ScottP Posted November 5, 2010 Report Share Posted November 5, 2010 If you watch the news, you know that the American economy is stagnating despite massive bailouts of multiple industries and various aggressive fiscal and monetary measures taken by the federal government during both the Bush and Obama administrations… But How Bad is It? Is America now stuck in a “Great Recession”? Will there by a “Double Dip”? Can the government do anything to help, or will every step it takes only make the situation worse… If the November elections change the composition of Congress, will it make any difference? Which party is actually worse for the economy? Will lower taxes make a difference? Can the defunding of Obamacare make a difference? What are the real unemployment and inflation figures? Is a “trade war” with China looming, and what would the consequences be? Why is the price of gold skyrocketing? Is it just another “bubble” or a leading indicator of a major change in the world economy? If you are trying to make sense of the economic news around you, and you are worried that major changes are coming, but you’re not sure just what… To Defend Your Life and Values, Get the Economic Situation into Focus Now! Dear PHR Reader,On September 25th and October 30th, I offered two exclusive sessions of a new one-day course to past Powell History clients. The new course is called the “Powell History Crash Course on the Coming Crash.“ In this four-hour lecture session, I explained the reasons why I have concluded that the American economy has been irreparably damaged by a long-running trend in political economics punctuated by the Bush/Greenspan and Obama/Bernanke administrations, and why an economic collapse is imminent — i.e. likely to happen in just the next few years, and even possibly before the end of this year. The Powell History Crash Course on the Coming Crash is the product of intensive research I have conducted into the economic situation — integrated into a Powell History framework. It is a unique presentation of readily graspable fundamental economic concepts, integrated into an accessible presentation of American history, informed by Objectivist philosophical analysis. The result is a lecture that I proudly propose as being the best way to get the current economic situation into focus. —————————– Yaron Brook on the Coming Crash: “There is a real possibility that in our lifetime we will live through a depression worse than the 1930s and…the world as we know it ending. I think that is a real possibility. And the debt…is the financial cause of that, unless something is done.” –Yaron Brook, Director of the Ayn Rand Institute (Ford Hall Forum – May 20, 2010) —————————– The Powell History Crash Course on the Coming Crash includes an essentialized presentation of America’s two fundamental story arcs, international politics, and political economics, using the unique Powell History integration method of periodization. In this segment we’ll talk about the “missing right” and nineteenth century, and it’s connection to the pivotal “Era of the Industrial Problem” that set America’s economic trajectory for the twentieth century. We’ll also discuss the unprecedented wealth creation of the twentieth century, but why the “Hank Rearden Effect” has been masking a fundamental decline that now entails a fall. Naturally, a key point of focus will be on the Great Depression — the other great Crash — and its connection to our present predicament. Just Another Bubble? Is the soaring price of gold a sign of “uncertainty”? If you’re not certain, you should get the economic situation into focus before it’s too late! —————————– Peter Schiff on the Coming Crash: Tragically, in the current political climate the truth must be faced: “We are not going to let our economy restructure. We are going to destroy it. We are going to drive it into the ground. We are going to wipe out everybody…[Those] are the politics…That is why I remain so negative on my outlook on the United States.” –Peter Schiff, Economist and Noted Forecaster (Schiff Report, August 17, 2010) —————————– The key issue for America is what economist Marc Faber refers to as “total debt in the system.” The past ten years have witnessed an unprecedented “credit expansion” accompanied by massive fiscal deficits and bailouts. In the second segment of the course, we will look at how the government has succeeded in masking the real debt problem. We’ll discuss the insidious scheme I refer to as the “separation of figures” that makes it difficult for Americans to grasp and proactively address the full extent of their indebtedness. —————————– “Whether the consumer or the government does the borrowing is really unimportant because, in the end, it is the taxpayer that will receive the bill.” –Michael Pento, Senior Economist for Euro-Pacific Capital (Capitalism Magazine, Sep.20, 2010) —————————– To reveal the disaster of America’s pragmatist-socialist “pyramid scheme” we will properly integrate the figures of private, corporate, municipal, state, and federal debt (including sovereign debt), and “unfunded liabilities” for a complete picture to explain why America has become a “credit addicted” society, and why — despite being the world’s political and economic superpower — only two very painful options remain to repair the problem: a second and worse Great Depression, or a hyperinflationary collapse, with the latter being more likely. Ever since America intervened in the World Wars and the Bretton Woods system was instituted, America has been the policeman and the banker of the world. While America will continue to play a leading role in world affairs, it’s place as the dominant power will be severely diminished by the coming economic disruption — whatever form it takes. Already, the US Dollar has tacitly been rejected as the world’s “reserve currency,” with a basket of international currencies and gold now gradually taking its place. A new era is already underway, with Americans, sadly, being the only ones not to see it. In the new political-economic landscape, there will be eight major poles, with China — a rapidly growing economic colossus — as the main counterbalance to America. All the other major players want to see America fall from its status, and they are positioning themselves to work together to create a new “balance of power.” The situation that is emerging will be to world history what the previous Era of the Balance of Power was to Europe in the 17th and 18th centuries: volatile, dynamic, and dangerous for all. Will we have any real allies? When the world’s exporters stop accepting devalued American dollars, what then? What will the final “bailout” of America look like, how soon is it coming, and how will it affect your life and values? Flash Update: Even Bernanke Can See The End! In a speech given October 5th, Federal Reserve Chairman Ben Bernanke provided a shockingly frank appraisal of the state of the economy for someone in his position. (Of course, it was not given any coverage in the media.) Bernanke’s warning? An “increasingly large cost of servicing a growing national debt means that the adjustments, when they come, could be sharp and disruptive….the threat to our economy is real and growing.“ Read more here. As usual, Bernanke cannot grasp the full severity of the crisis even as it looms over him, but if even he can see a growing threat, then how bad is it really? If you don’t have a clear answer in mind already, you need to get the economic situation into focus now! On Saturday, November 27, at 12 Noon (Central Time) I will be offering a repeat session of the Crash Course — with updates on the trajectory of the situation over the past month — including the election and the Fed’s latest moves. This upcoming session has limited openings, since it has already been offered to those returning Powell History clients who couldn’t make the first sessions. There are still places available for PHR readers. But this will be the last session offered in 2010. If you miss this live session, you will have to wait until January 2011 for the recordings. If you are interested in this November 27 session, a four-hour presentation (including Q&A) which is $129 for PHR Readers, simply sent me an e-mail to [email protected] with “November 27″ in the title. Again, this will be the last live session of the Crash Course in 2010. In January 2011, the Crash Course will be made available as a digital recording for $149. Not only do you pay less for the live session, but you get a two month head start by taking the live session! Let me say to conclude that there is no convenient time to contemplate an economic crash and the decline and possible fall of American power, and many prefer to hope that the problem remains a generation (always the next generation) away, but in the words of Patrick Henry one must be “willing to know the whole truth, to know the worst, and to provide for it.” If, in some way, I can use my humble pulpit to help people interested in Powell History to do just that, I will be satisfied that I have fulfilled my obligation as a historian. I hope at the very least to have stirred you to adopt a more aggressive intellectual posture on the topic of the current economic situation. I look forward to helping those of you who will take the course to get that situation into greater focus. Sincerely, Scott Powell Creator and Teacher, A First History for Adults and HistoryAtOurHouse Cross-posted from Metablog Quote Link to comment Share on other sites More sharing options...
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