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Bush Meets With Plunge Protection Team.
User ID: 333551
01/09/2008 12:58 AM
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George W. Bush on January 4th, 2008 met with the President's Working Group on Financial Markets otherwise known as the Plunge Protection Team. The group which consists of the SEC Chairman, Treasury Secretary, Federal Reserve Chairman and Futures Trading Commission Chairman was formed following the stock market crash of 1987 commonly referred to as Black Monday. It is interesting to see Bush meet with a group that was formed to prevent future stock market and economic crashes yet at the same time make claims that the economy should do better later in the year. Obviously with oil at around $100 a barrel, the mortgage crisis, massive losses in the banking system, gold over $870 an ounce and the plunging value of the U.S. Dollar, the economy is in the process of unraveling. Bush is merely attempting to put a positive spin on an increasingly more horrifying economic situation by admitting there are problems but that they are not as bad as everyone thinks they are.
Bush made the following statement regarding his meeting with the Plunge Protection Team.
I had quite a fascinating and productive meeting with the President's Working Group on Financial Markets, chaired by Secretary Paulson. I want to thank the members for working diligently to monitor our capital market system, our financial system. And while there is some uncertainty, the report is, is that the financial markets are strong and solid. And I want to thank you for being diligent.
This economy of ours is on a solid foundation, but we can't take economic growth for granted. And there are signs that will cause us to be ever more diligent and to make sure that good policies come out of Washington. For example, we've had 52 straight months of job creation, but job growth slowed last month. The core inflation is low, but U.S. consumers are paying more for gasoline and for food. Consumer spending is strong, yet the values on many of the homes in America are beginning to decline, which leads me to say to the American people: For those of you who are paying more and are worried about your home, we understand that. That's why we have an aggressive policy to help credit-worthy people stay in their homes.
The fact that the administration is actually willing to admit that there might be some economic problems means that the situation is certainly not good. This administration has completely ignored the irrational monetary policy of the Federal Reserve throughout the decade. Of course, Bush would not be meeting with the Plunge Protection Team unless they are afraid of a financial collapse.
The Plunge Protection Team operates in a very secretive manner and they have consistently denied Freedom of Information Act requests from the NY Post and other people that have sent inquiries to the U.S. Treasury to determine if this group is actively engaged in manipulating markets and why they are doing so. The secrecy of the U.S. Treasury in not revealing this information is essentially an admission that they are doing just that. If they have nothing to hide, why canít they just honor the requests?
There is little question that we are facing a global depression because the Federal Reserve has been given carte blanche to print U.S. Dollars out of thin air. This policy has allowed the Federal Reserve to devalue the U.S. Dollar and we are approaching a situation where the supply of U.S. Dollars is going way up and the demand for U.S. Dollars is going down. This has resulted in the falling value of the U.S. Dollar. If the slide in the U.S. Dollar continues we will face a depression with hyper-inflation and it will not be a good situation at all. Some financial analysts have even said that we are shaping up for a scenario worse than what happened in 1929.
The London Telegraph also issued a report on Bush meeting with the Plunge Protection Team further analyzing the significance of this meeting. Clearly this is a disturbing event and people need to be prepared for an economic calamity of epic proportions. A global economic depression with massive hyperinflation looks to be in the works. [link to www.roguegovernment.com]
Just passing thru.
OG id 126286
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