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The Coming Economic Depression

Part II

This is the second part of a long running series  To Read Part I Click Here

Jobs are still a top issue in this economy. Low wage Job creation is something Bush calls 'steady progress'. Even the good news the mainstream media is reporting like a mantra that employment numbers are improving, is a fraud. The BLS is reporting (in a little used chart) that not only is unemployment not getting better it is getting noticeably worse.

Source the BLS http://www.bls.gov/news.release/empsit.t12.htm

So you tell me (looking at the highlighted portion) if things are really shaping up as the President says in this election year. These numbers speak for themselves and do not need any additional commentary.

Account 990N

Much has been made of a very unusual account on the S&P 500. There appears to be a single account that is keeping this particular exchange afloat. That is account 990N. Traders reportedly are quite annoyed at this most mysterious account that comes in a props up the market. This account reportedly clears through Gelber Trading and is hated by traders because they see it as being nothing more that a market manipulator.

"All the traders I have talked to view the market as being rigged." A CME trader

Something really stinks here, and I urge all of you to give this audio file a listen.

Account 990N Roundtable On Financial Sense Online

Geopolitical Instability

There are many, many things happening on the world stage that will play an important role in the future of the Global Economy. This being an election year there is a lot of heated debate between the opposing wings of the Republicratic (both Democrat and Republican) Party. Moore's film 911 is causing a firestorm of controversy. Could it be that people are really waking up to the fact that we have a group of hardened criminals in charge of our government? Well if you listen to folks on the right, Bush is a godsend, and stealing is a Christian virtue and the divine right of Skull and Bonesmen. This man, who has trouble completing a simple sentence, who has promised to bring us endless war (he and Cheney both have made this solemn vow), they are akin to the arrival of the Messiah...if you listen to the GOP spin-meisters. Take note here 'endless war', is a codeword to defense contractors, (who know who buys their guns and moldy-butter to feed to our troops) that Bush-Cheney will keep those hard earned tax dollars flowing into the coffers of these Merchants of Death. Defense dollars make up a sizable portion of the total US budget. This war has a very real effect on the US economy. The President is constantly asking Congress for more money to 'fight our war on terror' but the real problem is that most of this money does not go to any war effort but to sweetheart, no-bid contracts to Bush donors. These donors then take some of their 'earnings' (read Bush's gift) and channel it back into his campaign. How sweet it is! Legalized graft wrapped up in a tax-free 'Christian' mantle and paid for in human blood. This is how the world really works and yes, it really stinks to the rest of the world even if American's plan on once again, closing their eyes and holding their noses and voting for the same kleptocracy all over again. The biggest problem that I see with continuing this charade, beyond its moral, ethical and spiritual repugnance, is that from an economic perspective, this pure unadulterated insanity; with the huge deficits we are running, the rest of the world shunning our treasury paper and the Fed, in all likelihood having to monetize debt to keep this rickety ship of state afloat. These are not the actions of sane people. These are the actions of men and women who are either certifiably insane or who really have a deep-seated contempt for the American people and laugh at them as they rob them blind and then get their votes. Perhaps Americans deserve the hell these men are creating for them, something within me says they do, many times over. Perhaps this is God's way of dealing with our myriad, repetitive and unrepentant national sins, because there is nothing more frightening than truly evil men with real power.

No. I will not apologize for digressing here. The economic problems this nation faces are enormous and insurmountable. They will not be solved until there is economic devastation on a scale never before seen by Americans, and I do not see that day very far off. Each day a new abomination emanates from our Supreme Court, who now says Bush can put you in a concentration camp forever and there is not much you can do about it, other than complain about your treatment to a court, whose ultimate rulings can be overturned by those who issued this abominable ruling  in the first place. Look, many of you can laugh if you want, but these guys know something is up and are preparing the legal framework for a horror we have yet to experience. I believe it will be rooted in an economic collapse of biblical proportions but a cover story or distracter (fake terror) event may hide this from the everyday Joe. Remember the Anthrax scare in Congress on the very day Congress was reviewing the Patriot act? The spores came from Ft. Detrick in Maryland. They never caught the perpetrators, and I have news for you, they never will because they have no intention of finding them. Only someone with the highest access can get hold of that stuff. And only insiders knew when and where congress was meeting on that piece of legislation. Say what you will, laugh if you want, but the real terrorist threat is not hiding in caves in Afghanistan, it is much, much closer to home and has enormous political power..

