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The Destruction Of The Middle Class Is Nearing The Final Stages
Submitted by Tom Chatham via Project Chesapeake,
The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed.
At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank.
The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place. FDIC insurance will have to pay out these funds but it has no where near enough money to pay the more than 300 trillion in losses that will be suffered in a banking crisis. That means any depositor has little hope of getting anything back. In order for depositors to get anything back massive money printing would have to take place making any payout amount to only pennies on the dollar.
And if you don’t think there is any danger of a banking crisis in America you may want to keep in mind that the Treasury Dept. has recently ordered $200k worth of 72 hr emergency kits for dispersion to every major bank in America. These are known by many as bug-out-bags and are used to support individuals when disaster strikes and they have to care for themselves for the first few days of crisis.
New legislation now gives pension plans the ability to cut benefits to pensioners in the future making the future welfare of these people uncertain. They say it is necessary to prevent these funds from going bankrupt. It will “apply to multi-employer pensions, where a group of businesses in the same industry join forces with unions to provide pension coverage for employees. The plans cover some 10 million U.S. workers,” You may be happy to know this will not affect congressional pensions, as long as they are funded by the taxpayers.
The sanctions being placed on Russia are beginning to destabilize the world in many ways. The sudden drop in oil prices will send ripples through many foreign nations and cause an already tense situation to become highly flammable. It seems this is what is wanted to provoke a new world war and hide the complicity of bankers and politicians in the coming destruction of the economy.
For the past few years those elite with knowledge of the coming monetary destruction have been putting their fiat dollars into any hard assets they can find. The recent record prices paid at auction for collectables is just one more indication that those in the know are moving into hard assets as fast as they can to preserve their wealth.
This diversification includes precious metals and land as well. I believe when there are no more metals or suitable properties available for purchase, these entities in control of this game will pull the plug and let everything collapse. Those holding fiat paper, electrons or other paper promises will be devastated as those assets evaporate into thin air.
You may feel some security knowing you have a good job but among the deposits that disappear will be billions in commercial accounts that belong to businesses. When these businesses lose this money, many will likely close destroying many jobs in the process. This will send ripples through the transportation, production and distribution system when it happens. In an economy made up of 70% consumer spending, this will be fast and devastating to those with few resources to fall back on when it happens.
There are three lessons that many people will learn in the coming months. If you do not have it already you may not be able to get it. If you do not have it physically in your hands you do not own it. If you cannot protect it you will not have it for long.
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It is well known that Obama is a disciple and practitioner of the strategy and tactics of the late revolutionary Saul Alinsky, who despised the middle class, denigrating them as “materialistic, decadent… degenerate… and corrupt.” (For a well-researched discussion of the Alinksy link, read Chapter 3 of James R. Keena’s excellent book, We’ve Been Had.)
Karl Marx was another writer whose influence on Obama is well known. Marx railed against the middle class, fulminating in The Communist Manifesto, “The middle class owner of property…must be swept out of the way and made impossible.” Elsewhere in the Manifesto, Marx called for “the violent overthrow of the bourgeoisie.”
Building on Marx’s concepts, Lenin sought the destruction of the bourgeois class and its values, recommending, as the strategy for annihilating the middle class, “grind[ing] them between the millstones of taxation and inflation.”
Excerpts from:
http://www.frontpagemag.com/2013/mark-hendrickson/the-marxist-roots-of-o...
Yeah yeah. Who funded the Marxists?
http://www.voltairenet.org/IMG/pdf/Sutton_Wall_Street_and_the_bolshevik_...
Middle class of today ='s 100k jobs.
Wise advice in the article - PM's and land. Think of it as seed corn for starting over which many in history have had to do because of corrupt leadership. The debt can't be serviced. It will be restructured. Government pensions cannot be serviced. They will be restructured. Assets in paper is overprced, they will reprice.
These things are why I hedge. Outside of nukes flying it isn't the end of the world, but if you have no seed corn to replant many are going to die poor. Life is often unfair.
In CANADA a bag of marshmallows costs $2.00 and when the entire
Global economic system finally implodes and government buildings are being burned to the ground by irate masses of starving people I will be
ready with my marshmallows and a good stick. :)
In CANADA the emeter reads your skin conductance when you are posting...
Lying thought control bullshit.
Every time they refer to the "middle class",
They insinuate that the elitist snobs and lazy poor somehow belong to a "class", or have class.
