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"Today, I believe our Fed has been guilty of cowardice and has faced our
economy and financial markets, as happened in the late 1920s, with the prospect
not merely of stagflation or recession but of depression!" - John Browne
Fed cowardice invites catastrophe...
“… the disaster back in the 1920's, My children, was as nothing compared to what will happen now. I talk of a great depression coming upon mankind." - Jesus, October 1, 1988
John Browne of MoneyNews.com reported on August 8, 2007:
Today, the Fed left its key rate on hold at 5.25 percent.
Most interestingly, the Fed statement indicated that the Fed now apparently recognizes what we have been telling our readers for some time: That core inflation (CPI, excluding food and energy) is unrealistic and that "real" inflation is higher.
As our readers know, it is this "real" inflation rate (way above the published CPI), combined with protection of our dollar from a damaging freefall, which are the two reasons that we have long called for a hike in the Fed rate to 5.5 percent or even 6 percent.
The key problem facing the Fed is that, at this time, such a rate hike risks causing a financial panic.
No one could have envied the Federal Reserve Open Market Committee (FOMC) at their meeting today. In balancing risk, they were between a rock and a hard place.
Today, there is growing evidence of contagion in the credit markets and of a serious slowing in our economy.
It is this evidence which has caused me to reassess my position to one favoring a "cut" in the Fed rate, even a temporary one, to allow time for cooler heads to adjust to the so-called "re-pricing" of risk.
It is said, by some, that a cut in the Fed rate would itself be seen as a sign of panic. I believe that, on the contrary, a Fed rate cut could provide a life-line in an increasingly desperate situation and could have been cloaked in appropriate reassuring and "non-panic" terms in the Fed's accompanying statement.
Don't get me wrong. I am not in favor of letting greedy hedge funds, speculators or lax bankers off the financial hook they have created for themselves.
But equally, I am strongly opposed to the harsh, insensitive monetary discipline that was applied in the late 1920s and which precipitated the Great Crash.
There are times when medical patients need an operation. However, there are also occasions when a patient can be in such physically bad condition that short-term "survival" has to take precedence over a long-term "cure".
I believe that the U.S. consumer is in just such a condition. Faced by massive "real" increases in the price of mortgages, real estate taxes, energy, food, and services, including health, on the one hand, and by a falling median income and increasing risks of unemployment, on the other; the great American consumer may cut down on discretionary spending.
A downturn in consumer spending may also be accompanied by a downturn in corporate spending and face us with a very serious problem. A situation so serious, that it should make the Fed think of short-term survival.
Briefly, my reasoning is as follows.
As we have long forecast, the housing bust will prove both far deeper and wider spread than many so-called experts and politicians were telling us.
The AP carried an item which said, "The investment-grade corporate market has ground to a halt, making it difficult for companies to access capital and hard for investors to find a place to put their money to work."
So the crisis is getting pretty deep.
Meanwhile, Bloomberg put up an item indicating that Shinsei Bank Ltd. of Japan said, "Losses on subprime loans reached $30 million and it has more than six times that amount of U.S. mortgage-backed securities that may be affected."
More evidence that the problem is very big, not restricted to the United States, and has been accumulating slowly, silently, and surely.
As we said recently, a growth economy needs increasing credit to continue growing.
With the current credit crunch, we believe that economic growth is now seriously threatened.
The early stages of a market turn are often accompanied by confusing economic indicators and volatile financial markets. Today, we see both.
There is now accumulating evidence that the U.S. economy is slowing. If it does indeed slow down, stock markets will tumble. In this environment of uncertainty they could plummet.
This threatens all those investors who have been tempted to remain long of stocks, particularly those on margin.
Wall Street "players", until recently, have reveled in the cheap, easy money liquidity boom that has financed our heady markets. Today, they have been vitriolic in their appeals for our Fed to bale them out of the effects of their greed, with a rate cut.
On Friday, August 3, Jim Cramer made an impassioned appeal, on CNBC, for the Fed to cut rates. Some observes described it as a "meltdown"!
I felt that Jim Cramer, who has many personal contacts on The Street, provided a rare and vivid picture of just how bad the position really is felt to be amongst the normally quiet "players" of Wall Street. We were given a rare glimpse of how perilously near we may be to a market panic; a panic that could wipe out many highly leveraged investors.
Cramer indicated a prospect of this near panic in the "real" markets and that Fed Chairman Bernanke was merely "an academic… who has no idea" of the reality on the Street and that he is "asleep" at the switch.