Take heed and think twice when you vote in November, I strongly suspect that it will be that last time we will be able to in a semi-free society.

Saudi Arabia

There has been fighting in the streets of Riyadh and foreign oil workers are now targets of the insurgents. This has not deeply effected the price of oil yet, but as the insurgents get more brazen it will. Saudi Arabia is going into a period of Civil War, and the situation is very serious. The Saudi's family cannot continue to run the nation as though it were it's own personal little concentration camp. It must reform its institutions and do so very quickly. If it does not, I fully expect it to, one day in the very near future, quietly ask for US military assistance (read large troop deployments) to 'root out the terrorists'. When this happens you can expect to see 'quagmire-Iraq' all over again, but this time with a very real American draft. Yes, you heard right. America will have a draft shortly after the November elections (the bills are already in Congress). It does not matter who gets in the White House, Bush or Kerry. These troops will be ill -prepared for the street to street fighting that will be needed to crush the aspirations of the Saudi people. And before anyone thinks I am 'soft' on terror I am certainly not. I know far more about the real effects terrorism and terrorists acts than the GOP spin-meisters who spin their web of deceit on conservative websites and radio. I hate and loath those who kill innocents for their own twisted and mentally deranged political agenda's, weather they dwell in Kabul or Washington DC.  The Saudi Regime is a dictatorship, not a democracy, Christians are put in prison for practicing their religion (not even Saddam did that), peaceful political dissent is met with a nightstick and public humiliation, if you are are lucky and permanent disappearances if you are not so lucky. The GOP, spin machine may want to put a smiley face on the Saudi Regime but anyone who knows anything knows them for what they are; Saddam's political look-alikes, 'in bed' with the Carlyle Group, Halliburton and the Bush family. The regime needs to go and real political reform needs to transpire. Watch what happens here because I think that this, rather than Iran is the next phase in our Global war on legitimate and illegitimate political dissent. This dissent includes those at home in America. Right now, the war at home is limited to anti-globalist-protests like in Seattle a couple of years ago. The next target will not be so easy. Who will be next? I always remember Hitler and the Nazi's. The first group of people that felt the real murderous brunt of Hitler's wrath were not the Jews but the people who served him so loyally at first, namely the Brown-Shirts. Hitler killed them all in a single night with his usual Teutonic efficiency. You see, the brown shirts were hated by the power elite in Germany and had to go if Hitler was to consolidate his total power.

GOP controlled Christian-Right... think about that one long and hard. I know I will lose a lot of readers by what I have written. But being patriotic does not mean turning off your brain and burning out your retina's to ensure you never see the obvious again.  Nor does it mean saying only those things that are politically correct to keep readership. I will not do that as I do not think that is patriotic, rather it is stupid, disingenuous and cowardly. Use your head in November and don't be afraid to stray from beaten track of the Republican and Democratic parties... and to my liberal friends out there, remember this; the Democrats (like Kerry) voted for the Patriot Act and this mindless war. If you want real change you are going to have to vote for it. There is no other way it can come.

Despite the fact that many out there do not believe that corruption is real and that the real power in American politics rests elsewhere, let us quickly examine Kerry's choice for VP. I covered in my Global instability article that Edwards was a recent attendant of the Bilderberg's. A very secret group that has been meeting annually since 1954 and was started by an Ex Nazi SS officer, Prince Bernhardt.  This tracks nicely  because when Bill Clinton was still a just a Presidential contender and a (very) long shot of a candidate back in '91 he too went to a Bilderberg meeting in Baden-Baden Germany and suddenly got the positive media attention and money he needed and he became the nominee and then President. There are lot of people on the net who say the 'do not buy into conspiracies' when mountains of evidence shows that there is something going on even if you don't want to use the word 'conspiracy'. Many of these guys know darn well there is some kind of power elite that can and does anoint and dispose of world leaders at will. They just don't want to get lumped into the 'conspiracy theorist' category. These insincere writers are the Halliburton's of Alternative Media and they will say and do anything for a buck. They want to appear 'respectable' and they mock the obvious criminal behavior and secret elite gatherings to gain high-tone readership. I would only say that if unpunished crime (which these same 'coincidence theorists' do believe in) is rampant and no one ever goes to jail, what are they really saying? Who are they kidding? These writers demonstrate a cowardice and greed  not unlike some in government that get no-bid contracts, dodge the draft and rake the the money and tell lots of lies in the process. You don't have to be a 'conspiracy theorist' to see the obvious, but it does take a degree of courage and honesty to see and write about these elitists for what they are and for what they are not. Do not be taken in by those who are always trying to pump you for money to buy some newsletter when they cannot be honest with you up front.
 

