Tuesday 28 January 2003

We Ain't Seen Nothin' Yet!

Ominous storm clouds have been gathering for some time. There have been a few gusts of wind and a few drops of rain have fallen. An enormous storm is about to strike an unsuspecting world. Only a tiny fraction of people in this nation and the rest of the developed world are prepared physically and financially for what is about to strike their lives.

Our great nation, along with others, have warning systems in place to provide the populace with early warnings for many natural disasters such as hurricanes, earthquakes and tornados. A very great tragedy, a true disaster, is about to hit the entire globe, but there were no warnings to prepare for it in advance. And, even more tragic, a widespread general alarm has not yet happened a full 3 years after the first signs of grave trouble appeared.

The true understanding of what is now happening and what is to come is held by a tiny fraction of our population. From the top down, neither President Bush, his advisors nor members of our Congress, with the possible exception of Representative Ron Paul of Texas, have a correct and full knowledge of the economic devastation about to strike. There are no signs of recognition of our "once in a century" storm by our corporate leaders in Wall Street or around the nation. The ivory towers of academia have not recognized the scope and magnitude of what they now perceive as a "modest recession." Prof. Jeremy Siegel of the Wharton School of Finance, a renowned author and student of the stock market, has recently declared on CNBC that the bear market is over - a brilliant case of the blind leading the blind!

The highly paid executives and the thousands of employees of the large corporations that have declared bankruptcy recently must surely recognize that something quite unusual is occurring. The heads of other companies struggling to keep their business alive and the millions of investors who have lost trillions of dollars from their retirement plans know that there are serious problems with our economy. But no one, from the President and Alan Greenspan on down to our nation’s daily newspapers, are telling the scary truth about the crisis situation threatening America and the rest of the world.

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