2009 budget deficit estimate… $1,840,000,000,000.00
The official U.S. unemployment rate rocketed to 9.4%!
… the worst in a quarter century!
(And this doesn’t even begin to count the millions who suddenly
find themselves trying to live on a part-time income).
The government’s recent bank “stress” tests scored a big-fat… F.
They were were flat out dead WRONG.
They assumed an average employment rate of 8.9% this year.
With the government’s announcement (9.4%), it is now clear as a bell,
beyond a shadow of any doubt, that the actual rate will be far higher.
Our Treasury Secretary, Timothy Geithner, flew to Beijing to talk
(beg for mercy) from our biggest global creditor… China.
He was lectured in the ways of finance by Chinese officials.
He had to endure the laughter of Chinese students at Peking University.
They openly scoffed at his reassurances that…
… “Chinese financial assets are very safe.”
Who ever would have believed that Chrysler and General Motors file bankruptcy.
The worst layoffs are still yet to come… Not only from Chrysler and General Motors
but also from the thousands of auto dealerships and part suppliers.
Millions of small businesses all across America will feel the pinch.
Mortgage defaults and foreclosures will surge FAR more.
The Obama administration itself was just forced to raise its
2009 budget deficit estimate to a staggering $1,840,000,000,000.00.
(Up 5 % from a projection made just two months earlier).
The 2010 estimate was updated more than 7 % to $1.26 trillion.
Can You Read The Writing On The Wall?
The balance of world financial power is shifting
and not in a good way for the United States.
REAL MONEY investors are dumping bonds. They’re dumping the dollar.
They’re buying gold, oil, and other hard assets.
Crude oil has soared as much as 113 % from its December low.
Gold is closing in on $1,000 an ounce. Silver has almost doubled.
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Beijing, budget deficit, China, Chrysler, General Motors, gold, oil, Peking University, Timothy Geithner, unemployment rate, video
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