Saturday, March 03, 2007

The Real AmeriKKKa

The Real AmeriKKKa

“US STEPS TOWARD BANANA REPUBLIC Many might recall my frequent comments over the past couple years about the United States gradually resembling, if not becoming a Banana Republic. Hats off to Marc Faber, who recently has written (click here) in a thorough fashion so as to qualify the issue according to several criteria. The prime identifying characteristics are a spoiled political system, corrupt wealthy elite in power, control exerted by foreign entities, huge wealth inequities and a shrinking middle class, decayed infrastructure, urban wastelands with filthy pockets, primitive segments of the economy, low capital expenditures, capital flight externally, reliance upon foreign capital, heavy monetary inflation, outsized federal budget deficits, excessive import dependence, elite accounts in foreign locations, lowly paid common working class, large police and security forces, enormous prison population, proliferation of gambling casinos, and a weak currency. Some of the last few items are my additions beyond Faber's list. The United States has all of the above with no exception, as few might debate. If not today, then certainly the US has set upon on an unobstructed pathway.” Hat Trick Letter

While the corporate mind control apparatus keeps us fixated on all the minutia of the death and burial of Anna Nicole Smith, what who wore to the Oscars, the latest sports trivia and related gibberish, the ruling elites are fast turning AmeriKKKa into an impoverished totalitarian police state. Things are getting so bad white writers on both sides of the political and economic spectrum are now calling AmeriKKKa a “Banana Republic”. Quiet as its kept, they are right on target and point. Present day AmeriKKKa is for all intents and purposes is a bedraggled, Pavlovian conditioned populous living in a modified third world, gulag infested, police state. The ruling elites: the central bankers, financiers, media conglomerates, the fascist social engineers and puppeteers pulling the politicians’ strings and calling the shots have decreed AmeriKKKa will revert to the era of the robber barons lording it over a increasingly impotent populous being strangled by political corruption, and weighed down by debt peonage and wage serfdom. Our slumping standard of living is falling fast as the gap between the super rich and the poor widens every week. Things are so bad CNN newsman Lou Dobbs who is far from a radical leftist ideologue speaks openly of class warfare in AmeriKKKa. “Our country's middle class is not just collateral damage in what has become all-out class warfare. Political, business and academic elites are waging an outright war on working men and women and their families, and there is no chance the American middle class will survive this assault if the dominant forces unleashed over the past five years continue unchecked. They've accomplished this through large campaign contributions, armies of lobbyists that have swamped Washington, and control of political and economic think tanks and media. Lobbyists, in fact, are the arms dealers in the war on the middle class, brokering money, influence and information between their clients our elected officials.” Lou Dobbs
Others have looked at present day AmeriKKKa and concluded this country is sliding into conditions that rival a banana republic. “The American dream is on its way out. The coming failure of the dollar and the collapse of the American economy will traumatize the American people, but not before the elite have set up the necessary police state to protect themselves and their interests. The American people have been seduced, and soon will be reduced to pauper-dom. Class warfare by the rich has been very successful. Americans should have taken a hint when it became clear that the pollution of the air by coal-fired electricity generation could cause massive outbreaks of asthma and even death without any regulatory concern by a government of the wealthy, by the wealthy and for the wealthy. The American people should have opened their eyes when they saw wars of conquest disguised as wars for democracy, while both political parties easily subverted democracy, now totally dominated by the uber-rich.” America's Wealthy Waging Class War Against the Rest by Stan Moore
