 PM
To: Kudlow & Cramer
Subject: The show stinks
I liked Kudlow better when he was using Coke. Viewers turn this show off. I see it, I turn it off after a few minutes.....after listening to one or two laughable lies. Both of these guys have nothing to contribute. They are both obvious hacks and need to be replaced with people that are serious. CNBC has some serious staff people that do make some sense.....but not these guys. You're losing the viewer. Maybe CNBC doesn't care about the time slot. But it's prime time. You should be running something good. Why not do a roundtable with serious people. Mix it up with people that see problems........I mean running one optimist after another is not exactly balanced.
In the last few weeks we are hearing about Social Security running out of money and needing restructuring as well as medicare.........does this suggest our economy is well run. Interest rates at historical lows that are causing the dollar to drop like a rock. What about 520 billion dollar deficits that are really more like 700 billion dollar deficits. What about China and Japan buying 250 billion of our debt. This means they have us by the balls. If they stop buying treasuries........interest rates rise and choke off this recovery.
I have wondered if Kudlow and Cramer or organizations are buying the time slot....kind of like Sue Orman....another hack.
You guys have some obligation to the viewing public. It would be nice to see wrap-ups that are more than happy talk and propaganda.
Do something about this. The show stinks. It has always stunk.
CRAMER'S 1st RESPONSE.
From: Cramer, Jim (NBC, CNBC)
To: 'Jeff Kassel'
Sent: Monday, March 29, 2004 2:10 PM
Subject: RE: The show stinks
for you to say that about larry is so horrifying that i cant begin to think what kind of animal you are
To: Cramer, Jim (NBC, CNBC)
Sent: Monday, March 29, 2004 9:49 PM
Subject: Cramer..one more thing
I seem to have your attention. Four years ago I liked you as a guest on CNBC in the morning. You were a breath of fresh air. You were a nice counterpoint to the polished styles of the regular anchors. And you had something to say....it was a message that was delivered in an authentic style that was often funny and usually pretty interesting. I particularly remember your complaints about Microsoft not taking the Justice Department lawyers seriously as the anti-trust activity started. Even though you were wrong, but it was fun to listen to you. You should have been right but Microsoft won that round...they weren't so lucky in Europe. Actually, as corporate gangsterism goes, Microsoft was a junior high school player. We got into college with Enron and Adelphia and Worldcom and all the other Wall Street criminals.
But, Jim, there is a big difference between being a guest once a week for an hour, and a host every night. Plus there is the Kudlow problem. Kudlow is a smart guy...just like you...but Larry Kudlow is a mindless supplysider/propagandist who has been predicting great things for the stock market whenever there's a TV camera around. I'd love to see an accurate history of his investments because if he invests the way he suggests other invest, from 2000 to 2002 he would have lost a ton of money. Finally in 2003 Kudlow was finally right and the market did rise, but you and I both know there are all kinds of problems with an economy that's running on the interest rate cocaine promoted by the Fed.
Savers and retired people in this country are being severely punished with artificially low interest rates so government can bail out corporations that have misallocated capital. This was once a country that saved and produced things. Now we have economic engineers who think we can borrow our way to prosperity as millions of jobs are exported to police states like China. When the Japanese and Chinese decide to stop buying treasuries, you will see what will happen Kudlow's utopian, ever-expanding economy, fueled by tax cuts for millionaires and capital gains reductions.
Because I watched you in the mornings, I had high hopes for your show and I was really disappointed. I am not alone. Serious viewers are not so very impressed with shameless self-promotion and investment puffery. We used to pay our bills in this country and Republicans used to promote balanced budgets. Kudlow is a member of the "New Republican" cadre who believes that deficits approaching a trillion dollars a year represent good government policy. Maybe his mind has been twisted with all that ass kissing he and everybody else does when the words, Allen Greenspan are uttered. Greenspan....one of the worst fed governors in history who choked when it came time to take his foot off the gas. Someone should take him out behind the Federal Reserve building and give him the beating of his life for trying to wreck the world.
I'm not as smooth and sycophantic as Kudlow, nor do I share his cockeyed optimism. For most of my unremarkable life I've paid my bills, saved for retirement and worried about excessive spending for government programs that are unaffordable. Looking back on it, I suppose that makes me an idiot because you and your partner are on TV and I am not. But if I was on TV, I would not be hawking companies that are selling for 50 times earnings as national bankruptcy looms on the horizon.
Do yourself a favor and do some tough interviews on your show...give me a call when you decide to take apart some happy talking sector analyst so that after 30 seconds, sh** is running down both of their legs. People are kind of tired of bs.....aren't you?
