CLICK HERE TO JOIN THE DISCUSSION!
Yesterday, nearly 4,000 of our readers took our emergency survey on Congress’ attempt to reduce the deficit — and the results we’re getting so far are unsettling to say the least!
Right now, a “Super Committee” is struggling to agree on a deficit reduction plan before its November 23 deadline. If it fails, nearly $1 trillion in automatic spending cuts will be implemented. If it succeeds, Congress will vote on the plan no later than December 23.
So will these deadlines be met? Our readers respond with a resounding “NO!”
-
A whopping 73.4% say the Super Committee will NOT be able to agree to a deficit reduction plan before the November 23 deadline. And …
-
A staggering 82.9% say that, even if the committee pulls a rabbit out of its hat, no such plan will be passed by Congress.
So how will the U.S. economy react to Congress’ failure on November 23 and/or December 23?
A tiny handful of our readers feel it would be no big deal. But the overwhelming majority of our readers predict chaos:
Harold R. of North Fort Meyers, FL says, “The economy and the stock market will collapse.”
Kurt Z. of Kirkland, WA predicts “A credit rating downgrade by Fitch and/or Moody’s and a stock market crash similar to the one in August.”
Alvin M. of Arizona City, AZ agrees: “[The] stock market will go below 9000. Gold & silver will go much higher.”
Bob H. of Irvine, CA writes, “Bonds will collapse, interest rates will skyrocket, stocks will dive!”
Across the pond in London, Vince C. says, “The dollar will fall off the edge of a cliff. Gold will rise dramatically; the U.S. will lose at least one more ratings notch, costing it a fortune in borrowing costs. It will be so painful that there will be widespread civil disobedience.”
In reading through the responses, I couldn’t help but be struck by the powerful words used to describe what’s about to happen to the economy and stock market — “chaos” … “catastrophe” … “flat line” … “horrible” … “down the drain” … and “disintegrate.”
So what do YOU think?
Will the Super Committee agree to a deficit-cutting plan by November 23?
Or will it fail to agree — and force nearly $1 trillion in automatic spending cuts?
What do YOU think will happen to the U.S. economy and to stocks as a result?
And what about the Dow’s 500-point plunge of the last 24 hours? Does that confirm your views or contradict them?
Just click this link to take our survey now. It takes only a few seconds and I’ll sincerely appreciate hearing your thoughts.
Then, click here join in the discussion.
Thank you for your help!
Good luck and God bless!
{ 68 comments… read them below or add one }
The most interesting fact I get out of this is the overwhelming lack of confidence that our Congress can accomplish anything….It really is time for a clean sweep of next elections’ candidates–so Congress gets the idea that they are their to do what is good for the country, and not their political party or lobby groups ( their source of funding for campaigns)…
With Congress at a 9% approval rating I don’t think they can agree to take out the trash. If those in Congress think they know what’s better for us than we do (which they do) I agree with others and say let’s get rid of all of ‘em. But that is not going to happen. So what needs to happen is that we need to wag the dog instead of those occupying Wall Street.
we need to clean house get rid of all dem and rep and the president and start all over with a new slate they are all lame ducks RETTEMA
Many people feel that the economy will fail.
It has already failed!
The question is why and what to do about it. The why is SPENDING WHAT WE DO NOT HAVE! That is at every level of government and nearly all citizens. The cure is going to be default and starting anew with a better business model, one in which we all spend less and we save more and are frugal.
Those people and nations that are frugal and save are doing well. Those that spend too much, are not.
The answer is simple. The execution of the answer is going to be extremely painful for most.
There will be general resistance to less spending. People feel entitled. But with no money to spend and crushing debt there will be no spending. All the social net programs will go bankrupt.
There will be no social net anymore. It will be for each of us to create our own net…savings and wealth creation.
How? That is what Americans are very very good at doing. Innovation. Invention. Creation.
We will succeed. But getting there will be traumatic.
Thank Martin for your allowing us to tell others of what is happening to their way of life. My wife and I are doing all we can to down size and get to a place where we can hunker down for the next how ever many years it takes to find some form of leadership for our country.
I personally think that our leadership has sold us out for what amounts to personal greed. Every thing you read has some form of greed. Take for instants J Corzine and his failed company, selling bond to Germany for the Obama administration to profit for him self. Knowing that this debt crisis is about to come crashing down around their ears.
Whats next (Obama declaring marshall law and becoming president for ever) !! Think that couldn’t happen? Think again!
John
I think that the government will o what is needed because of the possible outcome. The streets will be in mob control, guns will be the money and there are not enough cops to stop the mobs. A breakdown in society …….could trigger riots, food wars, a total break down in society does any one want this.
They’ll do whatever the world bank tells them to do. Lets keep it real. Even you have predicted or admitted, pick your words, we will have a new world order. What do you think the reason is behind the bail outs? Why don’t we talk about the real debt numbers, the ones created by derivatives, fractional reserve banking, etc. The debt created was designed so it could not be repaid. Why isn’t gold soaring already, ahead of the coming world debt calimity? The market is always ahead of the game but we see metals being depressed here from thier real potential. Why?
History tells us why. But they don’t teach the history I am talking about in any college.
Oil Is the “dog that wags the tail” for our economy. Get rid of the restrictons, and start drilling and piping oil for the US, and step up to stop China from winning all of the oil contracts!. Then start working on a simpler tax plan. This will begin to turn the economy.
Then have as many welfare recpients as are able to be conscriped, to community service ie, clean roads and streets, help take care of th elderly after some training. We should show welfare recipients how to care for the homes paid for by public funds, and if they do not take care of them, evict them. There needs to be acountability for the receipt of public funds.