For more on Global Instability Click here.

By,

Mark S. Watson

watsonsweb@hushmail.com

01 June Update Wall street is finally beginning to warn Mr. and Mrs. America as to what is coming. Several articles have appeared in the mainstream that are warning Americas that something big and catastrophic is about to happen. These warnings are appearing more and more often and shows that many in the markets realize that things are about to change, and most definitely for the worse. Now the last thing I want to be is another 'chicken little' screaming 'the sky is falling' as so many other do. There has been too much of that on the internet and these 'chicken little's' are almost always wrong. They have neither the long term experience that many others have at watching the political-economic machine that is America work from the inside nor do they seem to have the capacity to step back and view situations with the necessary emotionless detachment. This is because far too many stubbornly cling to intellectual paradigms, and economic 'sacred-cows' to be truly objective in their prognostications. Hence, so often I read on web logs on the net, "when is this thing going to come crashing down?" and "how come things are still going well when 'so and so' predicted it would fall apart last year?" This is typical and many, many pundits get caught in a trap that uses some well known economic model that 'proves' things will fall apart before 'such and such' a date. Many of these economists and commentators have the very best of intentions and are doing everything they can to warn Mr. and Mrs. America as to the dire situation that America is in right now. Their courage and willingness to put their reputations on the line is to be applauded. But lets face it, wrong is wrong, if they continue to be wrong and the economic machine in Washington continues to chug along another year, how many others will cease to believe these dire economic warnings? This is an important subject and one that needs to be touched on here. Globalization Like most economists, I worship at the high altar of free-market competition and the trade liberalization that drives it. But that doesn’t mean putting a positive spin on the painful dislocations that trade competition can spawn. - Stephen Roach, Chief Economist and Director of Global Economic Analysis, Morgan Stanley To look at what is happening in America only in light of our massive deficits and declining industrial base is very instructive, but it does not tell the whole story.  This is one of the reasons rather that giving lots of facts and figures and charts and graph's, the past couple of updates have been more narrative in nature. The real story is not deficits or debt; it is not balance of payments or oil shocks, it is how each of these problems are increasingly being solved and influenced by trends in Globalization. To many economists, globalization is key and the economic pain that must be experienced is just one step in the path that leads to this new system that is being created right before our eyes. I believe it is important to understand that in the minds of many key financial decision makers, the system that is being created is more important than the people it is supposed to serve. It is as though a new religion is being practiced and that religion is economic globalization. Today, I realize it is very easy to get caught up in market trends and budgetary pronouncements, FED Speeches and layoff announcement and trade disputes. However, the real story is in plain sight, yet obscured from all but the most astute observers. It is globalization. China-America This is the most important part of the trend in Globalization and one that has had the most profound impact on the US economy. This economic relationship has been destructive to America's economy but very beneficial to China. We need to understand this relationship not only in terms of the de-industrialization that has gone on in America as China took away so much of American labor, but in terms of the technological transfers that also took place. There were the scandals that took place in the early 1990's under the Clinton administration and even the Bush administration before him. Massive amounts of technological know-how was transferred to China illegally. Once a month one could read about some high tech, aerospace  or defense related espionage case dealing with China and some of America's most venerable corporations at the heart of it. While many will argue as to whether much of this was due to deliberate policy due to massive campaign contributions coming from Chinese front companies (anyone remember the Lippo group?) or just a blind series of coincidences, the real story, in my opinion is not the legal ramblings that never seem to get anywhere, but the actual effect it has had on the China-US relationship. The other part is the open investment that much of American Corporations made in China and the massive industrial capacity that was created by that investment. Technological and industrial investment with technological know how has made China into what is now a powerhouse economically speaking. Today, many feel, with good reason, that it is now in control of the relationship between the two nations. This is hard to dispute especially given the softening of the tone  the US has taken on the issue of Taiwan and the massive trade imbalances between the two especially when one considers who is the debtor and who is the creditor in this imbalance. America has become addicted to the cheap goods that China sells and China's continued purchasing of US Federal debt. On the other side of the relationship, China needs the US market to sell its goods, for now. While many have rattled sabers saying that the Chinese will dump American securities and leave the US holding the bag as a deliberate policy, it seems unlikely that this will be a conscious policy decision made by Beijing.  