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News Link • Economy - Economics USA

Behind federal government's lies: real economic numbers prove US in Great Depression

• Terrence Aym
The US government has been playing with the economic numbers for years and now the statistics have become nothing more than a carnival shell game. John Williams of American Business Analytics & Research LLC, has meticulously compiled the real numbers for inflation, unemployment, the money supply, and several other closely watched economic indices. The real numbers are more than just eye-opening, they are downright disastrous. The numbers reveal an economy as bad as the 1930s depression...

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Comment by Ross Wolf
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Is this Our Future? The continuing recklessness of banks may not only cause a long-term collapse of the U.S. economy—but result in marshal law or ultimately fascism being imposed on Americans to maintain order. When the economy collapsed in the 1930’s, ninety-percent of Americans lived in rural farming communities where food could be grown at home or purchased cheaply. Homes were not heavily mortgaged. Since then, 90% of Citizens live in metropolitan communities. Envision what might happen in 2012 for example, if there were an economic collapse and millions of residents in large U.S. Cities like LA could not pay their rent, mortgage or buy food. U.S Government would have to send troops into major cities to keep order, militarize civilian police and establish tent-cities for the unruly and homeless. Constitutional Protections would be terminated; retirement accounts worthless and little or no government money available if money was worth anything for Social Security, Medicaid, Medicare and other public needs.

Meanwhile Millions of foreclosed American homeowners don’t know they signed “recourse purchase money mortgages” or recourse equity credit line loan agreements that allow lenders to attach their assets and subsequent income to recover “lender mortgage losses” not satisfied by foreclosure. All States should prohibit commercial/banks from suing home loan borrowers to recover mortgage losses when it was the banks’ negligence and greed that crashed the real estate market. As home values across the country collapse along with related industries and jobs, millions of Americans now face the prospect of their own economic collapse. Nevertheless, banks are thwarting economic recovery, squeezing the last cash out of consumers, jacking up interest rates, choking consumer spending causing more people to default and get laid off. During the 1930’s banks inflamed Americans and the Great Depression by similarly raising consumer interest rates causing millions of people and businesses to default on loans. Previously hardworking Americans were forced to stand in soup lines, woman turned to prostitution to feed their children, Citizens starved, some committed suicide.

The U.S. Justice Department has made no serious efforts to civilly forfeit the ill-gotten gains of lenders, their executives, anyone that criminally or civilly defrauded home loan borrowers or purchasers of mortgage-backed securities; instead government forces taxpayers to bailout bank criminals. Mortgage lenders directly destroyed home values by continuing to make mortgage and equity credit line loans to “unqualified borrowers” in neighborhoods where it was know there existed large numbers of defaults and foreclosures further dragging down property values. Millions more Americans may find themselves on the street competing with 20-million illegal aliens, a very unpleasant thought.

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