The current administration appears to have no clue what to expect if the bond market fails, or if Wall Street has an answer to the present financial crisis tearing our Nation apart. Certainly the banking industry is not in a position to announce any suggestions. Their heads have been in the sand since 2006. Unfortunately there is no one in Washington to step forward with the right ideas, or a plan of any kind that will alleviate the problem.
What struck me about yesterday’s comment was the number of people who said things like, “It’s time to vote the so-and-so’s out” or, “Just pass a law” on term limits or on pensions & health care for members of Congress, and so on. “It’s time to clean house and vote ‘em all out!” And so on. “They care only about themselves and it’s time that ‘we the people’ got rid of the whole darn lot of ‘em!” And so on. And so on.
But survey after survey after survey has shown that the great majority of people LIKE their OWN member of Congress. It’s “those others” that everybody hates. Well. See the problem?
There isn’t going to be any housecleaning. Nothing will change until EVERYTHING changes. And that will come with a complete financial collapse but not before (and judging from what’s happening in Europe right now, that could be this week!).
I am still convinced that they will do “something” this month but it will be only for “show.” There aren’t going to be any “cuts.” There never WERE going to be any cuts. They will put on yet another good show, use the opportunity to point out to us how they have “made the tough decisions,” pass some “cuts” that will be scheduled to take effect in 2013 AFTER the 2012 elections, but after the elections and before the cuts are scheduled to take effect, they will put on yet another grand melodrama during which they will tell us–and most people will believe it–that we are facing a mortal threat from (fill in the blank) and that unless those once-wise “cuts” are rescinded, we shall all die a horrible death unless we hand over body and soul to Uncle Sam, who alone can save us from (fill in the blank).
In the end, however, things will change. It’s just too bad that we won’t get to choose the changes or the timing thereof. Again–nothing will change until EVERYTHING changes. So prepare yourselves and let the chips fall where they may. Nothing will be done. (That seems a contradiction of my own words, but what I mean is that nothing REAL will be done. What will be done is just another drama.) Because the fact is that if most Americans really wanted freedom, they (we) would have it.
I do not expect agreement on a plan by the debt reconcilliation committee. Even if they agree on a plan, it will not pass both houses of Congress. The automatic 1 Trillion expenditure cut will go into effect (unless Congress decides to vote that down from taking effect). No matter how this goes, this will produce a major crisis of confidence in the stock market and there will be a major decline. If this coincides with unraveling of the European debt “solution” (which really was never a solution but rather a papering over announcement designed to appease the markets for the moment, and indeed it did preventing an expected market collapse in the historcially catastrophic month of October, probably moving it over to November) plus the fact that we have evidence that Chinese manufacturing is slowing down considerably as the country’s real estate prices retreat from its recent lofty “bubble” levels (and we all know what happens when the last generation of sellers of a bubble asset is forced to sell to the next generation of buyers at a price less than what they paid for), we truly have all the ingredients here for a market decline of historic proportons. I think it will be probably this month where the carnage begins, the dip in the stock market at the end of September would have followed its natural course to DOW 7000 as Mr. Weiss has predicted had European leaders not issued their false and misleading proclamation of success against the debt spiral that is enveloping Europe, still, on the basis of the past 24 hours, still spiriling out of control. Greece is falling apart with the pronouncement that the debt agreement will fall or stand on a referundum in which 60% of the public finds to be totally unpalatable, and Italy’s 10 year bonds are again over 6% indicating that European leaders have made little progress in squelching out the fires. And speaking of Italy’s bond market about to go down in flames, the new ECB President is Italian, and I am curious to see how determined he is to be on his new job just one day and begin buying tens (and perhaps soon to be hundreds) of billions of dollars of his own country’s bonds. This will produce little enjoyment from the other members of the ECB delegates, and their respective countries and legislatures from the rest of the ECM should choke if this happens. I do believe that Mr. Weiss is right, and armageddon is approaching – yes it is 2012 approaching, is it not? Perhaps not with physical tidal waves, earthquakes, and storms, but definitely with financial ones.
There is not a dime’s worth of difference between the two major parties. The democrats deficit spend on social programs and the Republicans deficit spend on defense and their preferred programs. It’s all about getting reelected; not what is best for the country. How many years has it been now since the Senate actually passed a budget? The government is being funded with seemingly endless continuing resolutions.
The congress and White House are exceedingly devoid of leadership. The ongoing deficit spending is unsustainable. With 43% of every dollar we spend being borrowed, a day of reckoning is coming much sooner than most expect. The answer is to cut the federal budget by 43% NOW, not 5 or 10 years down the road. The critics cliam such a move would be draconian, but compared to what is coming, this would be a mere inconvenience. Their only “solution” is to monetize the debt by allowing the Fed to print more money with QE1, QE2 and eventually more and more. History shows this is the path to a debauched currency and hyperinflation.
I believe the Dow could fall to the 5,000 range with gold soaring to $5,000 for a 1:1 Dow/Gold ratio. Silver could soar to $300. Only those with sufficient gold and silver reserves along with food and other necessities to weather a 12-18 month hyperinflationary storm will survive in tact. When milk shoots to $25/ gallon and gasoline is $35/gallon people will be shocked into reality, but when the store shelves are empty and the gas pumps are dry, they will take to the streets in protest. I would not want to be living in an urban area during these difficult times.
I’ve not heard much as to what the average person with a large debt or two can expect from his lenders after this very exciting event? We are not all loaded with cash in hand.
I am truly troubled by whats about to happen across the globe. Greece wants to hold a referendum on whether to take a huge pay cut or leave the Union. Italy is in almost as bad a shape as Ireland. Now we have to take some medicine and I see whats happening in Greece happening here. Our president is inciting a class warfare issue so he can blame whats going on here on the rich. I for one hope there is civil discourse to a degree that the president has to call out the national guard or even the army.