It would be akin to a car dealer shooting the customers before they got to the showroom floor. The dealer may feel a perverse satisfaction in watching people he despises fall to the ground, but who will buy their cars? Thus, despite the ideological satisfaction that watching the US fall would bring to the few hardened communists that remain in circles of power in Beijing, it would not make the increasingly powerful pro-capitalists who hold key positions happy at all.  The dealer may think the customers are rude, uneducated jerks, but they will smile and take the customers money all the same. That is how I rather look at the relationship (economically) between the US and China. There is a symbiosis that exists that neither can afford to live without for the time being. Thus, these two nations are being intertwined by their trade and economic relationship despite the very real ideological differences that exist between the two. This is an important lesson in how globalization is becoming the reality today. Europe And The US The Euro has come onto the scene and while many (especially in the US) pooh-poohed it when it first arrived, nevertheless it has appreciated nicely in value since its introduction. The story of the Euro and how and why it came into being is a long one and worthy of a book. I will not write one here but I will point out that one of the main reasons it was first conceived as a future reality was during the Dollar Crisis of 1971-73. that was when the US essentially defaulted on its Bretton Woods payment obligations and stiffed the Europeans in its international payments. In short we did not have the Gold that was required as per the Bretton Woods agreement. We forced the world who held dollars to come back to the US Treasury to get more pieces of paper (instead of Gold) to redeem their dollars with. The Europeans took this financial fraud perpetrated on them surprisingly well. But they did not forget it and took to the decades long task of forming their own Union and with it its own currency that would one day rival the Dollar for global pre-eminence. Today they have it, it is called the Euro and now, as others throughout the world are looking for solutions for the next time America defaults on its international financial obligations, the Euro is invariably mentioned. However, this time it will not be a lack of Treasury paper that will cause the problem, but the inability to service our mountain of debt. Economists, Finance Ministers, Central bankers the world over know this lesson well and they are not about to get stiffed by Uncle Sam like the Europeans did back in '73. They intend to have other plans. Hence, the Europeans have already prepared for Washington's financial follies, Asia is also making plans to do the same, though the lack of maturity that many of these markets posses and the political difficulties that exist between some will continue to hamper these efforts. However, the Asians have learned the lesson the Europeans learned the very hard way and that lesson is this 'have a plan B'. Europe implemented its plan B with great success and has been wise in building on that success with strong economic relationships with Asia and the Middle East. Its trade with these regions will not be destroyed by the Dollar's eventual demise. The engines of commerce will continue, albeit with some dollar related tensions and perhaps temporary disruptions. NAFTA-CAFTA CAFTA? What's that? It is the agreement signed on May 28th by the US trade Representative that will be debated by the next Congress... conveniently after the next election. This agreement is merely an extension of NAFTA. The nations who signed the agreement were Costa Rica, El Salvador, Honduras, and Nicaragua. It seems likely that Congress will approve this trade-pact in a lame duck session. Congress does not really seem to care about shipping your job overseas and the race to the bottom on wages therefore, they try will keep this issue out of public debate during the election. Oh what hidden scorn they must have for their constituents! What has been described as Job-Jacking by some is now in full swing and Congress and any administration that is elected is already pledged to accelerate this trend, no matter what they may say on the campaign trail. These agreements will deeply affect America's ability to 'consume' because they are intended (despite what is said by politicians) to drive down wages and increase Corporate profits. That is not to say that all trade deals are bad. Trade deals can be and are often good. But these new regional agreements are not in America's best interest. They are designed by those who I mentioned earlier 'worship at the altar of free trade' and you and your job are about to become a sacrifice to their god.   