| Subject: | [socialcredit] Empire of Debt : The Rise Of An Epic Financial Crisis (CITS Capital & Debt Watch alert) | | Date: | Wednesday, November 16, 2005 09:29:41 (-0500) | | From: | W. Curtiss Priest <bmslib @...edu>
|
Dear friends of the economy,
Many of us have heard prophets of doom for some time now.
As early as 1982, Joe Granville thought the sky was falling.
In 1985 Ravi Batra wrote "The Great Depression of 1990."
In '87 Robert Prechter warned of the October 1987 "crash,"
but soon the market was back into "bull mode." Prechter
remained bearish. In 1994 Davidson/Rees-Mogg published
their alarming "The Great Reckoning." Batra published
"Crash of the Millennium" in 2000. Edward Chancellor
published "Devil Take the Hindmost: A History of Financial
Speculation" in 1999. And, the highly regarded MIT
economist, Charles P. Kindleberger wrote "Manias, Panics,
and Crashes: A History of Financial Crises" in 1978.
One famous economist [if anyone recognizes this paraphrase
and can tell me who, I'd appreciate hearing] once said
it is easy to tell when an economy is rotten, but, getting
the timing right is the hard part.
So, based on many measures from indebtedness per capita to
mounting trade deficits, we have ample evidence that
something is quite rotten. However, everyone who shorted
the market over the last twenty years has been killed
off (the dot-com bubble being a sidebar).
However, wishful thinking never stopped a panic. Only
today we hear that the US Pension Guarantee fund is already
running seriously in the red, and may run out of funds
quite soon. And this is in an economy growing around 3%,
annually. What will the "safety valves" do when the
house "re-fi" game ends (about now), and real GDP starts
to drop?
So, I tip my hat to Bonner and Wiggin for continued,
insightful reporting about the real underbelly of this
economy. Here is a copy of the book promo:
Subject: The Daily Reckoning - Will History Prove Them Right, Again?
Date: Tue, 15 Nov 2005 19:42:58 -0500 From: "The Daily Reckoning"
<dr@dailyreckoning.com> To: bmslib@mit.edu
From the New York Times , Wall Street Journal , Amazon and B&N
Bestselling Authors...
We're Rushing 537 Books To the House and Senate Office
Buildings...Why?
Uncle Sam's About to Ask You for Another $24,000 - That HE Won't Pay
Back
Dear Daily Reckoning Reader,
"Now maybe someone will finally listen," says Jim Rogers, author of
the bestseller, Adventure Capitalist , about the book we're rushing to
Washington.
We're sending a copy to every Senator and Representative in Congress -
all 535 of them. And one more each to the White House and the Federal
Rerserve. Why? The government's massive debt - and delusions - are
about to change your life forever...and soon.
It Could Be The Biggest Financial Crisis Since 1929
Will it make a difference if we send this book? We can only hope so...
This book is a wakeup call - as well as a call to arms for every
American. "Although the authors don't claim to have a crystal ball,"
writes Doug Casey, chairman of Casey Research, "as far as I'm
concerned they offer as clear and likely accurate a view of the future
as you're going to find."
"It's a shame, that the average person in the Western world, and
especially the United States, will never read Empire of Debt ," agrees
best-selling author Robert Ringer, (Action! Nothing Happens Until
Something Moves). "It is one of the most well-written, concise, candid
and informative books' on the subject."
"... this is a book you want to own..." - Mogambo Guru
'Trust me when I tell you," says Richard Daughty of the Mogambo Guru
economic newsletter, "this is a book you want to own."
Empire of Debt is a blockbuster book filled with the latest economic
research from two internationally famous authors, Bill Bonner and
Addison Wiggin. And what it finally uncovers is the whole secret story
of how and why America has put itself into the worst financial crisis
since 1929 . And more imortantly, how you can protect yourself and
your assets from this crisis. It shows:
How Americans came to embrace imperialism and how "secretive policies"
in Washington threaten the wealth of every citizen today - including
you. How a succession of "American Caesars" has duped the public out
of millions of dollars - and continues to do so... How modern
imperial finance has actually changed the brain's limbic system to
"spend, spend, spend" - and how this has plundered our savings and
exported our wealth to the Chinese government.