Neither finance officials, from Bernanke on down, nor the politicians have acted reasonably to date, so it would be silly to depend on them now. Sadly, like the Greeks, believing that they can actually improve their lot by rejecting the latest restructuring plan, average Americans are no more likely to find their way toward, or support, a reasonable solution. Fortunately, I still believe there is still room for level-headed and resolute individuals, with the help of competent and realistic guidance, to do the right thing where their own wealth is concerned.
Well is it possible the econmist aren’t as well trained as they were supposed to be. Is it possible the powers that be made sure the things being taught at the major colleges was tainted on purpose so that the powers that be could end up with things as they are. If the economist don’t know they’re suggesting the wrong points to clients, couldn’t it lead to a failure of the entire system and if those that started the process have the wherewithal to survive the results. I feel like the majority of the folks statements above, we are screwed. Everyone is saying what we should and should’nt do but no one is offering ideas for the survival of the coming storm. Looks like it’s every man for himself. Over the decades I our own government has managed to devide us and are now conquering us because we don’t know how to band together as a unit to survive. We are dems or repubs and as long as we are, we are divided. We need to return to Americanism as it was back in the beginning of becomming an American. History has lied to us so we don’t even know how to get back to those ideals. we are screwed….
The Democrats will hold solid that no cuts are made without large tax increases (on the millionaires and billionaires making $250,000 or more). The Republicans will stand solid on their pledge to not accept new taxes and only using spending cuts to reduce the deficit. When November 23rd rolls around, Congress will pass a resolution staying the automatic spending cuts and will once again pass an increase in the debt limit to “buy more time”. IF Europe has already imploded, what the so called “super committee” does or doesn’t do is a moot point. If Europe is still managing to hold on via some miraculously dazing foot work, the the U.S. will collapse due to rising interest rates brought about by credit downgrades and loss of credibility. Either way, the odds are very high that by this time next year the entire world will be mired in a deep recession, if not an outright black hole depression. The dominoes will fall, first one, then several, then several more, leaving nothing standing except the Arab states that have been living in Depression since the last Caliphate. The Islamists will rise up and sweep the world with no organized police or military force to stop them. Chaos will rule the world for a very very long time.
The governemts of the high debt countries are basically trapped because there is simply a greater force in effect now, and it is called deflation. It is like a black hole – you cannot escape it, and it will not stop, and in the process the economy and financial world as we know them are obliterated. All of the government stimulus has created an unprecedented amount of dollars in the economy (either as assets or liabilities) and therefore an extremely high deflationary potential – especially for dollar-denominated assets. Japan experienced this in the 1990s and has still not really recovered from it. And the events playing out now in Europe and around the world are becoming more and more deflationary, and the next several years may make the 1930s look like good economic times.
Congress is deadlocked according to party lines – just as well because Congressmen do not understand basic economics. The system will crash, and out of the ashes we may get a better system, unlikely as it may be.
There are 312,536, 750 people in the united states we owe 15 trillion dollars to ourselves. About 50k each. If my math is even close. Let’s just pay it. If your young 1k a year extra for 50 years if your really old 50k for one year. Capitalisn doesn’t really work if you are born into 15 trillion in debt. Lets just pay it off and not pass it to the next generation (our grand kids). Plant of the apes you blew it up, yes we did. But it was spectacular, an all night show, worth every penny of your money. and no you don’t get it back it is gone. Really, well that is not right. also no free checking any more, just to be an ass. Well what are you going to do now. I know occupy wall street. What a great idea!!! Loser
There seems to be a huge disconnect between the American public and pundits appearing on any number of so called news outlets, WJA, Fox, MSNBC etc. It appears that what is most important is the agenda, which is full of noise, and commentators protecting their high salaried jobs. What is most important to them is what my peers will think. This same philosophy carries through to the political process, especially with next year being an election year.
My fear is that interest rates will rise next year as well as inflation…which is already running at about 10 percent. The so called published CPI is a manipulated number; you only need to go shopping to see the real number. The biggest example is smaller quantity for the same old price, i.e. coffee.
I do know one thing, I have been buying/selling in the market for over 30 years and I’m not sure I know anything. Especially when I see a small piss ant country like Greece dominating the world markets, its time someone told them to sit down and shut up.
Halloween is now over and the scary people running the government can go back to fighting , and leave the rest of us to fend for our selves.
I agree, we need to get back to what made us great and the is contitutional values and united we stand.
I hope — no, I pray that I’M WRONG but I think our country and our world will slowly go into a very deep depression (not a resession) and I HOPE enough people will have enough resolve to
survive it and rebuild again. At 83 years old, I won’t be among them, but I hope some of my grandkids will. GOD BLESS AMERICA.
I am old enough to remember what happened before and after WW2 and thereafter. I was visiting Brasil during the time of hyperinflation when people were running out of the office on payday to immediately make somekind of investment because the next day the money dropped more than 10% in value. I lived through the high inflation in the US and the unrest in the streets. Unforetunately people have not learned, time will repeat itself.
Greek Referendum will not be allowed… Much hidden US bank exposure to Euroland… Markets behaving violently… We really needed a good show for year end closure… This shouldn’t be happening until 2012. The toilet is too full to even flush… Watch out below!
I find it of note that not one responder has an optomistic outlook on the issues. That truly is scary!
Markets declise sharply when there is heady expectation of a sharp rise in prices. Which leads me to believe that the expected continued rise in gold will really result in a dramatic decline in price.
Ron Howard
It’s just a matter of time and the people will take their money out of Banks and retirements funds and put it back in a jar. That’s better than losing it all.
