Black People : Plan needed to save the Black community, when the depression hits the nation

Discussion in 'Black People Open Forum' started by Putney Swope, Jul 23, 2009.

  1. Putney Swope

    Putney Swope Well-Known Member MEMBER

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    Hopefully the horros seen in New Orleans in the 9th ward can be avoided if we can at least discuss a plan for our collective survival, when the economic levies break
     
  2. Putney Swope

    Putney Swope Well-Known Member MEMBER

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    Can The Economy Recover?


    By Paul Craig Roberts

    Global Research, July 21, 2009
    Information Clearing House - 2009-07-15


    There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology. It was replaced by a mythical “New Economy.”

    The “New Economy” was based on services. Its artificial life was fed by the Federal Reserve’s artificially low interest rates, which produced a real estate bubble, and by “free market” financial deregulation, which unleashed financial gangsters to new heights of debt leverage and fraudulent financial products.

    The real economy was traded away for a make-believe economy. When the make-believe economy collapsed, Americans’ wealth in their real estate, pensions, and savings collapsed dramatically while their jobs disappeared.

    The debt economy caused Americans to leverage their assets. They refinanced their homes and spent the equity. They maxed out numerous credit cards. They worked as many jobs as they could find. Debt expansion and multiple family incomes kept the economy going.

    And now suddenly Americans can’t borrow in order to spend. They are over their heads in debt. Jobs are disappearing. America’s consumer economy, approximately 70% of GDP, is dead. Those Americans who still have jobs are saving against the prospect of job loss. Millions are homeless. Some have moved in with family and friends; others are living in tent cities.

    Meanwhile the US government’s budget deficit has jumped from $455 billion in 2008 to $2,000 billion this year, with another $2,000 billion on the books for 2010. And President Obama has intensified America’s expensive war of aggression in Afghanistan and initiated a new war in Pakistan.

    There is no way for these deficits to be financed except by printing money or by further collapse in stock markets that would drive people out of equity into bonds.

    The US government’s budget is 50% in the red. That means half of every dollar the federal government spends must be borrowed or printed. Because of the worldwide debacle caused by Wall Street’s financial gangsterism, the world needs its own money and hasn’t $2 trillion annually to lend to Washington.

    As dollars are printed, the growing supply adds to the pressure on the dollar’s role as reserve currency. Already America’s largest creditor, China, is admonishing Washington to protect China’s investment in US debt and lobbying for a new reserve currency to replace the dollar before it collapses. According to various reports, China is spending down its holdings of US dollars by acquiring gold and stocks of raw materials and energy.

    The price of one ounce gold coins is $1,000 despite efforts of the US government to hold down the gold price. How high will this price jump when the rest of the world decides that the bankruptcy of “the world’s only superpower” is at hand?

    And what will happen to America’s ability to import not only oil, but also the manufactured goods on which it is import-dependent?

    When the over-supplied US dollar loses the reserve currency role, the US will no longer be able to pay for its massive imports of real goods and services with pieces of paper. Overnight, shortages will appear and Americans will be poorer.

    Nothing in Presidents Bush and Obama’s economic policy addresses the real issues. Instead, Goldman Sachs was bailed out, more than once. As Eliot Spitzer said, the banks made a “bloody fortune” with US aid.

    It was not the millions of now homeless homeowners who were bailed out. It was not the scant remains of American manufacturing--General Motors and Chrysler--that were bailed out. It was the Wall Street Banks.





    full article:
    http://www.globalresearch.ca/index.php?context=va&aid=14470
     
  3. anAfrican

    anAfrican Well-Known Member MEMBER

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    "Welcome Home! We'll leave the lights on for ya!"

    it truly feels as if i am "working" in the only "growth industry" this country has left: homeless support services, homeless shelters, tent cities and/or shanty towns. (nickelsvilleseattle.org/, bunkhouse.tk, sharewheel.org. nickelsville is a "shanty town" named in honor of the mayor of seattle. bunkhouse is a combo shelter/work4housing program [my current "job"]. share/wheel is an organization of homeless and formerly homeless folks struggling to support the growing number of homeless in seattle at a cost that is much much less than that of other homeless support programs in seattle.)

