THE WORST IS YET TO COME
By Paul Proctor
March 26, 2008
In a recent report, the Associated Press asked the disturbing question: How Deep Is The Economic Abyss? Although few are prepared to answer that due to the ambiguity, complexity and impropriety at work, I find it strangely amusing that the mainstream media is finally admitting publicly that such an abyss exists and indeed poses a threat, now that we're hanging off the proverbial edge.
Until recently, such discussions have been considered doom and gloom rhetoric by the celebrated experts of our time rendering writers like yours truly not ready for prime time in much the same way the compromised church leaders of our day dismiss their dissenters as fundamentalist crackpots for insisting on the mention of Hell in our evangelical discourse.
But you can only hide the obvious for so long. It becomes increasingly difficult to persuade panicking passengers aboard your foundering vessel that everything is OK when you're thrashing about in seawater sporting a life preserver.
Since the turn of the century, I have dedicated almost one article a year to addressing the declining economy in one way or another for the sole purpose of warning my readers about those things the evening news anchors (pardon the pun) wouldn't. In 2000, it was an article titled The Age Of Illusion In 2002 it was, Enron: The Inverted World of Sin and Debt. In 2003, I wrote about A Fusion of Delusion. In 2004, I questioned the patriotic clich�, In God We Trust. In 2006, I reported that Gasoline Is Not Going Up. And in 2007, I pondered our country's future with a little piece titled, When America is Gone followed by a 2008 assessment of how our priorities will drastically change When The Stock Market Crashes.
Frankly, I can't answer the question the AP posed either; but I've been keenly aware of the approaching abyss for at least ten years and have been preparing for it since that time. Though the economic pain is starting to spread far and wide, I believe we have a long way to go before finding bottom.
In the near term, I suspect there will be a lot of talk that the worst is all behind us and that things are starting to look better in certain segments of the economy. This kind of propaganda is likely to be repeated over and over again on the evening news to try and prop up consumer confidence in the face of rising prices, declining demand and plummeting profits.
As I see it, the greatest challenge facing the Fed right now is keeping it all afloat through the election. And whoever is voted in as president in November will in no way be remembered by history as a winner because they will be the designated scapegoat when it all comes crashing down on their watch - the public not realizing that the stage for this coming disaster was set many presidents ago with a fiat currency and a global agenda.
You see, it's all just borrowed money - created out of nothing - backed by nothing and good for nothing apart from the blind confidence of those who hold it. When that confidence eventually wanes, as it is already beginning to overseas, so too will the illusion of prosperity and freedom we thought was ours.
"The rich ruleth over the poor, and the borrower is servant to the lender." - Proverbs 22:7
� 2008 Paul Proctor - All