Jay Midnyte

CBS 60 Minutes: A second wave of mortgage defaults is about to come.





This is what I was trying to explain a couple weeks ago. The subprime mortgage defaults of Fall 2008 almost resulted in the collapse of the whole financial system. Some people do not agree that a collapse of the U.S. economy would bring the world down with us. What happens when the option arm mortgages and Alt-a mortgages reset, resulting in millions of foreclosures for those who cannot afford an increase in their payments? What happens when that crisis is coupled with a subsequent currency crises?

The worst of the economic crisis is not over and a currency crisis can happen this year or the next year, because the problem of too much debt in the system has not been solved, legendary investor Jim Rogers told CNBC Monday.

The current recovery is just a consequence of the fact that consumption fell so dramatically in 2008 and people have to buy things they need in 2009, Rogers told "Worldwide Exchange."

"How can the solution for debt and consumption be more debt and more consumption? How can that be the solution to our problems?," he said. (CNBC)

On top of this, the boys may succeed in ramming government health care through, de-industrializing the U.S. by taxing carbon via cap and trade, and terrorizing us with a "swine flu pandemic" that the World Health Organization claims could infect 2 billion people! Yeaaaa... The only way they will get that many infections is if they spread this virus themselves LOL! Look at this video:



Be smart, keep your head up and your eyes open.

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