This was strong stuff, but clearly reflected a passion that smelled of the panic that I feel now risks happening in a flash in the stock markets if our economy turns down, as we feel it is already poised to do later this year.
Fed Chairman Bernanke is said to be "an academic who is forecast driven."
Normally, this is acceptable. But in times of near panic, it has a major downside.
The problem with forecasts is that they are usually based upon "lagging" or past information.
It is like trying to predict the road ahead by looking in the rear-view mirror. While such a practice may confirm a hill, it will never predict a precipice.
We feel the present situation is grave and unfolding very fast. It is far different to the conditions of "normality," when mere "tweaking" may suffice.
If we are honest, we are now facing a possible financial panic!
This is not a time for meekly looking at tea leaves and forecasting.
It is a time for facing reality and for firm leadership and direction.
An example of just how quickly things are happening is shown in chart 1, taken from the business section of today's New York Times. It shows vividly just how fast and dramatic has been the fall-off in both high-yield and investment grade corporate debt issuance.
We feel that other important economic and financial events are unfolding in an equally fast and dramatic manner, but largely unseen, until the historic date is published.
It is both the size and the speed of the current crisis that persuades me that, despite the long-term risks of an inflation/dollar crisis, I feel that our economy is in desperate need of a courageous lead from the Fed and a cut in rates.
Instead, what we witnessed today was a timid FOMC conclusion that appeared to say, "Don't panic, do nothing, but just continue to talk calmly."
Of course, as we have long reasoned, a rate cut would invite the awful specter of stagflation. But at least it would allow for the "survival" of our vital growth economy.
We feel that a stalling of the U.S. economy, will affect the world economy.
We have accused our Fed before of being timid.
Today, I believe our Fed has been guilty of cowardice and has faced our economy and financial markets, as happened in the late 1920s, with the prospect not merely of stagflation or recession but of depression!
It is a most serious position and it makes me very skeptical of the present price levels of both stock and non-Treasury bond markets.
Most of our conservative readers will have accumulated large positions in cash, short-term Treasuries and gold. I believe this is good. Those who wish to continue holding equities should rotate them towards defensive stocks in consumer staples and utilities. Some may also look at ETFs that are short the markets.
"My child and My
children, the days will grow darker, and there will be hunger in your land. Yes,
My child, what I brought you here for this evening is to tell the world that
there will be a crash in the monetary doings of your government—an absolute
crash that will affect every man, woman, and child in the United States and
Canada, and then, like a serpent, creep all over Europe, until the world sees
one big, massive depression. I can illustrate to you, My children, what I mean
by this monetary depression.
"Should you go and wish to buy a small instrument, even a guitar, that We
hear plucking away at the dervishly, and devilry, of what is called the musical
Mass, strung by guitars, and other creations of satan. My child, I go on to tell
you, you will say that the guitar is not a costly item, but in order to buy this
guitar you will carry an actual satchel, an overnight bag-size, My child—let Us
put it that way clearly—of notes, your currency. It will take a whole suitcase
of paper—paper money that no longer has a value. You will soon be reduced to
bartering for your food.
"My child, I know you are affrighted at this word 'war'; 'death', 'turmoil',
'depression', but what can I do but tell you the truth. I cannot smooth over it,
for I would be accepted like those upon earth who like ostriches, they walk
about, proud in their scientific knowledge." - Our Lady of the Roses,
September 7, 1985
The awesome Bayside Prophecies...
https://www.tldm.org/Bayside/default.htm
These prophecies came from Jesus, Mary, and the saints to Veronica
Lueken at Bayside, NY, from 1968 to 1995:
A godless nation shall
fall! . . .
"Without
My Son you are lost. A godless nation shall fall. A nation that has been eaten
away and rotted by sin shall fall. A nation that has turned itself back and
regressed to a state of animal living bordering on all sins of the flesh and
impurity; given over to all manner of seeking things of the world; power, lust,
envy, hate, murders, abortions, worship of false idols; loving money, power, and
lacking the instinct of survival when survival can only be reached by pleading
from them to the merciful heart of the Eternal Father." - Our Lady, June
13, 1981
A great money disaster . . .
"My child and My children, pray a constant vigilance of
prayer. Keep this going throughout the United States and all of the nations of
the world, for there is little time left. Soon, in the plans of the Eternal
Father, He shall set forth and allow to come upon mankind, a great money
disaster. In this way it will prove to you that the disaster back in the
1920's, My children, was as nothing compared to what will happen now. I talk of
a great depression coming upon mankind." - Jesus, October 1, 1988
Destruction of the world monetary systems . . .
