Predictions of an economic apocalypse are no longer restricted to the realm of fringe doom and gloomers lurking in the dark corners of the internet. As we’ve previously suggested uncertainty now pervades the social consciousness, not just in America, but the world over. Every major media outlet in developed nations is now reporting on the headwinds facing the so-called recovery. The problems and threats confronting the stability of the globe can no longer be dismissed as theoretical arguments, because they are now being actualized – in real time.Greek strikes have nearly driven that country to a standstill, and the former deputy finance minister told CNBC a Greek default is “inevitable,” and that the only hope was for an orderly approach to dealing with the fallout.
You’ll note that this week Federal Reserve Chairman Bernanke used exactly the same word, “orderly,” when discussing the threat posed to the European and U.S. economies resulting from a Greek default, going so far as to say that if such an event were “disorderly” it would “have a very substantial impact not only on our financial system, but on our economy.”
We now have reports that President Obama, in an attempt to distance himself from the blame which will assuredly be placed squarely on the White House once it becomes apparent that the government’s multi-trillion dollar attempts to stabilize the economy have failed, has indirectly joined with the protesters on Wall Street by pointing the finger not at himself, but the too-big-to-fail banks:
“I think it expresses the frustrations the American people feel, that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country … and yet you’re still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place.”Never mind that he happens to be the President of the United States and the executive officer of the Treasury Department and SEC, and has had three years to implement regulatory reform and perp walk those individuals responsible for defrauding the American people and investors who lost trillions of dollars due to fraudulent business practices by the very banks who donated millions of dollars to his campaign and those of other Congressional representatives.
President Obama
October 6, 2011
President Obama, the US Congress, the Federal Reserve, the European Parliament, the IMF, institutional investors, and corporate leaders know what’s coming.
Former U.S. Under Secretary of Commerce and current senior advisor to the IMF, Robert Shapiro, said today in an interview with the BBC that only a credible plan can prevent a total meltdown:
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