What will happen then?
One candidate tells it like it is,that what is taking place is a progressive socialistic conspiracy
by the WH, supported by those we elected in the House and Senate on both sides of the aisle.
Only NEWT has the ability to take back our Nation and reverse direction from socialism (which
has never worked in any nation.) If he is chosen the Republican candidate I’ll be optimistic…..
Nobody could possibly be so inept or stupid with every value judgement they make! It is a
conspiracy planned to bring “We the People” to our knees. We need to wake up and recognize
reality. It is not business or politics as usual, and it surely is not Economics 1A1. FAILURE IS
NOT AN OPTION on Nov. 6th, 2012…! Until then we are just buying time.
How much gold can you carry in your hands- it is heavy said my jeweler grandfather, before
fleeing San Petersburg , Russia. in 1918.The money of great Russia will never loose it’s value.
He brought a stack of 2 feet high 5.000 rubles bills worth millions,(the building where I was born,
5 stories high with 2 foot thick stone walls, was for sale for 40.000 rubles.) When I left Finland the money was still there- worthless. The little gold he could carry, a tiny part of it, will help me pay my property taxes this year.
As far as WE are concerned: I am scared. and I see no way out of it. I dont want to predict, but
I think YOU are TOO close to the future, I only hope you are wrong. Thanks and Best Wishes.
One hears a great deal about how it is wrong or immoral to saddle future generations with debt. That would be true, of course, if future generations were going to be saddled with FedGov’s current debts. But they are not. Ask your own children and grandchildren. They will tell you. They are not going to pay somebody else’s debts. Nor should they. It is true, of course, that all debts will be paid. Why? Because they must be paid. All. Will. Must.
So where does that leave us? Well, if the borrowers cannot pay (or do not), their children and grandchildren are certainly not going to sit still and be slaves to the creditors. So in the end, it is the lenders who will pay. It just happened in Europe. Well, it has just started to happen in Europe. And it’s coming here, too. So the lenders will pay a great deal of the debt for being stupid enough to lend to even stupider borrowers. That’s all. But I assure you that my children (I have two) and grandchildren (got 2 of them, too) are NOT going to pay off the debts of preceeding generations. There will be a bloodbath before that happens, with members of Congress hanging from lamp posts Mussolini style. But it won’t come to that. There will be a collapse and the lenders will pay a lot of the debt. And ALL debts in the world will be liquidated one way or another. But that will happen in the near- to medium-term. Our grandchildren will not be on the hook for these debts. ASK them.
As to martial law–it is as my late father used to say about the Soviets: “Their numbers and resources are not infinite. They can do only so much–and no more.” He turned out to be quite right, too. So how, excatly, will martial law be enforced in a country as vast as ours, with a population as large as ours? In some major cities, or more precisely, in PARTS of major cities, yes (specifically the parts that offr little or no resistance–not Watts or Harlem. Cops don’t even go there NOW.). But that’s all. Who will establish martial law in rural South Dakota & similar locales? HOW would that be accomplished? With what resources in a general financial collapse?
The mainstream media and the politicians and the jabbering classes don’t have a very good idea of the extent of the anger across the country, nor of the depth of that anger. And Lord only knows how many seriously effective weapons are floating around. Not to mention still-vigorous veterans who, after all, got excellent combat training, and who have families and children of their own to think about in a general collapse. Good Lord! Even the Justice Department picks up extra pocket money these days by selling military weapons to Mexican gangsters. Are THOSE the muttonheads that will grind us under their heels? Jumpin’ Jezebel! The notion is silly. Of course, there are plenty of sheeple, and they will do as they are told, but so what? Let them eat, well, cake.
There seems also to be a lot of concern and talk about “leadership” and the lack thereof. This, in my view, is an error. We do NOt need more “leaders.” Good heavens! Haven’t they done enough damage? Why look for still more and more leaders? What is wanted is self-reliance. FedGov will probably, in time, simply fade from view because people (post-collapse) will find out what Gulf Coast residents found out after Katrina. FedGov will go down the same path that the Weimar government in Germany did–it will just become so peripheral and useless and out of touch that people will simply ignore it. It will simply cease to loom large in our lives. A general financial collapse will set up the circumstances in which that will naturally come about. Elected officials might kick up a fuss, but nobody will pay any mind. It will be nothing more than “a tale told by an idiot, full of sound and fury, signifying nothing.” I expect (post-collapse) FedGove just to become pointless.
And there seems to be a lot of concern and talk about how members of Congress won’t come to some sort of agreement before the end of this month because they don’t know anything about economics. Quite true. But why should their ignorance of economics prevent them from coming to some sort of agreement on the debt? Such an agreement will be a purely theatrical and meaningless agreement that will have no chance at all of ever being put into practice. They make decisions about things they know nothing about all the time. They can certainly do it again. I shall be very surprised if they do not. Why? Because even though they do not know anything about economics, they most certainly DO know about getting themselves elected and re-elected. If, as so many writers here seem to believe, they care only about themselves and not about the People (whom Alexander Hamilton rightly called “a ravening beast” which is precisely why we are now in such a fix), then they will see that it is in THEIR OWN interests to come to a PUBLIC agreement, as distinguished from a REAL agreement, mind you. THAT will take place out of sight and hearing of you & me. What we shall see is only the performance of their little drama. But I am convinced that they will act in their own best interests by passing some sort of “show” cuts, which they will have not the faintest notion of ever putting into effect. That is in THEIR insterests. They will get re-elected and then manufacture some new “threat” against which We, the People will be helpless victims without THEM to rescue us. “We just need (fill in the blank) from the American People, who are always willing and able to rise to the occasion and make the necessary sacrifices to triumph over (fill in the blank) by making the tough decisions blah blah blah.” You’ve heard it all before. That’s what will happen later this month. Post-collapse, FedGov will eventaully become irrelevant. But that won’t happen overnight.