And more importantly, it reveals "The Ten Delusions of Empire" that
every American needs to understand to steer clear of government theft
and protect your hard earned assets. Miss out on these and your
portfolio runs the risk of a massive puncture.
"If you value your financial health," says Doug Casey, chairman of
Casey Research and author of Crisis Investing, "you'll read it from
cover to cover. Now!"
"I strongly advise you not to miss the stunning truths exposed in this
remarkable work," says author Robert Ringer.
And even renowned co-founder of the Quantum Fund with George Soros
says, " Now perhaps someone will finally listen."
Are You Getting Poorer by the Hour - Without Knowing It?
Every hour of every single day, the U.S. racks up another $80 million
of debt. The renowned Levy Institute estimates that the U.S. will owe
foreigners $8 trillion dollars by 2008 - a breathtaking 60% of our
Gross Domestic Product.
Just think about it: 6 out of every 10 dollars that you and I earn in
America will go to pay off a loan in China, or Japan or South Korea or
the rest of Asia. That's the kind of mortgage nobody can afford,
including you, me, the U.S. government, or our kids.
A year ago, the annual deficits already hit $7 trillion dollars,
according to the U.S. Comptroller. That's roughly $24,000 the
government has government owes for every American man, woman and
child.
"Read [Empire of Debt] and your views of the world around you will no
longer be the same." - Nassim Nicholas Taleb
It's money that's coming out of your pocket, and I'm not just talking
taxes (which I'll show you in a moment). And be assured, Uncle Sam has
no intention of paying you back. Worse yet, the man in the striped
suit and tall hat is already asking for more...
But What's It Mean Beyond the Outrage?
It means money out of your pocket. You see, already, the housing
market is cracking. Estimates show that it's about to suck $5 trillion
from the net worth of nearly every family in America that owns a
home...
The dollar's lost 90% of its value, making a decent retirement out of
reach for most Americans...
Forget investment income: the U.S. stock market has been running dry,
barely breaking even or losing money since 2001...
And now Bernanke's 'pro-inflation' policy is about to make a loaf of
bread cost the average Joe a full hour's wage...
Is this all directly related to the debt? You bet. And it's squeezing
you on every side.
Get out your calculator...Even by the most conservative figures, you
can subtract an "unreasonably low" 10% from the value of your house
(estimates are calling for 30%)...Subtract another 10% that the
"average" stock market return failed to yield this year because of the
debt...Now add the cost of a college tuition for your kid, up 10% to
14% at most schools...And don't forget the 4% more you're paying each
month for electricity...Or the 35% more you're paying each time you
fill up...And that's just the beginning...
That "additional" $24,000 Uncle Sam's asking for doesn't even come
close to the cost this robber baron has - and fully expects - to
extract from each and every American. That's why, after reading it
Nassim Nicholas Taleb, founder of Emprica Capital said Empire of Debt
should be "made manadatory reading in most circles." Including, on
Wall Street and in the nation's capitol.
"... ironically humorous...a wry pleasure to read." - P. Delong
After all, saving money is just as important as making it. And right
now your assets are being sucked away into the swirling vortex of
government-generated debt.
Up until now, there's been little you could do to protect your wealth,
your retirements, and your way of life...
The One Stop for Total Wealth Protection
Yet inside Empire of Debt , you'll discover the specific steps you can
take to protect yourself from the massive debt buildup, and the secret
funneling away of your funds.
Don't be caught off guard. Empire of Debt shares the five things you
must do now to protect yourself - including buying the one investment
you cannot live without. (If it's not already in your portfolio...you
need to get it right away.)
The only sure way to protect yourself is to understand the problem and
take action. Empire of Debt will help you do both.
Ten Answers You Can Finally Get For the First Time...
Empire of Debt may well be the most important reading you'll do in the
next five years during this period of unrelenting crises.
You see, the country's financial imperialism has 10 key
characteristics - which aren't about to end anytime soon. Know what
they are and you can protect yourself from these corrosive ideas and
policies that rob you blind. You see, when countries believe that:
They have the right to tell other peoples what to do... That other
people want to be just like us... They are the richest people on the
planet and can rely on the savings of the world's poorest people just
to pay their bills... That it's okay to spend more than they make -
and can continue doing so indefinitely.
