Rekjalhew

March 3, 2008

CNN Starting to Report the Truth About the Economy Online. Your Dollar COULD become WORTHLESS.

by @ 1:09 pm. Filed under Business

You should start with the post Uncomfortable Truth About America?s Banking System, the Federal Reserve. What?s Behind the Economic Issues? Fiat Currency. If you have not fully reviewed that post already. (Several of the comments will help you understand also.)

Now I am certain somebody seeing that post figured I was going off into some nuttery. I’m sure not everyone felt I was speaking the truth about this nation.

Well, now CNN is starting to report online what I was saying. They’re not doing it as some “top news” story via their big anchors, but online they are reporting it now via a short video.

Please watch the CNNMoney.com video titled: Fed underrates inflation – expert 4:36 Economist from ShadowStats.com says inflation is much higher than the Federal Reserve is reporting..
Kyle Andrews gets some credit for noticing a related article which had the video as a link.
(If that video is ever not available via that link, please let me know. I have a copy and I’ll put it on YouTube if necessary.)

Notice CNN actually had an expert saying:

What CNN and the financial expert did not mention, is that regardless of what happens with money, the Lord Jesus Christ is your only true hope. Because we who follow Christ while being aware of these things and doing what we can to remain good stewards must keep our focus on working towards eternal rewards and not be caught up in desires for money, John 6:27-40 [click to expand link]. Remain aware of economic matters for the sake of providing for your household and others, but don’t let this be your focus, let your focus always be Christ. He will one day raise us up from this mess of a world we live in now.



38 Responses to “CNN Starting to Report the Truth About the Economy Online. Your Dollar COULD become WORTHLESS.”

  1. healtheland Says:

    You may have to start exhorting people to start regularly fasting, because we may have to get used to making it on a lot less food in the near future 🙂

  2. SteelGator Says:

    As long as I got my gun, some animal will always be on the dinner table.

  3. KyleAndrews Says:

    Right now as of Tues March 4th on Drudge Report there are two articles of importance. One article claims that OPEC is actually going to “reduce” output. They claim that it is because demand is decreasing because of the potential global slowdown. This is only partly true. Developing countries are not getting hit like us. Even in a slowdown global growth is still expected to actually increase. What can be argued is that OPEC has been getting a raw deal for their product. The oil producing countries are sick and tired of being paid in weak US Dollars. It’s common sense. They are demanding a higher premium on their product and by cutting supply they will be able to get a higher price. Let me go even further and this may shock you to your core. The dollar has decreased in value by 14% in one year. Yep! You heard me, 14%. Now if your selling oil for a $100 a barrel wouldn’t you want to increase the price by AT LEAST that much.

    This goes hand in hand with the next article. Abu Dhabi as we know invested heavily in citi-group. However, right now they are claiming that even with their cash infusion it is still not enough and additional cash will be needed to save the beleaguered bank.

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=autFGntuNqZY

    http://www.marketwatch.com/News/Story/gulf-investors-may-not-save/story.aspx?guid=%7B6C374435%2D5314%2D4A8E%2DB689%2DB8916D529B7B%7D

  4. IndependentConservative Says:

    Yea, my eyes were still caught on the one about Citigroup. I didn’t even notice the one about oil. Thank you for keeping us up to speed, because you’re more on the ball than myself.

  5. SteelGator Says:

    Crazy but true. America did this to ourselves. No new oil refinery built in 25 years. Between the environmental wackos and the New World Order supporters, this is why we are where we are at. It is just another way for the American government to give up our sovereignty and submit the “One World Government”.

  6. IndependentConservative Says:

    Refineries are not what is causing the current rise in prices. While an issue, it would not help in this current matter. America drilling up most of it’s own oil depending on how much could be put on the market might have helped with oil, but that would have needed to have already been started a while back. Of course the oil cartels would have taken action to make that effort as painful as possible and probably were behind efforts to prevent America trying to drill more of its own oil, whatever amount might still be untapped.

