From: BOBWORN@aol.com
Date: Thu, 15 Oct 1998 12:29:08 EDT
To: BILLCLINTON@HATETHEMILITARY.COM
Subject: Crash Report For 12 Oct 98
X-Mailer: AOL 3.0 16-bit for Windows sub 38
Subj: Crash Update Oct 12-text
Date: 98-10-12 23:13:45 EDT
From: rhmjr@flash.net (Richard McClendon Jr)
To: spot2@pdq.net (A Spot)
Report for October 12th
When warning of a problem ahead to those who are unaware you can easily be tagged with the label of "doom and gloom". It is without fear of such a label that I show you the following article I found today.
Excerpts from a Sept 3rd editorial titled "WORLD'S DOOM NEARS", A Synopsis of Current World Crisis Reports see full article at WORLD'S DOOM NEARS
It is too early to say whether this current financial upheaval is the grand financial collapse which is foretold . . . . We have seen many such financial upheavals. There is something we should consider in all of this in any event.
The world is abuzz in crisis. Things are not as perfect as our president would have us believe. But then again, our president is not known for his particular honest traits of character.
Ambrose Evans-Pritchard has made some startling observations as well this week. If his observations are close to accurate, there is big trouble ahead.
We are seeing a wild, erratic, flailing superpower, led by a president who exhibits symptoms of severe instability. ...
... The markets have made a shocking discovery: there is no longer a lender of last resort in the global financial system. The IMF has run out of money, and the US no longer has a fully functioning government that can take the lead. Hence the panic. Events in Russia have led to regional contagion, of course: Ukraine, Poland, Hungary; Bulgaria is looking a little bruised. But there is also the demonstration effect as investors flee risk everywhere. Venezuela has gone belly-up. Like Russia earlier this summer, Brazil is finding it hard to finance its budget deficit. The Sao Paolo stock exchange has fallen 38 per cent in the last month [August].
The depression is spreading. About 40 per cent of the global economy is now in severe distress. It is even touching countries that we consider part of the gentlemen's club.
What can the West do? Not much. The poison is already in the system. We just have to batten down the hatches and wait for the deflation to roll through.
The US savings rate is down to zero for the first time since records began, which means that tens of millions of Americans are living beyond their means, consuming the paper profits of their investments. When the music stops, the "wealth effect" will go into reverse. A falling stock market will feed on itself as the newly rich find that they are not so rich after all.
The indicators are flashing red lights. The US trade deficit is heading towards $300 billion a year. Cheap goods from the rest of the devalued world are chipping away at the profit margins of US companies. Economic growth has suddenly fallen from an annual rate of 5.5 in the first quarter of this year to 1.6 in the second quarter. In July, factory wages fell 0.5 per cent; farmers' income fell 5.5 per cent.
The benign deflation of the last year has metastasized. It is now malignant, and shows signs of virulence.
The vision of the globalist empire would seem to be experiencing euphoric ecstasy right about now. The plans of the dark forces are nearly complete.
The demons of darkness are giggling with delight. Little do they realize the terror to come will bring them down in it as well. The hopes and dreams of the new society and those who planned for this ruination of culture will themselves fall with the culture they brought down. They thought they would escape, but they will not. So who is running the world? This may not be fully known, but we can know who is destroying it. The collapse of the foundation has occurred. Now we may see the flood. In any event, these portents we have observed are not accidental. Our world society has been corrupted systematically for over the past one-hundred years. Men sleep on, but it is now time to awaken. Perhaps the conspiracy theorists and all of the prognosticators of doom will have the final word.