Then the economic woes of the individual fester and burst...
Imperial countries buy houses and then mortgage them out - room by
room, until they have almost nothing left. They invade foreign
countries in the belief that they are spreading freedom and democracy
- and depend on lending from Communist China to pay for it.
"Whether you're an investor, businessperson, or just someone who is
sincerely concerned about the fate of both your money and your
country," says Robert Ringer, Author of Action! Nothing Happens Until
Something Moves, "I strongly advise you not to miss the stunning
truths exposed in this remarkable work."
"...stunning truths exposed..." - Robert Ringer
But these are just four of the ten delusions outlined in Empire of
Debt , a breakthrough work that not only explains why all of this has
happened, but it also sets forth...
The only clear path for protecting your wealth and making money. A
clear picture of the future of stocks and hard assets. A reliable
history of the dollar's devalution - how it's stealing your retirment,
and why it's systematically happening right here, right now...
Many Americans have no idea what's coming. They've been blinded by
"The 10 Delusions of Empire" that Bonner and Wiggin reveal... it's
those deceptions that the government has promulgated that have created
the destructive, imperial attitudes that so many have come to believe.
You see, there's a cadre of "imperial citizens" that can't imagine
this empire of debt will ever end.
They're about to learn how wrong they are...
Don't get me wrong, as Eric Fry, editor, The Rude Awakening says,
"Empire of Debt is not for everyone, only for those us who hope to
enjoy continuing prosperity amidst difficult conditions."
Bonner and Wiggin wrote Empire of Debt to warn you of the danger, and
give you a clear path to profits. They give you the knowledge you need
to protect yourself - and prosper - as the American empire flails upon
itself.
Love Thy Neighbor - But Not His Debt...
Empire of Debt details how the government's irresponsibility has bled
into society. Following the government's lead, Americans have felt
free to spend, spend, spend - putting themselves in deeper and deeper
debt.
But don't think you're immune to the problem... it has a way of
creeping right over your neighbor's fence and into your own backyard.
Today the average American household has $8,000 in credit-card debt.
And for every $19 Americans' earn, they spend $20 . For the first time
in history, in July and September of this year, the savings rate of
Americans dipped into negative numbers. Compare that to China's 25%
savings rate, and you can see the looming danger, as China buys up
your future with cash to burn.
As CNN reported, "The American consumer has become deeply addicted to
spending, running up ever higher levels of debt in order to live in a
fashion that is beyond his means. And the world has become equally
addicted to the consumer continuing to burn through cash."
By mid-2005, nearly 50% of homes were purchased with interest-only
mortgages - compared to 5% in 2001. "Empire of Debt is a wake up call
for all investors," says Dow Jones MarketWatch.com columnist Kevin
Kerr, "Bonner and Wiggin masterfully illustrate why we should all take
a much closer look at what our future holds..."
"Bonner and Wiggin masterfully illustrate... what our future holds..."
- Kevin Kerr
"And can they write!" -Lou Rockwell
Even if you've been smart, responsible and kept yourself out of debt,
you could still be burned by other people's extravagant spending.
Empire of Debt shows you how and why this can happen to your estate.
And it details the steps you can take to get out of harm's way, lest
your neighbor trample your capital.
Will History Prove Them Right - Again ?
Bonner and Wiggin have been calling it like it is for some 20 years.
As President of Agora, Bonner oversees The Daily Reckoning , a
financial commentary with over 500,000 readers worldwide. Wiggin,
editorial director and publisher of The Daily Reckoning , is a regular
on hundreds of radio and television programs.
Their penetrating insights on the economy shot their first book,
Financial Reckoning Day , to #1 on the New York Times bestseller list.
As Jim Davidson, author of The Sovereign Individual said, " Financial
Reckoning Day ... is something to be savored and enjoyed - before it's
too late." Martin Weiss, author of the best- selling Crash Profits
called it "a powerful and insightful vision."
In fact, those who read the advice in this book will learn how to
sidestep four critical pitfalls destined to undermine many less-savvy
Americans. You'll learn what to do when:
Housing prices lose their value, sucking away your assets... Domestic
savings and capital investments hit all-time lows early in 2006...