CRAMER'S 2nd RESPONSE.
From: Cramer, Jim (NBC, CNBC)
To: 'Jeff Kassel'
Sent: Monday, March 29, 2004 2:09 PM
Subject: RE: The show stinks
jeff you are really funny, especially when you beat your children
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Wars are Fought to Keep Oil Under Dollars Control
March 24, 2004
By John Wilmerding
Enron, telecom, and the other unprecedented U.S. corporate
financial scandals were the warning sign. But government didn't
act, partly because Enron and the windfall profits generated by
manipulating California fuel prices in 2000 helped (s)elect Bush
into the White House. And everything the president has done
since then has been in favor of profits for the big corporate
entities that now essentially run the U.S. government.
The president's handler and chain-man, Vice President Richard
Cheney, rakes in illegal profits from Halliburton's massive
exploitation of the Iraq attack while almost no one seems to
notice. Rock-ribbed reactionary Supreme Court Justice Antonin
Scalia goes duck-hunting with people he has to sit in judgment
on the next week.
The rich everywhere seem to be on the take, winking at each
other right and left, but they are wrongly taking us for sitting
ducks. The poor are getting ready to eat them alive, and we
will have the state for dessert.
For years the wiser on why gold prices aren't going up, GATA,
the Gold Anti-Trust Action Committee, is trying to break the
Federal Reserve's and others' cartel-manipulation (downward)
of gold prices. Ironically, they are trying to do it on as
rationale of smart investment.
The operative theory says that the Federal Reserve, which
controls U.S. financial policies, is in cahoots with people who
know that the dollar would drop hugely in value if its gold-price
value were allowed to truly float in the commodities market.
So the Fed grabs huge chunks of the U.S. gold reserves in
Fort Knox and elsewhere and mortgages them -- commits
them to futures contract sales -- to keep gold prices down.
This is illegal and done in a clandestine fashion.
Another way the dollar's value has been propped up in recent
months is by huge Japanese buying of dollars. Basically they
are minting yen like crazy just for the purpose of buying dollars,
hoping either to save the U.S. economy or perhaps to buy
everything of value in the United States, depending upon your
point of view, or perhaps your fear.
So in recent months when other precious metals and
commodities have been going up in price to reflect the
several-years-long decrease in the dollar's buying value, the
price of gold has held rock-steady ... until now, that is. There
is speculation that finally a critical mass of investor
understands the statistical proofs of market manipulations,
and we are beginning to see a run on gold (people buying
lots of gold futures) that is becoming consistent.
If GATA's theories are correct and the gold market has been
held way low for a long time to keep U.S. inflation manageable,
it is possible that the price of gold in dollars could even
double or triple go beyond even that. If the value of the dollar
starts to become truly elastic to gold, then the dollar may have
to lose 50 to 75 percent of its buying power.
The result for U.S. consumers will be a deep, deep recession
or maybe even a depression as the U.S. economy finally
re-gears away from "services" and back to the production of
the food, clothing, shelter, and other necessities that the
U.S. populace needs. Long-term, this will be a very healthy
thing for the United States, but in the short term we could see
drastic shortages of gasoline, fuel oil, and other pricey and
limited commodities and consumer products that will flee the
United States and begin to chase the newfound buying power
of Europeans and people elsewhere.
We in the Committee for Equity-Restorative Justice observe
that this is why wars are fought: to maintain the dollar's
hegemony over oil, the primary strategic (read: military)
commodity. The theory here goes that the Saudis and others
rely on the United States to prop up their autocratic regimes
and in return support the 30-year-old fiat that has them
accepting only dollars to buy oil. This means that other
countries have to maintain significant reserves of dollars in
order to keep their oil market share. But if the bottom falls
out of the dollar's buying power, then the petro-dollar -- the
dollar as oil's fiat currency -- is doomed. This will also spell
the doom of the U.S. neo-cons' admitted plans for global
military and economic domination for the rest of the century.
Bottom line? If gold's value increases to some of the higher
estimates -- goes from $400 to perhaps $1,700 an ounce --
we in the United States will be looking at gasoline and heating
oil that runs between $5 and $10 a gallon.
Unthinkable? Think again; it's very possible. People in many
other countries, including Europe and Britain, for years have
been paying two, three, or even four times as much for
gasoline as we do here in the United States. Why? Because
our dollars have had such unwarranted buying power for so long.
