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We must face reality, and soon!...

“… 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 MoneyNew.com reported on December 14, 2007:

As I mentioned recently, I had a most interesting interview in Switzerland last week with members of the Bank of International Settlements (BIS), the research and coordination working body of the world's central banks.

Of course, the interview was off the record.

However, I can tell you this: It is clear that there is deep international concern that, despite massive injections of liquidity, the credit crisis is still causing a stubborn "log-jam" in some of the most important lending markets, particularly for less-than-prime borrowers, the bulk of basic companies.

Surprisingly, banks are even loath to lend to each other for fear that the bank borrowing from them could be hit severely by the undisclosed levels of so-called "toxic waste" — high-risk, nearly worthless mortgage-backed instruments — contained in some of their supposed investments.

At the BIS, I sensed that there was something in the works but could gain no definition of what was coming, only "nods and winks" that they hoped that whatever it was, it would work.

I have often alerted readers to the fact that our problem is not one of liquidity but of credit credibility.

Indeed, it was irresponsibly excessive and cheap liquidity that caused the series of asset bubbles (which we confused with prosperity) we have experienced over the past 25 years.

I therefore find it hard to agree with the idea, considering that excessive liquidity was the cause of the problem, that more of it will provide the solution. More alcohol will not cure drunkenness!

It is true, however, that the near-fraudulent abuse of liquidity caused the problem of toxic waste in subprime derivatives, many now held in the financial inventories of major financial institutions, including some of the so-called prime banks.

Most shocking is the growing evidence that one of the largest banks in the world, Citigroup, is increasingly considered to be doubtful viability.

On Dec. 12, Morgan Stanley named Citi as its top short sell. According to reports, 165 million of its shares (more than twice the daily volume) traded that day, and Citi's stock price plummeted 43 percent from its high and lost $1.2 billion in market capitalization. How's that for confidence in a global financial giant?

It all goes to show that in the coming financial turmoil it is not size but quality that is likely to win.

Also on Dec. 12, the Fed announced a novel solution, one very carefully coordinated with other important central banks.

With short-dated U.S. Treasuries now yielding less than the Fed rate, something had to be done. But how could the Fed lower its key rate without both killing the U.S. dollar and unleashing inflation?

The answer appears to be to allow the free market to operate, by allowing "auction bids" for a series of three tranches of $20 billion of Fed funds.

In addition, there are swaps of $20 billion and $4 billion with the central banks of Europe and Switzerland to make yet more U.S. dollar liquidity available overseas.

The details of the new plan are not yet quite clear, but it has apparently caused great uncertainty in the pricing of market credit risk

At first sight, it appears that our government is prepared, on behalf of U.S. taxpayers, to accept a large slug of toxic derivatives risk in order to bypass the banks' unwillingness to lend. In short to "bypass" the free, professional lending markets to force yet more liquidity and so put off the day of reckoning.

If true, it represents quite a philosophical change for a Republican, free-market government.

However, I see it as a sign of desperation — desperation to avoid recession and the possible financial meltdown that the Fed now sees looming ahead.

I also see it as just one more gimmicky plan, following the "strong dollar" plan; the bank SIV "enhanced value" plan; and the "strong mortgage" plan. I fear that all of them are signs of deep official concern but merely token moves. None of them addresses the real, underlying problem.

The awful truth is that, as I have said before in this column and on the Larry Kudlow show, it is increasingly apparent that our Fed has been check-mated.

The Fed has been boxed into a corner by the wild excesses of the Greenspan liquidity bubbles. These bubbles, which felt like unprecedented prosperity, were often financed by debt piled upon debt and financial duplicity piled upon financial irresponsibility, even fraud on a massive scale.

The unwinding is likely to be painful.

In short, the Fed must lower rates dramatically and fast, if it is to avoid a looming recession or worse.

But our Fed is hamstrung in lowering rates. Clearly, it fears unleashing latent inflation and a catastrophic collapse of the dollar.

In other words, the Fed, still the most important central bank in the world, can do nothing — nothing except try to boost confidence by means of soothing words and gimmicks.

By their very nature, Fed initiatives that fail to face economic reality will all be destined for economic failure.

All the while, the clock is running.

Now we hear from cable financial news reports that the richest consumers are cutting back on jewelry purchases and even country club memberships — not a good sign!

The reaction of investment institutions to the Fed's actions and words of the past two days, mimics those of TV stock picker Jim Cramer: "Sell, sell, sell!"

I am not sure Jim agrees fully with my forecast, but I can almost hear him crying out, and I would agree with such a cry!

In summary, although much of the financial media are still in a state of denial, I still believe we face a recession and that the Fed will not act decisively until too late.

It will therefore be a very bad recession.

Our readers should be forewarned and arm themselves appropriately.

I apologize for the bad news, but I feel it is best not to run but to turn and face the enemy — the reality of recession.


 


"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

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The awesome Bayside Prophecies...  http://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 . . .graphic
"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:
   
  September 7, 1985 message -- World monetary crash: "One massive depression" (click here)Eve of the Feast of the Nativity of Our Lady - 9/7/85

Directives from Heaven...