one trillion willnot save the nation and /or our way of life. All most every nation in the world would like to see us go belly up. Israel and maybe England are only friends. When I was in Germany and France in 1962-3 they hated us and I hear It has gotten worse. Oboma would like to see us loose to the arab world , and why not He has a billion $ to campaign with but he will not win and he will take his bride who has never liked or respected America and that billion will buy him into royalty in one of those desert nations. He already hates israel so he can join right in. LOL Bob
By the 23 rd,there could be so much pressure on them that they come up with an agreement
There are some extremely well-informed comments about the world debt-crisis from many readers, and I agree that more major changes in governments and financial markets need to take place sometime. But I don’t see that happening in the next year, especially with the US Presidential elections coming up. Most people resist change and particularly changes that may alter their lifestyle dramatically. My own view is based more on human nature and the fact that people working in the investment banks and other financial institutions are still in control of the supply of credit and the volatility of the markets. I soon learned, at some cost, that the markets are no longer the place to invest; they’re now just a trading arena. The job and desire of the fund managers and the trading institutions is to make more money for themselves; therefore, they will push up the markets again and sell-off again before Christmas. The volume in trading was up significantly in last Thursday’s spike and then again in Tuesday’s dive. Also, the reported progress of the US economy is still one of gradual growth and, likewise, the 3Q reports of over 70% of companies is still positive. Of course, who knows what the truth is, but the markets respond to the reports. A few banks and countries defaulting on debt will affect us all again negatively but, unfortunately, the financial community will remain in control until major governments agree to eliminate the extreme levels of financial speculation in the “free” world.
Many of the ancients had a wisdom lacking in today’s new tower of Babel information society. Germane to the present problem, was debt forgiveness. The Hebrews termed it the jubalee year every fifty years. The native Americans just torched their wealth periodically. Game over, new game. The clever and gifted relish the challange, the crooked return illgotten gains or leap from the penthouse window(good ridence) and the debt shackled indentured servants have a fresh shot at upward mobility.
I propose a summit meeting of all the major players USA, China, EEU etal declare a global Jubalee. Game over, new game. Recovery? Human potencial, human desire(life, liberty, pursuit of happiness) restored. Who loses? Those holding unproductive paper profits. Who gains? All those who produce product or support product production.
Of course, sadly in my estimation, that conscious action will not be taken and the alternative solution: Societal chaos, war, and it’s attendant misery will be the unchosen path to correction.
There’s a new energy development that could dwarf the world economic debacle. An Italian inventor, Andrea Rossi, claims to have perfected cold fusion. Rossi has demonstrated his machine(E-Cat) to numerous scientists. He just sold his first 1 megawatt heat generator to a commercial customer. Rossi claims he has several new orders and in a few months will be producing at a rate of up to three hundred 1megawatt generators per year. Mr Ross claims that when his heat generator is mated with a steam powered electric generator, it will produce electricity for less than 1¢/kwh. He is initially only producing heat generators for commercial industrial use. He says that within 2 years he’ll produce a home heat generator that can be used to provide hot water and home heat.
Rossi claims that he will manufacture his product in the USA.
“This is capable of, by itself, completely changing geo-economics, geo-politics, and solving climate and energy”. -Dennis M. Bushnell, NASA Chief Scientist, Langley Research Center
AmpEnergo, Rossi’s US partner company is charged with commercial development of the E-Cat. Three of the main officials with AmpEnergo are former scientists with the US Dept of Energy. http://www.nyteknik.se/nyheter/energi_miljo/energi/article3179019.ece
FOR TWENTY PLUS YEARS FOLLOWING RETIREMENT, I HAVE BEEN STUDYING BOTH WORLD EVENTS AND FINANCIAL MARKETS. I WILL MAKE A LONG STORY SHORT. WHEN THE WHOLE WORLD REALIZES OUR “PAPER PROMISES” (DOLLARS) ARE NOT TRUST WORTHY, THE DOLLAR WILL CRASH. THIS WILL BE FOLLOWED BY INFLATION AND ULTIMATELY BY A GREAT DEPRESSION. THIS IS A LINE WITH BIBLE PROPHECY. READ IT FOR YOURSELF.
Paper money always ends up worthless. That is why our founding fathers defined what money is. The purchasing power remained fairly stable until the creation of the Federal Reservein December of 1913. This allowed the banksters to trade paper for real assets and failed to be a store of wealth.
No question America is broke and without a work out plan. This is a time for new leadership and an overhaul of out Federal tax program. Maybe the 9-9-9 concept is the right direction. If we have an attractive tax plan for businesses we will see money come back from overseas to invest again in America. We can wait until we have complete failure or start taking care of business now. America must create innovative products to meet new demands. Encourage students to become engineers instead of Rappers and Service Industry specialist etc. It is time to take America back from the liberals and government, and show the world how to work out of this depressed situation into prosperity again.
WHAT WE HAVE HERE, IS PLANNED FAILURE. THE POWERS BEHIND THE GOVERNMENT ARE THE ONES TRULY MAKING THE DECISIONS AND THEY HAVE AN AGENDA. THE ELITISTS WANT A ONE WORLD GOVERNMENT, ONE WORLD CURRENCY AND ONE WORLD RELIGION. DISCERN THE TIMES, THE WORLD WE KNOW IN THE PRESENT IS ON SHORT TIME. SEEK GOD WHILE HE CAN STILL BE FOUND.