    Still that’s just oil. Overall, the economy would still be in crisis.

    Perhaps others have other thoughts on this?

  7. SteelGator Says:

    Studies have shown a few things.

    1. Oil shale can be easily and safely converted to crude oil. A company in Colorado wants to do this but the environmental wackos keep them from getting approval to do so.

    2. America has a ton of oil, more being found annually through technology, than we really ever thought we had. Left winged environmentalists are the #1 reason why this oil source has not been tapped. We should have oil drills off the coast of Florida, but neither Dems nor Repubs want to take on the “save the whale” nut jobs. Thus, demand outweighs supply.

    3. Oil use in China and India have really put demand at an “all time” high. This is another reason why prices are increasing. Supply and demand.

    4. Taxation is another problem. The oil companies are overtaxed and they pass along their corporate taxes to the consumer. Not to mention, the high taxes put on the consumer by the government. You do know that the majority of the price of a gallon of gas is in federal, state, and local taxes. Exxon paid 30 Billion dollars in corporate taxes in 2006. Exxon really didn’t pay these taxes. The consumer paid them.

    5. Environmental regulations are also driving up the cost of a gallon of gas. Neither China nor India have strict emission standards like we do in the States. Thus, their raw product cost less to produce and it costs less at the pump. Our raw product has to be refined and pass numerous governmental standards. Thus, the cost of doing business increases and so does the price of a gallon of gas.

    I am not giving OPEC a pass. They are as corrupt as they come, and they will attempt to squeeze every single dollar out of us that they can. However, supply and demand are at the heart of the current oil crisis. America could have helped alleviate this problem if we would have relied on our own untapped oil sources. Cutting taxes and reducing un-necessary regulation would have also helped keep down the price of gas.

    If our so called leaders give a darn about high gas prices, they can always put a moratorium on gasoline taxes. The price could be cut in half over night and give relief to Americans. This is only a temporary situation, but it would be a step in showing our citizens that “they feel our pain”.

  8. IndependentConservative Says:

    You’re parroting many of statements I’ve said in the past myself [Rush and others should just post it on their web site as talking points], but you seem to still be ignoring the MAJOR impact of the sinking dollar.

    Even the experts are admitting the current gas price increase IS NOT a supply/demand issue, but a WEAK DOLLAR ISSUE. (Hope you’re actually reading the material that is being presented to you here.)

  9. SteelGator Says:

    IC:
    I am not ignoring the weak dollar. However, there are many other variables to consider. I could care less what Rush says. In fact, I know a great deal about oil as a former insider in a oil distribution company,.

    As for the weak dollar, there is a flip side that is very positive. I will be glad to discuss this with you later.

    I have a client in the lobby so I must go right now.

    P.S. Citigroups problems are much more problematic than a weak dollar.

  10. IndependentConservative Says:

    I have a feeling in time you’ll be better acknowledging the currency issue reaps these problems.

    Yes, you sound like the oil company talking points. I’m not saying you don’t have a point, but your point is a bit weaker than you might realize and now even the financial experts are not saying what you’re saying. More openly the currency matter is being acknowledged as the major root issue across the board.

    I’m not saying I don’t want more domestic drilling, I said it in this exchange of comments before you did. I feel the things you’ve noted are good and would help regarding oil. In time many of those things will be more greatly demanded by citizens, I’m all for it.

  11. SteelGator Says:

    The positive side to the weak dollar is that more Europeans (ones that could not afford to before) are coming the States to vacation. They are spending billions of dollars here that they would not necessarily be spending if the dollar was equal or stronger than the Euro.

    Also, many Europeans are snatching up real estate bargains caused by the sub prime fall out. This is good as it keeps realtors and mortgage lenders making money in a market that they should not be surviving. I know this first hand as I am an owner of a mortgage company. Many properties are being saved from foreclosure by Europeans and foreign investors. There are two positive parts to this. For one, these buyers are purchasing a property and paying off the mortgage of a property that would become a big liability and/or be written off as a loss. These folks are then taking out new mortgages with United States mortgage lenders and financial institutions.

