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Fed frozen by sight of an economic time bomb...
“… the disaster back in the 1920's, My children, was as nothing compared to what will happen now. I talk of a great depression coming upon mankind." - Jesus, October 1, 1988
John Browne of MoneyNews.com reported on August 24, 2007:
Today's Financial Times headline reads, "Ford chief calls for Fed push on growth."
According to CNBC, some 90 percent of economists polled forecast a rate cut. The clamor has reached fever pitch.
Many observers, including Stephen Roach, former chief economist of Morgan Stanley, feel the Fed is asleep at the switch.
We sympathize with that view, but we now question whether the Fed is "asleep" or "frozen" — frozen in fear — at the fearsome sight of an economic time bomb?
Whereas the credit markets are largely frozen by what they don't know about the ultimate liabilities within the derivatives markets, we believe the Fed could be frozen by fear of what it does know!
Most would agree that our Fed has superior access to information.
We believe that Ben Bernanke sees not just one, but four, mammoth risks: Stealth inflation; a credit crunch; looming recession, and the possibility of a catastrophic run on the U.S. dollar.
First, stealth inflation.
As our readers know, we and our sister publication Financial Intelligence Report, have long warned of what we call the "Great Inflation Lie".
We have consistently pointed to the official "cooking" of the consumer price index (CPI), by the Department of Commerce. This happened particularly during the Clinton Presidency.
According to Alternative Government Statistics, who publish the CPI, calculated on a pre-Clinton basis, our current inflation rate is a whopping 6 percent plus!
This is some three times the official rate of some 2 percent and nearer the "real" rate we all feel in our pockets.
In our opinion, the "Great Inflation Lie" rests at the heart of our present economic and financial ills and we see them as very severe.
Poor Ben Bernanke inherited the "Great Inflation Lie". We believe he sees all too clearly the economic and financial time bomb that went with it.
That is why, when in the face of a clamor for lower rates and afraid of inducing a recession, he has kept rates on hold and talked tough on inflation.
Falsifying the true inflation rate, allowed the Greenspan Fed to cut rates so low that he handed over a Fed funds rate (5.25 percent) that now stands at 0.75 percent BELOW the "real" inflation rate of some 6 percent!
This allowed the banks to borrow at below inflation and to begin a reckless lending spree to lower and lower credits for higher and higher reward and increasing profits and personal bonuses.
Add to this the extraordinary leverage of the derivatives market (some $500 trillion — yes trillion) and the extreme leverage (up to 54 times) of the hedge funds and you have the massive credit debacle that now faces our economy and financial markets.
The recent asset boom, of which housing was just a part, was financed not just by excessive liquidity, but by cheap liquidity. In essence, it was a giant pyramiding operation, based on sand.
So now, the credit crunch.
As we warned our readers, the erosion of just a small portion of the foundation (sub-prime) has caused the building to tilt. The occupants (financial markets) are now frozen in fear (credit crunch).
We are not alone in seeing this. Investors and central banks around the world have sold our U.S. dollar like gangbusters, sending it to historic lows, with 40 percent depreciation against the far-from-secure euro, in just five years!
Most people will realize that financial things have gotten pretty bad when a top Swiss banker (normally as quiet and low profile as a gnome) lashes out as Ambrose Evans- Pritchard reported three days ago in the Telegraph.
Apparently, Jean-Pierre Roth, president of the Swiss National Bank said, "We're certainly not at the end of the story. There are question marks surrounding the development of the American economy. Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back."
Even today, when we are already witnessing the first phase of the credit crunch most of the "cheerleaders in politics on Wall Street and in mainline media would have us believe that we are witnessing the short term "re-pricing" of credit.
We believe the truth is starkly different. We feel we are only just beginning to see the long-term "counting of the cost" of years of reckless lending and investing.
Furthermore, one of the unique and most toxic elements in the current crisis is that great and time-consuming efforts now have to be made first to identify exactly where the ultimate liabilities lie.
The complexity of modern derivatives have both diversified and disguised risk so well, that even prime financial institutions are loath to lend to each other.
We feel that, severe as it is, the current credit crunch would represent merely an absorbable shock to a healthy economy.
But is our economy truly strong?
As CNBC reports this morning, "Most economists see the fundamentals of our economy as still strong."
We disagree profoundly.
The problem is that most data quoted by the bulls of Wall Street and its related media, is "lagging" data, such as the GDP, retail sales, and unemployment.
At MoneyNews.com and at FIR, we look hard at what we see are "leading" indicators, such as, new building permits (chart 1) and starts; average work week; overtime hours; non-defense capital goods orders (chart 2) etc.
We believe that we are already in a recession and that further delays in cutting rates could lead to worse than recession.
Finally, defense of our dollar.