We need some updated investing advice and not a barrage of advertising for more products.
These Bilderbergs must be stopped. I hope Greece defaults & the rest of the world
quits falling for this Bilderberg BS. Must watch -” Obama the Deception” & other similar stuff
If you watch this stuff & don’t believe it – your probably nuts!
I hope time proves me to be the nutty one but I don’t think so.
Thank you for a stimulating discussion. Someone please tell me where to buy gold. Thank you.
None of it matters. Y’all and the American public are so focused on getting rid of the Republicans or Democrats, that the reality of who’s really running the show is lost. It’s too bad. Congress votes on budgets, but the Federal Reserve passes trillions of dollars out to foreign banks and countries around the world. What happened to you people? Liberal, Conservative, Republican, Democrat… Today, the Bank of America decided to not charge their customers $5 a month for debit card use, but last week they put the American taxpayer on the hook for $75 trillion in derivatives through the FDIC. Where’s the anger over that? Well…. at least you saved $5! LOL!!!
They have the wrong people on this committee. The are all established with lots of political ties. Nothing will be accomplished of significance. They should have put all new Senators on this group, if at all.
People are mad and the 9% approval is probably right on. With new voting times —we need to clean house.
When there is bailout and behind the doors committees —hang on to your wallet. Taxpayers are about to be put on the hook again.
Good lord, Chicken Little, the sky ain’t falling . . . not yet, anyway.
Wait until after the next election . . .
What did you do to stop it! Your just as powerless as us.
Who are these nutters who keep bringing GOD into this,this is man made,So if the market tanks its G od fault?Please please,no more God I cant remember the last time he listened to me.Has he got a email address.Lets get real.
Kevin Kerr’s new report, “The end of the oil age! Are you prepared?”
Yes, the oil age may soon end, but it won’t be from lack of oil. It will be
from new energy technology. Rossi’s eCat will devastate oil, natural
gas, solar, wind, and hydro.
“This is capable of, by itself, completely changing geo-economics, geo-politics, and solving climate and energy”. -Dennis M. Bushnell, NASA Chief Scientist, Langley Research Center
It is difficult to imagine that a stacked committee based on a selection of 6 by the most evil
man in America who reads “How to destroy America from Within”, and is dedicated to the
destruction of the dollar and America IMHO could not make a last minute decision. This
event, I am sure, will be just as evil as the Otrama Health Destruction Bill, and probably
just as glorious as QE 1 & 2. If you can’t change Gov’t , then figure out how to profit from it
and in the meantime P..Y like you mean it. Cliff
Is ‘crony capitalism’ just another ‘ponzi scheme’ that is unsustainable? It appears so to me. A very few take so much – and produce nothing of substance themselves. They are squeezing the working people more and more through tax loopholes, cutting benefits, and externalizing the real costs of doing business. Corporate personhood is the last straw. It is good to see the American people begin to respond through the Occupy Wall Street movement.
I think Obama is one of the many people who believe world war ll was the answer to the 1929 depression. Now his sudden accelleration of the troop pullout from Irac and Afghanistan should improve his re-elction chances and at the same time open the door for Iran to move in and unit the majority Shia population of Irac with Iran and from there the entire world muslim population. This should happen quite rapidly. Iran has for a long long time believed they should regain the persian empire status of long ago. Now, thanks to Obama, the door is at last open. The US black budget for 2011 exceeded 1.1 trillion dollars and has existed since shortly after wwll. Now, before the super committee scalps the black budget, this administration may believe its time to show the world what an incredible war machine the US really is. After that Washington will decide if we really have a deficit.
Well a lot of people have written stuff that looks pretty sensible about something we cannot know. So I will write about what I think the problem is. Starting with the classic truth that all generalities are false.
Hold your breath: It is CITIES. Especially large cities and it is PROSPIERTY. All through history this lesson has repeated. People living in cities are quite safe, even considering crime rates, so they lose the need to remember the lessons so hard won by the generations before them. Cities also allow people the make up their own reasons for how the world and life itself works and in time different individuals or groups create in their minds such an artificial environment their ancestors wouldn’t even recognize it. Once completely unrealistic, there decisions go further and further astray. Many of the things deemed important today are truly trivial even degrading. Of course these ideas are self-serving and work generally to justify minimal sacrifice for themselves, their children and their country. Prosperity hastens that decay and increases envy and greed and the other seven deadly sins though many would think almost anything to keep from seeing it that way. A car or an Ipad is more important to many today than knowing science or farming or how to defend themselves and their families. Appearances substitute for substance. I suppose some believe this time is different but of course it never is.
We need to re-teach that for a thing to be true it must be completely true. Something that is mostly true but has any error or falsehood in it is entirely false. We must re-establish that only the truth counts and that a liar is a liar even if he means well.
I don’t know at this stage if our country can be saved but a rigorous education system that was required to teach truthful history and the sacrifices of our forebears; math, science and engineering to those capable of learning it together with good trade schools for those that cannot (or will not) has worked for long periods in the past. Now I see how essential Universal Military Training was and how we needed it to allow our youth to begin to learn how strong they could be and to repair some of the damage caused by cities and prosperity. Today if would require Licensing of Teachers and Media to include loyalty tests to rid the society of the failed ideas that are strangely attractive to the morally weak and incompetent. Many do not have to be “weak and incompetent” but they have been exposed to wrong ideas for so long they really are incapable of seeing the folly or even if they do, accepting it. They are no longer capable of seeing that for their own long term good they sometimes need pass over a short term advantage. They need to allow themselves to be, realistically speaking, on an even footing with their neighbor, not searching for an advantage not brought by skill or effort. Labor unions and political groups that seek unfair advantage for themselves come easily to mind but there are many other examples, maybe even better ones.