The fascist elites have set as their goal the bankrupting of this country, demolishing the middle class and reducing the rest of us to a state of abject poverty and wage slavery. “The Center for Responsible Lending estimates that 2.2 million American homeowners will likely lose their homes via foreclosure. Default rates are terrible in many regions of the nation, not confined in any way since a systemic problem. One in five subprime mortgage customers who purchased homes in the last two years is likely to enter foreclosure, amounting to 1.1 million people. The most alarming conclusion made from the study, after analysis of more than six million mortgages since 1998, is that the risk of default is independent of the credit score of the borrower. The failures are occurring regardless of income and past credit history. In 1994, only 5% of mortgages underwritten were risky subprimes. Now the subprimes comprise over 25% of the mortgage industry, totaling over $600 billion in 2005. Abuses of negative amortization, piggyback loans to cover down payments, and other stretched deals are discussed in the January Hat Trick Letter report, as are the key specific factors tipping homeowners over the edge into foreclosure. The most dangerous bank system risk might not be the failures so much as the skewed internal underwriter risk controls, and policy for loan loss reserves. Piggyback loans are insane since they directly enabled loans which would not have been approved. They are called ‘silent seconds’ since their loan-to-value lenders only report the first mortgage. Mortgage industry data is thus skewed and biased.” Jim Willie Hat Trick Newsletter
All this is deliberate, it is by formulated plan, a plan articled for the elites by former Federal Reserve Board Chairman Alan Greenspan with his easy credit and mortgage policies that were trumpeted by the corporate media. The Fed’s policies opened a flood gate of sub-prime loans, loans targeting folks with less than stellar credit and anemic savings (most AmeriKKKans especially Africans in AmeriKKKa have negative savings status) who bought into the mass media hyped notion of the AmeriKKKan dream of home ownership. Now thanks to the Fed’s policies and predatory lending by unscrupulous mortgage companies, their dreams are turning to ashes as foreclosures and defaults skyrocket. Honest economists, the Fed and the major lenders had to know this would happen sooner or later. But they didn’t care. Even more ominous is the fact sub-prime lending institutions are going belly up on a regular basis, which will undermine the whole economic system! “The financial distress of an increasing number of subprime lenders is indeed now becoming pervasive as four of them have gone under in the last two months alone. First, Ownit, the 11th largest wholesale subprime mortgage lender in the US, closed operations in early December and filed for Chapter 11 at the end of the year. Second, Harbourton Mortgage Investment stopped funding new mortgages in late December. Third, Mortgage Lenders Network shut down operations in early January; MLN was the third-largest originator of subprime mortgages at the time of its shutdown. Fourth, SecuredFunding, a HELOC and home equity lender based in California closed shop too. And on top of this some of the biggest mortgage lenders – such as HSBC – are also reporting serious losses in their mortgage and subprime lending operations. So it is no surprise that HSBC and several other financial institutions – such as H&R Block - have been reported to be planning to sell their subprime lending operations given the mounting troubles and losses of such operations. ” The continued troubles of subprime lenders and borrowers: the beginning of a credit crunch? Nouriel Roubini Jan 09, 2007 Each week news of another mortgage lender closing shop is whispered but the AmeriKKKan people are not in the information loop so we are totally clueless about what is happening. Most of them will be caught in a lurch and end up losing everything
Couple these developments with the massive political corruption that permeates AmeriKKKa, the permanent war footing of the US government and the growing influence of the military industrial complex and we have the making of a perfect storm for a disastrous national implosion fueled by fascism, militarism, moral and economic bankruptcy. AmeriKKKa is collapsing before our eyes. Joblessness and homelessness are on the rise in the supposed richest nation on the face of the earth. AmeriKKKa’s mayors gave a report in 2006 that revealed the sorry state of many of its citizens. “Homelessness in 2006- During the past year, requests for emergency shelter increased in the survey cities by an average of nine per cent, with 68 per cent of the cities registering an increase. Requests for shelter by homeless families alone increased by five per cent, with 59 per cent of the cities reporting an increase. An average of 23 per cent of the requests for emergency shelter by homeless people overall and 29 per cent of the requests by homeless families alone are estimated to have gone unmet during the last year. In 86 per cent of the cities, emergency shelters may have to turn away homeless families due to lack of resources; in 77 per cent they may also have to turn away other homeless people. People remain homeless an average of eight months in the survey cities. Thirty-two per cent of the cities said that the length of time people were homeless increased during the last year.” Alas what we are seeing is a snapshot of the real AmeriKKKa in 2007.



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