Here is the mantra of OTC derivative credit default swap manufacturers:


"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." –Napoleon Bonaparte, 1815









Head of IMF Proposes New Reserve Currency
posted by Eric De Groot at Eric De Groot - 3 hours ago
Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as a...







Iceland votes 'no' to debt deal for collapsed bank
posted by Eric De Groot at Eric De Groot - 3 hours ago
According to results released Sunday, just over 93 percent of voters said "no" in Saturday's ballot, while only 1.8 percent voted "yes." The rest were blank or spoiled ballots. The results were based on ...









Economist.....Stocking up on meds and ammo, NOW!
Posted: March 05, 201012:40 am Eastern© 2010 WorldNetDaily

In response to a recent post I wrote on America's coming fiscal crisis, a distressed reader asked, "While it is no doubt our financial well-being is in question, do you really think we need to stockpile gold in our safes along with medicine and ammo?"



Here's my response...
Show me the example in history where a nation survives without a violent revolution after adopting paper money as its only standard, ringing up enormous foreign debts while fighting multiple wars, and relying on a tiny fraction of its population as its revenue base. Or ... simply show me any democracy in history that survived after more than 50 percent of its population stopped paying taxes. Show me any economy that thrives after raising marginal income tax rates to more than 50 percent (which is what will happen in the U.S. if Obama's latest health-care bill passes).
There is no doubt our country is heading toward a crisis.

We already have begun to default on our foreign debts, which are enormous – roughly $2 trillion per year in foreign credit is currently required to meet our funding demands. If our creditors abandon our currency (and they have begun to do so), the resulting inflation will destroy what remains of the middle class in America.
The fact is, our government has promised a level of income and security it cannot possibly deliver. No country in the world can afford a government sector that's more than 30 percent of the economy for long. And we – the largest debtor nation the world has ever seen – certainly cannot.
Rather than facing any of these problems, we have elected the most liberal president in our country's history – someone who has promised to "spread the wealth" and expand the role of government across our entire economy.
Over the next 10 years (if not much sooner), the reality of our fiscal situation will become impossible to hide. And whom will the masses blame for the resulting chaos? What would happen, for example, if inflation went to 20 percent annually and interest rates soared to 30 percent to 40 percent annually? What would happen in that situation if someone blew up a bomb in the capital?
I don't know if any of these things will happen, of course. I only know that when countries get this far into debt, their financial system is this fragile, and so few people contribute meaningfully to the finances of the government, very, very bad things always happen.
I don't believe America is immune from the laws of economics or human nature. And so, in a recent issue of my daily e-letter "The S&A Digest," I told readers some simple things they can do right now to help protect their family in the crisis that's sure to come. Here's the best part ... If I'm wrong and there is no crisis, doing these things won't hurt you. There's no downside to owning foreign real estate, saving gold, or having an emergency stockpile of food, ammunition, and medicine.
As for me, I'm not buying ammunition. I'm built for pleasure, not for fighting. So I've simply designed an "escape pod." I have a nice boat on the dock right behind my house in Miami. I can safely leave the country – at any time – with most of my wealth, within 24 hours. I'm building a house on the water in a safe foreign country that doesn't have any ties to America (Nicaragua). I've moved a significant amount of my savings out of the country – legally. I'm pursuing a diplomatic passport to ensure any attempt to restrict travel out of the country won't stop me.
Lots of folks might be critical of these steps. Believe me, I could not care less about what they think. It's not my job to save the U.S. from its own folly. It's my job to make sure that my family is safe. Only an ignorant fool would look at what's happening with our finances, our military, and our government and not realize we're moving in a dangerous direction that's not likely to have a happy ending.
Porter Stansberry is the founder of Stansberry & Associates Investment Research, based in Baltimore, Md. His financial newsletters are available to WND readers here.