What happens next?
Experts say Quantitative Easing 2 will devalue the dollar by 20%.
Glenn reviewed several of the publications that sought to “collapse the system” or otherwise make fundamental transformations in America.
- Cloward and Piven article in “The Nation” magazine that proposed overwhelming the system in order to collapse it.
- Weather Underground manual
- The Coming Insurrection – Written in Europe
- Reclaiming Revolution – Van Jones' publication.
- Black Liberation Theology by Cone
- Roots of Obama’s Rage by de Suiza
- We are an image from the future – pictorials from the Greek riots
- ABCs of Revolution
- Damon Vicars, author of book “The Day After the Dollar Crashes” http://www.amazon.com/Day-After-Dollar-Crashes-Survival/dp/047091033X/ref=sr_1_1?ie=UTF8&s=books&qid=1289082206&sr=8-1
- Brad Thor author of “The Athena Project http://www.amazon.com/Athena-Project-Brad-Thor/dp/1439192952/ref=sr_1_1?s=books&ie=UTF8&qid=1289083153&sr=1-1
Glenn then presented a 15-day scenario of what could happen if China stopped buying our debt. It is explained further in Damon Vicars’ book.
- Wed China stops buying U.S. bonds.
- Th Spooked on Wall Street
- Fri Same, but now rumors.
- Sat Normal life – kids at soccer
- Sun Asian markets way down
- Emergency Fed meeting
- Markets open late.
- Mon Market down 200 points
- Market closed after 20 mins
- Europe raises interest rates
- Tu Markets unable to open
- Emergency Fed meeting
- Markets open late
- Wed All quiet
- Market rallies
- CNBC Cheers
- Th Markets quiet and stable
- Fri Dollar down 10% - 20%
- Sat Fed meets
- Sun Fed raises interest rates 5% - 6%.
- Mon Global meltdown
- DOW down 3,000 points
- All markets decline
- Tu G20 meets
- Total restructuring of debt
- New Global order.
- Global TV
- Fri Public panics worldwide.
- Run on banks
- ATMs run dry
Glenn remarked that
- When he talks to financial professionals, they say that our system couldn’t have these types of failures because of the safety features built in.
- He counters, however, by noting that prominent experts said that the Fed would never do Quantitative Easing and that the housing market was stable.
- Also, those safety features do not account for the numerous people that are inside the system that want capitalism to fail. Those people are here and overseas and in government as well as outside.
Brad Thor, who has also done some war gaming for the Pentagon also pointed out that in several publications, notably “The Coming Insurrection” referred to earlier by Glenn, the strategies presented called for massive fraud as a way to cause systemic problems. Fraud in mortgages, student loans, etc.