We believe that Bernanke actually wants to cut rates, but he knows that if he does, our dollar could go into freefall and that could prove catastrophic to our financial system.
So what is the Fed to do?
We are beginning to be persuaded that the Fed has little alternative to what it is already doing, namely:
Hold the Fed rate at 5.25 percent in the hope of keeping the dollar relatively stable.
Talk soft to keep stock and bond markets happy and avoid panic.
Meanwhile, pump in liquidity to stop the financial system from grinding to a halt.
Force the discount rate down to lower the "effective rate" to member banks, at least.
Consider widening the discount window to 30 days and even temporarily, relaxing the collateral rules to encourage a return to confidence.
If the banks are still too scared to lend, "other means" must be used to force the liquidity into the economy to avoid a debilitating recession I suspect increasingly that the recent $2 billion Bank of America convertible, preferred loan to Countrywide Financial was covertly engineered or "encouraged" by the Fed as part of these "other means" and that there could be more.
If I am correct, the implications are awesome. For it would confirm our worst fear: That our Fed is over a barrel — the barrel of the "Great Inflation Lie", about which we have long warned.
Our concern is that, as nervous stock markets and a growing number of economists look for a cut in rates, our Fed is frozen in fear of a run on our dollar and may disappoint.
On the other hand, as market and now political pressures mount for the Fed to cut rates, the Fed could be forced, against its better judgment to cut rates.
So there we have it. As we see it, our situation is so bad that, both a cut and a non-cut appear equally able to engender a financial panic.
We have great sympathy for Ben Bernanke. He inherited the basic problem and has done his utmost to avoid making a decision — a decision where to hold the much publicized Fed target rate, while lowering the effective discount rate and holding the liquidity pump open could be best, in the short-run at least.
However, we fear that reality will soon dawn.
We hope our Fed can open the curtains slowly enough for markets and our economy to adjust calmly and so avoid a catastrophic panic.
As far as our readers are concerned, we re-iterate our belief that cash could soon move from being a king to become an emperor.
If it does, the price of gold could skyrocket on the aftermath.
"My child and My
children, the days will grow darker, and there will be hunger in your land. Yes,
My child, what I brought you here for this evening is to tell the world that
there will be a crash in the monetary doings of your government—an absolute
crash that will affect every man, woman, and child in the United States and
Canada, and then, like a serpent, creep all over Europe, until the world sees
one big, massive depression. I can illustrate to you, My children, what I mean
by this monetary depression.
"Should you go and wish to buy a small instrument, even a guitar, that We
hear plucking away at the dervishly, and devilry, of what is called the musical
Mass, strung by guitars, and other creations of satan. My child, I go on to tell
you, you will say that the guitar is not a costly item, but in order to buy this
guitar you will carry an actual satchel, an overnight bag-size, My child—let Us
put it that way clearly—of notes, your currency. It will take a whole suitcase
of paper—paper money that no longer has a value. You will soon be reduced to
bartering for your food.
"My child, I know you are affrighted at this word 'war'; 'death', 'turmoil',
'depression', but what can I do but tell you the truth. I cannot smooth over it,
for I would be accepted like those upon earth who like ostriches, they walk
about, proud in their scientific knowledge." - Our Lady of the Roses,
September 7, 1985
The awesome Bayside Prophecies...
https://www.tldm.org/Bayside/default.htm
These prophecies came from Jesus, Mary, and the saints to Veronica
Lueken at Bayside, NY, from 1968 to 1995:
A godless nation shall
fall! . . .
"Without
My Son you are lost. A godless nation shall fall. A nation that has been eaten
away and rotted by sin shall fall. A nation that has turned itself back and
regressed to a state of animal living bordering on all sins of the flesh and
impurity; given over to all manner of seeking things of the world; power, lust,
envy, hate, murders, abortions, worship of false idols; loving money, power, and
lacking the instinct of survival when survival can only be reached by pleading
from them to the merciful heart of the Eternal Father." - Our Lady, June
13, 1981
A great money disaster . . .
"My child and My children, pray a constant vigilance of
prayer. Keep this going throughout the United States and all of the nations of
the world, for there is little time left. Soon, in the plans of the Eternal
Father, He shall set forth and allow to come upon mankind, a great money
disaster. In this way it will prove to you that the disaster back in the
1920's, My children, was as nothing compared to what will happen now. I talk of
a great depression coming upon mankind." - Jesus, October 1, 1988
Destruction of the world monetary systems . . .
"You
will understand and broadcast the message to the world that there will be a
great destruction in the monetary systems of the world. It will affect both the
United States and Canada, and all the great powers of the world. And I repeat
again: You will go to your stores to do your shopping carrying papers which may
as well be newspapers, for the value they will have to purchase even food will
be nil.
"How can a great country like the United States fall, you say, My child?