    (drat! now i'm gonna hafta get us busy on the bunkhouse website! lol but the bunkhouse development committee is already swamped trying to scrape up $20K to fix our 09 budget and have to get started on our '10 budget ... with the same (or bigger) hole in it. ... and share is still fighting to come up with $50k annually ... inflation/collapsing economy - who needs any of it?!!)

    and folks think black business or a thriving black economy is really gonna do any good?

    best would be for the black community to seriously invest in group "long range reconnaissance team" training: living off the land for extended periods because y'all will eventually be right out here with me/us!!

    we are the "safety net" that y'all will fall into when all of society's safety nets let you down!! welcome home!!
     
  4. HODEE

    HODEE Well-Known Member MEMBER

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    The best thing anyone can do is buy extra can goods, rice, and store up some water. The depression will happen. There will be a shortage of goods.

    In 1929 many lost cash when the banks collapsed. Those that had money were no better off. There were no goods to buy. Rationing took place. Start those home gardens and community gardens.

    Blacks with farm land should start growing vegetables and raising live stock so they can help pull themselves / and those who can afford to buy their goods thru the storm that is brewing and will blow.

    Me I am heading for good climate weather, digging me some worms and eating fish everyday.
     
  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    FYI

    we are already in a depression....
     
  6. Putney Swope

    Putney Swope Well-Known Member MEMBER

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    Things look hectic

    The soup pantries in Crown Heights and Bedford Stuyvesent are seeing more new faces each day, and supplies are low.
    Many that had jobs before are losing thier homes as well.
    There must be a way we can make this a national priority ish from coast to coast with our collective creative input
     
  7. Putney Swope

    Putney Swope Well-Known Member MEMBER

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    Source: BBC
    Alan Greenspan: 'This will happen again'
    The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC.
    "The crisis will happen again but it will be different," he told BBC Two's The Love of Money series.
    He added that he had predicted the crash would come as a reaction to a long period of prosperity.
    But while it may take time and be a difficult process, the global economy would eventually "get through it", Mr Greenspan added.
    "They [financial crises] are all different, but they have one fundamental source," he said.

    BBC AFTERSHOCK SEASON
    The BBC reports on the first anniversary of the credit crunch across radio, TV, and online.
    See how China's domestic migrants are returning to the city as a result of the crisis
    See how the crisis has affected the finances of central governments around the world

    Listen to WS radio on the crisis
    Full coverage of Aftershock online
    "That is the unquenchable capability of human beings when confronted with long periods of prosperity to presume that it will continue."
    Speaking a year after the collapse of US investment bank Lehman Brothers, which was followed by a worldwide financial crisis and global recession, Mr Greenspan described the behaviour as "human nature".
    He said the current crisis was triggered by the trade in US sub-prime mortgages - home loans given to people with bad credit histories - but he added that any factor could have been the catalyst.
    If it were not the problem of these toxic debts, "something sooner or later would have emerged", Mr Greenspan said.
    Risks
    Mr Greenspan, who when he ran the US central bank was hailed as a man who could move markets, also warned that the world's financial institutions should have seen the looming crisis.
    "The bankers knew that they were involved in an under-pricing of risk and that at some point a correction would be made," he said.


    If I am right, the next financial crisis, when it comes, stands to make the last two years look like a 'warm up'
    Stephen, a city insider, writing in the latest BBC City Diaries

    City Diaries: 9 September
    "I fear too many of them thought they would be able to spot the actual trigger point of the crisis in time to get out."
    He also warned that Britain, with its globally-focussed economy, would be harder hit than the US by the current recession and collapse in world trade.
    "Obviously we've both suffered very considerably but ... Britain is more globally oriented as an economy and the dramatic decline in exports globally and trade generally following the collapse of Lehman Brothers had dramatic effects in the financial system of Britain," Mr Greenspan said.
    "It's going to take a long while for you [Britain] to work your way through this."
    Road to recovery
    In order to prevent the situation arising again, financiers and governments should look to clamp down on fraud and increase capital requirements for banks, the former central banker said.

    full article;
    http://www.blacklistednews.com/news-5534-0-13-13--.html
     
  8. oldiesman

    oldiesman Well-Known Member MEMBER

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    james i've been saying the samething for a year.
     
  9. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Sankofa and Truth!




    oldiesman,

    Agreed, and I'll go one further bro. oldiesman, I have been saying for quite awhile now that America is the Fall before Rome...so what is Putney Swope really sharing with us?...Old News?

     
  10. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    :fyi:

    :geek:

    There is only one plan. Education must become a priority in the black community again!

    :em0200:



















     
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