Serious economists note that the United States produces little
of its essential commodities and industrial goods anymore,
and consequently is running up a monumental
balance-of-payments deficit. There are signs that the United
States is now truly desperate to prop up its economic statistics
and maintain the confidence of international financiers.
One of these signs is the recent reclassification of burger flippers
in fast-food restaurants as "manufacturing jobs." That should
boggle the mind. So many real U.S. factory jobs have been
exported that the country is propping up the job statistics with the
lie that burger flippers are manufacturers.
More to the point, about 2,000 tons of gold in storage at West
Point were recently reclassified from "deep storage" to "custodial
storage," which can mean that it is being held there for delivery
to a buyer or series of buyers.
It is this kind of thinking that caused the Enron and telecom
debacles -- accounting sleight-of hand to operate huge confidence
games that are robbing us and our children of future security and
opportunities. That and mortgaging our children's futures to
prosecute immoral wars that we can only lose.
Great international economic "corrections" are now the only way
that the world will lurch toward economic justice and reduce the
disparity in wealth and resources between the rich and the poor.
And millions upon millions of people -- possibly even billions of
people -- may die unless we begin to manage our economic
If the media begin to report things fairly, the scandals of this
presidency will include the bankrupting of the United States. I
predict here that this will be illustrated will be through
revelations of how many U.S. military service people are dying
of wounds and illnesses incurred in Iraq.
The U.S. economy today is a one-trick-pony, its only trick being
its efficient machinery for killing people, a nation of predatory
weapons of mass destruction. And we, the doves, are going to
put them out of business.
Non-violently, of course!| Comments (34)
Taiwan Elections, etc.
March 21, 2004
Rich Lancaster says:
Well looks like you have Chen for President in Taiwan for a while longer! How were events in town while the voting was going on? What an interesting time to be living in Taiwan!! What an interesting time to be alive anywhere!!!
Pakistan has the president shot
Venezuela attempted coups
Haiti has Aristide forced out
Spain votes in anti-neocons
Germany went first a year ago with an anti-neocon vote
I know there is more than this, but its still pretty interesting.
I'm predicting a rise in terror activity in to the face of the US election. Britain is going to take a hit and I think the US might too. The war will escalate on all fronts through the summer, all of this will benefit the Bush campaign and the growing need for a police state and a war economy. It will also serve to mask over the economic reality. At the end of it Bush will be re-elected - he will have $400 million to beat Kerry - he'll win this one bro!
Open Thread - The Coming Draft
March 14, 2004
Original Source: http://seattlepi.nwsource.com/national/164693_draft13.html
WASHINGTON -- The government is taking the first steps toward a targeted military draft of Americans with special skills in computers and foreign languages.
Defense Secretary Donald Rumsfeld is adamant that he will not ask Congress to authorize a draft, and officials at the Selective Service System, the independent federal agency that would organize any conscription, stress that the possibility of a so-called "special skills draft" is remote.
Nonetheless, the agency has begun the process of creating the procedures and policies to conduct such a targeted draft in case military officials ask Congress to authorize it and the lawmakers agree to such a request.
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Meltdown Near? Open Thread
March 11, 2004
Rich Lancaster notes: This is interesting.
Almost everyone over 5 years is at or below ZERO and Citi are up 60%, what
is wrong with this picture!!!??
Here's a piece of conjecture for you, using Machiavellian deduction logic:
JPMC has been using Freddie and Fannie as losing counter parts in their derivatives scamming! Every derivative contract needs a counter party, and in the case of JPMC and Citi clearly their counterparts are the losers so the banks can win.
I suspect there are many of the Fortune 100 that are controlled indirectly by these two banks - who have tremendous leverage due to the debt burden of the Fortune 100 (I'd love to see a report on the bankers who sit on the boards of these companies - it would tell a story fer sure). The companies, like Enron, allow a JPMC to come in and set up, with the help of bank consultants (like Arthur Andersen), offshore money laundering facilities in the form of derivative and currency trading.
Of course the bank is then in reciept of massive insider knowledge on the trading movements of the company and due to their ownership and indirect control of the Fed they are also aware of interst rate policy, etc. This is how they are able to weave together $50 Trillion in derivatives without fear of a massive blow out, they own or indirectly control all of the moving parts.
I'm sure I've got aspects of this wrong, but the general picture I think is OK.
Dow Drops Tranny
To those of you not familiar with the Dow Theory, it’s an old fashioned indicator, so you probably shouldn’t pay much attention to it. All these old indicators, such as PE ratios, dividend yield, price-to-book – they don’t really mean anything anymore in the new economy.
Continue reading "Dow Drops Tranny"
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