These agreements are meant to level the economic playing field and make these environments more conducive to the international conglomerates. They reduce labor rights, the ability of nations and groups to sue for criminal malfeasance, reduce environmental protections and generally make these nations powerless to fight economic exploitation by large international corporations. These are not really Free-Trade agreements but Corporate protection agreements. You see, Uncle Sam is fighting a war on poverty. That is, he is fighting the impoverished by starving the poor and forcing them off of their land; and I have news for you, he is winning the war. Trade agreements in the past have not assisted the poor in Mexico. Anyone familiar with what happened in Mexico after NAFTA was signed and what is still going on can see that the abuse of land rights and the horrendous exploitation going on there is the real face of this so-called trade liberalization. Most Americans don't care about these agreements and couldn't care less about what is going on in Mexico and thus, Congress and the administration can conduct these trade negotiations with the deep contempt they hold for the American people. I must add a small personal note here; I cannot shed any tears for Americans who vote for these Charlatan politicians and then cry when their job gets shipped overseas. I am anything but a cold and heartless person, but anyone who chops off his own perfectly good leg his not going to get me to buy him a wheelchair, especially when  he was told over and over again he wouldn't be able to walk after his ill advised surgical undertaking.   I bring these issues up to show an important point. That is despite the best efforts by those to 'predict' when and how this economic machine will 'fall apart' I believe that it is a futile undertaking. The old models are not going to tell you the whole story and the fact that we have three very big variables that heretofore have never been seen before (massive derivatives, Globalization and massive market intervention by the FED and Wall Street) this makes accurate prognosticating impossible, in my opinion.   Pre-eminence Now we come to the what I believe is the crux of the matter. While many like to believe, rather simplistically, though not without a lot of evidence, that all central bankers and politicians around the world are engaged in some deep dark conspiracy11, the hard truth is that there is as much competition, backstabbing and sharp disagreements as there is conspiracy and collusion. I know many readers have read many financial websites that point to various groups who 'control the world' through finance and subscribe to these theories. While these writers have much very interesting and useful information and perspective, it is important to recognize that, while nation-states influence over central banking and international finance and even the Global economy is waning, it is by no means irrelevant to Global economic policy makers. Political realties and the voice of the people still does have a (diminishing) say in how money gets spent and how fast  globalization is to move forward. Quiet collusion rather than secret conspiracy is how I would describe what is going on. I know many will sharply disagree, that is their prerogative, I will nevertheless report what I see, looking at just the facts. What is transpiring now is the end-game of the struggle for Global pre-eminence. Ultimately it will decide which group and economic model will run the global economy for the rest of the 21st century. Will it be European dominated? Will it be Asia dominated?; Will it be Middle East centered? Will it be Gold Backed? Will it be based on a new global paper currency? Will it be largely based on a regional Currency (Euro, Asian Dinar, Amero)? It is my considered opinion that only after when the bottom falls out the the present system, we will be in a far better position to discover the answer to these important questions. It will be the deciding factor as to who gets to enjoy the luxuries that America has enjoyed for 60 odd years. The stakes are enormous and it behooves us to remember these pertinent issues when we look at America's military thrust into the world's most oil rich portions of the world. America's elite know that if America cannot procure the resources to run its economy it will lose out when its currency collapses (and it will, bet on it). Since the ancient dictum that 'possession is 9/10's of the law' is still very much in effect, our adventure is better understood in light of the battle for future global economic pre-eminence. Thus, I believe it is wise to observe much of the work being done in the realm of globalization as a kind of 'high stakes poker game' played by like minded (globalist/internationalists) players where the stakes are global economic pre-eminence and power, rather than a uniform conspiracy run by (insert your favorite conspiratorial group here). Those of you who are familiar with the other writings on this site can get a pretty good idea where I believe the root of the trend towards Globalization is coming from. I will not recount it here.   