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Hosea 4:6 My people are destroyed for lack of knowledge…

Archive for July 21st, 2009

Many Predict US Financial Collapse in September

Posted by truthpills on 2009/07/21

July 18, 2009
by Charles (A Reader)

Let us contemplate the day in the near future when the consequences of financial chicanery finally outpace the ability of the governments, central banks and big media to cover up and obfuscate the truth. Many respected voices have now gone on record that September 30 or thereabouts will be that day.

Bob Chapman [Internationalforecaster.com] revealed that the US State Dept has advised embassies worldwide to stock up on a year’s worth of the local currency in anticipation of collapse of the US dollar. Look for a temporary banking shutdown timed for around September 2009.

Harry Shultz [as quoted in marketwatch.com] says “Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year.

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Imminent Erosion of USDollar Seawall

Posted by truthpills on 2009/07/21

by Jim Willie, CB. Editor, Hat Trick Letter | July 16, 2009

The globe is losing patience with leadership and management of the USGovt ship at sea. They simple refuse to offer a credible solution to the primary keynote crack in the hull, falling housing prices and cratered mortgages, each of which work their destructive magic to wreck the banks. The home loan modifications are a farce, a travesty not designed to modify but rather to frame a series of loan forbearances. The motive for not fixing the mortgage mess is mysterious to the masses, but not here. Jackass claims have been consistent, that effective loan modifications would alter the underlying mortgage bonds drastically. The Powerz wanted enough time delay to rejigger as many mortgage bonds as possible into new securities, thus rendering impossible any legal challenges to the original mortgage package process that was loaded with fraud to the hilt. Any drastic alteration of mortgage bonds would reveal vast fraud of two types. Many mortgage bonds did not have clearly certificate property titles with careful registrations. And then the coyote ugly part, that many mortgage bonds were simply counterfeits sold into a frenzy filled credit market designed to process the most vile vermin on paper. The USDollar is vulnerable here and now, as a new wave of bank losses is imminent from numerous types of mortgages along with some basic types. Let’s see if the grapevine is correct, that the USDollar will begin to see a trashing initiative starting this weekend, out of Asia. They must be impatient beyond description. This autumn is expected to see some rather tumultuous events unfold, as the US financial structures are breaking across most of its ramparts even as loyalty to it is fading like a mist. There will be no return to the US of yesteryear, only a tragic march.
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In Philadelphia, no money for vendors — and no IOUs, either

Posted by truthpills on 2009/07/21

10:45 PM, July 17, 2009

Suddenly, California’s IOUs don’t look quite so bad. At least they’re supposed to earn interest for the recipients until the state redeems them for cash.

Philadelphia, by contrast, on Friday just gave its creditors a no-interest sob story.

From Dow Jones Newswires:

Philadelphia’s city government has stopped paying its vendors and suppliers, citing a cash crisis.
Mayor Michael Nutter on Friday blamed the drastic move on the failure of the Pennsylvania legislature to act on his request for authorization to raise the city sales tax and change the formula for the city’s contribution to its employee pension plan. Nutter says these items are necessary to help close a projected city budget deficit of $1.4 billion over the next five years.

The sixth-largest U.S. city by population will delay spending on anything other than payroll, debt service and emergencies, until passage in Harrisburg of a state budget and laws related to the sales-tax and pension proposals. Philadelphia’s sales tax would increase by one percentage point to 8% for five years under the proposal.
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USPS May Be Unable to Make Payroll in October and Retiree Health Plan Costs, Unions’ Letter to White House Says

Posted by truthpills on 2009/07/21

July 19, 2009

[link to www.myfederalretirement.com]

On July 14, unions representing United States Postal Service (USPS) workers wrote the White House with “extreme urgency” asking for a meeting to address lack of funding for both employee payroll in October and health benefits for retired employees.

The letter, which the FederalTimes.com blog provided a scanned copy late last week, says:

“[USPS] top executives are now saying that the USPS will default on a $5.4 billion payment to prefund future retiree health benefits on September 30, 2009. And its government affairs representative are now telling Congressional staff that the Postal Service may not be able to make payroll in October and will be forced to issue IOUs instead.”

The letter was co-signed by the presidents of the American Postal Workers Union, National Rural Letter Carriers’ Association, National Association of Letter Carriers and National Postal Mailhandlers Union, and sent to White House Deputy Chief of Staff, Jim Messina.

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