"You
will understand and broadcast the message to the world that there will be a
great destruction in the monetary systems of the world. It will affect both the
United States and Canada, and all the great powers of the world. And I repeat
again: You will go to your stores to do your shopping carrying papers which may
as well be newspapers, for the value they will have to purchase even food will
be nil.
"How can a great country like the United States fall, you say, My child?
You ask Me in your heart. I read your heart. I will tell you why. Because they
have given themselves over to satan. When a country has lost its morality and
seeks the pleasures of the flesh, giving over, themselves over, to all manner of
abominations, like homosexuality, and condoning this up the highest courts of
the land, then that country shall fall." - Our Lady, November 1, 1985
Gathering of the world's
money to control the masses . . .
"Man
shall not create a new world as he seeks. For there cannot be a lasting world
without His God. And I speak not of the false idols and gods that man creates
in his human nature! There is only one Creator.
"You who cast aside this knowledge and choose to set yourselves up by power
and the gathering of the world's money to control the masses, you will find that
all of your power and all of your volumes of gold and silver cannot hold back
the heavens as they descend upon you in a just chastisement. The world, the
earth shall tremble, fear shall come upon mankind as he watches the approach of
the destruction that he himself has chosen to set loose." - Jesus,
February 10, 1978
Evil force like an
octopus . . .
"There is a great evil force now enshrouding your world; it is like an octopus
reaching out in every direction to ensnare the world. It is a force of evil set
up by satan. There are many arms of the octopus controlled by the monies of the
world.
"For the love of money and riches, many will sell their souls to get to the
head. O My children, what do you gain if you gather all of the riches of the
world and destroy your soul. When you come over the veil, and you will come over
the veil, what will you bring with you - nothing of the material. You must
gather your riches in Heaven now. They are supernatural: the graces, the merits
that will allow you to enter into the Kingdom of
your
God." - Our Lady, June 24, 1976
The Illuminati . . .
"There is a group in the United States and the world, a
group that started many years ago, calling itself the Illuminati, coming from
the word 'light bearer'. Naturally, My children, this light that they bear
stands for Lucifer, and as such they have gone through the world secretly known
as Luciferians. They have brought into your country, the United States, and
your neighbor Canada, a group of witchcraft practices. Well have they laid
their plan to destroy your children with drugs, using your school systems, your
medias of communication, your newspapers, your televisions, your radios: every
means of communication has been infiltrated by the member and sub-members of the
Illuminati, a conglomeration of individuals and powers and principalities
throughout the world, and banking systems. As you well know, My children, money
has always been the root of all evil, and many have sold their souls to get to
the head." - Our Lady, November 25, 1978
You are worshiping idols . . .
"My children, you must change your values back to the plan of your God. As a
nation, as a country, as in many countries throughout the world, you have become
paganized and immoral. My children, it is the gauge for the fall of mankind:
immorality and paganism. No nation shall stand without its God, the God in
Heaven.
"Man is creating many new gods, gods to feed his human nature; and it is a
basic carnal nature. Idolaters abound. When you worship in abundance things, My
children, you are worshiping idols! If you spend your time gathering things,
money, power, you are worshiping idols. Remove yourself from these worldly
pursuits.
"It is a narrow road to the Kingdom of your God, Heaven. Many are called
but few are chosen. The road with satan is wide. Many walk it and can never
leave, because there are too few prayers said for them and by them.
"Nothing is impossible to your God. Man shall never reach the highest
pinnacle of Heaven in knowledge." - Jesus, March 18, 1978
Many will sell their
souls to get to the head . . .
"The road to
Heaven, My children, is a narrow one; too few stay upon it. For they are
often carried away with the cares of the world, and the pleasures of the
materialistic pursuits, and their gathering of money and prestige and power.
For what? For the few short years allotted to each human upon earth.
I ask you to ask yourself: is it worth it to lose your soul? Many will
sell their souls to get to the head." - Our Lady, November 20, 1979
Gather your graces . . .
"You cannot accept
two masters. One you will love, and the other you will learn to hate. And
remember, My children, where your treasures are, your heart will always lie. And
better that you gather your treasures in a place where there is neither rusting,
nor attacks by moths, and robbers cannot take them from you. Store your
treasures in Heaven, My children. Gather your graces. You must ransom your soul
and the souls of your children, your households. Do not wait expecting to be
repatriated at the last moment, My children. Many are coming across the veil
unprepared, and, sadly, they cannot be accepted into the Kingdom." - Jesus,
August 5, 1977
Store canned goods,
water and blankets . . .
