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In terms of depth, year-to-year decline in the gross domestic product, or GDP, as reported in the third quarter of 2009, was the steepest annual decline ever reported in that series, which goes back to the late '40s on a quarterly basis. Other than for the shutdown of war production at the end of World War II, which usually is not counted as a normal business cycle, the full annual decline in 2009 GDP was the deepest since the Great Depression. There's strong evidence that we're going to see an intensified downturn ahead, but it won't become a great depression until a hyper-inflation kicks in. That is because hyper-inflation will be very disruptive to the normal flow of commerce and will take you to really low levels of activity that we haven't seen probably in the history of the Republic.
I wouldn't worry - the whole monetary system in America is based upon fraud.
[] The national debt, over 12 trillions, cannot be paid with "dollar bills" (debt instruments do not pay debt). (See: Title 12 USC Sec. 411)
[] The public debt, though unpayable, cannot be questioned. (See: 14th amendment, clause 4).
[] The outstanding obligations due, far exceeds the amount of circulating "dollar bills". (See: Federal Reserve M1, M2 values.)
[] The repudiated debt instruments (no par value) have fungibility because of the widespread belief that "the law" requires all Americans to sign up with Socialist InSecurity (aka FICA). Without the 300 million "human resources" pledged as collateral, the "dollar bill" would cease to have trade value.
[] By law, the only way to increase the supply of "dollar bills" is by Congress increasing the deficit (insane!). Because Congress has no power to "create" money. It only has the power to coin (stamp bullion) money or borrow money. All "dollar bills" are debt instruments.
[] No one has ever checked on what was lent to the Congress to substantiate that 12 trillion dollar debt. Which would require 600 billion ounces of gold to repay. Known world wide supply of gold is estimated at 5.5 billion ounces. Fort Knox depository holds 147.4 million ounces. So we know that the Fed never lent any real money to Congress.
That's why we can conclude that the American monetary system is based upon fraud.
Walter J. "John" Williams was born in 1949. He received an A.B. in Economics, *** laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies. For more than 25 years he has been a private consulting economist and a specialist in government economic reporting. His analysis and commentary have been featured widely in the popular media both in the U.S. and globally. Mr. Williams provides insight and analysis on his website, www.shadowstats.com.
By her dismissive post, it appears that <harborlady> is aware also of the sort of song-and-dance routines that have been pawned off from shadowstats for years. If not, perhaps she can correct me. But not you...
Shadowstats is more accurate than Media Matters and Soro's
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