Last Month   There we several events that happened last month that shows the there are troubles in the markets. the Dow had some very bad days. Also, on one day in May, the Nikkei had fallen 500 points. Oil prices are hovering at over $40 a barrel and Greenspan has make it clear that rates will rise soon. This will end the lucrative yield carry trade and adversely affect the debt bubble in the US, especially in the housing markets. This will end this tepid 'recovery' and seriously harm US households.  Knowing this, I do not believe Greenspan will raise rates very much, very quickly. It will be a very slow and measured approach but he will be very careful to look for problems in the mortgage industry, particularly Fannie Mae and Freddie Mac for signs of stress which may prove disastrous for the US economy in general, given the derivatives risk. The Stock Markets have accepted the coming rise and the Dow is certainly keeping above the magic number of 10,000. The Dow is likely to remain above this number until election day no matter what, even if they have to auction off pieces of the capitol dome to do it. Miraculous recovery due to FED intervention is plain for all to see. The bond markets continued to be unsettled with automakers GM and Ford being some of the worst performing. Bank credit is up over a quarter of a trillion dollars so far this year. All this in front of the back drop of skyrocketing commodity prices, rising inflation and of course rising oil prices. Home sales have taken their biggest dip since 1994 (11.8%) on rising interest rates and durable orders have dropped significantly, ostensibly on terror fears. Retailers are blaming Shrek for poor sales and through all of this, Mr. and Mrs. America argue over the latest episode of 'American Idol'. Reality has not sunk in yet. But it will soon, once the pink slip is given to them showing that their high paying job has been shipped to India and Mommy can't get her Prozac prescription filled because her heath insurance has expired.   Housing Bubble: To Pop Or Not To Pop, That Is The Question. A number of readers have asked pointed questions about the housing market and how I think it will all shake out in the end. I do not know exactly other than to say that this bubble will burst. The higher interest rates that Greenspan is promising will kill it, or at least put it in severe agony. No doubt about it. This will mean that many who own homes will have a hard time selling it when the bubble pops and may owe a whole lot of money when they do if they wind up upside-down on their mortgage. However, before anyone gets any bright ideas about selling now, renting and waiting for housing prices to come down there are some things to consider. 1) Credit may not be easy to get when the housing market crashes. 2) Putting your money in a bank hoping to buy with cash after the bubble bursts could also be problematic because if, as I suspect prices tumble 20-50% or even more, the banks themselves may become insolvent. This is a real threat. Please don't let anyone tell you that 'your money is insured so don't worry'. You money is insured... that is until the FDIC fund is depleted and that won't take long at all once the cycle of defaults begins in earnest. 3) You are at the mercy of a landlord if you rent and if something happens that you cannot buy when prices tumble, well...you figure it out. 4) The Fed and many mortgage lenders are very, very creative (40 year mortgage's, interest only loans, 5 year arms, etc.) and may be able to keep that bubble going a while longer.   Housing however has always been a regional affair. If a person lives in an area where high paying jobs exist and are likely too for the foreseeable future, then prices are less likely to decline or decline less significantly. Conversely if a person lives in an area where all the jobs are now in India, those values will decline sharply. Remember this too, it is not just the lack of jobs, but the declining tax base that provides revenues for essential services (police, fire, sewage, roads, etc) that decide if the area is attractive to live in. There are many factors to consider in this most important of decisions. Additionally, given the constant mobility that often accompanies modern careers, one may purchase a dream home in Shreveport in '04 and then get transferred to LA in '06 and be forced to sell it. Each person must decide for themselves what is best. More on Renting Vs Buying a Home Here Ideally I think that if you can buy a modest home for cash or own a modest home with a very low mortgage that can be paid for on only one income, this is best. This is not financial advise but just my own personal opinion. In my own life I have been simplifying over the past few years, cutting our needless expenses luxuries that are unproductive and wasteful, and living, not a Spartan existence, but certainly a much simpler one. I do not need a new car every three years, I do not need a big screen TV, I do not need to spend $200/month eating out at nice restaurants. My home is humble though I do carry a mortgage. However the payments are very, very reasonable. Lifestyle simplification and discharging all unnecessary expenses will ease the financial pain I see coming and those that do this may survive what is coming. A few links on the housing bubble for M.G.   http://www.mises.org/fullarticle.asp?control=1177&id=68 http://www.larouchepub.com/other/2003/3010ofheo_rpt.html (yes, I know many of you hate this guy but his economic research is pretty good and