Bank of Canada Babble.

This past Tuesday, Bank of Canada governor Mike Carney, made the statement that "the economy is in good shape to weather a global recession, although growth will be anemic for the next six months."

What a breathtaking statement to make, when in fact a steadily increasing number of the world's most knowledgeable financial analysts and economists are making a solid case for a total world-wide economic meltdown and collapse. This is a far cry from a recession!

What insight, based on the present and anticipated continuing future financial crises, does Mr. Carney have that would lead him to be speaking in terms of a recession rather than a full-blown depression?

I would argue that Canada's economy will not be strong enough to weather the coming "perfect financial storm." I will address this in my next series of posts.

Perhaps Mr. Carney would care to let us know just how Canada will survive the anticipated imminent implosion of what, in investment circles, is now being dubbed as "The Quadrillion Dollar Derivatives Deathstar" which when it blows, its toxicity will send every major economy into the abyss.

By the way, prior to Mr. Carney's appointment, he had a 13 year career with Goldman Sachs (remember them) eventually becoming a Managing Director of the firm.

I, for one, am not drinking any of Mr. Carney's Kool-Aid anytime soon!

The Elitists are Destroying America while Congress does Nothing!

Here's what the elitist psychopaths have managed to destroy so far!

• They have destroyed the real estate industry and have put millions of people out of work.
• They have caused a faltering U.S. economy.
• They have created an insane national debt with an equally insane trade deficit transforming America from the world's greatest creditor nation to the world's greatest debtor nation within the space of one single solitary decade.
• They have driven oil to levels that will decimate the entire world economy despite abundant domestic reserves of oil.
• They have created hundreds of trillions in derivatives that have virtually no collateralization, thus threatening the entire world financial system.
• They have inflated American's out of their wealth. Now there is very little left to spend to drive the U.S. economy.
• They have created the perfect financial storm which will suck America into a catastrophic hyperinflationary recession followed by a deflationary depression the likes of which have never been seen before in the entire history of the U.S.
• They have created trillions upon trillions in entitlements that cannot be possibly paid without reducing all of your benefits or drastically increasing your taxes.
• They have perpetrated one fraudulent financial scheme after another creating a credit crunch that threatens to annihilate bank capital.
• They have caused the price of food to skyrocket in America and food riots to break out around the globe while giant "agro-corporations" are earning record profits.
• They have plans to nationalize all the financial losses caused by Wall Street fraud and then put the Fed, and not the Government, in charge of the entire U.S. financial system when in fact their buddies at the Fed have been the root cause of virtually every problem in the American financial system!!!

This is the monster which both the domestic and global elitists have created. My hope is that their monster eats them alive. Yesterday would not be soon enough.

Here's the Garden Path that the Financial Psycopaths on Wall Street have been Leading you Down!

Banks and mortgage brokers have been "sucking" people into ARM's (Adjustable Rate Mortgages)

Unaffordable rate resets on ARM's and declining home values lead to mortgage defaults.

Which lead to the erosion of collatoral values on mortgage-backed derivatives.

Which lead to asset devaluations.

Which lead to bank insolvencies.

Which lead to the tightening of credit and increased interest rates to remove and compensate for increased risk.

Which leads to a decrease in home demand because of fewer qualified buyers and higher loan costs.

Which leads to current homeowners who are now unable to trade-up.

Which leads to declines in new homebuilding.

Which leads to job loss in the building trades and businesses which supply homebuilders.

Which reduces wages.

Which reduces consumer demand.

Which fuels a recession.

Which causes the Fed to now lower interest rates.

Which causes the Fed to expand the money supply and credit availability to avoid a recession.

Which causes inflation as money supply expands.

Which causes an erosion of wages and buying power.

Which causes a further reduction in consumer demand and spending.

Which causes a further reduction of qualified home buyers.

Which causes a further reduction in the demand for housing.

Which causes a further erosion of real estate values.

Which causes a deeper recession.

Which causes the Fed to further expand the money supply.

Which causes the interest rate to be lowered even more.

Which causes even greater inflation.

Which causes the Fed to now raise interest rates to stop the economy from totally imploding.

Which causes the cost of business to drastically increase.

Which causes corporate profits to be drastically reduced.

Which causes the cost of home ownership to drastically increase.

Which causes further reductions of real estate values.

Which causes increased loan defaults.

Which causes the recession to deepen.

Which causes the stock markets to crash and burn.

In my opinion, the War on Financial Terror should be fought right now against the psycopaths on Wall Street, the dishonest brokers, bankers, credit rating agencies, the political eunuchs in Washington and against the SCAM known as the Federal Reserve.

For it has been through the nefarious actions of these people, that the U.S. and large parts of the world, will be propelled into the greatest economic depression that the world has ever seen.