D307 - Monetary crash  PDF LogoPDF 


Articles...

U.S. dollar, credit crisis and stock markets:

The great depression of 2008 – the mother of all depressions
http://www.tldm.org/News11/GreatDepressionOf2008.htm

Talk of worst recession since the 1930s
http://www.tldm.org/News11/WellsFargoHousingCrisisWorstSinceDepression.htm

Alarm: China signals flight from dollar
http://www.tldm.org/News11/ChinaSignalsFlightFromDollar.htm

Leading lender H&R Block likens US credit crisis to Great Depression
http://www.tldm.org/News11/H&RBlockLikensCrisisToDepression.htm

Fed faces gigantic insolvency time bomb
http://www.tldm.org/News11/FedFacesInsolvencyTimeBomb.htm

Global money markets tighten on cash shortages
http://www.tldm.org/News11/GlobalMoneyMarketsTighten.htm

Dollar collapse, stock market sell-off looms
http://www.tldm.org/News11/StockMarketSell-offLooms.htm

No time to sit and watch: "What we have on our hands here, folks, is a full-blown, global financial crisis"
http://www.tldm.org/News11/GlobalFinancialCrisis.htm

World stock markets spiral lower
http://www.tldm.org/News11/WorldStockMarketsSpiral.htm

Fed OD’s on liquidity but risks depression
http://www.tldm.org/News11/FedRisksDepression.htm

U.S. Comptroller General: Learn from the fall of Rome
http://www.tldm.org/News11/ComptrollerGeneralFallOfRome.htm

Perfect storm of debt rattles Wall Street
http://www.tldm.org/News11/PerfectStormOfDebt.htm

Asian stocks tumble the most in five months on credit concern
http://www.tldm.org/News11/AsianStocksTumble.htm

Subprime panic points to taxpayer bailout
http://www.tldm.org/News11/SubprimePanicTaxpayerBailout.htm

Fed cowardice invites catastrophe
http://www.tldm.org/News11/FedCowardiceInvitesCatastrophe.htm

Foreign money props U.S. economy
http://www.tldm.org/News11/ForeignMoneyPropsUSEconomy.htm

U.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
http://www.tldm.org/News11/PaulsonComingFinancialCrash.htm

Slow demise of the mighty greenback
http://www.tldm.org/News11/DemiseOfMightyGreenback.htm

Credit spree could cause 1930s-style depression
http://www.tldm.org/News11/CreditSpreeCouldCauseDepression.htm

Gloom gathers over U.S. economy
http://www.tldm.org/News10/GloomGathersUSEconomy.htm

It’s official: The crash of the U.S. economy has begun
http://www.tldm.org/News10/CrashOfUSEconomyHasBegun.htm

The plan to destroy America - via the dollar
http://www.tldm.org/News9/PlanToDestroyAmericaViaDollar.htm

Oil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
http://www.tldm.org/News9/OilProducersShunDollar.htm

U.S. Comptroller General warns the nation of economic calamity
http://www.tldm.org/news9/MonetaryCrashComptrollerGeneral.htm

Central banks caught in gold squeeze may crush dollar
http://www.tldm.org/News9/goldSqueezeMayCrushDollar.htm

Foreclosures:

New wave of mortgage failures could create a nightmare economic scenario
http://www.tldm.org/News11/NewWaveMortgageFailures.htm

Wells Fargo: Housing crisis worst since Great Depression
http://www.tldm.org/News11/WellsFargoHousingCrisisWorstSinceDepression.htm

August 2007 report: 11 states have triple digit increases in foreclosures
http://www.tldm.org/News11/TripleDigitIncreasesInForeclosures.htm

New mortgage foreclosures set record
http://www.tldm.org/News11/MortgageForeclosuresSetRecord.htm

Shiller: U.S. housing woes could spur world slump
http://www.tldm.org/News11/HousingWoesCouldSpurWorldSlump.htm

Credit crunch hits the consumer — foreclosures double
http://www.tldm.org/News11/ForeclosuresDouble.htm

The worst isn't over in mortgage meltdown
http://www.tldm.org/News11/MortgageMeltdown.htm

Links...

The crash of 2008?, WorldNetDaily, November 15, 2007
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=58726

Sub-prime lender says problems are on scale of Great Depression, [U.K.] Times Online, August 31, 2007
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article2358099.ece

Video: Money expert Jim Cramer of CNBC - "They're nuts, they know nothing! ... In the fixed income market, we have Armageddon"
http://www.youtube.com/watch?v=SWksEJQEYVU

Wall Street tremors, Asian markets' tsunami, Forbes.com, August 10, 2007
http://www.forbes.com/markets/2007/08/10/asian-markets-roundup-markets-equity-cx_vk_0810markets03.html

World markets rattled amid Dow Jones crash, ABC News Australia, August 10, 2007
http://abc.net.au/news/stories/2007/08/10/2001292.htm?section=business

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.htm

U.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53311

USA 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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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

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