In The End You're Going To Have To Do It
Your Way
To Get Through This All!

Kong Sez:

    "Read Yesterday's (November 28, 2008) Commentary Very Carefully! Then Read Today's With Discernment and Keep It In Mind For Tomorrow's ChembioUpdate And Be Prepared for...

The Day The World Stands Still !

    Your WebMasters reported yesterday about "Black Friday." Today (November 29, 2008), they report on the commentary by Dr. Gary North, Ph.D., from Member WebSite for November 28, 2008:

"Obama Appoints Volcker. The Stock Market Is in for a

Big Surprise."

"Obama has appointed Paul Volcker to an economic committee with advisory capacity.

"This reverses reality. The Council on Foreign Relations long ago vetted Obama. His committee will serve as his handlers. The members are part of CFR Team B -- now about to be Team A. They are old Jimmy Carter hands. The appointments tell the Insiders who run the financial show: 'This man is under control.' He will not do anything that they threaten to resign over if he does it . . . until the meltdown spreads to Main Street.

"Volcker is being used as a signal to the markets. 'Look, I am not a radical.' I believe him. The CFR does not vet radicals.

"Volcker is a big fan of regulation. He is an anti-Reagan man.

"Obama will have to decide: the committee or Nancy Pelosi. He will try to please both groups. But in an economic meltdown, he will do what they say, not what she says.

"On November 18, the British Telegraph ran Ambrose Evans-Pritchard's report on Volcker's speech in Great Britain. It was as straightforward a speech as we are likely to see. Volcker is scared.

"'What this crisis reveals is a broken financial system like no other in my lifetime,' he told a conference at Lombard Street Research in London.

"'Normal monetary policy is not able to get money flowing. The trouble is that, even with all this [government] protection, the market is not moving again. The only other time we have seen the US economy drop as suddenly as this was when the Carter administration imposed credit controls, which was artificial.'

"His comments come as the blizzard of dire data in the US continues to crush spirits. The Empire State index of manufacturing dropped to minus 24.6 in October, the lowest ever recorded. Paul Ashworth, US economist at Capital Economics, said business spending was now going into "meltdown", compounding the collapse in consumer spending that is already under way.

"Mr Volcker, an adviser to President-Elect Barack Obama and a short-list candidate for Treasury Secretary, warned that it is already too late to avoid a severe downturn even if the credit markets stabilise over coming months. 'I don't think anybody thinks we're going to get through this recession in a hurry,' he said.

"He advised Mr Obama to tread a fine line, embarking on bold action with a 'compelling economic logic' rather than scattering fiscal stimulus or resorting to a wholesale bail-out of Detroit. 'He can't just throw money at the auto industry.' . . .

"'There has been leveraging in the economy beyond imagination, and nobody was saying we need to do something,' he said. 'There are cycles in human nature and it is up to regulators to moderate these excesses. Alan was not a big regulator.'

"The phrase severe downturn was ominous.

"He is going to tell Obama to come up with a comprehensive policy. But there is no time. Obama is a compromiser. There is no comprehensive policy anywhere in sight. Paulson and Bernanke have been winging it: running up the bills on Obama's Administration. Now the deficit is huge. Obama is boxed in. He has to roll over the debt every year. He will not be able to pay for anything new and big. The banking crisis got him elected, but it also cut him off at the knees -- or higher.

"The Big 3 auto industry giants are dying, with or without a bailout.

"There is no saved money in the economy for investment -- only FED fiat money.

"Why appoint Volcker? Because he is an Insider. His presence calms bankers. But Volcker will tell Obama that piecemeal measures will not work. All Obama has is piecemeal measures.

"Lest we forget, Volcker replaced the most incompetent FED chairman in history, G. William Miller, who lasted only 18 months. Price inflation jumped on his watch.

"Volcker's FED allowed interest rates to rise. The FED did not cut the money supply. It just let it increase a little. That was all it took. The recessions of 1980 and 1981-82 were inevitable, according to Austrian economic theory.

"Volcker buckled on the weekend of August 13, 1982, when Mexico threatened to default. He inflated. This has never ceased. He resigned in 1987. Greenspan replaced him.

"Volcker will advise Obama to save the banks, not manufacturing. But Obama will be pressured by Pelosi and the "save jobs" Congress.

"Volcker and the other economists will have clout for as long as this crisis is a bank crisis. When it extends to Main Street, Congress will start sending up piecemeal bailouts. I think Obama will sign them. The committee will really have to scream to stop this.

"The spending will rise. Fiscal sanity is gone.

"The FED will buy T-bonds. So will the banks. Fiat money is in the pipeline.

"The dollar will be the main victim. Then the people with fixed incomes. Then Joe Sixpack, who now faces a world without thrift: decapitalization.

"The days of deferral are about to end. Kick the can will not work for much longer."

Kong Asks?

Are You Prepared For This...?

Kong Sez:

    During the Jimmy Carter Administration, inflation was rising so fast it was feared there would be a Depression. Volker, the Fed Chairman then, raised interest rates. Everyone...everyone...even the slugs in Congress, were upset with him and he became very unpopular. Years later, he is credited with this bold action in stopping a run away inflation and given credit for stopping a Depression from starting!

In The Meantime

Run For Your Life

From now on, Folks, it's gonna get pretty rough! In fact, downright cussed.
Mr. Ugly Will Show Before Long.

But For Now...

Keep Running

Keep Your Purse and Scrip With You—Luke 22:36

And Now

Get Two Guns—Luke 22:36–38

Before The New Dude Won't Let You Have Them

Times in America will change rather abruptly.
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Other WebPages of Interest:

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Galactic Plane

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