The U.S. can no longer export its manufactured goods... We're stuck
with the bill for out-of-control spending.
Throughout history, every empire has found a way to pay for its
expansion. Yet today, politician have a different mantra: Instead of
"We came, We saw, We conquered," it's "We came, We saw, We borrowed."
Washington May Ignore the Warnings - But You Can't Afford To!
We believe it's imperative for the bigwigs in Washington to read
Empire of Debt .
Will they read it? Maybe. Will they change? Probably not. History
shows that government is much better at creating problems than solving
them. But by sending 537 copies to every member of the Senate and the
House of Representatives, we're pursuing our cause to make the facts
known and the solutions abundant.
Empire of Debt may well be the most important book you, your friends
and family are likely to read this year...You'll discover:
How to focus on what you know and what you can control. How to make
big profits by concentrating on the facts... in the face of hype,
madness and volatile market sentiment. How to avoid speculation by
practicing the essential rules of investing - the lessons of history
and the distilled wisdom of generations - that have made individuals
wealthy as empires come and go. How to understand the virtues of being
a private investor - quietly building your own personal empire that
will survive the inevitable public spectacle that will bankrupt
others.
"...enjoy continuing prosperity..." - Eric Fry
You don't have to tie your fate to the "new rules" of American
imperial finance. With just a few simple steps, you can prepare your
portfolio to weather the coming crisis. Empire of Debt will show you
everything you need to know. And if you act now, you can get your own
copy at a tidy 34% discount for a limited time.
As the jacket cover of Empire of Debt suggests:
History shows that running an empire is a disastrously expensive
business. You pay in cash. You pay in blood. And you pay with your own
soul.
But you don't have to. I urge you to order a copy of Empire of Debt
right now. It may well be one of the most important steps you can take
today to preserve and grow your financial independence in a period of
unrelenting crisis.
Simply click on this link and you can get your own copy of Empire of
Debt for just $18.45. That's a full 34% off the cover price.
It's the best way to prepare yourself, your family and friends, for
what could be a prolonged period of financial crisis... one that's on
path to make the 1929 crash look mild by comparison.
We believe Empire of Debt , for less than $19, is the most important
financial purchase you can make this year, more important than any
stocks or index funds you can find.
After reading it, I'm sure you'll agree.
Sincerely,
Mike Ward Publisher, Agora Book's
Click Here to order your copy of Empire of Debt at 34% off the retail
price!
P.S. Empire of Debt shows the one investment right now that's the
ultimate "debt hedge," that can save you thousands in the coming
months. Don't miss out on this important investing advice most others
will regret for missing out on. Order today!
P.P.S. Will members of Congress read it? Maybe. They might even agree
with these readers who say...
"Great material and well done. Definitely worth a read for anyone
(smart) who cares about the future of the world economy." -Jack T.
(Philadelphia, PA)
"Empire of Debt is best described as ironically humorous... a wry
pleasure to read. I recommend this book highly." - P. Delong (San
Francisco, CA)
But don't hold your breath.
http://www.amazon.com/exec/obidos/ASIN/0471739022/ref=nosim/agora21-20
The Daily Reckoning is a free, daily e-mail service brought to you by
the authors of the NY Times Business Bestseller Financial Reckoning
Day .
To learn more or subscribe, see: http://www.dailyreckoning.com
Our writers and contributors also welcome your questions and comments.
Simply reply to this e-mail with the word 'Question' or 'Comment' in
the Subject of your reply.
If you'd like, please send The Daily Reckoning to a friend .
Are you having trouble receiving your Daily Reckoning ? You can ensure
its arrival in your mailbox here .
Please note: We sent this e-mail to:
bmslib@mit.edu
because you subscribed to this service.
Click here to manage your subscription.
To cancel by mail or for any other subscription issues, write us at:
Order Processing Center Attn: Customer Service P.O. Box 925 Frederick,
MD 21705 USA
--
W. Curtiss Priest, Director, CITS
Research Affiliate, Comparative Media Studies, MIT
Center for Information, Technology & Society
466 Pleasant St., Melrose, MA 02176
781-662-4044 BMSLIB@MIT.EDU http://Cybertrails.org
|
Empire of Debt : T
Reply to this message