I have to tell you that in Europe, people are using their credit cards (almost) as unthinkingly as the Yanks do it, especially in the “Club Med”.

We probably only have half the guns (per person) they have – but most people I know have a shotgun or a 9er, the latter hidden away somewhere.

Ironically, the modern bank concept was developed
in Italy, quite some time ago…
though I think they are trying to take over the world rather than just the one peninsula.

It is also ironic that our hope for relative freedom (freedom is always as relative as everything else) lies in China and Russia.

If I were younger I would rather live in Russia
as an expat than in Southern Europe,
it clearly has a better future lying ahead.

Americans have guns but they are cowards. They should (instead of protests and demonstrations) grab those bankers and put them underground or simply destroy banks. Americans are stupid because instead of taking action against low wages, they have been living on credit cards! More over they believe for decades to be the best in the world, which is stupid! Living on loans is slavery, nothing else. And now they are not only slaves, but prisoners! Americans take an action before Obama takes all the guns from you which is going to happen in 2013.

There are many articles suggesting that Dominique Strauss-Kahn was removed from the IMF precisely because he suggested SDR as alternative to the US $.

As no other he could have in-depth knowledge of its real value in the US economy(production minus costs like illness, damage due to weather extremes etc.). Such a bookkeeping also exists on this site: http://www.shadowstats.com/

The extreme measures against the Occupy Wall Street movement (major demand, get money out of politics) is another sign that Wall Street wants to pursue global (dollar) domination. Only when that has been accomplished, Wall Street’s debt no longer matters whereas due to global monetary collapse, everything can be bought for pennies on the dollar, subsequently “privatized” (changing public roads to toll roads etc.) IOW absolute usury in a very broad sense by a part of the 1%, the 0.1%.

Recovery like happened with previous recessions no longer is possible: Western society is built on cheap oil and that era has ended. Other resources are on the path of rapid depletion as well, one is phosphate rock. It is in the interest of Wall Street to hide or even deny that because investing in a dying business isn’t appreciated, and sustainable solutions are out of the question because then, profit no longer is the primary objective.

You are right on the mark JanB. Currency debasement has always failed and will fail this time, in the U.S. or in Europe. What will come next? SDR’s…a gold backed currency?

Jim Rickards recently published his book “Currency Wars” where he recounts history and the possible directions that the world economies are headed.

It appears that it is so politically incorrect to steer ones nation on a path of recovery, that no one wants to take the measures. It will end badly.

Specifically, LEAP/E2020 anticipates the loss of 30,000 billion ghost assets by early 2013 (2), with an acceleration in 2012 of the partitioning process of the global financial market (3) into three increasingly disconnected currency areas: Dollar, Euro, and Yuan. These two phenomena feed into each other. They will also be the cause of a sharp decline of 30% on the part of US currency in 2012 (4), as we announced last April (GEAB N°54 ), which will occur amidst a sharp reduction in demand for the US dollar and the worsening of the US governmental debt crisis. The end of 2011 will therefore see, as anticipated, the trigger of the European debt crisis detonating a US bomb.
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Let’s keep in mind that the state of US private debt is far worse than in Greece! In this context, we are not far from a panic-inducing situation abount the United States’s capacity to repay its debt other than with a devalued currency. The end of 2011, then, will see many US debt-holders seriously considering this ability and of the precise moment when it might suddenly be called into question by all financial players (32).

What could the United States offer after the failure of its “Supercommittee”? Not much, particularly in an election year! On the one hand it was created because other actions were not working, and on the other the issue is not so much one of amount but of the very ability to undertake a significant and sustained reduction. The failure of the “Supercommittee” will rightly be seen as evidence of this inability of the US in tacking the deficit problem.

In terms of the amounts at stake, a quick calculation by a USreader of GEAB gives some sense of how much the “efforts” undertaken to reduce the budget deficit are ridiculous in relation to the needs : Treating the US federal budget as that of a household, things become abundantly clear. Simply remove 8 zeros for budget that comes to mean something for the average citizen:

Annual household income (income tax): + 21,700
Family expenses (federal budget): + 38,200
New credit card debt (new debt): + 16,500
Past credit card debt (federal debt): + 142,710
Budget cuts already made: – 385
Budget reduction targets of the Supercommittee (for one year): – 1,500

More: http://www.leap2020.eu/GEAB-N-59-is-available-Global-systemic-crisis-30000-billion-US-dollars-in-ghost-assets-will-disappear-by-early-2013_a8148.html

Good luck!