Personally I am unsure if in our society there are enough of us any longer willing to pay the price to save what we have. Stalin said it was easier to get a new brain than it was to re-educate one that was trained wrong. He also said that the vote is important but counting the vote was everything. I despise him but at least in those cases he was unquestionably correct. Today we have a part of our society that regrets and doesn’t understand why the Soviet Union had to collapse. Some 48% of our population pays no Federal Taxes. We have allowed a very important part of our industry to go overseas, never to return. Many politicians only care about perpetuating their power not about their country. Other politicians imagine they serve their country but are so badly raised they cannot do any good for anybody due to our poor education system and poor values (remember they spend more than the country can afford). It is difficult for me to see how we can repair the damage that has been done by the corrupt who spewed out false ideas knowing the damage they were doing for the sake of personal gain. I just referred to Stalin, how far in that direction might we have to go to change the direction of our society? Remember it didn’t work for Stalin and he tried to the tune of maybe 70 million lives. Only Mao has killed more. Personally I can’t justify Stalin or Mao but I would throw away two, or so, generations (after the plan of Plato) to restart our society on a sound, properly educated, strong foundation that even the cast offs could be proud of.
Probably we now have to accept the loss of the great country we have. Accept the world war that will follow, then realize we’ll be tomorrow’s Greece or Italy. Only those families that undertake to teach their children have a chance of prospering. It is rare for wealth to go more than three generations no matter how much there is.
First, I noticed this:
Kevin Kerr’s new report, “The end of the oil age! Are you prepared?”
Yes, the oil age may soon end, but it won’t be from lack of oil. It will be
from new energy technology. Rossi’s eCat will devastate oil, natural
gas, solar, wind, and hydro.
AND…I also read Kevin’s message this morning…and:
EVERYONE needs to realize that our WORLD economy is based on ENERGY!.. No energy = no or very low economy…perhaps even refugees streaming into neighboring Countries, eh? However::
WE, the USA, have over 3 TIMES the oil reserves as ALL OF OPEC COMBINED!! It’s under our nations’ soil, mostly out here in the West, some Texas/AK, some OH/PA, and AK… Lots of it is in what is called OIL SHALE, the bulk is in the GREEN RIVER FORMATION… ANWR/NPRA up in Alaska is the easiest ones to tap and produce soonest (normal fields, not shale). We can “wag the dog” here, run OPEC out of the drivers’ seat, anytime WE DECIDE TO DO IT… And, with that will come the ability to control or alter the “cost” our CITIZENS have to pay for fuel/energy!.. By our measured actions during “leasing” of this “mostly Fed Lands’ area/Gn River Fm; we can insure AMERICA’s energy future for well over 200 years!.. All it takes is intelligence, planing, and conviction by our leaders…mostly missing from Washington DC for the past 20 + years!.. This can’t happen overnite!..Such a “true American plan” would take around 3 to 5 years to “start” flowing oil/energy to some markets and another / additional 5 to 10 years to finish the build-out. The goal would be 20 to 25 MILLION BBL OF OIL DAILY PRODUCTION, with the REFINING of it right alongside that production/process!.. (7 to 9 Mil Bbl oil per day gets us away/off OPEC !). this would make us nearly independent from Imports.
Yes…this current Euro mess is going to overflow Europe and cover us with it’s wreckage. Martin has given us all fair warning and sound advice for preservation of our capital. We have only ourselves to blame for most of these woe’s due to allowing the Bank act of 1906 to stand, in the face of our Constitution; and, in allowing our elected officials to “kick the can” of debt down the road for over 50 years!
And, Linda asked above “where” to buy Gold… Linda, listen to Martin and use his ETF stratiges, they make the most sense for most of us… IF you just HAVE TO buy some hard metal to hold in your hand…check out Kitco online…take delivery or leave it “on deposit” in the vault…or, just own shares of their real metal accounts… They have all “types”, coins, struck “Eagles/Canadians”, Bullion, etc.. Silver, Gold, and other metals…even certificates from downunder!
We also need to be very watchful of these “wall street” type demostrations!… Always practice “situational awarness” whereever you go yourself!.. And, be prepared to protect your loved ones should these hired thugs start any terrorist actions!
God be with you all.
Iggy, I read Kevin Kerr as well and he is sharp. Your last statement about the E-cat and cold fusion was fascinating and I sent it to my hubby (who is knows about energy stuff) and he was completely unaware. He suggested I do some research-and I will as I get the time. Can you give me some good places to start my search?
Technology is not my area of expertise (my son and husband are the engineers) but it does fascinate me. I think about all the other social, economic and political ramifications.
Nelson G Chenaur, I’ll pick up only on one item of your very long post. Yes the educational system has a lot of rot in it and our children are not being taught to think and prepare for the future in public schools (or most private ones).
This is one reason many parents now homeschool. I’ve mentored homeschool parents for over ten years and I can tell you that we will have one segment of our society who will be prepared to take charge. They are being taught to think and challenge. I’ve noticed an increase in the numbers over the last few years so our unemployed parents are putting their efforts where it will count.
We will NOT lose our country!
Nelson, above, makes many valid points!
EXCELLENT in noting that it is our EDUCATION SYSTEM AND PEOPLE that have let us all down by DUMBING DOWN our kids for at least 3 to 4 GENERATIONS NOW!..
We, the average citizens of the USA, have LOST CONTROL of our SCHOOLS!..entotal.
The NTA and the other BIG LABOR group involved in our schools are the base cause of this!
Followed right behind by our NATIONAL level, Dept of Education, at the FEDERAL LEVEL!