more honest than the numbers coming out of the BLS) http://housing-bubble.com http://www.ofheo.gov/Media/Archive/docs/reports/sysrisk.pdf http://www.cepr.net/New_England_Housing_Bubble.htm   By, Mark S. Watson   For Important Information On Special Upcoming Seminars by Elliot Wave International Please Click here Here's what you'll learn from attending this 1 day seminar, called How to Discover Opportunities in the Commodities Markets: How to recognize the basic wave patterns every commodity market repeats over and over again How to apply the 3 rules and 3 guidelines to understand what the market is most likely to do next How to spot the telltale signs that a market is about to reverse direction How to identify the optimal level to place protective stops And much, much more... Note: This seminar is designed especially for Elliott wave beginners. If you already know the basics or you're looking to learn everything there is to know about the Elliott Wave Principle, or you are a subscriber, this seminar isn't for you. But if you are looking to learn basic wave counting techniques to help you identify opportunities in the commodities markets, you shouldn't miss this event. For Important Information These Seminars by Elliot Wave International Please Click here Great Links Financial Sense Online An excellent web site dedicated to giving sound financial information as well as investment advice. This site also has one of the best internet radio shows around. Highly recommended! Prudent Bear's Credit Bubble Bulletin Crashmaker – A Fantastic article of the fiscal realities that will bring about the greatest financial reorganization in human history. The Larouche Movement. Many have foolishly mocked these people but everything they have predicted has and is coming to pass. (yes... I know many of you hate this guy but his economic research is pretty good and more honest than the numbers coming out of the BLS) Crash News - A daily snippet of the real financial news Depression TV - The depression will not be televised... Preventing A Banking Crisis in The Future Urban Survival Peak Oil - One factor that is already beginning to weigh on the US economy in is the fact that oil production world wide is set to permanently decline in the near term. This paper deals with this issue.
The Great Crash - By J.K. Galbraith A Look at the great depression, and the crash behind it by one of America's most important economists. Conquer The Crash Conquer the Crash first presents the economic facts that show why a massive deflation is inevitable. The second part is practical — virtually each of the 21 chapter titles explains "How To," "What To" and "Should You." Many analysts indicate that this massive deflation is already underway Creature From Jeckyll Island. (Griffin). If you want to know why some people hate the Federal Reserve so much, this books explains the actions of the Fed in a light not to be seen or heard in the Mainstream. It is a frightening look at what many feel to be an unconstitutional and corrupt organization that has failed at its stated purpose but succeeded brilliantly accomplishing other objectives.  The Creature from Jekyll Island : A... This book is exactly what is says it is; a look at how banks can and do control many of America's largest corporations. This is a hard detailed and extremely well researched work that, while somewhat dated, is even more relevant today than ever before.  Bank Control of Large Corporations in the United States... The Dollar Crisis – A book by Richad Duncan, a former Salomon banker, and World Bank staffer. It details the dollar crisis in a lucid and concise way. Defrauding America : Encyclopedia of...Defrauding America In the above article I talk about government corruption as just one of the causes of the coming depression. This explosive third edition of DEFRAUDING AMERICA is an unprecedented expose of secret & illegal CIA & other government operations revealed by the author, a former federal investigator & his group of over 30 FBI, CIA, DIA, DEA, & other agents & operatives. This book is packed with facts & documentation, no conspiracy theories. The heads of secret CIA airline & financial operations reveal such unlawful activities as CIA drug trafficking, looting of HUD & savings & loans, & Washington-ordered "termination" of American POWs in Indochina. If you don't believe that there is massive fraud in the Federal government, be assured that after you read this, you will. You will know that this fraud is massive and know why it continues to this very day. Defrauding America : Encyclopedia of...Defrauding America Spiders Web By Alan Friedman A Secret History on How America Armed Iraq. If you want to know why America thought Saddam had weapons of mass destruction, this book will explain it to you in detail. Using agricultural credits and illegal loans, America armed Saddam with the latest and greatest in weapons, including biological and chemical weapons. This is a perfect example of financial corruption of the worst order. Not one major media organization has picked up on this story that is over 10 years old but even more relevant today in light of our war in Iraq. A must read! The Secret Money Market By Ingo Walter The Secret Money Market: Inside the Dark World of Tax Evasion, Financial Fraud, Insider Trading, Money Laundering, and Capital Flight