You ask Me in your heart. I read your heart. I will tell you why. Because they
have given themselves over to satan. When a country has lost its morality and
seeks the pleasures of the flesh, giving over, themselves over, to all manner of
abominations, like homosexuality, and condoning this up the highest courts of
the land, then that country shall fall." - Our Lady, November 1, 1985
Gathering of the world's
money to control the masses . . .
"Man
shall not create a new world as he seeks. For there cannot be a lasting world
without His God. And I speak not of the false idols and gods that man creates
in his human nature! There is only one Creator.
"You who cast aside this knowledge and choose to set yourselves up by power
and the gathering of the world's money to control the masses, you will find that
all of your power and all of your volumes of gold and silver cannot hold back
the heavens as they descend upon you in a just chastisement. The world, the
earth shall tremble, fear shall come upon mankind as he watches the approach of
the destruction that he himself has chosen to set loose." - Jesus,
February 10, 1978
Evil force like an
octopus . . .
"There is a great evil force now enshrouding your world; it is like an octopus
reaching out in every direction to ensnare the world. It is a force of evil set
up by satan. There are many arms of the octopus controlled by the monies of the
world.
"For the love of money and riches, many will sell their souls to get to the
head. O My children, what do you gain if you gather all of the riches of the
world and destroy your soul. When you come over the veil, and you will come over
the veil, what will you bring with you - nothing of the material. You must
gather your riches in Heaven now. They are supernatural: the graces, the merits
that will allow you to enter into the Kingdom of
your
God." - Our Lady, June 24, 1976
The Illuminati . . .
"There is a group in the United States and the world, a
group that started many years ago, calling itself the Illuminati, coming from
the word 'light bearer'. Naturally, My children, this light that they bear
stands for Lucifer, and as such they have gone through the world secretly known
as Luciferians. They have brought into your country, the United States, and
your neighbor Canada, a group of witchcraft practices. Well have they laid
their plan to destroy your children with drugs, using your school systems, your
medias of communication, your newspapers, your televisions, your radios: every
means of communication has been infiltrated by the member and sub-members of the
Illuminati, a conglomeration of individuals and powers and principalities
throughout the world, and banking systems. As you well know, My children, money
has always been the root of all evil, and many have sold their souls to get to
the head." - Our Lady, November 25, 1978
You are worshiping idols . . .
"My children, you must change your values back to the plan of your God. As a
nation, as a country, as in many countries throughout the world, you have become
paganized and immoral. My children, it is the gauge for the fall of mankind:
immorality and paganism. No nation shall stand without its God, the God in
Heaven.
"Man is creating many new gods, gods to feed his human nature; and it is a
basic carnal nature. Idolaters abound. When you worship in abundance things, My
children, you are worshiping idols! If you spend your time gathering things,
money, power, you are worshiping idols. Remove yourself from these worldly
pursuits.
"It is a narrow road to the Kingdom of your God, Heaven. Many are called
but few are chosen. The road with satan is wide. Many walk it and can never
leave, because there are too few prayers said for them and by them.
"Nothing is impossible to your God. Man shall never reach the highest
pinnacle of Heaven in knowledge." - Jesus, March 18, 1978
Many will sell their
souls to get to the head . . .
"The road to
Heaven, My children, is a narrow one; too few stay upon it. For they are
often carried away with the cares of the world, and the pleasures of the
materialistic pursuits, and their gathering of money and prestige and power.
For what? For the few short years allotted to each human upon earth.
I ask you to ask yourself: is it worth it to lose your soul? Many will
sell their souls to get to the head." - Our Lady, November 20, 1979
Gather your graces . . .
"You cannot accept
two masters. One you will love, and the other you will learn to hate. And
remember, My children, where your treasures are, your heart will always lie. And
better that you gather your treasures in a place where there is neither rusting,
nor attacks by moths, and robbers cannot take them from you. Store your
treasures in Heaven, My children. Gather your graces. You must ransom your soul
and the souls of your children, your households. Do not wait expecting to be
repatriated at the last moment, My children. Many are coming across the veil
unprepared, and, sadly, they cannot be accepted into the Kingdom." - Jesus,
August 5, 1977
Store canned goods,
water and blankets . . .
"My children, I caution you now, and I wish that you remember these
instructions from several years ago in earth's time that I gave to you, to keep
in your homes a good supply of canned good. They have shelf value, My children,
they will not spoil. But better that you keep them and they spoil than to have
come upon you the great Chastisement. It will be a ball of fire which will
ignite many of the chemicals that are being stored up for the destruction of the
nations.
"My children, not only with the canned foods will you store just food, but
you must also make known to your families and your friends that they had best
keep blankets and water in tight containers; for there will be on the onset of
the Chastisement, there will be nothing that you can buy due to contamination."