Figure it out folks — Take back our schools into/under LOCAL CONTROL… Or, we are all toast!
Our only “hope” is our children, once we are gone or no longer active in business/Govt…period.
God’s speed.
I wonder what comments will be on this statement below?
I feel like we’re nearing end of #7 and Greece is entering 8
University of Edinburg – 1787
‘A democracy is always temporary in nature; it simply cannot exist as a permanent form of government.’ A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury.’
‘ From that moment on, the majority always vote for the candidates
who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.’
‘The average age of the world’s greatest civilizations from the beginning of history, has been about 200 years ‘During those 200 years, those nations always progressed through the following sequence:
1. from bondage to spiritual faith;
2. from spiritual faith to great courage;
3. from courage to liberty;
4. from liberty to abundance;
5. from abundance to complacency;
6. from complacency to apathy
7. from apathy to dependence;
8. from dependence back into bondage’
It seems likely that Rossi’s secret customer is the US Department of Defense.
from FoxNews:
“Allan hinted on his blog that an unnamed “customer” of Rossi’s device is a military organization that starts with an N. Rossi said this customer measured and verified the test — and told FoxNews.com that Paul Swanson with the U.S. Navy’s Space and Naval Warfare Systems unit (SPAWAR) can vouch for the demonstration.
FoxNews.com spoke with a man at SPAWAR who identified himself as Swanson, and who said only that he was “not in a position to talk to the press.” Several other sources within the Navy and the Pentagoneither declined to comment or did not return messages.
The Navy has long been interested in cold fusion research. At a 2009 meeting of the American Chemical Society, chemist Pamela Mosier-Boss of SPAWAR revealed what she and colleagues claimed was the first clear visual evidence that low-energy nuclear reaction (LENR) devices work.”
Read more: http://www.foxnews.com/scitech/2011/11/02/andrea-rossi-italian-cold-fusion-plant/#ixzz1cbJku0ej
~~~~~~~~~~~~~~~~
Paul Swanson, from Space & Naval Warfare, was listed by Rossi as one of his guest observers at his Oct 6 test.
Maybe the Weiss consensus is right, and the smart money will sell on the rumor.
I feel as though Congress will once again fail to reduce Washington’s massive deficits and it will bring about a steep decline in the stock market.
I have been involved with or a student of options as a vehicle of speculation for more than 25 years. I have never seen this kind of volatility in my studies of the markets. As I see it playing out, Greece is just the opening salvo. This hard default will send shock-waves throughout the global investment communities. First: the Euro will fall surreptitiously as the Dollar spikes higher. This will have a negative effect on The General Market value and Commodities, but only for a very short time frame [i.e. days, not weeks or months]. Second: Within this “flash crash” type sell off of the markets the FED will step in with “emergency” QE-3. Third: Stocks will bounce and trade higher but this time it will be again, short lived {dead cat bounce between 8k-9k levels]. PM’s will sky rocket on the news of QE-3 and Silver will trade towards the $85 level as Gold takes out $2500. Forth: Italy will fail,sending the value of the euro down even further [below parity with the Dollar] before QE-3 can even take affect, sending the dollar soaring and causing a panic sell off in PM’s. Fifth; FED comes in with more QE then announced and Forces the Dollar Lower in an attempt to bolster the Euro, sending Silver over $145 and Gold to $3500. Sixth: Spain Fails and previous process repeats. but this time Silver goes to $250 and Gold reaches the $5000 mark. Seventh: Our Bond market along with the rest of Europe, Fail…. Meanwhile, during this entire debacle, the worst riots you have ever seen grip the entire globe as Corporations, Banks, and Governments fail. Silver and Gold stock piles would be nice if there were some place left to spend it. Food and Water will be the currency of the day, and the safety for your loved ones will be on the lips of every prayer…
Sorry, I am not a doom and gloom guy but this could very well play out over the next year and a half to two years and there is a greater than 50% chance that it will. The other side of the coin I just tossed is the “successful” outcome of our Government intervention…. Those of you who can do it, buy Gold and Silver. Others should put up water and food. Oh, and BTW, buy a gun and learn how to use it!
Obama has no intention of paying back of any debt. The committee will do doing nothing but finger point. China had downgraded us before S&P. Its a race between us and Europe to the bottom. This will not go on forever.
I think you should tell the whole story not just a half story.
The Super committee can and probably will extend the deadline date
The committee can pass a resolution that would move the November 23 deadline back a few weeks (or more, if necessary). That resolution, provided that seven of the 12 members agree to it, would be sent to Congress. Once there, it would be granted the same parliamentary benefits enjoyed by the recommendations the committee is supposed to produce — meaning it can neither be amended nor filibustered.
Dear Silver Options Trader,
On Larry Elison’s rec, I bought ZSL (inverse silver etf) on Nov 7 and it’s up 23%.
Iggy
Nice article on NASA’s view of cold fusion.
http://nextbigfuture.com/2011/12/newenergytimes-gets-three-nasa.html
The Dawn of The Energy Age
Feb 9, 2012
“I’m sure that I’ve written things that you didn’t agree with and probably thought were downright crazy. Well, strap yourself in, because I’m about to take crazy to a whole new level: Within five years, the number of gas customers for the Middleboro Gas & Electric Department will start to plummet. Within 10 to 15 years, there won’t be a single customer remaining for either gas or electric. The year 2012 will be looked at by future historians as the dawn of a new age of man – The Energy Age. This will happen because of widespread adoption of a new power source that will provide heat, cooling and electricity for your house for less than $100 per year. It will produce no waste of any kind: No radiation, no greenhouse gases, not even ash. It will replace oil, gas, and coal power plants as well as solar panels and windmills.”
http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20120209/PUB04/202090421