    In regard to oil, I acknowledge that the week dollar is having an impact on oil. So are global tensions like nut job Chavez getting ready to go to blows with Columbia and middle eastern tension.

    If we would have dealt with our own oil production years ago, then this might not even be an issue. However, liberals and conservatives a like have cow tailed to environmentalists and “the New World Order”. This is why the cost of oil is rising daily and the dollar is so undervalued. We gave up our sovereignty and look is paying for it. Us…..American citizens.

  12. KyleAndrews Says:

    IC, SteelGator

    #1. Here is the strongest argument that our weak dollar trumps our own domestic drilling argument in regards to oil prices. OPEC said it as plain as day WHY oil prices will remain higher. Read the first paragraph. I’m sorry but IC and I are right on this one.

    http://money.cnn.com/2008/03/05/news/international/opec_meeting.ap/index.htm?postversion=2008030510

    #2. SteelGator, I’m not trying to be crass but are you drinking the Kool-Ade that foreigners snatching up our real estate is a good thing because of our weak dollar? Or what about Arab countries buying up our Banks and real estate in Las Vegas? Man, don’t believe the hype. This is not good. Sovereign Wealth Funds are NOT a good thing.

    Kyle

  13. IndependentConservative Says:

    KyleAndrews, notice SteelGator has personal hooks to these industries. He’s considering what best serves himself for the moment.

    I guess if I wanted to be self serving, I could speak of my own personal affairs here and how I can play certain things to my advantage, but I won’t. (Let’s just say my “about” page does not tell everything and there is no need to.)

    The bottom line is that the facts are too obvious and all the Right Wing talking points ring hollow.

  14. SteelGator Says:

    Your right….It is only the U.S. dollar. If the dollar were strong, the middle east would have peace, and Crazy Chavez would not be sitting on Columbia’s border. Consumer confidence is in the toilet and why? Maybe because even when the economy was zooming from 2002-2006, the media made people think it was bad then. Now, when the economy is actually having a downturn, they think it is terrible. “The sky is falling; the sky is falling.”

    Come on…You can’t be that gullible to blame everything on the weak dollar. Even the article you provided shows that tension overseas has a great bearing on the commodities market. Why is the dollar weak and the U.S. economy slowing? Can you say poor business management and the implosion of the mortgage industry. Just like the dot com bubble burst, the real estate market went bust overnight. The economy will rebound. It always does.

    John Wilen reports, “Many analysts believe oil’s rally will be short-lived. Falling demand for overall petroleum products, which was down 3.4 percent over the last four weeks compared to the same time last year, suggest prices could drop steeply once the dollar-driven oil investment frenzy runs out of steam, analysts said.

    As for foreigners investing in our companies, that is the way it is. I am not saying it is good nor bad. Citigroup is not an American company. It has not been for a very long time. Citigroup is a multi national corporation. Just like Exxon, HSBC etc etc. Foreign stock holders and investors have had a great impact on Citgroup for some time. Is this just news to you guys? Any company that is publicly owned has a great chance of becoming a multi national corporation. America has no control over this. If Americans don’t want our companies taken over, then Americans need to step up to the plate and purchase the majority of the stock. Then, Americans can control these so called American multi national corporations. These things occur because we let them occur.

    As for real estate being purchased by foreigners, it is what it is. I do have a dog in the fight and a wife and child to take care of. Doing transactions with foreign clients is not a bad thing. Once again, these clients have an opportunity to purchase property in this country because we allow them to. If Americans did not sell to foreigners, then foreigners would not purchase here.

    You sound like isolationists and a conspiracy theorists. I admit that I used to be an isolationist as well. However, isolationism can’t work and does not work in a free society. You want freedom then you have to deal with results, good and bad.