"My children, I caution you now, and I wish that you remember these
instructions from several years ago in earth's time that I gave to you, to keep
in your homes a good supply of canned good. They have shelf value, My children,
they will not spoil. But better that you keep them and they spoil than to have
come upon you the great Chastisement. It will be a ball of fire which will
ignite many of the chemicals that are being stored up for the destruction of the
nations.
"My children, not only with the canned foods will you store just food, but
you must also make known to your families and your friends that they had best
keep blankets and water in tight containers; for there will be on the onset of
the Chastisement, there will be nothing that you can buy due to contamination."
- Our Lady, July 1, 1985
Read the Bayside Prophecies:
Directives...
D213 - Riches, Part 1
D214 - Riches, Part 2
D215 - Money
D307 - Monetary crash
Articles...
China threatens to trigger U.S. dollar crash
https://www.tldm.org/News11/ChinaThreatensToTriggerDollarCrash.htmForeign money props U.S. economy
https://www.tldm.org/News11/ForeignMoneyPropsUSEconomy.htmThe worst isn't over in mortgage meltdown
https://www.tldm.org/News11/MortgageMeltdown.htmU.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
https://www.tldm.org/News11/PaulsonComingFinancialCrash.htmSlow demise of the mighty greenback
https://www.tldm.org/News11/DemiseOfMightyGreenback.htmCredit spree could cause 1930s-style depression
https://www.tldm.org/News11/CreditSpreeCouldCauseDepression.htmGloom gathers over U.S. economy
https://www.tldm.org/News10/GloomGathersUSEconomy.htmIt’s official: The crash of the U.S. economy has begun
https://www.tldm.org/News10/CrashOfUSEconomyHasBegun.htmThe plan to destroy America - via the dollar
https://www.tldm.org/News9/PlanToDestroyAmericaViaDollar.htmOil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
https://www.tldm.org/News9/OilProducersShunDollar.htmU.S. dollar plunges to 15-year low
https://www.tldm.org/News9/DollarPlungesTo15YearLow.htmU.S. Comptroller General warns the nation of economic calamity
https://www.tldm.org/news9/MonetaryCrashComptrollerGeneral.htmCentral banks caught in gold squeeze may crush dollar
https://www.tldm.org/News9/goldSqueezeMayCrushDollar.htm
Links...
Risky home loans run a fever, and the market prays it doesn't spread, U.S. News and World Report, July 15, 2007
http://www.usnews.com/usnews/biztech/articles/070715/23subprime.htmU.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53311USA Today report: Real federal deficit 3.5 trillion, Newsmax, August 3, 2006
http://www.newsmax.com/archives/articles/2006/8/3/123820.shtml?s=lh
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sacramentals, and protect your children and your households. Learn the use
every day of holy water throughout your household. Insist even with
obstructions, insist that your children always wear a sacramental. One day
they will understand that they will repel the demons."
On February 1, 1974, Our Lady said, "My children, know the value of
these sacramentals. Guard your children well. You must awaken to the
knowledge that you will not be protected without the sacramentals. Guard
your children's souls. They must be surrounded with an aura of purity.
Remove them if necessary from the sources of contamination, be it your
schools or even false pastors."
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Your names have been written in Heaven… "It is not by accident that you are called by My Mother, for your names have been written in Heaven.... But with this great grace you have great responsibility to send this Message from Heaven throughout the world, for if you are able to recover just one more for Heaven, an additional star shall be placed in your crown." - Jesus, August 5, 1975
A great obligation to go forward... "It is not by accident that you are called by My Mother, for it is by merit and the prayers that have risen to Heaven for your salvation. For those who have received the grace to hear the Message from Heaven, you have a great obligation to go forward and bring this Message to your brothers and sisters. Do not expect a rest upon your earth, for you will have eternal rest very soon." - Jesus, June 12, 1976
The sin of omission... "The sin of omission shall condemn many to hell, be they layman or Hierarchy. I repeat: not the sin of commission, but the sin of omission will commit many to hell." Our Lady of the Roses, October 6, 1980
We encourage everyone to print or email copies of this web page to all the Bishops and all the clergy. Also, email or send this web page to the news media and as many people as possible.
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