- Our Lady, July 1, 1985
Read the Bayside Prophecies:
Directives...
D213 - Riches, Part 1
D214 - Riches, Part 2
D215 - Money
D307 - Monetary crash
Articles...
No time to sit and watch: "What we have on our hands here, folks, is a full-blown, global financial crisis"
https://www.tldm.org/News11/GlobalFinancialCrisis.htmWorld stock markets spiral lower
https://www.tldm.org/News11/WorldStockMarketsSpiral.htmFed OD’s on liquidity but risks depression
https://www.tldm.org/News11/FedRisksDepression.htmU.S. Comptroller General: Learn from the fall of Rome
https://www.tldm.org/News11/ComptrollerGeneralFallOfRome.htmPerfect storm of debt rattles Wall Street
https://www.tldm.org/News11/PerfectStormOfDebt.htmAsian stocks tumble the most in five months on credit concern
https://www.tldm.org/News11/AsianStocksTumble.htmSubprime panic points to taxpayer bailout
https://www.tldm.org/News11/SubprimePanicTaxpayerBailout.htmFed cowardice invites catastrophe
https://www.tldm.org/News11/FedCowardiceInvitesCatastrophe.htmForeign money props U.S. economy
https://www.tldm.org/News11/ForeignMoneyPropsUSEconomy.htmThe worst isn't over in mortgage meltdown
https://www.tldm.org/News11/MortgageMeltdown.htmU.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
https://www.tldm.org/News11/PaulsonComingFinancialCrash.htmSlow demise of the mighty greenback
https://www.tldm.org/News11/DemiseOfMightyGreenback.htmCredit spree could cause 1930s-style depression
https://www.tldm.org/News11/CreditSpreeCouldCauseDepression.htmGloom gathers over U.S. economy
https://www.tldm.org/News10/GloomGathersUSEconomy.htmIt’s official: The crash of the U.S. economy has begun
https://www.tldm.org/News10/CrashOfUSEconomyHasBegun.htmThe plan to destroy America - via the dollar
https://www.tldm.org/News9/PlanToDestroyAmericaViaDollar.htmOil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
https://www.tldm.org/News9/OilProducersShunDollar.htmU.S. Comptroller General warns the nation of economic calamity
https://www.tldm.org/news9/MonetaryCrashComptrollerGeneral.htmCentral banks caught in gold squeeze may crush dollar
https://www.tldm.org/News9/goldSqueezeMayCrushDollar.htm
Links...
Video: Money expert Jim Cramer of CNBC - "They're nuts, they know nothing! ... In the fixed income market, we have Armageddon"
http://www.youtube.com/watch?v=SWksEJQEYVUWall Street tremors, Asian markets' tsunami, Forbes.com, August 10, 2007
http://www.forbes.com/markets/2007/08/10/asian-markets-roundup-markets-equity-cx_vk_0810markets03.htmlWorld markets rattled amid Dow Jones crash, ABC News Australia, August 10, 2007
http://abc.net.au/news/stories/2007/08/10/2001292.htm?section=businessRisky home loans run a fever, and the market prays it doesn't spread, U.S. News and World Report, July 15, 2007
http://www.usnews.com/usnews/biztech/articles/070715/23subprime.htmU.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53311USA Today report: Real federal deficit 3.5 trillion, Newsmax, August 3, 2006
http://www.newsmax.com/archives/articles/2006/8/3/123820.shtml?s=lh
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every day of holy water throughout your household. Insist even with
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On February 1, 1974, Our Lady said, "My children, know the value of
these sacramentals. Guard your children well. You must awaken to the
knowledge that you will not be protected without the sacramentals. Guard
your children's souls. They must be surrounded with an aura of purity.
Remove them if necessary from the sources of contamination, be it your
schools or even false pastors."
This Heaven’s Personal Protection Packet is available for a donation of
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Your names have been written in Heaven… "It is not by accident that you are called by My Mother, for your names have been written in Heaven.... But with this great grace you have great responsibility to send this Message from Heaven throughout the world, for if you are able to recover just one more for Heaven, an additional star shall be placed in your crown." - Jesus, August 5, 1975
A great obligation to go forward... "It is not by accident that you are called by My Mother, for it is by merit and the prayers that have risen to Heaven for your salvation. For those who have received the grace to hear the Message from Heaven, you have a great obligation to go forward and bring this Message to your brothers and sisters. Do not expect a rest upon your earth, for you will have eternal rest very soon." - Jesus, June 12, 1976
The sin of omission... "The sin of omission shall condemn many to hell, be they layman or Hierarchy. I repeat: not the sin of commission, but the sin of omission will commit many to hell." Our Lady of the Roses, October 6, 1980
We encourage everyone to print or email copies of this web page to all the Bishops and all the clergy. Also, email or send this web page to the news media and as many people as possible.
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