    The problem with our economy is not the weak dollar, rising oil prices, nor foreigners taking over our land. It has to do with the “greed” of Americans. Most Americans will do anything for a dollar. This mindset is the reason the mortgage market melted down, the reason foreign investors are controlling former American companies and the reason foreigners are making bank on our real estate. The weak dollar, slowing economy, rising oil prices etc are just symptoms of a over inflated, pampered, and greedy American society.

  15. SteelGator Says:

    P.S. Foreigners pumping billions of dollars into our tourist industry is not a good thing, right?

  16. IndependentConservative Says:

    Yawn @ SteelGator.

    At least the root sin of greed was identified, although he’s not seeing who’s greed kick started it all and primarily fuels the fire.

  17. SteelGator Says:

    IC said….

    Yawn @ SteelGator. – Didn’t mean to keep you up brother.

    At least the root sin of greed was identified, although he’s not seeing who’s greed kick started it all and primarily fuels the fire.

    I got your point…..It is all about the weak dollar….lol

    Please clarify for me. I guess I am not following you. You have to admit my post was right on, but you won’t. You would rather be some conspiracy theory nut.

  18. SteelGator Says:

    IC: can’t face the truth I showed so he just wants to put his head in the sand.
    It’s the dollar, man….that is the problem with everything….lol.

  19. SteelGator Says:

    I think I see black helicopters flying overhead.

  20. IndependentConservative Says:

    SteelGator, I’m leaving you to wallow in your own mental greatness.

  21. healtheland Says:

    IC:

    What we gotta do is see if these economic trends fit onto the larger scheme of eschatology. Of course, that is a lot easier to do if you are pre – trib than post – trib!

  22. IndependentConservative Says:

    Government: U.S. needs foreign cash

    Our government does not know much about who runs the sovereign wealth funds in nations like CHINA, various Arab Muslims states and others. Our government also is not certain how their buying up things might bring them leverage over America.

    All this for an economy that has a single fuel, debt.

  23. KyleAndrews Says:

    IC,

    Remember how I said that the US represented the Mystery Babylon and the woman that rides the beast? Think about it. Study what they represent. This ties into the subject at hand.

    Kyle

  24. IndependentConservative Says:

    America’s enemies are enjoying every moment of this and are humored at the fact Americans are not fully aware of what is going on.

    See what Enemy Media outfit Al Jazeera (English) is saying. They break it down in detail, while the commentator sings and dances on the dollar’s coming grave. Really everyone should watch all of this. If not for it being full blown enemy media, I’d make it a full blog post of its own.

    People & Power – Death of the dollar 2 – 19 Dec 07 – Part 1

    People & Power – Death of the dollar 2 – 19 Dec 07 – Part 2

  25. IndependentConservative Says:

    And pay attention to how they mention moving from the dollar may result in a number of currencies being used. A coming one world monetary system?

    America missed James 4 and it’s going to BITE oh so hard!

  26. KyleAndrews Says:

    It’s a catch 22 right now. If they switch to another currency right now then all those Petro-dollars( US greenbacks) would come crashing back on our shores and cause HYPER INFLATION. This would cause our economy to crash like Great Depression crash. Next, the whole world would follow us down the toilet. The Arabs are not wiling to risk that. They will however do the slow bleed method of accepting various currencies. Also, this will give us time to switch to the Amero. And Yes, then we will inevitably end up with a one world monetary system. However here is the rub. If another 9-11 type attack were to ensue then all bets are off and a NWO would come together much quicker. And YES I believe it will be the later and not the other way.

    Kyle

  27. KyleAndrews Says:

    I am of the post trib mindset. However, always hope for the pre-trib.

  28. art123 Says:

    I believe that the only ones that will benefit from this mess is the corporations and banks. I do not believe that the failing economic system is because of the government’s mismanagement and lack of knowledge. It is all about control and manipulation from the higher ups at our expense. Corporations and banks are hanging us out to dry while they leave and do business across the water, only to take advantage of the laborers there because of cheap labor. As Kyle Andrews stated about the one world monetary system, it sounds like a conspiracy going on under our noses.