When in reality, they have no class.
They are the classless societies. Middle class is the only class.
In the Digital Age there's one born every picosecond, friend.
So They say.
Yep, middle class was nice!
I was too early bearish on the markets in '05, '06, '07.....it takes patience sometimes but, hey, when you are right and have conviction you will be amply, and I mean, amply, rewarded for sticking it out. Crashes happen very fast and very violently and out of the money puts can go up 100x in a few weeks when the crash comes...Pays you back very fast and exponentially ....Gotta play to win.
I wanted to buy some nice Mission-style wallpaper border for my living room. So I looked around, and anything decent would have cost me a fortune. Hundreds of dollars. Forget about it...
Or, maybe not. I drew/colored a 'panel' onto a piece of 8 1/2 by 11 copy paper, made sure each side matched up, and took it to Staples. Had 120 copies made.
They came out beautiful. Total cost, about 60 dollars. A spray with fixative, and they can be hung just like any other wallpaper, you just have to be more careful. And border is up by the ceiling, so it doesn't get wear.
Ha! Fuck YOU, over-priced sellers of shit that I want! You use machines to make the stuff no doubt, now I'll use machines to get around your sorry-ass prices...I'm 'outsourcing' my consumption.
Who's the muppet now, bitches?
Inbound nukes are the only solution for a future where the 99.999% has a chance, which is precisely why it will never happen.
Middle class is doing beter than ever. Get used to it. Zero Hedge not so much! Once a great site, now a pile of trash.
Go back to D.C. you government troll !!!
I am sure you meant to say cock sucking slack arsed cim swallowing govt troll
credible nation wide evidence?
What you see as the middle class is most likely the upper middle class or the group of people associated with the few booming industries left: healthcare, higher ed, government. All working on a final and major shake down of the populace.
Destroyed only the way a ponzi backed by violence can destroy.
The banksters need to repay us.
One guillotine to another: "I think I ate too much bankster last night."
< Acquire additional PMs now, right now.
< Armstrong is calling for a Fall, 2015 crash. Hold off on PMs until spring/summer.
Both.
And keep an eye on the metals markets, a sharp eye.
Addendum:
While I like the idea of owning land as a tangible asset, it seems to me that it merely makes the owner a tempting future target for assorted, bankrupt government entities to tax into oblivion...
Precisely..!!
In the USA, you don't own the land. You rent it. And rest assured, that rent is going to go up BIG TIME if the system collapses. It won't be yours for long.
"............ in the coming months.........."
There are an infinite number of those. Can you, mebbe, narrow it down a bit?
The Money Market is vulnerable too. If it hit there, then all those "Discount" mattress stores are the place to be.
Ahhh A perfect time for regime change in amerika, brought on by the fucked over middle class..they are creating their own demise. Things will change, just will not be the evil doers design, it will be the will of the commoner.
People have predicted a crash since 1975 or so. Remember " How to prosper during the coming bad years" by Howard Ruff? 39 years later and the doomers are still predicting a crash. I give you points for staying on message, but, I may die of old age before this crash happens.
1987, 2000, 2008... guess they were nothing...
Yeah only 7 recessions in my life time since 62, anyone else remember 24% mortgages? Each time we have a crash it's larger and more damaging to the middle class than the previous one, the next one will look like the Road Worrior. There's a reason police have been militarized and Posse Comitatus is gone..
And they were right. The "crash" aka the destruction of the middle class and its replacement with a plantation economy of a few rich and a mass of poor started in the early 70s.
A country that was as wealthy as the US doesn't crash overnight; it slowly disintegrates over decades until it hits a tipping point.
Cyprus, Greece, Argentina, Venezuela, Russia, "can't happen here"! How did their fiat work for them? Failure happens. The more centralized you are, the worse the pain...see cities. Obvious, no?
Think the jokes on them this time.
Who has money? Let alone in a bank?
As an observer, it is my opinion that the destruction of the middle class started immediately after the Kennedy assasination. LBJ claimed a mandate when he was elected and put in the "Great Society" which was built on compulsion. We are still living with the Great Society today. Then in 1980, with Reagan's election and the so called "Reagan Revolution" we got "trickle down economics" and "survival of the fittest" business model. At this point, there is no middle class in the traditional sense and the big money interests are in complete control. Between the two, we are really screwed.