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10 - Most Important Economic Events of the Last 10 Years: Collapsing the Economy

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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 10:15 AM
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10 - Most Important Economic Events of the Last 10 Years: Collapsing the Economy

10 of the Most Important Economic Events of the Last 10 Years:
Collapsing the Economy in the Buildup to World War III

Since 1999, the following events have either caused or been the symptom of the present economic crises:

1. Year 1999: Introduction of the euro to world financial markets: In 1999 the euro was introduced as an accounting currency (travelers' checks, electronic transfers, banking, etc.) and then launched as physical coins and banknotes on 1 January 2002. The euro replaced the former European Currency Unit (ECU) at a ratio of 1:1. However its value quickly began to drop, reaching a low of 0.8252 relative to the US dollar on 26 October 2000. This proved to be a solid support level for the next two years, and in 2002 the euro began its climb up......>>>snip

2. Year 2000: Collapse of the Dot-com bubble: The dot-com bubble, which had its climax on 10 March 2000 with the NASDAQ peaking at 5132.52, was a period during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. Aside from being a stock market bubble, numerous other reasons caused the correction that occurred in the value of shares across the border in the technology sector. Three of these were:............>>>>snip

3. Year 2000: Iraq dumps the US dollar and switches to the euro: The following article, The Real Reasons for the Upcoming War With Iraq, which was written before the U.S. invasion of Iraq, lays forth an argument that the war in Iraq was not just about oil but about the currency in which oil is traded. It is mandatory reading for anyone who wants to understand the basic concepts of American foreign policy, economics, and its military operations around the world. This article states that the principle reason why the United States invaded Iraq was because Saddam Hussein in the year 2000 went ahead with his plans to stop using the U.S. dollar in its oil business and start using the euro..........>>>snip

4. Year 2005: Rewriting the U.S. Bankruptcy Law: After years of lobbying, the dream bill for credit card and financial service companies finally came into effect in the United States. Three years ago the financial institutions that were preparing for the coming crash were able to lobby Congress to pass the Bankruptcy Bill. This law that took effect in 2005 created what is now widely referred to as Debt Slavery and is the biggest rewrite of U.S. bankruptcy law in a quarter century. ..........>>>>snip

5. Year 2006: Discontinuance of M3: On March 23, 2006, the Board of Governors of the Federal Reserve System ceased publishing the M3 monetary aggregate. The M numbers (M1, M2, and M3) are components of the United States money supply, which show the amount of dollars in circulation. ...........>>>snip this is a big one that hid a lot shit

6. Year 2006: Iran moves from US dollars to the euro: At the end of 2006 Iran announced that they would use the euro instead of the US dollar in the country's budget for the next Iranian year. This announcement is at least an order of magnitude more significant than Saddam Hussein saying that Iraq would start selling oil in euros....>>>snip

7. Year 2006/07: Subprime Market Collapses: Subprime lending , also called B-paper, near-prime, or second chance lending, is the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. The term also refers to paper taken on property that cannot be sold on the primary market, including loans on certain types of investment properties and certain types of self-employed individuals. Subprime lending is risky for both lenders and borrowers due to the combination of high interest rates, poor credit history, and adverse financial situations usually associated with subprime applicants.......>>>>snip

8. Year 2007: Run on The Bank in the US and UK: A bank run is a type of financial crisis. It is a panic which occurs when a large number of customers of a bank fear it is insolvent and withdraw their deposits, and this is exactly what happened to Countrywide in the United States and to Northern Rock in Britain, the financial capital of the world, in August and September of 2007........>>>>snip

9. Year 2007: 52% Support U.S. Military Strike Against Iran: In a Zogby Poll released 29 October 2007, the majority of likely voters 52% would support a U.S. military strike to prevent Iran from building a nuclear weapon, and 53% believe it is likely that the U.S. will be involved in a military strike against Iran before the next presidential election.
Why would an attack on Iran be considered an economic event? >>>>> snip

10. Year 2008: US comptroller general and head of the Government Accountability Office resigns: David M. Walker, The Comptroller General of the United States and head of the Government Accountability Office, in February announced that he will resign in March to lead a new foundation focused on long-term public policy challenges Walker, 56, has repeatedly warned that the government faces a long-term fiscal crisis as the baby-boom generation retires, driving up spending on Medicare, Medicaid and Social Security.........>>>>>snip

A lot of analysis and explainations in the article with charts, videos and references.


Have a wonderful day
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Bruce McAuley Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 10:28 AM
Response to Original message
1. K&R
Good synopsis, thanks!

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speedoo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 10:28 AM
Response to Original message
2. K&R, and bookmarked.
Thanks for posting.
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 02:58 PM
Response to Reply #2
5. You're welcome and I put the link
in my browser's bookmark references also
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Dora Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 10:39 AM
Response to Original message
3. I had missed the news that Walker resigned from the GAO.
Wow. That's certainly a huge loss.
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 11:03 AM
Response to Reply #3
4. More like forced out
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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon May-05-08 03:23 PM
Response to Original message
6. Missed THE most important event: the global oil production peak
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