SARTRE, Contributing Writer
Two earth-shattering catastrophes shaped the last ten years. The first 911, the staged terror event that provided the self-justification to wage an endless war against phantom enemies and the second a financial meltdown of the debt ridden international banking system. This has been a frightful decade for America.
Instead of looking at a straight chronicle timeline, the more meaningful approach is to relate events as they apply to a decade of war and loss of civil liberties. From a financial perspective, the 21st century has been a record of continuous weakening of Western economies and decline of a standard of living. The pillars of social and political stability deterioration are the legacy of the last ten years.
The “war on terror” morphed into the ‘war of terror’ with the passage of the Patriot Act. The enactment of legislation that significantly increased the surveillance and investigative powers of law enforcement agencies is the centerpiece of the post 911 domestic despotism.
The infamous “Axis of Evil” propaganda parlance intentionally stoked the fires for retribution reprisal. The Bush-Blair collation produced fake evidence of WMDs in Iraq, setting the stage to target their manufactured outrage, against a former CIA asset, Saddam Hussein.
With Defense Secretary Colin Powell’s UN speech justifying invasion of Iraq, he “could not escape the reality that this speech greased the skids for death and destruction in Iraq and brought unprecedented shame on our country”.
Operation Iraqi Freedom starts the last gasp of the military-industrial-complex to colonize oil resources and to encircle Asian aspirations. The “Central Intelligence Agency admits that the imminent threat from weapons of mass destruction was not present before the 2003 Iraq war began”.
Business as usual continues with new bipartisan scandals among House and Senate members. With the damage already done, the troop deployment shifts to an Afghanistan war expansion. Bush claims a second ‘Mission Accomplished’ after the Iraqi elections but GOP loses presidential election to an unknown Senator Barack Hussein Obama.
To the surprise of only hard left loyalists, the police state continues and new legislation extends into additional areas of domestic terror. The decade ends with 1 WTC, aka Freedom Tower, reaches the halfway mark.
Now watch the DEBT Crisis: The Bail Out and Tarp Totals and the Origins of the 2008 Financial Crisis videos to learn causes of the breakdown.
US Federal Reserve lowers Federal funds rate 11 times, from 6.5% (May 2000) to 1.75% (December 2001) creating an easy-credit environment that fueled the growth of US subprime mortgages. Fannie Mae and Freddie Mac combined purchases of incorrectly rated AAA subprime mortgage-backed securities rise from $38 billion to $90 billion per year, as mortgage denial rate of 14 percent for conventional home purchase loans drop in half of 1997 figures.
Federal Reserve Chair Alan Greenspan lowers Federal Reserve’s key interest rate to 1%, the lowest in 45 years. U.S. subprime mortgages increased 292%, from $332 billion to $1.3 trillion, due primarily to the private sector entering the mortgage bond market, once an almost exclusive domain of government sponsored enterprises like Freddie Mac.
Many financial institutions issued large amounts of debt and invested in mortgage-backed securities (MBS), believing that house prices would continue to rise and that households would keep up on mortgage payments.
The Securities and Exchange Commission ceases an investigation of Bear Stearns “pricing, valuation, and analysis” of mortgage-backed collateralized debt obligations. No action is taken against Bear.
The rapid deterioration of the credit worthiness of loans soars from 2006 to the seminal October 2008 meltdown. Signs of a genuine recovery have yet to materialize.
Running a similar course is the derivative financial meltdown. Shifting the debt risk is the essence of derivatives. Naked short selling using derivative instruments are a practice used by hedge funds. Some significant events define the crisis.
Buffett famously commented in a letter to shareholders in February 2003, that derivatives can be “financial weapons of mass destruction.”
The financial crisis that broke out in August 2007 was considered the worst in the post war period. It represented the collapse of trillions of fictitious credit derivatives and the meltdown of uncontrolled credit growth. Goldman’s derivative book had a stunning notional value of $53 trillion.
Bear Stearns, Lehman Brothers and AIG meltdown trigger the bottom to fall out, causing a global financial collapse. The international banking network implodes along with sovereign debt defaults. Governments incur new record debt to bailout the likes of Northern Rock, HBOS, Lloyds, Barclays, JPMorgan Chase, Citibank, Bank of America and Wells Fargo. Fannie Mae and Freddie Mac attempts a restructure, while Central Banks monetize currencies and the cycle of swaps escalates.
The global economy, while on borrowed time before the ultimate financial burst, widens the gap between the super rich and the rest of us. The untouchable cast system is the growth industry of the corporate/state. The cumulative debt obligations of governments, business and consumers are unsustainable. The world economy cannot overcome the burden of paying compound interest on indebtedness to a banking system that creates miraculous money entries on a balance sheet out of thin air.
This is the essential reason why the real masters of the homeland security myth are the true terrorists. While the decade was dominated by the twin tower financial fraud, other noteworthy events took place. The following two videos provide a fast pace montage collection of the decade.
This analysis has an American perspective. Europe shares much of the same illusions that plague the United States. The Asian economies seem immune to much of the financial chaos that has shifted wealth away from the post WWII power centers. The security breaches that befall India, Indonesia and Africa seem minor in comparison to the instability of the Middle East.
The undeniable beneficiaries from the disruptions in the first decade of the new century are the cabal of New World Order “Mattoids“. Anti-democratic tyrants control western nations. The model for the next decade and the foreseeable future is the Chinese police state. The impact of this conclusion is demonstrated in this year ending news report in the Daily Mail.
China has said it is willing to bail out debt-ridden countries in the euro zone using its $2.7trillion overseas investment fund.
In a fresh humiliation for Europe, Foreign Ministry spokesman Jiang Yu said it was one of the most important areas for China’s foreign exchange investments.
The country has already approached struggling European countries with financial aid, including offering to buy Greece’s debt in October and promising to buy $4billion of Portuguese government debt.
Money is more powerful than guns and bullets in this New Age global slave plantation. The reason why Open Borders will not be closed is that the destruction of America’s independence is a primary goal of the NWO. The domestic war on liberty requires the elimination of patriotic dissent. Official terror policy is aimed at us. No rational and informed citizen can any longer argue that the Republic can be restored. The last decade buried the corpse and incinerated the body of laws that once ruled a free people. The impending fate of the apathetic sheeple that allowed the crimes of this century to go unpunished is bleak. While hope is eternal, tyranny is inevitable.
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