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"We are now in so much danger that a shock, such as a severe credit crunch,
could put us on the floor, economically. So, the importance of the
subprime debacle is not restricted to even the vast debt markets. It can easily
spill over into economic depression." - John Browne
Subprime panic points to taxpayer bailout...
“… 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 9, 2007:
Earlier today, BNP Paribas SA, France's largest bank, announced that it froze three asset-backed securities funds because it's no longer able to fairly value the funds' holdings due to "the complete absence of liquidity in certain market segments of the U.S. securitization market …"
Our readers will not be surprised as we have long warned of this growing credit disaster.
In response to BNP Paribas's announcement, the European Central Bank pumped 94.8 billion euros ($130 billion) - the largest amount ever - into the European banking system in an effort to prevent a credit crunch.
Meanwhile, President Bush, looking worried, said in his press conference this morning, "All the evidence in the housing markets, points to a soft landing."
Given the real fear, of which Jim Cramer allowed us a brief glimpse in his "meltdown" interview on CNBC last Friday, the President's statement was nothing short of amazing.
If that were not enough, the President had previously claimed, in his prepared introduction, that, "The American economy is the envy of the world." Try telling that to the foreign exchange markets!
These statements were not just amazing, they were frightening.
Of course, our leaders are expected to sound upbeat in the face of reality. But upbeat statements must have credibility. If not they sound out of touch and create yet more concern.
The President's statements clearly had no credibility and certainly had us more worried.
We are increasingly concerned that our government is asleep at the switch and is merely reacting with soothing words, when the truth of the underlying economic and financial problems, that have long been clear to people like us, emerge into the open.
What is needed is decisive leadership as we urged on the Fed earlier this week.
Something meaningful has to be done to allow cooler heads to revalue the denial of real risk, over the past few years of greed.
It is understandable that banks like BNP are unable to assign a fair value to their assets. This is for three prime reasons.
First, derivatives are often very complex. Many in top management do not fully understand them. Least of all are they certain where the ultimate risk is being held.
Secondly, the liquid, traditional subprime credit market has effectively dried up. So there is no "normal" market price.
Plus, if the owners of this unwanted debt were to offer their assets for auction, they may be able to fetch only a fraction of their value. This would trigger a revaluation of other similar assets. If a significant write down of assets were to happen, it could place many major financial institutions in liquidation.
So the third reason is an acute fear of admitting the reality of a fall in their asset values and an unwillingness to sell. So they freeze their funds to prevent their investors (clients) from selling.
(On this point, Aug.15 could become a key date. It is the last date, by which hedge fund holders have to give notice of a sale, for the last quarter of 2007, the very quarter that we believe could prove to be traumatic.)
As we said yesterday, Bear Stearns has even sought the protection of offshore jurisdiction to allow it to avoid investor claims.
Aside from soothing words, it now appears that our politicians are thinking of bailing out the greedy lenders in what was a subprime lending boondoggle.
And that means throwing ultimate liability onto the back of the taxpayer. How's that for capitalist, free market accountability?
How does all this affect the ordinary investor, who is not directly involved in the subprime lending scandal?
As my colleague David Frazier so ably points out today in MoneyNews.com, the sad news is that the subprime lending crisis is only a sideline. A most important sideline, but a sideline, all the same.
The real problem, for the bulk of our readers is that there is increasing and cumulative evidence that American consumer spending is slowing down. This is the really serious problem, still denied by most of Wall Street, its media cheerleaders and by our senior politicians.
Consumer spending accounts for some 70 percent of our GDP. Any slowdown will affect both our economy and our equity markets severely.
Already, we are seeing large institutional money managers who are paid to be in equities, rotating into defensive stocks such as healthcare, consumer staples, and utilities. (The later, as they appear to be anticipating a Fed rate cut, as our government wakes up to the seriousness of our economic position.)
Earlier this week, I used a boxing analogy, when describing the antic of the Fed. Continuing on that vein, we believe that the subprime debacle will prove to be a major shock.
We also face other potential shocks.
If the Chinese do actually sell dollars, as they have suggested they might do, in the event the U.S. imposes tariffs on Chinese imports - even some of their U.S. dollar holdings - it would provide an additional shock.
If our Fed were forced to raise rates either to combat stealth inflation, we have long told you about, or to defend the U.S. dollar from a meltdown, it would provide yet another severe shock.
Now, a boxer, who may be tired but is still strong, can absorb the shock of even severe blows. On the other hand, when he is weak, one major blow can put him on the canvas.
Contrary to the siren words of Wall Street, its cheerleaders and our senior politicians, we believe that our economy is turning down and has been for some three months or so.
This means that, in boxing terms, we are now (economically) weak.
We are now in so much danger that a shock, such as a severe credit crunch, could put us on the floor, economically.
So, the importance of the subprime debacle is not restricted to even the vast debt markets. It can easily spill over into economic depression.
We do not believe that today's Presidential statement, "Our economy is the envy of the world," is credible right now and the price of our dollar reflects that sentiment.
We urge our readers to remain cautious.
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"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...
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:
D213 - Riches, Part 1 PDF
D214 - Riches, Part 2 PDF
D215 - Money PDF
D307 - Monetary crash
Fed cowardice invites catastrophe
Foreign money props U.S. economy
The worst isn't over in mortgage meltdown
U.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
Slow demise of the mighty greenback
Credit spree could cause 1930s-style depression
Gloom gathers over U.S. economy
It’s official: The crash of the U.S. economy has begun
The plan to destroy America - via the dollar
Oil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
U.S. Comptroller General warns the nation of economic calamity
Central banks caught in gold squeeze may crush dollar
Video: Money expert Jim Cramer of CNBC - "They're nuts, they know nothing! ... In the fixed income market, we have Armageddon"
World markets rattled amid Dow Jones crash, ABC News Australia, August 10, 2007
Risky home loans run a fever, and the market prays it doesn't spread, U.S. News and World Report, July 15, 2007
U.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
USA Today report: Real federal deficit 3.5 trillion, Newsmax, August 3, 2006
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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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