My recent appearance
(March 4) on Rick Adams' Internet Radio show (here) covered the basics of where I see America
heading in the next few years. I repeated things I have been saying for
years, and then some. What seemed to get people stirred up most was my
prediction of more than a little cannibalism in America in about 3 years,
long after the food riots begin early next year.
Two weeks ago, I
recorded several segments for a test radio show of my own that I
increasingly doubt will see the light of day unless I simply release them on
my own web site, which I may well do, as the contents rapidly are becoming
stale. Stay tuned. I have had discussions with an upstart Internet radio
network about a regular weekly show, but they seem unable to deliver the
freight even on my test show, so I doubt the viability of a weekly show with
them.
My stuff is too hot for established radio, both broadcast and Internet,
and I simply haven't the time, capability or financial resources to
produce a program myself, to answer the many, many list members who ask
why I don't just produce my own show. I am interested in content
production, not bit twiddling, and cannot afford to hire it done.
If anybody on this list
has contacts with an established Internet (and/or broadcast) Radio
network site not already populated with racial and/or religious crazies, I
will be happy to discuss with them the possibility of my doing a weekly show
for them, which would include the week's formally-recorded Nickel Rant, a
half-hour live expansion upon that theme (with or without notable
guests) and, in the second hour, taking your calls.
Yes, I have toned down
my discussion of the racial stuff significantly in recent months, but not
the underlying causes. The financially disaffected of America are a rich
source of new converts, which is where I have been doing my prospecting of
late, much to the dismay of choir members.
This Karl Denninger guy
(article below) tends to be an apocalyptist every bit as bad I get when I
get going, though he hews more to financial market specifics. I like his
stuff a lot.
I see all that Mr.
Denninger says here happening, just over the next couple of years, rather
than telescoped into what's left of 2009, as he thinks. He could be right,
though I doubt it. Regardless, we differ only in our timing of near-term
events.
Think not? Show me
where I have been wrong during the past few years. As I am fond of
saying, what should concern you is not what I have predicted that
already has come true, but what I have predicted that has yet
to come true (see my book,
Defensive Racism).
What happens after the
events described by Mr. Denninger below? Complete societal breakdown, civil
war along racial lines, World War III, the balkanization of America,
biological pandemics and even widespread cannibalism (the other
other white meat) as we wind down to the end of 2012.
These are the proverbial
interesting times and we have ringside seats, folks.
Itz coming...
-ed
http://market-ticker.org/archives/852-Whats-Dead-Short-Answer-All-Of-It.html
Just so you have a short list of
what's at stake if Washington DC doesn't change
policy here and now (which means before the
collapse in equities comes, which could start as
soon as today, if the indicators I watch have any
validity at all. For what its worth, those
indicators are painting a picture of the Apocalypse
that I simply can't believe, and they're showing it
as an imminent event - like perhaps today
imminent.)
- All pension funds, private
and public, are done. If you are receiving one,
you won't be. If you think you will in the
future, you won't be. PBGC will fail as well.
Pension funds will be forced to start eating
their "seed corn" within the next 12 months and
once that begins there is no way to recover.
- All annuities will be
defaulted to the state insurance protection (if
any) on them. The state insurance funds will be
bankrupted and unable to be replenished.
Essentially, all annuities are toast. Expect
zero, be ecstatic if you do better. All
insurance companies with material exposure to
these obligations will go bankrupt, without
exception. Some of these firms are dangerously
close to this happening right here and now; the
rest will die within the next 6-12 months. If
you have other insured interests with these
firms, be prepared to pay a LOT more with a new
company that can't earn anything off
investments, and if you have a claim in process
at the time it happens, it won't get paid. The
probability of you getting "boned" on any
transaction with an insurance company is
extremely high - I rate this risk in excess of
90%.
- The FDIC will be unable to
cover bank failure obligations. They will
attempt to do more of what they're doing now
(raising insurance rates and doing special
assessments) but will fail; the current path has
no chance of success. Congress will
backstop them (because they must lest shotguns
come out) with disastrous results. In short,
FDIC backstops will take precedence even over
Social Security and Medicare.
- Government debt costs will
ramp. This warning has already been issued and
is being ignored by President Obama. When
(not if) it happens debt-based Federal Funding
will disappear. This leads to....
- Tax receipts are cratering
and will continue to. I expect total tax
receipts to fall to under $1 trillion within the
next 12 months. Combined with the impossibility
of continued debt issue (rollover will only
remain possible at the short duration Treasury
has committed to over the last ten years if they
cease new issue) a 66% cut in the Federal Budget
will become necessary. This will require a
complete repudiation of Social Security,
Medicare and Medicaid, a 50% cut in the military
budget and a 50% across-the-board cut in all
other federal programs. That will likely get
close.
- Tax-deferred accounts will be
seized to fund rollovers of Treasury debt at
essentially zero coupon (interest). If you have
a 401k, or what's left of it, or an IRA,
consider it locked up in Treasuries; it's not
yours any more. Count on this happening - it is
essentially a certainty.
- Any firm with debt
outstanding is currently presumed dead as the
street presumption is that they have lied in
some way. Expect at least 20% of the S&P 500 to
fail within 12 months as a consequence of the
complete and total lockup of all credit markets
which The Fed will be unable to unlock or
backstop. This will in turn lead to....
- The unemployed will have 5-10
million in direct layoffs added within the next
12 months. Collateral damage (suppliers,
customers, etc) will add at least another 5-10
million workers to that, perhaps double that
many. U-3 (official unemployment rate) will go
beyond 15%, U-6 (broad form) will reach 30%.
- Civil unrest will break out
before the end of the year. The Military and
Guard will be called up to try to stop it. They
won't be able to. Big cities are at risk of
becoming a free-fire death zone. If you live in
one, figure out how you can get out and live
somewhere else if you detect signs that yours is
starting to go "feral"; witness New Orleans
after Katrina for how fast, and how bad, it can
get.
The good news is that this process
will clear The Bezzle out of the system.
The bad news is that you won't
have a job, pension, annuity, Social Security,
Medicare, Medicaid and, quite possibly, your life.
It really is that bleak folks, and
it all goes back to Washington DC being unwilling
to lock up the crooks, putting the market in the
role it has always played - that of
truth-finder, no matter how destructive that process
is.
Only immediate action from
Washington DC, taking the market's place, can stop
this, and as I get ready to hit "send" I see the
market rolling over again, now down more than 3% and
flashing "crash imminent" warnings. You may be
reading this too late for it to matter.
|
-ed
Copyright ©2009, Edgar J.
Steele
Buy copies of Defensive
Racism
- An
Unapologetic Examination of Racial Differences,
which extensively addresses the problems confronting America, now is
available through