September 11th, 2008–America’s Economic 9/11?
“…Then I saw another angel descend from heaven who shouted with a mighty voice: ‘Fallen! Fallen is Babylon the Great! For she has become a dwelling for demons and every evil spirit…All the nations have drunk the maddening wine of her adulteries…The kings of the earth committed adultery with her, and the merchants of the earth grew rich from her…But now the music of harpists and musicians, pipers and trumpeters will never be heard in her again, nor will any worker of any trade or even the sound of a millstone ever be found in her again…Woe! Woe to you, great city, you mighty city of Babylon…For in one hour your doom has come…”
Book of Revelations, Ch 18
In an admission stunning for its frankness (and particularly given the fact it originated with a politician whose country is held prisoner by foreign, criminal interests) Rep. Paul Kanjorski, (D, Penn) Chairman of the House’s Capitol Markets Subcommittee recently admitted on C-SPAN that the current economic problems faced by–not just the United States, but indeed the entire world–were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion dollars in just “an hour or 2”.
Speaking the last week of January on the Washington DC-based television program, Rep. Kanjorski was verbally accosted by an irate American caller charging that the economic stimulus package currently up for debate in the Congress (as well as the previous $700 billion bank-bailout) is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Mainstreet. With barely-concealed panic in his voice, the Congressman tried explaining the severity of the current financial problem faced by the US with the following comments–
“Why did we do that? We did that because…Look, I was there when the Secretary of the Treasury and Chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about September the 15th…Here’s the facts and we don’t even talk about these things…”
“On Thursday at about 11 am the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or 2. The Treasury opened up its window to help, pumped 105 billion dollars in the system and quickly realized they could not stem the tide…We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed…”
Speaking the last week of January on the Washington DC-based television program, Rep. Kanjorski was verbally accosted by an irate American caller charging that the economic stimulus package currently up for debate in the Congress (as well as the previous $700 billion bank-bailout) is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Mainstreet. With barely-concealed panic in his voice, the Congressman tried explaining the severity of the current financial problem faced by the US with the following comments–
“Why did we do that? We did that because…Look, I was there when the Secretary of the Treasury and Chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about September the 15th…Here’s the facts and we don’t even talk about these things…”
“On Thursday at about 11 am the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or 2. The Treasury opened up its window to help, pumped 105 billion dollars in the system and quickly realized they could not stem the tide…We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed…”
“We talked about what would happen–it would have been the end of our economic and political system as we know it, and that’s why we had to act and do things quickly. Why? Because if you don’t have a banking system you don’t have an economy, and although we did that it wasn’t enough. The economy has been falling and we’re really no better off today than we were 3 months ago, as other assets are going sour by the moment…Somebody threw us in the middle of the Atlantic ocean without a life raft and we’re trying to determine which is the closest shore and whether there’s any chance in the world to swim that far. We don’t know…”
Click here: http://theuglytruth.wordpress.com/2009/02/15/september-11th-2008-america’s-economic-911/ to read more
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