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Imploding Bubble Economies

By       Message Stephen Lendman       (Page 2 of 6 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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At a dismal 57.8 reading, University of Michigan consumer sentiment also spells trouble. 

In comparison, it was 70.3 in September 2008 when Lehman Bros. collapsed, 81.8 in September 2001 after 9/11, 97.4 in October 1998 after Long Term Capital Management faced imminent bankruptcy and Russia defaulted on its debt, and 89.3 in October 1987 when Wall Street had its largest ever one day decline (22.6%).

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On September 16, Global Europe Anticipation Bulletin's (GEAB) latest economic update headlined, "Global systemic crisis - Fourth quarter 2011: Implosive fusion of global financial assets," saying:

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Over many months, nearly $10 trillion and 15 trillion in "ghost assets....have gone up in smoke. The rest (and probably much more) will vanish in" Q 4.

GEAB sees a "perfect storm" coming "that will make the summer problems look like a slight sea breeze." Six elements, in fact, already are apparent:

(1) America's congressional "super committee" won't resolve budget austerity tensions.

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(2) As a result, automatic cuts required will cause a political crisis. Moreover, this "automatic function (will) generate major disturbances in the functioning of the state system" because it amounts to executive and congressional abdication of decision-making authority.

(3) Other credit rating agencies will join S & P in downgrading US credit. Diversifying out of Treasuries will follow.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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