Saturday, November 01, 2008

Where is the wizard now that we need him? Or, All is not Well in Oz

The American Dream is not always what it seems, as we plunge headlong into an inflationary spiral while wondering if we should take our remaining money out of the bank and if we're lucky enough to have a 401K plan, what we should do with it. Our congress OK's taking out a loan in the taxpayers name of $700,000,000,000 as if anyone can even understand how much money this is with no guarantee that it will fix the problem or even try to explain what the problem is, and from what I read in The web of Debt, probably never will.


Ellen Brown, October 25th, 2008

“We’re now no different from any of those Western European semi-socialist welfare states that we love to deride. Italy? Sure, it’s had four governments since last Thursday, but none of them would have allowed this to go on; the Italians know how to rig an economy.”

– Bill Saporito, “How We Became the United States of France,” Time (September 21, 2008)

October 24 marks the 79th anniversary of the October 1929 stock market crash. Heavy selling started on Thursday, October 24, 1929, and accelerated the following week on Black Monday and Black Tuesday, October 28 and 29. Many feared a repeat of this disaster on Friday, October 24, 2008, after Japan’s Nikkei stock average fell nearly 10% during the night, Hong Kong’s Hang Seng fell 8%, and Germany’s and Britain’s fell 5%.

“In a stunning turn of events,” reported Yahoo! Finance, “the futures for the major indices were ‘lock limit’ down before the start of trading Friday, meaning they had hit a 5% threshold that prevented them from trading any lower until the stock market opened Friday.” Traders prepared for the worst, but remarkably, disaster was averted. The U.S. market fell only 3.5%, just another “ordinary” bearish day.

Why the more modest drop in the U.S., where the financial debacle originated and should have hit hardest? Suspicious observers saw the covert hand of the Plunge Protection Team (PPT), the group set up under President Reagan to maintain market “stability” by manipulating markets behind the scenes.

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Kudos to SadButTrue and the excellent article on the

Corporate Welfare...Worse Than You Could Have Imagined...

Author Ellen Hodgson Brown talks about her book, how money is created by the banks using an illusion and how we can fix the coming economic meltdown. This is the video the Federal Reserve and the banking elite don't want you to see.

1 comment:

  1. I just loved the Wizard of Oz analysis in the opening chapter of Ms. Brown's book. I didn't know about the deeper meaning behind the story.