  29. KyleAndrews Says:

    art123,

    It gets even better. Corporations are given tax credits to actually leave our own country. YEP! It’s all double talk with both the Dems and the Pubs. BTW, All 3 of the remaining field of candidates are part of CFR. Hmmmmm.

    Kyle

  30. art123 Says:

    Kyle, it is good to hear from you. I took a sabbatical from the blog for awhile myself and find some very interesting topics of discussion. I would like to say that I believe that I recall Clinton say that if she is elected, she was going to do something about China as far as trading if I heard it right. You cannot believe that because she is not going to risk her life getting in the way of the moneychangers with these big time corporations and banks, especially with the mob like what I’ve read about President Kennedy which caused his assasination. Someone mentioned on another blog but this site that there is no such thing as a federal reserve because it is a private organization. America has always been a capitalist and you can say communist country but use democratic as a front. Banks, corporations, and the elite is running this country.

  31. art123 Says:

    To add, if anyone of the three candidates win the election, I believe they’re not going to touch NAFTA and these corporations with a ten foot pole, unless they want to join Kennedy six foot under for he wanted to take control and do things his way. The object of the game is to get richer at our expense and if you starve and die, too bad. The scripture in Psalms by David says that he has never seen the righteous forsaken nor his seed begging for bread. The scripture also speaks of wickedness in high places. Therefore when the devil has a plan, God has one too. It is hard folks and it seems impossible, but only the strong in Christ survives.

  32. IndependentConservative Says:

    Hillary is in bed with China, they helped her husband win in the past.

    She’s talking the talk for votes.

    Here’s what she does not want you to know:
    1996 United States campaign finance controversy

    GOP Keeps Up Heat On Possible Clinton-China Links

    With the bunch of losers left in both big party races, just name a name and I’ve got a hammer for them!

  33. KyleAndrews Says:

    Art123,

    Kennedy also printed Treasury Notes during his administration. These notes looked similar to the Federal Reserve notes but were produced by OUR government not a cabal of international bankers known as the Federal Reserve. I was not alive back then but it is true that there were two American currencies back then. One was a Treasury Note the other the Federal Reserve Note (like today) Kennedy had to get bumped off because he wouldn’t play the game of the powers that be. He even stated that he wanted to get rid of the Federal Reserve.

    Want to get freaked out and really see the truth? click below

    http://www.apfn.net/doc-100_bankruptcy31.htm

    Here is a pic of one of the $2 bills of REAL money not the fiat crap we have in our wallets

    http://www.kamron.com/economics/unitedstatesnote.htm

    Kyle

  34. art123 Says:

    IC, it does appear that the Clintons were too cozy with the Chinese government, during their administration and they will continue to do so. About the article on Ron Brown, was it just happenstance that he died in the plane crash? The man knew too much.

  35. art123 Says:

    Indeed, Kyle. Kennedy’s assasination did serve as a warning to future presidents. Many times when you want to do what’s right, it can cost you.

  36. IndependentConservative Says:

    CNNMoney.com video: Hard hit in the heartland

    Farmers are getting socked hard even with a boom in their sector overall. It seems…and I’m just speculating here, it seems big agribusiness will flourish and the family farmers might end up having to sell or remain dependent on government subsidies. Subsidies from fiat money that was made from nothing.

    During the Great Depression, staples performed well in the markets, but the oil issue is kind of tossing in a curve ball, with fiat money on top of that!

  37. IndependentConservative Says:

    Another report to check out: Investors Eye Retail, Inflation Data

  38. KyleAndrews Says:

    IC,

    I read that article on CNN Money also. That being said this should really explain it all. This first article is by a PHD who even quotes scripture at the end of the article. The second article is less “heady” but validates the first article.

    Read it slow and soak it all in Brother.

    http://www.marketoracle.co.uk/Article3946.html

    http://www.safehaven.com/article-9652.htm

    Kyle

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