Bernanke's Recession Is Here: 11 Reasons It Will Last Till 2011

Bernanke's Recession Is Here: 11 Reasons It Will Last Till 2011

www.foxbusiness.com

Remember that hot 1973 Stealer's Wheel song marking the end of the Nixon era? "'Cause I don't think that I can take anymore. Clowns to the left of me, jokers to the right, here I am stuck in the middle with you!"

It's still a perfect metaphor. Testifying before Congress: Fed Chairman Ben Bernanke on the left. Treasury Secretary Henry Paulson on the right. The American public stuck in the middle.

Last summer they assured us the subprime-credit crisis was "contained." We now know that was a big .

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I couldn't of said it better than myself. If you look at my past threads Ive listed all these points on separate threads but this Paul Farell guy with Market Watch got it all in one story. Good read and totally agree.

www.foxbusiness.com
(visit the link for the full news article)

Here is a breakdown of the points made by the article's author:

FROM OP source article

1. Stagflation: Bernanke's no-win Achilles heel

2. Housing-credit meltdown: We've got a long way to go!

3. Commodities: World's new reserve 'currency,' not dollars

4. Toxic derivatives: World's $516 trillion ticking time bomb

5. Massive debt: Everywhere, trade, federal, states, local

6. America's new 'pushers:' Banks feeding consumer addicts

7. More wars: Pentagon predicts bigger, costlier conflicts

8. Greed: Wall Street and Corporate America's defining 'value'

9. Democracy failing: America now run by 35,000 lobbyists!

10. America's already in a recession, and in denial

11. Class warfare: Superrich vs. Main Street America

Quite a list, many of the points made have been heard around here for months, years even, and now it looks like reality is setting in.

The question is can it be fixed or should the whole thing collapse and rebuild based on honest and ethical financial decisions?

The root of it all is our monetary system. That is what has to be fixed. Our whole system is based on debt. Debt enslaves man. We need to get off the federal reserve system and get back to gold and silver backed money and the government not a bank needs to issue the money. Every dime of our tax dollar goes to interest on money weve borrowed for our crazy spending which leads to my second point spending. We spend like mad because all we have to do is print the money. If we had to back it up we would be less likely to spend. Our monetary system when you fully understand it is the root of most of our problems.